TransCanada Declares Quarterly Dividends

CALGARY, Alberta -January 29, 2002 - (TSE: TRP) (NYSE: TRP) - The Board of Directors of TransCanada PipeLines Limited today declared the following regular dividends on TransCanada's preferred shares:

Dividend Number 14 was declared on the outstanding Cumulative Redeemable First Preferred Shares Series U in the amount of $0.70 per share for the period ending April 30, 2002. The dividend is payable on April 30, 2002, to shareholders of record at the close of business on March 28, 2002.

Dividend Number 13 was declared on the outstanding Cumulative Redeemable First Preferred Shares Series Y in the amount of $0.70 per share for the period ending May 1, 2002. The dividend is payable on May 1, 2002, to shareholders of record at the close of business on March 28, 2002.

As announced today in TransCanada's Fourth Quarter 2001 Report to Shareholders, the Board declared a quarterly dividend of $0.25 per share on the company’s outstanding common shares for the quarter ending March 31, 2002. It is the 153rd consecutive dividend paid by TransCanada on its common shares, and is payable on April 30, 2002, to shareholders of record at the close of business on March 28, 2002.

TransCanada is a leading North American energy company. It is focused on natural gas transmission and power services with employees who are expert in these businesses. The company's network of approximately 38,000 kilometres of pipeline transports the majority of western Canada's natural gas production to the fastest growing markets in Canada and the United States. TransCanada currently owns, controls or is constructing a total of approximately 2,250 megawatts of power -- an amount of power that can meet the needs of more than two million average households. The company's 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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