PetroLogistics Natural Gas Storage LLC

Original Volume No. 1

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Effective Date: 06/03/2009, Docket: RP09-577-000, Status: Effective

Original Sheet No. 122 Original Sheet No. 122

 

The MSQ that can be released by a Releasing Shipper for an intraday release is limited to a

quantity not in excess of the Releasing Shipper's MSQ less the Releasing Shipper's Storage

Inventory.

8.3 Posting and Bidding Timeline. For the Capacity Release business process timing model,

only the following methodologies shall be supported by PetroLogistics and provided to Releasing

Shippers as choices from which they may select and, once chosen, shall be used in determining the

awards from the bid(s) submitted. They are: (i) highest rate, (ii) net revenue, and (iii) present

value. At PetroLogistics' reasonable discretion, other choices of bid evaluation methodology

(including other Releasing Shipper-defined evaluation methodologies) can be accorded similar

timeline evaluation treatment. However, PetroLogistics is not required to offer other choices or

similar timeline treatment for other choices. Further, PetroLogistics shall not be held to the

timeline specified in Sections 8.3(a) and 8.3(b) below should the Releasing Shipper elect another

method of evaluation; the timeline specified in Section 8.3(c) below shall apply. The proposed

duration of Shipper's release determines the minimum bid period for Shipper's offer pursuant to this

Section 8. The Capacity Release timeline is applicable to all parties involved in the Capacity

Release process; however, it is only applicable if (i) all information provided by the parties

to the transaction is valid and the Replacement Shipper has been determined to be creditworthy

before the capacity release bid is tendered; and (ii) there are no special terms or conditions of

the release.

The Capacity Release timeline is as follows:

(a) For standard releases of less than one (1) year:

-Offers shall be tendered by 12:00 p.m. CT on a Business Day;

-The bid period shall end at 1:00 p.m. CT on the same Business Day or at 1:00 p.m. CT on any

subsequent Business Day as specified in Releasing Shipper's offer, whichever is elected by Releasing

Shipper;

-Evaluation period begins at 1:00 p.m. CT on the day the bid period ends, during which contingency is

eliminated, determination of best bid is made, and ties are broken;

-Evaluation period ends and award is posted if no match is required at 2:00 p.m. CT the same day;

-If the Prearranged Shipper's bid is not the "best bid," PetroLogistics shall allow such Prearranged

Shipper a Matching Period of thirty (30) minutes from 2:00 P.M. CT until 2:30 P.M. CT on the day the

Bid Period ends, or such later time as specified in the Releasing Shipper's offer, to determine

whether to match the "best bid" and to notify PetroLogistics of its decision.

-If a match is required, the award will be posted by 3:00 p.m. CT.

PetroLogistics will issue a contract within one hour of the award posting (with a new contract number,

when applicable). Nominations for gas flow are possible beginning at the next available nomination

cycle for the effective date of the contract. Such nominations will be processed in accordance with

the nomination and scheduling requirements of Section 6 of the General Terms and Conditions; however,

in no circumstance will gas flow prior to the effective date of the release as specified in Releasing

Shipper's offer.

(b) For standard releases of one year or longer:

-Offers shall be tendered by 12:00 p.m. CT four Business Days before the award;