RNS Number:7844H
TransCanada Pipelines Ld
20 February 2003




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NewsRelease


              NEB Denies TransCanada's Review and Variance Request



CALGARY, Alberta - February 20, 2003 - (TSX: TRP) (NYSE: TRP) - The National
Energy Board (NEB) today released its decision denying TransCanada PipeLines
Limited's request for a Review and Variance of the NEB's RH-4-2001 Decision on
TransCanada's Fair Return application. In September 2002, TransCanada requested
the NEB review and vary its June 2002 Decision.

"We are disappointed with the NEB's Decision," said Hal Kvisle, TransCanada's
chief executive officer. "We are currently reviewing the Decision and evaluating
our options."

In the RH-4-2001 Decision the NEB chose not to adopt the after-tax
weighted-average cost of capital (ATWACC) methodology. It granted a rate of
return on common equity for TransCanada's Canadian Mainline of 9.61 per cent for
2001 and 9.53 per cent for 2002 on deemed common equity of 33 per cent.

"In our opinion, the RH-4-2001 Decision does not recognize the long-term
business risks of our Canadian Mainline, nor does it recognize the unattractive
returns earned by Canadian regulated pipelines relative to those available in
the broader North American marketplace," said Mr. Kvisle. "We have concerns
about the long-term implications of a financial return that discourages
investment in existing Canadian gas transmission systems."

TransCanada is a leading North American energy company. We are focused on
natural gas transmission and power services with employees who are expert in
these businesses. Our network of approximately 38,000 kilometres of pipeline
transports the majority of western Canada's natural gas production to the
fastest growing markets in Canada and the United States. TransCanada has
interests in more than 4,000 megawatts of power - an equal amount of power can
meet the needs of about four million average households. Our common shares trade
under the symbol TRP on the Toronto and New York stock exchanges. Visit us on
the Internet at www.transcanada.com for more information.



                          FORWARD LOOKING INFORMATION

Certain information in this news release is forward-looking and is subject to
important risks and uncertainties. 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, competitive factors in the pipeline and power industry sectors, and
the current economic conditions in North America. For additional information on
these and other factors, see the reports filed by TransCanada with Canadian
securities regulators and with the United States Securities and Exchange
Commission. TransCanada disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.

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Media Inquiries:                 Glenn Herchak/Hejdi Feick      (403) 920-7877

Investor & Analyst Inquiries:    David Moneta/Debbie Persad     (403) 920-7911


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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