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Pipeline operator TC Energy sees natural gas deliveries rise as power demand booms

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CALGARY — Canadian pipeline operator TC Energy Corp. achieved record deliveries on its natural gas pipeline systems in the first quarter, thanks to booming North American electricity demand.

The Calgary-based company said Friday its comparable earnings from its Canada, U.S. and Mexico natural gas segments amounted to $2.37 billion in the first three months of 2024, up from $2.18 billion in the same period of 2023.

TC Energy's natural gas deliveries to U.S. power generators were up 11 per cent year-over-year, a new record for the quarter. In the important U.S. market, natural gas demand growth has been particularly significant. According to the U.S. Energy Information Administration, in 2023, 89.1 billion cubic feet per day of natural gas was consumed in the United States, the most on record. Since 2018, U.S. natural gas consumption has increased by an average of four per cent annually.

"We do see a meaningful load and growth opportunity from increased demand in coming years due to data centres," said Stanley Chapman, TC Energy's chief operating officer for natural gas pipelines. On a comparable basis, TC Energy said it earned $1.24 per share in its latest quarter, up from $1.21 per share in the same quarter last year.

 

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