U.S. utility Constellation Energy CEG-Q on Friday narrowed the upper end of its full-year forecast, after missing third-quarter estimates on higher operating expenses.

Shares of the company based in Baltimore, Md., fell 4 per cent in premarket trading following the results.

Higher operating expenses, driven by infrastructure investments and maintenance, tend to squeeze margins for utilities such as Constellation Energy.

Due to the rapid growth in power consumption following the expansion of artificial-intelligence data centres, rising domestic production and the electrification of industries, U.S. utilities have been arguing for higher customer electricity costs.

Utilities have been seeking to raise customer power bills to fund infrastructure upgrades, as the country’s electrical gri

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