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28	28	TC Energy is a leader in responsible energy infrastructure. With one of North America’s largest energy infrastructure portfolios, no one powers day-to-day life like TC Energy. The company share technical, stakeholder and operating expertise across all of its operations.{{footnote}}https://www.tcenergy.com/operations/{{/footnote}}
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30	30
	31	+== Energy Solutions ==
31	31
32		-Energy Solutions
33		-
34	34	Whether it's renewable energy, carbon offsets or other carbon-free energy and energy services, the company will utilize the size and scale of its energy network and trading platform to deliver complete solutions to meet its customers’ needs. The company aim to leverage the size and scale of its energy network and trading platform to be the most trusted and reliable source of carbon-free energy for the North American industrial, natural gas and oil sectors.
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37	37	The company own or have interests in seven power-generation facilities with a combined capacity of about 4,200 megawatts – enough to power more than four million homes. About 75 percent of its power capacity is emission-less. TC Energy is one of North America’s largest purchasers of electricity for its assets.
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	39	+[[image:TRP2.png]]
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41	41
42		-Natural Gas
	42	+== Natural Gas ==
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45	45	The company build and operate safe and reliable energy infrastructure. This includes its 93,300 km (57,900 miles) network of natural gas pipelines, which supplies more than 25 per cent of the clean-burning natural gas consumed daily across North America to heat homes, fuel industries and generate power.
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47	47
48		-Oil & Liquids
	48	+== Oil & Liquids ==
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50	50	The company's existing oil & liquids pipeline infrastructure, approximately 4,900 km (3,000 miles), connects Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, Texas and the U.S. Gulf Coast.
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56	56	The company remain committed to advancing its portfolio of commercially secured projects to connect growing Canadian and U.S. crude oil supply to key markets, maximizing the value from its existing assets, leveraging existing infrastructure and seeking new opportunities across the liquids pipelines value chain.
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	59	+[[image:TRP3.jpg]]
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60	60
61		-Power and Storage
	62	+== Power and Storage ==
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63	63	TC Energy’s portfolio of high-quality, long-life energy infrastructure assets now includes investments in seven power generation facilities with a combined generating capacity of approximately 4,200 megawatts (MW) – enough to power more than 4 million homes. Approximately 75 per cent of its power capacity is emission-less and TC Energy is leaders in the development and operation of high-efficiency, natural gas-fired generating stations.
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65	65
66		-Operations maps
	67	+== Operations Maps ==
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68		-<map>
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	70	+[[image:TRP4.png]]
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71		-Financial Highlights
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	73	+= Financial Highlights =
73	73
74		-Third quarter 2021 financial results
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	76	+**Third quarter 2021 financial results**
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77		-Nov. 05, 2021;  TC Energy Corporation today announced net income attributable to common shares for third quarter 2021 of $779 million or $0.80 per share compared to net income of $904 million or $0.96 per share for the same period in 2020. Comparable earnings for third quarter 2021 were $1.0 billion or $0.99 per common share compared to $893 million or $0.95 per common share in 2020. TC Energy's Board of Directors also declared a quarterly dividend of $0.87 per common share for the quarter ending December 31, 2021, equivalent to $3.48 per common share on an annualized basis.
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79		-[[https:~~/~~/www.tcenergy.com/announcements/2021-11-05-tc-energy-reports-strong-results-while-progressing-numerous-growth-initiatives/>>url:https://www.tcenergy.com/announcements/2021-11-05-tc-energy-reports-strong-results-while-progressing-numerous-growth-initiatives/]]
	79	+**Nov. 05, 2021**;  TC Energy Corporation today announced net income attributable to common shares for third quarter 2021 of $779 million or $0.80 per share compared to net income of $904 million or $0.96 per share for the same period in 2020. Comparable earnings for third quarter 2021 were $1.0 billion or $0.99 per common share compared to $893 million or $0.95 per common share in 2020. TC Energy's Board of Directors also declared a quarterly dividend of $0.87 per common share for the quarter ending December 31, 2021, equivalent to $3.48 per common share on an annualized basis.{{footnote}}https://www.tcenergy.com/announcements/2021-11-05-tc-energy-reports-strong-results-while-progressing-numerous-growth-initiatives/{{/footnote}}
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82	82	"During the first nine months of 2021, its diversified portfolio of essential energy infrastructure assets continued to perform very well and reliably meet North America's growing demand for energy," said François Poirier, TC Energy’s President and Chief Executive Officer. "Comparable earnings of $3.21 per common share were five per cent higher compared to the same period last year while comparable funds generated from operations totaled $5.3 billion. Both amounts reflect the strong performance of its assets and the utility-like nature of its business together with contributions from projects that entered service in 2020 and 2021."
