TC Energy Corp (TRP) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the TC Energy second-quarter 2025 results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎參加 TC Energy 2025 年第二季業績電話會議。（操作員指示）會議正在錄音。（操作員指示）

I would now like to turn the conference over to Gavin Wylie, Vice President of 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。

Thanks very much, and good morning. I'd like to welcome you to TC Energy's 2025 second 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. Francois and Sean will begin today with some comments on our financial results and operational highlights. A copy of this slide presentation is available on our website under the Investors section.

非常感謝，早安。歡迎您參加 TC Energy 2025 年第二季電話會議。與我一起的還有總裁兼執行長 Francois Poirier、執行副總裁兼財務長 Sean O'Donnell 以及我們高級領導團隊的其他成員。弗朗索瓦和肖恩今天將對我們的財務業績和營運亮點發表一些評論。您可在我們網站的「投資者」部分找到此投影片簡報的副本。

Following opening remarks, we'll take questions from the investment community. Please limit yourself to two questions. And if you're a member of the media, contact our media team.

開幕致詞之後，我們將回答投資界的提問。請限制自己只問兩個問題。如果您是媒體成員，請聯絡我們的媒體團隊。

Today's 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 Canadian Securities regulators and with the US Securities and Exchange Commission. Finally, we'll refer to certain non-GAAP measures that may not be comparable to similar measures presented by other entities. A reconciliation is contained in the appendix of this presentation.

今天的言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，我們將參考某些非 GAAP 指標，這些指標可能與其他實體提出的類似指標無法進行比較。本簡報的附錄中包含一份對帳表。

With that, I'll turn the call over to Francois.

說完這些，我將把電話轉給弗朗索瓦。

Thanks, Gavin, and good morning, everyone. Through the first half of 2025, TC Energy's performance remains strong, delivering across all key priorities we set at the beginning of the year. First and foremost, our safety record remains exceptional with incident rates holding at five year lows. This is a direct reflection of our team's unwavering commitment to safety in every step. Safety drives operational excellence, which allows us to maximize the value of our assets and supports our strong financial results.

謝謝，加文，大家早安。到 2025 年上半年，TC Energy 的業績仍然強勁，實現了我們在年初設定的所有關鍵優先事項。首先，我們的安全記錄依然出色，事故率維持在五年來的最低水準。這直接體現了我們團隊對每一步安全的堅定承諾。安全推動卓越運營，這使我們能夠最大限度地提高資產價值並支持我們強勁的財務業績。

So during the second quarter, we delivered a 12% year-over-year increase in comparable EBITDA and are increasing our 2025 comparable EBITDA outlook to $10.8 billion to $11 billion, which represents an approximately 9% increase over 2024.

因此，在第二季度，我們的可比 EBITDA 年成長了 12%，並將 2025 年可比 EBITDA 預期上調至 108 億美元至 110 億美元，比 2024 年成長約 9%。

Contributing to this increase, we have reached a settlement in principle with customers on our Columbia Gas system that is expected to result in an increase relative to pre-filed rates as evidenced by the interim settlement rates that Columbia Gas put in effect, which reflects a 26% increase in pre-filed FTS rates.

促成這一增長的因素是，我們已與哥倫比亞天然氣系統的客戶達成原則性和解，預計該和解將導致相對於預先提交的費率有所增加，哥倫比亞天然氣實施的臨時和解費率就是明證，該費率反映了預先提交的 FTS 費率增加了 26%。

This outcome underscores both the demand we see across our assets and our ability to collaborate effectively with stakeholders. To date, we've completed or placed into service approximately $5.8 billion of capacity projects, including Southeast Gateway and our East Lateral XPress Project. Our results continue to emphasize TC Energy's resilient low-risk business model that continues to deliver solid growth and repeatable performance.

這一結果強調了我們對資產的需求以及我們與利害關係人有效合作的能力。迄今為止，我們已經完成或投入使用價值約 58 億美元的容量項目，包括東南門戶項目和東側向 XPress 項目。我們的業績繼續強調了 TC Energy 具有彈性的低風險業務模式，該模式繼續實現穩健的成長和可重複的績效。

The fundamentals underpinning our business have never been stronger, and our assets are strategically located to benefit from incumbent positions in the markets we serve. This strengthens our ability to compete for and capture the next wave of growth. North American natural gas demand is now forecast to grow by 45 Bcf per day by 2035 as opposed to our prior forecast of 40 Bcf per day. And this driven by LNG exports, power generation and industrial demand growth.

我們業務的基礎從未如此強大，我們的資產位於戰略位置，可以從我們所服務的市場的現有地位中受益。這增強了我們競爭和抓住下一波成長浪潮的能力。目前預測，到 2035 年，北美天然氣需求將增加 450 億立方英尺/天，而我們先前預測的是 400 億立方英尺/天。這是由液化天然氣出口、發電和工業需求成長所推動的。

This growth is structural and long term in nature. And we're seeing this play out across our entire footprint. Electrification, coal-to-gas conversions and the rise of AI and data centers are accelerating the need for reliable, low-emission baseload power. In response, strong customer demand is emerging for incremental service on new and existing projects, such as our Pulaski and Maysville projects, which were sanctioned last year and have now been upsized to meet growing needs.

這種成長本質上是結構性的和長期的。我們看到這種情況正在我們的整個足跡中發生。電氣化、煤改氣以及人工智慧和資料中心的興起正在加速對可靠、低排放基載電力的需求。作為回應，客戶對新項目和現有項目的增量服務需求強勁，例如我們的普拉斯基和梅斯維爾項目，這兩個項目於去年獲得批准，現已擴大規模以滿足日益增長的需求。

Our origination pipeline also remains robust. We are currently engaged in commercial conversations with more than 30 counterparties across the data center value chain, several of which have indicated the potential to require greater capacity than originally planned. These developments reinforce our confidence in our rising cadence of project announcements through the second half of the year and into 2026.

我們的發起管道也依然強勁。我們目前正在與資料中心價值鏈上的 30 多家交易對手進行商業對話，其中幾家表示有可能需要比原計劃更大的容量。這些發展增強了我們對今年下半年乃至 2026 年專案公告發布節奏加快的信心。

So 2025 is stacking up to be an excellent year for TC Energy as we continue to expect to place approximately $8.5 billion of assets into service, roughly 15% below budget. July of this year, the newly constituted CNE approved our regulated rates required to provide service to potential future interruptible service users on the Southeast Gateway pipeline other than the CFE.

因此，2025 年對 TC Energy 來說將是極好的一年，因為我們預計將繼續投入約 85 億美元的資產，比預算低約 15%。今年 7 月，新成立的 CNE 批准了我們為東南門戶管道（CFE 除外）上未來可能中斷的服務用戶提供服務所需的監管費率。

In addition, we placed approximately $300 million of projects in service in our US natural gas business, including the East Lateral Xpress project, an expansion on our Columbia Gulf system that enhances connectivity to the US Gulf Coast LNG export markets.

此外，我們在美國天然氣業務中投入了約 3 億美元的項目，包括 East Lateral Xpress 項目，該項目是我們哥倫比亞灣系統的擴建，增強了與美國墨西哥灣沿岸液化天然氣出口市場的連通性。

Looking ahead to the second half of the year, we have multiple projects under construction. This includes the Virginia and Wisconsin Reliability Projects, ANR Oak Grove and the VNBR Project in Canada, all of which are tracking below budget or ahead of schedule and on budget.

展望下半年，我們有多個項目正在建設中。其中包括維吉尼亞州和威斯康辛州的可靠性項目、ANR Oak Grove 和加拿大的 VNBR 項目，這些項目的進度均低於預算或提前於計劃並符合預算。

Across our North American footprint, we're consistently executing on a diverse set of projects totaling approximately 3 Bcf per day of incremental capacity expected to be operational this year. These results reflect the strength of our disciplined approach to excellence in project execution.

在我們的北美業務範圍內，我們正在持續執行一系列多樣化的項目，預計今年將投入營運的總增量產能約為每天 30 億立方英尺。這些結果體現了我們在專案執行中嚴謹追求卓越的方法。

Now since 2020, we've seen a steady upward trend in the returns of our sanctioned capital program. In 2024, our projects achieved an average unlevered after-tax IRR of approximately 11%, up meaningfully from 8.5% just a few years ago. And looking ahead, we expect this upward trend to continue as we high-grade a growing set of competing opportunities to optimize returns and maximize long-term value.

自 2020 年以來，我們看到批准的資本計劃的回報呈穩步上升趨勢。2024 年，我們的專案實現了平均無槓桿稅後 IRR 約為 11%，較幾年前的 8.5% 大幅上升。展望未來，我們預計這種上升趨勢將持續下去，因為我們將專注於越來越多的競爭機會，以優化回報並最大化長期價值。

In fact, year-to-date, our sanctioned projects have an expected average unlevered after-tax IRR of approximately 12% and for new projects going forward, we continue to expect to deliver EBITDA build multiples in the 5 times to 7 times range that translates to low to mid-teens IRRs.

事實上，年初至今，我們批准的項目預計平均無槓桿稅後 IRR 約為 12%，對於未來的新項目，我們仍然預計 EBITDA 構建倍數將在 5 倍至 7 倍範圍內，相當於低至中等水平的 IRR。

Importantly, and similar to the Northwoods project we announced earlier this year, these opportunities are predominantly brownfield in corridor expansions that leverage our existing footprint and long-standing customer relationships. Contracts are underpinned by long-term take-or-pay agreements with investment-grade counterparties and in many cases, have upside potential.

