CALGARY, ALBERTA — (Marketwire) — 06/15/12 — TransCanada Corporation (TSX: TRP) (NYSE: TRP) (TransCanada) responded to the U.S. Department of State–s (DOS) announcement today regarding its process and timeline for a final decision on the Keystone XL Pipeline. The announcement reiterates earlier statements made by the DOS that they expect to make a decision on the project by the first quarter of 2013.
“The fact the Department of State has reaffirmed its timeline for making a decision on a Presidential Permit for Keystone XL early next year is an important development and we look forward to the detailed schedule of the steps needed to meet that Q1 2013 timeframe,” said Russ Girling, TransCanada–s president and chief executive officer. “It is important to recognize that by the time a final decision on this critical piece of North American energy infrastructure is made, Keystone XL will be well into its fifth year of exhaustive and detailed studies, the most extensive review for a cross-border pipeline ever.”
The DOS noted in the Final Environmental Impact Statement (FEIS) that it issued in August 2011 that the Keystone XL Pipeline will have “no material impact on the environmental resources along the route.” The U.S. federal pipeline regulator (PHMSA) also noted that with all of the additional 57 safety measures that TransCanada has agreed to adopt this project “would have a degree of safety over any other typically constructed domestic oil pipeline under current code.”
“The final review should focus solely on the realigned route that avoids the Nebraska Sandhills,” noted Girling. “The rest of the Keystone XL route remains the same. The geology of the route remains the same. The environmental conditions remain the same. Nothing else has changed since the FEIS was approved.”
Girling went on to point out that “the longer this project is delayed, the more critical the need for the energy it will supply becomes to American refiners and consumers. Keystone XL has the support of labor unions, business, industry and communities along the route, all of whom understand the direct private sector spending that this multi-billion dollar project will create. Further delays will continue to impact the manufacturing sector, construction trades, contractors, equipment suppliers and communities along the Keystone XL route.”
“The Keystone XL pipeline will be the safest, most advanced pipeline ever built in North America and no one has a stronger interest than our company and our employees in ensuring that it operates safely and reliably for decades to come,” concluded Girling. “Each year we spend hundreds of millions of dollars on our North American energy infrastructure system to ensure long-term pipeline integrity and to take proactive preventive maintenance measures to keep things operating the way they are designed to.”
With more than 60 years– experience, TransCanada is a in the 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 10,800 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: 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 dated February 15, 2012 under TransCanada–s profile on SEDAR at and other reports filed by TransCanada with Canadian securities regulators and with the U.S. Securities and Exchange Commission.
Backgrounder
Keystone XL Pipeline project
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