Panther Interstate Pipeline Energy, L.L.C.

Original Volume No. 1

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Effective Date: 02/01/2004, Docket: CP03-338-001, Status: Effective

Original Sheet No. 45 Original Sheet No. 45 : Effective

(iii) Release offers are binding until written or electronic

notice of withdrawal is received by Transporter. The

Releasing Shipper has the right to withdraw its offer

during the bid period, where unanticipated

circumstances justify and no minimum bid has been

made.

(iv) Transporter will post offers and bids, including

prearranged deals, upon receipt. A Releasing Shipper

may request a later posting time for posting of such

offer, and Transporter will support such request

insofar as it comports with the standard timeline set

forth in Section 11.2 of the General Terms and

Conditions of this Tariff.

(v) A Releasing Shipper may not specify an extension of

the original bid period or the pre-arranged deal match

period, without posting a new release.

(vi) A Releasing Shipper may specify dollars and cents or

percents of the applicable maximum tariff rate in the

denomination of bids. Once the choice is made by the

Releasing Shipper, the bids must comport with that

choice to be valid.

(vii) For the evaluation of capacity release bids, only the

following methodologies are supported by Transporter

and provided to Releasing Shippers as choices from

which they may select and, once chosen, must be used

in determining the awards from the bid(s) submitted.

They are: 1) highest rate, 2) net revenue and 3)

present value. Other choices of bid evaluation

methodology (including other releasing shipper defined

evaluation methodologies) can be accorded similar

timeline evaluation treatment at the discretion of

Transporter. However, Transporter is not required to

offer other choices or similar timeline treatment for

other choices, nor is Transporter held to the timeline

should the Releasing Shipper elect another method of

evaluation.

(f) Notwithstanding anything herein to the contrary, Releasing

Shippers shall remain responsible for payment of all demand

charges for released transportation unless Transporter

consents to a permanent release and the permanent release

has been validly implemented. Transporter and Shipper may,