TC Energy Corporation (TRP) 2026 Q3 法說會逐字稿

Thanks very much, and good morning. I'd like to welcome you to TC Energy's third quarter 2026 conference call. Joining me are Francois Poirier, President and Chief Executive Officer; Tina Faraca, Executive Vice President and Chief Operating Officer, Natural Gas Pipelines; Greg Grant, Executive Vice President and President, Power and Energy Solutions; and Sean O'Donnell, Executive Vice President and Chief Financial Officer.

非常感謝，各位早安。歡迎各位參加 TC Energy 2026 年第三季電話會議。與我一同出席的有：總裁暨執行長 Francois Poirier；天然氣管線事業執行副總裁暨營運長 Tina Faraca；電力與能源解決方案事業執行副總裁暨總裁 Greg Grant；以及執行副總裁暨財務長 Sean O'Donnell。

Francois will start today with our strategic update, including our extended long-term growth outlook. Tina and Greg will then walk you through the growth drivers in each of our businesses in more detail. Sean will wrap up with our quarterly results and financial outlook with a few closing remarks by Francois before we move to Q&A.

Francois 今天將先就我們的策略更新開場，並包含我們延伸的長期成長展望。接著 Tina 與 Greg 將更詳細地帶各位了解我們各項業務的成長驅動因素。最後 Sean 將說明本季業績與財務展望，並在進入問答前由 Francois 做幾點結語。

A copy of the slide presentation is available on our website under the Investors section. Following remarks, we'll take questions from the investment community. Please limit yourself to two questions. If you're a member of the media, please reach out to our media team.

簡報投影片可於我們網站「投資人」專區取得。在致詞結束後，我們將開放投資界提問。請每位提問者最多提出兩個問題。若您是媒體人士，請與我們的媒體團隊聯繫。

Today's remarks will include forward-looking statements that are subject to important risks and uncertainties. These include statements about our comparable EBITDA outlook, our growth projections and long-term financial targets. For more information, please see the reports filed by TC Energy with Canadian securities regulators and the US Securities and Exchange Commission.

今天的發言將包含前瞻性陳述，並受重要風險與不確定性影響。其中包括關於我們可比 EBITDA 展望、成長預測以及長期財務目標的陳述。更多資訊請參閱 TC Energy 向加拿大證券監理機關及美國證券交易委員會提交的報告。

Finally, we 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. Before I pass to Francois, I'd like to start with a quick video celebrating 75 years of TC Energy.

最後，我們將提及若干非 GAAP 衡量指標，可能無法與其他實體所呈現的類似指標相互比較。相關調節表載於本簡報附錄。在我把時間交給 Francois 之前，我想先播放一段短片，慶祝 TC Energy 75 週年。

(video playing)

(影片播放中)

Thanks, Kevin, and what a great video that was. This year, we celebrate 75 years of delivering essential infrastructure. And while markets, technology and policy have evolved over time, three things have remained constant for TC Energy. First, our unrivaled geographic diversification, where we're the only midstream company operating at scale in Canada, the US and Mexico.

謝謝你，Kevin，那真是一支很棒的影片。今年，我們慶祝 75 年來持續提供關鍵基礎設施。儘管市場、科技與政策隨時間演進，TC Energy 有三件事始終不變。第一，我們無可匹敵的地理多元化——我們是唯一在加拿大、美國與墨西哥三地以規模化方式營運的中游公司。

Second, our focus on natural gas pipelines, reliably and affordably delivering the fuel North America relies on to meet growing energy demand. And finally, our extensive footprint, which is uniquely positioned at the intersection of natural gas and power, creating a differentiated platform to capture the next wave of energy demand. Our portfolio is one of one.

第二，我們聚焦天然氣管線，可靠且具成本效益地輸送北美為滿足日益成長能源需求所仰賴的燃料。最後，我們擁有廣泛的資產版圖，且獨特地位於天然氣與電力的交會點，形成差異化平台以掌握下一波能源需求。我們的投資組合獨一無二。

We own and operate the most extensive natural gas network in North America with over 94,000 kilometers of pipeline infrastructure, moving more than 30% of the natural gas consumed across the continent, complemented by more than 4,600 megawatts of power generation, anchored by our equity interest in Bruce Power.

我們擁有並營運北美最廣泛的天然氣網路，管線基礎設施總長超過 94,000 公里，輸送量占全大陸天然氣消費量逾 30%；同時搭配超過 4,600 兆瓦的發電資產，其中以我們在 Bruce Power 的股權投資為核心。

We connect prolific low-cost natural gas supply with major demand markets across Canada, the US and Mexico, giving us deep incumbency, significant diversification and infrastructure that is increasingly difficult to replicate. And it's this incumbency that creates opportunity, but it is our culture that is the foundation of our ongoing performance.

我們將高產量、低成本的天然氣供給與加拿大、美國及墨西哥的主要需求市場連結，使我們具備深厚的既有優勢、顯著的多元化，以及日益難以複製的基礎設施。而正是這樣的既有優勢創造了機會，但支撐我們持續表現的基礎則是我們的企業文化。

Our consistent focus on safety, personal accountability, one team and active learning underpins how we operate and execute. It enables us to maximize the value of our assets, execute on our portfolio of growth projects and ensure financial strength and agility. The result is what we've committed to deliver for our investors, solid growth, low risk and repeatable performance.

我們一貫聚焦於安全、個人責任、同一團隊與主動學習，這些原則支撐我們的營運與執行方式。這使我們能最大化資產價值、推進成長專案組合的執行，並確保財務穩健與靈活性。成果就是我們承諾為投資人交付的：穩健成長、低風險與可重複的績效表現。

In 2023, we committed to strengthen our financial position, simplify our business and execute our clear set of strategic priorities, and we have continued to deliver on each. We focused on enhancing capital discipline and driving EBITDA outperformance, and we now expect our debt-to-EBITDA to exit 2026 at 4.55 times to 4.6 times, providing ample headroom to our long-term target of 4.75 times. We became a pure-play natural gas and power company following the spin-off of South Bow, focusing on accretive, repeatable in-corridor assembly line style growth.

2023 年，我們承諾強化財務體質、簡化業務，並執行明確的策略優先事項，而我們持續在各方面交付成果。我們著重提升資本紀律並推動 EBITDA 超預期表現；目前我們預期 2026 年底的債務對 EBITDA 比率將為 4.55 倍至 4.6 倍，為我們 4.75 倍的長期目標提供充足緩衝。在 South Bow 分拆後，我們成為純天然氣與電力公司，聚焦於具增益性、可重複、在既有走廊內以「組裝線」式推進的成長。

We've structurally integrated our natural gas business across our technical, safety and project groups, transforming project execution into a competitive advantage. And that progress has translated into meaningful value for our shareholders, delivering a total shareholder return of 118%. Over the last few quarters, we've discussed our readiness to increase our annual capital spending above our previous $6 billion to $7 billion range, contingent on financial capacity, continuation of attractive returns on new growth projects and the team's execution capacity to deliver projects on time and on budget or better.

我們已在技術、安全與專案團隊層面，將天然氣業務進行結構性整合，把專案執行轉化為競爭優勢。這些進展也為股東帶來實質價值，總股東報酬率達 118%。過去幾季，我們已討論在符合財務承載能力、持續具吸引力的新成長專案報酬，以及團隊具備準時且在預算內（或更佳）交付專案的執行能力之前提下，準備將年度資本支出提高至先前 60 億至 70 億美元區間之上。

First, we have built significant financial capacity by growing comparable EBITDA at a compound annual rate of 9% since 2022, while performing at the low end of our annual CapEx outlook. I'll remind you that every 10 basis points of headroom to our 4.75 leverage ratio gives us around $1 billion of incremental investment capacity to fund growth as we look out to 2031, which Sean will discuss in more detail.

第一，自 2022 年以來，我們在可比 EBITDA 以 9% 的年複合成長率成長的同時，年度資本支出仍維持在展望區間的低端，因而建立了可觀的財務承載能力。提醒各位，對照 4.75 倍槓桿比率目標，每增加 10 個基點的緩衝，約可帶來 10 億美元的新增投資能力，用以支應我們展望至 2031 年的成長資金需求；Sean 稍後將更詳細說明。

Second, the quality of our growth opportunities continues to offer generational returns, increasing from roughly 8% in 2020 to over 12% today while maintaining our low-risk preferences. And finally, we have demonstrated execution excellence and have the organizational capacity to do more. 95% of our projects in development and construction are on or ahead of schedule and projects from 2025 to today have been delivered in aggregate at more than 10% under budget. We're building on that capability through AI and innovation, giving our teams new tools to improve productivity and create more value from our assets.

第二，我們的成長機會品質持續提供世代級報酬，在維持低風險偏好的同時，報酬率已由 2020 年約 8% 提升至目前超過 12%。最後，我們已展現卓越的執行力，且組織具備承接更多工作的能力。我們在開發與施工中的專案有 95% 按期或超前進度；而自 2025 年至今交付的專案整體而言，實際成本較預算低逾 10%。我們也透過 AI 與創新持續強化這項能力，為團隊提供新工具以提升生產力，並從資產中創造更多價值。

With that in mind, we are on track to achieving our $100 million goal of run rate AI and innovation-driven comparable EBITDA in 2026 with a target of an incremental $100 million in 2027. Combined, these factors are what drive our confidence to responsibly scale our capital program and deliver the next phase of growth.

基於此，我們正按計畫在 2026 年達成 AI 與創新驅動的可比 EBITDA 年化貢獻 1 億美元目標，並以 2027 年再新增 1 億美元為目標。綜合上述因素，正是我們有信心能以負責任的方式擴大資本計畫並交付下一階段成長的原因。

US LNG, LDC reliability and supply access have been the important drivers of our demand outlook over the past several years and remain foundational to the 51 Bcf per day of North American demand growth we see through 2035. But more recently, that outlook has expanded further, driven by accelerating power demand and growing momentum behind Canadian LNG and a greater focus on infrastructure development to diversify supply access in critical markets.

過去數年，美國 LNG、LDC（地方配氣公司）可靠性與供應取得一直是我們需求展望的重要驅動因素，並且仍是我們所見至 2035 年北美每日 510 億立方英尺（Bcf/d）需求成長的基礎。但近期該展望進一步擴大，主因是電力需求加速成長、加拿大 LNG 動能提升，以及在關鍵市場中更著重基礎設施建設以分散供應取得來源。

In Canada, Bill C39 has proposed significant permitting reform that could offer greater certainty and reduce project timelines by one to two years while also offering improved cost efficiency and without compromising the rigor of the process.

在加拿大，C-39 法案提出重大許可改革，可能在不降低流程嚴謹性的前提下，提供更高確定性並將專案時程縮短一至兩年，同時提升成本效率。

More broadly, all three jurisdictions are prioritizing policies that advance energy projects and support the rising demand for reliable and affordable power. That alignment matters. It gives customers confidence and greater confidence to make the long-term commitments needed to underpin new infrastructure, creating more opportunities for us to invest at attractive risk-adjusted returns.

更廣泛而言，三個司法管轄區皆在優先推動有利於能源專案的政策，並支持對可靠且可負擔電力日益上升的需求。這種一致性很重要。它能提升客戶信心，也讓客戶更有信心做出支撐新基礎設施所需的長期承諾，進而為我們創造更多以具吸引力的風險調整後報酬進行投資的機會。

Power and global electrification are major drivers behind the increase in our demand forecast compared to last year. Gas-fired generation in North America is forecast to grow 83% between 2015 and 2035 as natural gas provides both the baseload and the fast ramping generation needed to keep the grid reliable.

電力與全球電氣化是我們相較去年上調需求預測的主要驅動因素。預測顯示，2015 至 2035 年間北美燃氣發電將成長 83%，因天然氣同時提供維持電網可靠性所需的基載電力與快速爬坡的調度電力。

About 70% of the forecasted gas power demand growth over the next decade is in the US Heartland, Alberta and Mexico combined, and we already are the incumbent in those markets, and new generation there will need firm transportation to secure its supply. And in Ontario, 18 gigawatts of new nuclear capacity is required by 2050, roughly doubling installed nuclear capacity, and that speaks directly to Bruce Power. The power opportunities we're advancing demonstrate how we can capture growth where molecules and electrons intersect.

未來十年預測的燃氣發電需求成長約有 70% 集中在美國心臟地帶、亞伯達省與墨西哥三地合計，而我們在這些市場已是既有業者；當地新增發電將需要穩固的運輸服務以確保其供應。此外，在安大略省，到 2050 年需要新增 18 吉瓦的核能裝置容量，約為現有核能裝置容量的兩倍，這與 Bruce Power 直接相關。我們正在推進的電力機會，展現了我們如何在分子與電子交會之處掌握成長。

Now this next slide is one of my favorite as it tangibly represents the future of TC Energy and the opportunity we have in front of us. With today's announcement of $3 billion of new projects, we now have $30 billion of sanctioned and pending approval project spend through 2031, primarily served through the continued conversion of our backlog into low-risk in-corridor natural gas transmission projects.

接下來這張投影片是我最喜歡的之一，因為它具體呈現了 TC Energy 的未來，以及我們眼前的機會。隨著今天宣布新增 30 億美元的新專案，我們目前在 2031 年前已核准與待核准的專案資本支出合計達 300 億美元，主要將透過持續把我們的積壓案源轉化為低風險、走廊內的天然氣輸送專案來承接。

Looking to our projects in origination, we've increased our opportunity set to more than $40 billion, reflecting the strength of rising power demand across both natural gas pipelines and power businesses. We've been deliberate in advancing our Canadian Power and Energy Solutions opportunity set. You've heard us over the past few quarters speak to the evolving customer needs and willingness to enter into commercial agreements that now align with our risk return preferences.

