CALGARY, ALBERTA -- (Marketwired) -- 07/31/14 -- TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) today announced that the Board of Directors (Board) of TransCanada declared a quarterly dividend of $0.48 per common share for the quarter ending September 30, 2014, on the Company's outstanding common shares. The common share dividend is payable on October 31, 2014, to shareholders of record at the close of business on September 30, 2014.

The Board also declared the following regular dividends on TransCanada's preferred shares:

--  A quarterly dividend of $0.2875 per share for the period up to but
    excluding September 30, 2014, on TransCanada's outstanding Cumulative
    Redeemable First Preferred Shares, Series 1. The dividend is payable on
    September 30, 2014, to shareholders of record at the close of business
    on September 2, 2014. 
--  A quarterly dividend of $0.25 per share for the period up to but
    excluding September 30, 2014, on TransCanada's outstanding Cumulative
    Redeemable First Preferred Shares, Series 3. The dividend is payable on
    September 30, 2014, to shareholders of record at the close of business
    on September 2, 2014. 
--  A quarterly dividend of $0.275 per share for the period up to but
    excluding October 30, 2014, on TransCanada's outstanding Cumulative
    Redeemable First Preferred Shares, Series 5. The dividend is payable on
    October 30, 2014, to shareholders of record at the close of business on
    September 30, 2014. 
--  A quarterly dividend of $0.25 per share for the period up to but
    excluding October 30, 2014, on TransCanada's outstanding Cumulative
    Redeemable First Preferred Shares, Series 7. The dividend is payable on
    October 30, 2014, to shareholders of record at the close of business on
    September 30, 2014. 
--  A quarterly dividend of $0.265625 per share for the period up to but
    excluding October 30, 2014, on TransCanada's outstanding Cumulative
    Redeemable First Preferred Shares, Series 9. The dividend is payable on
    October 30, 2014, to shareholders of record at the close of business on
    September 30, 2014.

These dividends are designated by TransCanada to be eligible dividends for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.

Common shares purchased with reinvested cash dividends under TransCanada's Dividend Reinvestment and Share Purchase Plan (DRP) will be acquired on the Toronto Stock Exchange at 100 per cent of the weighted average purchase price. The DRP is available for dividends payable on TransCanada's common and preferred shares.

With more than 60 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 68,500 kilometres (42,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with more than 400 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 11,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest oil delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com or check us out on Twitter @TransCanada or http://blog.transcanada.com.

FORWARD LOOKING INFORMATION

This publication contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the Quarterly Report to Shareholders dated July 31, 2014 and 2013 Annual Report filed under TransCanada's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.