Change paragraph beginning on 461 to Two parties MAY also engage in an option transaction. An option is a promise granted by one Party (the Promissor, or informally, the option writer) to a second Party (the Promissee, or informall, the option holder) usually for a premium payment. The Promissee is granted a right to invoke specific transactions for energy that the Promissor promises to deliver. Demand response, ancillary services, and price cap transactions are forms of options. Any Party may take the role of a Buyer or Seller of a tender for an option transaction.