May 3, 2011 (Marketwire Canada) --
CALGARY, ALBERTA -- TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today announced that the US$500 million Coolidge Generating Station is operational. The facility, which was completed on time and on budget, can provide 575 megawatts (MW) of power in 10 minutes on demand. Arizona-based utility Salt River Project has signed a 20-year power purchase arrangement to purchase all the power from the 12 turbine facility.
"We're pleased to add Coolidge to our growing portfolio of power generation following closely on the successful completion of the 683 megawatt Halton Hills facility and the 132 megawatt Kibby Wind project," said Russ Girling, TransCanada's president and chief executive officer. "This project represents a strategic fit for TransCanada as the demand for power in Arizona will grow and we are well positioned to meet that demand."
The natural-gas fired facility is located in the town of Coolidge, Arizona and has the capacity to generate enough power to meet the needs of approximately 575,000 homes. In addition to this facility, TransCanada has natural gas-fired plants, hydro facilities and wind power facilities in Maine, Vermont, New Hampshire, Massachusetts, Rhode Island and New York as part of its energy portfolio in the U.S.
The project, which began in 2009, created hundreds of construction jobs at its peak and will result in 13 new full-time positions to operate and maintain the facility. The facility is anticipated to provide a significant amount of revenue to state and local governments.
TransCanada has put into service eight major projects in the last year. The Keystone Pipeline System Phases I & II are delivering oil; the North Central Corridor, Groundbirch and Bison natural gas pipelines are all moving natural gas to market; Maine's largest wind project - Kibby Wind - became fully operational in late October; and the Halton Hills Generating Station in Ontario began producing power in the fall of 2010.
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.
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