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What changed in Ameren's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of Ameren's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+630 added−679 removedSource: 10-K (2025-02-18) vs 10-K (2024-02-29)

Top changes in Ameren's 2024 10-K

630 paragraphs added · 679 removed · 459 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

73 edited+11 added−18 removed65 unchanged
Biggest changeThese issues include: • the potential for changes in laws, regulations, enforcement efforts, and policies at the state and federal levels; • corporate tax law changes, including the IRA, as well as additional interpretations, regulations, amendments, or technical corrections that affect the amount and timing of income tax payments, reduce or limit the ability to claim certain deductions and use carryforward tax benefits and/or credits, or result in rate base reductions; • cybersecurity risks, cyber attacks, including ransomware and other ransom-based attacks and those attacks arising from or generated by artificial intelligence, hacking, social engineering, and other forms of malicious cybersecurity and/or privacy events, which could result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the theft or inappropriate release of certain types of information, including sensitive customer, employee, financial, and operating system information; • acts of sabotage, which have increased in frequency and severity within the utility industry, terrorism, and other intentionally disruptive acts; • political, regulatory, and customer resistance to higher rates; • the potential for more intense competition in generation, supply, and distribution, including new technologies and their declining costs; • the impact and effectiveness of vegetation management programs; • the potential for reliability issues due to inadequate resources resulting from the retirement of fossil-fuel-fired and nuclear generation facilities as they are replaced with renewable energy generation sources, market inefficiencies related to prices for purchased power, capacity, and ancillary services, and other factors; • the need to place new transmission and generation facilities in service, which is dependent upon timely regulatory approvals and the availability of necessary labor and materials, among other things, to maintain grid reliability; • the modernization of the electric grid to accommodate a two-way flow of electricity and increase capacity for distributed generation interconnection; • net metering rules and other changes in existing regulatory frameworks and recovery mechanisms to address the allocation of costs to customers who own generation resources that enable them both to sell power to us and to purchase power from us through the use of our transmission and distribution assets; • legislation or programs to encourage or mandate energy efficiency, energy conservation, and renewable sources of power, and the lack of consensus as to how those programs should be paid for; • pressure and uncertainty on customer growth and sales volumes in light of economic conditions; • distributed generation, energy storage, technological advances, and energy-efficiency or conservation initiatives; 16 Table of Conten t s • changes in the structure of the industry as a result of changes in federal and state laws, including the formation and growth of independent transmission entities; • changes in the allowed ROE, including ROE incentive adders, on FERC-regulated electric transmission assets; • the availability of fuel and fluctuations in fuel prices; • the availability of materials and equipment, and the potential disruptions in supply chains; • the availability of a skilled work force, including transferring the specialized knowledge of those who are nearing retirement to employees succeeding them; • inflationary pressures on the prices of commodities, labor, services, materials, and supplies, high interest rates, and impacts associated with extended recovery periods from customers; • maintaining affordability of electric and natural gas utility services for customers; • the potential for reduced efficiency and productivity due to challenges of hybrid remote working arrangements for non-field employees; • regulatory lag; • the influence of macroeconomic factors on yields of United States Treasury securities and on the allowed ROE provided by regulators; • higher levels of infrastructure and technology investments and adjustments to customer rates associated with the refund of excess deferred income taxes that have resulted in, and are expected to continue to result in, negative or decreased free cash flow, which is defined as cash flows from operating activities less cash flows from investing activities and dividends paid; • the demand for access to renewable energy generation at rates acceptable to customers; • public concerns about the siting of new facilities, and challenges that members of the public can assert against applications for governmental permits and other approvals required to site and build new facilities that can result in significant cost increases, delays and denial of the permits and approvals by the regulators; • complex new and proposed environmental laws including statutes, regulations, and requirements, such as air and water quality standards, mercury emissions standards, limitations on the use of natural gas in generation, CCR management requirements, and potential CO 2 limitations, which may limit, or result in the cessation of, the operation of electric generating units; • public concerns about the potential environmental impacts from the combustion of fossil fuels; • pressure from public interest groups regarding limiting the use of natural gas, as well as proposed restrictions on the use of natural gas by state and local authorities; • certain investors’ concerns about investing in, as well as certain insurers’ concerns about providing coverage to, utility companies that have coal-fired generation assets; • increasing scrutiny by investors and other stakeholders of ESG practices; • aging infrastructure and the need to construct new power generation, transmission, and distribution facilities, which have long time frames for completion, with limited long-term ability to predict power and commodity prices and regulatory requirements; • public concerns about nuclear generation, decommissioning, and the disposal of nuclear waste; • industry reputational challenges resulting from alleged or actual legal, regulatory or compliance failures, including in connection with lobbying and political activities or liabilities arising out of wildfires or other catastrophic events; and • consolidation of electric and natural gas utility companies.
