TC Energy Corporation (TRP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la infraestructura energética, TC Energy Corporation (TRP) surge como una potencia estratégica, transformando cómo operan y evolucionan las redes de energía norteamericana. Al integrar perfectamente sistemas de tuberías extensos, iniciativas de energía renovable y soluciones tecnológicas innovadoras, TRP ha creado un modelo de negocio sofisticado que equilibra el transporte de energía tradicional con el desarrollo sostenible a futuro. Este lienzo de modelo de negocio integral revela el intrincado marco detrás del éxito de TC Energy, mostrando cómo la compañía navega por las demandas del mercado complejas mientras mantiene un compromiso con la confiabilidad, la eficiencia y la responsabilidad ambiental.

TC Energy Corporation (TRP) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con comunidades indígenas

A partir de 2024, TC Energy ha establecido asociaciones con múltiples comunidades indígenas en todo Canadá, que incluyen:

Grupo indígena	Detalles de la asociación	Estaca de renta variable
Grupo de propiedad indígena de Gaslink costero	Propiedad en el proyecto Coastal GasLink Pipeline	$ 85 millones de inversión
Nación tsuut'ina	Colaboración en infraestructura energética	7.5% Equidad del proyecto

Acuerdos de empresa conjunta

Las asociaciones clave de empresas conjuntas de TC Energy incluyen:

• TC Energy y Alberta Investment Management Corporation (AIMCO) - Infraestructura de tuberías de América del Norte
• Columbia Pipeline Partners - Infraestructura de gas natural
• Bruce Power - empresa conjunta de generación de energía nuclear

Colaboraciones de agencias gubernamentales

Agencia gubernamental	Colaboración del proyecto	Valor de inversión
Regulador de energía de Canadá	Cumplimiento regulatorio de la tubería	Inversión de cumplimiento de $ 42 millones
Regulador de energía de Alberta	Desarrollo de infraestructura energética provincial	Inversión de infraestructura de $ 65 millones

Asociaciones tecnológicas

La colaboración tecnológica se centra en:

• Asociaciones de captura de carbono con Chevron
• Colaboración de tecnología de energía renovable con tecnología de desarrollo sostenible de Canadá
• Asociación de infraestructura digital con Siemens

Socio tecnológico	Área de enfoque	Inversión
Cheurón	Captura y almacenamiento de carbono	$ 250 millones de inversión
Tecnología de desarrollo sostenible de Canadá	Tecnologías de energía renovable	Financiación de investigación de $ 110 millones

TC Energy Corporation (TRP) - Modelo de negocio: actividades clave

Transporte y desarrollo de infraestructura de gas natural y petróleo

TC Energy opera aproximadamente 93,300 kilómetros de tuberías de transmisión de gas natural en América del Norte. La infraestructura de la tubería de la compañía abarca:

Región	Longitud de la tubería (km)	Capacidad anual
Canadá	55,900	6.2 mil millones de pies cúbicos por día
Estados Unidos	37,400	4.500 millones de pies cúbicos por día

Construcción del proyecto de energía y gestión operativa

La cartera actual del proyecto de TC Energy incluye:

• Costaal Gaslink Tipeline: proyecto de $ 6.2 mil millones
• Instalación nuclear de Bruce Power: acuerdo operativo a 30 años
• Proyecto de energía del río Columbia: 14 instalaciones hidroeléctricas

Generación y desarrollo de energía renovable

Tipo de energía	Capacidad instalada	Número de instalaciones
Viento	2.100 MW	37 instalaciones
Solar	320 MW	12 instalaciones
Hidroeléctrico	436 MW	14 instalaciones

Gestión de riesgos y optimización de activos energéticos

TC Energy administra un Cartera de activos de $ 110 mil millones con diversificación en múltiples sectores de energía y geografías.

Cumplimiento regulatorio y esfuerzos de sostenibilidad ambiental

Compromisos de inversión ambiental:

• $ 2 mil millones asignados para la transición de energía baja en carbono para 2030
• Objetivo de la reducción del 40% de las emisiones de gases de efecto invernadero para 2035
• Cumplimiento de las regulaciones ambientales de América del Norte

TC Energy Corporation (TRP) - Modelo de negocio: recursos clave

Red de tuberías extensa

TC Energy opera aproximadamente 93,300 kilómetros de infraestructura de tuberías en América del Norte.

