Dear John -

The attached worksheet has my perspective on how the tolls should be escalated.

I still think this is a conservative view, since I feel that we would be able to go to these pipes and negotiate a fixed toll for the remainder of the term, or even negotiate out of these contracts for a fee. (I'd love to take a crack at that!)

TCPL is still a wild card, and I did not change the escalations that were shown.  More will not be known with them until they get through their new rate design process, which will probably be another year (since they haven't even filed anything yet).

Call if you have any questions..

Julie  :-)
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