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Investor Days – Transcanada Corp.

Transcanada Corp. · Nov 15, 2012 · 108 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Investor Days – Transcanada Corp. – slide 1
    TransCanada Investor Days November 14-15, 2012
  2. Investor Days – Transcanada Corp. – slide 2
    Non-GAAP Measures TransCanada uses the measures Comparable Earnings, Comparable Earnings per Share, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), Comparable EBITDA, Funds Generated from Operations, and Funds…
  3. Investor Days – Transcanada Corp. – slide 3
    Strategic Overview Russ Girling President & Chief Executive Officer
  4. Investor Days – Transcanada Corp. – slide 4
    Our Vision TransCanada will be the leading energy infrastructure company in North America... With a strong focus on pipeline and power generation opportunities Located in regions where we have or can develop significant competitive…
  5. Investor Days – Transcanada Corp. – slide 5
    Our Value Proposition Track Record of Delivering Shareholder Value 12.9% average annual return over the last 12 years Visible Attractive Strong Growth Dividend Financial Position 19 billion of 3.9% yield Capacity to fund…
  6. Investor Days – Transcanada Corp. – slide 6
    Our Assets One of North Americas Largest Natural Gas Pipeline Networks 68,500 km (42,500 mi) of pipeline 14 Bcf/d or 20% of demand Third Largest Natural Gas Storage Operator 380 Bcf of capacity Largest Private Sector Power…
  7. Investor Days – Transcanada Corp. – slide 7
    Our Executive Management Team Russ Girling President & Chief Executive Officer Don Marchand Alex Pourbaix Dennis McConaghy Karl Johannson Wendy Hanrahan Greg Lohnes Sean McMaster EVP & President, EVP President, EVP EVP EVP…
  8. Investor Days – Transcanada Corp. – slide 8
    Our Talented Employees Over 4,600 employees Located in 8 Canadian Provinces 32 U.S. States and Mexico Includes a wide range of skill sets 2,400+ Operating Staff 500+ Engineers 175+ Legal/Regulatory Experts 350+ Finance…
  9. Investor Days – Transcanada Corp. – slide 9
    Our Financial Strength and Flexibility Consolidated Capital Structure* Financial position remains strong (at September 30, 2012) A grade credit ratings Access to capital at very attractive rates Funds generated from operations…
  10. Investor Days – Transcanada Corp. – slide 10
    Our Progress Over the Last Year 9 2.3 billion Gulf Coast Project under construction 9 5.3 billion Keystone XL Project continues to advance 9 3.2 billion of assets placed into service 9 9.9 billion of new investment opportunities…
  11. Investor Days – Transcanada Corp. – slide 11
    Our Priorities Maximize the value of our 47 billion asset portfolio Deliver energy safely and reliably, everyday Deliver capital projects on time, on budget Continue to invest in low-risk growth opportunities Maintain our…
  12. Investor Days – Transcanada Corp. – slide 12
    Maximizing the Value of Our Existing Assets 400 million spent on maintenance capital Bruce Power Units 3 and 4 operating lives extended Sundance A to return to service in Fall 2013 Ravenswood received a constructive FERC Order…
  13. Investor Days – Transcanada Corp. – slide 13
    13 Billion of Assets Expected to be In-Service by 2015 (Billions) Expected Capital Invested In-Service Project Cost* to Date Date Bruce Power (Units 1 & 2) 2.4 2.4 Completed Cartier Wind (Phase V) 0.1 0.1 Completed Alberta System…
  14. Investor Days – Transcanada Corp. – slide 14
    13 Billion Capital Program Drives Growth EBITDA Funds Generated from Operations Outlook Outlook Billions Billions 6 6 5 30% 5 4.5 13% 4 4 3.5 24% 22% 3 3 21% 17% 2 2 1 42% 31% 1 0 0 2011A 2015E 2011A 2015E Cdn. Gas…
