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Evergy beats Q3 revenue estimates on higher power need

Electric energy Evergy beat Wall Street estimates for thirdquarter earnings on Thursday, on the back of greater power demand which the business expects will continue to substantially increase in the next few years.

The U.S. Energy Information Administration estimated power consumption will reach record highs in 2024 and 2025, driven by growing demand from using artificial intelligence and growth of data centers along with from residential and industrial customers.

Power supply in the U.S. is expected to increase 3% this year from 2023 to fulfill increasing demand, with solar and natural gas-fired power leading the bulk of new electricity generation.

Evergy stated jobs representing more than 6 gigawatts of incremental need are actively considering its service territories and the business anticipates substantial increase in load growth from 2026 through 2029.

The company likewise revealed a capital investment strategy of $ 16.2 billion for 2025 through 2029, to invest in facilities upgrades and for new electricity generation.

Overall retail sales for the third quarter were up 12% from a. year earlier to $1.55 billion, led by an uptick in residential. power intake. As a result, general profits increased 8.5% to. $ 1.81 billion.

Evergy supplies energy to 1.7 million clients in Kansas. and Missouri, through its operating subsidiaries Evergy Kansas. Central, Evergy City and Evergy Missouri West.

The business forecast its 2025 adjusted profits to be in the. range of $3.92 to $4.12 per share.

It published an adjusted profit of $2.02 per share in the 3rd. quarter, compared to experts' price quotes of $1.93 according to. data compiled by LSEG.

(source: Reuters)