TC Energy Corporation (TRP): Business Model Canvas

In der dynamischen Landschaft der Energieinfrastruktur entwickelt sich die TC Energy Corporation (TRP) zu einem strategischen Kraftpaket, das die Funktionsweise und Entwicklung nordamerikanischer Energienetze verändert. Durch die nahtlose Integration umfangreicher Pipelinesysteme, Initiativen für erneuerbare Energien und innovativer technologischer Lösungen hat TRP ein anspruchsvolles Geschäftsmodell entwickelt, das den traditionellen Energietransport mit einer zukunftsorientierten nachhaltigen Entwicklung in Einklang bringt. Dieses umfassende Business Model Canvas enthüllt den komplexen Rahmen hinter dem Erfolg von TC Energy und zeigt, wie das Unternehmen komplexe Marktanforderungen bewältigt und gleichzeitig sein Engagement für Zuverlässigkeit, Effizienz und Umweltverantwortung aufrechterhält.

TC Energy Corporation (TRP) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit indigenen Gemeinschaften

Seit 2024 hat TC Energy Partnerschaften mit mehreren indigenen Gemeinschaften in ganz Kanada aufgebaut, darunter:

Indigene Gruppe	Einzelheiten zur Partnerschaft	Kapitalanteil
Coastal GasLink Indigenous Ownership Group	Eigentum am Coastal GasLink Pipeline-Projekt	85-Millionen-Dollar-Investition
Tsuut'ina-Nation	Zusammenarbeit bei der Energieinfrastruktur	7,5 % Projektkapital

Joint-Venture-Vereinbarungen

Zu den wichtigsten Joint-Venture-Partnerschaften von TC Energy gehören:

• TC Energy und Alberta Investment Management Corporation (AIMCo) – Nordamerikanische Pipeline-Infrastruktur
• Columbia Pipeline Partners – Erdgasinfrastruktur
• Bruce Power – Joint Venture zur Kernenergieerzeugung

Zusammenarbeit mit Regierungsbehörden

Regierungsbehörde	Projektzusammenarbeit	Investitionswert
Kanadische Energieregulierungsbehörde	Einhaltung der Pipeline-Vorschriften	42 Millionen US-Dollar Compliance-Investition
Energieregulierungsbehörde von Alberta	Entwicklung der Energieinfrastruktur der Provinz	65 Millionen US-Dollar Infrastrukturinvestition

Technologiepartnerschaften

Die technologische Zusammenarbeit konzentriert sich auf:

• Partnerschaften zur Kohlenstoffabscheidung mit Chevron
• Zusammenarbeit im Bereich der erneuerbaren Energietechnologie mit Sustainable Development Technology Canada
• Digitale Infrastrukturpartnerschaft mit Siemens

Technologiepartner	Fokusbereich	Investition
Chevron	Kohlenstoffabscheidung und -speicherung	250-Millionen-Dollar-Investition
Nachhaltige Entwicklungstechnologie Kanada	Erneuerbare Energietechnologien	110 Millionen US-Dollar Forschungsförderung

TC Energy Corporation (TRP) – Geschäftsmodell: Hauptaktivitäten

Erdgas- und Ölpipeline-Transport und Infrastrukturentwicklung

TC Energy betreibt rund 93.300 Kilometer Erdgastransportpipelines in ganz Nordamerika. Die Pipeline-Infrastruktur des Unternehmens umfasst:

Region	Pipelinelänge (km)	Jährliche Kapazität
Kanada	55,900	6,2 Milliarden Kubikfuß pro Tag
Vereinigte Staaten	37,400	4,5 Milliarden Kubikfuß pro Tag

Bau und Betriebsmanagement von Energieprojekten

Das aktuelle Projektportfolio von TC Energy umfasst:

• Coastal GasLink Pipeline: 6,2-Milliarden-Dollar-Projekt
• Bruce Power Nuclear Facility: 30-jähriger Betriebsvertrag
• Columbia River Power Project: 14 Wasserkraftwerke

Erzeugung und Entwicklung erneuerbarer Energien

Energietyp	Installierte Kapazität	Anzahl der Einrichtungen
Wind	2.100 MW	37 Einrichtungen
Solar	320 MW	12 Einrichtungen
Wasserkraft	436 MW	14 Einrichtungen

Risikomanagement und Energieanlagenoptimierung

TC Energy verwaltet a Vermögensportfolio im Wert von 110 Milliarden US-Dollar mit Diversifizierung über mehrere Energiesektoren und Regionen hinweg.

Einhaltung gesetzlicher Vorschriften und Bemühungen um ökologische Nachhaltigkeit

Zusagen für Umweltinvestitionen:

• Bis 2030 werden 2 Milliarden US-Dollar für den Übergang zu kohlenstoffarmer Energie bereitgestellt
• Ziel einer Reduzierung der Treibhausgasemissionen um 40 % bis 2035
• Einhaltung nordamerikanischer Umweltvorschriften

TC Energy Corporation (TRP) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Pipeline-Netzwerk

TC Energy betreibt rund 93.300 Kilometer Pipeline-Infrastruktur in ganz Nordamerika.

Pipeline-Typ	Länge (Kilometer)
Erdgaspipelines	57,400
Flüssigkeitsleitungen	4,900
Ölpipelines	31,000

Qualifizierte Arbeitskräfte

TC Energy beschäftigt ab 2023 7.300 Vollzeitmitarbeiter.