  15. Investor Days – Transcanada Corp. – slide 15
    Dividends Per Common Share Track Record of Dividend Growth 1.76 7% CAGR 0.80 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12
  16. Investor Days – Transcanada Corp. – slide 16
    The North American Energy Landscape New natural gas and crude oil pipelines needed to connect growing supply with traditional and new markets New power generation and transmission needed to meet growing demand and replace aging…
  17. Investor Days – Transcanada Corp. – slide 17
    The North American Energy Landscape Challenging environment for energy infrastructure projects Socially responsible development is critical to being successful We are committed to Communities where we work Safety and the…
  18. Investor Days – Transcanada Corp. – slide 18
    9 Billion of Commercially Secured Projects Expected to be In-Service Post 2015 Capital Expected Cost* In-Service Project (Billions) Date Topolobampo 1.0 2016 Mazatlan 0.4 2016 Northern Courier 0.7 2016 Grand Rapids 1.5 2017…
  19. Investor Days – Transcanada Corp. – slide 19
    A Decade of Unprecedented Growth (2010-2020) 32 billion of commercially secured projects including 13 billion placed in service since 2010 Keystone, Alberta System Expansions, Bison, Guadalajara, Halton Hills, Coolidge, Kibby…
  20. Investor Days – Transcanada Corp. – slide 20
    Areas of Potential Future Growth Natural Gas Pipelines Alberta System Expansions Canadian and U.S. Market Area Connections Mexico West Coast LNG and Alaska Oil Pipelines Alberta Regional Pipelines Mainline Conversion Proposal…
  21. Investor Days – Transcanada Corp. – slide 21
    Key Takeaways Leading North American Energy Infrastructure Company 47 Billion of Assets Deliver Energy Safely and Reliably 19 Billion of Commercially Secured Projects In Development Significant Additional Long-term Growth…
  22. Investor Days – Transcanada Corp. – slide 22
    Strategic Overview Russ Girling President & Chief Executive Officer
  23. Investor Days – Transcanada Corp. – slide 23
    Oil Pipelines Alex Pourbaix President, Energy & Oil Pipelines
  24. Investor Days – Transcanada Corp. – slide 24
    Oil Pipelines Strategy Capitalize on intra-Alberta oilsands opportunities Connect Western Canadian crude oil to Eastern markets by leveraging existing Connect natural gas pipeline footprint Bakken oil to markets WCSB and…
  25. Investor Days – Transcanada Corp. – slide 25
    Competitive Position Safe and reliable operator Major builder with experienced staff Regulatory expertise Competitive tolls Integrated solutions Utilization of existing assets In-depth knowledge of markets and customer…
  26. Investor Days – Transcanada Corp. – slide 26
    Key Accomplishment Accomplishmentsininthe thePast PastYear Year 9 Keystone generating 700 million of EBITDA annually 9 Commenced construction on Gulf Coast Project 9 Keystone XL continues to advance Filed for Presidential Permit in…
  27. Investor Days – Transcanada Corp. – slide 27
    WCSB Pipeline Takeaway Capacity vs. CAPP Canadian Production Forecast (Million bbl/d) 7 6 Oil Supply 5 4 Keystone XL Keystone 3 Other Existing Capacity 2 1 0 2012 2014 2016 2018 2020 2022 2024 New Pipeline Capacity…
  28. Investor Days – Transcanada Corp. – slide 28
    2011 Canada and US Demand for Crude Oil by Source (Thousand bbl/d) Source: CAPP, EIA, Statistics Canada 29
  29. Investor Days – Transcanada Corp. – slide 29
    Key Accomplishment Priorities in the Past Year Complete construction of Gulf Coast Project Receive Keystone XL permit and commence construction Execute on secured Alberta projects Advance Eastern Mainline proposal…
