NiSource increases its earnings forecast for 2025 on the basis of higher power demand
NiSource, a U.S. electric utility and gas company, raised its earnings forecasts for 2025 on Wednesday and beat the fourth-quarter profit expectations.
According to the U.S. Energy Information Administration, power companies will benefit from rising electricity consumption - which is expected to reach new records in 2025 - due to energy-hungry data centers that are needed to scale up Big Tech's AI ambitions.
Electric utilities in the United States have been trying to increase customer bills due to extreme weather and rising demand.
NiSource, based in Merrillville, Indiana, raised its adjusted profit forecast for 2025 to between $1.85 and $1.89 per shared, up from its previous expectation of $1.84 to $1.88.
According to LSEG, NiSource's adjusted quarterly profit was 49 cents, which is just above the average analyst estimate of 48 cents.
The company has reported a profit per share adjusted for 2024 of $1.75 compared to estimates of $1.74.
The utility company provides natural gas in six states through its Columbia Gas division and electricity to approximately 500,000 customers via its NIPSCO division.
(Reporting by Pooja Menon in Bengaluru; Editing by Sahal Muhammed) (Reporting from Bengaluru by Pooja menon; editing by Sahal Muhammad)
(source: Reuters)
