Second Quarter Highlights

(All financial figures are unaudited and in Canadian dollars unless noted otherwise)

- Net income for second quarter 2008 of $324 million ($0.58 per share) compared to $257 million ($0.48 per share) for the same period in 2007, an increase of approximately 21 per cent on a per share basis

- Comparable earnings for second quarter 2008 of $316 million ($0.57 per share) compared to $241 million ($0.45 per share) for the same period in 2007, an increase of approximately 27 per cent on a per share basis

- Funds generated from operations for second quarter 2008 of $676 million compared to $596 million for the same period in 2007, an increase of approximately 13 per cent

- Dividend of $0.36 per common share declared by the Board of Directors

- Proceeded with plans for a 500,000 barrel per day expansion and extension of the Keystone crude oil pipeline system from western Canada to the U.S. Gulf Coast

- Construction began on the initial phase of Keystone that will serve markets in the U.S. Midwest

- Portlands Energy Centre went into service in simple-cycle mode on time and on budget

"The significant increase in second quarter earnings and cash flow demonstrates TransCanada's ability to deliver strong financial performance from its growing portfolio of high quality assets," said Hal Kvisle, TransCanada's president and chief executive officer. "Today we are in the midst of a $17 billion capital program that is expected to deliver significant value to our shareholders over the next five years. Preparing for the longer term, we continue to build and develop our portfolio of large scale energy infrastructure projects including oil and gas pipelines, power generating plants and natural gas storage facilities."

TransCanada Corporation (TransCanada) reported net income for second quarter 2008 of $324 million ($0.58 per share) compared to $257 million ($0.48 per share) for second quarter 2007.

Comparable earnings were $316 million ($0.57 per share) for second quarter 2008 compared to $241 million ($0.45 per share) in second quarter 2007. The $75 million ($0.12 per share) increase was due to strong earnings from the Company's Energy business and lower corporate costs. Higher realized power prices in Alberta was the primary reason for the significant increase in earnings in Energy's Western Power business. Corporate costs were lower in second quarter 2008 due to a reduction in financial charges. Comparable earnings in second quarter 2008 excluded a net unrealized gain of $8 million from fair value adjustments in the Natural Gas Storage business and in second quarter 2007 excluded $16 million of favourable income tax adjustments.

Funds generated from operations of $676 million in second quarter 2008 were $80 million higher than the $596 million generated in the same period in 2007 primarily due to higher earnings.

Notable recent developments in Pipelines, Energy and Corporate include:

Pipelines:

- The approximately US$7 billion Keystone Gulf Coast expansion project was announced, that is expected to provide additional capacity in 2012 of 500,000 barrels per day (bbl/d) from western Canada to the U.S. Gulf Coast, near existing terminals in Port Arthur, Texas. Keystone is a 50/50 partnership between TransCanada and ConocoPhillips. Construction of the facilities is anticipated to commence in 2010 following the receipt of the necessary regulatory approvals. When completed, the expansion will increase the commercial design of the Keystone pipeline system from 590,000 bbl/ d to approximately 1.1 million bbl/d. Keystone has secured long- term commitments for approximately 830,000 bbl/d for an average term of 18 years.

Construction began on the initial phase of the Keystone pipeline including facilities in Canada and the U.S., which will transport 590,000 bbl/d of crude oil from Hardisty, Alberta to U.S. Midwest markets. Deliveries to Wood River and Patoka, Illinois are expected to commence in late 2009, with deliveries to Cushing, Oklahoma anticipated in late 2010. The initial phase is expected to cost approximately US$5.2 billion.

- The Alaska House of Representatives voted in favour of granting TransCanada a license to build the Alaska pipeline. A positive Alaska Senate vote is a necessary condition for the issuance of the license. A vote by the Senate is anticipated by August 2, 2008. This major natural gas pipeline project would connect stranded U.S. natural gas reserves to Alaskan and Lower 48 consumers.

- TransCanada filed an application with the National Energy Board (NEB) to establish federal jurisdiction over the Alberta System. The NEB announced it would hold an oral hearing commencing in November 2008 with a decision expected in first quarter 2009. Federal regulation would enable the Alberta System to extend across provincial borders, providing integrated service to Alberta and British Columbia customers, and Northern gas producers.

- TransCanada concluded a non-binding open season to gauge interest for new natural gas transportation service connecting the Horn River and Montney/Groundbirch areas in British Columbia to TransCanada's Alberta System. TransCanada has received requests for gas transmission service exceeding 1 bcf/d for each area by 2012. It is anticipated TransCanada will complete a binding open season in the next several months.

- TransCanada continued to pursue opportunities to move an increasing supply of natural gas from the U.S. Rocky Mountains to growing markets using existing assets through proposals like Sunstone, Pathfinder, and Northern Border's proposed Bison project.

Energy:

- TransCanada announced that the Salt River Project signed a 20- year power purchase agreement to secure 100 per cent of the output from TransCanada's planned 575 megawatt (MW) Coolidge Generating Station in Coolidge, Arizona. Subject to receipt of required permits, construction is scheduled to begin in late 2009. The simple- cycle natural gas-fired peaking power facility is expected to be in service in May 2011.

- The 132 MW Kibby Wind power project received unanimous final development plan approval from the State of Maine's Land Use Regulation Commission. Pending all remaining regulatory approvals, construction is expected to begin in third quarter 2008 and the project is expected to be fully commissioned in 2010.

- The Portlands Energy Centre natural gas-fired, combined-cycle power plant in Toronto, Ontario went into service in simple-cycle mode on time and on budget. It is currently able to provide 340 MW of electricity. In September 2008, the power plant is anticipated to return to the construction phase and to be fully commissioned in a 550 MW combined-cycle mode in second quarter 2009.

- The U.S. Federal Energy and Regulatory Commission issued an order authorizing TransCanada's acquisition of the 2,480 MW Ravenswood Generating Facility (Ravenswood) located in Queens, New York. This acquisition remains subject to New York Public Service Commission approval and is expected to close in third quarter 2008.

- Broadwater Energy filed an appeal with the U.S. Secretary of Commerce related to New York State's Department of State's rejection of a proposal to construct the Broadwater liquefied natural gas (LNG) facility.