重要的是，與我們今年早些時候宣布的 Northwoods 項目類似，這些機會主要是利用我們現有的足跡和長期的客戶關係的走廊擴建中的棕地。合約以與投資等級交易對手達成的長期照付不議協議為基礎，在許多情況下具有上行潛力。

For instance, the strategic upsizing of the Pulaski and Maysville Projects that we sanctioned last year has enabled us to further improve the low 6 times build multiples expected on both projects. Turning to Bruce Power, an asset that continues to deliver long-term value and plays a central role in Ontario's energy future.

例如，我們去年批准的普拉斯基和梅斯維爾計畫的策略性擴大使我們能夠進一步提高這兩個項目預期的 6 倍以下的建設倍數。談到布魯斯電力，這項資產將繼續提供長期價值並在安大略省的能源未來中發揮核心作用。

Our investments through the major component replacement program are enhancing the reliability and availability of our nuclear fleet. These are long-duration investments that support the province's clean energy goals while delivering strong returns for our shareholders. As shown on the left-hand side of this slide, Bruce Power's availability has steadily improved from the mid-80%s percent range in prior years to an expected average in the low 90s for 2025.

我們透過主要部件更換計劃進行的投資正在提高核電機組的可靠性和可用性。這些都是長期投資，支持省的清潔能源目標，同時為我們的股東帶來豐厚的回報。如本投影片左側所示，布魯斯電力公司的可用性已從前幾年的 85% 左右穩步提高到 2025 年預計的 90% 出頭的平均水平。

And at the same time, the realized power price we receive continues to trend higher as the contract price is adjusted annually to reflect capital investments, inflation and other factors. Combined with Project 2030, these investments are expected to nearly double our equity income from Bruce Power by 2035.

同時，由於合約價格每年都會根據資本投資、通貨膨脹和其他因素進行調整，我們所獲得的實際電價持續走高。結合 2030 項目，這些投資預計到 2035 年將使我們從 Bruce Power 獲得的股權收入幾乎翻倍。

Ontario published its latest electricity demand forecast in April that indicates a 75% increase needed by 2050, with Bruce Power playing a key role in meeting that need. The Bruce C Project is progressing, supported by up to $50 million in federal funding for development and assessment. We are proud to be part of this essential infrastructure and to continue delivering value through disciplined strategic investment.

安大略省於 4 月發布了最新的電力需求預測，顯示到 2050 年電力需求將增加 75%，而 Bruce Power 在滿足這一需求方面發揮關鍵作用。布魯斯 C 計畫正在取得進展，並獲得高達 5000 萬美元的聯邦政府資金用於開發和評估。我們很自豪能夠成為這項重要基礎設施的一部分，並透過嚴謹的策略投資持續創造價值。

With that, I'll turn the call over to Sean.

說完這些，我會把電話轉給肖恩。

Thanks, Francois, and good morning, everybody. TC's operations teams delivered exceptional utilization rates across our natural gas and power portfolios during the quarter, which coincided with increased customer demand across our North American footprint. On the left-hand side, we highlight a number of volume increases and new record set in each of our three pipeline business units.

謝謝，弗朗索瓦，大家早安。TC 的營運團隊在本季度實現了天然氣和電力組合的卓越利用率，這與我們北美業務範圍內客戶需求的成長相吻合。在左側，我們重點介紹了三個管道業務部門的產量成長和創下的新紀錄。

On the bottom of the slide, in our Power and Energy Solutions business, Bruce achieved 98% availability in an exceptionally strong quarter while also receiving its annual price adjustment as of April 1. We continue to expect Bruce's overall availability to be in the low 90% range for full year 2025, which includes the planned maintenance outage on Unit 2 in the third quarter.

幻燈片底部，在我們的電力和能源解決方案業務中，Bruce 在一個異常強勁的季度實現了 98% 的可用性，同時也從 4 月 1 日起獲得了年度價格調整。我們仍然預計，到 2025 年全年，布魯斯核電廠的整體可用性將達到 90% 左右，其中包括第三季 2 號機組的計畫維護停運。

Shifting to the EBITDA bridge on the right-hand side, you'll see that each of our business units increased their EBITDA contribution over the comparable quarter last year. Canada gas EBITDA increased due to increased contributions from Coastal GasLink following its in-service date last October and higher flow-through regulated costs.

轉到右側的 EBITDA 橋，您會看到我們每個業務部門的 EBITDA 貢獻都比去年同期增加。加拿大天然氣 EBITDA 增加，原因是 Coastal GasLink 自去年 10 月投入營運以來貢獻增加，且流通監管成本有所提高。

In the US, EBITDA increased mainly due to the settlement in principle and the application for higher transportation rates on Columbia Gas, which became effective on April 1.

在美國，EBITDA 的成長主要得益於原則上的和解以及哥倫比亞天然氣公司更高的運輸費率的申請，該申請於 4 月 1 日生效。

We also saw incremental earnings from new customer contracts on several existing pipelines and new projects placed into service in the quarter. Our Mexico business increased due to higher earnings in TGNH, primarily related to the completion of the Southeast Gateway pipeline, partially offset by lower equity earnings from Sur de Texas as a result of the strengthening peso and higher income tax expense.

我們也看到本季投入使用的幾條現有管道的新客戶合約和新項目帶來了增量收益。我們的墨西哥業務有所成長，這主要歸因於 TGNH 的收益增加，這主要與東南門戶管道的完工有關，但由於比索走強和所得稅費用增加導致 Sur de Texas 的股權收益減少，部分抵消了這一增長。

Lastly, our Power and Energy Solutions business had higher contributions from Bruce due to increased generation output and a higher average realized price of $110 per megawatt hour, which is up $8 per megawatt hour relative to the second quarter last year.

最後，由於發電量增加且平均實現價格上漲至每兆瓦時 110 美元，比去年第二季每兆瓦時上漲 8 美元，我們的電力和能源解決方案業務從 Bruce 獲得的貢獻也更高。

Our Alberta co-gen continued to deliver strong performance with greater than 90% availability, which maximizes our capacity payments. That was partially offset by lower Alberta power prices that continued to average approximately $40 per megawatt hour in the second quarter.

我們的阿爾伯塔聯合發電廠繼續保持強勁表現，可用性超過 90%，從而最大限度地提高了我們的容量支付。但這被阿爾伯塔省較低的電價部分抵消，第二季電價平均仍為每兆瓦時約 40 美元。

Turning to our 2025 financial outlook that Francois mentioned. We now anticipate 2025 comparable EBITDA to be $10.8 billion to $11 billion. For context, the increase in our 2025 outlook reflects two drivers: first, the strong operational results and market pricing realized during the first half of the year; and second, our high degree of confidence in our execution plan for the remainder of the year.

談到 Francois 提到的 2025 年財務展望。我們現在預計 2025 年可比 EBITDA 將達到 108 億美元至 110 億美元。就背景而言，我們 2025 年展望的提高反映了兩個驅動因素：首先，今年上半年實現的強勁營運業績和市場定價；其次，我們對今年剩餘時間的執行計劃充滿信心。

A key to our execution plan is continuing to place our projects into service on schedule and under budget. That remains a top priority and a tailwind to capital efficiency and EBITDA performance. The combined value drivers of strong asset performance and capital optimization allow us the flexibility to most efficiently fund our incremental growth and prioritize our leverage metrics.

我們執行計劃的關鍵是繼續按時並在預算內將我們的專案投入使用。這仍然是首要任務，也是資本效率和 EBITDA 績效的推動力。強勁的資產表現和資本優化的綜合價值驅動力使我們能夠靈活地最有效地為增量成長提供資金並優先考慮我們的槓桿指標。

On the balance sheet, we expect further deleveraging to approximately 4.75 times by the end of 2026 based on the full year contributions of Southeast Gateway and the seven other projects expected to be placed into service later this year. Looking out to 2027, we continue to target EBITDA of $11.7 billion to $11.9 billion, which implies a 5% to 7% three year growth rate that again highlights the predictability of our base business.

在資產負債表上，根據東南門戶和預計今年稍後投入使用的其他七個項目的全年貢獻，我們預計到 2026 年底槓桿率將進一步去槓桿至約 4.75 倍。展望 2027 年，我們繼續將 EBITDA 目標設定為 117 億美元至 119 億美元，這意味著三年增長率為 5% 至 7%，再次凸顯了我們基礎業務的可預測性。

A few reminders that we like to offer each quarter on FX. We systematically hedge our US dollar net income to insulate our comparable earnings from FX volatility. So we do not expect a material impact related to FX on our 2025 comparable earnings. Longer term, on an unhedged basis, a $0.01 change in the USD-CAD corresponds to roughly a $0.01 change in comparable EPS.

我們每季都會在外匯方面提供一些提醒。我們系統性地對沖美元淨收入，以使我們的可比較收益免受外匯波動的影響。因此，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，美元兌加幣 0.01 美元的變化大約相當於可比每股收益 0.01 美元的變化。

So to wrap up our financial overview, with 97% of our EBITDA being underpinned by rate-regulated or long-term take-or-pay contracts and management's clear visibility on a low-risk repeatable project backlog, TC continues to operate a resilient business model with a durable long-term value proposition as highlighted by our 25 years of consecutive dividend growth.

