Apr. 15, 2011 (Marketwire Canada) --
WASHINGTON, D.C. -- TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) has been informed that the U.S. Department of State has published the Keystone XL pipeline's Supplemental Draft Environmental Impact Statement (SDEIS).
"The Department of State has committed to making a decision on TransCanada's request for a Presidential Permit for the U.S. portion of Keystone XL by the end of 2011," said Russ Girling, TransCanada's president and chief executive officer. "The public release today of the supplemental environmental impact statement for this project is a significant step forward in ensuring that timeline is met."
The Department of State has indicated that the SDEIS public comment period will be open for 45 days.
According to all of the material that TransCanada has filed with the Department of State, Keystone XL will:
Use highly-qualified engineering and environmental professionals to design and construct the pipeline
Have virtually no emissions associated with the operation of the pipeline and its related facilities
Bury the pipeline deeper than regulations require
Restore the pipeline route to the condition we found it
Utilize the latest technology and strong steel to manufacture the pipe to exceed industry standards and regulatory requirements
Install additional shut-off valves in key locations
Have 16,000 secure data sensors that provide our Oil Control Specialists with real-time information on pipeline pressure, volumes and flow
The completed Keystone system will provide America with real options to bolster its energy and economic security by increasing its supply of oil from a friendly and reliable source in Canada. It will be a safe, modern and leading-edge pipeline with a very limited environmental impact. In addition, the Keystone system is projected to:
Spur more than $20 billion in new spending for the U.S. economy
Create 20,000 high-quality jobs during the pipeline's construction phase
Generate $6.5 billion in new personal income for U.S. workers and their families
Stimulate more than $585 million in new state and local taxes in states along the pipeline route during construction
Deliver $5.2 billion in taxes over the life of the project
With more than 60 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada's network of wholly owned natural gas pipelines extends more than 60,000 kilometres (37,000 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with approximately 380 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns, or has interests in, over 10,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest oil delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com.
This news release 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 securityholders 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, projects 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 others, the ability of TransCanada to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of TransCanada'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 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 to not place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not 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.
Terry Cunha/Shawn Howard
403.920.7859 or 800.608.7859
David Moneta/Terry Hook/Lee Evans
403.920.7911 or 800.361.6522