```markdown [Glossary of Terms and Abbreviations](index=5&type=section&id=Glossary%20of%20Terms%20and%20Abbreviations) The report defines key terms and abbreviations used throughout the document, including '2023 IRP' (Integrated Res... - The report defines **key terms and abbreviations** used throughout the document, including '**2023 IRP**' (Integrated Resource Plan), '**CCN**' (Certificate of convenience and necessity), '**Form 10-K**', '**QTD**' (Three months ended September 30), '**YTD**' (Nine months ended September 30), and '**YoY**' (Compared with the year-ago period)[25](index=25&type=chunk)[26](index=26&type=chunk) [Forward-looking Statements](index=5&type=section&id=Forward-looking%20Statements) Statements not based on historical facts are considered forward-looking, involving risks and uncertainties that could cause actual results to differ materially - Statements in this report that are not based on historical facts are considered '**forward-looking**' and involve **risks and uncertainties** that could cause actual results to **differ materially**. Key factors include regulatory, judicial, or legislative actions, the ability to control costs and recover investments, the impact of performance-based ratemaking frameworks, and the effects of changes in federal, state, or local laws and policies[27](index=27&type=chunk)[29](index=29&type=chunk) - Other **significant risk factors** include the inability of counterparties to meet obligations, advancements in energy technologies, the cost and availability of fuel and transmission capacity, cyberattacks, business and capital market conditions, weather impacts, and the effects of geopolitical conflicts[29](index=29&type=chunk)[32](index=32&type=chunk) [PART I. Financial Information](index=10&type=section&id=PART%20I.%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=10&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Ameren Corporation, Union Electric Company (Ameren Missouri), and Ameren Illinois Company, including statements of income, balance sheets, cash flows, and shareholders' equity, along with detailed notes on accounting policies, regulatory matters, debt, derivatives, fair value measurements, related-party transactions, commitments, retirement benefits, income taxes, and segment information [Ameren Corporation Consolidated Statement of Income and Comprehensive Income](index=10&type=section&id=Ameren%20Corporation%20Consolidated%20Statement%20of%20Income%20and%20Comprehensive%20Income) Ameren Corporation Consolidated Statement of Income and Comprehensive Income (Unaudited) | Metric | Three Months Ended Sep 30, 2023 (\$M) | Three Months Ended Sep 30, 2022 (\$M) | Nine Months Ended Sep 30, 2023 (\$M) | Nine Months Ended Sep 30, 2022 (\$M) | |:--------------------------------------------------|:-------------------------------------|:-------------------------------------|:------------------------------------|:------------------------------------| | Total Operating Revenues | 2,060 | 2,306 | 5,882 | 5,911 | | Total Operating Expenses | 1,446 | 1,707 | 4,588 | 4,672 | | Operating Income | 614 | 599 | 1,294 | 1,239 | | Net Income Attributable to Ameren Common Shareholders | 493 | 452 | 994 | 911 | | Earnings per Common Share – Diluted | 1.87 | 1.74 | 3.78 | 3.51 | [Ameren Corporation Consolidated Balance Sheet](index=11&type=section&id=Ameren%20Corporation%20Consolidated%20Balance%20Sheet) Ameren Corporation Consolidated Balance Sheet (Unaudited) | Metric | Sep 30, 2023 (\$M) | Dec 31, 2022 (\$M) | |:--------------------------------------|:------------------|:------------------| | Total Current Assets | 2,084 | 2,668 | | Property, Plant, and Equipment, Net | 32,938 | 31,262 | | Total Investments and Other Assets | 4,577 | 3,974 | | TOTAL ASSETS | 39,599 | 37,904 | | Total Current Liabilities | 4,017 | 3,366 | | Long-term Debt, Net | 13,829 | 13,685 | | Total Deferred Credits and Other Liabilities | 10,581 | 10,216 | | Total Equity | 11,172 | 10,637 | | TOTAL LIABILITIES AND EQUITY | 39,599 | 37,904 | [Ameren Corporation Consolidated Statement of Cash Flows](index=13&type=section&id=Ameren%20Corporation%20Consolidated%20Statement%20of%20Cash%20Flows) Ameren Corporation Consolidated Statement of Cash Flows (Unaudited) | Metric | Nine Months Ended Sep 30, 2023 (\$M) | Nine Months Ended Sep 30, 2022 (\$M) | |:--------------------------------------------------|:------------------------------------|:------------------------------------| | Net cash provided by operating activities | 2,031 | 1,599 | | Net cash used in investing activities | (2,656) | (2,458) | | Net cash provided by financing activities | 655 | 884 | | Net change in cash, cash equivalents, and restricted cash | 30 | 25 | | Cash, cash equivalents, and restricted cash at end of period | 246 | 180 | [Ameren Corporation Consolidated Statement of Shareholders' Equity](index=14&type=section&id=Ameren%20Corporation%20Consolidated%20Statement%20of%20Shareholders'%20Equity) Ameren Corporation Consolidated Statement of Shareholders' Equity (Unaudited) | Metric | Three Months Ended Sep 30, 2023 (\$M) | Three Months Ended Sep 30, 2022 (\$M) | Nine Months Ended Sep 30, 2023 (\$M) | Nine Months Ended Sep 30, 2022 (\$M) | |:--------------------------------------------------|:-------------------------------------|:-------------------------------------|:------------------------------------|:------------------------------------| | Total Shareholders' Equity (End of Period) | 11,043 | 10,201 | 11,043 | 10,201 | | Dividends per common share | 0.63 | 0.59 | 1.89 | 1.77 | [Union Electric Company (d/b/a Ameren Missouri) Consolidated Statement of Income](index=15&type=section&id=Union%20Electric%20Company%20(d/b/a%20Ameren%20Missouri)%20Consolidated%20Statement%20of%20Income) Ameren Missouri Consolidated Statement of Income (Unaudited) | Metric | Three Months Ended Sep 30, 2023 (\$M) | Three Months Ended Sep 30, 2022 (\$M) | Nine Months Ended Sep 30, 2023 (\$M) | Nine Months Ended Sep 30, 2022 (\$M) | |:--------------------------------------------------|:-------------------------------------|:-------------------------------------|:------------------------------------|:------------------------------------| | Total Operating Revenues | 1,237 | 1,359 | 3,101 | 3,096 | | Total Operating Expenses | 818 | 937 | 2,490 | 2,474 | | Operating Income | 419 | 422 | 611 | 622 | | Net Income Available to Common Shareholder | 411 | 397 | 541 | 547 | [Union Electric Company (d/b/a Ameren Missouri) Consolidated Balance Sheet](index=16&type=section&id=Union%20Electric%20Company%20(d/b/a%20Ameren%20Missouri)%20Consolidated%20Balance%20Sheet) Ameren Missouri Consolidated Balance Sheet (Unaudited) | Metric | Sep 30, 2023 (\$M) | Dec 31, 2022 (\$M) | |:--------------------------------------|:------------------|:------------------| | Total Current Assets | 1,228 | 1,592 | | Property, Plant, and Equipment, Net | 16,797 | 16,124 | | Total Investments and Other Assets | 1,999 | 1,790 | | TOTAL ASSETS | 20,024 | 19,506 | | Total Current Liabilities | 1,382 | 1,570 | | Long-term Debt, Net | 5,991 | 5,846 | | Total Deferred Credits and Other Liabilities | 5,683 | 5,663 | | Total Shareholders' Equity | 6,968 | 6,427 | | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 20,024 | 19,506 | [Union Electric Company (d/b/a Ameren Missouri) Consolidated Statement of Cash Flows](index=17&type=section&id=Union%20Electric%20Company%20(d/b/a%20Ameren%20Missouri)%20Consolidated%20Statement%20of%20Cash%20Flows) Ameren Missouri Consolidated Statement of Cash Flows (Unaudited) | Metric | Nine Months Ended Sep 30, 2023 (\$M) | Nine Months Ended Sep 30, 2022 (\$M) | |:--------------------------------------------------|:------------------------------------|:------------------------------------| | Net cash provided by operating activities | 1,031 | 726 | | Net cash used in investing activities | (1,338) | (1,255) | | Net cash provided by financing activities | 307 | 528 | | Net change in cash, cash equivalents, and restricted cash | 0 | (1) | | Cash, cash equivalents, and restricted cash at end of period | 13 | 7 | [Union Electric Company (d/b/a Ameren Missouri) Consolidated Statement of Shareholders' Equity](index=18&type=section&id=Union%20Electric%20Company%20(d/b/a%20Ameren%20Missouri)%20Consolidated%20Statement%20of%20Shareholders'%20Equity) Ameren Missouri Consolidated Statement of Shareholders' Equity (Unaudited) | Metric | Three Months Ended Sep 30, 2023 (\$M) | Three Months Ended Sep 30, 2022 (\$M) | Nine Months Ended Sep 30, 2023 (\$M) | Nine Months Ended Sep 30, 2022 (\$M) | |:--------------------------------------|:-------------------------------------|:-------------------------------------|:------------------------------------|:------------------------------------| | Total Shareholders' Equity (End of Period) | 6,968 | 6,458 | 6,968 | 6,458 | [Ameren Illinois Company (d/b/a Ameren Illinois) Statement of Income](index=19&type=section&id=Ameren%20Illinois%20Company%20(d/b/a%20Ameren%20Illinois)%20Statement%20of%20Income) Ameren Illinois Statement of Income (Unaudited) | Metric | Three Months Ended Sep 30, 2023 (\$M) | Three Months Ended Sep 30, 2022 (\$M) | Nine Months Ended Sep 30, 2023 (\$M) | Nine Months Ended Sep 30, 2022 (\$M) | |:--------------------------------------------------|:-------------------------------------|:-------------------------------------|:------------------------------------|:------------------------------------| | Total Operating Revenues | 783 | 904 | 2,663 | 2,697 | | Total Operating Expenses | 599 | 749 | 2,020 | 2,141 | | Operating Income | 184 | 155 | 643 | 556 | | Net Income Available to Common Shareholder | 125 | 103 | 452 | 375 | [Ameren Illinois Company (d/b/a Ameren Illinois) Balance Sheet](index=20&type=section&id=Ameren%20Illinois%20Company%20(d/b/a%20Ameren%20Illinois)%20Balance%20Sheet) Ameren Illinois Balance Sheet (Unaudited) | Metric | Sep 30, 2023 (\$M) | Dec 31, 2022 (\$M) | |:--------------------------------------|:------------------|:------------------|\ | Total Current Assets | 811 | 1,056 | | Property, Plant, and Equipment, Net | 14,271 | 13,353 | | Total Investments and Other Assets | 2,363 | 2,032 | | TOTAL ASSETS | 17,445 | 16,441 | | Total Current Liabilities | 1,042 | 1,291 | | Long-term Debt, Net | 5,231 | 4,735 | | Total Deferred Credits and Other Liabilities | 4,502 | 4,247 | | Total Shareholders' Equity | 6,670 | 6,168 | | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 17,445 | 16,441 | [Ameren Illinois Company (d/b/a Ameren Illinois) Statement of Cash Flows](index=21&type=section&id=Ameren%20Illinois%20Company%20(d/b/a%20Ameren%20Illinois)%20Statement%20of%20Cash%20Flows) Ameren Illinois Statement of Cash Flows (Unaudited) | Metric | Nine Months Ended Sep 30, 2023 (\$M) | Nine Months Ended Sep 30, 2022 (\$M) | |:--------------------------------------------------|:------------------------------------|:------------------------------------| | Net cash provided by operating activities | 1,026 | 835 | | Net cash used in investing activities | (1,229) | (1,145) | | Net cash provided by financing activities | 237 | 343 | | Net change in cash, cash equivalents, and restricted cash | 34 | 33 | | Cash, cash equivalents, and restricted cash at end of period | 225 | 166 | [Ameren Illinois Company (d/b/a Ameren Illinois) Statement of Shareholders' Equity](index=22&type=section&id=Ameren%20Illinois%20Company%20(d/b/a%20Ameren%20Illinois)%20Statement%20of%20Shareholders'%20Equity) Ameren Illinois Statement of Shareholders' Equity (Unaudited) | Metric | Three Months Ended Sep 30, 2023 (\$M) | Three Months Ended Sep 30, 2022 (\$M) | Nine Months Ended Sep 30, 2023 (\$M) | Nine Months Ended Sep 30, 2022 (\$M) | |:--------------------------------------|:-------------------------------------|:-------------------------------------|:------------------------------------|:------------------------------------| | Total Shareholders' Equity (End of Period) | 6,670 | 6,015 | 6,670 | 6,015 | [Note 1. Summary of Significant Accounting Policies](index=23&type=section&id=Note%201.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines Ameren's structure as a public utility holding company, its subsidiaries' operations, and the GAAP-compliant preparation of financial statements - **Ameren** is a public utility holding company with primary assets in its subsidiaries: **Ameren Missouri** (electric generation, transmission, distribution, and natural gas distribution) and **Ameren Illinois** (electric transmission, distribution, and natural gas distribution). Financial statements are prepared in conformity with **GAAP**, requiring management estimates and assumptions[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - **Ameren** had **unconsolidated variable interests** in equity method investments totaling **\$73 million** as of September 30, 2023, primarily for clean and resilient energy technologies, with a **maximum exposure to loss** of **\$87 million** including funding commitments[78](index=78&type=chunk) - **Ameren** and **Ameren Illinois** hold **Company-Owned Life Insurance (COLI)** recorded at **net cash surrender value**. As of September 30, 2023, **Ameren's COLI cash surrender value** was **\$250 million** with **\$116 million** in borrowings, and **Ameren Illinois'** was **\$122 million** with **\$116 million** in borrowings[79](index=79&type=chunk) [Note 2. Rate and Regulatory Matters](index=24&type=section&id=Note%202.%20Rate%20and%20Regulatory%20Matters) This note details regulatory approvals, rate increases, solar project statuses, and forecasted revenue requirements impacting Ameren's operations - In June 2023, the **MoPSC approved** a **\$140 million increase** to **Ameren Missouri's** annual electric retail service revenue requirement, **effective** July 9, 2023. This order **extended** the depreciable lives of Sioux Energy Center assets and included trackers for various costs, including production and investment tax credits under the **IRA**[81](index=81&type=chunk) Ameren Missouri Solar Project Status | Solar Project | Agreement Type | Facility Size | MoPSC CCN Status | FERC Approval of Acquisition | Earliest Completion Date | |:--------------------------|:---------------------|:--------------|:--------------------|:-----------------------------|:-------------------------| | Boomtown Solar Project | Build-transfer | 150-MW | Approved April 2023 | Received October 2023 | Fourth quarter 2024 | | Huck Finn Solar Project | Build-transfer | 200-MW | Approved February 2023 | Received March 2023 | Fourth quarter 2024 | | Split Rail Solar Project | Build-transfer | 300-MW | Filed June 2023 | Expect to request by mid-2024 | Mid-2026 | | Cass County Solar Project | Development-transfer | 150-MW | Filed June 2023 | Not applicable | Fourth quarter 2024 | | Vandalia Solar Project | Self-build | 50-MW | Filed June 2023 | Not applicable | Fourth quarter 2025 | | Bowling Green Solar Project | Self-build | 50-MW | Filed June 2023 | Not applicable | First quarter 2026 | - **Ameren Missouri's MEEIA 2019 program** was **extended** through 2024, with an opportunity to earn **\$12 million** in revenues if certain program spending goals are met, and an expected investment of **\$76 million** in energy-efficiency programs in 2024[86](index=86&type=chunk) Ameren Illinois MYRP Forecasted Revenue Requirements and ROE (2024-2027) | Year | Ameren Illinois' Sep 2023 Filing: Forecasted Revenue Requirement (\$M) | Ameren Illinois' Sep 2023 Filing: ROE | ICC Staff's Sep 2023 Filing: Forecasted Revenue Requirement (\$M) | ICC Staff's Sep 2023 Filing: ROE | Administrative Law Judges' Oct 2023 Proposed Order: Forecasted Revenue Requirement (\$M) | Administrative Law Judges' Oct 2023 Proposed Order: ROE | |:-----|:--------------------------------------------------------------------|:--------------------------------------|:-----------------------------------------------------------------|:---------------------------------|:---------------------------------------------------------------------------------------|:--------------------------------------------------------| | 2024 | \$1,289 | 10.5% | \$1,211 | 8.9% | \$1,219 | 9.24% | | 2025 | \$1,385 | 10.5% | \$1,295 | 8.9% | \$1,306 | 9.24% | | 2026 | \$1,480 | 10.5% | \$1,383 | 8.9% | \$1,389 | 9.24% | | 2027 | \$1,556 | 10.5% | \$1,435 | 8.9% | \$1,450 | 9.24% | - **Ameren Illinois' revised MYRP filing** proposes to defer **50%** of the requested 2024 rate increase of **\$177 million** as a **regulatory asset** to be collected in 2026. An **ICC decision** is required by December 2023, with new rates **effective** January 2024[91](index=91&type=chunk) - **Ameren Illinois** filed a revised reconciliation adjustment in November 2023, requesting recovery of **\$117 million** for its 2022 electric distribution service revenue requirement. An **ICC decision** is required by December 2023, with any **approved** adjustment collected in 2024[94](index=94&type=chunk) - **Ameren Illinois** filed a revised request in October 2023 to **increase annual revenues** for natural gas delivery service by **\$140 million**, based on a **10.22% ROE** and **\$2.9 billion rate base**. An **ICC decision** is required by late November 2023, with new rates expected by early December 2023[96](index=96&type=chunk)[98](index=98&type=chunk) - The **FERC approved transmission rate incentives** for **Ameren's MISO long-range transmission planning projects** in October 2023, allowing **construction work in progress** in the **rate base** for **ATXI** and recovery of prudently incurred costs if projects are abandoned[101](index=101&type=chunk) - The **FERC-allowed base ROE** for **MISO transmission rates** remains subject to customer complaint cases. A **50-basis-point change** in the **FERC-allowed ROE** would affect **Ameren's** and **Ameren Illinois' annual revenue** by an estimated **\$19 million** and **\$13 million**, respectively[102](index=102&type=chunk)[103](index=103&type=chunk) [Note 3. Short-term Debt and Liquidity](index=31&type=section&id=Note%203.%20Short-term%20Debt%20and%20Liquidity) This note details Ameren's short-term debt, liquidity, and compliance with credit agreement covenants - As of September 30, 2023, **Ameren** (parent), **Ameren Missouri**, and **Ameren Illinois** collectively had **\$1.3 billion** in **net liquidity available**, supported by committed credit agreements and **commercial paper** issuances. All companies were in **compliance** with credit agreement covenants[105](index=105&type=chunk)[106](index=106&type=chunk) Commercial Paper Outstanding | Company | Sep 30, 2023 (\$M) | Dec 31, 2022 (\$M) | |:--------------------|:------------------|:------------------| | Ameren (parent) | 1,124 | 477 | | Ameren Missouri | 157 | 329 | | Ameren Illinois | 59 | 264 | | Ameren consolidated | 1,340 | 1,070 | Commercial Paper Activity (Nine Months Ended Sep 30) | Company | 2023 Average Daily Amount Outstanding (\$M) | 2023 Weighted-Average Interest Rate | 2022 Average Daily Amount Outstanding (\$M) | 2022 Weighted-Average Interest Rate | |:--------------------|:-------------------------------------------|:------------------------------------|:-------------------------------------------|:------------------------------------| | Ameren (parent) | 687 | 5.29% | 439 | 1.58% | | Ameren Missouri | 306 | 5.15% | 253 | 1.16% | | Ameren Illinois | 181 | 5.15% | 99 | 1.77% | | Ameren Consolidated | 1,174 | 5.24% | 791 | 1.47% | - The **average interest rate** for borrowings under the utility money pool for the nine months ended September 30, 2023, was **5.20%**, **significantly higher** than **1.29%** in the prior year[110](index=110&type=chunk) [Note 4. Long-term Debt and Equity Financings](index=31&type=section&id=Note%204.