TC Energy, a leading North American energy infrastructure provider, plays a central role in energy transport and management, with assets spanning natural gas pipelines and renewable energy solutions. In 2024, the company intensified its strategic transformation by divesting select assets and advancing significant projects, while reinforcing its commitment to decarbonization and energy efficiency.
Financial Performance and Growth in H1 2024
In the first half of 2024, TC Energy maintained solid growth, reporting a comparable EBITDA of CAD 5.8 billion, marking a 10% increase from 2023. Segmental revenues rose significantly to CAD 4.3 billion, up from CAD 3.2 billion the previous year. This performance was underpinned by the strength of its Canadian and U.S. natural gas pipelines, which saw record delivery volumes to power plants, illustrating the sustained demand for natural gas across North America.
Transformation Strategy and Asset Divestments
Responding to market conditions and optimizing its portfolio, TC Energy launched an asset divestiture program, raising CAD 2.6 billion out of a targeted CAD 3 billion. Key sales included the Prince Rupert Gas Transmission to an entity led by the Nisga’a Nation and Western LNG, underscoring its commitment to Indigenous partnerships. Additionally, TC Energy finalized a historic agreement enabling Indigenous communities to acquire a CAD 1 billion minority stake in its NGTL and Foothills systems.
Infrastructure Development and Decarbonization Commitment
TC Energy continues to advance its Southeast Gateway project, an offshore pipeline that is now 98% complete and set to begin commercial operations in 2025. The Bruce Power facility’s modernization program remains on schedule, targeting an average 90% availability for the year, providing low-carbon power to millions of Canadian households.
Additionally, TC Energy is maintaining a net capital expenditure limit of CAD 6-7 billion annually, focusing on projects that maximize risk-adjusted returns. The company's portfolio of natural gas and clean energy assets aligns with strategic investment opportunities, prioritizing emissions reductions and expanding sustainable energy solutions.
Conclusion
In 2024, TC Energy solidifies its role as a leading energy management company in North America. Through transformation, decarbonization, and innovation, the company adapts to the challenges and opportunities of the global energy transition, maintaining a strategic position in a rapidly evolving sector.
You will find in the attachment to this article the presentation file of the company.
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