Key Themes Proven Strategy Low Risk Business Model Over 95% of Comparable EBITDA from regulated assets or long-term contracts Diversified High-Quality Assets Provide Multiple Platforms for Growth Five operating businesses, in three core…
TransCanada Today One of North Americas Largest Natural Gas Pipeline Networks 91,900 km (57,100 mi) of pipeline 653 Bcf of storage capacity 23 Bcf/d; 25% of continental demand Premier Liquids Pipeline System 4,900 km (3,000 mi)…
Financial Highlights Six Months Ended June 30 (Non-GAAP) Comparable Comparable Comparable Funds Earnings per Common Share* EBITDA* Generated From Operations* (Dollars) ( Millions) ( Millions) 17% Increase 6% Increase 7% Increase…
First Half 2018 Highlights Continued to generate record financial results Comparable earnings were 0.86 per common share in second quarter, 1.83 per common share on year-to-date basis High quality, diversified asset portfolio expected…
Advancing 28 Billion Near-Term Capital Program Estimated Expected Invested Project Capital In-Service to Date* Cost* Date* Canadian Mainline 0.2 - 2018-2021 NGTL System 0.6 0.4 2018 WB XPress US 0.9 US 0.6 2018 Mountaineer…
28 Billion of Near-Term Projects Drive Significant Growth Comparable EBITDA Outlook* Billions 2015 2020E 10 9.5 10% CAGR Energy 9 Liquids Mexico Pipelines 8 Natural Gas Canadian Pipelines 7.4** Natural Gas 7 6.6 Columbia…
Visibility to Growth Beyond 2020 Natural Gas Pipelines NGTL/Columbia/Mexico expansions Coastal GasLink Liquids Pipelines Keystone XL Grand Rapids Phase II Heartland Pipeline Keystone Hardisty Terminal Energy Bruce Power Life…
Dividend History and Growth Outlook Through 2021 Annual Growth at the Upper End of 8 to 10 Percent Expected to End of Decade Further 8 to 10 Percent Growth Anticipated in 2021 +8 to 10% 2.76* 2.50 2.26 2.08 0.80 '00…
2018 Funding Plan on Track Billions 16 Senior Debt, Hybrid Securities, Debt Maturities Portfolio Management & ATM Cartier Wind Asset Sale ATM Year-to-Date 12 Dividend Reinvestment Plan Capital Program Senior Debt Issued,…
2018 Funding Highlights Strong, predictable and growing cash flow from operations Comparable funds generated from operations of 1.5 billion in the second quarter and 3.1 billion year-to-date 1.6 billion of cash and cash equivalents on…
2018-2020 Debt Maturity Profile Debt Maturities in Home Currency Liquidity and Market Access Billions (2018-2020) 9 billion of committed and undrawn 3 credit lines Well supported commercial paper programs 2 Canada 2.0 billion U.S.…
Financial and Commercial Variability Foreign Exchange Interest Rates Volumetric & Commodity (2017 EBITDA) (2017 EBITDA) 10% 34% 45% 55% 61% 90% 3% 2% U.S. Dollar Denominated* Fixed Rate Debt Regulated Canadian Dollar…
North American Natural Gas Pipeline Footprint Well-positioned assets with access to North Americas two most prolific natural gas supply basins WCSB 91,900 km (57,100 mi) of pipeline 653 Bcf of storage capacity Diversified customer…
Connecting Growing Natural Gas Supply to Market North American Natural Gas Demand Growth* Bcf/d 140 WCSB 120 LNG Exports 100 Electric Generation 80 Industrial 60 Appalachian Commercial Basin 40 Residential 20 Pipe/Plant…
Substantial North American Natural Gas Resource WCSB Reserve Estimate 2017 - 1,018 Tcf 2017 2007 - 165 Tcf 2007 Rockies / San Juan 2017 - 497 Tcf 2007 - 299 Tcf Appalachian 2017 - 991 Tcf Mid-Continent / Permian 2007 - 207…
Natural Gas Pipelines Recent Developments Canadian Natural Gas Pipelines Advancing 7.4 billion of NGTL expansion projects Received NEB approval for NGTLs 2018-2019 Revenue Requirement Settlement Coastal GasLink project continues to…
NGTL System Average Volumes (Bcf/d) NGTL Field and Interconnect Intra-Basin Receipts Deliveries H1 18 H1 17 Change H1 18 H1 17 Change 12.2 11.4 +0.8 5.4 4.8 +0.6 Net Withdrawals NGTL System Deliveries up 1.2 Bcf/d from…
NGTL 7.4 Billion Capital Program Adds 2.5 Bcf/d of Delivery Capacity by 2021 7.4 billion capital program supported by long-term firm receipt and delivery contracts Adds 2.5 Bcf/d of incremental delivery capacity to market…
Canadian Mainline Connecting North American Gas Supply to Market Current investment base of 3.8 billion expected to remain relatively stable Strong ongoing operating and financial performance following 2014 rate settlement Mid-way…
Potential Future Capacity Working with WCSB producers to assess options to increase export market access Canadian Mainline brownfield option: Six pipes in place along western portion of system Historic capacity of 6.5 Bcf/d Long…
