Ameren Corp (NYSE:AEE) Q4 2021 Earnings Conference Call February 18, 2022 10:00 AM ET Company Participants Andrew Kirk - Director, IR Warner Baxter - Executive Chairman Martin Lyons - President, CEO & Director Michael Moehn - EVP, CFO, Chairman, Ameren Missouri & President of Ameren Services Conference Call Participants Shahriar Pourreza - Guggenheim Securities Durgesh Chopra - Evercore ISI Jeremy Tonet - JPMorgan Chase & Co. Paul Patterson - Glenrock Associates Julien Dumoulin-Smith - Bank of America Merri ...

Financial Data and Key Metrics Changes - Ameren Corporation reported third quarter 2021 earnings of $1.65 per share, an increase of $0.18 per share compared to the same period in 2020 [8][30] - The company raised its 2021 earnings guidance range to $3.75 to $3.95 per share, up from the previous range of $3.65 to $3.85 per share [8][35] Business Line Data and Key Metrics Changes - Earnings in Ameren Missouri, the largest segment, increased by $0.27 per share, driven by changes in seasonal electric rate design and higher electric retail sales [30] - Ameren Transmission earnings increased by $0.03 per share year-over-year due to increased infrastructure investment [32] - Ameren Illinois Electric Distribution earnings were comparable, reflecting increased infrastructure and energy efficiency investments [32] Market Data and Key Metrics Changes - Weather-normalized kilowatt hour sales to Illinois residential customers decreased by 0.5%, while sales to commercial and industrial customers increased by 2.5% and 1.5%, respectively [34] - Total weather-normalized sales are expected to be up approximately 2% in 2021 compared to 2020 [31] Company Strategy and Development Direction - The company continues to focus on significant investments in energy infrastructure to enhance reliability and transition to a cleaner energy future [7][9] - The Illinois legislature passed the Climate and Equitable Jobs Act, which will enable Ameren to make important infrastructure investments and earn fair returns [12][13] - Ameren plans to file a multi-year rate plan by mid-January 2023, which will allow for a structured approach to rate adjustments and investments [39][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of their strategy and the potential for significant transmission investments in the clean energy transition [49][52] - The company is focused on maintaining disciplined cost management and expects to deliver strong earnings growth in 2021 and beyond [47] Other Important Information - Ameren announced organizational changes, with Marty Lyons set to become the new President and CEO effective January 1, 2022 [25][26] - The company is actively assessing options regarding compliance with the Clean Air Act and the potential impact on customer costs and generation investments [18][19] Q&A Session Summary Question: Can you provide more color on MISO MTAP expectations? - Management expressed excitement about transmission investment opportunities and indicated that MISO has identified potential projects requiring significant investment [49][50] Question: What are the next steps regarding the Missouri IRP? - The company is working with multiple developers on projects consistent with their integrated resource plan and expects to file for approval of a portion of these projects [55] Question: How does the generation position impact customer benefits? - Management noted that being long in generation allows for potential benefits to customers through the fuel adjustment clause, especially given current market conditions [59] Question: Will you file under a multiyear rate plan in Illinois? - Management confirmed plans to file for a multiyear rate plan in 2023, emphasizing the constructive nature of the regulatory framework [61][64] Question: Have you quantified the potential upside impact from direct pay in federal legislation? - Management indicated that it is a fluid situation and has not yet quantified specific impacts but sees potential benefits from clean energy tax incentives [66][68]

Ameren Corporation (NYSE:AEE) Q2 2021 Earnings Conference Call August 6, 2021 10:00 AM ET Company Participants Andrew Kirk - Director, Investor Relations Warner Baxter - Chairman, President and Chief Executive Officer Michael Moehn - Executive Vice President and Chief Financial Officer Marty Lyons - Chairman and President, Ameren Missouri Conference Call Participants Jeremy Tonet - JPMorgan Paul Patterson - Glenrock Associates Julien Dumoulin-Smith - Bank of America Operator Greetings. Welcome to Ameren Cor ...

