TC Energy Adds $3B in Projects, Extends Outlook Through 2031

TC Energy Adds $3B in Projects, Extends Outlook Through 2031

TC Energy announced about $3 billion of new in-corridor growth projects and extended its outlook to 2031, according to a Globe Newswire release carried by BOE Report. Figures below are in Canadian dollars unless noted.

Market Impact

TC Energy raised its 2026 comparable EBITDA outlook to $11.8 billion to $12.0 billion. It expects 2027 comparable EBITDA of $12.3 billion to $12.5 billion and a five-year comparable EBITDA growth rate of 5% to 7% through 2031. Third quarter comparable EBITDA reached $3.0 billion, up from $2.7 billion a year earlier.

Year-to-date sanctioned projects total about $6 billion at a weighted average build multiple of roughly 6.5 times. Another $6 billion is pending approval, and more than $40 billion of opportunities sit in origination, CEO François Poirier said. Capital spending is guided to $6.7 billion to $7.2 billion in 2027 before non-controlling interests, or $6.0 billion to $6.5 billion net. TC Energy expects to place about $3.4 billion of capital in service in 2026 and $4.5 billion to $5.0 billion in 2027.

The newly approved projects:

• Coastal GasLink Phase 2 Expansion: $4.9 billion, five compressor stations and facility modifications, adding about 2.0 Bcf/d for roughly 4.5 Bcf/d of firm capacity. Construction is expected to start in early 2027, with in-service in the early 2030s. LNG Canada will lead execution and construction.
• Crossroads Expansion: about US$1.8 billion, adding 1.4 Bcf/d for U.S. Midwest power demand, including data centers. In service in 2030.
• American Midwest (Northern Border): about US$0.4 billion, adding 1.0 Bcf/d. In service in 2030.
• ANR Optimization: about US$0.1 billion, adding roughly 0.3 Bcf/d for coal-to-gas conversion. In service in 2029.

The Gillis Access extension, about US$0.4 billion and connecting Haynesville supply, entered service Nov. 1, 2026. Bruce Power began the Unit 5 major component replacement in November 2026.

What It Means for Subcontractors

• Coastal GasLink Phase 2 (BC): The $4.9 billion scope covers five compressor stations, with construction starting early 2027. Because LNG Canada leads execution, our inference is that mechanical, electrical, civil and piping packages will flow through LNG Canada and its contractors rather than TC Energy directly. Compressor-station subs should get in front of those contractors in the first quarter of 2027.
• U.S. Midwest expansions: Crossroads and American Midwest total about US$2.2 billion, both with 2030 in-service dates and long-term take-or-pay contracts behind them. These are long-lead jobs. Pipeline, civil and facilities contractors in the Midwest should update safety records and prequalification files with TC Energy now, ahead of 2028 to 2029 construction packages (our timing estimate).
• ANR Optimization (2029): At about US$0.1 billion, this is the smallest sanctioned project and the nearest in-service date. It is a realistic entry point for smaller facilities and E&I firms that want a TC Energy track record.
• NGTL in Alberta: NGTL receipts averaged 14.3 Bcf/d in the quarter, up 2% year over year. The source does not name a new NGTL expansion project or schedule, so treat any such work as long-lead. A near-term step for Alberta pipeline and facilities subs is to confirm that TC Energy vendor prequalification and safety documentation are current before year-end.
• Spending cadence: The $4.5 billion to $5.0 billion of 2027 in-service capital and the $6.0 billion to $6.5 billion of net 2027 capital spending point to steady execution work through next year. Backlog planning should assume that volume.