TransCanada Launches Binding Open Season for Eastern Oil Pipeline

Tue Apr 2, 2013 7:00am EDT

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Marketwired

TRANSCANADA

April 2, 2013 - 07:00:00 AM

TransCanada Launches Binding Open Season for Eastern Oil Pipeline

CALGARY, ALBERTA--(Marketwired - April 2, 2013) - TransCanada Corporation
(TSX:TRP) (NYSE:TRP) (TransCanada) announced today that it will hold a binding
open season to obtain firm commitments from interested parties for a pipeline
to transport crude oil from Western Canada to Eastern Canadian markets.

The Energy East Pipeline project involves converting natural gas pipeline
capacity in approximately 3,000 kilometres of TransCanada's existing Canadian
Mainline to crude oil service and constructing up to approximately 1,400
kilometres of new pipeline. Subject to the results of the open season, the
project will have the capacity to transport as much as 850,000 barrels of
crude oil per day, greatly enhancing producer access to markets in Eastern
Canada. In 2012, Canada imported more than 600,000 barrels per day to supply
its Eastern refineries. The Energy East Pipeline could eliminate Canada's
reliance on higher priced crude oil currently being imported.

The open season follows a successful expression of interest phase and
subsequent discussions with prospective shippers. Following the completion of
the open season, if it is successful, TransCanada intends to proceed with the
necessary regulatory applications for approvals to construct and operate the
required facilities, with a potential in-service date in late-2017.
TransCanada is beginning Aboriginal and stakeholder engagement and field work
as part of the initial design and planning work for the project.

The open season will begin on April 15, 2013 and will close on June 17, 2013.
Interested parties may submit binding bids for transportation capacity of
crude oil from western receipt points to delivery points in the Montreal and
Quebec City, Que. and Saint John, N.B. areas. Shipper information regarding
the open season is available by contacting Louis Fenyvesi at 403.920.6037 or
Oliver Youzwishen at 403.920.8094, or by emailing
oil_pipelines@transcanada.com.

With more than 60 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 operates a network of natural gas
pipelines that extends more than 68,500 kilometres (42,500 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 more than 400 billion cubic feet of storage capacity. A growing
independent power producer, TransCanada owns or has interests in over 11,800
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: www.transcanada.com or check us out on
Twitter @TransCanada or http://blog.transcanada.com. 

FORWARD LOOKING INFORMATION This publication contains certain information that
is forward-looking and is subject to important risks and uncertainties (such
statements are usually accompanied by words such as "anticipate", "expect",
"would", "will" or other similar words). Forward-looking statements in this
document are intended to provide TransCanada security holders and potential
investors with information regarding TransCanada and its subsidiaries,
including management's assessment of TransCanada's and its subsidiaries'
future financial and operation plans and outlook. All forward-looking
statements reflect TransCanada's beliefs and assumptions based on information
available at the time the statements were made. Readers are cautioned not to
place undue reliance on this forward-looking information. TransCanada
undertakes no obligation to update or revise any forward-looking information
except as required by law. For additional information on the assumptions made,
and the risks and uncertainties which could cause actual results to differ
from the anticipated results, refer to TransCanada's Management's Discussion
and Analysis filed February 13, 2013 under TransCanada's profile on SEDAR at
www.sedar.com and other reports filed by TransCanada with Canadian securities
regulators and with the U.S. Securities and Exchange Commission.

FOR FURTHER INFORMATION PLEASE CONTACT: 
TransCanada
Media Enquiries:
Shawn Howard/Grady Semmens
403.920.7859 or 800.608.7859


TransCanada
Investor & Analyst Enquiries:
David Moneta/Lee Evans
403.920.7911 or 800.361.6522
www.transcanada.com
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