TC Energy approves $2bn in pipeline expansions in US, Canada
TC Energy approved C$3bn ($2.1bn) in pipeline expansions, including Crossroads ($1.8bn) and American Midwest ($400m) projects, with 2030 in-service dates. Coastal GasLink Phase 2 Expansion in Canada is valued at C$4.9bn. The company raised 2026 EBITDA guidance to C$11.8-12bn and reported Q3 2026 earnings of C$1bn, up from C$0.8bn in 2025.
How this was made
The 30-second read
Why it matters
The guidance raise and pipeline expansions are likely to lift the stock as investors reassess earnings potential.
Market read
First‑time disclosure of multi‑billion project approvals and guidance lift makes the news highly relevant for energy investors.
What to watch
Potential regulatory delays or lower-than‑expected take‑or‑pay utilization could temper upside.
Background
TC Energy disclosed new capital projects and raised its 2026 EBITDA outlook, marking its first public update on these initiatives.
Ticker impact
TC Energy raised its 2026 comparable EBITDA guidance and approved $2bn of US pipeline expansion projects.
likely upside as investors price in stronger earnings outlook
The new guidance and multi‑billion capital spend are material and first‑reported, prompting a re‑rating of the stock.
Market effects
Boosts sentiment for North American midstream and gas infrastructure sector.
Supports Canadian energy stocks and U.S. Midwest gas supply outlook.
Adds to global natural‑gas demand narrative amid data‑center growth.
Counterpoint
If project cost overruns materialize, the guidance lift could be overstated.
Key entities
- companyTC Energy
Canadian pipeline operator reporting new projects and higher EBITDA guidance.
