Iroquois Gas Transmission System, L.P.

FIRST REVISED VOLUME NO. 1

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Effective Date: 10/17/2006, Docket: RP06-177-003, Status: Effective

Substitute Fourth Revised Sheet No. 54 Substitute Fourth Revised Sheet No. 54 : Effective

Superseding: Fourth Revised Sheet No. 54

For a Shipper requesting service under the PAL Rate

Schedule, the Shipper prepays for service or provides a letter

of credit for an amount equal to the arithmetic average of the

monthly New York City Gate Prices for the twelve (12) months

prior to the 1st of the month that the prepayment or letter of

credit is provided, as published in Natural Gas Week and posted

on Transporter's Electronic Bulletin Board, multiplied by the

Maximum Balance Quantity requested, such letter of credit to be

issued by a commercial bank or financial institution located in

the United States or Canada whose long-term unsecured debt

securities are rated A or better by Standard & Poor's

Corporation, A or better by Dominion Bond Rating Service or A2

or better by Moody's Investor Service, Inc.; or

For a Shipper requesting service under the HUB Rate

Schedule, the Shipper prepays for service or provides a letter

of credit for an amount equal to the Transportation Commodity

Charge applicable to the proposed transportation service

multiplied by the Maximum Balance Quantity requested multiplied

by thirty (30) days and an additional amount equal to the

arithmetic average of the monthly New York City Gate Prices for

the twelve (12) months prior to the 1st of the month that the

prepayment or letter of credit is provided, as published in

Natural Gas Week and posted on Transporter’s Electronic Bulletin

Board, multiplied by the Maximum Balance Quantity requested,

such letter of credit to be issued by a commercial bank or

financial institution located in the United States or Canada

whose long-term unsecured debt securities are rated A or better

by Standard & Poor's Corporation, A or better by Dominion Bond

Rating Service or A2 or better by Moody's Investor

Service, Inc.; or

(c) For a Shipper requesting service pursuant to the

RTS Rate Schedule, the Shipper provides a guarantee or other

form of security to secure payment of an amount equal to the sum

of the Transportation Demand Charge applicable to the proposed

transportation service for a 12 month period and the

Transportation Commodity Charge applicable for the proposed

transportation service for a 3 month period, such guarantee or

other security to be provided by an entity which meets the

creditworthiness standards set forth in (a) or (b) above, or

Shipper is otherwise deemed to be creditworthy by Transporter,

consistent with the standards set forth above;