Maine's Land Use Regulation Commission Recommends Approval of TransCanada's Kibby Wind Power Project
CALGARY, ALBERTA--(Marketwire - Jan. 15, 2008) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today announced that Maine's Land Use Regulation Commission (LURC) voted unanimously to direct their staff to prepare a decision document approving the zoning change and preliminary development plan sought by TransCanada for the 132 megawatt (MW) Kibby Wind Power Project in Kibby and Skinner Townships in northwestern Franklin County.
TransCanada presented its testimony to LURC in October 2007 based on two years of studying the environmental and engineering characteristics of the project and communicating with local communities, state agencies and stakeholders. The project team has worked closely with Maine's environmental community since project inception and gained their support by minimizing impacts to wildlife and habitat by conducting detailed studies, relocating turbines and reducing the project's size.
"We are very pleased that LURC recognizes the benefits of this project," says Hal Kvisle, TransCanada president and chief executive officer. "Our team put a lot of effort into site selection, environmental review and working with the community and stakeholders to minimize any potential adverse impacts."
The Kibby Wind Power Project would support Maine's twin goals of energy independence and greenhouse gas reduction, while helping to stabilize regional electricity costs. The completed project would also contribute to Franklin County's economic development and would be a significant contributor to nearby communities.
Construction of the 44, three-megawatt turbines and the associated infrastructure would cost approximately US $270 million and employ up to 250 people for 12 to 18 months during the construction period. Operation and maintenance of the facility would employ approximately 10 to 12 people on a permanent basis.
TransCanada looks forward to the final zoning change and project approval and expects to commission the project in 2009/2010. Before construction can proceed, certain other approvals are required including US Army Corps of Engineers approval, and the final design permit from LURC.
To obtain more information, please visit www.transcanada.com/kibbywindpower.
With more than 50 years experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas pipelines, power generation, gas storage facilities, and projects related to oil pipelines and LNG facilities. TransCanada's network of wholly owned pipelines extends more than 59,000 kilometres (36,500 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 360 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns, or has interests in, approximately 7,700 megawatts of power generation in Canada and the United States. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP.
This news release may contain certain information that is forward-looking and is subject to important risks and uncertainties. The words "anticipate", "expect", "may", "should", "estimate", "project", "outlook", "forecast" or other similar words are used to identify such forward looking information. All forward-looking statements are based on TransCanada's beliefs and assumptions based on information available at the time such statements were made. 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, changes in environmental and other laws and regulations, competitive factors in the pipeline and energy industry sectors, construction and completion of capital projects, access to capital markets, interest and currency exchange rates, technological developments and the current economic conditions in North America. By its nature, such 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 other expectations expressed. For additional information on these and other factors, see the reports filed by TransCanada with Canadian securities regulators and with the U.S. Securities and Exchange Commission. Readers are cautioned not to 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 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.
Cecily Dobson/Shela Shapiro
(403) 920-7859 or (800) 608-7859
Investor & Analyst Inquiries
David Moneta/Myles Dougan/Terry Hook
(403) 920-7911 or (800) 361-6522