Nov 7 (Reuters) - Power company PG&E Corp ( PCG ) beat

Wall Street estimates for third-quarter profit on Thursday,

helped by lower operating expenses and higher service rates.

U.S. utilities have sought to raise customer power bills in

2024 to fund infrastructure upgrades, as the country's power

grids face extreme weather conditions such as hurricanes and

wildfires, and surging demand from industrial customers like

data centers.

The company's total expenses, which include operating and

maintenance costs, fell 10.5% to $4.91 billion in the quarter,

compared with $5.49 billion a year earlier.

PG&E Corp ( PCG ), the parent organization of Pacific Gas and

Electric Company, which serves about 16 million people across

Northern and Central California, reported a slight increase in

total revenue at $5.94 billion in the quarter.

The company also raised its five-year capital investment

plan by $1 billion to $63 billion for 2024 through 2028, driven

by growing customer demand.

The utility initiated a fiscal 2025 adjusted core profit

forecast of $1.47 to $1.51 per share, compared with analysts'

estimates of $1.48 per share, according to data compiled by

LSEG.

On an adjusted basis, PG&E ( PCG ) reported a quarterly profit of 37

cents per share, beating analysts' average estimates of 33

cents.