TC Energy Corporation has initiated two significant initiatives within the natural gas and nuclear power sectors, totaling approximately CA$2.4 billion. This move aligns with the company's strategic focus on meeting anticipated increases in electricity demand, supported by long-term contracts and a regulated rate structure. A key project is the Northwoods expansion, costing roughly $0.9 billion. This development involves enhancing the ANR pipeline system in the United States, adding capacity to deliver 0.4 billion cubic feet of natural gas per day. This is aimed at meeting power generation needs, particularly in the U.S. Midwest, and is expected to be operational by late 2029, secured by a 20-year agreement. Simultaneously, TC Energy has approved a Major Component Replacement (MCR) program for Bruce Power’s Unit 5 in Ontario, valued at CA$1.1 billion. This substantial project is slated to commence in late 2026, with operations resuming in early 2030, and is governed by a long-term supply agreement with Ontario’s Independent Electricity System Operator (IESO) extending through 2064. For the first quarter of 2025, TC Energy reported a net income of CA$1.0 billion, equivalent to $0.94 per share, consistent with the prior year. Comparable EBITDA reached CA$2.7 billion, maintaining levels seen in 2024. The company has reaffirmed its annual outlook, anticipating full-year EBITDA between CA$10.7 billion and CA$10.9 billion. Looking ahead to 2025, TC Energy forecasts gross capital spending between CA$6.1 billion and CA$6.6 billion, with CA$8.5 billion in projects slated for commissioning. This includes the Southeast Gateway pipeline in Mexico, a 715-kilometer pipeline capable of transporting 1.3 billion cubic feet of natural gas per day, completed in under three years and 13% under the original budget. Approval from the Comisión Nacional de Energía (CNE) is expected by the end of May, paving the way for commercial operation. TC Energy’s U.S. natural gas pipelines experienced an average daily flow of 31 billion cubic feet, a 5% increase from 2024. In Canada, the NGTL system reached a record high of 17.8 billion cubic feet on February 18. Mexico's pipeline system also established a daily record of 4.1 billion cubic feet on March 21, highlighting robust demand and operational efficiency. The company's cogeneration facilities demonstrated an impressive 98.6% availability rate, thanks to a reduction in unplanned outages. Bruce Power maintained 87% availability despite scheduled maintenance on Unit 5. Modernization efforts are also underway for Units 3 and 4, with projected availability for the remaining reactors expected to be in the low-90% range for 2025.

FERC Meeting Agenda for February 2025 Set to Address Key Energy Regulatory Matters The Federal Energy Regulatory Commission will convene on a specific date in February 2025 to address pressing regulatory issues within the energy sector. The agenda includes three primary items of consideration: Docket No. ER15-1967-000, Docket No. ER21-2344-000, and Docket No. ER15-1957-000. In Docket No. ER15-1967-000, FERC will review a proposed electric rate settlement between a prominent company and a regulatory body. This agreement seeks to address specific concerns related to the company's operations. The FERC's consideration of this proposal underscores the commission's commitment to maintaining fair and competitive markets. Meanwhile, Docket No. ER21-2344-000 presents an opportunity for FERC to evaluate a significant pipeline expansion project by a leading pipeline company. This undertaking aims to increase the capacity of natural gas transmission in a specific state, which would have far-reaching implications for energy supply and demand in the region. Additionally, Docket No. ER15-1957-000 brings before FERC a proposed transmission system upgrade by another major transmission company. The objective of this upgrade is to enhance the reliability and efficiency of a particular transmission line, contributing to the overall stability and resilience of the national grid. Apart from these primary agenda items, FERC will also address other pressing matters, including an update on its energy infrastructure transparency rules and a discussion on electric vehicle charging infrastructure regulations. These topics are crucial for shaping the future of energy policy in the United States. Members of the public are invited to participate in the meeting by attending the open hearing session and sharing their comments or questions with FERC staff. For more information, please contact FERC staff at a specified email address or phone number. Note: This summary is based on the White & Case alert article and may not be comprehensive or up-to-date. It serves as general information about the FERC meeting agenda and should not be relied upon as legal advice.

Northeast natural gas pipeline infrastructure is seeing renewed interest and potential expansion. For years, the region has been overlooked for pipeline development, but shifting market conditions and a more supportive political landscape are now drawing attention back to this infrastructure. Recent executive actions have prioritized streamlining approvals for energy projects, aiming to reduce regulatory hurdles. A notable example is the potential revival of the Constitution Pipeline. Williams, a major player in the midstream energy sector, had previously abandoned the project in 2020 after a protracted eight-year struggle with regulations and legal challenges. Williams has expressed willingness to reconsider the Constitution Pipeline if it gains backing from Northeast state leaders. Furthermore, discussions are also surfacing around the Northeast Supply Enhancement (NESE) project, which aims to increase natural gas delivery to New York City. The combination of these developments signals a potential shift in the region’s energy infrastructure outlook.