FORM 6-K
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                            REPORT OF FOREIGN ISSUER
                      PURSUANT TO RULE 13a-16 OR 15d-16 OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                           For the month of March 2004

                           COMMISSION FILE NO. 1-31690

                             TRANSCANADA CORPORATION
                 (TRANSLATION OF REGISTRANT'S NAME INTO ENGLISH)

             450 - 1 STREET S.W., CALGARY, ALBERTA, T2P 5H1, CANADA
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F)

         Form 20-F                                         Form 40-F   X
                   -----                                             -----

(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)

         Yes                                               No          X
                   -----                                             -----

A copy of the Registrant's News Release dated February 24, 2004 announcing the
agreement between National Energy & Gas Transmission, Inc. and TransCanada
Corporation and certain subsidiaries (collectively "TransCanada") under which
TransCanada will acquire Gas Transmission Northwest Corporation, subject to
U.S. Bankruptcy Court approval and anti-trust review is furnished herewith as
Exhibit 1.



                                   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, thereunto duly authorized.


                                   TRANSCANADA CORPORATION


                                   By: /s/ Rhondda E.S. Grant
                                      -----------------------------------------
                                       Rhondda E.S. Grant
                                       Vice-President and Corporate Secretary


March 5, 2004



                                  EXHIBIT INDEX

1.   News Release of the Registrant dated February 24, 2004 entitled
     "National Energy & Gas Transmission and TransCanada Announce Sale
     Agreement for Gas Transmission Northwest Corporation."