TransCanada Launches Open Season for Possible Eastern Triangle Natural Gas Pipeline Expansion Projects
TORONTO, ONTARIO--(Marketwired - Nov. 29, 2013) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today announced the start of a binding open season to obtain commitments from interested parties for firm capacity on the Canadian Mainline natural gas transmission system in the Eastern Triangle region between North Bay, Toronto and Montréal.
TransCanada anticipates that additional pipeline capacity and compression facilities may be required to accommodate customers seeking greater access to natural gas supplies in Eastern Canada and to provide firm capacity for any customers that do not currently utilize firm service in the Eastern Triangle.
TransCanada is committed to ensuring there is sufficient capacity to meet the needs of its existing and new customers that contract for firm transportation prior to and following the planned transfer of a portion of the Canadian Mainline's capacity to crude oil transportation service for the proposed Energy East Pipeline project.
"The Canadian Mainline continues to be a critical piece of Canada's natural gas infrastructure, and TransCanada will ensure that our customers continue to receive reliable and fairly priced transportation services," said Karl Johannson, TransCanada's president of natural gas pipelines.
"Energy East will go a long way towards improving the utilization of our existing Mainline system for the benefit of our customers," Johannson said. "This open season is an important step in identifying the scope and cost of any new capacity that may be needed. It will also allow TransCanada to ensure that the cost of serving our natural gas customers does not increase as a result of the Energy East conversion."
If subscription for firm service requires the construction of additional gas pipeline capacity, TransCanada will proceed with the necessary regulatory applications. TransCanada is committed to sharing information and seeking input from landowners, local communities, aboriginal groups, and customers and will undertake an extensive stakeholder engagement process as part of any future expansion projects.
The open season will begin on November 29, 2013 and will close on January 15, 2014. Interested parties may submit binding bids for transportation capacity during the open season. Shipper information regarding the open season is available at: www.transcanada.com/customerexpress/mainline.html
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 more than 400 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 11,800 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 or check us out on Twitter @TransCanada or http://blog.transcanada.com.
FORWARD LOOKING INFORMATION
This publication contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "would", "will" or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future financial and operation plans and outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made. Readers are cautioned not to place undue reliance on this forward-looking information. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to TransCanada's Quarterly Report to Shareholders filed November 5, 2013 and 2012 Annual Report filed under TransCanada's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov and available on TransCanada's website at www.transcanada.com.
TransCanada Media Enquiries:
Shawn Howard/Grady Semmens/Davis Sheremata
403.920.7859 or 800.608.7859
TransCanada Investor & Analyst Enquiries:
David Moneta/Lee Evans
403.920.7911 or 800.361.6522