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TC PipeLines, LP Announces Fourth Quarter Distribution

Calgary, Alberta - January 16, 2004 - (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 fourth quarter 2003 distribution in the amount of US$0.55 per unit. This distribution is payable on February 13, 2004 to unitholders of record as of January 30, 2004.

Northern Border Pipeline Company ("Northern Border Pipeline") has advised the Partnership that it has declared today its fourth quarter 2003 distribution and has confirmed its intention to make such distribution to the Partnership. The Partnership owns a 30% interest in Northern Border Pipeline, the remaining 70% is owned by Northern Border Partners, L.P. ("Northern Border Partners"). Notwithstanding Northern Border Partners' announcement earlier today that it does not intend to declare its distribution for the quarter ended December 31, 2003 by January 20, 2004, the Partnership will be able to make its distribution in the ordinary course.

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 Gas Transmission Northwest Corporation (GTN), 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.

Cautionary Statement Regarding Forward Looking Information This news release includes forward-looking statements regarding future events and the future financial performance of TC PipeLines, LP. Words such as "believes", "expects", "intends", "forecasts", "projects", and similar expressions, identify forward-looking statements within the meaning of the Securities Litigation Reform Act. All forward-looking statements are based on the Partnership's current beliefs as well as assumptions made by and information currently available to the Partnership. These statements reflect the Partnership's current views with respect to future events. Important factors that could cause actual results to materially differ from the Partnership's current expectations include regulatory decisions, particularly those of the Federal Energy Regulatory Commission, the Securities and Exchange Commission, majority control of the Northern Border Pipeline management committee by affiliates of Enron Corp., which has filed for bankruptcy protection, the failure of a shipper on either one of the Partnership's pipelines to perform its contractual obligations, cost of acquisitions, future demand for natural gas, overcapacity in the industry, and other risks inherent in the transportation of natural gas as discussed in the Partnership's filings with the Securities and Exchange Commission, including the Partnership's Annual Report on Form 10-K for the year ended December 31, 2002.

Click here to view TC PipeLines, LP's Fourth Quarter Financial Highlights

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