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103	103	In all its operations and projects, the company remain focused on managing and reducing its GHG emissions and building constructive, enduring relationships with its communities and stakeholders. The company believe its creativity, technical strength and unparalleled market connectivity provide it the ability to prosper regardless of the pace and direction of energy transition.
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105	105
106		-Highlights
	106	+**Highlights**
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108		-
109	109	(All financial figures are in Canadian dollars)
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111		-.
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113		-Third quarter 2021 financial results
	111	+* Third quarter 2021 financial results
	112	+* Net income attributable to common shares of $779 million or $0.80 per common share
	113	+* Comparable earnings of $1.0 billion or $0.99 per common share
	114	+* Comparable EBITDA of $2.2 billion
	115	+* Net cash provided by operations of $1.7 billion
	116	+* Comparable funds generated from operations of $1.6 billion
	117	+* Declared a quarterly dividend of $0.87 per common share for the quarter ending December 31, 2021
	118	+* Continued to advance its $22 billion secured capital program by investing $1.7 billion in various growth projects
	119	+* Began construction on the 2022 NGTL System Expansion Program
	120	+* Continued to actively develop projects on its U.S. Natural Gas Pipeline network that will replace and upgrade certain facilities while reducing emissions including the US$0.8 billion WR project on ANR
	121	+* Uncontested GTN rate settlement filed with FERC which would set new recourse rates for GTN effective January 1, 2022
	122	+* Filed Columbia Gas rate settlement with FERC in October which includes continuation of its modernization program with approval expected in early 2022
	123	+* Executed a 15-year Power Purchase Agreement (PPA) in September for 100 per cent of the power produced and the rights to all environmental attributes from the 297 MW Sharp Hills Wind Farm
	124	+* Advanced the Bruce Power Unit 6 MCR program on budget and on schedule
	125	+* Project 2030 launched by Bruce Power with the goal of achieving a site peak output of 7,000 MW by 2030 in support of climate change targets and future clean energy needs
	126	+* Continued to develop a 1,000 MW pumped hydro storage project in Meaford, Ontario which is designed to provide emission-free electricity to the province while reducing greenhouse gas emissions
	127	+* Signed a memorandum of understanding in August with Irving Oil to explore the joint development of a series of proposed energy projects focused on reducing greenhouse gas emissions and creating new economic opportunities in New Brunswick and Atlantic Canada
	128	+* Partnered with Nikola Corporation in October to collaborate on developing, constructing, operating and owning large-scale hydrogen production facilities in the United States and Canada
	129	+* Issued US$1.25 billion of 3-year and US$1.0 billion of 10-year fixed rate Senior Unsecured Notes in October
	130	+* Released its 2021 Report on Sustainability in October which includes targets for its sustainability commitments, including reducing the emissions intensity from its operations 30 per cent by 2030 and positioning to achieve net zero emissions from its operations by 2050.