%20Long-term%20Debt%20and%20Equity%20Financings) This note outlines Ameren's common stock issuances, shelf registration statements, and long-term debt issuances by its subsidiaries - For the nine months ended September 30, 2023, **Ameren issued 0.4 million shares of common stock** under its **DRPlus** and 401(k) plan, generating **\$28 million** in **proceeds**. Additionally, **0.5 million shares** valued at **\$37 million** were issued in Q1 2023 to settle stock-based compensation awards[111](index=111&type=chunk)[112](index=112&type=chunk) - **Ameren** has a Form S-3 registration statement for **3 million additional shares** under **DRPlus** (expires May 2026) and a **shelf registration statement** for unspecified securities (expires October 2026). As of September 30, 2023, **\$910 million of common stock** was available for sale under the **ATM program**[114](index=114&type=chunk) - **Ameren Missouri issued \$500 million of 5.45% first mortgage bonds** due March 2053 in March 2023, using **proceeds** for **capital expenditures** and short-term debt repayment. **Ameren Illinois issued \$500 million of 4.95% first mortgage bonds** due June 2033 in May 2023, used to repay **\$100 million** of maturing debt and short-term debt[116](index=116&type=chunk)[117](index=117&type=chunk) - As of September 30, 2023, the **Ameren Companies** were in **compliance** with all **indenture provisions and covenants**. No **material off-balance-sheet financing arrangements** existed, other than **Ameren's** investment in variable interest entities and forward sale agreements[118](index=118&type=chunk)[119](index=119&type=chunk) [Note 5. Other Income, Net](index=35&type=section&id=Note%205.%20Other%20Income,%20Net) This note provides a detailed breakdown of other income, net, for Ameren and its subsidiaries for the three and nine months ended September 30 Other Income, Net (Three Months Ended Sep 30) | Metric | Ameren (\$M) | Ameren Missouri (\$M) | Ameren Illinois (\$M) | |:--------------------------------------------------|:------------|:---------------------|:---------------------| | **2023** | | | | | Allowance for equity funds used during construction | 16 | 8 | 5 | | Non-service cost components of net periodic benefit income | 84 | 34 | 31 | | Total Other Income, Net | 101 | 44 | 37 | | **2022** | | | | | Allowance for equity funds used during construction | 12 | 7 | 5 | | Non-service cost components of net periodic benefit income | 45 | 13 | 21 | | Total Other Income, Net | 58 | 25 | 26 | Other Income, Net (Nine Months Ended Sep 30) | Metric | Ameren (\$M) | Ameren Missouri (\$M) | Ameren Illinois (\$M) | |:--------------------------------------------------|:------------|:---------------------|:---------------------| | **2023** | | | | | Allowance for equity funds used during construction | 39 | 20 | 15 | | Non-service cost components of net periodic benefit income | 211 | 62 | 93 | | Total Other Income, Net | 261 | 85 | 115 | | **2022** | | | | | Allowance for equity funds used during construction | 31 | 17 | 14 | | Non-service cost components of net periodic benefit income | 138 | 41 | 63 | | Total Other Income, Net | 180 | 72 | 75 | [Note 6. Derivative Financial Instruments](index=35&type=section&id=Note%206.%20Derivative%20Financial%20Instruments) This note describes Ameren's use of derivatives to manage market price risks and the potential impact of credit rating downgrades on collateral requirements - **Ameren uses derivatives** to manage **market price risks** for natural gas, power, uranium, and rail transportation surcharges. All derivative contracts not eligible for the NPNS exception are recorded at **fair value**, with changes deferred as **regulatory assets or liabilities**, having no effect on operating income[122](index=122&type=chunk)[123](index=123&type=chunk)[126](index=126&type=chunk) Open Gross Commodity Contract Volumes for Derivative Assets and Liabilities | Commodity | Ameren Missouri (Sep 30, 2023) | Ameren Illinois (Sep 30, 2023) | Ameren (Sep 30, 2023) | Ameren Missouri (Dec 31, 2022) | Ameren Illinois (Dec 31, 2022) | Ameren (Dec 31, 2022) | |:--------------------------|:-------------------------------|:-------------------------------|:----------------------|:-------------------------------|:-------------------------------|:----------------------| | Fuel oils (in gallons) | 19 | — | 19 | 18 | — | 18 | | Natural gas (in mmbtu) | 52 | 213 | 265 | 48 | 157 | 205 | | Power (in MWhs) | 1 | 5 | 6 | 1 | 6 | 7 | | Uranium (pounds in thousands) | 186 | — | 186 | 514 | — | 514 | Carrying Value of Derivative Commodity Contracts (Assets) | Balance Sheet Location | Ameren Missouri (Sep 30, 2023) (\$M) | Ameren Illinois (Sep 30, 2023) (\$M) | Ameren (Sep 30, 2023) (\$M) | Ameren Missouri (Dec 31, 2022) (\$M) | Ameren Illinois (Dec 31, 2022) (\$M) | Ameren (Dec 31, 2022) (\$M) | |:-----------------------|:------------------------------------|:------------------------------------|:---------------------------|:------------------------------------|:------------------------------------|:---------------------------| | Other current assets | 19 | 6 | 24 | 36 | 25 | 61 | | Other assets | 7 | 3 | 10 | 13 | 15 | 28 | | Total assets | 26 | 9 | 35 | 49 | 40 | 89 | Carrying Value of Derivative Commodity Contracts (Liabilities) | Balance Sheet Location | Ameren Missouri (Sep 30, 2023) (\$M) | Ameren Illinois (Sep 30, 2023) (\$M) | Ameren (Sep 30, 2023) (\$M) | Ameren Missouri (Dec 31, 2022) (\$M) | Ameren Illinois (Dec 31, 2022) (\$M) | Ameren (Dec 31, 2022) (\$M) | |:-----------------------------------------|:------------------------------------|:------------------------------------|:---------------------------|:------------------------------------|:------------------------------------|:---------------------------| | Other current liabilities | 14 | 33 | 47 | 66 | 22 | 88 | | Other deferred credits and liabilities | 6 | 72 | 78 | 2 | 46 | 48 | | Total liabilities | 20 | 105 | 125 | 68 | 68 | 136 | - If **Ameren's credit ratings were downgraded** below investment grade, **additional collateral postings** could be required. As of September 30, 2023, **Ameren**, **Ameren Missouri**, and **Ameren Illinois** could be required to post **\$43 million**, **\$8 million**, and **\$35 million**, respectively, in **additional collateral**[134](index=134&type=chunk)[135](index=135&type=chunk) [Note 7. Fair Value Measurements](index=37&type=section&id=Note%207.%20Fair%20Value%20Measurements) This note details the classification of fair value measurements into three levels based on GAAP hierarchy and provides tables for derivative assets, liabilities, and nuclear decommissioning trust funds - **Fair value measurements** are classified into three levels based on **GAAP hierarchy**. Valuation adjustments for counterparty default risk were **immaterial** for **Ameren**, **Ameren Missouri**, and **Ameren Illinois** for all periods presented[136](index=136&type=chunk)[138](index=138&type=chunk) Fair Value of Derivative Assets – Commodity Contracts (Sep 30, 2023) | Company | Level 1 (\$M) | Level 2 (\$M) | Level 3 (\$M) | Total (\$M) | |:----------------|:-------------|:-------------|:-------------|:-----------| | Ameren Missouri | 8 | 6 | 12 | 26 | | Ameren Illinois | — | 6 | 3 | 9 | | Ameren | 8 | 12 | 15 | 35 | Fair Value of Nuclear Decommissioning Trust Fund (Sep 30, 2023) | Asset Type | Level 1 (\$M) | Level 2 (\$M) | Level 3 (\$M) | Total (\$M) | |:--------------------------------|:-------------|:-------------|:-------------|:-----------| | U.S. large capitalization equity securities | 703 | — | — | 703 | | U.S. Treasury and agency securities | — | 138 | — | 138 | | Corporate bonds | — | 126 | — | 126 | | Other | — | 70 | — | 70 | | Total | 703 | 334 | — | 1,037 | Fair Value of Derivative Liabilities – Commodity Contracts (Sep 30, 2023) | Company | Level 1 (\$M) | Level 2 (\$M) | Level 3 (\$M) | Total (\$M) | |:----------------|:-------------|:-------------|:-------------|:-----------| | Ameren Missouri | 6 | 11 | 3 | 20 | | Ameren Illinois | 2 | 34 | 69 | 105 | | Ameren | 8 | 45 | 72 | 125 | Fair Value of Financial Assets and Liabilities Disclosed at Fair Value (Sep 30, 2023) | Company | Carrying Amount (\$M) | Level 1 (\$M) | Level 2 (\$M) | Level 3 (\$M) | Total Fair Value (\$M) | |:----------------|:---------------------|:-------------|:-------------|:-------------|:----------------------| | Ameren | | | | | | | Cash, cash equivalents, and restricted cash | 246 | 246 | — | — | 246 | | Short-term debt | 1,340 | — | 1,340 | — | 1,340 | | Long-term debt (including current portion) | 14,678 | — | 11,985 | 432 | 12,417 | | Ameren Missouri | | | | | | | Cash, cash equivalents, and restricted cash | 13 | 13 | — | — | 13 | | Short-term debt | 157 | — | 157 | — | 157 | | Long-term debt (including current portion) | 6,341 | — | 5,287 | — | 5,287 | | Ameren Illinois | | | | | | | Cash, cash equivalents, and restricted cash | 225 | 225 | — | — | 225 | | Short-term debt | 59 | — | 59 | — | 59 | | Long-term debt (including current portion) | 5,231 | — | 4,419 | — | 4,419 | [Note 8. Related-party Transactions](index=41&type=section&id=Note%208.%20Related-party%20Transactions) This note outlines affiliate transactions between Ameren Missouri and Ameren Illinois, primarily for natural gas and power, services, and intercompany borrowings/lendings - **Ameren Missouri** and **Ameren Illinois** engage in **affiliate transactions**, primarily for natural gas and power purchases/sales, services, and borrowings/lendings. These are **eliminated** in **Ameren's** consolidated financial statements[148](index=148&type=chunk) Affiliate Balances Related to Income Taxes | Company | Sep 30, 2023 (\$M) | Dec 31, 2022 (\$M) | |:----------------|:------------------|:------------------| | Ameren Missouri | | | | Income taxes payable to parent | 29 | — | | Income taxes receivable from parent | — | 39 | | Ameren Illinois | | | | Income taxes payable to parent | 81 | 50 | | Income taxes receivable from parent | — | — | Impact of Related-Party Transactions on Operating Revenues (Three Months Ended Sep 30) | Agreement Type | 2023 (\$M) | 2022 (\$M) | |:----------------------------------------------|:----------|:----------| | Ameren Missouri power supply agreements with Ameren Illinois | 2 | 2 | | Ameren Missouri and Ameren Illinois rent and facility services | 7 | 6 | | Ameren Missouri and Ameren miscellaneous support services | — | — | | Total Operating Revenues | 9 | 8 | Impact of Related-Party Transactions on Operating Expenses (Three Months Ended Sep 30) | Agreement Type | 2023 (\$M) | 2022 (\$M) | |:----------------------------------------------|:----------|:----------| | Ameren Illinois power supply agreements with Ameren Missouri | 2 | 2 | | Ameren Missouri and Ameren transmission services from ATXI | 1 | 1 | | Total Purchased Power | 3 | 2 | | Ameren Missouri and Ameren Illinois rent and facility services | — | 1 | | Ameren Services support services agreement | 36 | 38 | | Total Other Operations and Maintenance | 36 | 37 | [Note 9. Commitments and Contingencies](index=43&type=section&id=Note%209.