TransCanada is pleased to announce that its Coastal GasLink Pipeline Project has signed community and project agreements with all of the elected Indigenous bands along its pipeline route in British Columbia. These agreements, totaling 20 across the province, exemplify the strong Indigenous support received for the proposed natural gas pipeline project in B.C.

TC Energy Corporation (TC Energy) announced today that it has entered into an agreement to sell its U.S. midstream assets held by its subsidiary, Columbia Midstream Group, to UGI Energy Services, LLC, a subsidiary of UGI Corporation (NYSE: UGI), for approximately US$1.275 billion (Cdn$1.7 billion).

This document provides an overview of the key factors that have influenced how TransCanada has performed in its recent past, its financial condition, and its future prospects.

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