Hi all,
I’ve looked at the older threads on this, but I figured it was time for an updated list.
What are the best firms for energy consulting in the following categories?
1) big, generalist firms working on “energy transition”-related projects (e.g., McKinsey’s work with the Hydrogen Council)
2) niche firms working on specific aspects (e.g., renewables adoption)
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As with most verticals, MBB are your 3 best bets, each with varying spikes depending on specific sub-verticals. You can't go wrong with any of them, especially if you're positioned in a Southern office.
If you're looking at boutiques, Guidehouse isn't exactly a strategy firm, but they're very active in the energy sector / energy transition topics.
It’s appreciated - reading about Guidehouse right now, they’re doing some really cool stuff.
Any advice for an undergrad currently working in energy strategy who hopes to get into energy consulting (risk, strategy, implementation)?
I’ve been struggling in deciding between going into consulting versus going into industry and trying to develop some legitimate expertise.
Yeah, MBB is your best bet. Accenture, EY, Strategy&, and West Monroe are pretty good as well.
E3 Consulting knows their stuff pretty well on the power markets/renewables side.
Currently at a European MBB office, spending most of my time on energy/sustainability.
All of MBB are strong, though Bain and McKinsey are stronger than BCG. Bain tend to get more European upstream projects, McK more midstream and consumer (though I think more upstream work in the US and definitely in Middle East / Africa). Bain are probably a bit stronger in O&G, McKinsey stronger in power (but Bain still get a lot of mega renewable project development, especially offshore wind). McK definitely leaders in emerging tech - hydrogen, LDES, CCS/CDR, etc. Despite this, BCG are probably overall leaders for climate and sustainability among MBB, though this is changing and McK have some big contracts that could help them win the market.
In terms of the other “big” firms, PA have some really cool mega project work mostly for ME clients. Oliver Wyman have a few niches (eg sustainable aviation). Big 4 generally aren’t great, though KPMG pick up some of the bigger infra style projects and Deloitte more of the sustainable investing type energy work.
Guidehouse and Baringa would be the two boutiques I’d highlight. We also see Aurora people around a lot, and some at broader environmental firms (eg, ERM work with BCG on renewables often).
BCG is solid in this space, but hard to say it's the leader IMO. The thing with BCG is they have - by far - invested much more in marketing themselves as the #1 sustainability consulting firm out of MBB. I'm talking full page ads in the New York Times, etc. which you simply would not see from McK / Bain.
I'm in this space and would say that McK has invested a lot in expertise in this area (especially in emerging tech, as you mention) and Bain punches above its weight given with outsized market share in this area depending on the region / industry.
But overall, it's splitting hairs and would say that anyone interested in sustainability should be thrilled at any of the 3 - apply to all and see where things fall in the end.
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