TC Energy TRP-T said on Tuesday it expects 2025 core profit to be in the range of about $10.7-billion to $10.9-billion, higher than its 2024 forecast of $9.9-billion to $10.1-billion, due to rising demand for natural gas and electrification.

The U.S. Energy Information Administration, in its latest short term energy outlook report, saw the country’s gas consumption rising to a record 90 billion cubic feet per day (bcfd) in 2024.

The consumption is expected to ease to 89.6 bcfd in 2025, which will still be higher than the previous record of 89.1 bcfd in 2023.

It also announced four new growth projects for natural gas and nuclear power generation, which would total nearly $1.5-billion in capital expenditure.

Oil prices traded steady on Tuesday as Norway’s Johan Sverdrup oilfield restarted production and there were reports of Iran offering to cap its uranium stockpile, factors that offset investor concerns about escalation of the Russia-Ukraine war.

Brent crude futures fell 0.1 per cent, or 7 cents, to $73.23 per barrel by 1:30 p.m. EST (1830 GMT). U.S. West Texas Intermediate crude futures gained 0.1 per cent, or 5 cents, to $69.21 per barrel.