After a decision by the ITER parties to investigate the possibility of designing a reduced cost version of ITER several possible machine layouts with different aspect ratios were studied. Relatively early in this process it became clear that there is no significant cost difference between different aspect ratios and that there is a maximum realistically possible aspect ratio for a machine with 6 m major radius and rather high plasma shaping. Following this study a machine with an intermediate aspect ratio (3.1) called the ITER Fusion Energy Advanced Tokamak (ITER FEAT) was chosen as the basis for the outline design of a reduced cost ITER. Several potential steady state scenarios can be investigated in ITER FEAT, i.e. monotonic or reversed shear at full or reduced minor radius. In addition, so-called hybrid discharges, are feasible where a mixture of inductive and non-inductive current drive as well as bootstrap current allows long pulse discharges of the order of 2500 s. The βN values and H factors required for these discharges are in the same range as those observed on present machines, which providesconfidence that such discharges can be studied in ITER FEAT. However, due to uncertainties in physics knowledge, for example the current drive efficiency off-axis, it is impossible at present to generate a completely self-consistent scenario taking all boundary conditions, for example engineering or heating system constraints, into account. In addition, all of these regimes have a potential problem with divertor operation compatibility (low edge density) and with helium exhaust which has to be addressed in existing experiments. For the engineering design of the in-vessel components and for the balance of the plant there is practically no difference between inductive (500 s) and steady state operation. However, the choice of heating systems and the distribution of power between them will be strongly influenced by the envisaged steady state scenarios.