%20Commitments%20and%20Contingencies) This note details Ameren's involvement in legal, tax, and regulatory proceedings, environmental compliance costs, and the planned retirement of the Rush Island Energy Center - **Ameren** is involved in various **legal, tax, and regulatory proceedings**, with the final disposition not expected to have a **material adverse effect**, except as disclosed. **Environmental regulations significantly impact Ameren Missouri**, which operates **coal-fired power plants**, potentially leading to **costly compliance**[155](index=155&type=chunk)[157](index=157&type=chunk)[160](index=160&type=chunk) - **Ameren** and **Ameren Missouri estimate \$90 million to \$120 million** in **capital expenditures** from 2023-2027 for **environmental compliance**, including surface impoundment closure and cooling water intake modifications. Actual costs may vary due to regulatory uncertainties[161](index=161&type=chunk) - The **EPA's proposed rule** in May 2023 would set **CO2 emission standards** for new and existing fossil-fuel-fired power plants, potentially requiring **carbon capture technology**, natural gas co-firing, or hydrogen fuel co-firing, or **retirement** by 2030 for coal-fired units and 2032 for larger natural gas plants. **Legal challenges** are expected[167](index=167&type=chunk) - The U.S. District Court granted **Ameren Missouri's** request to retire the **Rush Island Energy Center** by October 15, 2024, instead of installing a **flue gas desulfurization system**, due to Clean Air Act litigation. The **MISO** designated it a **system support resource** until August 2024, with **transmission upgrades** underway[168](index=168&type=chunk)[169](index=169&type=chunk) - **Ameren Missouri** expects to seek **MoPSC approval** in 2023 to finance **Rush Island Energy Center retirement costs**, including a **\$550 million net plant balance**, through **securitized utility tariff bonds**[170](index=170&type=chunk)[171](index=171&type=chunk) - **Ameren Illinois** has **remediated** most of its **44 former MGP sites**, with an **estimated remaining obligation** of **\$60 million to \$112 million**. The **ICC** allows recovery of these costs from customers through **environmental cost riders**[178](index=178&type=chunk) [Note 10. Callaway Energy Center](index=50&type=section&id=Note%2010.%20Callaway%20Energy%20Center) This note discusses the Callaway Energy Center's nuclear decommissioning trust fund, associated AROs, and insurance coverage - The **Callaway Energy Center's nuclear decommissioning trust fund**, with a **fair value** reported on **Ameren's** and **Ameren Missouri's** balance sheets, is **legally restricted** for decommissioning costs. **Ameren Missouri** has an **ARO** for these costs and expects to file an updated cost study with the **MoPSC** by December 2023[181](index=181&type=chunk) Callaway Energy Center Insurance Coverage (October 31, 2023) | Type and Source of Coverage | Maximum Coverages (\$M) | Maximum for Single Incidents (\$M) | |:----------------------------|:-----------------------|:----------------------------------| | Public liability and nuclear worker liability | 16,545 | 166 | | Property damage | 3,200 | 28 | | Accidental outage | 490 | 9 | - The **Price-Anderson Act limits liability** for nuclear incidents. Losses exceeding insurance limits or not covered could **materially adversely affect Ameren's** and **Ameren Missouri's financial position**[183](index=183&type=chunk)[185](index=185&type=chunk) [Note 11. Retirement Benefits](index=52&type=section&id=Note%2011.%20Retirement%20Benefits) This note details the net periodic benefit cost (income) for Ameren's pension and postretirement benefit plans Net Periodic Benefit Cost (Income) for Ameren's Pension and Postretirement Benefit Plans (Nine Months Ended Sep 30) | Metric | 2023 Pension Benefits (\$M) | 2022 Pension Benefits (\$M) | 2023 Postretirement Benefits (\$M) | 2022 Postretirement Benefits (\$M) | |:--------------------------------------|:---------------------------|:---------------------------|:----------------------------------|:----------------------------------| | Service cost | 56 | 95 | 9 | 15 | | Total non-service cost components | (171) | (98) | (72) | (56) | | Net periodic benefit income | (115) | (3) | (63) | (41) | Net Periodic Pension and Postretirement Benefit Costs (Income) by Company (Nine Months Ended Sep 30) | Company | 2023 Pension Benefits (\$M) | 2022 Pension Benefits (\$M) | 2023 Postretirement Benefits (\$M) | 2022 Postretirement Benefits (\$M) | |:----------------|:---------------------------|:---------------------------|:----------------------------------|:----------------------------------| | Ameren Missouri | (59) | (2) | (23) | (10) | | Ameren Illinois | (48) | 2 | (40) | (31) | | Ameren | (115) | (3) | (63) | (41) | [Note 12. Income Taxes](index=53&type=section&id=Note%2012.%20Income%20Taxes) This note presents the effective income tax rates for Ameren and its subsidiaries for the three and nine months ended September 30 Effective Income Tax Rates (Three Months Ended Sep 30) | Company | 2023 Effective Tax Rate | 2022 Effective Tax Rate | |:----------------|:------------------------|:------------------------| | Ameren | 12% | 15% | | Ameren Missouri | (3)% | (2)% | | Ameren Illinois | 25% | 26% | Effective Income Tax Rates (Nine Months Ended Sep 30) | Company | 2023 Effective Tax Rate | 2022 Effective Tax Rate | |:----------------|:------------------------|:------------------------| | Ameren | 13% | 14% | | Ameren Missouri | (3)% | (2)% | | Ameren Illinois | 25% | 26% | [Note 13. Supplemental Information](index=53&type=section&id=Note%2013.%20Supplemental%20Information) This note provides supplemental financial information, including reconciliations of cash, cash equivalents, restricted cash, allowance for doubtful accounts, noncash financing and investing activities, AROs, excise taxes, and weighted-average common shares outstanding Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Sep 30, 2023) | Metric | Ameren (\$M) | Ameren Missouri (\$M) | Ameren Illinois (\$M) | |:--------------------------------------------------|:------------|:---------------------|:---------------------| | Cash and cash equivalents | 8 | 3 | — | | Restricted cash included in "Other current assets" | 13 | 5 | 5 | | Restricted cash included in "Other assets" | 220 | — | 220 | | Restricted cash included in "Nuclear decommissioning trust fund" | 5 | 5 | — | | Total cash, cash equivalents, and restricted cash | 246 | 13 | 225 | Allowance for Doubtful Accounts Reconciliation (Nine Months Ended Sep 30) | Company | 2023 (\$M) | 2022 (\$M) | |:----------------|:----------|:----------| | Ameren | | | | Beginning of period | 31 | 29 | | Bad debt expense | 41 | 23 | | Net write-offs | (42) | (24) | | End of period | 33 | 31 | | Ameren Missouri | | | | Beginning of period | 13 | 13 | | Bad debt expense | 9 | 6 | | Net write-offs | (10) | (7) | | End of period | 12 | 12 | | Ameren Illinois | | | | Beginning of period | 18 | 16 | | Bad debt expense | 32 | 17 | | Net write-offs | (32) | (17) | | End of period | 21 | 19 | - As of September 30, 2023, **accounts receivable 30 days or more past due** represented **17%** (**\$106M**) for **Ameren**, **8%** (**\$25M**) for **Ameren Missouri**, and **26%** (**\$81M**) for **Ameren Illinois**[196](index=196&type=chunk) Noncash Financing and Investing Activity (Nine Months Ended Sep 30) | Activity | Ameren (2023) (\$M) | Ameren Missouri (2023) (\$M) | Ameren Illinois (2023) (\$M) | |:----------------------------------------------------|:-------------------|:----------------------------|:----------------------------| | Capital expenditures, including nuclear fuel expenditures | 518 | 246 | 237 | | Unrealized gain/(loss) – nuclear decommissioning trust fund | 66 | 66 | — | | Investment in industrial development revenue bonds | 240 | 240 | — | | Issuance of common stock for stock-based compensation | 37 | — | — | | Issuance of common stock under the DRPlus | 7 | — | — | | Termination of a financing obligation | 240 | 240 | — | Asset Retirement Obligations (AROs) Reconciliation (Nine Months Ended Sep 30, 2023) | Metric | Ameren Missouri (\$M) | Ameren Illinois (\$M) | Ameren (\$M) | |:------------------------------|:---------------------|:---------------------|:------------| | Balance at December 31, 2022 | 782 | 4 | 786 | | Liabilities settled | (9) | — | (9) | | Accretion | 25 | — | 25 | | Change in estimates | (18) | — | (18) | | Balance at September 30, 2023 | 780 | 4 | 784 | - In Q1 2023, **Ameren granted 265,422 performance share units** (**\$24M fair value**) and **116,701 restricted share units** (**\$10M fair value**). **Excess tax benefits** from stock-based compensation settlements **reduced income tax expense** by **\$6 million** for the nine months ended September 30, 2023[202](index=202&type=chunk) Excise Taxes Recorded (Nine Months Ended Sep 30) | Company | 2023 (\$M) | 2022 (\$M) | |:----------------|:----------|:----------| | Ameren Missouri | 133 | 128 | | Ameren Illinois | 90 | 101 | | Ameren | 223 | 229 | Weighted-Average Common Shares Outstanding Reconciliation (Nine Months Ended Sep 30) | Metric | 2023 (Millions) | 2022 (Millions) | |:--------------------------------------------------|:----------------|:----------------| | Weighted-average Common Shares Outstanding – Basic | 262.5 | 258.2 | | Assumed settlement of performance share units and restricted stock units | 0.7 | 1.0 | | Dilutive effect of forward sale agreements | — | 0.1 | | Weighted-average Common Shares Outstanding – Diluted | 263.2 | 259.3 | [Note 14. Segment Information](index=56&type=section&id=Note%2014.