State of Nebraska to Play Major Role in Defining New Keystone XL Route Away From the Sandhills
LINCOLN, NEBRASKA--(Marketwire - Nov. 14, 2011) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today announced it supports proposed legislation within the State of Nebraska to move the Keystone XL pipeline project forward. This legislation, introduced earlier today in the State legislature, if passed, will ensure a pipeline route will be developed in Nebraska that avoids the Sandhills.
"I am pleased to tell you that the positive conversations we have had with Nebraska leaders have resulted in legislation that respects the concerns of Nebraskans and supports the development of the Keystone XL pipeline," said Alex Pourbaix, TransCanada's president, Energy and Oil Pipelines. "I can confirm the route will be changed and Nebraskans will play an important role in determining the final route."
Working together with the State Department, Nebraska's Department of Environmental Quality will conduct an environmental assessment to define the best location for Keystone XL in Nebraska. We will cooperate with these agencies and provide them with the information they need to complete a thorough review that addresses concerns regarding the Sandhills region.
"The U.S. Department of State announced last Thursday that further assessment of alternative routes for Keystone XL was needed in Nebraska to move forward with the National Interest Determination. Today's proposed legislation is a critical step in making this happen," Pourbaix added. "The safe and reliable operation of our pipelines and all of our infrastructure has been TransCanada's priority for 60 years. This commitment will continue to guide us toward a positive outcome in Nebraska."
It is expected that once the pipeline is operational, Nebraska could see more than $150 million in property taxes to county and other local governments during the operating life of the pipeline - money that could be used to build new roads, schools and hospitals.
Construction of the pipeline in Nebraska would consist of five or six new pump stations and over 275 miles of new pipeline. The project is expected to employ over 2,200 construction workers in the state.
Keystone XL will be safe, built with high strength steel and with the highest safety standards of any pipeline in North America. 21,000 sensors monitor the length of the pipeline by satellite 24 hours a day, 365 days a year, with data refreshed every five seconds. If there is a problem, automatic shut-off valves can be activated in minutes – shutting off the flow of oil.
With more than 60 years experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada's network of wholly owned natural gas pipelines extends more than 57,000 kilometres (35,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with approximately 380 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns, or has interests in, over 10,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest oil delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com and follow us on Twitter @TransCanada.
This news release may contain certain information that is forward looking and is subject to important risks and uncertainties. The words "anticipate," "expect," "believe," "may," "should," "estimate," "project," "outlook," "forecast" or other similar words are used to identify such forward-looking information. Forward-looking statements in this document are intended to provide TransCanada securityholders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future financial and operations plans and outlook. Forward-looking statements in this document may include, among others, statements regarding the anticipated business prospects, projects and financial performance of TransCanada and its subsidiaries, expectations or projections about the future, and strategies and goals for growth and expansion. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among others, the ability of TransCanada to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of TransCanada's pipeline and energy assets, the availability and price of energy commodities, capacity payments, regulatory processes and decisions, changes in environmental and other laws and regulations, competitive factors in the pipeline and energy sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments and economic conditions in North America. By its nature, forward-looking information is subject to various risks and uncertainties, which could cause TransCanada's actual results and experience to differ materially from the anticipated results or expectations expressed. Additional information on these and other factors is available in the reports filed by TransCanada with Canadian securities regulators and with the U.S. Securities and Exchange Commission (SEC). Readers are cautioned to not place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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