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Credit Pacific Service Union In the first major settlement to come out of the California energy deregulation debacle, the Williams Companies agreed yesterday to pay more than $400 million to settle accusations that it helped drive up prices and overcharged customers during the state's electric power crisis.

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Credit First Service Union Williams, one of the nation's biggest suppliers of electricity and natural gas, said it would settle a broad set of civil claims with three West Coast states California, Oregon and Washington and also resolve class-action lawsuits. As part of the settlement, California said it would not seek customer refunds.

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Card Credit Mobile Service Williams also agreed to restructure a 10-year, $4.3 billion power contract it signed with California at the height of the energy crisis last year, when power prices were soaring.

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Card Credit Discover Service The settlement is considered an important victory for California state officials, who have insisted that some of the biggest energy companies manipulated prices and the state's complex power system in 2000 and 2001, creating widespread shortages and causing electricity prices to soar.

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Credit Public Service Union State officials say that by renegotiating the power contract with Williams, they could save more than $1 billion. Williams is also expected to make huge cash payments to the states, to help California reduce its energy consumption and to provide equipment for new power plants to serve the West.

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Card Credit Processing Service "This is an important victory for ratepayers," said Gov. Gray Davis of California, who has called some of the big energy companies pirates for their actions during the energy crisis. "The new contract provides us with reliable power delivered at more favorable terms."

Center Credit Service Union Williams officials had once called California's accusations that the company withheld power or helped contribute to the power shortages "erroneous" and "patently false."

Card Credit Service Wireless But yesterday, officials at Williams said they were tired of fighting in California.

Credit Security Service Union "At some point it's best to simply cease striving and make peace," said Kelly Swan, a spokesman for Williams, which is based in Tulsa, Okla. "We've always tried to act in good faith in California. But we need to get some legal issues behind us."

Credit Report Service The announcement comes at a time when federal and state officials are stepping up their investigations into whether some of the biggest power marketers conspired to manipulate West Coast power and natural gas prices in 2000 and 2001.

Blogspot Com Christian Last week, Duke Energy, Reliant Resources and Williams said they had received subpoenas from federal officials seeking information about their involvement in the California electricity market, which depends largely on natural gas generating plants in the state, along with nuclear energy installations and hydroelectric dams in California and elsewhere in the West.

Christian Counseling Credit Yesterday, two other companies Mirant and AES said they had also received federal subpoenas regarding energy they supplied to California.

Credit Federal Service Union The announcements come less than a month after Timothy N. Belden, a senior power trader at Enron, agreed to plead guilty to federal charges that he participated in a conspiracy to manipulate the California power market during the energy crisis. He also agreed to cooperate in the investigation.

Credit Monitoring Service Profits at most major energy trading companies those that deal primarily in power and natural gas have collapsed in the aftermath of the bankruptcy of Enron, once the nation's biggest energy trader.

Credit Division Service Several suppliers have decided to get out of the energy trading business entirely. Others, like Williams and Dynegy, once energy trading behemoths, are now trying to stave off bankruptcy and return to concentrating on their traditional roles as energy suppliers and pipeline distributors.

Card Credit Online Service Robert McCullough, who runs an energy consulting firm in Portland, Ore., that has been investigating the California energy crisis for major energy users, said that, all in all, Williams appeared to be getting off relatively lightly.

Consumer Counseling Credit Inc "The value seems low to me," he said. "Williams had one of the biggest footprints in California. They appear all over the place with possible antitrust issues. So I'm not surprised they'd want to settle."

Card Credit Fleet Service Williams shares, which had fallen in trading during the day, rose 12 percent in after-hours trading, after the settlement was disclosed, to $2.60.

Card Consolidation Credit Williams is one of the most troubled energy traders. Not long ago, it represented a highflying array of energy providers branching out also into telecommunications.

Credit Free Online Report Now, the company is struggling to survive after drastically cutting its work force and scaling back its ambitions. Williams is trying to decide whether to sell its trading unit or find a partner. Resolving this case, the company says, could help market the trading operation because, even at the lower renegotiated prices, a long-term deal worth billions of dollars remains in place.

Credit Federal First Service "We still have eight years on that contract," Mr. Swan said. "This makes our trading portfolio more valuable if we are to find a joint venture partner."

Consumer Credit Service As part of the settlement, Governor Davis negotiated up to $1.1 billion in price reductions in the state's $4.3 billion power contract, which was signed in February 2001. The state's attorney general negotiated an additional $180 million in price cuts.

Center Credit Family Service State officials said Williams had also agreed to pay $147 million in cash, with most of the money going to California municipalities and state programs to reduce energy consumption. The states of Oregon and Washington will receive $15 million in cash each over three years. And Williams will provide six power turbines worth about $90 million to California so that the state can build power plants in San Diego and San Francisco.

Credit Reporting Service State officials said that they were continuing to investigate Williams and that Williams was cooperating with their investigation and making documents available.

Cca Credit Division Service State officials say the settlement does not close off the possibility of bringing criminal charges against Williams in the future and that the state is monitoring federal investigations.

Credit Free Report Service The settlement, while resolving state claims, also does not preclude investor-owned utilities like Pacific Gas and Electric from seeking their own refunds or settlements.

Card Credit Customer Discover Bill Lockyer, the attorney general of California, called the settlement a big victory for the state.

Credit Repair Report Service "This is sweet justice," he said. "The idea that the energy gougers would have to pay to reduce the demand for energy is great."

Credit Legal Repair Service State officials had accused Williams, among other things, of promising as early as 2000 to sell the state electricity and then contending that the power was not available in order to resell it for a higher price on the open market, where state agencies were forced to purchase it at a premium.

Cic Credit Monitoring Service "They were double-selling electrons," Mr. Lockyer said in a telephone interview. "They withheld power, and then they resold it at a higher price."

Ccs Credit Division Service The Federal Energy Regulatory Commission and other federal agencies are still looking into a variety of issues related to the California energy prices, like whether energy traders created sham transactions, whether they bottled up supplies to drive up prices, and whether they sent falsified pricing data to companies that publish gas and power prices.

Credit Service Union Worker Mr. Lockyer also said he was not finished.

1st Credit Service Union "We've got three more in our sights," he said, "Duke, Mirant and Reliant. They help make up the four horsemen of the apocalypse."

Card Chase Credit Customer By David Barboza
New York Times - 11/12/2002

Topic: Energy

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