Biggest changeThese issues include: • the potential for changes in laws, regulations, enforcement efforts, and policies at the federal, state, and international levels, including but not limited to, complex new and proposed environmental laws, such as air and water quality standards, mercury emissions standards, limitations on the use of natural gas in generation, CCR management requirements, and potential CO 2 limitations, which may limit, or result in the cessation of, the operation of electric generating units; • corporate tax law changes, including the IRA, as well as additional interpretations, regulations, amendments, or technical corrections that affect the amount and timing of income tax payments or the transferability of production and investment tax credits, reduce or limit the ability to claim certain deductions and use carryforward tax benefits and/or credits, or result in rate base reductions; • cybersecurity risks, cyber attacks, including ransomware and other ransom-based attacks and those attacks arising from or generated by artificial intelligence, hacking, social engineering, and other forms of malicious cybersecurity and/or privacy events, which could result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the theft or inappropriate release of certain types of information, including sensitive customer, employee, financial, and operating system information; • acts of sabotage, which have increased in frequency and severity within the utility industry, terrorism, and other intentionally disruptive acts; • political, regulatory, and customer resistance to higher rates; • the impacts from new data centers expected to be constructed over the next several years, including increased competition among utilities, independent power producers and non-traditional market entrants, providing generation and resource adequacy to support the projected load growth, and managing the impact on customer rates; • the impact and effectiveness of vegetation management programs; • the potential for reliability issues due to inadequate resources resulting from the retirement of fossil-fuel-fired generation facilities as they are replaced with renewable energy generation sources, increasing load growth, and market inefficiencies related to prices for purchased power, capacity, and ancillary services, and other factors; • the need to place new transmission and generation facilities in service, which is dependent upon timely regulatory approvals and the availability of necessary labor and materials, among other things, to maintain grid reliability; • pressure and uncertainty on customer growth and sales volumes in light of increased competition in the industry and economic conditions; 16 Table of Contents • the ability to recover and earn a fair return on investments due to changes in the allowed ROE, including ROE incentive adders on FERC-regulated electric transmission assets; • the influence of macroeconomic factors on yields of United States Treasury securities and on the allowed ROE provided by regulators; • regulatory lag; • the availability of fuel, materials and supplies, and equipment, and the potential disruptions in supply chains and inflationary pressures or tariffs on the prices and availability of commodities, labor, services, materials and supplies, elevated interest rates, and impacts associated with extended recovery periods from customers; • the availability of a skilled work force, including transferring the specialized knowledge of those who are nearing retirement to employees succeeding them; • maintaining affordability of electric and natural gas utility services for customers, including the demand for access to renewable energy generation at rates acceptable to customers; • the modernization of the electric grid to accommodate a two-way flow of electricity and increased capacity for distributed generation interconnection; • net metering rules and other changes in existing regulatory frameworks and recovery mechanisms to address the allocation of costs to customers who own generation resources that enable them both to sell power to us and to purchase power from us through the use of our transmission and distribution assets; • legislation or programs to encourage or mandate energy efficiency, energy conservation, and renewable sources of power, and the lack of consensus as to how those programs should be paid for; • higher levels of infrastructure and technology investments and adjustments to customer rates associated with the refund of excess deferred income taxes that have resulted in, and are expected to continue to result in, negative or decreased free cash flow, which is defined as cash flows from operating activities less cash flows from investing activities and dividends paid; • public concerns about the siting of new facilities, and challenges that members of the public can assert against applications for governmental permits and other approvals required to site and build new facilities that can result in significant cost increases, delays and denial of the permits and approvals by the regulators; • public concerns about the potential environmental impacts from the combustion of fossil fuels; • pressure from public interest groups regarding limiting the use of natural gas, as well as proposed restrictions on the use of natural gas by state and local authorities; • certain investors’ concerns about investing in, as well as certain insurers’ concerns about providing coverage to, utility companies that have coal-fired generation assets; • scrutiny by investors and other stakeholders of industry practices; • public concerns about nuclear decommissioning and the disposal of nuclear waste; • industry challenges resulting from alleged or actual legal, regulatory or compliance failures, including in connection with lobbying and political activities or liabilities arising out of wildfires or other catastrophic events; and • effects of mergers, acquisitions, and divestitures within the utility industry.
For discussion of environmental matters, including NO x and SO 2 emission reduction requirements, regulation of CO 2 emissions, wastewater discharge standards, remediation efforts, CCR management regulations, and a discussion of litigation against Ameren Missouri with respect to NSR, the Clean Air Act, and Missouri law in connection with projects at Ameren Missouri’s Rush Island Energy Center, see Note 14 – Commitments and Contingencies under Part II, Item 8, of this report.
