TC Energy Corporation (formerly TransCanada Corporation) is a major North American energy company, based in the TC Energy Tower building in Calgary, Alberta, Canada, that develops and operates energy infrastructure in Canada, the United States, and Mexico. The company operates three core businesses: Natural Gas Pipelines, Liquids Pipelines and Energy.
The Natural Gas Pipeline network includes of gas pipeline, which transports more than 25% of North American natural gas demand. The Liquids Pipelines division includes of oil pipeline, which ships 590,000 barrels of crude oil per day, which is about 20% of Western Canadian exports. The Energy division owns or has interests in 11 power generation facilities with combined capacity of 6,600 megawatts (MW). These power sources include nuclear and natural gas fired. The company is expanding its energy division to include more renewable sources including pumped storage, wind, and solar generation.
The company was founded in 1951 in Calgary. The company's US headquarters is located in the TC Energy Center skyscraper in Houston, Texas.
TC Energy is the largest shareholder in, and owns the general partner of, TC PipeLines.
History
The company was incorporated in 1951 by a Special Act of Parliament as Trans-Canada Pipe Lines Limited. The purpose of the company was to develop the TransCanada pipeline (now known as the Canadian Mainline) to supply eastern Canadian markets with natural gas produced in the west.
In 1998, TransCanada Pipelines merged with NOVA Corporation's pipeline business, keeping the TransCanada name and becoming "the fourth largest energy services company in North America".
Seeking to expand its presence in the United States, in 2016, TransCanada acquired Columbia Pipeline Group (CPG) for US$13 billion from NiSource's Shareholders. The CPG acquisition added a pipeline network in Pennsylvania and surrounding states, where the Marcellus and Utica shale gas formations are located.
In May 2019, the company changed its name from TransCanada Corporation to TC Energy Corporation to better reflect the company's business, which includes pipelines, power generation and energy storage operations in Canada, the United States and Mexico.
In October 2019, the 56-story Bank of America Center skyscraper in Houston, Texas was renamed as TC Energy Center and serves as the company's US headquarters.
Operations
Natural gas pipelines
TC Energy's natural gas pipelines business builds, owns and operates a network of natural gas pipelines across North America that connects gas production to interconnects and end use markets. The company transports over 25% of continental daily natural gas demand through 91,900 km (57,100 mi) of pipelines. In addition, the company owns 535 Bcf of natural gas storage facilities, making TC Energy one of the largest natural gas storage providers in North America. This segment is TC Energy's largest segment, generating approximately two-thirds of the company's EBITDA in 2017. The Natural Gas Pipelines business is split into three operating segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, and Mexico Natural Gas Pipelines.
The major pipeline systems include: