TransCanada Declares Quarterly Dividends

CALGARY, Alberta -April 26, 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 15 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, 2002. The dividend is payable on July 30, 2002, to shareholders of record at the close of business on June 28, 2002.

Dividend Number 14 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, 2002. The dividend is payable on August 1, 2002, to shareholders of record at the close of business on June 28, 2002.

As announced today in TransCanada's First Quarter 2002 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 June 30, 2002. It is the 154th consecutive dividend paid by TransCanada on its common shares, and is payable on July 31, 2002, to shareholders of record at the close of business on June 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 owns, controls or is developing 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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Note: All dollar amounts are expressed in Canadian funds, unless otherwise indicated.


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