TC Energy lifts 2026 outlook and approves $3 billion in North American pipeline growth projects
TC Energy increased its earnings forecast and sanctioned new gas-pipeline capacity projects aimed at growing North American power and industrial demand.
TC Energy raised its 2026 adjusted core-profit outlook to $11.8 billion-$12.0 billion from $11.6 billion-$11.8 billion and approved roughly $3 billion in growth projects. The Calgary-based company linked the investment program to rising North American natural-gas demand from power generators, industrial users and data centres, sectors that are increasing volumes on largely fee-based pipeline networks. [1]
The largest newly approved U.S. projects are the US$1.8 billion Crossroads Expansion and the US$400 million American Midwest project. Together, they are intended to add 2.4 billion cubic feet per day of pipeline capacity serving power demand in the U.S. Midwest. TC Energy also sanctioned the approximately US$100 million ANR Optimization project, which is designed to support coal-to-gas switching in the United States. [1]
On the Canadian side, the company approved an expansion of Coastal GasLink after LNG Canada and its partners made a final investment decision on the related Phase 2 project. TC Energy said the expansion would raise Coastal GasLink system capacity to about 4.5 billion cubic feet per day, with service anticipated in the early 2030s. [1]
The decisions add planned infrastructure for both Canadian gas transportation and U.S. demand centres, but they do not by themselves alter current tariff exposure for the energy sector. Their commercial significance rests on execution, customer demand and the timing of projects expected to enter service years from now. The company also forecast 2027 adjusted core profit of $12.3 billion-$12.5 billion and cited approximately $6 billion of projects awaiting approval, alongside more than $40 billion in development opportunities. [1]
Third-quarter results provide the immediate financial backdrop for the revised outlook. Adjusted core profit from TC Energy's U.S. natural-gas pipelines rose more than 17 per cent to $1.25 billion, while earnings from Canadian natural-gas pipelines increased 4.4 per cent to $953 million. The company reported adjusted quarterly earnings of 94 cents per share, above the 86-cent analyst average compiled by LSEG. [1]
This is a meaningful energy-sector business response because TC Energy has committed approximately $3 billion to projects that expand capacity for U.S. Midwest demand, U.S. coal-to-gas switching and Canadian LNG-linked transportation, while lifting its 2026 outlook. The significance is moderate rather than higher because the source reports approvals and projected capacity, not completed infrastructure, changed trade policy or realized shifts in cross-border flows. [1]