Corporate:

- TransCanada closed a $1.27 billion common share offering with net proceeds designated to partially fund acquisitions and capital projects including the acquisition of Ravenswood, construction of Keystone, and for general corporate purposes.

- Following the common share offering, TransCanada filed a final short form base shelf prospectus with securities regulators in Canada and the U.S. The filing was done in normal course to allow for the potential future offering up to $3.0 billion of preferred shares, common shares and/or subscription receipts.

- TransCanada's 2007 Corporate Responsibility Report was released that shares information and statistics in the areas of business, environment and human resources. The report includes a high-level, cross-functional discussion of the policies, procedures and everyday practices followed to address the needs of our stakeholders, the protection of the environment, and the management of our business.

Teleconference - Audio and Slide Presentation

TransCanada will hold a teleconference today at 2:30 p.m. (Mountain) / 4:30 p.m. (Eastern) to discuss the second quarter 2008 financial results and general developments and issues concerning the Company. Analysts, members of the media and other interested parties wanting to participate should phone 1-866-898-9626 or 416-340-2216 (Toronto area) at least 10 minutes prior to the start of the teleconference. No passcode is required. A live audio and slide presentation webcast of the teleconference will also be available on TransCanada's website at www.transcanada.com.

The conference will begin with a short address by members of TransCanada's executive management, followed by a question and answer period for investment analysts. A question and answer period for members of the media will immediately follow.

A replay of the teleconference will be available two hours after the conclusion of the call until midnight (Eastern) August 7, 2008. Please call (800) 408-3053 or (416) 695-5800 (Toronto area) and enter pass code 3266671#. The webcast will be archived and available for replay on www.transcanada.com.

About TransCanada

With more than 50 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas pipelines, power generation, gas storage facilities, and projects related to oil pipelines and LNG facilities. TransCanada's network of wholly owned pipelines extends more than 59,000 kilometres (36,500 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 355 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns, controls or is developing approximately 8,400 megawatts of power generation. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP.

FORWARD-LOOKING INFORMATION

This News Release may contain certain information that is forward looking and is subject to important risks and uncertainties. The words "anticipate", "expect", "may", "should", "estimate", "project", "outlook", "forecast" or other similar words are used to identify such forward-looking information. 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 which could cause actual results or events to differ materially from current expectations include, among other things, the ability of TransCanada to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of the Company's pipeline and energy assets, the availability and price of energy commodities, regulatory processes and decisions, changes in environmental and other laws and regulations, competitive factors in the pipeline and energy industry sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments and the current economic conditions in North America. By its nature, such 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. Readers are cautioned not to 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.

Non-GAAP Measures

TransCanada uses the measures "comparable earnings", "comparable earnings per share" and "funds generated from operations" in this News Release. These measures do not have any standardized meaning prescribed by Canadian Generally Accepted Accounting Principles (GAAP). They are, therefore, considered to be non-GAAP measures and are unlikely to be comparable to similar measures presented by other entities. Management of TransCanada uses non-GAAP measures to improve its ability to compare financial results among reporting periods and to enhance its understanding of operating performance, liquidity and ability to generate funds to finance operations. Non- GAAP measures are also provided to readers as additional information on TransCanada's operating performance, liquidity and ability to generate funds to finance operations.

Management uses the measure of comparable earnings to better evaluate trends in the Company's underlying operations. Comparable earnings comprise net income adjusted for specific items that are significant, but are not reflective of the Company's underlying operations. Specific items are subjective, however, management uses its judgement and informed decision-making when identifying items to be excluded in calculating comparable earnings, some of which may recur. Specific items may include but are not limited to certain income tax refunds and adjustments, gains or losses on sales of assets, legal and bankruptcy settlements, and fair value adjustments. The table in the Consolidated Results of Operations section of the Management's Discussion and Analysis presents a reconciliation of comparable earnings to net income. Comparable earnings per share is calculated by dividing comparable earnings by the weighted average number of shares outstanding for the period.

Funds generated from operations comprises net cash provided by operations before changes in operating working capital. A reconciliation of funds generated from operations to net cash provided by operations is presented in the Second Quarter 2008 Financial Highlights chart in this News Release.

__________________ Second Quarter 2008 Financial Highlights ________________________________ (unaudited) ________________________________________________Three months____ Six months Operating Results______________________________ended June 30__ended June 30 (millions of dollars)__________________________ 2008____2007__ 2008____2007 -------------------------------------------------------------------- ------- Revenues______________________________________ 2,017__ 2,208__4,150__ 4,452 Net Income______________________________________ 324____ 257____773____ 522 Comparable Earnings(1)__________________________ 316____ 241____642____ 491 Cash Flows Funds generated from operations(1)______________676____ 596__1,598__ 1,178 (Increase)/decrease in operating working __capital______________________________________ (104)____ 93____(98)____129 ______________________________________________---------------------- ------- Net cash provided by operations________________ 572____ 689__1,500__ 1,307 ______________________________________________---------------------- ------- ______________________________________________---------------------- ------- Capital Expenditures____________________________ 633____ 386__1,093____ 692 Acquisitions, Net of Cash Acquired________________ 2______ 4______4__ 4,224 -------------------------------------------------------------------- ------- -------------------------------------------------------------------- ------- Common Share Statistics________________________ Three months____ Six months ______________________________________________ ended June 30__ended June 30 ________________________________________________2008____2007__ 2008____2007 -------------------------------------------------------------------- ------- Net Income Per Share - Basic__________________ $0.58__ $0.48__$1.40__ $1.00 Comparable Earnings Per Share - Basic(1)______ $0.57__ $0.45__$1.17__ $0.94 Dividends Declared Per Share__________________ $0.36__ $0.34__$0.72__ $0.68 Basic Common Shares Outstanding (millions) Average for the period__________________________561____ 536____551____ 522 End of period__________________________________ 578____ 536____578____ 536 -------------------------------------------------------------------- ------- -------------------------------------------------------------------- ------- (1) For a further discussion on comparable earnings, funds generated from ____operations and comparable earnings per share, refer to the Non- GAAP ____Measures section in this News Release.

