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Adapting to a Changing Energy Environment Russ Girling, President and CEO, TransCanada Corporation May 15, 2012 STRIKING A BALANCE IN THE MIDST OF CHANGE.

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Presentation on theme: "Adapting to a Changing Energy Environment Russ Girling, President and CEO, TransCanada Corporation May 15, 2012 STRIKING A BALANCE IN THE MIDST OF CHANGE."— Presentation transcript:

1 Adapting to a Changing Energy Environment Russ Girling, President and CEO, TransCanada Corporation May 15, 2012 STRIKING A BALANCE IN THE MIDST OF CHANGE May 13-16, 2012 Québec City, Québec (Canada)

2 2 Forward-Looking Information This presentation may contain certain information that is forward looking and is subject to important risks and uncertainties. The words "anticipate", "expect", "believe", "may", "should", "estimate", "project", "outlook", "forecast" or other similar words are used to identify such forward-looking information. Forward-looking statements in this presentation are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management’s assessment of TransCanada’s and its subsidiaries’ future financial and operational plans and outlook. Forward-looking statements in this presentation may include, among others, statements regarding the anticipated business prospects, and financial performance of TransCanada and its subsidiaries, expectations or projections about the future, strategies and goals for growth and expansion, expected and future cash flows, costs, schedules (including anticipated construction and completion dates), operating and financial results, and expected impact of future commitments and contingent liabilities. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among others, the ability of TransCanada to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of the Company's pipeline and energy assets, the availability and price of energy commodities, capacity payments, regulatory processes and decisions, changes in environmental and other laws and regulations, competitive factors in the pipeline and energy sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments and economic conditions in North America. By its nature, forward-looking information is subject to various risks and uncertainties, which could cause TransCanada's actual results and experience to differ materially from the anticipated results or expectations expressed. Additional information on these and other factors is available in the reports filed by TransCanada with Canadian securities regulators and with the U.S. Securities and Exchange Commission (SEC). Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this presentation or otherwise, and not to use future- oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

3 3 What am I going to say…? Who is TransCanada Changing Markets Gas Pipelines Oil Pipelines Power Generation Adapting and Accommodating Changes Delivering Critical Energy Infrastructure

4 4 TransCanada One of North America’s Largest Natural Gas Pipeline Networks 68,500 km (42,500 mi) wholly and partially-owned Average volume of 14 Bcf/d North America’s 3rd Largest Natural Gas Storage Operator 380 Bcf of capacity Canada’s Largest Private Sector Power Generator 20 power plants, 10,900 MW Wind, Solar & Hydro – 1,390 MW Premier North American Oil Pipeline System 1.4 million Bbl/d ultimate capacity Enterprise Value ~ $55 billion 4,400 Employees

5 5 Natural Gas Pipelines Supply being developed close to traditional markets Innovative changes to tolling and services required on existing infrastructure to remain competitive Regulators provide balance in utilization of existing infrastructure and building of new North American Gas Supply/Demand Balance The Emergence of Unconventional Gas Bcf/d Mexico Gulf of Mexico + U.S. Other U.S. Rockies U.S. Shale WCSB BC Unconv. LNG Demand Eastern Canada History Forecast LNG Source: TransCanada Fall 2011 Outlook

6 6 Canadian Crude Oil Penetration (MBPD) Canadian Imports Production Capacity Source: 2012 EIA Actuals. All values in M bpd. Non-Canadian Imports Canadian Sourced Oil Foreign Imports

7 7 U.S. Power Generation by Fuel Type TWh Source: U.S. Energy Information Administration Annual Energy Outlook 2012 – Early Release Overview

8 8 Energy Infrastructure Development Source: International Energy Agency (IEA) World Energy Outlook 2011 - New Policies Scenario $ Trillion (2010)

9 9 Take-Aways / Challenges Need: Energy Infrastructure - “New and Old” Need: Thoughtful, Balanced, Inclusive, and Honest Process to Determine What We Want To Do (Good Policy) Need: Timely, Efficient, Balanced, Informed, Predictable and Accountable Process, and Institutions to Implement Policy (Good Regulation)

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