TC Energy Corporation
TC Energy Corporation operates as an energy infrastructure company in Canada, the United States, and Mexico. It operates through four segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; and Power and Energy Solutions. The company builds and operates a network of 94,171 kilometers of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses. It also has regulated natural gas storage facilities with a total working gas capacity of 532 billion cubic feet. In addition, the company owns or has interests in power generation facilities with approximately 4,650 megawatts; and owns and operates approximately 118 billion cubic feet of non-regulated natural gas storage facilities in Alberta, Ontario, Québec, and New Brunswick. The company was formerly known as TransCanada Corporation and changed its name to TC Energy Corporation in May 2019. TC Energy Corporation was founded in 1951 and is headquartered in Calgary, Canada.
What does it do?
TC Energy owns and operates over 94,000 kilometres of natural gas pipelines across Canada, the United States, and Mexico — think of it as the highway system for moving natural gas from where it's produced to where it's needed. When you heat your home or a power plant burns gas to generate electricity, there's a good chance that gas travelled through TC Energy's pipes. The company also owns nuclear and natural gas power plants in Ontario. It doesn't produce gas itself — it simply charges fees to transport it, like a toll road operator.
Natural gas demand is surging right now, partly because AI data centres require enormous amounts of electricity and gas-fired power plants are the fastest way to meet that need. TC Energy sits on one of the most strategically important pipeline networks in North America, meaning it's quietly positioned at the centre of the energy transition debate. With energy security a top political priority in both Canada and the US, the infrastructure TC Energy owns is increasingly hard to replace or replicate.
How does it make money?
TC Energy makes money by charging fees — called tolls — to customers who ship natural gas through its pipelines. These contracts are typically long-term (often 20-plus years) and regulated by government bodies, meaning revenue is highly predictable regardless of whether gas prices rise or fall. The company brought in $15.2 billion in revenue in its latest financial year, up from $13.8 billion the year before — a 10% increase. Its four business segments each contribute: Canadian pipelines are the backbone, US pipelines are the biggest growth area, Mexico adds international exposure, and the power division generates and sells electricity.
Why do investors care?
Investors are drawn to TC Energy because it behaves more like a utility than a typical energy company — steady, predictable cash flows and a long track record of paying dividends (regular cash payments to shareholders). The company has committed to growing its dividend annually, which is attractive to income-focused investors. The big growth story is the surge in North American natural gas demand, driven by LNG export projects, industrial reshoring, and electricity-hungry data centres. What has to go right: projects need to come in on budget, regulators need to approve expansions, and natural gas must remain the fuel of choice during the energy transition.
Deep Dive
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