TRP
TSX · NGTL, Coastal GasLink, gas storage · 4 desk pieces in archive
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On July 30 TC Energy reported Q2 comparable EBITDA of $2.9 billion and said it expects to land at the upper end of its $11.6 billion to $11.8 billion 2026 EBITDA outlook. It sanctioned $700 million of expansions in the quarter, part of about $3 billion announced in 2026.
TRP's July 30 Q2 release put comparable EBITDA at $2.9 billion and said the year should land at the high end of $11.6 to $11.8 billion. About $3 billion of gas projects are sanctioned this year. Canadian deliveries averaged 24.2 Bcf a day. LNG deliveries on the U.S. system averaged 3.9 Bcf a day.
Spot AECO closed C$1.46 per GJ in mid-August. Station 2 was C$1.19. Kitimat is taking close to 1.6 Bcf a day and the Western Canadian basin is still longer than the new door. Takeaway, not demand, is the Alberta story.
Partners authorized early work in June and Ottawa tagged the expansion a national-interest project. Phase 2 would double Kitimat to 28 million tonnes a year at a cost around C$33 billion. FID is still a late-2026 call.