Oct 31 (Reuters) - Xcel Energy ( XEL ) reported a rise

in third-quarter profit on Thursday, helped by higher

electricity demand among commercial and industrial customers as

well as lower costs.

The company, which has 3.8 million electric and 2.1 million

natural gas customers across eight Western and Midwestern U.S.

states, also launched a five-year, $45 billion investment plan

for infrastructure upgrades.

"The unprecedented energy demand to power new technologies,

grow U.S.-based manufacturing and support the electrification of

our daily lives requires a fundamental shift in how our industry

generates and delivers energy," CEO Bob Frenzel said in a

statement.

Its total retail electric sales rose 1.5% in the reported

quarter.

The company reaffirmed its 2024 earnings-per-share forecast

of $3.50 to $3.60.

It posted net income of $682 million, or $1.21 per share,

for the quarter ended Sept. 30, compared with $656 million, or

$1.19 per share, a year ago.