Wednesday, July 31, 2013

165 years in prison for US man in Haiti sex abuse

(AP) ? A Michigan man has been sentenced to 165 years in prison for traveling to Haiti to sexually abuse children in a center for the poor he set up in the Caribbean country.

A federal jury in Miami in February convicted Matthew Andrew Carter on five counts of traveling from Florida for the purpose of engaging in sexual activity with minors, along with one count of attempting child sex tourism.

Judge Joan Lenard on Wednesday imposed the maximum sentence sought by prosecutors for the 68-year-old. It was 15 years in prison for the first count and 30 years in prison for each of the remaining charges.

During Wednesday's hearing, Carter disputed the credibility of the witnesses who testified against him, and he questioned the lack of physical evidence presented during his trial.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2013-07-31-Haitian%20School-Abuse/id-4340a151631d414e8b37f8d29f472b4e

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Apple TV, Google Chromecast And Aereo Put Broadcast Television On Death Watch

Over the last few years, there has been a significant shift in how we consume digital content from music and movies to books and television (TV). The intersection of new technologies, devices and high speed networks has served to accelerate that change, particularly for TV. If we were to hop into the way back machine, it?s hard to believe that TV consisted of only a handful of channels, programming ceased at some point each night and the picture was in black & white, not color let alone 3D. Yet for all the changes we have seen, the recent past and the coming future are poised to radically shift TV to the point that other than live sporting events and maybe news, we may not be able to recognize broadcast TV any longer.

Video on demand (VOD) has become a staple of the cable companies ranging from Comcast Comcast and Verizon Communications Verizon Communications to Cablevision Cablevision and Charter Communications Charter Communications. Streaming services from not only Netflix Netflix and Apple Apple, but also from the aforementioned Comcast and Verizon Communications (check their iPad apps) and HBO as well as others is fueling not only the time shifting consumption of content we have come to rely on in this post Tivo world, but also fostering place-shifting as well. Watch any teen or ?tween and they firmly expect to watch what they want, when they want but where they want and on the device they want.

With smartphone penetration well past the tipping point and tablet sales maturing, many companies are turning their sights on the next battlegrounds. One of them is the Connected Car and another is the Connected Home. Inside that Connected Home, there will be several battlegrounds ? security, home automation (temperature, appliances and so on) and the living room. How that all shakes out has yet to be determined, but rest assured while companies like AT&T, Verizon, and ADT are working on the first few, Apple, Google Google, Microsoft Microsoft, Slingbox, Roku and others are targeting the living room as part of their digital content offering.

Apple TV. Apple has shipped more than 13 million Apple TV units and at the recent D11, CEO Tim Cook shares that TV is not just a hobby, but rather the company has a ?grand vision.? Rumors over the next iteration of Apple TV continue and before too long that rumor mill is likely to kick into high gear once again as Apple prepares for the official unveiling of iOS 7. Like the soon to be released iRadio, Apple TV is a work in progress, which means we keeping our eyes and ears open on this digital content streaming and portal device. Combined with the full power of Apple?s digital hub ? iTunes ? it could be a powerful new weapon for Apple as well as a very sticky one for consumers.

Google?s Chromecast. Last week, Google introduced a potential game changer to media consumption in the form of Chromecast, a $35 thumb drive sized device that that plugs into the back of your TV, allowing you to stream content from any device. Well almost any device. If you have an Android tablet or smartphone, an iPad or iPhone, use Chrome for Mac and Windows then you are in luck. If you use a BlackBerry or Windows Phone,? at least for now you will be stuck using either a PC or tablet. This just introduced product has already sold out online at Best Buy, Amazon.com, and Google Play.

Aereo ? one to watch. While both Apple TV and Chromecast allow for the streaming of TV and other digital content, it is Aereo that has or at least should have the major broadcast ? TV networks ? Walt Disney Walt Disney?s ABC, CBS CBS, Comcast?s NBC and News Corp News Corp.?s Fox ? concerned if not? worried.

Backed by IAC?s Barry Diller, Aereo is a Web video service that offers local TV channels and a DVR-like service, which can be viewed on a PC or Mac, iPad, iPhone, Apple TV or Roku device.? While Aereo doesn?t support Android as yet, given the existing support for Google?s Chrome browser one has to wonder how long until it and Chromecast are supported. Currently offered in New York, Boston and Atlanta, Aereo has plans to expand to another 20 markets, with Salt Lake City in August and Chicago in September.

Arguably, success at Aereo poses a problem for the broadcast industry in that it collects fees to the tune of billions by allowing cable networks access to local channels. Like any company that sees a high margin revenue stream under potential attack, last March, broadcasters filed two federal lawsuits accusing the service of violating copyright law. In March, a New York federal appeals court upheld a ruling in favor of Aereo. Given the fees and profits at stake, it?s more than likely we have not heard the last of this. I for one can?t wait to sample Aereo?s service as the company expands its footprint in the coming months.

How to invest in this? Whenever I see so many companies looking to compete in one market, I tend to step back and look at the food chain or ecosystem for those players that offer critical solutions vs. commodity components and serve many of the would be players. A great example of such a merchant supplier in the smartphone and tablet space is Qualcomm Qualcomm, which counts Samsung, Apple, LG, HTC and most if not all the other key players as customers.

In this digital content and Connected Home battleground, the teardown analysis on the latest Apple TV unit and on a Chromecast performed by iFixIt.com as well as similar analysis on the Roku 3 and the Slingbox 500 reveal key supplier to be Toshiba, Broadcom Broadcom, Marvell Technology Group Marvell Technology Group, Micron, Atheros (now owned by Qualcomm) and AzureWave (TPE:3694). Toshiba and Micron are supplier of NAND flash memory, while the key connective technologies are provided by Broadcom Broadcom, Marvell and Atheros/Qualcomm. It?s the latter group of companies that investors should be focusing on.

?

Disclosure. Subscribers to PowerTrend Profits were alerted to the long-term investment opportunity in Qualcomm shares on April 9th.

Source: http://www.forbes.com/sites/chrisversace/2013/07/29/apple-tv-google-chromecast-and-aereo-put-broadcast-television-on-death-watch/

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'Star Trek's' Shuttlecraft Galileo to Be Unveiled at Houston Museum Wednesday

After close to 50 years in disarray, an iconic piece of restored "Star Trek" memorabilia is about to boldly go on display in its new home.

On Wednesday (July 31), Space Center Houston ? the visitor's center for NASA's Johnson Space Center in Texas ? will unveil the new permanent display for the Shuttlecraft Galileo, a life-size spaceship prop from the original 1960s "Star Trek" TV series.

