TC Energy Corporation operates as an energy infrastructure company in North America.
The company operates in two core businesses – Natural Gas Pipelines; and Power and Energy Solutions. The company's results are reflected in four operating segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, and Power and Energy Solutions.
Canadian Natural Gas Pipelines
The Canadian Natural Gas Pipelines segment primarily consists of the company's investments in...
TC Energy Corporation operates as an energy infrastructure company in North America.
The company operates in two core businesses – Natural Gas Pipelines; and Power and Energy Solutions. The company's results are reflected in four operating segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, and Power and Energy Solutions.
Canadian Natural Gas Pipelines
The Canadian Natural Gas Pipelines segment primarily consists of the company's investments in 41,121 km (25,552 miles) of regulated natural gas pipelines in operation.
U.S. Natural Gas Pipelines
The U.S. Natural Gas Pipelines segment primarily consists of the company's investments in 49,681 km (30,870 miles) of regulated natural gas pipelines, 532 Bcf of regulated natural gas storage facilities and other assets in operation.
Mexico Natural Gas Pipelines
The Mexico Natural Gas Pipelines segment primarily consists of the company's investments in 2,885 km (1,791 miles) of regulated natural gas pipelines in operation.
Power and Energy Solutions
The Power and Energy Solutions segment primarily consists of the company's investments in approximately 4,650 Megawatt (MW) of power generation facilities and 118 Bcf of non-regulated natural gas storage facilities. These assets are located in Alberta, Ontario, Quebec, New Brunswick and Texas. In addition, TC Energy has physical and virtual power purchase agreements (PPAs) in Canada and the U.S. to buy and/or sell power from wind and solar facilities. These PPAs have the potential to be leases, derivatives or revenue arrangements depending on the contractual terms of the agreement.
TC Energy completed the Spinoff Transaction on October 1, 2024, and subsequently accounted for the Liquids Pipelines business as a discontinued operation.
Strategy
The company's business consists of natural gas transportation and storage, as well as power generation assets. These long-life infrastructure assets are anchored by the company’s conservative risk preferences and are generally supported by long-term commercial arrangements and/or rate regulation. Key components of the company's strategy are to maximize the value of the company's assets; and execute the company's selective portfolio of growth projects.
Natural Gas Pipelines
Developments in the Canadian Natural Gas Pipelines segment
Canadian Regulated Pipelines
2021 NGTL System Expansion Program
The 2021 NGTL System Expansion Program was completed in 2024 and consists of 344 km (214 miles) of new pipeline, three new compressor units, and associated facilities; and added approximately 1.59 PJ/d (1.45 Billion cubic feet per day (Bcf/d)) of incremental capacity to the NGTL System.
2022 NGTL System Expansion Program
The 2022 NGTL System Expansion Program was completed in 2023 and consists of approximately 166 km (103 miles) of new pipeline, one compressor unit and associated facilities and provides incremental capacity of approximately 773 TJ/d (722 MMcf/d) to meet firm-receipt and intra-basin delivery requirements with eight-year minimum terms.
2023 NGTL System Intra-Basin Expansion
The NGTL System Intra-Basin Expansion was completed in 2024 and consists of 23 km (14 miles) of new pipeline and two new compressor stations and is underpinned by approximately 255 TJ/d (238 MMcf/d) of new firm-service contracts with 15-year terms.
NGTL System/Foothills West Path Delivery Program
The NGTL System/Foothills West Path Delivery Program was completed in 2023 and consisted of a multi-year expansion of the NGTL System and Foothills system to facilitate incremental contracted export capacity connecting to the GTN pipeline system. The combined NGTL System and Foothills program consists of approximately 107 km (66 miles) of pipeline and associated facilities and is underpinned by 275 TJ/d (258 MMcf/d) of new firm-service contracts with terms that exceed 30 years.
Valhalla North and Berland River Project
In November 2022, the company sanctioned the Valhalla North and Berland River (VNBR) Project to serve aggregate system requirements and connect migrating supply to key demand markets, designed to provide incremental capacity on the NGTL System of approximately 428 TJ/d (400 MMcf/d). The project consists of approximately 33 km (21 miles) of new pipeline, one new non-emitting electric compressor unit and associated facilities. On December 21, 2023, the company received approval from the CER to construct, own and operate the VNBR project. Construction activities commenced in 2024 with anticipated in-service dates commencing in second quarter 2026.
