Nov 7 (Reuters) - Duke Energy ( DUK ) beat Wall Street

estimates for third-quarter revenue and profit on Friday, helped

by higher electricity rates and strong power demand, with the

U.S. electric utility signing more deals to

supply energy-intensive data centers.

The technology industry's AI data centers, combined with the

accelerating electrification of homes and businesses, are

expected to push U.S. power demand to record levels in 2025 and

2026, according to the U.S. Energy Information Administration.

Duke, which primarily operates in the Carolinas, has signed

about three gigawatts worth of energy service agreements with

data centers this year, including deals with Digital Realty and

Edged in the reported quarter. The company has more data center

deals in its pipeline, Chief Financial Officer Brian Savoy told

Reuters, without disclosing the number of the potential

agreements.

"I think you'll see the three gigawatts grow in a meaningful

way as we move through the quarters," Savoy said. One gigawatt

is enough to power about 750,000 homes.

UTILITIES UPGRADE CAPACITY

To meet this rising demand, power companies have accelerated

plans to upgrade electrical systems, install electrical lines

and build power plants.

Duke plans to add over 13 gigawatts of energy capacity over

the next five years, and the company expects to earn in the

upper half of its 5% to 7% profit growth range starting in 2028,

CEO Harry Sideris said during a post-earnings call.

He added that the company's refreshed five-year capital

plan, expected in February, will range between $95 billion and

$105 billion.

Duke is weighing the addition of large traditional reactors and

next-generation nuclear reactors and extending some coal plants

to meet surging power demand in the Carolinas.

In Florida, Duke expects to recover around $1.1 billion in

storm-related costs by February next year.

Adjusted earnings from the company's electric utilities

segment for the reported quarter were $1.69 billion, up from

$1.46 billion in the year-ago quarter.

Duke narrowed its full-year adjusted profit forecast to

between $6.25 and $6.35 per share from its prior view of $6.17

to $6.42 per share.

Quarterly revenue came in at $8.54 billion, ahead of

analysts' estimate of $8.50 billion, as per data compiled by

LSEG.

The Charlotte, North Carolina-based company posted an

adjusted profit of $1.81 per share for the three months ended

September 30, compared with estimates of $1.75 per share.