因此，總結我們的財務概況，97% 的 EBITDA 受到利率管製或長期照付不議合約的支撐，管理層對低風險可重複項目積壓的清晰認識，TC 繼續運營具有持久長期價值主張的彈性業務模式，正如我們連續 25 年的股息增長所強調的那樣。

Finally, we released our 2025 report on sustainability this morning. The report provides a comprehensive overview of our sustainability performance and progress, including how TC Energy has reduced absolute methane emissions by 12% over the last five years, while increasing throughput by 15% and increasing comparable EBITDA in our natural gas business by 40%, it highlights how we're continuing to work to drive down methane emissions, including the introduction of a new methane intensity reduction target of 40% to 55% by 2035 as measured by 2019 levels.

最後，我們今天上午發布了2025年永續發展報告。該報告全面概​​述了我們的永續發展績效和進展，包括 TC Energy 如何在過去五年中將絕對甲烷排放量減少了 12%，同時將吞吐量提高了 15%，並將天然氣業務的可比 EBITDA 提高了 40%，並強調了我們如何繼續努力降低甲烷排放，包括引入新的甲烷強度降低目標，即到 2035 年甲烷

And finally, how our strong safety performance is the foundation of our operational excellence and a key driver behind the financial results we shared with you this morning. We hope you read more about our team's important sustainability efforts in the report on our website.

最後，我們強大的安全表現是我們卓越營運的基礎，也是我們今天早上與大家分享的財務表現的關鍵驅動力。我們希望您在我們網站上的報告中了解更多有關我們團隊的重要永續發展努力的資訊。

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

說完，我會把電話轉回給弗朗索瓦。

Thanks, Sean. As we look ahead, our focus remains squarely on those three priorities we continue to drive our success on. First, maximizing the value of our assets through safety and operational excellence; second, executing on our high-quality capital-efficient growth portfolio, including completing or placing approximately $8.5 billion of assets into service this year, and third, maintaining financial strength and agility to support long-term value creation. Strong momentum across our operations and capital program, we remain confident in our ability to deliver low-risk, repeatable growth through 2025 and beyond.

謝謝，肖恩。展望未來，我們的重點依然放在推動我們成功的這三個優先事項上。首先，透過安全和卓越營運實現資產價值最大化；其次，執行我們高品質的資本高效成長組合，包括今年完成或投入使用約 85 億美元的資產；第三，保持財務實力和靈活性，以支持長期價值創造。我們的營運和資本計畫勢頭強勁，我們仍然有信心在 2025 年及以後實現低風險、可重複的成長。

Operator, we are now ready to take questions.

接線員，我們現在可以回答問題了。

Praneeth Satish, Wells Fargo.

富國銀行的 Praneeth Satish。

Congrats on a strong quarter here. Maybe I'll start with the Columbia Gas settlement filing. So I think in the filing, it mentions the establishment of rates over three defined periods. Can you maybe just provide more details on the rates during these periods? What are the conditions to see a step-up in rate?

恭喜本季業績強勁。也許我應該從哥倫比亞天然氣公司的和解申請開始。所以我認為在文件中提到了在三個規定期間內建立利率。您能否提供這些期間的費率的更多詳細資訊？利率上調的條件是什麼？

What's the magnitude? And I understand it's not conditional on CapEx investments. So I guess what are the gating factors there to step the rate higher over the next few years.

幅度有多大？我知道這並不取決於資本支出投資。所以我猜未來幾年提高利率的限制因素是什麼。

Praneeth, this is Tina Faraca. I'll take that question. We're really excited about the outcome of the PUCO or the Columbia Gas rate settlement in principle. We've had a constructive agreement with our customers that resolved all major issues in the case. As you're probably familiar, the settlement in principle established interim rates that were put into effect that reflects about a 26% increase to our pre-filed firm transportation rates.

普拉尼斯，這是蒂娜·法拉卡。我來回答這個問題。我們對 PUCO 或哥倫比亞天然氣費率原則解決方案的結果感到非常興奮。我們與客戶達成了建設性協議，解決了案件中的所有主要問題。您可能已經熟悉，該協議原則上確定了已實施的臨時費率，這反映了我們先前提交的固定運輸費率上漲了約 26%。

The rates obviously are subject to final settlement once we have filed and seen approval by FERC.

一旦我們提交申請並獲得聯邦能源管理委員會的批准，這些費率顯然需要最終結算。

There were several key issues that were addressed by the settlement in principle, including the establishment of rates for three defined periods, also three year moratorium and a required comeback in 6 years and roll-in treatment for a couple of our recent reliability projects. Related to your question on the step-up in rates, that is not detailed in the settlement at this stage, and the step-up in that detail of rates is going to be provided in the final filing. So at this case, we can only communicate. There are three defined periods established and more details will come in the final filing.

該協議原則上解決了幾個關鍵問題，包括制定三個規定期限的費率、三年暫停期和六年後的強制恢復期，以及對我們最近的幾個可靠性項目的滾動處理。關於您關於利率上調的問題，目前的解決方案中還沒有詳細說明，利率上調的細節將在最終文件中提供。所以在這種情況下，我們只能溝通。已設立三個明確期限，更多細節將在最終文件中公佈。

Got it. Okay. And maybe switching gears. I mean, I don't think it's a secret that Meta is actively building out its campus in New Albany, Ohio, including a planned multi-gigawatt cluster there. So I know Columbia Gas is already feeding one of the behind-the-meter projects in that data center park.

知道了。好的。或許可以換個方式。我的意思是，我認為 Meta 正在俄亥俄州新奧爾巴尼積極建設其園區，包括在那裡計劃建設的多千兆瓦集群，這不是什麼秘密。所以我知道哥倫比亞天然氣公司已經為該資料中心園區的一個電錶後專案供電。

But I guess how much available capacity do you have upstream of that interconnect point if, let's say, gas demand there grows significantly? I guess how much more gas can you push into New Albany off of the Columbia system? And I asked that in the context of Meta's earnings last night where they said they're targeting a 30% increase to CapEx to over $100 billion. So potentially, there's a lot of spending coming to that region.

但我想，如果那裡的天然氣需求大幅成長，那麼該互連點上游有多少可用容量？我猜你還能從哥倫比亞系統向新奧爾巴​​尼輸送多少天然氣？我昨晚在 Meta 的收益報告中提出了這個問題，他們表示他們的目標是將資本支出增加 30%，達到 1000 億美元以上。因此，很有可能有大量支出流入該地區。

In that region, Praneeth, we obviously have a lot of pipelines that run through the New Albany area, and we're in a very strong position as these opportunities develop to serve capacity or transport capacity into that region. We have had some recent open seasons in that area. that were secured by various entities. We'll continue to see how we can optimize capacity in that region. And in addition, we are certainly positioned to expand if necessary, depending on where the supply is required from, given our footprint in that region.

在 Praneeth 地區，我們顯然擁有許多穿過新奧爾巴尼地區的管道，隨著這些機會的發展，我們處於非常有利的地位，可以為該地區提供服務或運輸能力。我們最近在該地區進行了幾次開放活動，這些活動得到了各個實體的保護。我們將繼續研究如何優化該地區的容量。此外，考慮到我們在該地區的業務範圍，我們當然可以在必要時進行擴張，具體取決於供應需求的來源。

Also, as you know, we have several utility connections with some of our major customers there. So if any of these opportunities progress within their service territory, we're very well positioned to serve that demand.

另外，如您所知，我們與那裡的一些主要客戶建立了多種公用事業聯繫。因此，如果這些機會中的任何一個在他們的服務範圍內取得進展，我們就能夠很好地滿足這一需求。

Aaron MacNeil, TD Cowen.

亞倫·麥克尼爾（Aaron MacNeil），TD Cowen。

I guess this one is probably for Sean. I know it's unchanged in the disclosures, but how should we be thinking about your 2027 EBITDA guide given the increases in 2025 and positives you've outlined in the prepared remarks, including the Columbia rate case, increasing gas demand forecast, improving IRRs and improved visibility on growth projects since you outlined the target at the Investor Day.

我猜這可能是給肖恩的。我知道披露中沒有變化，但考慮到 2025 年的增長和您在準備好的評論中概述的積極因素，我們應該如何看待您的 2027 年 EBITDA 指南，包括哥倫比亞利率案例、增加天然氣需求預測、提高 IRR 和提高自您在投資者日概述目標以來增長項目的可見性。

Yes, Aaron, it's a good question. A couple of parts to that. Look, the back half of our guidance this year is fundamentally underpinned in our confidence to execute on a lot of these emerging trends that Tina just talked about. So look, it's still a little bit early. We're very confident in that 11.7% to 11.9% range.

是的，Aaron，這是個好問題。其中包括幾個部分。你看，我們今年指引的後半部分從根本上來說建立在我們對執行蒂娜剛才談到的許多新興趨勢的信心之上。所以看起來，現在還太早。我們對 11.7% 至 11.9% 的範圍非常有信心。

We have a handful of rate cases in flight this year that I'm sure Tina could talk about. And importantly, and what Francois mentioned in his Slide 8, that IRR slide, what you're seeing right now in terms of '25 EBITDA performance, this is really the vintage of projects we're bringing online right now were sanctioned 2 and even 3 years ago. So when you look at that slide and see the projects we're sanctioning now and kind of the 12% range, it will take 2 or 3 years for them to come online. So we want to give it just a little bit more time for these projects to season and for the backlog projects to kind of get up and running from a sanctioned basis. We'll have more for you on that in the fall with a fully detailed long-term plan update.