  30. Investor Days – Transcanada Corp. – slide 30
    Gulf Coast Project US2.3 billion; US0.9 billion invested to date Cushing, OK to Port Arthur and Houston, TX Initial capacity of up to 700,000 bbl/d; ultimate capacity of 830,000 bbl/d Construction commenced in August 2012…
  31. Investor Days – Transcanada Corp. – slide 31
    Keystone XL and Bakken Marketlink Keystone XL US5.3 billion; US1.6 billion invested to date 830,000 bbl/d of capacity with more than 500,000 bbl/d contracted for an average term of 18 years Nebraska re-route around the Sandhills…
  32. Investor Days – Transcanada Corp. – slide 32
    Keystone Pipeline System US14 billion investment, including expansion projects 1.4 million bbl/d ultimate capacity More than 1.1 million bbl/d contracted for an average term of 17 years 33% of Canadian Oil Exports to the U.S.…
  33. Investor Days – Transcanada Corp. – slide 33
    Creating a Regional Pipeline Business Platform to capture opportunities from growing oilsands production Grand Rapids Northern Courier Hardisty Terminal Leverage operating experience of natural gas pipelines in Alberta Use…
  34. Investor Days – Transcanada Corp. – slide 34
    Grand Rapids Pipeline System 50 per cent joint venture with Phoenix Energy Holdings in 3 billion investment 500 km (300 mi) dual crude oil/diluent pipeline system between northern Alberta and Edmonton/Heartland region Crude…
  35. Investor Days – Transcanada Corp. – slide 35
    Northern Courier Pipeline Project 660 million investment 90 km (56 mi) pipeline system transporting bitumen and diluent between Fort Hills Mine site and Voyageur Upgrader 177,000 bbl/d of bitumen and 100,000 bbl/d of diluent…
  36. Investor Days – Transcanada Corp. – slide 36
    Hardisty Terminal 275 million investment Long-term contracts in excess of 500,000 bbl/d 2.6 million barrel terminal Provides access to Keystone System Late 2014 in-service
  37. Investor Days – Transcanada Corp. – slide 37
    Eastern Mainline Oil Pipeline Proposal Combination of converted natural gas pipeline and new construction Technically and economically feasible Serve Eastern markets with lower priced Western Canadian crude oil supply
  38. Investor Days – Transcanada Corp. – slide 38
    Key Takeaways Significant Position in the Oil Transportation Business with Existing 6 Billion Keystone Pipeline Over 10 Billion in Commercially Secured Projects; 2.5 Billion Announced in the Past Year Significant Platform for…
  39. Investor Days – Transcanada Corp. – slide 39
    Oil Pipelines Alex Pourbaix President, Energy & Oil Pipelines
  40. Investor Days – Transcanada Corp. – slide 40
    Natural Gas Pipelines Karl Johannson President, Natural Gas Pipelines
  41. Investor Days – Transcanada Corp. – slide 41
    Natural Gas Pipelines Large Network of Essential Infrastructure Regulated assets 68,500 km (42,500 mi) 250 Bcf of storage 20% of continental demand 60 years of safe, reliable operations Competitive Position Broad based portfolio…
  42. Investor Days – Transcanada Corp. – slide 42
    Natural Gas Pipelines Strategy Maintain pre-eminent position in Alberta for production and market connections Pursue oil sands and West Coast LNG markets using NGTL facilities Enhance competitiveness of Canadian Mainline Seek…
  43. Investor Days – Transcanada Corp. – slide 43
    Key Accomplishment Accomplishmentsininthe thePast PastYear Year Canadian Mainline 9 2012-2013 tolls hearing 9 Transporting Marcellus gas into Canada; repurposed Niagara export capacity to import Alberta 9 Construction completed…
  44. Investor Days – Transcanada Corp. – slide 44
