Ameren(AEE)2024-11-07 22:10Financial Performance - Net income attributable to Ameren common shareholders for Q3 2024 was $456 million, or $1.70 per diluted share, down from $493 million, or $1.87 per diluted share in Q3 2023[196]. - For the nine months ended September 30, 2024, net income was $975 million, or $3.65 per diluted share, compared to $994 million, or $3.78 per diluted share in the same period last year[196]. - Net income attributable to Ameren common shareholders decreased by $37 million in Q3 2024 compared to Q3 2023, with earnings per diluted share decreasing by $0.17[221]. - For the nine months ended September 30, 2024, net income attributable to Ameren common shareholders decreased by $19 million, with earnings per diluted share down by $0.13[222]. - The company reported a net income of $979 million for the nine months ended September 30, 2024, compared to $998 million for the same period in 2023, a decrease of 1.9%[231]. - The net income attributable to Ameren common shareholders for Q3 2024 was $56 million, down from $66 million in Q3 2023, representing a decline of 15.2%[233]. - The company reported a net income of $174 million for the nine months ended September 30, 2024, compared to $194 million for the same period in 2023, a decrease of 10.3%[235]. Revenue and Sales - Electric revenues for Q3 2024 reached $2,035 million, a 5.9% increase from $1,921 million in Q3 2023[229]. - Total electric revenues for the nine months ended September 30, 2024, were $4,920 million, a slight decrease from $5,096 million in the same period of 2023[231]. - Ameren's electric revenues increased by $114 million, or 6%, for the three months ended September 30, 2024, compared to the previous year, primarily driven by increased revenues at Ameren Missouri and Ameren Transmission[239]. - For the nine months ended September 30, 2024, Ameren's electric revenues decreased by $176 million, or 3%, mainly due to decreased revenues at Ameren Illinois Electric Distribution and Ameren Missouri[239]. - Revenues associated with other cost recovery mechanisms increased by $10 million and $23 million for the three and nine months ended September 30, 2024, respectively[241]. - Revenues from Ameren Illinois Electric Distribution decreased by $6 million, or 1%, for Q3 2024, and by $155 million, or 9%, for the nine months ended September 30, 2024[246]. Investments and Capital Expenditures - Ameren invested $3.0 billion in its rate-regulated businesses in the nine months ended September 30, 2024[199]. - Ameren Missouri's Smart Energy Plan includes a five-year capital investment of approximately $12.4 billion to upgrade electric infrastructure and accommodate renewable energy[206]. - Ameren Missouri plans to invest up to $22.8 billion in capital expenditures from 2024 through 2028, including $3.3 billion for renewable generation investments[370]. - Capital expenditures increased by $458 million during the first nine months of 2024, primarily due to the acquisition of solar projects[316]. - Ameren Missouri acquired solar projects for a total purchase price of approximately $0.9 billion in 2024[369]. Rate Changes and Regulatory Filings - Ameren Missouri filed a request for a $446 million electric service rate increase based on a 10.25% ROE and a rate base of $14 billion, with a decision expected by May 2025[200]. - The MoPSC is expected to decide on Ameren Missouri's $40 million natural gas delivery service rate increase request by August 2025[208]. - New rates for Ameren Illinois' electric energy-efficiency formula rate update are expected to increase rates by $26 million, with a decision required by December 2024[212]. - The ICC approved an increase of $112 million in annual revenues for natural gas delivery service, effective November 28, 2023[358]. Expenses and Costs - Interest charges for Q3 2024 totaled $173 million, compared to $152 million in Q3 2023, reflecting an increase of 13.8%[229]. - Other operations and maintenance expenses for Q3 2024 totaled $229 million, an increase from $200 million in Q3 2023, representing a rise of 14.5%[233]. - Ameren's electric fuel and purchased power expenses increased by $69 million, or 16%, for Q3 2024, but decreased by $364 million, or 24%, for the nine months ended September 30, 2024[256]. - Depreciation and amortization expenses for the nine months ended September 30, 2024, were $1,125 million, compared to $1,024 million in the same period of 2023, an increase of 9.9%[231]. - Bad debt costs at Ameren Illinois Electric Distribution increased by $19 million and $35 million in the three and nine months ended September 30, 2024, respectively[272]. Financing and Liquidity - Cash provided by operating activities decreased by $85 million in the first nine months of 2024 compared to the same period in 2023, totaling $1.946 billion[310]. - Cash provided by financing activities increased by $557 million during the first nine months of 2024, totaling $1.6 billion from long-term debt issuance[320]. - Ameren plans to issue approximately $300 million of equity in 2024 and $600 million each year from 2025 to 2028[305]. - As of September 30, 2024, Ameren had approximately $615 million of common stock available for sale under the ATM program[305]. - Ameren has a credit facility providing $2.6 billion until maturity in December 2027, ensuring access to capital for operational needs[324]. Strategic Initiatives and Future Outlook - The company targets net-zero carbon emissions by 2045, with a 60% reduction by 2030 and an 85% reduction by 2040 based on 2005 levels[365]. - Ameren is evaluating strategies to enhance its results of operations, which may include acquisitions and cost reduction initiatives[382]. - The MISO awarded Ameren projects estimated to cost approximately $1.8 billion as part of a long-range transmission planning roadmap[372]. - The agreement with the U.S. Department of Justice includes funding for electric buses and charging stations estimated to cost approximately $64 million[362].