我們今年有少量的飛行費率案例，我相信蒂娜可以談論這些。重要的是，正如 Francois 在第 8 張幻燈片中提到的那樣，IRR 幻燈片，就 25 年 EBITDA 表現而言，您現在看到的實際上是我們現在上線的項目的年份，這些項目是在 2 年甚至 3 年前獲得批准的。因此，當您查看幻燈片並看到我們現在批准的項目以及 12% 左右的範圍時，它們需要 2 到 3 年的時間才能上線。因此，我們希望給這些項目多一點時間來成熟，並讓積壓的項目在獲得批准的基礎上啟動和運行。我們將在秋季為您提供更多有關此內容的信息，並附上一份詳細的長期計劃更新。

Fair enough. Francois, this one is probably for you. The recent Alliance settlement is top of mind for investors, and that sort of got me thinking about if other Canadian pipeline assets may experience sort of negative toll revisions in the future. I can appreciate that you can't directly link Alliance with the Canadian Mainline, and I'd like to get your perspective on the differences. But the asset does generate an ROE in excess of stated ROE due to the incentive sharing mechanism, and that's obviously benefited from meaningful volume growth over the settlement period.

很公平。弗朗索瓦，這可能適合你。最近的聯盟和解是投資人最關心的問題，這讓我開始思考其他加拿大管道資產未來是否會經歷某種負面收費調整。我理解您不能將聯盟與加拿大主線直接聯繫起來，我想聽聽您對兩者之間差異的看法。但由於激勵分享機制，該資產確實產生了超過規定 ROE 的 ROE，這顯然受益於結算期間交易量的顯著增長。

With that settlement expiring at the end of '26, do you think we'll see a resetting of the sort of revenue and cost assumptions embedded in that sharing mechanism?

隨著協議於 26 年底到期，您認為我們會看到共享機制中嵌入的收入和成本假設的重置嗎？

Yes. Perhaps I'll start, Aaron, and I'll ask Tina to provide some additional detail. And I'll just focus on sort of the macro backdrop across our whole Canada gas network. We did a capacity expansion on the mainline last year for the first time in many, many years. Every time we run an open season, either on NGTL or the Mainline, we get very robust subscriptions for our service at full rates.

是的。也許我會開始，亞倫，我會讓蒂娜提供一些額外的細節。我只想關注整個加拿大天然氣網路的宏觀背景。去年，我們多年來首次對主線進行了產能擴張。每次我們在 NGTL 或 Mainline 上開放季節時，我們都會以全價獲得非常強勁的服務訂閱量。

When you look at our settlement on NGTL as an indication, we got accelerated depreciation to allow us to get a return of capital more quickly, but that was in exchange for adding capacity.

如果以我們對 NGTL 的和解為例，就會發現我們獲得了加速折舊，從而能夠更快地獲得資本回報，但這是以增加產能為代價的。

So fundamentally, our system being the incumbent system in Canada to transport WCSB natural gas to all markets needs to expand in order for producers to have access to other markets. We are their distribution channel. So it's not really an apples-to-apples comparison, and I don't really see any concern or potential for us to have downward pressure in returns. But over to you, Tina.

因此，從根本上來說，我們的系統作為加拿大現有的將 WCSB 天然氣輸送到所有市場的系統，需要擴大，以便生產商能夠進入其他市場。我們是他們的分銷管道。因此，這實際上並不是一個同類的比較，而且我並不真正認為我們會面臨任何回報下行壓力的擔憂或可能性。但交給你了，蒂娜。

Yes. Thanks, Francois. Through our customer and regulator, we worked very collaboratively to get the approval of the 2021 to 2026 mainline settlement. And as part of that settlement, we had incentive sharing mechanisms. That has resulted in significant optimization of our operations, and we've realized value through those efforts, including the fact that we've had very strong system flows, which have resulted in lower tolls for our customers.

是的。謝謝，弗朗索瓦。透過我們的客戶和監管機構，我們進行了密切合作，並獲得了 2021 年至 2026 年主線結算的批准。作為解決方案的一部分，我們設立了激勵分享機制。這極大地優化了我們的運營，並且我們透過這些努力實現了價值，包括我們擁有非常強大的系統流程，從而降低了客戶的通行費。

It's been a real win-win, and that has driven commencement returns for the mainline. So as we look forward to post 2026 settlement discussions, we're going to look to carry forward elements of this approach with the goal of maximizing return of and on capital in our business while continuing to provide competitive tolls for our customers.

這是一個真正的雙贏，並且推動了主線的畢業回報。因此，當我們展望 2026 年後的和解討論時，我們將尋求繼續推進這種方法的各項要素，目標是最大限度地提高我們業務的資本回報率，同時繼續為我們的客戶提供有競爭力的收費標準。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Just wanted to pick up a bit on the visibility into a steady cadence of project announcements in the back half of '25 and into '26 here. And wanted to dial in a little bit more in Pennsylvania here, given the recent Pennsylvania Energy and Innovation Summit. It seems like your pipelines are nicely positioned around some of those assets there. I was just wondering if you could elaborate a bit more, I guess, on TRP's ability to maintain or gain market share as far as logistics opportunities in that area based off announcements at that summit.

只是想稍微了解一下 25 年下半年和 26 年專案公告的穩定節奏。鑑於最近舉行的賓州能源與創新高峰會，我想進一步了解賓州的情況。看起來你們的管道已經很好地佈置在那裡的一些資產周圍。我只是想知道您是否可以根據峰會上的公告，更詳細地闡述 TRP 在該地區的物流機會方面維持或獲得市場份額的能力。

Thanks, Jeremy. I'll start and Tina will provide some detail. I'll just focus on the macro picture here. As I mentioned in my prepared remarks, we've seen an increase in our long-term forecast of natural gas demand growth out to 2035 from 40 Bcf a day to 45. You see the Pulaski and Maysville capacity increases despite the fact that those projects were sanctioned last year.

謝謝，傑里米。我先開始，然後蒂娜會提供一些細節。我在這裡只關注宏觀情況。正如我在準備好的演講中提到的那樣，我們對 2035 年天然氣需求成長的長期預測已從每天 400 億立方英尺增加到 450 億立方英尺。儘管普拉斯基和梅斯維爾的計畫去年就已獲得批准，但其產能仍在增加。

Essentially, what's happening is when a utility or a data center developer announces energy supply, it's attracting other demand to that location. And that dynamic is going to manifest itself not only in those two projects, but you could potentially see us upsizing other projects that we've recently announced over the coming months. So just a really good picture in terms of our ability to be competitive. And as to Pennsylvania and the Appalachian Basin in general, I'll pass it over to Tina.

本質上，當公用事業公司或資料中心開發商宣布能源供應時，它會吸引其他需求到該地點。這種動態不僅會體現在這兩個項目中，而且您可能會看到我們在未來幾個月內擴大我們最近宣布的其他項目的規模。因此，就我們的競爭力而言，這真是一幅美好的圖景。至於賓州和阿巴拉契亞盆地的整體情況，我將交給蒂娜。

Thanks, Francois. Our assets sit on top of some of the largest demand centers in North America and -- whether that's data centers, power demand or the like. So that really gives us optionality across our footprints. I won't speak to any specific projects in Pennsylvania, but we do have a number of conversations underway. Those are continuing to progress well.

謝謝，弗朗索瓦。我們的資產位於北美一些最大的需求中心之上——無論是資料中心、電力需求還是類似的東西。因此，這確實為我們提供了在整個足跡範圍內的選擇權。我不會談論賓夕法尼亞州的任何具體項目，但我們確實正在進行一些對話。這些工作正在持續順利進展。

We currently have, as we talked about earlier, over 30 conversations with data center developers across the entire value chain.

正如我們之前所討論的，我們目前已經與整個價值鏈的資料中心開發人員進行了 30 多次對話。

And our primary focus is going to be working collaboratively in the US with our utility or LDC customers where we see we have the most alignments with the long-term trends. Really, our job is to take this significant opportunity set and select high-grade projects that deliver compelling returns in the 5 times to 7 times build multiple with long-term contracted cash flows. And that discipline is really paying off, and we'll continue to see that as we progress more projects, whether it's in Pennsylvania or other places.

我們的主要重點是與美國的公用事業或 LDC 客戶合作，因為我們認為我們與長期趨勢最一致。實際上，我們的工作是抓住這一重大機遇，選擇優質項目，透過長期合約現金流，在 5 倍至 7 倍的建設倍數內提供可觀的回報。這種紀律確實得到了回報，隨著我們推進更多的項目，無論是在賓州還是其他地方，我們將繼續看到這一點。

Got it. That makes sense. And then I think TRP has shown a good ability to reduce capital in projects coming under budget there. I'm just wondering if you could talk about the ability to, I guess, to continue doing that in the future, how you think about that? And really want to hear more of your thoughts on the incremental ability to add projects as this opens up balance sheet capacity and how you think about that?

知道了。這很有道理。然後我認為 TRP 已經表現出在預算範圍內減少專案資本的良好能力。我只是想知道您是否可以談談未來繼續這樣做的能力，您對此有何看法？我真的很想聽聽您對增加專案的增量能力的想法，因為這會打開資產負債表容量，您對此有何看法？

Jeremy, it's Francois. I'll take that one. It's -- I think our performance on project execution demonstrates a huge focus within the organization on achieving project execution excellence. That comes with better preparation, deploying more development capital at risk prior to sanctioning so that we have -- we're able to deliver outcomes consistent with Board approval and what we've communicated to the marketplace. And we expect that to continue.

