Lawson Steele

Lawson Steele

Formal First Name

Lawson Steele is one of the most highly respected analysts in the carbon markets and a preeminent expert on the European Emissions Trading Systems. Lawson was Former Head of Carbon & Utilities at Berenberg Bank, a multinational full-service investment bank, where he focused on Pan-European coverage of the utilities sector. Prior to Berenberg, he spent most of his time at UBS where he was most recently Head of Global Utilities Research. Lawson has been covering the utilities sector for over 30 years, achieving top rankings since 1992. He spent 35 years analysing utilities, being #1 rated by institutional investors in his coverage of European Utilities, Latin American utilities, Global utilities and Specialist sales. In cooperation with his colleague Andrew Fisher, Steele has pioneered a new approach to covering utilities which characterizes them from the traditional coverage model. In his previous roles, he covered Europe, Latin America, and Global utility strategy, located in both London and New York. He also spent a year covering global telecommunications.

Professional Experience

Academic History


  • Lawson has covered the EU ETS carbon market since 2004 and in January 2006 predicted the carbon price would go to zero in Phase 1.

  • He has been the most prominent EU ETS carbon bull since January 2018 when it was trading at €8.

  • He sees the EU ETS carbon price going to €110/t and, most likely, significantly beyond.

  • He turned bullish in January 2018 when carbon was at €8/t and has been the leading bull ever since.