TC Energy Corporation (TRP): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des infrastructures énergétiques, TC Energy Corporation (TRP) émerge comme une centrale stratégique, transformant comment les réseaux énergétiques nord-américains fonctionnent et évoluent. En intégrant de manière transparente des systèmes de pipelines étendus, des initiatives d'énergie renouvelable et des solutions technologiques innovantes, TRP a conçu un modèle commercial sophistiqué qui équilibre le transport d'énergie traditionnel avec un développement durable avant-gardiste. Cette toile complète du modèle commercial révèle le cadre complexe derrière le succès de TC Energy, montrant comment l'entreprise prend en charge les exigences du marché complexes tout en maintenant un engagement envers la fiabilité, l'efficacité et la responsabilité environnementale.

TC Energy Corporation (TRP) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques avec les communautés autochtones

En 2024, TC Energy a établi des partenariats avec plusieurs communautés autochtones à travers le Canada, notamment:

Groupe autochtone	Détails du partenariat	Pieu de capitaux propres
Groupe de propriété autochtone de GasLink Coastal	Projet de propriété dans le projet de pipeline côtier GasLink	85 millions de dollars d'investissement
Tsuut'ina Nation	Collaboration sur les infrastructures énergétiques	7,5% de capitaux propres du projet

Accords de coentreprise

Les principaux partenariats de coentreprise de TC Energy comprennent:

• TC Energy and Alberta Investment Management Corporation (AIMCO) - North American Pipeline Infrastructure
• Columbia Pipeline Partners - Infrastructure au gaz naturel
• Bruce Power - Joint de production d'énergie nucléaire

Collaborations d'agence gouvernementale

Agence gouvernementale	Collaboration du projet	Valeur d'investissement
Régulateur de l'énergie du Canada	Conformité réglementaire des pipelines	Investissement de conformité de 42 millions de dollars
Régulateur d'énergie de l'Alberta	Développement de l'infrastructure énergétique provinciale	65 millions de dollars d'investissement dans l'infrastructure

Partenariats technologiques

La collaboration technologique se concentre sur:

• Carbone Capture Partnerships avec Chevron
• Collaboration des technologies des énergies renouvelables avec la technologie de développement durable Canada
• Partenariat d'infrastructure numérique avec Siemens

Partenaire technologique	Domaine de mise au point	Investissement
Chevron	Capture et stockage du carbone	Investissement de 250 millions de dollars
Technologie de développement durable Canada	Technologies d'énergie renouvelable	Financement de la recherche de 110 millions de dollars

TC Energy Corporation (TRP) - Modèle d'entreprise: activités clés

Développement du transport et des infrastructures du gaz naturel et du pétrole

TC Energy exploite environ 93 300 kilomètres de pipelines de transmission de gaz naturel à travers l'Amérique du Nord. L'infrastructure de pipeline de l'entreprise s'étend:

Région	Longueur du pipeline (km)	Capacité annuelle
Canada	55,900	6,2 milliards de pieds cubes par jour
États-Unis	37,400	4,5 milliards de pieds cubes par jour

Construction de projets énergétiques et gestion opérationnelle

Le portefeuille de projets actuel de TC Energy comprend:

• Pipeline Coastal GasLink: projet de 6,2 milliards de dollars
• Installation nucléaire de Bruce Power: accord opérationnel de 30 ans
• Columbia River Power Project: 14 installations hydroélectriques

Génération et développement des énergies renouvelables

Type d'énergie	Capacité installée	Nombre d'installations
Vent	2 100 MW	37 installations
Solaire	320 MW	12 installations
Hydro-électrique	436 MW	14 installations

Gestion des risques et optimisation des actifs énergétiques

TC Energy gère un Portfolio d'actifs de 110 milliards de dollars avec diversification dans plusieurs secteurs et géographies d'énergie.

Conformité réglementaire et efforts de durabilité environnementale

Engagements d'investissement environnemental:

• 2 milliards de dollars alloués à la transition énergétique à faible teneur en carbone d'ici 2030
• Cible de 40% de réduction des émissions de gaz à effet de serre d'ici 2035
• Conformité aux réglementations environnementales nord-américaines

TC Energy Corporation (TRP) - Modèle d'entreprise: Ressources clés

Réseau de pipeline étendu

TC Energy exploite environ 93 300 kilomètres d'infrastructures de pipeline à travers l'Amérique du Nord.

