May 1(Reuters) - Utility firm Consolidated Edison ED.N said on Thursday it plans to make capital investments of roughly $72 billion over the next 10 years as it aims to increase capacity, focus on grid safety and maintain reliability, among other aspects.

Amid extreme weather conditions and demand growth, U.S. electric utilities are increasing investments in infrastructure to cope with the demand and also improve resilience.

Over the past few years, utility firms have been under constant pressure over their role in wildfires, where the companies have faced lawsuits for damages in billions of dollars.

Consolidated Edison said that $66 billion of its planned investments would be in core service which supports safety and reliability, while the rest will be for clean energy, climate resilience and customer engagement.

Separately, the company beat first-quarter profit estimates, as regulatory rate relief, helped the New York-based utility.

U.S. utilities have been seeking to raise customer power bills to fund infrastructure upgrades, as the country's electrical grids face extreme weather events and growing demand due to industry electrification and data center expansions.

As macroeconomic uncertainty deepens, U.S. utilities are regaining favor as a defensive play, offering investors a stable, lower-risk refuge.

With regulated revenue models that shield them from demand volatility and trade-related risks, and with falling interest rates boosting their appeal, utilities stand out as a reliable haven amid market turbulence.

The company posted an adjusted profit of $2.26 per share for the quarter ended March 31, compared to analysts' average estimate of $2.20 per share, according to data compiled by LSEG.

(Reporting by Tanay Dhumal and Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)

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