%20Segment%20Information) This note provides a detailed breakdown of Ameren's segment performance, including external revenues, net income, capital expenditures, and disaggregated revenues by customer class Ameren Segment Performance (Nine Months Ended Sep 30, 2023) | Segment | External Revenues (\$M) | Net Income Attributable to Ameren Common Shareholders (\$M) | Capital Expenditures (\$M) | |:--------------------------------------|:-----------------------|:-----------------------------------------------------------|:--------------------------| | Ameren Missouri | 3,074 | 541 | 1,255 | | Ameren Illinois Electric Distribution | 1,721 | 193 | 527 | | Ameren Illinois Natural Gas | 664 | 93 | 221 | | Ameren Transmission | 423 | 229 | 570 | | Other / Intersegment Eliminations | — | (62) | (9) | | Ameren Total | 5,882 | 994 | 2,571 | Ameren Segment Performance (Nine Months Ended Sep 30, 2022) | Segment | External Revenues (\$M) | Net Income Attributable to Ameren Common Shareholders (\$M) | Capital Expenditures (\$M) | |:--------------------------------------|:-----------------------|:-----------------------------------------------------------|:--------------------------| | Ameren Missouri | 3,071 | 547 | 1,237 | | Ameren Illinois Electric Distribution | 1,640 | 151 | 444 | | Ameren Illinois Natural Gas | 811 | 82 | 232 | | Ameren Transmission | 389 | 199 | 519 | | Other / Intersegment Eliminations | — | (68) | 1 | | Ameren Total | 5,911 | 911 | 2,437 | Ameren Disaggregated Revenues by Segment (Nine Months Ended Sep 30, 2023) | Customer Class | Ameren Missouri (\$M) | Ameren Illinois Electric Distribution (\$M) | Ameren Illinois Natural Gas (\$M) | Ameren Transmission (\$M) | Intersegment Eliminations (\$M) | Total Ameren (\$M) | |:---------------|:---------------------|:-------------------------------------------|:---------------------------------|:-------------------------|:-------------------------------|:------------------| | Residential | 1,274 | 1,049 | 469 | — | — | 2,792 | | Commercial | 1,026 | 582 | 121 | — | — | 1,729 | | Industrial | 243 | 136 | 10 | — | — | 389 | | Other | 435 | (45) | 65 | 512 | (118) | 849 | | Total Revenues | 2,978 | 1,722 | 665 | 512 | (118) | 5,882 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=60&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides a detailed analysis of Ameren's financial performance, condition, and operational results for the three and nine months ended September 30, 2023, compared to the prior year. It covers key financial metrics, segment-specific performance, and factors influencing revenues, expenses, and cash flows, along with an outlook on future trends and regulatory impacts [Overview](index=60&type=section&id=Overview) This overview highlights Ameren's net income and EPS growth, key factors influencing earnings, and strategic investments in rate-regulated businesses Ameren Net Income Attributable to Common Shareholders | Metric | Three Months Ended Sep 30, 2023 (\$M) | Three Months Ended Sep 30, 2022 (\$M) | Nine Months Ended Sep 30, 2023 (\$M) | Nine Months Ended Sep 30, 2022 (\$M) | |:--------------------------------------------------|:-------------------------------------|:-------------------------------------|:------------------------------------|:------------------------------------| | Net income attributable to Ameren common shareholders | 493 | 452 | 994 | 911 | | Earnings per common share – Diluted | 1.87 | 1.74 | 3.78 | 3.51 | - **Net income attributable to Ameren common shareholders increased** by **\$41 million** (**13 cents per diluted share**) for the three months ended September 30, 2023, and by **\$83 million** (**27 cents per diluted share**) for the nine months ended September 30, 2023, compared to the prior-year periods[245](index=245&type=chunk)[246](index=246&type=chunk) - **Favorable impacts** on earnings include **increased rate base investments**, **higher recognized ROE** at **Ameren Illinois Electric Distribution**, **increased base rate revenues** at **Ameren Missouri**, and **decreased income tax expense**. **Unfavorable impacts** include **decreased electric retail sales** at **Ameren Missouri** due to **milder weather** and **increased financing costs**[224](index=224&type=chunk)[227](index=227&type=chunk) - **Ameren invested \$2.6 billion** in its rate-regulated businesses during the nine months ended September 30, 2023, as part of its **strategic plan** to invest in infrastructure, enhance regulatory frameworks, and optimize operating performance[228](index=228&type=chunk) - **Ameren Missouri** filed an update to its Smart Energy Plan in February 2023, projecting **\$9.9 billion** in **capital investments** from 2023-2027 for **electric infrastructure upgrades**, largely **recoverable under PISA and RESRAM**[232](index=232&type=chunk) Ameren Illinois MYRP Forecasted Revenue Requirements and ROE (2024-2027) | Year | Forecasted Revenue Requirement (in millions) | Requested ROE | Requested Capital Structure Common Equity Percentage | Forecasted Average Annual Rate Base (in billions) | |:-----|:---------------------------------------------|:--------------|:-----------------------------------------------------|:--------------------------------------------------| | 2024 | \$1,289 | 10.5% | 53.99% | \$4.3 | | 2025 | \$1,385 | 10.5% | 53.97% | \$4.6 | | 2026 | \$1,480 | 10.5% | 54.02% | \$4.9 | | 2027 | \$1,556 | 10.5% | 54.03% | \$5.2 | [Results of Operations](index=64&type=section&id=Results%20of%20Operations) This section analyzes Ameren's financial performance, highlighting impacts from economic conditions, regulatory frameworks, and operational factors on net income, EPS, and margins - **Ameren's** operations are **significantly** affected by economic conditions, energy-efficiency investments, technological advances, weather, and regulatory frameworks. **Inflationary pressures** and **rising interest rates** are observed, but regulatory mechanisms generally allow for **cost recovery**[240](index=240&type=chunk)[241](index=241&type=chunk) Ameren Net Income and EPS (QTD & YTD) | Metric | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | |:--------------------------------------------------|:--------------------------------|:--------------------------------|:-------------------------------|:-------------------------------| | Net income attributable to Ameren common shareholders (\$M) | 493 | 452

Ameren Corporation (NYSE:AEE) Q2 2023 Earnings Conference Call August 3, 2023 10:00 AM ET Company Participants Andrew Kirk - Director of Investor Relations Marty Lyons - President and Chief Executive Officer Michael Moehn - Senior Executive Vice President and Chief Financial Officer Conference Call Participants Julien Dumoulin-Smith - Bank of America Paul Patterson - Glenrock Associates Jeremy Tonet - J.P. Morgan Sophie Karp - KeyBanc Capital Markets Operator Greetings and welcome to Ameren Corporation's Se ...

Transforming For Our Future Second Quarter 2023 Earnings Cautionary Statements Forward-looking Statements Statements in this presentation not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These sta ...

PART I. Financial Information [Item 1. Financial Statements (Unaudited)](index=10&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited consolidated financial statements for Ameren Corporation and its key subsidiaries, Ameren Missouri and Ameren Illinois, are presented, detailing financial performance and position [Ameren Corporation Financial Statements](index=10&type=section&id=Ameren%20Corporation%20Financial%20Statements) Ameren Corporation's consolidated financial statements show increased net income and EPS, with total assets growing to **$38.9 billion**, driven by capital investments Ameren Corporation - Consolidated Statement of Income (in millions, except per share) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $1,760 | $1,726 | $3,822 | $3,605 | | **Operating Income** | $329 | $309 | $680 | $640 | | **Net Income Attributable to Ameren Common Shareholders** | $237 | $207 | $501 | $459 | | **Earnings per Common Share – Diluted** | $0.90 | $0.80 | $1.90 | $1.77 | Ameren Corporation - Consolidated Balance Sheet (in millions) | Metric | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $38,947 | $37,904 | | Property, Plant, and Equipment, Net | $32,351 | $31,262 | | **Total Liabilities** | $28,121 | $27,267 | | Long-term Debt, Net | $14,328 | $13,685 | | **Total Equity** | $10,826 | $10,637 | Ameren Corporation - Consolidated Statement of Cash Flows (YTD, in millions) | Metric | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,111 | $872 | | **Net cash used in investing activities** | $(1,889) | $(1,552) | | Capital expenditures | $(1,822) | $(1,538) | | **Net cash provided by financing activities** | $808 | $686 | [Union Electric Company (d/b/a Ameren Missouri) Financial Statements](index=14&type=section&id=Union%20Electric%20Company%20(d%2Fb%2Fa%20Ameren%20Missouri)%20Financial%20Statements) Ameren Missouri's financial statements show stable Q2 operating revenues but decreased six-month net income, with assets increasing Ameren Missouri - Consolidated Statement of Income (in millions) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $941 | $919 | $1,864 | $1,737 | | **Operating Income** | $132 | $135 | $192 | $200 | | **Net Income** | $103 | $101 | $132 | $152 | Ameren Missouri - Consolidated Balance Sheet (in millions) | Metric | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $19,784 | $19,506 | | Property, Plant, and Equipment, Net | $16,560 | $16,124 | | **Total Liabilities** | $13,227 | $13,079 | | **Total Shareholders' Equity** | $6,557 | $6,427 | Ameren Missouri - Consolidated Statement of Cash Flows (YTD, in millions) | Metric | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $443 | $181 | | **Net cash used in investing activities** | $(980) | $(818) | | Capital expenditures | $(914) | $(806) | | **Net cash provided by financing activities** | $532 | $636 | [Ameren Illinois Company (d/b/a Ameren Illinois) Financial Statements](index=18&type=section&id=Ameren%20Illinois%20Company%20(d%2Fb%2Fa%20Ameren%20Illinois)%20Financial%20Statements) Ameren Illinois reported higher net income for both periods, driven by increased electric revenues and asset growth Ameren Illinois - Statement of Income (in millions) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $779 | $769 | $1,880 | $1,793 | | **Operating Income** | $183 | $155 | $459 | $401 | | **Net Income** | $130 | $104 | $328 | $273 | Ameren Illinois - Balance Sheet (in millions) | Metric | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $17,110 | $16,441 | | Property, Plant, and Equipment, Net | $13,955 | $13,353 | | **Total Liabilities** | $10,615 | $10,273 | | **Total Shareholders' Equity** | $6,495 | $6,168 | Ameren Illinois - Statement of Cash Flows (YTD, in millions) | Metric | YTD 2023 | YTD 2022 | | :--- | :--- | :--- |\n| **Net cash provided by operating activities** | $637 | $675 | | **Net cash used in investing activities** | $(846) | $(699) | | Capital expenditures | $(844) | $(699) | | **Net cash provided by financing activities** | $247 | $37 | [Note 1. Summary of Significant Accounting Policies](index=22&type=section&id=Note%201.