TRANSCANADA
CORPORATION
|
||
By:
|
/s/ Gregory A.
Lohnes
|
|
Gregory
A. Lohnes
|
||
Executive
Vice-President and
|
||
Chief
Financial Officer
|
||
By:
|
/s/ G. Glenn
Menuz
|
|
G.
Glenn Menuz
|
||
Vice-President
and Controller
|
|
EXHIBIT
INDEX
|
Media
Inquiries:
|
Cecily
Dobson
|
(403)
920-7859
(800)
608-7859
|
Investor
& Analyst Inquiries:
|
David
Moneta/Myles Dougan/Terry Hook
|
(403)
920-7911
(800)
361-6522
|
·
|
Comparable
earnings for the year ended December 31, 2008 of $1.3 billion ($2.25 per
share)
|
·
|
Net
income for the year ended December 31, 2008 of $1.4 billion ($2.53 per
share)
|
·
|
Funds
generated from operations for the year ended December 31, 2008 of $3.0
billion
|
·
|
Comparable
earnings for fourth quarter 2008 of $271 million ($0.46 per
share)
|
·
|
Net
income for fourth quarter 2008 of $277 million ($0.47 per
share)
|
·
|
Funds
generated from operations for fourth quarter 2008 of $712
million
|
·
|
Invested
$6.4 billion in 2008 in a number of growth opportunities including the
Keystone Pipeline system, Ravenswood generating station, Bruce Power,
Portlands Energy Centre and Halton Hills generating
station.
|
·
|
The
Keystone Pipeline system has completed approximately 40 per cent of the
engineering, procurement and construction activities for the initial phase
of the project to Wood River, Patoka and Cushing. In November,
an application was filed with the U.S. Department of State for a
Presidential Permit for the Keystone expansion to the U.S. Gulf
Coast.
|
·
|
In
November, ANR’s Cold Springs 1 storage facility was placed in service. The
project added 14 billion cubic feet (Bcf) of natural gas storage and 200
million cubic feet per day (mmcf/d) of withdrawal capacity, and increased
ANR’s total storage capacity to 250
Bcf.
|
·
|
The
Bison Pipeline project is a proposed 480 kilometre (km) pipeline from the
Powder River Basin in Wyoming to the Northern Border system in North
Dakota. The project has shipping commitments for approximately 405 mmcf/d
and is expected to be in service in fourth quarter 2010. The capital cost
of the project is estimated at US$500 - US$600
million. TransCanada continues to work with shippers to
finalize the size and design of this
project.
|
·
|
In
December 2008, the Alaska Commissioner of Revenue and Natural Resources
issued the Alaska Gasline Inducement Act (AGIA) license to
TransCanada. TransCanada has committed under AGIA to advance the Alaska
Pipeline project through an open season and subsequent Federal Energy
Regulatory Commission (FERC) certification. TransCanada has commenced the
engineering, environmental, field and commercial work, and expects to
conclude an open season by
mid-2010.
|
·
|
TransCanada
recently concluded a binding open season for gas transmission service from
the Montney Groundbirch area located in northeastern B.C. Shippers have
committed to firm gas transportation contracts and volumes associated with
these commitments are expected to reach 1.1 Bcf per day (Bcf/d) by
2014. The proposed pipeline will be approximately 77 km in length and is
expected to commence service in fourth quarter 2010, subject to receipt of
necessary regulatory approvals. The proposed project is expected to cost
approximately $250 million.
|
·
|
TransCanada
is finalizing details associated with a binding open season and pipeline
extension project to service the Horn River shale gas area in northeastern
B.C. with the Alberta System. The Horn River project is expected to
commence operation in early 2011.
|
·
|
In
fourth quarter 2008, Bruce Power completed a review of the end of life
estimates for Units 3 and 4. Unit 3 is now expected to be in commercial
service until 2011, which provides the benefit of nearly two additional
years of generation before the unit commences an expected 36-month
refurbishment period. After the refurbishment period, the end of life
estimate for Unit 3 is expected to increase from the originally expected
date of 2037 to 2038.
|
·
|
The
109 megawatt (MW) Carleton wind farm, the third of six phases of the
Cartier Wind project, was placed in service in November 2008. The
remaining phases are expected to be constructed through 2012, subject to
receipt of necessary approvals. Once completed, the combined capacity of
the six phases is expected to be 740
MW.
|
·
|
The
550 MW Portlands Energy Centre is nearing the completion of construction
and is expected to be placed in service in first quarter 2009.
Construction of the 683 MW Halton Hills generating station is
approximately 50 per cent complete and is anticipated to be in service in
the third quarter of 2010.
|
·
|
In
other Energy developments, TransCanada advanced construction work on the
Kibby Wind Power project, with commissioning of the first phase expected
to begin in fourth quarter 2009. In December 2008, TransCanada
received a Certificate of Environmental Compatibility from the Arizona
Corporation Commission, approving the construction of the 575 MW Coolidge
Generating Station in Arizona. Construction is expected to commence in the
summer of 2009 and the facility is expected to be in service in
2011.
|
·
|
The
Board of Directors of TransCanada declared a quarterly dividend of $0.38
per common share, an increase of six per cent, for the quarter ending
March 31, 2009, on TransCanada’s outstanding common
shares.
|
·
|
In
late fourth quarter 2008, the TransCanada Board of Directors approved an
increase in the discount on the issuance of common shares from treasury
under TransCanada’s Dividend Reinvestment and Share Repurchase Plan from
two to three per cent for the common share dividend payable on January 30,
2009.
|
·
|
On
November 25, 2008, TransCanada completed a public offering of 30,500,000
common shares. On December 5, 2008, an additional 4,575,000 common shares
were issued upon exercise of the underwriter’s over-allotment option.