For discussion of environmental matters, including NO x and SO 2 emission reduction requirements, regulation of CO 2 emissions, wastewater discharge standards, remediation efforts, and CCR management regulations, and a discussion of litigation against Ameren Missouri with respect to NSR, the Clean Air Act, and Missouri law in connection with projects at Ameren Missouri’s Rush Island Energy Center, see Note 14 – Commitments and Contingencies under Part II, Item 8, of this report.
Based on IPA procurement events that align with the IPA’s plan, Ameren Illinois has contractual commitments to purchase approximately 1.0 million wind renewable energy credits per year and approximately 3.1 million solar renewable energy credits per year. Ameren Illinois has also entered into contracts, ending in 2032, to purchase approximately 0.6 million wind renewable energy credits per year.
Based on IPA procurement events that align with the IPA’s plan, Ameren Illinois has contractual commitments to purchase approximately 1.6 million wind renewable energy credits per year and approximately 3.6 million solar renewable energy credits per year. Ameren Illinois has also entered into contracts, ending in 2032, to purchase approximately 0.6 million wind renewable energy credits per year.
The Human Resources Committee and Ameren’s board of directors are updated regularly on human capital matters. Culture We strive to cultivate a mission-driven, values-based culture that enables the sustainable execution of our core strategy. We design our human capital management practices and policies to reinforce our core values, shape our culture, and drive employee engagement.
The Human Resources Committee and Ameren’s board of directors are updated regularly on human capital matters. Culture We strive to cultivate a mission-driven, values-based culture that enables the sustainable execution of our core strategy. We design our human capital management practices and policies to reinforce our values, shape our culture, and drive employee engagement.
The addition of renewable or natural gas-fired generation facilities is subject to obtaining necessary project approvals, including FERC approval and the issuance of a CCN by the MoPSC, as applicable.
The addition of renewable, natural gas-fired, or nuclear generation facilities is subject to obtaining necessary project approvals, including FERC approval and the issuance of a CCN by the MoPSC, as applicable.
Factors that could cause Ameren Missouri to purchase power include, among other things, energy center outages, the fulfillment of renewable energy requirements, extreme weather conditions, the availability of power at a cost lower than its generation cost, and the lack of sufficient owned generation availability. Ameren Missouri files a long-term nonbinding integrated resource plan with the MoPSC every three years.
Factors that could cause Ameren Missouri to purchase power include, among other things, energy center outages, the fulfillment of renewable energy requirements, extreme weather conditions, the availability of power at a cost lower than its generation cost, and the lack of sufficient owned generation availability. Ameren Missouri files a long-term nonbinding preferred resource plan with the MoPSC every three years.
The difference between the cost of the solar rebates and the amount set in base rates was deferred as a regulatory asset or liability under the RESRAM, and earn carrying costs at short-term interest rates. Customers that elect to enroll in net metering are allowed to net their generation against their distribution usage within each billing month.
The difference between the cost of the solar rebates and the amount set in base rates was deferred as a regulatory asset or liability under the RESRAM, and earns carrying costs at short-term interest rates. Customers that elect to enroll in net metering are allowed to net their generation against their distribution usage within each billing month.
For information regarding the percentages of Ameren Missouri’s projected required supply of coal and coal transportation that are price-hedged through 2028, see Commodity Price Risk under Part II, Item 7A, of this report. About 97% of Ameren Missouri’s coal is purchased from the Powder River Basin in Wyoming, which has a limited number of suppliers.
For information regarding the percentages of Ameren Missouri’s projected required supply of coal and coal transportation that are price-hedged through 2029, see Commodity Price Risk under Part II, Item 7A, of this report. About 97% of Ameren Missouri’s coal is purchased from the Powder River Basin in Wyoming, which has a limited number of suppliers.
Delays and disruptions in coal deliveries could cause Ameren Missouri to pursue a strategy that could include reducing off-system sales of power during low-margin periods, buying higher-cost fuels to generate required electricity, and purchasing power from other sources.
Delays and disruptions in coal deliveries could cause Ameren Missouri to pursue a strategy that could include reducing off-system sales of power during low-earning periods, buying higher-cost fuels to generate required electricity, and purchasing power from other sources.
These resources include firm natural gas supply agreements with producers, firm interstate and intrastate transportation capacity, firm no-notice storage capacity leased from interstate pipelines, and on-system storage facilities to maintain natural gas deliveries to customers throughout the year and especially during peak demand periods.
These resources include firm natural gas supply agreements, firm interstate and intrastate transportation capacity, firm no-notice storage capacity leased from interstate pipelines, and on-system storage facilities to maintain natural gas deliveries to customers throughout the year and especially during peak demand periods.
For information regarding the percentage of Ameren Missouri’s and Ameren Illinois’ projected remaining natural gas supply requirements that are price-hedged through 2028, see Commodity Price Risk under Part II, Item 7A, of this report.
