TC Energy is a Canadian energy infrastructure company focused on natural gas pipelines and power generation. Following the October 2024 spinoff of its liquids pipelines business into South Bow, TC Energy operates as a pure-play natural gas infrastructure and power company. TC Energy's core business is owning and operating large-scale, long-distance natural gas transmission pipelines across Canada, the U.S., and Mexico, moving gas from production basins to utilities, industrial customers, power generators, and LNG export facilities. TC Energy sells pipeline capacity through long-term transportation service agreements with fixed fees, meaning revenue is largely predictable and not directly tied to commodity prices. Key assets include the NGTL System in Alberta and B.C., the Columbia Gas and Columbia Gulf systems in the U.S. Northeast and Mid-Atlantic, ANR Pipeline in the Midwest and Gulf Coast, and the Southeast Gateway offshore pipeline in Mexico serving CFE, the state-owned Mexican utility. TC Energy also holds a 48.4% interest in Bruce Power, a ~6,580 MW nuclear generating facility in Ontario under a long-term contract with the Ontario grid operator. TC Energy grows primarily by expanding existing pipeline systems through contracted capacity addition projects — adding compression or new pipe segments underpinned by long-term contracts before construction begins. Current growth projects target two key demand sources: gas-fired power generation and data center load across the U.S., and LNG export from both the Gulf Coast and Pacific Coast.