Utility NiSource NI.N on Wednesday raised its adjusted profit compound annual growth rate, after narrowly beating first-quarter profit, driven by higher power demand due to artificial intelligence-focused data centers.

Rising demand from data centers is expected to push power consumption to record highs in 2026, according to the U.S. Energy Information Administration.

• The Merrillville, Indiana-based company reported quarterly profit of $1.06 per share, beating analysts' average estimate of $1.05, according to data compiled by LSEG.

• The company raised its adjusted profit compound annual growth rate (CAGR) to a range of 9% to 10% from a prior forecast of 8% to 9%.

• NiSource had in April signed a long-term energy supply agreement with a unit of Alphabet GOOGL.O to support a large data center in northern Indiana.

• The company's quarterly net income rose 10.2% to $509.6 million.

• "We are seeing the impact of our GenCo model through new and expanded collaboration with Alphabet and Amazon, which together are expected to deliver approximately $1.4 billion in customer value," CEO Lloyd Yates said.

• The utility reaffirmed its forecast for full-year adjusted earnings in the range of $2.02 to $2.07 per share.

• The company serves 3.3 million natural gas customers across six states through its Columbia Gas division and 500,000 electricity customers in Indiana through its NIPSCO unit.