TC ENERGY Business Summary

TC Energy Corporation operates as a premier North American energy infrastructure company, generating revenue primarily through regulated, long-term, take-or-pay contracts and cost-of-service arrangements that ensure stable, utility-like cash flows. Following the strategic spin-off of its liquids pipelines business into South Bow Corporation in late 2024, the company’s operations are concentrated into two core segments: Natural Gas Pipelines, which manages a 93,000-kilometre network across Canada, the U.S., and Mexico, and Power and Energy Solutions, which includes a significant stake in the Bruce Power nuclear facility. TC Energy currently transports approximately 25% of the natural gas consumed across North America, serving as a critical link between supply basins and LNG export terminals. Its primary competitors include Enbridge Inc., Kinder Morgan, and The Williams Companies; TC Energy differentiates itself by maintaining a higher concentration in natural gas and nuclear power relative to the more diversified liquids-heavy portfolios of its peers. The leadership team is headed by President and CEO François Poirier, who has spearheaded the company’s transition toward a low-carbon energy future and the execution of its multi-billion dollar asset divestiture program. Key executives include Sean O’Donnell, Executive Vice-President and Chief Financial Officer, and Stanley G. Chapman III, Executive Vice-President and Chief Operating Officer of Natural Gas Pipelines. The company’s governance is overseen by Board Chair Siim A. Vanaselja, a seasoned executive with a background in telecommunications and finance. Originally incorporated in 1951 to develop the TransCanada Pipeline, the firm is now a major public entity listed on the TSX and NYSE. Its shareholder base is dominated by institutional heavyweights such as the Royal Bank of Canada, Vanguard Group, and BlackRock, underscoring its position as a foundational asset for global infrastructure investors.