傑里米，我是弗朗索瓦。我要那個。我認為我們在專案執行方面的表現表明，組織內部非常重視實現卓越的專案執行。這需要更好的準備，在批准之前部署更多的風險開發資本，以便我們能夠提供與董事會批准和我們向市場傳達的訊息一致的結果。我們預計這種情況將會持續下去。

I think the thing to make note of here is that if you look at our forward pipeline, it is nothing but brownfield in-corridor expansions. And the average size of our projects is down to around $450 million per project. And our performance this year in terms of bringing them in under budget is a good indication of that. We look at the projects that are midstream for going into service in '26 and beyond. Our performance is tracking to sort of a similar outcome.

我認為這裡要注意的是，如果你看看我們的前進管道，它只不過是棕地走廊內的擴張。我們專案的平均規模已降至每個專案約 4.5 億美元。我們今年在控制預算方面的表現就很好地證明了這一點。我們關注那些計劃於 26 年及以後投入使用的中游項目。我們的表現正朝著類似的結果發展。

Part of the reason why we're seeing improved returns in that 12% unlevered after-tax range this year is because there's more competition for our capacity.

我們今年看到 12% 無槓桿稅後回報率提高的原因之一是我們的產能競爭更加激烈。

The industry only has a finite amount of expansion capacity available on a brownfield basis, and there's an increasing number of customers pursuing that. So that places more negotiating leverage in the hands of the pipeline companies. And I would say, as we look at our forward pipeline, not only the $30-plus billion that's been sanctioned, but the next wave, the next $30 billion beyond that, we feel we have the ability to do the vast majority of that with brownfield expansions and not really looking to any large greenfield projects. So the dynamics are just very positive for us right now.

該行業在棕地基礎上可用的擴張能力是有限的，而且追求這種擴張能力的客戶越來越多。這使得管道公司擁有了更多的談判籌碼。我想說，當我們審視我們的未來規劃時，不僅要考慮已經批准的 300 多億美元，還要考慮下一波，即接下來的 300 億美元，我們認為我們有能力通過棕地擴建來完成其中的絕大部分，而不是真正考慮任何大型綠地項目。因此，目前我們的情況非常正面。

Theresa Chen, Barclays.

巴克萊銀行的 Theresa Chen。

On the heels of these positive developments, with the significant milestone of SGP now being in service and collecting tolls even 1 month earlier than previously anticipated, plus solid performance across the business in general and financial discipline and organic growth. Can you give us an update on the path forward to get to your 4.75 deleveraging target?

在這些積極發展之後，SGP 的一個重要里程碑是投入營運並收取通行費，比之前預期提前了一個月，此外整個業務在財務紀律和有機成長方面表現穩健。您能否向我們介紹一下實現 4.75 去槓桿目標的下一步措施？

Theresa, it's Sean. I'll take that one. Yes, top of mind, just a couple of table setters. We're bringing $8.5 billion of projects into service this year. This is really a peak year for us from a capital and service standpoint.

特蕾莎，我是肖恩。我要那個。是的，首先想到的就是幾個餐桌擺設。我們今年將啟動價值 85 億美元的計畫。從資本和服務的角度來看，這確實是我們的巔峰年。

We're going into our $6 billion to $7 billion range from here forward. So we're at a peak kind of delivery this year at $8.5 billion. We're also at our peak leverage. I think we've been pretty clear that 2025 will be in the 4.9 range in large part due to SGP, right, kind of only really getting a half years' worth of cash flow out of that. So it's really full year 2026 that we talked about in our prepared remarks that we are on track for our 4.75 in large part due to the 10 projects that Francois highlighted all coming into service by the end of 2025 and then converting to cash flow and organic deleveraging over the course of 2026.

從現在起，我們的規模將達到 60 億至 70 億美元。因此，今年我們的交付額將達到高峰 85 億美元。我們的槓桿率也處於最高水準。我認為我們已經非常清楚，2025 年將在 4.9 範圍內，這在很大程度上是由於 SGP，對，實際上只能從中獲得半年的現金流。因此，我們在準備好的發言中談到的實際上是 2026 年全年，我們有望實現 4.75 的目標，這在很大程度上是由於 Francois 強調的 10 個項目將在 2025 年底前全部投入使用，然後在 2026 年轉化為現金流和有機去槓桿。

But to be clear, our 4.75 leverage is absolutely part of the long-term plan.

但需要明確的是，我們的 4.75 槓桿絕對是長期計畫的一部分。

On Mexico, seeing that the past two administrations have prioritized expanding gas supply to the Southeast, namely the Yucatan Peninsula, but Northern Mexico seemingly also has a dire need for additional capacity, especially after 2030 when the legacy domestic production is expected to decline more sharply. You have assets that span multiple regions within Mexico. Curious to hear what is your outlook for utilization, understanding that the capacity by and large part is spoken for. But for utilization and growth for this set of infrastructure as your assets service these unique drivers of regional demand there?

關於墨西哥，過去兩屆政府都優先擴大東南部，即尤卡坦半島的天然氣供應，但墨西哥北部似乎也迫切需要增加產能，特別是在2030年之後，預計國內傳統產量將進一步急劇下降。您的資產遍佈墨西哥多個地區。好奇地想聽聽您對利用前景的看法，了解容量總體上已被佔用。但是，作為您的資產，這套基礎設施的利用率和成長是否服務於這些區域需求的獨特驅動因素？

Yes, Theresa, it's Francois. I'll take this one. Our assets in the northern part of Mexico are those that have been in service the longest, 10 -plus years. Mexico has been very forward-looking in terms of anticipating growth and capacity. But you're quite correct.

是的，特蕾莎，我是弗朗索瓦。我要這個。我們在墨西哥北部的資產是服役時間最長的資產，已經超過 10 年了。墨西哥在預測成長和產能方面非常具有前瞻性。但你說得很正確。

The utilization rates on our assets in the north have steadily gone up. And we are at the stage now where we, along with our very important customer, the CFE, need to be thinking about expansions. The good news is for expansions of those systems, they're relatively capital efficient. Really, they're just about compression increases. And so any capital required to increase throughput there would be fairly modest in nature.

我們北方資產的利用率穩定上升。現在我們正處於這樣一個階段，我們和我們非常重要的客戶 CFE 都需要考慮擴張。好消息是，對於這些系統的擴展而言，它們的資本效率相對較高。實際上，它們只是關於壓縮的增加。因此，增加吞吐量所需的資本本質上是相當適中的。

We will, however, balance that with the need to make sure that the percentage of our EBITDA coming from Mexico is along the lines of our long-term direction. So balancing those two, there are some growth opportunities for us in the northern half, as you said. But I think since there are only really compression additions and maybe some minor looping, we don't think that it will really stress increasing amounts of capital allocated in Mexico.

然而，我們將在這一點上取得平衡，以確保來自墨西哥的 EBITDA 百分比符合我們的長期方向。因此，正如您所說，平衡這兩者，我們在北半部就有一些成長機會。但我認為，由於實際上只有壓縮增加和一些小循環，我們認為它不會真正強調增加在墨西哥分配的資本。

Maurice Choy, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的莫里斯‧蔡 (Maurice Choy)。

Maybe just focusing a little bit on Canada here. I just wanted your updated macro view of the Canadian energy policy landscape. Bill C-5 has obviously become law and your views of the path forward for what we may see across the space, including at TC Energy, fully recognizing that the lion's share of your discretionary capital will still flow to the US.

也許這裡只關註一點加拿大。我只是想了解您對加拿大能源政策格局的最新宏觀看法。C-5 法案顯然已成為法律，您對包括 TC Energy 在內的整個領域未來發展方向的看法充分認識到，您的大部分可自由支配資本仍將流向美國。

Thanks, Maurice. It's Francois. I'll take this one. Look, Bill C-5 is definitely a positive from our perspective. I think it's nice to see a federal government that understands the sense of urgency around deploying capital to help make Canada an energy superpower.

謝謝，莫里斯。我是弗朗索瓦。我要這個。從我們的角度來看，C-5 法案絕對是一件正面的事。我認為看到聯邦政府理解部署資本以幫助加拿大成為能源超級大國的緊迫感是件好事。

In our interactions with the federal government, we believe very much that, that is a sincere objective on their part. We will benefit from that, we believe, if LNG Canada sanctions Phase 2 of -- the Phase 2 expansion of that -- at that site with a doubling of throughput capacity on CGL. Our obligation there, again, is to work with them to provide a bona fide estimate to factor into their FID process. We're nearing the final throes of doing that, and that will be factored into their assessment on their own time line.

在與聯邦政府的互動中，我們非常相信，這是他們的真誠目標。我們相信，如果加拿大液化天然氣公司批准在該站點進行第二階段擴建，CGL 的吞吐量將翻一番，我們將從中受益。再次強調，我們的義務是與他們合作，提供真實的估算，以納入他們的 FID 流程。我們即將進入最後的衝刺階段，這將在他們的時間表評估中考慮。

With respect to other infrastructure around the country, I think there's a much better appreciation for the role that natural gas is going to play in terms of increasing the role Canada can play in reducing the world's emissions. I've spoken publicly about the fact that I believe there's a huge potential for Canada to be the largest exporter of LNG to Asia and that, that could create up to $75 billion incremental GDP for the country. The provinces appear to be supportive. The policy support now appears to be there. And so it's up to Canada, the provinces, indigenous communities and the private sector to get out there and send the message to international markets that Canada is open for business again.