TRANSCANADA CORPORATION - SECOND QUARTER 2008

Quarterly Report to Shareholders

Management's Discussion and Analysis

Management's Discussion and Analysis (MD&A) dated July 31, 2008 should be read in conjunction with the accompanying unaudited Consolidated Financial Statements of TransCanada Corporation (TransCanada or the Company) for the three and six months ended June 30, 2008. It should also be read in conjunction with the audited Consolidated Financial Statements and notes thereto, and the MD&A contained in TransCanada's 2007 Annual Report for the year ended December 31, 2007. Additional information relating to TransCanada, including the Company's Annual Information Form and other continuous disclosure documents, is available on SEDAR at www.sedar.com under TransCanada Corporation. Amounts are stated in Canadian dollars unless otherwise indicated. Capitalized and abbreviated terms that are used but not otherwise defined herein are identified in the Glossary of Terms contained in TransCanada's 2007 Annual Report.

Forward-Looking Information

This MD&A 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. 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 other things, the ability of TransCanada to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of the Company's pipeline and energy assets, the availability and price of energy commodities, regulatory processes and decisions, changes in environmental and other laws and regulations, competitive factors in the pipeline and energy industry sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments and the current 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 MD&A 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.

Non-GAAP Measures

TransCanada uses the measures "comparable earnings", "comparable earnings per share", "funds generated from operations" and "operating income" in this MD&A. These measures do not have any standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP). They are, therefore, considered to be non-GAAP measures and are unlikely to be comparable to similar measures presented by other entities. Management of TransCanada uses non-GAAP measures to improve its ability to compare financial results among reporting periods and to enhance its understanding of operating performance, liquidity and ability to generate funds to finance operations. Non-GAAP measures are also provided to readers as additional information on TransCanada's operating performance, liquidity and ability to generate funds to finance operations.

Management uses the measure of comparable earnings to better evaluate trends in the Company's underlying operations. Comparable earnings comprise net income adjusted for specific items that are significant, but are not reflective of the Company's underlying operations. Specific items are subjective, however, management uses its judgement and informed decision-making when identifying items to be excluded in calculating comparable earnings, some of which may recur. Specific items may include but are not limited to certain income tax refunds and adjustments, gains or losses on sales of assets, legal and bankruptcy settlements, and fair value adjustments. The table in the Consolidated Results of Operations section of this MD&A presents a reconciliation of comparable earnings to net income. Comparable earnings per share is calculated by dividing comparable earnings by the weighted average number of shares outstanding for the period.

Funds generated from operations comprises net cash provided by operations before changes in operating working capital. A reconciliation of funds generated from operations to net cash provided by operations is presented in the "Liquidity and Capital Resources" section of this MD&A.

Operating income is reported in the Company's Energy business segment and comprises revenues less operating expenses as shown on the Consolidated Income Statement. A reconciliation of operating income to net income is presented in the Energy section of this MD&A.

Consolidated Results of Operations Reconciliation of Comparable Earnings to Net Income ________________________________________________Three months____ Six months (unaudited)____________________________________ended June 30__ended June 30 (millions of dollars except per share amounts)__2008____2007__ 2008____2007 -------------------------------------------------------------------- -------- Pipelines Comparable earnings____________________________ 158____ 166____357____ 321 Specific items (net of tax): __Calpine bankruptcy settlements__________________ -______ - ____152______ - __GTN lawsuit settlement__________________________ -______ -____ 10______ - ______________________________________________ --------------------- -------- Net income______________________________________158____ 166____519____ 321 Energy Comparable earnings____________________________ 143______90____292____ 196 Specific items (net of tax, where __applicable): __Writedown of Broadwater LNG project costs________-______ - ____(27)______- __Fair value adjustments of natural gas __ storage inventory__and forward contracts________8______ -____ (4)______- __Income tax adjustments__________________________ -______ 4______- ______ 4 ______________________________________________ --------------------- -------- Net income______________________________________151______94____261____ 200 Corporate Comparable earnings/(expenses)__________________ 15____ (15)____(7)____(26) Specific item: __Income tax adjustments__________________________ -______12______- ______27 ______________________________________________ --------------------- -------- Net income/ (expenses)____________________________15______(3)____(7)______1 ______________________________________________ --------------------- -------- Net Income(1)____________________________________324____ 257____773____ 522 ______________________________________________ --------------------- -------- ______________________________________________ --------------------- -------- Net Income Per Share(2) Basic and Diluted______________________________$0.58__ $0.48__$1.40__ $1.00 ______________________________________________ --------------------- -------- ______________________________________________ --------------------- -------- (1)Comparable Earnings__________________________ 316____ 241____642____ 491 Specific items (net of tax, where __applicable): __Calpine bankruptcy settlements__________________ -______ - ____152______ - __GTN lawsuit settlement__________________________ -______ -____ 10______ - __Writedown of Broadwater LNG project costs________-______ - ____(27)______- __Fair value adjustments of natural gas __ storage inventory and forward contracts________ 8______ -____ (4)______- __Income tax adjustments__________________________ -______16______- ______31 ______________________________________________ --------------------- -------- Net Income______________________________________324____ 257____773____ 522 ______________________________________________ --------------------- -------- ______________________________________________ --------------------- -------- (2)Comparable Earnings Per Share______________ $0.57__ $0.45__$1.17__ $0.94 Specific items - per share __Calpine bankruptcy settlements__________________ -______ -__ 0.27______ - __GTN lawsuit settlement__________________________ -______ -__ 0.02______ - __Writedown of Broadwater LNG project costs________-______ - __(0.05)______- __Fair value adjustments of natural gas __ storage inventory and forward contracts______0.01______ - __(0.01)______- __Income tax adjustments__________________________ -____0.03______- ____0.06 ______________________________________________ --------------------- -------- Net Income Per Share__________________________$0.58__ $0.48__$1.40__ $1.00 ______________________________________________ --------------------- -------- ______________________________________________ --------------------- --------

