TC Energy Corporation (TRP)

TC Energy reported second-quarter 2026 comparable EBITDA of $2.9 billion on 30 July, against $2.6 billion a year earlier 1.

The company calls comparable EBITDA a non-GAAP measure, one with no standardized meaning under accounting rules 1.

Chief executive François Poirier said the company now expects comparable EBITDA at the upper end of its $11.6 to $11.8 billion range for 2026 1.

The company said it has sanctioned about $3 billion of new growth projects over six months, including three natural gas pipeline projects announced that day 1.

Two of the three are U.S. expansions backed by 20-year take-or-pay contracts 1.

Reuters reported that surging electricity use, particularly from AI-driven data centres, is lifting demand for gas-fired power plants and pushing pipeline operators to add capacity 5.

Reuters also reported that profit from the Mexican pipelines climbed about 28.2 percent to C$409 million 5.

The next event is the third-quarter report and an update to the company's financial outlook, due on a call on 5 November 9.

Bloomberg reported that the Calgary firm was created in 1951 as TransCanada Pipelines Ltd. to bring natural gas to Eastern Canada from Alberta 8.

It built the 14,000 km Mainline gas pipeline in the 1950s 8.

The present parent company was incorporated on 25 February 2003, and a plan of arrangement that took effect on 15 May 2003 made it the parent of TransCanada PipeLines Limited 3.

In 2016 it moved deep into the United States with the Columbia Pipeline Group purchase, which Bloomberg put at $10.2 billion 8.

Bloomberg's data showed the U.S. supplied about 60 percent of revenue in 2017, with about 36 percent from Canada and the rest from Mexico 8.

In January 2019 the company said it would drop Canada from its name and become TC Energy in the second quarter, keeping the TRP ticker 8.

Chief executive Russ Girling said the name covered pipelines, power generation and energy storage in Canada, the United States and Mexico 8.

In the fourth quarter of 2023 the company sold a 40 percent non-controlling stake in Columbia Gas and Columbia Gulf, two of its U.S. pipeline systems 4.

That year Bruce Power finished the first of its six refurbishments, called major component replacements, with Unit 6 completed in the third quarter of 2023 3.

The Coastal GasLink pipeline to LNG Canada faced cost pressures, and its estimated cost rose to about $14.5 billion 3.

The company expected its share of equity contributions to reach up to $5.5 billion with no change to its 35 percent ownership 3.

On 27 July 2023 it announced plans to spin its Liquids Pipelines business off into South Bow Corporation, so that it would hold only gas pipelines and power 3.

Shareholders approved the plan on 4 June 2024 and it was completed on 1 October 2024, with holders keeping their TC Energy shares and receiving South Bow shares 3.

In 2024 it and a partner sold the Portland Natural Gas Transmission System 4. Also in 2024 the CFE, Mexico's state-owned electric utility, became a 13.01 percent equity partner in TGNH 3.

Revenue rose to $15.2 billion in 2025 from $13.8 billion in 2024 and $13.3 billion in 2023, according to the annual report's results discussion 4.

Net income attributable to common shares was $3.4 billion in 2025 against $4.6 billion in 2024, a year that still held earnings from the liquids business 4.

On the continuing business, comparable EBITDA rose to $11.0 billion in 2025 from $10.0 billion in 2024 2.

The company said Mexico grew mainly on higher earnings in TGNH tied to the completion of the Southeast Gateway pipeline in the second quarter of 2025 4.

Mexico's comparable EBITDA was $1,365 million in 2025 against $999 million in 2024 2.

The Southeast Gateway is a 1.3 Bcf/d, 715 km offshore pipeline built under a strategic alliance with the CFE, and tolls began in May 2025 3.

What the company is

TC Energy says it operates two core businesses, Natural Gas Pipelines and Power and Energy Solutions, reported in four segments 3.

Its network moves over 30 percent of the natural gas used across the continent, through 63,185 km of wholly owned pipelines and 30,986 km of partly owned ones 4.

It also holds regulated U.S. gas storage with 532 Bcf of working gas capacity 4.

In its fourth-quarter release the company said 98 percent of comparable EBITDA is underpinned by rate-regulated or long-term take-or-pay contracts 2.

Canadian natural gas pipelines

The NGTL System, 24,096 km long, gathers and moves most of western Canada's gas production to domestic and export markets 4.

The Canadian Mainline, 14,087 km, carries gas to the Prairies, Ontario, Québec, the Maritimes and U.S. markets 4.

In 2025 the segment's comparable EBITDA was $3,687 million, of which the NGTL System earned $2,586 million and the Mainline $817 million 2.

Deliveries averaged 24.2 Bcf/d in the second quarter, up one percent from a year before 1.

The Canada Energy Regulator approved a four-year negotiated settlement for the Mainline covering January 2027 through December 2030 1.

U.S. natural gas pipelines

Columbia Gas, 18,598 km, moves gas from the Marcellus and Utica shale plays to markets in the Northeast, Midwest and Atlantic regions 4.

