TC Energy Corporation (TRP) 2026 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the TC Energy second quarter 2026 results conference call. (Operator Instructions) The conference call is being recorded. (Operator Instructions) I would now like to turn the conference over to Mr. Gavin Wylie, Vice President, Investor Relations. Please go ahead.

感謝各位稍候。我是會議接線員。歡迎參加 TC Energy 2026 年第二季業績電話會議。(接線員指示) 本次電話會議將被錄音。(接線員指示) 現在我想將電話會議交給投資人關係副總裁 Gavin Wylie 先生。請開始。

Thank you. I'd like to welcome you to TC Energy's second quarter 2026 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 operational and financial highlights. A copy of the slide presentation is available on our website under the Investors section.

謝謝。歡迎各位參加 TC Energy 2026 年第二季電話會議。與我一同出席的有總裁兼執行長 Francois Poirier；執行副總裁兼財務長 Sean O'Donnell；以及我們資深領導團隊的其他成員。Francois 與 Sean 將先就我們的營運與財務重點發表一些評論。簡報投影片可於我們網站「投資人」專區取得。

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

在他們發言之後，我們將接受投資界的提問。請各位將問題限制在兩題以內。若您是媒體人士，請聯繫我們的媒體團隊。今天的發言將包含前瞻性陳述，可能受到重要風險與不確定性影響。更多資訊請參閱 TC Energy 向加拿大證券監管機構及美國證券交易委員會提交的報告。

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

最後，我們將提及若干非 GAAP 指標，這些指標可能無法與其他公司所呈列的類似指標相互比較。對帳表載於本簡報附錄。接下來我把電話交給 Francois。

Thanks, Gavin, and good morning, everyone. I'd like to begin today with an update on the strong momentum we continue to see across our businesses. We're capitalizing on the competitive advantages afforded by our incumbent footprint in some of the highest growth markets in North America and converting strong demand into high-return growth projects.

謝謝你，Gavin，各位早安。我想先就我們各項業務持續展現的強勁動能提供最新進展。我們正善用在北美一些成長最快市場中的既有版圖所帶來的競爭優勢，並將強勁需求轉化為高報酬的成長專案。

Our consistent focus on safety and execution excellence is the foundation that delivers reliable service, it wins new business, and it ultimately drives higher financial performance that continues to create long-term shareholder value. Through the first half of 2026, we've made meaningful progress on our development pipeline.

我們對安全與卓越執行的一貫專注，是提供可靠服務的基礎；它能贏得新業務，並最終帶動更高的財務表現，持續創造長期股東價值。在 2026 年上半年，我們在開發管線方面取得了實質進展。

We placed approximately $2 billion of assets into service, largely on time and on budget or better, and we expect to place approximately $3.5 billion into service by the end of the year. Including approximately $700 million of new natural gas pipeline projects we announced this quarter, we've now sanctioned $3 billion of growth projects at a weighted average unlevered after-tax IRR of approximately 12%.

我們已將約 20 億美元的資產投入營運，整體而言大多按時、按預算甚至優於預算完成；並預期在年底前再將約 35 億美元投入營運。包含本季宣布約 7 億美元的新天然氣管線專案在內，我們目前已核准 30 億美元的成長專案，加權平均無槓桿稅後 IRR 約為 12%。

Our late-stage pending approval bucket now stands at approximately $7 billion, up $1 billion from last quarter. This portfolio reflects multiple projects in advanced stages of commercial discussions with large anchor customers and now includes our Crossroads project, where we have executed precedent agreements subject to Board approval with multiple anchor customers and are in advanced discussions with several other potential shippers. We continue to evaluate opportunities to expand the project scope with additional shippers and expect to sanction the project in the fourth quarter of this year.

我們後期、待核准的專案池目前約為 70 億美元，較上季增加 10 億美元。此投資組合反映多個專案正與大型主力客戶進行後期且深入的商務洽談；其中也納入我們的 Crossroads 專案，我們已與多家主力客戶簽署需經董事會核准的先決協議，並正與其他數家潛在託運人進行深入討論。我們持續評估透過新增託運人來擴大專案範疇的機會，並預期於今年第四季核准該專案。

Looking further out, we have over $20 billion of additional projects in advanced stages of origination that align with our targeted 5 times to 7 times build multiple range, further supporting our long-term growth visibility.

再往後看，我們還有超過 200 億美元的其他專案正處於開發起源的後期階段，且符合我們目標的 5 倍至 7 倍建置倍數區間，進一步支撐我們長期成長的可見度。

Collectively, this progress reinforces our ability to grow our capital investments while maintaining our disciplined approach to project execution, risk-adjusted returns and balance sheet strength. Our expanding capital backlog is anchored by fundamental demand growth driven by the next wave of LNG, accelerating power and data center load, LDC reliability and connectivity between low-cost supply and high-value markets, each aligning to a strategic pillar of our portfolio.

整體而言，這些進展再次證明我們有能力在維持對專案執行、風險調整後報酬以及資產負債表強度之紀律化作法的同時，擴大資本投資規模。我們不斷擴大的資本待建庫存，係以基本面需求成長為支撐，動能來自下一波 LNG、加速成長的電力與資料中心負載、LDC 的可靠性需求，以及低成本供給與高價值市場之間的連結；上述各項皆與我們投資組合的策略支柱一致。

Our latest outlook now points to an approximately 51 Bcf per day of incremental North American natural gas demand by 2035, and that's a 40% increase over 2025 levels and represents an 11 Bcf a day increase from our original outlook. Accelerating power demand accounts for more than half of this increase and now represents approximately 16 Bcf per day of incremental growth through 2035.

我們最新展望指出，到 2035 年北美天然氣需求將新增約每日 510 億立方英尺（Bcf/d），較 2025 年水準增加 40%，也比我們原先的展望再增加每日 110 億立方英尺。加速成長的電力需求占這項增量的一半以上，且目前預估到 2035 年將帶來約每日 160 億立方英尺的新增成長。

Importantly, nearly 70% of this demand growth is concentrated in the US Heartland, Alberta and Mexico, regions where TC Energy has a strong incumbent position and significant existing infrastructure. Additionally, customers are increasingly prioritizing supply diversity and reliability. And by 2035, more than 60% of North American natural gas production will originate from TC Energy connected basins, primarily Appalachia and the WCSB.

重要的是，近 70% 的需求成長集中在美國中部地區（Heartland）、亞伯達省與墨西哥等區域；這些地區正是 TC Energy 具備強大既有地位與大量既有基礎設施的市場。此外，客戶也愈來愈重視供應多元化與可靠性。到 2035 年，北美超過 60% 的天然氣產量將來自與 TC Energy 連接的盆地，主要為阿帕拉契亞（Appalachia）與西加拿大沉積盆地（WCSB）。

So why are we growing our backlog and capturing growth? In the majority of premium markets we serve, we are the incumbent, often the largest provider, and that allows us to develop cost competitive expansions, converting this strong fundamental backdrop into our growing capital backlog.

那麼，我們為何要擴大待建庫存並掌握成長？在我們服務的大多數高價值市場中，我們是既有業者，且往往是最大的供應商；這使我們能夠開發具成本競爭力的擴建方案，將強勁的基本面背景轉化為不斷成長的資本待建庫存。

Our extensive footprint and our integrated storage capability and long-standing customer relationships allow us to develop innovative commercial solutions that meet evolving customer needs. Today's project announcements are a clear example of these advantages in action, reflecting growing demand from natural gas-fired power generation and data center development.

我們廣泛的版圖、整合式儲存能力以及長期的客戶關係，使我們能開發創新的商業解決方案，以滿足客戶不斷演變的需求。今天宣布的專案正是這些優勢落地的明確例證，反映天然氣發電與資料中心開發帶動的需求成長。

The two US projects on our Columbia system were sanctioned at a weighted average build multiple of approximately 5.8 times, demonstrating the quality of our opportunity set. And in Canada, we continue to serve growing customer demand through our multiyear growth program with the latest expansion project on our NGPL system.

我們 Columbia 系統上的兩個美國專案，以加權平均約 5.8 倍的建置倍數獲得核准，展現我們機會組合的品質。而在加拿大，我們持續透過多年期成長計畫滿足客戶日益增加的需求，最新的擴建專案位於我們的 NGPL 系統。

Across our systems, we continue to see high-quality, low-risk and highly executable opportunities with more to come. Fundamentals in Canada are strengthening and customer demand continues to validate our strategy. Our outlook calls for over 8 Bcf per day of additional Canadian natural gas demand through 2035, driven by NextWave LNG, including Coastal GasLink Phase II, industrial growth and evolving power and data center load.

在我們各系統中，我們持續看到高品質、低風險且高度可執行的機會，且後續仍將有更多機會出現。加拿大的基本面正在轉強，客戶需求也持續驗證我們的策略。我們的展望預期，到 2035 年加拿大天然氣需求將額外增加超過每日 80 億立方英尺，成長動能來自 NextWave LNG（包括 Coastal GasLink 第二期）、工業成長，以及不斷演變的電力與資料中心負載。

Our extensive natural gas franchise is uniquely positioned to capture this growth with the NGTL system serving as the primary conduit connecting Western Canadian supply to expanding markets within Alberta and across North America.

我們龐大的天然氣事業版圖具備獨特優勢可掌握此一成長，其中 NGTL 系統作為主要管道，連結西加拿大供給與亞伯達省內及北美各地持續擴張的市場。

The market signals we're seeing today reinforce this view. Our recent 2029 Greater Edmonton area offering closed fully subscribed and our 2030 to 2032 intra-Alberta offering saw record amounts of participation by data center developers.

我們目前看到的市場訊號也強化了這項觀點。我們近期的 2029 年大艾德蒙頓地區（Greater Edmonton area）方案已完成募集且全數認購；而 2030 至 2032 年的亞伯達省內（intra-Alberta）方案，則出現資料中心開發商創紀錄的參與程度。

Given the strong customer interest, we are exploring opportunities to expand this offering to better meet customer demand. With additional receipt and export offerings currently in market, we will look to convert visible demand into incremental projects across our Canadian assets. Our focus is straightforward: understand customer demand, invest where the market is growing at competitive returns and continue to deliver low-risk repeatable performance.

