Lehman Brothers' Global Power group has been active in advising clients through the deregulation of the energy marketplace. The group provides a full range of strategic advisory and underwriting services including mergers and acquisitions, equity, convertibles, preferred stock, investment grade and high yield debt, project finance, and corporate restructuring.

The Global Power group's bankers, located throughout the Americas, Europe and the Middle East, and Asia-Pacific, are continually recognized for their expertise in all product areas of the power industry. In 2004 and 2005, Lehman Brothers was named "Best Investment Bank" in the power sector by Global Finance magazine, and named "Bond House of the Year" by Project Finance International in 2004, 2005 and 2007.

Some of the group's notable recent transactions* include:

•	Endesa, S.A.: €19.4 billion acquisition by a consortium of Enel S.p.A. and Acciona, S.A.
•	Gaz de France: €55.2 billion merger with Suez. Lehman Brothers is acting as financial advisor to the Republic of France, Gaz de France's majority shareholder (pending)
•	KKR/TPG-led investor group: $44.4 billion acquisition of TXU Corp. — largest-ever completed U.S. leveraged buyout
•	Knight Inc.: $6.6 billion sale of an 80% interest in NGPL PipeCo and NGPL's related $3.0 billion debt financing
•	InterGen N.V.: $3.4 billion multi-currency offering of senior secured notes and senior secured credit facilities
•	Kazakhmys PLC: $1.5 billion acquisition of Kazakhstan's largest power plant and accompanying coal mine (pending)
•	Actis Capital: $1.1 billion of Globeleq Ltd's power generation assets in emerging markets of Egypt, Asia and the Americas (partially completed)
•	ITC Holdings Corp.: $750 million acquisition of Interstate Power and Light Co.'s electric transmission assets and $840 million concurrent financing
•	National Rural Utilities CFC: $700 million collateral trust bond offering