July 30 (Reuters) - American Electric Power ( AEP ) beat

Wall Street estimates for second-quarter profit on Wednesday,

and said it expects to announce a new, five-year capital plan

this fall of about $70 billion to meet growing energy needs in

the U.S.

Shares were up 1% at $110.34 in premarket trading.

In April, the U.S. Energy Information Administration (EIA)

said U.S. power consumption will hit new record highs in 2025

and 2026, on the back of data centers dedicated to artificial

intelligence and cryptocurrency, encouraging power producers to

ramp up investments.

Earlier this year, the company said it was considering

adding $10 billion to its $54 billion five-year capital plan as

demand for data centers ramped up in the U.S. electric utility's

service areas.

The company's quarterly profit beat was on the back of

higher electricity rates, which utility firms obtain by using

rate case proceedings to seek power price increases, basing

their appeals on their investments or expenses incurred in

delivering services.

The Colombus, Ohio-based company reported an adjusted profit

of $1.43 per share for the quarter ended June 30, compared with

analysts' average estimate of $1.27 per share, according to data

compiled by LSEG.

AEP serves about 5.6 million customers in 11 states

including Texas, Ohio and Kentucky. It possesses the largest

electric transmission system in the U.S.

The utility reaffirmed its full-year adjusted profit

forecast in the range of $5.75 to $5.95 per share, and added

that it now expects it in the upper half of that range.