The U.S. segment is the largest, with 2025 comparable EBITDA of $4,906 million 2.

Daily flows averaged 27.0 Bcf/d in the second quarter, and deliveries to LNG export facilities averaged 3.9 Bcf/d, up 13 percent 1.

Other systems include ANR, Great Lakes, GTN and Northern Border, in which the company holds 50 percent 4.

Mexico natural gas pipelines

The Southeast Gateway offshore pipeline links to the Tula pipeline and delivers gas in the states of Veracruz and Tabasco, and the company holds 86.99 percent of it 4.

Mexico flows averaged 3.4 Bcf/d in the second quarter, lower than a year earlier, which the company attributed to adjustments to pipeline flows 1.

Power and Energy Solutions

The company has a 48.3 percent equity interest in Bruce Power, the eight-unit nuclear station near Tiverton, Ontario, with about 6,580 MW of capacity 43.

Bruce Power returned Unit 3 to service more than seven months ahead of schedule on 8 June 2026 after its major component replacement 10.

Bruce Power had 98.5 percent availability in the second quarter and the company's cogeneration fleet 89.6 percent 1.

In 2025 the segment's comparable EBITDA was $1,008 million, down from $1,214 million in 2024 2.

The company said the decline came mainly from lower net contributions from Bruce Power because of reduced generation during the Unit 4 refurbishment, partly offset by a higher contract price 2.

People and workforce

François Poirier is president and chief executive officer and Sean O'Donnell is executive vice-president and chief financial officer 9.

The principal operating subsidiary had 6,574 employees at year end, with 2,185 in Calgary and 749 in Houston 3.

Rivals and current problems

The company says its U.S. pipelines face competition from alternatives open to customers, including competing natural gas pipelines and supply sources 4.

The south section of the Villa de Reyes pipeline in Mexico has no set in-service date, pending resolution of outstanding stakeholder issues with its partner, the CFE 3.

Great Lakes filed a rate settlement with FERC in June 2026, and the company anticipates its approval in the fourth quarter of 2026 1.

The umbrella, in words

TC Energy holds no material assets directly other than the shares of TransCanada PipeLines Limited, its principal operating subsidiary, and receivables from some subsidiaries 3.

The annual information form lists TransCanada PipeLine USA Ltd., TransCanada American Investments Ltd., Columbia Pipeline Group, Inc. and TransCanada Mexican Investments Ltd. among its principal subsidiaries 3.

Non-controlling owners hold 40 percent of Columbia Gas and Columbia Gulf, so the company holds the rest 4.

It owns 35 percent of Coastal GasLink Limited Partnership, the 671 km pipeline to LNG Canada, and all of the general partner that operates it 3.

The CFE, a state utility, owns 13.01 percent of TGNH, a stake the company expects could rise to a maximum of 15 percent, subject to regulatory approvals 3.

Bruce Power, in which it owns 48.3 percent, is a partnership with OMERS, the Power Workers' Union and The Society of United Professionals 410.

A Schedule 13G/A filed in August shows Bank of Montreal reporting 35,221,997 common shares, or 3.38 percent of the class 11.

The head office is in Calgary, Alberta 3.

TC Energy has said it will report third-quarter results on 5 November and update its financial outlook on the same call 9.

For the year the company expects comparable EBITDA at the upper end of $11.6 to $11.8 billion and net capital expenditures of $5.5 to $6.0 billion 1.

It expects to place about $1.6 billion of capital into service in the second half of the year and says it remains on track for a long-term debt-to-EBITDA target of 4.75 times 1.

In February Poirier said the company was confident of fully allocating $6 billion of net annual capital expenditures through 2030 2.

The Central Virginia Capacity project has in-service dates of 2028 and 2030, and the Clark project and a $0.1 billion NGTL expansion are due in 2028 1.

Reuters reported that the $1.5 billion Appalachia Supply Project on Columbia Gas is expected to start operations in 2030 with capacity of up to 0.8 billion cubic feet a day 6.

The Heartland Project on ANR carries an anticipated in-service date of late 2027 and a cost of US$0.9 billion 3.

At Bruce Power the Unit 5 refurbishment is expected to begin in the fourth quarter of 2026 and return to service in early 2030 3.

Bruce Power's Project 2030 has a goal of a 7,000 MW site peak output by 2033 3.

Poirier said he expected Bruce Power to generate $736 million of annual free cash flow by 2032, Reuters reported 6.

Coastal GasLink Phase 2 still needs a final investment decision by LNG Canada and its joint venture participants, Reuters reported 7.

Great Lakes settlement approval is anticipated in the fourth quarter of 2026 1.

The company's own demand forecast estimates about 51 Bcf/d of demand growth from 2025 to 2035, driven mainly by LNG exports, gas-fired power generation and industrial growth 1.

The board declared a quarterly dividend of $0.8775 per common share, or $3.51 a year, payable on 30 October 2026 1.