NGTL Ownership Transfer
On April 1, 2024, ownership of the NGTL System was transferred from Nova Gas Transmission Ltd. to NGTL GP Ltd. on behalf of NGTL Limited Partnership as part of an ordinary course corporate reorganization to support business optimization. The previously announced equity interest purchase agreement in respect of the sale by TC Energy of a 5.34 per cent interest in the NGTL System and Foothills Pipeline assets to an Indigenous-owned investment partnership was terminated by TC Energy on February 6, 2025.
LNG Pipeline Projects
Coastal GasLink Pipeline
The Coastal GasLink pipeline is a 671 km (417 mile) pipeline that transports natural gas from a receipt point in the Dawson Creek area of British Columbia to LNG Canada's (LNGC) natural gas liquefaction facility near Kitimat, British Columbia. Transportation service on the pipeline is underpinned by 25-year TSAs (with renewal provisions) with each of the five LNGC joint venture participants (LNGC Participants). The company hold a 35 per cent ownership interest in Coastal GasLink LP (CGL LP), the entity that owns the Coastal GasLink pipeline. Additionally, the company holds a 100 percent ownership interest in the general partner of CGL LP, the entity that is contracted to develop, construct and operate the pipeline.
Coastal GasLink - Cedar Link Expansion
In June 2024, CGL LP sanctioned the Cedar Link project following a positive final investment decision (FID) for the construction of the Cedar LNG facility by the Cedar LNG joint venture partners, Haisla Nation and Pembina Pipeline Corporation. The Cedar LNG facility is a proposed floating liquefied natural gas facility to be constructed in Kitimat, B.C. The Cedar Link project is an expansion of the Coastal GasLink pipeline that is expected to enable delivery of up to 0.4 Bcf/d of natural gas to the Cedar LNG facility.
All major regulatory permits have been received and construction began in July 2024. The planned in-service date for the Cedar Link project is 2028, subject to the completion of plant commissioning activities at the Cedar LNG facility.
Coastal GasLink - Indigenous Equity Option
In March 2022, the company announced the signing of option agreements to sell up to a 10 per cent equity interest in CGL LP, to Indigenous communities across the project corridor, from its 35 per cent equity ownership. The equity option is exercisable after commercial in-service of the Coastal GasLink pipeline, subject to customary regulatory approvals and consents, including the consent of LNGC.
Developments in the U.S. Natural Gas Pipelines Segment
U.S. Natural Gas Pipelines - Columbia Pipeline Group
Columbia Gas and Columbia Gulf Monetization
On October 4, 2023, the company completed the sale of a 40 per cent equity interest in Columbia Gas and Columbia Gulf to Global Infrastructure Partners (GIP). Columbia Gas and Columbia Gulf are held by a newly formed entity with GIP. The company continues to have a controlling interest in Columbia Gas and Columbia Gulf and the company remain the operator of these pipelines.
Columbia Gas Rate Case Settlement
In September 2024, Columbia Gas filed a Section 4 rate case with FERC requesting an increase to the maximum transportation rates expected to become effective April 1, 2025.
Columbia Gas - VR Project
In July 2021, the company approved the VR Project, a delivery market project on Columbia Gas designed to replace and upgrade certain facilities while improving reliability and reducing emissions. In November 2023, the FERC provided a certificate order approving the VR Project. The VR Project is subject to customary conditions precedent and normal-course regulatory approvals. It is anticipated to be in-service in 2025.
Columbia Gas - KO Transmission Enhancement Acquisition
On April 28, 2022, the company approved acquisition of KO Transmission assets to be integrated into its Columbia Gas pipeline to provide additional last-mile connectivity of Columbia Gas into northern Kentucky and southern Ohio to growing LDC markets and a platform for future capital investments, including future conversions of coal-fueled power plants in the region. FERC approval for the acquisition was received in November 2022 and the transaction closed in February 2023.
Columbia Gas - Virginia Electrification Project
In February 2024, the Virginia Electrification Project, an expansion project that replaced and upgraded certain facilities through conversion to electric compression, was placed in service.