%20Summary%20of%20Significant%20Accounting%20Policies) Ameren's business structure, GAAP adherence, and unconsolidated variable interest entities for clean energy investments are detailed - Ameren's principal subsidiaries are Ameren Missouri (rate-regulated electric and gas in MO), Ameren Illinois (rate-regulated electric and gas in IL), and ATXI (FERC rate-regulated electric transmission)[71](index=71&type=chunk) - As of June 30, 2023, Ameren held **$72 million** in unconsolidated variable interests in equity method investments, primarily to advance clean and resilient energy technologies. The **maximum exposure to loss** is this investment plus **$16 million** in outstanding funding commitments[73](index=73&type=chunk) [Note 2. Rate and Regulatory Matters](index=23&type=section&id=Note%202.%20Rate%20and%20Regulatory%20Matters) Regulatory proceedings affect Ameren's subsidiaries, including Missouri's revenue increase, Illinois' rate filings, and federal FERC ROE matters - **Missouri:** In June 2023, the MoPSC approved a **$140 million increase** to Ameren Missouri's **annual electric revenue** requirement, effective July 9, 2023. The order also approved trackers for property tax and IRA tax credits[76](index=76&type=chunk) - **Illinois:** In January 2023, Ameren Illinois filed a Multi-Year Rate Plan (MYRP) for 2024-2027. The revised July 2023 filing requests a 2024 revenue requirement of **$1,291 million** with a **10.5% ROE**. The ICC staff recommended **$1,211 million** with an **8.9% ROE**. A decision is required by December 2023[83](index=83&type=chunk)[84](index=84&type=chunk) - **Illinois:** Ameren Illinois filed a revised request in July 2023 to **increase annual natural gas delivery revenues by $148 million**, based on a **10.3% ROE**. A decision is required by late November 2023[90](index=90&type=chunk)[91](index=91&type=chunk) - **Federal:** The allowed base **ROE** for FERC-regulated transmission rates (currently **10.02%**) remains subject to refund pending a final FERC order after a court remand in August 2022. A 50-basis-point change in **ROE** would impact Ameren's **annual revenue** by an estimated **$19 million**[95](index=95&type=chunk) [Note 3. Short-term Debt and Liquidity](index=29&type=section&id=Note%203.%20Short-term%20Debt%20and%20Liquidity) Ameren Companies maintain liquidity via cash, credit agreements, and commercial paper, with **$1.3 billion** net available liquidity - As of June 30, 2023, the **net liquidity available** to Ameren (parent), Ameren Missouri, and Ameren Illinois, collectively, was **$1.3 billion**[97](index=97&type=chunk) Commercial Paper Outstanding (in millions) | Registrant | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Ameren (parent) | $839 | $477 | | Ameren Missouri | $373 | $329 | | Ameren Illinois | $117 | $264 | | **Ameren consolidated** | **$1,329** | **$1,070** | - The **weighted-average interest rate** on Ameren Consolidated's short-term borrowings for the six months ended June 30, 2023, was **5.10%**, a significant increase from **0.75%** in the same period of 2022[102](index=102&type=chunk) [Note 4. Long-term Debt and Equity Financings](index=31&type=section&id=Note%204.%20Long-term%20Debt%20and%20Equity%20Financings) Ameren Missouri and Ameren Illinois each issued **$500 million** in bonds, with **$389 million** in Ameren Corporation forward sale agreements - In March 2023, Ameren Missouri issued **$500 million** of **5.45%** first mortgage bonds due 2053, with **net proceeds** of **$495 million** used for **capital expenditures** and to repay short-term debt[107](index=107&type=chunk) - In May 2023, Ameren Illinois issued **$500 million** of **4.95%** first mortgage bonds due 2033, with **net proceeds** of **$495 million** used to repay matured bonds and short-term debt[108](index=108&type=chunk) - As of June 30, 2023, Ameren had **outstanding forward sale agreements** for **4.3 million** shares of common stock, which could be settled for **$389 million** in cash. These agreements are part of the ATM program and are classified as equity transactions[105](index=105&type=chunk) [Note 5. Other Income, Net](index=33&type=section&id=Note%205.%20Other%20Income%20%2C%20Net) Other Income, Net increased to **$160 million** for the six months ended June 30, 2023, driven by higher non-service cost benefit income Components of Other Income, Net (YTD, in millions) | Component | Ameren 2023 | Ameren 2022 | Ameren Missouri 2023 | Ameren Missouri 2022 | Ameren Illinois 2023 | Ameren Illinois 2022 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Allowance for equity funds used during construction | $23 | $19 | $12 | $10 | $10 | $9 | | Non-service cost components of net periodic benefit income | $127 | $93 | $28 | $28 | $62 | $42 | | Interest income on industrial development revenue bonds | $1 | $12 | $1 | $12 | - | - | | **Total Other Income, Net** | **$160** | **$122** | **$41** | **$47** | **$78** | **$49** | [Note 6. Derivative Financial Instruments](index=33&type=section&id=Note%206.%20Derivative%20Financial%20Instruments) Ameren uses derivatives to manage commodity price risk, with gains and losses deferred, holding **$43 million** in assets and **$145 million** in liabilities - The company uses derivatives to hedge risks in commodity prices. Gains and losses on these instruments are deferred for future recovery or refund in customer rates, resulting in **no effect** on current operating income[113](index=113&type=chunk)[116](index=116&type=chunk) Carrying Value of Derivative Commodity Contracts (June 30, 2023, in millions) | Registrant | Total Assets | Total Liabilities | | :--- | :--- | :--- | | Ameren Missouri | $30 | $31 | | Ameren Illinois | $13 | $114 | | **Ameren Consolidated** | **$43** | **$145** | - If Ameren's credit ratings were downgraded below investment grade, it could be required to post additional collateral. As of June 30, 2023, the potential additional collateral required was **$47 million** for Ameren, **$10 million** for Ameren Missouri, and **$37 million** for Ameren Illinois[124](index=124&type=chunk)[125](index=125&type=chunk) [Note 7. Fair Value Measurements](index=35&type=section&id=Note%207.%20Fair%20Value%20Measurements) Fair value measurements show Ameren held **$1.11 billion** in assets, primarily the nuclear decommissioning trust fund, and **$145 million** in derivative liabilities Assets and Liabilities Measured at Fair Value (June 30, 2023, in millions) | Category | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | Derivative assets | $6 | $16 | $21 | $43 | | Nuclear decommissioning trust fund | $727 | $342 | $0 | $1,069 | | **Total Assets** | **$733** | **$358** | **$21** | **$1,112** | | **Liabilities** | | | | | | Derivative liabilities | $15 | $51 | $79 | $145 | - The fair value of Ameren's long-term debt (including current portion) was estimated at **$13.2 billion** as of June 30, 2023, compared to a carrying amount of **$14.7 billion**[136](index=136&type=chunk) [Note 8. Related-party Transactions](index=39&type=section&id=Note%208.%20Related-party%20Transactions) Related-party transactions between Ameren's subsidiaries include support services and utility money pool borrowings, with average interest rates increasing to **5.04%** - For the six months ended June 30, 2023, Ameren Services provided support services resulting in operations and maintenance expenses of **$70 million** for Ameren Missouri and **$68 million** for Ameren Illinois[142](index=142&type=chunk) - The **average interest rate** for borrowings under the utility money pool for the six months ended June 30, 2023, was **5.04%**, compared to **0.69%** for the same period in 2022[103](index=103&type=chunk) [Note 9. Commitments and Contingencies](index=41&type=section&id=Note%209.%20Commitments%20and%20Contingencies) Significant environmental commitments include **$90-120 million** in capital expenditures, Rush Island Energy Center retirement, and coal ash and MGP site remediation - Ameren estimates environmental compliance **capital expenditures** of **$90 million to $120 million** from 2023 through 2027[149](index=149&type=chunk) - **Rush Island Litigation:** Ameren Missouri has requested a court extension to retire the Rush Island Energy Center by October 15, 2024, in lieu of installing a flue gas desulfurization system. The plant's **net book value** was approximately **$550 million** as of June 30, 2023. The company plans to seek securitized financing for the retirement costs[156](index=156&type=chunk)[157](index=157&type=chunk) - **CCR Management:** Ameren Missouri plans to substantially complete the closure of remaining surface impoundments at its Sioux and retired Meramec energy centers by the end of 2024, with an associated **Asset Retirement Obligation (ARO)** of **$45 million** as of June 30, 2023[161](index=161&type=chunk) - **MGP Site Remediation:** Ameren Illinois estimates its remaining obligation for former Manufactured Gas Plant (MGP) site remediation to be between **$61 million** and **$112 million**, with a liability of **$61 million** recorded. These costs are recoverable from customers through riders[163](index=163&type=chunk) [Note 10. Callaway Energy Center](index=48&type=section&id=Note%2010.%20Callaway%20Energy%20Center) Ameren Missouri's Callaway Energy Center's nuclear decommissioning trust fund was **$1.075 billion**, with significant insurance coverage - The fair value of the **nuclear decommissioning trust fund** for the Callaway Energy Center was **$1.075 billion** as of June 30, 2023[36](index=36&type=chunk)[166](index=166&type=chunk) Callaway Energy Center Insurance Coverage (June 30, 2023, in millions) | Type of Coverage | Maximum Coverage | Maximum Assessment for Single Incident | | :--- | :--- | :--- | | Public liability and nuclear worker liability | $13,660 | $138 | | Property damage | $3,200 | $28 | | Accidental outage | $490 | $9 | [Note 11. Retirement Benefits](index=49&type=section&id=Note%2011.