TransCanada Year-end 2001 Financial Results Teleconference and Web Cast

CALGARY, Alberta – January 23, 2002 – (TSE:TRP) (NYSE:TRP) - TransCanada PipeLines Limited will release its year-end 2001 financial results in the morning of Tuesday, January 29, 2002. Analysts, members of the media and other interested parties are invited to participate in a teleconference and audio web cast January 29, 2002 at 1:00 p.m. (Mountain) / 3:00 p.m. (Eastern) to discuss the 2001 financial results, general developments and issues concerning the company.

To participate, please call 1-800-478-9326 or 416-695-5801 (Toronto area).

Please dial in 10 minutes prior to the start of the call. No pass code 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, February 5, 2002. Please call 1-800-408-3053 or 416-695-5800 (Toronto area) and enter passcode 1011446. The web cast will be archived and available for replay.

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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For further information, please contact:

Media Inquiries:
Glenn Herchak / Kurt Kadatz
(403) 920-7859

Analyst Inquiries:
David Moneta
(403) 920-7917