TC PipeLines, LP Progresses Regulatory Strategy and Reduces Estimate of Overall Tax Impact - Seite 2

“We note as well that the Iroquois Gas Transmission System also made a filing on October 12 with FERC requesting a waiver of its requirement to file a Form 501-G based on its existing moratorium precluding rate changes prior to September 2020. Looking forward, Bison is scheduled to file its response to the FERC’s final rule by November 8, 2018 and our remaining assets, Northern Border, Great Lakes and Tuscarora, are scheduled to file by December 6, 2018. Thus, we anticipate finalizing our regulatory approach for all of the Partnership’s assets by year end,” concluded Brown.

While uncertainties still exist around the Partnership’s remaining pipeline assets, we believe that the range of possible outcomes has improved when compared to the estimated outcomes expressed in our announcement of second quarter 2018 results. The impact in 2018 is expected to be limited, while subsequent periods will be more significantly affected. Currently, the estimated overall impact of the tax-related changes to the Partnership’s revenue and cash flow is in a range of approximately negative $20 to $30 million on an annualized basis starting in 2019 which is down from our previous estimate of negative $40 to $60 million.

The Partnership continues to take proactive measures to conserve capital for near-term capital requirements and manage its leverage metrics.

About TC PipeLines, LP

TC PipeLines, LP is a Delaware master limited partnership with interests in eight federally regulated U.S. interstate natural gas pipelines which serve markets in the Western, Midwestern and Northeastern United States. The Partnership is managed by its general partner, TC PipeLines GP, Inc., a subsidiary of TransCanada Corporation (NYSE:TRP). For more information about TC PipeLines, LP, visit the Partnership's website at www.tcpipelineslp.com.

Forward-Looking Statements

This news release contains certain non-historical statements relating to future plans, projections, events or conditions that are “forward-looking statements” and use words such as “believe”, “estimate”, “anticipate”, “expect”, “could”, “may”, “project”, “will”, “should” and similar words. These statements are based on current expectations and, therefore, are subject to a variety of risks, assumptions and uncertainties that could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release. Many of these factors are beyond the control of the Partnership including, without limitation to the effectiveness of the Partnership’s regulatory strategy, the outcome of the Partnership’s regulatory strategy for all of its pipeline assets, changes in laws or regulations affecting the Partnership, ability to identify and complete acquisitions or growth projects, changes in natural gas supply or demand in the markets served by the Partnership’s pipeline assets, renewals for rights of way, increases in operating and compliance costs and disruption in the debt and equity markets that negatively impacts the Partnership’s ability to finance its capital spending. These and other factors that could cause future results to differ materially from those anticipated are discussed in Item 1A in our Annual Report on Form 10-K for the year-ended December 31, 2017 filed with the Securities and Exchange Commission (the SEC), as updated and supplemented by subsequently filed Quarterly Reports on Form 10-Q and current reports on Form 8-K. All forward-looking statements are made only as of the date made and except as required by applicable law, we undertake no obligation to update any forward-looking statements to reflect new information, subsequent events or other changes.