For information regarding the percentage of Ameren Missouri’s and Ameren Illinois’ projected remaining natural gas supply requirements that are price-hedged through 2029, see Commodity Price Risk under Part II, Item 7A, of this report.
These environmental statutes and regulations are comprehensive and include the storage, handling, and disposal of waste materials and hazardous substances, emergency planning and response requirements, limitations and standards applicable to discharges from our facilities into the air or water that are enforced through permitting requirements, and wildlife protection laws, including those related to endangered species.
These environmental statutes and regulations are comprehensive and include the storage, handling, and disposal of waste materials and hazardous substances, emergency planning and response requirements, limitations and standards applicable to discharges from our facilities into the air or water that are enforced through permitting requirements, and natural resource protection laws, including those related to endangered species.
Ameren’s workforce strategy is designed to promote a skilled and diverse workforce that is prepared to deliver on Ameren’s mission ( To Power the Quality of Life ) and vision ( Leading the Way to a Sustainable Energy Future ), both today and in the future.
Ameren’s workforce strategy is designed to promote a skilled workforce that is well-prepared to deliver on Ameren’s mission ( To Power the Quality of Life ) and vision ( Leading the Way to a Sustainable Energy Future ), both today and in the future.
The Grid Plan outlines how Ameren Illinois expects to invest in electric distribution infrastructure in order to support grid modernization, clean energy, energy efficiency, and the state of Illinois’ renewable energy, equity, climate, electrification, and environmental goals. Ameren Illinois’ next Grid Plan is required to be filed by mid-January 2026.
The Grid Plan outlines how Ameren Illinois expects to invest in electric distribution infrastructure in order to support grid modernization, clean energy, energy efficiency, and the state of Illinois’ renewable energy, equity, climate, electrification, and environmental 11 Table of Contents goals. Ameren Illinois’ next Grid Plan is required to be filed by mid-January 2026.
Historically, the auctions were designed to cover annual peak demand plus a target reserve margin. Beginning with the April 2023 auction for the June 2023 to May 2024 planning year, auctions include four seasonal load forecasts and available capacity levels and are designed to cover each season’s peak demand plus a target reserve margin.
Beginning with the April 2023 auction for the June 2023 to May 2024 planning year, auctions include four seasonal load forecasts and available capacity levels and are designed to cover each season’s peak demand plus a target reserve margin.
Depending on the 7 Table of Conten t s jurisdiction, the effects of regulatory lag are mitigated by various means, including annual revenue requirement reconciliations, the decoupling of revenues from sales volumes to ensure revenues approved in a regulatory rate review are not affected by changes in sales volumes, the recovery of certain capital investments between traditional regulatory rate reviews, the level and timing of expenditures, the use of future test years to establish customer rates, and the use of trackers and riders.
Depending on the jurisdiction, the effects of regulatory lag are mitigated by various means, including annual revenue requirement reconciliations, the decoupling of revenues from sales volumes to ensure revenues approved in a regulatory rate review are not affected by changes in sales volumes, the recovery of certain capital investments between traditional regulatory rate reviews, the level and timing of expenditures, the use of future test years to establish customer rates, and the use of trackers and riders.
TRANSMISSION Ameren owns an integrated transmission system that is composed of the transmission assets of Ameren Missouri, Ameren Illinois, and ATXI. Ameren also operates two MISO balancing authority areas: AMMO and AMIL. The AMMO balancing authority area includes the load and most energy centers of Ameren Missouri, and had a peak demand of 7,836 MWs in 2023.
TRANSMISSION Ameren owns an integrated transmission system that is composed of the transmission assets of Ameren Missouri, Ameren Illinois, and ATXI. Ameren also operates two MISO balancing authority areas: AMMO and AMIL. The AMMO balancing authority area includes the load and most energy centers of Ameren Missouri, and had a peak demand of 7,560 MWs in 2024.
As a part of our assessment, we conduct confidential employee engagement surveys twice each year to identify areas of strength and opportunities for improvement in our employees’ experience, and take actions aimed at increasing employee engagement.
As a part of our assessment, we conduct confidential employee engagement surveys to identify areas of strength and opportunities for improvement in our employees’ experience, and take actions aimed at increasing employee engagement.
A more detailed description can be found in Note 1 – Summary of Significant Accounting Policies under Part II, Item 8, of this report. • Ameren Missouri operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri. 6 Table of Conten t s • Ameren Illinois operates rate-regulated electric transmission, electric distribution, and natural gas distribution businesses in Illinois. • ATXI operates a FERC rate-regulated electric transmission business in the MISO.
A more detailed description can be found in Note 1 – Summary of Significant Accounting Policies under Part II, Item 8, of this report. • Ameren Missouri operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri. • Ameren Illinois operates rate-regulated electric transmission, electric distribution, and natural gas distribution businesses in Illinois. • ATXI operates a FERC rate-regulated electric transmission business in the MISO.
