TC Energy Corporation is an energy infrastructure company operating in Canada, the United States, and Mexico through four segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; and Power and Energy Solutions. It builds and operates a network of 94,171 kilometers of natural gas pipelines, transporting natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses. The company also has regulated natural gas storage facilities with a total working gas capacity of 532 billion cubic feet, and owns or has interests in power generation facilities with approximately 4,650 megawatts. It owns and operates approximately 118 billion cubic feet of non-regulated natural gas storage facilities in Alberta, Ontario, Québec, and New Brunswick. Formerly known as TransCanada Corporation, it changed its name to TC Energy Corporation in May 2019. Founded in 1951, it is headquartered in Calgary, Canada.
Strong Q2 and raised 2026 EBITDA guidance TC Energy beat second-quarter profit estimates and now expects full-year comparable EBITDA at the top of its $11.6–$11.8 billion range. It also sanctioned about $3 billion of new gas pipeline projects in 2026, including $500 million approved in the quarter. Higher earnings and new growth work support the stock.
This is the period's core earnings and growth news that directly lifts investor expectations for TRP.
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CEO raises long-term North American gas demand forecast Management now sees North American natural gas demand growing by 51 billion cubic feet a day by 2035, up from 40 billion a year ago, driven by data centers, electrification and coal-to-gas switching. More demand means more need for TC Energy's pipelines and future expansion projects.
It explains the long-term demand backdrop that underpins TRP's growth story and pipeline expansions.
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Sells Guadalajara-Manzanillo pipeline for C$560 million TC Energy agreed to sell its Mexican Guadalajara-Manzanillo pipeline to ESENTIA affiliates for about C$560 million and will redeploy the cash into North American growth projects. The sale trims non-core assets and funds higher-return opportunities, though the price versus lost income was not disclosed.
It is a new capital-recycling move that shifts money toward growth and supports the investment case.
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Coastal GasLink Phase 2 proceeds after LNG Canada approval LNG Canada's positive final investment decision satisfied conditions for TC Energy's Coastal GasLink Phase 2, which will nearly double capacity on the existing route. LNG Canada leads construction, limiting TC Energy's cost and schedule exposure, and ties the company to future LNG export volumes.
It is a major new project confirmation that adds long-term contracted growth with limited capital risk.
Strong Q2 and raised 2026 EBITDA guidance TC Energy beat second-quarter profit estimates and now expects full-year comparable EBITDA at the top of its $11.6–$11.8 billion range. It also sanctioned about $3 billion of new gas pipeline projects in 2026, including $500 million approved in the quarter. Higher earnings and new growth work support the stock.
This is the period's core earnings and growth news that directly lifts investor expectations for TRP.
▲
CEO raises long-term North American gas demand forecast Management now sees North American natural gas demand growing by 51 billion cubic feet a day by 2035, up from 40 billion a year ago, driven by data centers, electrification and coal-to-gas switching. More demand means more need for TC Energy's pipelines and future expansion projects.
It explains the long-term demand backdrop that underpins TRP's growth story and pipeline expansions.
▲
Sells Guadalajara-Manzanillo pipeline for C$560 million TC Energy agreed to sell its Mexican Guadalajara-Manzanillo pipeline to ESENTIA affiliates for about C$560 million and will redeploy the cash into North American growth projects. The sale trims non-core assets and funds higher-return opportunities, though the price versus lost income was not disclosed.
It is a new capital-recycling move that shifts money toward growth and supports the investment case.
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Coastal GasLink Phase 2 proceeds after LNG Canada approval LNG Canada's positive final investment decision satisfied conditions for TC Energy's Coastal GasLink Phase 2, which will nearly double capacity on the existing route. LNG Canada leads construction, limiting TC Energy's cost and schedule exposure, and ties the company to future LNG export volumes.
It is a major new project confirmation that adds long-term contracted growth with limited capital risk.