• Ingenieursfachkräfte: 2.100
• Technische Spezialisten: 1.600
• Betriebspersonal: 3.600

Vermögenswerte der Energieinfrastruktur

Die Gesamtvermögensbasis belief sich zum 31. Dezember 2023 auf 117 Milliarden US-Dollar.

Asset-Kategorie	Wert (Milliarden USD)
Erdgasinfrastruktur	62.3
Flüssigkeitsleitungen	25.6
Stromerzeugung	29.1

Technologie und Überwachungssysteme

Jährliche Technologieinvestitionen von 340 Millionen US-Dollar in die Infrastruktur für digitale Überwachung und Cybersicherheit.

Finanzkapital

Finanzielle Mittel ab 2023:

• Gesamtmarktkapitalisierung: 59,2 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 1,8 Milliarden US-Dollar
• Verfügbare Kreditfazilitäten: 5,6 Milliarden US-Dollar

TC Energy Corporation (TRP) – Geschäftsmodell: Wertversprechen

Zuverlässige und effiziente Energietransportinfrastruktur

TC Energy betreibt rund 93.300 Kilometer Erdgastransportpipelines in ganz Nordamerika. Das Pipelinenetz des Unternehmens transportiert etwa 25 % des nordamerikanischen Erdgasverbrauchs.

Infrastrukturanlage	Kapazität/Länge
Erdgaspipelines	93.300 Kilometer
Flüssige Pipelines	4.900 Kilometer
Jährliches Gastransportvolumen	6,3 Billionen Kubikfuß

Diversifiziertes Energieportfolio

Das Energieportfolio von TC Energy umfasst:

• Erdgas: 68 % des Gesamtportfolios
• Rohöl: 22 % des Gesamtportfolios
• Stromerzeugung: 10 % des Gesamtportfolios
• Erneuerbare Energieprojekte: Wachstumssegment

Engagement für nachhaltige und kohlenstoffarme Energielösungen

TC Energy hat bis 2030 7,2 Milliarden US-Dollar für kohlenstoffarme und erneuerbare Energieprojekte bereitgestellt. Das Unternehmen strebt bis 2050 einen Netto-Treibhausgasausstoß von Null an.

Nachhaltigkeitsmetrik	Ziel/Investition
CO2-arme Investition	7,2 Milliarden US-Dollar bis 2030
Netto-Null-Emissionsziel	2050
Aktuelle erneuerbare Kapazität	4.300 MW

Stabile und konsistente Energieversorgung

TC Energy bedient Märkte in Kanada, den Vereinigten Staaten und Mexiko mit einer Zuverlässigkeitsrate von 99,9 % für seine Pipeline-Infrastruktur.

Verbesserte Energiesicherheit

Das integrierte Infrastrukturnetzwerk des Unternehmens verbindet wichtige Produktionsregionen mit wichtigen Marktzentren und unterstützt so die Energieunabhängigkeit Nordamerikas.

• Bedient über 10 Millionen Kunden
• Ist in 3 Ländern tätig
• Unterstützt den grenzüberschreitenden Energiehandel

TC Energy Corporation (TRP) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Energieerzeugern

TC Energy unterhält über 850 langfristige Energietransportverträge in ganz Nordamerika mit einer durchschnittlichen Vertragslaufzeit von 15,7 Jahren. Der Gesamtauftragswert wird ab 2023 auf 42,3 Milliarden US-Dollar geschätzt.

Vertragstyp	Anzahl der Verträge	Durchschnittliche Dauer
Erdgastransport	523	17,2 Jahre
Ölpipeline-Vereinbarungen	214	13,5 Jahre
Stromübertragungsverträge	113	12,8 Jahre

Dediziertes Account Management für große Firmenkunden

TC Energy bietet spezialisiertes Account-Management für 87 große Firmenkunden aus allen Energiesektoren, wobei engagierte Kundenbetreuer einen Jahresumsatz von über 12,6 Millionen US-Dollar pro Kunde verwalten.

• Persönliche Serviceteams
• Vierteljährliche Leistungsbeurteilungen
• Maßgeschneiderte Infrastrukturlösungen

Transparente Kommunikation über die Infrastrukturleistung

Die Berichterstattung über die Infrastrukturleistung in Echtzeit deckt 98,7 % der Betriebsanlagen von TC Energy ab, wobei monatliche Leistungstransparenzberichte an 612 Unternehmensinteressenten verteilt werden.

Berichtsmetrik	Häufigkeit	Abdeckungsprozentsatz
Betriebssicherheit	Monatlich	98.7%
Sicherheitsvorfälle	Vierteljährlich	100%
Umweltkonformität	Jährlich	99.5%

Kundensupport und technische Unterstützung

TC Energy betreibt rund um die Uhr ein technisches Support-Center mit 276 spezialisierten Mitarbeitern und verwaltet durchschnittlich 4.237 Kundeninteraktionen pro Monat.

• Mehrsprachige Supportkanäle
• Notfallteams
• Technische Beratungsleistungen

Digitale Plattformen für Service-Tracking und -Engagement

Die digitale Engagement-Plattform bedient 1.243 Firmenkunden mit Echtzeit-Infrastrukturverfolgung und unterstützt 97,3 % aller Vertragsbeziehungen.

