The Williams Companies, Inc. reported in an October 1, 2025 Form 8-K that it will invest about $3.1 billion in two new power innovation projects aimed at delivering grid-constrained market solutions. These projects, expected to be completed in the first half of 2027 pending permits, are secured by 10-year primarily fixed-price power purchase agreements with a large investment-grade counterparty, who also has an extension option. The company’s build multiple on the investment is projected at around **5x EBITDA**.

With this move, Williams’ total committed capital for power innovation projects rises to approximately $5 billion. To fund the expansion, the company is raising its 2025 growth capex guidance by $875 million, bringing it to a range of $3.45 billion to $3.75 billion, and expects its leverage ratio midpoint for 2025 to increase to 3.7x.