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

estimates for first-quarter profit on Tuesday on higher

electricity rates as the utility saw increasing residential and

commercial customer demand in its U.S. sun-belt service

territory, executives with the company said on Tuesday.

Duke's customer base grew 2.4% in both the Carolinas and

Florida in the first three months of the year compared to the

same period in 2023, while the company's overall commercial and

industrial load grew 1%, driven largely by data center

businesses, executives said.

Electric vehicles, manufacturing and data centers supporting

artificial intelligence technology is expected to drive up

electricity usage and boost earnings for utilities.

Duke, which provides power to about 8.4 million customers in

the Carolinas, Florida, Indiana, Ohio and Kentucky, also serves

states with rapidly-growing populations. Its shares rose 1%.

"Our jurisdictions are experiencing unprecedented growth

from population migration and economic development," CEO Lynn

Good said.

Income from Duke's electric utilities segment jumped 29% to

$1.02 billion.

"We have a clear path forward that will deliver sustainable

value and 5% to 7% earnings growth over the next five years,"

said CEO Lynn Good.

Peers Southern Co ( SO ) and American Electric Power ( AEP )

also surpassed expectations for quarterly profit.

The company reaffirmed its full-year adjusted profit

forecast of $5.85 to $6.10 per share, compared with analysts'

expectations of $5.97 per share, according to LSEG data.

The Charlotte, North Carolina-based utility posted an

adjusted profit of $1.44 per share for the quarter, beating

estimates of $1.38 per share, thanks to improved weather and

favorable rate case impacts.

Regulated utilities use rate case proceedings to determine

the amount that customers need to pay for the electricity,

natural gas, private water, and steam services provided by them.