Coastal GasLink Phase 2 Moves Forward After LNG Canada FID
TRP sits 18% above its 52-week low of $49.27.
Summary
Coastal GasLink Phase 2 will proceed after LNG Canada's positive FID, nearly doubling pipeline capacity to serve growing global LNG demand. Construction starts in early 2027, with in-service expected in the early 2030s.
Key Events · M&A and Partnerships · TRP
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Coastal GasLink Phase 2 Proceeds
TC Energy announced that Coastal GasLink Phase 2 will proceed following LNG Canada's positive Final Investment Decision, satisfying conditions for the company's previously approved conditional FID.
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Capacity Nearly Doubles
Phase 2 will nearly double existing capacity from approximately 2.1 Bcf/d by adding new compressor stations and upgrading facilities along the existing 670-kilometre route from Dawson Creek to Kitimat, BC.
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Integrated Execution Model
LNG Canada will lead construction as Phase 2 Execution Manager while CGL remains owner, operator, and permit holder. This structure limits CGL's capital commitments and exposure to construction cost and schedule risks.
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Construction Timeline
Construction is expected to commence in early 2027, with anticipated in-service in the early 2030s. Up to 2,100 people will be employed during peak construction across five sites.
Analysis · TRP · Energy & Transportation
Following LNG Canada's positive Final Investment Decision, TC Energy announced that Coastal GasLink Phase 2 will proceed. The expansion will nearly double the pipeline's capacity from approximately 2.1 Bcf/d by adding compressor stations and upgrading facilities along the existing 670-kilometre route. Construction is expected to begin in early 2027, with in-service in the early 2030s. Under the integrated execution model, LNG Canada will lead construction as Phase 2 Execution Manager, which limits CGL's capital commitments and exposure to construction cost and schedule risks. This marks a significant growth milestone for TC Energy, expanding its LNG export infrastructure without building new pipeline and aligning with the company's strategic priority of disciplined capital allocation.
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At the time of this filing, TRP was trading at $57.94 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $57.9B. The 52-week trading range was $49.27 to $71.47. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.