TC PipeLines, LP Raises Quarterly Distribution to $0.575 per unit and Schedules Earnings Teleconference and Web Cast
Calgary, Alberta – July 20, 2004 – (Nasdaq: TCLP) – TC PipeLines, LP (the Partnership) today announced the board of directors of TC PipeLines GP, Inc., its general partner, has declared the Partnership’s second quarter 2004 distribution in the amount of US$0.575 per unit. This represents a US$0.025 per unit or approximately 4.5 per cent increase from the Partnership’s previous quarterly distribution. This distribution is payable on August 13, 2004 to unitholders of record as of July 30, 2004.
“The distribution increase announced today reflects the continuing strong performance of our pipeline investments,” said Ron Turner, president and chief executive officer of the general partner. “This is the fifth distribution increase in as many years, and demonstrates our ability to grow cash flows from our existing assets while maintaining a strong financial position.”
The Partnership will release its second quarter 2004 financial results after markets close on Monday, July 26, 2004. Analysts, members of the public, the media and other interested parties are invited to participate in a teleconference and audio Web cast on July 27, 2004 at 12 p.m. (Eastern). Ron Turner, president and chief executive officer of the general partner, will discuss the second quarter 2004 financial results and general developments and issues concerning the Partnership. To participate, please call (800) 387-6216. A replay of the conference call will also be available two hours after the conclusion of the call and until midnight, August 3, 2004, by dialing (800) 408-3053 then entering pass code 3079399.
A live Web cast of the conference call will also be available through the Partnership’s Web site at www.tcpipelineslp.com. An audio replay of the call will be maintained on the Web site.
TC PipeLines, LP is a publicly held limited partnership. It owns a 30 per cent interest in Northern Border Pipeline Company, a Texas general partnership, and a 49 per cent interest in Tuscarora Gas Transmission Company, a Nevada general partnership. Northern Border Pipeline, which is owned 70 per cent 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 Corporation. 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”.
Media Inquiries:
Kurt Kadatz/Hejdi Feick (403) 920-7859
Unitholder and
Analyst Inquiries:
David Moneta/Debbie Stein (877) 290-2772
investor_relations@tcpipelineslp.com
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