TC Energy Corp (TRP) 2024 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the TC Energy fourth quarter 2024 results conference call. (Operator Instructions) And the conference is being recorded. (Operator Instructions)

感謝您的支持。這是會議主持人。歡迎參加 TC Energy 2024 年第四季業績電話會議。（操作員指示）會議正在錄音。（操作員指令）

I would now like to turn the conference over to Gavin Wylie, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Gavin Wylie。請繼續。

Thank you very much, and good morning. I'd like to welcome you to TC Energy's 2024 fourth quarter conference call. Joining me are Francois Poirier, President and Chief Executive Officer; Sean O'Donnell, Executive Vice President and Chief Financial Officer; along with other members of our senior leadership team.

非常感謝，早安。歡迎您參加 TC Energy 2024 年第四季電話會議。與我一起的還有總裁兼執行長 Francois Poirier；肖恩·奧唐納 (Sean O’Donnell)，執行副總裁兼首席財務官；以及我們高級領導團隊的其他成員。

Francois and Sean will begin today with some comments on our financial results and a copy of the slide presentation that will accompany their remarks is available on our website under the Investors Section. Following their remarks, we'll take questions from the investment community. We ask that you limit yourself to two questions. And if you're a member of the media, please contact our media team.

弗朗索瓦和肖恩今天將對我們的財務業績發表一些評論，隨其評論的幻燈片演示文稿的副本可在我們網站的“投資者”部分中找到。在他們發言之後，我們將回答投資界的問題。我們要求您只問兩個問題。如果您是媒體成員，請聯絡我們的媒體團隊。

I'll remind you today that remarks will include forward-looking statements that are subject to important risks and uncertainties. For more information, please see the reports filed by TC Energy with the Canadian securities regulator and with the US Securities and Exchange Commission. Finally, during the presentation, we will refer to non-GAAP measures that provide additional information on TC Energy's operational and financial performance.

今天我要提醒您，評論將包括前瞻性陳述，這些陳述受重大風險和不確定性的影響。欲了解更多信息，請參閱 TC Energy 向加拿大證券監管機構和美國證券交易委員會提交的報告。最後，在演示過程中，我們將參考非 GAAP 指標，提供有關 TC Energy 營運和財務表現的更多資訊。

However, these measures may not be comparable to similar measures presented by other entities. A reconciliation of various GAAP and non-GAAP measures is contained in the appendix of this presentation.

然而，這些措施可能無法與其他實體提出的類似措施進行比較。本簡報的附錄中包含了各種 GAAP 和非 GAAP 指標的對帳表。

With that, I'll turn it over to Francois.

說完這些，我將把發言權交給弗朗索瓦。

Thanks, Gavin, and good morning, everyone. 2024 has been a year of significant achievement on milestones for TC Energy, and we're continuing to deliver on our strategic priorities. First, we're proud to report the best safety performance for our company in the past five years.

謝謝，加文，大家早安。 2024 年是 TC Energy 里程碑式重大成就的一年，我們將繼續履行我們的策略重點。首先，我們很自豪地報告我們公司在過去五年中取得了最好的安全業績。

As I've mentioned previously, we firmly believe that outstanding safety practices lead to superior operational performance, which, of course, drives strong financial results. Though in 2024, we increased comparable EBITDA from continuing operations by 6% compared to 2023. We successfully completed the spinoff of our liquids business and the declaration of commercial and service for Coastal GasLink.

正如我之前提到的，我們堅信出色的安全實踐可帶來卓越的營運績效，當然，這會帶來強勁的財務表現。不過，2024 年，我們持續經營業務的可比 EBITDA 與 2023 年相比成長了 6%。我們成功完成了液體業務的剝離以及 Coastal GasLink 的商業和服務聲明。

We successfully placed $7 billion of assets into service while reducing our net capital expenditures by 10% and have identified an additional $1.3 billion of capital reductions to be realized in 2026 and 2027. With strong EBITDA performance, lower capital expenditures and completed asset sales, we have significantly strengthened our balance sheet, which Sean will address further.

我們成功將 70 億美元的資產投入使用，同時將淨資本支出減少了 10%，並確定將在 2026 年和 2027 年實現額外的 13 億美元資本削減。憑藉強勁的 EBITDA 表現、較低的資本支出和完成的資產出售，我們大幅增強了資產負債表，Sean 將進一步解決這個問題。

Finally, we're making substantial progress on our major projects. Including Bruce Power's Unit 3 MCR and of course, Southeast Gateway that remain on cost and schedule. Our public-private partnership with CFE on Southeast Gateway has been a huge success, delivering the project 13% below our original budget by leveraging the strength of both the CFE and TC Energy.

最後，我們的重大項目正在取得實質進展。包括布魯斯電力公司的 3 號機組 MCR，當然還有東南門戶，這些項目的成本和進度都符合要求。我們與 CFE 在東南門戶專案上建立的公私合作關係取得了巨大成功，透過利用 CFE 和 TC Energy 的優勢，該專案的成本比原始預算低 13%。

On January 20, we completed the final golden wells and reached mechanical completion, a monumental achievement for both Mexico and TC. In mid-January, we met with the Secretary of Energy and the CFE and all parties continue to be aligned in finalizing the remaining project completion activities in order to achieve commercial in service of Southeast Gateway on May 1.

1 月 20 日，我們完成了最後一口金井並達到了機械完井，這對墨西哥和 TC 來說都是一項巨大的成就。1 月中旬，我們會見了能源部長和 CFE，各方繼續協調完成剩餘的項目完成活動，以便在 5 月 1 日實現東南門戶的商業運營。

At a macro level, President (technical difficulty) recently unveiled her planned Mexico 2030. This plan targets moving Mexico's economy from 12th largest overall to 10 spot in six years and aims to attract over USD270 billion in investments, in part through public-private partnerships such as ours. We believe there is strong alignment between the priorities of the government and CFE and the roll natural gas deliveries TC Energy enables. Our partnership with the CFE will remain a critical part of achieving the goals outlined in planned Mexico.

宏觀層面，總統（技術難題）最近公佈了她計劃的墨西哥2030計劃。該計劃的目標是在六年內將墨西哥經濟從全球第十二位提升至第十位，並旨在吸引超過 2700 億美元的投資，部分是透過我們這樣的公私合作夥伴關係。我們相信，政府和 CFE 的優先事項與 TC Energy 實現的天然氣輸送之間高度一致。我們與非洲常規武裝力量的合作仍將是實現墨西哥計畫中概述的目標的關鍵部分。

I want to thank our dedicated teams for their tireless efforts on the project and reiterate that this marks a material inflection point for TC Energy. Underpinned by white scale electrification. Natural gas and electricity are projected to drive 75% of the growth in final energy consumption between now and 2035. This growth includes a three-fold increase in LNG exports strong growth in power generation driven by coal retirements and data center demand, LDC reliability needs and the material increase in Ontario's demand for additional nuclear generation capacity that all aligns with our North American footprint.

我要感謝我們敬業的團隊為該專案所做的不懈努力，並重申這標誌著 TC Energy 的重大轉折點。以白色電氣化為基礎。預計從現在到 2035 年，天然氣和電力將推動最終能源消耗成長的 75%。這一增長包括液化天然氣出口量增長三倍、受煤炭退役和數據中心需求、LDC可靠性需求推動的發電量強勁增長以及安大略省對額外核能發電能力的需求大幅增加，這些都與我們的北美足跡相一致。

Reflecting this opportunity, we recently announced five new growth projects with build multiples in the 5 times to 7 times range. The Pulaski and Maysville projects represent a combined investment of over USD700 million on our Columbia Gulf system and will facilitate coal-to-gas conversions at two existing power plants. The USD300 million Southeast Virginia energy storage project is an LNG peaking facility that will serve an LDC's growing winter peak day load. At Bruce Power, we are progressing the Stage 3A of Project 2030, which will provide incremental capacity of 90 megawatts. When complete, Project 30 will add approximately 700 megawatts of incremental capacity.

為了抓住這一機遇，我們最近宣布了五個新的成長項目，其建設倍數在 5 倍到 7 倍之間。普拉斯基和梅斯維爾計畫對我們的哥倫比亞灣系統的總投資超過 7 億美元，並將促進兩個現有發電廠的煤炭轉氣。耗資 3 億美元的東南維吉尼亞州能源儲存項目是一個液化天然氣調峰設施，將滿足最不發達國家 (LDC) 日益增長的冬季高峰負載。在布魯斯電力，我們正在推進 2030 年專案第 3A 階段，該專案將提供 90 兆瓦的增量容量。項目 30 完工後將增加約 700 兆瓦的增量容量。

So we expect total Bruce output to reach over 7,000 megawatts post MCR and Project 2030. Additionally, on January 31, we submitted to the Ontario ISO, the final basis of estimate for Bruce Power's latest nuclear project, the Unit 5 major component replacement. The refurbishment is expected to extend Unit 5's operational life by over 35 years.

因此，我們預計，MCR 和 2030 年專案實施後，布魯斯總發電量將達到 7,000 兆瓦以上。此外，1 月 31 日，我們向安大略省 ISO 提交了 Bruce Power 最新核電專案 5 號機組主要零件更換的最終估算依據。預計此次翻新將延長 5 號機組的使用壽命 35 年以上。

Let's take a closer look at Bruce Power and our Power and Energy Solutions business in Ontario. The Ontario ISO projects an approximately 69,000 megawatts shortfall in total installed capacity by year 2050, driven by industrial expansion data center developments and population growth. Nuclear power and storage will be essential components to meeting Ontario's demand. We are actively involved in several key projects including not only Bruce Power's MCR program, but potential future expansion at Bruce C and the Ontario pumped storage project.

