CALGARY, Alberta - January 20, 2004 - (TSX:TRP) (NYSE:TRP) - TransCanada Corporation will release its fourth quarter 2003 financial results in the morning of Tuesday, January 27, 2004. Analysts, members of the media and other interested parties are invited to participate in a teleconference and audio Web cast on January 27, 2004 at 1 p.m. (Mountain) / 3 p.m. (Eastern) to discuss the fourth quarter 2003 financial results, general developments and issues concerning the company.

To participate, please call 1-800-273-9672 or 416-695-5806 (Toronto area). Please dial in 10 minutes prior to the start of the call. No pass code is required. A live audio Web cast of the teleconference will also be available on TransCanada's Web site.

The conference will begin with a short address by members of TransCanada's executive management, followed by a question and answer period for investment analysts. A question and answer period for members of the media will immediately follow.

A replay of the teleconference will be available two hours after the conclusion of the call until midnight (Eastern), February 3, 2004. Please call 1-800-408-3053 or 416-695-5800 (Toronto area) and enter pass code 1520354. The Web cast will be archived and available for replay.

TransCanada is a leading North American energy company. We are focused on natural gas transmission and power services with employees who are expert in these businesses. Our network of approximately 39,000 kilometres (24,200 miles) of pipeline transports the majority of Western Canada's natural gas production to the fastest growing markets in Canada and the United States. TransCanada owns, controls or is constructing more than 4,700 megawatts of power - an equal amount of power can meet the needs of about 4.7 million average households. Our common shares trade under the symbol TRP on the Toronto and New York stock exchanges.

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For further information, please contact:

Media Inquiries:
Hejdi Feick / Kurt Kadatz
(403) 920-7877

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