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 brochure contains important safety information about natural gas pipelines, and you live or work near the Portland Natural Gas Transmission System (PNGTS), operated by TransCanada.

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

The Towerbirch pipeline project will include 55 km of 36-inch pipeline paralleling the existing NGTL Groundbirch Mainline, along with new meter stations, and expansion of one meter station. The majority of this projects scope will be within British Comumbia, with only a portion in Alberta.

Dinosaur bone fragments containing what is thought to be the remains of a Pachyrhinosaurus, were discovered on the Elmworth section of the 2021 NGTL System Expansion Project.

Foothills Zone 8 West Path Delivery 2023 Project - CER Approval Order

This pipeline expansion project in western Alberta expanded pipeline capacity for the transportation of natural gas to growing markets located in central and southern Alberta from the Peace River Project Area.