KEY POINTS
- TC Energy is prioritizing U.S. investments despite escalating trade tensions.
- Regulatory risks in Canada are pushing the company to focus southward.
- CEO François Poirier believes the U.S. energy policy supports faster growth.
TC Energy Corp. operates with positive expectations toward future investments in the United States market despite rising trade tensions with Canada.
The company’s CEO, François Poirier, emphasized that the current volatility is temporary and that the U.S. still presents the most promising environment for future energy investments.
“I fundamentally believe that this is temporary,” Poirier said about the recent volley of tariffs imposed by U.S. President Donald Trump. His comments came during an interview at the CERAWeek energy conference in Houston.
Poirier emphasized that the Trump administration supports energy development, leading to shorter pipeline development processes which enhances America’s appeal to investors despite trade tensions.
“This is the most energy-literate incoming administration in the last 50 years,” Poirier stated. “The message they’ve given to the private sector is, ‘figure out a way to move faster, and we will remove obstacles that will allow you to do that.'”
The Canadian government established retaliatory tariffs against American products valued at $29.8 billion. Despite this, Poirier keeps a positive attitude about U.S. business conditions over the long term.
Why TC Energy is prioritizing U.S. investments
TC Energy is betting big on the U.S. market for its natural gas expansion plans despite the current tension. Poirier mentioned that the company’s projection shows that North American natural gas consumption will rise by 40 billion cubic feet per day over the next decade.
To meet this demand, TC Energy plans to focus its capital investment on expanding its existing natural gas network in the U.S.
According to Reuters, the company believes the U.S. offers better regulatory conditions, more favorable timelines, and a higher return on investment compared to Canada.
“Right now, the risk-adjusted returns and the certainty of timelines are better in the U.S.,” Poirier explained.
He stressed that Canada’s project development rules have become challenging for developers and that U.S. investments appear more appealing in today’s market.
Despite continuing efforts to pursue projects in Canada, Poirier stated that development prospects appear more straightforward south of the border.
The company is still considering expanding the capacity of its Coastal GasLink pipeline in Canada if the LNG Canada terminal proceeds with its second development phase. However, the majority of discretionary spending will be directed toward U.S. projects.
Canadian opportunities face regulatory uncertainty
Future Canadian expansion faces important regulatory obstacles, which Poirier described as significant barriers.
Canadian authorities continue to hold public discussions about market diversification for their energy exports, yet these talks have shown minimal forward movement.
“We feel a high level of excitement and a sense of urgency to capture that opportunity for Canadians,” Poirier said. However, he acknowledged that investment decisions are largely driven by risk and return calculations, and the U.S. currently offers a more predictable landscape.
He also stressed that volatility and uncertainty are the “enemy of investment” and that clear, consistent policies are necessary to attract long-term infrastructure development.
For now, TC Energy is keeping its primary focus on the U.S., believing it offers the best conditions for energy growth. But Poirier emphasized that Canada still holds potential—if regulatory processes can become more efficient.
