SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of
Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For
the
month of April 2008
Commission
File No. 1-31690
TransCanada
Corporation
(Translation
of Registrant's Name into English)
450
– 1 Street S.W., Calgary, Alberta, T2P 5H1, Canada
(Address
of Principal Executive Offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F:
|
Form
20-F
|
¨
|
Form
40-F
|
þ
|
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ¨
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): ¨
Indicate
by check mark whether the registrant by furnishing the information contained
in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
|
Yes
|
¨
|
No
|
þ
|
Exhibit
99.1 to this report, furnished on Form 6-K, is furnished, not filed, and will
not be incorporated by reference into any registration statement filed by the
registrant under the Securities Act of 1933, as amended.
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, thereunto
duly authorized.
Date:
April 1, 2008
|
TRANSCANADA
CORPORATION
|
||
|
By:
|
/s/
Donald J. DeGrandis
|
|
|
Donald
J. DeGrandis
|
||
|
Corporate
Secretary
|
||
|
|
EXHIBIT
INDEX
|
|
99.1
|
A
copy of the registrant’s News Release dated March 31,
2008.
|
Exhibit
99.1
NewsRelease
TransCanada
Enters Agreement to Acquire Ravenswood Generating Station for US$2.8
billion
CALGARY,
Alberta – March 31, 2008 –
TransCanada Corporation (TSX, NYSE: TRP) (TransCanada) today announced
that its subsidiary has agreed to acquire from National Grid plc (National
Grid), all the outstanding membership interests of KeySpan-Ravenswood, LLC,
that
directly or indirectly owns or controls the 2,480 megawatt (MW) Ravenswood
Generating Facility (Ravenswood) located in Queens, New York for US$2.8 billion
plus closing adjustments.
“This
acquisition represents a significant expansion of our energy business into
one
of the most important power markets in North America,” says Hal Kvisle,
TransCanada president and chief executive officer. “It fits strongly with
TransCanada's strategy to grow our power business in markets where our assets,
expertise and financial strength enable us to be a strong competitor and
reliable energy provider.”
Upon
close of this acquisition, TransCanada will welcome close to 200 Ravenswood
staff into the TransCanada family. “TransCanada is focused on meeting the
region’s energy needs safely, reliably and cost effectively,” adds Kvisle. “We
are looking forward to meeting all of our new team members and the surrounding
community. We are very pleased to be able to expand our capacity to deliver
energy with this strategic acquisition.”
National
Grid is divesting its 100 per cent interest in Ravenswood pursuant to the New
York Public Service Commission order approving its acquisition of KeySpan
Corporation. The acquisition is subject to various state and federal government
approvals which are expected during the next few months.
Ravenswood
is a gas and oil fired generating facility consisting of multiple units
employing steam turbine, combined cycle and combustion turbine technology.
Ravenswood is an indispensable component of the New York generation supply
with
the capacity to serve approximately 21 per cent of the overall peak load in
New
York City.
Ravenswood
is an excellent fit with TransCanada’s energy portfolio and activities in the
U.S. Northeast, including:
|
·
|
Hydroelectric
Generation (567 MW) – assets on the Connecticut and Deerfield Rivers in
New England
|
|
·
|
Ocean
State Power (560 MW) – gas-fired combined-cycle power plant in Rhode
Island
|
|
·
|
Kibby
Wind Power (132 MW) – proposed wind energy project in western
Maine
|
|
·
|
Power
marketing and commercial office in Westborough,
Massachusetts
|
The
Company expects Ravenswood to be modestly dilutive in the first two full years
of ownership based on the near term effects of a FERC order pertaining to the
New York Independent System Operator (New York City) capacity market.
Subsequently, TransCanada expects earnings to be accretive. The
acquisition will be financed in a manner consistent with TransCanada’s current
capital structure and commitment to maintaining its ‘A’ credit
rating.
Mayer
Brown LLP served as legal advisors to TransCanada on this
transaction.
Analyst/Media
Teleconference Dial-in and Webcast Information
TransCanada
will hold a teleconference at 2:00 p.m. (Mountain)/4:00 p.m. (Eastern), April
1,
2008 to discuss this announcement. Analysts, members of the media and other
interested parties wanting to participate in the call should dial 1-866-507-1212
or 1-416-695-6310 (Toronto area) at least 10 minutes prior to the start of
the
call. No passcode is required. A live audio and slide presentation webcast
of
the teleconference will also be available on TransCanada's website at
www.transcanada.com.
The
conference will begin with a brief address by members of TransCanada's executive
management, followed by a question and answer period for investment analysts.
A
question and answer period for members of the media will immediately follow.
A
replay of the teleconference will be available two hours after the conclusion
of
the call until midnight (eastern) April 8, 2008 by dialing 1-800-408-3053 or
1-
416-695-5800 (Toronto area) and entering passcode 3257683. The webcast will
be
archived and available for replay on www.transcanada.com.
With
more
than 50 years experience, TransCanada is a leader in the responsible development
and reliable operation of North American energy infrastructure including natural
gas pipelines, power generation, gas storage facilities, and projects related
to oil pipelines and LNG facilities. TransCanada’s network of wholly
owned pipelines extends more than 59,000 kilometres (36,500 miles), tapping
into
virtually all major gas supply basins in North America. TransCanada is one
of
the continent’s largest providers of gas storage and related services with
approximately 355 billion cubic feet of storage capacity. A growing independent
power producer, upon close of the Ravenswood acquisition, TransCanada will
own,
or have interests in, over 10,200 megawatts of power generation in Canada and
the United States. TransCanada’s common shares trade on the Toronto and New York
stock exchanges under the symbol TRP.
Note:
All financial figures are in Canadian dollars unless noted
otherwise.
FORWARD-LOOKING
INFORMATION
This
news release may contain certain information that is forward looking and is
subject to important risks and uncertainties. The words "anticipate", "expect",
"may", "should", "estimate", "project", "outlook", "forecast" or other similar
words are used to identify such forward looking information. All forward-looking
statements are based on TransCanada’s beliefs and assumptions based on
information available at the time such statements were made. The results or
events predicted in this information may differ from actual results or events.
Factors which could cause actual results or events to differ materially from
current expectations include, among other things, the ability of TransCanada
to
successfully implement its strategic initiatives and whether such strategic
initiatives will yield the expected benefits, the availability and price of
energy commodities, regulatory decisions, changes in environmental and other
laws and regulations, competitive factors in the pipeline and energy industry
sectors, construction and completion of capital projects, access to capital
markets, interest and currency exchange rates, technological developments and
the current economic conditions in North America. By its nature, such
forward-looking information is subject to various risks and uncertainties which
could cause TransCanada's actual results and experience to differ materially
from the anticipated results or other expectations expressed. For
additional information on these and other factors, see the reports filed by
TransCanada with Canadian securities regulators and with the U.S. Securities
and
Exchange Commission. Readers are cautioned not to place undue reliance on this
forward-looking information, which is given as of the date it is expressed
in
this news release or otherwise, and TransCanada undertakes no obligation to
update publicly or revise any forward-looking information, whether as a result
of new information, future events or otherwise, except as required by
law.
-30-
|
Media
Inquiries:
|
Shela
Shapiro/Cecily Dobson
|
(403)
920-7859
(800)
608-7859
|
|
Investor
& Analyst Inquiries:
|
David
Moneta/Myles Dougan/Terry Hook
|
(403)
920-7911
(800)
361-6522
|