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View Annual Report 2002 ANNUAL REPORT 2002 ANNUAL REPORT ANNUAL REPORT TRANSCANADA pipe power people PERFORMANCE pipe power Backed by $20 billion of Our 38,000 kilometre A rapidly emerging player (24,000 mile) natural gas in the North American TRANSCANADA PIPELINES LIMITED premium assets, TransCanada pipeline system is one power industry, we have TransCanada Tower 450 – First Street SW Calgary Alberta T2P 5H1 (403) 920-2000 of the largest and most interests in a growing is a leading North American sophisticated in the world. portfolio of assets capable It links the rich natural of producing more than TransCanada welcomes questions from shareholders and investors. Please contact: gas resources of the 4,000 megawatts of David Moneta, Director, Investor Relations at 1 (800) 361-6522 (Canada and U.S. Mainland) energy company focused on Western Canada power. Our plants utilize Visit TransCanada’s Web site at www.transcanada.com natural gas transmission and Sedimentary Basin to a diverse range of fuels markets across Canada and are among the most and the United States. efficient on the continent. power generation. The skills and We are well positioned We also market electricity to play a key role in across Canada and the expertise of our people and our strong financial bringing northern gas northern United States to the growing North to meet the needs of position provide us with a clear advantage American marketplace. a wide range of industrial clients. in a highly competitive environment. Financial Highlights 1 Chairman’s Message 2 Letter to Shareholders 3 Management’s Discussion and Analysis 7 Consolidated Financial Statements 43 Supplementary Information 78 Investor Information 82 2002 ANNUAL REPORT 2002 ANNUAL REPORT ANNUAL REPORT TRANSCANADA pipe power people PERFORMANCE pipe power Backed by $20 billion of Our 38,000 kilometre A rapidly emerging player (24,000 mile) natural gas in the North American TRANSCANADA PIPELINES LIMITED premium assets, TransCanada pipeline system is one power industry, we have TransCanada Tower 450 – First Street SW Calgary Alberta T2P 5H1 (403) 920-2000 of the largest and most interests in a growing is a leading North American sophisticated in the world. portfolio of assets capable It links the rich natural of producing more than TransCanada welcomes questions from shareholders and investors. Please contact: gas resources of the 4,000 megawatts of David Moneta, Director, Investor Relations at 1 (800) 361-6522 (Canada and U.S. Mainland) energy company focused on Western Canada power. Our plants utilize Visit TransCanada’s Web site at www.transcanada.com natural gas transmission and Sedimentary Basin to a diverse range of fuels markets across Canada and are among the most and the United States. efficient on the continent. power generation. The skills and We are well positioned We also market electricity to play a key role in across Canada and the expertise of our people and our strong financial bringing northern gas northern United States to the growing North to meet the needs of position provide us with a clear advantage American marketplace. a wide range of industrial clients. in a highly competitive environment. Financial Highlights 1 Chairman’s Message 2 Letter to Shareholders 3 Management’s Discussion and Analysis 7 Consolidated Financial Statements 43 Supplementary Information 78 Investor Information 82 EXECUTIVE OFFICERS 747 686 STRATEGIES FOR GROWTH AND VALUE CREATION 628 500 250 00 01 02 0 • SUSTAIN, GROW AND OPTIMIZE OUR NORTH AMERICAN NET INCOME APPLICABLE TO COMMON SHARES FROM CONTINUING 82 NATURAL GAS TRANSMISSION BUSINESS • ESTABLISH A OPERATIONS 71 (millions of dollars) 12 3 NEW REGULATED BUSINESS MODEL • GROW OUR POWER Harold N. Kvisle Albrecht W.A.Bellstedt, Q.C. Russell K. Girling 4 5 President and Executive Vice-President, Executive Vice-President Chief Executive Officer Law and General Counsel and Chief Financial Officer BUSINESS • PURSUE OPERATIONAL EXCELLENCE • 1,827 6 1,624 1,495 7 MAINTAIN AND UTILIZE OUR STRONG FINANCIAL POSITION 14 16 1,000 13 15 17 500 9 10 00 01 02 18 11 0 Dennis J. McConaghy Alexander J. Pourbaix Sarah E. Raiss Ronald J. Turner FUNDS GENERATED Executive Vice-President, Executive Vice-President, Executive Vice-President, Executive Vice-President, FROM CONTINUING Gas Development Power Development Corporate Services Operations and Engineering 8 OPERATIONS (millions of dollars) TRANSCANADA IN THE COMMUNITY Copies of the Annual Report on Environment, Health and Safety, and Community and NATURAL GAS TRANSMISSION POWER GENERATION 1,025 the Submission to the Climate Change Voluntary Challenge and Registry are available Alberta System 1 Bear Creek TransCanada Power, L.P. 814 at www.transcanada.com. If you would like to receive a copy of these reports by mail, (35.6%) 773 Canadian Mainline 2 MacKay River (under construction) please contact: BC System 3 Redwater 12 Williams Lake 600 Communications and Government Relations P.O. Box 1000, Station M, Calgary, Alberta T2P 4K5 