Nov 1(Reuters) - Dominion Energy ( D ) beat Wall Street

estimates for third-quarter profit on Friday, as the electric

utilities company benefited from lower costs and steady

electricity demand during hot weather.

Utilities are set to gain from growing electricity demand,

driven primarily by AI technology and data centers, alongside

increased power usage in homes and businesses amid record

temperatures.

The U.S. Energy Information Administration (EIA)

forecasts power consumption to hit record peaks in 2024 and

2025.

The Richmond, Virginia-based company's total operating

revenue rose to $3.94 billion in the third quarter from $3.81

billion last year, while total operating costs fell 2% to $2.72

billion.

Last month, Dominion signed an agreement with e-commerce

giant Amazon ( AMZN ) to explore developing a nuclear project

near the utility's existing power station in Virginia.

Dominion's Virginia utility services the world's largest

data center market, which surpasses the combined capacity of the

next five largest data center markets in the United States,

according to the company.

The company narrowed its full-year operating earnings

forecast to $2.68-$2.83 per share, maintaining a $2.75 midpoint,

slightly below analysts' expectations of $2.77 per share,

according to LSEG data.

It reported operating earnings of 98 cents per share in the

July-September quarter, ahead of analysts' estimates of 93 cents

per share.