RNS Number:4170K
TransCanada Pipelines Ld
25 April 2003



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NewsRelease


   TransCanada Shareholders Approve Holding Company - TransCanada Corporation




CALGARY, Alberta - April 25, 2003 - (TSX: TRP) (NYSE: TRP) - TransCanada
PipeLines Limited today announced that at its Annual and Special Meeting of
Shareholders, common shareholders voted in favour of a proposed arrangement to
change the corporate structure of the company. Subject to Court approval, a new
holding company - TransCanada Corporation - is to be created to become the
parent of TransCanada PipeLines Limited.

TransCanada is scheduled to appear before the Court of Queen's Bench of Alberta
on Monday, April 28 to seek approval of the arrangement to establish TransCanada
Corporation. If Court approval is received, the arrangement will become
effective May 15, 2003.

The change will have no impact on TransCanada PipeLines Limited's day to day
operations, services or obligations. The assets and liabilities of TransCanada
PipeLines Limited will remain with TransCanada PipeLines Limited. Debt holders
and preferred shareholders of TransCanada PipeLines Limited will continue to
hold these securities in this company. TransCanada Corporation will own all of
the outstanding common shares of TransCanada PipeLines Limited.

Subject to Court approval, as of May 15, 2003, common shareholders of
TransCanada PipeLines Limited will automatically become common shareholders of
TransCanada Corporation. Each TransCanada PipeLines Limited common share will be
recognized as one TransCanada Corporation common share. TransCanada Corporation
common shares will be publicly traded on the Toronto and New York stock
exchanges under the symbol "TRP", the symbol historically used by TransCanada
PipeLines Limited. Preferred shares in TransCanada PipeLines Limited will be
publicly traded under the new symbol "TCA".

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.

                                     - 30 -

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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