讓我們仔細看看布魯斯電力和我們在安大略省的電力和能源解決方案業務。安大略省 ISO 預計，受工業擴張、資料中心發展和人口成長的影響，到 2050 年，總裝置容量將短缺約 69,000 兆瓦。核電和儲存將是滿足安大略省需求的重要組成部分。我們積極參與多個關鍵項目，不僅包括 Bruce Power 的 MCR 項目，還包括 Bruce C 的未來潛在擴建和安大略省抽水蓄能項目。

In January, we announced that TC Energy and the Saugeen Ojibway Nation will begin predevelopment work on the Ontario pump storage project supported by the Ontario government's investment of up to $285 million to develop a detailed cost estimate and environmental assessments to further assess its feasibility.

今年 1 月，我們宣布 TC Energy 和 Saugeen Ojibway Nation 將開始安大略省抽水蓄能項目的前期開發工作，該項目由安大略省政府投資高達 2.85 億美元支持，以製定詳細的成本估算和環境評估，進一步評估其可行性。

On the next slide, this chart illustrates our growth visibility through the end of the decade, and we will continue to add to this backlog. Our capacity to sanction incremental projects through the end of the decade is represented by the white space between our net CapEx limit of $6 billion to $7 billion and the colored bars.

在下一張投影片中，該圖表說明了我們到本世紀末的成長前景，並且我們將繼續增加這項積壓訂單。我們的淨資本支出限額（60 億至 70 億美元）與彩色條之間的空白處表示了我們到 2020 年批准增量項目的能力。

Collectively, this totals approximately $8 billion between 2026 and 2030. Given the backlog of development projects we are pursuing, we anticipate filling the majority of this remaining project capacity by the end of 2026, with lower-risk projects that can deliver attractive build multiples of 5 times to 7 times.

總體而言，2026 年至 2030 年期間這一數字約為 80 億美元。考慮到我們正在進行的開發項目積壓，我們預計到 2026 年底，大部分剩餘項目容量將得到填補，其中低風險項目可以實現 5 倍到 7 倍的誘人建設倍數。

Looking at 2026 specifically, we will aim to fill that spare capacity through a combination of small projects that have short cycle to cash flow and we are evaluating bringing forward capital expenditures from 2027 and 2028 to create additional capacity for new growth projects in those years. We'll continue to assess projects in our pending approval bucket represented by the gray bars to ensure we have the flexibility for capital to compete for higher returning projects.

具體展望 2026 年，我們將透過現金流週期短的小型專案組合來填補閒置產能，並且我們正在評估將 2027 年和 2028 年的資本支出提前，以便在這些年為新的成長專案創造額外產能。我們將繼續評估灰色條代表的待批准項目，以確保我們有足夠的資本來競爭回報更高的項目。

Our goal is to create significant value by maximizing the spread between our earned returns and our cost of capital. Now a word on tariffs. We continue to assess the ongoing trade negotiations between the US, Canada and Mexico. There is significant energy flow between three countries, making our energy markets highly interdependent.

我們的目標是透過最大化我們的收益和資本成本之間的差距來創造巨大的價值。現在來談談關稅。我們繼續評估美國、加拿大和墨西哥之間正在進行的貿易談判。三國之間能源流動十分頻繁，能源市場相互依賴度較高。

We believe the 30 day pause on potential tariffs will support increased engagement with North America's leaders in order to reach an agreement that will benefit consumers across the continent. Given that 97% of our comparable EBITDA is under regulated cost of service frameworks or take-or-pay contracts, we do not anticipate any material impact on our financial performance.

我們相信，暫停徵收30天的潛在關稅將有助於加強與北​​美領導人的接觸，以達成一項讓整個大陸消費者受益的協議。鑑於我們 97% 的可比 EBITDA 是在受監管的服務成本框架或照付不議合約下實現的，我們預計這不會對我們的財務業績產生任何重大影響。

Our regulated Canadian Natural Gas Pipelines business, which transports gas to be exported to the US by our shippers is protected against higher costs or loss of volumes. And our Mexico Natural Gas Pipelines business primarily receives gas from the Southern US for delivery in Mexico and our contracts are in US dollars and based on long-term take-or-pay agreements. In our Power and Energy Solutions business, Bruce Power is the most significant contributor, and over 90% of its supply chain is based in Canada.

我們受監管的加拿大天然氣管道業務（負責運輸天然氣並透過我們的托運人出口到美國）受到保護，以免成本上升或產量損失。我們的墨西哥天然氣管道業務主要從美國南部接收天然氣並運送至墨西哥，我們的合約以美元簽訂，並基於長期的照付不議協議。在我們的電力和能源解決方案業務中，布魯斯電力是最重要的貢獻者，其 90% 以上的供應鏈位於加拿大。

Now we recognize that prolonged tariffs could impact capital allocation decisions. However, our diverse portfolio across three jurisdictions enables us to continue allocating capital to markets with sustained energy demand. We'll continue to work with our customers across all three jurisdictions to ensure safe, reliable and competitive service.

現在我們認識到長期關稅可能會影響資本配置決策。然而，我們遍布三個司法管轄區的多元化投資組合使我們能夠繼續向能源需求持續的市場配置資本。我們將繼續與三個轄區的客戶合作，確保提供安全、可靠和有競爭力的服務。

And now I'll turn the call over to Sean.

現在我將電話轉給肖恩。

Thanks, Francois, and good morning, everybody. It's important to start this morning by recognizing our team's outstanding safety and operational performance play a critical role in TC's continued strong financial results. On the left table, we highlight several operational and financial highlights from the quarter.

謝謝，弗朗索瓦，大家早安。今天早上，我們首先要認識到，我們團隊的出色安全和營運表現對 TC 持續強勁的財務表現發揮關鍵作用。在左側的表格中，我們重點介紹了本季度的幾個營運和財務亮點。

Most notably, our natural gas assets in each country set new delivery records from last November through February of this year. Bruce Power achieved exceptional performance with 99% availability which drove a 28% increase in quarterly EBITDA growth for our Power & Energy Solutions business unit. You may recall that Unit 6 concluded its MCR in 2023 and achieved availability of over 99% throughout calendar year '24.

最值得注意的是，從去年11月到今年2月，我們在各國的天然氣資產均創下了新的交付紀錄。布魯斯電力 (Bruce Power) 的可用性達到了 99%，取得了卓越的業績，推動我們的電力和能源解決方案業務部門的季度 EBITDA 成長了 28%。您可能還記得，6 號機組於 2023 年完成了 MCR，並在整個 24 日曆年實現了超過 99% 的可用性。

That's an availability trend that we hope to see as every unit concludes its MCR program over the rest of the decade. Overall, is a remarkable accomplishment for TC to have each of our business units deliver exceptional safety performance while simultaneously setting new operational and annual EBITDA records from continuing operations.

這是我們希望看到的可用性趨勢，因為每個單位都將在未來十年內完成其 MCR 計劃。總體而言，對於 TC 來說，每個業務部門都提供了卓越的安全績效，同時透過持續營運創下了新的營運和年度 EBITDA 記錄，這是一項了不起的成就。

Moving to the EBITDA bridge on the right, I'll spend a moment on some of the more notable items. Canada Gas was the largest variance due to the $200 million incentive payment to Coastal GasLink at mechanical completion in the fourth quarter of 2023. And that was not repeated in '24.

轉到右側的 EBITDA 橋，我將花一點時間討論一些更值得注意的項目。加拿大天然氣公司的差異最大，原因是該公司在 2023 年第四季機械完工時向 Coastal GasLink 支付了 2 億美元的獎金。而這種情況在 1924 年沒有重演。

In Mexico, we posted gains primarily related to the weakening of the peso where our revenues are paid in US dollars. And finally, our Power and Energy Solutions team realized very strong results, primarily from Bruce Power's 14% improvement in availability year-over-year. Turning to page 13. We summarized the components of our comparable earnings of $1.1 billion, which were 8% lower than the fourth quarter of 2023.

在墨西哥，我們的收益主要與比索貶值有關，因為我們的收入以美元支付。最後，我們的電力和能源解決方案團隊取得了非常強勁的業績，這主要歸功於 Bruce Power 的可用性年增了 14%。翻到第 13 頁。我們總結了 11 億美元可比收益的組成部分，比 2023 年第四季低 8%。

Interest expense was higher in the quarter, primarily due to lower capitalized interest as assets were placed into service, increased levels of short-term borrowing, onetime charges related to the spin and the timing of our liability management program. Higher AFUDC was driven by our Southeast Gateway project that's expected to be placed into service this May, which was partially offset by higher NCI deductions. On the FX front, the EBITDA gains in Mexico are partially offset by losses in our corporate risk management program, where we hedge our Mexican net income from peso volatility.

本季利息支出較高，主要原因是資產投入使用導致資本化利息降低、短期借款水準增加、與分拆相關的一次性費用以及我們的負債管理計畫的時間安排。更高的 AFUDC 是由我們的東南門戶項目推動的，該項目預計於今年 5 月投入使用，但更高的 NCI 扣除額部分抵消了這一增長。在外匯方面，墨西哥的 EBITDA 收益部分被我們企業風險管理計劃的損失所抵消，該計劃我們對墨西哥淨收入進行了對沖，以抵禦比索的波動。

So to conclude the 2024 financial summary, TC delivered solid performance in the fourth quarter that was modestly ahead of our overall plan. and contributed to another record year of comparable EBITDA from continuing operations, which grew 6% for the year. This chart reflects how our record EBITDA from continuing operations of over $10 billion in 2024 compares to the EBITDA outlook we provided at Investor Day in November.

因此，總結 2024 年的財務摘要，TC 在第四季度表現穩健，略高於我們的整體計劃。並推動持續經營業務可比 EBITDA 再創紀錄，全年成長 6%。這張圖表反映了我們 2024 年持續經營業務創紀錄的超過 100 億美元的 EBITDA 與我們在 11 月投資者日提供的 EBITDA 前景相比的情況。

Our base case is to deliver 2025 comparable EBITDA of $10.7 billion to $10.9 billion, which represents a 7% to 9% increase year-over-year. Looking out to 2027, we project a target of $11.7 billion to $11.9 billion, which implies a 5% to 7% 3-year growth rate. It's important to note that our base case outlook uses an average US the Canadian dollar exchange rate of 1 spot 3.5, which is lower than rates we're seeing today. To help investors understand the potential upside to EBITDA from exchange rates.

