TC Energy Corporation (TRP): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da infraestrutura de energia, a TC Energy Corporation (TRP) surge como uma potência estratégica, transformando como as redes de energia norte -americana operam e evoluem. Ao integrar perfeitamente sistemas de oleodutos, iniciativas de energia renovável e soluções tecnológicas inovadoras, o TRP criou um modelo de negócios sofisticado que equilibra o transporte de energia tradicional com o desenvolvimento sustentável com visão de futuro. Essa tela abrangente do modelo de negócios revela a estrutura intrincada por trás do sucesso da TC Energy, mostrando como a empresa navega com demandas complexas de mercado, mantendo o compromisso com a confiabilidade, a eficiência e a responsabilidade ambiental.

TC Energy Corporation (TRP) - Modelo de Negócios: Principais Parcerias

Parcerias estratégicas com comunidades indígenas

A partir de 2024, a TC Energy estabeleceu parcerias com várias comunidades indígenas em todo o Canadá, incluindo:

Grupo indígena	Detalhes da parceria	Participação em ações
Grupo de Propriedade Indígena de Gaslink Coastal	Projeto de Projeto de oleoduto Coastal Gaslink	Investimento de US $ 85 milhões
Nação tsuut'ina	Colaboração em infraestrutura energética	7,5% do patrimônio do projeto

Acordos de joint venture

As principais parcerias de joint venture da TC Energy incluem:

• TC Energy e Alberta Investment Management Corporation (AIMCO) - Infraestrutura de oleoduto norte -americano
• Columbia Pipeline Partners - Infraestrutura de gás natural
• Bruce Power - joint venture de geração de energia nuclear

Colaborações da agência governamental

Agência governamental	Colaboração do projeto	Valor de investimento
Regulador de energia do Canadá	Conformidade regulatória do pipeline	US $ 42 milhões de investimento de conformidade
Alberta Energy Regulator	Desenvolvimento de infraestrutura de energia provincial	Investimento de infraestrutura de US $ 65 milhões

Parcerias de tecnologia

A colaboração de tecnologia se concentra em:

• Parcerias de captura de carbono com a Chevron
• Colaboração de tecnologia de energia renovável com tecnologia de desenvolvimento sustentável Canadá
• Parceria de infraestrutura digital com a Siemens

Parceiro de tecnologia	Área de foco	Investimento
Chevron	Captura e armazenamento de carbono	Investimento de US $ 250 milhões
Tecnologia de Desenvolvimento Sustentável Canadá	Tecnologias de energia renovável	Financiamento de pesquisa de US $ 110 milhões

TC Energy Corporation (TRP) - Modelo de negócios: Atividades -chave

Transporte de oleoduto de gás e petróleo natural e desenvolvimento de infraestrutura

A TC Energy opera aproximadamente 93.300 quilômetros de oleodutos de transmissão de gás natural em toda a América do Norte. A infraestrutura de pipeline da empresa se abrange:

Região	Comprimento do oleoduto (km)	Capacidade anual
Canadá	55,900	6,2 bilhões de pés cúbicos por dia
Estados Unidos	37,400	4,5 bilhões de pés cúbicos por dia

Construção de projetos energéticos e gerenciamento operacional

O portfólio atual de projetos da TC Energy inclui:

• Oleoduto Coastal Gaslink: Projeto de US $ 6,2 bilhões
• Bruce Power Nuclear Facility: Acordo operacional de 30 anos
• Projeto de energia do rio Columbia: 14 instalações hidrelétricas

Geração e desenvolvimento de energia renovável

Tipo de energia	Capacidade instalada	Número de instalações
Vento	2.100 MW	37 instalações
Solar	320 MW	12 instalações
Hidrelétrico	436 MW	14 instalações

Gerenciamento de riscos e otimização de ativos energéticos

TC Energy gerencia um Portfólio de ativos de US $ 110 bilhões com diversificação em vários setores de energia e geografias.

Conformidade regulatória e esforços de sustentabilidade ambiental

Compromissos de investimento ambiental:

• US $ 2 bilhões alocados para transição de energia de baixo carbono até 2030
• Alvo de 40% de redução de emissões de gases de efeito estufa até 2035
• Conformidade com os regulamentos ambientais norte -americanos

TC Energy Corporation (TRP) - Modelo de negócios: Recursos -chave

Extensa rede de pipeline

A TC Energy opera aproximadamente 93.300 quilômetros de infraestrutura de oleodutos em toda a América do Norte.

