TransCanada Corporation (TSX: TRP) (NYSE: TRP) First Quarter Highlights (All financial figures are unaudited and in Canadian dollars unless noted otherwise) - Net income for first quarter 2008 of $449 million ($0.83 per share) compared to $265 million ($0.52 per share) in first quarter 2007, an increase of approximately 60 per cent on a per share basis - Comparable earnings for first quarter 2008 of $326 million ($0.60 per share), compared to $250 million ($0.49 per share) for the same period in 2007, an increase of approximately 22 per cent on a per share basis - Funds generated from operations for first quarter 2008 of $922 million compared to $582 million for the same period in 2007, an increase of approximately 58 per cent - Dividend of $0.36 per common share declared by the Board of Directors - Agreed to acquire the 2,480 megawatt (MW) Ravenswood Generating Facility in New York City for US$2.8 billion - Realized $152 million from Calpine bankruptcy settlements - The Keyst