The Grand Rapids Pipeline System is delivering crude oil on behalf of our customers. Jointly owned by TransCanada and PetroChina Canada Ltd., formerly Brion Energy Corporation, the 460 km (287 mile) Grand Rapids Pipeline System plays a key role in connecting producing areas northwest of Fort McMurray, Alta., to terminals in the Edmonton/Heartland region.

The fact sheet describes key points about reducing our environmental footprint.

The Management’s Discussion and Analysis dated March 1, 2005 should be read in conjunction with the audited consolidated financial statements of TransCanada PipeLines Limited (TCPL or the company) and the notes thereto for the year ended December 31, 2004. Amounts are stated in Canadian dollars unless otherwise indicated.

TC Energy Gas Storage Partnership manages a portfolio of strategically located natural gas storage facilities in Alberta, Canada, connected to the Nova Inventory Transfer (NIT) market hub via the NGTL System. These are the Crossfield and Edson Gas Storage facilities. TC Energy’s unregulated gas storage business is operated independently from its regulated affiliates.

This document is a comprehensive report on a company's activities throughout the preceding year.