Digitale Plattformfunktion	Benutzerakzeptanzrate	Monatlich aktive Benutzer
Infrastrukturverfolgung	97.3%	1,187
Leistungs-Dashboards	89.6%	1,114
Abrechnungsschnittstellen	92.4%	1,148

TC Energy Corporation (TRP) – Geschäftsmodell: Kanäle

Direktvertrieb und Vertragsverhandlungen

TC Energy unterhält Direktvertriebskanäle über spezialisierte Energieinfrastrukturteams, die langfristige Energietransportverträge abwickeln. Im Jahr 2023 meldete das Unternehmen 6.700 Kilometer Erdgaspipelines und 4.300 Kilometer Flüssigkeitspipelines zur direkten Vertragsverhandlung.

Vertragstyp	Jahresvolumen	Vertragsdauer
Erdgastransport	5,7 Milliarden Kubikfuß pro Tag	10-25 Jahre
Rohöltransport	525.000 Barrel pro Tag	15-30 Jahre

Unternehmenswebsite und digitale Kommunikationsplattformen

TC Energy nutzt digitale Plattformen für die Einbindung von Stakeholdern und verzeichnete im Jahr 2023 jährlich 287.000 Website-Besucher und 42.000 Social-Media-Follower auf LinkedIn, Twitter und YouTube.

• Unternehmenswebsite: www.tcenergy.com
• Digitales Investor-Relations-Portal
• Jährliche digitale Berichtsplattformen

Konferenzen und Fachveranstaltungen der Energiewirtschaft

TC Energy nimmt jährlich an 18 bis 22 großen Energiekonferenzen teil und repräsentiert eine Marktkapitalisierung von 66,4 Milliarden US-Dollar.

Konferenztyp	Jährliche Teilnahme	Netzwerkreichweite
Nordamerikanische Energiekonferenzen	12-15 Veranstaltungen	5.600 Branchenexperten
Internationale Energieforen	6-7 Veranstaltungen	3.200 globale Stakeholder

Investor-Relations-Kommunikation

TC Energy unterhält umfassende Kommunikationskanäle für Investoren und erreicht mit vierteljährlichen Gewinnberichten 22.000 institutionelle Anleger.

• Webcasts zu den Quartalsergebnissen
• Jährliche Aktionärsversammlungen
• Präsentationsdecks für Investoren

Regulierungs- und Regierungskanäle

TC Energy arbeitet mit Regulierungsbehörden in mehreren Gerichtsbarkeiten zusammen und verwaltet Infrastrukturprojekte im Wert von 37,2 Milliarden US-Dollar.

Regulierungsgerichtsbarkeit	Jährliche Interaktionshäufigkeit	Aufsichtsbehörden
Kanadischer Bund	48-52 Interaktionen	Kanadische Energieregulierungsbehörde
US-Bundesstaat/Bundesstaat	36–40 Interaktionen	FERC, staatliche Versorgungskommissionen

TC Energy Corporation (TRP) – Geschäftsmodell: Kundensegmente

Große Energieerzeuger und -verteiler

TC Energy beliefert große Energieunternehmen in ganz Nordamerika mit kritischen Infrastrukturdienstleistungen. Im Jahr 2023 verwaltete das Unternehmen 93.300 Kilometer Erdgasleitungen und 4.900 Kilometer Flüssigkeitsleitungen.

Kundentyp	Jahresvolumen	Marktanteil
Große Ölunternehmen	1,2 Milliarden Kubikfuß pro Tag	22 % des nordamerikanischen Marktes
Erdgasproduzenten	890 Millionen Kubikfuß pro Tag	18 % des nordamerikanischen Marktes

Industrielle und gewerbliche Energieverbraucher

TC Energy bietet Energietransport- und Speicherlösungen für verschiedene Industriesektoren.

• Fertigung: 35 % des industriellen Kundenstamms
• Chemische Verarbeitung: 25 % des industriellen Kundenstamms
• Bergbau und Ressourcengewinnung: 20 % des Industriekundenstamms
• Agrarverarbeitung: 15 % des industriellen Kundenstamms

Regierungs- und Versorgungsorganisationen

TC Energy beliefert mehrere Regierungs- und Versorgungskunden in ganz Kanada und den Vereinigten Staaten.

Kundenkategorie	Anzahl der Verträge	Jahresumsatz
Provinzielle Versorgungsunternehmen	12 langfristige Verträge	780 Millionen Dollar
Landes-/Bundesbehörden	8 strategische Partnerschaften	520 Millionen Dollar

Regionale und nationale Energiemärkte

TC Energy ist auf mehreren Energiemärkten tätig und investiert erheblich in die Infrastruktur.

• Kanada: 65 % der gesamten Marktpräsenz
• Vereinigte Staaten: 30 % der gesamten Marktpräsenz
• Mexiko: 5 % der gesamten Marktpräsenz

Unternehmen zur Entwicklung erneuerbarer Energien

TC Energy hat mit strategischen Investitionen in die Segmente der erneuerbaren Energien expandiert.