就我們正在孵化中的專案而言，我們已將機會集擴大至超過 400 億美元，反映出天然氣管線與電力業務兩端電力需求上升的強勁動能。我們一直有計畫地推進加拿大電力與能源解決方案的機會集。過去幾季各位也聽到我們談到客戶需求的演變，以及客戶更願意簽訂如今能與我們風險報酬偏好一致的商業協議。

We've taken the time to high-grade that portfolio, giving us confidence to now present more than $15 billion of opportunities currently in commercial discussion. And Greg will discuss this in more detail shortly. Taken together across our natural gas and power businesses, over two-thirds of our capital opportunities are tied to growing power demand.

我們花時間對該投資組合進行優化篩選，讓我們有信心現在提出超過 150 億美元、目前正處於商業洽談中的機會。Greg 稍後會更詳細說明。綜合我們的天然氣與電力業務來看，超過三分之二的資本機會與電力需求成長相關。

This demonstrates once again that regardless of the demand driver, the strength of our footprint and the ability to provide complementary, reliable solutions with speed to market positions us to capture and monetize this opportunity set. We continue to make meaningful progress converting this opportunity set into high-quality growth that drives our financial outlook.

這再次證明，不論需求驅動因素為何，我們版圖的優勢，以及以快速上市速度提供互補且可靠解決方案的能力，使我們能夠掌握並變現這一機會集。我們持續在將這些機會集轉化為高品質成長方面取得實質進展，並推動我們的財務展望。

On the project execution side, year-to-date, we've placed $2.5 billion of assets into service on time and under budget and expect to get to $3.4 billion by year-end. Including today's announcements, so far this year, we've sanctioned $6 billion of growth projects, already achieving the low end of our $6 billion to $8 billion expectation for the entire year at returns that are consistent with what we are seeing today.

在專案執行方面，截至目前為止，我們已按期且低於預算將 25 億美元的資產投入營運，並預期年底可達 34 億美元。包含今天的宣布在內，今年迄今我們已核准 60 億美元的成長型專案，已達成全年 60 億至 80 億美元預期區間的下緣，且報酬率與我們目前所見一致。

Looking ahead to 2027, we're targeting an incremental $8 billion of project announcements informed by both our $6 billion of pending approval projects and over $40 billion in origination. These projects will continue to fill our unallocated capital capacity that will deliver our long-term growth outlook with IRRs consistent with 12%.

展望 2027 年，我們目標再宣布新增 80 億美元的專案，這將以我們 60 億美元的待核准專案以及超過 400 億美元的孵化中專案為依據。這些專案將持續填補我們尚未配置的資本容量，並在與 12% 一致的 IRR 水準下，支撐我們的長期成長展望。

So this year, we are extending our outlook to 2031 and expect comparable EBITDA to grow at 5% to 7% annually over the next 5 years. Importantly, we can deliver solid, low-risk repeatable growth across this range while adhering to our debt-to-EBITDA target of 4.75 times and growing our common share dividend at an annual rate of 3% to 5%.

因此，今年我們將展望延伸至 2031 年，並預期可比 EBITDA 在未來 5 年每年成長 5% 至 7%。重要的是，我們能在遵守淨負債對 EBITDA 目標 4.75 倍的同時，在此區間內提供穩健、低風險且可重複的成長，並以每年 3% 至 5% 的幅度提高普通股股利。

We also have significant visibility to that growth with our sanctioned and pending approval projects, along with optimization of our base business, underpinning the low end of the range. What drives us to the upper end of the range is additional conversion of projects in origination to sanctioned capital. We have 75-year history of delivering results, and I am confident in our team's ability to continue that trend as the opportunity ahead of us is now even bigger.

我們對這項成長也具備高度能見度：已核准與待核准專案，加上對基礎業務的最佳化，支撐了區間下緣。推動我們達到區間上緣的，則是將更多孵化中專案進一步轉化為已核准資本。我們有 75 年交付成果的歷史，我對團隊能延續這一趨勢充滿信心，因為我們眼前的機會如今更為龐大。

And with that, I'll turn it over to Tina to walk through our natural gas business and how it's capturing its share of growth.

接下來我把時間交給 Tina，請她說明我們的天然氣業務，以及它如何掌握其成長份額。

Our natural gas pipeline businesses continue to deliver exceptional results with record EBITDA and 10 new flow records set so far in 2026, all while operating safely and reliably. This performance is a direct result of our commitment to safety and execution excellence with our commercial, regulatory, project execution and operations teams working together across borders and disciplines. Our commercial strategy is working. We have reached eight consecutive win-win settlements with our customers and regulators since 2024, providing greater revenue certainty while preserving opportunities to outperform.

我們的天然氣管線業務持續交出卓越成果，EBITDA 創下新高，且在 2026 年迄今已創下 10 項新的輸送流量紀錄，同時維持安全且可靠的營運。這項表現直接來自我們對安全與卓越執行的承諾；我們的商務、法規、專案執行與營運團隊跨越國界與專業領域協同合作。我們的商業策略正在奏效。自 2024 年以來，我們已與客戶及監管機構連續達成八次雙贏和解，在保留超額表現機會的同時，提供更高的營收確定性。

In Canada, our extended incentive-based mainline settlement allows us to share an upside with our customers, driving strong discretionary revenue. In the US, our teams continue to capture value through new and amended contracts and operating efficiencies across the network. And in Mexico, our assets deliver strong availability, operating discipline and stable contracted earnings. Underlying all of this are our long-standing customer relationships, providing insights into evolving market needs and positioning us to deliver growth opportunities across our footprint.

在加拿大，我們延長的以誘因為基礎的主幹線和解機制，使我們能與客戶共享上行空間，帶動強勁的自主性收入。在美國，我們的團隊持續透過新簽與修訂合約，以及全網路的營運效率提升來創造價值。在墨西哥，我們的資產展現高可用率、嚴謹的營運紀律與穩定的合約收益。支撐這一切的是我們長期的客戶關係，讓我們洞察不斷演變的市場需求，並使我們能在既有版圖上提供成長機會。

Our network forms a strong platform for the next wave of demand, linking low-cost supply basins with growing markets. By 2035, more than 60% of North American production is expected to come from basins connected to our system. What sets us apart is our ability to connect that supply to market. First, we provide supply diversity at scale. Our footprint links four of the continent's most prolific supply basins directly to the Midwest, one of our fastest-growing markets.

我們的網路構成迎接下一波需求的強大平台，將低成本供應盆地與成長中的市場連結起來。到 2035 年，預期北美超過 60% 的產量將來自與我們系統相連的盆地。我們的差異化在於能把這些供應連接到市場。首先，我們能以規模提供供應多元性。我們的版圖將北美四個最具產能的供應盆地，直接連結到中西部——這是我們成長最快的市場之一。

Second, we are built for reliability. Whether it is our Crossroads project announced today or our 532 Bcf of integrated US storage, we can provide flexibility across our network, helping us meet peak demand when our customers need it the most, and that is a competitive advantage.

第二，我們以可靠性為核心打造。無論是今天宣布的 Crossroads 專案，或是我們整合式的美國儲氣量 5,320 億立方英尺（Bcf），我們都能在網路中提供彈性，協助我們在客戶最需要時滿足尖峰需求，而這是一項競爭優勢。

Third, we have the reach to serve growing demand and reliability needs in constrained markets, creating opportunities to grow within our footprint and expand into new markets. Our Columbia Gas strategic corridor shows our strategy and competitive advantage in action. The Appalachian Basin has over 1,100 Tcf of proven natural gas reserves, representing over 80 years of long-term supply.

第三，我們具備服務受限市場中日益成長的需求與可靠性需求的覆蓋範圍，創造在既有版圖內成長並拓展至新市場的機會。我們的 Columbia Gas 策略走廊展現了我們的策略與競爭優勢如何落地。阿帕拉契亞盆地擁有超過 1,100 兆立方英尺（Tcf）的已探明天然氣儲量，代表超過 80 年的長期供應。

Our Columbia gas system alone moves roughly 20% of that production, which is forecasted to grow by 10 Bcf per day by 2035, supporting demand growth across 10 states. Columbia's TECO pool provides a key trading hub for that region, leveraging supply liquidity and storage assets to support growth across its footprint. The Appalachia supply project we sanctioned earlier this year, which is expandable through capital-efficient facilities demonstrates how we can leverage these advantages into growth.

僅 Columbia 天然氣系統就輸送約 20% 的該區產量；預測到 2035 年將每日增加 100 億立方英尺（Bcf/d），支撐 10 個州的需求成長。Columbia 的 TECO pool 為該地區提供關鍵交易樞紐，運用供應流動性與儲氣資產，支援其版圖內的成長。我們今年稍早核准的 Appalachia 供應專案，可透過資本效率高的設施擴充，展現我們如何把這些優勢轉化為成長。

Ohio demand is forecasted to grow by up to 40% by 2035. And our Columbia system delivers more gas to the state than any other operator, and our mainline corridors, laterals and storage provide a distinct advantage over single-line competitors. In the Mid-Atlantic, growing power demand is creating an increasing need for supply diversity with data centers, electrification and coal-to-gas conversions forecast to drive natural gas demand up to 45% by 2035.

預測到 2035 年，俄亥俄州需求將成長最多達 40%。我們的 Columbia 系統向該州輸送的天然氣量高於任何其他營運商，而我們的主幹走廊、支線與儲氣設施，相較於單一路線競爭者具有明顯優勢。在大西洋中部地區，電力需求成長正帶動對供應多元性的需求增加；預期資料中心、電氣化以及燃煤轉燃氣將推動天然氣需求到 2035 年最多成長 45%。

As we look toward the Gulf Coast and Midwest corridors, we see opportunities to extend and connect our unmatched supply access to growing markets across our broader network. Crossroads is a great example, extending the reach of Appalachian supply through greater connectivity across our Midwest systems, including A&R and Northern Border. In the Midwest corridor, natural gas demand is expected to grow by more than 20% by 2035, led by power generation in MISO.

展望墨西哥灣沿岸與中西部走廊，我們看到機會可將我們無可匹敵的供應取得能力延伸並連結至更廣泛網路中的成長市場。Crossroads 就是一個很好的例子，透過提升我們中西部系統（包括 A&R 與 Northern Border）之間的連通性，擴大阿帕拉契亞供應的觸及範圍。在中西部走廊，預期到 2035 年天然氣需求將成長超過 20%，主要由 MISO 的發電需求帶動。

As the region becomes increasingly constrained, we see a significant opportunity to extend our reach, leveraging our US and Canadian pipeline networks, storage and customer relationships to help meet that growing demand. Importantly, peak demand can almost double average demand in this region, among the highest in the country. Chicago cash prices have reached over $10 per MMBtu in five of the last six winters. This volatility increases the value of firm capacity that can reliably deliver gas when customers need it most.

隨著該地區日益受限，我們看到一個重大的機會可擴大覆蓋範圍，運用我們在美國與加拿大的管線網路、儲氣能力以及客戶關係，協助滿足不斷成長的需求。重要的是，該地區的尖峰需求幾乎可達平均需求的兩倍，屬全國最高之列。在過去六個冬季中的五個冬季，芝加哥現金價格曾達到每 MMBtu 超過 10 美元。這種波動性提高了可在客戶最需要時可靠供氣之保證容量（firm capacity）的價值。

Together, those fundamentals create opportunities to provide greater supply diversity, reliability and peak day deliverability while deepening our reach in a core market. So let's dive a bit deeper into the natural gas projects we've announced today. Crossroads is a USD1.8 billion project that adds 1.4 Bcf per day of capacity, connecting the supply diversity strength of our network directly to growing Midwest demand. This project supports power generation, LDC reliability and supply diversity and access. It is a proof point for our corridor strategy.

綜合而言，這些基本面創造了機會，使我們在核心市場中提供更高的供應多元性、可靠性與尖峰日可交付能力，同時深化我們的市場觸及。接下來讓我們更深入看看我們今天宣布的天然氣專案。Crossroads 是一項 18 億美元的專案，新增每日 14 億立方英尺（Bcf/d）的運輸能力，將我們網路的供應多元優勢直接連接到成長中的美國中西部需求。此專案支援發電、地方配氣公司（LDC）的可靠性，以及供應多元與取得。這是我們走廊策略的具體佐證。

Crossroads creates another downstream extension opportunity through the American Midwest project, linking our diversified supply access directly to growing Midwest demand. The American Midwest project modifies existing facility and adds compression to enable up to 1 Bcf per day of East-to-West capacity across Northern Border with a total project cost of approximately USD400 million and TC Energy's proportionate equity contribution of approximately USD100 million. Both projects are underpinned by 20-year take-or-pay contracts, primarily anchored by investment-grade utilities with a build multiple of approximately 6 times and an expected in-service date in 2030.

Crossroads 透過 American Midwest 專案創造了另一個下游延伸機會，將我們多元化的供應取得直接連結至成長中的中西部需求。American Midwest 專案將改造既有設施並新增壓縮設備，使 Northern Border 可實現最高每日 10 億立方英尺（Bcf/d）的東向西輸送能力；專案總成本約 4 億美元，TC Energy 按比例的股權出資約 1 億美元。兩項專案皆以 20 年期 take-or-pay（照付不議）合約作為支撐，主要由投資級公用事業公司作為錨定客戶，建造倍數約為 6 倍，預計於 2030 年投運。

Switching gears to Canada and our LNG connectivity. In September, we announced our investment in Coastal GasLink Phase 2, which advances our strategy to help meet growing global LNG demand. The expansion leverages existing infrastructure, adding five compressor stations and upgrading existing facilities. As the WCSB continues to look for additional egress opportunities and export market access, Phase 2 will nearly double the capacity of the pipeline supplying LNG Canada to approximately 4.5 Bcf per day.

