TransCanada Seeks 30-day suspension of Energy East Pipeline and Eastern Mainline Project Applications
CALGARY, ALBERTA--(Marketwired - Sept. 7, 2017) - News Release - TransCanada Corporation (TSX:TRP)(NYSE:TRP)
(TransCanada) announced today it has filed a letter with the National Energy Board (NEB) seeking a 30-day suspension of the
Energy East Pipeline and Eastern Mainline Project applications. The suspension will allow time to conduct a careful review of
recent changes announced by the NEB regarding the list of issues and environmental assessment factors of the projects while
understanding how these changes impact the projects' costs, schedules and viability.
Due to the significant changes to the regulatory process introduced by the NEB and the request for a 30-day suspension of the
applications, TransCanada will cease recording Allowance for Funds Used During Construction (AFUDC) on the projects effective
August 23, 2017, being the date of the NEB's announcement altering the terms of their assessment. Should TransCanada decide not
to proceed with the projects after a thorough review of the impact of the NEB's amendments, the carrying value of its investment
in the projects as well as its ability to recover development costs incurred to date would be negatively impacted.
"Apart from Energy East, we will continue to advance our $24 billion near-term capital program in addition to our longer-term
opportunities," said Russ Girling, TransCanada's president and chief executive officer. "Our portfolio of high quality projects
is expected to generate growth in earnings and cash flow to support an expected annual dividend growth rate at the upper end of
an eight to 10 per cent range through 2020."
With more than 65 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy
infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates one
of the largest natural gas transmission networks that extends more than 91,500 kilometres (56,900 miles), tapping into virtually
all major gas supply basins in North America. TransCanada is the continent's leading provider of gas storage and related services
with 653 billion cubic feet of storage capacity. A large independent power producer, TransCanada currently owns or has interests
in approximately 6,200 megawatts of power generation in Canada and the United States. TransCanada is also the developer and
operator of one of North America's leading liquids pipeline systems that extends over 4,300 kilometres (2,700 miles), connecting
growing continental oil supplies to key markets and refineries. TransCanada's common shares trade on the Toronto and New York
stock exchanges under the symbol TRP. Visit TransCanada.com to learn
more, or connect with us on social media and 3BL Media.
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", "believe", "may", "will", "should", "estimate",
"intend" 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 plans and financial outlook. All forward-looking statements reflect TransCanada's
beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of
future performance. 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 news release, and not to use future-oriented information or financial outlooks for anything
other than their intended purpose. 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 the Quarterly Report to Shareholders dated July 27, 2017 and 2016
Annual Report filed under TransCanada's profile on SEDAR at www.sedar.com and
with the U.S. Securities and Exchange Commission at www.sec.gov.