Ameren Missouri and Ameren Illinois satisfied their renewable energy portfolio requirements in 2023, pending regulatory review by the MoPSC for Ameren Missouri. Ameren Missouri In Missouri, utilities are required to purchase or generate electricity equal to at least 15% of native load sales from renewable energy sources, with at least 2% of the requirement derived from solar energy.
Ameren Missouri and Ameren Illinois satisfied their renewable energy portfolio requirements in 2024, pending regulatory review by the MoPSC for Ameren Missouri. 12 Table of Contents Ameren Missouri In Missouri, utilities are required to purchase or generate electricity equal to at least 15% of native load sales from renewable energy sources, with at least 2% of the requirement derived from solar energy.
The need for investment in new sources of energy is dependent on several key factors, including continuation of and customer participation in energy-efficiency programs, the amount of distributed generation from customers, load growth, technological advancements, costs of generation alternatives, environmental regulation of coal-fired and natural gas-fired power plants, and state renewable energy requirements, which could lead to the retirement of current baseload assets before the end of their current useful lives or alterations in the way those assets operate, which could result in increased capital expenditures and/or increased operations and maintenance expenses.
The need for investment in new sources of energy is dependent on several key factors, including continuation of and customer participation in energy-efficiency programs, the amount of distributed generation from customers, load growth, including demand from data centers, technological advancements, costs of generation alternatives, environmental regulation of coal-fired and natural gas-fired power plants, changes in United States energy policy and priorities under the current federal administration, and state renewable energy requirements, which could lead to the retirement of current baseload assets before the end of their current useful lives or alterations in the way those assets operate, which could result in increased capital expenditures and/or increased operations and maintenance expenses.
Ameren Illinois has completed its transition to smart meters, which have been installed for nearly all its electric and natural gas customers. Ameren Missouri In Missouri, the Missouri Energy Efficiency Investment Act established a rider that, among other things, allows electric utilities to recover costs with respect to MoPSC-approved customer energy-efficiency programs.
As of December 31, 2024, Ameren Missouri and Ameren Illinois have completed the transition to smart meters, which have been installed for nearly all electric and natural gas customers. Ameren Missouri In Missouri, the Missouri Energy Efficiency Investment Act established a rider that, among other things, allows electric utilities to recover costs with respect to MoPSC-approved customer energy-efficiency programs.
The SERC is one of six regional entities and represents all or portions of 16 central and southeastern states under authority from the NERC for the purpose of 8 Table of Conten t s implementing and enforcing reliability standards approved by the FERC.
The SERC is one of six regional entities and represents all or portions of 16 central and southeastern states under authority from the NERC for the purpose of implementing and enforcing reliability standards approved by the FERC.
(b) Includes $113 million, $104 million, and $66 million in 2023, 2022, and 2021, respectively, of electric operating revenues from transmission services provided to Ameren Illinois Electric Distribution. 18 Table of Conten t s Electric Operating Statistics – Year Ended December 31, 2023 2022 2021 Ameren Missouri fuel costs (cents per kilowatthour generated) (a) 1.29 ¢ 1.41 ¢ 1.46 ¢ Source of Ameren Missouri energy supply: Coal 54.6 % 61.6 % 73.0 % Nuclear 25.6 21.6 10.5 Hydroelectric 2.4 3.2 4.2 Wind 4.9 4.7 3.7 Natural gas 1.1 1.1 1.0 Methane gas and solar 0.2 0.2 0.2 Purchased power – wind 0.6 0.8 0.6 Purchased power – other 10.6 6.8 6.8 Ameren Missouri total 100.0 % 100.0 % 100.0 % (a) Ameren Missouri fuel costs exclude $72 million, $(98) million, and $1 million in 2023, 2022, and 2021, respectively, for changes in FAC recoveries.
(b) Includes $119 million, $113 million, and $104 million in 2024, 2023, and 2022, respectively, of electric operating revenues from transmission services provided to Ameren Illinois Electric Distribution. 18 Table of Contents Electric Operating Statistics – Year Ended December 31, 2024 2023 2022 Ameren Missouri fuel costs (cents per kilowatthour generated) (a) 1.27 ¢ 1.29 ¢ 1.41 ¢ Source of Ameren Missouri energy supply: Coal 50.5 % 54.6 % 61.6 % Nuclear 29.1 25.6 21.6 Hydroelectric 3.5 2.4 3.2 Wind 4.4 4.9 4.7 Natural gas 1.0 1.1 1.1 Methane gas and solar 0.2 0.2 0.2 Purchased power – wind 0.4 0.6 0.8 Purchased power – other 10.9 10.6 6.8 Ameren Missouri total 100.0 % 100.0 % 100.0 % (a) Ameren Missouri fuel costs exclude $34 million, $72 million, and $(98) million in 2024, 2023, and 2022, respectively, for changes in FAC recoveries.