Erneuerbares Segment	Installierte Kapazität	Investition
Windenergie	2.100 MW	3,2 Milliarden US-Dollar
Solarenergie	450 MW	780 Millionen Dollar
Wasserstoffprojekte	350 MW	620 Millionen Dollar

TC Energy Corporation (TRP) – Geschäftsmodell: Kostenstruktur

Kapitalintensive Infrastrukturentwicklung

Die Infrastrukturentwicklungskosten von TC Energy beliefen sich im Jahr 2023 auf insgesamt 7,2 Milliarden US-Dollar, wobei große Investitionen in Pipeline- und Energieinfrastrukturprojekte getätigt wurden.

Kategorie „Infrastruktur“.	Investitionsbetrag (USD)
Erdgaspipelines	3,4 Milliarden US-Dollar
Ölpipelines	2,1 Milliarden US-Dollar
Infrastruktur zur Stromerzeugung	1,7 Milliarden US-Dollar

Aufwendungen für Betriebswartung und Pipeline-Integrität

Die jährlichen Wartungskosten für das Pipelinenetz von TC Energy beliefen sich im Jahr 2023 auf 1,5 Milliarden US-Dollar.

• Inspektion und Reparatur der Pipeline: 650 Millionen US-Dollar
• Korrosionsschutz: 350 Millionen US-Dollar
• Upgrades des Sicherheitssystems: 500 Millionen US-Dollar

Technologie- und Innovationsinvestitionen

TC Energy zugewiesen 275 Millionen Dollar zu Technologie- und Innovationsinitiativen im Jahr 2023.

Innovationsbereich	Investition (USD)
Digitale Infrastruktur	125 Millionen Dollar
Kohlenstoffabscheidungstechnologien	90 Millionen Dollar
Verbesserungen der Cybersicherheit	60 Millionen Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften und den Umweltschutz

Die Ausgaben für Compliance und Umweltschutz summierten sich 420 Millionen Dollar im Jahr 2023.

• Umweltüberwachung: 180 Millionen US-Dollar
• Regulatorische Berichterstattung: 95 Millionen US-Dollar
• Programme zur Emissionsreduzierung: 145 Millionen US-Dollar

Ausgaben für Personalschulung und -entwicklung

TC Energy investiert 95 Millionen Dollar in der Personalentwicklung im Jahr 2023.

Schulungskategorie	Investition (USD)
Schulung technischer Fähigkeiten	45 Millionen Dollar
Sicherheitszertifizierungsprogramme	30 Millionen Dollar
Führungskräfteentwicklung	20 Millionen Dollar

TC Energy Corporation (TRP) – Geschäftsmodell: Einnahmequellen

Gebühren für langfristige Transport- und Infrastrukturdienstleistungen

Im Jahr 2023 meldete TC Energy einen Gesamtumsatz von 11,2 Milliarden US-Dollar. Die Gebühren für Transportdienstleistungen in der gesamten Pipeline-Infrastruktur generierten einen Jahresumsatz von rund 6,7 Milliarden US-Dollar.

Infrastruktursegment	Jahresumsatz (Mio. USD)
Erdgaspipelines	4,350
Flüssigkeitsleitungen	2,150
Energie und Speicher	380

Einnahmen aus der Erzeugung erneuerbarer Energien

Das Portfolio an erneuerbaren Energien von TC Energy erwirtschaftete im Jahr 2023 532 Millionen US-Dollar.

• Windkrafterzeugung: 287 Millionen US-Dollar
• Solarstromerzeugung: 145 Millionen US-Dollar
• Wasserkrafterzeugung: 100 Millionen US-Dollar

Transporttarife für Erdgas- und Ölpipelines

Die Tarife für den Pipeline-Transport beliefen sich im Jahr 2023 auf insgesamt 3,8 Milliarden US-Dollar.

Pipeline-System	Zolleinnahmen (Mio. USD)
Keystone-Pipeline	1,250
Columbia Gasübertragung	1,750
Andere nordamerikanische Pipelines	800

Dienstleistungen für Energiemarketing und -optimierung

Energiemarketing- und -optimierungsdienstleistungen trugen im Jahr 2023 425 Millionen US-Dollar zum Umsatz von TC Energy bei.

Investitionsrenditen aus Energieinfrastrukturprojekten

Die Investitionserträge aus Energieinfrastrukturprojekten erwirtschafteten im Jahr 2023 612 Millionen US-Dollar.

Anlagekategorie	Rendite (Mio. USD)
Nordamerikanische Projekte	412
Internationale Infrastrukturinvestitionen	200

TC Energy Corporation (TRP) - Canvas Business Model: Value Propositions

You're looking at the core promises TC Energy Corporation (TRP) makes to its customers and investors as of late 2025, grounded in hard numbers from their recent operations.

Financial predictability for investors via 97% rate-regulated or contracted revenue

The business model is heavily weighted toward stability. TC Energy reaffirmed its 2025 outlook based on a foundation where 97 per cent of its comparable EBITDA is underpinned by rate-regulation and/or long-term take-or-pay contracts, demonstrating a low-risk profile. This structure helps insulate cash flows from immediate commodity price swings.

Highly reliable, low-risk energy transportation via regulated assets

Reliability is demonstrated through operational performance across the North American network. For instance, in the second quarter of 2025, Canadian Natural Gas Pipelines deliveries averaged 23.4 Bcf/d, up five per cent compared to the second quarter of 2024. Furthermore, the company set a new record for total NGTL System receipts of 15.5 Bcf on April 13, 2025.

