(Reuters) - American Electric Power ( AEP ) beat estimates for third-quarter profit on Wednesday, as higher electricity usage at data centers boosted demand from commercial customers.

U.S. power demand is poised to rise to record highs by the end of 2024, backed by growing demand for artificial intelligence data centers, according to U.S. Energy Information Administration data.

Columbus, Ohio-based American Electric said its commercial load - the amount of power used by customers at a given point - increased more than 10% in the reported quarter compared to last year.

"We expect commercial load to grow an average of 20% annually over the next three years based on customer contracts signed so far," CEO Bill Fehrman said in a statement.

The company, which has about 5.6 million customers in 11 states, also raised its five-year capital plan to $54 billion, from $43 billion committed earlier.

Data centers could use up to 9% of the total electricity generated in the United States by the end of the decade, depending on the adoption pace of GenAI and other technologies, an Electric Power Research Institute analysis said in May.

AEP forecast 2025 operating earnings in the per-share range of $5.75 to $5.95, compared with a Wall Street estimate of $5.98 per share, according to data compiled by LSEG.

It reported operating earnings of $1.85 per share for the three months ended Sept. 30, compared with analysts' average estimate of $1.80 per share.