News & notes movingTRP
Canada
Energy Transition & Power Demand▲2
TC Energy Confirms Coastal GasLink Phase 2 Expansion After LNG Canada Decision
TC Energy Corporation has confirmed that Coastal GasLink Phase 2 will proceed following LNG Canada's expansion decision, nearly doubling capacity along the existing 670-kilometre route in British Columbia through new compressor stations and facility upgrades. Construction on the expansion is expected to start in early 2027, with service targeted for the early 2030s. The company also declared a continued quarterly dividend of C$0.8775 per share, or C$3.51 annualized. TC Energy's narrative projects CA$18.2 billion in revenue and CA$5.3 billion in earnings by 2029, with a fair value estimate of CA$98.78 implying 17% upside to the current price. Two fair value estimates from the Simply Wall St Community span from C$33.89 to C$98.78.
Energy Transition & Power Demand › Natural Gas Value Chain ▲Supply
Energy Transition & Power Demand › Firm Power & Transition Fuels ▲Supply
TRP · Capital · Positive Coastal GasLink Phase 2 expansion confirmed after LNG Canada's decision, plus continued dividend and projected revenue/earnings growth.
Shell Faces $5.2 Billion Kazakhstan Fine and Approves $33 Billion LNG Canada Expansion
Shell is facing a proposed $5.2 billion fine from Kazakhstan tied to the Kashagan oil field project, where Kazakh regulators have reportedly alleged environmental and contractual violations involving Shell and other consortium partners. Separately, Shell has approved a $33 billion expansion of the LNG Canada project that aims to roughly double liquefied natural gas capacity to 28 million tonnes per year, with Shell holding a 40% stake in the Canadian hub. The key question on the Kashagan penalty is whether it results in a one-off cash hit or longer-running restrictions on that asset, while the LNG Canada decision signals Shell leaning further into liquefied gas as a core pillar of its energy mix. Investors will be watching whether Kazakhstan's enforcement process ends in a negotiated reduction or full payment, and on LNG Canada, updated project budgets, construction milestones through to first commercial operations targeted for the early 2030s, and any revisions to capacity plans from TC Energy's Coastal GasLink pipeline expansion.
Energy Transition & Power Demand › Natural Gas Value Chain ▲Regulation
Energy Transition & Power Demand › Firm Power & Transition Fuels ▲Regulation
SHEL.LSE · Capital · Positive Shell approved a $33B expansion of LNG Canada, deepening its investment in liquefied gas as a core pillar.
SHEL.LSE · Regulation · Negative Shell faces a proposed $5.2B fine from Kazakhstan over alleged environmental and contractual violations at the Kashagan oil field.
LNG Canada · Capital · Positive LNG Canada's $33B expansion was approved, roughly doubling its capacity to 28 million tonnes per year.
NATGAS · Demand · Positive The LNG Canada expansion aims to roughly double capacity to 28 million tonnes per year, implying greater future natural gas demand for liquefaction.
TRP · Demand · Positive Shell's approved $33B LNG Canada expansion would require more capacity from TC Energy's Coastal GasLink pipeline, a demand signal for TC's pipeline services.
Coastal GasLink Pipeline Limited Partnership · Demand · Positive The LNG Canada expansion and any revisions to capacity plans would drive demand for TC Energy's Coastal GasLink pipeline expansion.
TC Energy Advances Coastal GasLink Phase 2 After Shell's LNG Canada FID
TC Energy Corporation has announced that Coastal GasLink Phase 2 will proceed after LNG Canada and its joint venture partners reached a positive final investment decision on the expansion of the LNG Canada facility, satisfying the conditions tied to TC Energy's previously approved conditional FID for the project. The existing Coastal GasLink pipeline transports about 2.1 billion cubic feet per day of natural gas, and Phase 2 is expected to nearly double that capacity through new compressor stations and facility upgrades along the existing 670-kilometer route connecting Dawson Creek with the LNG Canada liquefaction facility in Kitimat, British Columbia. Shell plc, through its affiliate Shell Canada Energy, took a final investment decision on the second phase of the LNG Canada project in Kitimat, clearing the way for an expansion that will double the facility's production capacity to 28 million tons per year from 14 million tons. The project will follow an integrated delivery model, with LNG Canada serving as the Phase 2 Execution Manager while Coastal GasLink remains the pipeline's owner, operator and permit holder, a structure designed to limit Coastal GasLink's capital commitments and exposure to construction cost and schedule risks. Construction of Coastal GasLink Phase 2 is expected to begin in early 2027, with the project anticipated to enter service in the early 2030s.