The AMIL balancing authority area includes the load of Ameren Illinois and certain natural gas-fired energy centers of Ameren Missouri, and had a peak demand of 8,859 MWs in 2023. The Ameren transmission system directly connects with 15 other balancing authority areas for the exchange of electric energy. Ameren Missouri, Ameren Illinois, and ATXI are transmission-owning members of the MISO.
The AMIL balancing authority area includes the load of Ameren Illinois and certain Ameren Missouri energy centers located in Illinois, and had a peak demand of 8,479 MWs in 2024. The Ameren transmission system directly connects with 15 other balancing authority areas for the exchange of electric energy. Ameren Missouri, Ameren Illinois, and ATXI are transmission-owning members of the MISO.
In 2023, 2022, and 2021, Ameren Illinois procured power on behalf of its customers for 28%, 28%, and 23%, respectively, of its total kilowatthour sales.
In 2024, 2023, and 2022, Ameren Illinois procured power on behalf of its customers for 25%, 28%, and 28%, respectively, of its total kilowatthour sales.
In 2023, 2022, and 2021, Ameren Illinois procured power on behalf of its customers for 28%, 28%, and 23%, respectively, of its total kilowatthour sales.
In 2024, 2023, and 2022, Ameren Illinois procured power on behalf of its customers for 25%, 28%, and 28%, respectively, of its total kilowatthour sales.
While Ameren Missouri has minimum purchase obligations associated with these agreements, the majority of these agreements are not associated with any specific coal-fired energy center. Ameren Missouri burned approximately 11.5 million tons of coal in 2023.
While Ameren Missouri has minimum purchase obligations associated with these agreements, the majority of these agreements are not associated with any specific coal-fired energy center. Ameren Missouri burned approximately 10.7 million tons of coal in 2024.
Natural Gas Operating Statistics – Year Ended December 31, 2023 2022 2021 Natural Gas Sales – dekatherms (in millions): Ameren Missouri: Residential 6 8 7 Commercial 3 4 4 Industrial 1 1 1 Transport 9 9 9 Ameren Missouri total 19 22 21 Ameren Illinois Natural Gas: Residential 47 59 54 Commercial 14 18 16 Industrial 3 6 4 Transport 99 99 100 Ameren Illinois Natural Gas total 163 182 174 Ameren total 182 204 195 Natural Gas Operating Revenues (in millions): Ameren Missouri: Residential $ 100 $ 119 $ 79 Commercial 46 56 34 Industrial 5 7 4 Transport and other 14 15 24 Ameren Missouri total $ 165 $ 197 $ 141 Ameren Illinois Natural Gas: Residential $ 657 $ 846 $ 657 Commercial 164 221 172 Industrial 14 41 35 Transport and other 62 72 93 Ameren Illinois Natural Gas total $ 897 $ 1,180 $ 957 Other and intercompany eliminations (1) (1) (1) Ameren total $ 1,061 $ 1,376 $ 1,097 Rate Base Statistics – At December 31, 2023 2022 2021 Rate Base (in billions): Electric transmission and distribution $ 17.5 $ 15.4 $ 13.5 Natural gas transmission and distribution 3.2 2.9 2.7 Coal generation: Labadie Energy Center 0.9 0.9 0.9 Sioux Energy Center 0.6 0.7 0.7 Rush Island Energy Center (scheduled to be retired in October 2024) 0.4 0.4 0.4 Meramec Energy Center (retired in December 2022) — — 0.1 Coal generation total 1.9 2.0 2.1 Nuclear generation 1.5 1.5 1.5 Renewable generation (hydroelectric, wind, solar, methane gas) 1.4 1.5 1.5 Natural gas generation 0.3 0.3 0.3 Rate base total $ 25.8 $ 23.6 $ 21.6 19 Table of Conten t s AVAILABLE INFORMATION The Ameren Companies make available free of charge through Ameren’s website (www.amereninvestors.com) their annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports filed with or furnished to the SEC pursuant to Sections 13(a) or 15(d) of the Exchange Act as soon as reasonably possible after such reports are electronically filed with, or furnished to, the SEC.