關於全國其他基礎設施，我認為人們對天然氣在增強加拿大在減少世界排放方面所發揮的作用有了更好的認識。我曾公開表示，我相信加拿大有巨大潛力成為亞洲最大的液化天然氣出口國，這可能為加拿大創造高達 750 億美元的增量 GDP。各省似乎都表示支持。目前看來，政策支持已經出現。因此，加拿大、各省、原住民社區和私營部門應該走出去，向國際市場發出加拿大再次開放商業的訊息。

Understood. And just finishing off on the US data center and new project seen. I know in your prepared remarks, you mentioned that several customers have indicated potential of requiring a greater capacity than originally planned. Can you elaborate a little bit more on that and what customers are asking -- they request materially changed from your last conference call?

明白了。剛剛完成了美國資料中心和新專案的考察。我知道，在您準備好的發言中，您提到有幾位客戶表示可能需要比原計劃更大的容量。您能否詳細說明一下這一點以及客戶的要求——他們的要求與上次電話會議相比有何重大變化？

I fully recognize you've not changed your messaging on the timing of new projects, but just curious how the customers are -- customer discussions are going.

我完全認識到您沒有改變有關新專案時間的信息，但我只是好奇客戶的情況 - 客戶討論的進展如何。

Maurice, this is Tina. I'll elaborate on that a bit. As we talked about with our Pulaski and Maysville project that we sanctioned last year, as we're starting to develop those projects, there's continued growth on the power generation sector that is driving some of our customers to want to plan for greater capacity as they continue to see that power generation requirement grow. So those are great examples of how we're in process and then have been asked to "upsize" the facilities for additional projects that they're seeing behind their service territories. Other examples, you may remember, last year, we had -- earlier this year, we were looking at a project in Wisconsin that was a bit delayed.

莫里斯，這是蒂娜。我將對此進行更詳細的說明。正如我們去年批准的普拉斯基和梅斯維爾項目一樣，隨著我們開始開發這些項目，發電行業的持續成長促使我們的一些客戶希望規劃更大的容量，因為他們繼續看到發電需求的成長。這些都是很好的例子，說明我們如何在流程中被要求「擴大」設施，以適應他們在服務區域後面看到的其他項目。其他例子，您可能還記得，去年，我們——今年早些時候，我們正在考慮威斯康辛州的一個項目，但該項目有點延遲。

And that project was in the process of looking at increased capacity as well. And then as we're looking down the road related to power generation, we see this robust pipeline of about 5.5 Bcf per day and $8 billion of opportunities, which include coal-to-gas conversions or data center-driven demand. And that demand continues to grow. So as we're developing the projects, we continue to see increased needs that are causing us to, in some cases, add additional facilities before we're able to sanction those projects.

該項目也正在考慮增加產能。然後，當我們展望與發電相關的未來時，我們看到了這條每天約 55 億立方英尺的強勁管道和 80 億美元的機遇，其中包括煤轉氣或數據中心驅動的需求。而這種需求還在持續成長。因此，在我們開發專案的過程中，我們不斷看到需求的增加，在某些情況下，這導致我們在批准這些專案之前必須添加額外的設施。

Rob Hope, Scotiabank.

羅伯霍普（Rob Hope），加拿大豐業銀行。

Maybe continuing on the data center theme. So it does appear that we're seeing the size of the data center campuses getting larger. How is that getting reflected in the project pipeline? Are we seeing some consolidation of projects? Or in aggregate, are we just seeing larger projects overall with the same number?

也許會繼續數據中心主題。因此，我們確實看到資料中心園區的規模越來越大。這在專案流程中是如何體現的？我們是否看到了一些項目的整合？或者從總體上看，我們是否只看到總體規模較大但數量相同的項目？

And I guess, could this also result in project sizes above the average of 450 that you just mentioned?

我想，這是否也會導致專案規模超過您剛才提到的 450 的平均值？

Thank you, Rob. I'll take that question. This is Tina. We're seeing several demand drivers in addition to just data centers when you think about power generation. And in the US, in particular, you'll recall that our strategy is to primarily work with our utility companies to support the power gen behind their systems.

謝謝你，羅布。我來回答這個問題。這是蒂娜。當您考慮發電時，除了資料中心之外，我們還會看到幾個需求驅動因素。特別是在美國，您會記得我們的策略主要是與公用事業公司合作，為其係統背後的發電提供支援。

So as we look at those opportunities, they may include coal to gas, they may include a general electrification, they may include data centers. So a lot of our utility customers are looking at this in a much more aggregated fashion related to how much power they need to serve these loads. That's working really well for us because then we're able to put sizable projects together that are not just specific to an individual data center. It's more for general power generation demand. And we are going to continue to see a cadence of those type of opportunities in the second half of '25 and '26.

因此，當我們審視這些機會時，它們可能包括煤製氣、可能包括普遍電氣化、可能包括資料中心。因此，我們的許多公用事業客戶都在以更全面的方式考慮他們需要多少電力來滿足這些負載。這對我們來說非常有效，因為我們能夠將大型專案整合在一起，而不僅僅是針對單一資料中心。它更適合一般發電需求。我們將在 2025 年下半年和 2026 年繼續看到此類機會的出現。

And Rob, it's Francois. Just to add to that, sort of the second part of your question, yes, we definitely could see projects getting larger than otherwise or originally planned. But in many instances, what that means is you go from a 30-inch pipe to a 36-inch pipe. The complexity of the project doesn't really increase dramatically. And -- for instance, a 25% increase in capacity throughput does not necessarily imply a 25% increase in the capital cost if it's just a larger diameter pipeline.

羅布，我是弗朗索瓦。補充一點，這有點像你問題的第二部分，是的，我們確實可以看到專案變得比原來或最初計劃的更大。但在很多情況下，這意味著要從 30 英吋的管道換成 36 英吋的管道。專案的複雜性實際上並沒有大幅增加。例如，如果只是增加管道直徑，那麼容量吞吐量增加 25% 並不一定意味著資本成本增加 25%。

So while the projects are trending to get a little bit larger, it does not mean that the complexities also increasing.

因此，雖然專案趨於變得更大，但這並不意味著複雜性也會增加。

Appreciate that. And then maybe on a longer-term theme, here in Ontario, we're seeing, I would say, continued or increasing support for nuclear. When we think about Bruce C, and I know it's a number of years out, but what are kind of some of the key milestones we should be looking for over the next couple of years on that project?

非常感謝。然後也許從長期來看，在安大略省，我們看到對核能的支持持續或增加。當我們考慮 Bruce C 時，我知道這還需要幾年的時間，但在接下來的幾年裡，我們應該在這個專案上尋找哪些關鍵里程碑？

Yes. Thanks, Rob. It's Greg Grant here. Maybe just to start with, one of the things that we're very excited about, certainly, whether it's Bruce or OPS, we did have the recent publication from the Ontario government on the integrated energy plan. And I just want to highlight that when you look through that document, it talks about affordability, security, reliability and clean energy.

是的。謝謝，羅布。我是格雷格·格蘭特。首先，讓我們非常興奮的事情之一，當然，無論是布魯斯還是 OPS，我們確實收到了安大略省政府最近發布的綜合能源計劃。我只想強調的是，當你瀏覽該文件時，它談到了可負擔性、安全性、可靠性和清潔能源。

And I happen to know two projects that do that with Bruce C and OPS. So we're very happy with the progress of both of those projects, having both the Ontario and federal government support there. With Bruce C in particular, we continue to progress with the federal dollars that were given to us, the $50 million.

我碰巧知道有兩個與 Bruce C 和 OPS 合作的項目。因此，我們對這兩個項目的進展感到非常高興，並得到了安大略省和聯邦政府的支持。特別是在布魯斯C 的幫助下，我們繼續利用聯邦政府提供的 5000 萬美元資金來取得進展。

We're looking at various environmental reviews, archaeological and really, it goes towards site preparation and continuing on some of the engineering work. So we're going to continue to progress that work. I just would add that it still is fairly early. Like when you think about the work that goes into building a Bruce C, it's going to continue on until the end of the decade, and you shouldn't expect an FID on that until early 2030. But you will see also in the early 2030s, Francois mentioned in the remarks, almost a doubling of EBITDA just from the existing work that we're doing.

我們正在研究各種環境評估、考古評估，實際上，這涉及到場地準備和繼續進行一些工程工作。因此我們將繼續推進這項工作。我只是想補充一點，現在還太早。就像當你考慮建造 Bruce C 所需的工作時，它將持續到這個十年末，你不應該期望在 2030 年初之前對其做出最終投資決定。但你還會看到，到 2030 年代初，正如弗朗索瓦在評論中提到的那樣，僅從我們現有的工作來看，EBITDA 幾乎就會翻一番。

So some great work from the team and looking forward to progress Bruce C.

所以團隊做了一些出色的工作，並期待 Bruce C 取得進步。

Ben Pham, BMO.

Ben Pham，BMO。

A couple of questions. Can you update us on the status or success of shoring up that $6 billion to $7 billion through the 2030 time frame? I'm thinking specifically the 2026 wedge and also any comments on those elevated years two years beyond that.

有幾個問題。您能否向我們介紹一下在 2030 年期間維持 60 億至 70 億美元資金的現狀或成功情況？我特別想到的是 2026 年楔形，以及對兩年後那些升高年份的任何評論。

Yes, Ben, it's Francois. I'll start and invite Sean to add some comments. As we talked about last year, looking out to 2030 in terms of unallocated capital, we had about $8 billion of room remaining. We've done a good job actually starting to fill that $8 billion. And when we look at our forward pipeline, we certainly expect that we'll be able to fill that up by the end of 2026 for all of the thematic reasons that we've expanded upon on this call.

