TC Energy (TSX: TRP) will invest US$8.5 billion over the next five years in new US power projects anchored by a forecast of around 45 billion cubic feet per day increase in natural gas demand over the next decade.
“It’s all about energy—and natural gas is going to be the backbone,” CEO François Poirier said in an interview with Fox Business’ Mornings With Maria.
Poirier tied the spend to data center load growth, saying gas-fired generation will power AI build-outs and highlighting TC Energy’s footprint with “eight of the ten largest electric utilities in the United States.” He said the company will grow as those utilities grow, citing the Midwest, Mid-Atlantic, and Gulf Coast as concurrent priority regions.
On timing, Poirier pointed to faster US permitting: what “used to take two or three years of permitting and then two or three years of construction” could be “cut in half or better,” enabling new power generation before the end of the decade.
Poirier also linked the plan to US LNG expansion, noting current exports of around 12 bcf/d and saying “we see that doubling over the next decade.” He framed the export growth as a way for “free and democratic” nations to reduce reliance on Russian energy.
Poirier contrasted US timelines with China’s 2024 power surge, saying “China in 2024 put nine times the amount of power generation into service than the United States did,” and cited 50 GW of coal power added last year with another 90 GW sanctioned, arguing that US deployment must accelerate to “win the AI race.” He also cautioned that “energy is going to be the constraint” if production capacity doesn’t scale.
Jobs and supply chains were part of the pitch: the chief executive expects building trades and manufacturing jobs from the capex and said steel capacity is sufficient for the build.
When asked if he is concerned about the steel tariffs US imposed on Canada, he said no, pointing out that “there’s plenty of steel production capacity to meet our needs.”
On operations, he said TC Energy raised full-year profit guidance because “all of our pipeline capacity is being utilized to the maximum extent possible” amid broader economic growth.
Asked about concerns on Canada’s own energy needs, Poirier said the country has ample gas for domestic needs and still exports to the US, but he kept the growth focus south of the border.
On corporate scope, he dismissed any regret over the liquids spin-off that included Keystone: “Our shareholders own both… and benefit from growth on the crude oil side as well.”
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