Tipo de tubería	Longitud (kilómetros)
Tuberías de gas natural	57,400
Tuberías de líquidos	4,900
Oleaje	31,000

Fuerza laboral hábil

TC Energy emplea a 7.300 empleados a tiempo completo a partir de 2023.

• Profesionales de ingeniería: 2,100
• Especialistas técnicos: 1.600
• Personal de operaciones: 3,600

Activos de infraestructura energética

La base total de activos valorada en $ 117 mil millones al 31 de diciembre de 2023.

Categoría de activos	Valor (miles de millones de USD)
Infraestructura de gas natural	62.3
Tuberías de líquidos	25.6
Generación de energía	29.1

Tecnología y sistemas de monitoreo

Inversión tecnológica anual de $ 340 millones en monitoreo digital e infraestructura de ciberseguridad.

Capital financiero

Recursos financieros a partir de 2023:

• Capitalización de mercado total: $ 59.2 mil millones
• Equivalentes en efectivo y efectivo: $ 1.8 mil millones
• Facilidades de crédito disponibles: $ 5.6 mil millones

TC Energy Corporation (TRP) - Modelo de negocio: propuestas de valor

Infraestructura de transporte de energía confiable y eficiente

TC Energy opera aproximadamente 93,300 kilómetros de tuberías de transmisión de gas natural en América del Norte. La red de tuberías de la compañía transporta aproximadamente el 25% del consumo de gas natural de América del Norte.

Activo de infraestructura	Capacidad/longitud
Tuberías de gas natural	93,300 kilómetros
Tuberías líquidas	4.900 kilómetros
Volumen anual de transporte de gas	6.3 billones de pies cúbicos

Cartera de energía diversificada

La cartera de energía de TC Energy incluye:

• Gas natural: 68% de la cartera total
• Petróleo crudo: 22% de la cartera total
• Generación de energía: 10% de la cartera total
• Proyectos de energía renovable: segmento de crecimiento

Compromiso con soluciones energéticas sostenibles y bajas en carbono

TC Energy ha comprometido $ 7.2 mil millones a proyectos de energía renovable y baja en carbono para 2030. La compañía se dirige a las emisiones de gases de efecto invernadero neto cero para 2050.

Métrica de sostenibilidad	Objetivo/inversión
Inversión baja en carbono	$ 7.2 mil millones para 2030
Objetivo de emisiones net-cero	2050
Capacidad renovable actual	4.300 MW

Suministro de energía estable y consistente

TC Energy atiende a mercados en Canadá, Estados Unidos y México, con una tasa de confiabilidad del 99.9% para su infraestructura de tuberías.

Seguridad energética mejorada

La red de infraestructura integrada de la compañía conecta las principales regiones de producción con centros de mercado clave, apoyando la independencia de la energía de América del Norte.

• Atiende a más de 10 millones de clientes
• Opera en 3 países
• Apoya el comercio de energía transfronteriza

TC Energy Corporation (TRP) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con productores de energía

TC Energy mantiene más de 850 contratos de transporte de energía a largo plazo en América del Norte, con una duración promedio del contrato de 15.7 años. Valor total del contrato estimado en $ 42.3 mil millones a partir de 2023.

Tipo de contrato	Número de contratos	Duración promedio
Transporte de gas natural	523	17.2 años
Acuerdos de oleoducto	214	13.5 años
Contratos de transmisión de energía	113	12.8 años

Gestión de cuentas dedicada para los principales clientes corporativos

TC Energy ofrece una administración especializada de cuentas para 87 principales clientes corporativos en los sectores de energía, con gerentes de relaciones dedicados que manejan ingresos anuales superiores a $ 12.6 millones por cliente.

• Equipos de servicio personalizados
• Revisiones trimestrales de rendimiento
• Soluciones de infraestructura personalizadas

Comunicación transparente sobre el rendimiento de la infraestructura

Los informes de rendimiento de la infraestructura en tiempo real cubren el 98.7% de los activos operativos de TC Energy, con informes de transparencia de rendimiento mensual distribuidos a 612 partes interesadas corporativas.

