Canadian pipeline operator TC Energy has announced approximately C$3bn ($2.1bn) of new in-corridor growth projects, taking 2026 sanctions to about C$6bn at a weighted average build multiple of 6.5 times.
The approvals include the Crossroads Expansion, which is designed to add 1.4 billion cubic feet per day (bcf/d) of capacity to serve US Midwest power demand, including demand from data centres. The project is estimated to cost $1.8bn.
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TC Energy has also approved American Midwest, an expansion of the Northern Border system designed to add 1bcf/d. Its estimated total cost is $400m, of which TC Energy’s proportionate equity contribution is approximately $100m.
Both expansions have an anticipated 2030 in-service date and are supported by long-term take-or-pay contracts.
In Canada, the company approved the C$4.9bn Coastal GasLink Phase 2 Expansion following a positive final investment decision (FID) by LNG Canada and its joint venture participants.
Five compressor stations and facility changes will increase firm transportation capacity by approximately 2bcf/d to around 4.5bcf/d.
Construction is expected to begin in early 2027, with service anticipated in the early 2030s.
LNG Canada will lead construction, while agreements limit Coastal GasLink LP’s capital commitments and exposure to construction cost and schedule risk.
Last month, TC Energy closed an investment agreement which granted five Indigenous communities an economic interest in the Coastal GasLink (CGL) natural gas pipeline.
TC Energy president and CEO François Poirier said: “TC Energy’s 75th year continues to demonstrate the strength of our integrated North American footprint.
“Through the first nine months of 2026, exceptional operational performance across our natural gas systems, constructive settlement outcomes and projects placed in service ahead of schedule and under budget have supported an increase to our 2026 comparable EBITDA outlook to C$11.8 to C$12bn.”
TC Energy has also revised its financial outlook for 2026, raising guidance for comparable earnings before interest, taxes, depreciation, and amortisation (EBITDA), and extended its forecast through to 2031.
For the three months ended 30 September 2026, TC Energy reported comparable earnings from continuing operations of C$1bn, or C$0.94 per common share, up from C$0.8bn, or C$0.77 per share, in the corresponding period in 2025.
Net income attributable to common shares rose to C$1bn, or C$0.98 per share, compared to C$0.8bn, or C$0.78 per share, a year earlier.
Comparable EBITDA increased to C$3bn from C$2.65bn in the third quarter last year.
TC Energy expects 2027 comparable EBITDA to reach C$12.3bn to C$12.5bn and forecasts a five-year compound annual growth rate of 5 to 7%.
Projected capital expenditures for 2026 are at the lower end of C$6bn to C$6.5bn before adjustments for non-controlling interests.