我們的基本預測是，2025 年可比 EBITDA 達到 107 億至 109 億美元，年增 7% 至 9%。展望 2027 年，我們預計目標為 117 億美元至 119 億美元，這意味著 3 年增長率為 5% 至 7%。值得注意的是，我們的基本預測採用了美元兌加元的平均匯率1兌3.5，這低於我們今天看到的匯率。幫助投資者了解匯率對 EBITDA 的潛在上升空間。

The rule of thumb we provide on the bottom right is that every penny increase in USD CAD roughly translates into $45 million of incremental EBITDA. As an example, if we picked an exchange rate of $1.43, that's $0.08 above plan and would result in 2025 EBITDA being approximately $350 million higher than our base case outlook.

我們在右下角提供的經驗法則是，美元加幣每增加一分錢大約相當於 4500 萬美元的增量 EBITDA。例如，如果我們選擇的匯率為 1.43 美元，那就比計劃高出 0.08 美元，這將導致 2025 年 EBITDA 比我們的基本預測高出約 3.5 億美元。

It's important to reiterate that we systematically hedge our US dollar net income to insulate our comparable earnings from FX volatility. Given our hedge strategy, we do not expect a material impact related to FX on our 2025 comparable earnings. Longer term and on an unhedged basis, a $0.01 change in USD CAD rates corresponds to roughly a $0.01 change in comparable EPS.

必須重申的是，我們系統性地對沖我們的美元淨收入，以使我們的可比較收益免受外匯波動的影響。鑑於我們的避險策略，我們預期外匯相關因素不會對我們 2025 年的可比較收益產生重大影響。長期來看，在未對沖的基礎上，美元兌加元匯率每變動 0.01 美元，相當於可比每股收益約變動 0.01 美元。

Moving to the right side of the page, we summarize several other factors that could impact our EBITDA outlook. For our base case planning purposes, we tend to build in conservative views on rate case settlements and other revenue enhancement and cost optimization initiatives that have the potential to drive additional upside. We're also targeting better than historical availability on our operational portfolio, particularly at Bruce, where Unit 3 is scheduled to return to service next year. And finally, a key strategic priority remains placing our growth capital projects into service ahead of budget and schedule where possible.

轉到頁面的右側，我們總結了可能影響我們的 EBITDA 前景的其他幾個因素。就我們的基本規劃目的而言，我們傾向於對費率案例結算和其他可能帶來額外上行潛力的收入增加和成本優化措施抱持保守的看法。我們也希望我們的營運組合能夠比歷史可用性更好，特別是在布魯斯，3 號機組計劃於明年恢復服務。最後，一項關鍵的策略重點仍然是盡可能提前預算和計劃將我們的成長資本項目投入使用。

Turning to page 15. We have made significant progress on our deleveraging efforts. Since 2022, we've delivered a 0.6 times reduction in debt-to-EBITDA through asset divestitures, cost optimizations revenue enhancements and reductions in actual capital expenditures.

翻到第 15 頁。我們的去槓桿工作取得了重大進展。自 2022 年以來，我們透過資產剝離、成本優化、增加收入和減少實際資本支出，實現了債務與 EBITDA 比率降低了 0.6 倍。

We have company-wide efforts ongoing in each of these areas to drive our organic deleveraging program. One observation related to the year-end 2024 leverage metric. Fourth quarter was an anomaly with how quickly FX rates moved. We ended the year on December 31, with a spot rate of USD1.44 CAD, which was used for our balance sheet calculations versus an average rate in 2024 of 1.37, which we used for income statement purposes.

我們在各個領域都在全公司範圍內努力推動我們的有機去槓桿計劃。一項觀察與 2024 年底的槓桿指標有關。第四季是個異常現象，外匯匯率變動速度極快。我們於 12 月 31 日結束了這一財年，當時的即期匯率為 1.44 加元，我們使用該匯率進行資產負債表計算，而 2024 年的平均匯率為 1.37，我們使用該匯率進行損益表計算。

That $0.07 FX timing differential resulted in the year-end 4.8 times debt-to-EBITDA ratio, largely in line with our 4.75 times target. However, using the same average FX rate of 1.37 for our debt and EBITDA conversions would have resulted in a debt-to-EBITDA ratio of approximately 4.65 times. Regardless of the FX calculations, we made significant progress towards balance sheet strengthening. And I want to reiterate Francois' comment that we all remain steadfast in our deleveraging efforts and maintaining our long-term upper limit of 4.75 times debt to EBITDA.

0.07 美元的外匯時機差異導致年末債務與 EBITDA 比率為 4.8 倍，與我們 4.75 倍的目標基本一致。然而，如果我們的債務和 EBITDA 轉換採用相同的平均外匯匯率 1.37，則債務與 EBITDA 比率將約為 4.65 倍。無論外匯計算如何，我們在加強資產負債表方面都取得了重大進展。我想重申弗朗索瓦的評論，我們都堅定不移地去槓桿，並維持債務與 EBITDA 之比的長期上限 4.75 倍。

To conclude, TC had an exceptional year in 2024, and I am pleased to share that our Board of Directors at end of $0.85 per common share, which is equivalent to $3.40 per share on an annualized basis. This results in a 3.3% increase compared to TC Energy's fourth quarter dividend, which now reflects TC's proportionate dividend following the spin-off of South Bo. This represents our 25th consecutive year of dividend growth to our shareholders, which is a commitment we're proud to meet year after year as part of our shareholder value proposition, which is underpinned by our solid growth, low risk and repeatable performance.

總而言之，TC 在 2024 年度過了非凡的一年，我很高興地告訴大家，我們董事會末的每股普通股收益為 0.85 美元，按年率計算相當於每股 3.40 美元。與 TC Energy 第四季的股息相比，這一數字增長了 3.3%，這反映了 TC 在剝離 South Bo 之後的比例股息。這是我們連續第 25 年向股東提供成長股息，這是我們自豪地年復一年履行的承諾，也是我們股東價值主張的一部分，而這項承諾以我們穩健的成長、低風險和可重複的業績為基礎。

With that, I'll pass the call back to Francois.

說完這些，我就把電話轉回給弗朗索瓦。

Thanks, Sean. As I said before, we will maintain our focus on what got us here today, maximizing the value of our assets through safety and operational excellence, Executing on our selective portfolio of growth projects, including bringing $8.5 billion of assets into service in 2025. And thirdly, ensuring financial strength and flexibility. By focusing on these clear priorities, we'll be able to deliver that solid growth, low risk and repeatable performance year after year.

謝謝，肖恩。正如我之前所說，我們將繼續專注於讓我們走到今天這一步的事業，透過安全和卓越的營運來最大化我們的資產價值，執行我們精選的成長項目組合，包括在 2025 年將 85 億美元的資產投入使用。第三，確保財務實力和靈活性。透過關注這些明確的優先事項，我們將能夠年復一年實現穩健的成長、低風險和可重複的業績。

I wanted to take a moment to acknowledge Stan Chapman's retirement after an exceptional career at TC Energy. While we'll continue to benefit from Stan's experience as a member of Bruce Power's Board, I want to express my gratitude for his leadership, dedication and contribution over the years. Thank you, Stan. I'm also pleased to announce two recent appointments to our executive leadership team with Tina Farakka and Greg Grant. These changes are part of our deliberate and planful long-term succession plan, reflecting the strength and talent of our internal leadership. We've appointed Tina to Executive Vice President and Chief Operating Officer of our Natural Gas Pipelines business.

我想花點時間來感謝史丹·查普曼在 TC Energy 的傑出成就。我們將繼續受益於史丹擔任布魯斯電力董事會成員的經驗，同時我也想對他多年來的領導、奉獻和貢獻表示感謝。謝謝你，斯坦。我還很高興地宣布，我們最近任命蒂娜·法拉卡 (Tina Farakka) 和格雷格·格蘭特 (Greg Grant) 加入我們的執行領導團隊。這些變動是我們深思熟慮、有計劃的長期繼任計劃的一部分，反映了我們內部領導層的實力和才能。我們已任命蒂娜為天然氣管道業務的執行副總裁兼營運長。

Tina has been a member of our executive leadership team since 2023, bringing her on the executive leadership team at that time was a very intentional move to support the eventual transition of the Chief Operating Officer role. Tina has extensive experience across project development, engineering and operations as well as expertise in commercial operations and corporate strategy.

蒂娜自 2023 年起一直是我們執行領導團隊的成員，當時讓她加入執行領導團隊是一個非常有意的舉措，旨在支持首席營運長角色的最終過渡。Tina 在專案開發、工程和營運方面擁有豐富的經驗，並且具備商業營運和企業策略方面的專業知識。

She is a 30 plus year veteran of the industry and has a strong track record of both leadership and performance. We are also very pleased to announce Greg Grant in the role of Executive Vice President, Power and Energy Solutions. Greg has successfully led our Canadian Natural Gas Pipelines portfolio for the last three years and brings extensive experience across strategy, power, corporate development and commercial operations to his new role.

她在該行業擁有 30 多年的經驗，在領導能力和業績方面均擁有出色的記錄。我們也非常高興地宣布格雷格·格蘭特（Greg Grant）擔任電力和能源解決方案執行副總裁。格雷格在過去三年中成功領導了我們的加拿大天然氣管道業務，並為他的全新職位帶來了戰略、電力、企業發展和商業運營方面的豐富經驗。

I'm confident that Tina and Greg will continue to deliver exceptional results. With that, operator, we'd be pleased to answer questions. We will now begin the question-and-answer session.

我相信蒂娜和格雷格將繼續取得卓越的成績。接線員，我們很樂意回答您的問題。我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Praneeth Satish with Wells Fargo.

