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. 1205 Original Sheet No. 1205

 

GENERAL TERMS AND CONDITIONS

Section 19

(Continued)

 

 

19.7 Cash Pool Refund

 

(a) Crediting of Revenue - Gulf Crossing will determine the

cash and volumetric balances of its cash-in / cash-out

program ("Cash Pool") as of June 30 on an annual basis,

including the cash subject to refund calculation ("Cash

Pool Determination"). Gulf Crossing will file a report

with the FERC by September 1 which provides the results of

the Cash Pool Determination and describes whether a refund

is due shippers.

 

In the event the Cash Pool balances include a positive or

zero volumetric Gas position and a positive cash balance,

the cash will be subject to refund in accordance with the

provision in subsection (c). If the Cash Pool balances

include a negative volumetric Gas position and a positive

cash balance, the following formula shall be used to

determine the cash subject to refund in accordance with the

provision in subsection (c).

 

(Positive cash balance - (Short Gas position * August

NYMEX Gas closing price) = Cash Subject to Refund (if

positive)

Any positive Cash Subject to Refund pursuant to this

provision will be refunded to shippers by September 30 pro

rata based on transportation throughput for the twelve

month period ending on June 30. Any deficiency of cash

shall be carried forward to the next Cash Pool

Determination.

 

(b) Interest will be calculated on the balance in the Cash Pool

in accordance with Section 154.501(d) of the Commission's

Regulations. In the event of a refund, the interest will

be included in the amount refunded to shippers. In the

event of a loss carry forward, this amount will carry

forward to the next Cash Pool Determination.