TransCanada Declares Quarterly Dividends

CALGARY, Alberta – April 29, 2005 - (TSX: TRP) (NYSE: TRP) – As announced today in TransCanada's First Quarter 2005 Report to Shareholders, the Board of Directors of TransCanada Corporation declared a quarterly dividend of $0.305 per share for the quarter ending June 30, 2005. It is payable on July 29, 2005 to shareholders of record at the close of business on June 30, 2005.

Also today, the Board of Directors of TransCanada PipeLines Limited declared the following regular dividends on TransCanada PipeLines Limited’s preferred shares:

  • Dividend Number 27 was declared on the outstanding Cumulative Redeemable First Preferred Shares Series U in the amount of $0.70 per share for the period ending July 30, 2005. The dividend is payable on August 2, 2005 to shareholders of record at the close of business on June 30, 2005.
  • Dividend Number 26 was declared on the outstanding Cumulative Redeemable First Preferred Shares Series Y in the amount of $0.70 per share for the period ending August 1, 2005. The dividend is payable on August 2, 2005 to shareholders of record at the close of business on June 30, 2005. 

TransCanada is a leading North American energy company. TransCanada is focused on natural gas transmission and power services with employees who are expert in these businesses. TransCanada’s network of approximately 41,000 kilometres (25,600 miles) of pipeline transports the majority of Western Canada’s natural gas production to the fastest growing markets in Canada and the United States. TransCanada owns, controls or is constructing approximately 5,700 megawatts of power generation – an amount of power that can meet the needs of about 5.7 million average households. The Company’s common shares trade under the symbol TRP on the Toronto and New York stock exchanges.

Note: All financial figures are in Canadian dollars unless noted otherwise.

- 30 -

For further information, please contact:

Media Inquiries:
Kurt Kadatz / Hejdi Feick
(403) 920-7859 or Toll Free (800) 608-7859

Investor & Analyst Inquiries:
David Moneta
(403) 920-7911