%20Retirement%20Benefits) Ameren recorded **net periodic benefit income** of **$67 million** for pension and **$42 million** for postretirement plans, an improvement Net Periodic Benefit Cost (Income) (YTD, in millions) | Plan | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | | Pension Benefits | $(67) | $(3) | | Postretirement Benefits | $(42) | $(27) | [Note 12. Income Taxes](index=50&type=section&id=Note%2012.%20Income%20Taxes) Ameren's effective tax rate was **13%** for the six months ended June 30, 2023, influenced by deferred taxes and renewable tax credits Effective Income Tax Rates (YTD 2023 vs YTD 2022) | Registrant | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | | Ameren | 13% | 13% | | Ameren Missouri | (1)% | (3)% | | Ameren Illinois | 25% | 26% | [Note 13. Supplemental Information](index=50&type=section&id=Note%2013.%20Supplemental%20Information) Supplemental information includes Ameren's **$246 million** cash, **$39 million** allowance for doubtful accounts, and noncash financing activities - As of June 30, 2023, Ameren's **total cash**, cash equivalents, and restricted cash was **$246 million**[177](index=177&type=chunk) - The **Asset Retirement Obligation (ARO)** balance for Ameren was **$798 million** as of June 30, 2023, up from **$786 million** at year-end 2022, primarily due to accretion expense[185](index=185&type=chunk) - In Q1 2023, Ameren granted **265,422 performance share units** and **116,701 restricted share units** with a combined grant date fair value of **$34 million**[186](index=186&type=chunk) [Note 14. Segment Information](index=53&type=section&id=Note%2014.%20Segment%20Information) **Ameren Transmission** was the **most profitable segment** with **$143 million** net income, and **Ameren Missouri** had the **highest capital expenditures** Ameren Net Income by Segment (YTD 2023, in millions) | Segment | Net Income Attributable to Ameren Common Shareholders | | :--- | :--- | | Ameren Missouri | $130 | | Ameren Illinois Electric Distribution | $127 | | Ameren Illinois Natural Gas | $98 | | Ameren Transmission | $143 | | Other | $3 | | **Total** | **$501** | Ameren Capital Expenditures by Segment (YTD 2023, in millions) | Segment | Capital Expenditures | | :--- | :--- | | Ameren Missouri | $914 | | Ameren Illinois Electric Distribution | $350 | | Ameren Illinois Natural Gas | $141 | | Ameren Transmission | $410 | | Other / Intersegment | $7 | | **Total** | **$1,822** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=57&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Ameren's financial results, condition, and performance drivers for Q2 and H1 2023, including liquidity, capital resources, and strategic initiatives like clean energy transition [Overview](index=57&type=section&id=MD%26A%20Overview) Q2 2023 **net income increased** to **$237 million** (**$0.90/share**), driven by rate base investments and higher **Ameren Illinois ROE** - Q2 2023 **diluted EPS** was **$0.90**, compared to **$0.80** in Q2 2022. YTD 2023 **diluted EPS** was **$1.90**, compared to **$1.77** in YTD 2022[209](index=209&type=chunk) - Favorable drivers included **increased rate base investments** and a higher recognized **ROE** at Ameren Illinois. Unfavorable drivers included **decreased electric sales** at Ameren Missouri due to milder weather and **increased financing costs**[209](index=209&type=chunk)[211](index=211&type=chunk) - Ameren invested **$1.8 billion** in its rate-regulated businesses in the first six months of 2023[211](index=211&type=chunk) [Results of Operations](index=61&type=section&id=Results%20of%20Operations) Detailed financial performance shows **diluted EPS increased by $0.13** YTD, driven by rate base investments and lower O&M Key Drivers of YTD 2023 vs YTD 2022 Diluted EPS Change | Driver | Impact (cents per share) | | :--- | :--- | | **Favorable:** | | | Decreased other O&M expenses | +12¢ | | Increased rate base investments (Ameren Transmission & IL Electric) | +12¢ | | Favorable tax impacts | +2¢ | | **Unfavorable:** | | | Decreased electric retail sales at Ameren Missouri (weather) | -16¢ | | Increased financing costs | -7¢ | | Increased weighted-average common shares | -3¢ | - Ameren Missouri's electric margins **decreased by $9 million** YTD, primarily due to an estimated **$46 million** negative impact from weather, partially offset by higher base rates and favorable **net** energy cost variances under the FAC[256](index=256&type=chunk)[257](index=257&type=chunk)[258](index=258&type=chunk) - Ameren Illinois Electric Distribution's margins **decreased by $5 million** YTD, mainly due to lower recovery of bad debt costs, partially offset by a higher recognized **ROE** and **increased capital investment**[264](index=264&type=chunk)[265](index=265&type=chunk) [Liquidity and Capital Resources](index=87&type=section&id=Liquidity%20and%20Capital%20Resources) Ameren maintains liquidity through operating cash flow, credit facilities, and capital markets, with **$1.3 billion** net available liquidity Cash Flow Summary (YTD 2023 vs YTD 2022, in millions) | Activity | YTD 2023 | YTD 2022 | Variance | | :--- | :--- | :--- | :--- | | **Operating** | $1,111 | $872 | $239 | | **Investing** | $(1,889) | $(1,552) | $(337) | | **Financing** | $808 | $686 | $122 | - As of June 30, 2023, Ameren had **net available liquidity** of **$1.3 billion** from its credit facilities and cash on hand[309](index=309&type=chunk)[330](index=330&type=chunk) - Ameren plans to issue approximately **$100 million** in equity annually through its DRPlus and 401(k) plans, and an additional **$500 million** of equity each year from 2024 to 2027[308](index=308&type=chunk) [Outlook](index=99&type=section&id=Outlook) Management outlines future trends, including inflationary pressures, regulatory recovery mechanisms, **net-zero carbon targets**, and planned **capital expenditures** - Ameren is targeting **net-zero carbon emissions** by 2045, with goals to add **2,800 MW** of renewable generation by 2030 and retire coal-fired plants like Rush Island (2025) and Labadie (2036-2042)[373](index=373&type=chunk) - The company plans to invest up to **$20.5 billion** in **capital expenditures** from 2023 through 2027, assuming constructive regulatory frameworks[379](index=379&type=chunk) - Ameren Missouri's PISA cost recovery mechanism has been extended through 2028, mitigating regulatory lag[349](index=349&type=chunk) - Based on preliminary calculations, Ameren does not expect to be subject to the **15% minimum tax** on adjusted financial statement income imposed by the IRA in 2023 and 2024[391](index=391&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=113&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) **No material changes** to market risk disclosures, except for nuclear fuel supply update: final Russian delivery received, with sufficient non-Russian supply - Ameren Missouri received its **final delivery** of enriched uranium from a Russian supplier in spring 2023 and has **no future deliveries planned** with any Russian suppliers[394](index=394&type=chunk) - The Callaway Energy Center has **sufficient nuclear fuel inventory** and supply contracts with non-Russian suppliers to meet its needs through the 2026 refueling[394](index=394&type=chunk) [Item 4. Controls and Procedures](index=113&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's **disclosure controls and procedures are effective**, with **no material changes** to internal control over financial reporting - As of June 30, 2023, the principal executive and financial officers concluded that the company's **disclosure controls and procedures are effective**[395](index=395&type=chunk) - **No material changes** to internal control over financial reporting occurred during the most recent fiscal quarter[396](index=396&type=chunk) PART II. Other Information [Item 1. Legal Proceedings](index=114&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal and administrative proceedings, with management believing their final disposition will **not materially adversely affect** financial condition - The company believes that the final outcome of its ordinary course legal proceedings will **not have a material adverse effect** on its financial results[397](index=397&type=chunk)[399](index=399&type=chunk) [Item 1A. Risk Factors](index=115&type=section&id=Item%201A.%20Risk%20Factors) **No material changes** to the risk factors previously disclosed in the company's Annual Report on Form 10-K - There have been **no material changes** to the risk factors disclosed in the Form 10-K[400](index=400&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=115&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) **No equity securities were purchased** by Ameren Corporation, Ameren Missouri, or Ameren Illinois during the quarter - **No equity securities were purchased** by Ameren Corporation, Ameren Missouri, or Ameren Illinois during the quarter ended June 30, 2023[401](index=401&type=chunk) [Item 5. Other Information](index=115&type=section&id=Item%205.%20Other%20Information) **No directors or officers adopted or terminated** a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter - **No directors or officers adopted or terminated** a Rule 10b5-1 trading arrangement during the quarter[402](index=402&type=chunk) [Item 6. Exhibits](index=116&type=section&id=Item%206.%20Exhibits) Exhibits filed with the Form 10-Q include supplemental indentures, credit agreement amendments, officer certifications, and Interactive Data Files - Exhibits filed include supplemental indentures, amendments to credit agreements, officer certifications, and XBRL data files[405](index=405&type=chunk)

Ameren Corporation (NYSE:AEE) Q1 2023 Earnings Conference Call May 5, 2023 10:00 AM ET Company Participants Andrew Kirk - Director of Investor Relations Marty Lyons - President & Chief Executive Officer Michael Moehn - Senior Executive Vice President & Chief Financial Officer Conference Call Participants Robin Shillock - JPMorgan Operator Greetings, and welcome to Ameren Corporation's First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and- ...

Transforming For Our Future First Quarter 2023 Earnings May 5, 2023 Cautionary Statements Forward-looking Statements Statements in this presentation not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved ...

