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

This brochure describes how Federal Energy Regulatory Commission (FERC) is charged by Congress to evaluater interstate natural gas pipeline projects.

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.