Who Are the Core Customers in TC Energy Company's Target Market?

Regulated utilities and local distribution companies are the largest revenue drivers, relying on TC Energy's 93,000-kilometre pipeline network for residential and commercial heating and baseload gas supply; these energy infrastructure customers often sign multi-year firm contracts that stabilize cash flow.

Heavy industrial customers and power generation facilities in the US and Mexico form the second tier, increasing gas demand as they transition from coal to gas; these gas pipeline customers and power generation customers drive incremental throughput and regional capacity bookings.

TC Energy serves mainly institutional and business buyers – utilities, industrial firms, and energy exporters – rather than retail consumers; its customer base is predominantly investment-grade shippers that secure firm transport agreements for decades.

Liquefied Natural Gas export operators are strategically most important: they sign 15- to 20-year firm transport contracts that provide predictable cash flows supporting TC Energy's dividend growth model and underpin project financing for new pipeline and storage capacity; see Competitive Landscape of TC Energy Company for context: Competitive Landscape of TC Energy Company

Record demand is concentrated along the US Gulf Coast and Southeast where LNG export capacity expansion is clustered; North American LNG growth targets moving the region toward becoming the world's largest gas exporter by 2027, reinforcing TC Energy target market focus on gas pipeline customers and energy infrastructure customers.

In Mexico, TC Energy serves as the primary private midstream partner to the state power utility via the Southeast Gateway pipeline, opening industrializing southern regions; the Western Canadian Sedimentary Basin remains vital as low – cost production is linked to global markets through LNG Canada.

TC Energy's strength is highest where long-haul transmission, intermodal export access, and utility contracts intersect – notably pipeline throughput in Gulf Coast export corridors and Mexican power – utility contracts; these deliver a sizable share of revenue from natural gas shippers and utility buyers of TC Energy power.

Fastest growth is tied to LNG export ramp-up and southern Mexico industrial demand; with global LNG demand rising and North America on track to be the largest gas exporter by 2027, expect rising volumes from oil and gas producers using TC Energy pipelines and new long – term shippers through 2025 and into 2026. Read more on corporate positioning in Mission, Vision, and Values of TC Energy Company

TC Energy expands its audience by directing its 6 – 7 billion dollar annual capital program into high-multiplier regulated assets and select growth projects (LNG, storage, interconnects), winning long-term contracts that attract new gas pipeline customers, power generation customers, and utility buyers of TC Energy power.

Retention rests on predictability: ~95 percent of comparable EBITDA in 2025 comes from regulated or long-term contracted sources, reducing churn among energy infrastructure customers and ensuring steady demand from natural gas shippers and municipal and industrial customers of TC Energy.

Long-term contracts, multi-year tolling agreements, and regulated tariffs drive repeat demand and deepen customer relationships – commercial customers and contracts renewals plus integrated services for oil and gas producers using TC Energy pipelines increase ecosystem stickiness.

The balance-sheet reset to 4.75x debt-to-EBITDA and the pivot to a gas-and-nuclear-heavy portfolio are the primary levers, aligning TC Energy with energy security and decarbonization trends and positioning it to win major infrastructure tenders that bring in new utility buyers and industrial customers.