TULSA, Okla. -- Williams (NYSE:WMB) today announced that it will physically trade power beginning 1 April, having successfully qualified its UK trading systems with Logica. The approval highlights its rapid expansion into the UK power market.
"This is a key milestone in our expansion into the UK market, and part of a wider pan-European energy marketing strategy," said Tim Loposer, president of Williams' energy and marketing trading operations for Europe. "Williams has steadily increased the number of customers we are trading with in Europe and is committed to becoming a major European energy marketing player with a focus on long-term risk management," he said.
Williams opened its European trading offices in London last July and began to trade UK power in November. Since then the company has rapidly established itself as one of the major players in the forward curve and options market. Williams is now trading energy commodities in six markets in Europe.
In addition Williams is actively assessing potential structured deals as part of its strategy to establish a significant asset and trading presence in Europe.
Williams' energy marketing and trading unit buys and sells all types of energy products, including natural gas and gas liquids, crude oil and refined products and electricity.
"Williams' strength lies in our ability to manage our customers' exposure to energy prices," Loposer said. "Our expertise is using comprehensive risk management services and creating customized energy financing solutions for producers, end-users, utilities, power developers and municipalities."
About Williams (NYSE: WMB)
Williams, through its subsidiaries, connects businesses to energy, delivering innovative, reliable products and services. Williams is a $35 billion energy company, employing over 13,000 people worldwide. The company reported preliminary 2001 recurring segment profit of $2.7 billion. With a 94-year history in the worldwide energy business, Williams today transacts more than $250 billion annually in energy and energy-related products in both the physical and financial markets. The company continues to be a leader in providing energy marketing innovations and was an industry pioneer in developing long-term structured transactions, such as tolling and full requirements arrangements. More information about Williams can be found at Williams.com.
Portions of this document may constitute "forward-looking statements" as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the "safe harbor" protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company's annual reports filed with the Securities and Exchange Commission.
Contact Information:
| Julie Gentz | Williams Media Relations |
(918)
573-3053 | julie.gentz@williams.com |
| Paul Donlon | Weber Shandwick | 44 (0)207 | pdonlon@webershandwick.com |
