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CALGARY, Alberta – September
21, 2004 – (TSX: TRP)
(NYSE: TRP) – TransCanada
Corporation today announced
its wholly-owned subsidiary
NOVA Gas Transmission Ltd.
(NGTL) has filed with the
Alberta Court of Appeal for
leave to appeal the Alberta
Energy and Utilities Board’s
(EUB) Decision 2004-069 (Decision)
issued August 24, 2004. The
Decision relates to NGTL’s
General Rate Application-Phase
1, in which NGTL sought,
among other things, the EUB’s
approval of the forecast
2004 revenue requirement
for the Alberta System. NGTL
is the legal owner of TransCanada’s
Alberta System.
In its Decision, the EUB
disallowed approximately
$19 million (pre-tax) of
NGTL’s applied-for
incentive compensation costs.
NGTL believes the EUB made
errors of law in deciding
to deny the inclusion of
these costs in NGTL’s
revenue requirement. NGTL
believes these are necessary
costs it will reasonably
and prudently incur for the
safe, reliable, and efficient
operation of the Alberta
System.
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 tran sports
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
nearly 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) 920-7859
Investor & Analyst Inquiries:
David
Moneta / Debbie
Stein
(403) 920-7911
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