    Canadian Mainline MMcf/d Western Receipts 6,000 5.4 Bcf/d winter 2011 5.0 Bcf/d in 2010 5,000 3.6 Bcf/d winter 2012 4,000 3,000 2,000 1,000 0 Jan 2010 Jul 2010 Jan 2011 Jul 2011 Jan 2012 Jul 2012 Essential…
  45. Investor Days – Transcanada Corp. – slide 45
    Key Accomplishment Canadian Mainline Priorities in the Past Year Complete NEB hearing on 2012/2013 Tolls Application Expect decision in late first quarter 2013 Expect to earn a return of and a fair return on capital Implement…
  46. Investor Days – Transcanada Corp. – slide 46
    Alberta System Broad footprint across the WCSB Transports 10 Bcf/d; equivalent to 70% of WCSB supply Adapting to shifting supply base Conventional to shale & tight gas Firm commitments to transport 3.4 Bcf/d of BC shale and…
  47. Investor Days – Transcanada Corp. – slide 47
    Key Accomplishment Alberta System Priorities in the Past Year Complete remainder of 1.7 billion of capital expansions through 2014 Negotiate a new tolls settlement for 2013 and beyond Develop West Coast LNG projects Coastal…
  48. Investor Days – Transcanada Corp. – slide 48
    Coastal GasLink Pipeline Project Approximately 4 Billion 700 km, large-diameter natural gas pipeline extending from Dawson Creek, BC to Kitimat, BC Initial capacity of more than 1.7 Bcf/d; fully contracted To serve LNG…
  49. Investor Days – Transcanada Corp. – slide 49
    U.S. Pipeline Priorities Adapt to changes in market - connect new supplies from unconventional sources and increase system usage through addition of industrial and power generation growth Actively market Great Lakes and ANR…
  50. Investor Days – Transcanada Corp. – slide 50
    TC PipeLines, LP (NYSE: TCP) US3 billion enterprise value Low-risk infrastructure Interest in six natural gas pipeline assets 7.5% yield* 13 consecutive years of distribution increases Disciplined growth TransCanada Operates…
  51. Investor Days – Transcanada Corp. – slide 51
    Mexico Assets US2.5 billion of pipeline investments and opportunities Secured by 25-year contracts with CFE Investments US0.6 billion Tamazunchale Guadalajara Opportunities US1.9 billion Tamazunchale extension Topolobampo…
  52. Investor Days – Transcanada Corp. – slide 52
    Natural Gas Pipelines Asset Growth and Diversification 2011A 2020E 24% 28% 32% 40% 18% 30% 9% 2% 17% Alberta System U.S. Pipelines Coastal GasLink Canadian Mainline Mexico Excludes potential transfer of Mainline…
  53. Investor Days – Transcanada Corp. – slide 53
    Key Takeaways Captured growth opportunities totaling 7.6 billion Alberta System, Mexico and West Coast LNG Reliable, safe operator of essential natural gas pipeline infrastructure Serve 80% of Canadian demand and 15% of U.S.…
  54. Investor Days – Transcanada Corp. – slide 54
    Natural Gas Pipelines Karl Johannson President, Natural Gas Pipelines
  55. Investor Days – Transcanada Corp. – slide 55
    Energy Alex Pourbaix President, Energy & Oil Pipelines
  56. Investor Days – Transcanada Corp. – slide 56
    Energy Assets 21 plants, 11,800 MW Diversified portfolio consists of Long-term contracts with stable, predictable earnings and cash flow Low-cost, base-load generation Approximately one-third emission-free energy Concentrated…
  57. Investor Days – Transcanada Corp. – slide 57
    Key Accomplishment Accomplishmentsininthe thePast PastYear Year 9 Bruce Power Unit 1 & 2 restart completed Operational life of Unit 3 extended to 2021, progressed Unit 4 9 Cartier Wind Phase V completed 9 Announced 470 million…
  58. Investor Days – Transcanada Corp. – slide 58
