Michigan Gas Storage Company

First Revised Volume No 1

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Effective Date: 05/01/2001, Docket: RP01-358-000, Status: Effective

Third Revised Sheet No. 62 Third Revised Sheet No. 62 : Superseded

Superseding: Second Revised Sheet No. 62

GENERAL TERMS AND CONDITIONS

(continued)

(d) All bids for capacity will be posted on the electronic

bulletin board.

(e) All winning bids for capacity will be posted on the

electronic bulletin board. The posting will include the

identity of the winning bidder.

21.4 Bidding Process for Assignments

(a) Any party may offer to accept assignment of the

Service Agreement under the conditions posted in

the Release Notice. Bids for released capacity

will be posted on the MGS electronic bulletin

board and accepted by notification to the

Replacement Shipper. All winning bids for

capacity including the identity of the winning

bidder, will be posted on the MGS electronic

bulletin board.

(b) The capacity release timeline is set forth in Central Clock

Time, and is applicable to all parties involved in the

capacity release process; however it is only applicable if:

1) all information provided by the parties to the transaction

is valid and the acquiring Shipper had been determined to be

credit worthy before the capacity release bid is tendered,

and 2) there are no special terms or conditions of the

release.

(1) Short-term releases (less than five (5) Months) On

the day before nominations

1:00 PM Releasing Shipper shall offer available

capacity

2:00 PM Bidding period ends. Evaluation period

begins, during which contingency is

eliminated, determination of best bid is

made, and ties are broken

3:15 PM Evaluation period ends. Match or award is

communicated

4:00 PM Match response is due

5:00 PM Award posting to Replacement Shipper

On the day of nominations:

9:00 AM Posting of prearranged deals not subject to

bid

10:00 AM Contract, including contract number,

tendered and executed, nomination possible

for next day gas flow.

(2) Long-term releases (five (5) Months or more)

The timeline is the same as that for a

short-term release except that the

Releasing Shipper shall offer available