This document is a comprehensive report on a company's 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.

Iroquois is a 414-mile (666-km) interstate natural gas pipeline system that extends from the Canadian border to Commack and the Bronx, NY.

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

State’s energy future strengthened by company’s $700 million investment in growth and reliability.

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

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

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