Métrica de informes	Frecuencia	Porcentaje de cobertura
Confiabilidad operativa	Mensual	98.7%
Incidentes de seguridad	Trimestral	100%
Cumplimiento ambiental	Anualmente	99.5%

Servicios de atención al cliente y asistencia técnica

TC Energy opera un centro de soporte técnico 24/7 con 276 personal especializado, administrando un promedio de 4,237 interacciones con el cliente mensualmente.

• Canales de soporte multilingües
• Equipos de respuesta a emergencias
• Servicios de consulta técnica

Plataformas digitales para seguimiento y compromiso de servicios

La plataforma de participación digital atiende a 1.243 clientes corporativos con seguimiento de infraestructura en tiempo real, lo que respalda el 97.3% de las relaciones contractuales totales.

Función de plataforma digital	Tasa de adopción de usuarios	Usuarios activos mensuales
Seguimiento de infraestructura	97.3%	1,187
Paneles de rendimiento	89.6%	1,114
Interfaces de facturación	92.4%	1,148

TC Energy Corporation (TRP) - Modelo de negocios: canales

Ventas directas y negociaciones de contratos

TC Energy mantiene canales de ventas directos a través de equipos especializados de infraestructura energética que manejan contratos de transporte de energía a largo plazo. En 2023, la compañía reportó 6,700 kilómetros de tuberías de gas natural y 4.300 kilómetros de tuberías de líquidos para negociaciones de contratos directos.

Tipo de contrato	Volumen anual	Duración del contrato
Transporte de gas natural	5.7 mil millones de pies cúbicos por día	10-25 años
Transporte de petróleo crudo	525,000 barriles por día	15-30 años

Sitio web corporativo y plataformas de comunicación digital

TC Energy utiliza plataformas digitales para la participación de las partes interesadas, con 287,000 visitantes anuales del sitio web y 42,000 seguidores en las redes sociales en LinkedIn, Twitter y YouTube a partir de 2023.

• Sitio web corporativo: www.tcenergy.com
• Portal digital de relaciones con los inversores
• Plataformas anuales de informes digitales

Conferencias de la industria energética y eventos comerciales

TC Energy participa en 18-22 conferencias de energía principales anualmente, lo que representa $ 66.4 mil millones en capitalización de mercado corporativo.

Tipo de conferencia	Participación anual	Alcance de red
Conferencias de energía norteamericana	12-15 eventos	5.600 profesionales de la industria
Foros de Energía Internacional	6-7 eventos	3.200 partes interesadas globales

Comunicaciones de relaciones con los inversores

TC Energy mantiene canales integrales de comunicación de inversores, con informes de ganancias trimestrales que alcanzan los 22,000 inversores institucionales.

• Transmisiones web trimestrales de ganancias
• Reuniones anuales de accionistas
• Mazos de presentación de inversores

Canales de participación regulatoria y gubernamental

TC Energy se involucra con organismos regulatorios en múltiples jurisdicciones, gestionando proyectos de infraestructura valorados en $ 37.2 mil millones.

Jurisdicción regulatoria	Frecuencia de compromiso anual	Cuerpos reguladores
Federal canadiense	48-52 interacciones	Regulador de energía de Canadá
Estado/Federal de los Estados Unidos	36-40 interacciones	FERC, comisiones estatales de servicios públicos

TC Energy Corporation (TRP) - Modelo de negocio: segmentos de clientes

Productores y distribuidores de energía a gran escala

TC Energy atiende a las principales compañías de energía en América del Norte con servicios críticos de infraestructura. En 2023, la compañía administró 93.300 kilómetros de tuberías de gas natural y 4.900 kilómetros de tuberías de líquidos.

Tipo de cliente	Volumen anual	Cuota de mercado
Grandes compañías petroleras	1.200 millones de pies cúbicos por día	22% del mercado norteamericano
Productores de gas natural	890 millones de pies cúbicos por día	18% del mercado norteamericano

Consumidores de energía industrial y comercial

TC Energy proporciona soluciones de transporte y almacenamiento de energía para diversos sectores industriales.

• Fabricación: 35% de la base de clientes industriales
• Procesamiento químico: 25% de la base de clientes industriales
• Extracción de minería y recursos: 20% de la base de clientes industriales
• Procesamiento agrícola: 15% de la base de clientes industriales

Organizaciones gubernamentales y de servicios públicos

TC Energy atiende a múltiples clientes gubernamentales y de servicios públicos en todo Canadá y Estados Unidos.

