Williams announces power agreement with the Rayle Electric Membership Corporation

TULSA, Okla., Nov. 15, 2001 – A unit of Williams announced today its fifth full-requirements power agreement this year with a Georgia Electric Membership Corporation (EMC).

Under this agreement with Rayle EMC based in Washington, Ga., Williams will manage the cooperative’s existing power resources and load obligation, representing requirements of approximately 60 megawatts.

The 14-year supply commitment is estimated to serve a total of 2.5 million megawatt-hours. Williams will serve partial load requirements beginning Jan. 1, 2002, and as existing contracts with other suppliers expire, Williams will serve 100 percent of Rayle EMC’s power requirements. Financial terms of the agreement were not disclosed.

“This fifth agreement affirms Williams as an industry leader in meeting the needs of cooperative customers in Georgia,” said Bill Hobbs, president and chief executive officer of Williams energy marketing and trading unit. “Other Georgia full-requirements customers we currently serve include Colquitt, Jackson, Satilla and Walton EMCs. We expect to continue to expand this customer base throughout the next year to include additional cooperatives who would benefit from tailored risk management products, which allow them the flexibility to grow their business and provide power to their customers with price certainty.”

Hobbs further explained that Williams’ growing southeast supply portfolio and resources would serve to support all the EMCs’ load requirements now under contract as well as potential future agreements.

“This long-term contract with Williams allows us to provide our members with rate stability and power reliability in a unpredictable market,” said Phil Brown, general manager of Rayle EMC. “The contract allows both parties to focus on what each does best – Williams will manage the risk and Rayle will continue to serve our members.”

Williams energy marketing and trading unit is a national energy services provider that buys, sells and transports a full suite of energy and energy- related commodities, including power, natural gas, natural gas liquids, crude oil and refined products, primarily on a wholesale level. Utilizing sophisticated risk-management tools, Williams has pioneered structured solutions such as long-term tolling arrangements and full-requirements transactions.

About Rayle EMC

Rayle EMC serves more than 17,000 residential and commercial customers in Clarke, Hancock, Lincoln, Morgan, Madison, Greene, Oglethorpe, Taliaferro, Wilkes and Oconee counties in Georgia. Rayle EMC information is available at www.rayleemc.com .

About Williams

Williams, through its subsidiaries, connects businesses to energy, delivering innovative, reliable products and services. Williams information is available at www.williams.com .

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