Throughput (TC Energy) Transistor (https://transistor.fm) https://feeds.transistor.fm/throughput-tc-energy The TC Energy file: what was promised against what moved through the pipe. TC Energy owns 93,000 kilometres of natural gas pipeline across Canada, the United States and Mexico, moves about a quarter of the continent's gas, and holds 48 percent of Bruce Power, the largest operating nuclear site in the world. Since it spun off its oil pipelines in 2024 it has been a pure gas-and-power company with a declared model: six to seven billion dollars a year of capital, five to seven percent growth, an upper limit on leverage, and a demand forecast that keeps going up. Each episode is the audio edition of a written director-grade briefing: the declared model scored against the quarter, the assumptions behind the long-term case taken apart one by one, and three questions worth bringing to the table. Built entirely from the public record: filings, decks, calls, the circular and the tape. One quarter at a time. (c) Compound Governance, Inc. f70a408a-34f9-5db7-af38-c3fba82440b9 yes en Mon, 14 Sep 2026 22:46:25 -0700 Mon, 14 Sep 2026 22:47:29 -0700 https://img.transistorcdn.com/xYkxNRfDPRoy2F-IUxZj_mVjZTl7IKjpJeR1w30sLOY/rs:fill:0:0:1/w:1400/h:1400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS81ZTJk/YzIzNWRjYWI1OGI2/NjY2ODkxMDRlYzYz/ZTVhMy5qcGc.jpg Throughput (TC Energy) episodic Compound Governance, Inc. The TC Energy file: what was promised against what moved through the pipe. TC Energy owns 93,000 kilometres of natural gas pipeline across Canada, the United States and Mexico, moves about a quarter of the continent's gas, and holds 48 percent of Bruce Power, the largest operating nuclear site in the world. Since it spun off its oil pipelines in 2024 it has been a pure gas-and-power company with a declared model: six to seven billion dollars a year of capital, five to seven percent growth, an upper limit on leverage, and a demand forecast that keeps going up. Each episode is the audio edition of a written director-grade briefing: the declared model scored against the quarter, the assumptions behind the long-term case taken apart one by one, and three questions worth bringing to the table. Built entirely from the public record: filings, decks, calls, the circular and the tape. One quarter at a time. The TC Energy file: what was promised against what moved through the pipe. Chris O'Neill No No Ep. 1: Six to Seven 1 1 Ep. 1: Six to Seven full 4de4887d-dddc-4a22-b903-6515d694966f https://share.transistor.fm/s/bbcbdd15 In November 2024 TC Energy's Investor Day deck committed to six to seven billion dollars a year of net capital, no equity issuance, and a leverage path with years on it: about 4.9 times in 2025, about 4.7 in 2026, then held under a 4.75 upper limit. By July 2026 the chief executive was talking about six to eight billion of sanctions in a single year, an origination backlog of more than twenty billion, two-thirds of it power generation, and a demand forecast raised twice in eight months to 51 Bcf a day. The number on the leverage promise is the same; the year is gone. This second edition scores the first, which its reader found not that helpful, and then does what it did not: takes the demand assumption apart into four regimes (West Coast LNG, US power, Mexico, nuclear) and says which one the plan rests on; works the deck's own sensitivities to show what an extra billion of sanctions does to leverage; and sets the 2025 corporate scorecard and PSU design beside the public commitments for a director on both Audit and Human Resources. Three ranked questions and four tests dated to the early-November print. Produced from the public record only.

Chapters

  • 0:00 Cold open: six to seven declared, six to eight sanctioned; the leverage year that vanished; forty to forty-five to fifty-one
  • 1:40 The first edition, scored, and the best fact for management
  • 3:31 The shape: November 2024 against July 2026
  • 5:40 Four regimes, and which one carries the plan
  • 8:12 Anatomy of the cap: the deck's sensitivities and the five billion of room
  • 9:56 What the pay plan measures
  • 12:08 The Street and the tape
  • 13:29 Three questions, four tests, what was flagged, sign-off
]]> In November 2024 TC Energy's Investor Day deck committed to six to seven billion dollars a year of net capital, no equity issuance, and a leverage path with years on it: about 4.9 times in 2025, about 4.7 in 2026, then held under a 4.75 upper limit. By July 2026 the chief executive was talking about six to eight billion of sanctions in a single year, an origination backlog of more than twenty billion, two-thirds of it power generation, and a demand forecast raised twice in eight months to 51 Bcf a day. The number on the leverage promise is the same; the year is gone. This second edition scores the first, which its reader found not that helpful, and then does what it did not: takes the demand assumption apart into four regimes (West Coast LNG, US power, Mexico, nuclear) and says which one the plan rests on; works the deck's own sensitivities to show what an extra billion of sanctions does to leverage; and sets the 2025 corporate scorecard and PSU design beside the public commitments for a director on both Audit and Human Resources. Three ranked questions and four tests dated to the early-November print. Produced from the public record only.

Chapters

  • 0:00 Cold open: six to seven declared, six to eight sanctioned; the leverage year that vanished; forty to forty-five to fifty-one
  • 1:40 The first edition, scored, and the best fact for management
  • 3:31 The shape: November 2024 against July 2026
  • 5:40 Four regimes, and which one carries the plan
  • 8:12 Anatomy of the cap: the deck's sensitivities and the five billion of room
  • 9:56 What the pay plan measures
  • 12:08 The Street and the tape
  • 13:29 Three questions, four tests, what was flagged, sign-off
]]> Mon, 14 Sep 2026 22:46:23 -0700 Compound Governance, Inc. Compound Governance, Inc. 973 In November 2024 TC Energy's Investor Day deck committed to six to seven billion dollars a year of net capital, no equity issuance, and a leverage path with years on it: about 4.9 times in 2025, about 4.7 in 2026, then held under a 4.75 upper limit. By July 2026 the chief executive was talking about six to eight billion of sanctions in a single year, an origination backlog of more than twenty billion, two-thirds of it power generation, and a demand forecast raised twice in eight months to 51 Bcf a day. The number on the leverage promise is the same; the year is gone. This second edition scores the first, which its reader found not that helpful, and then does what it did not: takes the demand assumption apart into four regimes (West Coast LNG, US power, Mexico, nuclear) and says which one the plan rests on; works the deck's own sensitivities to show what an extra billion of sanctions does to leverage; and sets the 2025 corporate scorecard and PSU design beside the public commitments for a director on both Audit and Human Resources. Three ranked questions and four tests dated to the early-November print. Produced from the public record only.

Chapters

  • 0:00 Cold open: six to seven declared, six to eight sanctioned; the leverage year that vanished; forty to forty-five to fifty-one
  • 1:40 The first edition, scored, and the best fact for management
  • 3:31 The shape: November 2024 against July 2026
  • 5:40 Four regimes, and which one carries the plan
  • 8:12 Anatomy of the cap: the deck's sensitivities and the five billion of room
  • 9:56 What the pay plan measures
  • 12:08 The Street and the tape
  • 13:29 Three questions, four tests, what was flagged, sign-off
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