Power & utilities primer / initiation?

Based on the most helpful WSO content, here are some insights for learning about the Power & Utilities (P&U) industry:

1. Banks with Strong P&U Coverage:

   • Macquarie, Evercore, and RBC are well-regarded for their expertise in infrastructure and P&U banking.
   • JPMorgan, BAML, and Goldman Sachs are prominent players in the renewables and project finance space, particularly for tax equity and broader infrastructure deals.

2. Analysts and Research Recommendations:

   • Bernstein is frequently highlighted as a top-tier research provider in the energy and utilities space.
   • Other firms with strong niches include Simmons (Piper Sandler) and Tudor for energy, as well as KeyBanc and Jefferies for broader coverage.

3. Industry-Specific Multiples:

   • Rate case multiples are commonly used in the P&U sector, along with other valuation metrics tailored to utilities and renewables.

4. Additional Resources:

   • For a deeper dive into modeling and understanding the sector, consider primers or reports from these banks or analysts. Networking with professionals in these groups can also provide access to valuable initiation pieces.

If you're targeting MBA Associate recruiting or broader infra PE opportunities, focusing on these groups and their research can be a great starting point.

Sources: Top Power/Utilities/Renewables Coverage Groups, https://www.wallstreetoasis.com/forum/investment-banking/renewable-energy?customgpt=1, Thoughts on Power and Renewables IB, https://www.wallstreetoasis.com/forum/investment-banking/ib-pu-vs-infra-project-finance-teams-for-infra-pe-recruiting?customgpt=1