接著把焦點轉到加拿大與我們的 LNG 連通性。9 月，我們宣布投資 Coastal GasLink 第二期（Phase 2），推進我們協助滿足全球 LNG 需求成長的策略。此擴建將利用既有基礎設施，新增五座壓縮站並升級現有設施。隨著西加拿大沉積盆地（WCSB）持續尋求更多外運（egress）機會與出口市場通路，第二期將使供應 LNG Canada 的管線容量幾乎倍增至約每日 45 億立方英尺（Bcf/d）。

At an estimated total project cost of $4.9 billion, Phase 2 represents a capital-efficient expansion with TC Energy's committed equity contribution of up to $250 million. LNG Canada will lead execution, while CGL provides technical advisory support with defined limits on capital and schedule risk. Importantly, CGL will remain the owner, operator and permit holder, maintaining the relationships we've built over many years with indigenous and local communities, governments, regulators, landowners and other stakeholders.

在估計總專案成本 49 億美元下，第二期代表一項資本效率高的擴建，TC Energy 承諾的股權出資最高可達 2.5 億美元。LNG Canada 將主導執行，而 CGL 將提供技術顧問支援，並對資本與工期風險設有明確上限。重要的是，CGL 將持續作為所有人、營運商與許可持有人，維持我們多年來與原住民與在地社區、政府、監管機關、土地所有人及其他利害關係人建立的關係。

This project demonstrates our ability to grow alongside our customers while staying firmly within our risk preferences. As we look to convert the significant opportunity set in front of us, our approach is deliberate and disciplined. We work with customers early to rightsize and often upsize projects. We remain focused on our risk return preferences, long-term contracts with quality counterparties and returns that fit within our 5 times to 7 times build multiple range. And we engage early with communities, indigenous groups and regulators to derisk delivery.

此專案展現我們能在與客戶共同成長的同時，仍堅守我們的風險偏好。在我們著眼於將眼前龐大的機會組合轉化為成果之際，我們的做法審慎且自律。我們會在早期就與客戶合作，適度調整專案規模，且往往會擴大規模。我們持續聚焦於風險報酬偏好、與優質對手方簽訂長期合約，以及符合我們 5 倍至 7 倍建造倍數區間的報酬。同時，我們也會及早與社區、原住民族群與監管機關互動，以降低交付風險。

That work is creating tangible value. Approximately 80% of the natural gas capital we sanctioned this year has been upsized through the development phase. The same discipline is translating into strong project execution across our portfolio. Our projects in development are tracking approximately 5% under budget with over 95% on or ahead of schedule. That's an exceptional result and a credit to our project teams. What we are seeing today gives me confidence that our development queue will continue to grow with high-quality, low-risk and executable projects.

這些工作正在創造具體價值。今年我們核准的天然氣資本支出中，約 80% 在開發階段已擴大規模。同樣的自律也正轉化為我們投資組合中強勁的專案執行力。我們開發中的專案目前約較預算低 5%，且超過 95% 的專案進度符合或超前時程。這是非常卓越的成果，也歸功於我們的專案團隊。我們今天所看到的情況讓我有信心，我們的開發排程將持續成長，並以高品質、低風險且可執行的專案為主。

Finally, active learning is how we continue to get better, and AI is now embedded in how our teams work every day. One of the clearest examples is a decision our gas control and commercial teams make every morning. How much pipeline capacity can we sell that day. Let me show you what that looks like in practice.

最後，主動學習是我們持續精進的方式，而 AI 現在已嵌入我們團隊每天的工作之中。最清楚的例子之一，是我們的天然氣控制與商務團隊每天早上都要做的一項決策。當天我們能賣出多少管線運輸能力。讓我向各位展示這在實務上是什麼樣子。

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Year-to-date, across our US and Canada pipeline systems, AI-enabled capacity management initiatives have generated approximately $65 million of incremental EBITDA, demonstrating how we can unlock additional value from our existing assets. And that's just one of many levers. Across asset and market optimization, we are also using AI to enhance reliability and integrity, improve supply chain efficiency and strengthen safety and enterprise effectiveness.

年初至今，在我們美國與加拿大的管線系統中，AI 驅動的容量管理措施已帶來約 6,500 萬美元的增量 EBITDA，展現我們如何從既有資產中釋放額外價值。而這只是眾多槓桿之一。在資產與市場最佳化方面，我們也運用 AI 來提升可靠性與完整性、改善供應鏈效率，並強化安全與企業營運效能。

This brings us back to where I started. Our incumbency gives us an advantaged asset base, but how we operate and optimize our assets is what drives outperformance. AI is giving our teams another tool to unlock that value. Ultimately, it's about continuously finding new ways to get more from the network we already have and translating opportunities into sustainable earnings growth.

這讓我們回到我一開始的重點。我們的既有優勢（incumbency）讓我們擁有更具優勢的資產基礎，但真正驅動超額表現的是我們如何營運並最佳化這些資產。AI 正為我們的團隊提供另一項工具來釋放這些價值。歸根結底，就是持續尋找新方法，從我們既有的網路中取得更多效益，並將機會轉化為可持續的獲利成長。

With that, I'll pass it to Greg to update you on our Power and Energy Solutions business.

接下來，我把時間交給 Greg，請他向各位更新我們的電力與能源解決方案業務。

Thanks, Tina, and good morning. The opportunity in Power and Energy Solutions starts with our existing footprint and the strong operating capabilities of our team. For decades, we have owned and operated multiple generation technologies, including natural gas, solar, wind, hydro and of course, nuclear. And we've consistently delivered high availability, low forced outage rates that demonstrate our ability to build and operate these assets safely and reliably. That experience provides a solid foundation as we evaluate the opportunities ahead.

謝謝你，Tina，大家早安。電力與能源解決方案的機會，始於我們既有的佈局以及團隊強大的營運能力。數十年來，我們擁有並營運多種發電技術，包括天然氣、太陽能、風能、水力，當然也包括核能。我們也一貫維持高可用率與低非計畫停機率，展現我們能以安全且可靠的方式建造並營運這些資產。這些經驗為我們評估未來機會提供了堅實基礎。

Right now, we have an enormous opportunity with an unparalleled position across Canada with over 4,600 megawatts of power, gas storage and an incumbent natural gas footprint that create the ability to offer a breadth of energy solutions to our customers. This creates a unique opportunity to leverage our natural gas footprint to develop and build the critical, reliable power generation that our customers demand.

目前，我們在加拿大擁有無與倫比的布局，帶來龐大機會：超過 4,600 兆瓦的電力、天然氣儲存，以及既有的天然氣版圖，使我們能向客戶提供廣泛的能源解決方案。這也創造了獨特機會，讓我們能利用天然氣版圖來開發並建置客戶所需的關鍵且可靠的發電能力。

That combination of operating experience, infrastructure, market presence positions us to serve one of the fastest evolving power markets we've seen in decades. Now customers are looking for reliable power, speed to market and long-term certainty.

這種營運經驗、基礎設施與市場存在感的組合，使我們得以服務我們數十年來所見演變最快的電力市場之一。如今，客戶正在尋求可靠電力、快速上市（speed to market）以及長期確定性。

This aligns with what TC Energy has been doing for 75 years. Canadian electricity demand is expected to double to 2050, requiring substantial new investment in generation and the supporting infrastructure. While data centers have been the talk in all the headlines, the significant growth we're seeing actually is quite broad-based across electrification, transportation, industrial and residential load.

這與 TC Energy 75 年來一直在做的事情一致。預期加拿大用電需求到 2050 年將倍增，這將需要在發電以及配套基礎設施上投入大量新資本。雖然資料中心一直是各大新聞標題的焦點，但我們看到的顯著成長其實相當廣泛，涵蓋電氣化、運輸、工業與住宅負載。

And we're focused on opportunities that leverage our capabilities across our gas and our power footprints with strong counterparties that provide contracted cash flows with a return on and of our capital. And given our footprint, the depth of opportunities and our complementary capabilities allow us to be selective and pursue only those that meet our risk return threshold and still provide meaningful growth.

我們聚焦於能運用我們在天然氣與電力版圖上的能力、且具備強健對手方的機會，這些機會可提供合約化現金流，並讓我們的資本獲得資本回報（return on）與資本回收（return of）。同時，鑑於我們的布局、機會深度與互補能力，我們得以保持選擇性，只追求符合我們風險報酬門檻且仍能帶來具意義成長的機會。

Bruce Power provides a clear example of how operating expertise, innovation, repeatability translate into increased cash flow and earnings. And we've talked previously about the MCR program and our team's ability to execute. Now what is particularly exciting is how technological innovation is creating the benefits that can compound for many years. At our Bruce teach-in earlier this year, we highlighted the robotic tooling pioneered on Unit 3, which helped the team return the unit seven months ahead of the original ISO schedule. It was a great session led by our Bruce Power CEO, Eric Sassard, and is available on our website if you haven't had a chance to see it.

Bruce Power 清楚示範了營運專業、創新與可複製性如何轉化為更高的現金流與獲利。我們先前也談過 MCR 計畫以及團隊的執行能力。特別令人振奮的是，技術創新正在創造可在未來多年持續累積的效益。在我們今年稍早的 Bruce 專題說明會（teach-in）上，我們重點介紹了在 3 號機組率先採用的機器人工具，協助團隊讓機組比原先的 ISO 時程提前 7 個月回到運轉。那是一場由 Bruce Power 執行長 Eric Sassard 主持的精彩分享；若各位尚未觀看，網站上也有提供。

And we're already seeing those learnings carry forward. As an example, on Unit 4, the team delivered the Calandria tube install 25 days faster than Unit 3. And better execution has a direct financial benefit. In fact, now we expect to see Unit 4 back online by the end of 2027, almost 4 months ahead of the ISO plan. And as the MCR program progresses, equity income and distributions from Bruce Power are expected to increase materially in the 2030s.

而我們已經看到這些學習成果持續延伸。例如在 4 號機組，團隊完成 Calandria 管安裝的速度比 3 號機組快了 25 天。更佳的執行對財務有直接效益。事實上，我們現在預期 4 號機組將在 2027 年底前重新併網，較 ISO 計畫提前將近 4 個月。隨著 MCR 計畫推進，預期 2030 年代來自 Bruce Power 的權益法收益與分配將顯著增加。

That growing stream of cash flow expands our ability to fund future growth while remaining within our debt-to-EBITDA target. By the early 2030s, we expect Bruce Power free cash flow to unlock an additional $2 billion to $3 billion of annual investment capacity for TC Energy, providing greater capacity to pursue attractive opportunities, both across natural gas and our power footprint. The value of execution at Bruce extends well beyond the MCR program. We learn, we innovate and we carry these improvements forward that ultimately expand cash flow and earnings back to TC Energy.

那股持續成長的現金流，擴大了我們在維持淨負債對EBITDA目標範圍內，為未來成長提供資金的能力。到2030年代初期，我們預期Bruce Power的自由現金流將為TC Energy釋放每年額外20億至30億美元的投資能力，讓我們在天然氣與電力版圖上，都有更大的能力追求具吸引力的機會。Bruce的執行價值遠不僅止於MCR計畫。我們學習、我們創新，並將這些改進延續下去，最終把現金流與盈餘擴大回饋給TC Energy。

Now we have multiple pathways to capture meaningful growth with a growing suite of power development opportunities located strategically along our natural gas footprint allow us to leverage our complementary natural gas and power capabilities. We have spent the last couple of years evaluating these opportunities and building a clear view of where our capabilities can create the most value.

現在我們有多條途徑可掌握具實質意義的成長；一系列不斷擴大的電力開發機會，策略性地分布在我們的天然氣版圖沿線，使我們能夠運用天然氣與電力的互補能力。過去幾年，我們一直在評估這些機會，並建立清晰的判斷，了解我們的能力在哪些領域能創造最大價值。

Our customers' need for certainty, reliability and speed to market has created a unique value proposition for us. And given the breadth of our footprint and our ability to tailor solutions to customer demand. This portfolio now includes over $15 billion of projects in origination, representing almost 4 gigawatts of capacity. And importantly, these are relatively short cycle with more than 80% currently expected to begin contributing EBITDA within our outlook period to 2031.

客戶對確定性、可靠性以及快速上市的需求，為我們創造了獨特的價值主張。再加上我們版圖的廣度，以及能依客戶需求量身打造解決方案的能力。目前這個投資組合包含超過150億美元的起案（origination）專案，代表近4吉瓦的裝置容量。更重要的是，這些專案的週期相對較短，且目前預期超過80%將在我們至2031年的展望期間內開始貢獻EBITDA。

And of these projects, we are already seeing significant traction and progress with potential announcements by the end of the year, representing $500 million to $1 billion of incremental investment. This portfolio represents a diverse set of projects in multiple markets that adhere with our risk return preferences and the ability to contribute near-term EBITDA. And I look forward to discussing this portfolio in more detail as it develops and sharing additional project announcements through 2027.

在這些專案中，我們已看到顯著的推進力與進展，並可能在年底前發布公告，代表額外5億至10億美元的增量投資。此投資組合涵蓋多個市場的多元專案，符合我們偏好的風險報酬特性，並具備貢獻近期EBITDA的能力。我也期待隨著其發展，能更深入地討論這個投資組合，並在2027年前分享更多專案公告。

And at Bruce Power, our in-flight longer-term growth opportunities continue to progress. Project 2030 remains a capital-efficient, low-risk set of projects that will increase our output to approximately 7,000 megawatts, effectively adding the equivalent of a ninth reactor. And Bruce C provides longer-term optionality for up to 4,800 megawatts of potential new nuclear capacity. And the execution we're seeing through the MCR program provides an experienced workforce, supply chain, operating expertise and the project capabilities that give us the confidence to build Canada's next nuclear facility.