Access to premium markets, including U.S. Gulf Coast LNG export facilities

TC Energy Corporation (TRP) is positioned to serve growing export demand. As of the third quarter of 2025, the company moves approximately 30% of all feed gas bound for LNG export. The East Lateral XPress (ELXP) project, which connects supply to U.S. Gulf Coast LNG export markets, was placed in service in May 2025, with total project costs of approximately US$0.3 billion. The Southeast Gateway pipeline, which serves Mexico, commenced the collection of tolls from the Comisión Federal de Electricidad (CFE) beginning May 2025.

Clean, baseload power generation from the Bruce Power nuclear asset

The nuclear asset provides essential, low-emission baseload power. TC Energy Corporation (TRP) holds a 48.3 per cent equity interest in Bruce Power. The facility comprises eight nuclear units with a combined capacity of approximately 6,580 MW. This asset supplies about 30% of Ontario's total electricity generation capacity. Operational performance remains high, with Bruce Power achieving 98 per cent availability in the second quarter of 2025. However, Unit 4 was removed from service on January 31, 2025, for its Major Component Replacement (MCR) program, with a return to service expected in 2028.

Here's a quick look at the key operational and financial metrics supporting these value propositions:

Metric Category	Specific Data Point	Value / Amount	Unit / Context
Financial Stability	Comparable EBITDA under contract/regulation (2025 Outlook)	97%	Of Comparable EBITDA
Power Generation Capacity	Bruce Power Combined Capacity	6,580 MW	Total capacity
Power Generation Share	Bruce Power Contribution to Ontario Electricity	30%	Of Ontario's electricity needs
Power Generation Performance	Bruce Power Availability (Q2 2025)	98%	Availability
LNG Market Access	Feed Gas Moved for LNG Export	30%	Market share of total feed gas
Project Execution (LNG)	East Lateral XPress (ELXP) Project Cost	US$0.3 billion	Total project cost
Pipeline Throughput	Canadian Natural Gas Pipelines Deliveries (Q2 2025 Avg)	23.4 Bcf/d	Average daily flow

Long-term energy security for customers through irreplaceable infrastructure

The value proposition rests on the sheer scale and critical nature of the network. TC Energy Corporation (TRP) is the only operator capable of delivering natural gas to every major LNG export shoreline in Canada, the U.S., and Mexico. The company is focused on capturing growth from accelerating demand driven by global electrification and data centers, with a pipeline of origination opportunities exceeding 7 billion cubic feet per day that have not yet been sanctioned.

• TC Energy expects 2025 net capital expenditures to be at the low end of the $5.5 billion-$6.0 billion range.
• The company is tracking year-over-year Comparable EBITDA growth of 7%-9% for 2025, compared to 2024.
• Total sanctioned projects over the last 12 months reached $5.1 billion.
• The company expects to deliver EBITDA growth of 5%-7% through 2028.

Finance: review the Q3 2025 operational data against the $2.7 billion comparable EBITDA reported for Q3 2025 to confirm the run-rate supporting the $10.8 to $11.0 billion full-year 2025 Comparable EBITDA outlook.

TC Energy Corporation (TRP) - Canvas Business Model: Customer Relationships

The relationship with customers at TC Energy Corporation is fundamentally secured through long-term commitments, providing a high degree of revenue predictability across its core natural gas pipeline and power operations.

Long-term, contractual relationships defined by take-or-pay agreements

The stability of TC Energy Corporation's cash flows is directly tied to its contracted business model. You can see the reliance on these long-term arrangements in the asset base.

Metric	Value/Detail
Revenue Secured by Contracts/Regulation (as of late 2025 estimate)	Approximately 97% of estimated revenues
EBITDA from Regulated Assets or Long-Term Contracts (Post-Spin)	Approximately 95%
Contract Length for New Growth Projects Sanctioned (Past 12 Months)	20-year take-or-pay or cost-of-service contracts
New Capital Projects Announced (Past 9 Months, Q2 2025 reporting)	$4.5 billion underpinned by long-term take-or-pay contracts

This structure helps insulate TC Energy Corporation from short-term commodity price swings. It's a very different profile than an uncontracted producer, honestly.

Dedicated commercial teams for negotiating large-scale capacity reservations

Commercial teams focus on securing capacity reservations that support capital deployment, such as the recent focus on data center demand.

• New growth projects announced in the last 12 months totaled over $5 billion (as of November 2025).
• New capital projects announced in the past nine months carried a weighted average build multiple in the 5-7 times range.
• The company is actively addressing increased demand, including upsized capacity on the Maysville and Pulaski projects.

Regulatory engagement with government and utility commissions

Engagement with regulatory bodies is a constant, necessary process to ensure rate recovery and service commencement for contracted capacity.

• Columbia Gas filed a Section 4 rate case with FERC in September 2024, seeking a rate increase effective April 1, 2025.
• ANR had a moratorium on further rate changes until November 1, 2025.
• TC Energy Corporation plans to provide an update on its interim GHG emission reduction target in 2025 to reflect the Liquids Pipelines business spinoff.

Strategic partnerships with Indigenous groups for project development and ownership

TC Energy Corporation has moved to formalize ownership stakes with Indigenous groups, a relationship spanning over 40 years in engagement.