The Galileo's restorer, "Star Trek" superfan Adam Schneider, thinks that the space center ? which is next to NASA's home base for Mission Control and the astronaut corps. ? is the ideal place for the shuttlecraft. [See Photos of the restored Shuttlecraft Galileo (Gallery)]

"If somebody told me when I was a little kid that I'd be donating a spaceship to NASA, I would have said that they were kidding," Schneider, whose restoration took about nine months, told SPACE.com. "How does it feel? It feels amazing. It almost feels like it's all downhill from here because this is such a high. It feels truly like a success."

The Galileo's road to Houston has been a long one. Before Schneider won it at auction in June 2012, the shuttlecraft was in shambles. Schneider and his wife Leslie employed the help of craftsman Hans Mikaitis and his team of ship restorers at Master Shipwrights in Atlantic Highlands, N.J. to help return the shuttlecraft to its former glory.

The finished 23 foot (7 meter) long Galileo was revealed for the first time in late June before a crowd of more than 350 "Star Trek" fans and friends of the restorers before being shipped via truck to Texas for tomorrow's opening.

"The life-size spaceship will be on permanent display inside the Zero-G Diner and will be one of the few exhibitions in the world where visitors can see iconic sci-fi history that influenced generations of innovators," officials from Space Center Houston wrote on the center's website.

Space Center Houston will host a public event in honor of the arrival of Galileo on Wednesday. A celebrity panel will discuss the influence of science fiction on space exploration and an astronaut will make a presentation.

According to the visitor's center, celebrity guests will include:

  • Don Marshall, Lt. Boma from the original 1967 "Galileo Seven" episode of "Star Trek"
  • Robert Picardo, the Doctor in "Star Trek: Voyager"
  • Sylvester McCoy, the seventh Doctor on "Doctor Who" and Radagast from "The Hobbit"
  • Jason Carter, Ranger Marcus Cole on "Babylon 5"
  • Adrienne Wilkinson, Jedi Maris Brood in "Star Wars: The Force Unleashed"
  • Marshall Teague, a supporting player in "Star Trek: Deep Space Nine" and "Star Trek: Voyager"
  • Tracy Scoggins, Captain Elizabeth Lockley from "Babylon 5"
  • Gil Gerard, Captain William Buck Rogers in "Buck Rogers in the 25th Century"

"Like any good project, when it ends you're a little regretful because the experience was positive," Schneider said. "We had fabulous people to work with. We had a fabulous experience in the 'Star Trek' community, so I think we're a little sad and regretful that it's over at one level. On another level, this is a permanent addition to the fan base, so to speak, and we're really very proud that it actually is going where it's going."

Follow Miriam Kramer @mirikramer and Google+. Follow us @Spacedotcom, Facebook and Google+. Original article on SPACE.com.

Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://news.yahoo.com/star-treks-shuttlecraft-galileo-unveiled-houston-museum-wednesday-151314104.html

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Tuesday, July 30, 2013

PrimeSport remains NCAA championship ticket provider

PrimeSport inked a deal to remain for the eighth year in a row the official ticket and hospitality package provider for certain NCAA championships, including the Final Four.

PrimeSport inked a deal to remain for the eighth year in a row the official ticket and hospitality package provider for certain NCAA championships.

The championships include the NCAA Men?s Final Four, NCAA Women?s Final Four, NCAA Men?s College World Series, NCAA Women?s College World Series and NCAA Men?s Frozen Four.

Atlanta-based PrimeSport will continue to offer The NCAA Experience official ticket, VIP pregame hospitality, and travel packages for fans and groups looking for a VIP experience at each NCAA event.

Official VIP ticket & pregame hospitality packages typically include regional food buffets, cold beverages, live entertainment, a chance to rub elbows with NCAA legends and more. Travel packages are customizable to each event but typically include hotel accommodations, game tickets, official pre-game hospitality, official souvenirs and more.

PrimeSport will also continue to manage the Official NCAA Ticket Exchange for select NCAA championships including the NCAA Division I Men?s Basketball Tournament, NCAA Men?s Final Four, NCAA Women?s Final Four and NCAA Men?s Frozen Four.

Source: http://feeds.bizjournals.com/~r/bizj_atlanta/~3/G7o_0KQ0hBM/primesport-remains-ncaa-championship.html

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London Mayor Warns of Energy Scarcity; an American Revolution Offers a Solution

Recently the Mayor of London wrote that within two years, energy scarcity will ?force some industries not to operate at peak times? in the city. His solution is to bring hydraulic fracturing to the country; he said, ?We should leave no stone unturned, or unfracked, in the cause of keeping the lights on.?

Britain, Europe?s largest consumer of natural gas, does possess abundant energy potential in the form of raw materials. Beneath the ground lies (among other things) the Bowland shale, which the British government estimates to hold decades of energy in the form of shale gas. The technology and expertise to develop this potential could be imported from North America.

However, unlike in the United States, where the shale gas that fueled the fracking revolution was largely on private land, where property rights were largely protected and businessmen were free to take risks and seek profits, the shale is Britain is on ?public? land controlled by the government, which is motivated not by profits but by politics. Bureaucrats who lack both the incentive and the talent to get oil from rocks will not get oil from rocks. And businessmen who are throttled by ?public? interests and political considerations will not get much oil from rocks either.

If the British want the kind of fruit that real and unshackled businessmen can reap from the Bowland shale or the like, they will have to convince their government to sell the property to the private sector, and to protect the rights of the private owners and the businessmen with whom they contract to develop it for profit.

The mayor of London has said ?We should leave no stone unturned, or unfracked, in the cause of keeping the lights on.? One stone the Brits must not leave unturned is the producer?s stone, under which they will find the unassailable primaries of private property rights and the profit motive. When it comes to fracking, these are king. Hence the American Energy Revolution.

Like this post? Join our mailing list to receive our weekly digest. And for in-depth commentary from an Objectivist perspective, subscribe to our quarterly journal, The Objective Standard.

Related:

Creative Commons Image: Duncan

Posted in: Environmentalism, Property Rights

Source: http://www.theobjectivestandard.com/blog/index.php/2013/07/london-mayor-warns-of-energy-scarcity-an-american-revolution-offers-a-solution/

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Monday, July 29, 2013

Microsoft Announces White Spaces Pilot in South Africa

Redmond-based software giant Microsoft has announced a new white spaces initiative in Africa, the third of the kind, aimed at delivering low-cost broadband services.