Tipo de pipeline	Comprimento (quilômetros)
Oleodutos de gás natural	57,400
Líquidos oleodutos	4,900
Oleodutos	31,000

Força de trabalho qualificada

A TC Energy emprega 7.300 funcionários em período integral a partir de 2023.

• Profissionais de engenharia: 2.100
• Especialistas técnicos: 1.600
• Pessoal de operações: 3.600

Ativos de infraestrutura energética

Base total de ativos avaliada em US $ 117 bilhões em 31 de dezembro de 2023.

Categoria de ativos	Valor (bilhões de dólares)
Infraestrutura de gás natural	62.3
Líquidos oleodutos	25.6
Geração de energia	29.1

Sistemas de tecnologia e monitoramento

Investimento tecnológico anual de US $ 340 milhões em monitoramento digital e infraestrutura de segurança cibernética.

Capital financeiro

Recursos Financeiros a partir de 2023:

• Capitalização de mercado total: US $ 59,2 bilhões
• Caixa e equivalentes em dinheiro: US $ 1,8 bilhão
• Linhas de crédito disponíveis: US $ 5,6 bilhões

TC Energy Corporation (TRP) - Modelo de Negócios: Proposições de Valor

Infraestrutura de transporte energético confiável e eficiente

A TC Energy opera aproximadamente 93.300 quilômetros de oleodutos de transmissão de gás natural em toda a América do Norte. A rede de oleodutos da empresa transporta aproximadamente 25% do consumo de gás natural da América do Norte.

Ativo de infraestrutura	Capacidade/comprimento
Oleodutos de gás natural	93.300 quilômetros
Oleodutos líquidos	4.900 quilômetros
Volume anual de transporte a gás	6,3 trilhões de pés cúbicos

Portfólio de energia diversificado

O portfólio de energia da TC Energy inclui:

• Gás natural: 68% do portfólio total
• Petróleo bruto: 22% do portfólio total
• Geração de energia: 10% do portfólio total
• Projetos de energia renovável: segmento em crescimento

Compromisso com soluções de energia sustentável e de baixo carbono

A TC Energy comprometeu US $ 7,2 bilhões a projetos de energia de baixo carbono e renovável até 2030. A empresa tem como alvo as emissões de gases de efeito estufa operacional de zero líquido até 2050.

Métrica de sustentabilidade	Alvo/investimento
Investimento de baixo carbono	US $ 7,2 bilhões até 2030
Alvo de emissões de zero de rede	2050
Capacidade renovável atual	4.300 MW

Fornecimento de energia estável e consistente

A TC Energy serve mercados em todo o Canadá, Estados Unidos e México, com uma taxa de confiabilidade de 99,9% para sua infraestrutura de pipeline.

Segurança energética aprimorada

A rede de infraestrutura integrada da empresa conecta as principais regiões de produção aos principais centros de mercado, apoiando a independência energética norte -americana.

• Serve mais de 10 milhões de clientes
• Opera em 3 países
• Suporta o comércio de energia transfronteiriço

TC Energy Corporation (TRP) - Modelo de Negócios: Relacionamentos ao Cliente

Acordos contratuais de longo prazo com produtores de energia

A TC Energy mantém mais de 850 contratos de transporte de energia de longo prazo em toda a América do Norte, com uma duração média do contrato de 15,7 anos. Valor total do contrato estimado em US $ 42,3 bilhões a partir de 2023.

Tipo de contrato	Número de contratos	Duração média
Transporte de gás natural	523	17,2 anos
Acordos de oleodutos	214	13,5 anos
Contratos de transmissão de energia	113	12,8 anos

Gerenciamento de contas dedicado para os principais clientes corporativos

A TC Energy fornece gerenciamento de contas especializado para 87 principais clientes corporativos em setores de energia, com gerentes de relacionamento dedicados lidando com receitas anuais superiores a US $ 12,6 milhões por cliente.

• Equipes de serviço personalizadas
• Revisões trimestrais de desempenho
• Soluções de infraestrutura personalizadas

Comunicação transparente sobre o desempenho da infraestrutura

O relatório de desempenho da infraestrutura em tempo real cobre 98,7% dos ativos operacionais da TC Energy, com relatórios mensais de transparência de desempenho distribuídos a 612 partes interessadas corporativas.

