WMB · 10-Q · 2026Q3 · Full report

Power Purchase Agreements

WILLIAMS COMPANIES, INC. · 2026-11-02 · Importance 26 · Surprise 24 · No source text

Williams provides power generation and pipeline capacity to a counterparty on a firm basis through certain power purchase agreements. The Socrates South power generation facility entered service in the third quarter of 2026, and its associated agreement has an initial noncancellable term with a customer option to extend for five years. Future lease payments under in-service power-project operating leases totaled $2.018 billion, indicating contracted customer demand for the facilities’ power and pipeline capacity.

Key facts

• Socrates South entered service in late July 2026; Socrates North remained under construction and was expected to enter service later in the fourth quarter of 2026. Together, the two facilities and associated pipeline infrastructure are expected to have 556 MW of capacity.
• The Socrates project is supported by a 10-year, primarily fixed-price power purchase agreement with an option for the customer to extend the term.
• Future lease payments receivable under operating lease terms for in-service power projects totaled $2.018 billion.
• The Socrates South power generation facility was placed in service in the third quarter of 2026, and its power purchase agreement gives the customer an option to extend the initial term by five years.
• Williams agreed to provide committed generation and associated gas pipeline infrastructure for Apollo, Aquila, Socrates the Younger, and Neo, backed by primarily fixed-price power purchase agreements with customer extension options.
• The Apollo project in Ohio has a 12.5-year term, is expected to enter service in the second half of 2027, and is expected to provide 490 MW of capacity.
• The Aquila project in Utah has a 12.5-year term, is expected to enter service in the second half of 2027 and first half of 2028, and is expected to provide 520 MW of capacity.
• Socrates the Younger in Ohio has a 10-year term and is expected to enter service in the second half of 2028 with 340 MW of capacity.

Impact estimates