    Competitive Position / Key Priorities Through 2013 Competitive Position Strong reliability and safety record Portfolio of quality assets are critical infrastructure Proven excellence in greenfield development Expertise in power…
  59. Investor Days – Transcanada Corp. – slide 59
    Building a Stable Power Asset Base 3 billion investment in projects entering service between 2012 and early 2014 Bruce A Units 1 & 2 Restart (1,500 MW) (50% interest) Cartier Phase V (111 MW) (62% interest) Ontario Solar (86…
  60. Investor Days – Transcanada Corp. – slide 60
    Bruce Power L.P. 6,200 MW facility Bruce A 3,000 MW (48.9%) Bruce B 3,200 MW (31.6%) Power sold under long-term contract with the OPA Bruce complex is a critical facility in Ontario supply mix Bruce A Unit 1&2 refurbishment…
  61. Investor Days – Transcanada Corp. – slide 61
    Bruce Power - 5 Year Outlook TWh of Power Generation TransCanadas Share* 25 20 15 10 5 0 2012E 2013E 2014E 2015E 2016E Bruce A Bruce B Approximately 20 TWh of Production Per Year Starting in 2013 * Represents…
  62. Investor Days – Transcanada Corp. – slide 62
    Ontario Solar Cartier Wind Includes nine solar projects, total Five phases with total capacity of capacity of 86 MW 590 MW (62% interest) 470 million investment Final phase placed in-service in November 20-year PPA with the OPA…
  63. Investor Days – Transcanada Corp. – slide 63
    Napanee Generating Station 900 MW combined-cycle plant (Oakville relocated) 1.0 billion investment In-service 2017 Negotiating a 20-year contract with the Ontario Power Authority Artist rendering of plant
  64. Investor Days – Transcanada Corp. – slide 64
    Alberta Power 1,700 MW of low-cost, base-load, coal-fired generation with another 400 MW of gas-fired cogeneration 15% of the total Alberta market Alberta demand expected to grow by 3% per year For 2013, currently 48%…
  65. Investor Days – Transcanada Corp. – slide 65
    Ravenswood Generating Station 2,480 MW base-load, intermediate and peaking facility Capacity, energy and ancillary revenues Critical infrastructure Capacity to serve 21% of peak market load in NY Zone J Operated reliably…
  66. Investor Days – Transcanada Corp. – slide 66
    Key Takeaways Captured 1.5 billion of growth opportunities Completed Bruce Unit 1 & 2 restart Resolved several issues Oakville, Sundance A and Ravenswood Building a stable asset base, earnings becoming more contracted Long-term…
  67. Investor Days – Transcanada Corp. – slide 67
    Energy Alex Pourbaix President, Energy & Oil Pipelines
  68. Investor Days – Transcanada Corp. – slide 68
    Operations and Major Projects Greg Lohnes Executive VP, Operations and Major Projects
  69. Investor Days – Transcanada Corp. – slide 69
    Key Accomplishment Accomplishmentsininthe thePast PastYear Year 9 47 billion asset base operated safely and reliably 9 400 million spent on maintenance capital 9 3.2 billion of assets placed into service Bruce Power Restart…
  70. Investor Days – Transcanada Corp. – slide 70
    Key Accomplishment Priorities in the Past Year 1. Focus on safety, reliability, commitment to protecting the environment and stakeholder engagement 2. Deliver capital projects on time, on budget with quality workmanship 3.…
  71. Investor Days – Transcanada Corp. – slide 71
    Operational Excellence Strong culture of safety, doing the right thing Leader in new technology development: in-line inspection tools, horizontal directional drilling river crossings Experienced and talented employees and…
  72. Investor Days – Transcanada Corp. – slide 72
    Safety and Reliability are Critical Pipeline Capital and Expense Maintenance Costs ( Millions) 400 350 300 250 US 200 Canada 150 100 50 0 2009 2010 2011 2012E 2013E
