TransCanada Declares Quarterly Dividends

CALGARY, Alberta – April 23, 2004 - (TSX: TRP) (NYSE: TRP) – As announced today in TransCanada's First Quarter 2004 Report to Shareholders, the Board of Directors of TransCanada Corporation declared a quarterly dividend of $0.29 per share for the quarter ending June 30, 2004. It is payable on July 30, 2004, to shareholders of record at the close of business on June 30, 2004.

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

  • Dividend Number 23 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, 2004. The dividend is payable on July 30, 2004, to shareholders of record at the close of business on June 30, 2004.
  • Dividend Number 22 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, 2004. The dividend is payable on July 30, 2004, to shareholders of record at the close of business on June 30, 2004.

TransCanada is a leading North American energy company. We are focused on natural gas transmission and power services with employees who are expert in these businesses. Our network of approximately 39,000 kilometres (24,200 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 nearly 4,700 megawatts of power – an equal amount of power can meet the needs of about 4.7 million average households. Our 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.

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For further information, please contact:

Media Inquiries:

Hejdi Feick / Kurt Kadatz
(403) 920-7859

Investor & Analyst Inquiries:

David Moneta / Debbie Stein
(403) 920-7911