Nov 7 (Reuters) - Electric utility Evergy ( EVRG ) beat

Wall Street estimates for third-quarter profit on Thursday, on

the back of higher power demand which the company expects will

continue to significantly increase in the next few years.

The U.S. Energy Information Administration estimated power

consumption will reach record highs in 2024 and 2025, driven by

growing demand from the use of artificial intelligence and

expansion of data centers as well as from residential and

commercial consumers.

Power supply in the U.S. is expected to increase 3% this

year from 2023 to meet rising demand, with solar and natural

gas-fired power leading the bulk of new electricity generation.

Evergy ( EVRG ) said projects representing more than 6 gigawatts of

incremental demand are actively considering its service

territories and the company expects significant increase in load

growth from 2026 through 2029.

The company also announced a capital investment plan of

$16.2 billion for 2025 through 2029, to invest in infrastructure

upgrades and for new electricity generation.

Total retail sales for the third quarter were up 12% from a

year earlier to $1.55 billion, led by an uptick in residential

power consumption. As a result, overall revenue rose 8.5% to

$1.81 billion.

Evergy ( EVRG ) provides energy to 1.7 million customers in Kansas

and Missouri, through its operating subsidiaries Evergy Kansas

Central, Evergy Metro and Evergy Missouri West.

The company forecast its 2025 adjusted earnings to be in the

range of $3.92 to $4.12 per share.

It posted an adjusted profit of $2.02 per share in the third

quarter, compared with analysts' estimates of $1.93 according to

data compiled by LSEG.