TransCanada Declares Quarterly Dividends

CALGARY, Alberta – October 26, 2004 - (TSX: TRP) (NYSE: TRP) – As announced today in TransCanada's Third 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 December 31, 2004. It is payable on January 31, 2005, to shareholders of record at the close of business on December 31, 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 25 was declared on the outstanding Cumulative Redeemable First Preferred Shares Series U in the amount of $0.70 per share for the period ending January 30, 2005. The dividend is payable on January 31, 2005, to shareholders of record at the close of business on December 31, 2004.
  • Dividend Number 24 was declared on the outstanding Cumulative Redeemable First Preferred Shares Series Y in the amount of $0.70 per share for the period ending February 1, 2005. The dividend is payable on February 1, 2005, to shareholders of record at the close of business on December 31, 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 more than 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.

Note: All financial figures are in Canadian dollars unless noted otherwise.

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For further information, please contact:

Media Inquiries:

TransCanada
Hejdi Feick / Kurt Kadatz
(403) 920-7859 or Toll Free (800) 608-7859

Investor & Analyst Inquiries:

David Moneta / Debbie Stein
(403) 920-7911