TC Energy Corporation (TRP): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and truly understand how TC Energy Corporation makes its money, especially with their massive 2025 plans. As someone who's spent two decades mapping out infrastructure giants, I can tell you their model is built on rock-solid predictability, with 97% of revenue coming from rate-regulated assets or long-term contracts. We're talking about a company planning $5.5 billion to $6.0 billion in net capital expenditures this year to secure that future cash flow, targeting a comparable EBITDA between $10.8 billion and $11.0 billion. Dive into the nine blocks below to see exactly how their key partnerships, massive asset base, and long-term customer deals translate into that financial reality.

TC Energy Corporation (TRP) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that secure TC Energy Corporation's cash flows and growth pipeline, which is defintely the heart of its business model.

Global Infrastructure Partners (GIP) for joint ownership of Columbia Gas/Gulf systems

This partnership involves TC Energy Corporation monetizing a 40 percent interest in its Columbia Gas Transmission, LLC and Columbia Gulf Transmission, LLC systems into a joint venture with Global Infrastructure Partners (GIP). The transaction, announced in July 2023, was expected to yield total proceeds of $5.2 billion (US$3.9 billion) in cash for TC Energy Corporation at closing. GIP is committed to jointly funding capital expenditures, expected to average more than $1.3 billion (US$1 billion) annually over the three years following the announcement for annual maintenance, modernization, and sanctioned growth capital. The implied enterprise value for the 40 percent equity interest was approximately 10.5 times TC Energy Corporation's base 2023 outlook EBITDA.

Indigenous communities holding equity stakes in major projects like Coastal GasLink

TC Energy Corporation has structured significant equity partnerships with Indigenous communities, securing long-term alignment and social license. The most recent major deal involved a minority equity interest in the NGTL System and Foothills Pipeline assets.

• Equity purchase price for the NGTL/Foothills stake: $1 billion.
• Minority equity interest sold: 5.34 percent.
• Number of Indigenous Communities enabled as equity owners: Up to 72.
• Implied enterprise value for the NGTL/Foothills assets: Approximately $1.65 billion (inclusive of debt).
• Coastal GasLink (CGL) equity option for Indigenous communities: 10 percent interest.

Bruce Power joint venture for nuclear power generation in Ontario

TC Energy Corporation maintains a substantial interest in the Bruce Power Limited Partnership, which operates the Bruce Nuclear Generating Station, a facility with a capacity of 6,400 megawatts that typically supplies nearly 30 percent of Ontario's electricity. TC Energy Corporation's proportionate ownership interest, as represented in its Q3 2024 financial reporting, was 48.3 per cent. The partnership is also advancing growth projects, including the Unit 5 Major Component Replacement (MCR), which has an estimated cost of $1.1 billion for the MCR, expected to begin in Q4 2026. Bruce Power achieved 98 per cent availability in the second quarter of 2025.

The partnership structure includes:

• TC Energy Corporation (formerly TransCanada Corp.)
• BPC Generation Infrastructure Trust
• The Power Workers' Union (4 percent as of 2015)
• The Society of United Professionals (1.2 percent as of 2015)

Natural gas producers and LNG developers (e.g., Venture Global) for supply and takeaway

These relationships ensure capacity utilization across TC Energy Corporation's extensive pipeline network, especially for export markets. TC Energy Corporation transports about 30 percent of the LNG feed gas going abroad through its U.S. pipeline system. The Southeast Gateway pipeline, partnered with CFE, was ready for service in Q1 2025 with a capacity of 1.3 Bcf/d.

Government agencies for regulated rate base and project approvals

The stability of TC Energy Corporation's earnings is heavily reliant on regulatory frameworks. For fiscal year 2025, nearly 97 percent of the company's comparable EBITDA outlook is underpinned by rate regulation and/or long-term take-or-pay contracts. The 2025 comparable EBITDA outlook is set between C$10.7 billion and C$10.9 billion (or $7.63 billion to $7.78 billion USD). The Alberta Indigenous Opportunities Corporation (AIOC) provided a $1 billion equity loan guarantee to support the Indigenous partnership in the NGTL/Foothills transaction.

• Percentage of 2025 Comparable EBITDA under Rate Regulation/Take-or-Pay: 97 percent.
• AIOC Guarantee for Indigenous Equity Deal: $1 billion.
• Expected 2025 Comparable EBITDA (Low End): C$10.7 billion.

TC Energy Corporation (TRP) - Canvas Business Model: Key Activities

You're looking at the core engine room of TC Energy Corporation (TRP) as of late 2025, focusing on the sheer scale of what the company has to operate and execute to deliver on its strategy. These activities are the daily grind that underpins the entire value proposition.

