Williams sold price-capped California power to other states
Monday, June 17th 2002, 12:00 am
By: News On 6
(Tulsa-AP) -- Williams Companies is admitting that it bought price-capped power in California during an energy crisis, then sold it in other states where prices were higher.
The Tulsa-based energy trader's announcement to federal regulators comes less than two weeks after it denied making such trades during California's power crisis of the past two years.
The Federal Energy Regulatory Commission is ordering Williams and other energy traders to disclose whether they took advantage of the price spread or made questionable energy trades.
Prices for electricity in California soared and the state experienced rolling blackouts during the crisis.