鑑於客戶興趣強勁，我們正探索擴大此方案的機會，以更好地滿足客戶需求。隨著更多接收端與外運端（export）方案目前正在市場上推進，我們將致力把可見需求轉化為加拿大資產組合中的增量專案。我們的重點很明確：了解客戶需求、在市場成長之處以具競爭力的報酬進行投資，並持續交付低風險、可複製的績效表現。

On to Bruce Power. We are seeing similar momentum in Ontario power markets where power demand is expected to grow significantly over the coming decades. Against this backdrop, Bruce Power continued execution excellence is strengthening its ability to competitively serve this growing demand.

接著談 Bruce Power。我們在安大略省電力市場也看到類似的動能，預期未來數十年電力需求將顯著成長。在此背景下，Bruce Power 持續展現卓越執行力，正強化其以具競爭力方式服務此一成長需求的能力。

As a testament to this, Bruce Power returned Unit 3 to service following its major component replacement more than seven months ahead of the ISO schedule and approximately 15% below the cost of Unit 6. The result was driven by a strong focus on innovation and a repeatable stage build approach, capturing learnings from each refurbishment to improve productivity, reduce risk and enhance execution certainty.

作為佐證，Bruce Power 在完成重大組件更換後，將 3 號機組恢復併網運轉，較 ISO 時程提前超過七個月，且成本約比 6 號機組低 15%。此成果來自對創新與可複製的分階段建置方法的高度專注，將每次翻修的經驗教訓加以沉澱，以提升生產力、降低風險並增強執行確定性。

Disciplined upfront planning and design maturity continue to improve cost, schedule and execution certainty across the program. New technologies and automation have already provided meaningful productivity gains, including our Unit 4 recently achieving the most efficient CAN-DUDfuel on record. The Bruce Power story continues to resonate strongly, and I'd encourage anyone looking for a deeper dive to review the Bruce Power investor teach-in available on our website.

嚴謹的前期規劃與設計成熟度持續提升，進一步改善整個計畫在成本、工期與執行確定性方面的表現。新技術與自動化已帶來顯著的生產力提升，包括我們的4號機組近期創下史上最高效率的CAN-DUDfuel紀錄。Bruce Power 的故事持續引發強烈共鳴；我也鼓勵任何想更深入了解的人，查閱我們網站上提供的 Bruce Power 投資人深度說明會（investor teach-in）。

And with that, I'll turn it over to Sean to walk through the numbers.

接下來，我把時間交給 Sean，請他帶大家看一下數字。

Thanks, Francois. Good morning, everybody. As we walk through the second quarter financial results, I'll also touch on how our strong asset performance, continued project delivery excellence and commercial optimization are each contributing to the upper end of our 2026 EBITDA outlook range.

謝謝你，Francois。各位早安。在我們回顧第二季財務結果時，我也會談到我們強勁的資產表現、持續卓越的專案交付，以及商業最佳化，如何共同推動我們2026年 EBITDA 展望區間朝上緣發展。

Overall, TC delivered a 12% year-over-year growth in comparable EBITDA, marking another solid quarter of contributions by each of our business units. Our natural gas pipeline business has performed extremely well with daily average flows up 3% across our three country network as compared to this same quarter last year, driven by strong customer utilization and high levels of operational availability.

整體而言，TC 的可比 EBITDA 年增12%，各事業單位再度在本季做出穩健貢獻。我們的天然氣管線業務表現極佳，三國網路的日均輸送量較去年同期增加3%，主要受惠於客戶強勁使用率與高水準的營運可用率。

In Power and Energy Solutions, Bruce Power achieved 99% availability in an exceptionally strong quarter following the return of Unit 3 in June from its major component replacement outage that Francois mentioned.

在電力與能源解決方案方面，Bruce Power 在本季表現格外強勁；在 Francois 提到的3號機組於6月完成主要組件更換停機並復役後，Bruce Power 達到99%的可用率。

On the right-hand side, you'll see that each business increased its comparable EBITDA contribution compared to the same quarter last year. In Canada Gas, EBITDA increased by $38 million or 4%, primarily due to higher flow-through depreciation on the NGTL and Canadian Mainline systems, along with higher incentive earnings on the NGTL system.

在右側，你會看到各業務相較去年同期的可比 EBITDA 貢獻皆有所增加。在加拿大天然氣業務方面，EBITDA 增加3,800萬美元（增幅4%），主要因 NGTL 與 Canadian Mainline 系統較高的轉嫁式折舊（flow-through depreciation），以及 NGTL 系統較高的激勵收益（incentive earnings）。

In the US, EBITDA increased by $129 million or 12% due to additional contract sales and higher earnings from ANR and Columbia Gas. In our Mexico business, EBITDA increased by $90 million or 28%, driven by higher earnings related to the May 25 in-service date of Southeast Gateway as well as higher earnings from Cert.

在美國，EBITDA 增加1.29億美元（增幅12%），主要來自額外的合約銷售，以及 ANR 與 Columbia Gas 的收益提升。在墨西哥業務方面，EBITDA 增加9,000萬美元（增幅28%），主要受惠於 Southeast Gateway 於5月25日投運所帶來的較高收益，以及 Cert 的收益增加。

Finally, in Power and Energy Solutions, EBITDA increased by $60 million or 20% due to higher contributions from Bruce Power, reflecting the early return of Unit 3, strong availability and an annual price increase. Overall, it was a great quarter, supported by high system availability and performance across our pipeline assets and a particularly strong contribution from Bruce Power.

最後，在電力與能源解決方案方面，EBITDA 增加6,000萬美元（增幅20%），主要因 Bruce Power 貢獻提高，反映3號機組提前復役、強勁可用率以及年度價格上調。整體而言，本季表現非常出色，受高系統可用率與管線資產整體績效支撐，且 Bruce Power 的貢獻尤其亮眼。

Turning to our comparable EBITDA outlook. We are now targeting the upper end of our 2026 range of $11.6 billion to $11.8 billion, reflecting the strong operational performance our teams have delivered year-to-date and our high degree of confidence in our execution plans for the balance of the year. Looking ahead to 2028, we continue to target comparable EBITDA of $12.6 billion to $13.1 billion, representing an approximate 6% annualized midpoint growth from our 2025 results.

接著談我們的可比 EBITDA 展望。我們目前目標為2026年區間（116億至118億美元）的上緣，反映團隊年初至今所交出的強勁營運表現，以及我們對今年剩餘期間執行計畫的高度信心。展望2028年，我們仍以可比 EBITDA 126億至131億美元為目標，代表相較2025年結果的年化中點成長約6%。

On the right-hand side of the page, we've highlighted several of the key financial tailwinds that are contributing to both our 2026 and 2028 outlook, including many of the same drivers that we benefited from in 2025.

在頁面右側，我們重點列出數項推動2026與2028展望的關鍵財務順風因素，其中包含許多我們在2025年已受惠的相同驅動因素。

The key drivers include continued strong asset availability, expected rate case schedules, disciplined project execution and continued commercial and technical innovation and optimizations across the portfolio. As Francois highlighted, the depth of our project backlog continues to grow, which is extending the visibility of our development pipeline well beyond 2030. We introduced a new feature to our net capital expenditure outlook this quarter. So we'll walk through the key data points for you to understand where the project backlog stands.

關鍵驅動因素包括：資產可用率持續強勁、預期的費率案件（rate case）時程、嚴謹的專案執行，以及投資組合範圍內持續的商業與技術創新與最佳化。如 Francois 所強調，我們的專案儲備（project backlog）深度持續增加，使我們的開發管線能見度延伸至2030年之後更遠。本季我們在淨資本支出展望中新增了一項功能。因此，我們將帶你了解幾個關鍵數據點，以便掌握專案儲備目前的狀況。

First, as Francois mentioned, we sanctioned approximately $3 billion of growth projects year-to-date, including today's announcements. Second, we've grown our pending approval bucket in gray to approximately $7 billion, up from $6 billion last quarter.

首先，如 Francois 所提到，年初至今（包含今天的公告）我們已核准約30億美元的成長型專案。第二，我們將灰色所示的待核准（pending approval）項目擴增至約70億美元，高於上季的60億美元。

And finally, our $20 billion-plus backlog of projects in origination, we've added the gray hash bars to our annual capital outlook to provide greater visibility into potential timing of these projects and a new pie chart to the right to highlight the demand drivers that are influencing the current composition of this segment of our project backlog.

最後，對於我們在發起階段（origination）的200億美元以上專案儲備，我們在年度資本展望中加入灰色斜線柱，以提供這些專案潛在時點的更高能見度；並在右側新增圓餅圖，凸顯影響此段專案儲備目前組成的需求驅動因素。

It's worth highlighting on the pie chart that nearly 2/3 of our origination backlog is associated with power generation. That's consistent with our year-over-year increased natural gas demand outlook that Francois mentioned earlier on slide 6.

值得在圓餅圖中特別指出的是，我們發起階段儲備中近2/3與發電相關。這與 Francois 先前在第6頁提到、我們對天然氣需求展望逐年上調的趨勢一致。

As a general statement on FID timing, I'd say that we're looking to advance opportunities as early as possible, but expect that the sustained growth in our investment pace to occur in 2029, 2030 and beyond. While some of the FID time lines on our origination pipeline will remain dynamic, our approach to underwriting will remain disciplined.

就 FID（最終投資決策）時點的一般性說法而言，我會說我們希望盡可能提早推進機會，但預期投資步伐的持續性成長將發生在2029、2030及之後。雖然我們發起管線中的部分 FID 時程仍將保持動態調整，但我們的承作評估（underwriting）方式將一如既往維持嚴謹。

Any annual increase in our pacing of capital allocation will be underpinned by strong risk-adjusted returns, continued outstanding performance by our project delivery teams on cost and schedule and our commitment to maintaining our balance sheet strength and our 4.75 times leverage target.

我們每年資本配置節奏的任何提升，都將以強勁的風險調整後報酬為基礎，並仰賴專案交付團隊在成本與工期上的持續卓越表現，以及我們對維持資產負債表強度與4.75倍槓桿目標的承諾。

Finally, we released this year's report on sustainability. Report provides a comprehensive overview of our sustainability performance and progress in support of our strategic priorities. A few highlights I'd like to draw your attention to. TC has reduced methane emissions intensity by 24% since 2019, while increasing throughput by 20% and growing our comparable EBITDA in our natural gas business by 57% over the same time frame.

最後，我們發布了今年的永續報告。該報告全面概述我們的永續績效與進展，以支持我們的策略優先事項。我想特別提醒各位幾項重點。自2019年以來，TC 已將甲烷排放強度降低24%，同時將輸送量提高20%，並在相同期間使天然氣業務的可比 EBITDA 成長57%。

Our report provides details on the planned pathways to further advance our methane intensity target of a 40% to 55% reduction by 2035 from 2019 levels in a manner that supports asset competitiveness and strong financial performance.