在Bruce Power方面，我們正在推進的較長期成長機會也持續進展。Project 2030仍是一組資本效率高、風險低的專案，將把我們的輸出提升至約7,000兆瓦，等同於有效新增第九座反應爐的發電量。而Bruce C則提供更長期的選擇權，可新增最高達4,800兆瓦的潛在新核能容量。我們在MCR計畫中看到的執行成果，帶來了經驗豐富的人力、供應鏈、營運專業與專案能力，使我們有信心建造加拿大下一座核能設施。

Taken together, we have multiple pathways for growth in power, maximizing the value of our existing assets, developing new contracted generation that can serve the growing power demand and continuing to advance our opportunities at Bruce Power, all within the same disciplined risk return framework, and this provides TC Energy with another pillar of low-risk, repeatable growth for decades to come.

綜合而言，我們在電力領域有多條成長路徑：最大化既有資產價值、開發可滿足日益成長用電需求的新簽約發電資產，並持續推進我們在Bruce Power的機會；所有這些都在同一套嚴謹的風險報酬框架下進行，這也為TC Energy提供另一個低風險、可複製的成長支柱，支撐未來數十年。

Thank you. I'll now pass it to Sean to walk you through the financials.

謝謝。接下來我把時間交給Sean，請他帶各位看財務表現。

Thanks, Greg. As you've heard this morning, strong execution and operating performance continue to translate directly into strong financial results. We've delivered over $3 billion in third quarter comparable EBITDA, up 13% year-over-year and comparable earnings per share of $0.94, up 22%. Year-to-date, comparable EBITDA is now $9 billion, up 13% versus the first nine months of 2025. Each of our four business segments was higher year-over-year.

謝謝，Greg。正如各位今天早上聽到的，強勁的執行力與營運表現，持續直接轉化為強勁的財務成果。我們第三季交出超過30億美元的可比EBITDA，年增13%；可比每股盈餘為0.94美元，年增22%。年初至今，可比EBITDA已達90億美元，較2025年前九個月成長13%。我們四個業務部門皆較去年同期成長。

Our natural gas pipeline business continued to perform exceptionally well with our US natural gas pipeline comparable quarterly EBITDA up 17% versus last year, benefiting from $2 billion of assets placed in the service, commercial settlements and innovative contract sales.

我們的天然氣管線業務持續表現出色，美國天然氣管線的可比季度EBITDA較去年成長17%，受惠於20億美元資產投入營運、商業和解，以及創新的合約銷售。

Bruce Power achieved 97% overall availability and a full quarter of contributions from Unit 3 after the early completion of its MCR, driving our Power and Energy Solutions EBITDA up 35%. Together, these results put us in a strong position as we move through the balance of the year and give us confidence in the outlook ahead. The strength of our operating and commercial performance year-to-date gives us the confidence to raise our 2026 comparable EBITDA outlook to $11.8 billion to $12 billion.

Bruce Power達成97%的整體可用率，且在3號機組MCR提前完成後，貢獻了完整一季的成果，帶動我們的電力與能源解決方案EBITDA成長35%。綜合這些結果，讓我們在今年剩餘期間處於有利位置，並對未來展望更具信心。年初至今營運與商業表現的強勁，使我們有信心將2026年可比EBITDA展望上調至118億至120億美元。

As you see on the left-hand chart, our revised guidance represents a $200 million increase versus our previous 2026 range and more than $500 million above our 2023 Investor Day outlook. On the right-hand side, our strong performance is carrying forward into 2027. We now expect comparable 2027 EBITDA of $12.3 billion to $12.5 billion compared with the $11.7 billion to $11.9 billion outlook we provided at our 2024 Investor Day. Our ability to consistently deliver outstanding performance will be driven by a number of factors, including continued high asset availability, innovative AI and commercial marketing gains and continued scaling of our proven project delivery capabilities.

如左側圖表所示，我們修訂後的指引較先前2026年區間提高2億美元，且較我們在2023年投資人日所提供的展望高出逾5億美元。在右側，我們的強勁表現也延續到2027年。我們目前預期2027年可比EBITDA為123億至125億美元，相較於我們在2024年投資人日提供的117億至119億美元展望。我們持續交付卓越表現的能力，將由多項因素驅動，包括資產持續高可用率、創新的AI與商業行銷增益，以及我們已驗證的專案交付能力持續擴大規模。

Turning to our capital program that underwrites this growth outlook. We continue to develop stronger and better visibility on our business development projects into the early 2030s. As you move across the chart, in origination opportunities will convert into secured projects over time, providing a clear path to growing our capital program. The backbone of that program continues to be our natural gas pipelines, representing more than 80% of our $30 billion sanctioned and pending approval project pipeline, all underpinned by long-term take-or-pay contracts or cost of service frameworks.

接著談支撐此成長展望的資本計畫。我們持續在2030年代初期之前的業務開發專案上，建立更強且更清晰的能見度。隨著你沿著圖表往右看，起案（origination）機會將隨時間轉化為已確保（secured）專案，為我們擴大資本計畫提供清晰路徑。該計畫的骨幹仍是我們的天然氣管線，佔我們300億美元已核准與待核准專案管線的80%以上，且皆以長期take-or-pay合約或成本服務（cost of service）機制作為支撐。

An increasing part of our opportunity beyond that is coming from our Power and Energy Solutions business, as Greg mentioned, where we are developing a multi-decade growth platform with many of these proposed projects having shorter development and construction time lines, allowing us to move more quickly from announcement to capital investment and ultimately to cash flow and EBITDA contribution. The timing and composition of our annual capital spending will evolve.

除此之外，我們機會中日益增加的一部分來自電力與能源解決方案業務，正如Greg所提到的；我們正在打造一個跨數十年的成長平台，其中許多擬議專案的開發與施工時程較短，使我們能更快從公告走向資本投資，最終帶來現金流與EBITDA貢獻。我們每年的資本支出時點與組成將會演進。

As projects continue to develop, we'll look to optimize spend to smooth the capital curve over time. But what won't change our underwriting discipline, incremental investment must continue to deliver compelling risk-adjusted returns, strong cost and schedule execution profiles and consistency with our commitment to maintaining debt-to-EBITDA at or below 4.75 times.

隨著專案持續發展，我們將尋求最佳化支出，以在時間推移中平滑資本曲線。但不會改變的是我們的承作（underwriting）紀律：增量投資必須持續交付具吸引力的風險調整後報酬、強健的成本與進度執行表現，並與我們維持淨負債對EBITDA在4.75倍或以下的承諾一致。

And as Francois mentioned, we are updating our long-term outlook to five years through 2031, where we are expecting to deliver comparable EBITDA growth of 5% to 7% over the new outlook period. Importantly, the low end of our range of approximately 5% is underpinned by sanctioned and pending approval projects and continued optimization efforts across our base businesses. Our five year outlook includes a portion of unallocated capital as we continue to high-grade our project backlog and increase our balance sheet's investment capacity to underwrite this EBITDA growth.

此外，如Francois所提到的，我們將長期展望更新為涵蓋至2031年的五年期，預期在新的展望期間內交付可比EBITDA 5%至7%的成長。重要的是，我們區間下緣約5%的成長，是由已核准與待核准專案，以及在基礎業務上的持續最佳化努力所支撐。我們的五年展望包含一部分未分配資本，因為我們將持續精選（high-grade）專案儲備，並提升資產負債表的投資能力，以承作這項EBITDA成長。

As you can see from the new waterfall format, delivering the EBITDA midpoint assumes approximately $8 billion to $9 billion of annual net capital spending from 2029 through 2031. And as a rule of thumb, $8 billion to $9 billion of annual CapEx implies we achieve approximately a 15% conversion ratio of our more than $40 billion origination pipeline that Francois presented.

如你從新的瀑布圖格式所見，要達成EBITDA中位數，假設2029年至2031年每年的淨資本支出約為80億至90億美元。作為經驗法則，每年80億至90億美元的資本支出（CapEx）意味著，我們對Francois所展示、超過400億美元的起案（origination）管線，達成約15%的轉化率。

A higher conversion rate would support a run rate of net capital investment of more than $9 billion per year. That scenario would create a path to the upper end of the EBITDA range with the continued support of our commercial, operational, technological and AI innovations that you've heard a lot about today.

更高的轉化率將可支撐每年超過90億美元的淨資本投資運行水準。在你今天聽到我們大量提及的商業、營運、技術與AI創新持續支持下，該情境將為我們通往EBITDA區間上緣提供一條路徑。

And finally, it's important to reflect on the tagline that TC will continue to adhere to our debt-to-EBITDA target of 4.75 times as we deliver this updated plan. Turning next to the funding plan that supports our updated path to growth. We want to explain how the business is positioned to fund the investment opportunities across the five year plan. New capital being placed into service, strong operating performance, improved build multiples and capital efficiency over the past few years have built significant financial capacity on the balance sheet today.

最後，重要的是要重申一句話：在推進這項更新後的計畫時，TC 將持續遵循我們「淨負債對 EBITDA」4.75 倍的目標。接下來談支撐我們更新成長路徑的資金計畫。我們想說明，公司如何具備資金能力，以支持五年計畫中的各項投資機會。近年來，新資本投入並投運、強勁的營運表現、建置倍數的改善以及資本效率的提升，使我們目前在資產負債表上累積了可觀的財務承載能力。

And as Francois noted, we expect leverage to exit this year in the 4.55 times to 4.6 times range, well below our 4.75 times long-term target. We've also taken further steps to bolster our financial capital available for growth projects through high-value capital rotation like our recently announced sale of our mature Guadalajara pipeline asset in Mexico.

正如 Francois 所提到的，我們預期今年年底的槓桿倍數將落在 4.55 倍至 4.6 倍區間，明顯低於我們 4.75 倍的長期目標。我們也透過高價值的資本輪動（例如近期宣布出售我們在墨西哥成熟的 Guadalajara 管線資產）進一步強化可用於成長專案的財務資本。

I'll reiterate, that our top priority is to continue to prudently grow EBITDA and additional balance sheet capacity ahead of the increased investment opportunities that we see coming in the next few years. We will do this through commercial and operational optimization, AI and technological innovation. We will maximize our capital efficiency on new investments and our return on invested capital across our existing asset base.

我再強調一次，我們的首要任務，是在未來幾年我們所看到的投資機會增加之前，持續審慎地提升 EBITDA 與資產負債表的額外承載能力。我們將透過商業與營運最佳化、AI 與技術創新來達成。我們會在新投資上最大化資本效率，並提升既有資產基礎的投入資本報酬率。

And as Greg highlighted, looking ahead to the early 2030s, growing free cash flow from Bruce Power is expected to unlock an additional $2 billion to $3 billion of investment capacity every year, which provides a substantial source of funding for our power and pipeline growth programs. I want to wrap up on this slide by highlighting the differentiated combination of solid growth, low risk and exposure to some of the strongest energy fundamentals in North America that our portfolio uniquely provides.

此外，正如 Greg 所強調的，展望 2030 年代初期，來自 Bruce Power 的自由現金流成長，預期每年可釋放額外 20 億至 30 億美元的投資容量，為我們的電力與管線成長計畫提供可觀的資金來源。我想以這張投影片作結，強調我們投資組合所獨有的差異化組合：穩健成長、低風險，並能受惠於北美最強勁的能源基本面之一。

98% of our comparable EBITDA is from rate-regulated or long-term take-or-pay arrangements, while we continue to grow our dividend in the 3% to 5% range. We have compelling investment opportunities across our natural gas and power footprints, two areas where we see significant long-term demand growth, supported by a strong balance sheet and BBB plus credit rating.

我們可比 EBITDA 的 98% 來自費率管制或長期 take-or-pay（照付不議）安排，同時我們持續將股利成長維持在 3% 至 5% 的區間。在天然氣與電力版圖上，我們擁有具吸引力的投資機會；這兩個領域的長期需求成長顯著，並由強健的資產負債表與 BBB+ 信用評等所支撐。

And importantly, we have demonstrated our ability to translate those advantages into tangible shareholder value over the past few years, and we are confident in our ability to deliver on that same unique value proposition with the growth opportunities now ahead of us.

更重要的是，過去幾年我們已證明能將這些優勢轉化為具體的股東價值；對於在眼前的成長機會下，持續交付同樣獨特的價值主張，我們充滿信心。

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

接下來我把時間交還給 Francois。

Thanks, Sean. I sum up the case for TC Energy in four words. Number one, stable. 98% of our cash flows are rate regulated or take-or-pay. We've got investment-grade customers in every jurisdiction and 26 consecutive years of dividend growth.

謝謝，Sean。我用四個字總結 TC Energy 的投資論點。第一，穩定。我們 98% 的現金流來自費率管制或 take-or-pay（照付不議）合約。我們在各個司法管轄區都有投資等級客戶，並且已連續 26 年提高股利。

Number two, visible. We expect 5% to 7% comparable EBITDA growth through 2031, supported by nearly $6 billion of projects pending approval and more than $40 billion in origination. Number three, proven. We placed over $8 billion of assets into service in 2025 and expect another $3.4 billion in 2026 at an aggregate of 10% under budget.

第二，可見度高。我們預期可比 EBITDA 在 2031 年前將以 5% 至 7% 成長，並由近 60 億美元待核准專案及超過 400 億美元的案源（origination）所支撐。第三，已被驗證。我們在 2025 年讓超過 80 億美元的資產投入營運，並預期 2026 年再投入 34 億美元；整體而言，成本較預算低 10%。

And finally, number four, we are ready. With over $40 billion of opportunities in origination, where policy is incrementally supportive, fundamentals continue to improve and our teams have been built up to ensure safety, commercial and project execution excellence, we are ready to deliver the next wave of shareholder value.

最後，第四，我們已準備就緒。在超過 400 億美元的案源機會下，政策環境逐步轉為支持、基本面持續改善，而我們也已強化團隊以確保安全、商務與專案執行的卓越表現；我們已準備好交付下一波股東價值。

With that, operator, we are now ready for questions.

接下來，接線員，我們現在準備開始問答。

(Operator Instructions)

(接線員指示)

Rob Hope, Scotiabank.

