Great. In terms of signposts to look, would we be looking toward you announcing an open season to understand which direction you're going or would you give us different color (technical difficulty). TC-210 Phase 1 Interim Data. Environment: Production Version: 220.127.116.117.
The Partnership's liquidity position remains strong. Michael Lapides -- Goldman Sachs -- Analyst. Now with close to 1,000 scholarships available across Canada, the U.S. and Mexico, you could receive a scholarship valued at up to $10,000. Morgan Stanley Global Energy & Power Conference, New York, NY March 6, 2019 Partnership Profile . These represented 30% and 26% increases in our fourth quarter and annual adjusted earnings, respectively, versus the same periods in 2017. All right. In the West, demand is strong for transportation service on our GTN pipeline, serving the needs of -- in California and the Pacific Northwest. We've got some of our major spend particularly with compressor overhauls that are very cyclical. This includes our network of oil & liquids pipelines, which supplies and delivers North American crude oil to help meet growing energy needs in Canada and the U.S. Phase 2 requires the addition of a compressor and associated facilities at an existing station and at an estimated cost of $100 million, and will bring a further 60,000 dekatherms of firm capacity on to this system. Appreciate the color, guys. So a lot of that gas was actually coming around and turning back up, flowing back into the US.
We invest in long-life, critical energy infrastructure that provides reliable delivery of clean-burning natural gas. Yes, that's correct. Janine will discuss these commercial developments in more detail in a minute or two. In the second quarter of 2020, our diversified portfolio of assets generated the kind of dependable results that our unitholders expect and rely upon. While this project is fully in service, we expect this project will generate at least 30 million in revenue for Portland on an annual basis. *Based on independent credit ratings and internal credit assessments as of June 30, 2020. Thank you. I don't think we've disclosed any sort of engineering maximums that we'd put out there, but there is possibility for expansion. Our portfolio of assets spans 22 states and supplies approximately 13 percent of the natural gas needed daily in the United States to heat and cool homes, fuel industries and generate power. Now, we do expect elevated levels of maintenance spending going forward due to the continued strong gas flows on our pipelines and we estimate our share of maintenance spend may be in the $97 million range this year. So as that region and that geography develops and what it's going to be doing with gas flows, we think there's an opportunity for North Baja to step in with the right of way in some fairly cheap expandability through additional compression. We continue to explore alternative transportation-related options for Bison. Sophie, please go ahead. TC PipeLines, LP is a publicly traded limited partnership consisting of one general partner and many limited partners (the investing public or “unitholders”). Our solid financial position enables us to pursue organic growth opportunities that take full advantage of our existing natural gas infrastructure.
Presentation. Find stock information for TC Energy shareholders. CALGARY, Alberta, Oct. 05, 2020 (GLOBE NEWSWIRE) -- TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced it has made a non-binding offer to acquire all the outstanding common units of the master limited partnership TC PipeLines… Welcome to the TC PipeLines, LP 2018 Fourth Quarter Results Conference Call. This positive performance was achieved despite a challenging year on the regulatory front and in the broader MLP space. Janine will provide an update on the Partnership's assets and the market environment, following which Chuck will provide a more detailed review of our financial results for the fourth quarter and for the year ended December 31, 2018. Yeah. In the second quarter of 2020, our diversified portfolio of assets generated the kind of dependable results that our unitholders expect and rely upon. What's the expectation there for some of those benefits to kind of continue into '19? Thank you. This reflects a 7.5 per cent premium to the exchange ratio implied by the 20-day volume weighted average prices of TCP’s common units and TC Energy’s common shares on the NYSE as of October 2, 2020.
Leveraging off our existing natural gas infrastructure, we are developing opportunities for sustainable, self-funded growth. We invest in long-life, critical energy infrastructure that provides reliable delivery of clean-burning natural gas. Because of the highly contracted nature of our pipeline assets, together with their generally strong market position, we expect they will continue to perform in a predictable manner after taking into the impact of the 2018 FERC actions into account, and thereby will produce steady results. We have approximately $700 million of organic growth projects through 2023. We also paid $15 million to the Class B units in 2018 related to GTN's performance in 2017. Okay. Now, turning to our regulatory update, our commercial and regulatory teams worked throughout the last three quarters to develop customer outreach and regulatory actions for each of our individual pipeline and implemented these strategies in the fourth quarter. Our assets are highly connected to TC Energy’s North American network, providing upstream and downstream benefits.
I would like to welcome you to TC PipeLines' fourth quarter 2018 conference call. Please go ahead. Our common units trade on the New York Stock Exchange (NYSE) under the symbol TCP. We saw a similar uplift in our adjusted EBITDA year-over-year to $140 million in Q4 of 2018 from $117 million in the same quarter of 2017. TC Energy strives to be a leader in the delivery of energy in a safe, responsible and sustainable manner, ensuring we are positioned to maximize long-term value creation. However, as a result of the 35% reduction in the common unit distribution, the allocation to the Class B units is similarly reduced, resulting in a $13 million allocation to the Class B units for 2018. Environment: Production Version: 18.104.22.1687. Now, looking forward, TC PipeLines could continue to benefit from the continued growth in the WCSB as well as the Bakken. Inter Pipeline’s investor presentation is a key investor document that provides an in-depth overview of the investment highlights, business strategy and growth profile of the company. The payment was recorded as revenues as the contract terminations released Bison from providing any future services.
It's another driver of those dollars that we spend. Read an overview of the latest TC PipeLines, LP financial and business highlights. Yes, it's correct based on where we are coming out at the other side of this 501-G process and as mentioned, what we'll be doing is, setting up going forward with what we really do think is a more positive position all else being equal, given there are some of the moratoriums that we have been able to negotiate and extend as we go through this process. CALGARY, Alberta, Oct. 05, 2020 (GLOBE NEWSWIRE) -- TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced it has made a non-binding offer to acquire all the outstanding common units of the master limited partnership TC PipeLines, LP (NYSE: TCP) (TCP) not beneficially owned by TC Energy or its affiliates in exchange for TC Energy common shares. Our customer, Threemile Canyon Farms, is turning waste from dairy cows into renewable natural gas, or biogas.