Lazard Inc.

Despite rising energy costs in the U.S., clean energy remains more cost-effective than fossil fuels, according to Lazard’s latest annual report. The analysis highlights clean energy as a better investment despite broader energy price increases.

Investment banks such as Evercore, Lazard, and Moelis hired star bankers in anticipation of a market upswing that has not yet fully materialized, leaving them with financial obligations.

AI may reduce costs for many goods but not for Veblen goods like luxury items or premium investment banking services, where demand increases with price. Investment banks like Goldman Sachs and Lazard may maintain high fees for M&A advice despite AI efficiency, as clients prioritize prestige over cost, similar to luxury brands like Hermès.

Unsubsidized utility-scale solar is generally cheaper than new fossil fuel power plants, with a 2025 analysis showing a mean levelized cost of energy (LCOE) of $58 per megawatt-hour for solar compared to $79 for natural gas and $128 for coal. The International Energy Agency reports solar is the cheapest new electricity source globally in most regions, though subsidies can further reduce costs.

Lazard Inc. is attempting to replace Centerview Partners as Venezuela’s financial adviser by offering a lower fee to manage a major sovereign debt restructuring. The move highlights competition between investment banks for the Venezuela deal.