TransCanada's net income in second-quarter 2008 was $324 million or $0.58 per share compared to $257 million or $0.48 per share in second-quarter 2007. The $67-million increase in net income was primarily due to increased second-quarter 2008 earnings in Energy and Corporate, partially offset by a decrease in earnings in Pipelines. Earnings from Energy were higher in second-quarter 2008 compared to second-quarter 2007 primarily due to increased Western Power and Eastern Power earnings. Energy's earnings in second- quarter 2008 also included net unrealized gains of $8 million after tax ($12 million pre-tax) resulting from changes in fair value of proprietary natural gas storage inventory and natural gas forward purchase and sale contracts. Corporate's earnings were higher in second-quarter 2008 compared to second-quarter 2007 primarily due to a reduction in financial charges. Pipelines' earnings were lower in second-quarter 2008 compared to second-quarter 2007 primarily due to reduced Canadian Mainline and ANR earnings, and increased general, administrative and support costs, partially offset by increased GTN earnings. Net income in second-quarter 2007 included favourable income tax adjustments of $16 million ($12 million in Corporate and $4 million in Energy) resulting from changes in Canadian federal income tax legislation.

Comparable earnings for second-quarter 2008 were $316 million or $0.57 per share compared to $241 million or $0.45 per share for the same period in 2007. On a per share basis, comparable earnings increased approximately 27 per cent in second-quarter 2008 compared to second-quarter 2007. Comparable earnings in second-quarter 2008 excluded the $8 million of net unrealized gains resulting from changes in fair value of proprietary natural gas storage inventory and natural gas forward purchase and sale contracts. Comparable earnings in second-quarter 2007 excluded the $16 million of favourable income tax adjustments.

Net income was $773 million or $1.40 per share for the first six months in 2008 compared to $522 million or $1.00 per share for the same period in 2007. The $251-million increase in net income for the first six months of 2008 compared to the same period in 2007 was primarily due to increased earnings in Pipelines and Energy, partially offset by a decrease in earnings in Corporate. Earnings in Pipelines were higher for the first six months of 2008 compared to the first six months of 2007 primarily due to increased earnings from ANR and GTN, a $152 million after-tax ($240 million pre-tax) gain on shares received by GTN and Portland for bankruptcy settlements from certain subsidiaries of Calpine Corporation (Calpine) and proceeds from a GTN lawsuit settlement of $10 million after tax ($17 million pre-tax). Earnings in Energy were higher for the first six months of 2008 compared to the same period last year primarily due to increased Western Power, Eastern Power and Natural Gas Storage earnings. Partially offsetting these increases to earnings in the first six months of 2008 was a $27 million after- tax ($41 million pre-tax) writedown of costs previously capitalized for the Broadwater liquefied natural gas (LNG) project and a reduction in earnings due to favourable income tax adjustments of $31 million ($27 million in Corporate and $4 million in Energy) recorded in the first six months of 2007 relating to the reduction in Canadian federal and provincial corporate income tax rates, the resolution of certain income tax matters with taxation authorities and a corporate restructuring.

Comparable earnings for the first six months of 2008 were $642 million or $1.17 per share compared to $491 million or $0.94 per share for the same period in 2007. On a per share basis, comparable earnings increased approximately 24 per cent for the first six months in 2008 compared to the same period in 2007. Comparable earnings for the first six months of 2008 excluded the Calpine bankruptcy settlements, the GTN lawsuit settlement, the writedown of the Broadwater LNG project costs and the net unrealized losses from the natural gas storage fair value adjustments. Comparable earnings for the first six months of 2007 excluded the favourable income tax adjustments of $31 million.

Results from each of the businesses for the three and six months ended June 30, 2008 are discussed further in the Pipelines, Energy and Corporate sections of this MD&A.

Funds generated from operations of $676 million and $1,598 million for the three and six months ended June 30, 2008, respectively, increased $80 million (or 13 per cent) and $420 million (or 36 per cent), respectively, compared to the same periods in 2007. For a further discussion on funds generated from operations, refer to the Liquidity and Capital Resources section in this MD&A.

Pipelines

The Pipelines business generated net income and comparable earnings of $158 million in second-quarter 2008, a decrease of $8 million compared to net income and comparable earnings of $166 million in second-quarter 2007.

Net income and comparable earnings for the six months ended June 30, 2008 were $519 million and $357 million, respectively, compared to $321 million for the same six months in 2007. Comparable earnings for the first six months of 2008 excluded the after-tax gains of $152 million on the Calpine shares received by GTN and Portland for the Calpine bankruptcy settlements, and proceeds received by GTN as a result of a $10 million after-tax lawsuit settlement with a software supplier.

Pipelines Results______________________________ Three months____ Six months (unaudited)____________________________________ended June 30__ended June 30 (millions of dollars)__________________________ 2008____2007__ 2008____2007 -------------------------------------------------------------------- -------- Wholly Owned Pipelines Canadian Mainline________________________________70______75____138____ 132 Alberta System__________________________________ 33______34____ 65______65 ANR(1)__________________________________________ 25______29____ 70______50 GTN______________________________________________15______ 5____ 34______16 Foothills________________________________________ 6______ 8____ 13______14 ______________________________________________ --------------------- -------- ________________________________________________ 149____ 151____320____ 277 ______________________________________________ --------------------- -------- Other Pipelines Great Lakes(2)__________________________________ 11______11____ 23______25 PipeLines LP(3)__________________________________ 5______ 4____ 12______ 6 Iroquois__________________________________________3______ 3______8______ 8 Tamazunchale______________________________________2______ 2______4______ 5 Other(4)__________________________________________8______10____ 21______25 Northern Development____________________________ (1)____ (1)____(1)____ (2) General, administrative, support costs and __other__________________________________________(19)____(14)__ (30)____(23) ______________________________________________ --------------------- -------- __________________________________________________ 9______15____ 37______44 ______________________________________________ --------------------- -------- Comparable Earnings______________________________158____ 166____357____ 321 Specific items (net of tax): Calpine bankruptcy settlements(5)________________ -______ - ____152______ - GTN lawsuit settlement____________________________-______ -____ 10______ - ______________________________________________ --------------------- -------- Net Income______________________________________ 158____ 166____519____ 321 ______________________________________________ --------------------- -------- ______________________________________________ --------------------- -------- (1) ANR's results include earnings from the date of acquisition of February ____22, 2007. (2) Great Lakes' results reflect TransCanada's 53.6 per cent ownership in ____Great Lakes since February 22, 2007 and 50 per cent ownership prior to ____that date. (3) PipeLines LP's results include TransCanada's effective ownership of an ____additional 14.9 per cent interest in Great Lakes since February 22, 2007 ____as a result of PipeLines LP's acquisition of a 46.4 per cent interest in ____Great Lakes and TransCanada's 32.1 per cent interest in PipeLines LP. (4) Other includes results of Portland, Ventures LP, TQM, TransGas and Gas ____Pacifico/INNERGY. (5) GTN and Portland received shares of Calpine with an initial after-tax ____value of $95 million and $38 million (TransCanada's share), ____respectively, from the bankruptcy settlements with Calpine. These shares ____were subsequently sold for an additional after-tax gain of $19 million.

