NEW YORK — TC PipeLines LP recorded net income of $30 million in the fourth quarter, down 21 percent from $38 million in the same period a year earlier, on cash flows that fell 38 percent to $51 million from $82 million as the partnership entered into more rate cases with shippers, lowering revenue but stabilizing cash flow.

"Our focus is on maintaining the long-term value of our portfolio and ensuring a stable asset base as the North American natural gas transmission industry strengthens," Steve Becker, president of TC PipeLines GP Inc., said in a statement. TC PipeLines GP Inc. manages TC PipeLines LP.

TC PipeLines, a subsidiary of Calgary, Alberta-based TransCanada Corp., said it has significant interests in about 5,560 miles of natural gas pipelines in the United States.