Scotiabank 的 Rob Hope。

Good morning, everyone. I appreciate all the incremental details here. I want to dive a little bit deeper in the 5% to 7% EBITDA growth outlook through 2031. So you do note that the low end supported by sanction and projects pending approval plus the optimization. But when we think about the upper end of that growth outlook, with new pipeline investments like Crossroads taking four to five years to get in service, does this imply that we could see incremental or higher power investments as those are shorter duration projects to get you towards that upper end of the band as it seems like pipeline investments may be beyond 2031.

各位早安。感謝你們提供更多補充細節。我想更深入探討你們提出的 2031 年前 EBITDA 成長 5% 至 7% 的展望。你們確實提到區間下緣由已核准（sanctioned）與待核准專案加上最佳化所支撐。但當我們思考該成長展望的上緣時，若像 Crossroads 這類新的管線投資需要四到五年才能投運，這是否意味著我們可能會看到額外或更高的電力投資（因為電力專案工期較短），以推動你們達到區間上緣？因為看起來管線投資可能會落在 2031 年之後。

Good morning, Rob, thanks for the question. This is Sean. I'll take that one. Yes, you're exactly right. Let me just repeat back the question for you. Our 5% end of the range is completely underpinned by sanctioned and pending projects. That's more or less our $6 billion a year run rate that you've seen. To the midpoint and high end of the range, what we're working off of this $8 billion to $10 billion of incremental capital from $29 billion to $31 billion.

早安，Rob，謝謝你的問題。我是 Sean，我來回答。是的，你說得完全正確。我先把你的問題重述一次。我們區間的 5% 端完全由已核准與待核准專案所支撐。那大致就是你看到我們每年約 60 億美元的常態投資節奏。至於區間中位數與上緣，我們是以從 290 億至 310 億美元中增加的 80 億至 100 億美元增量資本為基礎來推估。

That could be another $6 billion to $12 billion on top of our sanction and pending. And that $6 billion to $12 billion that we're looking for to get to the high end of that range, we're working off of a $40 billion backlog to get to that $6 billion or $12 billion to kind of understand where the high end of the range might come from in between Tina and Greg's business, there's a lot of fixed opportunity across gas pipe and power. And there's $15 billion of that is in power. So I think it's highly likely that you're going to see a meaningful component in the back end of the decade that power begins to deliver capital and EBITDA (inaudible).

這可能是在已核准與待核准專案之外，再增加 60 億至 120 億美元。而為了達到區間上緣，我們所尋求的這 60 億至 120 億美元，是以 400 億美元的待開發案源庫存（backlog）作為基礎，來判斷區間上緣可能的來源；在 Tina 與 Greg 的業務之間，天然氣管線與電力都有大量既定機會。其中有 150 億美元是在電力領域。因此我認為非常有可能在本十年後段，你會看到電力開始貢獻資本投入與 EBITDA（聽不清）。

Maybe moving over to the second question. How are you thinking about kind of the risk reward framework for incremental Power and Energy Solution investments? If you are targeting 10 to 25 year contracts, are you looking to ensure that you get the full return of capital in the contract period? Or are you willing to take some recontracting depending on where you're seeing the fundamentals?

接著第二個問題。對於額外的電力與能源解決方案投資，你們如何思考風險報酬框架？如果你們目標是 10 到 25 年期合約，你們是否會確保在合約期間內就能完全回收資本並取得報酬？或者你們願意承擔部分再簽約（recontracting）風險，取決於你們對基本面的判斷？

I'll start, Rob, and then I'll ask Greg to provide some comments. I just overall from a macro perspective, what we've seen, particularly in Canada is an increased willingness to enter into longer-term contracts. So in every circumstance we're looking at here and what's in the $15 billion of backlog, we earn a return on and of our capital entirely in the contract period. Some instances, the contracts are as short as 10 years. But in those instances, we do still check that box.

Rob，我先回答，然後請 Greg 補充一些看法。從整體宏觀角度來看，特別是在加拿大，我們看到市場更願意簽訂較長期的合約。因此在我們目前評估的每一個情境，以及那 150 億美元案源庫存中的項目，我們都能在合約期間內完全取得資本的報酬並回收本金。有些情況下，合約短至 10 年。但即便如此，我們仍會確認符合這項要求。

Greg?

Greg？

Yeah, sure. And happy to have. We as I mentioned in the opening remarks, we've been taking a couple of years looking at the market. We spend a lot of time looking through numerous opportunities. You can imagine the number of opportunities we see across our footprint given the need for that reliable backstop power, which gas is the natural solution for that. So we have a very diverse group of projects, and we are being extremely selective. We have to hit the risk return preferences. Tina's team continues to deliver great projects, and I'm going to deliver the same thing.

好的，當然。也很樂意補充。正如我在開場致詞提到的，我們花了幾年時間研究市場。我們投入大量時間檢視眾多機會。你可以想像，鑑於我們版圖內對可靠備援電力的需求，而天然氣是最自然的解決方案，因此我們看到的機會數量非常多。所以我們的專案組合非常多元，但我們也極度嚴格篩選。我們必須符合我們偏好的風險報酬條件。Tina 的團隊持續交付優秀專案，而我也會做到同樣的成果。

Praneeth Satish, Wells Fargo.

Praneeth Satish，富國銀行。

Good morning. There's a bit of an echo when you guys speak. So I'm not sure if some of what I'm saying has been covered. But maybe just on the early-stage origination funnel. So that doubled from $20 billion last quarter to $40 billion this quarter. Can you just unpack, I guess, what's driving that step-up?

早安。你們說話時有點回音。所以我不確定我說的內容是否有部分已經被提到。不過也許先談談早期階段的案源漏斗。這一季從上一季的200億美元翻倍到400億美元。你們能否說明一下，是什麼在推動這個增幅？

Is it a few large opportunities or the power projects in there? And then you gave the percentage of projects that are natural gas, but can you comment on what percentage of the $40 billion are specifically US gas projects?

是少數幾個大型機會，還是其中包含電力專案？另外你們提供了天然氣類專案的比例，但能否評論一下，這400億美元中有多少比例是明確屬於美國的天然氣專案？

Maybe I'll start, Praneeth, give you a little bit of a breakdown. Of that $40 billion funnel, it's roughly broken down 50-50 between the US and Canada. And from a natural gas pipeline perspective versus power, it is $25 billion for the gas business and $15 billion for power. All of our Power and Energy Solutions projects in the origination bucket are in Canada.

Praneeth，我先開始，給你一點拆解。這400億美元的漏斗，大致上美國與加拿大各占一半，約50/50。以天然氣管線相對於電力來看，天然氣業務是250億美元，電力是150億美元。我們在案源（origination）項下的所有電力與能源解決方案專案都在加拿大。

Okay. That's helpful. And then maybe just -- sorry, go ahead.

好的。這很有幫助。然後也許再—抱歉，你先說。

No, I didn't have anything to add. Thanks, Praneeth.

沒有，我沒有要補充的。謝謝你，Praneeth。

Okay. Maybe just on the power opportunity, the 3.5 gigawatts, $15 billion. I guess I was a little surprised to see the contract duration as short as 10 years. I know it's a range there. But what types of projects or risk profiles would you -- would make you comfortable accepting a shorter duration contract? And then on the technology for these projects, are you looking at combined cycle gas turbines or simple cycle gas turbines? And are you expecting these to be grid connected or fully off-grid

好的。那也許就電力機會來看，3.5吉瓦、150億美元。我想我有點意外合約期限短到只有10年。我知道那是一個區間。但哪些類型的專案或風險屬性，會讓你們願意接受較短期限的合約？另外就這些專案的技術而言，你們看的是複循環燃氣渦輪，還是簡單循環燃氣渦輪？你們預期這些會是併網，還是完全離網？

Okay. Great. Thanks. It's Greg. I'll take that one. So just reinforcing Francois's previous comments, even if it is shorter-dated contracts, we are looking for return of capital risk and return on capital. So when we talk about 10 years, we're not being exposed to terminal value risk in those situations. So you will see a multitude of duration just given some of the customer mix that we have. And they will all be counter or counterparty creditworthy, of course. In terms of technology, the opportunity set that we have is actually quite diverse.

好的。很好。謝謝。我是Greg，我來回答。先呼應Francois先前的評論，即便是較短期的合約，我們仍然關注資本回收風險以及資本報酬。所以當我們談到10年時，在那些情況下我們不會暴露於終值風險。因此，基於我們的客戶組合，你會看到各種不同的期限。當然，這些都會是具備信用資質的對手方。就技術而言，我們的機會集合其實相當多元。

It could be all of the above that you mentioned, whether it's combined cycle, simple, recips or otherwise. What we are looking to do is provide a very unique customer solution for different customers. Some of those might behind the meter. Some of those will be grid connected.

可能包含你提到的所有選項，不論是複循環、簡單循環、往復式機組（recips）或其他。我們希望做的是，針對不同客戶提供非常獨特的客製化解決方案。其中一些可能是表後（behind the meter）。另一些則會是併網。

As I mentioned in my opening remarks, we're seeing demand not only for data centers, but in industrialization, electrification or otherwise. So we do have a diverse set of opportunities across Canada, which is why I'm so excited and why I believe that we'll be able to accelerate some of these opportunities.

如我在開場致詞提到的，我們看到的需求不僅來自資料中心，也來自工業化、電氣化或其他領域。因此我們在加拿大各地都有一組多元的機會，這也是我如此興奮、也相信我們能加速推進其中一些機會的原因。

And if I might, Praneeth, I'll just add that you've heard us talk in the past about how deliberate and strategic we are around creating strategic relationships and alliances with our supply chain, for example, for turbines for compressor stations and the like. We've taken the same approach on the power side. So despite the fact that these are quick to cash flow projects, we have a high degree of confidence in being able to secure all of the required equipment and the various technologies to deliver on these projects in the near term as we've been working on this for quite some time.

如果可以的話，Praneeth，我再補充一點：你們過去聽我們談過，我們在與供應鏈建立策略關係與聯盟方面（例如壓縮站用渦輪機等）是多麼審慎且具策略性。我們在電力端也採取了同樣的方法。所以儘管這些是能快速產生現金流的專案，我們仍對於能在近期取得所有所需設備與各項技術、以交付這些專案具有高度信心，因為我們已經為此投入相當長一段時間在運作。

Thank you.

謝謝。

Ben Pham, BMO Capital Markets.

Ben Pham，BMO資本市場。

Hi, thanks. Good morning. I want to start with the Canadian business. The existing NGTL framework supports up to $3.3 billion of capital. You've only announced $1.2 billion FID. Do you update on discussions on a broader investment framework beyond the current program and whether these Canadian projects tend to compete more consistent with the US side of things?

嗨，謝謝。早安。我想先從加拿大業務談起。現行的NGTL框架支持最高33億美元的資本投入。你們目前只宣布了12億美元的FID。你們能否更新一下，關於超出現行計畫的更廣泛投資框架之討論進展？以及這些加拿大專案在競爭上是否更接近美國那邊的情況？

Thanks for the question, Ben. I'll start, and I'll pass it over to Tina to provide a little bit more detail. NGTL is foundational to this company's business profile, its business mix and its growth. I would say that discussions with our customers are progressing. We have over 300 customers on NGTL versus less than 100 on the mainline.

謝謝你的問題，Ben。我先回答，然後把問題交給Tina補充一些細節。NGTL是本公司業務輪廓、業務組合與成長的基石。我會說，我們與客戶的討論正在推進。我們在NGTL上有超過300個客戶，而在主幹線（mainline）上不到100個。

So it's proven to take a bit more time. And I want to be clear that we intend to build -- we simply need to land on an appropriate risk return framework. You alluded to the multiyear growth program and our original estimate of over $3 billion of capital being required to meet our commitments of egress in excess of 1 Bcf a day. We've actually outperformed and we found a way to exceed that 1 Bcf per day commitment with far less capital than was originally estimated. That's a win-win because it keeps the tolls down for our customers.

所以這已被證明需要多花一些時間。我想說清楚的是，我們有意願去建設——我們只是需要在風險與報酬框架上達成適當的共識。你提到多年期成長計畫，以及我們最初估計為了履行每日超過10億立方英尺（1 Bcf/d）的外輸承諾，需要超過30億美元的資本。實際上我們表現超出預期，並找到方法用遠低於原先估計的資本，就能超過每日10億立方英尺的承諾。這是雙贏，因為能為客戶把費率（tolls）壓低。

So the new investment framework, I'll remind you, we had a settlement until 2029. This is about capital allocation from 2029 forward. And we are prepared to take on more risk on the cost and revenue side of the equation in order to have the opportunity to earn a higher return. And as I said, we are starting to see some progress with our customers. And over to Tina to give you a little bit of color on that.

至於新的投資框架，我提醒大家，我們的和解協議（settlement）有效至2029年。這關乎2029年之後的資本配置。我們也準備在成本與收入這個等式的兩端承擔更多風險，以換取賺取更高報酬的機會。如我所說，我們開始看到與客戶之間出現一些進展。接下來請Tina提供一些補充說明。

Yeah, thanks, Francois. As you mentioned, we are working really closely with our customers to develop a win-win solution. We really care about the health of the basin. And as a proof point, our NGTL rate base has more than tripled over the last decade. We've invested between 2015 and 2025, we've increased from $6.1 billion to about $18.7 billion. And just over the last five years, we've invested about $6.5 billion of growth capital along with almost $2 billion of maintenance capital as well.

好的，謝謝你，Francois。如你提到的，我們正與客戶非常緊密合作，來制定一個雙贏的解決方案。我們非常重視盆地（basin）的健康發展。作為佐證，我們的NGTL費率基礎（rate base）在過去十年已超過三倍成長。我們在2015到2025年間的投資，使其從61億美元增加到約187億美元。而僅在過去五年，我們投入了約65億美元的成長資本，另外也投入了將近20億美元的維護資本。

To advance the investment framework, we are in the market and with service offerings that have recently closed, and we're seeing a strong uptake on the 1 Bcf of offerings that we've put out into the market, again, continuing to reflect the customer engagement and the need for capacity on the system.

