TC Energy has raised its 2026 earnings outlook and announced approximately C$3 billion in new growth projects as demand for natural gas transportation strengthens across North America.
The Canadian pipeline operator increased its comparable EBITDA forecast to C$11.8 billion–C$12.0 billion, compared with its previous projection of C$11.6 billion–C$11.8 billion.
The company attributed the improvement to strong pipeline operations, commercial agreements, storage revenue and projects completed ahead of schedule or below budget.
Among the newly approved investments are the Crossroads Expansion and American Midwest projects, which together are expected to add 2.4 billion cubic feet per day of natural gas transportation capacity.
The projects are supported by long-term transportation agreements and are intended to serve growing Midwest demand, including electricity generation and data-center development.
TC Energy also approved a further expansion of the Coastal GasLink system, with the longer-term objective of increasing its transportation capacity to approximately 4.5 billion cubic feet per day.
The company expects North American natural gas demand to grow substantially over the next decade, supported by liquefied natural gas exports and gas-fired electricity generation.
For 2027, TC Energy projects comparable EBITDA of C$12.3 billion–C$12.5 billion and anticipates annual earnings growth of approximately 5%–7% through 2031.
The outlook highlights the increasing importance of pipeline infrastructure as electricity consumption and international LNG demand expand.
However, construction schedules, regulatory requirements, capital costs and future gas demand remain important execution risks.
Investors will watch project milestones, contracted capacity, financing requirements and whether the company’s operating performance continues supporting its higher earnings targets.
