TransCanada Declares Quarterly Dividends

CALGARY, Alberta -July 25, 2003 - (TSX: TRP) (NYSE: TRP) - As announced today in TransCanada's Second Quarter 2003 Report to Shareholders, the Board of Directors of TransCanada Corporation declared a quarterly dividend of $0.27 per share on the corporation's outstanding common shares for the quarter ending September 30, 2003. It is payable on October 31, 2003, to shareholders of record at the close of business on September 30, 2003.

Also today, the Board of Directors of TransCanada PipeLines Limited declared the following regular dividends on TransCanada PipeLines Limited's preferred shares:

  • Dividend Number 20 was declared on the outstanding Cumulative Redeemable First Preferred Shares Series U in the amount of $0.70 per share for the period ending October 30, 2003. The dividend is payable on October 30, 2003, to shareholders of record at the close of business on September 30, 2003.
  • Dividend Number 19 was declared on the outstanding Cumulative Redeemable First Preferred Shares Series Y in the amount of $0.70 per share for the period ending November 1, 2003. The dividend is payable on October 31, 2003, to shareholders of record at the close of business on September 30, 2003.

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 38,000 kilometres (24,000 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 4,500 megawatts of power - an equal amount of power can meet the needs of about 4.5 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.

FORWARD LOOKING INFORMATION

Certain information in this news release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in this information may differ from actual results or events. Factors which could cause actual results or events to differ materially from current expectations include, among other things, the ability of TransCanada to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability and price of energy commodities, regulatory decisions, competitive factors in the pipeline and power industry sectors, and the current economic conditions in North America. For additional information on these and other factors, see the reports filed by TransCanada with Canadian securities regulators and with the United States Securities and Exchange Commission. TransCanada disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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