TC Energy to Sell Guadalajara-Manzanillo Pipeline to ESENTIA Affiliates for C$560 Million
TC Energy Corporation announced on September 21 that it agreed to sell Energía Occidente de México, which owns the Guadalajara-Manzanillo pipeline, to affiliates of ESENTIA for a gross purchase price of approximately C$560 million, or US$400 million. Closing is expected in the first half of 2027, subject to customary conditions, regulatory approvals and consents, and management intends to redeploy the capital into growth opportunities across North America. The 313-kilometer pipeline can transport up to 500 million cubic feet of natural gas daily, serving power plants and industrial customers in Colima and Jalisco, and after closing TC Energy will retain a Mexican network of approximately 3,300 kilometers of pipeline and 8.7 billion cubic feet per day of installed transportation capacity. TC Energy did not disclose the asset's standalone annual earnings or cash contribution, leaving investors unable to assess the sale valuation against the income being surrendered. The company reported approximately C$3 billion of new projects sanctioned during the first half of 2026, including the Central Virginia Capacity and Clark expansions representing approximately US$400 million of combined investment and backed by 20-year take-or-pay contracts, though those projects have expected service dates in 2028 and 2030 and would not immediately replace income lost after a first-half 2027 disposal.
Energy Transition & Power Demand › Natural Gas Value Chain Capital
TRP · Capital · Positive TC Energy agreed to sell its Guadalajara-Manzanillo pipeline to ESENTIA affiliates for ~C$560M and redeploy capital into North American growth projects.
Trump and Johnson to Meet Tech CEOs on AI Safety as PayPal Rises on Takeover Talk
President Donald Trump and House Speaker Mike Johnson plan to host leading technology executives at the White House on Tuesday, Sept. 29, for discussions on artificial intelligence safety and potential government oversight. The meeting follows rising concerns from experts about AI's destructive potential without proper guardrails, though Trump has dismissed such warnings as a "hoax" while emphasizing the need for U.S. firms to outpace China in the AI race. Separately, PayPal shares rose 1.2% on renewed acquisition speculation after traders cited a Betaville report indicating an unnamed West Coast technology company may be evaluating an all-stock takeover of the fintech firm, though the PayPal board is said to prefer an all-cash deal; the speculation follows the collapse of talks between a Stripe and Advent consortium, which had considered offering as much as $68 per share in cash but abandoned the pursuit last month after negotiations stalled over a $2 billion breakup fee. U.S. front-month Nymex natural gas futures dropped 5.5% to $3.115/MMBtu on Friday, reversing much of Thursday's 9% surge that followed a force majeure on TC Energy's Mountaineer Xpress pipeline in West Virginia, where the leak had cut firm transportation service by 1.8 Bcf/day, affecting roughly 1.5% of total U.S. Lower-48 gas supply. Short-squeeze risk remains elevated across major bitcoin-linked equities, according to S3 Partners Director of Research Leon Gross, with Strategy, Strive, and Coinbase each showing return correlations above 0.70 with bitcoin while short interest hovers near 10-13% of float for Strategy and Coinbase.
NATGAS · Supply · Negative Nymex natural gas fell 5.5% as the market reversed Thursday's surge tied to the Mountaineer Xpress force majeure that had cut about 1.8 Bcf/day of supply.
PYPL · Capital · Positive PayPal shares rose on renewed acquisition speculation after a Betaville report of a possible all-stock takeover by an unnamed West Coast tech company.