為了推進投資框架，我們已在市場上推出服務方案，且近期已完成結案；我們看到對於我們投放到市場上的每日10億立方英尺（1 Bcf）的方案有強勁的承接度，這再次反映客戶的參與度以及系統對容量的需求。

A couple of interesting tailwinds. Bill C-39 could be a really important opportunity for us to more efficiently build out the system and build it out in a shorter time frame. So we're looking at that as a very positive tailwind for us to support the basin and support our customers. And we're really proud of the track record we've had on previous settlements, and we're confident we can get to a settlement.

另外有幾個有利因素。C-39法案可能會是我們更有效率地擴建系統、並在更短時間內完成擴建的一個非常重要的機會。因此我們將其視為非常正面的順風，有助於支持盆地並支持我們的客戶。我們也為過去在先前和解協議上的紀錄感到自豪，並且有信心能達成新的和解。

Our time line for this is we're targeting a settlement by the end of Q1 of 2027 so that we can ensure we can advance the capital necessary to support that growth. And at that time, if we have not achieved a settlement, then we would need to look at alternative routes to get that capacity moving forward, including working with the regulator to advance those projects.

我們對此的時間表是，目標在 2027 年第一季末前達成和解，以確保我們能夠推進支持該成長所需的資本。而在那個時間點，如果我們尚未達成和解，那麼我們就需要尋找替代途徑來推動該產能向前，包括與監管機構合作以推進那些專案。

Okay. Got it. Maybe to switch over to Bruce Power. You mentioned again that $2 billion to $3 billion of annual investment capacity that could get unlocked in early 2030s. Can you confirm whether or not a portion of that amount is baked in that $8 billion to $10 billion capacity you mentioned today? And can you also clarify how much you think of that $2 billion to $3 billion will be tied up in the MCR program versus being available for the growth opportunities?

好的。了解。也許切換到 Bruce Power。你再次提到在 2030 年代初期可能解鎖每年 20 億到 30 億美元的投資能力。你能否確認，這個金額中的一部分是否已包含在你今天提到的 80 億到 100 億美元的能力之中？另外，你也能否說明，你認為這 20 億到 30 億美元中有多少會被 MCR 計畫占用，而不是可用於成長機會？

Hey, Ben, it's Sean. Thanks for the question. To the first part of your question, how much of Bruce is in that capital program, of course, the MCR program, right? Some of the first and best dollars that we spent, that is obviously in our base case program. To your second question about the post-2030 Bruce contribution, in my opening remarks, the comment was Bruce unlocks $2 billion to $3 billion of investment capacity that we will bring back into Gasco and -- beginning in the early 2030s.

嗨，Ben，我是 Sean。謝謝你的問題。就你問題的第一部分，Bruce 在那個資本計畫中占多少，當然是指 MCR 計畫，對吧？我們投入的第一批、也是最值得投入的資金，顯然已納入我們的基準情境計畫。至於你第二個問題，關於 2030 年後 Bruce 的貢獻，在我開場致詞中提到的是，Bruce 將解鎖 20 億到 30 億美元的投資能力，我們會在 2030 年代初期開始把這些資金帶回 Gasco，並——

That is a gross number. So to answer your question specifically, when the Bruce C decision is ultimately made, designing that program to ensure that Bruce can self-fund Bruce C and still bring capital back so that we can continue to fund what you've heard about this morning between Tina and Greg's businesses and that growth outlook. That is the plan as it stands today that we will bring money back from Bruce independent of Bruce C to fund the 2030 version of the programs that you've heard today.

那是一個總額（gross number）。因此，具體回答你的問題：當 Bruce C 的決策最終做出時，我們會設計該計畫，以確保 Bruce 能夠自籌資金推進 Bruce C，同時仍能把資本回流，讓我們能持續為你今天早上從 Tina 與 Greg 的業務以及該成長展望中所聽到的內容提供資金。這就是目前的計畫：我們將在不依賴 Bruce C 的情況下，從 Bruce 回流資金，用於資助你今天聽到的 2030 年版本的各項計畫。

Shawn, just to double confirm the numbers in the path ahead, you're moving from 6 to 7 capacity to 8 to 10. As you get to 2030 plus, does that go to 10 to 13, then, or is that some of that Bruce, because we're trying to get some of that Bruce capacity at 8 to 10?

Shawn，我只是想再次確認一下未來路徑中的數字：你們是從 60 億到 70 億的能力提升到 80 億到 100 億。到了 2030 年以後，是否會變成 100 億到 130 億？還是說其中一部分 Bruce 的能力其實已經算在 80 億到 100 億裡，因為我們正試圖在 80 億到 100 億中納入一些 Bruce 的能力？

That's a question we have a lot of fun with, Ben. The answer is we'll see, right? We're talking today about an incredible new opportunity in PES, right? We've got to deliver on that to be able to make decisions about capital allocation into the 2030s. And in this same kind of two year window, we're going to know a lot more about Bruce C.

Ben，這個問題我們很常拿來討論。答案是：我們再看看，對吧？我們今天談的是 PES 一個令人振奮的新機會，對吧？我們必須先把它交付落地，才能在 2030 年代就資本配置做決策。而在同樣大約兩年的時間窗口內，我們也會對 Bruce C 有更多了解。

But look, fundamentally, there's a tremendous amount of optionality in terms of capital availability and opportunity in the 2030-plus time frame, and that's really what we're so excited about. The best projects are going to win at the end of the day.

但你看，從根本上說，在 2030 年以後的時間框架裡，就資本可用性與機會而言有非常大的選擇性（optionality），這也正是我們如此興奮的原因。到最後，最好的專案會勝出。

And I might add to that, Ben. I think you're asking how big could this get? And remember, we have two guideposts we'll never lose sight of. And the most important one is our human capacity. When you think about the fact that we are now ready to step up above the $6 billion to $7 billion range on an annual cadence in that 8 to 10 area. Once the MCR program at Bruce is done, that frees up a whole bunch of capacity within Bruce Power. So the numbers could get very large.

Ben，我也補充一下。我想你是在問這能做到多大？請記得，我們有兩個指引原則，絕不會忽視。其中最重要的是我們的人力承載能力。當你想到我們現在已準備好把年度節奏從每年 60 億到 70 億美元的區間，提升到 80 億到 100 億左右。一旦 Bruce 的 MCR 計畫完成，就會釋放 Bruce Power 內部大量的能力。因此，數字可能會變得非常大。

We could actually be in excess of $10 billion a year in a scenario where Bruce Power is proceeding with Bruce C. To see us within the TC family on the pipeline and non-Bruce Power side go above 10. We're going to take this a step at a time and just make sure that we're always executing with excellence. But again, we're going to leverage the capacity of the Bruce management team to every extent possible. And if that gives us growth well above the top end of the range in the 30s, that's great.

在 Bruce Power 推進 Bruce C 的情境下，我們實際上可能會超過每年 100 億美元。至於在 TC 集團內、在管線以及非 Bruce Power 的業務端要超過 100 億，我們會一步一步來，並確保我們始終以卓越的執行力交付。但再次強調，我們會在可行的最大範圍內，運用 Bruce 管理團隊的能力。如果這能讓我們在 2030 年代的成長遠高於區間上緣，那很好。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通（JPMorgan）。

Good morning, Jeremy. We've seen a lot of Appalachian production growth create opportunities for TC via moving gas around in-basin in Ohio or moving it over to Chicago with some of the newer projects here. Just wondering if you could speak a bit more to the opportunity set as you see it. Could some of this Appalachian production, more of it make its way down to the Gulf Coast or hit other markets? And what opportunities could this present for TC here?

早安，Jeremy。我們看到阿帕拉契亞（Appalachian）產量成長，透過在俄亥俄州盆地內調度天然氣，或透過一些較新的專案把天然氣運到芝加哥，為 TC 創造了許多機會。想請你多談一點你所看到的機會組合。這些阿帕拉契亞的產量是否有可能有更多往墨西哥灣沿岸（Gulf Coast）或其他市場流動？這會為 TC 帶來哪些機會？

Jeremy, thanks for the question. We're advantaged in our Appalachian position, specifically on our Columbia Gas system. We are the number one operator in that region. We transport about 20% just on Columbia gas of all the Appalachia supply. We can move that gas to more than 10 states and beyond. We see a lot of liquidity in that region with our TCO pool. We have over 285 Bcf of storage in that region. So our footprint is highly advantaged to bring that supply to market.

Jeremy，謝謝你的問題。我們在阿帕拉契亞的布局具備優勢，特別是在我們的 Columbia Gas 系統上。我們是該地區的第一大營運商。僅在 Columbia Gas 上，我們就運輸阿帕拉契亞供應量約 20%。我們可以把這些天然氣輸送到 10 多個州及更遠的地區。透過我們的 TCO pool，我們看到該地區具有很高的流動性。我們在該地區擁有超過 2,850 億立方英尺（Bcf）的儲氣能力。因此，我們的版圖在把供應帶到市場方面具有明顯優勢。

A great example of that is our Crossroads project, where we are now connecting the Midwest corridor through Crossroads, Columbia, ANR, Crossroads, Northern Border, where now we have a greater reach of that production, that supply. And so we're really excited about how we're able to now create more of a header system across the Midwest that can advantage us even further with our incumbency.

一個很好的例子是我們的 Crossroads 專案：我們現在透過 Crossroads 連接中西部走廊，串聯 Crossroads、Columbia、ANR、Crossroads、Northern Border，使我們對該產量、該供應的觸及範圍更大。因此，我們對於如今能在中西部打造更像幹線（header）系統、並進一步利用我們既有優勢（incumbency）感到非常興奮。

As far as getting gas to the Gulf Coast, we certainly stand ready to do that given our Columbia gas and our Columbia Gulf assets. Right now, the growth that we're focused on is in the Midwest region. But with our Columbia Gulf system, there's opportunities to expand that service further when the market is ready for that.

至於把天然氣送到墨西哥灣沿岸，考量到我們的 Columbia Gas 與 Columbia Gulf 資產，我們當然已準備好這麼做。目前我們聚焦的成長是在中西部地區。但透過我們的 Columbia Gulf 系統，當市場準備好時，仍有機會進一步擴大該服務。

And just to add to that, Jeremy, what you've seen us do this year with Appalachia supply and Crossroads is we've built two major arteries of egress out of the Appalachian Basin into markets that we have not had really tremendous access to in the past. So we've talked about the growth potential and upside potential on the Appalachia system. You can see us bringing in additional volumes on Crossroads and through that whole path here over the course of the next year as well.

另外補充一下，Jeremy，你今年看到我們針對阿帕拉契亞供應與 Crossroads 所做的事情，是我們已建立兩條主要外輸動脈（egress），把阿帕拉契亞盆地的天然氣輸送到過去我們其實沒有太多觸及的市場。因此，我們談到阿帕拉契亞系統的成長潛力與上行空間。你也會看到我們在未來一年內，透過 Crossroads 以及整條路徑引入更多增量。

Great. Thank you for that. It was a little bit choppy on my side. I didn't quite catch all of it. But maybe just pivoting to Mexico, if you might be able to just provide an update there on those assets and whether any monetization could make sense in the future.

很好。謝謝你的說明。我這邊的聲音有點斷斷續續。我沒有完全聽清楚全部內容。不過也許轉到墨西哥，你能否提供那邊資產的最新進展，以及未來是否有任何資產變現（monetization）在邏輯上可能合理？

Jeremy, I'll start on the opportunity set, and then we'll pivot to the other part of the question. As we continue to support CFE in their build-out of generation infrastructure and supporting plan Mexico, we're continuing to advance opportunities to connect our existing assets through, say, small-scale laterals or very capital-efficient projects to ensure we can get that gas to the generation market. You'll see us looking to leverage our base system, not building new systems, but optimizing what we have and ensuring that we're able to support the government's objectives and grow our systems alongside that.

Jeremy，我先從機會面開始，然後再轉到你問題的另一部分。隨著我們持續支持 CFE 建置發電基礎設施並支持「墨西哥計畫」（plan Mexico），我們持續推進各種機會，透過例如小規模支線（laterals）或資本效率很高的專案，把我們既有資產連接起來，以確保我們能把天然氣送到發電市場。你會看到我們著重於運用既有基礎系統，而不是新建系統；我們會優化現有資產，並確保我們能支持政府目標，同時讓我們的系統隨之成長。

And Jeremy, it's Sean. I'll take the second part of your question about capital rotation. I mean, obviously, you saw our announcement on the mature Guadaljara asset, very high value for mature assets. And I'll say, look, generically, this isn't specific to Mexico. Generically, we look at those opportunities across our entire system.

Jeremy，我是Sean。我來回答你問題中關於資本輪動的第二部分。我的意思是，很明顯你也看到我們就成熟的瓜達拉哈拉資產所發布的公告，對成熟資產而言估值倍數非常高。我會說，整體來看，這並不特定於墨西哥。一般而言，我們會在整個系統內評估這類機會。

Sell for high-value multiples against a really competitive lower build multiple. That just that always makes sense when the market is there. But importantly, look, the plan that we just put out, our 5% to 7% with $30 billion to $42 billion of capital, that does not, as currently laid out, require any capital rotation or M&A of any type. But of course, we always are on the look for kind of high-value rotation opportunities where they exist.

以高估值倍數出售，對比在競爭激烈市場下較低的建置倍數。只要市場條件存在，這樣做一直都合理。但更重要的是，你看，我們剛公布的計畫——以300億到420億美元資本支撐5%到7%的成長——就目前的規劃而言，並不需要任何形式的資本輪動或任何類型的併購（M&A）。但當然，我們也一直在留意在有機會時進行高價值輪動的可能性。

Appreciate the color there. Thank you.