The first such pilot kicked off in Kenya earlier this year as part of the 4Afrika initiative, but the company has already expanded it to Tanzania, and now to South Africa.

The program is aimed at finding new means to provide broadband Internet connectivity at a lower cost to people in this region. White spaces refers to unused frequencies for television broadcasters, which can be harvested to deliver such services to users.

As ZDnet notes, Microsoft has already unveiled plans to make use of such white spaces and solar-based stations so as to offer cheap wireless services to five schools in the Limpopo province in South Africa.

Furthermore, the company is said to plan more than simply offering such services, and that it will also bring Windows-based tablets and projectors to these schools, while offering laptops and training to teachers there. Solar panels to offer power sources for charging devices will also be available.

?Technology holds enormous potential for many aspects of development, but it is particularly key to areas such as education and healthcare,? Mteto Nyati, managing director of Microsoft South Africa, said.

?Reducing the cost of broadband access means millions more South Africans will get online. This will create new opportunities for education, healthcare, commerce and the delivery of government services across the country.?

The project is aimed at offering wireless services for as low as $2-$5 (?1.5 ? ?3.75) per month, for 4Mbps of uncapped usage. At the moment, ISPs charge for around $35 (?26) per month for 1Mbps ADSL services.

Nyati also confirmed plans to make similar white space broadband available for users in other areas, through a partnership with an established ISP provider.

?We see ourselves as an enabler, not a provider. We are not in the telecoms space. I don't think you'll see us becoming a network provider,? he concluded.

Source: http://news.softpedia.com/news/Microsoft-Announces-White-Spaces-Pilot-in-South-Africa-371839.shtml

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alauddin (Whitechapel, Tower Hamlets, London, by Azizh01)

We bought 2 boxes of rasmalai from these lot recently, even though the expiry period was 5 days away, one of the boxes had gone off (turned sour and horrible). The other box was fine, but there were only 4 small and stingy pieces and one half broken one. Really poor quality indian sweets from this shop, not the first time I've bought something from here and been disappointed.

Do yourself a favour and go down to brick lane for indian sweets.

Source: http://www.qype.co.uk/review/3931447

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Online tv Australia China live streaming links and video highlights

Free Australia China live streaming links are updated here live from Twitter. Match football starts on 28.7.2013 at 08:15 GMT. Betting news, Australia China video stream links, match preview and highlights are available only if someone post it to their Twitter profile. We try to find the best Tweets for you but we can?t guarantee that you?ll always find Australia China live stream or video highlights.

DATE: 28.7.2013
TIME: 08:15 GMT
TOURNAMENT: East Asian Championship Final Stage

Watch Australia China livestream:

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DISCLAMER: We do not upload or host streams. We are not responsible for the copyright and legality of the content found on third parties sites.
Here you may find links for watching Australia China live stream on the other websites (it?s usually link to Justin TV, rojadirecta, wiziwig, sportlemon, livetv ru, hahasport, Veetle, Sopcast, lshunter tv, Veemi, hunter, first row,Veedocast, Castamp, Mips, Vshare, YYCast, Zonein, PPLive, PPStream, Directon, firstrow, SeeOn, Wii-Cast, fromsport, Ustream, Webcaston, atdhenet tv, adthe etc.).
If you have any legal issues please contact the appropriate media owners or contact us on nextround-net-at-gmail-com and we?ll remove link or Tweet from this page.

* IMPORTANT NOTICE ? NextRound.net in partnership with bet365 offer over 40,000 live streamed events per year. However, please note that the intellectual property rights to stream such events are usually owned at a country level and therefore, depending on your location, there may be certain events that you may be unable to view due to such restrictions. Prior to joining bet365 and funding your account therefore in order to view any particular event via the bet365 live stream, you are strongly advised to first check with bet365 that, given your country location, you would be eligible to view the live streamed event in question. bet365?s contact details can be found by clicking here, then clicking ?Services? at the top right of the page, and then choosing the ?Contact Us? option.

Special: Watch BVB Bayern Munich live stream, UEFA Champions League 2013 finals match, Bayern Munchen BVB Borussia live stream directly from Signal Iduna Park stadium.

Source: http://www.nextround.net/2013/07/online-tv-australia-china-live-streaming-links-and-video-highlights

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Sunday, July 28, 2013

BlueChip Energy failure leaves solar-power customers up in air

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Source: www.orlandosentinel.com --- Sunday, July 28, 2013
Homeowners wonder about safety of solar panels When BlueChip Energy failed this year, banks that made loans to the Lake Mary solar-power company weren't the only ones left in the lurch. ? ? ? ? ...

Source: http://feedproxy.google.com/~r/orlandosentinelbreakingnews/~3/7wjjsOqfl7c/story01.htm

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Guest view: University of Michigan's decision to grant in-state tuition status to veterans is good for state

By Jeff Barnes, director of the Michigan Veterans Affairs Agency

The Michigan Veterans Affairs Agency applauds the University of Michigan Regents for their decision to grant in-state tuition to anyone who serves in the military or was honorably discharged, regardless of the student?s state of origin. Offering military members and veterans from across the nation the ability to attend the University of Michigan at in-state tuition rates will help both the university and our state attract the talent Michigan needs to build a thriving economy.

Over the next five years, analysts estimate approximately 10,000 to 15,000 veterans will move to Michigan annually as a result of force restructuring that will downsize the military?s active duty component. Many of these veterans will enroll in higher education, largely thanks to the benefits available to them through the Post-9/11 GI Bill.

For the veteran, this decision will remove an obstacle to pursuing their education at the University of Michigan. Though most veterans and service members that have served in Iraq and Afghanistan qualify for the Post-9/11 GI Bill, it does not always fully cover the student?s tuition. This is where other funding sources such as the Yellow Ribbon program, scholarships and personal finances are leveraged. It also makes it easier for a veteran to establish residency following their military service. Overseas deployments, permanent changes in duty station and other requirements of military life can make it difficult for veterans and their families to establish residency in any state.

For the state, this decision allows Michigan to be more competitive as a destination for top quality talent that has demonstrated their ability to lead, adapt and problem solve in some of the most extreme circumstances known. Veterans bring with them job-ready skills, proven leadership, a strong work ethic and a fierce sense of loyalty. Unafraid of new challenges, these men and women have demonstrated that they can work in diverse and unpredictable environments, cooperate as team players and shift gears at a moment?s notice. These skills and traits are exactly what Michigan needs to succeed in tomorrow?s economy.

In today?s mobile society, states that attract the best talent will thrive. By offering in-state tuition for those men and women who have served our nation, the University of Michigan is putting out the welcome mat to this group of talented, hardworking and dedicated individuals, and the entire state stands to benefit from their efforts.?

