B to C Update

Stan,
The teleconference today (with TCPL) held nothing really new. We did agree not to bring in any other third parties, such as El Paso, at this time. TCPL noted that they would be interested in a roles as the developer (and perhaps as the operator or some or all of the new line), and would also expect to be responsible for all Canadian legal and regulatory matters. They acknowledged that we have more expertise in the areas of US rates and regulatory and legal, finance, commercial and marketing activities and would expect that we take the lead there. We are working toward a first cut on a JV structure over the next two weeks.

Dan