Goldman Sachs updates TC Energy (NYSE: TRP) 2.4% passive stake

Rhea-AI Filing Summary

The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC report a beneficial ownership of 25,279,804.24 TC Energy Corporation common shares, representing 2.4% of the class. The firms report shared voting power over 25,273,118.24 shares and shared dispositive power over 25,273,166.24 shares, with no sole voting or dispositive power.

They state the securities were acquired and are held in the ordinary course of business, and not for the purpose of changing or influencing control of TC Energy. The filing is a Schedule 13G/A Amendment No. 2 with an event date of 12/31/2025.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

TC ENERGY CORPORATION

(Name of Issuer)

Common Stock

(Title of Class of Securities)

87807B107

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 87807B107

1

Names of Reporting Persons

THE GOLDMAN SACHS GROUP, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 25,273,118.24
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 25,273,166.24

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,279,804.24

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.4 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 87807B107

1

Names of Reporting Persons

GOLDMAN SACHS & CO. LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 25,273,118.24
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 25,273,166.24

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,279,804.24

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.4 %

12

Type of Reporting Person (See Instructions)

BD, OO, IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TC ENERGY CORPORATION
(b)	Address of issuer's principal executive offices: 450 1ST STREET SOUTH WEST, CALGARY, Z4, T2P 5H1
Item 2.
(a)	Name of person filing: THE GOLDMAN SACHS GROUP, INC.| GOLDMAN SACHS & CO. LLC
(b)	Address or principal business office or, if none, residence: The Goldman Sachs Group, Inc. 200 West Street New York, NY 10282| Goldman Sachs & Co. LLC 200 West Street New York, NY 10282
(c)	Citizenship: THE GOLDMAN SACHS GROUP, INC. - Delaware| GOLDMAN SACHS & CO. LLC - New York
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 87807B107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: See the response(s)to Item 11 on the attached cover page(s).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit (99.2)
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

THE GOLDMAN SACHS GROUP, INC.

Signature:	Name: Veronica Mupazviriwo
Name/Title:	Attorney-in-fact
Date:	01/06/2026

GOLDMAN SACHS & CO. LLC

Signature:	Name: Veronica Mupazviriwo
Name/Title:	Attorney-in-fact
Date:	01/06/2026

Exhibit Information

EXHIBIT (99.1) JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, the undersigned agree to the joint filing of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the Common Stock, par value $ per share, of TC ENERGY CORPORATION and further agree to the filing of this agreement as an Exhibit thereto. In addition, each party to this Agreement expressly authorizes each other party to this Agreement to file on its behalf any and all amendments to such Statement on Schedule 13G. Date: 01/06/2026 THE GOLDMAN SACHS GROUP, INC. By:/s/ Veronica Mupazviriwo ---------------------------------------- Name: Veronica Mupazviriwo Title: Attorney-in-fact GOLDMAN SACHS & CO. LLC By:/s/ Veronica Mupazviriwo ---------------------------------------- Name: Veronica Mupazviriwo Title: Attorney-in-fact EXHIBIT (99.2) ITEM 7 INFORMATION The securities being reported on by The Goldman Sachs Group, Inc. ("GS Group"), as a parent holding company, are owned, or may be deemed to be beneficially owned, by Goldman Sachs & Co. LLC ("Goldman Sachs"), a broker or dealer registered under Section 15 of the Act and an investment adviser registered under Section 203 of the Investment Advisers Act of 1940. Goldman Sachs is a subsidiary of GS Group. EXHIBIT (99.3) ITEM 4 INFORMATION *In accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned by certain operating units (collectively, the "Goldman Sachs Reporting Units") of The Goldman Sachs Group, Inc. and its subsidiaries and affiliates (collectively, "GSG"). This filing does not reflect securities, if any, beneficially owned by any operating units of GSG whose ownership of securities is disaggregated from that of the Goldman Sachs Reporting Units in accordance with the Release. The Goldman Sachs Reporting Units disclaim beneficial ownership of the securities beneficially owned by (i) any client accounts with respect to which the Goldman Sachs Reporting Units or their employees have voting or investment discretion or both, or with respect to which there are limits on their voting or investment authority or both and (ii) certain investment entities of which the Goldman Sachs Reporting Units act as the general partner, managing general partner or other manager, to the extent interests in such entities are held by persons other than the Goldman Sachs Reporting Units.

FAQ

What stake does Goldman Sachs report in TC Energy (TRP)?

Goldman Sachs reports beneficial ownership of 25,279,804.24 TC Energy common shares, equal to 2.4% of the outstanding class. This ownership is reported jointly by The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC on a Schedule 13G/A Amendment No. 2.

Is Goldman Sachs’ TC Energy (TRP) holding reported as passive?

Yes. Goldman Sachs certifies the TC Energy securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of TC Energy, consistent with the passive ownership framework of Schedule 13G.

How much voting power does Goldman Sachs have in TC Energy (TRP)?

Goldman Sachs reports shared voting power over 25,273,118.24 TC Energy shares and no sole voting power. It also reports shared dispositive power over 25,273,166.24 shares, reflecting joint authority across its reporting entities for these positions.

Which Goldman Sachs entities report ownership in TC Energy (TRP)?

The filing lists The Goldman Sachs Group, Inc., a Delaware corporation, and Goldman Sachs & Co. LLC, a New York limited liability company. Goldman Sachs & Co. LLC is identified as a broker-dealer and investment adviser subsidiary of The Goldman Sachs Group, Inc.

Why is this TC Energy (TRP) Schedule 13G/A labeled Amendment No. 2?

The filing is labeled Amendment No. 2 because it updates a previously filed Schedule 13G relating to TC Energy. Such amendments are used to refresh disclosed ownership information when beneficial holdings or other reportable details change.

What is the event date for Goldman Sachs’ TC Energy (TRP) ownership report?

The event date triggering this Schedule 13G/A Amendment No. 2 is December 31, 2025. That date reflects when the ownership information became reportable under SEC rules, leading to this updated beneficial ownership disclosure.