Skip to main content

TC Energy showcases alignment of 2023 priorities

Published by , Editorial Assistant
World Pipelines,


On Tuesday 20 June, TC Energy Corporation hosted a Sustainable Energy Forum to highlight the company’s role in enabling the energy transition while delivering long-term shareholder value.

The event included presentations from TC Energy President and CEO, François Poirier, Bruce Power President and CEO, Mike Rencheck, and senior leaders at the forefront of the company’s sustainable energy strategy.

TC Energy’s highly integrated North American asset base is enabling the energy transition and supporting the path to net-zero by 2050. More than 60% of its US$34 billion total secured capital programme is directly funding solutions to support global climate goals while unlocking access to secure, reliable and affordable energy across North America and the world. In line with its disciplined approach to capital allocation and risk and return preferences, the company expects its investments in these capital projects will:

  • Enable the displacement of higher emitting fuels by safely transporting and extending the reach of North American natural gas.
  • Decarbonise its asset base through electrification and renewable power.
  • Capitalise on low-carbon opportunities, primarily focused on Bruce Power and firming capacity.

“Our 2023 priorities of safely executing major projects, accelerating our deleveraging targets by advancing our US$5 billion-plus asset divestiture programme and maximising the value of our assets remain clear and are in direct service of the energy transition,” said Poirier. “Our uniting opportunity is finding an economic and orderly path to the energy transition while meeting growing energy demand. Analysing a wide range of energy scenarios, we continue to see natural gas and liquids playing a critical role, and our assets are strategically positioned to connect low-cost supply to critical markets. Our diverse portfolio and competencies in nuclear, pumped hydro, hydrogen, and renewables also strongly position us to successfully compete in our evolving energy future.”

TC Energy has a continued focus on carbon competitiveness while meeting the demand for energy in the current geopolitical climate. As energy problem solvers, the company’s workforce is exploring technologies and implementing strategies to support its climate goals. Through its methane reduction strategy, since 2019, it has reduced its absolute methane emissions by 14%, while increasing throughput by 11%, and growing comparable earnings before interest taxes debt and amortisation (EBITDA) in its natural gas business by 20%.

“Holding ourselves accountable to deliver on our commitments and drive organisational alignment, we have introduced new performance measures and embedded our key priorities in our executive compensation,” said Poirier. “As we further strengthen our resilience, driving our long-term value proposition, we are committed to remaining aligned with our investors and society’s expectations. Demonstrating this, we have obtained limited assurance on our Scope 1 and Scope 2 emissions inventory, while proactively increasing our voluntary emissions disclosures and conducting further assessments of our Scope 3 emissions.”

By taking a long-term view grounded in fundamentals, and balancing sustainable dividend growth with reinvestment in the business, TC Energy remains committed to enhancing resiliency and maintaining its value proposition as a North American energy transition enabler. With a track record of capturing significant growth through a variety of energy landscapes, the company is well-positioned to achieve its strategic priorities and drive decarbonisation efforts while maintaining conservative risk preferences and delivering shareholder value.

 

Read the latest issue of World Pipelines magazine for pipeline news, project stories, industry insight and technical articles.

World Pipelines’ June 2023 issue

In the June 2023 issue of World Pipelines, we cover hydrogen pipeline transport; pipeline sensing, composite coatings and inline inspection. Also featured are articles on metering and monitoring, and subsea pipelines.

Read the article online at: https://www.worldpipelines.com/business-news/22062023/tc-energy-showcases-alignment-of-2023-priorities/

You might also like

Sulmara launches new Route Development business line

The business line will see industry experts provide a wide range of support from the planning and design stage of projects right through to the operational phase of subsea cables and pipelines.

 
 

Embed article link: (copy the HTML code below):