TC Energy beats profit estimates on natural gas and power demand
With energy demand growing across North America, the need for renewable and lower-emission electricity is also set to rise. TC Energy believes new hydro, solar, wind, nuclear and energy storage capacity will be required to meet growing demand and support a shift in the energy mix.
The company's total quarterly revenue rose 12% to C$3.74 billion ($2.70 billion), supported by higher adjusted core earnings from Mexican, Canadian and U.S. natural gas pipelines.
On an adjusted basis, the Calgary-based company earned 82 Canadian cents per share for the three months ended June 30, compared with analysts' average expectation of 78 Canadian cents, according to data compiled by LSEG.
($1 = 1.3849 Canadian dollars)
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