The scale of the physical assets under management is immense. TC Energy Corporation's day-to-day involves the constant monitoring, upkeep, and safe flow management across its vast network. This is where the company proves its reliability to North American energy consumers.

The execution of the capital program is a major activity, ensuring future capacity meets growing demand, especially from data centers and power generation needs. The company is focused on disciplined deployment of capital.

Here's a quick look at the financial commitment for growth this year:

• Executing a net capital expenditure program budgeted between $5.5 billion and $6.0 billion in 2025.
• Targeting the placement of approximately $8.5 billion of new capital projects into service during 2025.
• Sanctioned approximately $4 billion of growth projects in the six months leading up to Q1 2025, with compelling build multiples in the five to seven times range.

Managing the regulatory environment is a constant, critical activity, especially for assets like the Columbia Gas system in the U.S. Securing favorable rate outcomes directly impacts long-term cash flow visibility. You can see the tangible result of this management effort:

The settlement in principle with customers on the Columbia Gas system resulted in a 26% increase in pre-filed firm transportation rates.

The operation and refurbishment of the Bruce Power nuclear facility is another distinct, high-stakes activity. This involves maintaining a significant power generation asset that supports Ontario's electricity needs. The Unit 5 Major Component Replacement (MCR) program is a multi-year effort, with the final cost and schedule estimate approved by the Ontario IESO on April 2, 2025. This MCR work is backed by a long-term contract running to 2064 with the Ontario IESO.

Finance: draft 13-week cash view by Friday.

TC Energy Corporation (TRP) - Canvas Business Model: Key Resources

You're looking at the core assets that let TC Energy Corporation generate its steady, utility-like returns. These aren't just pipes and wires; they are long-term contractual footholds across the continent's energy backbone.

The extensive North American natural gas pipeline network is arguably the most critical physical resource. This system connects major supply basins to end-use markets across Canada, the U.S., and Mexico. As of late 2025, the network includes approximately 92,600 kilometers (or 57,100 miles) of gas pipeline, which is key because it transports more than 25% of North American natural gas demand. You can see the operational scale in the third quarter of 2025 flow data, which shows the U.S. segment averaging 26.3 Bcf/d, while the Canadian NGTL System receipts averaged 14.0 Bcf/d.

This infrastructure is high-quality because a significant portion of its revenue is secured. Roughly 97 per cent of TC Energy Corporation's comparable EBITDA outlook is underpinned by rate-regulation and/or long-term take-or-pay contracts. This regulatory underpinning provides stability, which is reflected on the balance sheet; total assets stood at $87.278B as of September 30, 2025, with net assets reported at $26.98 Billion USD in September 2025.

The Bruce Power nuclear generation facility is a major, long-life asset supporting the Energy division. TC Energy Corporation's involvement is crucial for Ontario's power supply, with Project 2030 aiming for over 7 GW capacity by 2035. The Major Component Replacement (MCR) program is a massive undertaking to secure this long-term cash flow. For instance, the Unit 5 MCR was sanctioned at a cost of $1.1 billion, expected to start in the fourth quarter of 2026 and return to service in early 2030. Meanwhile, Unit 4 was removed from service on January 31, 2025, for its MCR, with a return expected in 2028. The facility demonstrated solid operational performance, achieving 94 per cent availability in the third quarter of 2025, excluding MCR outage days.

Financially, TC Energy Corporation maintains strong financial capacity to fund its growth, which is focused on low-risk, contracted projects. The 2025 net capital expenditure guidance was set between $5.5 billion to $6.0 billion. This spending is expected to support a 2025 comparable EBITDA outlook between $10.7 billion to $10.9 billion. The company manages its leverage with a long-term target of 4.75 times debt-to-EBITDA.

The specialized engineering and operational expertise is evident in project execution. The company is tracking its 2025 portfolio of approximately $8.5 billion in assets to be placed into service as tracking approximately 15% below budget. The Southeast Gateway pipeline, for example, was completed 13% under budget. This execution capability translates to attractive returns; projects sanctioned in 2024 achieved an average unlevered after-tax IRR of approximately 11%.

Here's a quick look at the scale of the pipeline and power assets:

You can also see the expertise in the flow data across the segments for Q3 2025:

• Canadian Natural Gas Pipelines deliveries averaged 23.0 Bcf/d.
• U.S. Natural Gas Pipelines daily average flows were 26.3 Bcf/d.
• Mexico Natural Gas Pipelines flows averaged 3.3 Bcf/d.
• Bruce Power achieved 94 per cent availability.
• Sanctioned 2024 projects achieved an average unlevered after-tax IRR of approximately 11%.

The ability to execute large projects under budget, like the Southeast Gateway pipeline coming in 13% under budget, shows this expertise in action. Finance: draft 13-week cash view by Friday.

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:

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.

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.

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:

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:

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:

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:

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