Gross proceeds from the common share offering and the over-allotment
option totalled approximately $1.157 billion. The proceeds of
this offering will be used to partially fund capital projects, including
the Keystone Pipeline system, for general corporate purposes and to repay
short-term indebtedness.
|
·
|
In
addition, during the fourth quarter of 2008, a subsidiary of TransCanada
closed a new US$1.0 billion committed bank facility with certain of its
existing relationship banks. The revolving, extendable,
expandable facility has an initial term of 364 days with a one-year term
out at the option of the borrower and will support a new commercial paper
program dedicated to funding expenditures for the Keystone Pipeline
system.
|
·
|
In
January 2009, the Company issued US$750 million of 7.125 per cent and
US$1.25 billion of 7.625 per cent Senior Unsecured Notes maturing on
January 15, 2019, and January 15, 2039, respectively. Net proceeds from
the issue are expected to be used to partially fund TransCanada’s capital
projects, retire maturing debt obligations and for general corporate
purposes. These notes were issued under the US$3.0 billion debt shelf
prospectus filed in the United States in January
2009.
|
·
|
Global
financial markets remain volatile, however, TransCanada’s liquidity
position remains sound, underpinned by highly predictable cash flow from
operations, significant cash balances on hand from recent securities
issues, as well as committed revolving bank lines of US$1.0 billion, $2.0
billion and US$300 million, maturing in November 2010, December 2012 and
February 2013, respectively. To date, no draws have been made
on these facilities.
|
Operating
Results
|
||||||||||||||||
(unaudited)
|
Three
months ended December 31
|
Year
ended December 31
|
||||||||||||||
(millions
of dollars)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Revenues
|
2,332 | 2,189 | 8,619 | 8,828 | ||||||||||||
Net
Income
|
277 | 377 | 1,440 | 1,223 | ||||||||||||
Comparable
Earnings (1)
|
271 | 297 | 1,279 | 1,100 | ||||||||||||
Cash
Flows
|
||||||||||||||||
Funds
generated from operations (1)
|
712 | 741 | 3,021 | 2,621 | ||||||||||||
(Increase)/decrease
in operating working capital
|
(197 | ) | (46 | ) | (181 | ) | 215 | |||||||||
Net
cash provided by operations
|
515 | 695 | 2,840 | 2,836 | ||||||||||||
Capital
Expenditures
|
1,235 | 595 | 3,134 | 1,651 | ||||||||||||
Acquisitions,
Net of Cash Acquired
|
171 | 1 | 3,229 | 4,223 | ||||||||||||
Common
Share Statistics
|
Three
months ended December 31
|
Year
ended December 31
|
||||||||||||||
(unaudited)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Net
Income Per Share - Basic
|
$ | 0.47 | $ | 0.70 | $ | 2.53 | $ | 2.31 | ||||||||
Comparable
Earnings Per Share - Basic (1)
|
$ | 0.46 | $ | 0.55 | $ | 2.25 | $ | 2.08 | ||||||||
Dividends
Declared Per Share
|
$ | 0.36 | $ | 0.34 | $ | 1.44 | $ | 1.36 | ||||||||
Basic Common Shares Outstanding
(millions)
|
||||||||||||||||
Average
for the period
|
597 | 539 | 570 | 530 | ||||||||||||
End
of period
|
616 | 540 | 616 | 540 | ||||||||||||
(1)
For a further discussion on comparable earnings, comparable earnings per
share and funds generated from operations, refer to the Non-GAAP Measures
section in this news release.
|
||||||||||||||||
|
||||||||||||||||
Reconciliation
of Comparable Earnings to Net Income
|
|||||||||||||||||||
(unaudited)
|
Three
months ended December 31
|
Year
ended December 31
|
|||||||||||||||||
(millions
of dollars except per share amounts)
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||||
Pipelines
|
|||||||||||||||||||
Comparable
earnings
|
210 | 202 | 740 | 686 | |||||||||||||||
Specific
items (net of tax):
|
|||||||||||||||||||
Calpine
bankruptcy settlements
|
- | - | 152 | - | |||||||||||||||
GTN
lawsuit settlement
|
- | - | 10 | - | |||||||||||||||
Net
income
|
210 | 202 | 902 | 686 | |||||||||||||||
Energy
|
|||||||||||||||||||
Comparable
earnings
|
147 | 104 | 641 | 459 | |||||||||||||||
Specific
items (net of tax, where applicable):
|
|||||||||||||||||||
Fair
value adjustments of natural gas storage inventory
|
|||||||||||||||||||
and
forward contracts
|
6 | 10 | - | 7 | |||||||||||||||
Writedown
of Broadwater LNG project costs
|
- | - | (27 | ) | - | ||||||||||||||
Gain
on sale of land
|
- | 14 | - | 14 | |||||||||||||||
Income
tax adjustments
|
- | 30 | - | 34 | |||||||||||||||
Net
income
|
153 | 158 | 614 | 514 | |||||||||||||||
Corporate
|
|||||||||||||||||||
Comparable
expenses
|
(86 | ) | (9 | ) | (102 | ) | (45 | ) | |||||||||||
Specific
item:
|
|||||||||||||||||||
Income
tax reassessments and adjustments
|
- | 26 | 26 | 68 | |||||||||||||||
Net
(expenses)/income
|
(86 | ) | 17 | (76 | ) | 23 | |||||||||||||
Net Income (1)
|
277 | 377 | 1,440 | 1,223 | |||||||||||||||
Net Income Per Share
(2)
|
|||||||||||||||||||
Basic
|
$ | 0.47 | $ | 0.70 | $ | 2.53 | $ | 2.31 | |||||||||||
Diluted
|
