TC Energy leans on regulated assets and long-term contracts as it targets rising North American gas demand through 2035
AI Market Summary
TC Energy's outlook highlights strengthening structural North American gas demand into 2025–2035, driven by LNG exports, industrial load and gas-fired power, with incremental pull from AI data centers. New capacity backed by 20-year take-or-pay contracts and a large secured capex program reinforces long-duration cash-flow visibility for midstream operators. The message is supportive for U.S./Canada natural gas demand expectations and related infrastructure investment sentiment.
Impact level
● Medium
Affected assets
NCCO7241NATGAS2USD/USDT-1.13%
AI Insight · NCCO7241NATGAS2USD/USDTAI Insight
▲ Bullish
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TC Energy transports more than 30% of the natural gas consumed across North America, and about 98% of its comparable EBITDA comes from regulated assets or long-term take-or-pay contracts. The company expects North American natural gas demand to rise by roughly 51 billion cubic feet per day between 2025 and 2035, driven by LNG exports, industrial growth and gas-fired power generation. Its recently approved Central Virginia Capacity project is set to deliver up to 0.4 billion cubic feet per day to gas-fired plants supporting data-center development, backed by a 20-year take-or-pay contract and roughly US$400 million in investment.
