Williams Expects to Announce One or Two More Power Projects by Year-End

Williams expects to announce one or two additional power projects by year-end, with their size and rollout speed set to guide the company’s 2027 financing plan.

Williams expects year-end leverage near 3.75 times using a full-year run-rate basis for Momentum. The estimate excludes the effect of any additional Power Innovation projects announced before year-end. The company has an internal leverage ceiling of 4 times. Momentum’s acquisition closed Sept. 3, so the run-rate calculation reflects a full year of the business in its measure.

Williams also targets 11% or more annual compound growth in adjusted EBITDA through 2030. For 2026, its existing businesses are tracking toward the upper half of the company’s $8.3 billion to $8.5 billion adjusted EBITDA forecast. Williams maintained that outlook after third-quarter results; adjusted EBITDA totaled $6.214 billion through September. More details are available in the company’s third-quarter results coverage.

The company has also flagged leverage pressure in 2026 and 2027, along with cancellation fees tied to some long-lead equipment commitments. These factors sit alongside the financing needs of projects that Williams has yet to announce.

NESE faces permitting uncertainty, with progress dependent in part on cooperation from New Jersey.

Williams’ network carries about one-third of U.S. natural gas. The company’s next concrete update on the additional power projects is expected by year-end.