Jon:

Please find attached the spreadsheet used to determine the potential balancing costs for Rate 11 accounts. The usage calculations are based on ATCO algorithms. The model represents the worst case scenario as, in practice, we have found that we can carry a significant pack/draft balance during the course of the month without buying and/or selling as long as we are within a +/-5% band at the end of the month.

I think it makes sense for Randel and me to walk you through the actual balancing costs for Boardwalk in March, etc. as again the practical application is much different than the theory. Please let me know what time would work best for you - I am in a meeting from 10:30-12:00 tomorrow but anytime after that would work.

Thanks!

Lori