ANR Memphis Megasite POD Project Factsheet

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.

At TC Energy, we are committed to protecting our planet while meeting the world’s growing energy requirements. How we interact with the environment is as important to us as it is to the communities in which we live and work. Our Environment Principles of environmental stewardship, protection and performance, guide our decisions every day when building and operating energy infrastructure.

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

Extending from New York state to the Midwest and Southeast, TC Energy’s Columbia Gas Transmission system moves the natural gas relied upon by millions of Americans for their energy and heating needs.