Columbia Gulf Rate Settlement
On July 7, 2023, Columbia Gulf filed an uncontested rate settlement, which set new recourse rates for Columbia Gulf effective March 1, 2024, and instituted a rate moratorium through February 28, 2027. Columbia Gulf must file for new rates no later than March 1, 2029.
Columbia Gulf - Louisiana XPress Project
The Louisiana XPress project, a Columbia Gulf project designed to connect natural gas supply to U.S. Gulf Coast LNG export facilities, was phased into service over the course of third quarter 2022.
Columbia Gulf - Pulaski and Maysville Projects
In November 2024, the company approved two projects on its Columbia Gulf System: the Pulaski and Maysville Projects. These mainline extension projects off Columbia Gulf will facilitate full coal-to-gas conversion at two existing power plants and are expected to provide 0.2 Bcf/d of capacity for incremental gas-fired generation.
Columbia Gulf - Southeast Virginia Energy Storage Project
In November 2024, the company Southeast Virginia Energy Storage Project. This is an LNG peaking facility in southeast Virginia that will serve an existing LDC's growing winter peak day load and mitigate its peak day pricing exposure, as well as increase operational flexibility on the Columbia Gas system. The project has an anticipated in-service date of 2030.
Other U.S. Natural Gas Pipelines
ANR Section 4 Rate Case
ANR reached a settlement with its customers effective August 2022 and received FERC approval in April 2023. As part of the settlement, there is a moratorium on any further rate changes until November 1, 2025. ANR must file for new rates with an effective date no later than August 1, 2028. The settlement also included an additional rate step up effective August 2024 related to certain modernization projects.
ANR Pipeline - Alberta XPress Project
The Alberta XPress Project, an expansion project on ANR which utilizes existing capacity on the Great Lakes and Canadian Mainline systems to connect growing supply from the WCSB to U.S. Gulf Coast LNG export markets, was placed in service January 2023.
ANR Pipeline - Elwood Power Project/ANR Horsepower Replacement
The Elwood Power Project/ANR Horsepower Replacement, an expansion project to replace, upgrade and modernize certain facilities while improving reliability and reducing GHG emissions along a highly utilized section of the ANR pipeline system, was placed in service in November 2022.
ANR Pipeline - Wisconsin Access Project
The Wisconsin Access Project, a project to replace, upgrade and modernize certain facilities while improving reliability and reducing GHG emissions along portions of the ANR pipeline system, was placed in service in November 2022.
ANR Pipeline - WR Project
In November 2021, the company approved the WR Project, a delivery market project on ANR to replace and upgrade certain facilities while improving reliability and reducing emissions along portions of the ANR pipeline system in principal delivery markets. In December 2023, the FERC approved the WR Project. It is expected to be placed in service in late 2025.
ANR Pipeline - Ventura XPress Project
In December 2022, the company approved the Ventura XPress Project, a set of ANR projects designed to improve base system reliability and allow for additional long-term contracted transportation services to a point of delivery on the Northern Border pipeline at Ventura, Iowa. The project is expected to be placed in service in 2025.
ANR Pipeline - Heartland Project
In February 2024, the company approved Heartland Project, an expansion project on its ANR system that is expected to increase capacity and improve system reliability. The Heartland Project involves pipeline looping, compressor facility additions as well as upgrades and is expected to increase ANR’s overall market share in the Midwest region. The anticipated in-service date is late 2027.
Gas Transmission Northwest LLC (GTN) - GTN Xpress
In December 2024, the GTN XPress project, an expansion of the GTN system that will provide for the transport of incremental contracted export capacity facilitated by the NGTL System/Foothills West Path Delivery Program, was placed in service.
Great Lakes Rate Settlement
In April 2022, FERC approved Great Lakes' unopposed rate case settlement with its customers by which Great Lakes and the settling parties agreed to maintain existing recourse rates through October 31, 2025.
Gillis Access Project
In March 2024, the Gillis Access Project, a 68 km (42 mile) greenfield pipeline system that connects gas production sourced from the Gillis hub to downstream markets in southeast Louisiana, was placed in service.
Gillis Access Project – Extension
In February 2023, the company approved a 63 km (39 mile), 1.4 Bcf/d extension of the Gillis Access Project to further connect supplies from the Haynesville basin at Gillis. Effective September 1, 2024, all remaining shipper conditions expired, and the project was expanded to 1.9 Bcf/d. The project has anticipated in-service dates starting in late 2026.
