TRANSCANADA CORP. $45.02 - Toronto symbol TRP

TRANSCANADA CORP. $45.02 (Toronto symbol TRP; Shares outstanding: 704.9 million; Market cap: $31.7 billion; TSINetwork Rating: Above Average; Dividend yield: 3.9%; www.transcanada.com) has settled its dispute with the Ontario government.

In 2009, the company agreed to build a natural-gas-fired power plant in Oakville, Ontario. However, the provincial government cancelled the project in 2010.

This week, TransCanada agreed to build a new gas-fired power plant on the grounds of the Lennox generating station near Napanee in eastern Ontario.

Under the deal, the Ontario Power Authority (OPA) will pay TransCanada $210 million for the turbines and other equipment originally earmarked for the Oakville plant. TransCanada will also receive $40 million to cover the costs of gear that it can’t move to the new site.

However, the OPA will pay TransCanada lower rates for the Lennox plant’s power than it would have for the Oakville project. The new plant will start up in 2017.

TransCanada is a buy.

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