Ameren Corporation (AEE) recently announced that its board of directors has approved a 6.3% increase in its quarterly dividend rate. The revised quarterly dividend will be 67 cents, payable on Mar 29, 2024, to shareholders of record at the close of business on Mar 13, 2024.The company’s new annualized dividend rate is $2.68 per share, resulting in an annualized dividend yield of 3.9%, based on its share price of $68.67 as of Feb 9, 2024. The company’s current dividend yield is better than the Zacks S&P 500 ...

New annualized rate is $2.68 per share ST. LOUIS, Feb. 9, 2024 /PRNewswire/ -- The board of directors of Ameren Corporation (NYSE: AEE) today declared a quarterly cash dividend on its common stock of 67 cents per share, a 6.3% increase from the prior quarterly cash dividend of 63 cents per share, resulting in an annualized equivalent dividend rate of $2.68 per share. The previous annualized equivalent dividend rate was $2.52 per share. "We are pleased to announce this is the eleventh consecutive year we've ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Ameren (AEE) , which belongs to the Zacks Utility - Electric Power industry, could be a great candidate to consider.This utility has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 9.64%.For the most recent quarter, Ameren was e ...

Core Viewpoint - Ameren Corporation is facing challenges in a tough regulatory environment in Illinois, which has negatively impacted its stock performance compared to the broader utility sector. Despite being slightly undervalued, the company's dividend yield is less attractive compared to competitors, leading to a preference for its preferred shares among income investors [2][3][21]. Company Overview - Ameren Corporation operates as a utility holding company with 2.4 million electric customers and 900,000 gas customers across four business segments in Missouri and Illinois. The company has a total generating capacity of 10,200 megawatts, with 10% coming from its Callaway Nuclear Plant [1]. Financial Performance - In 2023, Ameren's shares declined by 21.6%, significantly underperforming the S&P Utility Index, which fell by 7.1%. This decline was primarily due to the rejection of new grid plans by the Illinois Commerce Commission [2]. - The current share price of Ameren is $69.40, reflecting a P/E ratio of approximately 14.8, which is slightly undervalued by about 5% compared to its estimated value [3][10]. - Ameren's earnings per share (EPS) for 2023 is estimated to be in the range of $4.30 to $4.45, with a forecasted EPS growth of 6.0-8.0% from 2023 to 2027 [10]. Dividend Policy - Ameren's current quarterly dividend is $0.63, yielding 3.63%. The company expects annual dividend growth of 6-8%, aligning with earnings growth. However, the dividend yield is considered unexciting compared to competitors [4][6]. - The company has a target payout ratio between 55% and 70%, currently operating at the lower end of this range, indicating potential for higher dividends in the future [6]. Regulatory Environment - The regulatory environment in Illinois is challenging, with the Illinois Commerce Commission approving low returns on equity for Ameren and rejecting proposed rate increases. This has resulted in Ameren having some of the lowest electric rates in the country [15][17]. - Ameren's allowed return on equity for its Illinois operations is significantly below the national average, which may limit its financial performance [17]. Transition to Renewables - Ameren aims for net-zero emissions by 2045, ahead of the 2050 target set by the Inflation Reduction Act. The company plans to invest $48 billion in infrastructure development from 2023 to 2032, with a significant reduction in coal revenue expected by 2027 [18][19]. - The company is also expanding its renewable energy portfolio, with plans to add 2,700 megawatts of wind and solar capacity by 2037 [19]. Preferred Shares - Ameren offers a variety of preferred shares with yields exceeding 6%, which are considered more attractive for income investors compared to the common shares. These preferred shares are thinly traded but may provide better returns as interest rates fluctuate [7][21].

Expanded energy efficiency and demand response programs include more than $200 million in rebates and incentives ST. LOUIS, Jan. 26, 2024 /PRNewswire/ -- Ameren Missouri has filed an amended plan with the Missouri Public Service Commission (PSC) to provide 25 programs with $205 million in total rebates and incentives for residential and business customers over the next three years. The proposal also includes $70 million in expanded programs for income-eligible customers and social service agencies. The prop ...

Core Points - Ameren Missouri, a subsidiary of Ameren Corporation, announced a public offering of $350 million in 5.25% first mortgage bonds due in 2054, priced at 99.267% of their principal amount [1] - The net proceeds from the offering will be used to fund capital expenditures and/or refinance short-term debt [1] - The transaction is expected to close on January 9, 2024, pending customary closing conditions [1] Company Overview - Ameren Missouri has been providing electric and gas service for over 100 years, serving 1.2 million electric and 135,000 natural gas customers in central and eastern Missouri [3] - The company's service area spans 64 counties and over 500 communities, including the greater St. Louis area [3]

Ameren Corporation (NYSE:AEE) Q3 2023 Earnings Conference Call November 9, 2023 10:00 AM ET Company Participants Andrew Kirk - Director of Investor Relations Marty Lyons - Chairman, President, and CEO Michael Moehn - Senior Executive Vice President and CFO Conference Call Participants Shahriar Pourreza - Guggenheim Partners Jeremy Tonet - JPMorgan David Arcaro - Morgan Stanley Paul Patterson - Glenrock Associates Anthony Crowdell - Mizuho Securities Operator Greetings, and welcome to Ameren Corporation's Th ...

