TC Energy is a North American natural gas pipeline and power company. After spinning off its liquids pipelines business in late 2024, TC Energy's core business is transporting natural gas through a large network of regulated pipelines across Canada, the U.S., and Mexico, with a secondary business in power generation. TC Energy's pipelines connect production basins to utilities, power plants, LNG export terminals, and industrial customers. Key systems include the NGTL System (which moves roughly 80% of Western Canadian Sedimentary Basin production), the Canadian Mainline (serving ~70% of Ontario's gas demand), Columbia Gas and Columbia Gulf in the U.S., ANR in the Midwest, Coastal GasLink in British Columbia, and the Southeast Gateway offshore pipeline in Mexico. TC Energy makes money by charging tolls under two frameworks: rate-regulated cost-of-service (where regulators set tolls to cover costs plus a permitted return) and long-term take-or-pay contracts that eliminate volume risk. TC Energy's power business centers on its ~48.5% stake in Bruce Power, Canada's largest nuclear facility, which sells electricity under a long-term contract with Ontario's grid operator. TC Energy targets brownfield pipeline expansions in the U.S., driven by coal-to-gas switching, data center electricity demand, and growing LNG exports. Management estimates roughly 97% of EBITDA is underpinned by regulated or contracted frameworks, and the company targets $6B–$7B of annual net capex while maintaining roughly 4.75x net debt to EBITDA leverage.