這些補充說明很有幫助。謝謝。

You bet.

不客氣。

Robert Catellier, CIBC.

CIBC 的 Robert Catellier。

Good morning. Just wanted to check a couple of things on the power side first. You may have touched on this, but there was a bit of an echo. So my understanding what you're seeing in terms of the large increase in the origination part of the portfolio is really the market sort of adjusted to your risk preferences rather than a change in strategy there. And I think you touched on this a little bit, but can you just walk us through your confidence in having access to equipment and quality construction crews in order to execute on that plan?

早安。我想先就電力業務確認幾件事。你們可能有提到，但剛剛有點回音。所以我的理解是，你們在投資組合中「承作／起案（origination）」部分看到的大幅增加，主要是市場對你們的風險偏好做了調整，而不是你們策略有所改變。我想你們也稍微提到，但能否請你們說明一下，你們對於取得設備以及高品質施工團隊、以執行該計畫的把握與信心？

Yes, I'll start, Robert, and then ask Greg to provide some context on sort of the diversity of customers we're looking at and then also on the supply chain side. But you're right, our risk preferences have not changed. What's happened is that the markets appetite and willingness to enter into the type of long-term contracts that fit now within our risk preferences has evolved. Part of that is because the various states, provinces and utility commissions are coming out with very clear criteria on what a data center needs to provide in order to get approved.

好的，Robert，我先回答，然後請 Greg 補充一些背景，包括我們正在接觸的客戶多元性，以及供應鏈方面的情況。不過你說得對，我們的風險偏好沒有改變。改變的是，市場對於簽訂符合我們風險偏好的那種長期合約，其意願與胃納已經演進。部分原因是，各州、省以及公用事業委員會（utility commissions）正在提出非常明確的標準，說明資料中心要提供什麼才能獲得核准。

And one of them in various terminologies is bring your own power. And so less of a reliance on eventually connecting to the grid and just signing a shorter-term contract with an independent power provider and more that, that is the permanent solution. And so on that basis, they're willing to sign longer-term contracts. And so the risk profile of the market has gravitated towards our fairway.

其中一項用不同說法表達的要求是「自備電力」（bring your own power）。因此，相較於依賴未來再接入電網、並僅與獨立電力供應商簽較短期合約，市場更傾向把這種安排視為永久解決方案。在此基礎上，他們願意簽更長期的合約。因此，市場的風險輪廓已經朝向我們的「甜蜜點」靠攏。

And if I can add, Francois, we touched a little bit on it, but really, what we offer is that speed to market and reliable backstop. And I think that's really where the market is going. When you think about the footprint that we have and where we're able to offer that gas and power solution is creating those very selective opportunities where we can get the returns with the contracted cash flows. So I think that's important.

如果我可以補充一下，Francois，我們稍早有提到一點，但我們真正提供的是更快的上市速度（speed to market）以及可靠的後盾支援（reliable backstop）。我認為這正是市場的走向。當你想到我們的佈局版圖，以及我們能在哪些地方提供天然氣與電力的整體解決方案，就會創造出非常精選的機會，讓我們在具備合約化現金流的前提下取得報酬。所以我認為這點很重要。

And then as we think about the capability or the capacity of the organization, remember, we've been in power for 30 years. We have a large project team supply chain. We're one of the largest purchasers of equipment across North America. We've been working on this for a couple of years, highly confident in how we're thinking about approaching the market and being able to execute against that pipeline.

再談到組織的能力或產能，請記得，我們在電力領域已經深耕30年。我們有龐大的專案團隊與供應鏈能力。我們是北美最大的設備採購方之一。我們已經為此投入運作好幾年，對於我們如何切入市場、以及執行這條管線（pipeline）的能力非常有信心。

Okay. That makes a lot of sense. And then just you sort of partly answered this next one, but with the midterm elections done now, what is your initial take on the practical implications for project execution on the ground level? Obviously, change both commerce chambers of Congress have switched over to Democrat. But I think just as importantly, there's some new Democratic governors. So how do you see that impacting the way forward in terms of specifically power, but also on the pipeline side?

好的，這很合理。接著下一題你們其實也部分回答了：期中選舉現在結束了，你們對於在地層面專案執行的實務影響，初步看法是什麼？很明顯，國會兩院都轉為民主黨掌控。但同樣重要的是，也出現了一些新的民主黨州長。所以你們認為這會如何影響未來推進方式——特別是電力，但也包括管線業務？

Yeah, thanks for that, Robert. And it shouldn't surprise you that one of the first things we assess as we look to evaluate the capital investment opportunity is permitting risk. It's a core competency of ours. It's something that is a very high priority in our very early triage of projects.

好的，謝謝你，Robert。你應該不會意外，我們在評估資本投資機會時，最先評估的事項之一就是許可（permitting）風險。這是我們的核心能力。在專案早期的初步篩選（triage）中，這一直是非常高的優先事項。

So when you look at where we are supporting utilities in the United States with pipeline projects, we are in states where the PUCs have been very proactive in establishing very large customer rate categories, where there is support for data centers.

因此，當你看我們在美國透過管線專案支援公用事業公司時，我們所在的州，其公用事業委員會（PUC）一直非常積極地建立大型客戶的費率類別，並且對資料中心有支持。

We've stayed away from some other states like Texas, for example, where there's been a little bit more of a variance. And our first look at where we have new elected officials, whether it's within the Senate or the House of Representatives or at the governor level, we see in every instance actually, where we've chosen to participate pretty constructive points of view.

我們也避開了某些州，例如德州，那裡的情況變動性稍大。而我們初步觀察在我們有新當選官員的地區——不論是在參議院、眾議院，或州長層級——在每一個我們選擇參與的案例中，我們其實都看到相當具建設性的觀點。

In fact, in some cases, where Democrats the Democrat candidate prevailed, he or she had a more constructive view towards data centers than the Republican counterpart. So all told, we've been very deliberate about where we actually want to allocate capital and focus a great deal on permeability, and we still feel very good about the portfolio that we're developing.

事實上，在某些案例中，民主黨候選人勝出時，他或她對資料中心的看法比共和黨對手更具建設性。總體而言，我們在資本配置上一直非常審慎，並把重點放在許可可行性（permeability）上；我們仍然對正在打造的投資組合感到非常有信心。

That's good context.

這些背景很有幫助。

Aaron MacNeil, TD Cowen.

TD Cowen 的 Aaron MacNeil。

Sean, you framed the midpoint as requiring, I think, 15% conversion of that $40 billion origination portfolio. Should investors view growth in the pending approval bucket as the sort of key leading indicator that you're tracking towards 7%? Or is there a better metric we should watch? And when would that need to become visible to support the upper end by 2031?

Sean，你把中位數情境描述為需要把那400億美元的承作（origination）投資組合轉化約15%。投資人是否應把「待核准（pending approval）」那一桶的成長，視為你們朝7%目標前進時所追蹤的關鍵領先指標？或者有沒有更好的指標我們應該關注？若要在2031年前支撐上緣目標，這需要在什麼時點之前變得可見？

That's a great question, Aaron. Look, in our pending bucket, you heard Greg today say, look, he's got between $5 billion and $1 billion of power projects that could sanction very quickly, right? So I'd tell you that's probably a leading indicator, number one. The rest of pending is, by and large, in the GasCo business. So I think it's going to be a it's a little bit of both, like that pending bucket is at $6 billion is a really important kind of first step in 2027 for us.

這問題問得很好，Aaron。你看，在我們的 pending 桶裡，你今天聽 Greg 說，他手上有大約10億到50億美元的電力專案可以很快做出投資核准（sanction），對吧？所以我會告訴你，這大概是第一個領先指標。其餘的 pending，大致上是在 GasCo 業務。所以我認為會是兩者兼具：pending 這一桶目前是60億美元，對我們在2027年的推進而言，是非常重要的第一步。

And then I think just to put a little bit of pressure on Greg, it's one or two announcements here in the next couple of quarters, I think that's really the litmus test for whether that $15 billion business development opportunity has the speed and acceleration and size that we hope it does.

另外，我想也稍微給 Greg 一點壓力：接下來幾個季度內的一到兩個公告，我認為那才是真正的試金石，用來判斷那150億美元的業務開發機會，是否具備我們所期待的速度、加速度與規模。

Okay. Great. Maybe that's a good segue over to Greg. Just following up on this power discussion. You've talked about behind the meter increasingly becoming a permanent solution. How much of that almost 4 gigawatts is specific to Alberta? And are you actively pursuing sort of dedicated behind-the-meter generation for Alberta data centers? And if so, how advanced are those discussions commercially?

好的，很好。也許這正好可以接到 Greg：延續剛才的電力討論。你提到「表後」（behind the meter）越來越成為永久性解決方案。那將近4吉瓦（gigawatts）當中，有多少是阿爾伯塔（Alberta）特定的？你們是否正在積極為阿爾伯塔的資料中心尋求專用的表後發電？如果是，這些商業層面的討論目前進展到什麼程度？

Yeah, thanks. Happy to provide a bit more support around that. Obviously, Alberta is a big market for us given the complementary solutions we have around gas storage. We already have a power portfolio there. We're quite ingrained in the market. So we see a lot of opportunities. But that's not our only market. We do have multiple projects across Canada. As I mentioned, some are grid connected, some will be behind the meter.

是的，謝謝。很樂意就這方面提供更多補充說明。顯然，鑑於我們在天然氣儲存方面具備互補性的解決方案，阿爾伯塔對我們而言是一個很大的市場。我們在那裡已經有一個電力資產組合。我們在市場中相當深耕。因此我們看到很多機會。但那並不是我們唯一的市場。我們在加拿大各地確實有多個專案。如我提到的，有些是併網的，有些會是表後（behind the meter）。

We get comfortable behind the meter, where we do have the contractual protections and the offtaker where we're comfortable in doing that. The importance of that is the speed to market. And I think that's what we're seeing as customers that require the speed to market, and it's an opportunity where we can really step in -- so not to provide percentages on where we are in Alberta versus the rest of Canada, but I would just leave you with -- we have a very diverse pipeline, which, to Sean's challenge, I'm very comfortable that we'll see some of those announcements coming through this quarter and into next year.

在表後方面，只要我們具備合約保護，且有我們對其承購能力感到放心的承購方（offtaker），我們就能夠安心推進。其重要性在於上市速度（speed to market）。我認為我們看到的是，客戶需要更快的上市速度，而這正是我們可以真正介入的機會——因此我不提供我們在阿爾伯塔相對於加拿大其他地區的占比，但我想留給各位的是——我們有非常多元的專案管線；針對 Sean 的提問，我非常有信心，我們會在本季以及明年看到其中一些公告落地。

And if I might add, Aaron, as I said before, we've been very strategic in forming alliances with various supply chain providers. And as we announce our projects over the ensuing quarters, we'll be able to shed more light on that work. And I think it's work that you will find very accretive to value for our shareholders.

如果我可以補充一下，Aaron，如我先前所說，我們在與各類供應鏈供應商建立聯盟方面一直非常有策略。隨著我們在接下來幾個季度陸續公布專案，我們將能夠對這項工作提供更多說明。我認為你會發現，這些工作對我們股東而言將非常具有增值性（accretive to value）。

Thanks, everyone. Appreciate the time.

謝謝各位。感謝撥冗。

Theresa Chen, Barclays.

Theresa Chen，巴克萊。

Good morning. I'd like to touch on today's FID of the American Midwest expansion on Northern Border, which follows the FID of a separate Bakken residue egress expansion to enter service later this decade. In light of these developments, can you shed some more color on how you expect these expansions to alter regional flow dynamics, including the share of AECO versus Bakken residue gas on Northern Border?

早安。我想談談今天北部邊境（Northern Border）美國中西部擴建案的最終投資決定（FID），這是在另一個獨立的巴肯（Bakken）殘餘氣外運（egress）擴建案作出 FID 之後；該案預計在本十年稍晚投運。鑑於這些進展，能否請你更具體說明，你預期這些擴建將如何改變區域流量動態，包括在 Northern Border 上 AECO 相對於巴肯殘餘氣的占比？

Thanks, Theresa. I'll add some color on that. As I mentioned, with our cross projects, we have another project, the American Midwest project that allows us to bring gas into the Northern Border system, move that from an East to West perspective. So it's going to provide another supply solution for that part of the system and where we see significant utility growth needs on in those states there.

謝謝你，Theresa。我補充一些說明。如我提到的，透過我們的 Cross 專案，我們還有另一個專案——美國中西部專案——可讓我們把天然氣導入 Northern Border 系統，並從東向西移送。因此，這將為該系統的那一段提供另一個供應解決方案；而我們也看到那些州的公用事業有顯著的成長需求。

As we look at Northern Border long term and even many of our systems, we could see header system type of projects where you can get gas from either end of the system. So for example, on Northern Border, we've got Bakken egress. We've got WCSB egress. We'll now have Appalachia supply coming into Northern border off of the Crossroads project.

從長期來看，當我們檢視 Northern Border，甚至我們的許多系統時，我們可能會看到類似幹線（header system）型態的專案，使你可以從系統兩端取得天然氣。例如，在 Northern Border 上，我們有巴肯外運。我們有西加拿大沉積盆地（WCSB）外運。現在我們也將透過 Crossroads 專案，把阿帕拉契亞（Appalachia）的供應導入 Northern Border。

And so I think it's going to provide our customers with a lot of optionality on how to source supply. And the great news is we have the incumbency position there where we've connected all these systems to make sure we have we're able to optimize and execute efficiently in order to meet the customers needs.