Wholly Owned Pipelines

Canadian Mainline's second-quarter 2008 net income of $70 million decreased $5 million compared to $75 million in second-quarter 2007. In May 2007, a settlement effective January 1, 2007 to December 31, 2011 was approved by the National Energy Board (NEB), which included an increase in the deemed common equity ratio from 36 per cent to 40 per cent and certain performance-based incentive arrangements. A favourable $6-million adjustment was recorded in second-quarter 2007 that related to the first three months of 2007 as a result of the settlement. In addition, earnings in second-quarter 2008 reflected the negative impact of a lower average investment base. These decreases were partially offset by the positive impact of a higher rate of return on common equity (ROE), as determined by the NEB, of 8.71 per cent in 2008 compared to 8.46 per cent in 2007.

Canadian Mainline's net income for the six months ended June 30, 2008 increased $6 million to $138 million primarily as a result of the higher ROE and performance-based incentive arrangements, partially offset by a lower average investment base.

The Alberta System's net income was $33 million in second- quarter 2008 and $65 million for the first six months of 2008 compared to $34 million and $65 million for the same periods in 2007. Earnings in 2008 reflect an ROE of 8.75 per cent compared to 8.51 per cent in 2007, both on a deemed common equity of 35 per cent.

ANR's net income in second-quarter 2008 was $25 million compared to $29 million in second-quarter 2007. Net income for the first six months of 2008 was $70 million compared to $50 million for the period commencing on the acquisition date of February 22, 2007 to June 30, 2007. The decrease in second-quarter 2008 was primarily due to higher operations, maintenance and administrative (OM&A) costs, partially offset by increased revenues from new growth projects. The increase for the first six months of 2008 was primarily due to a full six months of earnings in 2008, higher revenues from new growth projects and increased firm transport revenues, partially offset by higher OM&A costs and the negative impact on earnings of a stronger Canadian dollar.

GTN's comparable earnings for the three and six months ended June 30, 2008 increased $10 million and $18 million, respectively, compared to the same periods in 2007. The increases were primarily due to the positive impact of a rate case settlement approved by the Federal Energy Regulatory Commission (FERC) in January 2008 and lower OM&A expenses. For the six months ended June 30, 2008, these increases were partially offset by the negative impact on earnings of a stronger Canadian dollar.

Operating Statistics ____________________ Six months ended____ Canadian______Alberta__________________ GTN June 30__________ Mainline(1)____System(2)__ANR(3)(4)__System(3)__Foothills (unaudited)________2008__2007__ 2008__2007__2008 2007__2008 2007__2008__2007 -------------------------------------------------------------------- -------- Average investment base ($ millions)____ 7,123 7,359__4,286 4,254__ n/a__n/a____n/a n/a__ 760__ 816 Delivery volumes (Bcf) Total____________1,762 1,614__1,930 2,004__ 881__498____394 371__ 660__ 676 Average per day____9.7__ 8.9__ 10.6__11.1__ 4.8__3.9____2.2 2.0__ 3.6__ 3.7 -------------------------------------------------------------------- -------- (1) Canadian Mainline's physical receipts originating at the Alberta border ____and in Saskatchewan for the six months ended June 30, 2008 were 800 ____billion cubic feet (Bcf) (2007 - 1,086 Bcf); average per day was 4.4 Bcf ____(2007 - 6.0 Bcf). (2) Field receipt volumes for the Alberta System for the six months ended ____June 30, 2008 were 1,919 Bcf (2007 - 2,039 Bcf); average per day was ____10.5 Bcf (2007 - 11.3 Bcf). (3) ANR's and the GTN System's results are not impacted by current average ____investment base as these systems operate under a fixed rate model ____approved by the FERC. (4) TransCanada acquired ANR on February 22, 2007.

Other Pipelines

TransCanada's proportionate share of net income from Other Pipelines was $9 million for the three months ended June 30, 2008 compared to $15 million for the same period in 2007. The decrease was primarily due to increased project development costs and the negative impact on earnings of a stronger Canadian dollar.

TransCanada's proportionate share of net income from Other Pipelines was $37 million for the six months ended June 30, 2008 compared to $44 million for the same period in 2007. The decrease was primarily due to increased project development costs and the negative impact on earnings of a stronger Canadian dollar, partially offset by increased earnings from PipeLines LP, reflecting PipeLines LP's increased ownership in Great Lakes and TransCanada's increased ownership in PipeLines LP.

As at June 30, 2008, TransCanada had advanced $140 million to the Aboriginal Pipeline Group with respect to the Mackenzie Gas Pipeline (MGP) project. TransCanada and the other co-venture companies involved in the MGP continue to pursue approval of the proposed project, focusing on the regulatory process and discussions with the Canadian government on fiscal framework. Project timing is uncertain and is conditional upon resolution of regulatory and fiscal matters.

Energy

Energy's net income of $151 million in second-quarter 2008 increased $57 million compared to $94 million in second-quarter 2007. Comparable earnings in second-quarter 2008 of $143 million increased $53 million compared to the same period in 2007 and excluded net unrealized gains of $8 million after tax ($12 million pre-tax) resulting from changes in fair value of proprietary natural gas storage inventory and natural gas forward purchase and sale contracts. Comparable earnings of $90 million in second-quarter 2007 excluded $4 million of favourable income tax adjustments.

