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.

At TC Energy Corporation, more than 6,500 employees across North America connect the world to the energy it needs.

tce-Inspection-and-Test-Plan-Master-Index-(CAN-US-MEX)-1.pdf

tce-esg-investor-pack.pdf