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TransCanada Declares Quarterly Dividends -- Increases Common Share Dividend

CALGARY, Alberta - January 28, 2003 - (TSX: TRP) (NYSE: TRP) - The Board of Directors of TransCanada PipeLines Limited today declared the following regular dividends on TransCanada's preferred shares:

  • Dividend Number 18 was declared on the outstanding Cumulative Redeemable First Preferred Shares Series U in the amount of $0.70 per share for the period ending April 30, 2003. The dividend is payable on April 30, 2003, to shareholders of record at the close of business on March 31, 2003.
  • Dividend Number 17 was declared on the outstanding Cumulative Redeemable First Preferred Shares Series Y in the amount of $0.70 per share for the period ending May 1, 2003. The dividend is payable on May 1, 2003, to shareholders of record at the close of business on March 31, 2003.

As announced today in TransCanada's Fourth Quarter 2002 Report to Shareholders, TransCanada's Board increased the quarterly dividend on the company's outstanding common shares for the quarter ending March 31, 2003 by $0.02 to $0.27 per share. It is the 157th consecutive dividend paid by TransCanada on its common shares, and is payable on April 30, 2003, to shareholders of record at the close of business on March 31, 2003.

TransCanada is a leading North American energy company. It is focused on natural gas transmission and power services with employees who are expert in these businesses. The company's network of approximately 38,000 kilometres of pipeline transports the majority of western Canada's natural gas production to the fastest growing markets in Canada and the United States. Upon closing of its Bruce Power transaction, TransCanada will own or have interests in, control, manage or be constructing facilities for approximately 4,150 megawatts of power -- an amount of power that can meet the needs of about four million average households. The company's common shares trade under the symbol TRP on the Toronto and New York stock exchanges.

Forward Looking Information

Certain information in this news release is forward-looking and is subject to important risks and uncertainties. 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, competitive factors in the pipeline and power industry sectors, and the current economic conditions in North America. For additional information on these and other factors, see the reports filed by TransCanada with Canadian securities regulators and with the United States Securities and Exchange Commission. TransCanada disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Note: All dollar amounts are expressed in Canadian funds, unless otherwise indicated.

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For further information, please contact:

Media Inquiries:
Glenn Herchak / Kurt Kadatz
(403) 920-7877

Investor & Analyst Inquiries:
David Moneta / Debbie Persad
(403) 920-7911