Jeff Barnes is the director of the Michigan Veterans Affairs Agency and an Army veteran. He graduated from the University of Michigan's Gerald R. Ford School of Public Policy.

Source: http://feedproxy.google.com/~r/michigan-news/~3/WdZnv-8engw/guest_view_decision_to_grant_i.html

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Treasure trove of vintage 80s Apple ads surface on YouTube

Well before we became acquainted with dancing silhouettes and laughed along with the iconic "Get a Mac" ads, Apple's commercials were quintessentially 80s.

Thankfully, the YouTube channel EveryAppleAds lives up to its name and over the past week has released a slew of previously forgotten Apple commercials from the 1980s that you've either forgotten about or, most likely, never even knew existed.

It's funny looking back at these commercials not just because they're extremely funny and cheezy, but because they also take us back to a time when people actually had to be convinced that they needed a computer in the first place.

Here's a sampling:

This 1987 commercial called "Power Lunch" is laughably bad to the extent that the commercial itself has a lot of background noise. So it goes in the world of power lunching. I'm no Don Draper, which is to say I'm not an ad man, but muffling the name of the product at the end of the commercial doesn't seem like the wisest of choices.

Here's an old Apple IIc ad dubbed "Frog." Yes, it's exactly what it purports to be.

And lookee here, some classic misdirection and an old jab at IBM.

Here's an Apple II ad starring Kimmy Gibbler from Full House. It's an 80's bonanza.

And keeping the celebrity motif going, here's an Apple IIc ad featuring Alan Greenspan.

There are a lot more 80s commercials on the EveryAppleAds YouTube channel, so if you're inclined to indulge in some nostalgia this weekend, it's worth hopping over and checking a few of them out.


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Source: http://www.tuaw.com/2013/07/27/treasure-trove-of-vintage-80s-apple-ads-surface-on-youtube/

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Saturday, July 27, 2013

TransCanada Reports Increase in Second Quarter Results, Comparable Earnings to $357 Million or $0.51 Per Share, Funds Generated from Operations of $955 Million

CALGARY, ALBERTA--(Marketwired - Jul 26, 2013) - TransCanada Corporation ( TRP.TO ) ( TRP ) (TransCanada or the Company) today announced comparable earnings for second quarter 2013 of $357 million or $0.51 per share, compared to $300 million or $0.43 per share for the same period in 2012. Net income attributable to common shares for second quarter 2013 was $365 million or $0.52 per share. TransCanada's Board of Directors also declared a quarterly dividend of $0.46 per common share for the quarter ending September 30, 2013, equivalent to $1.84 per common share on an annualized basis.

"All three of our business segments generated strong results during the second quarter," said Russ Girling, TransCanada's president and chief executive officer. "Higher power prices in Alberta, an increase in capacity prices in New York, the return to an eight unit site at Bruce Power and a higher Canadian Mainline allowed return on equity all contributed to a significant increase in earnings when compared to the same period last year. We were also pleased by the significant shipper interest in our Energy East Pipeline project, which would transport crude oil from western Canada to eastern Canadian markets and add to our existing $26 billion portfolio of commercially secured projects that are targeted for completion by the end of the decade."

Over the next three years, subject to required approvals, we expect to complete $13 billion of projects that are currently in advanced stages of development. They include the Gulf Coast Project, Keystone XL, the Keystone Hardisty Terminal, the initial phase of the Grand Rapids Pipeline, the Heartland Pipeline and TC Terminals projects, the Tamazunchale Pipeline Extension, the acquisition of nine Ontario Solar projects and ongoing expansion of the NGTL System.

We have also commercially secured an additional $13 billion of long-life, contracted energy infrastructure projects that are expected to be placed into service in 2016 and beyond. They include the Coastal GasLink and Prince Rupert Gas Transmission projects that would move natural gas to Canada's West Coast for liquefaction and shipment to Asian markets, the Topolobampo and Mazatlan Gas Pipeline projects in Mexico, completion of the Grand Rapids and Northern Courier oil pipeline projects in Northern Alberta, and the Napanee Generating Station in Eastern Ontario. TransCanada expects these projects to generate predictable, sustained earnings and cash flow.

Highlights

(All financial figures are unaudited and in Canadian dollars unless noted otherwise)

  • Second quarter financial results
    • Net income attributable to common shares of $365 million or $0.52 per share
    • Comparable earnings of $357 million or $0.51 per share
    • Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.1 billion
    • Funds generated from operations of $955 million
  • Declared a quarterly dividend of $0.46 per common share for the quarter ending September 30
  • Construction on the US$2.3 billion Gulf Coast Project, excluding the Houston Lateral, is now 85 per cent complete
  • Comment period on the U.S. Department of State (DOS) Draft Supplemental Environmental Impact Statement for the Keystone XL Pipeline closed on April 22
  • Concluded Energy East open season to obtain firm commitments for a pipeline to transport crude oil from western receipt points to eastern Canadian markets
  • For the first time in two decades, Bruce Power is operating as an eight unit site with the return of Unit 4 on April 13 and the recent restart of Units 1 and 2
  • Acquired the first of nine Ontario Solar projects for $55 million on June 28
  • Sold a 45 per cent interest in each of GTN and Bison to TC PipeLines, LP for US$1.05 billion on July 2

Comparable earnings for second quarter 2013 were $357 million or $0.51 per share compared to $300 million or $0.43 per share for the same period in 2012. Higher earnings from the Canadian Mainline, Western Power, Bruce Power and U.S. Power were partially offset by lower contributions from U.S. Natural Gas Pipelines.

Net income attributable to common shares for second quarter 2013 was $365 million or $0.52 per share compared to $272 million or $0.39 per share in second quarter 2012.

Notable recent developments in Oil Pipelines, Natural Gas Pipelines, Energy and Corporate include:

Oil Pipelines:

  • Gulf Coast Project : We are constructing a 36-inch pipeline from Cushing, Oklahoma to the U.S. Gulf Coast and expect to begin delivering crude oil to Port Arthur, Texas at the end of 2013. Construction is approximately 85 per cent complete and we estimate the cost of the Cushing to Port Arthur facilities to be US$2.3 billion.

    Construction of the 76 kilometre (km) (47 mile) Houston Lateral pipeline to transport crude oil to Houston refineries is expected to be complete in 2014 at a cost of US$300 million.

    The Gulf Coast Project will have a capacity of up to 700,000 barrels per day (bbl/d).