$ | 0.46 | $ | 0.70 | $ | 2.52 | $ | 2.30 | |||||||||||
(1) |
Comparable
Earnings
|
271 | 297 | 1,279 | 1,100 | ||||||||||||||
Specific
items (net of tax, where applicable):
|
|||||||||||||||||||
Fair
value adjustments of natural gas storage inventory
|
|||||||||||||||||||
and
forward contracts
|
6 | 10 | - | 7 | |||||||||||||||
Calpine
bankruptcy settlements
|
- | - | 152 | - | |||||||||||||||
GTN
lawsuit settlement
|
- | - | 10 | - | |||||||||||||||
Writedown
of Broadwater LNG project costs
|
- | - | (27 | ) | - | ||||||||||||||
Gain
on sale of land
|
- | 14 | - | 14 | |||||||||||||||
Income
tax reassessments and adjustments
|
- | 56 | 26 | 102 | |||||||||||||||
Net
Income
|
277 | 377 | 1,440 | 1,223 | |||||||||||||||
(2) |
Comparable
Earnings Per Share
|
$ | 0.46 | $ | 0.55 | $ | 2.25 | $ | 2.08 | ||||||||||
Specific
items - per share:
|
|||||||||||||||||||
Fair
value adjustments of natural gas storage inventory
|
|||||||||||||||||||
and
forward contracts
|
0.01 | 0.02 | - | 0.01 | |||||||||||||||
Calpine
bankruptcy settlements
|
- | - | 0.27 | - | |||||||||||||||
GTN
lawsuit settlement
|
- | - | 0.02 | - | |||||||||||||||
Writedown
of Broadwater LNG project costs
|
- | - | (0.05 | ) | - | ||||||||||||||
Gain
on sale of land
|
- | 0.03 | - | 0.03 | |||||||||||||||
Income
tax reassessments and adjustments
|
- | 0.10 | 0.04 | 0.19 | |||||||||||||||
Net
Income Per Share
|
$ | 0.47 | $ | 0.70 | $ | 2.53 | $ | 2.31 | |||||||||||
Pipelines
Results
|
||||||||||||||||
(unaudited)
|
Three
months ended December 31
|
Year
ended December 31
|
||||||||||||||
(millions
of dollars)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Wholly
Owned Pipelines
|
||||||||||||||||
Canadian
Mainline
|
74 | 72 | 278 | 273 | ||||||||||||
Alberta
System
|
48 | 41 | 145 | 138 | ||||||||||||
ANR
(1)
|
38 | 35 | 132 | 104 | ||||||||||||
GTN
|
16 | 32 | 65 | 58 | ||||||||||||
Foothills
|
5 | 6 | 24 | 26 | ||||||||||||
181 | 186 | 644 | 599 | |||||||||||||
Other
Pipelines
|
||||||||||||||||
Great
Lakes (2)
|
12 | 11 | 44 | 47 | ||||||||||||
PipeLines
LP (3)
|
10 | 4 | 25 | 18 | ||||||||||||
Iroquois
|
5 | 4 | 18 | 15 | ||||||||||||
Tamazunchale
|
7 | 3 | 16 | 10 | ||||||||||||
Other
(4)
|
5 | 13 | 34 | 46 | ||||||||||||
Northern
Development
|
(6 | ) | (4 | ) | (9 | ) | (7 | ) | ||||||||
General,
administrative, support costs and other
|
(4 | ) | (15 | ) | (32 | ) | (42 | ) | ||||||||
29 | 16 | 96 | 87 | |||||||||||||
Comparable
Earnings
|
210 | 202 | 740 | 686 | ||||||||||||
Specific
items (net of tax):
|
||||||||||||||||
Calpine
bankruptcy settlements (5)
|
- | - | 152 | - | ||||||||||||
GTN
lawsuit settlement
|
- | - | 10 | - | ||||||||||||
Net
Income
|
210 | 202 | 902 | 686 | ||||||||||||
(1)
ANR's results include earnings from the date of acquisition of February
22, 2007.
|
||||||||||||||||
(2)
Great Lakes' results reflect TransCanada's 53.6 per cent ownership in
Great Lakes since February 22, 2007 and 50 per cent ownership prior to
that date.
|
||||||||||||||||
(3)
PipeLines LP's results include TransCanada's effective ownership of an
additional 14.9 per cent interest in Great Lakes since February
22,
2007 as a result of PipeLines LP's acquisition of a 46.4 per cent interest
in Great Lakes and TransCanada's 32.1 per cent interest in PipeLines
LP.
|
||||||||||||||||
(4)
Other includes results of Portland, Ventures LP, TQM, TransGas and
Gas Pacifico/INNERGY.
|
||||||||||||||||
(5)
GTN and Portland received shares of Calpine with an initial after-tax
value of $95 million and $38 million (TransCanada's share), respectively,
from the bankruptcy settlements with Calpine. These shares were
subsequently sold for an additional after-tax gain of $19
million.
|
||||||||||||||||
Operating
Statistics
|
|||||||||||
Canadian
|
Alberta
|
GTN
|
|||||||||
Year
ended December 31
|
Mainline(1)
|
System(2)
|
ANR(3)(4)
|
System(3)
|
Foothills
|
||||||
(unaudited)
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
|
Average
investment base
|
|||||||||||
($
millions)
|
7,012
|
7,292
|
4,368
|
4,224
|
n/a
|
n/a
|
n/a
|
n/a
|
749
|
818
|
|
Delivery
volumes (Bcf)
|
|||||||||||
Total
|
3,467
|
3,183
|
3,800
|
4,020
|
1,655
|
1,210
|
783
|
827
|
1,292
|
1,441
|
|
Average
per day
|
9.5
|
8.7
|
10.4
|
11.0
|
4.5
|
3.8
|
2.1
|
2.3
|
3.5
|
3.9
|
|
(1)
Canadian Mainline's physical receipts originating at the Alberta border
and in Saskatchewan for the year ended December 31, 2008 were 1,898 Bcf
(2007 - 2,090 Bcf); average per day was 5.2 Bcf (2007 - 5.7
Bcf).
|
|||||||||||
(2)
Field receipt volumes for the Alberta System for the year ended December
31, 2008 were 3,843 Bcf (2007 - 4,047 Bcf); average per day was 10.5 Bcf
(2007 - 11.1 Bcf).
|
|||||||||||
(3)
ANR's and the GTN System's results are not impacted by current average
investment base as these systems operate under a fixed rate model approved
by the FERC.
|
|||||||||||
(4)
ANR's results include delivery volumes from the date of acquistion of
February 22, 2007.
