(Reuters) -CenterPoint Energy on Monday announced it was planning $65 billion in capital spending from 2026 through 2035, as U.S. utilities rush to capitalize on surging power demand.
Data centers dedicated to artificial intelligence and cryptocurrency, as well as the electrification of industries such as transportation, are driving up U.S. power consumption.
CenterPoint also raised its annual adjusted earnings per share forecast to between $1.75 and $1.77 per share, from $1.74 to $1.76 per share earlier. The new range is 9% higher at the midpoint than last year.
Analysts estimate $1.76 per share, according to data compiled by LSEG.
The U.S. electric and gas utility also expects 2026 adjusted EPS targeting at least the midpoint of the range of $1.89 to $1.91 per share.
Power demand from U.S. data centers is expected to nearly triple in the next three years and consume as much as 12% of the total electricity produced, according to a study by Lawrence Berkeley National Laboratory.
CenterPoint reiterated that electric peak load demand will increase about 50% to nearly 31 gigawatts (GWs) by 2031 and forecast peak power demand to double by the middle of the next decade.
“Continued economic development is anticipated to drive significant growth in electric demand over the next decade, especially in Texas,” the company said in a statement.
CenterPoint in May said it intends to spend $4 billion in new projects to support its growth in Texas.
Texas is one of the quickest-growing data center markets, with the business-friendly state also attracting other forms of energy-intensive industries such as computer chip manufacturing.
CenterPoint delivers electricity and natural gas to more than 7 million customers across Indiana, Louisiana, Minnesota, Mississippi, Ohio and Texas.
(Reporting by Katha Kalia in Bengaluru; Editing by Devika Syamnath)
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