Ameren(AEE)2025-02-18 21:09Energy Generation and Supply - Ameren Missouri's electric supply is primarily generated from its energy centers, with factors influencing power purchases including outages and renewable energy requirements [109]. - The peak demand for the AMMO balancing authority area was 7,560 MWs in 2024, while the AMIL balancing authority area reached 8,479 MWs [106]. - Ameren Missouri plans to add 1,600 MW of natural gas-fired simple-cycle generation by 2030 and 2,100 MW of natural gas-fired combined-cycle generation by 2035 [117]. - Ameren Missouri aims to add 3,200 MW of renewable generation by 2030, including 900 MW of solar projects [117]. - Ameren Missouri burned approximately 10.7 million tons of coal in 2024 [122]. - Coal accounted for 50.5% of Ameren Missouri's energy supply in 2024, down from 54.6% in 2023 [161]. - The coal generation total decreased to 1.6 billion in 2024 from 1.9 billion in 2023, a decline of 15.8% [162]. - Renewable generation capacity increased to 2.4 billion from 1.4 billion in 2023, a significant growth of 71.4% [162]. Financial Performance and Investments - Ameren Illinois is subject to an average annual rate base of 4.8 billion from 2024 to 2027, as approved by the ICC [96]. - The allowed return on equity (ROE) for Ameren Illinois' electric distribution service is set at 8.72% [93]. - The total electric operating revenues for Ameren in 2024 were 6,439 million in 2023 [158]. - Ameren Missouri's total electric operating revenues for 2024 were 3,694 million in 2023, reflecting a growth of approximately 4.1% [158]. - The total rate base for Ameren increased to 25.8 billion in 2023, reflecting a growth of 7.4% [162]. - Ameren's total natural gas operating revenues for 2024 were 1,061 million in 2023, an increase of 2.1% [162]. - The rate base for natural gas transmission and distribution rose to 3.2 billion in 2023, an increase of 3.1% [162]. Regulatory Environment - The FERC regulates Ameren Missouri's, Ameren Illinois', and ATXI's cost-based rates for wholesale transmission and distribution of energy [92]. - The regulatory lag for Ameren's electric and natural gas jurisdictions varies, with Ameren Transmission experiencing the least amount of lag [91]. - The company faces regulatory challenges, including potential changes in environmental laws and cybersecurity risks, which could impact operational control and financial performance [154]. - Ameren's ability to recover and earn a fair return on investments may be affected by changes in the allowed return on equity (ROE) and regulatory lag [157]. Workforce and Human Capital Management - The total attrition rate for Ameren's workforce was 7% in 2024, primarily due to retirements, allowing for proactive succession planning [150]. - As of December 31, 2024, Ameren's workforce demographics show 42% Millennials, 40% Generation X, and 11% Baby Boomers, indicating a young and diverse workforce [152]. - Ameren's human capital management strategy focuses on culture, leadership, talent, and rewards to enhance workforce engagement and performance [141]. - The collective bargaining units at Ameren's subsidiaries represented 46% of employees, with contracts expiring in 2025 and 2026 covering 4% and 96% of represented employees, respectively [152]. - The company expects continued constructive relationships with labor unions, with contracts covering significant portions of represented employees expiring in the coming years [152]. Energy Efficiency and Demand Response - Ameren Missouri has invested approximately 51 million annually in 2025 and 2026, and 120 million in electric energy-efficiency programs in 2025 and 476 million and 5 million in 2025 and 2026, and 4.58 per MWh from customers for renewable energy credits [130]. - Ameren Illinois has contractual commitments to purchase approximately 1.6 million wind renewable energy credits and 3.6 million solar renewable energy credits per year [130]. - Ameren Illinois has entered into contracts to purchase approximately 0.6 million wind renewable energy credits per year, ending in 2032 [130]. Operational Metrics - Ameren Missouri's total electric sales for 2024 reached 34,833 million kilowatt-hours, a slight increase from 34,498 million in 2023 [158]. - Ameren Illinois Electric Distribution's total electric sales for 2024 were 33,911 million kilowatt-hours, up from 33,501 million in 2023 [158]. - Ameren Illinois Natural Gas total sales remained stable at 163 million dekatherms in both 2024 and 2023 [162]. - Ameren Missouri's residential natural gas revenues decreased to 100 million in 2023 [162]. - Ameren total natural gas sales decreased to 181 million dekatherms in 2024 from 182 million dekatherms in 2023, a decline of 0.5% [162].