  • Keystone XL: On March 1, 2013, the DOS released its Draft Supplemental Environmental Impact Statement for the Keystone XL Pipeline. The impact statement reaffirmed that construction of the proposed pipeline from the U.S./Canada border in Montana to Steele City, Nebraska would not result in any significant impact to the environment. The DOS continues to review submissions on the impact statement that it received during a public comment period that ended on April 22, 2013. Once the DOS has completed its review, it is anticipated it will issue a Final Supplemental Environmental Impact Statement and then consult with other government agencies and provide an additional opportunity for the public to comment during a National Interest Determination period of up to 90 days, before making a decision on our Presidential Permit application.

    We anticipate the pipeline to be in service approximately two years following the receipt of the Presidential Permit. The US$5.3 billion cost estimate will increase depending on the timing of the permit. As of June 30, 2013, we had invested US$1.9 billion in the project.

  • Energy East Pipeline: On June 17, 2013, we concluded an open season to obtain firm commitments for a pipeline to transport up to 850,000 bbl/d of crude oil from western receipt points to eastern Canadian markets and are currently reviewing the results.

    The Energy East Pipeline project involves converting natural gas pipeline capacity in approximately 3,000 km (1,870 miles) of our existing Canadian Mainline to crude oil service and constructing up to approximately 1,400 km (870 miles) of new pipeline.

    We have begun Aboriginal and stakeholder engagement and associated field work as part of our initial design and planning. If we determine that there is sufficient commercial support for the project, we will apply for regulatory approval to build and operate the facilities, with a potential in-service date of late 2017.

  • Heartland Pipeline and TC Terminals : On May 2, 2013, we announced we had secured binding long-term shipping agreements to build, own and operate the proposed Heartland Pipeline and TC Terminals projects.

    The proposed projects will include a 200 km (125 mile) crude oil pipeline connecting the Edmonton region to facilities in Hardisty, Alberta, and a terminal facility in the Heartland industrial area north of Edmonton. We anticipate the pipeline could transport up to 900,000 bbl/d, while the terminal is expected to have storage capacity for up to 1.9 million barrels of crude oil. These projects together have a combined cost estimated at $900 million and are expected to come into service during the second half of 2015.

    On May 30, 2013, we filed a permit application for the terminal facility with the Alberta Energy Regulator and we expect to file an application for the pipeline later in 2013.

  • Northern Courier Pipeline: On April 25, 2013, we filed a permit application with the Alberta Energy Regulator after completing the required Aboriginal and stakeholder engagement and associated field work. We continue to work with the Fort Hills Energy Limited Partnership on the development of this project.
  • Grand Rapids Pipeline: On May 23, 2013, we filed a permit application with the Alberta Energy Regulator after completing the required Aboriginal and stakeholder engagement and associated field work. The Grand Rapids Pipeline system will be the first pipeline to connect the growing oil sands region west of the Athabasca River to the Edmonton/Heartland region and will be capable of moving up to 900,000 bbl/d of crude oil and 330,000 bbl/d of diluent.

Natural Gas Pipelines:

  • National Energy Board (NEB) decision on the Canadian Restructuring Proposal: On March 27, 2013, the NEB issued its decision on our application to change the business structure and the terms and conditions of service for the Canadian Mainline. The decision significantly alters the regulatory framework that has formed the basis for more than $10 billion of regulated pipeline investment over the last sixty years.

    On May 1, 2013, we filed an application for a review and variance of the decision and order. The NEB dismissed the review and variance application on June 11, 2013, and released its reasons for dismissal on July 22, 2013. The NEB did, however, recognize that certain changes proposed by TransCanada to the Canadian Mainline's tariff should be considered as a separate application through an oral hearing process that will commence on September 3, 2013.

    We are effectively operating under the new framework set out by the NEB in its decision as of July 1. We have submitted the tariff change application and will manage that process through the oral hearing and await a decision on those changes.

  • NGTL System: We continue to expand the NGTL System and have placed $700 million of new facilities into service in 2013. We have applied and received approval from the NEB for an additional $130 million of new facilities. To date in 2013, we have applied for an additional $145 million of facilities, which remain subject to NEB approval, and are planning regulatory applications for further expansion into British Columbia (B.C.), which we estimate will cost between $1.0 billion and $1.5 billion, to connect and transport new gas supply that will be delivered to the Prince Rupert Gas Transmission Project as well as other markets served by the NGTL System. In third quarter 2013, we expect to begin an open season to provide delivery service through a transportation by others arrangement on Coastal GasLink to Vanderhoof, B.C.
  • Prince Rupert Gas Transmission Project: The B.C. Environmental Assessment Office issued its Section 10 Order in June 2013 indicating that the project is reviewable and requires an environmental assessment certificate. The Canadian Environmental Assessment Agency (CEAA) initiated the public comment period with respect to the project in June 2013.
  • Coastal GasLink: We are currently focused on community, landowner, government and First Nations engagement as the project advances through the regulatory process with the B.C. Environmental Assessment Office and the CEAA.

Energy:

  • Bruce Power: Bruce Power returned Unit 4 to service on April 13, 2013 after completing an expanded life extension outage program which began in August 2012. It is anticipated that this investment will allow Unit 4 to operate until at least 2021. With the return of Unit 4 and the restart of Units 1 and 2, Bruce Power is now operating an eight unit site for the first time in two decades and is capable of generating 6,200 megawatts (MW) of emission-free electricity. No further maintenance outages are planned at Bruce Power for the remainder of 2013.
  • Sundance A: TransAlta previously announced that it expected Sundance A Units 1 and 2 to be returned to service in the fall of 2013. They subsequently reported an earlier return to service for Unit 1 of July 31, 2013. TransAlta has not announced any change in the return to service date for Unit 2. Combined, Units 1 and 2 are capable of generating 560 MW.
  • Ontario Solar: In late 2011, we agreed to buy nine Ontario solar projects (combined capacity of 86 MW) from Canadian Solar Solutions Inc. for approximately $470 million. On June 28, 2013, we acquired the first project for $55 million which has a capacity of 10 MW. We expect to close the acquisition of the remaining projects in 2013 and 2014, subject to satisfactory completion of the related construction activities and regulatory approvals. All power produced will be sold under 20-year power purchase arrangements with the Ontario Power Authority.
  • B?cancour: In June 2013, Hydro-Qu?bec notified us that it would exercise its option to extend the agreement to suspend all electricity generation from the B?cancour power plant through 2014. Under the suspension agreement, Hydro-Qu?bec has the option, subject to certain conditions, to extend the suspension every year until regional electricity demand levels recover. We continue to receive capacity payments while generation is suspended.