Financial Performance and Guidance - The company narrowed its 2023 diluted EPS guidance range to $4.30 to $4.45 [19], from a prior range of $4.25 to $4.45 [19] - The company expects a 6% to 8% EPS CAGR from 2023-2027 [17, 45, 70], using the original 2023 EPS guidance range midpoint of $4.35 as the base [17, 45, 70] - The company anticipates future dividend growth to align with long-term EPS growth expectations, with a payout ratio ranging between 55% and 70% of annual EPS [17, 45, 70] Strategic Investments and Growth - The company has a strong long-term infrastructure investment pipeline of over $48 billion from 2023-2032 [17, 45, 43, 70] - The company expects an 8.4% rate base CAGR from 2022-2027 [17, 45, 70] - The company invested $2.6 billion in capital projects YTD as of September 30, 2023 [25] Sustainability and Clean Energy Transition - The company targets carbon emission reductions from 2005 levels: 60% by 2030, 85% by 2040, and net-zero by 2045 [8, 30] - The company plans to add 2,800 MW of renewable resources by 2030 and a total of 4,700 MW by 2036 [8, 30, 101] - The company anticipates generating over $1 billion in tax credits for customers by 2030 due to PTCs and ITCs related to wind, solar, and battery storage [96] Regulatory and Legislative Outcomes - In July, new electric service rates became effective for Ameren Missouri [26, 48, 50] - The company expects to issue 3.2 million common shares by year-end 2023 upon settlement of forward sale agreements [50, 62]

```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

Financial Data and Key Metrics Changes - Ameren Corporation reported second quarter 2023 earnings of $0.90 per share, an increase from $0.80 per share in the same quarter of 2022, indicating a year-over-year growth of 12.5% [8][27] - The company remains on track to meet its 2023 earnings guidance range of $4.25 to $4.45 per share [31][26] Business Line Data and Key Metrics Changes - Significant capital investments were made across all business segments, with nearly a 20% increase in spending compared to the previous year [9] - Ameren Missouri installed over 175,000 smart meters and 147 smart switches, with over 75% of electric customers now having smart meters [10] - The transmission business completed 117 projects in the first half of the year, enhancing the delivery of renewable energy resources [11] Market Data and Key Metrics Changes - Year-to-date weather-normalized kilowatt-hour sales to Missouri residential customers decreased by about 1%, while commercial customers saw a slight increase of 0.5% [28] - In Illinois, year-to-date weather-normalized kilowatt-hour sales declined by approximately 3.5% compared to the previous year [28] Company Strategy and Development Direction - The company is focused on investing in energy infrastructure to ensure safe, reliable, clean, and affordable services, emphasizing sustainability and resilience [6][7] - Ameren's strategic plan includes a robust pipeline of investment opportunities totaling over $48 billion aimed at strengthening the energy grid [25] - The company aims for a compound annual earnings growth rate of 6% to 8% from 2023 through 2027, driven by strategic infrastructure investments [26] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of continued investment in grid reliability and resiliency, especially following severe storm events that disrupted power [5][6] - The company expressed confidence in its ability to execute investment plans and strategies across all business segments, anticipating strong long-term earnings and dividend growth [26][21] Other Important Information - The Missouri Public Service Commission approved a $140 million annual revenue increase, effective July 9, representing a 2% increase compounded annually since 2017 [13][32] - The Illinois General Assembly passed House Bill 3445, which supports timely construction of transmission projects, awaiting the Governor's signature [16][46] Q&A Session Summary Question: Comments on Rush Island securitization and transmission rate base opportunities - Management indicated that the book value for Rush Island is approximately $550 million, with flexibility in using funds for infrastructure investments [41][42] Question: Implications of the Supreme Court decision regarding ROFR in Texas - Management believes the Illinois legislation would stand independently of the Texas situation due to differences in state laws [50][52] Question: Updates on Illinois electric rate case - Management reported constructive progress with stakeholders, with the ICC staff's recommendation increasing to about 70% of the company's request [55][58] Question: Receptivity to rebuttal strategy on ROE and capital discrepancies - Management noted that the gap in requested revenue has narrowed significantly, indicating positive progress in discussions with regulators [60][61] Question: Impact of decreased energy prices on public conversations - Management observed that the overall backdrop has improved, leading to less pressure in discussions with policymakers [63]