Williams invests $3.1B in two power projects; raises 2025 capex guidance

WILLIAMS COMPANIES, INC.

Invested ~$3.1B in two power innovation projects for grid-constrained markets, completion expected H1 2027.
Projects backed by 10-year fixed-price PPAs with an unnamed large investment-grade counterparty.
Build multiple ~5x EBITDA; total committed capital for power projects now ~$5B.
Raises 2025 growth capex by $875M to $3.45B-$3.75B; leverage ratio midpoint expected at 3.7x.

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