CALGARY, Alberta, November 29, 2022 (GLOBE NEWSWIRE) — Press Release – TC Energy Corporation ((TSX, NYSE:TRP) (TC Energy or the Company) is holding its annual Investor Day today. During the event, we will provide an overview of our corporate strategy and highlight our ongoing approach to creating long-term shareholder value while prudently managing the vast opportunities that lie ahead. We reiterate our long-term guidance of 6% comparable EBITDA growth through 2026 and an annual dividend growth rate of 3% to 5%.

“We have an industry-leading $34 billion in fully authorised, secured capital projects and an unprecedented set of opportunities that will continue to differentiate TC Energy as a leader in energy infrastructure,” said François Poirier, President and Chief Executive Officer of TC Energy. “We leverage our extensive North American footprint to expand and expand the reach of our services, which also adapt to the evolving energy mix and needs of our customers.”

We present our outlook for 2023 comparable EBITDA, which we expect to be five to seven percent above 2022. Despite a challenging market environment, our business remains resilient and continues to deliver strong results. Approximately 95 percent of our projected comparable EBITDA is subject to long-term take-or-pay contracts and/or interest rate regulations that provide insulation from rising inflation and interest rates. In addition, approximately 85 percent of our long-term debt is fixed rate, with a weighted average maturity of approximately 20 years and a weighted average coupon of 4.8 percent.

TC Energy’s secured capital program is expected to be funded primarily through a combination of increasing cash flows, increasing long-term debt and hybrid capacity, among other sources of capital. We anticipate that any financing need in excess of our $5 billion to $7 billion annualized capital spending target range will be funded through our $5+ billion flexible divestment program…