Corporate:

  • Our Board of Directors declared a quarterly dividend of $0.46 per share for the quarter ending September 30, 2013 on TransCanada's outstanding common shares. The quarterly amount is equivalent to $1.84 per common share on an annual basis.
  • On July 2, 2013, we completed the sale of a 45 per cent interest in each of Gas Transmission Northwest LLC (GTN) and Bison Pipeline LLC (Bison) to our master limited partnership, TC PipeLines, LP, for an aggregate purchase price of US$1.05 billion which includes US$146 million for 45 per cent of GTN's debt. The proceeds from the sale will contribute to funding a portion of our capital program. The transaction demonstrates one of the many financing options available to us as we execute on our unprecedented growth portfolio.

    In May 2013, TC PipeLines, LP completed a public offering of 8,855,000 common units at a price of US$43.85 per unit, resulting in gross proceeds of approximately US$388 million. We invested US$8 million to maintain our two per cent general partnership interest and did not purchase any additional common units. Upon completion of this offering, our ownership interest in TC PipeLines, LP decreased from 33.3 per cent to 28.9 per cent.

    In July 2013, TC PipeLines, LP entered into a five-year, US$500 million term loan, maturing July 2018. The proceeds from the term loan were used to partially finance the acquisition of the 45 per cent interest in GTN and Bison.

  • In July 2013, we issued US$500 million of three-year LIBOR-based floating rate notes maturing on June 30, 2016, bearing interest at an initial annual rate of 0.95 per cent.

    Also in July 2013, we issued $450 million and $300 million of medium term notes maturing on July 19, 2023 and November 15, 2041, respectively, and bearing interest at 3.69 and 4.55 per cent per annum, respectively.

    The net proceeds of these offerings are intended to be used for general corporate purposes and to reduce short-term indebtedness which was used to fund a portion of our capital program.

Teleconference - Audio and Slide Presentation:

We will hold a teleconference and webcast on Friday, July 26, 2013 to discuss our second quarter 2013 financial results. Russ Girling, TransCanada president and chief executive officer and Don Marchand, executive vice-president and chief financial officer, along with other members of the TransCanada executive leadership team, will discuss the financial results and Company developments at 9:00 a.m. (MDT) / 11:00 a.m. (EDT).

Analysts, members of the media and other interested parties are invited to participate by calling 866.507.1212 or 416.695.6616 (Toronto area). Please dial in 10 minutes prior to the start of the call. No pass code is required. A live webcast of the teleconference will be available at www.transcanada.com .

A replay of the teleconference will be available two hours after the conclusion of the call until midnight (EDT) on August 2, 2013. Please call 800.408.3053 or 905.694.9451 and enter pass code 1924325.

The unaudited interim Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) are available on SEDAR at www.sedar.com, with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov/info/edgar.shtml and on the TransCanada website at www.transcanada.com.

With more than 60 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 68,500 kilometres (42,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with more than 400 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 11,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest oil delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com or check us out on Twitter @TransCanada or http://blog.transcanada.com .

Forward Looking Information

This news release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document 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 plans and financial outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. 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 news release, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to TransCanada's Quarterly Report to Shareholders dated July 25, 2013 and 2012 Annual Report on our website at www.transcanada.com or filed under TransCanada's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov .

Non-GAAP Measures

This news release contains references to non-GAAP measures, including comparable earnings, EBITDA, funds generated from operations and comparable earnings per share, that do not have any standardized meaning as prescribed by U.S. GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. These non-GAAP measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable. For more information on non-GAAP measures, refer to TransCanada's Quarterly Report to Shareholders dated July 25, 2013.

Quarterly report to shareholders

Second quarter 2013

Financial highlights

Comparable EBITDA, comparable earnings, comparable earnings per common share and funds generated from operations are all non-GAAP measures. See non-GAAP measures section for more information.

three months ended
June 30
six months ended
June 30
(unaudited - millions of $, except per share amounts) 2013 2012 2013 2012
Income
Revenue 2,009 1,847 4,261 3,792
Comparable EBITDA 1,143 997 2,311 2,110
Net income attributable to common shares 365 272 811 624
per common share - basic $0.52 $0.39 $1.15 $0.89
Comparable earnings 357 300 727 663
per common share $0.51 $0.43 $1.03 $0.94
Operating cash flow
Funds generated from operations 955 729 1,871 1,600
(Increase)/decrease in operating working capital (114 ) 14 (324 ) (155 )
Net cash provided by operations 841 743 1,547 1,445
Investing activities
Capital expenditures 1,109 397 2,038 861
Equity investments 39 197 71 413
Acquisition 55 - 55 -
Dividends
Per common share $0.46 $0.44 $0.92 $0.88
Basic common shares outstanding (millions)
Average for the period 707 704 706 704
End of period 707 704 707 704

Management's discussion and analysis

July 25, 2013

This management's discussion and analysis (MD&A) contains information to help the reader make investment decisions about TransCanada Corporation. It discusses our business, operations, financial position, risks and other factors for the three and six months ended June 30, 2013, and should be read with the accompanying unaudited condensed consolidated financial statements for the three and six months ended June 30, 2013 which have been prepared in accordance with U.S. GAAP.

This MD&A should also be read in conjunction with our December 31, 2012 audited consolidated financial statements and notes and the MD&A in our 2012 Annual Report, which have been prepared in accordance with U.S. GAAP.

About this document

Throughout this MD&A, the terms, we, us, our and TransCanada mean TransCanada Corporation and its subsidiaries.

Abbreviations and acronyms that are not defined in this MD&A are defined in the glossary in our 2012 Annual Report.

All information is as of July 25, 2013 and all amounts are in Canadian dollars, unless noted otherwise.

FORWARD-LOOKING INFORMATION

We disclose forward-looking information to help current and potential investors understand management's assessment of our future plans and financial outlook, and our future prospects overall.

Statements that are forward-looking are based on certain assumptions and on what we know and expect today and generally include words like anticipate, expect, believe, may, will, should, estimate or other similar words.

Forward-looking statements in this MD&A may include information about the following, among other things:

  • anticipated business prospects
  • our financial and operational performance, including the performance of our subsidiaries
  • expectations or projections about strategies and goals for growth and expansion
  • expected cash flows and future financing options available to us
  • expected costs for planned projects, including projects under construction and in development
  • expected schedules for planned projects (including anticipated construction and completion dates)
  • expected regulatory processes and outcomes
  • expected impact required as a result of regulatory outcomes
  • expected outcomes with respect to legal proceedings, including arbitration
  • expected capital expenditures and contractual obligations
  • expected operating and financial results
  • the expected impact of future commitments and contingent liabilities
  • expected industry, market and economic conditions.