我們的報告也詳述了規劃中的路徑，將以支持資產競爭力與強勁財務表現的方式，進一步推進我們的甲烷強度目標：相較2019年水準，至2035年降低40%至55%。

And finally, to evidence the effectiveness of our early and deep engagement with indigenous communities and their meaningful community and economic participation in our projects, I'm pleased to share that we've invested $5.4 billion with indigenous and native American businesses from 2021 through 2025. I encourage you to visit the report on our website to learn more.

最後，為了證明我們與原住民社群早期且深入互動的成效，以及他們在我們專案中具實質意義的社區與經濟參與，我很高興分享：我們在2021年至2025年間，已向原住民與美洲原住民企業投資54億美元。我也鼓勵各位造訪我們網站上的報告以了解更多。

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

接下來，我把電話會議交回給 Francois。

Thanks, Sean. We continue to see the benefits of our disciplined strategy and clear set of strategic priorities. Across the business, we've delivered strong performance with second quarter comparable EBITDA increasing 12% year-over-year. And today, we now expect to be at the upper end of our 2026 comparable EBITDA outlook range.

謝謝你，Sean。我們持續看到嚴謹策略與清晰策略優先事項所帶來的效益。在整體業務上，我們交出強勁表現，第二季可比 EBITDA 年增12%。而今天，我們也預期2026年可比 EBITDA 展望將落在區間上緣。

Additionally, the quarter's achievements from the return of Bruce Power Unit 3 more than seven months ahead of schedule to the sanctioning of approximately $3 billion of growth projects year-to-date, further reinforces our confidence in the outlook for the business.

此外，本季的多項成果——從 Bruce Power 3號機組較原計畫提前超過七個月復役，到年初至今核准約30億美元的成長型專案——進一步強化我們對公司展望的信心。

I'd like to leave you with this. Our confidence is driven not only by the scale of the opportunities we see ahead, but by our ability to consistently execute. With safety, operational and project execution excellence, we will continue to find innovative commercial solutions to meet evolving customer needs, increase the return on our existing assets. secure new capital projects and consistently deliver solid financial performance.

我想用這點作結。我們的信心不僅來自於眼前所見機會的規模，也來自於我們一貫穩定的執行能力。憑藉安全、營運與專案執行的卓越表現，我們將持續尋找創新的商業解決方案以滿足不斷演變的客戶需求，提高既有資產報酬、取得新的資本專案，並持續穩健地交出良好的財務表現。

Operator, we're now ready to take questions.

接線員，我們現在準備開始提問。

(Operator Instructions)

(接線員指示)

Theresa Chen, Barclays.

Theresa Chen，巴克萊。

Good morning, and thank you for taking my questions. Would you elaborate on what you're seeing in terms of demand from your customers in Alberta, in particular, whether it be data center related or just looking at the numerous large-scale WCS crude egress projects that are currently under development, supporting robust outlook for oil sands production growth and incremental demand for natural gas as well or from a demand pull perspective on LNG exports, how are these dynamics impacting your ability to negotiate creative tolling structures with Canadian producers given already constrained gas takeaway capacity?

早安，謝謝讓我提問。能否請您更詳細說明您在亞伯達省客戶端所看到的需求情況？特別是，不論是資料中心相關，或是目前正在開發中的多個大型 WCS 原油外運（egress）專案，這些都支撐油砂產量成長的強勁展望，並帶動天然氣的新增需求；又或者從 LNG 出口的需求拉動角度來看，這些動態如何影響您在既有天然氣外運能力已受限的情況下，與加拿大生產商協商更具創意的收費（tolling）結構的能力？

This is Francois. I'll just say at a very high level, then I'll pass it on to Tina dynamic in Alberta is similar to the dynamic across our footprint. And as you saw, we've increased our outlook to 51 Bcf a day of growth across the continent by 2035.

我是 Francois。我先從較高層次說明一下，接著交給 Tina。亞伯達省的動態與我們整體營運版圖的動態相似。如各位所見，我們已將到 2035 年全北美的成長展望上調至每日 51 Bcf。

A growing portion of that gas demand is coming from power generation. And lots of that opportunity is certainly in Alberta, but also in the US Heartland. And of course, we have strong incumbency in both those regions. So over to you, Tina.

其中愈來愈大一部分的天然氣需求來自發電。而這些機會有很大一部分確實在亞伯達省，但也在美國心臟地帶（Heartland）。當然，我們在這兩個地區都具有很強的既有優勢。交給你了，Tina。

Yeah. Thanks, Francois. Theresa, specific to your question about Canada, we are seeing growth across multiple sectors. Francois mentioned in his opening remarks about 8 to 10 Bcf of incremental demand. For us to address that demand, we have approximately half a dozen service offerings in the market totaling about 1 Bcf per day of capacity, spanning both receipt and delivery sides of NGTL and covering intra-Alberta and export points.

好的。謝謝，Francois。Theresa，針對你關於加拿大的問題，我們看到多個產業部門都在成長。Francois 在開場致詞中提到約 8 到 10 Bcf 的新增需求。為了因應這些需求，我們在市場上提供約半打左右的服務方案，合計約每日 1 Bcf 的容量，涵蓋 NGTL 的進氣端與出氣端，並覆蓋亞伯達省內部以及出口點。

So these offerings serve as a really helpful marker on the demand signal and directly inform our conversations on our next phase of growth for NGTL. Near-term demand targeted through the 2029 Greater Edmonton area offering, we saw a very strong market uptake on that, and we have 2030 to 2032 phased expansion that's going to unlock over 1 Bcf of intra-basin and egress opportunities. So we're seeing strong interest in the offerings with demand across both egress and intra-basin, and we're using this market data to inform our discussions on the next phase of growth across Canada.

因此，這些方案可作為需求訊號的有用指標，並直接為我們就 NGTL 下一階段成長所進行的對話提供依據。就短期需求而言，透過 2029 年大埃德蒙頓地區（Greater Edmonton area）方案，我們看到非常強勁的市場採用；而 2030 至 2032 年的分期擴建將釋放超過每日 1 Bcf 的盆地內（intra-basin）與外運（egress）機會。因此，我們看到市場對這些方案興趣濃厚，需求同時涵蓋外運與盆地內；我們也正運用這些市場數據，來推進我們對加拿大下一階段成長的討論。

Thank you. And maybe turning to the Heartland in the US Congratulations on the precedent agreements on Crossroads, and we look forward to FID in the fourth quarter. Would you be able to share any color at this point related to the ultimate size and perhaps relevant economics on the project and maybe subsequent expansion opportunities within the same corridor given the outsized interest you're seeing currently?

謝謝。另外把焦點轉到美國心臟地帶（Heartland），恭喜你們在 Crossroads 專案上簽下先例協議（precedent agreements），也期待第四季做出 FID。你們是否能在此分享一些資訊，例如專案最終規模以及可能的相關經濟性（economics），以及在同一走廊內後續擴建的機會？畢竟你們目前看到的市場興趣相當強勁。

Hi, Theresa, this is Tina again. We are -- as we mentioned, we are really pleased to have signed a precedent agreement with a large anchor customers for our Crossroads expansion, expect to sanction that in the fourth quarter of this year.

嗨，Theresa，我是 Tina。如我們提到的，我們很高興已與一位大型錨定客戶（anchor customer）就 Crossroads 擴建簽署先例協議，並預期在今年第四季核准（sanction）該專案。

We're seeing significant market activity taking place across the Midwest region, which is supportive of broader investment thesis for us. We're seeing about 5 to 6 Bcf of demand growth across the Midwest, representing about a 2 Bcf year-over-year growth expectation out through 2035. We're the largest operator across several Midwest states, including Ohio, Wisconsin, Michigan, Indiana, and our footprint provides really strong delivery presence into those key demand centers.

我們看到中西部地區出現顯著的市場活動，這也支持我們更廣泛的投資論點。我們看到中西部整體約 5 到 6 Bcf 的需求成長，代表到 2035 年為止，每年約 2 Bcf 的年增成長預期。我們是多個中西部州最大的營運商，包括俄亥俄、威斯康辛、密西根、印第安納，而我們的版圖在這些關鍵需求中心具有非常強的交付（delivery）佈局。

And from a competitive standpoint, incumbency and integration really matter in this market. So with our Columbia and our Crossroads, Northern Border, Great Lakes systems together give us a highly advantaged footprint. From the perspective of the Crossroads expansion, we would progress that through the next phase of discussions and sanctioning, and that will fall within our 5 times to 7 times build multiple.

從競爭角度來看，既有優勢（incumbency）與整合能力在這個市場非常重要。因此，我們的 Columbia 與 Crossroads、Northern Border、Great Lakes 系統結合在一起，讓我們擁有高度具優勢的版圖。就 Crossroads 擴建而言，我們將推進到下一階段的討論與核准，而其將落在我們 5 倍到 7 倍的建造倍數（build multiple）範圍內。

Thank you very much for that detailed response.

非常感謝你如此詳細的回覆。

Praneeth Satish, Wells Fargo.

Praneeth Satish，富國銀行。

Good morning. Just on the backlog changes. So you increased the pending project backlog by about $1 billion this quarter and then the potential backlog by $5 billion. I guess, can we assume that the increase to the pending project backlog is basically the Crossroads project? And then the $5 billion increase to the origination backlog, I mean, that's quite significant. Any more detail you can provide in terms of the type of projects being added? I think, Sean, you mentioned 2/3 is power gen. But any more clarity in terms of the split between US, NGTL, Bruce Power and Mexico that you can share?

早安。我想問一下待辦案（backlog）的變動。你們本季將「待核准專案」待辦量增加了約 10 億美元，同時將「潛在」待辦量增加了 50 億美元。我想，我們是否可以假設待核准專案待辦量的增加基本上就是 Crossroads 專案？另外，新增 50 億美元的開發（origination）待辦量相當可觀。你們能否提供更多細節，說明新增的是哪些類型的專案？我記得 Sean 你提到其中 2/3 是發電。但你們是否能更清楚說明在美國、NGTL、Bruce Power 與墨西哥之間的分布？

Yeah. Praneeth, it's Sean. I'll take that. Thank you for a good question. We've got a lot of growth capital showing up in a lot of slides. Let me break it down for you a little bit. On your pending approval question, the way to think about that on page 7, we show about $700 million that's been sanctioned. So $700 million moved from pending into sanctioned. And then when you go back to '13, you've seen that our pending has moved up. And yes, that is round numbers largely crossroads.

