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TRANSCANADA ANNOUNCES FIRST QUARTER RESULTS

 TRANSCANADA ANNOUNCES FIRST QUARTER RESULTS
 CALGARY, Alberta, April 21 /PRNewswire/ -- Increased contributions


from TransCanada's (Toronto, Montreal, Vancouver, Calgary: TRP) Gas Transmission and Gas Sales and Marketing segments, combined with higher equity income from the company's associated pipelines and projects, generated increased earnings in the first quarter of 1992 compared to the same period in 1991.
 Net income applicable to common shares in the first quarter was $67.3 million or 39 cents per share, up $16.2 million or six cents per share, compared to $51.1 million or 33 cents per share for the first quarter of 1991.
 The Gas Sales, Marketing and Other segment, which includes TransCanada's wholly owned subsidiary Western Gas Marketing Limited, reported a $3.2 million increase in operating income for the first quarter compared to the same period in 1991. This is primarily due to a 69 percent increase in export sales volumes resulting from sales through the Iroquois Gas Transmission System as well as seasonal sales in U.S. spot markets.
 New facilities put into service on the Great Lakes Gas Transmission System in November 1991 generated increased earnings in the first quarter of 1992 compared to the same period in 1991. This increase, combined with the start-up of Phase II of the Ocean State Power Plant in October 1991, were the principal reasons for an $8.6 million increase in equity income from associated pipelines and projects.
 Construction of the 100 percent-owned Nipigon Power Plant was completed in March. TransCanada is in the final stages of testing the plant and contracted deliveries of electricity are scheduled to begin in May.
 Funds generated from operations in the first three months of this year increased $50.7 million to $129.5 million compared to $78.8 million for the same period in 1991, a direct result of the increased net income in the first quarter and a distribution from Great Lakes. In order to partially finance its expansion program through the use of internally generated funds, Great Lakes did not make any distributions in 1991.
 TRANSCANADA PIPELINES
 FINANCIAL HIGHLIGHTS
 (millions of d ended March 31,
 1992 1991
 Revenues 925.9 849.2
 Net income for the period 79.5 58.5
 Net income applicable to common shares 67.3 51.1
 Funds generated from operations 129.5 78.8
 Capital expenditures and investments 402.7 263.7
 Per common share data
 Net income applicable to common shares $0.39 $0.33
 Funds generated from operations $0.75 $0.51
 Average common shares outstanding
 (thousands) 171,712 154,412
 -0- 4/21/92
 /CONTACT: Frank Dabbs of TransCanada PipeLines Limited, 403-267-8525/
 (TRP.) CO: TransCanada PipeLines Limited ST: Alberta IN: OIL SU: ERN


CH -- LA028 -- 0750 04/21/92 14:14 EDT
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Date:Apr 21, 1992
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