(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.