|
|||||||||||
Energy
Results
|
||||||||||||||||
(unaudited)
|
Three
months ended December 31
|
Year
ended December 31
|
||||||||||||||
(millions
of dollars)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Western
Power
|
106 | 58 | 426 | 308 | ||||||||||||
Eastern
Power
|
73 | 66 | 338 | 255 | ||||||||||||
Bruce
Power
|
50 | 43 | 201 | 167 | ||||||||||||
Natural
Gas Storage
|
40 | 57 | 135 | 146 | ||||||||||||
General,
administrative, support costs and other
|
(51 | ) | (45 | ) | (168 | ) | (158 | ) | ||||||||
Operating
income
|
218 | 179 | 932 | 718 | ||||||||||||
Financial
charges
|
(7 | ) | (6 | ) | (23 | ) | (22 | ) | ||||||||
Interest
income and other
|
3 | 18 | 6 | 26 | ||||||||||||
Writedown
of Broadwater LNG project costs
|
- | - | (41 | ) | - | |||||||||||
Income
taxes
|
(61 | ) | (33 | ) | (260 | ) | (208 | ) | ||||||||
Net
Income
|
153 | 158 | 614 | 514 | ||||||||||||
Comparable
Earnings
|
147 | 104 | 641 | 459 | ||||||||||||
Specific
items (net of tax, where applicable):
|
||||||||||||||||
Fair
value adjustments of natural gas storage
|
||||||||||||||||
inventory
and forward contracts
|
6 | 10 | - | 7 | ||||||||||||
Writedown
of Broadwater LNG project costs
|
- | - | (27 | ) | - | |||||||||||
Gain
on sale of land
|
- | 14 | - | 14 | ||||||||||||
Income
tax adjustments
|
- | 30 | - | 34 | ||||||||||||
Net
Income
|
153 | 158 | 614 | 514 | ||||||||||||
Western
Power Results
|
||||||||||||||||
(unaudited)
|
Three
months ended December 31
|
Year
ended December 31
|
||||||||||||||
(millions
of dollars)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Revenues
|
||||||||||||||||
Power
|
298 | 245 | 1,140 | 1,045 | ||||||||||||
Other
(1)
|
22 | 18 | 130 | 89 | ||||||||||||
320 | 263 | 1,270 | 1,134 | |||||||||||||
Commodity
purchases resold
|
||||||||||||||||
Power
|
(152 | ) | (154 | ) | (575 | ) | (608 | ) | ||||||||
Other
(2)
|
(17 | ) | (12 | ) | (64 | ) | (65 | ) | ||||||||
(169 | ) | (166 | ) | (639 | ) | (673 | ) | |||||||||
Plant
operating costs and other
|
(39 | ) | (35 | ) | (180 | ) | (135 | ) | ||||||||
Depreciation
|
(6 | ) | (4 | ) | (25 | ) | (18 | ) | ||||||||
Operating
Income
|
106 | 58 | 426 | 308 | ||||||||||||
(1)
Other revenue includes sales of natural gas, sulphur and thermal carbon
black.
|
||||||||||||||||
(2)
Other commodity purchases resold includes the cost of natural gas
sold.
|
||||||||||||||||
Western
Power Sales Volumes
|
||||||||||||||||
(unaudited)
|
Three
months ended December 31
|
Year
ended December 31
|
||||||||||||||
(GWh)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Supply
|
||||||||||||||||
Generation
|
589 | 471 | 2,322 | 2,154 | ||||||||||||
Purchased
|
||||||||||||||||
Sundance
A & B and Sheerness PPAs
|
3,225 | 3,209 | 12,368 | 12,199 | ||||||||||||
Other
purchases
|
180 | 206 | 807 | 1,433 | ||||||||||||
3,994 | 3,886 | 15,497 | 15,786 | |||||||||||||
Sales
|
||||||||||||||||
Contracted
|
2,705 | 2,644 | 11,284 | 11,998 | ||||||||||||
Spot
|
1,289 | 1,242 | 4,213 | 3,788 | ||||||||||||
3,994 | 3,886 | 15,497 | 15,786 | |||||||||||||
Eastern Power Results
(1)
|
||||||||||||||||
(unaudited)
|
Three
months ended December 31
|
Year
ended December 31
|
||||||||||||||
(millions
of dollars)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Revenue
|
||||||||||||||||
Power
|
402 | 346 | 1,254 | 1,481 | ||||||||||||
Other
(2)
|
92 | 53 | 350 | 239 | ||||||||||||
494 | 399 | 1,604 | 1,720 | |||||||||||||
Commodity
purchases resold
|
||||||||||||||||
Power
|
(157 | ) | (169 | ) | (519 | ) | (755 | ) | ||||||||
Other
(3)
|
(85 | ) | (45 | ) | (324 | ) | (208 | ) | ||||||||
(242 | ) | (214 | ) | (843 | ) | (963 | ) | |||||||||
Plant
operating costs and other
|
(146 | ) | (107 | ) | (342 | ) | (454 | ) | ||||||||
Depreciation
|
(33 | ) | (12 | ) | (81 | ) | (48 | ) | ||||||||
Operating
Income
|
73 | 66 | 338 | 255 | ||||||||||||
(1)
Includes Carleton effective November 22, 2008, Ravenswood effective August
26, 2008 and Anse-à-Valleau effective November 10, 2007.
|
||||||||||||||||
(2)
Other revenue includes sales of natural gas.
|
||||||||||||||||
(3)
Other commodity purchases resold includes the cost of natural gas
sold.
|
Eastern Power Sales Volumes
(1)
|
||||||||||||||||
(unaudited)
|
Three
months ended December 31
|
Year
ended December 31
|
||||||||||||||
(GWh)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Supply
|
||||||||||||||||
Generation
|
1,459 | 2,129 | 5,043 | 8,095 | ||||||||||||
Purchased
|
1,638 | 1,811 | 6,183 | 6,986 | ||||||||||||
3,097 | 3,940 | 11,226 | 15,081 | |||||||||||||
Sales
|
||||||||||||||||
Contracted
|
3,059 | 3,798 | 10,990 | 14,505 | ||||||||||||
Spot
|
38 | 142 | 236 | 576 | ||||||||||||
3,097 | 3,940 | 11,226 | 15,081 | |||||||||||||
(1)
Includes Carleton effective November 22, 2008, Ravenswood effective August
26, 2008, Anse-à-Valleau effective November 10, 2007 and Bécancour
throughout 2007.
