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TC Energy Forecasts Higher 2025 Core Profit on Natgas, Electricity Demand


These translations are done via Google Translate

(Reuters) – TC Energy  said on Tuesday it expects 2025 core profit to be in the range of about C$10.7 billion ($7.63 billion) to C$10.9 billion ($7.78 billion), higher than its 2024 forecast, due to rising demand for natural gas and electrification.

The U.S. Energy Information Administration, in its latest short-term energy outlook report, saw the country’s gas consumption rising to a record 90 billion cubic feet per day (bcfd) in 2024.

The consumption is expected to ease to 89.6 bcfd in 2025, which will still be higher than the previous record of 89.1 bcfd in 2023.

For 2024, the Canadian pipeline operator expects core profit to be at the upper end of C$9.9 billion to C$10.1 billion, excluding its Liquid Pipelines segment.

The company completed the spin-off of its Liquid Pipelines unit in October, as it looked to focus on natural gas and reduce debt.

North America’s rising natural gas demand was driven by higher LNG exports, retiring coal plants and growing consumption in data centers associated with artificial intelligence operations, TC Energy said in its third-quarter earnings call.

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The company sees data center opportunities of more than two bcfd in North America, according to its investor presentation slides.

It also announced four new growth projects aligned with increasing demand for natural gas and nuclear power generation, which would total to nearly C$1.5 billion ($1.07 billion) in capital expenditure.

One of the projects includes expanding power generation at its Ontario nuclear plant, Bruce Power, by adding 90 megawatts, largely due to rising power demand in the region.

TC Energy also said nearly 97% of its outlook was underpinned by rate regulation, along with long-term take-or-pay contracts.

The company’s annual investor day call is scheduled to begin later on Tuesday.

($1 = 1.4021 Canadian dollars)

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