Financial Performance - Net income attributable to Ameren common shareholders for Q2 2021 was $207 million, or $0.80 per diluted share, down from $243 million, or $0.98 per diluted share in Q2 2020[215]. - For the first six months of 2021, net income was $440 million, or $1.71 per diluted share, compared to $389 million, or $1.57 per diluted share in the same period of 2020, reflecting a favorable impact from increased infrastructure investments[215]. - Net income attributable to Ameren common shareholders decreased by $36 million, or $0.18 per diluted share, for the three months ended June 30, 2021, compared to the same period in 2020[236]. - For the six months ended June 30, 2021, net income attributable to Ameren common shareholders increased by $51 million, or $0.14 per diluted share, compared to the same period in 2020[237]. - Net income for the six months ended June 30, 2021, was $443 million, compared to $392 million in the same period of 2020, representing an increase of 13%[244]. - Total net income for the first six months of 2021 was $235 million, compared to $203 million in the first six months of 2020, reflecting a 15.7% increase[247]. Revenue and Margins - Electric margins for the three months ended June 30, 2021, were $566 million, a decrease of 8% from $615 million in the same period of 2020[244]. - Electric and natural gas margins for Q2 2021 totaled $485 million, an increase of 6.6% from $455 million in Q2 2020[247]. - For the first six months of 2021, electric and natural gas margins reached $1,068 million, compared to $991 million in the same period of 2020, marking an increase of 7.8%[247]. - Natural gas margins for the six months ended June 30, 2021, were $47 million, compared to $46 million in the same period of 2020, showing a slight increase[244]. - The overall Ameren increase for the first six months of 2021 was $36 million compared to the same period in 2020[253]. Capital Investments - Ameren invested $1.8 billion in its rate-regulated businesses in the first half of 2021, focusing on disciplined cost management and strategic capital allocation[216]. - A five-year capital investment plan totaling approximately $8.4 billion was filed by Ameren Missouri to upgrade electric infrastructure and accommodate renewable energy[222]. - Ameren expects to make significant capital expenditures over the next five years, supported by a combination of long-term debt and equity, to enhance utility infrastructure[300]. - The company expects to invest up to $17.8 billion in capital expenditures from 2021 to 2025, with significant portions directed to transmission and distribution systems[372]. Customer and Sales Trends - The company expects gradual improvement in sales volumes in 2021 compared to 2020, despite higher past due accounts receivable due to the COVID-19 pandemic[217]. - Residential customer class saw a decrease of 4.2% in the three months ended June 30, 2021, while commercial and industrial classes increased by 8.5% and 7.0%, respectively[233]. - The total customer growth for Ameren Missouri was 2.9% for the three months ended June 30, 2021, compared to a 1.2% increase for the same period in 2020[233]. Operational Costs - Other operations and maintenance expenses for the three months ended June 30, 2021, totaled $(412) million, compared to $(384) million in the same period of 2020, indicating an increase in expenses[244]. - Depreciation and amortization expenses for the six months ended June 30, 2021, were $(566) million, up from $(526) million in the same period of 2020, reflecting a rise in depreciation costs[244]. - Interest charges for the three months ended June 30, 2021, were $(96) million, compared to $(108) million in the same period of 2020, indicating a decrease in interest expenses[244]. Regulatory and Rate Changes - Ameren Missouri requested a $299 million increase in annual electric service revenues based on a 9.9% ROE, with a decision expected by February 2022[223]. - The ICC approved Ameren Illinois' energy-efficiency plan, allowing annual investments of up to approximately $100 million from 2022 through 2025[230]. - The change in rate design approved by the MoPSC resulted in a $32 million decrease to Ameren Missouri's annual revenue requirement for electric retail service[352]. Financial Position and Liquidity - Ameren's net available liquidity was $2.0 billion at June 30, 2021, supported by credit agreements and cash equivalents[301]. - Ameren's cash provided by consolidated financing activities increased by $682 million in the first six months of 2021 compared to the same period in 2020[319]. - Common stock dividends paid by Ameren increased to $282 million in the first six months of 2021, compared to $244 million in the same period of 2020[335]. Strategic Initiatives and Future Outlook - Ameren aims for net-zero carbon emissions by 2050, targeting a 50% reduction by 2030 and 85% by 2040, with plans to add 5,400 MWs of renewable generation by 2040[368]. - The company is evaluating strategies to enhance its financial position, which may include acquisitions, divestitures, and cost-reduction initiatives[379]. - The execution of strategic initiatives could materially impact Ameren's future results of operations and liquidity[379].

Ameren Corporation (NYSE:AEE) Q1 2021 Earnings Conference Call May 11, 2021 10:00 AM ET Company Participants Andrew Kirk - Director, IR Warner Baxter - Chairman, President and CEO Michael Moehn - EVP and CFO Martin Lyons - Chairman and President, Ameren Missouri Conference Call Participants Jeremy Tonet - JPMorgan Shar Pourreza - Guggenheim Partners Julien Dumoulin-Smith - Bank of America Durgesh Chopra - Evercore ISI Stephen Byrd - Morgan Stanley Paul Patterson - Glenrock Associates Insoo Kim - Goldman Sac ...