|
Bruce
Power Results
|
Three
months ended December 31
|
Year
ended December 31
|
||||||||||||||
(unaudited)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Bruce
Power (100 per cent basis)
|
||||||||||||||||
(millions
of dollars)
|
||||||||||||||||
Revenues
|
||||||||||||||||
Power
|
524 | 493 | 2,064 | 1,920 | ||||||||||||
Other
(1)
|
20 | 28 | 96 | 113 | ||||||||||||
544 | 521 | 2,160 | 2,033 | |||||||||||||
Operating
expenses
|
||||||||||||||||
Operations
and maintenance(2)
|
(239 | ) | (258 | ) | (1,066 | ) | (1,051 | ) | ||||||||
Fuel
|
(39 | ) | (28 | ) | (139 | ) | (104 | ) | ||||||||
Supplemental
rent(2)
|
(44 | ) | (42 | ) | (174 | ) | (170 | ) | ||||||||
Depreciation
and amortization
|
(41 | ) | (36 | ) | (151 | ) | (151 | ) | ||||||||
(363 | ) | (364 | ) | (1,530 | ) | (1,476 | ) | |||||||||
Operating
Income
|
181 | 157 | 630 | 557 | ||||||||||||
TransCanada's
proportionate share - Bruce A
|
(6 | ) | (5 | ) | 62 | 24 | ||||||||||
TransCanada's
proportionate share - Bruce B
|
61 | 53 | 158 | 161 | ||||||||||||
TransCanada's
proportionate share
|
55 | 48 | 220 | 185 | ||||||||||||
Adjustments
|
(5 | ) | (5 | ) | (19 | ) | (18 | ) | ||||||||
TransCanada's
combined operating income
|
||||||||||||||||
from
Bruce Power
|
50 | 43 | 201 | 167 | ||||||||||||
Bruce
Power - Other Information
|
||||||||||||||||
Plant
availability
|
||||||||||||||||
Bruce
A
|
62 | % | 68 | % | 82 | % | 78 | % | ||||||||
Bruce
B
|
98 | % | 93 | % | 87 | % | 89 | % | ||||||||
Combined
Bruce Power
|
86 | % | 86 | % | 86 | % | 86 | % | ||||||||
Planned
outage days
|
||||||||||||||||
Bruce
A
|
46 | 46 | 91 | 121 | ||||||||||||
Bruce
B
|
- | 13 | 100 | 93 | ||||||||||||
Unplanned
outage days
|
||||||||||||||||
Bruce
A
|
17 | 6 | 27 | 17 | ||||||||||||
Bruce
B
|
5 | 3 | 65 | 32 | ||||||||||||
Sales
volumes (GWh)
|
||||||||||||||||
Bruce
A - 100 per cent
|
2,000 | 2,250 | 10,580 | 10,180 | ||||||||||||
TransCanada's
proportionate share
|
977 | 1,096 | 5,159 | 4,959 | ||||||||||||
Bruce
B - 100 per cent
|
7,020 | 6,670 | 24,680 | 25,290 | ||||||||||||
TransCanada's
proportionate share
|
2,218 | 2,108 | 7,799 | 7,992 | ||||||||||||
Combined
Bruce Power - 100 per cent
|
9,020 | 8,920 | 35,260 | 35,470 | ||||||||||||
TransCanada's
proportionate share
|
3,195 | 3,204 | 12,958 | 12,951 | ||||||||||||
Results
per MWh
|
||||||||||||||||
Bruce
A power revenues
|
$ | 63 | $ | 60 | $ | 62 | $ | 59 | ||||||||
Bruce
B power revenues
|
$ | 57 | $ | 54 | $ | 57 | $ | 52 | ||||||||
Combined
Bruce Power revenues
|
$ | 58 | $ | 56 | $ | 59 | $ | 55 | ||||||||
Combined
Bruce Power fuel
|
$ | 4 | $ | 3 | $ | 4 | $ | 3 | ||||||||
Combined
Bruce Power operating expenses
(3)
|
$ | 38 | $ | 40 | $ | 42 | $ | 41 | ||||||||
Percentage
of output sold to spot market
|
19 | % | 44 | % | 23 | % | 45 | % | ||||||||
(1)
Other revenue includes Bruce A fuel cost recoveries of $16 million and $61
million for the three months and year ended December 31, 2008,
respectively ($10 million and $35 million for the three months and year
ended December
31, 2007, respectively). Other revenue also
includes unrealized losses of $3 million and $6 million as a result of
changes in fair value of held-for-trading derivatives for the three
months and year ended December 31, 2008, respectively (gains of $11
million and $47 million for the three months and year ended December
31, 2007, respectively).
|
||||||||||||||||
(2)
Includes adjustments to eliminate the effects of inter-partnership
transactions between Bruce A and Bruce B.
|
||||||||||||||||
(3)
Net of fuel cost recoveries.
|
Weighted Average Power Plant
Availability (1)
|
||||||||||||||||
Three
months ended December 31
|
Year
ended December 31
|
|||||||||||||||
(unaudited)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Western
Power
|
86 | % | 79 | % | 87 | % | 90 | % | ||||||||
Eastern
Power (2)(3)
|
59 | % | 93 | % | 78 | % | 96 | % | ||||||||
Bruce
Power
|
86 | % | 86 | % | 86 | % | 86 | % | ||||||||
All
plants, excluding Bruce Power
|
61 | % | 89 | % | 79 | % | 93 | % | ||||||||
All
plants
|
70 | % | 89 | % | 83 | % | 91 | % | ||||||||
(1)
Plant availability represents the percentage of time in the period that
the plant is available to generate power.
|
||||||||||||||||
(2)
Eastern Power plant availability includes Carleton effective November 22,
2008, Ravenswood effective August 26, 2008, Anse-à-Valleau
effective November 10, 2007 and Bécancour throughout 2007.
|
||||||||||||||||
(3)
Eastern Power plant availability decreased in the three months and year
ended December 31, 2008 due to outages experienced on
Units 10 and 30 at Ravenswood throughout fourth-quarter
2008.
