What is the main reason for this 8-K filing?

This filing is primarily to inform investors that The Williams Companies' subsidiary, Williams Energy Marketing & Trading Company, has been notified by the FERC of a potential refund obligation of approximately $21.5 million related to February 2001 wholesale electricity transactions in California.

Is the $21.5 million refund amount a final liability for Williams Companies?

No, the filing states that the FERC notice indicated an *estimated potential refund* and that the order requiring refunds will be subject to further review. This means the final amount and the obligation are not yet definitive.

What specific market is this refund related to?

The refund is related to wholesale electricity transactions in the California Wholesale Electric Market during February 2001.

Where can investors find more information about this FERC notice?

The filing mentions that the notice may be found on the FERC website (www.ferc.gov) under docket number ER01-1456-001. However, the content of the website, other than the FERC notice itself, is not incorporated into this report.

WMB 8-K SEC Disclosure — Mar 19, 2001

Summary

This 8-K filing from The Williams Companies, Inc. (WMB) reports on a March 16, 2001, notice from the Federal Energy Regulatory Commission (FERC) concerning wholesale electricity transactions in California during February 2001. The FERC issued a Notice of Proxy Price which identified potential refunds due from market participants based on the proxy market clearing price for that month. Investors should note that this filing specifically addresses a potential refund obligation for Williams Energy Marketing & Trading Company, an indirect subsidiary, estimated at approximately $21.5 million.

Key Highlights

1FERC issued a Notice of Proxy Price for February 2001 California Wholesale Electric Market transactions.
2Williams Energy Marketing & Trading Company, a subsidiary of WMB, is identified as liable for refunds.
3The estimated potential refund amount for February 2001 is approximately $21.5 million.
4The FERC order requiring these refunds is subject to further review.
5The filing is dated March 19, 2001, reporting an event from March 16, 2001.
6The specific FERC docket number for this notice is ER01-1456-001.

WILLIAMS COMPANIES, INC. 8-K Report (Mar 19, 2001)

Summary

Key Highlights

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