Energy's net income for the six months ended June 30, 2008 of $261 million increased $61 million compared to $200 million for the same period in 2007. For the first six months of 2008, comparable earnings of $292 million increased $96 million compared to the same period in 2007 and excluded a $27 million after-tax ($41 million pre- tax) writedown of costs previously capitalized for the Broadwater LNG project and net unrealized losses of $4 million after tax ($5 million pre-tax) resulting from natural gas storage fair value changes. Comparable earnings of $196 million for the first six months of 2007 excluded the $4 million of favourable income tax adjustments.

Energy Results__________________________________Three months____ Six months (unaudited)____________________________________ended June 30__ended June 30 (millions of dollars)__________________________ 2008____2007__ 2008____2007 -------------------------------------------------------------------- -------- Western Power____________________________________116______57____194____ 130 Eastern Power____________________________________ 80______70____165____ 137 Bruce Power______________________________________ 31______31____ 68______60 Natural Gas Storage______________________________ 18______20____ 66______50 General, administrative, support costs and other__________________________________________ (35)____(39)__ (76)____(75) ______________________________________________ --------------------- -------- Operating income________________________________ 210____ 139____417____ 302 Financial charges________________________________ (6)____ (6)__ (11)____(10) Interest income and other__________________________3______ 3______4______ 6 Writedown of Broadwater LNG project costs__________-______ - ____(41)______- Income taxes____________________________________ (56)____(42)__(108)____(98) ______________________________________________ --------------------- -------- Net Income______________________________________ 151______94____261____ 200 ______________________________________________ --------------------- -------- ______________________________________________ --------------------- -------- Comparable Earnings______________________________143______90____292____ 196 Specific items (net of tax, where applicable): Fair value adjustments of natural gas storage __inventory and forward contracts__________________8______ -____ (4)______- Writedown of Broadwater LNG project costs________ -______ - ____(27)______- Income tax adjustments____________________________-______ 4______- ______ 4 ______________________________________________ --------------------- -------- Net Income______________________________________ 151______94____261____ 200 ______________________________________________ --------------------- -------- Western Power Western Power Results__________________________ Three months____ Six months (unaudited)____________________________________ended June 30__ended June 30 (millions of dollars)__________________________ 2008____2007__ 2008____2007 -------------------------------------------------------------------- -------- Revenues Power__________________________________________ 283____ 217____578____ 498 Other(1)________________________________________ 35______21____ 52______49 ______________________________________________ --------------------- -------- ________________________________________________ 318____ 238____630____ 547 ______________________________________________ --------------------- -------- Commodity purchases resold Power__________________________________________(124)__ (131)__(294)__ (305) Other(2)________________________________________(21)____(12)__ (34)____(35) ______________________________________________ --------------------- -------- ________________________________________________(145)__ (143)__(328)__ (340) ______________________________________________ --------------------- -------- Plant operating costs and other__________________(50)____(34)__ (94)____(68) Depreciation______________________________________(7)____ (4)__ (14)____ (9) ______________________________________________ --------------------- -------- Operating Income________________________________ 116______57____194____ 130 ______________________________________________ --------------------- -------- ______________________________________________ --------------------- -------- (1) Other revenue includes sales of natural gas and thermal carbon black. (2) Other commodity purchases resold includes the cost of natural gas sold. Western Power Sales Volumes____________________ Three months____ Six months (unaudited)____________________________________ended June 30__ended June 30 (GWh)__________________________________________2008____ 2007__ 2008____2007 -------------------------------------------------------------------- ------- Supply Generation____________________________________ 506______531__1,135__ 1,123 Purchased __Sundance A & B and Sheerness PPAs(1)________2,835____2,877__6,194__ 6,130 __Other purchases______________________________ 178______416____447____ 865 ____________________________________________ ----------------------- -------

_____________________________________________3,519____3,824__7,776__ 8,118 ____________________________________________ ----------------------- ------- ____________________________________________ ----------------------- ------- Sales Contracted__________________________________ 2,819____3,017__5,893__ 6,509 Spot__________________________________________ 700______807__1,883__ 1,609 ____________________________________________ ----------------------- -------

_____________________________________________3,519____3,824__7,776__ 8,118 ____________________________________________ ----------------------- ------- ____________________________________________ ----------------------- ------- (1) Power purchase arrangements.

Western Power's operating income of $116 million in second- quarter 2008 increased $59 million compared to $57 million in second- quarter 2007. This increase was primarily due to increased margins from the Alberta power portfolio resulting from higher overall realized power prices and market heat rates on both contracted and uncontracted volumes of power sold in Alberta. The market heat rate is determined by dividing the average price of power per megawatt hour (MWh) by the average price of natural gas per gigajoule (GJ) for a given period.

Western Power's revenues increased in second-quarter 2008 compared to second-quarter 2007 as a result of higher overall realized prices, partially offset by slightly lower sales volumes.

Western Power manages the sale of its supply volumes on a portfolio basis. A portion of its supply is held for sale in the spot market for operational reasons and the amount of supply volumes eventually sold into the spot market is dependent upon the ability to transact in forward sales markets at acceptable contract terms. This approach to portfolio management assists in minimizing costs in situations where Western Power would otherwise have to purchase electricity in the open market to fulfill its contractual sales obligations. Approximately 20 per cent of power sales volumes were sold into the spot market in second-quarter 2008 compared to 21 per cent in second-quarter 2007. To reduce its exposure to spot market prices on uncontracted volumes, as at June 30, 2008, Western Power had fixed-price power sales contracts to sell approximately 5,400 gigawatt hours (GWh) for the remainder of 2008 and 7,800 GWh for 2009.

Western Power's operating income for the six months ended June 30, 2008 increased $64 million to $194 million compared to the same period in 2007, primarily due to higher overall realized power prices.