|
||||||||||||||||
(unaudited)
|
Three
months ended December 31
|
Year
ended December 31
|
||||||||||||||
(millions
of dollars except per share amounts)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Revenues
|
2,332 | 2,189 | 8,619 | 8,828 | ||||||||||||
Operating
Expenses
|
||||||||||||||||
Plant
operating costs and other
|
881 | 798 | 3,062 | 3,030 | ||||||||||||
Commodity
purchases resold
|
415 | 412 | 1,511 | 1,959 | ||||||||||||
Depreciation
|
289 | 291 | 1,189 | 1,179 | ||||||||||||
1,585 | 1,501 | 5,762 | 6,168 | |||||||||||||
747 | 688 | 2,857 | 2,660 | |||||||||||||
Other
Expenses/(Income)
|
||||||||||||||||
Financial
charges
|
326 | 195 | 943 | 943 | ||||||||||||
Financial
charges of joint ventures
|
21 | 18 | 72 | 75 | ||||||||||||
Interest
income and other
|
4 | (28 | ) | (92 | ) | (152 | ) | |||||||||
Calpine
bankruptcy settlements
|
- | - | (279 | ) | - | |||||||||||
Writedown
of Broadwater LNG project costs
|
- | - | 41 | - | ||||||||||||
Gains
on sales of assets
|
- | (16 | ) | - | (16 | ) | ||||||||||
351 | 169 | 685 | 850 | |||||||||||||
Income
before Income Taxes and
Non-Controlling
Interests
|
396 | 519 | 2,172 | 1,810 | ||||||||||||
Income
Taxes
|
||||||||||||||||
Current
|
47 | 85 | 526 | 432 | ||||||||||||
Future
|
48 | 28 | 76 | 58 | ||||||||||||
95 | 113 | 602 | 490 | |||||||||||||
Non-Controlling
Interests
|
||||||||||||||||
Preferred
share dividends of subsidiary
|
5 | 5 | 22 | 22 | ||||||||||||
Non-controlling
interest in PipeLines LP
|
16 | 21 | 62 | 65 | ||||||||||||
Other
|
3 | 3 | 46 | 10 | ||||||||||||
24 | 29 | 130 | 97 | |||||||||||||
Net
Income
|
277 | 377 | 1,440 | 1,223 | ||||||||||||
Net
Income Per Share
|
||||||||||||||||
Basic
|
$ | 0.47 | $ | 0.70 | $ | 2.53 | $ | 2.31 | ||||||||
Diluted
|
$ | 0.46 | $ | 0.70 | $ | 2.52 | $ | 2.30 | ||||||||
Average Shares Outstanding -
Basic (millions)
|
597 | 539 | 570 | 530 | ||||||||||||
Average Shares Outstanding -
Diluted (millions)
|
599 | 542 | 572 | 532 |
(unaudited)
|
Three
months ended December 31
|
Year
ended December 31
|
||||||||||||||
(millions
of dollars)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Cash
Generated From Operations
|
||||||||||||||||
Net
income
|
277 | 377 | 1,440 | 1,223 | ||||||||||||
Depreciation
|
289 | 291 | 1,189 | 1,179 | ||||||||||||
Future
income taxes
|
48 | 28 | 76 | 58 | ||||||||||||
Non-controlling
interests
|
24 | 29 | 130 | 97 | ||||||||||||
Employee
future benefits funding (in excess of)/lower than expense
|
(6 | ) | 25 | 17 | 43 | |||||||||||
Writedown
of Broadwater LNG project costs
|
- | - | 41 | - | ||||||||||||
Gain
on sale of assets, net of current income taxes
|
- | (14 | ) | - | (14 | ) | ||||||||||
Other
|
80 | 5 | 128 | 35 | ||||||||||||
712 | 741 | 3,021 | 2,621 | |||||||||||||
(Increase)/decrease
in operating working capital
|
(197 | ) | (46 | ) | (181 | ) | 215 | |||||||||
Net
cash provided by operations
|
515 | 695 | 2,840 | 2,836 | ||||||||||||
Investing
Activities
|
||||||||||||||||
Capital
expenditures
|
(1,235 | ) | (595 | ) | (3,134 | ) | (1,651 | ) | ||||||||
Acquisitions,
net of cash acquired
|
(171 | ) | (1 | ) | (3,229 | ) | (4,223 | ) | ||||||||
Disposition
of assets, net of current income taxes
|
7 | 35 | 28 | 35 | ||||||||||||
Deferred
amounts and other
|
(325 | ) | (81 | ) | (168 | ) | (340 | ) | ||||||||
Net
cash used in investing activities
|
(1,724 | ) | (642 | ) | (6,503 | ) | (6,179 | ) | ||||||||
Financing
Activities
|
||||||||||||||||
Dividends
on common shares
|
(167 | ) | (129 | ) | (577 | ) | (546 | ) | ||||||||
Distributions
paid to non-controlling interests
|
(31 | ) | (20 | ) | (141 | ) | (88 | ) | ||||||||
Notes
payable issued/(repaid), net
|
827 | (600 | ) | 1,293 | (46 | ) | ||||||||||
Long-term
debt issued, net of issue costs
|
- | 1,162 | 2,197 | 2,616 | ||||||||||||
Reduction
of long-term debt
|
(52 | ) | (229 | ) | (840 | ) | (1,088 | ) | ||||||||
Long-term
debt of joint ventures issued
|
16 | 20 | 173 | 142 | ||||||||||||
Reduction
of long-term debt of joint ventures
|
(19 | ) | (18 | ) | (120 | ) | (157 | ) | ||||||||
Common
shares issued, net of issue costs
|
1,132 | 14 | 2,384 | 1,711 | ||||||||||||
Junior
subordinated notes issued, net of issue costs
|
- | - | - | 1,094 | ||||||||||||
Preferred
securities redeemed
|
- | - | - | (488 | ) | |||||||||||
Partnership
units of subsidiary issued
|
- | - | - | 348 | ||||||||||||
Net
cash provided by financing activities
|
1,706 | 200 | 4,369 | 3,498 | ||||||||||||
Effect
of Foreign Exchange Rate Changes on Cash
|
||||||||||||||||
and
Cash Equivalents
|
59 | (4 | ) | 98 | (50 | ) | ||||||||||
Increase
in Cash and Cash Equivalents
|
556 | 249 | 804 | 105 | ||||||||||||
Cash
and Cash Equivalents
|
||||||||||||||||
Beginning
of period
|
752 | 255 | 504 | 399 | ||||||||||||
Cash
and Cash Equivalents
|
||||||||||||||||
End
of period
|
1,308 | 504 | 1,308 | 504 | ||||||||||||
(unaudited)
|
December
31,
|
December
31,
|
||||||
(millions
of dollars)
|
2008
|
2007
|
||||||
ASSETS
|
||||||||
Current
Assets
|
||||||||
Cash
and cash equivalents
|
1,308 | 504 | ||||||
Accounts
receivable
|
1,280 | 1,116 | ||||||
Inventories
|
489 | 497 | ||||||
Other
|
523 | 188 | ||||||
3,600 | 2,305 | |||||||
Plant,
Property and Equipment
|
29,189 | 23,452 | ||||||
Goodwill
|
4,397 | 2,633 | ||||||
Other
Assets
|
2,228 | 1,940 | ||||||
