TransCanada Statement Regarding the Acceptance of Bruce Power's Force Majeure Claim
CALGARY, ALBERTA--(Marketwire - Aug. 10, 2012) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) can confirm that Bruce Power's force majeure claim to the Ontario Power Authority related to Unit 2 (Bruce A) has been accepted. The claim is the result of a May 2012 event that delayed the synchronization of this unit to the Ontario power grid.
With the acceptance of the force majeure claim, Bruce Power will continue to receive the contracted price for power generated from the operating units at Bruce A after July 1, 2012.
TransCanada's share of the total net capital cost for the refurbishment is expected to be approximately $2.4 billion. Once the refurbishment is complete, Bruce Power will be one of the world's largest nuclear facilities, capable of providing more than 6,200 MW or about 25 per cent of Ontario's power. Bruce Power consists of two generating stations (Bruce A & B) with each station housing four nuclear reactors. TransCanada owns 49 per cent of Bruce A and 32 per cent of Bruce B.
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 operates a network of natural gas pipelines that extends more than 68,500 kilometres (42,500 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 10,900 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: http://www.transcanada.com/ or check us out on Twitter @TransCanada.
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