Ameren raises annual forecast as data centers drive power demand

Utility company Ameren Corp AEE beat Wall Street estimates for third-quarter profit on Wednesday and raised its annual profit forecast, citing higher rates and strong power demand.

U.S. utilities have been seeking higher rates as the country's electrical grids face extreme weather and growing demand from the rapid buildout of data centers.

Power demand from data centers 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 Department of Energy-backed study.

Ameren said it expects 2025 adjusted profit of $4.90 to $5.10 per share, up from earlier expectations of $4.85 to $5.05 per share.

The company also forecast 2026 profit of $5.25 to $5.45 per share, the midpoint of which is above estimates of $5.33 per share, according to data compiled by LSEG.

The utility company serves 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries.

During the third quarter, electric sales in Ameren's Missouri unit rose 3.5% to 9,563 kilowatthours, while total electric sales in Illinois rose 1.3%.

However, revenue from its gas segment fell 1.4% to $136 million, down from $138 million a year earlier.

The St. Louis, Missouri-based company reported profit of $2.17 per share, topping analysts' estimates of $2.11 per share.