Aug 7(Reuters) - Utility Consolidated Edison beat

Wall Street estimates for second-quarter adjusted profit on

Thursday, driven by higher power rates and strong performance in

its electric and gas segments.

Regulated utilities typically seek rate increases through

rate case proceedings, basing their appeals on investments or

expenses incurred in delivering services.

CFO Kirk Andrews said that during the second quarter, the

company secured approval to invest $440 million in five key

projects aimed at advancing building and transportation

electrification.

Power consumption is expected to reach record highs in 2025

and 2026, driven by AI and cryptocurrency data center demand and

a shift by homes and businesses to electricity over fossil

fuels, according to the U.S. Energy Information Administration.

The S&P index tracking utilities rose 3.5% in the

quarter ended June 30.

Consolidated Edison's ( ED ) quarterly total operating revenue rose

nearly 12% to $3.6 billion. Analysts, on average, expected

revenue of $3.46 billion, according to data compiled by LSEG.

However, total operating expenses climbed 11.7% to $3.24

billion from the year-ago quarter, while net interest expenses

rose 4.2% to $300 million in the second quarter.

Operating revenue from its electric segment grew to $2.8

billion for the April-June period, up from $2.6 billion a year

earlier, while revenue from the gas segment surged 22.2% to $711

million year-on-year.

The utility reaffirmed its full-year adjusted earnings

forecast of $5.50 to $5.70 per share.

Consolidated Edison ( ED ) operates through three segments -

Consolidated Edison Company of New York, Orange & Rockland

Utilities and Con Edison Transmission.

The New York-based utility reported an adjusted profit

of 67 cents per share for the three months ended June 30,

compared with analysts' average estimate of 64 cents per share.