好的。Praneeth，我是 Sean。我來回答。謝謝你這個好問題。我們在很多投影片上都呈現了大量的成長資本。我來幫你稍微拆解一下。關於你問的待核准部分，用第 7 頁的方式來看，我們顯示約 7 億美元已經核准（sanctioned）。也就是有 7 億美元從待核准移到已核准。然後你回到第 13 頁，你會看到我們的待核准金額上升了。是的，概略來說主要就是 Crossroads。

And I would tell you it's going to be slightly north of $1 billion, but round numbers, you're exactly right. To the second part of your question on the potential project inventory, what we're calling origination in our new chart on page 13.

我會告訴你，金額會略高於 10 億美元，但以整數概算，你的理解完全正確。至於你問題的第二部分，關於潛在專案庫存，也就是我們在第 13 頁新圖表中所稱的開發（origination）。

Yeah, look, we felt it important to include actually on the slide this quarter because it is growing quite quickly. As you noted, $20 billion this year on origination in years, as you can see on the hatch bar chart and then a large portion of that is falling outside of 2030 and beyond. The largely power, as we said, 2/3.

是的，你看，我們覺得本季把它放到投影片上很重要，因為它成長得相當快。如你所指出的，今年開發（origination）達到 200 億美元，你可以在斜線柱狀圖中看到，而且其中很大一部分落在 2030 年以後。主要是電力，如我們所說，占 2/3。

And then geographically, the way -- the rule of thumb I would give you on that $20 billion is about 2/3 of that is US within that customer segment bar charts. And then to Francois's comments earlier, we have quite a bit of activity across NGTL on both the producer and the demand side. So about 1/3 of that capital is right now penciled for the Canadian markets.

在地理分布上，對這 200 億美元我給你的經驗法則是：其中約 2/3 來自美國，反映在那些客戶區隔的長條圖中。另外呼應 Francois 先前的評論，我們在 NGTL 上，無論是生產端或需求端，都有相當多的活動。因此，目前約 1/3 的資本是先暫列（penciled）在加拿大市場。

Got it. That's very helpful. And then maybe switching gears. You've talked about using AI to optimize your pipeline network, which I think is actually one of the more compelling AI use cases that we've seen so far in midstream. Can you give us an update, I guess, on that initiative at large and the results that you've seen so far?

了解。這非常有幫助。那我換個話題。你們談到使用 AI 來最佳化管線網路，我認為這其實是我們目前在中游（midstream）領域看到最具說服力的 AI 應用案例之一。你們能否更新一下這項計畫的整體進展，以及目前看到的成果？

How much of the system is currently covered by the pilot that you're doing? What are the benefits that you're realizing today? And then how should we think about potentially scaling that pilot across the rest of your system? Can those gains be kind of linearly applied and the time frame to get there? Thanks.

目前試點（pilot）涵蓋了系統的多少比例？你們今天已經實現了哪些效益？另外，我們應該如何看待把這個試點擴大到你們其餘系統的可能性？這些增益能否近似線性地套用？以及達成的時間表為何？謝謝。

Praneet, it's Francois. I'll take that one. I appreciate the question, something we're really excited about ourselves. Look, we have proof-of-concept initiatives going across the organization. I would say, on a fairly small segments of pipe, 100 kilometers here, 100 kilometers there type of thing.

Praneet，我是Francois。這題我來回答。感謝你的提問，這也是我們自己非常興奮的一件事。你看，我們在整個組織內部都有概念驗證（proof-of-concept）的計畫在推進。我會說，目前是在相當小的管線區段上，例如這裡100公里、那裡100公里這種規模。

No, you cannot linearly extrapolate because we picked some of the lowest-hanging fruit areas where we thought there would be a greater potential. Maybe a little bit of color on how we're doing this. Our teams across the company compete for the capital to implement AI solutions in their regions. So they have to present business cases. They have to commit to outcomes and then they get an allocation of capital.

不，你不能用線性方式外推，因為我們挑的是一些最容易摘取的果實（lowest-hanging fruit）區域，也就是我們認為潛力更大的地方。再補充一點我們怎麼做的細節。公司各地的團隊會競爭資本，以在其區域導入AI解決方案。因此他們必須提出商業案例。他們必須承諾成果，然後才會獲得資本配置。

That's a good, strong fundamental way with accountabilities to deliver outcomes to figure out what the potential is. We're really at the very front end of that process. It takes time to have people sort of understand that's how we want to do things.

這是一個很好的、很扎實的基本方法，透過責任歸屬來交付成果，並據此判斷潛力。我們其實才剛在這個流程的最前端。要讓大家理解我們希望用這種方式做事，是需要時間的。

And so we only have a near-term target for 2026 of $100 million of AI-related incremental EBITDA, and we're on track for achieving that this year, about halfway there with two quarters behind us. We expect to be able to articulate that potential in more detail hopefully by our November time frame all the way out to, let's say, 2030, but we need to let this process where the teams provide the business cases and compete for capital inform that for us. So it's still a little bit early to provide that kind of detail, but stay tuned. Our intention when we do provide that detail is to do it with lots of supporting proof points and information.

因此我們目前只有一個近期目標：到2026年達成1億美元與AI相關的增量EBITDA，而我們今年達成該目標的進度在軌道上，在已過去的兩個季度之後，目前大約完成一半。我們希望能在11月左右，把這個潛力更詳細地說明，並延伸到例如2030年，但我們需要讓這個由各團隊提出商業案例並競爭資本的流程來為我們提供依據。所以現在要提供那種細節還稍早一些，但請持續關注。我們的意圖是，當我們提供那些細節時，會附上大量支持性的佐證與資訊。

Very interesting. Thank you.

非常有意思。謝謝。

Aaron MacNeil, TD Cowen.

Aaron MacNeil，TD Cowen。

Hey, good morning. All thanks for taking my questions. You've launched several NGTL and Alberta area open seasons ahead of establishing a long-term framework for future growth investments. When customers are bidding in these projects today, are they effectively underwriting projects based on a tentative new regulatory and return construct? Or is the ultimate return framework for those investments still to be determined?

嗨，早安。謝謝讓我提問。你們在建立未來成長投資的長期框架之前，就已經啟動了數個NGTL與阿爾伯塔地區的open season。客戶今天在這些專案投標時，是否等同於在一個暫定的新監管與報酬結構下為專案承擔（underwrite）？還是說，這些投資的最終報酬框架仍有待決定？

It's still to be determined. The open seasons, Aaron, we're undertaking are to gauge at a much more detailed and granular fashion the level of demand for service and broken down specifically into different regions and service areas. as Tina mentioned, we're seeing more demand, and we're actually looking to potentially upsize some of the intra-Alberta offerings that we're undertaking.

仍有待決定。Aaron，我們進行的open season，是為了以更細緻、更具顆粒度的方式衡量對服務的需求程度，並且具體拆分到不同地區與服務區域。正如Tina提到的，我們看到更多需求，並且我們實際上正在評估，可能要把我們正在推進的一些阿爾伯塔省內（intra-Alberta）方案擴大規模。

We are in parallel with that, having discussions with our customers about an investment framework. And it's still in the early stages of those discussions, but we hope to have some progress to report by the end of the year.

同時，我們也在與客戶討論投資框架。這些討論仍在早期階段，但我們希望在年底前能有一些進展可以對外說明。

Okay. Great. You touched on the free cash flow inflection at Bruce Power at the update a few weeks ago. But based on your internal forecasting, what level of annual growth capital do you believe TC Energy could fund organically in 2029 and 2030 while sort of maintaining your targeted leverage metrics? And how should investors think about the funding plan if all those opportunities in your pipeline come to fruition?

好的。很好。你們在幾週前的更新中提到Bruce Power自由現金流的拐點。但依據你們內部預測，在維持目標槓桿指標的同時，你們認為TC Energy在2029與2030年可以用自有資金（organically）支應多少年度成長資本支出？如果你們管線中的所有機會都實現了，投資人應該如何看待資金籌措計畫？

Hey Aaron, it's Sean. I'll take that question, a good one, and thank you for pulling forward the Bruce teaching, and that's an important hinge here to understand the growth capital in Gasco. I would -- let me describe the framework that we're using a three part framework, and we can drill into it a little bit. Funding growth capital, three framework. First one is, look, the commitment to the 4.75 leverage or better, that's a firm commitment, right?

嗨Aaron，我是Sean。這題我來回答，問得很好，也謝謝你把Bruce的重點提前帶出來，這是理解Gasco成長資本的一個重要樞紐。我會——讓我先描述我們使用的框架：一個三部分的框架，我們也可以再深入一點。成長資本的資金來源：三段式框架。第一點是，你看，對4.75倍槓桿或更好（4.75 leverage or better）的承諾，是一個堅定承諾，對吧？

And our organic deleveraging plan over the last couple and the next couple of years are going to set us up very well for that 29, 30 kind of ramp on growth capital that you're seeing. And it brings us really to the timing of that funding need. could be 29, could be 30, but I think you're also getting a sense for what kind of the 30s are going to look like. And let me now hinge back to that Bruce slide. The critical years for the Bruce MCR program are 2031 and 2032 when the final two units complete their MCR program.

而我們在過去幾年以及未來幾年的內生成去槓桿（organic deleveraging）計畫，會讓我們為你所看到的2029、2030年那種成長資本爬坡做好非常充分的準備。這也把我們帶到資金需求的時間點：可能是2029，也可能是2030，但我想你也開始感受到2030年代會是什麼樣子。接著我再回到那張Bruce的投影片。Bruce MCR計畫的關鍵年份是2031與2032，因為最後兩個機組會在那時完成其MCR計畫。

So -- and what Bruce unlocks for us is another $2 billion to $3 billion a year of growth capital, right? So that 2031, 2032 is an incredibly powerful addition from Bruce. So we've got this two or three year window between 2029 and call it, 2030 or 2031 that we're really solving for to support Tina and Greg.

