Gulf Crossing Pipeline Company LLC

Original Volume No. 1

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Effective Date: 12/20/2008, Docket: RP09-61-000, Status: Effective

Original Sheet No. 953 Original Sheet No. 953

 

GENERAL TERMS AND CONDITIONS

Section 14

(Continued)

 

 

 

(i) Such credit will be calculated by multiplying

the imbalance by the index "buy" price

calculated above multiplied by each of the

following factors for the applicable percentage

range:

 

Imbalance Level Factor

0% to 2% 1.00

Above 2% to 5% .75

Greater than 5% .50

 

The imbalance level will be calculated by

dividing the imbalance by the actual receipt

quantities.

 

(ii) If the credit calculated above exceeds the

total charges on the invoice, Gulf Crossing

will deduct any previously unpaid amounts from

prior invoices and pay Customer on or before

the 25th of the month.

 

(c) Cash Settlement to Eliminate Imbalances for Prior Period

Adjustments - Subject to the rights in Section 14.1 (A),

Trading Methods, and after the period provided to the

Customer to correct any prior period adjustment ("PPA")

imbalance, Gulf Crossing shall provide an invoice credit

for PPA quantities that are over-received and an invoice

charge for PPA quantities that are over-delivered. If the

PPA imbalance is in the opposite position than the original

imbalance (i.e. original position was short and PPA was

long or vice versa), then the PPA imbalance will be

credited or charged at the original "Buy" or "Sell" price,

up to the original imbalance quantities. If an imbalance

remains after the original imbalance is reversed, then the

remaining PPA imbalance will be credited or charged at the

"Midpoint" price. If the PPA imbalance is in the same

position as the original imbalance, or if there was no

original imbalance then the PPA imbalance will be credited

or charged at the "Midpoint" price.