Throughput (TC Energy)

<p>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...