TC Energy Corporation reported solid first quarter 2025 results, achieving approximately one percent growth in both comparable EBITDA and segmented earnings compared to the first quarter of 2024. The company reaffirmed its 2025 outlook, with 97 percent of its comparable EBITDA underpinned by rate-regulation or long-term take-or-pay contracts.
The company announced the sanctioning of two new growth projects: the Northwoods project on its ANR system and Unit 5 at Bruce Power for its Major Component Replacement (MCR). The Northwoods project is an estimated US$0.9 billion expansion designed to serve electric generation demand in the U.S. Midwest, backed by a 20-year take-or-pay contract and expected in-service in late 2029. The $1.1 billion Bruce Power Unit 5 MCR, approved by the Ontario IESO on April 2, 2025, is expected to commence in Q4 2026 with a return to service in early 2030.
The Southeast Gateway pipeline is now ready for service, having been constructed approximately 13 percent under its original cost estimate of US$4.5 billion. TC Energy expects to receive regulatory approval from the CNE by the end of May, anticipating in-service shortly thereafter. The company expects to place approximately $8.5 billion of projects into service in 2025, tracking roughly 15 percent under budget.
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