TRP · Supply · Negative Nymex natural gas fell 5.5% as the market reversed Thursday's surge tied to the Mountaineer Xpress force majeure that had cut 1.8 Bcf/day of supply.
TC Energy Reports Stronger Operating Trends and Higher Full-Year Outlook
TC Energy reported stronger operating performance and indicated that full-year results are expected to exceed the prior year, even as energy markets remain volatile. The company reaffirmed its quarterly dividend of CA$0.8775 per share for the September 30, 2026 quarter, underscoring management's focus on consistent cash returns. The update highlighted that long-term themes such as dividend growth and growing natural gas infrastructure demand are being reassessed against concerns about leverage, capital intensity and macroeconomic risk. The company's narrative projects CA$18.2 billion revenue and CA$5.3 billion earnings by 2029, with a fair value estimate of CA$98.78, a 14% upside to its current price.
TC Energy beats Q2 profit estimates and approves $500 million in pipeline expansions
TC Energy beat second quarter profit estimates and announced approved pipeline expansion projects worth $500 million. CEO François Poirier said the company has raised its forecast for North American natural gas demand growth to 51 billion cubic feet a day by 2035, up from 40 billion a year ago, driven by power demand for electrification, coal-to-gas switching, and data centers. Poirier noted that more than half of the roughly 16 billion cubic feet a day of power consumption growth for natural gas is expected to come from data center activity. He added that TC Energy is having more conversations about serving data centers directly as they become more willing to sign longer-term contracts, partly due to regulatory pressures for them to bring their own power.
TC Energy expects 2026 comparable EBITDA at upper end of $11.6 to $11.8 billion range
TC Energy reported strong second quarter 2026 results and now expects its full-year comparable EBITDA to be at the upper end of its $11.6 to $11.8 billion outlook range. Comparable EBITDA rose 12 percent to $2.9 billion, while comparable earnings reached $1.0 billion or $0.94 per share, up from $0.8 billion or $0.82 per share a year earlier. The company also sanctioned $0.7 billion of new growth projects in the quarter, bringing total project approvals in 2026 to approximately $3 billion, including three natural gas pipeline expansions across North America. The board declared a quarterly dividend of $0.8775 per common share, payable on October 30, 2026.
TC Energy Faces Northwoods Scrutiny as Fair Value Signals Overvaluation
TC Energy is under regulatory scrutiny after a formal comment to the Federal Energy Regulatory Commission questioned an apparent expansion of the Northwoods Project footprint and requested extended public consultation. The stock has gained 29.6% year to date and delivered a 60.4% one-year total shareholder return, trading at around CA$99.59. A narrative fair value estimate of CA$96.09 suggests the shares are about 4% overvalued, while a P/E-based view pegs fair value at 26.2 times earnings versus the current 29.4 times, above the Canadian Oil and Gas industry average of 24.7 times. The valuation tension hinges on whether strong North American natural gas demand from LNG exports, coal-to-gas switching, data centers, and electrification can persist against long-term renewable pressures.
TC Energy's Northwoods Project Footprint Quietly Expands to Twelve Counties, Prompting Calls for Clearer Disclosure
A formal comment to the U.S. Federal Energy Regulatory Commission in July 2026 highlighted that TC Energy's Northwoods Project footprint appeared to expand from five to twelve counties across Wisconsin and Michigan, prompting calls for clearer disclosure and extended public comment periods. The apparent quiet expansion raises fresh questions about regulatory process, community engagement, and how thoroughly the project's broader environmental and permitting risks have been surfaced. While the immediate financial impact appears limited, the way Northwoods is handled could shape perceptions of TC Energy's exposure to regulatory and ESG-related project risk. TC Energy recently reaffirmed its dividend at CA$0.8775 per share for Q2 2026 and reported Q1 2026 net income of CA$927 million, keeping attention on whether new projects can move forward without added regulatory friction that might affect returns or timing.
TRP · Regulation · Negative Northwoods project footprint quietly expands to twelve counties, raising regulatory and ESG risks that could affect project approvals and returns.
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