Summary
This 8-K filing from The Williams Companies, Inc. (WMB) on June 24, 2002, addresses a critical regulatory matter concerning its subsidiary, Williams Energy Marketing & Trading Company. The filing details the company's response to a June 4, 2002, show cause order issued by the Federal Energy Regulatory Commission (FERC). Specifically, Williams asserts that its power exports outside of California were conducted in a manner consistent with a business practice of avoiding price caps, not for the purpose of circumventing them. This response aims to clarify previous submissions and address FERC's concerns regarding market behavior during a period of significant energy market scrutiny.
Key Highlights
- 1Williams Energy Marketing & Trading Company submitted a narrative response to the FERC's show cause order on June 19, 2002.
- 2The response addresses allegations or concerns related to power exports outside of California.
- 3Williams claims its power export practices were consistent with a policy of not exporting to avoid price caps.
- 4The filing clarifies a previous submission made on May 22, 2002.
- 5This action is a direct response to a FERC show cause order dated June 4, 2002.
- 6The filing includes Exhibit 99.1, which is the full text of the company's response to the FERC.