Project awarded based on sound design plans and lower cost ST. LOUIS, April 3, 2024 /PRNewswire/ -- A subsidiary of St. Louis-based Ameren Corporation has been selected by the regional transmission operator, the Midcontinent Independent System Operator (MISO), to develop a $273 million transmission project across northern Missouri. "We are proud to have won this vital project that will give Missourians a more resilient energy grid and boost reliability for millions of people," said Shawn Schukar, chairman a ...

Today's approval includes projects capable of powering approximately 73,000 homes and an additional opportunity to deliver more renewable energy to businesses  ST. LOUIS, March 21, 2024 /PRNewswire/ -- Today Ameren Missouri, a subsidiary of Ameren Corporation (NYSE: AEE), received approval to build or acquire approximately 400 megawatts (MW) of solar energy. The first of the three solar projects is scheduled to go into service in 2025, with two more set to begin serving customers in 2026. "Thoughtfully inte ...

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend ...

shironagasukujira/iStock via Getty Images I can't even believe it. There are weeks that sometimes only feature a few dividend increases. Then there are others where ten, twenty, or more dividend increases come-last week featured 27, which is a considerable number. But this week features 39! This may very well be the most extensive list of the entire year. It also features two dividend kings in Coca-Cola (KO) and a new king in Telephone and Data Systems (TDS). KO extends its 62-year streak with a 5.4% increa ...

Part I [Business Overview](index=17&type=section&id=Item%201.%20Business) Ameren is a public utility holding company operating four rate-regulated segments, focused on clean energy transition and human capital strategy - Ameren is a public utility holding company headquartered in St. Louis, Missouri, with principal subsidiaries including Ameren Missouri, Ameren Illinois, and ATXI[30](index=30&type=chunk)[31](index=31&type=chunk) Ameren Business Segments | Segment | Description | | :--- | :--- | | **Ameren Missouri** | Includes all operations of Ameren Missouri (electric generation, transmission, distribution, and natural gas distribution) | | **Ameren Illinois Electric Distribution** | Consists of the electric distribution business of Ameren Illinois | | **Ameren Illinois Natural Gas** | Consists of the natural gas business of Ameren Illinois | | **Ameren Transmission** | Primarily consists of the aggregated electric transmission businesses of Ameren Illinois and ATXI | Key Rate Orders in Effect (as of Jan 1, 2024) | Utility Service | Regulator | Allowed ROE | Common Equity % | Rate Base (billions) | | :--- | :--- | :--- | :--- | :--- | | **Ameren Missouri Electric** | MoPSC | Not Specified | Not Specified | Not Specified | | **Ameren Missouri Natural Gas** | MoPSC | Not Specified | Not Specified | $0.3 | | **Ameren Illinois Electric Distribution** | ICC | 8.72% | 50.00% | $3.9 | | **Ameren Illinois Natural Gas** | ICC | 9.44% | 50.00% | $2.8 | | **Ameren Illinois Electric Transmission** | FERC | 10.52% | 54.90% | $3.9 | | **ATXI Electric Transmission** | FERC | 10.52% | 60.16% | $1.5 | - Ameren Missouri's 2023 Integrated Resource Plan (IRP) outlines a transition to cleaner energy, including adding **2,800 MW of renewable generation by 2030**, retiring all coal-fired plants by 2042, and seeking a license extension for the Callaway nuclear plant beyond 2044[59](index=59&type=chunk) Ameren Workforce Statistics (as of Dec 31, 2023) | Metric | Ameren | Ameren Missouri | Ameren Illinois | Ameren Services | | :--- | :--- | :--- | :--- | :--- | | **Employee Count** | 9,372 | 4,011 | 3,280 | 2,081 | | **Collective Bargaining Unit** | 46% | 58% | 54% | 10% | | **Female** | 24% | 17% | 23% | 41% | | **Racially/Ethnically Diverse** | 16% | 14% | 14% | 23% | Operating Statistics - Rate Base (in billions) | Rate Base Category | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Electric transmission and distribution | $17.5 | $15.4 | $13.5 | | Natural gas transmission and distribution | $3.2 | $2.9 | $2.7 | | Coal generation | $1.9 | $2.0 | $2.1 | | Nuclear generation | $1.5 | $1.5 | $1.5 | | Renewable generation | $1.4 | $1.5 | $1.5 | | Natural gas generation | $0.3 | $0.3 | $0.3 | | **Total Rate Base** | **$25.8** | **$23.6** | **$21.6** | [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant regulatory, operational, and financial risks, including cost recovery challenges, infrastructure failures, and capital market access - The company is subject to extensive regulation that influences utility rates, cost recovery, and returns on investment. Decisions by regulators are