  73. Investor Days – Transcanada Corp. – slide 73
    World Class Performance - Strong Culture Of Safety Employee Away from Work Rate (Rate per 200,000 hours) 0.50 0.40 0.30 0.20 0.10 0.00 2011 2011 Q2'12 Q2'12 Q2'12 AGA TRP CGA CEPA TRP
  74. Investor Days – Transcanada Corp. – slide 74
    Power Assets Increasing Operational Performance Entire Fleet: Weighted Availability Factor (%) 92.0 90.8 91.1 90.0 88.0 88.0 86.0 84.0 82.4 82.0 80.0 78.0 2009 2010 2011 2012 Q3 YTD * Excludes Bruce Power, PEC,…
  75. Investor Days – Transcanada Corp. – slide 75
    Stakeholder and Regulatory Long history of working collaboratively with landowners, aboriginals and other stakeholders in the communities where we work Actively work with over 60,000 landowners Eminent domain used for 2% of…
  76. Investor Days – Transcanada Corp. – slide 76
    Major Projects Technical Expertise Track record of designing, building and operating large scale energy infrastructure Highly skilled team of engineers and project execution staff Leverage operational capabilities from large asset…
  77. Investor Days – Transcanada Corp. – slide 77
    Canadian Mainline Parkway Loop 13 km (8 mi) of 42 pipeline between Brampton and Vaughan, bringing in Marcellus shale gas to southern Ontario Capital investment of 130 million Extensive stakeholder consultation and mitigation…
  78. Investor Days – Transcanada Corp. – slide 78
    Cartier Wind Phase V 100 million investment 111 MW Gros Morne II went into service on November 6, 2012 Marks completion of 590 MW Cartier Wind Project (62% interest)
  79. Investor Days – Transcanada Corp. – slide 79
    Capital Projects Expected to be Placed In-Service by 2015 Expected Capital Cost* In-Service Project (Billions) Date Invested Total to Date Gulf Coast Project 2.3 0.9 2013 Keystone XL 5.3 1.6 2014/2015 Keystone Bakken…
  80. Investor Days – Transcanada Corp. – slide 80
    Gulf Coast Project Pipeline and facility construction in progress along 780 km (485 mi) route Approximately 20% complete overall 55% of right-of-way cleared 27% of pipe welded 16% of pipe installed Cushing terminal…
  81. Investor Days – Transcanada Corp. – slide 81
    Keystone XL Progress Operational storage tanks at Hardisty are 52% complete Two HDDs completed in Alberta Subject to regulatory approvals, expect to be in-service late 2014 / early 2015
  82. Investor Days – Transcanada Corp. – slide 82
    Tamazunchale Extension Initial work focused on permitting, easements and camp pipe yard Construction to commence in Q4 2012 Expected in-service in Q1 2014
  83. Investor Days – Transcanada Corp. – slide 83
    Alberta System Expansions/Extensions 630 million of projects have NEB approval; 340 million are awaiting approval Projects to be placed into service between 2012 and 2014 Required to accommodate changes in both new supply and…
  84. Investor Days – Transcanada Corp. – slide 84
    Ontario Solar 470 million investment Nine projects with total capacity of 86 MW One project completed, one nearing completion Remaining projects expected to be completed in 2013 and 2014 Brockville 1 Site Oct. 24, 2012…
  85. Investor Days – Transcanada Corp. – slide 85
    9 Billion in Future Capital Projects Progressing long lead time projects Grand Rapids, Northern Courier, Topolobampo, Mazatlan, Napanee, and Coastal GasLink Stakeholder engagement has commenced on Grand Rapids, Northern Courier…
  86. Investor Days – Transcanada Corp. – slide 86
    Key Takeaways Strong Culture of Safety, Reliability and Commitment to Protecting the Environment World-Class Builder and Operator of Large Scale Energy Infrastructure Track Record of Delivering Capital Projects on Time, on…