因此我認為，這將為我們的客戶在供應來源的選擇上提供很大的彈性（optionality）。而好消息是，我們在那裡具有既有優勢地位（incumbency position），我們已把這些系統連接起來，確保我們能夠進行最佳化並高效率執行，以滿足客戶需求。

Thank you. And going back to your growth outlook, when we think about the $40 billion plus of projects in origination stage, how much potential upside do you see relative to your base case 15% conversion ratio? And given the momentum, if commercialization efforts ultimately progress at an accelerated pace, do you foresee any need to tap into alternate funding sources, including external options?

謝謝。回到你們的成長展望，當我們思考處於開發起始（origination）階段、總額超過 400 億美元的專案時，相對於你們基本情境 15% 的轉換率（conversion ratio），你們看到多少潛在上行空間？另外，若商業化推進最終以更快速度進展，基於這樣的動能，你們是否預見需要動用其他資金來源，包括外部選項？

Hey, Theresa, it's Sean. I'll take that one. Look, in the $40 billion bucket, as Greg mentioned, we have looked at a lot in power, right? That $15 billion is a very well-informed number relative to the market opportunity. And what I'll tell you about that plan is it is designed to be internally funded with internal cash flow even at the high end.

嗨，Theresa，我是 Sean。我來回答。你看，在那個 400 億美元的範疇裡，如 Greg 提到的，我們在電力方面已經看了很多，對吧？那 150 億美元相對於市場機會而言，是一個資訊非常充分的數字。而我想告訴你的是，這個計畫即使在高端情境下，也被設計為可由內部現金流自籌資金（internally funded）。

And that's an important consideration. This is an internally funded plan. No equity, no M&A, no capital rotation needed to achieve this plan if we can deliver as expected. But look, what could drive external funding? In a scenario where our conversion ratio is 25%, 30%, 50% and it accelerates forward, if Greg's business, the speed to market value and the opportunity capture allows us to do capture better economic opportunity faster, we will do that.

而這是一個重要的考量。這是一個內部自籌資金的計畫。若我們能如預期交付，達成此計畫不需要發行股權、不需要併購（M&A）、也不需要資本輪動（capital rotation）。但你看，什麼情況會驅動外部融資？在一種情境下，如果我們的轉換率是 25%、30%、50%，並且加速向前推進；如果 Greg 的業務、上市速度的價值以及機會捕捉能力，讓我們能更快地抓住更好的經濟機會，我們就會這麼做。

And it's a very simple calculation for us is lease cost funding, dollar per share accretion. And that's really the difference of what the next five years is going to be about is opportunity drives capital strategy, and it's not capital constraining anything at any point, all within, as Francois said, our 4.75. So it's a really exciting framework, and we'll keep a close eye on that. And you should keep a close eye on the FIDs here over the next year because that will really tell you what the back the next kind of two or three years are really going to define the answer to your question.

對我們而言，這是一個非常簡單的計算：融資成本、以及每股增值（dollar per share accretion）。而這正是未來五年要談的核心差異：機會驅動資本策略，而不是資本在任何時點限制任何事情；一切都在 Francois 所說的 4.75（倍）範圍內。所以這是一個非常令人振奮的框架，我們會密切關注。而你也應該在未來一年密切關注這些 FID，因為那將真正告訴你，接下來兩到三年將如何界定你這個問題的答案。

Thank you so much.

非常感謝。

Maurice Choy, RBC Capital Markets.

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

Thank you, and good morning, everyone. Just want to follow up on that last comment, and thank you, Sean, for confirming that the high end $10 billion is all internally funded. Can I just quickly ask, how much of this $8 billion to $10 billion is effectively locked in already? And what assumptions have you made to get to the $10 billion, be that AI or otherwise?

謝謝，各位早安。我想跟進剛才那個最後的評論，也謝謝你，Sean，確認上限 100 億美元全部由內部資金支應。我想快速請教，在這 80 億到 100 億美元之中，有多少其實已經等同鎖定（locked in）？以及你們為了達到 100 億美元做了哪些假設，無論是 AI 或其他因素？

Sure of the $8 billion to $10 billion, how much is locked in already? To be fair, what is locked in is sanctioned. What is highly likely is our $6 billion of pending, so call it $30 billion for all intents and purposes, locked in. And that $40 billion is we're constantly moving and high-grading these projects.

當然。就 80 億到 100 億美元而言，有多少已經鎖定？公平地說，已鎖定的是已核准（sanctioned）的部分。高度可能的是我們 60 億美元的待決（pending）部分，所以就各種實務目的而言，把它視為 300 億美元已鎖定。而那 400 億美元則是我們持續在移動、並對這些專案進行汰弱留強（high-grading）。

And like I said, Greg has got to beat on upwards of $1 billion that are pending, but really high likelihood. And Tina, of course, has much more than that in origination that is, I think we would call highly confident. So that's there's a huge opportunity set at $40 billion to draw the best projects forward into a couple of billion dollars per year to get to the $8 billion to $10 billion. And I'm sorry, I'm going to ask you to repeat the second part of your question just so I get it right.

而且如我所說，Greg 那邊有超過 10 億美元的待決項目，但其實機率非常高。當然，Tina 在開發起始（origination）階段的項目遠不止於此；我想我們會稱之為高度有信心。所以，在 400 億美元的機會集合中，有很大的空間把最好的專案往前拉，形成每年幾十億美元的規模，以達到 80 億到 100 億美元。另外很抱歉，我要請你重複第二部分的問題，確保我理解正確。

Sorry just so I clarify, what I meant was if you delivered the $30 billion, does that mean $8 billion or $9 billion of your funding capacity is locked in? And assuming that's the bridge to $10 billion, is that all AI initiatives?

抱歉，我再釐清一下：我的意思是，如果你們交付了那 300 億美元，是否代表你們 80 億或 90 億美元的資金承載能力已經鎖定？而假設那是通往 100 億美元的橋樑，那是否全部都是 AI 相關的計畫？

Okay. Sorry. So the second part of your question, let me start with, look, as we're building investment capacity, the way we think about this is Look, we're looking at nearly $12.5 billion of EBITDA next year. And really, what I would encourage you to look at is look at our secured capital table as we are putting capital into service every year. And page 15 of our disclosure shows you exactly kind of what we have every year.

好的，抱歉。那你問題的第二部分，我先從這裡開始：你看，當我們在建立投資承載能力時，我們的思考方式是——我們預期明年 EBITDA 接近 125 億美元。而我真正會鼓勵你去看的，是我們在每年把資本投入並投運（putting capital into service）時的已確保資本表（secured capital table）。我們揭露資料的第 15 頁，清楚顯示了我們每一年大概有哪些項目。

It's a very steady cadence of capital going into service every year from now through 2031 and a couple of particularly strong years. That drives the balance sheet capacity. That drives our ability to then reinvest kind of in the growth. All of that, that's the major driver.

從現在起到2031年，每年都有非常穩定節奏的資本投入並投入營運，且其中有幾年特別強勁。這推動了資產負債表的承載能力。這也推動了我們進一步再投資於成長的能力。以上這些都是主要驅動因素。

And now you are hearing about other elements of we've got, as Tina mentioned, on the pipeline business, the capacity optimization, the AI optimization, those are real numbers, right? And you heard Francois in his comments today, it was $100 million realized this year. We're going to double that next year. And we expect that to continue to be, look, an important, but not nearly as large as the in-service capital. but we will scale all of those programs over the next five years to deliver that investment capacity.

而現在你也聽到其他一些要素：正如Tina提到的，在管線業務方面的產能最佳化、AI最佳化，這些都是實打實的數字，對吧？你也聽到Francois今天的評論，今年已實現1億美元。我們明年會把這個數字翻倍。我們也預期這會持續下去——但坦白說，它很重要，但規模遠不及投入營運的資本。不過，我們會在未來五年擴大所有這些計畫，以交付那樣的投資能力。

Understood. And if I could finish off with a more big picture question on the growth drivers that you have. Be that two years ago when you had Investor Day or even last year, LNG was the biggest driver of North America's natural gas demand through to 2035. And today, you shared that two-thirds of your project funnel are tied to certain power demand. How would you characterize your LNG connectivity as a growth driver for you moving forward relative to your power demand opportunity set?

了解。如果我可以用一個更宏觀的問題來收尾，關於你們的成長驅動因素。無論是兩年前你們舉辦投資人日，或甚至是去年，LNG都是推動北美天然氣需求到2035年的最大驅動因素。而今天你們分享說，你們的專案漏斗中有三分之二與特定的電力需求相關。就你們未來的成長而言，相較於電力需求的機會集合，你會如何定位LNG連接性作為成長驅動因素？

Thanks, Maurice. As you take a step back, over the last several years from 2022 to 2026, we placed in service about $17 billion of projects to support LNG growth, about 8.8 Bcf per day. So we've been very active in supporting the LNG export market. Additionally, we have a project that went into service just November 1, our Gillis Access Extension project, again, supporting LNG access to the Gulf Coast. We have our Cedar project off of our Coastal GasLink project that's under construction right now, and we will be supporting more West Coast LNG export.

謝謝你，Maurice。回頭看，過去幾年從2022到2026年，我們投入營運約170億美元的專案以支持LNG成長，約8.8 Bcf/日。因此，我們在支持LNG出口市場方面一直非常積極。此外，我們也有一個專案在11月1日剛投入營運——我們的Gillis Access Extension專案，同樣是支持通往墨西哥灣沿岸的LNG通道。我們還有一個從Coastal GasLink專案延伸的Cedar專案目前正在施工中，我們也將支持更多西岸的LNG出口。

We just announced Phase 2, which will be doubling the capacity of the pipeline to support LNG Canada. So we are very active in supporting that demand. As we look forward, we will continue to optimize our systems to given the connectivity that we have there and the infrastructure to support LNG demand, but we also see a very large opportunity set in front of us on the power side.

我們剛宣布第二期，將把管線容量加倍以支持LNG Canada。因此，我們在支持該需求方面非常積極。展望未來，我們將持續最佳化我們的系統，運用我們既有的連接性與基礎設施來支持LNG需求；但同時，我們也看到在電力端有非常龐大的機會集合在我們面前。

That's it. Thank you very much.

就這樣。非常感謝。

Keith Stanley, Wolfe Research.

Keith Stanley，Wolfe Research。

Hi. Good morning. On the new power opportunities, can you say are you looking more at combined cycles or smaller-sized turbines that you maybe build a little more quickly? What's the bigger piece of the mix? And how soon could you theoretically have the first power projects come online from a supply chain perspective?

嗨，早安。關於新的電力機會，你能否談談你們更偏向複循環機組，還是偏向可能建置更快的小型渦輪機？組合中哪一部分占比更大？另外，從供應鏈角度來看，理論上你們最快多久能讓第一批電力專案上線？

Keith, it's Francois. I'll take this one just to relieve some pressure on Greg. Look, that's commercially sensitive information. We've got a very interesting supply chain strategy and strategic alliances that we have formed. We believe it is a significant competitive advantage.

Keith，我是Francois。我來回答這題，讓Greg少一點壓力。坦白說，這屬於商業敏感資訊。我們有一套非常有意思的供應鏈策略，以及我們已建立的策略聯盟。我們相信這是顯著的競爭優勢。

And I appreciate the question very much, but we're going to keep our supply chain strategy to ourselves until we're ready to announce the projects. And as Greg said, we could potentially be announcing one or two projects in excess of $1 billion as early as before the end of 2026.

我非常感謝你的提問，但在我們準備好宣布專案之前，我們會先保留我們的供應鏈策略。而且如Greg所說，我們可能最早在2026年底之前，就宣布一到兩個超過10億美元的專案。

Okay. Great. And then on the mix piece, is that something that's maybe less sensitive on combined cycle versus smaller scale, what you're looking at?

好的，很好。那關於組合的部分，複循環相對於小規模機組，你們在看的方向，這是否比較不敏感、可以談？

That's correct.

沒錯。

Okay. The second one is on Crossroads. So you're at 1.4 Bcf a day. Is there with the current project configuration in diameter, is there a potential to upsize that project further if you found incremental demand? Or is it pretty fully baked at 1.4.

好的。第二個問題是關於Crossroads。所以你們目前是1.4 Bcf/日。以目前專案配置與管徑來看，如果你們找到額外需求，是否有可能進一步擴大該專案？還是說1.4已經基本定型？

Hi, Keith, yes, there is definitely opportunity to upsize that system. And with very limited capital and capital efficiency opportunities, we can increase the capacity of that project from 1.4 Bcf per day to over 2 Bcf per day. And over and above that, we can obviously continue to do things like looping and other more specific targeted efforts.

嗨，Keith，是的，這個系統絕對有進一步擴容的機會。而且只需要非常有限的資本投入，並透過資本效率的機會，我們可以把該專案的容量從1.4 Bcf/日提升到超過2 Bcf/日。除此之外，我們當然也可以持續採取像是增設並行管線（looping）以及其他更具體、針對性的措施。

Additionally, when you think about Crossroads, it has market attached to it as well as market that's downstream. So the more market that comes on the Crossroads system, we could actually have even more efficiencies in how we could support that. So we have a great opportunity to upsize that project as the market transpires.

另外，談到Crossroads，它本身也連結到市場，以及下游的市場。因此，越多市場接入Crossroads系統，我們在支援方式上其實可以取得更多效率。所以，隨著市場發展，我們有很好的機會擴大該專案。

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

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。現在我將把電話會議交回給Francois Poirier作結語。

Thank you for your thoughtful questions today and for joining us. Please reach out to our Investor Relations team if you have any further questions, and we really look forward to continuing our conversation and updating you on our progress. With the opportunities in front of us, I've never been more confident and excited about our future. Thanks, and have a great day.

感謝各位今天提出深思熟慮的問題，也感謝各位參與。若還有任何問題，請與我們的投資人關係團隊聯繫；我們也非常期待能持續交流，並向各位更新我們的進展。面對眼前的機會，我從未對我們的未來如此有信心、也如此興奮。謝謝，祝各位有美好的一天。