是的，本，我是弗朗索瓦。我將開始並邀請肖恩添加一些評論。正如我們去年所討論的，展望 2030 年，就未分配資本而言，我們還剩下約 80 億美元的空間。實際上，我們已經開始填補這 80 億美元，而且做得很好。當我們展望未來管道時，我們當然預計我們將能夠在 2026 年底之前填滿它，因為我們在這次電話會議上詳細闡述了所有主題原因。

But Sean, anything you want to add there?

但是肖恩，你還有什麼要補充的嗎？

Very little. Ben, We monitor the white space, we've worked off probably 1/3 of that just in the last 6 months relative to Investor Day, and it's is really this dual track process, $6 billion for at least the next 2 years so that the balance sheet and the pipeline both get to kind of work in the way that they both need to. So we're capturing the growth on these 12% projects while still respecting and preserving the 4.75. So we're going to go slow with this kind of $6 billion to $7 billion range and another at least 2 solid years of kind of execution before we really consider doing anything different.

非常少。本，我們監控空白領域，相對於投資者日，我們在過去 6 個月內已經完成了大約 1/3 的工作，這實際上是一種雙軌流程，至少在未來 2 年內投入 60 億美元，以便資產負債表和渠道都能以它們需要的方式發揮作用。所以，我們在抓住這些12%專案成長機會的同時，仍然尊重並維持4.75%的成長率。所以我們會在這個60億到70億美元的範圍內緩慢推進，至少再花兩年時間紮實地執行下去，之後才會真正考慮採取任何不同的行動。

And this increased cadence of the data center projects or LNG, recognizing its small scale. It sounds like you sanction those projects, you'll still be more at the $6 billion level. I'm just trying to gauge your comfort level in that $6 billion to $7 billion range.

而這加快了資料中心專案或液化天然氣專案的節奏，承認其規模較小。聽起來你批准了這些項目，但資金仍將超過 60 億美元。我只是想判斷一下您對 60 億到 70 億美元這個範圍的承受能力。

Yes. Look, it -- as you know, Ben, it takes two or three years to get regulatory approval before you put shovels in the ground. You're making financial commitments from the time you sanction a project. But in terms of cash going out the door and being deployed for construction, which is where most of the capital goes, that only starts happening when you put shovels in the ground. And so it's getting harder and harder to contemplate having projects with meaningful spend even in 2027, given the fact that we're in July of 2025 already.

是的。你看，本，你知道，在動工之前需要花兩到三年的時間才能獲得監管部門的批准。從您批准專案時起，您就要做出財務承諾。但就資金流出並用於建設而言，也就是大部分資本的流向，這只有當你動工時才會發生。因此，考慮到現在已經是 2025 年 7 月，即使在 2027 年，考慮開展有意義的支出項目也變得越來越困難。

So as I've said before, some of the lessons that we've learned from our past that have driven our project execution excellence are a respect for human and financial capacity. And first and foremost, as we look at executing a larger backlog of projects in the future, the focus will be first on human capacity. Do we have the bench, the breadth of bench and do we have the management attention to govern over a larger capital program.

正如我之前所說，我們從過去學到的一些經驗教訓推動了我們的專案執行卓越，這些經驗教訓是對人力和財務能力的尊重。首先，當我們著眼於未來執行更多的積壓項目時，重點將首先放在人力上。我們是否擁有足夠的人才、足夠的人才儲備以及是否有管理能力來管理更大的資本項目。

So we're going to do that very carefully and very judiciously and continue to focus on a large number of smaller projects that are brownfield and in corridor. But that sort of points you to it being challenging for us to consider a larger program really until 2028 or beyond.

因此，我們將非常謹慎和審慎地進行這項工作，並繼續關注棕地和走廊中的大量小型項目。但這表明，在 2028 年或以後，我們很難真正考慮實施更大的計劃。

Robert Catellier, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Robert Catellier。

Question maybe for Tina. I just wanted to follow up on the data center theme here. It sounds like from your comments that you're really focusing on serving the LDC customers and sticking to brownfield and pipeline expansions. But what's your view on pursuing behind-the-meter power?

這可能是針對蒂娜的問題。我只是想在這裡跟進數據中心主題。從您的評論來看，您似乎確實專注於服務 LDC 客戶並堅持棕地和管道擴建。但是您對追求用戶側電力有何看法？

Rob, I'll start, and then I'm going to turn it over to Greg Grant. But as we've stated in the past, our strategy in the US is to work with our utility customers to serve data center load, given that there's additional load typically from a portfolio perspective that they're trying to serve with power gen. And then we have an attractiveness and depth of our portfolio by doing this. It provides us a low-risk compelling return approach to capturing data center growth, and we can proceed with build multiples in the 5 times to 7 times range.

羅布，我先開始，然後我會把時間交給格雷格·格蘭特。但正如我們過去所說的那樣，我們在美國的策略是與我們的公用事業客戶合作來滿足資料中心負載，因為從投資組合的角度來看，他們通常會嘗試透過發電來滿足額外的負載。透過這樣做，我們的投資組合就具有了吸引力和深度。它為我們提供了一種低風險、有吸引力回報的方法來捕捉資料中心的成長，並且我們可以繼續在 5 倍到 7 倍的範圍內進行建置。

In select instances, we'll be looking at direct connections to data centers where there's utility service limited. But again, that would need to be in the 5 times to 7 times range with low risk. From a behind-the-meter perspective, there are opportunities that we would be considering in Canada, given the different construct there. I'll turn it over to Greg to walk through that.

在某些情況下，我們將考慮與公用設施服務有限的資料中心的直接連接。但同樣，這需要在 5 倍到 7 倍的範圍內，風險較低。從電錶後的角度來看，考慮到加拿大的結構不同，我們會考慮在加拿大獲得機會。我將把這個問題交給 Greg 來解答。

Sure. Happy to comment on that, Tina. Just that we are open to opportunities and having many conversations where we can leverage our experience and capabilities in that complementary solution, we talked about a couple of quarters ago on both the gas and the electron side. And I think in Alberta, we do have that strategic footprint. We do have the gas storage.

當然。很高興對此發表評論，蒂娜。我們對機會持開放態度，並進行了許多對話，我們可以利用我們在互補解決方案中的經驗和能力，我們在幾個季度前就討論了天然氣和電子方面的問題。我認為在阿爾伯塔省，我們確實有這樣的戰略足跡。我們確實有天然氣儲存設施。

We have power assets. We have renewables. We have -- on the co-gen side. So we have a great footprint to work from. I would just add, we will be very thoughtful and selective in that approach.

我們擁有電力資產。我們有再生能源。我們有－在聯合發電方面。因此，我們擁有良好的工作基礎。我只想補充一點，我們在採取這一方法時會非常周到和有選擇性。

We do know that we'll have to compete for capital, and we're working with our customers here on some win-win solutions that you can actually bring some capacity on quite quickly. But obviously, they have to compete. And we think with that footprint, we can get competitive risk-adjusted returns to compete with some of the great projects that Tina has been bringing forward.

我們確實知道我們必須爭取資金，我們正在與客戶合作，尋求一些雙贏的解決方案，以便您可以很快地提高一些產能。但顯然，他們必須競爭。我們認為，憑藉這一足跡，我們可以獲得具有競爭力的風險調整回報，從而與蒂娜一直在推進的一些偉大項目競爭。

Okay. And then just wondered maybe a question for Sean here. What are the practical impacts of the budget reconciliation bill, the One Big Beautiful Act in the US on your project pipeline as well as cash taxes.

好的。然後我只是想知道也許這裡有一個問題要問肖恩。美國的預算協調法案和《一個大美麗法案》對您的專案管道以及現金稅收有哪些實際影響。

Yes, Rob, the short answer is not much. We're a regulated service provider, right? We don't get the benefit of bonus depreciation. But on the flip side, we also don't get the interest limitations that unregulated folks do in the US So it's pretty good for our customers, right?

是的，羅布，簡而言​​之，答案是沒有太多。我們是受監管的服務提供者，對嗎？我們沒有得到獎金折舊的好處。但另一方面，我們也沒有像美國不受監管的人那樣受到利息限制，所以這對我們的客戶來說相當不錯，對吧？

We're bringing new unregulated capacity online. And what you've heard Tina and Francois and Greg talk about today is, I think, only going to get better from the Big Beautiful Bills. We're an indirect beneficiary of it.

我們正在將新的不受管制的產能投入上線。我認為，今天您聽到蒂娜、弗朗索瓦和格雷格談論的事情，在 Big Beautiful Bills 的幫助下只會變得更好。我們是它的間接受益者。

One point I'd like to add, Rob, it's Francois, is our EBITDA guidance long term, our -- the execution of our growth plan is not reliant on any prospective reform, permitting reform or concessions or stimulus in the bill you referenced. It's based on the status quo. So any improvements that come prospectively will simply either improve time lines or improve returns from what's stated in our guidance.

羅布，弗朗索瓦，我想補充一點，我們的長期 EBITDA 指導，我們的增長計劃的執行並不依賴於您所提到的法案中的任何未來改革、允許改革或讓步或刺激。這是基於現狀的。因此，任何預期的改進都只是改善時間表或提高我們指導中所述的回報。

Okay, great. That's the perspective I was looking forward, thank you.

好的，太好了。這就是我所期待的觀點，謝謝。

Olivia Halferty, Goldman Sachs.

高盛的奧莉薇亞·哈爾弗蒂。

I wanted to start on the multiyear growth plan on NGTL, specifically that today's announcement brings total commitments under the plan to roughly $700 million within the plan's $3.3 billion framework. Could you share how we should think about the cadence of project announcements from here in order to add 1 Bcf a day of capacity by 2030? And secondly, how do you think about allocating capital towards NGTL under this framework versus pursuing, let's say, incremental US gas projects with potentially higher returns?

