In the second quarter, our businesses, for the most part, continue to perform very well. However, a portion of our business that is directly impacted by power crisis and gas prices was adversely impacted by weak demand and soft prices. That said, I remain very confident that TransCanada is well positioned to grow earnings, cash flow and dividends as we complete our current capital program, secure attractive new opportunities and benefit from the cyclical recovery in natural gas and power prices.
We remain on target to complete $13 billion in capital projects between now and 2015, including the restart of 2 nuclear reactors at Bruce Power; our Gulf Coast project that will deliver U.S. and Canadian oil to Texas refiners; the Keystone XL project, which will bring U.S. Bakken and Canadian oil sands crude to market; the Tamazunchale extension; our Ontario solar project; and many further expansions to our Alberta System.
Turning to the financial highlights for the quarter, comparable earnings were $300 million, or $0.43 a share. Excluding an after-tax charge of $22 million related to the Sundance A arbitration decision announced this week, comparable earnings were $322 million, or $0.46 per share. Comparable EBITDA was $1 billion, and funds generated from operations were $729 million. Today, the Board of Directors declared a quarterly dividend of $0.44 per common share for the quarter ending September 30, 2012.
Don Marchand, our CFO, will offer more details on our financial results in just a couple moments. But before he does, I will walk you through some of the very important advancements in our 3 core businesses over the past quarter. On the Gulf Coast project, we've now achieved a very important milestone as we advanced our Gulf Coast project that will deliver U.S. and Canadian oil to Texas refiners. I'm pleased to confirm that we did receive a final of the 3 necessary permits needed from the U.S. Army Corps of Engineers.