TC Energy is spinning off its liquids pipelines business, South Bow, on October 1, 2024, to focus on its core strengths in natural gas and power generation. Shareholders will retain their TC Energy shares and receive proportional shares in South Bow, with combined dividends expected to match or exceed pre-spin payouts. Post-spin, TC Energy will concentrate on natural gas infrastructure, aiming for 3-5% annual dividend growth, driven by rising LNG demand. South Bow will take over TC Energy’s liquids pipelines, including the Keystone system, offering stable cash flows from long-term contracts but with a modest 2-3% annual growth. Both companies present different investment appeals, with TC Energy positioned for growth and South Bow for stable income.