Oct 30 (Reuters) - Electric and gas utility NiSource (NI.N) , opens new tab beat Wall Street estimates for third-quarter profit on Wednesday, helped by higher residential and industrial demand for power.

The U.S. Energy Information Administration (EIA) expects power consumption to reach records in 2024 and 2025, driven by demand from AI technology and data centers, along with the rising power usage in homes and businesses amid record high temperatures.

NiSource's revenues from its gas distribution operations increased 1.2% to $531 million, while total operating revenues climbed nearly 5% to $1.08 billion in the July-September quarter.

Revenues from its electric operations rose to $515.1 million in the quarter, from $477.7 million in the year-ago period.

NiSource said it would extend its expected 6%-8% annual growth rate plan to 2029, and forecast adjusted profit of $1.84-$1.88 per share in 2025.

Analysts are expecting the firm to report a profit of $1.85 per share in 2025, according to data compiled by LSEG.

The Merrillville, Indiana-based company posted an adjusted profit of 20 cents per share for the three months ended Sept. 30, compared with analysts' average estimates of 16 cents per share.

Sign up here.

https://www.reuters.com/business/energy/nisource-beats-third-quarter-profit-estimates-higher-demand-power-2024-10-30/