Consolidated Edison posts higher quarterly profit on robust power demand

May 7 (Reuters) - Consolidated Edison ED.N reported a rise in first-quarter profit on Thursday, helped by robust demand for its electricity, gas and steam services amid freezing temperatures across the U.S.

Electricity demand in the nation is rising at an unprecedented pace, with the U.S. Energy Information Administration forecasting power consumption will reach fresh record highs this year.

Meanwhile, an Arctic Blast and a winter storm spread a paralyzing mix of heavy snow, sleet and freezing rain across most of the eastern U.S., raising demand for electricity and natural gas, which is used as heating fuel.

Consolidated Edison's service territories are spread across New York, New Jersey and Westchester County.

"Electrification of heating and transportation is accelerating at an unprecedented pace," CEO Tim Cawley said, adding that the company was investing proactively to meet this growth while managing costs and supporting affordability.

The company expects to make capital investments of about $6.59 billion in 2026 and $6.76 billion in 2027.

Consolidated Edison's total operating revenue rose to $5.09 billion during the first quarter, up from $4.79 billion a year earlier, driven primarily by higher gas and steam revenues.

Electric revenues also rose 4.7% to $3.04 billion during the quarter.

The New York-based utility's net income climbed to $924 million for the three months ended March 31, from $791 million a year earlier.