TC Energy Corp. is forecasting a roughly 30% year/year increase in capital expenditures (capex) this year, with the lion’s share allocated for natural gas pipeline expansions in the United States, Canada and Mexico.

Calgary-based TC, which reports in Canadian currency (C$1.00/US 75 cents), has set a capital budget of $11.5-12 billion for 2023, up from $8.96 billion spent in 2022. The budget includes about $2.8 billion allocated for Canadian natural gas pipeline projects, primarily expansions of the Nova Gas Transmission Ltd. (NGTL) pipeline system. 

The company is “laser focused” on executing and advancing its major projects, namely the Coastal GasLink (CGL) and Southeast Gateway natural gas pipelines in Canada and Mexico, respectively, CEO François Poirier said Tuesday...