富國銀行的 Praneeth Satish。

Thanks, good morning. First, let me offer my congrats to Stan. You'll definitely missed, but I'm sure you're you're glad you don't have to answer annoying questions from sell-side analysts. So let me start first with Southeast Gateway. I guess two questions here. First is the in-service date of May 1, is that a little earlier than prior indications, I think before it was -- the start-up was expected for June 1? And then second, maybe you can help us understand how your commercial contracts are structured to protect returns if there's any delay to some of the interconnecting pipelines like the Meyoken pipeline? And can you share any other details on your dialogue that you had with CFE around sinking up the various pieces of the network and if all parties are in agreement there.

謝謝，早安。首先，我要向史丹表示祝賀。你肯定會錯過，但我確信你會很高興不必回答賣方分析師的煩人問題。因此，我首先從東南門戶開始。我想這裡有兩個問題。首先，投入使用日期是 5 月 1 日，這是否比之前的跡像要早一點，我想之前預計的投入使用日期是 6 月 1 日？第二，您能否幫助我們了解，如果某些互連管道（如 Meyoken 管道）出現延誤，您的商業合約是如何建構的，以保護回報？您能否分享您與 CFE 就整合網路各部分進行的對話的其他細節，以及各方是否都同意這一點？

Yeah. Good morning, Praneeth, this is Stan, and thank you for the comments, and it's always a joy talking to you in your conference on the call. With respect to Mayne, I would just say that's very consistent with the guidance that we've given around the the earnings related to SGP. To your broader statement with respect to the status of the plants and the timing around payment from CFE, here's what I can share with you. Our understanding is that the media and the Viatel plants, which are the two which are most relevant to SGP are both now mechanically complete and will be placed in service as gas supply becomes available.

是的。早安，Praneeth，我是 Stan，感謝您的評論，在電話會議中與您交談總是很愉快。關於梅恩，我只想說，這與我們針對 SGP 收益給予的指導非常一致。關於您對工廠狀況以及 CFE 付款時間的更廣泛的聲明，我可以與您分享以下資訊。據我們了解，與 SGP 最相關的兩個工廠——媒體工廠和 Viatel 工廠——現在都已完成機械製造，並將在天然氣供應充足時投入使用。

CFE is looking at rebalancing its overall supply portfolio to get gas to the metadata plant by 2025. And when the first phase of the Mican expansion is complete in the first phase is a compression-only expansion. Gas to the other plant, Viatel is likely to commence around Q3 2027 when the Phase 2 expansion of the Mican pipeline is complete and it's the Phase 2 expansion that will include the physical connectivity with SGP.

CFE 正在考慮重新平衡其整體供應組合，以便在 2025 年前將天然氣輸送到元資料工廠。當 Mican 擴建的第一階段完成時，第一階段是僅壓縮的擴建。向另一家工廠 Viatel 輸送天然氣預計將於 2027 年第三季左右開始，屆時 Mican 管道第二階段擴建工程將完成，而第二階段擴建工程將包括與 SGP 的實體連接。

In the meantime, CFE is continuing to talk to both us and other third parties about the potential to build short laterals off of SGP that could, amongst other things, get gas into the Senagas system, for example, to deliver gas to the plants perhaps a little bit earlier. I know many of you have questions around our in-service date of May 1, and the potential for us to get paid by CFE. And here's a couple of things that I would offer up for your consideration.

同時，CFE 正在繼續與我們和其他第三方討論在 SGP 上建造短水平管道的可能性，這樣做的目的之一就是將天然氣輸送到 Senagas 系統，或許可以稍早將天然氣輸送到工廠。我知道很多人對我們 5 月 1 日的入職日期以及我們從 CFE 獲得報酬的可能性存在疑問。以下是我想提供的一些事項，供大家參考。

First, we have 30 year contracts with CFE, and we're building infrastructure that's going to last more than twice as long. We have a strong, mutually beneficial partnership with CFE, and they understand that a May 1, in service date represents the lowest overall cost for them. And in support of that, our understanding is that CFE has received budgetary approvals sufficient to fund SGP commencing on May 1.

首先，我們與 CFE 簽訂了 30 年的合同，而且我們正在建造的基礎設施的使用壽命將是該合約的兩倍多。我們與 CFE 建立了牢固的、互惠互利的合作夥伴關係，他們明白，5 月 1 日投入使用對他們來說總體成本最低。為支持這一點，我們了解到，CFE 已收到足夠的預算批准，為 5 月 1 日開始的 SGP 提供資金。

Secondly, contractually, the in-service declaration for SGP is not tied to the availability of downstream third-party capacity, and our project is consistent with President Sheinbaum plan Mexico to attract investment to build new infrastructure and to reduce emissions.

其次，從合約角度來看，SGP的在役聲明並不與下游第三方產能的可用性掛鉤，而且我們的專案與墨西哥總統Sheinbaum的計劃一致，旨在吸引投資建設新的基礎設施並減少排放。

Thirdly, given the limited amount of storage capacity across Mexico and in order to provide some level of utility upon in service, we've been discussing with CFE the potential to use the completed SGT pipeline for Park in loan or storage service until the downstream lateral in interconnects are in place.

第三，鑑於墨西哥的儲存容量有限，為了在服務中提供一定程度的效用，我們一直在與 CFE 討論使用已完成的 SGT 管道進行停放借用或儲存服務的可能性，直到下游橫向互連管線到位。

Fourth, subject to further COFECE approvals, the press for commencing CFE's additional 2% equity stake is also triggered upon in service. So there's an incentive from CFE for that perspective. But most importantly, what I want to leave you with is the comment that Francois made earlier. Francis, myself and our team went down to Mexico in January. We met with the Energy Secretary. We met with the CFE leadership, and we are all aligned on a May 1, in-service date for the project.

第四，在獲得 COFECE 的進一步批准後，CFE 額外 2% 股權的購買壓力也已啟動。因此，從這個角度來看，CFE 具有激勵作用。但最重要的是，我想留給你們的是弗朗索瓦之前所發表的評論。法蘭西斯、我和我們的團隊於一月去了墨西哥。我們會見了能源部長。我們與 CFE 領導層進行了會面，並一致同意將專案投入使用的日期定在 5 月 1 日。

Perfect. That's very comprehensive. I wanted to switch gears and maybe ask conceptually how you think about some of these potential behind inner gas projects that some of your peers are pursuing, would you mean into developing an integrated gas to power project where you provide both the pipeline infrastructure and potentially build the power generation assets, too? I know you have favorable slots in the order book for gas simple-cycle gas turbines.

完美的。說得很全面。我想換個話題，也許從概念上問一下，您如何看待一些同行正在推進的內部天然氣項目背後的潛力，您是否意味著開發一個綜合天然氣發電項目，您既提供管道基礎設施，也可能建設發電資產？我知道你們在瓦斯單循環燃氣渦輪機的訂單簿上佔有有利的位置。

So there's speed to market benefit here if you decide to do the projects. But just curious for your views on that.

因此，如果您決定開展這些項目，那麼您就可以加快上市速度。但我只是好奇您對此的看法。

Praneeth, it's Francois. I'll start on that specific strategies, but then I'll ask Tina to give you an overall picture on how bullish we are on data center demand growth based on the the dozens of conversations we're having on what I would call sort of a fully bundled or complementary solution where we're building a lateral and also building the power plant for power generation. This is expertise that we've had for over 30 years in the company. We're an owner and operator today of gas-fired power plants in Alberta as well as in New Brunswick.

Praneeth，我是 Francois。我將開始介紹具體的策略，然後我會請蒂娜根據我們就我所說的完全捆綁或互補的解決方案進行的數十次對話，向您總體介紹我們對數據中心需求增長的樂觀程度，在這種解決方案中，我們正在建設一條支線並建設發電廠。這是我們公司 30 多年來累積的專業知識。目前，我們是阿爾伯塔省和新不倫瑞克省燃氣發電廠的所有者和營運商。

We are, in fact, a large purchaser of gas turbines. But I would point out that. Those are primarily for the purpose of compression. They tend to be smaller units. We do not have any preferential position in the queue for larger turbines that would be used for power generation. But we are absolutely in conversations with a number of parties around direct connections where we would offer a combination of the two. We're not really interested in growing an IPP, independent IPP company within TC anymore, and we would only really contemplate new power generation in a sort of complementary fully bundled type of product offering.

事實上，我們是燃氣渦輪機的大買家。但我要指出這一點。這些主要是為了壓縮的目的。它們往往是較小的單位。我們在用於發電的大型渦輪機隊列中不享有任何優先位置。但我們確實正在與多方就直接聯繫進行談判，希望能夠提供兩者的結合。我們對在 TC 內部發展 IPP、獨立 IPP 公司不再感興趣，我們只會考慮以互補的全捆綁產品類型提供新發電。

But again, we are extremely bullish on data center demand, and I'll ask Tina to expand on that.

但是，我們再次非常看好資料中心的需求，我會請蒂娜對此進行詳細說明。

Thanks, Praneeth. Maybe I'll give you a holistic picture of how we're thinking about data centers. Data centers are one component of our power demand opportunities that we're banding in addition to coal to gas conversions and other electrification growth. But when it's Speaking specific to the data center sector, our vast footprint gives us access within 15 miles to 16% of the over 350 data centers that are under development.

謝謝，Praneeth。也許我可以給你一個關於我們如何看待資料中心的整體圖景。資料中心是我們的電力需求機會的一個組成部分，除了煤炭轉氣和其他電氣化成長之外，我們還在對其進行分類。但具體到資料中心領域，我們的龐大覆蓋範圍使我們能夠在 15 英里內存取超過 350 個正在開發的資料中心中的 16%。

Additionally, we connect to 8 of the top 10 utilities and over 100 power plants, which is another competitive advantage for ours in serving data center demand. We have about 10 gigawatts of requests into our business development team right now. We've increased commercial engagement with over 20 parties across the entire data set value chain, about $2 billion of potential opportunities within that sector and across our systems, Wisconsin, Ohio, Virginia, Kansas, Indiana, Louisiana, Nevada, Interestingly, the customer needs to differ and they vary among developers.

