TC PipeLines, LP is a master limited partnership (MLP) engaged in the transportation and storage of natural gas through its ownership of interstate pipeline systems. The company was founded in 1998 and is headquartered in Houston, Texas. It operates as a subsidiary of TC Energy Corporation, a major energy infrastructure company with operations across North America.
The primary business of TC PipeLines is the ownership and operation of a portfolio of natural gas pipelines. These pipelines transport natural gas from producing regions to major demand centers, including power plants, industrial facilities, and distribution utilities. The company earns revenue through long-term contracts and tolling agreements with customers who use their pipeline services.
TC PipeLines owns interests in several key pipeline assets, including the Northern Border Pipeline, which extends from the Canadian border in Montana to the Midwest United States, and the Tuscarora Gas Transmission Company, which transports natural gas from Oregon to Nevada.
The company's pipeline systems are regulated by the Federal Energy Regulatory Commission (FERC), which oversees interstate natural gas pipelines in the United States. TC PipeLines must adhere to regulatory requirements to ensure the safe and reliable operation of its pipelines.
Investors in TC PipeLines, LP receive regular distributions, similar to dividends, which can be an attractive feature for income-focused investors. The company's financial performance and distribution levels are influenced by factors such as natural gas demand, pipeline utilization, and regulatory developments in the energy sector.