Yesterday, Fred Ni from the FERC called with some questions regarding the TW 
options filing.  Most all of his questions centered around the determination 
of the highest value.  
 Bottom of page 7, last paragragh, we say Shipper call options will be 
awarded upon the highest rate payable for the  option component.
 Then in the bullets that follow we say, based on the criteria known in 
advance-  I told him that we would post the   elements and it would determine 
the highest value.
 Then in the next paragraph we say again sold in a bidding process to only 
those parties that place the highest value  on the option.
 Then on the actual tariff sheet, 98 we refer to in  33 c) method of awarding 
options, ?? being is the highest value
 Then on tariff sheet 157, in the Option Fee section he felt we should refer 
to the elements that make up the highest   value; volume , rate and term
As you can tell, this all centers around the elements of determining the 
highest bid,  I advised him that it included rate, volume and term that the 
option call was for.   We need to clarify these in writing as soon as 
possible.  I told him we would do so in our answer to interventions.  He said 
the sooner the better.  We also need to add expriation date on tariff sheet 
98 c as to items included in the posting, since it could be different than 
the exercise date.  

I'd say all in all this is good that this is his only concern and that he 
called before any protests etc.  He said he like the filing-  but was just 
confused on what we meant by awarding to the highest value.  

Susan, I assume you will be drafting the answer, although at this point I 
haven't seen any protests, let's try to have the answer filed Friday or 
Monday at the latest.    Please call if questions-  MK