Williams finalizes settlement with California - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

Williams finalizes settlement with California

(Tulsa-AP) -- Shares of Williams Companies rose 19% Tuesday as the company finalized a settlement agreement with California over alleged price gouging during California's power crisis.

The deal trims $1.4-billion from a $4.4-billion, ten-year power contract the state and Williams reached when prices soared amid power shortages energy trader market manipulation in 2000 and 2001.

Williams must also pay California $150-million over eight years and provide it with six electric-generator turbines.

In exchange, lawsuits against Williams in California, Oregon and Washington have been dropped.
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