TransCanada Second Quarter 2004 Teleconference and Web Cast Advisory

July 23, 9:00 a.m. (Mountain) / 11:00 a.m. (Eastern)

CALGARY, Alberta – July 16, 2004 – (TSX: TRP) (NYSE: TRP) – TransCanada Corporation will release its second quarter 2004 financial results in the morning of Friday, July 23, 2004.

Analysts, members of the media and other interested parties are invited to participate in a teleconference and audio Web cast July 23, 2004 at 9 a.m. (Mountain) / 11:00 a.m. (Eastern) to discuss the second quarter 2004 financial results, general developments and issues concerning the company. Note: This time is four hours earlier than TransCanada’s regularly scheduled quarterly results conference calls.

To participate, please call 1-877-211-7911 or 416-405-9310 (Toronto area). Please dial in 10 minutes prior to the start of the call. No passcode is required. A live audio Web cast of the teleconference will also be available on TransCanada’s Web site (www.transcanada.com).

The conference will begin with a short 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 time on July 30, 2004. Please call 1-800-408-3053 or 416-695-5800 (Toronto area) and enter passcode 3079363. The Web cast will be archived and available for replay.

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. Visit us on the Internet at www.transcanada.com for more information.

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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