CALGARY, AB — The Ontario Power Authority (OPA) announced that TransCanada Corporation has been awarded a 20-year Clean Energy Supply Contract to build, own and operate the 900 megawatt (MW) Oakville Generating Station (OGS) in Oakville, Ontario. TransCanada expects to invest approximately $1.2 billion in the natural gas fired combined cycle plant which is scheduled to start producing power by the end of 2013.

"We look forward to providing additional electricity supply and reliability within this key North American market," said Hal Kvisle, TransCanada's chief executive officer. "This facility strengthens our presence as the largest private sector power company in Ontario and Canada. The Oakville generating station is a strong fit with our strategy of developing large scale energy infrastructure projects that will produce stable, long-term returns for our shareholders."

TransCanada's bid for the OGS was submitted in response to the OPA's Southwest Greater Toronto Area Request for Proposals (SW GTA RFP). According to the OPA, the OGS will help meet critical energy and stability needs in the area. The plant will provide the reliability required to support Ontario's growing renewable energy electricity production such as wind and solar and contribute toward replacing coal-fired generation.

Approximately 600 construction jobs will be created during the construction period of about 28 months. There will also be significant local spending on goods and services including food, lodging and supplies during construction and throughout the operating life of the plant. Additionally, approximately 25 permanent jobs will be created. The generating station is expected to be completed at the end of 2013.

Next steps involve completing an Environmental Review Report which will be made available for public review and comment in the fall. Emissions from OGS will meet or better all environmental regulatory standards. TransCanada must receive approval from the Ministry of the Environment on impacts such as air quality and noise before construction of the facility can proceed. Local community input is very important and extensive consultations will continue with stakeholders.

The OGS will be located on private, industrial land in the town of Oakville on Royal Windsor Drive, situated just east of the Queen Elizabeth Way (QEW) and will provide reliable, clean power to help meet the specific needs of the area.

TransCanada will work with the OPA to finalize the contract by mid-October 2009.

For more information visit www.transcanada.com

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