largely outside of the company's control and are exposed to regulatory lag, which could adversely affect financial results[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) - Ameren Illinois' electric distribution rates are established through a Multi-Year Rate Plan (MYRP) from 2024-2027, which is subject to a reconciliation cap that may not allow for full recovery of actual costs. The company's allowed ROE is also subject to reduction if certain performance metrics are not achieved[120](index=120&type=chunk)[121](index=121&type=chunk)[125](index=125&type=chunk) - Significant capital expenditures are required to comply with environmental laws. Failure to comply could lead to facility closures, increased operating costs, and fines. Ameren Missouri's coal-fired plants are particularly impacted by regulations concerning air emissions (SOx, NOx, CO2) and coal combustion residuals (CCR)[130](index=130&type=chunk)[131](index=131&type=chunk)[135](index=135&type=chunk) - Operational risks include facility shutdowns, aging infrastructure requiring significant replacement, disruptions in fuel delivery (particularly coal from the Powder River Basin), and risks associated with operating the Callaway nuclear plant[152](index=152&type=chunk)[153](index=153&type=chunk)[162](index=162&type=chunk) - The company's operations are subject to acts of sabotage, terrorism, and increasingly sophisticated cyber attacks, which could disrupt systems, compromise sensitive data, and result in significant financial harm[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) [Unresolved Staff Comments](index=61&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[186](index=186&type=chunk) [Cybersecurity](index=61&type=section&id=Item%201C.%20Cybersecurity) Ameren manages cybersecurity as an enterprise risk through a board-overseen program, with no material events reported as of the report date - Cybersecurity is managed through an integrated enterprise risk management program with oversight from the board's Cybersecurity and Digital Technology Committee[187](index=187&type=chunk)[190](index=190&type=chunk) - The company maintains enterprise-wide cybersecurity policies, conducts regular training and tests, and has incident response plans that are tested through recurring exercises[192](index=192&type=chunk) - The company is not aware of any cybersecurity events that have materially affected or are reasonably likely to materially affect its business, strategy, operations, or financial condition[195](index=195&type=chunk) [Properties](index=63&type=section&id=Item%202.%20Properties) This section details Ameren's principal properties, including energy centers and utility infrastructure, with most assets subject to mortgage bond liens Ameren Missouri Net Kilowatt Capability by Fuel Source (2024 Peak Estimate) | Primary Fuel Source | Net Kilowatt Capability | | :--- | :--- | | Coal | 4,522,000 | | Nuclear | 1,194,000 | | Natural gas (CTs) | 2,535,000 | | Hydroelectric | 383,000 | | Pumped-storage | 440,000 | | Wind | 698,800 | | Oil (CTs) | 217,000 | | Methane gas (CT) | 9,000 | | Solar | 15,300 | | **Total Ameren Missouri** | **10,014,100** | In-Service Utility Properties (as of Dec 31, 2023) | Property | Ameren Missouri | Ameren Illinois | | :--- | :--- | :--- | | Circuit miles of electric transmission lines | 3,140 | 4,761 | | Circuit miles of electric distribution lines | 33,927 | 45,984 | | Miles of natural gas transmission and distribution mains | 3,532 | 18,713 | [Legal Proceedings](index=66&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, not expected to have a material adverse effect, with environmental disclosures for sanctions over $1 million - The company is involved in legal proceedings in the ordinary course of business but does not expect them to have a material adverse effect, except as otherwise disclosed in the report[202](index=202&type=chunk) [Mine Safety Disclosures](index=66&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[203](index=203&type=chunk) [Information about Our Executive Officers](index=67&type=section&id=Information%20about%20Our%20Executive%20Officers) This section lists Ameren Corporation's executive officers, including the Chairman, President, and CEO, and the Senior Executive Vice President and CFO - Martin J. Lyons, Jr. is the Chairman, President, and Chief Executive Officer of Ameren Corporation[204](index=204&type=chunk) - Michael L. Moehn is the Senior Executive Vice President and Chief Financial Officer of Ameren Corporation[204](index=204&type=chunk) Part II [Market for Registrants' Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=69&type=section&id=Item%205.