TC Energy (TRP) said Tuesday that it plans to implement four new growth projects and has outlined a $199 million payment agreement related to the Coastal GasLink pipeline.

The company said the projects include two gas pipeline extensions on the Columbia Gulf system in the US, each costing $400 million and supported by 20-year contracts. These pipelines will allow power plants to convert coal to gas and are expected to add 0.4 billion cubic feet per day of capacity by 2029, TC said.

The company also plans a $300 million liquefied natural gas storage project in Virginia to meet peak winter gas demand, with an in-service target of 2030. In Ontario, Canada, TC Energy will invest $175 million to increas Bruce Power's capacity by 90 megawatts as part of a long-term contract, the company added.

Additionally, in connection with the Coastal GasLink pipeline, TC Energy will receive $199 million from LNG Canada for completed pipeline work and final cost settlements, with collection expected by Dec. 15, 2025, TC Energy said.