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Exhibit 4.197  

  
 

    TransCanada PipeLines Limited
  
    INTEREST AND ASSET COVERAGES
  
    JUNE 30, 2002    
  

The
following interest and asset coverages are calculated as

at or for the twelve month period ending June 30, 2002: 

	 
	 	June 30, 2002

	INTEREST COVERAGE	 	2.37 times
	

NET TANGIBLE ASSET COVERAGES	
 	

 
	per $1,000 principal amount of Long-Term Debt	 	 
	 	 — excluding Recorded Future Income Taxes	 	$1,532
	 	 — including Recorded Future Income Taxes	 	$1,522

 
 

TransCanada PipeLines Limited
  
    INTEREST COVERAGE USING U.S. GAAP INFORMATION
  
    JUNE 30, 2002    
  

The
following interest coverage is calculated as at or

for the twelve month period ending June 30, 2002: 

	 
	 	June 30, 2002

	INTEREST COVERAGE	 	2.37 times

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TransCanada PipeLines Limited INTEREST AND ASSET COVERAGES JUNE 30, 2002

TransCanada PipeLines Limited INTEREST COVERAGE USING U.S. GAAP INFORMATION JUNE 30, 2002QuickLinks
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Exhibit 4.198  

 
 

TRANSCANADA PIPELINES LIMITED    
    
    SIGNIFICANT DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GAAP    
    

	(a)
	Net Income in Accordance With U.S. GAAP
  (millions of Canadian dollars except per share amounts)  

	 
	 	Six Months Ended June 30
	 
	 
	 	2002
	 	2001
	 
	Net income from continuing operations as reported in accordance with Canadian GAAP	 	 	417	 	 	380	 
	U.S. GAAP adjustments:	 	 	 	 	 	 	 
	 	Preferred securities charges	 	 	(29	)	 	(41	)
	 	Tax recovery on preferred securities charges	 	 	11	 	 	17	 
	 	Unrealized gain/(loss) on derivatives (SFAS 133)	 	 	17	 	 	(9	)
	 	Tax (expense)/recovery on gain/(loss) on derivatives (SFAS 133)	 	 	(7	)	 	4	 
	 	Income taxes	 	 	—	 	 	28	 
	 	 	
	 	
	 
	Income from continuing operations in accordance with U.S. GAAP	 	 	409	 	 	379	 
	Net loss from discontinued operations in accordance with U.S. GAAP	 	 	—	 	 	(87	)
	 	 	
	 	
	 
	Income before cumulative effect of the application of SFAS 133 in accordance with

U.S. GAAP	 	 	409	 	 	292	 
	 	Cumulative effect of the application of SFAS 133, net of tax	 	 	—	 	 	(2	)
	 	 	
	 	
	 
	Net income for the year in accordance with U.S. GAAP	 	 	409	 	 	290	 
	 	 	
	 	
	 
	Basic and diluted net income/(loss) per share in accordance with U.S. GAAP	 	 	 	 	 	 	 
	 	Continuing operations	 	$	0.83	 	$	0.77	 
	 	Discontinued operations	 	 	—	 	 	(0.19	)
	 	 	
	 	
	 
	Basic and diluted net income per share in accordance with U.S. GAAP	 	$	0.83	 	$	0.58	 
	 	 	
	 	
	 
	Basic and diluted net income per share in accordance with Canadian GAAP	 	$	0.81	 	$	0.54	 
	 	 	
	 	
	 

	(b)
	Comprehensive Income in Accordance with U.S. GAAP
  (millions of Canadian dollars)  

	 
	 	Six Months Ended June 30
	 
	 
	 	2002
	 	2001
	 
	Net income in accordance with U.S. GAAP	 	409	 	290	 
	Adjustments affecting comprehensive income under U.S. GAAP	 	 	 	 	 
	 	Foreign currency translation adjustment	 	(3	)	(19	)
	 	Unrealized gain/(loss) on derivatives (SFAS 133), net of tax	 	3	 	(1	)
	 	 	
	 	
	 
	Comprehensive income before cumulative effect of the application of SFAS 133 in accordance with U.S. GAAP	 	409	 	270	 
	 	Cumulative effect of the application of SFAS 133, net of tax	 	—	 	(4	)
	 	 	
	 	
	 
	Comprehensive income in accordance with U.S. GAAP	 	409	 	266	 
	 	 	
	 	
	 

	(c)
	Condensed Balance Sheet in Accordance with U.S. GAAP
  June 30, 2002 (millions of Canadian dollars)  

	 
	 	Amount Reported Under Canadian GAAP
	 	Adjusted Amount to Conform with U.S. GAAP (1)

	Current assets	 	1,279	 	1,083
	Energy trading assets	 	332	 	215
	Long-term investments	 	262	 	1,532
	Plant, property and equipment	 	17,550	 	15,178
	Regulatory asset	 	 	 	2,619
	Other assets	 	358	 	477
	 	 	
	 	

	 	 	19,781	 	21,104
	 	 	
	 	

	

Current liabilities	
 	

1,627	
 	

1,471
	Provision for loss on discontinued operations	 	241	 	241
	Energy trading liabilities	 	93	 	53
	Deferred amounts	 	364	 	465
	Long-term debt	 	9,226	 	9,375
	Non-recourse debt of joint ventures	 	1,190	 	 
	Future income taxes	 	127	 	2,648
	Junior subordinated debentures	 	237	 	 
	Preferred securities	 	 	 	694
	Trust originated preferred securities	 	 	 	218
	Shareholders' equity	 	6,676	 	5,939
	 	 	
	 	

	 	 	19,781	 	21,104
	 	 	
	 	

	(1)
	Using
the equity method of accounting for joint ventures. 

