TC Energy Reports Progress on $22 Billion Secured Projects Portfolio as U.S. Gas Pipeline Earnings Rise
The Canadian energy infrastructure giant placed $1.8 billion of projects into service in the first half of 2026, including Bruce Power Unit 3, while comparable EBITDA climbed in its U.S. natural gas segment.
TC Energy Advances Capital Program
TC Energy Corporation disclosed in its second quarter 2026 financial supplement that its capital program consists of approximately $22 billion of secured projects representing "commercially supported, committed projects that are either under construction or are in, or preparing to commence the permitting stage" (FIN SUPP filing, 2026-07-30).
For the six months ended June 30, 2026, the company placed approximately $1.8 billion of projects into service, including natural gas pipeline capacity projects across its North American footprint and Bruce Power Unit 3, which was declared commercially operational on June 12, 2026, following its maintenance and capital refurbishment outage (FIN SUPP filing, 2026-07-30). The company also incurred approximately $0.9 billion in maintenance capital expenditures during the period.
TC Energy maintained that its "expected total capital expenditures for 2026 as outlined in our 2025 Annual Report remain materially unchanged," though it cautioned that projects are subject to adjustments due to factors including "weather, market conditions, route refinement, land acquisition, permitting conditions, scheduling and timing of regulatory permits, as well as other potential restrictions and uncertainties, including inflationary pressures on labour and materials" (FIN SUPP filing, 2026-07-30).
U.S. Natural Gas Pipeline Performance Strengthens
The company's U.S. Natural Gas Pipelines segment showed notable improvement. Comparable EBITDA increased by US$94 million and US$232 million for the three and six months ended June 30, 2026, compared to the same periods in 2025 (FIN SUPP filing, 2026-07-30).
The gains were attributed to "higher transportation rates effective November 1, 2025" at ANR and "higher transportation rates effective April 1, 2025, pursuant to the Columbia Gas Settlement" at Columbia Gas (FIN SUPP filing, 2026-07-30). The segment also benefited from "incremental earnings from projects placed in service and lower operating costs on Columbia Gulf" and "increased earnings from additional short-term contract sales due to the impacts of a cold weather event across multiple U.S. Natural Gas Pipeline assets" (FIN SUPP filing, 2026-07-30).
Mexico Operations Drive Earnings Growth
TC Energy's Mexico Natural Gas Pipelines segment posted strong results, with segmented earnings increasing by $206 million and $384 million for the three and six months ended June 30, 2026, compared to the same periods in 2025 (FIN SUPP filing, 2026-07-30).
Comparable EBITDA for the segment rose by US$66 million and US$218 million for the respective periods, driven by "higher earnings in TGNH due to the completion of the Southeast Gateway pipeline in second quarter 2025" and "higher equity earnings from Sur de Texas primarily due to the foreign exchange impacts on the revaluation of peso-denominated liabilities as well as lower income tax expense" (FIN SUPP filing, 2026-07-30).
Executive Activity and Outlook
According to MarginX data, recent insider activity included stock dispositions and option exercises by executives Gregory Romero and Dawn Elizabeth De Lima. The company has upcoming presentations at the 22nd Annual Energy Innovations: LDC Gas Forum Rockies & West scheduled for August 10-12, 2026.
TC Energy confirmed that its "overall comparable EBITDA and comparable earnings per common share outlooks for 2026 remain consistent with our 2025 Annual Report" (FIN SUPP filing, 2026-07-30).
This article was generated by MarginX from the FIN SUPP filing on 2026-07-30. It is not investment advice.