Williams has agreement to sell power to California

Friday, July 26th 2002, 12:00 am
By: News On 6

(Tulsa-AP) -- Williams Companies announced Friday it has an agreement to sell power to California and end all lawsuits by that state against the company.

Tulsa-based Williams was sued by California for refunds over the price of power sold to the state during an energy crisis.

The agreement is expected to lead to a new long-term contract for Williams to sell power to California.

Williams president and chief executive Steve Malcolm says the agreement will bring an end to uncertainty around Williams in the market.

Williams is suffering a cash and credit crisis with its credit rating downgraded to junk status and is selling assets to raise cash.

The agreement will be presented to the Federal Energy Regulatory Commission in early August.