11:51 AM EDT, 04/27/2026 (MT Newswires) -- RBC Capital Markets on Monday outlined estimate changes for select Canadian energy infrastructure companies ahead of the first-quarter earnings season.

RBC raised the EBITDA estimate for Capital Power (CPX.TO) to C$400 million from $360 million while lowering the EBITDA forecast for Keyera (KEY.TO) to $210 million from $260 million. RBC cited seasonality profile changes to hedging and the related impacts.

The EBITDA projection for Northland Power (NPI.TO) was raised to $430 million from $405 million to reflect RBC's expectation of higher European offshore wind resources.

RBC cut the EBITDA estimate for TransAlta (TA.TO) to $217 million from $235 million due to lower power production levels.

RBC raised its earnings forecast for Emera (EMA.TO) to $1.20 per share from $1.17 per share mainly due to more favorable weather at Tampa Electric, and higher-than-expected pricing volatility.

The discounted cash flow estimate for Enbridge (ENB.TO) was lowered to $1.72 from $1.75 to reflect the anticipated impact from regulatory decisions by the CER on its MTS financial return calculation.

RBC reduced its EBITDA estimate for Gibson Energy (GEI.TO) to $149 million from $154 million, driven by lower observed shipping activity.

The earnings forecast for Hydro One (H.TO) was raised to $0.64 per share from $0.58 per share due to a higher-than-expected Ontario 60-minute peak demand and rate base growth.

RBC boosted the EBITDA estimate for Pembina (PPL.TO) to $1.097 billion from $1.063 billion, primarily due to improvements in the frac spread benefiting Marketing.

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