%20Market%20for%20Registrants'%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Ameren's common stock (AEE) is listed on the NYSE, with no equity repurchases in Q4 2023, and a five-year TSR of **$126.94** on a **$100** investment - Ameren's common stock is listed on the New York Stock Exchange (NYSE) with the ticker symbol **AEE**[207](index=207&type=chunk) - The company did not purchase any of its equity securities during the fourth quarter of 2023[208](index=208&type=chunk) Five-Year Cumulative Total Shareholder Return (TSR) | Index | Dec 31, 2018 | Dec 31, 2023 | | :--- | :--- | :--- | | **Ameren (AEE)** | $100.00 | $126.94 | | **S&P 500 Index** | $100.00 | $207.04 | | **S&P 500 Utility Index** | $100.00 | $141.05 | | **Philadelphia Utility Index** | $100.00 | $140.83 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=70&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes Ameren's financial condition, results of operations, liquidity, capital resources, outlook, and critical accounting estimates [Overview](index=71&type=section&id=Overview) Ameren's strategy focuses on infrastructure investment and regulatory enhancement, with **$21.0 billion to $22.8 billion** in planned capital expenditures from 2024-2028 - Ameren's core strategy is driven by three pillars: investing in rate-regulated energy infrastructure, enhancing regulatory frameworks, and optimizing operating performance[220](index=220&type=chunk)[221](index=221&type=chunk) - In June 2023, the MoPSC approved a **$140 million** increase to Ameren Missouri's annual electric service revenue requirement, effective July 2023[223](index=223&type=chunk) - In December 2023, the ICC issued an order for Ameren Illinois' Multi-Year Rate Plan (MYRP) for 2024-2027. Ameren Illinois has since filed for a rehearing and an appeal of the order[230](index=230&type=chunk)[232](index=232&type=chunk)[233](index=233&type=chunk) Projected Capital Expenditures by Segment (2024-2028) | Segment | Range (in billions) | | :--- | :--- | | Ameren Missouri | $12.5 – $13.5 | | Ameren Illinois Electric Distribution | $2.8 – $3.1 | | Ameren Illinois Natural Gas | $1.8 – $1.9 | | Ameren Transmission | $3.9 – $4.3 | | **Total Ameren** | **$21.0 – $22.8** | [Results of Operations](index=78&type=section&id=Results%20of%20Operations) Ameren's net income increased to **$1,152 million** in 2023, driven by infrastructure investments and new rates, partially offset by lower sales and higher financing costs Earnings Summary | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net income attributable to Ameren common shareholders (in millions) | $1,152 | $1,074 | | Earnings per common share – diluted | $4.38 | $4.14 | - The **$0.24** per share year-over-year earnings increase was favorably impacted by increased rate base investments (**+25¢**), new Ameren Missouri base rates (**+12¢**), and lower O&M expenses (**+11¢**)[255](index=255&type=chunk) - Unfavorable impacts on year-over-year earnings per share included decreased retail sales due to milder weather and lower volumes (**-25¢**), increased financing costs (**-13¢**), and a higher share count (**-7¢**)[257](index=257&type=chunk) Net Income (Loss) Attributable to Ameren Common Shareholders by Segment (in millions) | Segment | 2023 | 2022 | | :--- | :--- | :--- | | Ameren Missouri | $545 | $562 | | Ameren Illinois Electric Distribution | $258 | $202 | | Ameren Illinois Natural Gas | $134 | $123 | | Ameren Transmission | $296 | $263 | | Other / Intersegment Eliminations | $(81) | $(76) | | **Total Ameren** | **$1,152** | **$1,074** | [Liquidity and Capital Resources](index=101&type=section&id=Liquidity%20and%20Capital%20Resources) Ameren's liquidity is driven by cash from operations and financing, with **$2.1 billion** available liquidity and planned equity issuances to fund **$22.8 billion** in capital expenditures through 2028 Consolidated Cash Flow Summary (in millions) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $2,564 | $2,263 | | Net Cash Used in Investing Activities | $(3,798) | $(3,370) | | Net Cash Provided by Financing Activities | $1,290 | $1,168 | - Ameren plans to issue approximately **$300 million** of equity in 2024 and approximately **$600 million** annually from 2025 to 2028 to help fund its capital expenditure program[318](index=318&type=chunk)[411](index=411&type=chunk) - As of December 31, 2023, Ameren had net available liquidity of **$2.1 billion**, consisting of cash and available capacity under its credit agreements[244](index=244&type=chunk)[350](index=350&type=chunk) Credit Ratings (as of report date) | Company | Moody's | S&P | | :--- | :--- | :--- | | **Ameren** | Baa1 | BBB+ | | Senior Unsecured Debt | Baa2 | BBB | | **Ameren Missouri** | A3 | BBB+ | | Senior Debt | A2 | A | | **Ameren Illinois** | A2 | BBB+ | | Senior Debt | A1 | A | [Outlook](index=118&type=section&id=Outlook) Ameren's outlook is influenced by inflation, interest rates, and regulatory outcomes, with a focus on clean energy transition and the **Rush Island Energy Center** retirement by October 2024 - The company is observing inflationary pressures and high interest rates, which could impact its ability to control costs and recover investments within established regulatory frameworks[375](index=375&type=chunk) - Ameren Missouri's 2023 IRP targets **net-zero carbon emissions by 2045**, with goals to add **2,800 MW of renewable generation by 2030** and retire all coal-fired energy centers by 2042[398](index=398&type=chunk)[400](index=400&type=chunk) - The **Rush Island Energy Center** is scheduled for retirement by **October 15, 2024**. Ameren Missouri has petitioned the MoPSC to finance **$519 million** of associated costs through securitized utility tariff bonds, with a decision expected by June 2024[396](index=396&type=chunk)[401](index=401&type=chunk) - The IRA, enacted in 2022, provides clean energy tax credits and allows for their transferability. Ameren expects to transfer production tax credits from its renewable energy centers from 2024 to 2028 and does not expect to be subject to the **15% corporate minimum tax** through 2028[412](index=412&type=chunk)[415](index=415&type=chunk)[417](index=417&type=chunk) [Accounting Matters](index=132&type=section&id=Accounting%20Matters) This section details critical accounting estimates, including regulatory accounting, benefit plans, contingencies, income taxes, and asset retirement obligations, especially for the **Callaway nuclear plant** - Critical accounting estimates involve significant judgment and include regulatory mechanisms, benefit plan accounting, contingencies, income taxes, and asset retirement obligations[420](index=420&type=chunk) - The application of accounting for rate-regulated businesses allows the company to record regulatory assets for costs probable of future recovery and regulatory liabilities for amounts probable of future refund to customers[424](index=424&type=chunk) Sensitivity of Callaway Energy Center ARO to Changes in Assumptions | Change in Key ARO Assumption | Increase (Decrease) to ARO (in millions) | | :--- | :--- | | Discount rate decreased by 0.10% | $12 | | Cost escalation rate increased by 0.25% | $28 | | Increase in estimated decommissioning costs by 10% | $45 | | Two-year deferral in timing of cash expenditures | $(30) | [Quantitative and Qualitative Disclosures About Market Risk](index=139&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Ameren is exposed to market risks from interest rates, commodity prices, and equity, largely mitigated by regulatory recovery mechanisms and a structured hedging program - The company is exposed to market risk from changes in interest rates, commodity prices, and equity security prices, which are managed through established policies and derivative instruments[438](index=438&type=chunk)[439](index=439&type=chunk) - Commodity price risk is largely mitigated by cost recovery mechanisms (FAC, PGA) that allow prudently incurred costs for fuel, purchased power, and natural gas to be passed on to customers[454](index=454&type=chunk) Percentage of Projected Required Supply Price-Hedged (as of Dec 31, 2023) | Ameren (Consolidated) | 2024 | 2025 | 2026 – 2028 | | :--- | :--- | :--- | :--- | | Coal | 98% | 85% | 48% | | Coal transportation | 100% | 100% | 98% | | Nuclear fuel | 100% (for 2025 refueling) | 100% | 100% | | Natural gas for distribution | 97% | 50% | 27% | | Purchased power for Ameren Illinois | 77% | 37% | 11% | [Financial Statements and Supplementary Data](index=146&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents Ameren's audited consolidated financial statements, including the auditor's report identifying regulatory accounting as a critical audit matter - The independent auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting for Ameren Corporation[469](index=469&type=chunk) - The auditor identified "Accounting for the Effects of Regulation" as a critical audit matter due to the significant management judgment involved in assessing the probability of recovering regulatory assets and refunding regulatory liabilities[477](index=477&type=chunk)[478](index=478&type=chunk) Ameren Corporation Consolidated Statement of Income (in millions) | Line Item | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Total operating revenues | $7,500 | $7,957 | $6,394 | | Total operating expenses | $5,942 | $6,442 | $5,061 | | **Operating Income** | **$1,558** | **$1,515** | **$1,333** | | Income Before Income Taxes | $1,340 | $1,255 | $1,152 | | **Net Income