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115		-Net income attributable to common shares of $779 million or $0.80 per common share
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117		-Comparable earnings of $1.0 billion or $0.99 per common share
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119		-Comparable EBITDA of $2.2 billion
	134	+= Recent developments =
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121		-Net cash provided by operations of $1.7 billion
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123		-Comparable funds generated from operations of $1.6 billion
	137	+== Canadian Natural Gas Pipelines ==
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125		-Declared a quarterly dividend of $0.87 per common share for the quarter ending December 31, 2021
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127		-Continued to advance its $22 billion secured capital program by investing $1.7 billion in various growth projects
128		-
129		-Began construction on the 2022 NGTL System Expansion Program
130		-
131		-Continued to actively develop projects on its U.S. Natural Gas Pipeline network that will replace and upgrade certain facilities while reducing emissions including the US$0.8 billion WR project on ANR
132		-
133		-Uncontested GTN rate settlement filed with FERC which would set new recourse rates for GTN effective January 1, 2022
134		-
135		-Filed Columbia Gas rate settlement with FERC in October which includes continuation of its modernization program with approval expected in early 2022
136		-
137		-Executed a 15-year Power Purchase Agreement (PPA) in September for 100 per cent of the power produced and the rights to all environmental attributes from the 297 MW Sharp Hills Wind Farm
138		-
139		-Advanced the Bruce Power Unit 6 MCR program on budget and on schedule
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141		-Project 2030 launched by Bruce Power with the goal of achieving a site peak output of 7,000 MW by 2030 in support of climate change targets and future clean energy needs
142		-
143		-Continued to develop a 1,000 MW pumped hydro storage project in Meaford, Ontario which is designed to provide emission-free electricity to the province while reducing greenhouse gas emissions
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145		-Signed a memorandum of understanding in August with Irving Oil to explore the joint development of a series of proposed energy projects focused on reducing greenhouse gas emissions and creating new economic opportunities in New Brunswick and Atlantic Canada
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147		-Partnered with Nikola Corporation in October to collaborate on developing, constructing, operating and owning large-scale hydrogen production facilities in the United States and Canada
148		-
149		-Issued US$1.25 billion of 3-year and US$1.0 billion of 10-year fixed rate Senior Unsecured Notes in October
150		-
151		-Released its 2021 Report on Sustainability in October which includes targets for its sustainability commitments, including reducing the emissions intensity from its operations 30 per cent by 2030 and positioning to achieve net zero emissions from its operations by 2050.
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153		-
154		-
155		-Recent developments
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158		-Canadian Natural Gas Pipelines
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160		-
161	161	Coastal GasLink: As a result of scope changes, previous permit delays compared to the original construction schedule and the impacts from COVID-19, including a British Columbia provincial health order, the company continue to expect project costs to increase significantly along with a delay to project completion compared to the original project cost and schedule. Coastal GasLink has sought and will continue to mitigate cost increases and schedule delays. Coastal GasLink expects incremental costs will be included in the final pipeline tolls, subject to certain conditions.
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169	169	Construction activities began in September 2021 for the 2022 NGTL System Expansion Program which received federal approval in second quarter 2021. With an estimated capital cost of $1.1 billion, the program will provide incremental capacity to meet firm-receipt and intra-basin delivery requirements and consist of approximately 166 km (103 miles) of new pipeline, one new compressor unit and associated facilities. Anticipated in-service dates commence in fourth quarter 2022.
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172		-U.S. Natural Gas Pipelines
	151	+[[image:TRP5.jpg]]
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	154	+== U.S. Natural Gas Pipelines ==
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175	175	Delivery Market Projects: TC Energy is actively developing projects that will replace and upgrade certain facilities while reducing emissions along portions of its pipeline systems in principal delivery markets. The enhanced facilities will improve reliability of the systems and allow for additional transportation services to address growing demand under long-term contracts while reducing direct carbon dioxide equivalent (CO2e) emissions. Consistent with this initiative, the VR project on Columbia Gas has been sanctioned, subject to customary conditions precedent and normal-course regulatory approvals. This project represents an approximate US$0.7 billion capital investment and is targeted to be placed in service during the second half of 2025. In addition, the WR project on ANR has also been sanctioned and will serve markets in the midwestern U.S. This project has an estimated capital cost of approximately US$0.8 billion and is expected to be placed in service in fourth quarter 2025.
