The accompanying notes to the consolidated financial statements are an integral part of these statements. On behalf of the Board: HAROLD N. KVISLE Director HARRY G. SCHAEFER Director TRANSCANADA 42 CONSOLIDATED BALANCE SHEET December 31 (millions of dollars) 2001 2000 ASSETS Current Assets Cash and short-term investments 299 509 Accounts receivable 551 575 Inventories 169 216 Other 42 28 Unrealized gains on energy trading contracts (Note 12) 152 582 Current assets of discontinued operations (Note 19) 113 3,473 1,326 5,383 Unrealized Gains on Energy Trading Contracts (Note 12) 365 379 Long-Term Investments (Note 6) 268 235 Plant, Property and Equipment (Notes 4, 7 and 8) 17,849 17,709 Other Assets 71 70 Future Income Taxes (Note 13) – 189 Long-Term Assets of Discontinued Operations (Note 19) 212 1,583 20,091 25,548 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities Notes payable (Note 14) 343 200 Accounts payable 670 594 Accrued interest 233 264 Current portion of long-term debt (Note 7) 483 612 Current portion of non-recourse debt of joint ventures (Note 8) 44 29 Provision for loss on discontinued operations (Note 19) 264 128 Unrealized losses on energy trading contracts (Note 12) 72 542 Current liabilities of discontinued operations (Note 19) 116 3,882 2,225 6,251 Unrealized Losses on Energy Trading Contracts (Note 12) 112 170 Deferred Amounts 326 331 Long-Term Debt (Note 7) 9,347 9,928 Future Income Taxes (Note 13) 47 – Non-Recourse Debt of Joint Ventures (Note 8) 1,295 1,296 Junior Subordinated Debentures (Note 9) 237 243 Long-Term Liabilities of Discontinued Operations (Note 19) 9 741 13,598 18,960 Shareholders’ Equity Preferred securities (Note 9) 675 969 Preferred shares (Note 10) 389 389 Common shares (Note 11) 4,564 4,540 Contributed surplus 263 263 Retained earnings 589 414 Foreign exchange adjustment (Note 12) 13 13 6,493 6,588 Commitments and Contingencies (Note 17) 20,091 25,548