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. 29 Original Sheet No. 29 : Effective


(a) Transporter shall post the capacity for bidding on its

Internet web site at least 60 days prior to the termination

of the FT Agreement. The capacity will remain posted on

Transporter's Internet web site for a minimum of 10 days.

Such posting shall contain the following information with

respect to the capacity:


(i) daily and other applicable quantity limitations of

capacity available;


(ii) primary receipt and delivery points;


(iii) maximum reservation charge as set forth in this



(iv) any applicable restrictions; and


(v) the last day of the Bidding Period.


(b) Bids shall be submitted to Transporter in writing, in

accordance with the communication procedures set forth in

Section 16 of these General Terms and Conditions. Such bids

shall be binding on Bidder. Upon conclusion of the Bidding

Period, Transporter shall evaluate the bids in accord with

the net present value formula set forth in Section 11 for

firm transportation service for the evaluation of bids under

Transporter's capacity release mechanism; provided that the

term used for purposes of the formula will be the term

proposed by the Bidder and provided further that Transporter

shall have no obligation to accept a bid for less than the

filed maximum reservation rate.


(c) Within seven (7) Business Days of the close of the Bidding

Period, Transporter shall notify Shipper of the acceptable

bid, if any, having the highest present value to Transporter

("Highest Bid"). Shipper shall have five (5) Business Days

after receiving notice to notify Transporter in writing as

to whether it will match the Highest Bid acceptable to

Transporter. Shipper's notification of its election to match

the Highest Bid is contractually binding on Shipper. If the

Shipper elects to match the Highest Bid, then it must

execute a new FT Agreement that contains the terms of that

Highest Bid, within five (5) Business Days after such

agreement is tendered by Transporter; provided, however,

that Shipper shall not be required to pay any rate higher

than the maximum applicable rate.