The Globe and Mail reports in its Tuesday edition that in recent months, no utility stock has been pummelled like TC Energy. The Globe's Andrew Willis writes that shares in what used to be known as TransCanada Pipelines -- a cornerstone holding in many retirement funds -- are down 26 per cent over the past 12 months. Investors and credit-rating agencies are giving a thumbs-down to cost overruns on a relatively green gas pipeline project earlier this year, as well as to July's announcement of asset sales and an environmentally friendly plan to split up the company. What TC Energy's board no doubt assumed would be an easy-to-win shareholder vote next year on a proposal to spin out legacy oil pipeline businesses and move forward in more environmentally friendly sectors (natural gas, nuclear and renewable power) is now a referendum on both a transition strategy and management's ability to execute. Recent history shows this is a vote TC Energy could lose. If shareholders and regulators sign off, TC Energy would be reborn as a dominant player in North American gas distribution, growing at a 7-per-cent-plus annual clip. On paper, TC Energy is making a compelling argument. So did Teck, but its plan was rejected by shareholders.