此外，我們還與全球十大公用事業公司中的八家以及超過 100 家發電廠建立了連接，這是我們滿足資料中心需求的另一個競爭優勢。目前，我們的業務開發團隊已收到約 10 千兆瓦的請求。我們已經與整個資料集價值鏈中的 20 多方增加了商業合作，該領域和我們的系統中約有 20 億美元的潛在機會，威斯康辛州、俄亥俄州、維吉尼亞州、堪薩斯州、印第安納州、路易斯安那州、內華達州，有趣的是，客戶的需求各不相同，而且不同的開發商也各有不同。

So our focused strategy is to work with our established high-quality utilities for the larger data center loads, and provide the necessary gas infrastructure to support their portfolio build-out. Additionally, we will develop the direct connect behind the meter solutions where it makes sense and fits our risk preferences. Let me give you a few key proof points and data set here.

因此，我們的重點策略是與我們現有的高品質公用事業公司合作，為更大的資料中心負載提供必要的天然氣基礎設施，以支援他們的投資組合建設。此外，我們將在合理且符合我們的風險偏好的地方開發電錶後直接連接解決方案。讓我在這裡給你幾個關鍵的證明點和資料集。

Our A&R Heartland project that we announced and sanctioned last year, about a $900 million project, 5 times to 7 times multiple. We'll now be serving data center demand alongside overall economic development demand in Wisconsin. We're going to be filing that project with FERC in the coming weeks and targeting November 2027 in service. We've been tracking to sanction another data center-driven project anchored by some of our utility customers in the first half of 2024.

我們去年宣布並批准的 A&R Heartland 計畫價值約 9 億美元，是其投資額的 5 到 7 倍。現在，我們將滿足威斯康辛州資料中心需求和整體經濟發展需求。我們將在未來幾週向聯邦能源管理委員會提交該項目，目標是在 2027 年 11 月投入使用。我們一直在追蹤批准 2024 年上半年由我們的一些公用事業客戶支撐的另一個資料中心驅動的專案。

And interestingly, we're now in discussions with with those counterparties to potentially upsize that particular project and that might add a couple of months to our time line, but be a more meaningful expansion related to serving data center demand. We've developed a behind-the-meter solution to a data center in Loudon County, Virginia that we placed in service last year, and we're in active discussions on several similar direct connect opportunities.

有趣的是，我們現在正在與這些交易對手進行討論，可能擴大該特定項目的規模，這可能會使我們的時間表延長幾個月，但這將是與滿足數據中心需求相關的更有意義的擴展。我們為弗吉尼亞州勞登縣的一個數據中心開發了電錶後解決方案，並於去年投入使用，並且我們正在積極討論幾個類似的直接連接機會。

We also recently completed an open season on Columbia Gas that resulted in a 60,000 dekatherms a day being placed with a customer to supply gas to data center load behind the meter in the new Albany area in Ohio. And additionally, we're advancing new power plant internet projects totaling about 4.7 gigawatts of generation that will be serving growing electricity demand, including data centers. And as we advance all these projects, our approach will be consistent with our strategy of low risk repeatable performance, long-term take-or-pay commitments and attractive build multiples in the 5 times to 7 times range.

我們最近也完成了哥倫比亞天然氣的開放季，每天向客戶供應 60,000 十億分之一千兆熱量的天然氣，為俄亥俄州新奧爾巴尼地區的計量表後面的資料中心負載供應天然氣。此外，我們正在推動總發電量約 4.7 千兆瓦的新發電廠互聯網項目，以滿足包括資料中心在內的不斷增長的電力需求。在推進所有這些項目的過程中，我們的方法將與我們的低風險可重複性能、長期的照付不議承諾和 5 倍到 7 倍範圍內有吸引力的建設倍數的戰略保持一致。

Perfect, thank you.

非常好，謝謝。

Theresa Chen, Barclays.

巴克萊銀行的 Theresa Chen。

Good morning. First, I would like to offer my congratulations to Stan on his retirement. We wish you well and congratulations as well to Tina and Greg new role. Maybe pivoting to the nuclear portion of your portfolio, in relation to Bruce C, while early on, what are the next steps towards FID? Do you have a time line in mind? And could it be subject to accelerated cost recovery similar to NCR?

早安.首先，我要向史丹退休表示祝賀。我們祝您一切順利，同時也祝賀蒂娜和格雷格獲得新職位。也許可以轉向您投資組合的核心部分，與 Bruce C 相關，而在早期，實現 FID 的下一步是什麼？您心中有時間表嗎？並且它是否可以像 NCR 一樣加速成本回收？

Thanks, Teresa, it's Francois. We're -- given the fundamentals in Ontario with the projected 69 gigawatt shortfall of capacity, by 2050. We're very bullish on the role nuclear will play. Nuclear is the way Ontario will be serving data center demand as well as other industrial demand as Ontario looks to resort manufacturing. For the MCR program, we bear the cost of schedule risk on those projects. We have demonstrated with the successful return to service of Unit 6 and Unit 3 being on time and on budget as well that we are very effectively managing that risk.

謝謝，特蕾莎，我是弗朗索瓦。考慮到安大略省的基本情況，預計到 2050 年，容量將短缺 69 千兆瓦。我們非常看好核能將發揮的作用。隨著安大略省轉向度假村製造業，核能將成為安大略省滿足資料中心需求以及其他工業需求的方式。對於 MCR 計劃，我們承擔這些專案的進度風險成本。6 號機組和 3 號機組按時、在預算內成功恢復運行，證明我們非常有效地管理了風險。

On Bruce C, it's still early days. We have many years of development work and assessment work to assess the potential for that project, including what technologies we would use, supply chain impacts, labor, et cetera. What I would say there is you're unlikely to see us bearing a significant amount of cost of schedule risk on new build. It simply does not fit our low-risk value proposition. And we would look to be taking on a more traditional cost of service ratemaking model in the case of Bruce.

對 Bruce C 來說，現在還為時過早。我們進行了多年的開發和評估工作來評估該專案的潛力，包括我們將使用什麼技術、供應鏈影響、勞動力等等。我想說的是，你不太可能看到我們承擔新建工程進度風險的大量成本。它根本不符合我們的低風險價值主張。對於布魯斯的情況，我們希望採用更傳統的服務成本費率來制定模型。

Maybe one way to think about this from a timing standpoint is nuclear sites have a huge competitive advantage in terms of nuclear growth. First is you've got an operating license. Second, you have a community in the surrounding area that's comfortable with having nuclear operations nearby. Third, in the case of Bruce Power, we have footprint to put Bruce and Bruce D on the site going forward.

也許從時間角度考慮這個問題的一種方法是，核電站在核能成長方面具有巨大的競爭優勢。首先，你必須要有營業執照。其次，週邊地區的社區願意接受在附近進行核子作業。第三，就 Bruce Power 而言，我們將在未來把 Bruce 和 Bruce D 留在該地點。

And fourth, we have, I believe, one of the most competent, if not the most competent management team in the nuclear space. the existing units are both operating at very high levels of efficiency now with [Impo 1] ratings. So Bruce was very strategic. They invested in training -- building trades and labor to do the refurbishment work. And a natural time line would be to evolve from the MCR projects, which will wrap up in 2031 or 32 into new build at that time. So there's a lot of planning work to do, but as you pointed out, we're very excited about the long-term potential for nuclear. It is going to be a significant growth wedge for this company over the long term.

第四，我相信，我們擁有核能領域最有能力的管理團隊之一，即使不是最有能力的管理團隊。現有機組目前均以非常高的效率運行，並達到[Impo 1]的等級。所以布魯斯非常有戰略眼光。他們投資了培訓——建築業和勞動力來進行翻新工作。自然的時間表是從 MCR 專案發展而來，MCR 專案將於 2031 年或 2032 年結束，屆時將進入新建階段。所以還有很多規劃工作要做，但正如你所指出的，我們對核能的長期潛力感到非常興奮。從長遠來看，這將成為該公司的一個重要的成長點。

Thank you. And looking to your leverage and general balance sheet outlook, what is the path forward with S&P at this point after it reaffirmed your BBB+ negative outlook rating late last month, what do you think it will take to improve that outlook?

謝謝。回顧您的槓桿率和整體資產負債表前景，在上個月末重申您的 BBB+ 負面展望評級後，標準普爾目前的未來發展方向是什麼，您認為需要採取什麼措施來改善這種前景？

Theresa, it's Sean. Look, without speaking to S&P specifically, we don't like to speak to what any one rating agency may do. I'll offer that. We're in regular contact with all the agencies. They have previewed the Investor Day materials and each of them have gone through their annual review. And as you noted, S&P recently in the last two or three weeks, completed it. And look, the dialogue with each of the agencies, there's a major focus on coming on time and on budget. And you heard from Stan today, that's probably the most frequent conversation we have with each of the agencies.

特蕾莎，我是肖恩。你看，在沒有具體與標準普爾交談的情況下，我們不想談論任何一家評級機構會做什麼。我會提供這個。我們與所有機構都保持著定期聯繫。他們已經預覽了投資者日資料並且每個人都進行了年度審查。正如您所說，標準普爾在最近兩三週內完成了這一目標。而且，與各個機構的對話都主要關注按時和在預算內完成任務。您今天從史丹那裡聽到的，這可能是我們與各個機構最頻繁的對話。

And then as it relates to the balance of the year, it's more or less just delivering on the plan and and that $6 billion to $7 billion capital range, right, that we execute on time and on budget within that $6 billion to $7 billion range. I really think that's the recipe for our organic deleveraging and continued success with each of the agencies.

然後，就今年的餘額而言，它或多或少只是按照計劃進行，並且資本範圍在 60 億到 70 億美元之間，對，我們會按時按預算在 60 億到 70 億美元的範圍內執行。我確實認為這是我們實現有機去槓桿和與各個機構持續成功的秘訣。

Thank you so much.

太感謝了。

Maurice Choy, RBC.

莫里斯·蔡（Maurice Choy），RBC。

Thank you and good morning, everyone. I wanted to turn to Canada. And the question here is about mainline. And how much mothball capacity is there on the system? And what would it take to bring it back, including cost and timing? And as far as that, there's obviously a lot of Canadian energy project being discussed right now given the sort of potential tariffs. Some of these costs are pretty massive. So to the extent that the company is involved, how committed are you to your $6 billion to $7 billion target?