Eastern Power Eastern Power Results(1)________________________Three months____ Six months (unaudited)____________________________________ended June 30__ended June 30 (millions of dollars)__________________________ 2008____2007__ 2008____2007 -------------------------------------------------------------------- -------- Revenue Power__________________________________________ 263____ 389____541____ 743 Other(2)________________________________________ 95______64____177____ 147 ______________________________________________ --------------------- -------- ________________________________________________ 358____ 453____718____ 890 ______________________________________________ --------------------- -------- Commodity purchases resold Power__________________________________________(105)__ (183)__(241)__ (360)

ther(2)________________________________________(96)____(67)__(162)__ (125) ______________________________________________ --------------------- -------- ________________________________________________(201)__ (250)__(403)__ (485) ______________________________________________ --------------------- -------- Plant operating costs and other__________________(63)__ (120)__(122)__ (244) Depreciation____________________________________ (14)____(13)__ (28)____(24) ______________________________________________ --------------------- -------- Operating Income__________________________________80______70____165____ 137 ______________________________________________ --------------------- -------- ______________________________________________ --------------------- -------- (1) Includes Becancour for the six months ended June 30, 2007 and ____Anse-a-Valleau effective November 10, 2007. (2) Other revenue includes sales of natural gas and other commodity ____purchases resold includes the cost of natural gas sold. Eastern Power Sales Volumes(1)__________________Three months____ Six months (unaudited)____________________________________ended June 30__ended June 30 (GWh)__________________________________________ 2008____2007__ 2008____2007 -------------------------------------------------------------------- -------- Supply Generation____________________________________1,056__ 2,028__2,142__ 4,051 Purchased____________________________________ 1,383__ 1,562__2,907__ 3,088 ______________________________________________ --------------------- -------- ______________________________________________ 2,439__ 3,590__5,049__ 7,139 ______________________________________________ --------------------- -------- ______________________________________________ --------------------- -------- Sales Contracted____________________________________2,371__ 3,437__4,883__ 6,794 Spot____________________________________________ 68____ 153____166____ 345 ______________________________________________ --------------------- -------- ______________________________________________ 2,439__ 3,590__5,049__ 7,139 ______________________________________________ --------------------- -------- ______________________________________________ --------------------- -------- (1) Includes Becancour for the six months ended June 30, 2007 and ____Anse-a-Valleau effective November 10, 2007.

Eastern Power's operating income of $80 million and $165 million for the three and six months ended June 30, 2008, respectively, increased $10 million and $28 million, respectively, compared to the same periods in 2007. The increases were primarily due to the impact of higher realized power prices in New England and increased sales volumes to wholesale, commercial and industrial New England customers. The agreement to temporarily suspend generation at the Becancour facility beginning January 1, 2008 resulted in decreases to power revenues, plant operating costs and other, generation volumes and contracted sales in 2008. The agreement, however, has not materially affected Eastern Power's operating income due to capacity payments received pursuant to the agreement with Hydro- Quebec.

Eastern Power's power revenues of $263 million decreased $126 million in second-quarter 2008 compared to second-quarter 2007 due to the temporary suspension of generation at the Becancour facility. Power commodity purchases resold of $105 million and purchased power volumes of 1,383 GWh were lower in second-quarter 2008, compared to the same period in 2007. The reduced expense was due to a lower overall cost per GWh on purchased power volumes as well as the lower purchased power volumes. Plant operating costs and other of $63 million, which includes fuel gas consumed in generation, decreased in second-quarter 2008 from the prior year due to the temporary suspension of generation at the Becancour facility.

In second-quarter 2008, approximately three per cent of power sales volumes were sold into the spot market compared to approximately four per cent in second-quarter 2007. Eastern Power is focused on selling the majority of its power under contract to wholesale, commercial and industrial customers, while managing a portfolio of power supplies sourced from its own generation and wholesale power purchases. To reduce its exposure to spot market prices, as at June 30, 2008, Eastern Power had entered into fixed price power sales contracts to sell approximately 4,400 GWh for the remainder of 2008 and 5,700 GWh for 2009, although certain contracted volumes are dependent on customer usage levels.

Bruce Power ________________________________________________Three months____ Six months Bruce Power Results____________________________ended June 30__ended June 30 (unaudited)____________________________________ 2008____2007__ 2008____2007 -------------------------------------------------------------------- -------- Bruce Power (100 per cent basis) (millions of dollars) Revenues __Power__________________________________________492____ 450____960____ 910 __Other(1)________________________________________20______30____ 37______50 ______________________________________________ --------------------- -------- ________________________________________________ 512____ 480____997____ 960 ______________________________________________ --------------------- -------- Operating expenses __Operations and maintenance(2)________________ (304)__ (259)__(582)__ (554) __Fuel__________________________________________ (35)____(28)__ (63)____(53) __Supplemental rent(2)__________________________ (44)____(42)__ (87)____(85) __Depreciation and amortization__________________(37)____(36)__ (73)____(72) ______________________________________________ --------------------- -------- ________________________________________________(420)__ (365)__(805)__ (764) ______________________________________________ --------------------- -------- Operating Income________________________________ 92____ 115____192____ 196 ______________________________________________ --------------------- -------- ______________________________________________ --------------------- -------- TransCanada's proportionate share - Bruce A__________________________________________18______ 2____ 50______17 TransCanada's proportionate share - Bruce B__________________________________________18______35____ 28______51 ______________________________________________ --------------------- -------- TransCanada's proportionate share________________ 36______37____ 78______68 Adjustments______________________________________ (5)____ (6)__ (10)____ (8) ______________________________________________ --------------------- -------- TransCanada's combined operating income from Bruce Power__________________________31______31____ 68______60 ______________________________________________ --------------------- -------- ______________________________________________ --------------------- -------- Bruce Power - Other Information Plant availability Bruce A__________________________________________85%____ 74%____91%____ 82% Bruce B__________________________________________81%____ 91%____77%____ 84% Combined Bruce Power____________________________ 82%____ 85%____81%____ 83% Planned outage days Bruce A__________________________________________26______35____ 33______50 Bruce B__________________________________________50______ 9____100______80 Unplanned outage days Bruce A__________________________________________ 1______ 7______2______ 7 Bruce B__________________________________________15______17____ 48______21 Sales volumes (GWh) Bruce A - 100 per cent________________________2,730__ 2,410__5,790__ 5,320 TransCanada's proportionate share____________ 1,330__ 1,175__2,826__ 2,591 Bruce B - 100 per cent________________________5,710__ 6,370 10,850__11,800 TransCanada's proportionate share____________ 1,804__ 2,016__3,428__ 3,729 Combined Bruce Power - 100 per cent__________ 8,440__ 8,780 16,640__17,120 TransCanada's proportionate share____________ 3,134__ 3,191__6,254__ 6,320 Results per MWh Bruce A power revenues__________________________$63____ $60____$61____ $59 Bruce B power revenues__________________________$56____ $48____$56____ $51 Combined Bruce Power revenues__________________ $58____ $51____$58____ $53 Combined Bruce Power fuel________________________$4______$3____ $4______$3 Combined Bruce Power operating __expenses(3)____________________________________$48____ $41____$47____ $44 Percentage of output sold to spot market__________________________________________ 22%____ 47%____25%____ 41% ______________________________________________ --------------------- -------- ______________________________________________ --------------------- -------- (1) Other revenue includes Bruce A fuel cost recoveries of $15 million and ____$28 million for the three and six months ended June 30, 2008, ____respectively ($8 million and $16 million for the three and six months ____ended June 30, 2007, respectively). Other revenue also includes losses ____of $9 million and $18 million as a result of changes in fair value of ____held-for-trading derivatives for the three and six months ended June 30, ____2008, respectively (gains of $18 million for the three and six months ____ended June 30, 2007). (2) Includes adjustments to eliminate the effects of inter- partnership ____transactions between Bruce A and Bruce B. (3) Net of fuel cost recoveries.

