NEW YORK, NEW YORK--(Marketwire - Nov. 8, 2012) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) announced today that it is donating up to $250,000 in equipment and cash to help New York speed up recovery efforts following Hurricane Sandy.
TransCanada has an active presence in the New York region where the company operates the Ravenswood Power Facility in Long Island City, NY. Under normal operating conditions, Ravenswood is capable of producing up to 25 percent of the daily electricity that is consumed in New York City. In the days following Hurricane Sandy and with the damage to other electrical facilities, TransCanada's Ravenswood facility provided up to 50 percent of the available power to the New York City electrical grid.
"New York City is an important part of TransCanada's power business and while our employees and personnel came through this storm safely, many of our friends and neighbors experienced great loss," said Russ Girling, president and chief executive officer, TransCanada. "We have already moved supplies and industrial equipment from Louisiana and the U.S. Northeast to draw down water in public housing located on Coney Island and to provide power on Staten Island."
The equipment includes large and medium-capacity pumps, generators, hoses and discharge equipment. TransCanada generators were delivered to New York City Emergency Management officials on Staten Island and will be used by homeowners who continue to be without any source of power. TransCanada pumps were delivered to the New York City Housing Authority (NYCHA) on Coney Island. The specific housing sites using these pumps on Coney Island are Coney Island Houses, Surfside, and O'Dwyer Gardens.
"Over the past week, thousands of people from around the City and across the country have stepped forward to help New Yorkers whose lives have been turned upside down by Hurricane Sandy," said Mayor Michael Bloomberg. "TransCanada stepped forward very early to help our recovery efforts - just as a good neighbor would do. We are grateful for the support we've received from generous individuals and corporate citizens, who are pitching in to help our City recover from this devastating storm."
At the same time, TransCanada will be donating $100,000 to the Mayor's Fund to Advance New York City for the City's emergency response needs and long-term restoration efforts. This non-profit organization is dedicated to innovative public-private partnerships and programs for the City of New York. For more information on this important initiative and the ongoing hurricane relief efforts, please go to: www.nyc.gov/html/fund.
TransCanada will continue to monitor the effects of Sandy and any other potential storms that may impact the East Coast to determine what additional help for New Yorkers is needed.
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 approximately 380-billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in more than 10,900 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.