8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  March 2, 2004.

TC PipeLines, LP
(Exact name of registrant as specified in its charter)
Delaware		000-26091	52-2135448
(State or other jurisdiction of incorporation)		(Commission File Number)	(I.R.S. Employer Identification No.)
	110 Turnpike Road, Suite 203 Westborough, Massachusetts		01581
	(Address of principal executive offices)		(Zip Code)
(508) 871-7046
(Registrant’s telephone number, including area code)

Item 7. Financial Statements and Exhibits

(c) Exhibits

Exhibit 99.1   Presentation of TC PipeLines, LP on March 2, 2004.

Item 9. Regulation FD Dislcosure

Attached as Exhibit 99.1 to this Form 8-K is the presentation of Mr. Ron Turner, President and Chief Executive Officer of TC PipeLines, LP at the Master Limited Partnership Investor Conference 2004, held in New York City on March 2, 2004.

The information in Item 9 of this report is being furnished, not filed, pursuant to Regulation FD. Accordingly, the information in Item 9 of this report will not be incorporated by reference into any registration statement filed by the Partnership under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

2

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		TC PipeLines, LP
	By:	TC PipeLines GP, Inc.,
		its general partner
Dated:    March 2, 2004	By:	/s/ Maryse C. St.-Laurent
		Maryse C. St.-Laurent
		Secretary

3

Index to Exhibits

Exhibit No.	Description of Exhibit
99.1	Presentation of TC PipeLines, LP on March 2, 2004.

4

EX-99.1

Exhibit 99.1

Searchable text section of graphics shown above

The Master Limited Partnership Investor Conference

March 2, 2004

Ron Turner, President & CEO

[LOGO]

[GRAPHIC]

Forward Looking Information

This presentation includes forward-looking statements regarding future events and the future financial performance of TC PipeLines, LP.  Words such as “believes”, “expects”, “intends”, “forecasts”, “projects”, and similar expressions, identify forward-looking statements within the meaning of the Securities Litigation Reform Act.  All forward-looking statements are based on the Partnership’s current beliefs as well as assumptions made by and information currently available to the Partnership.  These statements reflect the Partnership’s current views with respect to future events.  Important factors that could cause actual results to materially differ from the Partnership’s current expectations include regulatory decisions, particularly those of the Federal Energy Regulatory Commission, the Securities and Exchange Commission, majority control of the Northern Border Pipeline management committee by affiliates of Enron Corp., which has filed for bankruptcy protection, the failure of a shipper on either one of the Partnership’s pipelines to perform its contractual obligations, cost of acquisitions, future demand for natural gas, overcapacity in the industry, and other risks inherent in the transportation of natural gas as discussed in the Partnership’s filings with the Securities and Exchange Commission, including the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2002.

TC PipeLines, LP Assets

[GRAPHIC]

30% general partner interest in Northern Border Pipeline

49% general partner interest in Tuscarora Gas Transmission

TC PipeLines, LP Performance

Net Income
(per Unit)

[CHART]

Distributions Declared
(per Unit)

[CHART]

Cash from Investments
($ Millions)

[CHART]

Cash Utilization
($ Millions)

[CHART]

Strong Returns

[CHART]

Yield Comparison

[CHART]

Strategy

1.Focus on natural gas transmission assets that:

•are underpinned with long-term transportation contracts

•      have organic growth potential

•        connect to growing natural gas consuming markets

•        connect to growing natural gas supply

2.Maintain strong financial position

3.Leverage from TransCanada’s expertise in natural gas transmission industry

TransCanada’s Assets

[GRAPHIC]

Gas Demand (Bcf/d)

[GRAPHIC]

Demand (Bcf/d)

[CHART]

Western Canada

[CHART]

Western U.S.

[CHART]

Midwest

[CHART]

U.S. Northeast

(Mid Atlantic & New England)

[CHART]

New Supply is Needed (Bcf/d)

[GRAPHIC]

Demand (Bcf/d)

[CHART]

North

[CHART]

WCSB

[CHART]

Rockies

[CHART]

Gulf Coast

[CHART]

Sable

[CHART]

LNG Imports

[CHART]

Northern gas and LNG imports will be needed to meet North American demand.

Northern Pipelines

[GRAPHIC]

Northern Border Pipeline

Facilities

•       1,249 miles

•       Receipt capacity: 2.4 Bcf/d

•       2003 throughput: 881.8 Bcf

•       Weighted average contract life: 3.3 years

•       22% of all natural gas imported from Canada

Northern Border Pipeline

Outlook

•         Re-contracting

•         Recapitalization

•         PUHCA

Tuscarora Gas Transmission

Facilities

•         240 miles

•         Receipt capacity: 191 MMcf/d

•         11,400 HP compression

•         2003 throughput: 22.0 Bcf

•         Weighted average contract life: 11 years

Tuscarora Gas Transmission

Historical Development

2001 Expansion - $10M

•         Hungry Valley

•         14 mile NPS16 Lateral

2002 Expansion - $39M

•         3 compressors

•         11 mile NPS20 extension

•         Additional capacity: 55 MMcf/d

Tuscarora Gas Transmission

Organic Growth - 2005

2005 Expansion

•         2 compressors

•         Additional capacity: 50 MMcf/d

•         15-year contracts

•         Capital budget is $17 million

•         In service November 2005

Conclusion

•           Well positioned assets

•           Solid cash flow coverages

•           Attractive yield

•           General partner is recognized for expertise in natural gas transmission industry

•           Disciplined growth strategy

The Master Limited Partnership Investor Conference

March 2, 2004

Ron Turner, President & CEO