Power companies caught the attention of Goldman Sachs analysts in November. Ceres Power , Vestas Wind Systems and SSE were among the top performers watched by the investment bank last month. The names come from the bank’s “Conviction List – Directors’ Cut,” a monthly update on stocks it recommends to buy, which is chosen by a subcommittee. It also lists stocks what fared well in November and ones that didn’t. Energy stocks dominated the well-performers. It also included pharma heavyweight AstraZeneca , based in the U.K., which is up 12.2% month-on-month, per the note. Here’s who saw the biggest gains and why: The U.K.’s Ceres Power Ceres Power saw gains of 38.4% in November following a licensing agreement with Chinese engine and energy firm Weichai Power, which Goldman rates as Buy. Shares moved 20% higher on the day of the announcement, Goldman noted. The stock price increased as much as 50% over the month, but Ceres “gave some of this outperformance up on broader AI capex / datacentre concerns,” the note said. Michele Della Vigna, a Goldman managing director, “continues to like the name as an underappreciated play on datacentres,” the note added. Denmark’s Vestas Wind Systems Vestas Wind Systems moved 16% higher in November, which was an outperformance following “a solid set of 3Q results,” per Goldman. It beat on both profits, reported strong cash generation and announced a buyback scheme, the investment bank noted. The Danish firm’s adjusted operating profit came in at 416 million euros ($485 million), up 77% year-on-year. Goldman’s utilities and clean energy technology director, Ajay Patel, expects Vestas to see further growth as earlier uncertainties like U.S. tariffs and offshore energy costs fade. “He also expects continued buybacks, fueling the debate on the size of returns of value for the coming years,” the note said. The U.K.’s SSE Energy infrastructure player SSE advanced 14.8% in November after the firm announced a £33 billion investment plan for the next five years. It includes £2 billion of equity, is fully funded, and, Goldman noted, sent stock soaring 17%. Patel said that the announcement provided visibility, “ending the funding debate and sees more regulatory clarity and scope to raise the leverage.” However despite the strong performance, the investment bank took SSE off its Conviction List in December. The note didn’t specifically address why, but highlighted that there are many reasons a stock could get removed from the list. A removal could happen when a stock is downgraded, hits the bank’s target price, or the list’s subcommittee thinks there are better opportunities elsewhere. “Importantly, inclusion on this list is not a stock rating and addition to or removal from this list does not necessarily represent a change in the analyst’s investment rating for such stock,” the note said.