The artificial intelligence revolution has created an insatiable appetite for electricity at U.S. data centres—and one Canadian energy giant sees an opportunity. But rather than building new power plants or pipelines from scratch, TC Energy Corp. (TRP) is betting on a different approach: upgrading what it already owns.
The Calgary-based pipeline company plans to leverage its vast natural gas network to help fuel America’s rapidly expanding data centres. Speaking on a recent investor call, CEO François Poirier laid out the company’s disciplined growth strategy.
“Our strategy is very clear: capture this growth without increasing our risk exposure,” Poirier said. He noted that 60 per cent of projected U.S. data centre growth sits near TC Energy’s existing infrastructure, making “brownfield in-corridor expansions”—essentially building out from current assets—the primary focus, with an emphasis on serving investment-grade utility customers.
Concrete projects are already taking shape. TC Energy has proposed expanding its Columbia Gas Transmission system to serve a data centre hotbed in Ohio. During a recently concluded open season, the company offered 500,000 mmbtu per day of capacity—and received bids for three times that amount, underscoring the market’s urgency.
Further expansion is planned for the Crossroads Pipeline system, targeting northern Indiana, Illinois, Iowa and South Dakota, regions poised for significant data centre development. TC Energy aims to add up to 1.5 million mmbtu of daily capacity there.
When it comes to power generation investments, the company prefers plants that serve the broader electrical grid rather than “behind-the-meter” facilities tied exclusively to a single data centre customer. Poirier indicated TC Energy would consider direct gas service contracts with data centres if they match the terms and duration of utility agreements, but said the company isn’t pursuing behind-the-meter power project development or ownership at this time.
TC Energy isn’t alone in chasing the data centre opportunity. Fellow Canadian pipeline giant Enbridge Inc. is also positioning itself aggressively. CEO Greg Ebel revealed on his company’s quarterly call that Enbridge is advancing more than 50 potential data centre projects, which could require up to 10 million mmbtu of natural gas daily. Approvals are expected to begin rolling out in 2026 and continue through 2027.
Enbridge has also been directing parts of its renewable energy portfolio toward the U.S. data centre market, striking offtake agreements with tech heavyweights including Meta Platforms Inc.
The financial case for TC Energy’s approach is becoming clearer. The company forecasts $6 billion in annual net capital expenditures through 2030 and projects North American natural gas demand will grow by 45 million mmbtu per day by 2035.
Fourth-quarter results released Friday showed revenue climbing to $4.17 billion, up from $3.58 billion a year earlier. Net income came in at $959 million—a dip from $1.07 billion in the same period last year, but still ahead of analyst expectations.
For investors, TC Energy offers a defensive profile anchored by steady dividends and a transparent growth trajectory. The company is guiding for 2026 comparable EBITDA of $11.6 billion to $11.8 billion, representing 6 to 8 per cent year-over-year growth, and has extended its 5 to 7 per cent annual EBITDA growth outlook through 2028.
In volatile markets, that kind of predictability—backed by long-term contracts and incremental expansion of existing assets—may prove to be a rare source of stability.