Métrica de relatório	Freqüência	Porcentagem de cobertura
Confiabilidade operacional	Mensal	98.7%
Incidentes de segurança	Trimestral	100%
Conformidade ambiental	Anualmente	99.5%

Suporte ao cliente e serviços de assistência técnica

A TC Energy opera um centro de suporte técnico 24 horas por dia, 7 dias por semana, com 276 pessoal especializado, gerenciando uma média de 4.237 interações com os clientes mensalmente.

• Canais de suporte multilíngues
• Equipes de resposta a emergências
• Serviços de consulta técnica

Plataformas digitais para rastreamento e engajamento de serviços

A plataforma de engajamento digital atende 1.243 clientes corporativos com rastreamento de infraestrutura em tempo real, suportando 97,3% do total de relacionamentos contratuais.

Recurso da plataforma digital	Taxa de adoção do usuário	Usuários ativos mensais
Rastreamento de infraestrutura	97.3%	1,187
Painéis de desempenho	89.6%	1,114
Interfaces de cobrança	92.4%	1,148

TC Energy Corporation (TRP) - Modelo de Negócios: Canais

Vendas diretas e negociações de contrato

A TC Energy mantém canais de vendas diretas por meio de equipes de infraestrutura de energia especializadas que lidam com contratos de transporte de energia de longo prazo. Em 2023, a empresa registrou 6.700 quilômetros de gasodutos de gás natural e 4.300 quilômetros de líquidos para negociações de contratos diretos.

Tipo de contrato	Volume anual	Duração do contrato
Transporte de gás natural	5,7 bilhões de pés cúbicos por dia	10-25 anos
Transporte de petróleo bruto	525.000 barris por dia	15-30 anos

Site corporativo e plataformas de comunicação digital

A TC Energy utiliza plataformas digitais para o envolvimento das partes interessadas, com 287.000 visitantes anuais do site e 42.000 seguidores de mídia social no LinkedIn, Twitter e YouTube a partir de 2023.

• Site corporativo: www.tcenergy.com
• Portal digital de relações com investidores
• Plataformas anuais de relatórios digitais

Conferências do setor de energia e eventos comerciais

A TC Energy participa de 18-22 principais conferências de energia anualmente, representando US $ 66,4 bilhões em capitalização de mercado corporativa.

Tipo de conferência	Participação anual	Alcance de rede
Conferências de energia norte -americana	12-15 eventos	5.600 profissionais do setor
Fóruns Internacionais de Energia	6-7 eventos	3.200 partes interessadas globais

Comunicações de Relações com Investidores

A TC Energy mantém canais abrangentes de comunicação de investidores, com relatórios trimestrais de ganhos atingindo 22.000 investidores institucionais.

• Webcasts trimestrais de ganhos
• Reuniões anuais de acionistas
• Decks de apresentação do investidor

Canais de engajamento regulatórios e governamentais

A TC Energy se envolve com órgãos regulatórios em várias jurisdições, gerenciando projetos de infraestrutura avaliados em US $ 37,2 bilhões.

Jurisdição regulatória	Frequência anual de engajamento	Órgãos regulatórios
Canadian Federal	48-52 interações	Regulador de energia do Canadá
Estado/federal dos EUA	36-40 interações	FERC, comissões de utilidade estatal

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

Produtores e distribuidores de energia em larga escala

A TC Energy serve as principais empresas de energia da América do Norte com serviços críticos de infraestrutura. Em 2023, a empresa administrou 93.300 quilômetros de gasodutos de gás natural e 4.900 quilômetros de líquidos.

Tipo de cliente	Volume anual	Quota de mercado
Grandes empresas de petróleo	1,2 bilhão de pés cúbicos por dia	22% do mercado norte -americano
Produtores de gás natural	890 milhões de pés cúbicos por dia	18% do mercado norte -americano

Consumidores de energia industrial e comercial

A TC Energy fornece soluções de transporte e armazenamento de energia para diversos setores industriais.

• Fabricação: 35% da base de clientes industriais
• Processamento químico: 25% da base de clientes industriais
• Extração de mineração e recursos: 20% da base de clientes industriais
• Processamento agrícola: 15% da base de clientes industriais

Organizações de Governo e Utilidade

A TC Energy atende a vários clientes governamentais e de serviços públicos em todo o Canadá e nos Estados Unidos.