39,414 | 30,330 | |||||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||
Current
Liabilities
|
||||||||
Notes
payable
|
1,702 | 421 | ||||||
Accounts
payable and accrued liabilities
|
1,876 | 1,767 | ||||||
Accrued
interest
|
359 | 261 | ||||||
Current
portion of long-term debt
|
786 | 556 | ||||||
Current
portion of long-term debt of joint ventures
|
207 | 30 | ||||||
4,930 | 3,035 | |||||||
Deferred
Amounts
|
1,719 | 1,107 | ||||||
Future
Income Taxes
|
1,223 | 1,179 | ||||||
Long-Term
Debt
|
15,368 | 12,377 | ||||||
Long-Term
Debt of Joint Ventures
|
869 | 873 | ||||||
Junior
Subordinated Notes
|
1,213 | 975 | ||||||
25,322 | 19,546 | |||||||
Non-Controlling
Interests
|
||||||||
Non-controlling
interest in PipeLines LP
|
721 | 539 | ||||||
Preferred
shares of subsidiary
|
389 | 389 | ||||||
Other
|
84 | 71 | ||||||
1,194 | 999 | |||||||
Shareholders'
Equity
|
12,898 | 9,785 | ||||||
39,414 | 30,330 | |||||||
Three
months ended
|
Year
ended
|
|||||||||||||||
(unaudited)
|
December
31
|
December
31
|
||||||||||||||
(millions
of dollars)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Net
Income
|
277 | 377 | 1,440 | 1,223 | ||||||||||||
Other
Comprehensive Income/(Loss), Net of Income Taxes
|
||||||||||||||||
Change
in foreign currency translation gains and losses on
|
||||||||||||||||
investments
in foreign operations
(1)
|
425 | (8 | ) | 571 | (350 | ) | ||||||||||
Change
in gains and losses on hedges of investments
|
||||||||||||||||
in
foreign operations
(2)
|
(486 | ) | 2 | (589 | ) | 79 | ||||||||||
Change
in gains and losses on derivative instruments
|
||||||||||||||||
designated
as cash flow hedges (3)
|
(100 | ) | 38 | (60 | ) | 42 | ||||||||||
Reclassification
to net income of gains and losses on derivative
|
||||||||||||||||
instruments
designated as cash flow hedges pertaining to
|
||||||||||||||||
prior
periods (4)
|
1 | 6 | (23 | ) | 42 | |||||||||||
Change in gains and losses on available-for-sale financial instruments (5) | - | 2 | - | |||||||||||||
Other
Comprehensive Income/(Loss)
|
(158 | ) | 38 | (99 | ) | (187 | ) | |||||||||
Comprehensive
Income
|
119 | 415 | 1,341 | 1,036 | ||||||||||||
(1)
Net of income tax recovery of $61 million and $104
million for the three months and year ended December 31,
2008, respectively (2007 - $6 million and $101 million expense,
respectively).
|
||||||||||||||||
(2)
Net of income tax recovery of $253 million and $303 million
for the three months and year ended December 31, 2008, respectively (2007
- $1 million and $41 million expense, respectively).
|
||||||||||||||||
(3)
Net of income tax recovery of $65 million and $41 million
for the three months and year ended December 31, 2008,
respectively (2007 - $24 million and $27 million expense,
respectively).
|
||||||||||||||||
(4)
Net of income tax expense of $1 million and recovery of $19 million
for the three months and year ended December 31, 2008, respectively (2007
- $4 million and $23 million expense, respectively).
|
||||||||||||||||
(5)
Net of income tax expense of nil for the three months and year ended
December 31, 2008.
|
||||||||||||||||
(unaudited)
(millions
of dollars)
|
Currency
Translation Adjustment
|
Cash
Flow Hedges and Other
|
Total
|
|||||||||
Balance
at December 31, 2006
|
(90 | ) | - | (90 | ) | |||||||
Transition
adjustment resulting from adopting new financial instruments standards
(1)
|
- | (96 | ) | (96 | ) | |||||||
Change
in foreign currency translation gains and losses on investments
in
|
||||||||||||
foreign
operations (2)
|
(350 | ) | - | (350 | ) | |||||||
Change
in gains and losses on hedges of investments in foreign operations
(3)
|
79 | - | 79 | |||||||||
Change
in gains and losses on derivative instruments designated as cash
flow
|
||||||||||||
hedges
(4)
|
- | 42 | 42 | |||||||||
Reclassification
to net income of gains and losses on derivative
instruments
|
||||||||||||
designated
as cash flow hedges pertaining to prior periods (5)
|
- | 42 | 42 | |||||||||
Balance
at December 31, 2007
|
(361 | ) | (12 | ) | (373 | ) | ||||||
Change
in foreign currency translation gains and losses on investments
in
|
||||||||||||
foreign
operations (2)
|
571 | - | 571 | |||||||||
Change
in gains and losses on hedges of investments in foreign operations
(3)
|
(589 | ) | - | (589 | ) | |||||||
Change
in gains and losses on derivative instruments designated as cash
flow
|
||||||||||||
hedges
(4)
|
- | (60 | ) | (60 | ) | |||||||
Reclassification
to net income of gains and losses on derivative
instruments
|
||||||||||||
designated
as cash flow hedges pertaining to prior periods (5)(6)
|
- | (23 | ) | (23 | ) | |||||||
Change
in gains and losses on available-for-sale financial instruments (7)
|
2 | 2 | ||||||||||
Balance
at December 31, 2008
|
(379 | ) | (93 | ) | (472 | ) | ||||||
(1)
Net of income tax recovery of $44 million.
|
||||||||||||
(2)
Net of income tax recovery of $104 million for the year ended December 31,
2008 (2007 - $101 million expense).
|
||||||||||||
(3)
Net of income tax recovery of $303 million for the year ended December 31,
2008 (2007 - $41 million expense).
|
||||||||||||
(4)
Net of income tax recovery of $41 million for the year ended December 31,
2008 (2007 - $27 million expense).
|
||||||||||||
(5)
Net of income tax recovery of $19 million for the year ended December 31,
2008 (2007 - $23 million expense).
