Pipeline operator TC Energy's profit beats on N America natgas demand
Company's US natgas pipeline unit earnings rise to C$1.33 bln from C$782 mln
LNG exports, coal plant retirements, AI data centres drive North America natgas demand
Adds share move in paragraph 1, company executive comment in paragraph 5, background in paragraphs 3, 8
By Seher Dareen
Nov 7 (Reuters) -TC Energy TRP.TO reported a third-quarter profit ahead of analysts' estimates on Thursday as it transported more natural gas through its pipelines in the United States, sending the company's shares up 1.5%.
The U.S. Energy Information Administration said gas consumption in the United States would rise from a record 89.1 billion cubic feet per day (bcfd) in 2023 to 90.1 bcfd in 2024.
TC Energy said the increase in North America's natural gas demand was due to higher LNG exports, coal plants being retired as well as emerging demand from data centres associated with artificial intelligence operations.
Earnings from TC Energy's U.S. natural gas pipelines, its biggest segment, rose to C$1.33 billion ($957.7 million) from C$782 million a year earlier.
"We feel that natural gas-fired power generation is going to be the broad solution to meet their (data centres') electricity requirements. There are only so many nuclear plants that you can de-mothball, and they need the reliability that natural gas provides," a company executive said on a post-earnings call.
TC Energy reported overall revenue of $4.08 billion in the third quarter, beating the average analyst estimate of C$3.97 billion, according to data compiled by LSEG.
Last month, the company completed the spin-off of its liquids pipeline business as it looked to focus on natural gas and reduce debt.
South Bow SOBO.TO, the spun off entity, is trading as a separate company and has TC Energy's crude oil assets, the most important of which is the Keystone pipeline.
On an adjusted basis, TC Energy earned C$1.03 per share in the quarter, compared with estimates of 95 Canadian cents.
($1 = 1.3889 Canadian dollars)
Reporting by Seher Dareen in Bengaluru; Editing by Shounak Dasgupta
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