Forward-looking statements do not guarantee future performance. Actual events and results could be significantly different because of assumptions, risks or uncertainties related to our business or events that happen after the date of this MD&A.

Our forward-looking information is based on the following key assumptions, and subject to the following risks and uncertainties:

Assumptions

  • inflation rates, commodity prices and capacity prices
  • timing of financings and hedging
  • regulatory decisions and outcomes
  • foreign exchange rates
  • interest rates
  • tax rates
  • planned and unplanned outages and the use of our pipeline and energy assets
  • integrity and reliability of our assets
  • access to capital markets
  • anticipated construction costs, schedules and completion dates
  • acquisitions and divestitures.

Risks and uncertainties

  • our ability to successfully implement our strategic initiatives
  • whether our strategic initiatives will yield the expected benefits
  • the operating performance of our pipeline and energy assets
  • amount of capacity sold and rates achieved in our pipeline businesses
  • the availability and price of energy commodities
  • the amount of capacity payments and revenues we receive from our energy business
  • regulatory decisions and outcomes
  • outcomes of legal proceedings, including arbitration
  • performance of our counterparties
  • changes in the political environment
  • 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 foreign exchange rates
  • weather
  • cybersecurity
  • technological developments
  • economic conditions in North America as well as globally.

You can read more about these factors and others in reports we have filed with Canadian securities regulators and the SEC, including the MD&A in our 2012 Annual Report.

You should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking statements due to new information or future events, unless we are required to by law.

FOR MORE INFORMATION

You can find more information about TransCanada in our annual information form and other disclosure documents, which are available on SEDAR ( www.sedar.com ).

NON-GAAP MEASURES

We use the following non-GAAP measures:

  • EBITDA
  • EBIT
  • comparable earnings
  • comparable earnings per common share
  • comparable EBITDA
  • comparable EBIT
  • comparable depreciation and amortization
  • comparable interest expense
  • comparable interest income and other
  • comparable income taxes
  • funds generated from operations.

These measures do not have any standardized meaning as prescribed by U.S. GAAP and therefore are unlikely to be comparable to similar measures presented by other entities.

EBITDA and EBIT

We use EBITDA as an approximate measure of our pre-tax operating cash flow. It measures our earnings before deducting interest and other financial charges, income taxes, depreciation and amortization, net income attributable to non-controlling interests and preferred share dividends, and includes income from equity investments. EBIT measures our earnings from ongoing operations and is an effective measure of our performance and an effective tool for evaluating trends in each segment. It is calculated in the same way as EBITDA, less depreciation and amortization.

Funds generated from operations

Funds generated from operations includes net cash provided by operations before changes in operating working capital. We believe it is an effective measure of our consolidated operating cashflow because it does not include fluctuations from working capital balances, which do not necessarily reflect underlying operations in the same period. See Financial condition section for a reconciliation to net cash provided by operations.

Comparable measures

We calculate the comparable measures by adjusting certain GAAP and non-GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable.

Comparable measure Original measure
comparable earnings net income attributable to common shares
comparable earnings per common share net income per common share
comparable EBITDA EBITDA
comparable EBIT EBIT
comparable depreciation and amortization depreciation and amortization
comparable interest expense interest expense
comparable interest income and other interest income and other
comparable income taxes income tax expense/(recovery)

Our decision not to include a specific item is subjective and made after careful consideration. These may include:

  • certain fair value adjustments relating to risk management activities
  • income tax refunds and adjustments
  • gains or losses on sales of assets
  • legal and bankruptcy settlements, and
  • write-downs of assets and investments.

In our calculation of comparable earnings, we exclude unrealized gains and losses from changes in the fair value of certain derivatives used to reduce our exposure to certain financial and commodity price risks. These derivatives provide effective economic hedges, but do not meet the criteria for hedge accounting. As a result, the changes in fair value are recorded in net income. As these amounts do not accurately reflect the gains and losses that will be realized at settlement, we do not consider them part of our underlying operations.

Reconciliation of non-GAAP measures

three months ended
June 30
six months ended
June 30
(unaudited - millions of $, except per share amounts) 2013 2012 2013 2012
Comparable EBITDA 1,143 997 2,311 2,110
Comparable depreciation and amortization (356 ) (346 ) (710 ) (690 )
Comparable EBIT 787 651 1,601 1,420
Other income statement items
Comparable interest expense (252 ) (239 ) (509 ) (481 )
Comparable interest income and other (2 ) 19 16 44
Comparable income taxes (133 ) (91 ) (292 ) (231 )
Net income attributable to non-controlling interests (23 ) (26 ) (54 ) (61 )
Preferred share dividends (20 ) (14 ) (35 ) (28 )
Comparable earnings 357 300 727 663
Specific items (net of tax):
Canadian restructuring proposal - 2012 - - 84 -
Income tax adjustment 25 - 25 -
Sundance A PPA arbitration decision - 2011 - (15 ) - (15 )
Risk management activities 1 (17 ) (13 ) (25 ) (24 )
Net income attributable to common shares 365 272 811 624
Comparable depreciation and amortization (356 ) (346 ) (710 ) (690 )
Specific item:
Canadian restructuring proposal - 2012 - - (13 ) -
Depreciation and amortization (356 ) (346 ) (723 ) (690 )
Comparable interest expense (252 ) (239 ) (509 ) (481 )
Specific item:
Canadian restructuring proposal - 2012 - - (1 ) -
Interest expense (252 ) (239 ) (510 ) (481 )
Comparable interest income and other (2 ) 19 16 44
Specific items:
Canadian restructuring proposal - 2012 - - 1 -
Risk management activities 1 (9 ) (14 ) (15 ) (8 )
Interest income and other (11 ) 5 2 36
Comparable income taxes (133 ) (91 ) (292 ) (231 )
Specific items:
Canadian restructuring proposal - 2012 - - 42 -
Income tax adjustment 25 - 25 -
Income taxes attributable to Sundance A PPA arbitration decision - 2011 - 5 - 5
Risk management activities 1 10 1 12 12
Income taxes expense (98 ) (85 ) (213 ) (214 )
Comparable earnings per common share $0.51 $0.43 $1.03 $0.94
Specific items (net of tax):
Canadian restructuring proposal - 2012 - - 0.12 -
Income tax adjustment 0.04 - 0.04 -
Sundance A PPA arbitration decision - 2011 - (0.02 ) - (0.02 )
Risk management activities 1 (0.03 ) (0.02 ) (0.04 ) (0.03 )
Net income per common share $0.52 $0.39 $1.15 $0.89
three months ended
June 30
six months ended
June 30
1 (unaudited - millions of $) 2013 2012 2013 2012
Canadian Power (4 ) 1 (6 ) (1 )
U.S. Power (18 ) 16 (17 ) (16 )
Natural Gas Storage 4 (17 ) 1 (11 )
Foreign exchange (9 ) (14 ) (15 ) (8 )
Income taxes attributable to risk management activities 10 1 12 12
Total losses from risk management activities (17 ) (13 ) (25 ) (24 )
EBITDA and EBIT by business segment
three months ended June 30, 2013
(unaudited - millions of $)
Natural Gas Pipelines Oil Pipelines
Energy

