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Natural Gas Pipelines Natural Gas Power Generation 2010 Annual Report our vision Realizing TransCanada will be the leading energy infrastructure company in North America. Realizing our Vision In order to be successful, a company must have a vision. TransCanada’s remains committed to becoming North America’s leading energy infrastructure company. We focus on businesses that we know and understand - pipelines and power generation - in regions where we have an existing competitive advantage or can develop one. Large scale, long life assets are the priority - assets that provide attractive and sustainable returns over a number of decades. Over the past 10 years, TransCanada has made significant investments in high quality energy infrastructure assets, investments that have allowed the company to move forward in achieving its vision. Today, we play a significant role in the safe development and reliable operation of critical North American energy infrastructure. We are the largest natural gas transmission company in North America, the third largest natural gas storage company on the continent and the largest private sector power company in Canada. And TransCanada is poised to become a very significant player in the oil transmission business. 16 17 1 2 1 21 3 13 14 22 15 8 4 5 17 5 2 11 9 8 3 18 10 12 19 6 6 9 16 7 19 13 10 20 18 11 4 18 18 4 7 12 19 Natural Gas Pipeline Natural Gas Pipeline (Under Construction) Natural Gas Pipeline (In Development) Natural Gas Pipeline (Proposed) Oil Pipeline Oil Pipeline (In Development) Power Generation Facility 14 Natural Gas Storage Facility 15 Pipelines Energy Natural Gas Pipelines Natural Gas Power Generation 1 Alberta System 1 Bear Creek 2 Canadian Mainline 2 MacKay River 3 Great Lakes (71.3%) 3 Redwater 4 ANR 4 Carseland 5 GTN 5 Cancarb 6 Tuscarora (38.2%) 6 Portlands Energy (50%) 7 North Baja (38.2%) 7 Halton Hills 8 Foothills 8 Bécancour 9 Northern Border (19.1%) 9 Grandview 10 Bison 10 Ocean State Power 11 TQM (50%) 11 Ravenswood 12 Portland (61.7%) 12 Coolidge (under construction) 13 Iroquois (44.5%) Coal Power Purchase Arrangements 14 Tamazunchale 13 Sundance A PPA 15 Guadalajara (under construction) 14 Sundance B PPA (50%) 16 Alaska Pipeline Project (proposed) 15 Sheerness PPA 17 Mackenzie Gas Pipeline Project (proposed by producers) Nuclear Power Generation Oil Pipeline 16 Bruce Power (Bruce A – 48.8%, Bruce B – 31.6%) 18 Keystone 19 Keystone U.S. Gulf Coast Expansion Wind Power Generation (in development) 17 Cartier Wind (62%) 3 of 5 stages complete Regulated Natural Gas Storage 18 Kibby Wind 20 ANR Natural Gas Storage Hydro Power Generation 1920 TC Hydro Unregulated Natural Gas Storage 21 Edson All assets wholly owned except as noted 22 CrossAlta (60%) Building for Growth We safely and reliably operate $47 billion of critical infrastructure. We have a $47 billion asset base that includes 60,000 When the entire project is complete, Keystone will have the kilometres (37,000 miles) of natural gas pipelines that move capacity to move 1.1 million barrels per day (Bbl/d) of crude oil 14 billion cubic feet a day (Bcf/d) across North America - 20 to refining centres in the U.S. Midwest and Gulf Coast. per cent of the natural gas consumed each day. We do all of this with 4,200 dedicated employees, We have 19 power plants that produce 10,800 megawatts (MW) individuals who have to be at their very best in order to of electricity – enough to meet the needs of nearly 11 million manage the company’s large asset base in seven Canadian homes. Our energy portfolio is very diverse, producing power provinces, 33 U.S. states and Mexico. It is their dedication from sources such as natural gas, nuclear, coal, hydro and wind. and hard work that allows the company to operate safely and reliably and ensure projects are completed on time and We have 380 Bcf of natural gas storage capacity in Michigan on budget. and Alberta – that is vital in maintaining reliability of supply year round. This amount of gas gives TransCanada the ability The work is technically challenging but our employees have the to meet the needs of four million homes annually. experience, the expertise and the skills to accomplish our goals. And we have approximately 6,100 kilometres of oil pipeline operating and in development – the Keystone Pipeline System. TransCanada has made great strides in advancing its $20 billion capital program – a program that is nearly half complete. Halfway There TransCanada is about halfway through its current capital program with approximately $10 billion of assets having recently started or about to start commercial operations in the first half of 2011. Start-up of a number of large scale projects in 2010 and 2011 (Keystone, North Central Corridor, Groundbirch, Bison, Kibby, Halton Hills, Guadalajara and Coolidge) should