Saltville Gas Storage Company L.L.C.

Original Volume No. 1

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Effective Date: 10/01/2009, Docket: RP09-986-000, Status: Effective

Fourth Revised Sheet No. 154 Fourth Revised Sheet No. 154

Superseding: Third Revised Sheet No. 154

 

GENERAL TERMS AND CONDITIONS

(Continued)

 

29. DISPOSITION OF RETAINED QUANTITIES

 

29.1 In the event that Saltville holds an auction for Gas quantities

retained pursuant to Section 9 of Rate Schedule FSS, Sections 2

and 8 of Rate Schedules ISS and IPS or Section 4.14(b) of the

General Terms and Conditions, Saltville shall post a notice of

such auction on the LINK® System at least three (3) Business Days

prior to the date on which bids will be accepted. Such notice

shall specify the quantity of Gas to be auctioned, the date on

which the bids will be accepted, and the evaluation method that

will be used to determine the highest bid. Saltville shall accept

bids only during the time period from 7:00 A.M. CT until 11:00

A.M. CT on the Business Day that bids are due. Saltville shall

award the quantities to the Customer submitting the highest bid,

and shall notify such Customer prior to 4:00 P.M. CT of the same

day on which Saltville accepts bids; provided, however, Saltville

reserves the right to reject all bids. When the Gas is purchased

at auction, Customer purchasing the Gas quantities must provide

identification of the existing storage service agreement with

Saltville under which Customer shall store such Gas quantities in

Saltville's facilities.

 

29.2 The proceeds from the auction for Gas quantities retained pursuant

to Section 4.14(b) of the General Terms and Conditions shall be

credited as described in such Section 4.14(b).

 

29.3 Saltville shall credit the net proceeds received from the auction

for Gas quantities retained pursuant to Section 9 of Rate Schedule

FSS and Sections 2 and 8 of Rate Schedules ISS and IPS to all

Customers that did not have Gas sold during the subject auction

("Qualifying Customer") based on the ratio of the total charges

paid by each Qualifying Customer for service to the total amount

of such charges paid by all Qualifying Customers during the Month

in which the auction of the Gas occurred. For the purposes of

this section, the term "net proceeds" shall mean the total

proceeds received from the auction less the accumulated charges

pursuant to the applicable Rate Schedule for the agreement held by

the Customer winning the bid.

 

Such credits shall be calculated for each Month of the twelve (12)

Month period ending July 31 of each year and will be included on

the Qualifying Customers' invoice for the Month following the date

of the final Commission order approving Saltville's penalty

disbursement report; provided, however, that Saltville will

calculate and include such credits on Qualifying Customers'

invoices for a period shorter than twelve Months in the event and

to the extent that the total accumulated amount of penalty revenue

collected pursuant to this Section 29 by Saltville as of the end

of any Month exceeds $1,000,000. Saltville will file a penalty

disbursement report within sixty (60) days of July 31 or sixty

(60) days after the end of the Month in which the revenue

collected exceeds $1,000,000. Any penalty revenue credited to

Qualifying Customers pursuant to this section shall include

interest calculated in accordance with Section 154.501(d) of the

Commission's regulations.