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US power companies increase data center demand spending as DeepSeek fears wane

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U.S. electric utilities are adding tens of billions of dollars to spending plans to build new power supplies and bolster the grid as data centers for artificial intelligence and cloud computing drive up energy demand.
American Electric Power (AEP) reported a rise in its fourth-quarter profit, driven by increased demand for electricity from data centers and a cold snap that boosted heating needs. The company's operating earnings per share were $1.23, up from $1.05 a year earlier, surpassing Wall Street expectations. AEP also noted that its transmission and distribution businesses performed well, with significant growth in renewable energy projects contributing to the positive results. However, the company faced challenges from higher interest rates and increased depreciation expenses. Looking forward, AEP anticipates continued growth in electricity demand due to the expansion of data centers, particularly in regions like Northern Virginia, and plans to invest in infrastructure to support this growth.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/energy/aep-fourth-quarter-profit-rises-data-centers-boost-demand-power-2025-02-13/ ]