  87. Investor Days – Transcanada Corp. – slide 87
    Operations and Major Projects Greg Lohnes Executive VP, Operations and Major Projects
  88. Investor Days – Transcanada Corp. – slide 88
    Finance Don Marchand Executive VP & Chief Financial Officer
  89. Investor Days – Transcanada Corp. – slide 89
    Financial Strategy Invest in low-risk assets that generate predictable and sustainable earnings and cash flow Finance long-term assets with long-term capital Maintain financial strength and flexibility Value A grade credit…
  90. Investor Days – Transcanada Corp. – slide 90
    Where We Are Today Funding for 2012 complete Well positioned to finance future capital commitments Predictable and growing cash flow from operations Abundant liquidity and access to capital Funding costs at or near historical…
  91. Investor Days – Transcanada Corp. – slide 91
    2012 Funding Program Billions 4 Cash, Senior Debt Issues Commercial 3 Paper and US500 million 3 years at 0.875% Senior Debt Capital US1 billion 10 years at 2.50% Program 2 Funds from Operations (net of 1 dividends)…
  92. Investor Days – Transcanada Corp. – slide 92
    Strong Balance Sheet and Liquidity Consolidated Liquidity Capital Structure* (at September 30, 2012) Predictable and growing cash flow 4.3 billion committed and undrawn credit lines Three well supported commercial paper programs…
  93. Investor Days – Transcanada Corp. – slide 93
    13 Billion of Assets Expected to be In-Service by 2015 Capital Cost* Expected Total Invested In-Service Revenue Project (Billions) to Date Date Stream Bruce Power (Units 1 & 2) 2.4 2.4 Completed Fully Contracted Cartier Wind (Phase V)…
  94. Investor Days – Transcanada Corp. – slide 94
    9 Billion of Commercially Secured Projects Expected to be In-Service Post 2015 Capital Expected Cost* In-Service Revenue Project (Billions) Date Stream Counterparty Topolobampo 1.0 2016 Fully Contracted CFE Mazatlan 0.4 2016 Fully…
  95. Investor Days – Transcanada Corp. – slide 95
    20132015 Capital Expenditure Outlook Billions 7 6 5 4 3 2 1 0 2013E 2014E 2015E Keystone XL U.S. & Mexico Gas Pipelines Gulf Coast & Other Oil Pipelines Energy Canadian Gas Pipelines Corporate Includes small…
  96. Investor Days – Transcanada Corp. – slide 96
    20132015 Funding Program Outlook Billions 15 14 13 Cash 12 Senior Debt 11 Preferred Shares Hybrid Securities 10 LP Drop Downs 9 Portfolio Mgmt 8 Capital 7 Program 6 Funds 5 from Operations 4 (net of dividends) 3 2…
  97. Investor Days – Transcanada Corp. – slide 97
    Subordinated Capital Alternatives Transaction Size Equity Source (Millions) Credit Preferred Shares (Cdn) 300-600 50% Hybrid Securities (US) 750-1,000 25-50% TC PipeLines, LP Drop Downs (US) 500-600 50%* Decision Criteria:…
  98. Investor Days – Transcanada Corp. – slide 98
    Long-Term Debt Maturity Schedule Millions 1,450 3.7%* 930 6.5%* 900 800 700 855 4.7%* 600 500 400 300 200 100 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2014 2015 * Average interest rate on long-term debt…
  99. Investor Days – Transcanada Corp. – slide 99
    Diversified Asset Base 2011A 2015E 47 Billion 56 Billion 20% 24% 28% 30% 15% 20% 21% 13% 13% 3% 10% 3% Oil Pipelines Canadian Gas Pipelines Energy Contracted (20 yrs+) U.S. & Mexico Gas Pipelines Energy Other…
  100. Investor Days – Transcanada Corp. – slide 100
    13 Billion Capital Program Drives Growth US GAAP EBITDA Expected to Grow by 1.6 Billion Billions 7 6 5 30% Tamazunchale Keystone, 13% Bruce Power, Extension Gulf Coast, 4 Cartier Wind & Keystone XL, Ontario Solar Bakken 22%…

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