Columbia Premium Natural Gas Pipeline Network Competitively positioned over Appalachian basin 96% of revenues are derived from firm transportation contracts TCO pool provides access to liquid trading hub US5.8 billion growth program…
FERC Actions March 15, 2018 FERC Actions Include Revised Policy Statement - No longer permits MLPs to recover income tax allowance in cost of service rates Notice of Proposed Rulemaking (NOPR) - Proposes process to address impact of…
U.S. Natural Gas Pipeline Opportunities Seek further synergies across our North American natural gas business i.e. Buckeye XPress and Portland XPress projects Near-term organic opportunities from WCSB Realize benefits from additional…
Mexico Solid Position and Growing Four revenue-generating pipelines Tamazunchale Guadalajara Mazatln Topolobampo Three new projects expected to enter service which will increase portfolio to US5 billion Tula US0.7 billion Villa de…
Liquids Pipelines Overview Keystone pipeline system Transports 20% of Western Canadian crude oil exports Market access to 6 million bbl/d of refining capacity Significantly contracted Intra-Alberta pipelines Entered service in…
Connecting Growing Crude Oil Supply to Market North American Crude Oil Supply Outlook* Million bbl/d 18 16 14 12 10 Canada 8 US 6 4 2 0 2015 2020E 2030E * CAPP, EIA
Keystone XL NEB approval received U.S. permits received U.S. Presidential Permit Montana, South Dakota and Nebraska state approvals Nebraska Supreme Court to hear appeal case against Public Service Commission approval of an…
Additional Opportunities Related to Keystone XL Keystone XL could facilitate further development: Grand Rapids Phase II Heartland Pipeline Keystone Hardisty Terminal Market interconnects
Energy A Proven Platform Portfolio underpinned primarily by long-term contracts with solid counterparties 6,100 MW of power generation Includes four merchant natural gas-fired cogeneration plants with total capacity of 438 MW…
Significant Power Generation Investment Opportunity North American Generating Capacity Outlook* GW 1,600 1,400 Coal 1,200 Other 1,000 Oil/Gas 800 Nuclear Hydro 600 Wind 400 Solar 200 Gas 0 2015 2020E 2030E * EIA…
Napanee Generating Station 900 MW natural gas-fired combined cycle plant 20 year firm PPA contract with the Ontario IESO Construction progressing Expect in-service in 2018 Capital cost of 1.5 billion; 1.3 billion spent to date…
Bruce Power Critical Component of Ontarios Electricity Market 6,400 MW or 30% of Ontarios needs 48.4% ownership interest Power sales contracted through 2064 with the Ontario IESO Plant availability expected to be in high 80% range in…
Financial Strategy Invest in low-risk assets that generate predictable and sustainable growth in earnings, cash flow and dividends Finance long-term assets with long-term capital Preserve financial strength and flexibility Maintain…
Columbia Acquisition and Near-term Capital Program Drive Significant Growth 9.5 Billion Merchant Energy Contracted Energy 10% CAGR Liquids Pipelines Mexico Natural Gas Pipelines 5.9 Billion Merchant Energy Contracted Energy…
Stability and Longevity of Core Asset Base Comparable EBITDA 14 (Billions) Incremental investment in our core 12 businesses expected to extend 10 growth beyond 2020 8 Predictable cost of service and 6 long-term contracted cash…
Dividend Growth Outlook Through 2021 Annual Growth at the Upper End of 8 to 10 Percent Expected to End of Decade Further 8 to 10 Percent Growth Anticipated in 2021 +8 to 10% 2.76* 2.50 2.26 2.08 '15 '16 '17 '18E '19E '20E…
Delivering Long-Term Shareholder Value Track Visible Attractive, Growing Strong Record Growth Dividend Financial Position 13% average annual 28 billion to 2021 Dividend raised 10.4% Numerous levers total shareholder in February…
Appendix
Appendix Reconciliation of Non-GAAP Measures (unaudited) (millions of dollars, except per share amounts) Three months Six months ended June 30 ended June 30 2018 2017 2018 2017 Net Income Attributable to Common Shares 785 881 1,519…
Appendix Reconciliation of Non-GAAP Measures continued (unaudited) (millions of dollars) Three months Six months ended June 30 ended June 30 2018 2017 2018 2017 Comparable EBITDA(1) 1,991 1,830 4,054 3,807 Depreciation and…
Appendix Reconciliation of Non-GAAP Measures continued (unaudited) (millions of dollars) Three months Six months ended June 30 ended June 30 2018 2017 2018 2017 Net Cash Provided by Operations 1,805 1,353 3,217 2,655…
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