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TRANSCANADA PIPELINES ANNOUNCES FOURTH QUARTER RESULTS

 CALGARY, Alberta, Jan. 20 /PRNewswire/ -- TransCanada PipeLines Ltd. (Toronto, Montreal, Vancouver, Alberta: TRP) announced today that throughout all four quarters of 1992, earnings growth was driven primarily by the continued expansion of the company's Canadian mainline operations and improved results from certain U.S. investments.
 Net income for the quarter ended Dec. 31, 1992, increased $17.6 million to $84.3 million. This represents earnings of 39 cents per share for the period, compared to 34 cents per share for the same period in 1991. Net income for the year ended Dec. 31, 1992, was $328.7 million, up $77.5 million over $251.2 million in 1991. This amounts to $1.56 per share for the 12 months ended Dec. 31, 1992, compared to $1.34 per share in 1991.
 The Gas Sales, Marketing and Other segment experienced 1992 fourth quarter operating income of $0.4 million, down $4.5 million from $4.9 million for the same period in 1991. Fourth quarter increases in both domestic and export revenues were offset by higher gas purchase and operating costs. For the year ended Dec. 31, 1992, contributions to operating income were $11.3 million, compared to $15.2 million in 1991.
 Equity income from investments for the three and 12 months ended Dec. 31, 1992, increased $4.2 million and $34.2 million, respectively, compared to the same periods one year ago. The fourth quarter increase is due primarily to increased strength of the U.S. dollar in relation to the Canadian dollar. New facilities put into service on the Great Lakes system in late 1991 and Phase II of the Ocean State Power Plant, combined with the increased strength of the U.S. dollar, provided the increase to equity income.
 Funds generated from operations in 1992 were $486.9 million, up $149.8 million from $337.1 million in the year ended Dec. 31, 1991. The increase is principally a result of higher earnings combined with distributions from Great Lakes and Ocean State.
 TRANSCANADA PIPELINES
 Financial Highlights
 (Millions of dollars except per share data)
 Three Months 12 Months
 ended Dec. 31, ended Dec. 31,
 1992 1991 1992 1991
 Revenues 1,133.9 852.0 3,757.5 3,094.1
 Net income for
 the period 84.3 66.7 328.7 251.2
 Funds generated from
 operations 111.9 95.5 486.9 337.1
 Capital expenditures
 and investments 267.3 646.6 1,462.2 1,569.7
 Per share data
 Net income $0.39 $0.34 $1.56 $1.34
 Funds generated
 from operations $0.60 $0.56 $2.69 $2.06
 Average shares
 outstanding
 (thousands) --- --- 181,116 163,628
 -0- 1/20/93
 /CONTACT: Frank Dabbs of TransCanada PipeLines Ltd., 403-267-8525/
 (TRP.)


CO: TransCanada PipeLines Ltd. ST: Alberta IN: OIL SU: ERN

JL -- LA018 -- 6858 01/20/93 11:53 EST
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Date:Jan 20, 1993
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