AEP Pays $90 Million to Settle Dispute
TULSA, Okla. (AP) _ American Electric Power Co. paid Williams Cos. $90 million in June to settle a dispute between the two power companies over natural gas contracts, the companies said Wednesday.
Williams claimed AEP owed it $108 million for natural gas and another $22 million in various fees, while AEP felt it owed the Tulsa-based company nothing, Williams spokesman Kelly Swan said.
``So, $90 million was kind of in the middle,″ Swan said.
The settlement surfaced Wednesday during Columbus, Ohio-based AEP’s conference call with analysts regarding its second quarter earnings. But Swan said Williams disclosed it in an earlier regulatory filing.
``It was mentioned in the cash flow discussion,″ said AEP spokeswoman Melissa McHenry. ``It had no impact on earnings.″