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TRANSCANADA JOINS SUNSHINE PROJECT

 HOUSTON, April 29 /PRNewswire/ -- TransCanada PipeLines Limited (NYSE: TRP) has agreed to a 30 percent equity interest in the proposed 600-mile SunShine Pipeline project with The Coastal Corporation (NYSE: CGP) and Florida Power Corporation, which now hold 40 and 30 percent equity interests, respectively.
 The project would link markets in western and central Florida with gas supply from Mobile Bay, the Gulf Coast and, through interconnections, other U.S. supply basins.
 The partnership would build two interconnected pipelines: one is the SunShine Interstate Transmission Company extending from Mississippi through Alabama and into Florida; the second is SunShine Pipeline Company, a Florida intrastate pipeline running from Okaloosa County to west and central Florida.
 "TransCanada's partnership in SunShine is a very positive development for Florida's energy future," said James R. Paul, Coastal's president and chief executive officer. "Floridians can look forward to a dependable supply of clean, cost-effective natural gas well into the 21st century."
 "We are joining SunShine because we see it as having a solid support base, and it will serve a growing market," said Gerald J. Maier, chairman and chief executive officer of TransCanada PipeLines.
 "Florida Power Corporation is extremely pleased the TransCanada has decided to bring its financial strength and pipeline expertise to the SunShine project," said Stephen Watsey, Florida Power's vice president of purchasing and stores. "We look forward to working with this outstanding company."
 The initial capacity of the pipeline system is anticipated to be 325 million cubic feet per day (MMcf/d), growing to 800 MMcf/d by the year 2000. Subject to receipt of all regulatory approvals, service would begin in 1995.
 The Coastal Corporation is a Houston-based energy holding company. Coastal has consolidated assets of more than $10 billion and subsidiary operations in natural gas marketing, transmission and storage, refining and marketing, oil and gas exploration and production, coal, chemicals, trucking and independent power production.
 Since 1915, Coastal subsidiaries have provided Florida customers with energy products. Coastal subsidiaries operate 82 convenience stores, operate marine fueling operations in every major Florida port, and market and distribute industrial and consumer petroleum products, including asphalt, gasoline and fuel oil.
 Florida Power Corporation, the principal subsidiary of St. Petersburg-based Florida Progress Corporation (NYSE: FPC), is an electric utility serving 1.2 million customers in central and northern Florida. Florida Progress Corporation's diversified operations include coal mining and transportation, life insurance, real estate, and lending and leasing.
 TransCanada PipeLines Limited is a Calgary-based pipeline company with $8 billion in assets. It has over 7,000 miles of pipelines and is a leading aggregator of natural gas in North America. The company and its affiliates have operations in natural gas transmission, liquids extraction, natural gas marketing, chemicals and electric power generation.
 -0- 4/29/93
 /CONTACT: Dave Scott, 713-877-3839, or Marian Droll, 313-496-3756, both for The Coastal Corporation/
 (CGP FPC TRP)


CO: The Coastal Corporation; TransCanada PipeLines Limited; Florida
 Power Corporation ST: Texas IN: OIL SU: JVN


TM-LD -- NY132 -- 2982 04/29/93 20:03 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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