WMBThe Williams Companies, Inc.

“Neo, is our fifth commercialized behind-the-meter power innovation project with a high-quality hyperscaler counterpart. Neo is the largest power project Williams has announced to date, consisting of 682 megawatts of installed capacity, a 12.5-year contract and an in-service date in the second half of 2028. Like our other power innovation projects, we expect to execute Neo at an attractive 5x build multiple and the project is expected to represent an investment of approximately $2.3 billion.”

“upsizing of the Transco's Power Express project in response to the continually growing need for natural gas to power data centers and market growth in Virginia. With the addition of a new customer and the upsizing of an existing commitment, Power Express has been increased to 750 million cubic feet per day of new Transco capacity that is scheduled to come online in 2030.”

“Atlas, which consists of a gas infrastructure agreement to provide up to 164 million cubic feet per day of pipeline capacity to serve a large investment-grade customer data center in the Northeast. This project has a 13-year term, and we expect it to be in-service by the end of this year.”

“Our Atlas project, relatively small from a capital perspective, but that's an important project that demonstrates the ability to move data centers away from diesel backup generation to natural gas generation. The natural gas grid is this massive flexible storage system. And so leveraging natural gas is a much cleaner, more affordable, efficient solution for backing up existing data centers as a solution.”

“this is primarily to serve as a solution to respond to dynamic AI loads. And so we continue to look at projects from just a power efficiency perspective with batteries, but the primary for the projects that we've announced, the primary role of the battery system is to be that effectively buffer between the rotating equipment and the data center to respond to these rapid changes in load.”

“the team designed an artery that now moves across that Columbus New Albany area, which has been a very large data center corridor. And so we overbuilt the capacity of that pipeline for the purpose of being able to not just serve Socrates but be an energy artery along which other projects could be developed.”

“there are unfortunately going to be winners and losers. I mentioned the lack of a gas infrastructure and frankly, any infrastructure in New England and New York, we've got 20% of the nation's population in New England and New York, and they'll see less than 2% of economic development over the next year.”

“we're also providing battery storage solutions. We're working with customers on load following and understanding AI loads so that we can not only protect energy systems that are on site, but over time, protect the grid.”

“I wouldn't try to focus on precision with the 6-gigawatt that we've spoken to. I think order of magnitude, we still see that type of robust backlog out there.”

“don't think of us as just a behind-the-meter solution provider. I mean our goal is to figure out how to bring infrastructure solutions that unlock the grid through partnering with our utility customers, but also create a larger footprint across which you could site projects by opening up the natural gas grid to become a backbone for projects as well.”

“stronger recognition that a combination of solutions, including behind-the-meter hybrid solutions and grid complementary solutions are going to be required for not just the near term, but for a long time to make sure that we can meet the needs of data centers without compromising the grid or consumer affordability.”

“when you look at the data center hubs, I mean, in our earnings presentation, we have a slide that shows sort of where all the data center hubs across our virtual and our physical footprint. And you can see we can pretty much touch any data center hub in the country.”

“our ability to bring tailored energy solutions to data center projects is continually being recognized as a smart solution to balance grid reliability, affordability for consumers and the need for speed for these facilities.”

“the backlog, I'd say, remains as robust, if not more so than we discussed at Analyst Day. And yes, I'd say we continue to expect the cadence of projects to layer in as we've discussed kind of over the next several years.”

“we continue to find new ways to solve the energy challenges of today, including the massive power needs of next-generation data centers.”