Company agreed to increase its equity ownership in the Keystone partnership to 79.99 per cent

North American energy utility, TransCanada has reported a net income of C$277 million or C$0.47 per share, for the fourth quarter of 2008, compared to C$377 million or C$0.70 per share, for the same quarter of 2007.

The company has reported a net income of C$1.4 billion or C$2.53 per share, for the year ended December 31, 2008, compared to a net income of C$1.2 billion or C$2.31 per share, for 2007.

The company has reported comparable earnings of C$1.3 billion or C$2.25 per share, for the year ended December 31, 2008, compared to C$1.1 billion, or C$2.08 per share, for the year 2007.

For the fourth quarter of 2008, the company has reported comparable earnings of C$271 million or C$0.46 per share, compared to C$297 million or C$0.55 per share, for the same period of 2007.

Hal Kvisle, president and CEO of TransCanada, said: “TransCanada’s financial performance in 2008 demonstrates our ability to generate good earnings and cash flow even in these uncertain economic times.”

TransCanada is engaged in development and operation in energy sectors in North America. The company’s network of more than 59,000 kilometres (36,500 miles) of pipeline taps into all major gas supply basins in North America, claims the company.