TransCanada generates the energy that powers hundreds of thou- sands of businesses, institutions and households throughout Canada and the United States. A rapidly emerging player in the North American power market, we build, own, manage and operate some of the most efficient power plants on the continent. We utilize a diversified range of fuel sources: natural gas, waste heat, waste wood, or hydropower. We own one of the largest natural gas-fired power plants in the northeast U.S. We are the largest unitholder in TransCanada Power, L.P., a publicly-held limited partnership that owns power plants in both countries. We also market electricity across Canada and the northern tier of the U.S. and manage and sup- ply electricity requirements for a wide range of industrial clients. 1999 2000 2001 40 105 157 Power Net Earnings (millions of dollars) 1999 2000 2001 921 1,601 2,253 Generating Capacity (Megawatts – MW) 2001 ANNUAL REPORT  11 GENERATION of POWER