Feb 4 (Reuters) - WEC Energy Group ( WEC ) said on

Tuesday its profit more than doubled in the fourth quarter, as

the utility benefited from lower operating expenses and higher

revenue.

The company provides electricity and gas to nearly 4.7

million customers in Wisconsin, Illinois, Michigan and

Minnesota.

Power companies are set to benefit from a rise in electric

usage, mainly fueled by artificial intelligence technology and

data centers, and as homes and businesses increasingly use

electricity for heat and transportation.

The U.S. Energy Information Administration (EIA) expects

power consumption to reach record highs in 2025. The S&P index

tracking utilities jumped 19.6% last year.

Data center power demand in the U.S. is expected to nearly

triple in the next three years and consume as much as 12% of the

country's electricity, according to a study by Lawrence Berkeley

National Laboratory.

Residential power use rose 0.5% and electricity consumption

by small commercial and industrial customers rose 0.7% in 2024,

compared to a decline in 2023.

The Milwaukee, Wisconsin-based utility reported total

operating expenses of $1.69 billion in the fourth quarter, a

drop from $1.88 billion last year, and sales costs were down by

about 3% to $738.4 million.

Revenue for the fourth quarter rose about 3% to $2.28

billion from a year earlier.

WEC reaffirmed its current-year earnings forecast in the

range of $5.17 to $5.27 per share in 2025, the midpoint of which

is in line with analysts' estimates, according to data compiled

by LSEG.

The company's fourth-quarter net income rose to $453.5

million, or $1.43 per share, from $218.5 million, or 69 cents

per share, a year ago.