TC Energy invests CA$2.4bn in nuclear and natural gas

TC Energy is committing CA$2.4bn to two major projects in North America, targeting rising energy demand and the long-term value of regulated assets.

Share:

TC Energy Corporation has confirmed the launch of two major projects in the natural gas and nuclear energy sectors, with a combined value of CA$2.4bn ($1.76bn). The announcement reflects the company’s strategic direction to address the expected rise in electricity consumption, backed by long-term contracts and a regulated rate framework.

Targeted expansion in transport and generation

The first initiative, the Northwoods project, represents an investment of approximately $0.9bn. This expansion of the ANR pipeline system in the United States is designed to provide 0.4 billion cubic feet per day (Bcf/d) of capacity to support power generation demand, particularly in the U.S. Midwest. The project is scheduled to enter service by late 2029 under a 20-year take-or-pay agreement.

In parallel, TC Energy has approved the Major Component Replacement (MCR) programme for Unit 5 at the Bruce Power nuclear facility in Ontario. The CA$1.1bn ($808mn) project is set to begin in the fourth quarter of 2026, with commercial operations expected to resume in early 2030. It falls under a long-term supply agreement with Ontario’s Independent Electricity System Operator (IESO), effective through 2064.

Financial results and investment priorities

For the first quarter of 2025, TC Energy reported net income of CA$1.0bn, or $0.94 per share, stable compared to the previous year. Comparable EBITDA stood at CA$2.7bn, in line with 2024 levels. The company reaffirmed its annual outlook, expecting full-year EBITDA between CA$10.7bn and CA$10.9bn.

Gross capital spending for 2025 is projected between CA$6.1bn and CA$6.6bn, with around CA$8.5bn in projects scheduled for commissioning, including the Southeast Gateway pipeline in Mexico. This 715-kilometre pipeline, with a capacity of 1.3 Bcf/d, was completed in less than three years and 13% under the original budget. Regulatory approval from the Comisión Nacional de Energía (CNE) is expected by the end of May, ahead of commercial operation.

Growing pipeline activity across North America

Average daily flows on TC Energy’s U.S. natural gas pipelines reached 31 Bcf/d in the first quarter, up 5% from 2024. In Canada, the NGTL system recorded a new high of 17.8 Bcf on February 18. In Mexico, a daily record of 4.1 Bcf was set on March 31. These volumes reflect strong demand and operational readiness across the company’s systems.

The cogeneration fleet achieved an availability rate of 98.6%, driven by reduced unplanned outages. Bruce Power maintained 87% availability despite scheduled work on Unit 5. Units 3 and 4 are also undergoing modernisation, with availability for the remaining reactors expected in the low-90% range for 2025.

TotalEnergies is selling half of a 604 MW Portuguese energy portfolio to the Japanese consortium MM Capital, Daiwa Energy and Mizuho Leasing for €178.5mn, retaining operation and future commercialisation of the assets concerned.
Q ENERGY France secures a bank financing of €109 million arranged by BPCE Energeco to build four new energy production facilities, totalling 55 MW of wind and solar capacity by the end of 2024.
Shell announces amendment of two annual reports after notification by Ernst & Young of non-compliance with SEC auditor partner rotation rules; however, financial statements remain unchanged.
The Financial Superintendency of Colombia approves an amendment to Ecopetrol’s local bonds and commercial paper program, enabling issuance of sustainable, indexed, or in-kind repayable instruments.
ABO Energy is selling its subsidiary ABO Energy Hellas and an energy project portfolio of approximately 1.5 gigawatts to HELLENiQ ENERGY Holdings, thus refocusing its strategic resources towards other markets, notably Germany, without major financial impact anticipated for 2025.
Iberdrola announces a supplementary dividend of €0.409 per share for 2024 under the "Iberdrola Retribución Flexible" programme, bringing the total annual remuneration to €0.645 per share, representing a year-on-year increase of 15.6%.
BHP has signed contracts with COSCO Shipping to charter two ammonia-powered Newcastlemax bulk carriers, primarily for transporting iron ore between Western Australia and Northeast Asia starting from 2028.
CBAK Energy and Anker Innovations jointly launch a battery cell manufacturing facility in Malaysia, with a commercial potential estimated at $357 million, further strengthening their strategic partnership in the lithium-ion battery sector.
German energy group Badenova plans to invest $4.64 billion in its energy networks and capacity by 2050, including $232 million committed from 2025, according to the company's recently published annual financial results.
ORIX announces the sale of the majority of its stake in Greenko to AM Green Power and commits a new USD 731mn investment in the Luxembourg-based AMG holding, confirming its strategic repositioning in next-generation energy.
Invenergy seals four further contracts with Meta to supply nearly eight hundred megawatts of solar and wind power to the group’s data centres, lifting total cooperation between the two companies to one point eight gigawatts.
Pedro Azagra leaves his role as CEO of Avangrid to become CEO of Iberdrola, while Jose Antonio Miranda and Kimberly Harriman succeed him as CEO and Deputy CEO respectively of the American subsidiary.
The US investment fund Ares Management enters Plenitude's capital by acquiring a 20% stake from Eni, valuing the Italian company at 10 billion euros and reinforcing its integrated energy strategy.
ENGIE secures a contract to reduce Airbus' industrial emissions in France, Germany, and Spain, targeting an 85% decrease by 2030 through various local energy infrastructures.
Alain Rhéaume, Chairman of Boralex’s Board of Directors for eight years, will leave his position by December, following the appointment of his successor by the governance committee of the Canadian energy group.
Norwegian group Statkraft plans an annual cost reduction of NOK2.9bn ($292 million) by 2027, citing possible job cuts amid rising financial burdens and volatility in the European energy market.
EDF merges EDF Renouvelables and its International Division into EDF power solutions, led by Béatrice Buffon, to optimise its global 31 GW low-carbon energy portfolio and strengthen its international positioning.
TotalEnergies announces a strategic partnership with Mistral AI to establish a dedicated innovation laboratory integrating artificial intelligence tools aimed at enhancing industrial efficiency, research, and customer relations.
The Energy Transitions Commission warns of economic risks tied to growing protectionism around clean technologies, while calling for global consensus on carbon pricing.
Baker Hughes has reached an agreement to sell its precision sensor product line to Crane Company for $1.15bn, thereby refocusing its operations on core competencies in industrial and energy technologies.