In Order No. 712, the FERC revised Commission regulations governing the release of interstate capacity in light of changes in the market for short-term pipeline transportation services. Among other things, it addressed market-based pricing for asset management agreements and the prohibition against tying and bidding requirements for capacity releases associated with state-approved open access programs. The FERC recently denied rehearing generally of that order in Order No. 712-A, but also clarified several issues raised by marketers and others with respect to asset management agreements and state open access programs.