我想先談談 NGTL 的多年期成長計劃，具體來說，今天的公告將使該計劃下的總承諾額達到 33 億美元框架內的約 7 億美元。您能否分享一下，我們應該如何考慮從現在開始的專案公告節奏，以便在 2030 年每天增加 10 億立方英尺的產能？其次，您如何看待在此框架下向 NGTL 分配資金，而不是追求可能具有更高回報的增量美國天然氣項目？

Thank you, Olivia. I'll take the question, and then I'll pass it over to Francois for any additional comments. The multiyear growth program obviously was completed as part of a multiyear settlement we have on NGTL. And as we are evaluating the need for egress, we'll continue to have a cadence of how those projects will be supported. We have recently announced the Program 1 and Program 2, and we'll continue on a cadence through the next several years.

謝謝你，奧莉維亞。我會回答這個問題，然後我會把它交給弗朗索瓦，讓他發表其他評論。這項多年期成長計畫顯然是作為我們對 NGTL 的多年期解決方案的一部分而完成的。在我們評估出口需求的同時，我們將繼續研究如何支援這些項目。我們最近宣布了計劃 1 和計劃 2，並將在接下來的幾年裡繼續按計劃進行。

Nothing really prescriptive about that, but the opportunity will be there to continue to provide egress from that. We were able to procure that opportunity set through that settlement that gives us opportunity to earn more than we would otherwise. And so the criticality for us is to continue to be able to provide egress from the basin, and we have a solution for that with this program.

對此並沒有什麼實際的規定，但機會仍然存在，可以繼續提供出口。我們能夠透過該協議獲得這一機會，這讓我們有機會賺到比其他方式更多的錢。因此，對我們來說，關鍵在於能夠繼續提供盆地出口，我們透過這個計畫找到了解決方案。

And to add to that, Olivia, and by the way, the capital spend for the multiyear growth program is back-end loaded in the Uyear period. The first two waves that we've sanctioned are fairly modest in size, as you referenced. In terms of capital allocation going forward, and we are going to honor our commitments, obviously, to our customers in Canada, very important customers. Part of the settlement was for a commitment on our part subject to board sanctioning of each individual project is to increase -- meaningfully increase egress from the basin. Beyond that, however, Canada gas has to compete for capital with the other business units in the company.

順便說一下，奧利維亞，此外，多年期增長計劃的資本支出是在 Uyear 期間後端加載的。正如您所說，我們批准的前兩波規模相當適中。在未來的資本配置方面，我們將履行對加拿大客戶的承諾，這些客戶非常重要。和解協議的一部分是，我們承諾在董事會批准每個單獨項目的前提下，大幅增加從盆地的流出量。然而除此之外，加拿大天然氣公司還必須與公司的其他業務部門競爭資本。

And currently, the risk-adjusted returns in the US are meaningfully higher than in Canada. So for our discretionary capital, you can expect that we are going to be allocating capital predominantly in the US as and until competitive projects in other jurisdictions present themselves that compel us to allocate capital elsewhere.

目前，美國的風險調整報酬率明顯高於加拿大。因此，對於我們的可自由支配資本，您可以預期我們將主要在美國分配資本，直到其他司法管轄區出現競爭項目，迫使我們將資本分配到其他地方。

Got it. That's clear. Appreciate the color there. Maybe a second question for me. I wanted to touch on the willingness to lean into partnerships on future projects as discussed last quarter, which could allow TC to capitalize on the numerous project opportunities across the footprint while managing capital requirements.

知道了。這很清楚。欣賞那裡的色彩。這對我來說可能是第二個問題。我想談談上個季度討論過的、在未來專案中依賴合作夥伴關係的意願，這可以讓 TC 在管理資本需求的同時，充分利用整個業務範圍內的眾多專案機會。

Could you frame up, first, your willingness to pursue projects with partners versus pursuing projects independently? And second, where partnership opportunities are most interesting across your current footprint? And then maybe last, zooming out, how might partnership opportunities compare and contrast in the different business segments like US versus Canada gas or power?

首先，您能否說明一下您願意與合作夥伴一起進行專案還是獨立進行專案？其次，在您目前的業務範圍內，最有趣的合作機會在哪裡？最後，從更廣泛的角度來看，美國和加拿大的天然氣或電力等不同業務領域的合作機會有何不同？

Olivia, it's Sean. Let me take that question generally, and maybe I'll pass it over to Greg to talk about some of the past partnerships. Look, as Francois mentioned, our average project size is $400 million to $500 million, and its brownfield on our current systems. We do not need partners for projects of that type. That being said, right, as part of our capital efficiency, capital rotation partnership, always looking for partners that can either add value through capabilities, through cost of capital.

奧莉維亞，我是肖恩。讓我概括地回答這個問題，也許我會把它交給格雷格來談談過去的一些合作關係。正如弗朗索瓦所提到的，我們的平均專案規模為 4 億至 5 億美元，並且是我們現有系統上的棕地。我們不需要此類專案的合作夥伴。話雖如此，作為我們資本效率、資本輪調夥伴關係的一部分，我們一直在尋找能夠透過能力、透過資本成本增加價值的合作夥伴。

But by and large, on our brownfield strategy, we're perfectly well suited and capitalized to prosecute most of that, if not all of that. I would tell you on maybe some of the larger projects, maybe, Greg, particularly in (technical difficulty), if you want to talk about how we think about some of the JV opportunities there.

但總的來說，就我們的棕地策略而言，我們完全有能力、有資本去實施其中的大部分，即使不是全部。格雷格，我想告訴你一些較大的項目，特別是在技術難度方面，如果你想談談我們如何看待那裡的一些合資機會。

Sure. No, happy to. I think that there's plenty of opportunities strategically to bring in partners. I think there's a strategic in the capability's perspective in financial. Obviously, when you look at in OPS, we're working quite closely with the SON, Saugeen Ojibway Nation as equity partners.

當然。不，很高興。我認為從策略上來說有很多機會引入合作夥伴。我認為從財務角度來看，能力具有策略性。顯然，當您查看 OPS 時，我們正與 SON、Saugeen Ojibway Nation 作為股權合作夥伴密切合作。

We have numerous partners when you think about CGL. We're partners with OMERS on Bruce. And -- so I think there's plenty of opportunities where we will look strategically for partnerships and JVs, and we've been quite successful in prosecution and execution of those.

當您想到 CGL 時，我們有許多合作夥伴。我們是 OMERS 在 Bruce 計畫的合作夥伴。所以我認為我們有很多機會可以從策略上尋找合作夥伴關係和合資企業，而且我們在起訴和執行這些方面已經相當成功。

Burke Sansiviero, Wolfe Research.

伯克桑西維羅（Burke Sansiviero），沃爾夫研究公司。

Just curious if you've met with S&P since you've received payment on Southeast Gateway. Just any thoughts on when you think they might deal with a very long 29 month negative outlook.

我只是好奇自從您收到東南門戶的付款後，您是否與 S&P 見過面。您認為他們何時可能面臨長達 29 個月的負面前景，對此您有何看法？

Burke, it's Sean. I'm happy to take that one. Look, let me just say we're in constant contact every quarter, every agency and they kind of move through their review cycles, obviously, independent of one another. So without speaking specifically about any recent conversation, that report has been 29 months, as you say. S&P was pretty clear in that February report as to what they were looking for this year.

伯克，我是肖恩。我很高興接受這個。你看，我只想說，我們每個季度都與每個機構保持聯繫，他們顯然都在經歷各自的審查週期，彼此獨立。因此，在不具體談論任何最近的談話的情況下，正如您所說，該報告已經過去了 29 個月。標準普爾在二月的報告中非常清楚地表明了他們今年的期望。

SGP obviously coming online on time and under budget was an important one. And the second element of the conversation with the S&P team and candidly, all of the agencies was maintaining the capital discipline and the project delivery kind of 5 times to 7 times. We've done everything that we said we were going to do. We've completed everything that the agencies kind of had on their watch list. So as it relates to each agency's review period from here towards probably the fall, I'm not at liberty to say it, I don't know.

顯然，SGP 按時並在預算內上線是至關重要的。與標準普爾團隊對話的第二個要素是坦白說，所有機構都是保持資本紀律和專案交付，頻率為 5 倍到 7 倍。我們已經完成了我們說過要做的一切。我們已經完成了各機構監視名單上的所有事項。因此，至於它與從現在到秋季的每個機構的審查期有關，我不便透露，我不知道。

So we stay in constant contact.

因此我們一直保持聯繫。

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 Wylie.

女士們、先生們，問答環節到此結束。如有任何其他問題，請聯絡 TC Energy 的投資者關係部門。現在我將電話轉給 Gavin Wylie。

Thank you, and thanks, everybody, for participating this morning. As the operator mentioned, if we didn't get to your question today, please do contact the Investor Relations team. We're always happy to help. And of course, as always, we appreciate your interest in TC Energy and look forward to our next update that's likely going to be early November. Enjoy the rest of your summer. We'll see you soon.

謝謝大家，也謝謝大家今天早上的參與。正如接線員所提到的，如果我們今天沒有回答您的問題，請聯絡投資者關係團隊。我們總是很樂意提供協助。當然，像往常一樣，我們感謝您對 TC Energy 的關注，並期待我們的下一次更新，很可能是在 11 月初。享受剩下的夏天吧。我們很快就會見到你。

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。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。