TransCanada Pleased with Findings of Inspector General Review
WASHINGTON, DC--(Marketwire - Feb. 9, 2012) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) is pleased a review undertaken by the U.S. Department of State's Office of the Inspector General (OIG) has confirmed the company acted appropriately during all parts of the Keystone XL Presidential Permit review process.
"When claims made by opponents of Keystone XL were brought forward, we welcomed an independent review by the Inspector General's office so that they could be addressed," stated Russ Girling, president and chief executive officer, TransCanada. "At TransCanada, we conduct ourselves in an open, honest, transparent and ethical fashion, and this independent investigation confirms we followed all of the procedures and practices established by the Department of State and other federal agencies."
Key findings in the Inspector General's report that relate to TransCanada are as follows (emphasis in bold added):
TransCanada remains fully committed to the construction of Keystone XL. Our shippers continue to tell us that this critical North American energy infrastructure project is needed, and they are also fully committed to Keystone XL being built and becoming operational, ultimately allowing Americans to benefit from the energy security and thousands of direct jobs that Keystone XL will create.
Plans are already underway on a number of fronts to do our part to maintain the project's construction schedule. TransCanada will re-file for a Presidential Permit and expects that a new filing can be processed in an expedited fashion due to the work that has already been completed during the review process.
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 57,000 kilometres (35,500 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 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 or check us out on Twitter @TransCanada.
FORWARD LOOKING INFORMATION This publication contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "would" or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future financial and operation plans and outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made. Readers are cautioned not to place undue reliance on this forward-looking information. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to TransCanada's Management's Discussion and Analysis dated February 14, 2011 under TransCanada's profile on SEDAR at www.sedar.com and other reports filed by TransCanada with Canadian securities regulators and with the U.S. Securities and Exchange Commission.
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