謝謝大家，早安。我想轉向加拿大。這裡的問題是關於主線的。系統中的後備容量有多少？那麼將它帶回來需要什麼呢？包括成本和時間？就這一點而言，考慮到潛在的關稅，顯然目前正在討論許多加拿大能源項目。其中一些成本相當高昂。那麼，就公司參與的程度而言，您對 60 億至 70 億美元的目標有多大決心呢？

Hey Maurice, I can take the first part of that. This is Stan, and Francois can answer the second piece. With respect to spare capacity on the main line. I would just say that given the strong demand that we're seeing for natural gas, the amount of spirit capacity that we have is very different today than it was 10 years ago, back in 2015. For example, the restoration work that we did on the Western Mainline was completed in 2023 and 2024, and our contracts since then have increased from around 3 Bcf a day to 5 Bcf a day, which has resulted in all the available mainline capacity being fully contracted. .

嘿，莫里斯，我可以承擔第一部分。這是史丹，法蘭索瓦可以回答第二部分。關於主線的剩餘容量。我只想說，鑑於我們對天然氣的強勁需求，我們今天的酒精容量與 10 年前（2015 年）相比有很大不同。例如，我們在西部幹線進行的修復工作已於 2023 年和 2024 年完成，從那時起，我們的合約量已從每天約 30 億立方英尺增加到每天 50 億立方英尺，這導致所有可用的干線運力都已完全簽約。。

We do have one line that we refer to as line two that is currently not available for service. And as market demand for this capacity continues to mature, we're going to reevaluate things like the timing cost and the potential capacity that could be optimized and perhaps restored subject to any upstream and downstream constraints. So just bear with us and give us time to complete that work as the market needs materialize.

我們確實有一條線路（我們稱之為二號線路）目前無法提供服務。隨著市場對這種產能的需求不斷成熟，我們將重新評估諸如時間成本和潛在產能等因素，這些因素可能會根據上下游約束進行最佳化和恢復。所以請耐心等待，給我們時間，隨著市場需求的出現，我們就會完成這項工作。

And Maurice, with respect to what I would call the -- an energy corridor from coast to coast to coast, lots of inquiries on the liquid side. I would refer those to our friends and former colleagues at South Bell. On the natural gas side, there is absolutely demand for more LNG export and market opportunity for us to prosecute. We're very bullish about the prospects for CGL Phase 2 happening. That, of course, is only an input into the FID decision that our customer LNG Canada will make in due course. And looking at other infrastructure in Canada, it's going to have to compete for capital in our company as it has for the last few years with projects in other jurisdictions.

莫里斯，關於我所說的從海岸到海岸的能源走廊，有很多關於液體方面的詢問。我會將這些推薦給我們在南貝爾的朋友和前同事。在天然氣方面，我們絕對需要更多的液化天然氣出口，並且有市場機會供我們爭取。我們對 CGL 第二階段的前景非常樂觀。當然，這只是我們的客戶 LNG Canada 適時做出的 FID 決策的一個輸入。再看看加拿大的其他基礎設施，它將不得不與我們公司爭奪資本，就像過去幾年與其他司法管轄區的項目一樣。

Right now, we see the highest risk-adjusted returns being in the United States. The vast majority of our discretionary capital is going. We expect that it will continue to go into the United States. However, there is an interesting data center opportunity in Alberta. We've been working closely with a number of stakeholders to understand where there may be spare capacity in our system in Alberta. And we see some very exciting opportunities there.

目前，我們看到風險調整後報酬率最高的地方是美國。我們可自由支配的資本絕大部分都消失了。我們預計它將繼續進入美國。然而，阿爾伯塔省有一個有趣的資料中心機會。我們一直與一些利害關係人密切合作，以了解阿爾伯塔省系統中可能存在閒置容量的地方。我們在那裡看到了一些非常令人興奮的機會。

There are 10,000 gigawatts -- pardon me, 10 gigawatts of interconnection requests within Alberta. It's a very natural market for data center development, and we feel we'll be very well positioned for that. It would not necessarily be within our NGTL entity. It may be in separate unregulated entities where the return. The risk return profile is different than for NGTL.

阿爾伯塔省境內有 10,000 千兆瓦——對不起，是 10 千兆瓦的互連請求。這是資料中心開發非常自然的市場，我們覺得我們在這方面處於非常有利的位置。它不一定在我們的 NGTL 實體內。它可能在單獨的不受監管的實體中回報。風險報酬狀況與 NGTL 不同。

Understood. And maybe just finishing up on capital allocation as you alluded to here. You mentioned in the press release that prolonged tariffs could impact capital allocation decisions. And I wonder if you could just elaborate a little bit more on that, recognizing, as you say that the US is already your largest geography for near-term CapEx with limited investments in Canada thus far. So just curious what other adjustments you can make to capital allocation.

明白了。也許正如您在此處提到的那樣，只是完成了資本配置。您在新聞稿中提到，延長關稅可能會影響資本配置決策。我想知道您是否可以對此進行更詳細的闡述，正如您所說，美國已經是您近期資本支出最大的地區，而迄今為止在加拿大的投資有限。所以只是好奇您還可以對資本配置做出哪些其他調整。

So I'll start, and I'll ask Tina to talk a little bit about our supply chains right now and where we are with respect to capital cost impacts. Simply, Maurice, that was a reflection of the fact that we will reflect any changes in prices of key raw materials and inputs and any future capital allocation decisions. with the vast majority of the future discretionary capital going into the US for projects that would transport molecules from US production to US demand centers. there would be no tariff impacts.

因此，我首先請蒂娜談談我們目前的供應鏈以及我們在資本成本影響方面的狀況。簡單地說，莫里斯，這反映了這樣一個事實，即我們將反映主要原材料和投入價格的任何變化以及任何未來的資本配置決策。未來絕大多數可自由支配資本將流入美國，用於將分子從美國生產地運送到美國需求中心的項目。不會產生關稅影響。

We feel that there's plenty of domestic capacity for production and pipe application in the United States to meet our projects. But we would, of course, have the benefit of how things transpire and factor those into our projects. Maybe, Tino, you can expand on our current supply chain situation.

我們認為美國國內的生產和管道應用能力足以滿足我們的專案需求。但我們當然會從事情的發展中獲益，並將其納入我們的專案中。也許，蒂諾，你可以詳細說明一下我們目前的供應鏈情況。

Sure. Thanks, Franc. Well, we expect very modest impacts on materials for our Canadian and US projects, primarily fittings and flanges to Mexico projects. We take regular actions to address and mitigate any cost escalation risk across our entire portfolio. for the US for all of our sanctioned projects, pipe has already been procured for those projects and were sourced from US mills. Those pipe orders are firm pricing. So any market volatility at vendors risk. We also deploy a very diverse subsupplier base for all of our materials and primarily procure large scale materials in advance focused on a subset of proven players in exchange for mutual initial commercial benefits.

當然。謝謝，弗蘭克。嗯，我們預計對加拿大和美國項目的材料影響很小，主要是墨西哥項目的配件和法蘭。我們採取定期行動來解決和減輕整個投資組合中任何成本上漲的風險。對於我們所有獲美國批准的項目，管道均已採購自美國工廠。這些管道訂單都是固定定價。因此任何市場波動都會為供應商帶來風險。我們也為所有材料部署了一個非常多樣化的子供應商基礎，並主要提前採購大規模材料，重點關註一小部分經過驗證的參與者，以換取共同的初始商業利益。

So just to maybe come back around to that, Maurice. What I would say is, as we look out to the end of the decade, we as mentioned in my prepared remarks, we expect to be filling the balance of our incremental capital capacity by the end of next year. And we still see build multiples in the 5 times to 7 times EBITDA range for the projects we are looking to sanction between now and then.

所以也許我們回到這個問題上，莫里斯。我想說的是，展望本世紀末，正如我在準備好的發言中提到的，我們預計到明年年底我們的增量資本能力將達到平衡。我們仍然看到，從現在到那時，我們正在尋求批准的項目的建設倍數在 EBITDA 的 5 倍到 7 倍之間。

That makes sense and thanks for the question -- thanks for the responses and obviously my congrats to Stan for your upcoming retirement. Thank you.

這很有道理，感謝您的提問——感謝您的回答，當然我祝賀斯坦即將退休。謝謝。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hi, good morning. I just want to echo that, Stan. Congrats on a great career. You will certainly be missed and want to send a happy Valentine's Day to everyone as well. But maybe just the first question here, if you could quantify, I guess, maybe upside to the plan, at least as we see it seems like business operations are going well as far as nuclear operating rates and possibly what you get in some of these rate rate settlements here? It just seems like there's some up pressure on the guide, but I was wondering if you could kind of provide more thoughts there.

嗨，早安。我只是想重複這一點，史丹。恭喜您事業有成。我們一定會想念你的，也想祝大家情人節快樂。但也許這裡只是第一個問題，如果你可以量化，我想，也許是計劃的上行空間，至少正如我們所看到的，就核運營率而言，業務運營似乎進展順利，以及您可能在這些利率結算中獲得什麼？這似乎只是指南上有一些壓力，但我想知道您是否可以提供更多的想法。

Jeremy, it's Sean. Yes, look, in my section, we gave you a couple of different things that we pay attention to that can impact the outlook, arguably either way. But to your specific question, Bruce just continues to perform incredibly well at levels at least in the fourth quarter, above what we discount in the plan for conservatism, kind of low 90s is how we think about it. You've asked me in the past about FX rates.

