TC Energy Corporation

Strong First Quarter Results & Financial Guidance: TC Energy reported robust results in Q1 2025, reaffirming its comparable EBITDA outlook at $10.7 billion to $10.9 billion, reflecting a 7% to 9% increase compared to 2024. The long-term forecast for 2027 is set at $11.7 billion to $11.9 billion, indicating a steady 5% to 7% CAGR. This growth is underpinned by a solid long-term contracting strategy, which provides insulation from commodity price volatility.

Project Execution & Capital Expenditures: The company has successfully sanctioned the $900 million Northwoods project, expected to commence in 2029, alongside progress on the Southeast Gateway project, which will significantly impact cash flows after receiving regulatory approval by the end of May. The expected capital expenditures for 2025 are projected to range between $5.5 billion to $6 billion, with a focus on delivering projects ahead of schedule and under budget, enhancing financial flexibility.

Operational Performance & Market Demand: TC Energy has recorded a 6% increase in TC-wide throughput, hitting 13 all-time delivery records since early 2024. The power generation segment is performing well, indicating a robust demand for services. The company's ongoing investments in projects like the Bruce Power MCR program are expected to significantly boost capacity and reliability in the nuclear assets segment.