TransCanada reports $250-M gas plant compensation By John Spears TORONTO STAR TransCanada Corp. says it received $250 million in compensation after being forced to move an unpopular gas-fired generating plant from Oakville to Napanee. But the Ontario government says payments will be largely offset by a reduction in payments TransCanada will receive over its 20-year power purchase agreement with the Ontario Power Authority (OPA). The compensation figure is in TransCanada's year-end financial report. "The company has been reimbursed for $250 million of costs, primarily related to natural gas turbines that were purchased for the Oakville project which will be deployed at Napanee," the report states. The Province has said the cost of cancelling the Oakville plant is about $40 million. But there has been fierce political debate over the cost of cancelling the Oakville plant, and another in Mississauga. The province's auditorgeneral has been asked to report on the matter. Energy minister Robert Chiarelli's office released a statement late Tuesday reiterating the $40 million figure. The statement said the OPA had agreed to pay for $210 million of equipment for the re-located plant. But that money will be recouped because payments TransCanada receives over its 20-year contract with the OPA have been reduced. "Premier Wynne has asked the Auditor General to review the costs of the Oakville cancellation," Chiarelli said. "That's the right thing to do." TransCanada officials agreed during a conference call on the company's year-end results the compensation received would be partly offset by the lower contractual payments. TransCanada reported its comparable earnings for the year ended Dec. 31, 2012 were $1.3 billion or $1.89 a share, down from $1.6 billion or $2.22 7 · Thursday, February 14, 2013 OAKVILLE BEAVER · www.insideHALTON.com OAKVILLE BEAVER FILE PHOTO good news: Former Ontario energy minister Brad Duguid, shakes hands with Mayor Rob Burton while Oakville MPP Kevin Flynn (right) and MPP Mississauga South Charles Sousa (left) smile as it was announced the proposed power plant would not be built anywhere in Oakville or the GTA. While earnings were down this year, company officials stressed the company has aggressive expansion plans, with $12 billion worth of proj- a share a year earlier. The company increased its quarterly dividend by five per cent to 46 cents a share. ects to get under way in the next three years. That includes the controversial Keystone XL pipeline, which has yet to receive U.S. approval. 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