傑里米，我是肖恩。是的，看，在我的部分，我們給了你一些我們關注的不同的事情，這些事情可能會影響前景，無論如何。但對於你提出的具體問題，布魯斯至少在第四季度繼續表現得非常好，高於我們在保守計劃中給出的折扣，我們認為是 90 年代初期的水平。您以前曾經問過我有關外匯匯率的問題。

We provided a little bit of clarity there. And for benefit of just perspective, we've got kind of a high, medium, low rolling hedge program over three years, and we're in that curve very carefully to think about what we might do differently kind of in the medium to longer term. to capture some impact there. And look, some of the proven recipe about upside that you saw in '24 continue, right, in terms of rate case strategy, EBITDA and overall cost reduction. So it's a multifaceted plan that we're a solid year into into making work. So I appreciate the question.

我們對此提供了一點澄清。為了便於理解，我們在三年內制定了高、中、低滾動對沖計劃，並且非常仔細地考慮了中長期內我們可以採取哪些不同措施。去捕捉那裡的一些影響。而且，從利率案例策略、EBITDA 和整體成本削減等方面來看，您在 24 年看到的一些行之有效的上行秘訣仍在繼續。所以這是一個多方面的計劃，我們花了一年的時間去實施。我很感謝你提出這個問題。

Got it. That's helpful. And if I kind of look through the deck a little bit here, slide 9, it just seems like there's a lot of things cooking right now. And so as you think about the potential for new projects here with leverage kind of really falling off both Southeast Gateway. How do you think about the cadence of how these projects could materialize over kind of like the 2026, 2030 time frame? Just trying to get a feel for what's possible.

知道了。這很有幫助。如果我看這裡的第 9 張投影片，似乎現在有很多事情正在醞釀。因此，當您考慮這裡的新項目的潛力時，東南門戶的槓桿率確實會下降。您認為這些專案能夠在 2026 年、2030 年這樣的時間範圍內實現嗎？只是想了解什麼是可能的。

Well, as we mentioned in the prepared remarks, Jeremy, in the near term, we're tackling the white space we have in 2026. We are working on a number of different proposals to deploy smallish amounts of capital in short-cycle projects to cash flow. We're looking at opportunities to bring forward some capital spend from 2027 and 2028 in order to create some additional capacity in those years as well. For us to sanction in aggregate approximately $8 billion of remaining capital to the end of the year, by the end of 2026, you're going to see a regular cadence throughout the next several quarters. submitting the basis of estimate on Unit 5 as we did on January 31.

好吧，傑里米，正如我們在準備好的演講中提到的那樣，在短期內，我們正在解決 2026 年的空白問題。我們正在研究多種不同的方案，將少量資金部署到短週期專案中以實現現金流。我們正在尋找機會將 2027 年和 2028 年的一些資本支出提前，以便在這些年創造一些額外的產能。到 2026 年底，我們將批准總計約 80 億美元的剩餘資本，您將在接下來的幾個季度中看到正常的節奏。就像我們在 1 月 31 日所做的那樣，提交了 5 號機組的估算依據。

The basis of estimate was within the range contemplated inside the contract. The ISO, of course, has assurance and verification rights, validity of the estimates. But given the fact that the estimate was inside the range contemplated in the contract, we have a very high degree of confidence that we'll be making an FID on yet another unit at Bruce Power in the very near future.

估算依據在合約規定的範圍內。當然，ISO 擁有保證和驗證權，以及估計的有效性。但鑑於估算是在合約規定的範圍內，我們非常有信心，我們將在不久的將來對 Bruce Power 的另一台機組做出最終投資決定。

So we're seeing opportunities not only in our gas business with coal to gas conversion with data centers, but also on the nuclear side, with the shortfall and the signals we're getting from the Ontario government with a shortfall in supply, that's part of the reason why they were agreeable to provide a $285 million of incremental capital to advance the development on Ontario pump storage. So we're really bullish about where our footprint sits and the growth prospects that come with the fundamentals in each of those markets.

因此，我們不僅在天然氣業務中看到了機遇，包括透過數據中心將煤炭轉化為天然氣，而且在核能方面也看到了機遇，由於存在短缺，而且安大略省政府也發出了供應短缺的信號，這也是他們同意提供 2.85 億美元增量資本以推進安大略省抽水蓄能項目開發的部分原因。因此，我們對我們的業務範圍以及每個市場基本面帶來的成長前景非常樂觀。

And so again, our goal is a large number of small projects, low risk inside our corridors. And so you're going to see a regular cadence throughout the next seven or eight quarters, and that's how we're going to be filling the remaining amount of our backlog. And I would argue that our focus, which is on extending the duration of our capital program is a little bit unique among our peers. We feel it's very important in the near term to manage and maintain capital discipline and stay at or below that $6 billion to $7 billion range. We are not losing out on any opportunities right now and -- but we're also able to sanction projects within service all the way through the end of the decade.

因此，我們的目標是在走廊內進行大量小型項目，以降低風險。因此，您將在接下來的七到八個季度中看到一個規律的節奏，這就是我們填補剩餘積壓訂單的方式。我想說，我們的重點是延長資本計畫的期限，這在同行中是比較獨特的。我們認為，短期內管理和維持資本紀律並將其保持在 60 億至 70 億美元或以下的範圍非常重要。我們現在不會失去任何機會，而且我們也能夠批准在整個十年內提供服務的項目。

Got it. That's helpful. I'll leave it there. Thanks.

知道了。這很有幫助。我就把它留在那裡。謝謝。

Thanks, Jeremy.

謝謝，傑里米。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Good morning. I have two questions, and I'll just ask them upfront. First of all, at your Analyst Day, you announced four new projects, and we got some more updates today. Can you help us with some more details on how those four projects that you did announce are progressing? And the second one, you talked in detail about the data center opportunities. Can you also talk a little bit about the coal to gas switching opportunities that you're seeing out there?

早安.我有兩個問題，我想直接問。首先，在你們的分析師日上，你們宣布了四個新項目，今天我們又得到了一些更新。您能否向我們詳細介紹一下您宣布的四個項目的進展？第二，您詳細討論了資料中心的機會。您能否談談您所看到的煤炭轉天然氣的機會？

I'll take the first question about our announced projects and also roll into your second question. We announced in the US three projects, two of those are the coal to gas conversion projects. located off of our Columbia Gulf system and a Virginia project to support our local distribution companies reliability in LNG peaking supply.

我將回答有關我們已宣布的項目的第一個問題，並回答您的第二個問題。我們在美國宣布了三個項目，其中兩個是煤炭轉氣項目。位於我們的哥倫比亞灣系統和維吉尼亞計畫之外，旨在支持我們當地配送公司在液化天然氣尖峰供應方面的可靠性。

Those projects are progressing nicely. We're in early stages of developing our FERC applications, landowner notifications, progressing that well, and those will be delivered in the time lines noted in our disclosures. So those are going really well. From a coal to gas perspective, we continue to see many opportunities across our footprint. We've got 42 operating plants within 15 miles of our assets that are coal. Nine of those plants are planned to retire by 2031, combined capacity about 9 gigawatts, and there's about 19 gigawatts within five months of our pipelines expected to retire through 2033.

這些項目進展順利。我們正處於開發 FERC 應用程式和土地所有者通知的早期階段，進展順利，這些將在我們披露的時間表內交付。一切進展順利。從煤轉氣的角度來看，我們繼續看到我們業務範圍內的許多機會。我們的煤炭資產在 15 英里範圍內擁有 42 家營運中的電廠。其中 9 座電廠計劃於 2031 年退役，總裝置容量約為 9 千兆瓦，預計到 2033 年，在五個月內還有約 19 千兆瓦的電廠將退役。

We're seeing many of those come to fruition. For example, in the Midwest, we have a couple of different projects, our Wisconsin reliability in our upcoming and our Heartland project that are supporting coal to gas conversions. We are also in active discussions on about 7.5 gigawatts of generation of additional conversion opportunities, and we'll continue to pursue all those that adhere to our $6 billion to $7 billion capital plan and achieved a 5 times to 7 times build multiple.

我們看到許多目標都已實現。例如，在中西部，我們有幾個不同的項目，我們即將推出的威斯康辛州可靠性項目和支持煤炭轉氣的心臟地帶項目。我們也正在積極討論約 7.5 千兆瓦發電量的額外轉換機會，並且我們將繼續追求所有遵守我們 60 億至 70 億美元資本計劃並實現 5 倍至 7 倍建設倍數的機會。

Thank you.

謝謝。

John Mackay, Goldman Sachs.

高盛的約翰‧麥凱 (John Mackay)。

Hey, good morning. Thanks for the time. I just wanted to circle back to Mexico in the context of everything we've talk through today in the context of tariff noise, et cetera. Can you just give us an update on the potential separation or sell down or however you want to frame it from the Mexico business is today?

嘿，早安。感謝您的時間。我只是想回到墨西哥的話題，談談我們今天討論的所有問題，包括關稅噪音等等。您能否向我們提供有關潛在分離或出售的最新情況，或者您想如何將其與當前的墨西哥業務聯繫起來？

Thanks, John, it's Francois. As we mentioned at our Investor Day, our goal is to get all of the pipes flowing gas and then get all of the pipes flowing cash, if you will. We expect to be doing that, of course, on Southeast Gateway by May 1. On Tula-Villa de Reyes, we're expecting to have that done by the end of the year as well. So we'd like to see that behind us, have all of our projects complete and in service, and then we'll be turning our attention to that opportunity.

謝謝，約翰，我是弗朗索瓦。正如我們在投資者日提到的那樣，我們的目標是讓所有管道流出天然氣，然後讓所有管道流出現金，如果你願意的話。當然，我們希望在 5 月 1 日之前在東南門戶完成這項工作。在圖拉 - 雷耶斯鎮，我們也希望在今年年底前完成這項工作。因此，我們希望看到這一切成為過去，我們的所有項目都已完成並投入使用，然後我們將會把注意力轉向這個機會。

As we mentioned, we'll be considering both capital markets solutions an IPO of sorts as well as a minority interest sale to a buyer along the same style of transaction as we did with the GIP on Colombia. Time line for that, think of it as the first half of 2026.

