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

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.

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

François Poirier speaks to The Globe and Mail about Canada’s opportunity — and responsibility — to provide secure energy to the world.

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