所以——Bruce為我們解鎖的是每年額外20億到30億美元的成長資本，對吧？因此2031、2032年來自Bruce的增量是非常強大的。所以在2029年到大約2030或2031年之間，我們有一個兩到三年的窗口期需要解題，以支援Tina和Greg。

And the hierarchy of funding sources as we look at that three year window, 29 to 31 before Bruce really kicks in is -- obviously, it's just compounding the EBITDA gains that we're delivering quarter-over-quarter for you, that in parallel with driving the best projects into our sanction buckets, the best build multiples obviously create the best amount of cash flow. And look, if we have such growth in that 29, 30, 31 window that there is a funding gap, we've got a couple of levers that we can pull, right?

在我們看待這個三年窗口期（29到31年、在Bruce真正發力之前）時，資金來源的優先順序是——顯然，首先是我們每季為你們交付的EBITDA增長所帶來的複利效應；同時，把最好的專案推進到我們的核准（sanction）清單中，最好的建造倍數（build multiples）自然會創造最多的現金流。而且你看，如果在29、30、31這段期間成長非常強，導致出現資金缺口，我們也有幾個槓桿可以拉動，對吧？

Obviously, from a -- whether it be capital rotation or any other kind of capital market. But what we are -- we have two or three years to solve for, how tall does that growth capital go, how many years before the Bruce cash flow kicks in? And then ultimately, what is the lowest cost of capital the year before on a dollar per share basis. That's the framework. And I think, like I said, over the next year or two as we really see what '29 and '30 are going to look like, that's the amount of time we have to solve for that least cost, best dollar per share funding solution.

當然，無論是資本輪動（capital rotation）或其他任何資本市場工具。但我們——我們有兩到三年的時間來解題：成長資本會到多高、在Bruce現金流進來之前還有幾年。然後最終，在每股美元（dollar per share）的基礎上，前一年最低的資本成本是什麼。這就是框架。而且我想，如我所說，接下來一兩年，當我們更清楚看到'29與'30會是什麼樣子時，我們就有足夠時間去找到那個成本最低、以每股價值衡量最優的資金解決方案。

Okay. Great. Thanks. Now I'll turn it back.

好的。很好。謝謝。我把時間交回去。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，JPMorgan。

Hi, good morning.

嗨，早安。

Good morning.

早安。

Just wanted to come back to Canada -- Canadian growth opportunities, if I could. It seems like there's a lot of opportunities as you outlined here. But just wondering if you could walk us through how it competes for capital, a lot of attractive opportunities in the US. The economics seem a bit better than what has been achieved in Canada historically.

如果可以的話，我想回到加拿大——加拿大的成長機會。看起來如你們在這裡所概述的，有很多機會。但我想請你們帶我們走一遍：在美國也有很多具吸引力的機會時，加拿大的機會是如何競爭資本的？從經濟性來看，似乎比加拿大過去歷史上所達成的要好一些。

I just wondering the scope, the potential for improvements on either ROE, equity layer or otherwise, so that would attract your capital into Canada versus the US as far as future growth projects are concerned.

我想了解的是，在ROE、股權層（equity layer）或其他方面，改善的範圍與潛力有多大，才能讓你們把資本投向加拿大而不是美國，就未來成長專案而言。

Thanks, Jeremy. Look, we're in the middle of these conversations with our shippers. We're doing a lot of listening. So I don't want to front-run any discussions we're having with them. What I will say is that it is a lower risk supportive regulatory framework in Canada than we have in the US in terms of protections around capital cost of debt, billing determinants, et cetera. And we also know that if we want higher returns, we're going to have to earn it.

謝謝你，Jeremy。你看，我們正處於與我們的託運人進行這些對話的過程中。我們做了大量的傾聽。所以我不想搶先透露我們與他們正在進行的任何討論。我能說的是，就債務資本成本的保障、計費決定因素等方面而言，加拿大的監管框架相較於美國風險更低、也更具支持性。而且我們也知道，如果我們想要更高的報酬，我們就必須靠自己去賺取。

So we're working with our customers to talk through ways like through ancillary services or any cost savings that we're able to materialize can be shared to create a win-win. What's important here is to keep our focus on delivering to our customers what they need, which is growth intra-basin and growth to export points. And I do want and prefer to see some balance in our capital allocation from a geographic basis.

因此我們正與客戶合作，討論例如透過附屬服務，或我們能夠實現的任何成本節省，如何共享以創造雙贏。這裡重要的是，持續聚焦於交付客戶所需要的東西，也就是盆地內成長以及通往出口點的成長。而且我確實希望、也更傾向於從地理角度在資本配置上看到一些平衡。

It's not simply where does the highest IRR project discretely come from. You want some portfolio diversification for economic diversification from economies, from regulatory regimes, from policy environments. So we do keep that balance in mind in addition to the specific return of specific projects. So all those things go into the discussion, and we're doing a lot of listening right now.

這不只是單純看哪一個專案的 IRR 最高。你會希望投資組合有一定的分散，以達到經濟分散——來自不同經濟體、不同監管制度、不同政策環境。因此，除了特定專案的特定報酬之外，我們也會把這種平衡納入考量。所以這些因素都會納入討論，而我們現在正在做大量的傾聽。

Understood. Appreciate the thoughts. And continuing on the lines of geographic diversification. I was wondering if we could go south two borders. And any thoughts you could share with regards to the strategy in Mexico going forward as far as the amount of exposure you want to have in the country, growth opportunities there and whether any type of Mexican monetization in the future still makes sense.

了解。感謝分享想法。延續地理分散的主題，我想問我們是否可以往南跨兩個邊境談談。就未來在墨西哥的策略而言，你能否分享一些看法：你們希望在該國承擔多少曝險、那裡的成長機會，以及未來是否仍有必要進行某種形式的墨西哥資產變現。

Hey, Jeremy, it's Sean. I'll take that one. Look, I think part of what we're seeing in the Mexico portfolio, candidly, not dissimilar to what we're seeing in the US at this point, major trunk lines all built. We're seeing CFE in the last two years bring more generation online than they arguably have in over a decade.

嗨，Jeremy，我是 Sean。我來回答這題。你看，坦白說，我們在墨西哥投資組合看到的一部分情況，與我們目前在美國看到的並沒有太大不同：主要幹線都已經建好了。過去兩年我們看到 CFE 上線的新增發電量，可能比他們過去十多年任何一段時間都還多。

There's 10 gigawatts of gas-fired gen. I think 5 are commissioned already, more pending this year, 3 gigawatts on our system. So as we've been talking about, that gas-fired -- largely gas-fired power market is growing into the pipeline capacity that we have built for it, we and others.

有 10 吉瓦的燃氣發電。我想其中 5 吉瓦已經投運，今年還有更多待投運，其中有 3 吉瓦是在我們的系統上。所以如同我們一直在談的，那個燃氣——主要是燃氣——電力市場正在成長，逐步消化我們以及其他業者為其建置的管線輸送能力。

So I think you just have that maturation cycle right now on gen growing into the pipe, but you're certainly seeing capital market and other kind of investors and strategics entering the space. So we like exactly what we have. We're not seeing any other materially large kind of investments being required anytime soon, but certainly kind of growing into the portfolio. So I'll kind of leave it at that because it's operating exactly as designed and exactly as we've kind of included in guidance in our outlook.

所以我認為你現在看到的是一個成熟週期：發電端的成長逐步「長進」管線容量裡，但你也確實看到資本市場以及其他類型的投資人與策略投資者進入這個領域。因此我們很滿意我們目前擁有的資產。我們沒有看到近期需要任何其他實質上很大型的投資，但確實是在讓投資組合持續成長、逐步消化。我就先說到這裡，因為它的運作完全符合設計，也完全符合我們在指引與展望中所納入的假設。

Understood. I'll leave it there. Thank you.

了解。我就先到這裡。謝謝。

Rob Hope, Scotia Bank.

Scotia Bank 的 Rob Hope。

Good morning, everyone. So it's good to see another increase in the pending approval backlog as well as the increase in the origination that you noted in the prepared remarks. You also did comment that the timing of FIDs is dynamic.

各位早安。很高興看到待核准的積壓案量再次增加，以及你們在事先準備的發言中提到的案源（origination）增加。你們也提到 FID 的時點是動態的。

Can you speak to how these projects are marching towards FID decisions just given the fact that we are seeing a number of kind of changing dynamics out there in the market and potentially some upside in these projects. So how are these projects kind of working through the funnel? And is the target still to have $8 billion of projects sanctioned this year?

鑑於我們看到市場上有不少動態正在改變，且這些專案可能存在一些上行空間，你能否談談這些專案如何朝 FID 決策推進？也就是說，這些專案目前是如何在漏斗中逐步推進的？以及今年仍以核准 80 億美元的專案為目標嗎？

Hey Rob, it's Francois. I'll take that, and I'll maybe take the back half of that question first. We typically sanction $3 billion to $4 billion a year of new projects. And we're halfway through the year, and we're already at the bottom end of that range. when you throw in the potential and our expectation of sanctioning Crossroads in the fourth quarter, which will be a sizable project on its own, plus some of the other irons we have in the fire in the US and in Canada. There's a very good chance that we're going to be in that $6 billion to $8 billion of sanctioned capital for 2026, which would be a great outcome and achieve our stretch goals. With respect to the first part of your question -- we -- I'm sorry.

嗨 Rob，我是 Francois。我來回答，我先從你問題的後半段開始。我們通常每年核准 30 億到 40 億美元的新專案。而今年已過一半，我們已經達到該區間的下緣。再加上我們在第四季核准 Crossroads 的潛在性與預期——這本身會是一個相當大的專案——以及我們在美國與加拿大還在推進的其他專案。因此，2026 年我們被核准的資本支出很有可能落在 60 億到 80 億美元之間，這會是非常好的成果，也能達成我們的挑戰性目標。至於你問題的第一部分——我們——抱歉。

Yeah, I'll take that first part. I think your question was related to what's required to get to sanctioning. And you think of the projects in origination, we talked already about Canada and some of the demand growth we're seeing there.

好的，我來回答第一部分。我想你的問題是關於要達到核准所需的條件。談到案源階段的專案，我們已經談過加拿大以及我們在那裡看到的一些需求成長。

In the US, we have under origination, as we've talked about before, about $14 billion of capital, 10 to 11 Bcf of capacity centered around power generation, data center demand, coal-to-gas conversions, et cetera. And we go through a rigorous process to sanction our projects, detailed conversations with our customers, ensuring we drive the highest value for our shareholders.

