July 9, 2008
TransCanada: Kibby Wind Power Project Receives LURC Approval
TransCanada Corporation (TSX: TRP) (NYSE: TRP) (TransCanada) today announced that the Kibby Wind Power Project has received unanimous final development plan approval from Maine's Land Use Regulation Commission (LURC). Construction plans are now underway for the 132 Megawatt (MW) wind project located in Kibby and Skinner Townships in northwestern Franklin County, Maine.
"The Kibby project will complement our existing operations in the U.S. Northeast, and leverage our expertise in wind energy," says Hal Kvisle, president and chief executive officer. "We expect our investment to produce strong returns for our shareholders."The project will involve the construction of 44 wind turbine generators (3 MW each), and will employ up to 250 people during the 12 to 18 month construction period. Permanent operation and maintenance efforts will employ approximately 10 to 12 people. The capital cost of the project is approximately US $320 million.
The Kibby Wind Power Project will be the largest wind power development in New England, providing enough clean, renewable electricity for the equivalent of 50,000 average Maine homes. It will also support Maine's twin goals of energy independence and greenhouse gas reduction, while helping to stabilize regional electricity costs.
Electricity generated from the facility will be sold to customers through a combination of short and long-term contracts. TransCanada has already sold a portion of the power and renewable energy credits to buyers in the New England market.
The project recently received approval from the Towns of Carrabassett Valley and Eustis for portions of the 115 kV transmission line that will connect the project to the ISO New England electrical grid. The Maine Department of Environmental Protection has issued all necessary project permits and the United States Army Corps of Engineers is expected to issue a permit soon.
TransCanada will continue to work with regulatory agencies and local communities to meet all conditions of approval and ensure impacts are minimized. Pending all remaining approvals, TransCanada expects to begin construction later in the summer of 2008 and to commission the project in 2009/2010.
To obtain more information, please visit www.transcanada.com/kibbywindpower.
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 8,300 megawatts of power generation. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP.
Note: All financial figures are in Canadian dollars unless noted otherwise.
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Contacts: TransCanada Media Inquiries Shela Shapiro/Cecily Dobson (403) 920-7859 or (800) 608-7859 Investor & Analyst Inquiries David Moneta/Myles Dougan/Terry Hook (403) 920-7911 or (800) 361-6522 Website: www.transcanada.com