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TC Energy Corp

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.

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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.
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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.
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Energy Transition & Power Demand ▲Cloud & Digital Infrastructure ▲
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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.
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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.
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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.
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