UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 2, 2004.
TC PipeLines, LP |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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000-26091 |
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52-2135448 |
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(State
or other jurisdiction |
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(Commission |
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(I.R.S.
Employer |
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110
Turnpike Road, Suite 203 |
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01581 |
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(Address of principal executive offices) |
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(Zip Code) |
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(508) 871-7046 |
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(Registrants telephone number, including area code) |
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Item 7. Financial Statements and Exhibits
(c) Exhibits |
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Exhibit 99.1 Presentation of TC PipeLines, LP on March 2, 2004. |
Item 9. Regulation FD Dislcosure
Attached as Exhibit 99.1 to this Form 8-K is the presentation of Mr. Ron Turner, President and Chief Executive Officer of TC PipeLines, LP at the Master Limited Partnership Investor Conference 2004, held in New York City on March 2, 2004.
The information in Item 9 of this report is being furnished, not filed, pursuant to Regulation FD. Accordingly, the information in Item 9 of this report will not be incorporated by reference into any registration statement filed by the Partnership under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TC PipeLines, LP |
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By: |
TC PipeLines GP, Inc., |
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its general partner |
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Dated: March 2, 2004 |
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/s/ Maryse C. St.-Laurent |
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Maryse C. St.-Laurent |
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Secretary |
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Index to Exhibits
Exhibit No. |
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Description of Exhibit |
99.1 |
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Presentation of TC PipeLines, LP on March 2, 2004. |
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Exhibit 99.1
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The Master Limited Partnership Investor Conference
March 2, 2004
Ron Turner, President & CEO
[LOGO]
[GRAPHIC]
Forward Looking Information
This presentation includes forward-looking statements regarding future events and the future financial performance of TC PipeLines, LP. Words such as believes, expects, intends, forecasts, projects, and similar expressions, identify forward-looking statements within the meaning of the Securities Litigation Reform Act. All forward-looking statements are based on the Partnerships current beliefs as well as assumptions made by and information currently available to the Partnership. These statements reflect the Partnerships current views with respect to future events. Important factors that could cause actual results to materially differ from the Partnerships current expectations include regulatory decisions, particularly those of the Federal Energy Regulatory Commission, the Securities and Exchange Commission, majority control of the Northern Border Pipeline management committee by affiliates of Enron Corp., which has filed for bankruptcy protection, the failure of a shipper on either one of the Partnerships pipelines to perform its contractual obligations, cost of acquisitions, future demand for natural gas, overcapacity in the industry, and other risks inherent in the transportation of natural gas as discussed in the Partnerships filings with the Securities and Exchange Commission, including the Partnerships Annual Report on Form 10-K for the year ended December 31, 2002.
TC PipeLines, LP Assets
[GRAPHIC]
30% general partner interest in Northern Border Pipeline
49% general partner interest in Tuscarora Gas Transmission
TC PipeLines, LP Performance
Net Income
(per Unit)
[CHART]
Distributions Declared
(per Unit)
[CHART]
Cash from Investments
($
Millions)
[CHART]
Cash Utilization
($
Millions)
[CHART]
Strong Returns
[CHART]
Yield Comparison
[CHART]
Strategy
1. Focus on natural gas transmission assets that:
are underpinned with long-term transportation contracts
have organic growth potential
connect to growing natural gas consuming markets
connect to growing natural gas supply
2. Maintain strong financial position
3. Leverage from TransCanadas expertise in natural gas transmission industry
TransCanadas Assets
[GRAPHIC]
Gas Demand (Bcf/d)
[GRAPHIC]
Demand (Bcf/d)
[CHART]
Western Canada
[CHART]
Western U.S.
[CHART]
Midwest
[CHART]
U.S. Northeast
(Mid Atlantic & New England)
[CHART]
New Supply is Needed (Bcf/d)
[GRAPHIC]
Demand (Bcf/d)
[CHART]
North
[CHART]
WCSB
[CHART]
Rockies
[CHART]
Gulf Coast
[CHART]
Sable
[CHART]
LNG Imports
[CHART]
Northern gas and LNG imports will be needed to meet North American demand.
Northern Pipelines
[GRAPHIC]
Northern Border Pipeline
Facilities
1,249 miles
Receipt capacity: 2.4 Bcf/d
2003 throughput: 881.8 Bcf
Weighted average contract life: 3.3 years
22% of all natural gas imported from Canada
Northern Border Pipeline
Outlook
Re-contracting
Recapitalization
PUHCA
Tuscarora Gas Transmission
Facilities
240 miles
Receipt capacity: 191 MMcf/d
11,400 HP compression
2003 throughput: 22.0 Bcf
Weighted average contract life: 11 years
Tuscarora Gas Transmission
Historical Development
2001 Expansion - $10M
Hungry Valley
14 mile NPS16 Lateral
2002 Expansion - $39M
3 compressors
11 mile NPS20 extension
Additional capacity: 55 MMcf/d
Tuscarora Gas Transmission
Organic Growth - 2005
2005 Expansion
2 compressors
Additional capacity: 50 MMcf/d
15-year contracts
Capital budget is $17 million
In service November 2005
Conclusion
Well positioned assets
Solid cash flow coverages
Attractive yield
General partner is recognized for expertise in natural gas transmission industry
Disciplined growth strategy
The Master Limited Partnership Investor Conference
March 2, 2004
Ron Turner, President & CEO