(Reuters) – Dominion Power (NYSE:) beat Wall Avenue estimates for third-quarter revenue on Friday, as the electrical utilities firm benefited from decrease prices and regular electrical energy demand throughout scorching climate.
Utilities are set to achieve from rising electrical energy demand, pushed primarily by AI expertise and information facilities, alongside elevated energy utilization in properties and companies amid file temperatures.
The U.S. Power Info Administration (EIA) forecasts energy consumption to hit file peaks in 2024 and 2025.
The Richmond, Virginia-based firm’s complete working income rose to $3.94 billion within the third quarter from $3.81 billion final yr, whereas complete working prices fell 2% to $2.72 billion.
Final month, Dominion signed an settlement with e-commerce big Amazon (NASDAQ:) to discover creating a nuclear mission close to the utility’s present energy station in Virginia.
Dominion’s Virginia utility companies the world’s largest information heart market, which surpasses the mixed capability of the following 5 largest information heart markets in the USA, based on the corporate.
The corporate narrowed its full-year working earnings forecast to $2.68-$2.83 per share, sustaining a $2.75 midpoint, barely beneath analysts’ expectations of $2.77 per share, based on LSEG information.
It reported working earnings of 98 cents per share within the July-September quarter, forward of analysts’ estimates of 93 cents per share.