Partnership Detail	Amount/Number
Minority Stake Sold in NGTL/Foothills Assets	5.34%
Equity Purchase Price	$1 billion (C$1 billion)
Total Enterprise Value (Including Debt)	$1.65 billion
Number of Participating Indigenous Communities	72 communities
AIOC Equity Loan Guarantee Provided	$1 billion

This deal, billed as Canada's largest-ever Indigenous equity ownership agreement, grants communities long-term cash flows supported by federally regulated rates.

Investor relations focused on dividend growth and financial defintely strength

Investor communications heavily feature the track record of shareholder returns and the underlying financial stability that supports it. You should look closely at the dividend history and leverage targets.

• Quarterly common share dividend declared for the quarter ending December 31, 2025: $0.85 per share.
• This marks the 25th consecutive year of dividend increases.
• The 5-year average Dividend Growth Rate (DGR) as of September 2025 was 4.40%.
• Management guidance suggests future dividend growth of 3% to 5% annually.
• Target Debt-to-EBITDA ratio is 4.75 times.
• Total assets for TC Energy Corporation stand at $120 billion.
• Expected 2025 Comparable EBITDA range is $10.8 to $11.0 billion.

Finance: draft 13-week cash view by Friday.

TC Energy Corporation (TRP) - Canvas Business Model: Channels

You're looking at how TC Energy Corporation (TRP) physically gets its product-natural gas and electricity-to the customer as of late 2025. This is all about the pipes and wires that connect supply to demand across North America.

Direct pipeline connections to natural gas producers and end-users (utilities, LDCs)

TC Energy Corporation's massive natural gas pipeline network is the primary channel, connecting supply from basins like the Marcellus and Utica to end-use markets. As of November 2025, this network includes approximately 93,600 km (58,100 miles) of gas pipeline, delivering more than 25 per cent of continental daily natural gas demand. This is how they serve utilities and large industrial users directly.

The company is actively expanding capacity to meet specific regional growth, for instance, through its Columbia Gas Transmission (TCO) system in Ohio. A non-binding open season running from November 12, 2025, through January 9, 2026, is assessing shipper interest for up to 500,000 Dth/d of incremental transportation capacity to serve industrial hubs like Columbus, Dayton, and Toledo.

The channels are being reinforced to support specific demand drivers:

• The Northwoods project, an expansion on the ANR system, adds 0.4 Bcf/d of capacity for U.S. Midwest power generation and data centers.
• The Southeast Gateway pipeline in Mexico, which is 715-kilometre long, has a capacity of 1.3 Bcf/d and is positioned to support 10 of 14 planned natural gas-fired power plants in the country.
• Canadian Natural Gas Pipelines deliveries averaged 27.6 Bcf/d in the first quarter of 2025.

Interconnections with other major North American pipeline systems

TC Energy Corporation's assets serve as critical arteries, interconnecting with other major systems to move gas across borders and regions. The NGTL System, a core asset, set a new record for total deliveries of 17.8 Bcf on February 18, 2025.

Key system interconnections and expansions include:

System/Project	Capacity/Metric	Status/Connection Point
ANR Storage Fields	57 billion cubic feet working storage capacity	Serves key mid-western markets.
Bison Pipeline	302 miles (486 km) length	Connects with another interstate natural gas pipeline in North Dakota.
East Lateral XPress (ELXP)	Expansion on Columbia Gulf system	Placed in service in May 2025.

U.S. Natural Gas Pipelines daily average flows reached 31.0 Bcf/d in Q1 2025.

Power transmission grids (e.g., Ontario's grid for Bruce Power output)

The Energy division channels power output directly into provincial grids under long-term agreements. TC Energy Corporation holds a 48.4% interest in the Bruce Power Generating Station, which has eight nuclear units with a combined capacity of approximately 6,400 MW.

The Major Component Replacement (MCR) program for Unit 5 at Bruce Power is backed by a long-term contract running to 2064 with the Ontario Independent Electricity System Operator (IESO). As of Q3 2025, Bruce Power achieved 94% availability. Overall, TC Energy's net share of its power generation capacity across its assets is approximately 4,500 MW as of November 2025.

LNG export terminals (e.g., connections to Plaquemines LNG)

TC Energy Corporation is a key enabler for Canadian and U.S. LNG exports, providing the necessary transport to liquefaction facilities. Deliveries to LNG facilities averaged 3.5 Bcf/d in Q1 2025.

Key LNG-related channels include:

• Coastal GasLink (CGL) Pipeline: Approximately 670 km (416 miles) long, it provides Canada's first direct path to global markets via the LNG Canada facility in Kitimat, B.C.
• CGL Phase 1 capacity is up to 2.1 billion cubic feet per day, with Phase 2 potentially doubling that capacity.
• East Lateral XPress (ELXP): This project connects the Columbia Gulf Transmission Pipeline to Venture Global's new Plaquemines LNG export facility in Louisiana.

Direct commercial conversations with large industrial users like data centers

The demand from energy-intensive industrial users, especially data centers, is a direct driver for new pipeline capacity channel development. The growth in this sector is significant; combined natural gas power demand growth from 2017 to 2024 was 112%, largely due to data center expansion.

TC Energy Corporation is directly addressing this through capacity offerings:

• The Ohio TCO open season specifically targets demand from more than 40 data centers planned for the Columbus and New Albany regions.
• The Northwoods Project on the ANR system is designed to serve U.S. Midwest demand, explicitly including data centers.

