TransCanada plays a vital role in connecting energy supplies to key Canadian and U.S. markets. As North American demand for energy increases, we are well positioned to connect new sources of supply, from northern natural gas and imported liquefied natural gas, to wind power and cogeneration. Our network of more than 41,000 kilometres (25,600 miles) of wholly-owned pipeline transports the majority of Western Canada's natural gas production to continental markets. A growing independent power producer, TransCanada owns, or has interests in, approximately 6,700 megawatts of power generation in Canada and the United States.

Our approximately 2,350 employees provide industry-leading expertise in pipeline and power operations, and have unparalleled project management skills, industry experience and financial acumen.

Over the past five years, we have invested more than $8.5 billion in our core businesses of natural gas transmission and power.We will continue to grow in these areas.

Implementing our growth strategy has delivered for our shareholders, with a total return in 2005 of 28 per cent, and an average of 25 per cent per year over the past six years.