produce approximately $1 billion of earnings before interest, taxes, depreciation and amortization (EBITDA) in 2011. That EBITDA is expected to grow to about $2 billion as we complete the Horn River Pipeline Project, the final phases of Cartier Wind, the Bruce Power restart project, and the Keystone U.S. Gulf Coast Expansion which is targeted for completion in 2013. This unprecedented capital program is expected to drive long-term growth in earnings, cash flow and dividends. TransCanada is poised to become a very significant player in the oil transmission business. Oil Pipelines The Gulf Coast Expansion will increase Keystone’s overall capacity to 1.1 million Bbl/d – 83 per cent of that capacity or 910,000 Bbl/d is firmly contracted for approximately 18 An historic milestone was achieved by the company years. Once all permits are received, it is expected Keystone XL with the start of crude oil deliveries on the Keystone Pipeline would be operational in 2013. System to Wood River and Patoka, Illinois. Keystone will play an important role in linking a secure and A celebration was held to recognize the thousands of employees, growing supply of Canadian crude oil with the largest refining contractors and suppliers across North America who turned the markets in the United States, substantially improving North Keystone project into a successful reality. America’s energy security. The first phase of Keystone went into operation in June 2010. The TransCanada will also transport American crude oil from completion of the Cushing extension in February 2011 extended Montana, North Dakota and Cushing, Oklahoma to market the pipeline south from Steele City, Nebraska, to Cushing, following the conclusion of successful open seasons for both Oklahoma and increased its capacity to 591,000 Bbl/d. This the Bakken and Cushing Marketlink projects. These projects capacity is supported by contracted volumes of 530,000 Bbl/d. have a combined capacity of 250,000 Bbl/d and will use The next important phase of the US$13 billion project is the facilities which form part of the Keystone pipeline system to Keystone U.S. Gulf Coast Expansion, also known as Keystone XL, transport the crude oil to market. which will deliver crude oil to markets in the U.S. Gulf Coast. The oil and gas industry came under more scrutiny in 2010. Keystone XL has a capacity of 500,000 Bbl/d, 75 per cent or TransCanada is working to ensure Keystone is one of the safest 380,000 Bbl/d is contracted with shippers for an average term and most technologically-advanced pipelines ever built. Our of 17 years. company continues to be a leader with one of the best pipeline safety and operating records in the industry. Halfway There TransCanada is the largest natural gas transmission company in North America. Natural Gas Pipelines Early in 2010, TransCanada finished its North Central Corridor natural gas pipeline in Northern Alberta. This expansion of the Alberta System provided needed capacity to handle increasing natural gas supply in northwest Alberta and northeast B.C. and growing Alberta markets. The $800 million project was completed on schedule and under budget. Late in 2010 gas began to flow through TransCanada’s Groundbirch pipeline. The $155 million pipeline connects the Alberta System to the prolific Montney shale gas play in northeastern B.C. Groundbirch has contracts for 1.24 Bcf/d of natural gas by 2014. Groundbirch complements the nearby Horn River Project, another pipeline designed to bring B.C. shale gas to market. The National Energy Board approved the project in late January 2011. This $310 million pipeline is expected to be operational in the second quarter of 2012 and has contracted capacity of 634 million cubic feet per day (MMcf/d). TransCanada has received additional requests to move approximately 2.3 Bcf/d of Canadian shale gas to market by 2015. This is expected to lead to further expansions of the Alberta System and contribute to higher volumes and lower tolls on downstream pipelines including the Canadian Mainline. We are well positioned to connect major shale gas plays in Canada and the United States. TransCanada’s vast pipeline network is also well positioned 2010. Multiple conditioned bids from major industry players to connect other new sources of supply – U.S. shale gas, were received for significant volumes. The project team northern gas and liquefied natural gas (LNG) – to growing continues to work with shippers to resolve the conditions North American markets. within its control. The company’s Bison pipeline began moving gas from the The US$32 to US$41 billion pipeline would carry natural gas Powder River Basin in Wyoming to the Northern Border from Prudoe Bay, Alaska through Alberta and on to North pipeline system in North Dakota in January 2011. The US$630 American markets.
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