Natural Gas, Oil, and Electric Transmission:TransCanada Initiatives in the West and Midwest

Beth Jensen, TransCanadaMontana Economic Developers AssociationJune 10, 2010

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This presentation may contain certain information that is forward looking and is subject to important risks and uncertainties. The words "anticipate," "expect," "believe," "may," “should," "estimate," "project," "outlook," "forecast" or other similar words are used to identify such forward-looking information. 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 operations plans and outlook. Forward-looking statements in this document may include, among others, statements regarding the anticipated business prospects and financial performance of TransCanada and its subsidiaries, expectations or projections about the future, and strategies and goals for growth and expansion. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. Factors that 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 operating performance of the Company's pipeline and energy assets, the availability and price of energy commodities, capacity payments, regulatory processes and decisions, changes in environmental and other laws and regulations, competitive factors in the pipeline and energy sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments and the current economic conditions in North America. By its nature, 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 expectations expressed. Additional information on these and other factors is available in the reports filed by TransCanada with Canadian securities regulators and with the U.S. Securities and Exchange Commission (SEC). 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 presentation or otherwise, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. 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.

Forward Looking Information

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TransCanada: A Leading North American Energy Infrastructure Company

• Competitively positioned in pipeline and energy infrastructure

• More than $40 billion of premium pipeline and energy assets ($Cdn at Dec. 31, 2009)

• Employs approximately 2,550 individuals in Canada, 1,650 in the U.S., and an additional 1,200 in-house contractors

• Strong financial position

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Diversified assets Natural gas pipelines, oil

pipelines, electric power plants, regulated and non-regulated gas storage

Growth potential Robust investment in new

energy infrastructure projects Strategic investment in

existing assets

Development expertise Excellent track record in

developing projects from engineering, construction, and commercial perspectives

TransCanada Corporation (TSX/NYSE: TRP)

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• Positions in virtually every major producing basin

• Pipelines serve premium markets

• 250 Bcf of regulated natural gas storage capacity

• Keystone oil pipeline (in construction), expected 1.1 million Bbl/d when complete

Pipeline Assets

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• Ownership or interests in 19 plants, including some currently under development

• 11,700 megawatts

• Diversified portfolio primarily consists of low-cost, base-load generation

• 120 Bcf of unregulated natural gas storage capacity in Alberta

Energy Assets

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• Received FERC Certificate; awaiting notice to proceed

• Interstate natural gas pipeline to connect Powder River Basin to the Midwest market

• 302 miles of 30-inch-diameter pipeline and related facilities

• Expected to interconnect with Northern Border Pipeline (50% owned by TC Pipelines LP) near Compressor Station 6 in Morton County, North Dakota

• Design capacity of 477 MMcf/d, expandable to 1 Bcf/d

• Contracted capacity of 407 MMcf/d for 10 years

• Proposed in-service date of November, 2010

Proposed Bison Pipeline

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• General partnership of TransCanada Pipelines, LP and ONEOK Partners, LP; TransCanada Northern Border Inc. is operator

• 1,249 miles of 42-inch-diameter interstate natural gas pipeline with design capacity of 2.4 Bcf/d

• Key link between Western Canada Sedimentary Basin and the Midwest market

• Also accesses Williston and Powder River basins in the U.S.

• Potential to access Rockies supply via proposed Bison Pipeline

Northern Border Pipeline

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• 30- and 36-inch-diameter crude oil pipeline

• Projected 1,090,000 Bbl/d capacity (including Gulf Coast expansion)

• 910,000 Bbl/d committed for an average term of 18 years for 83% of total capacity

• Includes 380,000 Bbl/d of additional contracts for U.S. Gulf Coast expansion

• TransCanada interest 100%

• Approx. US$12 billion capital investment expected between 2008 and 2012

• In-service 2009 – 2012

Keystone Pipeline and Expansions

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• Separate but complementary proposed high-voltage (500 kilovolt) direct current transmission lines

• Each line would carry up to 3,000 megawatts of electricity

• Both lines proposed to exceed 1,000 miles

• Focus is on connecting wind resources in Montana and Wyoming to growing loads in the US Southwest

• The projects would make long-term, low-cost, and stable-priced generation resources available to consumers in the West

• The proposed projects enhance opportunities to meet state renewable portfolio standards

• Zephyr recently conducted successful open season for all 3,000 megawatts of capacity

Chinook and ZephyrElectric Transmission

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Questions?

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