Type de pipeline	Longueur (kilomètres)
Pipelines de gaz naturel	57,400
Liquides Pipelines	4,900
Huile de pétrole	31,000

Main-d'œuvre qualifiée

TC Energy emploie 7 300 employés à temps plein en 2023.

• Professionnels d'ingénierie: 2 100
• Spécialistes techniques: 1 600
• Personnel des opérations: 3 600

Actifs d'infrastructure énergétique

La base totale des actifs évaluée à 117 milliards de dollars au 31 décembre 2023.

Catégorie d'actifs	Valeur (milliards USD)
Infrastructure de gaz naturel	62.3
Liquides Pipelines	25.6
Production d'électricité	29.1

Systèmes de technologie et de surveillance

Investissement en technologie annuelle de 340 millions de dollars dans la surveillance numérique et les infrastructures de cybersécurité.

Capital financier

Ressources financières à partir de 2023:

• Capitalisation boursière totale: 59,2 milliards de dollars
• Equivalents en espèces et en espèces: 1,8 milliard de dollars
• Facilités de crédit disponibles: 5,6 milliards de dollars

TC Energy Corporation (TRP) - Modèle d'entreprise: propositions de valeur

Infrastructure de transport d'énergie fiable et efficace

TC Energy exploite environ 93 300 kilomètres de pipelines de transmission de gaz naturel à travers l'Amérique du Nord. Le réseau de pipelines de la société transporte environ 25% de la consommation de gaz naturel en Amérique du Nord.

Actif d'infrastructure	Capacité / longueur
Pipelines de gaz naturel	93 300 kilomètres
Pipelines liquides	4 900 kilomètres
Volume annuel du transport de gaz	6,3 billions de pieds cubes

Portfolio d'énergie diversifié

Le portefeuille d'énergie de TC Energy comprend:

• Gaz naturel: 68% du portefeuille total
• Huile brut: 22% du portefeuille total
• Génération d'électricité: 10% du portefeuille total
• Projets d'énergie renouvelable: segment en croissance

Engagement envers des solutions énergétiques durables et à faible carbone

TC Energy a engagé 7,2 milliards de dollars dans des projets à faible teneur en carbone et en énergies renouvelables d'ici 2030. La société cible les émissions de gaz à effet de serre opérationnelles nettes d'ici 2050.

Métrique de la durabilité	Cible / investissement
Investissement à faible teneur en carbone	7,2 milliards de dollars d'ici 2030
Cible des émissions nettes-zéro	2050
Capacité renouvelable actuelle	4 300 MW

Approvisionnement énergétique stable et cohérent

TC Energy dessert des marchés à travers le Canada, les États-Unis et le Mexique, avec un taux de fiabilité de 99,9% pour son infrastructure de pipeline.

Sécurité énergétique améliorée

Le réseau d'infrastructure intégré de la société relie les grandes régions de production aux principaux centres de marché, soutenant l'indépendance de l'énergie nord-américaine.

• Sert plus de 10 millions de clients
• Opère dans 3 pays
• Soutient le commerce de l'énergie transfrontalière

TC Energy Corporation (TRP) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme avec les producteurs d'énergie

TC Energy maintient plus de 850 contrats de transport d'énergie à long terme à travers l'Amérique du Nord, avec une durée moyenne du contrat de 15,7 ans. Valeur totale du contrat estimé à 42,3 milliards de dollars en 2023.

Type de contrat	Nombre de contrats	Durée moyenne
Transport de gaz naturel	523	17,2 ans
Accords d'huile de pétrole	214	13,5 ans
Contrats de transmission de puissance	113	12,8 ans

Gestion de compte dédiée pour les principaux clients d'entreprise

TC Energy fournit une gestion des comptes spécialisée pour 87 principaux clients d'entreprises dans des secteurs de l'énergie, avec des gestionnaires de relations dédiés gardant les revenus annuels dépassant 12,6 millions de dollars par client.

• Équipes de services personnalisés
• Revues de performance trimestrielles
• Solutions d'infrastructure personnalisées

Communication transparente sur les performances des infrastructures

Les rapports de performance des infrastructures en temps réel couvrent 98,7% des actifs opérationnels de TC Energy, avec des rapports de transparence mensuels de performance distribué à 612 parties prenantes des entreprises.

Métrique de rapport	Fréquence	Pourcentage de couverture
Fiabilité opérationnelle	Mensuel	98.7%
Incidents de sécurité	Trimestriel	100%
Conformité environnementale	Annuellement	99.5%

Services de support client et d'assistance technique

TC Energy exploite un centre de support technique 24/7 avec 276 personnel spécialisé, gérant une moyenne de 4 237 interactions client chaque mois.

