* Net income down 3.1 pct at C$314 million
* Comparable profit up 1 pct, down on EPS basis
* Shares rise 1 pct to C$30,69
Calgary, Alberta, July 30 (Reuters) - Second-quarter profit at TransCanada Corp TRP.TO fell 3.1 percent on weak electricity prices in Western Canada, the country’s biggest pipeline and power firm said on Thursday.
TransCanada said it earned C$314 million ($291 million), or 50 Canadian cents a share, down from C$324 million, or 58 Canadian cents, in the second quarter of 2008.
Comparable earnings, which exclude most one-time items, rose 1 percent to C$319 million, or 51 Canadian cents, from C$316 million, or 57 Canadian cents, in the year-prior quarter when the company had fewer shares outstanding.
The comparable results beat the average analyst profit estimate of 44 Canadian cents a share, according to Reuters Estimates.
TransCanada is best known for its network of natural-gas pipelines in Canada and the United States and for its power-generation operations, which include its stake in the Bruce nuclear plant in Ontario and New York City’s Ravenswood generating station.
The company’s revenue rose 5.5 percent to C$2.13 billion.
TransCanada shares rose 1 percent to C$30.69 on Thursday afternoon on the Toronto Stock Exchange.
$1=$1.08 Canadian Reporting by Scott Haggett; editing by Rob Wilson