Company Overview

TC Energy Corporation, formerly known as TransCanada Corporation, is a prominent energy infrastructure company operating across North America. Headquartered in Calgary, Canada, the company specializes in natural gas transmission, power generation, and storage, with operations extending throughout Canada, the United States, and Mexico. TC Energy's common shares are traded on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP.

Founded in 1951, TC Energy employs over 7,000 professionals dedicated to safely moving, generating, and storing the energy that North America depends on. For over 65 years, the company has been a leader in developing and maintaining critical energy infrastructure, serving millions of people daily. TC Energy focuses on large-scale, long-life assets aimed at generating sustainable, long-term returns.

Business Segments

TC Energy's operations are organized into four core segments:

- Canadian Natural Gas Pipelines

- U.S. Natural Gas Pipelines

- Mexico Natural Gas Pipelines

- Power and Energy Solutions

Natural Gas Pipeline Network

The company manages and operates an extensive network of 93,700 kilometers of natural gas pipelines. This network is crucial for transporting natural gas from supply basins to various end-users, including local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses.

Storage Facilities

TC Energy possesses regulated natural gas storage facilities with a total working gas capacity of 532 billion cubic feet. Additionally, it owns and operates approximately 118 billion cubic feet of non-regulated natural gas storage facilities located in Alberta, Ontario, Québec, and New Brunswick.

Power Generation

The company holds ownership interests in power generation facilities totaling approximately 4,650 megawatts of capacity. The Bruce Power nuclear plant is its largest asset within this segment.

Recent Financial Performance

2024 Results

For the full year 2024, TC Energy reported an approximate six per cent increase in comparable EBITDA from continuing operations. Segmented earnings from continuing operations saw a substantial increase of approximately 56 per cent compared to 2023.

In 2024, the company generated revenues of $9.54 billion USD. This figure represents a decrease from the $11.89 billion USD revenue recorded in 2023, primarily due to the spin-off of its Liquids Pipelines business.

2025 Outlook

The projected comparable EBITDA for 2025 is approximately $10.8 to $11.0 billion. This outlook was subsequently updated from the previous forecast of $10.7 to $10.9 billion, as reported in the second quarter 2025 results.

Dividend Track Record

TC Energy's Board of Directors approved a quarterly dividend increase of 3.3 per cent for the quarter ending March 31, 2025, bringing the annualized dividend to $3.40 per common share. This marks the company's twenty-fifth consecutive year of dividend growth.

Since 2000, TC Energy's common shares have generated an average annual return of 14%.

Major Projects and Growth Initiatives

Southeast Gateway Pipeline

TC Energy achieved mechanical completion of the Southeast Gateway pipeline project, finishing 13 per cent under budget. The project remains on track with CFE (Comisión Federal de Electricidad) to meet a May 1, 2025, in-service date, which is expected to be a significant inflection point for the company. This pipeline will provide Southeast Mexico with access to safe, reliable, and affordable energy. The Southeast Gateway pipeline is now in service, and TC Energy commenced toll collection from CFE beginning May 2025.

Coastal GasLink

Coastal GasLink LP has successfully executed a commercial agreement with LNG Canada and other CGL customers. This agreement declares the pipeline commercially in-service, allowing for toll collection from customers retroactive to October 1, 2024.

Bruce Power Expansion

With electricity demand in Ontario projected to increase by 75 per cent by 2050, Bruce Power is advancing Stage 3a of Project 2030. This phase will add approximately 90 MW of incremental capacity to the site. TC Energy's share of the required capital investment is approximately $175 million. Upon completion, Project 2030 is expected to increase the Bruce Power site's peak output to 7,000 MW.

Recent Project Approvals

TC Energy approved the US$0.3 billion Southeast Virginia Energy Storage Project. This project involves an LNG peaking facility in southeast Virginia designed to serve an existing Local Distribution Company's (LDC) growing winter peak day load, mitigate its peak day pricing exposure, and enhance operational flexibility on the Columbia Gas system.

Market Position and Growth Outlook

François Poirier, TC Energy's President and Chief Executive Officer, stated, "With natural gas and electricity projected to drive 75 per cent of the growth in final energy consumption through 2035, TC Energy's portfolio of natural gas and power assets strategically align with the vast opportunity we are seeing across our North American footprint."

Driven by a three-fold increase in LNG exports and strong growth in power generation (fueled by coal retirements and data centre demand), TC Energy forecasts North American natural gas demand to increase by nearly 40 Bcf/d by 2035.

Strategic Transformation

In October 2024, TC Energy completed a significant strategic transformation by spinning off its Liquids Pipelines business into South Bow Corporation. This move allows TC Energy to concentrate primarily on its natural gas and power infrastructure assets. This strategic realignment positions TC Energy to effectively capitalize on the increasing demand for natural gas and clean energy infrastructure across North America.

By prioritizing safety, operational excellence, disciplined capital allocation, and maximizing asset value, TC Energy continues to deliver solid growth, low-risk operations, and repeatable performance.