Throughput (TC Energy)

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.