North Baja - North Baja XPress Project
In June 2023, the North Baja XPress Project, an expansion project designed to expand capacity and meet increased customer demand on the company’s North Baja pipeline, was placed in service.
Portland Natural Gas Transmission System (PNGTS)
On March 4, 2024, the company announced that TC Energy and its partner Northern New England Investment Company, Inc., a subsidiary of Energir L.P. (Energir), entered into a purchase and sale agreement to sell PNGTS to BlackRock, through a fund managed by its Diversified Infrastructure business, and investment funds managed by Morgan Stanley Infrastructure Partners (the Purchaser). The company is providing customary transition services and will continue to work jointly with the Purchaser to facilitate the safe and orderly transition of this natural gas system.
Bison XPress Project
In third quarter 2023, the company approved the Bison XPress Project, an expansion project on its Northern Border and Bison systems that will replace and upgrade certain facilities and provide much needed production egress from the Bakken basin to a delivery point at the Cheyenne Hub. In October 2024, FERC provided a certificate order approving the project that has an anticipated in-service date in 2026.
Developments in the Mexico Natural Gas Pipelines Segment
Mexico Natural Gas Pipelines
TGNH Strategic Alliance with the CFE
In August 2022, the company announced a strategic alliance with Mexico’s state-owned electric utility, the CFE, for the development of new natural gas infrastructure in central and southeast Mexico. In connection with the strategic alliance, the company reached an FID to develop and construct the Southeast Gateway pipeline, a 1.3 Bcf/d, 715 km (444 mile) offshore natural gas pipeline to serve the southeast region of Mexico. The company continues to be aligned with the CFE on finalizing the remaining project completion activities for achieving an in-service date of May 1, 2025.
Tula
In third quarter 2022, the company placed the east section of the Tula pipeline into commercial service, and it reached an agreement with the CFE to jointly develop and complete the remaining segments of the Tula pipeline, with the central segment subject to an FID. Due to the delay of an FID, recording AFUDC on the assets under construction for the Tula pipeline project was suspended in late 2023.
Villa de Reyes
The company placed the north and lateral sections of the Villa de Reyes pipeline into commercial service in third quarter 2022 and third quarter 2023, respectively. The company continues to work with its partner, the CFE, to complete the south section of the Villa de Reyes pipeline. The in-service date will be determined upon resolution of outstanding stakeholder issues.
Power and Energy Solutions
Developments in the Power and Energy Solutions segment
Canadian Power
Canadian Cogeneration Plants
In 2024, the company executed contract extensions of 5-years at Mackay River, a natural gas cogeneration plant located in Alberta, and 10-years at Grandview, a natural gas cogeneration plant located in New Brunswick.
Saddlebrook Solar
In October 2023, the company completed construction of the 81 MW Saddlebrook Solar project near Aldersyde, Alberta and began commissioning activities, including supplying generation to the Alberta market. Full commercial operation was achieved on January 5, 2024. The project was partially supported with funding from Emissions Reduction Alberta and Lockheed Martin.
Renewable Energy Contracts and/or Investment Opportunities
In November 2023, a majority of the 297 MW Sharp Hills Wind Farm achieved commercial operation resulting in the commencement of the company’s 15-year Power Purchase Agreement for 100 per cent of the power produced and the rights to all environmental attributes from the facility. In second quarter 2023, the company finalized contracts to sell 50 MW under its 24-by-7 carbon-free power offering in Alberta, which provides customers power and carbon credits for the decarbonization of the customers’ Scope 2 emissions. Contract terms range from 15 to 20 years and commenced in January 2025.
Bruce Power
The Unit 6 MCR, which began in January 2020, was declared commercially operational in September 2023, ahead of schedule and on budget despite challenges from the COVID-19 pandemic.
In first quarter 2023, Unit 3 was removed from service and began its MCR construction, with an expected return to service in 2026.
The Unit 4 MCR final cost and schedule estimate was submitted to the IESO in December 2023 and received IESO approval on February 8, 2024. The Unit 4 MCR commenced on January 31, 2025, with an expected completion in 2028.