Categoría de clientes	Número de contratos	Ingresos anuales
Utilidades provinciales	12 contratos a largo plazo	$ 780 millones
Agencias estatales/federales	8 asociaciones estratégicas	$ 520 millones

Mercados energéticos regionales y nacionales

TC Energy opera en múltiples mercados energéticos con importantes inversiones de infraestructura.

• Canadá: 65% de la presencia total del mercado
• Estados Unidos: 30% de la presencia total del mercado
• México: 5% de la presencia total del mercado

Empresas de desarrollo de energía renovable

TC Energy se ha expandido a segmentos de energía renovable con inversiones estratégicas.

Segmento renovable	Capacidad instalada	Inversión
Energía eólica	2.100 MW	$ 3.2 mil millones
Energía solar	450 MW	$ 780 millones
Proyectos de hidrógeno	350 MW	$ 620 millones

TC Energy Corporation (TRP) - Modelo de negocio: Estructura de costos

Desarrollo de infraestructura intensiva en capital

Los costos de desarrollo de infraestructura de TC Energy para 2023 totalizaron $ 7.2 mil millones, con grandes inversiones en proyectos de infraestructura de tuberías y energía.

Categoría de infraestructura	Monto de inversión (USD)
Tuberías de gas natural	$ 3.4 mil millones
Oleaje	$ 2.1 mil millones
Infraestructura de generación de energía	$ 1.7 mil millones

Mantenimiento operativo y gastos de integridad de la tubería

Los costos de mantenimiento anual para la red de tuberías de TC Energy alcanzaron los $ 1.5 mil millones en 2023.

• Inspección y reparación de la tubería: $ 650 millones
• Prevención de corrosión: $ 350 millones
• Actualizaciones del sistema de seguridad: $ 500 millones

Inversión en tecnología e innovación

TC Energía asignada $ 275 millones a las iniciativas de tecnología e innovación en 2023.

Área de innovación	Inversión (USD)
Infraestructura digital	$ 125 millones
Tecnologías de captura de carbono	$ 90 millones
Mejoras de ciberseguridad	$ 60 millones

Costos de cumplimiento regulatorio y protección del medio ambiente

Los gastos de cumplimiento y protección del medio ambiente totalizaron $ 420 millones en 2023.

• Monitoreo ambiental: $ 180 millones
• Informes regulatorios: $ 95 millones
• Programas de reducción de emisiones: $ 145 millones

Gastos de capacitación y desarrollo de la fuerza laboral

TC Energy Invertida $ 95 millones en desarrollo de la fuerza laboral en 2023.

Categoría de entrenamiento	Inversión (USD)
Capacitación de habilidades técnicas	$ 45 millones
Programas de certificación de seguridad	$ 30 millones
Desarrollo de liderazgo	$ 20 millones

TC Energy Corporation (TRP) - Modelo de negocios: flujos de ingresos

Tarifas de servicio de transporte e infraestructura a largo plazo

En 2023, TC Energy reportó ingresos totales de $ 11.2 mil millones. Las tarifas de servicio de transporte en su infraestructura de tuberías generaron aproximadamente $ 6.7 mil millones en ingresos anuales.

Segmento de infraestructura	Ingresos anuales ($ M)
Tuberías de gas natural	4,350
Tuberías de líquidos	2,150
Potencia y almacenamiento	380

Ingresos de generación de energía renovable

La cartera de energía renovable de TC Energy generó $ 532 millones en 2023.

• Generación de energía eólica: $ 287 millones
• Generación de energía solar: $ 145 millones
• Generación hidroeléctrica: $ 100 millones

Tarifas de transporte de gases naturales y oleoductos

Las tarifas de transporte de tuberías en 2023 totalizaron $ 3.8 mil millones.

Sistema de tuberías	Ingresos arancelarios ($ M)
Tubería Keystone	1,250
Transmisión de gas de Columbia	1,750
Otras tuberías de América del Norte	800

Servicios de marketing y optimización de energía

Los servicios de marketing y optimización de energía contribuyeron con $ 425 millones a los ingresos de TC Energy en 2023.

Returencias de inversión de proyectos de infraestructura energética

Los retornos de inversión de los proyectos de infraestructura energética generaron $ 612 millones en 2023.

Categoría de inversión	Devoluciones ($ m)
Proyectos de América del Norte	412
Inversiones internacionales de infraestructura	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