|
||||||||||||
(6)
The net losses related to cash flow hedges reported in accumulated
other comprehensive income that will be reclassified to
net income in the next 12 months is estimated to be $62 million ($41
million net losses, net of tax). These estimates assume constant
commodity prices, interest rates and foreign exchange rates over time,
however, the actual amounts that will be reclassified will
vary based on changes in these factors.
|
||||||||||||
(7) Net of income tax expense of nil. |
(unaudited)
|
Year
ended December 31
|
|||||||
(millions
of dollars)
|
2008
|
2007
|
||||||
Common
Shares
|
||||||||
Balance
at beginning of period
|
6,662 | 4,794 | ||||||
Proceeds
from shares issued under public offering, net of issue
costs
|
2,363 | 1,683 | ||||||
Shares
issued under dividend reinvestment plan
|
218 | 157 | ||||||
Proceeds
from shares issued on exercise of stock options
|
21 | 28 | ||||||
Balance
at end of period
|
9,264 | 6,662 | ||||||
Contributed
Surplus
|
||||||||
Balance
at beginning of period
|
276 | 273 | ||||||
Issuance
of stock options
|
3 | 3 | ||||||
Balance
at end of period
|
279 | 276 | ||||||
Retained
Earnings
|
||||||||
Balance
at beginning of period
|
3,220 | 2,724 | ||||||
Net
income
|
1,440 | 1,223 | ||||||
Common
share dividends
|
(833 | ) | (731 | ) | ||||
Transition
adjustment resulting from adopting new financial instruments
standards
|
- | 4 | ||||||
Balance
at end of period
|
3,827 | 3,220 | ||||||
Accumulated
Other Comprehensive Income
|
||||||||
Balance
at beginning of period
|
(373 | ) | (90 | ) | ||||
Other
comprehensive income/ (loss)
|
(99 | ) | (187 | ) | ||||
Transition
adjustment resulting from adopting new financial instruments
standards
|
- | (96 | ) | |||||
Balance
at end of period
|
(472 | ) | (373 | ) | ||||
3,355 | 2,847 | |||||||
Total
Shareholders' Equity
|
12,898 | 9,785 | ||||||
Three
months ended December 31
|
Pipelines
|
Energy
|
Corporate
|
Total
|
||||||||||||
(unaudited
- millions of dollars)
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
||||||||
Revenues
|
1,233
|
1,212
|
1,099
|
977
|
-
|
-
|
2,332
|
2,189
|
||||||||
Plant
operating costs and other
|
(477)
|
(448)
|
(402)
|
(348)
|
(2)
|
(2)
|
(881)
|
(798)
|
||||||||
Commodity
purchases resold
|
-
|
(1)
|
(415)
|
(411)
|
-
|
-
|
(415)
|
(412)
|
||||||||
Depreciation
|
(224)
|
(252)
|
(65)
|
(39)
|
-
|
-
|
(289)
|
(291)
|
||||||||
532
|
511
|
217
|
179
|
(2)
|
(2)
|
747
|
688
|
|||||||||
Financial
charges and non-controlling interests
|
(200)
|
(165)
|
-
|
-
|
(150)
|
(59)
|
(350)
|
(224)
|
||||||||
Financial
charges of joint ventures
|
(15)
|
(12)
|
(6)
|
(6)
|
-
|
-
|
(21)
|
(18)
|
||||||||
Interest
income and other
|
13
|
7
|
3
|
2
|
(20)
|
19
|
(4)
|
28
|
||||||||
Gains
on sales of assets
|
-
|
-
|
-
|
16
|
-
|
-
|
-
|
16
|
||||||||
Income
taxes
|
(120)
|
(139)
|
(61)
|
(33)
|
86
|
59
|
(95)
|
(113)
|
||||||||
Net
Income
|
210
|
202
|
153
|
158
|
(86)
|
17
|
277
|
377
|
||||||||
Year
ended December 31
|
Pipelines
|
Energy
|
Corporate
|
Total
|
||||||||||||
(unaudited
- millions of dollars)
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
||||||||
Revenues
|
4,650
|
4,712
|
3,969
|
4,116
|
-
|
-
|
8,619
|
8,828
|
||||||||
Plant
operating costs and other
|
(1,732)
|
(1,670)
|
(1,326)
|
(1,353)
|
(4)
|
(7)
|
(3,062)
|
(3,030)
|
||||||||
Commodity
purchases resold
|
-
|
(72)
|
(1,511)
|
(1,887)
|
-
|
-
|
(1,511)
|
(1,959)
|
||||||||
Depreciation
|
(989)
|
(1,021)
|
(200)
|
(158)
|
-
|
-
|
(1,189)
|
(1,179)
|
||||||||
1,929
|
1,949
|
932
|
718
|
(4)
|
(7)
|
2,857
|
2,660
|
|||||||||
Financial
charges and non-controlling interests
|
(782)
|
(793)
|
-
|
1
|
(291)
|
(248)
|
(1,073)
|
(1,040)
|
||||||||
Financial
charges of joint ventures
|
(49)
|
(52)
|
(23)
|
(23)
|
-
|
-
|
(72)
|
(75)
|
||||||||
Interest
income and other
|
73
|
52
|
6
|
10
|
13
|
90
|
92
|
152
|
||||||||
Calpine
bankruptcy settlements
|
279
|
-
|
-
|
-
|
-
|
-
|
279
|
-
|
||||||||
Writedown
of Broadwater LNG project costs
|
-
|
-
|
(41)
|
-
|
-
|
-
|
(41)
|
-
|
||||||||
Gains
on sales of assets
|
-
|
-
|
-
|
16
|
-
|
-
|
-
|
16
|
||||||||
Income
taxes
|
(548)
|
(470)
|
(260)
|
(208)
|
206
|
188
|
(602)
|
(490)
|
||||||||
Net
Income
|
902
|
686
|
614
|
514
|
(76)
|
23
|
1,440
|
1,223
|
TransCanada
welcomes questions from shareholders and potential investors. Please
telephone:
Investor
Relations, at (800) 361-6522 (Canada and U.S. Mainland) or direct dial
David Moneta/Myles Dougan/Terry Hook at (403) 920-7911. The investor fax
line is (403) 920-2457. Media Relations: Cecily Dobson at (403) 920-7859
or (800) 608-7859.
Visit
the TransCanada website at: http://www.transcanada.com.
|