TransCanada Launches Binding Open Season for Eastern Oil Pipeline

Tue Apr 2, 2013 7:00am EDT

* Reuters is not responsible for the content in this press release.

  CALGARY, ALBERTA, Apr 02 (Marketwired) --
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.

Contacts:
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

© 2013 Marketwire L.P. All rights reserved.

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