Advertisement
Canada markets close in 5 hours 33 minutes

  • S&P/TSX

    23,030.66
    -315.52 (-1.35%)
     

  • S&P 500

    5,583.02
    -65.38 (-1.16%)
     

  • DOW

    41,125.92
    -437.16 (-1.05%)
     

  • CAD/USD

    0.7378
    -0.0035 (-0.47%)
     

  • CRUDE OIL

    70.71
    -2.84 (-3.86%)
     

  • Bitcoin CAD

    78,700.98
    -296.82 (-0.38%)
     

  • XRP CAD

    0.76
    +0.01 (+1.56%)
     

  • GOLD FUTURES

    2,510.70
    -16.90 (-0.67%)
     

  • RUSSELL 2000

    2,183.57
    -34.06 (-1.54%)
     

  • 10-Yr Bond

    3.8370
    -0.0740 (-1.89%)
     

  • NASDAQ

    17,440.21
    -273.41 (-1.54%)
     

  • VOLATILITY

    17.94
    +2.39 (+15.40%)
     

  • FTSE

    8,296.70
    -67.14 (-0.80%)
     

  • NIKKEI 225

    38,686.31
    -14.56 (-0.04%)
     

  • CAD/EUR

    0.6675
    -0.0016 (-0.24%)
     
MARKETS LIVE BLOG:

STOCKS FALL TO START SEPTEMBER AS U.S. JOBS PRINT LOOMS

The report on Friday could influence how deeply the Fed cuts interest rates at its meeting this month

UPDATE 1-Evergy extends demand growth forecast on data center deals

Reuters
·2 min read

(Adds data center deals in paragraphs 1-4, CEO quote)

May 9 (Reuters) - Evergy Inc extended its forecast for 2-3% annual growth in electricity demand to 2028 from 2026 after closing deals to provide power for new Google, Panasonic and Meta data centers, executives at the Missouri electric utility said on Thursday.

Evergy has signed deals with the technology majors on projects of a combined 750 megawatts of capacity in Kansas and Missouri.

"Each will be the largest customer in their respective jurisdiction by a wide margin," Evergy CEO David Campbell said in a first-quarter earnings call.

Evergy missed Wall Street estimates for first-quarter profit on higher expenses and mild winter weather in its service areas.

The company said mild winter weather affected retail sales, reducing earnings in the quarter by about 7 cents per share compared to a typical winter.

Warmer-than-usual winter weather often reduces heating demand for electricity and natural gas, affecting utility companies such as Evergy.

The company's operating expenses rose 5.2% to $1.07 billion in the quarter from a year earlier, while quarterly interest expenses rose 8.2% to $133.2 million.

Higher interest rates have made borrowing more expensive for businesses, weighing on utility companies' costs and denting profits.

Total revenue of $1.33 billion also missed analysts' average estimate of $1.35 billion, according to LSEG.

Evergy delivers energy to 1.7 million customers in Kansas and Missouri through its operating subsidiaries, Evergy Kansas Central, Evergy Metro, and Evergy Missouri West.

The Kansas City, Missouri-based company reported an adjusted profit of 54 cents per share, missing analysts estimates of 64 cents per share. (Reporting by Laila Kearney in New York and Roshia Sabu in Bengaluru; Editing by Ravi Prakash Kumar and Susan Fenton)