TC Energy Surges on Record Gas Demand from Data Centers, LNG Exports

CALGARY, AB – February 13, 2026 – TC Energy Corporation posted robust fourth-quarter and full-year 2025 results, propelled by unprecedented demand for natural gas from burgeoning data centers and expanding liquefied natural gas (LNG) export facilities. The North American energy infrastructure giant reported record-setting gas flows across its vast pipeline network and rewarded investors with its 26th consecutive annual dividend increase, signaling strong confidence in its future growth trajectory.

The company's performance highlights a significant shift in energy consumption, where the digital economy's insatiable appetite for power is creating powerful new tailwinds for natural gas infrastructure. For the full year, TC Energy reported comparable EBITDA of $11.0 billion, a 9% increase over 2024, reflecting the resilience of its utility-like business model, where 98% of earnings are secured by rate-regulated or long-term contracts.

“Our safety-first culture is driving exceptional operational performance, leading to 15 flow records across our systems in 2025,” said François Poirier, TC Energy’s President and Chief Executive Officer. “Strong asset availability and reliability drove a 13 per cent year-over-year increase in fourth quarter comparable EBITDA.”

Powering the Digital and Global Energy Transition

The most striking aspect of TC Energy's report is the clear link between its operational records and the surging energy needs of the modern economy. In late 2025 and early 2026, the company’s systems were pushed to new limits, setting all-time delivery records on its U.S. Natural Gas Pipelines (39.9 billion cubic feet per day) and Canadian Natural Gas Pipelines (33.2 Bcf/d).

This surge is not a temporary anomaly but a reflection of structural demand growth. The company explicitly cited record power demand from data centers, the ongoing shift from coal to natural gas in power generation, and booming LNG exports as key drivers. Deliveries to LNG facilities in the fourth quarter averaged 3.9 Bcf/d, a substantial 21% increase compared to the same period in 2024, underscoring the critical role TC Energy's infrastructure plays in connecting North American supply with global markets.

In response, the company is proactively expanding its capacity. A recent open season for up to 0.5 Bcf/d of incremental capacity on its Columbia Gas Transmission system to serve the data-center-heavy region of New Albany, Ohio, was met with overwhelming interest, generating bids for 1.5 Bcf/d—three times the proposed capacity. Building on this momentum, TC Energy launched another open season in February 2026 for a potential 1.5 Bcf/d expansion of its Crossroads Pipeline system to serve growing power and data center markets across the U.S. Midwest. These initiatives demonstrate a clear strategy to capture durable, long-term growth by servicing the epicenters of new energy demand.

A Foundation of Operational and Project Excellence

Underpinning the strong financial results is a story of remarkable operational efficiency and disciplined project execution. The company attributed its ability to meet record demand to its best safety performance in five years, which directly translates into enhanced asset reliability and availability. This operational backbone is what allows TC Energy to capitalize on market opportunities when they arise.

This discipline extends to its extensive capital program. In 2025, TC Energy successfully placed $8.3 billion worth of projects into service, impressively delivering them more than 15% under budget. Key projects completed during the year included the VR project on its Columbia system in Virginia and the WR project on its ANR system in Wisconsin, both critical for enhancing regional energy supply. The successful completion of these large-scale projects ahead of schedule and under budget showcases a core competency in managing complex infrastructure development, a key differentiator in the capital-intensive energy sector.

Looking forward, the company has sanctioned an additional $0.6 billion in low-risk expansion projects, including a $0.5 billion investment in its NGTL System in Western Canada. These in-corridor projects leverage existing infrastructure to provide cost-effective growth with predictable returns, aligning with the company's risk-averse strategy.

Delivering Stable Growth and Shareholder Value

For investors, TC Energy's results reinforce its reputation as a stable, income-generating stalwart in a volatile energy market. The board's approval of a 3.2% increase in the quarterly dividend to $0.8775 per common share marks over a quarter-century of uninterrupted dividend growth—a rare achievement that speaks to the durability of its business model.

This consistency is anchored in the company's financial strength. TC Energy ended 2025 with a debt-to-EBITDA ratio of 4.8x, a healthy metric that prompted rating agency S&P to affirm its BBB+ credit rating with a stable outlook. This financial prudence provides the flexibility to fund its ambitious growth plans, with the company expecting to deploy $6 billion to $7 billion in net capital expenditures annually through 2030.

“As commercial discussions advance across a diverse set of high-quality opportunities, we remain confident in our ability in 2026 to fully allocate $6 billion of net annual capital expenditures through 2030 and have greater visibility to potentially surpass this level of investment in the latter part of the decade,” Poirier stated. With a 2026 comparable EBITDA outlook of $11.6 billion to $11.8 billion, TC Energy is signaling that its period of record-breaking performance and disciplined growth is set to continue, cementing its role as an indispensable component of North America’s evolving energy landscape.