The pipeline giant’s CEO announced Thursday that it is in commercial discussions for $15 billion in potential power investments in Canada—representing almost four gigawatts of generation capacity. “We could potentially be announcing one or two projects in excess of a billion dollars as early as before the end of 2026,” François Poirier said on the company’s third-quarter earnings call. (The Logic)

Talking point: TC Energy’s portfolio of prospective investment projects has roughly doubled to more than $40 billion, up from about $20 billion in the previous quarter, consisting of natural gas pipeline opportunities and $15 billion in Canadian power projects. Data-centre developers are increasingly treating dedicated “bring your own power” generation as a “permanent solution” and are more willing to sign longer-term contracts, Poirier said. “So the risk profile of the market has gravitated towards our fairway.” Asked whether most of the proposed capacity would be in Alberta, TC executive Greg Grant said there were multiple projects across Canada, but declined to provide a geographic breakdown: “Obviously, Alberta is a big market for us,” he said. “We already have a power portfolio there. We’re quite ingrained in the market, so we see a lot of opportunities.” TC also raised its full-year profit forecast by $200 million Thursday, saying it now expects comparable earnings before interest, taxes, depreciation and amortization of $11.8 billion to $12 billion.

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