Company: TCPA
Filing Date: 2025-02-20
Form Type: SUPPL
Source: 0001193125-25-030844
Chunk: 5

Company: TRANSCANADA PIPELINES LTD
Filing Date: 2025-02-20
Form: SUPPL
Chunk 5
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 or sale is not permitted. You should assume that the information in this prospectus supplement and the prospectus, as well as the information in any document incorporated by reference into the prospectus previously filed with the SEC and with any securities regulatory authority in Canada, is accurate only as of the respective dates of the applicable documents. Our business, properties, financial condition, results of operations and prospects may have changed since those dates.

This prospectus supplement is deemed to be incorporated by reference into the prospectus solely for the purpose of the offering of Notes.
Other documents are also incorporated, or deemed to be incorporated, by reference into the prospectus. See “Documents Incorporated by Reference”in this prospectus supplement and “Where To Find More Information”in the prospectus.

Unless otherwise indicated, all financial information included in this prospectus supplement, the prospectus and the documents incorporated by reference in the prospectus, including the financial statements of TC Energy Corporation (“TCE”) incorporated by reference in the prospectus, have been prepared in accordance with U.S. GAAP.

In this prospectus supplement, the prospectus and the documents incorporated by reference in the prospectus, unless
otherwise specified or the context otherwise requires, all dollar amounts are expressed in Canadian dollars. References to “dollars” or “$” are to lawful currency of Canada, and references to “U.S. dollars” and
“U.S.$” are to lawful currency of the U.S.

S-1

EXCHANGE RATE DATA The following table sets forth certain exchange rates based on the daily exchange rates as reported by the Bank of Canada for the periods noted. Such rates are set forth as U.S. dollars per $1.00 and are the inverse of exchange rates quoted by the Bank of Canada for Canadian dollars per U.S.$1.00. On February 18, 2025, the inverse of the daily exchange rate reported by the Bank of Canada was U.S.$0.7046 per $1.00.

|             |     | Year Ended   
 December 31, |   2024 |     |     |   2023 |     |     |   2022 |
|:------------|:----|:-------------|-------:|:----|:----|-------:|:----|:----|-------:|
| High        |     |              | 0.7510 |     |     | 0.7617 |     |     | 0.8031 |
| Low         |     |              |