Williams to pay $7.6 million to settle investigation

TULSA, Okla. (AP) The Federal Energy Regulatory Commission says the Williams Companies has agreed to settle a case for $7.6 million dollars. <br/><br/>The Tulsa-based company will pay the amount in refunds

Thursday, June 16th 2005, 6:07 am

By: News On 6

TULSA, Okla. (AP) The Federal Energy Regulatory Commission says the Williams Companies has agreed to settle a case for $7.6 million dollars.

The Tulsa-based company will pay the amount in refunds and fines, establish an employee training program on standards of conduct and increase monitoring of its energy trading activities.

The investigation found that an employee of Transco violated FERC regulations by sharing non-public data about natural gas inventories with traders at Williams Energy Marketing and Trading Company from August 2001 to June 2002.

FERC says the rules are to keep marketers affiliated with pipeline companies from gaining an unfair competitive advantage.

Transco -- whose pipeline extends from Texas to New York City -- will refund $4 million dollars to its natural gas storage customers and pay a $3.6 million dollar fine.