FirstEnergy quarterly profit rises on data center demand, operations focus
FirstEnergy quarterly profit rises on data center demand, operations focus July 28 (Reuters) - Utility FirstEnergy FE.N reported higher second-quarter profit on Tuesday, supported by rising data center demand and more efficient operations across its services.
U.S. electricity demand hit record levels in 2025 and is expected to accelerate further as large technology firms ramp up power usage at fast-growing data centers, with some individual sites using as much energy as an entire city.
The company said data center demand (contracted and pipeline) increased 30% since the first quarter, with contracted demand at 6.4 GW. West Virginia demand surged 137% to 4.3 GW.
FirstEnergy serves about 6 million customers in the areas of Ohio, Pennsylvania, New Jersey, West Virginia and Maryland.
The company reaffirmed its full-year core earnings expectations range of $2.62 to $2.82 per share and continued to target compound annual growth near the top end of 6% to 8% from 2026 to 2030.
The company posted a profit of $288 million, or 50 cents per share, for the quarter ended June 30, compared with $268 million, or 46 cents per share, a year earlier.
Peer NextEra Energy said earlier this month it is leaning into rising data‑center demand and expanding its deal with Alphabet's Google Cloud.
However, FirstEnergy's adjusted profit of 50 cents per share fell short of estimates of 51 cents.
(Reporting by Varun Sahay in Bengaluru)
((Varun.Sahay@thomsonreuters.com;))
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