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TC PipeLines, LP Raises Quarterly Distribution to $0.55 per unit and Schedules Earnings Teleconference and Web Cast
Calgary, Alberta - July 22, 2003 - (Nasdaq: TCLP) - TC PipeLines, LP (the Partnership) today announced that the board of directors of TC PipeLines GP, Inc., its general partner, has declared the Partnership's second quarter 2003 distribution in the amount of US$0.55 per unit. This represents a US$0.025 per unit or 5% increase from the Partnership's previous quarterly distribution. The second quarter distribution will be paid on August 14, 2003 to unitholders of record as of July 31, 2003.
"Today's announcement reflects our commitment to growing our cash distribution in a disciplined manner," said Ron Turner, President and Chief Executive Officer of the general partner. "Northern Border Pipeline Company announced last week that it has successfully recontracted substantially all of the approximate 40% of capacity that was to expire this November, strongly reaffirming the pipeline system's competitive position. This, coupled with the Partnership's comfortable cash flow coverages led the board to support a recommendation to increase the distribution."
The Partnership will release its second quarter 2003 financial results after markets close on July 24, 2003. Ron Turner will host a teleconference and audio web cast on Friday, July 25 at 9:00 a.m. (eastern) to discuss second quarter 2003 financial results and general developments concerning the Partnership. Those interested in listening to the call can dial (800) 273-9672. A replay of the conference call will also be available two hours after the conclusion of the call and until midnight, August 1, 2003, by dialing (800) 408-3053 then entering passcode 1442346.
A live web cast of the conference call will also be available through the Partnership's Internet site at www.tcpipelineslp.com. An audio replay of the call will be maintained on the Internet site until August 31, 2003.
TC PipeLines, LP is a publicly held limited partnership. It owns a 30% interest in Northern Border Pipeline Company, a Texas general partnership, and a 49% interest in Tuscarora Gas Transmission Company, a Nevada general partnership. Northern Border Pipeline, which is owned 70% by Northern Border Partners, L.P., a publicly traded master limited partnership controlled by affiliates of Enron Corp., owns a 1,249-mile United States interstate pipeline system that transports natural gas from the Montana-Saskatchewan border to markets in the midwestern United States. Tuscarora owns a 240-mile United States interstate pipeline system that transports natural gas from Oregon, where it interconnects with facilities of PG&E National Energy Group, Gas Transmission Northwest, to northern Nevada. TC PipeLines, LP is managed by its general partner, TC PipeLines GP, Inc., a wholly owned subsidiary of TransCanada PipeLines Limited. Subsidiaries of TransCanada also hold common and subordinated units of the Partnership. Common units of TC PipeLines, LP are quoted on the Nasdaq Stock Market and trade under the symbol "TCLP". For more information about TC PipeLines, LP, visit the Partnership's Internet site at www.tcpipelineslp.com.
Media Inquiries:
Hejdi Feick / Kurt Kadatz
(403) 920-7859
Unitholder and Analyst Inquiries:
David Moneta / Debbie Stein
Toll-free (877) 290-2772
investor_relations@tcpipelineslp.com
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