Corporate

Total
Comparable EBITDA 644 186 330 (17 ) 1,143
Comparable depreciation and amortization (245 ) (37 ) (69 ) (5 ) (356 )
Comparable EBIT 399 149 261 (22 ) 787
three months ended June 30, 2012
(unaudited - millions of $)
Natural Gas Pipelines Oil Pipelines
Energy

Corporate

Total
Comparable EBITDA 666 176 170 (15 ) 997
Comparable depreciation and amortization (234 ) (36 ) (72 ) (4 ) (346 )
Comparable EBIT 432 140 98 (19 ) 651
six months ended June 30, 2013
(unaudited - millions of $)
Natural Gas Pipelines Oil Pipelines
Energy

Corporate

Total
Comparable EBITDA 1,390 365 607 (51 ) 2,311
Comparable depreciation and amortization (485 ) (74 ) (143 ) (8 ) (710 )
Comparable EBIT 905 291 464 (59 ) 1,601
six months ended June 30, 2012
(unaudited - millions of $)
Natural Gas Pipelines Oil Pipelines
Energy

Corporate

Total
Comparable EBITDA 1,391 349 414 (44 ) 2,110
Comparable depreciation and amortization (466 ) (72 ) (145 ) (7 ) (690 )
Comparable EBIT 925 277 269 (51 ) 1,420

Results - second quarter 2013

Net income attributable to common shares was $365 million this quarter compared to $272 million in second quarter 2012. Second quarter 2013 results included a $25 million favourable income tax adjustment due to the enactment of Canadian Federal tax legislation relating to Part VI.I tax, in June 2013 and was excluded from comparable earnings. Second quarter 2012 included an after-tax charge of $37 million ($50 million pre-tax) related to the impact of the Sundance A PPA arbitration decision. Of this amount, $15 million ($20 million pre-tax) is excluded from 2012 comparable earnings as it related to 2011.

Net income attributable to common shares was $811 million for the six months ended June 30, 2013 compared to $624 million for the same period in 2012. The 2013 results included $84 million of net income related to 2012 from the NEB decision on the Canadian Restructuring Proposal. Also included was the $25 million of net income resulting from the favourable income tax adjustment noted above. These amounts were excluded from comparable earnings. The 2012 results included an after-tax charge of $15 million ($20 million pre-tax) that was excluded from 2012 comparable earnings as it related to 2011.

Comparable earnings this quarter were $357 million and $0.51 per share, $57 million and $0.08 per share higher than second quarter 2012.

This was the result of:

  • higher earnings from Western Power because of higher realized power prices, higher purchased PPA volumes as well as the Sundance A PPA charge recorded in second quarter 2012
  • higher equity income from Bruce Power because of incremental earnings from Units 1 and 2, which were returned to service in October 2012, and the completion of the Unit 3 West Shift Plus planned outage in June 2012, partially offset by higher planned outage days in second quarter 2013
  • higher realized power prices from U.S. Power
  • higher earnings from the Canadian Mainline because of the higher ROE of 11.50 per cent in 2013 compared to 8.08 per cent in 2012.

These increases were partly offset by:

  • lower contribution from U.S. natural gas pipelines
  • higher comparable interest expense reflecting lower capitalized interest primarily as a result of the return to service of Bruce Power Units 1 and 2
  • lower comparable interest income and other because we had realized losses in 2013 compared to realized gains in 2012 on derivatives used to manage our exposure to foreign exchange rate fluctuations on U.S. dollar-denominated income
  • higher comparable income taxes because of higher pre-tax earnings.

Comparable earnings for the six months ended June 30, 2013 were $727 million and $1.03 per share, $64 million and $0.09 per share higher than the same period in 2012.

This was the result of:

  • higher equity income from Bruce Power because of incremental earnings from Units 1, 2 and 3 and the recognition of an insurance recovery in first quarter 2013 partly offset by an increase in planned outage days
  • higher realized power prices in Western Power and U.S. Power
  • higher earnings from the Canadian Mainline because of the higher ROE of 11.50 per cent in 2013 compared to 8.08 per cent in 2012.

These increases were partly offset by:

  • lower contribution from U.S. natural gas pipelines
  • lower comparable interest income and other because we had realized losses in 2013 compared to realized gains in 2012 on derivatives used to manage our exposure to foreign exchange rate fluctuations on U.S. dollar-denominated income
  • higher comparable income taxes because of higher pre-tax earnings.

Comparable earnings do not include net unrealized after-tax losses resulting from changes in the fair value of certain risk management activities:

  • $17 million ($27 million before tax) for the three months ended June 30, 2013 compared to $13 million ($14 million before tax) for the same period in 2012
  • $25 million ($37 million before tax) for the six months ended June 30, 2013 compared to $24 million ($36 million before tax) for the same period in 2012.

Outlook

While the NEB's March 27, 2013 decision on the Canadian Restructuring Proposal for tolls and services on the Canadian Mainline may result in increased variability and seasonality of cash flow, we expect it to have a positive impact on the earnings outlook for 2013 previously included in our 2012 Annual Report. The NEB approved an allowed ROE of 11.50 per cent on 40 per cent deemed common equity ratio, multi-year tolls through 2017 and a new incentive mechanism. In addition, we expect the recent increase in 2013 power prices in Western Power to also have a positive impact on our previously disclosed earnings outlook for 2013. See the MD&A in our 2012 Annual Report for further information about our outlook.

Natural Gas Pipelines

Comparable EBITDA and comparable EBIT are non-GAAP measures. See non-GAAP measures section for more information.

three months ended
June 30
six months ended
June 30
(unaudited - millions of $) 2013 2012 2013 2012
Canadian Pipelines Source: http://news.yahoo.com/transcanada-reports-increase-second-quarter-123846859.html

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