10:58 AM EDT, 04/28/2025 (MT Newswires) -- RBC Capital Markets announced over the weekend its estimate changes for Canadian energy infrastructure companies for the first quarter amid market volatility and economic uncertainty.

RBC reduced its EBITDA estimates for Boralex ( BRLXF ) to $190 million from $200 million to reflect below-average wind resources in France.

Emera's ( EMRAF ) EPS estimate was raised to $0.97 from $0.88 due to favorable weather and market conditions at NSPI and Emera Energy Services, respectively.

For Hydro One ( HRNNF ) , RBC raised its EPS estimate for the company to $0.55 from $0.53, citing higher peak demand expectations due to favorable weather conditions.

RBC cut its EBITDA estimates for Northland Power (NPI.TO) to $369 million from $399 million due to reflect weak offshore wind resources in Europe.

Superior Plus' ( SUUIF ) EBITDA estimate was increased to US$258 million from US$247 million to reflect the colder first-quarter weather relative to the five-year average.

RBC trimmed its EPS estimate for TC Energy ( TRP ) to $0.95 from $1.04 due to a lower than expected output from Bruce Power as well as a negative impact from a stronger peso, resulting in the revaluation of U.S. dollar based loans.

RBC slashed its EBITDA estimate for TransAlta ( TAC ) to $285 million from $325 million to

mainly reflect lower-than-anticipated Alberta power prices and production levels.

For Tidewater Midstream and Infrastructure ( TWMIF ) , its EBITDA estimate was down to $29 million from $34 million while its discounted cash flow per share forecast fell to roughly nil from $0.02 to primarily reflect lower-than-expected BC LCFS credit pricing.

In RBC's view: "Against the backdrop of market volatility and the uncertain economic environment ahead, we believe investors will largely be focused on any impacts on the businesses that have already unfolded, as

well as any updates on the business and financial outlooks, whether that be qualitative or adjustments

to previously-disclosed guidance. Further, we expect the market to be interested in commentary by the

various management teams on the results of the April 28 Canadian federal election."

Among key thoughts heading into the quarter, RBC cited a volatile and uncertain macro environment. "In most cases, we expect the companies to deliver relatively steady financial results despite market and commodity price volatility as most companies have a high degree of rate regulation and/or fee-based contracts. However, with future economic scenarios that could include a recession, we expect investors will be keen to hear from management teams on any changes to their business and financial outlooks."