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TransCanada Announces Agreement to Develop Ontario Power Plant

TransCanada Corporation (TRP.TO) announced today it has signed a memorandum of understanding with the Ontario Power Authority to develop, own and operate a new 900-megawatt natural gas-fired power plant at Ontario Power Generation's Lennox Generating Station property near the village of Bath in eastern Ontario.

The OPA and TransCanada will finalize a contract based on the terms of the memorandum of understanding. It is expected that all contracts will be finalized by December 14, 2012. The Lennox power plant would act as a replacement facility for one that was planned in the community of Oakville.

TRP shares declined two cents to $44.84 on volume of 445,000.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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