TC Energy Shares Rise 0.92% Amid Geopolitical Tensions and LNG Expansion Plans as Stock Ranks 483rd in $0.26 Billion Trading Volume

Market Snapshot

On March 23, 2026, TC Energy (TRP) shares rose 0.92%, outperforming broader market trends amid heightened geopolitical tensions. The stock traded with a volume of $0.26 billion, ranking 483rd in market activity for the day. While the modest gain contrasts with recent volatility in energy markets, the upward movement aligns with renewed investor confidence in Canada’s liquefied natural gas (LNG) infrastructure and export potential, driven by shifting global supply dynamics.

Key Drivers

Geopolitical Tensions Elevate LNG’s Strategic Value

The ongoing conflict in the Middle East has disrupted oil and gas supplies through the Strait of Hormuz, a critical transit point for global energy exports. TC Energy’s CEO, François Poirier, highlighted at CERAWeek by S&P Global that this disruption has underscored the strategic value of Canadian LNG, which can bypass the Strait of Hormuz and directly access Asian markets. The company’s Coastal GasLink pipeline, which supplies the Shell-led LNG Canada facility, is now viewed as a critical infrastructure asset in a landscape where geopolitical stability is a premium factor for buyers. This sentiment has bolstered investor appetite for TC Energy’s exposure to LNG projects.

LNG Canada Phase 2 Readiness and Capacity Expansion

Poirier emphasized that TC Energy is preparing its Coastal GasLink pipeline for potential expansion to support a second phase of the LNG Canada project, which could double its capacity to 28 million metric tons annually. While Shell and its partners have yet to make a final investment decision, the CEO noted that the company is “ready” to scale infrastructure over two to three years if approved. This forward-looking positioning aligns with Canada’s ambition to become the largest LNG exporter to Asia, a goal reinforced by Poirier’s assertion that demand supports both LNG Canada Phase 2 and the proposed Ksi Lisims LNG project. The prospect of doubling output and securing long-term export contracts has reinforced the stock’s resilience.

Ksi Lisims LNG Project Gains Momentum

A separate but related development involves the Ksi Lisims LNG project near Prince Rupert, British Columbia. Poirier indicated that recent geopolitical tensions have improved the project’s viability, as Asian buyers increasingly seek energy sources with minimal geopolitical risk. Though TC Energy exited the project in 2024, the CEO left the door open for re-engagement if the Nisga’a Nation or Western LNG approach the company. The project’s potential to transport 2 billion cubic feet per day of natural gas via the Prince Rupert Gas Transmission line could further diversify Canada’s export corridors. Analysts suggest that the project’s permitting prospects are improving, driven by market demand for diversified supply chains.

U.S. Infrastructure Focus and Capital Allocation

Despite the Canadian LNG opportunities, TC Energy has maintained a strategic focus on U.S. infrastructure projects, including the Columbia Gas Transmission system, to meet surging demand from data centers and LNG facilities. Poirier noted that the U.S. offers more favorable risk-adjusted returns due to shorter permitting timelines. Recent settlements with customers over toll adjustments on the Canadian Mainline and NGTL systems have also improved the company’s financial flexibility, potentially paving the way for increased capital deployment in Canadian projects. However, analysts caution that the company will likely proceed cautiously, requiring robust contractual protections and stakeholder buy-in before committing to new large-scale pipelines.

Regulatory and Market Tailwinds

Poirier’s calls for regulatory streamlining in Canada highlight a broader theme: the need for policy reforms to accelerate infrastructure development. With the federal government pushing to diversify export markets, TC Energy’s role in enabling this transition is gaining political and economic traction. The company’s ability to leverage its expertise in pipeline operations—particularly in complex projects like Coastal GasLink—positions it as a key player in Canada’s energy export strategy. Meanwhile, the global LNG price surge, driven by Middle East instability, has created a time-sensitive opportunity for Canadian producers to capture market share, further underpinning investor optimism.

Conclusion

The confluence of geopolitical risk, strategic infrastructure readiness, and regulatory momentum has positioned TC Energy at the forefront of Canada’s LNG expansion. While the stock’s 0.92% gain reflects broader market optimism, the company’s dual focus on U.S. growth and Canadian export capacity underscores its adaptability in a volatile energy landscape. As decisions on LNG Canada Phase 2 and Ksi Lisims unfold, TC Energy’s ability to balance capital allocation with regulatory and market dynamics will remain critical to sustaining its upward trajectory.