TransCanada's combined operating income from its investment in Bruce Power was $31 million in second-quarter 2008, which was consistent with the same period in 2007.

TransCanada's proportionate share of operating income in Bruce A increased $16 million to $18 million in second-quarter 2008 compared to second-quarter 2007 as a result of higher output and higher realized prices. Bruce A power prices achieved during second- quarter 2008 were $63 per MWh compared to $60 per MWh in second- quarter 2007.

TransCanada's proportionate share of operating income in Bruce B decreased $17 million to $18 million in second-quarter 2008 compared to second-quarter 2007. Higher realized prices at Bruce B in second- quarter 2008 were more than offset by higher operating costs and lower output due to an increase in planned outage days, as well as an increase in unrealized losses from changes in fair value of electricity swaps and forwards in second-quarter 2008. Bruce B power prices achieved during second-quarter 2008 were $56 per MWh compared to $48 per MWh in second-quarter 2007. The increase was due to higher contract prices on a higher proportion of volumes sold under contract in the three and six months ended June 30, 2008 compared to the same periods in 2007. Also contributing to the increase were higher spot market prices in Ontario, partially offset by lower output for second-quarter 2008.

Bruce Power's combined operating expenses (net of fuel cost recoveries) increased to $48 per MWh in second-quarter 2008 from $41 per MWh in second-quarter 2007 primarily due to higher planned outage costs and lower output.

TransCanada's combined operating income from its investment in Bruce Power for the six months ended June 30, 2008 was $68 million compared to $60 million for the same period in 2007. The increase of $8 million was primarily due to higher realized prices, partially offset by higher operating costs associated with an increase in outage days in 2008 compared to 2007. Increases in TransCanada's combined interest in Bruce Power's operating income were partially offset by lower positive purchase price amortizations related to the expiry of power sales agreements in 2007.

TransCanada's share of Bruce Power's generation for second- quarter 2008 decreased slightly to 3,134 GWh compared to 3,191 GWh in second-quarter 2007. The Bruce units ran at a combined average availability of 82 per cent in second-quarter 2008, compared to an 85 per cent average availability in second-quarter 2007. The lower availability in second-quarter 2008 was the result of more planned maintenance outage days at Bruce B, partially offset by fewer unplanned outage days at both Bruce A and Bruce B. As a result of actual plant outages to date, the overall plant availability percentage in 2008 is currently expected to be in the high 80s for the four Bruce B units and the mid 80s for the two operating Bruce A units.

Pursuant to the terms of a contract with the Ontario Power Authority (OPA), all of the output from Bruce A in second-quarter 2008 was sold at a fixed price of $63.00 per MWh (before recovery of fuel costs from the OPA) compared to $59.69 per MWh in second- quarter 2007. In addition, sales from the Bruce B Units 5 to 8 were subject to a floor price of $47.66 per MWh in second-quarter 2008 and $46.82 per MWh in second-quarter 2007. Both the Bruce A and Bruce B reference prices are adjusted annually for inflation on April 1. Payments received pursuant to the Bruce B floor price mechanism are subject to a recapture payment dependent on annual spot prices over the term of the contract. Bruce B net income has not included any amounts received under this floor price mechanism to date. To further reduce its exposure to spot market prices, as at June 30, 2008, Bruce B had entered into fixed price sales contracts to sell forward approximately 8,630 GWh for the remainder of 2008 and 9,680 GWh for 2009.

The capital cost of Bruce A's refurbishment and restart of Units 1 and 2 is currently estimated by Bruce Power to total approximately $3.1 billion to $3.4 billion, with TransCanada's share being approximately $1.55 billion to $1.7 billion. As at June 30, 2008, Bruce A had incurred $2.2 billion in costs with respect to the refurbishment and restart of Units 1 and 2, and approximately $0.2 billion for the refurbishment of Units 3 and 4.

Power Plant Availability

Weighted Average Power Plant Availability(1) ________________________________________________Three months____ Six months ______________________________________________ ended June 30__ended June 30 (unaudited)____________________________________ 2008____2007__ 2008____2007 -------------------------------------------------------------------- -------- Western Power(2)__________________________________78%____ 89%____85%____ 94% Eastern Power(3)__________________________________96%____ 93%____95%____ 96% Bruce Power______________________________________ 82%____ 85%____81%____ 83% All plants, excluding Bruce Power investment______92%____ 91%____93%____ 95% All plants________________________________________88%____ 89%____88%____ 90% ______________________________________________ --------------------- -------- ______________________________________________ --------------------- -------- (1) Plant availability represents the percentage of time in the period that ____the plant is available to generate power, whether actually running or ____not, reduced by planned and unplanned outages. (2) Western Power plant availability decreased in the three

Story Source: Marketwire