TransCanada's vision is to be the leading energy infrastructure company in North America, focusing on pipelines and power generation opportunities in regions where it has or can develop a significant competitive advantage. TransCanada's key strategies continue to evolve with the Company's growth and development and its changing business environment. TransCanada's corporate strategy integrates five fundamental value-creating activities:
Maximize the full-life value of TransCanada's infrastructure assets and commercial positions
TransCanada relies on a low-risk business model to maximize the full-life value of its existing assets and commercial positions. In Pipelines, large scale natural gas and crude oil pipelines connect long life supply basins with stable and growing markets, generating predictable, sustainable cash flows and earnings of a long term nature. In Energy, highly efficient large scale power generation facilities supply power markets through long term power purchase and sale agreements and low-volatility shorter term commercial arrangements. TransCanada's growing investments in natural gas, nuclear, wind and hydro generating facilities demonstrate the Company's commitment to sustainable, clean energy. Long-life infrastructure assets and long term commercial arrangements will continue as cornerstones of TransCanada's business model.
Cultivate a focused portfolio of high quality development options
The Company's core regions within North America are the primary focus of growth initiatives in Pipelines and Energy. TransCanada will continue to pursue opportunities to connect long-life shale and conventional gas resources in western Canada, northern Canada, Alaska, U.S. Rockies, U.S. midcontinent and Gulf Coast supply regions. TransCanada will continue to pursue opportunities to connect growing crude oil volumes from the Alberta oilsands to preferred North American markets. The Company will continue to assess pipeline acquisition opportunities that complement its existing pipeline networks and provide access to new supply and market regions. In Energy, the Company will continue to focus on low-cost, long-life base load power generating and natural gas storage assets supported by firm, long-term contracts with reputable counterparties. Selected opportunities will move forward to full development and construction when market conditions are appropriate and project risks are manageable.
Commercially develop and physically execute new asset investment programs
TransCanada expects to substantially complete construction of assets under its current $22 billion capital program by the end of 2013. The Company is focused on completing its capital projects on time and on budget, enabling it to meet commitments to customers and to deliver attractive, long-term returns to shareholders. The current capital program is characterized by highly contracted, long-term revenue streams with limited exposure to commodity prices. Capital cost risks are managed by TransCanada's strong and experienced project management teams and industry-leading project management practices.
Maximize TransCanada's competitive strengths
TransCanada continues to build competitive strength in areas that directly drive long-term shareholder value. The Company relies on its scale, presence, operating capabilities, strong leadership and capable teams to compete effectively and deliver outstanding value to its customers. A disciplined approach to capital investment combined with a low cost of capital allows the Company to create significant shareholder value from large capital projects. TransCanada recognizes that constructive relationships with key customers and stakeholders are critically important in the long-term energy infrastructure business. The Company continues to identify and build on all aspects of competitive strength.
Maximize TransCanada's reputation and standing in financial markets
TransCanada values its reputation for consistent financial performance and long term financial stability. The Company clearly communicates its financial performance to equity and debt investors, providing insight into both value upside and business risks. The Company works to sustain the trust and support of its long-term investors and to attract new investors who see long term value in a disciplined approach to the energy infrastructure business.