Attributable to Ameren Common Shareholders** | **$1,152** | **$1,074** | **$990** | Ameren Corporation Consolidated Balance Sheet (in millions) | Line Item | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total current assets | $2,181 | $2,668 | | Property, Plant, and Equipment, Net | $33,776 | $31,262 | | Total investments and other assets | $4,873 | $3,974 | | **TOTAL ASSETS** | **$40,830** | **$37,904** | | Total current liabilities | $3,345 | $3,366 | | Long-term Debt, Net | $15,121 | $13,685 | | Total deferred credits and other liabilities | $10,886 | $10,216 | | Total equity | $11,478 | $10,637 | | **TOTAL LIABILITIES AND EQUITY** | **$40,830** | **$37,904** | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=160&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[860](index=860&type=chunk) [Controls and Procedures](index=161&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that both disclosure controls and internal control over financial reporting were effective as of December 31, 2023, with no material changes reported - Management concluded that disclosure controls and procedures were effective as of December 31, 2023[861](index=861&type=chunk) - Management concluded that internal control over financial reporting was effective as of December 31, 2023, based on the COSO framework[862](index=862&type=chunk) [Other Information](index=161&type=section&id=Item%209B.%20Other%20Information) During the fiscal quarter ended December 31, 2023, no directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No directors or officers adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the fourth quarter of 2023[864](index=864&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=161&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not Applicable[864](index=864&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=161&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2024 proxy statement, with a code of ethics for all personnel - Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders[865](index=865&type=chunk) - The company has adopted a code of ethics for all directors, officers, and employees, as well as a supplemental code for senior financial officers[870](index=870&type=chunk) [Executive Compensation](index=162&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders - Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders[871](index=871&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=162&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details equity compensation plans and security ownership, with **1,376,597** outstanding awards and **8,201,140** securities available for future issuance as of December 31, 2023 Equity Compensation Plan Information (as of Dec 31, 2023) | Plan Category | Securities to Be Issued Upon Exercise | Securities Remaining Available for Future Issuance | | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 1,376,597 | 8,201,140 | | Equity compensation plans not approved by security holders | — | — | | **Total** | **1,376,597** | **8,201,140** | - Information on security ownership of certain beneficial owners and management is incorporated by reference from the company's definitive proxy statement[874](index=874&type=chunk) [Certain Relationships and Related Transactions and Director Independence](index=163&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders - Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders[875](index=875&type=chunk) [Principal Accountant Fees and Services](index=163&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders - Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders[876](index=876&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=164&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and exhibits filed with the Form 10-K, including condensed parent company information - This section contains the list of financial statements, schedules, and exhibits filed with the Form 10-K[878](index=878&type=chunk) [Form 10-K Summary](index=169&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company elected not to provide a summary of the Form 10-K - The Ameren Companies elected not to provide a summary of the Form 10-K[893](index=893&type=chunk)

Ameren Corporation (NYSE:AEE) Q4 2023 Earnings Conference Call February 23, 2024 10:00 AM ET Company Participants Andrew Kirk - Director of Investor Relations Marty Lyons - Chairman, President and CEO Michael Moehn - Senior Executive Vice President and CFO Conference Call Participants Shahriar Pourreza - Guggenheim Partners Nicholas Campanella - Barclays Jeremy Tonet - JPMorgan David Arcaro - Morgan Stanley Durgesh Chopra - Evercore Julien Dumoulin Smith - Bank of America Securities Operator Greetings, and ...