在美國，如同我們之前談過的，我們在案源階段大約有 140 億美元的資本、10 到 11 Bcf 的輸送能力，主要圍繞發電、資料中心需求、燃煤轉燃氣等。我們會透過嚴謹的流程來核准專案，與客戶進行深入對話，確保為股東創造最高價值。

The Crossroads expansion is next up, I believe, for sanctioning. We did talk today about our Central Virginia capacity project and our Clark project, which are important projects for us on our Columbia Gas and our Columbia Gulf systems. We are looking forward to developing more of those across the next couple of quarters and go through our process with discipline before we announce the projects.

我相信下一個要核准的是 Crossroads 擴建案。我們今天也談到 Central Virginia 輸送能力專案以及 Clark 專案，這些都是我們在 Columbia Gas 與 Columbia Gulf 系統上的重要專案。我們期待在接下來幾個季度進一步推進更多這類專案，並在宣布專案之前，以紀律性走完我們的流程。

Yeah. Sorry about that, Rob, in answering the second part of the question, I lost the thread on the first part, so Tina helped me out there.

是的。Rob，不好意思，我在回答第二部分時把第一部分的脈絡弄丟了，所以 Tina 幫我補充了一下。

Not a problem. And then just maybe as a follow-up, like we're seeing across the industry, everyone's growth expectations tilt higher. Can you maybe just provide kind of your views on supply chain contractor availability and just the status of the market, could we be entering into a bit more of a constrained supply chain?

沒問題。接著可能再追問一下：如同我們在整個產業看到的，大家的成長預期都往上調。你能否分享一下你們對供應鏈、承包商可用性，以及市場狀況的看法——我們是否可能正進入一個供應鏈更受限的階段？

So I'll take that. We are actively monitoring all of our supply chain resources, be it actual equipment, contractor selection, human resources internally and externally. We take a very strategic approach to the supply chain process.

我來回答。我們正積極監控所有供應鏈資源，不論是實際設備、承包商選擇、內外部人力資源。我們對供應鏈流程採取非常具策略性的做法。

To date for our pipeline projects, we have all of our pipeline equipment secured for everything that's been sanctioned to date. We are negotiating with many of our suppliers to ensure that all of our equipment is available in time for our projects to be in service based on the announcements that we put out.

截至目前，就我們的管線專案而言，所有已核准的專案所需管線設備都已確保到位。我們正與許多供應商協商，以確保所有設備能及時到位，讓專案能依照我們對外發布的時程如期投運。

We take a very proactive approach to our contractor market as well in developing strategic alliances that allow us to keep some of our very top-tier contractors working from project to project. So we're very confident in our ability to execute our projects in light of the supply chain challenges, and we do not see any issues related to our in-service dates and having supply chain situations that would impact those dates.

在承包商市場方面，我們也採取非常主動的做法，透過建立策略聯盟，讓我們一些最頂尖的承包商能在不同專案之間持續承作。因此，面對供應鏈挑戰，我們對執行專案的能力非常有信心；我們也不認為投運日期會因供應鏈狀況而受到影響。

Thank you.

謝謝。

John Mackey, Goldman Sachs.

John Mackey，高盛。

Hey, team. Thank you for the time. Sean, you touched on this earlier, but I just want to focus on the strong 2Q results and the '26 guidance commentary. I know it's early, but any tailwinds you can talk about when framing up the 2028 guide that you have out there?

嗨，各位團隊。謝謝撥冗。Sean，你先前有提到，但我想把焦點放在第二季強勁的業績，以及對 2026 年指引的說明。我知道現在還早，但在你們已經對外提供的 2028 年指引架構下，有沒有任何順風因素可以分享？

John, yeah, thanks for the question. Look, the ingredients on the tailwinds are fundamentally the same kind of year in and year out. It's a little bit hard to capture how much operating leverage we are getting out of every piece of equipment across 94,000 kilometers pipe 650 base storage.

John，好的，謝謝你的問題。你看，順風的構成要素基本上年復一年都差不多。要量化我們從每一項設備所取得的營運槓桿有多大，其實有點難，畢竟我們橫跨 94,000 公里管線、650 座基礎儲存設施。

And when teams have availability that high and you've got the fundamental demand growth and a little bit of volatility in the market, this footprint is just -- candidly, it delivers and over-delivers in different ways in different years. So that's what I would tell you is the biggest tailwind.

當團隊的可用率這麼高，再加上基本面的需求成長以及市場的一點波動，這個佈局就會——坦白說——在不同年度以不同方式交出成果，甚至超額達成。所以我會說，這是最大的順風。

The other element that we're starting to see is we touched on commercial optimization and innovation. We -- look, we enjoy our 20-year take-or-pay contracts, but we're also seeing kind of on the innovation front is customer demand opportunities are shifting very rapidly.

另一個我們開始看到的要素，是我們提到的商業最佳化與創新。我們——你看，我們很享受 20 年期的 take-or-pay（照付不議）合約，但我們也看到在創新面向上，客戶需求與機會正在非常快速地轉變。

So when a customer sees a money-making opportunity, but they need to time shift or shape shift some of that 20-year take-or-pay stat contract, we've got capacity to move. We can move capacity. We can move regions in support of customer value capture opportunities and kind of take our fair share.

所以當客戶看到一個能賺錢的機會，但他們需要把部分 20 年期 take-or-pay 的固定合約做時間移轉或型態調整時，我們有可調度的容量。我們可以調度容量。我們可以在不同區域間調整，以支援客戶價值捕捉的機會，並取得我們合理的一份。

And you're seeing that a little bit of that even in 2026, coupled with some weather in the first quarter. So those are really two big ones that are kind of driving EBITDA. And then as we get to '28, a couple of the other ones beyond the standard rate cases that we talked about that we generally had a pretty good track record on the last two years.

而你在 2026 年也會看到一些這樣的情況，再加上第一季的一些天候因素。所以這兩項確實是推動 EBITDA 的兩大因素。接著展望到 2028 年，除了我們談到的一般性費率案件（rate cases）之外——過去兩年我們在這方面通常有相當不錯的紀錄——還有幾個其他因素。

The big one is just the continued projects simple, sounds simple, on time and at these five to seven build multiples, that's a very powerful lever, right? And obviously, how much EBITDA per dollar invested we're driving.

最大的就是持續把專案做好——聽起來很簡單——按時完成，並且維持在 5 到 7 倍的建置倍數（build multiples），這是一個非常強的槓桿，對吧？而且很明顯地，這關係到我們每投入一美元能帶來多少 EBITDA。

And so far, so good, right, on our '26 campaign, which is going to start showing up in '28 and potentially driving to the higher end if Tina's teams continue to do what they do. So that's kind of -- that's the high level on top of what Francois described is some of the technology and AI innovation that certainly is showing green shoots as well for us.

到目前為止，我們的 2026 年專案推進得很順利，而這些成果會在 2028 年開始顯現；如果 Tina 的團隊持續維持他們一貫的表現，甚至可能推動我們達到區間的高端。所以，這就是高層次的說明；另外，正如 Francois 所描述的，一些技術與 AI 創新也確實開始出現一些正向的早期跡象。

Understood. Thanks for that. So we spent a ton of time talking about Canada so far, but I want to ask one more. Now that you guys are seeing, let's say, a different type of customer coming in on the data center side, is there an opportunity for TC to invest outside of the NGTL regulatory framework, I guess, meaning specifically an ability to kind of capture potentially higher return type projects?

了解。謝謝你的說明。我們到目前為止花了很多時間談加拿大，但我還想再問一題。現在你們看到資料中心端有不同類型的客戶進來，TC 是否有機會在 NGTL 的監管框架之外進行投資？我的意思是，是否能夠捕捉到可能報酬更高的專案？

Thanks, John. I'll start with that, and then I'll ask Greg to provide some commentary. Yes, the answer is yes. To the extent there's an opportunity to competitively meet a data center customers' needs through a short lateral that can be developed by our unregulated arm in a faster time line at an attractive toll that helps them develop their project on the pace that they've dictated for their strategy, those types of situations can present themselves.

謝謝，John。我先回答，然後請 Greg 補充一些看法。是的，答案是肯定的。只要有機會透過一條較短的支線管線（lateral），由我們的非監管事業部以更快的時程、在具吸引力的費率（toll）下，以具競爭力的方式滿足資料中心客戶需求，並協助他們依其策略所要求的速度推進專案，這類情境就可能出現。

The other thing that's interesting is we're seeing with many of the regions in North America have bring your own power policies or large consumer rate classes to make sure that there's no inflationary impacts on other classes of customers.

另一個有趣的現象是，我們看到北美許多地區採行「自備電力」（bring your own power）政策或大型用戶費率類別，以確保不會對其他客戶類別造成通膨式的影響。

We're seeing a trend from data centers to longer PPAs and take-or-pay contracts for power that are starting to migrate to what I would call within the fairway of our risk preferences. So I don't think you should expect us to necessarily sanction tens of billions of dollars of behind-the-meter power projects, but there is an opportunity for us, particularly in Alberta. And perhaps I'll ask Greg to provide a little bit more detail.

我們也看到資料中心的趨勢是簽更長期的購電協議（PPA）以及電力的 take-or-pay 合約，而這些安排開始落在我所稱的、符合我們風險偏好的「甜蜜點」範圍內。所以我不認為你應該預期我們會去核准（sanction）數百億美元規模的表後（behind-the-meter）電力專案，但確實存在機會，特別是在亞伯達省。接著我請 Greg 再補充一些細節。

Sure. Appreciate it, Francois. And I appreciate the question, John. In Alberta, just as a reminder, we have a very unique footprint as we start looking at -- we have the power, we've been in the market for over 30 years. We have gas storage.

好的。謝謝你，Francois。也謝謝你的問題，John。在亞伯達省，提醒一下，我們的佈局非常獨特——當我們開始看這些機會時——我們有電力業務，我們在這個市場已經超過 30 年。我們也有天然氣儲存。

We have unregulated gas. We have regulated gas. So when you think of a couple of weeks ago at Stampede, I haven't seen so many tech companies sponsoring the events, and we saw the first large data center announcement. That's the benefit of our footprint. And I think as we start to see more people coming, we have the lowest priced gas across North America.

我們有非監管天然氣業務。我們也有監管天然氣業務。所以你回想幾週前在 Stampede，我從沒看過這麼多科技公司贊助活動，而且我們也看到第一個大型資料中心的公告。這就是我們佈局帶來的好處。而且我認為，隨著更多人進來，我們擁有北美最低成本的天然氣。

This will give us some of those opportunities to work across the verticals and figure out ways to Francois's point, how we're going to optimize the system and get our risk return levels where we compete with capital against the gas business.