正如我們所提到的，我們將考慮兩種資本市場解決方案，即某種形式的 IPO 以及向買家出售少數股權，交易方式與我們在哥倫比亞的 GIP 中所做的交易方式相同。時間軸可以想像為 2026 年上半年。

We think that is the manner in which we'll maximize value for our shareholders and establish a positive mark for the balance of the portfolio. And we also see so much growth outside of Mexico that not only selling down our interest is not the only tool to work down our exposure. The other tool will be growing our businesses in Canada and the US. And the other way we're thinking about managing and mitigating risk in Mexico is you can expect us once SGP is in service to start looking at some Mexico level or perhaps even asset level financing to help reduce our equity capital at risk in Mexico. So stay tuned for that.

我們認為這是我們為股東實現價值最大化和為投資組合平衡樹立正面標誌的方式。我們也看到墨西哥以外的市場成長如此之快，以至於出售我們的權益並不是降低風險敞口的唯一手段。另一個工具是發展我們在加拿大和美國的業務。我們考慮管理和減輕墨西哥風險的另一種方式是，您可以期待，一旦 SGP 投入使用，我們就會開始尋找墨西哥層面甚至資產層面的融資，以幫助減少我們在墨西哥面臨的股本風險。請繼續關注。

All right. That's helpful. And then second one, this is probably quick. But just looking at your breakdown of kind of forward growth projects on slide 9. The breakdown looks pretty different from the Analyst Day. Is that new projects coming in? Is that just a rebucketing of existing ones? Maybe just walk us through that. Did you have a particular year?

好的。這很有幫助。然後第二個，這可能很快。但只看投影片 9 上對未來成長項目的細分。具體細節與分析師日的分析結果截然不同。有新項目進來嗎？這僅僅是對現有內容的重新分類嗎？也許只是向我們介紹一下這一點。您有特定的年份嗎？

We may have changed the color scheme on you a little bit, but that pipeline hasn't changed much a few minor additions partial I'm looking at the power gen being 56% now versus 32% in the investor deck. It might be re-bucketing. But I want to say that some new projects coming in.

我們可能稍微改變了您的配色方案，但是管道並沒有發生太大變化，只是進行了一些小的添加，我現在看到的發電量為 56%，而投資者平台中為 32%。它可能正在重新分類。但我想說的是，有一些新的項目正在進來。

I think it's just the color coating that might just be picking up a little bit different in your slides. I can provide a clarification after the call.

我認為只是顏色塗層在幻燈片中呈現出來的效果稍有不同。我可以在通話後提供澄清。

I'm sure we can follow up on that.

我確信我們可以跟進此事。

Ben Pham, BMO.

Ben Pham，BMO。

Hey, thanks. May start off on the Cambia rate case. Could you update us on a recent customer feedback and expected timing.

嘿，謝謝。可能從 Cambia 利率案開始。您能否向我們介紹最近的客戶回饋和預計時間。

Yeah. We'd be happy to give you a brief update. As you're familiar, we filed our rate case for our Columbia Gas system last year. Rates do go into effect in April of this year. Right now, we are waiting for what we call top sheets from FERC, which will outline their position of our rate case. And typically, after you see those -- those top sheets, the negotiations with our customers ramp up in earnest towards settlement discussions.

是的。我們很高興向您提供簡要的最新情況。如您所知，我們去年針對哥倫比亞天然氣系統提交了費率訴訟。利率將於今年四月生效。目前，我們正在等待聯邦能源管理委員會的頂層報告，其中將概述他們對我們的費率案例的立場。通常，在您看到那些頂層表格後，我們與客戶的談判就會認真地朝著和解討論的方向發展。

And so we would continue to plan to set all that rate case mutually benefit to our customers and our company here, likely in the third or fourth quarter of this year.

因此，我們將繼續計劃制定所有這些利率方案，使我們的客戶和公司都受益，可能在今年第三季或第四季實現。

Okay. And maybe a second question, the data centers, more specifically Alberta. -- mentioned -- you mentioned Francois, maybe look at non-reg part of things. Is that in reference to your gas plants you have there is you referencing to else?

好的。也許還有第二個問題，資料中心，更具體地說是阿爾伯塔省。 ——提到——你提到了弗朗索瓦，也許看看事情的非註冊部分。這是指您那裡的天然氣廠，還是指其他地方？

No, it would be unregulated or pipelines, actually, not regulated by NGTL but by the Alberta Energy Regulator. So there's no reference there to power gen.

不，它實際上不受監管，或管道不受 NGTL 監管，而受阿爾伯塔能源監管機構監管。因此那裡沒有提到發電。

Okay, I got it. Okay, thank you.

好的，我明白了。好的，謝謝。

Thanks, Ben.

謝謝，本。

Jesse Hoyle, Scotiabank.

加拿大豐業銀行的傑西‧霍伊爾 (Jesse Hoyle)。

Great, thanks. Good morning and thanks for taking my questions. So just start the Power segment. Can you talk a little bit more about the path forward for the Ontario pump storage project, just given the recent support in the government? .

非常好，謝謝。早上好，感謝您回答我的問題。因此只需啟動 Power 部分。鑑於最近政府的支持，您能否進一步談談安大略抽水蓄能計畫的未來發展方向？。

Thanks, Jessica, for that question. The funding from the Ontario government is to advance the development of that project, including the requisite environmental assessments getting us to a point where we could make a final investment decision. That time line is 2028.

謝謝傑西卡提出這個問題。安大略省政府的資金將用於推動該項目的發展，包括必要的環境評估，以便我們做出最終投資決定。該時間線是 2028 年。

There is a considerable amount of work to do on continuing the work around contracting geotechnical work, et cetera, we would not proceed with a project like that without having a very high-quality Class III estimate. And of course, the environmental work will take a couple of years when you look at both the federal and prevail requirements.

在繼續承包岩土工程等方面的工作方面還有大量工作要做，如果沒有非常高品質的三級估算，我們不會繼續進行這樣的專案。當然，如果從聯邦和現行的要求來看，環境工作將需要幾年時間。

And then, of course, it would be a five year construction period beyond then. So there's lots of work continuing. It's 1,000 megawatts effectively a 12 hour battery. The Ontario government just recently announced a ban on Chinese parts. And of course, that makes this project more attractive to them for firming resources compared to the battery alternatives where much of the supply chain is reliant on China.

當然，此後還需要五年的建設期。因此還有很多工作要做。它的功率為 1,000 兆瓦，實際上可產生 12 小時的電量。安大略省政府最近剛宣布禁止進口中國零件。當然，與大部分供應鏈依賴中國的電池替代品相比，這個項目對他們來說更有吸引力，可以鞏固資源。

So we're very interested in the project. Our intention at the end of the day, would be not to sanction this unless it was with cost of service regulation. We will not take cost and schedule risk on a project of that nature. And then again, it will have to compete with the balance of our invent opportunities in the capital stack for an allocation of capital.

所以我們對這個項目非常感興趣。我們的最終目的是不批准這種行為，除非涉及服務成本監管。我們不會在此類專案上承擔成本和進度風險。然後，它必須與我們在資本堆疊中的發明機會平衡競爭資本分配。

Appreciate that color. And then can you talk a little bit more about how you're thinking about the next wave of LNG and how TC Energy's pipelines could serve and support that?

欣賞那種顏色。然後，您能否進一步談談您對下一波液化天然氣的看法，以及 TC Energy 的管道如何為其提供服務和支援？

Yeah, I'll start with the U.S. And we have a great footprint in Louisiana in particular, with our Columbia Gulf and our ANR assets and have quite a bit of activity already with several LNG export terminals in that area. We're progressing a project called Eastern Lateral Express that will come into service later this year to supply capacity to one of the LNG export terminals in Louisiana. We also have an intrastate project called Giles that we'll be extending to serve additional load in Louisiana as well as in the Gulf Coast with LNG exports.

是的，我先從美國開始。我們在路易斯安那州有著很大的影響力，我們在哥倫比亞灣和 ANR 擁有資產，並且在該地區的幾個液化天然氣出口終端已經開展了相當多的活動。我們正在推進一個名為「東部側向快線」的項目，該項目將於今年稍後投入使用，為路易斯安那州的一個液化天然氣出口終端提供產能。我們還有一個名為 Giles 的州內項目，我們將擴展該項目，透過液化天然氣出口為路易斯安那州和墨西哥灣沿岸的額外負載提供服務。

And I'll turn it over to Stan for any Canadian and Mexico updates.

我將把有關加拿大和墨西哥的最新情況轉交給斯坦。

So big picture-wise, in Canada, you're all aware that the CGL pipeline is currently in service, and we are currently now waiting for the in-service of the terminal itself. We are continuing to advance scope and other work products with respect to Phase 2. And again, that FID decision rests with LNGC as well.

從整體來看，在加拿大，大家都知道 CGL 管道目前已投入使用，而我們正在等待終端本身的投入使用。我們將繼續推進第二階段的範圍和其他工作產品。再次強調，FID 決定權也在於 LNGC。

Ladies and gentlemen, this concludes the question-and-answer session. If there are any further questions, please contact Investor Relations at TC Energy. I will now turn the call over to Gavin Wiley for any closing remarks.

女士們、先生們，問答環節到此結束。如果還有其他問題，請聯絡 TC Energy 的投資者關係部門。現在，我將把電話轉給加文威利 (Gavin Wiley)，請他做最後發言。

Well, thanks, everybody, for joining. I know everybody is out there today has a very busy day with several of our peers reporting. So thank you for your time for joining the call. Thank you for your interest in TC Energy. As Drew mentioned here. If there are any additional questions, please do feel free to contact the Investor Relations team at any time. We're always happy to help, and we look forward to our next update in -- following the first quarter. So let's talk to you then.

好吧，感謝大家的加入。我知道今天大家都很忙，因為我們有幾位同事要來做報告。非常感謝您抽空參加此電話會議。感謝您對 TC Energy 的關注。正如德魯在這裡提到的。如果有任何其他問題，請隨時聯繫投資者關係團隊。我們很樂意為您提供協助，並期待在第一季之後的下一次更新。那我們就和你談談吧。

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開您的線路。感謝您的參與，祝您有個愉快的一天。