2026 Energy Trends: Insights From Our Advisory Board
We convened our Advisory Board—leaders across upstream, midstream, natural gas, power, and investment—to examine what 2026 may bring and where the most compelling opportunities are likely to emerge. Drawing on perspectives from the U.S., Middle East, Europe, and Asia, the discussion surfaced a clear set of structural themes shaping capital flows, risk appetite, and strategic decision-making in the year ahead.
Natural Gas as the Global Anchor Commodity
A dominant signal from the discussion was the rising strategic importance of natural gas. Advisors see 2026 as a turning point, with long-dated gas supply becoming central to power reliability, industrial competitiveness, and energy security. AI-driven power demand, LNG market tightness, and shifting geopolitical priorities are reinforcing gas’s role as the backbone of the global energy system, while buyers—particularly in the Middle East—are reassessing how they manage long-term exposure.
AI and Energy: A Defining Cross-Sector Shift
Advisors emphasized that the scale of the AI–energy interdependence remains underestimated. Rapid growth in non-interruptible data-center demand is reshaping power planning, gas contracting, and infrastructure investment. The emergence of dedicated and behind-the-meter power solutions is pulling energy development closer to the technology sector, signalling a structural shift in how power markets evolve.
Geopolitics Returns to the Core of Energy Strategy
Geopolitical considerations are expected to play a central role in 2026. Advisors pointed to a more outward-facing U.S. energy posture, renewed international expansion by operators, and increasing financial pressure on Middle Eastern national oil companies. Together, these dynamics reinforce the view that geopolitics will remain inseparable from pricing, investment, and strategic outcomes.
M&A Shaped by Gas, Scarcity, and Capital Innovation
M&A activity is expected to remain robust, driven by asset scarcity, valuation gaps, and creative capital structures. Advisors highlighted continued upstream consolidation, large-scale midstream transactions, and the growing role of alternative financing structures as defining features of the next deal cycle.
Canada’s Re-Emergence
Canada was repeatedly flagged as an attractive market heading into 2026, supported by LNG export momentum, improving regulatory clarity, and a less competitive acquisition environment. Advisors see meaningful revaluation potential as global market access improves.
A Reset in the Energy Transition
The discussion also pointed to a recalibration in energy-transition investment. As economic fundamentals reassert themselves, capital is becoming more selective—favouring pathways that offer scale, reliability, and clearer returns. CCUS, geothermal, and nuclear continue to attract attention where they align with firm power needs and long-term demand visibility.
What’s on the Advisory Board’s Radar
Looking ahead, advisors highlighted gas-linked opportunities across North America and internationally, integrated midstream infrastructure, AI-adjacent power assets, and nuclear platforms as areas where long-term fundamentals appear increasingly aligned.
Taken together, these insights point to a 2026 energy landscape shaped by structural demand, geopolitical realignment, and disciplined capital allocation. The most attractive opportunities are likely to emerge where long-dated demand, policy support, and economic viability converge.
Download the full report for our Advisory Board’s detailed perspectives on where energy markets are heading in 2026.