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181	181	Columbia Gas Section 4 Rate Case: Columbia Gas filed a Section 4 Rate Case with FERC in July 2020 requesting an increase to its maximum transportation rates effective February 1, 2021, subject to refund upon completion of the rate proceeding. On July 28, 2021, Columbia Gas notified FERC that it reached a settlement-in-principle with its customers addressing all remaining issues in the case, including but not limited to the resolution of rates and continuation of Columbia Gas's modernization program. On October 29, 2021, Columbia Gas filed its settlement with FERC, and is now awaiting Commission approval, with 2021 revenues expected to be generally consistent with estimates recorded to date. The company expect FERC approval of the settlement in early 2022.
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184		-Mexico Natural Gas Pipelines
	166	+== Mexico Natural Gas Pipelines ==
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187	187	Tula and Villa de Reyes: The CFE initiated arbitration in June 2019 for the Tula and Villa de Reyes projects, disputing fixed capacity payments due to force majeure events. Arbitration proceedings are currently suspended through December 31, 2021 while management advances settlement discussions with the CFE.
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190		-Liquids Pipelines
	172	+== Liquids Pipelines ==
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193	193	Northern Courier: On September 16, 2021, the company announced the sale of its remaining 15 per cent equity interest in Northern Courier Pipeline to Astisiy Limited Partnership, comprised of Suncor and eight Indigenous communities in the Regional Municipality of Wood Buffalo, for gross proceeds of approximately $30 million before post-closing adjustments. The transaction is anticipated to close in fourth quarter 2021, subject to customary closing conditions and the receipt of the required regulatory approvals.
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196		-Power and Storage
	178	+== Power and Storage ==
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199	199	Bruce Power Life Extension: The Unit 6 MCR program continues on budget and on schedule. The program is nearing the end of the Inspection Phase and is about to enter the Installation Phase. Preparation of the Unit 3 MCR program, which is the next scheduled MCR outage, continues and Bruce Power expects to submit its final cost and schedule duration estimate to the IESO in fourth quarter 2021.
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214	214	Renewable Energy Requests For Information (RFI): Through an RFI process in second quarter 2021, the company announced that the company were seeking to identify potential contracts and/or investment opportunities in up to 620 MW of wind energy projects, 300 MW of solar projects and 100 MW of energy storage projects to meet the electricity needs of a portion of its U.S. pipeline assets. The project team is currently evaluating proposals, has commenced negotiations and expects to finalize contracts by the end of the year.
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217		-Other Energy Transition Developments
	199	+== Other Energy Transition Developments ==
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220	220	Irving Oil Decarbonization: On August 12, 2021, the company signed a memorandum of understanding to explore the joint development of a series of proposed energy projects focused on reducing greenhouse gas emissions and creating new economic opportunities in New Brunswick and Atlantic Canada. Together with Irving Oil, TC Energy has identified a series of potential projects for exploration focused on decarbonizing current assets and deploying emerging technologies to reduce overall emissions. The partnership’s initial focus will consider a suite of upgrade projects at Irving Oil’s refinery in Saint John, New Brunswick, with the goal of significantly reducing emissions through the production and use of low-carbon power generation.
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226	226	A key objective of the collaboration is to establish hubs producing 150 tonnes or more of hydrogen per day near highly traveled truck corridors to serve Nikola’s planned need for hydrogen to fuel its Class 8 fuel cell electric vehicles (FCEVs) within the next five years. The company's significant pipeline, storage and power assets can potentially be leveraged to lower the cost and increase the speed of delivery of these hubs. This may include exploring the integration of midstream assets to enable hydrogen distribution and storage via pipeline and/or to deliver carbon dioxide to permanent sequestration sites to decarbonize the hydrogen production process.
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229		-Corporate
	211	+== Corporate ==
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232	232	Common share dividend: The company's Board of Directors declared a quarterly dividend of $0.87 per common share for the quarter ending December 31, 2021. The quarterly amount is equivalent to $3.48 per common share on an annualized basis.
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238	238	Issuance of long-term debt: On October 12, 2021, TCPL issued US$1.25 billion of Senior Unsecured Notes due in October 2024 bearing interest at a fixed rate of 1.00 per cent and US$1.0 billion of Senior Unsecured Notes due in October 2031 bearing interest at a fixed rate of 2.50 per cent.
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241		-References
	223	+= References =
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243	243	{{putFootnotes/}}