TransCanada: Contract Signed to Build Napanee Generating Station
CALGARY, ALBERTA -- (Marketwire) -- 12/17/12 -- TransCanada
Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) announced today it has
signed a contract with the Ontario Power Authority (OPA) to develop,
own and operate a new 900-megawatt (MW) natural gas-fired power
plant. The facility will be located at Ontario Power Generation's
Lennox Generating Station property in the town of Greater Napanee in
"The contract signing will allow TransCanada to move forward with our
plans to provide a reliable source of electricity to the people of
Ontario," said Russ Girling, TransCanada's president and chief
executive officer. "We will take the necessary steps to ensure this
is an environmentally responsible project and will also focus on the
safety of the community, our employees and being a good neighbour."
Construction of this 900-MW facility will mean an investment of
millions of dollars in the local community that supports the creation
of approximately 600 construction jobs and an expected 25 long-term
jobs resulting in approximately $4 million in annual salaries and
benefits. The power plant will contribute to the local tax base each
year, providing officials with the ability to invest those dollars
We are committed to building, operating and maintaining our power
plants safely. The safety of our employees, our facility neighbours
and the public are top priorities for TransCanada. Our corporate
safety performance is regularly amongst the highest in our industry.
In addition, this new, clean burning, natural gas fired plant would
use leading edge environmental technologies to control emissions.
The details of the contract are based on terms of the memoranda of
understanding that were signed in late September. The Napanee power
plant will act as a replacement facility for one that was planned in
the community of Oakville. It will operate under a 20-year power
purchase arrangement with the OPA that will generate stable earnings
and cash flow over the next two decades.
TransCanada currently operates the 683-MW Halton Hills Generating
Station in Ontario, has a 50 per cent ownership in the 550-MW
Portlands Energy Centre on the Toronto waterfront and has agreed to
purchase nine Ontario solar plants that would produce 86 MW of clean
energy. We also own a large portion of the Bruce Power nuclear
facility - 49 per cent of Bruce A and 32 per cent of Bruce B. Bruce
Power consists of two generating stations (Bruce A & B) with each
station housing four nuclear reactors with an overall power output of
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 approximately 380
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:
http://www.transcanada.com/ or check us out on Twitter @TransCanada.
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" 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 15, 2012 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.
Shawn Howard/Grady Semmens
403.920.7859 or 800.608.7859
Investor & Analyst Enquiries:
David Moneta/Lee Evans
403.920.7911 or 800.361.6522
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