PART I. Financial Information [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Ameren Corporation and its principal subsidiaries for Q1 2023 [Ameren Corporation Financial Statements](index=10&type=section&id=Ameren%20Corporation%20Financial%20Statements) Ameren Corporation reported a Q1 2023 net income of $264 million, or $1.00 per diluted share, with total assets reaching $38.06 billion Ameren Corporation Consolidated Statement of Income (Q1 2023 vs Q1 2022) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total Operating Revenues** | $2,062 million | $1,879 million | | **Operating Income** | $351 million | $331 million | | **Net Income Attributable to Ameren Common Shareholders** | $264 million | $252 million | | **Earnings per Common Share – Diluted** | $1.00 | $0.97 | Ameren Corporation Consolidated Balance Sheet Highlights | Metric | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $38,064 million | $37,904 million | | **Total Liabilities** | $27,328 million | $27,267 million | | **Total Equity** | $10,736 million | $10,637 million | Ameren Corporation Consolidated Statement of Cash Flows (Q1 2023 vs Q1 2022) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $496 million | $388 million | | **Net cash used in investing activities** | ($964) million | ($780) million | | **Net cash provided by financing activities** | $489 million | $391 million | [Union Electric Company (d/b/a Ameren Missouri) Financial Statements](index=14&type=section&id=Union%20Electric%20Company%20(d%2Fb%2Fa%20Ameren%20Missouri)%20Financial%20Statements) Ameren Missouri's net income decreased to $28 million in Q1 2023 from $50 million in Q1 2022, driven by higher purchased power costs Ameren Missouri Consolidated Statement of Income (Q1 2023 vs Q1 2022) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total Operating Revenues** | $923 million | $818 million | | **Operating Income** | $60 million | $65 million | | **Net Income Available to Common Shareholder** | $28 million | $50 million | [Ameren Illinois Company (d/b/a Ameren Illinois) Financial Statements](index=19&type=section&id=Ameren%20Illinois%20Company%20(d%2Fb%2Fa%20Ameren%20Illinois)%20Financial%20Statements) Ameren Illinois reported an increased net income of $198 million in Q1 2023, up from $169 million year-over-year, supported by higher electric revenues Ameren Illinois Statement of Income (Q1 2023 vs Q1 2022) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total Operating Revenues** | $1,101 million | $1,024 million | | **Operating Income** | $276 million | $246 million | | **Net Income Available to Common Shareholder** | $198 million | $169 million | [Note 2. Rate and Regulatory Matters](index=23&type=section&id=Note%202.%20Rate%20and%20Regulatory%20Matters) This note details significant regulatory activities, including rate case filings in Missouri and Illinois and a pending FERC decision on ROE - Ameren Missouri filed a nonunanimous stipulation with the MoPSC to increase annual electric service revenues by **$140 million**[81](index=81&type=chunk) - Ameren Illinois filed a Multi-Year Rate Plan (MYRP) with the ICC to set electric distribution rates from 2024 through 2027, requesting a **10.5% ROE** and forecasting a revenue requirement of **$1.28 billion** for 2024[90](index=90&type=chunk)[91](index=91&type=chunk) - Ameren Illinois also filed a request to increase annual natural gas delivery service revenues by **$160 million**, based on a **10.7% ROE** and a **$2.9 billion** rate base[98](index=98&type=chunk) - The FERC-allowed base ROE for transmission rates remains subject to complaint cases, where a **50 basis point change** would impact Ameren's annual revenue by an estimated **$19 million**[99](index=99&type=chunk) [Note 9. Commitments and Contingencies](index=43&type=section&id=Note%209.%20Commitments%20and%20Contingencies) This note outlines environmental compliance costs, ongoing litigation concerning the Rush Island Energy Center, and other site remediation obligations - Ameren and Ameren Missouri estimate capital expenditures of **$90 million to $120 million** from 2023 through 2027 to comply with existing environmental regulations[155](index=155&type=chunk) - Litigation regarding the Rush Island Energy Center continues, with Ameren Missouri requesting to retire the plant, which has a net plant balance of approximately **$0.6 billion**, by mid-2025[162](index=162&type=chunk)[163](index=163&type=chunk) - Ameren Illinois has an estimated remaining obligation of **$58 million to $108 million** for the remediation of former MGP sites, with costs recoverable from customers[171](index=171&type=chunk) [Note 14. Segment Information](index=54&type=section&id=Note%2014.%20Segment%20Information) This note provides a breakdown of Q1 2023 financial performance and capital expenditures by business segment Ameren Net Income by Segment (Q1 2023) | Segment | Net Income Attributable to Ameren Common Shareholders (in millions) | | :--- | :--- | | Ameren Missouri | $28 | | Ameren Illinois Electric Distribution | $61 | | Ameren Illinois Natural Gas | $87 | | Ameren Transmission | $71 | | Other | $17 | | **Total** | **$264** | Ameren Capital Expenditures by Segment (Q1 2023) | Segment | Capital Expenditures (in millions) | | :--- | :--- | | Ameren Missouri | $481 | | Ameren Illinois Electric Distribution | $170 | | Ameren Illinois Natural Gas | $51 | | Ameren Transmission | $213 | | Other / Intersegment | $16 | | **Total** | **$931** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=57&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial results, key performance drivers, liquidity, capital resources, and the company's strategic outlook - Q1 2023 net income attributable to common shareholders was **$264 million ($1.00/share)**, up from **$252 million ($0.97/share)** in Q1 2022[214](index=214&type=chunk) - **Positive earnings drivers** included increased rate base investments across all segments and a higher recognized ROE at Ameren Illinois Electric Distribution[214](index=214&type=chunk) - **Negative earnings impacts** included decreased electric retail sales at Ameren Missouri due to warmer winter weather and increased financing costs[214](index=214&type=chunk) - The company invested **$0.9 billion** in its rate-regulated businesses in Q1 2023 as part of its strategic plan[215](index=215&type=chunk) [Results of Operations](index=61&type=section&id=Results%20of%20Operations) The Q1 2023 earnings per share increased by $0.03, driven by rate base investments but partially offset by lower sales and higher financing costs - Favorable EPS impact from increased rate base investments at Ameren Transmission and Ameren Illinois Electric Distribution, and a higher recognized ROE at Ameren Illinois Electric Distribution (**+7 cents**)[233](index=233&type=chunk) - Unfavorable EPS impact from decreased electric retail sales at Ameren Missouri due to warmer winter temperatures (**-10 cents**)[234](index=234&type=chunk) - Unfavorable EPS impact from increased financing costs due to higher debt balances and interest rates (**-4 cents**)[234](index=234&type=chunk) - Other operations and maintenance expenses **decreased by $13 million**, partly due to a **$9 million increase** in the cash surrender value of COLI at Ameren Missouri[265](index=265&type=chunk)[266](index=266&type=chunk) [Liquidity and Capital Resources](index=79&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained $1.4 billion in net available liquidity while increasing capital expenditures and planning for future investments - Net available liquidity was **$1.4 billion** as of March 31, 2023, with an additional **$317 million** potentially available from settling forward sale agreements[287](index=287&type=chunk) Cash Flow Summary (Q1 2023 vs Q1 2022) | Activity | Q1 2023 (in millions) | Q1 2022 (in millions) | | :--- | :--- | :--- | | Cash from Operations | $496 | $388 | | Cash used in Investing | ($964) | ($780) | | Cash from Financing | $489 | $391 | - Ameren plans to invest up to **$20.5 billion** in capital expenditures from 2023 through 2027[358](index=358&type=chunk) - Ameren expects to issue approximately **$500 million of equity annually** from 2024 to 2027, in addition to about **$100 million annually** from DRPlus and employee benefit plans[287](index=287&type=chunk) [Outlook](index=88&type=section&id=Outlook) The company outlines significant capital investment plans in renewables, navigates economic pressures, and advances its net-zero emissions goal - Ameren is targeting **net-zero carbon emissions by 2045**, with plans to add **2,800 MW** of renewable generation by 2030 and retire coal-fired plants[348](index=348&type=chunk)[350](index=350&type=chunk) - The company plans to invest up to **$20.5 billion** from 2023-2027, including **$2.5 billion** in renewable generation and **$0.8 billion** in MISO long-range transmission projects[358](index=358&type=chunk) - Ameren Missouri expects a decision by June 2023 on its request for a **$140 million** annual electric revenue increase[331](index=331&type=chunk) - Based on preliminary calculations, Ameren **does not expect to be subject to the 15% minimum tax** on adjusted financial statement income imposed by the IRA in 2023 and 2024[369](index=369&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=104&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk disclosures are materially unchanged, and the company confirms no outstanding contracts with Russian uranium suppliers - **No material changes** to market risk disclosures since the last Form 10-K[372](index=372&type=chunk) - Ameren Missouri has fulfilled its contract with a Russian uranium supplier and has **no further supply contracts with Russian entities**, with fuel needs secured through 2026[372](index=372&type=chunk) [Item 4. Controls and Procedures](index=104&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls during the quarter - As of March 31, 2023, the principal executive and financial officers concluded that the company's **disclosure controls and procedures are effective**[373](index=373&type=chunk) - **No material changes** to internal control over financial reporting occurred during the most recent fiscal quarter[374](index=374&type=chunk) PART II. Other Information [Item 1. Legal Proceedings](index=106&type=section&id=Item%201.%20Legal%20Proceedings) The company's ordinary course legal proceedings are not expected to have a material adverse financial effect - The company is involved in legal proceedings arising in the ordinary course of business and **does not expect them to have a material adverse effect**[376](index=376&type=chunk) [Item 1A. Risk Factors](index=106&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Form 10-K - **No material changes** to the risk factors disclosed in the Form 10-K have occurred[377](index=377&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=106&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No company equity securities were purchased by Ameren or its subsidiaries during the first quarter of 2023 - **No reportable purchases of equity securities** were made by Ameren Corporation, Ameren Missouri, or Ameren Illinois during the first quarter of 2023[377](index=377&type=chunk) [Item 6. Exhibits](index=107&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including indentures, officer certifications, and XBRL data - Exhibits filed include a supplemental indenture for Ameren Missouri's new bonds, certifications by principal officers, and XBRL data files[380](index=380&type=chunk)

Missouri Electric Rate Review Apr. 7, 2023 Cautionary Statements Forward-looking Statements Statements in this presentation not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements includ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2022 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Exact name of registrant as specified in its charter; Commission State of Incorporation; IRS Employer File Number Address and Telephone Num ber Identification No . 1-14756 ...

Ameren Corporation (NYSE:AEE) Q4 2022 Earnings Conference Call February 16, 2023 10:00 AM ET Company Participants Andrew Kirk – Director-Investor Relations Marty Lyons – President and Chief Executive Officer Michael Moehn – Senior Executive Vice President and Chief Financial Officer Conference Call Participants Nicholas Campanella – Credit Suisse Jeremy Tonet – JPMorgan Julien Dumoulin-Smith – Bank of America Operator Greetings, and welcome to Ameren Corporation's Fourth Quarter 2022 Earnings Conference Ca ...