CALGARY, ALBERTA, Jan 11 (MARKET WIRE) --
TransCanada Corporation (TSX: TRP) (NYSE: TRP) (TransCanada) today
announced TransCanada Keystone Pipeline, LP (Keystone) received the Final
Environmental Impact Statement from the United States Department of State
regarding the Keystone Pipeline project and Cushing extension, stating
the pipeline would result in limited adverse environmental impacts.
The Final Environmental Impact Statement, a requirement for the
Presidential Permit process, is the result of nearly two years of
detailed analysis of the Keystone Pipeline project proposal by more than
a dozen U.S. federal agencies and other interested stakeholders. A
decision is anticipated to be issued in mid-February regarding Keystone's
application for a Presidential Permit authorizing the construction and
operation of the facilities at the U.S./Canada border crossing.
"This outcome is another significant milestone in advancing the Keystone
Pipeline project," says Hal Kvisle, TransCanada president and chief
executive officer. "We plan to begin construction in second quarter 2008
to achieve an in-service date of fourth quarter 2009 in order to move the
growing supply of Canadian crude oil to key U.S. markets."
Keystone received National Energy Board approval last year for two major
regulatory applications to construct and operate the Canadian portion of
the project. Applications for other U.S. regulatory approvals at the
state level are proceeding and decisions are expected to be received
during the first quarter of 2008.
The 3,456-kilometre (2,148-mile) Keystone Pipeline will transport crude
oil from Hardisty, Alberta to U.S. Midwest markets at Wood River and
Patoka, Illinois and to Cushing, Oklahoma. The Canadian portion of the
project involves the conversion of approximately 864 kilometres (537
miles) of existing Canadian Mainline pipeline facilities from natural gas
to crude oil transmission service and construction of approximately 373
kilometres (232 miles) of pipeline, pump stations and terminal facilities
at Hardisty, Alberta. The U.S. portion of the project includes
construction of approximately 2,219 kilometres (1,379 miles) of pipeline
and pump stations. It is expected that on start-up in late 2009 Keystone
will be capable of delivering 435,000 barrels per day to Wood River and
Patoka, Illinois. It will be expanded to 590,000 barrels per day and
extended to Cushing, Oklahoma in late 2010.
To view a map of the proposed pipeline route and obtain other information
about the Keystone Pipeline, please visit the project web page at
www.transcanada.com/keystone.
About TransCanada
With more than 50 years experience, TransCanada is a leader in the
responsible development and reliable operation of North American energy
infrastructure including natural gas pipelines, power generation, gas
storage facilities, and projects related to oil pipelines and LNG
facilities. TransCanada's network of wholly owned pipelines extends more
than 59,000 kilometres (36,500 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 approximately
360 billion cubic feet of storage capacity. A growing independent power
producer, TransCanada owns, or has interests in, approximately 7,700
megawatts of power generation in Canada and the United States.
TransCanada's common shares trade on the Toronto and New York stock
exchanges under the symbol TRP.
(Note: All financial figures are in Canadian dollars unless noted
otherwise.)
FORWARD-LOOKING INFORMATION
This news release may contain certain information that is forward-looking
and is subject to important risks and uncertainties. The words
"anticipate", "expect", "may", "should", "estimate", "project",
"outlook", "forecast" or other similar words are used to identify such
forward looking information. All forward-looking statements are based on
TransCanada's beliefs and assumptions based on information available at
the time such statements were made. The results or events predicted in
this information may differ from actual results or events. Factors which
could cause actual results or events to differ materially from current
expectations include, among other things, the ability of TransCanada to
successfully implement its strategic initiatives and whether such
strategic initiatives will yield the expected benefits, the availability
and price of energy commodities, regulatory decisions, changes in
environmental and other laws and regulations, competitive factors in the
pipeline and energy industry sectors, construction and completion of
capital projects, access to capital markets, interest and currency
exchange rates, technological developments and the current economic
conditions in North America. By its nature, such forward-looking
information is subject to various risks and uncertainties which could
cause TransCanada's actual results and experience to differ materially
from the anticipated results or other expectations expressed. For
additional information on these and other factors, see the reports filed
by TransCanada with Canadian securities regulators and with the U.S.
Securities and Exchange Commission. Readers are cautioned not to place
undue reliance on this forward-looking information, which is given as of
the date it is expressed in this news release or otherwise, and
TransCanada undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new information,
future events or otherwise, except as required by law.
Contacts:
TransCanada
Media Inquiries
Shela Shapiro/Cecily Dobson
(403) 920-7859 or (800) 608-7859
Investor & Analyst Inquiries
David Moneta/Myles Dougan/Terry Hook
(403) 920-7911
Website: www.transcanada.com
Copyright 2008, Market Wire, All rights reserved.
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