這會帶給我們一些機會，能跨不同垂直領域合作，並如 Francois 所說，找出我們要如何最佳化系統，並讓風險報酬水準達到能與天然氣業務在資本配置上競爭的程度。

Thanks for all the color. Appreciate it.

謝謝你提供這麼多細節。感謝。

Maurice Choy, RBC capital markets.

Maurice Choy，加拿大皇家銀行資本市場（RBC Capital Markets）。

Thanks, and good morning, everyone. I wonder if you could just take us back to the high level where you've laid out that power generation and supply access has led to this revised 51 Bcf a day. When you look back at your original 40 Bcf a day estimate about two years ago, what has surprised you the most? And would there have been any initiatives you felt you would have pursued that perhaps you could pursue right now?

謝謝，大家早安。我想請你們帶我們回到高層次的脈絡：你們提到發電與供應可得性促成了這次把需求修正到每日 51 Bcf。回頭看大約兩年前你們原先估計的每日 40 Bcf，最讓你們意外的是什麼？另外，有沒有任何你們覺得當時本來會推動、但或許現在反而可以推動的措施？

Thanks for the question, Roy. This is Tina. We have increased our demand forecast from last year to this year. I think it was 46 Bcf last year, 51 Bcf per day this year over the next 10 years. And that's primarily driven by LNG feed gas.

謝謝你的問題，Roy。我是 Tina。我們把需求預測從去年提高到今年。我記得去年是每日 46 Bcf，今年是未來 10 年每日 51 Bcf。這主要是由 LNG 進料氣（feed gas）所帶動。

We're seeing an increase there of about 28 Bcf per day, in power generation, 16 Bcf per day in the industrial sector, 4 Bcf per day of increase. The upside to our last forecast is primarily driven by the power generation sector. We now expect North American gas-fired generation to rise from prior outlooks of 54 Bcf per day to 60 Bcf per day by 2035. And there are a number of factors playing into that demand growth, including accelerated data center demand of about 15 Bcf, broader base electrification and coal conversions.

我們看到 LNG 進料氣增加約每日 28 Bcf；發電增加每日 16 Bcf；工業部門增加每日 4 Bcf。相較於我們上一次的預測，本次上修主要是由發電部門驅動。我們現在預期北美燃氣發電量將在 2035 年前，從先前展望的每日 54 Bcf 上升到每日 60 Bcf。而推動這些需求成長的因素有很多，包括資料中心需求加速（約 15 Bcf）、更廣泛的電氣化，以及燃煤轉換。

And so a key element of that demand growth picture is that the demand is not uniform. What's important here is that demand favors the US Heartland, Western Canada and Mexico, where we have incumbent positions of about 60% of the incremental demand growth is set to occur in states and provinces where we operate.

因此，這個需求成長圖像中的一個關鍵要素是：需求並不均勻分布。重要的是，需求更偏向美國中部（Heartland）、加拿大西部與墨西哥；在我們具既有佈局的地區，預計將發生約 60% 的增量需求成長，也就是在我們營運所在的州與省份。

And similarly, on the supply side, by 2035, about 60% of gas supply is expected to come from TC connected basins, notably a combined incremental 18 Bcf out of Appalachia and WCSB. So all this directly translates into the depth of our origination activities and our backlog.

同樣地，在供給端方面，預計到 2035 年，約 60% 的天然氣供應將來自連接 TC 的盆地，尤其是阿帕拉契亞與 WCSB 合計新增約 18 Bcf。因此，這些都直接反映在我們承作（origination）活動的深度以及我們的積壓訂單上。

Hey, Maurice, it's Sean. I'll tack on to the front part of that question. Would we have done anything differently two years ago than today? And the answer to that is no. I think when you just break up Tina's point about all of that was LNG. Were we going to get into the LNG business seeing that growth? No. Were we going to serve the LNG business? Yes. I think power is sometimes the question.

嗨，Maurice，我是 Sean。我補充一下這個問題的前半段。如果回到兩年前，我們會做出任何不同於今天的決定嗎？答案是不會。我想把 Tina 的觀點拆開來看，這一切都與 LNG 有關。看到那樣的成長，我們會進入 LNG 業務嗎？不會。我們會服務 LNG 業務嗎？會。我覺得有時候問題會落在電力上。

And for us, and hopefully explained today when we show our $20 billion backlog, when we're building at 5 times to 7 times in the core business with teams that are the best in the business doing that, that has been and remains the best value creation opportunity that we think we offer shareholders. So kind of staying the course and staying focused. Same strategy, same answers today as they would have been two years ago. Hopefully, that makes sense.

對我們而言，也希望今天在我們展示 200 億美元積壓訂單時已經說明：當我們在核心業務以 5 倍到 7 倍的規模建設，且由業界最頂尖的團隊來執行時，這一直是、也仍然是我們認為能為股東創造最大價值的機會。所以就是持續既定方向、保持專注。同樣的策略、同樣的答案，今天和兩年前不會不同。希望這樣說得通。

That make sense. Maybe I can finish off with a question on just the broad theme of data centers. There's obviously been a lot of headlines about stakeholder pushbacks on data centers in various parts of the US Just at a very high level, have you seen any impact on how your customers approach signing pipeline deals with you?

這很合理。或許我最後想問一個關於資料中心這個大主題的問題。顯然，美國各地都有很多關於利害關係人反對資料中心的新聞標題。從很高層次來看，你們有看到這對客戶與你們簽署管線合約的方式造成任何影響嗎？

I'll take that one, Maurice. I think it's fair to say that, as I mentioned before, with some of the policies from PUCs and governments in various jurisdictions around bring your own power or different rate categories to make sure there isn't cross-subsidization of rates. The market, the data center developers, the hyperscalers are learning as they go along. Obviously, energy provision is a very important gating item for them to implement their strategies.

Maurice，我來回答。我認為可以說，正如我先前提到的，某些司法管轄區的公用事業委員會（PUC）與政府推出一些政策，例如自備電力（bring your own power）或不同的費率類別，以確保費率之間不會出現交叉補貼。市場端、資料中心開發商與超大規模業者（hyperscalers）都在邊做邊學。很明顯，能源供應是他們落實策略時非常重要的關鍵門檻項目。

When we look at the US Heartland, for example, approximately 15 states. There are only two or three that actually have explored putting a pause on data center development. In two of those states, those were rejected. And in the third, it's under consideration, but doesn't seem to be carrying lots of momentum. So I would say that data center issue you mentioned is region-specific. And as we look at our footprint, we haven't seen it slow down the growth of our development pipeline.

以美國心臟地帶為例，大約 15 個州之中，實際上只有兩到三個州曾探討暫停資料中心開發。其中兩個州的提案被否決。第三個州仍在審議中，但看起來並沒有太多動能。因此我會說，你提到的資料中心議題是因地區而異的。就我們的布局而言，我們尚未看到它放緩我們開發管線的成長。

The comment earlier that was referred to about sanctioning projects is dynamic is because our customers, the utilities have to themselves be dynamic to compete for load and make sure that they're being responsive to stakeholders' considerations and questions as they go through. Oftentimes, that might impact the timing of sanctioning as opposed to whether or not a project will be sanctioned. So lots in there to unpack, but I think for us, it really hasn't slowed down our view on our long-term growth prospects.

先前提到「核准（sanctioning）專案的節奏是動態的」這點，是因為我們的客戶——公用事業公司——本身也必須保持彈性，才能競逐負載並確保在推進過程中能回應利害關係人的考量與問題。很多時候，這可能影響的是核准時點，而不是專案是否會被核准。這裡面有很多可以拆解，但我認為對我們來說，這確實沒有降低我們對長期成長前景的看法。

Thank you very much.

非常感謝。

Robert Catellier, CIBC.

Robert Catellier，CIBC。

Hey, good morning. It's been a constructive call. I just wanted to follow up on Bruce a bit. I noticed in the press release, you had that additional funding for the impact assessment and the predevelopment work, which I think is not only appropriate but necessary. My question here is, is that enough to get you to FID? And maybe you can refresh us on time lines for the technology decision and the ultimate FID.

嗨，早安。這通電話會議很有建設性。我想再追問一下 Bruce 的部分。我注意到新聞稿中，你們為影響評估與前期開發工作提供了額外資金，我認為這不僅恰當而且必要。我的問題是：這些資金足以讓你們走到 FID（最終投資決策）嗎？另外，能否也幫我們更新一下技術決策與最終 FID 的時間表？

Sure. I'll take that directly, Robert, it's Greg. First, I actually wanted to give a shout out while I have the mic. We had great performance of our teams, both at Bruce and our power team from an operational perspective. You would have seen the announcement that Unit 3 came on early to Francois's comments. But I also wanted to add because this will lead into the Bruce conversation, we continue to see Unit 6 post refurbishment running at less than 1%, which is world-class and world-leading.

當然。Robert，我直接回答，我是 Greg。首先，趁我拿到麥克風，我想先特別稱讚一下。我們在 Bruce 的團隊以及電力團隊，在營運面都有非常出色的表現。你應該也看到公告，正如 Francois 的評論所說，3 號機組提前併網。但我也想補充，因為這會引出 Bruce 的討論：我們持續看到 6 號機組在翻修後的運轉，停機率低於 1%，這是世界級、也是領先全球的表現。

So this is the type of performance that really gives us comfort as we start to look at Bruce expansion and the value of our Bruce management team. The next tranche of funding of $300 million is going to cover us effectively until we get closer to the end of the decade. You mentioned a couple of the pieces of work that we're doing. This is pre-FEED activities.

這類型的表現，讓我們在開始評估 Bruce 擴建以及 Bruce 管理團隊的價值時，感到非常安心。下一筆 3 億美元的資金撥付，基本上將可支應我們直到接近本十年末。你提到我們正在做的幾項工作。這些是 FEED 前（pre-FEED）的活動。

This is technology selection, early engineering and external engagement and consultation. We'll look to continue the technology selection piece of that looking into next year likely before you start to see a selection on there.

包括技術選型、早期工程，以及對外溝通與諮詢。我們會持續推進其中的技術選型工作，可能會延續到明年，你們才會看到相關的選定結果。

But overall, still very excited about the opportunity. This is the best nuclear site in Canada. We have the skilled labor and supply chain locked up. It's over 95% Canadian. So continue to really focus on bringing that project forward and across the line.