Natural Gas Operating Statistics – Year Ended December 31, 2024 2023 2022 Natural Gas Sales – dekatherms (in millions): Ameren Missouri: Residential 6 6 8 Commercial 3 3 4 Industrial 1 1 1 Transport 8 9 9 Ameren Missouri total 18 19 22 Ameren Illinois Natural Gas: Residential 47 47 59 Commercial 14 14 18 Industrial 3 3 6 Transport 99 99 99 Ameren Illinois Natural Gas total 163 163 182 Ameren total 181 182 204 Natural Gas Operating Revenues (in millions): Ameren Missouri: Residential $ 90 $ 100 $ 119 Commercial 37 46 56 Industrial 4 5 7 Transport and other 15 14 15 Ameren Missouri total $ 146 $ 165 $ 197 Ameren Illinois Natural Gas: Residential $ 661 $ 657 $ 846 Commercial 166 164 221 Industrial 10 14 41 Transport and other 101 62 72 Ameren Illinois Natural Gas total $ 938 $ 897 $ 1,180 Other and intercompany eliminations (1) (1) (1) Ameren total $ 1,083 $ 1,061 $ 1,376 Rate Base Statistics – At December 31, 2024 2023 2022 Rate Base (in billions): Electric transmission and distribution $ 18.5 $ 17.5 $ 15.4 Natural gas transmission and distribution 3.3 3.2 2.9 Coal generation: Labadie Energy Center 1.0 0.9 0.9 Sioux Energy Center 0.6 0.6 0.7 Rush Island Energy Center (retired in October 2024) — 0.4 0.4 Coal generation total 1.6 1.9 2.0 Nuclear generation 1.5 1.5 1.5 Renewable generation (hydroelectric, wind, solar, methane gas) 2.4 1.4 1.5 Natural gas generation 0.4 0.3 0.3 Rate base total $ 27.7 $ 25.8 $ 23.6 19 Table of Contents AVAILABLE INFORMATION The Ameren Companies make available free of charge through Ameren’s website (www.amereninvestors.com) their annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports filed with or furnished to the SEC pursuant to Sections 13(a) or 15(d) of the Exchange Act as soon as reasonably possible after such reports are electronically filed with, or furnished to, the SEC.
The electric energy-efficiency program investments and the return on those investments are collected from customers through a rider and are not included in the electric distribution service MYRP framework.
The electric energy-efficiency program investments and the return on those investments are collected from customers through a rider and are not included in the electric distribution service MYRP framework. Ameren Illinois’ natural gas energy-efficiency program costs are recovered through a rider.
The 10.52% return, which includes a 50-basis-point incentive adder for participation in an RTO, is based on the FERC’s May 2020 order.
The 10.48% return, which includes a 50-basis-point incentive adder for participation in an RTO, is based on the FERC’s October 2024 order.
Ameren Missouri would be adversely affected if the MoPSC does not allow recovery of the remaining investment and decommissioning costs associated with the retirement of an energy center, as well as the ability to earn a return on that remaining investment and those decommissioning costs.
Ameren Missouri would be adversely affected if the MoPSC does not allow recovery of the remaining investment and decommissioning costs associated with the retirement of an energy center, as well as the ability to earn a return on that remaining investment and those decommissioning costs. The next preferred resource plan is required to be filed by October 2026.
As a component of the energy-efficiency programs, Ameren Missouri and Ameren Illinois have invested in electric smart meters to provide customers more visibility to their energy consumption and facilitate more efficient use of energy. As of December 31, 2023, smart meters have been installed for 88% of Ameren Missouri’s electric customers.
As a component of the energy-efficiency programs, Ameren Missouri and Ameren Illinois have invested in electric smart meters to provide customers more visibility to their energy consumption and facilitate more efficient use of energy.
In addition to comprehensive safety and security standards, and mandatory health, safety, and security training programs for applicable employees, we promote programs designed to encourage employees to provide feedback on practices or actions that could harm employees, customers, or the Ameren Companies, including perceived issues related to safety, security (both physical and cyber), ethics and compliance violations, or acts of discrimination. 14 Table of Conten t s We seek to foster diversity, equity, and inclusion across our organization.
In addition to comprehensive safety and security standards, and mandatory health, safety, and security training programs for applicable employees, we promote programs designed to encourage employees to provide feedback on practices or actions that could harm employees, customers, or the Ameren Companies, including perceived issues related to safety, security (both physical and cyber), ethics and compliance violations, or acts of discrimination.
In addition to reviewing and determining the Ameren Companies’ compensation practices and policies for the chief executive officer and other executive officers, the Human Resources Committee of Ameren’s board of directors is responsible for oversight of Ameren’s human capital management practices and policies, including those related to diversity, equity, and inclusion.
In addition to reviewing and determining the Ameren Companies’ 14 Table of Contents compensation practices and policies for the chief executive officer and other executive officers, the Human Resources Committee of Ameren’s board of directors is responsible for oversight of Ameren’s human capital management practices and policies.
Ameren Transmission primarily consists of the aggregated electric transmission businesses of Ameren Illinois and ATXI. Ameren Missouri has one segment. Ameren Illinois has three segments: Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Illinois Transmission.
Ameren Transmission primarily consists of the aggregated electric transmission businesses of Ameren Illinois and ATXI. Ameren Missouri has one segment.