• Canaux de support multilingues
• Équipes d'intervention d'urgence
• Services de consultation technique

Plateformes numériques pour le suivi des services et l'engagement

La plate-forme d'engagement numérique dessert 1 243 clients d'entreprises ayant un suivi des infrastructures en temps réel, soutenant 97,3% des relations contractuelles totales.

Fonctionnalité de plate-forme numérique	Taux d'adoption des utilisateurs	Utilisateurs actifs mensuels
Suivi des infrastructures	97.3%	1,187
Tableaux de bord de performance	89.6%	1,114
Interfaces de facturation	92.4%	1,148

TC Energy Corporation (TRP) - Modèle d'entreprise: canaux

Ventes directes et négociations contractuelles

TC Energy maintient les canaux de vente directs grâce à des équipes d'infrastructures énergétiques spécialisées qui gèrent les contrats de transport d'énergie à long terme. En 2023, la société a signalé 6 700 kilomètres de pipelines de gaz naturel et 4 300 kilomètres de pipelines de liquides pour des négociations contractuelles directes.

Type de contrat	Volume annuel	Durée du contrat
Transport de gaz naturel	5,7 milliards de pieds cubes par jour	10-25 ans
Transport de pétrole brut	525 000 barils par jour	15-30 ans

Site Web d'entreprise et plateformes de communication numérique

TC Energy utilise des plateformes numériques pour l'engagement des parties prenantes, avec 287 000 visiteurs annuels du site Web et 42 000 abonnés de médias sociaux sur LinkedIn, Twitter et YouTube à partir de 2023.

• Site Web d'entreprise: www.tcenergy.com
• Relations des investisseurs portail numérique
• Plateformes de rapports numériques annuels

Conférences de l'industrie de l'énergie et événements commerciaux

TC Energy participe à 18-22 conférences d'énergie majeures chaque année, représentant 66,4 milliards de dollars de capitalisation boursière d'entreprise.

Type de conférence	Participation annuelle	Réalisation de réseautage
Conférences d'énergie nord-américaines	12-15 événements	5 600 professionnels de l'industrie
Forums internationaux de l'énergie	6-7 événements	3 200 parties prenantes mondiales

Communications des relations avec les investisseurs

TC Energy maintient les canaux de communication complets des investisseurs, les rapports de bénéfices trimestriels atteignant 22 000 investisseurs institutionnels.

• Webdiffusions sur les résultats trimestriels
• Réunions annuelles des actionnaires
• Disques de présentation des investisseurs

Canaux de remise réglementaire et gouvernemental

TC Energy s'engage avec les organismes de réglementation dans plusieurs juridictions, gérant des projets d'infrastructure d'une valeur de 37,2 milliards de dollars.

Juridiction réglementaire	Fréquence d'engagement annuelle	Organismes de réglementation
Fédéral canadien	48-52 interactions	Régulateur de l'énergie du Canada
État / fédéral américain	36-40 interactions	FERC, commissions des services publics d'État

TC Energy Corporation (TRP) - Modèle d'entreprise: segments de clientèle

Producteurs et distributeurs d'énergie à grande échelle

TC Energy sert de grandes sociétés énergétiques à travers l'Amérique du Nord avec des services d'infrastructure critiques. En 2023, la société a géré 93 300 kilomètres de pipelines de gaz naturel et 4 900 kilomètres de pipelines de liquides.

Type de client	Volume annuel	Part de marché
Grandes compagnies pétrolières	1,2 milliard de pieds cubes par jour	22% du marché nord-américain
Producteurs de gaz naturel	890 millions de pieds cubes par jour	18% du marché nord-américain

Consommateurs d'énergie industrielle et commerciale

TC Energy fournit des solutions de transport et de stockage d'énergie pour divers secteurs industriels.

• Fabrication: 35% de la clientèle industrielle
• Traitement chimique: 25% de la clientèle industrielle
• Extraction de l'exploitation et des ressources: 20% de la clientèle industrielle
• Traitement agricole: 15% de la clientèle industrielle

Organisations gouvernementales et de services publics

TC Energy dessert plusieurs clients du gouvernement et des services publics à travers le Canada et les États-Unis.

