Millennium Pipeline Company, L. L. C.
Original Volume No. 1
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Effective Date: 11/01/2009, Docket: RP10-17-000, Status: Effective
First Revised Sheet No. 83 First Revised Sheet No. 83
Superseding: Original Sheet No. 83
GENERAL TERMS AND CONDITIONS
as they may be adjusted from time to time by Transporter. Transporter has
the right to reject any bids that: (i) are for a rate that is less than the
minimum rate stated in Transporter's posting of that capacity; (ii) do not
satisfy any of the other terms specified in the posting; or (iii) include
conditions or provisions that Transporter determines, in its reasonable
discretion, to be unacceptable.
(c) Assessing Bids.
(1) Transporter will assess the bids to assure that capacity is
available to serve the precise delivery point(s) requested. If capacity
is not available, Transporter will reject the bids and advise Shipper.
(2) Transporter will evaluate bids that meet the minimum rate
and term conditions posted by Transporter based upon their net Present
Value as set forth below, taking into account the price, volume, start
date and term offered. Transporter will use the current Commission-
approved interest rate in calculating the net present value of bids,
with the current value of any future service commencement date bids
reduced by the time value of the delay in the receipt of revenue.
Capacity will be awarded, as set forth in paragraph (d) below, based on
the acceptable highest value of the bids offered to Transporter
calculated in accordance with this Section. Transporter will publish
the winning bids on its EBB.
(d) Awarding Capacity; Pro Rata Awards To Equal Bidders. Consistent
with the bid assessment criteria set forth in paragraph (c) immediately
above, Transporter will award capacity: (i) first to an existing capacity
holder that exercises a right of first refusal to match the highest value
bid; provided that the highest rate that such holder must match is the
Recourse Rate; and (ii) then to the bidder submitting the highest value bid
or if two or more bidders submit equal acceptable highest value bids then pro
rata to all bidders that submitted equivalent highest value bids based upon
daily quantities requested.
(e) Binding Nature of Bids. All bids are binding; provided, however,
that a bidder may decline to accept a pro rata allocation of capacity
resulting in an award of less than the full capacity requested if such
Shipper notifies Transporter of that decision through Transporter's EBB
within one hour of Transporter's notice to that Shipper of the pro rata
allocation. Otherwise, if a successful bidder fails to execute a Service