但整體而言，我們仍對這個機會非常興奮。這是加拿大最好的核電場址。我們已鎖定熟練勞動力與供應鏈。其中超過 95% 來自加拿大。因此我們會持續專注把這個專案往前推進並順利落地。

I think on Unit 6, I mean 1% off-line time, correct?

我想確認一下 6 號機組，你是說離線時間 1%，對嗎？

Sorry, I just missed that.

抱歉，我剛剛漏聽了那句。

Yeah, I think you said it's operating at 1%. I think you mean that as the outage time. Yeah --

對，我想你說的是它在 1% 運轉。我猜你指的是停機時間。對--

The forced outage --

非計畫性停機（forced outage）--

Sorry, I just want to go back to the question that Theresa started us off with about egress options in Canada. I think it's safe to say policy is encouraging for oil sands production growth, although that is yet to fully materialize.

抱歉，我想回到 Theresa 一開始問我們的、關於加拿大外運（egress）選項的問題。我認為可以很有把握地說，政策面正在鼓勵油砂產量成長，儘管這點尚未完全實現。

My ask of you is what do you think is possible should we, as a nation, be successful in growing oil sands production and what that would mean for egress requirements for natural gas. Presumably, oil sands production is going to lead to more onsite drilling and associated gas. And it seems like that could be a bottleneck in the whole flywheel. So what do you think is going to be required longer term for egress coming out of Canada to accommodate the oil sands?

我想請教的是：如果我們作為一個國家，成功推動油砂產量成長，你認為可能會達到什麼程度？以及這對天然氣外運需求意味著什麼？推測油砂產量增加會帶來更多現場鑽探與伴生氣。而看起來這可能會成為整個飛輪效應中的瓶頸。那麼你認為，長期而言，為了容納油砂所需，加拿大對外運能力需要做哪些建設？

Robert, it's Francois. I'll take that. I wouldn't necessarily point to egress by LNG only as the source of absorbing associated gas. As we saw with the advent of data centers in the province, there's lots of in-country load growth potential. And of course, we have coming out of NGTL, we call our US pipes, the catchersmit for that gas in the Pacific Northwest through Northern Border into the Midwest and then into Ontario and points east.

Robert，我是 Francois。我來回答。我不會把 LNG 外運視為吸收伴生氣的唯一來源。正如我們在該省看到資料中心興起一樣，國內負載成長的潛力很大。當然，從 NGTL 出來之後，我們把我們的美國管線稱為該天然氣的「接球手」（catchersmit），可在太平洋西北地區透過 Northern Border 進入中西部，接著進入安大略以及更東邊的地區。

So I would foresee us expanding all of our systems in all directions and be able to accommodate the incremental associated gas to produce the condensate that's necessary for increased oil sands production. Case in point, our mainline settlement was approved recently by the regulator.

因此，我預期我們會在各個方向擴展我們所有的系統，並能夠容納新增的伴生天然氣，以生產提高油砂產量所需的凝析油。舉例來說，我們的主幹線和解方案最近已獲監管機構核准。

That will add about 350 million cubic feet a day of capacity for a $200 million capital investment, which is extremely efficient. And that's just one proof point or example of how we're going to be able to move gas through the whole system to absorb incremental production.

這將以2億美元的資本投資，新增約每日3.5億立方英尺的輸送能力，效率極高。而這只是我們如何能在整個系統中輸送天然氣、以吸收新增產量的一個佐證或例子。

Of course, we would love to see more LNG export off the West Coast. We're encouraged with developments on LNG Canada Phase II. From the sidelines, reading what's happening on the Seailisms project is also encouraging. And I would hope to see more to come, the next wave of LNG export beyond those projects in the 2030s.

當然，我們很希望看到西岸有更多LNG出口。我們對LNG Canada第二期的進展感到鼓舞。從旁觀者角度閱讀Seailisms專案的進展也令人振奮。我也希望未來還會有更多，在2030年代、超越這些專案之後的下一波LNG出口。

Yeah, I agree. I wasn't suggesting it was just LNG. I think it's going to have to be all of the above. Thanks.

是的，我同意。我並不是在暗示只有LNG。我認為必須是多管齊下、全都要做。謝謝。

You're welcome.

不客氣。

Ben Pham, BMO capital.

Ben Pham，BMO Capital。

Hi, thanks. Good morning. I wanted to go back to the $20 billion plus projects in origination. And I'm wondering how do you think that pie chart will evolve in the coming years in terms of the size of the opportunity and the mix of the demand drivers?

嗨，謝謝。早安。我想回到原始開發（origination）中超過200億美元的專案。我想請教，您認為未來幾年那張圓餅圖會如何演變，就機會規模以及需求驅動因素的組合而言？

Hey, Ben, it's Sean. I'll take that. In terms of what will that pie chart look like, right, as just quarter-over-quarter, we verbally were kind of seeing a $15 billion number just earlier this year, and we felt compelled to show you now the $20 billion-plus, just given how much capital formation we're starting to see in the early 2030s.

嗨，Ben，我是Sean。我來回答。就那張圓餅圖會長什麼樣子而言，對吧，按季度來看，我們今年稍早口頭上大概看到的是150億美元的數字；但鑑於我們開始看到2030年代初期的資本形成規模之大，我們覺得有必要現在向各位展示200億美元以上。

Look, we're hopeful, right, that, that number still continues to grow. The fundamentals, particularly in Tina's business on the pipeline side are certainly suggestive of this new normal of what we're seeing on a run rate. I'd say it's probably a little bit early to kind of call what exactly that number is on a sustained basis or a plateaued basis, but I do think the breakdown that we're showing you is certainly a power-dominated kind of portfolio in the post 2030. So give us another quarter or two, but we're going to attempt to kind of refine this for you as best we can as the dynamic element that we mentioned kind of firms up here over the next 6 to 12 months.

你看，我們希望那個數字能持續成長。基本面，特別是Tina在管線業務那一端，確實顯示我們在目前的運行速率（run rate）上看到的，可能是一種新的常態。我會說，現在要斷言那個數字在可持續或達到平台期（plateaued）的基礎上究竟會是多少，可能還稍早；但我確實認為我們向各位展示的拆分，在2030年後明顯是一個以電力為主導的投資組合。所以再給我們一到兩個季度，我們會在未來6到12個月內，隨著我們提到的動態因素逐步明朗，盡可能為各位加以精煉。

Got it. And Sean, you also mentioned looking at factoring the Bruce Power inflection that bridge in the late decade, looking at sources of capital to bridge that. I'm curious maybe to ask then, are you able to rank order your sources of capital today, you think about hybrids, partnerships, even common equity? And then to that point, how do you think about the balancing of prefunding this rising CapEx versus waiting and assessing at a future point in time?

了解。Sean，你也提到在十年期後段考量Bruce Power的拐點（inflection）所需的過渡安排，並尋找資金來源來銜接。我想問的是，你們今天是否能把資金來源做個優先順序排序，例如混合型證券（hybrids）、合作夥伴關係、甚至普通股權？另外，就此而言，你們如何在「為上升的資本支出（CapEx）預先籌資」與「等待並在未來某個時間點再評估」之間取得平衡？

Yeah. This is my favorite thing to work on, Ben, for team and Greg with funding growth capital. Look, the hierarchy that we described, look, at the end of the day is ultimately -- we have a dollar per share cap that we measure absolutely everything against. And the the benefit of what we're seeing kind of in the market right now, set EBITDA side. That's obviously our top priority in terms of hierarchy.

是的。Ben，這是我最喜歡做的事情：和團隊以及Greg一起為成長資本提供資金。你看，我們所描述的層級架構，歸根結底——我們有一個「每股一美元」的門檻（cap），我們用它來衡量所有事情。而我們目前在市場上看到的好處，在EBITDA端（set EBITDA side）。這顯然是我們在層級排序上的首要優先事項。

As you start to look at capital rotation or investment grades or hybrids or anything else, all of those capital markets are -- and I'll throw private credit in there. They're incredibly constructive, right? We're at all-time tights on every market that we're in.

當你開始看資本輪動、投資級資金、混合型證券或其他任何工具時——我也把私募信貸（private credit）算進來——所有這些資本市場都非常具有建設性。對吧？我們所涉足的每一個市場，利差都處於歷史最窄水準（all-time tights）。

And increasingly, you're seeing even private credit in the [5%, 6%] kind of percent range inside of our hybrids, certainly well inside of our common. So it's just that -- we have a lot of options and a lot of levers in a couple of years to kind of figure that out.

而且你愈來愈常看到，甚至私募信貸的利率也在[5%, 6%]這樣的區間，落在我們混合型證券的範圍之內，當然也遠低於我們普通股的資金成本。所以就是——我們有很多選項、也有很多槓桿，可以在接下來幾年把這件事釐清。

So that's exactly -- we're going to take our time and watch that $20 billion pie chart develop and kind of a year ahead, probably no rush, no forcing function to have us do anything sooner than absolutely necessary to support the growth capital, particularly '29 and '30. So I think 2028 will really be the year where you start to see us kind of put things in motion depending on what '29 and '30 and then Bruce and '31 look like, what that balancing capital solve might look like.

所以正是如此——我們會花時間觀察那張200億美元的圓餅圖如何發展；大概提前一年來看，可能不急，沒有任何迫使我們必須比絕對必要更早行動的因素，去支持成長資本，特別是2029年與2030年。因此我認為2028年會是真正開始看到我們視2029、2030以及Bruce與2031年的情況而啟動相關安排的一年，屆時那個用以平衡的資本解方可能會是什麼樣子。

Okay. Got it. Thank you, Sean.

好的。了解。謝謝你，Sean。

You're welcome.

不客氣。

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

各位女士、先生，問答環節到此結束。如有任何進一步問題，請聯絡TC Energy的投資人關係部門。現在我想把電話交給Gavin Wiley先生作結語。請開始。

Yeah, operator, thank you very much, and thank you for everyone for participating this morning with your great questions. We may not have gotten through all the questions, so please do reach out to the Investor Relations team. We're always happy to help. Again, thank you for your interest in TC Energy, and we look forward to our next update in early November. Thank you.

好的，接線員，非常感謝，也謝謝各位今天早上參與並提出很棒的問題。我們可能沒有來得及回答所有問題，所以請務必聯絡投資人關係團隊。我們隨時樂意協助。再次感謝各位對TC Energy的關注，我們期待在11月初的下一次更新。謝謝。

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

今天的電話會議到此結束。您可以掛斷電話線。感謝您的參與，祝您有美好的一天。