-- Tamazunchale Pipeline Extension Project: A variety of construction activities are underway and the project remains on schedule to meet the planned in service date of first quarter 2014.
-- Bruce Power: The availability percentage for Units 1 and 2 increased through first quarter 2013. These units are now able to operate at full power. As Units 1 and 2 have not operated for an extended period of time they may experience slightly higher forced outage rates and reduced availability percentages in 2013. Bruce Power returned Unit 4 to service on April 13, 2013 after completing an expanded life extension outage program which began in August 2012. It is anticipated that this investment will allow Unit 4 to operate until at least 2021. The overall plant availability percentage in 2013 is expected to be in the mid 80 per cent range for Bruce A and the high 80 per cent range for Bruce B. Planned maintenance outages on two of the Bruce B units and one of the Bruce A units are expected to be completed in second quarter 2013. On April 5, 2013, Bruce Power announced that it had reached an agreement with the Ontario Power Authority (OPA) to extend the Bruce B floor price through to the end of the decade which is expected to coincide with the 2019 and 2020 end of life dates for the Bruce B units.-- Ontario Solar: In late 2011, we agreed to buy nine Ontario solar projects with a combined capacity of 86 megawatts (MW) from Canadian Solar Solutions Inc. We expect to close the acquisition of the first three projects (combined capacity of 29 MW) by mid 2013 for a total cost of approximately $175 million. We expect to acquire the remaining six projects later in 2013 and 2014, subject to regulatory approvals.
-- Our Board of Directors declared a quarterly dividend of $0.46 per share for the quarter ending June 30, 2013 on TransCanada's outstanding common shares. The quarterly amount is equivalent to $1.84 per common share on an annual basis.-- In March 2013, we completed a public offering of 24 million Series 7 cumulative redeemable first preferred shares. The Series 7 shares were issued at a price of $25 per share, resulting in gross proceeds of $600 million. The initial dividend rate is fixed to April 30, 2019 at $1.00 per share per annum paid quarterly. In January 2013, we issued US$750 million of senior notes maturing on January 15, 2016, bearing interest at an annual rate of 0.75 per cent. The net proceeds of these offerings will be used to fund our capital program, general corporate purposes and to reduce short-term indebtedness.
Teleconference - Audio and Slide Presentation:
We will hold a teleconference and webcast on Friday, April 26, 2013 to discuss our first quarter 2013 financial results. Russ Girling, TransCanada president and chief executive officer and Don Marchand, executive vice-president and chief financial officer, along with other members of the TransCanada executive leadership team, will discuss the financial results and Company developments at 1:00 p.m. (MDT) / 3:00 p.m. (EDT).
Analysts, members of the media and other interested parties are invited to participate by calling 866.226.1793 or 416.340.2218 (Toronto area). Please dial in 10 minutes prior to the start of the call. No pass code is required. A live webcast of the teleconference will be available at www.transcanada.com.