The company is maintaining a 2025 net capital spending outlook of $5.5 to $6.0 billion, with approximately $8.5 billion of projects expected to be placed into service in 2025, reflecting investment in these high-demand channels.

TC Energy Corporation (TRP) - Canvas Business Model: Customer Segments

You're looking at the core customer base for TC Energy Corporation as of late 2025, focusing on the entities that pay for the transportation, storage, and power generation services you provide across North America.

The business model relies heavily on long-term commitments, which is a key feature for stability; for instance, 97 per cent of TC Energy Corporation's comparable EBITDA outlook is underpinned by rate-regulation and/or long-term take-or-pay contracts.

Here is a breakdown of the primary customer segments based on recent operational data from the second quarter of 2025.

Natural gas producers in Western Canada and U.S. basins (e.g., Haynesville Shale)

These producers rely on TC Energy Corporation's systems to move their product to market. The Canadian Natural Gas Pipelines saw significant activity:

• Canadian Natural Gas Pipelines deliveries averaged 23.4 Bcf/d in Q2 2025.
• This represented a five per cent increase compared to the second quarter of 2024.
• The NGTL System receipts hit a record of 15.5 Bcf on April 13, 2025.
• Western receipts on the Canadian Mainline averaged 4.4 Bcf/d in Q2 2025, up seven per cent year-over-year.

Local Distribution Companies (LDCs) and electric utilities (e.g., CFE in Mexico)

TC Energy Corporation serves major utility counterparties through long-term agreements. The relationship with Mexico's state-owned electric utility, Comisión Federal de Electricidad (CFE), is material:

• TC Energy Corporation commenced collecting tolls from the CFE beginning May 2025 upon the completion of the Southeast Gateway pipeline.
• The CFE is the primary counterparty on all existing Mexico pipelines under long-term contracts.
• Flows on the Mexico Natural Gas Pipelines averaged 3.6 Bcf/d in Q2 2025.
• In the U.S., the Northwoods project on the ANR system is designed to serve electric generation demand in the U.S. Midwest.

LNG export facility operators needing reliable feed gas supply

The growing global demand for Liquefied Natural Gas (LNG) translates directly into demand for TC Energy Corporation's transportation capacity:

• Deliveries to LNG facilities averaged 3.5 Bcf/d in the second quarter of 2025.
• This represented a six per cent increase compared to the second quarter of 2024.
• The Coastal GasLink pipeline in British Columbia is a key asset serving the LNG Canada export terminal.

Industrial and commercial end-users, including emerging data center market

The rise of data centers, particularly those supporting artificial intelligence operations, is a significant growth driver for natural gas demand:

• TC Energy Corporation sees data center opportunities exceeding two bcfd across North America.
• The company is actively engaged, reporting it is in talks with more than 30 potential customers across the data center value chain.
• New growth projects, like increased capacity on the Maysville and Pulaski projects, are specifically addressing this rising data center demand.

Power purchasers and system operators in North America

TC Energy Corporation's power segment serves entities like the Ontario Independent Electricity System Operator (IESO) through contracted assets:

Asset/System	Metric	Value (Q2 2025 or Latest)
Bruce Power (Nuclear)	Availability in Q2 2025	98 per cent
Cogeneration Fleet	Availability in Q2 2025	93.4 per cent
Bruce Power Contract Term (with IESO)	Contract End Year	2064
Ontario Electricity Demand Growth Forecast	By 2050	75 per cent
U.S. Natural Gas Pipelines Flows	Daily Average (Q2 2025)	25.7 Bcf/d

Overall North American natural gas demand is forecasted to reach 45 billion cubic feet of natural gas per day by 2035, an increase from the prior forecast of 40 bcf/d, driven by LNG, power generation, and industrial demand.

TC Energy Corporation (TRP) - Canvas Business Model: Cost Structure

The Cost Structure for TC Energy Corporation is heavily weighted toward the capital-intensive nature of owning and operating vast pipeline and energy infrastructure. This means fixed costs dominate the expense profile.

High fixed costs from capital-intensive infrastructure and depreciation are a defining feature. For the six months ended June 30, 2025, TC Energy reported Depreciation and amortization of $\text{1,349 million}$ (Canadian dollars, based on continuing operations data). This reflects the massive asset base that requires constant accounting for wear and tear.

The need for continuous investment drives significant capital outlay. The 2025 outlook for Capital expenditures is set between $\text{\$5.5 billion to \$6.0 billion}$ on a net basis for growth and maintenance activities. Gross capital expenditures are anticipated to be $\text{\$6.1 to \$6.6 billion}$.

The company maintains a substantial debt load to finance this infrastructure, leading to Significant interest expense. As of the three months ended September 30, 2025, TC Energy's Long-Term Debt & Capital Lease Obligation stood at $\text{C}\$56,102 \text{ Mil}$. For the six months ended June 30, 2025, the reported Interest expense was $\text{1,687 million}$ (Canadian dollars).

Operating and maintenance (O&M) costs for pipeline integrity and compression are also material. For the twelve months ending September 30, 2025, TC Energy's total operating expenses were reported at $\text{\$3.916 billion}$. These costs cover keeping the systems running safely and reliably.