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TRANSCANADA PIPELINES LIMITED SIGNIFICANT DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GAAPExhibit 4.199
 

	 	 	KPMG LLP

Chartered Accountants	 	 
	 	 	1200 205 - 5th Avenue SW

Calgary AB    T2P 4B9	 	Telephone (403) 691-8000

Telefax (403) 691-8008

www.kpmg.ca

Alberta Securities Commission 

Dear
Sirs 

 TransCanada PipeLines Limited (the "Company")  

We
refer to the short form prospectus of the company dated November 30, 2000 ("the Prospectus") relating to the sale and issue of US $750,000,000 Debt Securities (Unsecured) of the Company. 

We
are the auditors of the Company and under date of February 25, 2002, we reported on the following financial statements incorporated by reference in the Prospectus: 

	•
	Consolidated
balance sheets as at December 31, 2001 and December 31, 2000; and

	•
	Consolidated
statements of income, retained earnings and cash flows for each of the years in the three-year period ended December 31,
2001. 

Also
incorporated by reference in the Prospectus are the following unaudited interim financial statements which are being filed concurrently with the securities regulatory authorities: 

	•
	Consolidated
balance sheet as at June 30, 2002;

	•
	Consolidated
statements of income and cash flows for the three-month and six-month periods ended June 30, 2002 and 2001; and

	•
	Consolidated
statements of retained earnings for the six-month periods ended June 30, 2002 and 2001. 

We
have not audited any financial statements of the Company as at any date or for any period subsequent to December 31, 2001. Although we have performed an audit for the year ended
December 31, 2001, the purpose and therefore the scope of the audit was to enable us to express our opinion on the consolidated financial statements as at December 31, 2001 and for the
year then ended, but not on the financial statements for any interim period within that year. Therefore, we are unable to and do not express an opinion on the above-mentioned unaudited interim
consolidated financial statements or on the financial position, results of operations or cash flows as at any date or for any period subsequent to December 31, 2001. 

  

  

Page
2

Alberta Securities Commission

August 13, 2002 

We
have, however, performed a review of the unaudited interim consolidated financial statements of the Company as at June 30, 2002 and for the three-month and six-month periods
ended June 30, 2002 and 2001. We performed our review in accordance with Canadian generally accepted standards for a review of interim financial statements by an entity's auditors. Such an
interim review consists principally of applying analytical procedures to financial data and making inquiries of, and having discussions with, persons responsible for financial and accounting matters.
An interim review is substantially less in scope than an audit, whose objective is the expression of an opinion regarding the financial statements. An interim review does not provide assurance that we
would become aware of any or all significant matters that might be identified in an audit. 

Based
on our review, we are not aware of any material modification that needs to be made for these interim consolidated financial statements to be in accordance with Canadian generally accepted
accounting principles. 

This
letter is provided solely for the purpose of assisting the securities regulatory authority to which it is addressed in discharging its responsibilities and should not be used for any other
purpose. Any use that a third party makes of this letter or any reliance or decisions based on it, are the responsibility of such third parties. We accept no responsibility for loss or damages, if
any, suffered by any third party as a result of decisions made or actions taken based on this letter. 

Yours
very truly 

  

Chartered
Accountants 

Calgary,
Canada

August 13, 2002Exhibit 4.200

TRANSCANADA
PIPELINES LIMITED 

450 - 1st
Street S.W.

Calgary, Alberta, Canada

T2P 5H1 

CERTIFICATION
OF CHIEF EXECUTIVE OFFICER

REGARDING PERIODIC REPORT CONTAINING

FINANCIAL STATEMENTS 

I,
Harold N. Kvisle, the Chief Executive Officer of TransCanada PipeLines Limited (the "Company"), in compliance with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, hereby certify, in connection with the Company's Quarterly Report as filed on Form 6-K for the period ended June 30, 2002 with the
Securities and Exchange Commission (the "Report"), that: 

	•
	the
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	•
	the
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. 

	

 	
 	

/s/  HAROLD N. KVISLE      
 Harold N. Kvisle
 Chief Executive Officer

August 13, 2002Exhibit 4.201

TRANSCANADA
PIPELINES LIMITED 

450 - 1st
Street S.W.

Calgary, Alberta, Canada

T2P 5H1 

CERTIFICATION
OF CHIEF FINANCIAL OFFICER

REGARDING PERIODIC REPORT CONTAINING

FINANCIAL STATEMENTS 

I,
Russell K. Girling, the Chief Financial Officer of TransCanada PipeLines Limited (the "Company"), in compliance with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, hereby certify, in connection with the Company's Quarterly Report as filed on Form 6-K for the period ended June 30, 2002 with the
Securities and Exchange Commission (the "Report"), that: 

	•
	the
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	•
	the
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. 

	

 	
 	

/s/  RUSSELL K. GIRLING      
 Russell K. Girling
 Chief Financial Officer

August 13, 2002

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