Oct 23 (Reuters) - Utility firm PG&E ( PCG ) forecast

its full-year 2026 profit narrowly above Wall Street

expectations on Thursday, on the back of soaring power demand.

U.S. electricity use is projected to hit record highs in

2026 as artificial intelligence and cryptocurrency data centers

consume vast amounts of power, alongside rising household and

commercial demand, according to the U.S. Energy Information

Administration.

In September, the California-based utility said it plans to

spend $73 billion by 2030 for transmission upgrades to meet the

data center-led surge in electricity demand.

The company forecast 2026 adjusted core earnings between

$1.62 and $1.66 per share, with the midpoint exceeding analysts'

average estimate by 1 cent per share, according to data compiled

by LSEG.

It also narrowed the 2025 outlook to between $1.49 and $1.51

per share from between $1.48 and $1.52 per share.

The company also reported an adjusted profit of 50 cents per

share in the third quarter, which came above estimates of 42

cents per share, as the company benefited from higher demand

along with lower operating and maintenance expenses.

The company's expense related to the wildfire fund, a

financial pool to cover costs that utilities incur from such

events, was at $86 million in the quarter, down about 38% from a

year earlier.

PG&E ( PCG ) has been making investments to improve the reliability

of its power grid, including building underground power lines,

after being blamed for sparking numerous wildfires, including

some of the deadliest in California.

At the end of the quarter, the utility reported aggregate

liabilities of $1.33 billion related to the Kincade fire in

2019, $2.13 billion for the Dixie fire in 2021 and $250 million

for the Mosquito fire in 2022.

PG&E ( PCG ) is the parent company of Pacific Gas and Electric

Company, an energy company that serves 16 million Californians

across a 70,000-square-mile service area in Northern and Central

California.