The company also faces Costs related to regulatory compliance and environmental remediation, though these are often embedded in operating costs or project budgets. For instance, a constructive agreement with customers on the Columbia Gas system resulted in a 26% increase in pre-filed firm transportation rates, which impacts the cost recovery mechanism. On the flip side, strong project execution, like on the Southeast Gateway pipeline, resulted in estimated capital expenditures being 11 per cent below the original cost estimate.

Here's a look at some key cost-related financial metrics from recent periods:

Financial Metric	Period/Basis	Amount (CAD unless noted)
Net Capital Expenditures (Outlook)	Full Year 2025 Guidance	$\text{\$5.5 billion to \$6.0 billion}$
Gross Capital Expenditures (Outlook)	Full Year 2025 Guidance	$\text{\$6.1 to \$6.6 billion}$
Interest Expense	Six Months Ended June 30, 2025	$\text{1,687 million}$
Depreciation and Amortization	Six Months Ended June 30, 2025	$\text{1,349 million}$
Operating Expenses (Total)	Twelve Months Ended September 30, 2025	$\text{\$3.916 billion}$
Long-Term Debt & Capital Lease Obligation	As of September 30, 2025	$\text{C}\$56,102 \text{ Mil}$

You should note how the fixed costs manifest in the ongoing reporting:

• Depreciation and Amortization for the six months ended June 30, 2025, was $\text{1,349 million}$.
• Interest Expense for the same six-month period was $\text{1,687 million}$.
• The company's 2024 Interest Expense on long-term debt, junior subordinated notes, and short-term debt was $\text{\$3,398 million}$.
• The 2024 Interest Expense before allocation to discontinued operations was $\text{C}\$3,237 \text{ Mil}$.

The sheer scale of the asset base means these large, non-discretionary costs are always present. Finance: draft 13-week cash view by Friday.

TC Energy Corporation (TRP) - Canvas Business Model: Revenue Streams

You're looking at the core engine of TC Energy Corporation (TRP)'s earnings power, which is heavily weighted toward long-term, contracted cash flows. This structure is designed for stability, which is exactly what you want in an infrastructure play.

The primary revenue driver remains the regulated and contracted nature of its massive pipeline network. A significant portion of this comes from tolls and tariffs from natural gas transmission under long-term, take-or-pay contracts. This means TC Energy Corporation gets paid for capacity whether the gas moves or not, providing a highly predictable revenue base. This low-risk approach is exemplified by new growth projects, which are backed by contracts often extending for 20 years, frequently on a take-or-pay or cost-of-service basis.

Revenue from regulated rates from U.S. and Canadian natural gas pipeline systems is supported by high utilization. For instance, in the second quarter of 2025, Canadian Natural Gas Pipelines deliveries averaged 23.4 Bcf/d, marking a 5 per cent increase compared to the second quarter of 2024. The U.S. Natural Gas Pipelines segment saw daily average flows of 25.7 Bcf/d in that same period. Mexico Natural Gas Pipelines flows averaged 3.6 Bcf/d in Q2 2025.

The Power segment provides diversification. Power sales revenue from the Bruce Power nuclear facility is a key component. For the third quarter of 2025, Bruce Power achieved an availability of 94 per cent. To give you a sense of the segment's profitability, the power and energy solutions business reported an adjusted core profit of C$301 million in the second quarter of 2025, which was up 32.6 per cent from the prior year's second quarter.

The overall financial health derived from these streams is summarized in the forward-looking guidance. TC Energy Corporation now expects its comparable EBITDA to be $10.8 billion to $11.0 billion in 2025, an increase from the original outlook. This reflects strong performance through the first half of 2025, which saw a 12 per cent growth in comparable EBITDA year-over-year for the second quarter.

For the joint venture distributions (e.g., 60% share of Columbia Gas/Gulf partnership), you need to remember the structure. TC Energy Corporation completed the sale of a 40 per cent non-controlling equity interest in Columbia Gas and Columbia Gulf to Global Infrastructure Partners (GIP) in late 2023. This means TC Energy Corporation retained the 60 per cent controlling equity interest and continues to operate the systems. While a specific 2025 distribution amount isn't public, the underlying assets are expected to require gross capital expenditures averaging more than $1.3 billion (US$1 billion) annually over the next three years, which GIP funds its 40 per cent share of.

Here's a quick look at how the key metrics for 2025 are shaping up:

Metric	Value / Range (2025)	Period / Context
Comparable EBITDA Outlook	$10.8 billion to $11.0 billion	Full Year 2025 (Updated)
Comparable EBITDA (Q2 Result)	$2.6 billion	Second Quarter 2025
Power Segment Adjusted Core Profit	C$301 million	Second Quarter 2025
Bruce Power Availability	94 per cent	Third Quarter 2025
Net Capital Expenditures Guidance	$5.5 billion to $6.0 billion	Full Year 2025 Guidance

The revenue quality is further supported by the long-term nature of the contracts underpinning new development:

• Contract Term: New growth projects backed by 20-year contracts.
• Contract Type: Frequently take-or-pay or cost-of-service agreements.
• Build Multiple: New projects target a weighted average build-multiple of approximately 5.9 times.
• LNG Support: Deliveries to LNG facilities averaged 3.7 Bcf/d in Q3 2025, up 15 per cent year-over-year.

Honestly, the focus here is on the contracted cash flow, not volatile commodity prices; that's the whole point of this business model.

Finance: draft 13-week cash view by Friday