Regulatory and Permitting Challenges: The company faces significant risks related to obtaining and maintaining necessary regulatory approvals and permits for its extensive pipeline and energy infrastructure projects across multiple jurisdictions. Delays, denials, or changes in regulatory frameworks can impede project development, increase costs, or result in project cancellations.

Environmental and Climate Change Policy Risks: Increasing global focus on climate change and environmental protection could lead to more stringent regulations, carbon pricing, or shifts in energy policy that could impact demand for TC Energy's services, increase operational costs, or render certain assets less valuable.

Operational and Safety Incident Risks: Operating a vast network of pipelines, natural gas storage facilities, and power generation assets carries inherent risks of accidents, spills, explosions, or equipment failures. Such incidents can result in significant financial liabilities, environmental damage, reputational harm, and regulatory penalties.