Catégorie client	Nombre de contrats	Revenus annuels
Services publics provinciaux	12 contrats à long terme	780 millions de dollars
Agences étatiques / fédérales	8 partenariats stratégiques	520 millions de dollars

Marchés énergétiques régionaux et nationaux

TC Energy fonctionne sur plusieurs marchés de l'énergie avec des investissements importants dans les infrastructures.

• Canada: 65% de la présence totale du marché
• États-Unis: 30% de la présence totale du marché
• Mexique: 5% de la présence totale du marché

Sociétés de développement des énergies renouvelables

TC Energy s'est étendue dans les segments d'énergie renouvelable avec des investissements stratégiques.

Segment renouvelable	Capacité installée	Investissement
Énergie éolienne	2 100 MW	3,2 milliards de dollars
Énergie solaire	450 MW	780 millions de dollars
Projets d'hydrogène	350 MW	620 millions de dollars

TC Energy Corporation (TRP) - Modèle d'entreprise: Structure des coûts

Développement d'infrastructures à forte intensité de capital

Les coûts de développement des infrastructures de TC Energy pour 2023 ont totalisé 7,2 milliards de dollars, avec des investissements majeurs dans des projets d'infrastructures de pipeline et d'énergie.

Catégorie d'infrastructure	Montant d'investissement (USD)
Pipelines de gaz naturel	3,4 milliards de dollars
Huile de pétrole	2,1 milliards de dollars
Infrastructure de production d'électricité	1,7 milliard de dollars

Maintenance opérationnelle et dépenses d'intégrité du pipeline

Les coûts de maintenance annuels du réseau de pipelines de TC Energy ont atteint 1,5 milliard de dollars en 2023.

• Inspection et réparation du pipeline: 650 millions de dollars
• Prévention de la corrosion: 350 millions de dollars
• Mises à niveau du système de sécurité: 500 millions de dollars

Investissement technologique et d'innovation

Énergie TC allouée 275 millions de dollars aux initiatives de technologie et d'innovation en 2023.

Zone d'innovation	Investissement (USD)
Infrastructure numérique	125 millions de dollars
Technologies de capture de carbone	90 millions de dollars
Améliorations de la cybersécurité	60 millions de dollars

Coûts de conformité réglementaire et de protection de l'environnement

Les dépenses de conformité et de protection de l'environnement ont totalisé 420 millions de dollars en 2023.

• Surveillance environnementale: 180 millions de dollars
• Représentation réglementaire: 95 millions de dollars
• Programmes de réduction des émissions: 145 millions de dollars

Formation de la main-d'œuvre et dépenses de développement

TC Energy a investi 95 millions de dollars dans le développement de la main-d'œuvre en 2023.

Catégorie de formation	Investissement (USD)
Formation des compétences techniques	45 millions de dollars
Programmes de certification de sécurité	30 millions de dollars
Développement du leadership	20 millions de dollars

TC Energy Corporation (TRP) - Modèle d'entreprise: Strots de revenus

Frais de service de transport et d'infrastructure à long terme

En 2023, TC Energy a déclaré des revenus totaux de 11,2 milliards de dollars. Les frais de service de transport à travers son infrastructure de pipeline ont généré environ 6,7 milliards de dollars de revenus annuels.

Segment des infrastructures	Revenus annuels ($ m)
Pipelines de gaz naturel	4,350
Liquides Pipelines	2,150
Alimentation et stockage	380

Revenus de production d'énergies renouvelables

Le portefeuille d'énergies renouvelables de TC Energy a généré 532 millions de dollars en 2023.

• Production d'énergie éolienne: 287 millions de dollars
• Génération d'énergie solaire: 145 millions de dollars
• Génération hydroélectrique: 100 millions de dollars

Tarifs de transport de gaz naturel et de pétrole

Les tarifs du transport du pipeline en 2023 ont totalisé 3,8 milliards de dollars.

Système de pipeline	Revenus tarifaires ($ m)
Pipeline Keystone	1,250
Columbia Gas Transmission	1,750
Autres pipelines nord-américains	800

Services de marketing et d'optimisation énergétiques

Les services de marketing et d'optimisation énergétiques ont contribué 425 millions de dollars aux revenus de TC Energy en 2023.

Les rendements des investissements des projets d'infrastructure énergétique

Les rendements des investissements des projets d'infrastructure énergétique ont généré 612 millions de dollars en 2023.

Catégorie d'investissement	Retour ($ m)
Projets nord-américains	412
Investissements internationaux d'infrastructure	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