TC Energy reported third quarter results on November 5. Operationally, receipts on the company’s NGTL system and Western end of its Canadian Mainline were up 2% and 7% year-over-year, respectively, to 14.3 Bcf/d and 4.3 Bcf/d, while U.S. natural gas pipeline volumes were up 3% year-over-year to 27.0 Bcf/d and Mexico flows were up 8% year-over-year to 3.7 Bcf/d.
TC Energy approved three Midwest natural gas pipeline expansions. The Crossroads Expansion will add 1.4 Bcf/d of capacity to take Appalachia gas to the Chicago area by 2030 at a $1.8 billion estimated cost, while an expansion of the Northern Border pipeline system called America Midwest will add 1.0 Bcf/d of capacity to the Chicago area by 2030 at an estimated cost of about $400 million. Both projects are supported by long-term take-or-pay contracts, and will support growing power generation demand, including data centers (see image below). The ANR Optimization project was also approved and will add about 0.3 Bcf/d of firm service capacity to support coal-to-gas conversion by 2029 for about $100 million.
In Canada, the 2.0 Bcf/d expansion to Coastal GasLink to feed LNG Canada Phase 2 was announced in September. The Cedar Link project and approved expansions to NGTL for 2027+ are both under budget and ahead of schedule. Management hopes to have an agreement with producers on NGTL expansions and capital allocation for 2029+ by the end of Q1 2027.
So far in 2026, TC Energy has placed about $2.5 billion of projects into service, has sanctioned about $6 billion worth of projects, has another $6 billion pending approval, and has another $40+ billion in origination stages, up from $20+ billion in origination three months ago. The $40+ billion of potential projects includes about $20 billion for U.S. natural gas, $5 billion for Canadian natural gas and $15 billion for Canadian power.