Foothills Pipe Lines (50 – 74.5%) 4 Sundance A PPA 13 Nipigon Great Lakes Gas Transmission Limited Partnership (50%) 5 Sundance B PPA (50%) 14 Calstock (403) 920-2000 Trans Québec & Maritimes Pipeline Inc. (50%) 6 Carseland 15 Kapuskasing 300 Iroquois Gas Transmission System (40.96%) 7 Cancarb 16 Tunis METRIC CONVERSION TABLE Portland Natural Gas Transmission System (33.29%) 8 ManChief 17 North Bay 00 01 02 Metric Imperial Factor 0 Northern Border Pipeline Company (10% indirectly through TC PipeLines, LP) 9 Bruce Power L.P. (31.6%) 18 Castleton Kilometres miles 0.62 Tuscarora Gas Transmission Company 10 Curtis Palmer CAPITAL EXPENDITURES (1% directly; 16.4% indirectly through TC PipeLines, LP) AND ACQUISITIONS Millimetres inches 0.04 11 Ocean State Gigajoules million British thermal units 0.95 Mackenzie Valley Extension (proposed by producers) IN CONTINUING cubic metres* cubic feet 35.3 OPERATIONS Alaska Highway Pipeline (proposed by Foothills Pipe Lines) degrees Celsius degrees Fahrenheit Multiply by 1.8, then add 32 degrees. To convert to Ownership 100% unless otherwise specified. (millions of dollars) Celsius, subtract 32 degrees, then divide by 1.8 * The conversion is based on natural gas at a base pressure of 101.325 kilopascals and a base temperature of 15 degrees Celsius. Please recycle March 2003 Printed in Canada Designed and produced by EXECUTIVE OFFICERS 747 686 STRATEGIES FOR GROWTH AND VALUE CREATION 628 500 250 00 01 02 0 • SUSTAIN, GROW AND OPTIMIZE OUR NORTH AMERICAN NET INCOME APPLICABLE TO COMMON SHARES FROM CONTINUING 82 NATURAL GAS TRANSMISSION BUSINESS • ESTABLISH A OPERATIONS 71 (millions of dollars) 12 3 NEW REGULATED BUSINESS MODEL • GROW OUR POWER Harold N. Kvisle Albrecht W.A.Bellstedt, Q.C. Russell K. Girling 4 5 President and Executive Vice-President, Executive Vice-President Chief Executive Officer Law and General Counsel and Chief Financial Officer BUSINESS • PURSUE OPERATIONAL EXCELLENCE • 1,827 6 1,624 1,495 7 MAINTAIN AND UTILIZE OUR STRONG FINANCIAL POSITION 14 16 1,000 13 15 17 500 9 10 00 01 02 18 11 0 Dennis J. McConaghy Alexander J. Pourbaix Sarah E. Raiss Ronald J. Turner FUNDS GENERATED Executive Vice-President, Executive Vice-President, Executive Vice-President, Executive Vice-President, FROM CONTINUING Gas Development Power Development Corporate Services Operations and Engineering 8 OPERATIONS (millions of dollars) TRANSCANADA IN THE COMMUNITY Copies of the Annual Report on Environment, Health and Safety, and Community and NATURAL GAS TRANSMISSION POWER GENERATION 1,025 the Submission to the Climate Change Voluntary Challenge and Registry are available Alberta System 1 Bear Creek TransCanada Power, L.P. 814 at www.transcanada.com. If you would like to receive a copy of these reports by mail, (35.6%) 773 Canadian Mainline 2 MacKay River (under construction) please contact: BC System 3 Redwater 12 Williams Lake 600 Communications and Government Relations P.O. Box 1000, Station M, Calgary, Alberta T2P 4K5 Foothills Pipe Lines (50 – 74.5%) 4 Sundance A PPA 13 Nipigon Great Lakes Gas Transmission Limited Partnership (50%) 5 Sundance B PPA (50%) 14 Calstock (403) 920-2000 Trans Québec & Maritimes Pipeline Inc. (50%) 6 Carseland 15 Kapuskasing 300 Iroquois Gas Transmission System (40.96%) 7 Cancarb 16 Tunis METRIC CONVERSION TABLE Portland Natural Gas Transmission System (33.29%) 8 ManChief 17 North Bay 00 01 02 Metric Imperial Factor 0 Northern Border Pipeline Company (10% indirectly through TC PipeLines, LP) 9 Bruce Power L.P. (31.6%) 18 Castleton Kilometres miles 0.62 Tuscarora Gas Transmission Company 10 Curtis Palmer CAPITAL EXPENDITURES (1% directly; 16.4% indirectly through TC PipeLines, LP) AND ACQUISITIONS Millimetres inches 0.04 11 Ocean State Gigajoules million British thermal units 0.95 Mackenzie Valley Extension (proposed by producers) IN CONTINUING cubic metres* cubic feet 35.3 OPERATIONS Alaska Highway Pipeline (proposed by Foothills Pipe Lines) degrees Celsius degrees Fahrenheit Multiply by 1.8, then add 32 degrees. To convert to Ownership 100% unless otherwise specified. (millions of dollars) Celsius, subtract 32 degrees, then divide by 1.8 * The conversion is based on natural gas at a base pressure of 101.325 kilopascals and a base temperature of 15 degrees Celsius. Please recycle March 2003 Printed in Canada Designed and produced by FINANCIAL HIGHLIGHTS 1.56 1.44 1.32 1.00 IN 2002, TRANSCANADA DELIVERED ON ITS COMMITMENT TO MAXIMIZE 0.50 SHAREHOLDER VALUE. TOTAL SHAREHOLDER RETURN, INCLUDING DIVIDENDS, WAS 21 PER CENT. 00 01 02 0 We continued to make profitable investments in our core businesses, pay down debt NET INCOME PER and reduce operating costs. Our actions resulted in an increase in earnings and cash COMMON SHARE flow and a stronger balance sheet. In January 2003, TransCanada’s Board of Directors FROM CONTINUING OPERATIONS – BASIC raised the quarterly dividend on the company’s common shares from $0.25 per share to (dollars) $0.27 per share, for the quarter ended March 31, 2003.
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