US$350 Million Kibby Wind Power Project Delivers Additional Power to Maine
CALGARY, Alberta – Nov. 1, 2010 – TransCanada Corporation’s (TSX, NYSE: TRP) (TransCanada) construction of New England’s largest wind power project – Kibby Wind – is now complete. The US$350 million project is now fully operational and was finished on time and on budget.
"We're pleased to officially add the Kibby Wind Power Project to our portfolio as it is another example of TransCanada’s progress toward becoming the leading energy infrastructure company in North America,” says Russ Girling, TransCanada’s president and chief executive officer. “We are proud to help Maine meet its energy needs and support its goal of 2,000 megawatts of clean, renewable in-state energy generation by 2015.”
The 132 megawatt (MW) facility is located in the community of Eustis, Maine and has the capacity to generate enough power to meet the needs of approximately 50,000 homes. The project created 315 construction jobs at its peak and resulted in 13 new full-time positions to operate and maintain the facility. As well, approximately $110 million of the total project cost was spent directly in the state of Maine on materials, labor and accommodations.
The completion of Kibby brings TransCanada’s wind energy generation capacity to a combined total of 451 MW. Construction on phases four and five of the Cartier Wind Power Project (of which TransCanada owns 62 per cent) is underway, with the additional 270 MW to come online by the end of 2012.
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 10,800 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: http://www.transcanada.com/.
TRANSCANADA FORWARD-LOOKING INFORMATION
This news release may contain certain information that is forward looking and is subject to important risks and uncertainties. The words "anticipate", "expect", "believe", "may", "should", "estimate", "project", "outlook", "forecast" or other similar words are used to identify such forward-looking information. Forward-looking statements in this document are intended to provide TransCanada securityholders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future financial and operations plans and outlook. Forward-looking statements in this document may include, among others, statements regarding the anticipated business prospects, projects and financial performance of TransCanada and its subsidiaries, expectations or projections about the future, and strategies and goals for growth and expansion. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among others, the ability of TransCanada to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of TransCanada's pipeline and energy assets, the availability and price of energy commodities, capacity payments, regulatory processes and decisions, changes in environmental and other laws and regulations, competitive factors in the pipeline and energy sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments and economic conditions in North America. By its nature, 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 expectations expressed. Additional information on these and other factors is available in the reports filed by TransCanada with Canadian securities regulators and with the U.S. Securities and Exchange Commission (SEC). Readers are cautioned to not 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 to not use future-oriented information or financial outlooks for anything other than their intended purpose. 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.
- 30 -
Cecily Dobson/Terry Cunha
Investor & Analyst Enquiries:
David Moneta/Terry Hook