Lydia Rainforth

Lydia Rainforth is a senior research analyst at Barclays, responsible for coverage of European Integrated Energy companies. Key areas of focus include energy transition and how the oil and gas industry adapts to providing clean, reliable and affordable energy in an increasingly capital constrained world. The team has delivered industry-leading work across the opportunities in decarbonisation and is working to develop the modelling of low carbon finance further. Lydia holds the CFA certificate in ESG investing, is a CFA charterholder and graduated with an MA from the University of Cambridge.

Session Overview

Thursday, 5 November

12:40

Finance & Investment Conference Room B 12:40 - 13:10

Energy M&A and infrastructure finance: value creation in oil & gas

The global energy, utilities and resources M&A market saw a significant shift in 2025: deal volumes fell by 2% while overall value increased by 27%, driven by 20 megadeals each valued above USD 5 billion. Activity spanned upstream oil and gas, midstream infrastructure, natural gas distribution, clean energy and power generation. Activity was set to accelerate into 2026 on AI and data-centre demand before geopolitical tensions altered the calculus. The logic driving transactions has changed. Energy security, supply chain control, critical minerals access and grid infrastructure are now primary drivers of deal value, sitting alongside traditional upstream and midstream consolidation rather than replacing it. As power, fuels, critical minerals and enabling infrastructure gain strategic importance, the investors and companies that reposition portfolios around these new drivers will be better placed to capture returns through the current cycle and beyond.

Attendee Insights:
Assess how the strategic logic of energy M&A has shifted toward security, supply chain control and critical minerals, and where private capital is being deployed in response.