The Unit 5 MCR final cost and schedule estimate was submitted to the IESO on January 31, 2025. Future MCR investments will be subject to discrete decisions for each unit with specified off-ramps available for Bruce Power and the IESO.
In 2021, Bruce Power launched Project 2030 with the goal of achieving a site peak output of 7,000 MW by 2033 in support of climate change targets and future clean energy needs. Project 2030 will focus on continued asset optimization, innovation and leveraging new technology, which could include integration with storage and other forms of energy, to increase the site peak output at Bruce Power. Project 2030 is arranged in three stages with Stage 1, 2 and 3a fully approved for execution. Stage 1 started in 2019 and is expected to add 150 MW of output and Stage 2, which began in early 2022, is targeting another 200 MW. Bruce Power is also progressing with Stage 3a which is designed to provide an additional incremental capacity of approximately 90 MW.
Bruce Power's contract price increased in April 2022, in accordance with contract terms, reflecting capital to be invested under the Unit 3 MCR program and the 2022 to 2024 Asset Management program plus normal annual inflation adjustments. The contract price was then increased again in April 2024 as a result of the IESO approving the Unit 4 MCR program and will increase again in April 2025 to reflect the 2025 to 2027 Asset Management program plus normal annual inflation adjustments and the 9-year reset for salaries and pensions.
Ontario Pumped Storage Project (OPSP)
The company continues to progress the development of the OPSP, a pumped hydro storage facility located near Meaford, Ontario. The 1,000-megawatt project will provide enough electricity to power 1 million homes for up to 11 hours, while enhancing the reliability and efficiency of Ontario's electricity system. This project is designed to store emission-free energy when available and provide that energy to Ontario during periods of peak demand, thereby maximizing the value of nuclear and other existing emissions-free generation in the province. The company and its prospective partners, Saugeen Ojibway Nation, will advance pre-development work on the OPSP following the Ontario Government's recent announcement on January 24, 2025. With the Ontario Government’s investment, the OPSP can now advance critical development work, including the completion of a detailed cost estimate, the commencement of federal and provincial environmental assessments, advanced design and engineering and continued community engagement. The OPSP remains subject to approval by the company’s Board of Directors, the Saugeen Ojibway Nation and the Government of Ontario.
U.S. Power
In March 2023, the company acquired 100 per cent of the Class B Membership interests in the 155 MW Fluvanna Wind Farm located in Scurry County, Texas. In June 2023, the company acquired 100 per cent of the Class B Membership Interests in the 148 MW Blue Cloud Wind Farm located in Bailey County, Texas. In addition to these two wind farms, as of December 31, 2024, the company has approximately 350 MW of wind generation PPAs and associated environmental attributes in the U.S.
Other Energy Solutions
In October 2022, the company acquired a 30 per cent ownership interest in the Lynchburg Renewable Fuels project, a renewable natural gas (RNG) production facility in Lynchburg, Tennessee being developed by 3 Rivers Energy Partners, LLC (3 Rivers Energy). Along with the company’s ownership interest, it will market all RNG, and environmental attributes generated from the facility once operational, which it expects in 2025.
Strategic Alliance, Acquisitions and Dispositions
U.S. Natural Gas Pipelines
Portland Natural Gas Transmission System (PNGTS)
In August 2024, the company and its partner, Northern New England Investment Company, Inc., a subsidiary of Energir L.P. (Energir), completed the sale of PNGTS to a third party.
Columbia Gas and Columbia Gulf
In October 2023, TC Energy completed the sale of a 40 per cent non-controlling equity interest in Columbia Gas and Columbia Gulf to Global Infrastructure Partners (GIP).
Mexico Natural Gas Pipelines
Transportadora de Gas Natural de la Huasteca
In second quarter 2024, in accordance with the terms of the company's strategic alliance, the CFE became a partner in TGNH with a 13.01 per cent equity interest in TGNH.
Power and Energy Solutions
Texas Wind Farms
In 2023, TC Energy acquired 100 per cent of the Class B Membership Interests in Fluvanna Wind Farm (Fluvanna) and Blue Cloud Wind Farm (Blue Cloud).
History
The company was founded in 1951. The company was incorporated in 2003. The company was formerly known as TransCanada Corporation and changed its name to TC Energy Corporation in 2019.