Categoria de cliente	Número de contratos	Receita anual
Utilitários provinciais	12 contratos de longo prazo	US $ 780 milhões
Agências estaduais/federais	8 parcerias estratégicas	US $ 520 milhões

Mercados de energia regional e nacional

A TC Energy opera em vários mercados de energia com investimentos significativos de infraestrutura.

• Canadá: 65% da presença total do mercado
• Estados Unidos: 30% da presença total do mercado
• México: 5% da presença total do mercado

Empresas de desenvolvimento de energia renovável

A TC Energy se expandiu para segmentos de energia renovável com investimentos estratégicos.

Segmento renovável	Capacidade instalada	Investimento
Energia eólica	2.100 MW	US $ 3,2 bilhões
Energia solar	450 MW	US $ 780 milhões
Projetos de hidrogênio	350 MW	US $ 620 milhões

TC Energy Corporation (TRP) - Modelo de negócios: estrutura de custos

Desenvolvimento de infraestrutura intensiva em capital

Os custos de desenvolvimento de infraestrutura da TC Energy para 2023 totalizaram US $ 7,2 bilhões, com grandes investimentos em projetos de infraestrutura de oleodutos e energia.

Categoria de infraestrutura	Valor do investimento (USD)
Oleodutos de gás natural	US $ 3,4 bilhões
Oleodutos	US $ 2,1 bilhões
Infraestrutura de geração de energia	US $ 1,7 bilhão

Manutenção operacional e despesas de integridade de pipeline

Os custos anuais de manutenção da rede de oleodutos da TC Energy atingiram US $ 1,5 bilhão em 2023.

• Inspeção e reparo de pipeline: US $ 650 milhões
• Prevenção de corrosão: US $ 350 milhões
• Atualizações do sistema de segurança: US $ 500 milhões

Investimento em tecnologia e inovação

Energia TC alocada US $ 275 milhões às iniciativas de tecnologia e inovação em 2023.

Área de inovação	Investimento (USD)
Infraestrutura digital	US $ 125 milhões
Tecnologias de captura de carbono	US $ 90 milhões
Aprimoramentos de segurança cibernética	US $ 60 milhões

Custos regulatórios de conformidade e proteção ambiental

Os gastos de conformidade e proteção ambiental totalizaram US $ 420 milhões em 2023.

• Monitoramento ambiental: US $ 180 milhões
• Relatórios regulatórios: US $ 95 milhões
• Programas de redução de emissões: US $ 145 milhões

Despesas de Treinamento e Desenvolvimento da Força de Trabalho

A TC Energy investiu US $ 95 milhões no desenvolvimento da força de trabalho em 2023.

Categoria de treinamento	Investimento (USD)
Treinamento de habilidades técnicas	US $ 45 milhões
Programas de certificação de segurança	US $ 30 milhões
Desenvolvimento de liderança	US $ 20 milhões

TC Energy Corporation (TRP) - Modelo de negócios: fluxos de receita

Taxas de serviço de transporte e infraestrutura de longo prazo

Em 2023, a TC Energy registrou receitas totais de US $ 11,2 bilhões. As taxas de serviço de transporte em toda a sua infraestrutura de pipeline geraram aproximadamente US $ 6,7 bilhões em receita anual.

Segmento de infraestrutura	Receita anual ($ m)
Oleodutos de gás natural	4,350
Líquidos oleodutos	2,150
Energia e armazenamento	380

Receita de geração de energia renovável

O portfólio de energia renovável da TC Energy gerou US $ 532 milhões em 2023.

• Geração de energia eólica: US $ 287 milhões
• Geração de energia solar: US $ 145 milhões
• Geração hidrelétrica: US $ 100 milhões

Tarifas de transporte de oleodutos de gás natural e petróleo

As tarifas de transporte de oleodutos em 2023 totalizaram US $ 3,8 bilhões.

Sistema de pipeline	Receita tarifária ($ m)
Keystone Pipeline	1,250
Transmissão de gás Columbia	1,750
Outros oleodutos norte -americanos	800

Serviços de marketing de energia e otimização

Os serviços de marketing e otimização de energia contribuíram com US $ 425 milhões para a receita da TC Energy em 2023.

Retornos de investimento de projetos de infraestrutura de energia

Os retornos de investimento de projetos de infraestrutura de energia geraram US $ 612 milhões em 2023.

Categoria de investimento	Retorna ($ m)
Projetos norte -americanos	412
Investimentos internacionais de infraestrutura	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