TransCanada Responds to Oakville Generating Station Decision
CALGARY, Alberta - October 7, 2010 - In light of the Ontario Government's announcement with respect to the Oakville Generating Station, TransCanada Corporation (TSX, NYSE: TRP) (TransCanada) offers the following statement:
"We acknowledge the Government's decision that, in its words, a gas plant in Oakville is no longer needed and, as a result, the plant will not proceed.
"In order to comply with the Government's direction, TransCanada has been informed that the Ontario Power Authority (OPA) wishes to begin discussions where both sides mutually agree to terminate the contract and discuss reasonable payments TransCanada is entitled to.
"We appreciate the fact that the Ontario Government and TransCanada have had a positive working relationship and we look forward to discussing potential opportunities of working together in the future as the Government's Long Term Energy Plan is developed."
***Note to reporters: this statement will be the extent of TransCanada's comment on this matter.
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 and oil pipelines, power generation and gas storage facilities. TransCanada's network of wholly owned natural gas pipelines extends more than 60,000 kilometres (37,000 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 11,700 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
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Posted: October 7, 2010