Ameren Corporation’s (AEE) fourth-quarter 2023 earnings of 60 cents per share missed the Zacks Consensus Estimate of 61 cents by 1.6%. The reported figure also decreased 4.8% year over year.The year-over-year decline in the bottom line was on account of lower Ameren Missouri electric retail sales, driven primarily by milder-than-normal winter temperatures compared with colder-than-normal winter temperatures in the year-ago quarter. Higher interest expenses at Ameren Parent also negatively impacted the year- ...

Customers avoid more than 31 million minutes of outages in 2023 thanks to stronger poles, automated switching and other grid upgrades (Editor's Note: See stories about how grid investments are helping Missouri customers and communities in our Smart Energy Plan 2023 Progress Report.) ST. LOUIS, Feb. 23, 2024 /PRNewswire/ -- Ameren Missouri, a subsidiary of Ameren Corporation (NYSE: AEE), filed its updated Smart Energy Plan with the Missouri Public Service Commission today. The $12.4 billion, five-year invest ...

Core Insights - Ameren reported a revenue of $1.62 billion for the quarter ended December 2023, reflecting a 20.9% decrease year-over-year and a significant miss of 22.34% against the Zacks Consensus Estimate of $2.08 billion [1] - The earnings per share (EPS) for the quarter was $0.60, down from $0.63 in the same quarter last year, and slightly below the consensus estimate of $0.61, resulting in an EPS surprise of -1.64% [1] Financial Performance Metrics - Electric Sales totaled 15,760 GWh, falling short of the estimated 16,831.04 GWh [2] - Gas Revenues for Ameren Illinois Natural Gas were reported at $232 million, compared to the average estimate of $340.18 million [2] - Electric Revenues from Ameren Illinois Electric Distribution were $496 million, significantly below the estimated $616.18 million [2] - Electric Revenues from Ameren Transmission totaled $165 million, slightly below the estimate of $169.70 million [2] - Operating Revenues from Natural Gas were $275 million, down 36.9% year-over-year, and below the average estimate of $403.88 million [2] - Operating Revenues from Electric were reported at $1.34 billion, a 16.6% decrease compared to the previous year, and below the estimated $1.66 billion [2] - Electric Revenues from Ameren Missouri were $716 million, compared to the estimated $927.56 million [2] - Gas Revenues from Ameren Missouri were $43 million, below the average estimate of $60.41 million [2] Stock Performance - Ameren's shares have returned +4.5% over the past month, outperforming the Zacks S&P 500 composite's +3.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Ameren Corporation reported a net income of $1,152 million for 2023, translating to a diluted earnings per share (EPS) of $4.38, an increase from $1,074 million and $4.14 in 2022 respectively [1][2] - The company has established a diluted EPS guidance range for 2024 between $4.52 and $4.72, with a projected compound annual growth rate of 6% to 8% from 2024 to 2028 [1][4] Financial Performance - The increase in earnings for 2023 was attributed to solid operating performance, infrastructure investments across all business segments, and new electric service rates in Ameren Missouri effective July 9, 2023 [2][3] - Ameren Missouri's earnings for 2023 were $545 million, down from $562 million in 2022, primarily due to lower electric retail sales influenced by weather conditions [6] - Ameren Illinois Electric Distribution segment saw earnings rise to $258 million in 2023 from $202 million in 2022, benefiting from a higher allowed return on equity due to increased U.S. Treasury bond yields [6] Strategic Initiatives - The company made significant strides in executing its strategy, including substantial energy infrastructure investments and updates to Ameren Missouri's Integrated Resource Plan, focusing on a diverse mix of generation investments [3][4] - Ameren's multi-year earnings growth is expected to be driven by a projected rate base growth of approximately 8.2% compounded annually from 2023 through 2028 [4] Segment Results - Ameren Illinois Natural Gas segment reported earnings of $134 million in 2023, up from $123 million in 2022, due to increased infrastructure investments and lower operations and maintenance expenses [7] - The Ameren Transmission segment's earnings improved to $296 million in 2023 from $263 million in 2022, reflecting increased earnings on infrastructure investments [7] Future Outlook - The company remains focused on modernizing the energy grid and transitioning to a cleaner energy portfolio while maintaining disciplined cost management [4] - Ameren will conduct a conference call on February 23, 2024, to discuss 2023 earnings and 2024 guidance [8]