The MEEIA rider allows Ameren Missouri to collect from, or refund to, customers any difference between actual program costs, lost electric margins, and any performance incentive and the amounts collected from customers, without a traditional regulatory rate review, subject to MoPSC prudence reviews, until lower volumes resulting from the MEEIA programs are reflected in base rates.
The MEEIA rider allows Ameren Missouri to collect from customers its actual program costs, lost electric revenues, and any performance incentive, without a traditional regulatory rate review, subject to MoPSC prudence reviews, until lower volumes resulting from 13 Table of Contents the MEEIA programs are reflected in base rates.
(c) This rate order did not specify an ROE, capital structure, or rate base. (d) This rate order did not specify an ROE or a capital structure. (e) In December 2023, the ICC issued an order in Ameren Illinois' MYRP proceeding, approving base rates for electric distribution services for 2024 through 2027.
(c) This rate order did not specify an ROE, capital structure, or rate base. (d) This rate order did not specify an ROE or a capital structure. (e) In December 2024, the ICC issued an order in Ameren Illinois’ MYRP proceeding.
The following table summarizes the key terms of the rate orders in effect for customer billings for each of Ameren’s rate-regulated utilities as of January 1, 2024, except as noted: Rate Regulator Effective Rate Order Issued In Rates Effective Allowed ROE Percent of Common Equity Rate Base (in billions) Portion of Ameren’s 2023 Operating Revenues (a) Ameren Missouri Electric service (b) MoPSC June 2023 July 2023 (c) (c) (c) 49% Natural gas delivery service MoPSC December 2021 February 2022 (d) (d) $0.3 2% Ameren Illinois Electric distribution delivery service (e) ICC December 2023 January 2024 8.72% 50.00% $3.9 29% Natural gas delivery service (f) ICC November 2023 November 2023 9.44% 50.00% $2.8 12% Electric transmission service (g) FERC (g) January 2024 10.52% 54.90% $3.9 5% ATXI Electric transmission service (g) FERC (g) January 2024 10.52% 60.16% $1.5 3% (a) Includes pass-through costs recovered from customers, such as purchased power for electric distribution delivery service and natural gas purchased for resale for natural gas delivery service, and intercompany eliminations.
The FERC regulates Ameren Missouri’s, Ameren Illinois’, and ATXI’s cost-based rates for the wholesale transmission and distribution of energy in interstate commerce and various other matters discussed below under General Regulatory Matters. 8 Table of Contents The following table summarizes the key terms of the rate orders in effect for customer billings for each of Ameren’s utilities as of January 1, 2025, except as noted: Rate Regulator Effective Rate Order Issued In Rates Effective Allowed ROE Percent of Common Equity Rate Base (in billions) Portion of Ameren’s 2024 Operating Revenues (a) Ameren Missouri Electric service (b) MoPSC June 2023 July 2023 (c) (c) (c) 50% Natural gas delivery service MoPSC December 2021 February 2022 (d) (d) $0.3 2% Ameren Illinois Electric distribution delivery service (e) ICC December 2024 (e) 8.72% 50.00% (e) 27% Natural gas delivery service (f) ICC November 2023 November 2023 9.44% 50.00% $2.8 12% Electric transmission service (g) FERC (g) January 2025 10.48% 54.91% $4.4 6% ATXI Electric transmission service (g) FERC (g) January 2025 10.48% 60.08% $1.6 3% (a) Includes pass-through costs recovered from customers, such as purchased power for electric distribution delivery service and natural gas purchased for resale for natural gas delivery service, and intercompany eliminations.
Ameren Missouri’s Keokuk Energy Center and its dam on the Mississippi River between Hamilton, Illinois, and Keokuk, Iowa, are operated under authority granted by an Act of Congress in 1905.
Ameren Missouri’s Keokuk Energy Center and its dam on the Mississippi River between Hamilton, Illinois, and Keokuk, Iowa, 9 Table of Contents are operated under authority granted by an Act of Congress in 1905. The Keokuk Energy Center dam safety program is regulated by the Illinois Department of Natural Resources.
For additional information, see Risk Factors under Part I, Item 1A, Outlook in Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 7, and Note 2 – Rate and Regulatory Matters, Note 9 – Callaway Energy Center, and Note 14 – Commitments and Contingencies under Part II, Item 8, of this report. 17 Table of Conten t s OPERATING STATISTICS The following tables present key electric and natural gas operating statistics for Ameren for the past three years: Electric Operating Statistics – Year Ended December 31, 2023 2022 2021 Electric Sales – kilowatthours (in millions): Ameren Missouri: Residential 12,839 13,915 13,366 Commercial 13,466 13,826 13,556 Industrial 3,977 4,090 4,151 Street lighting and public authority 71 76 81 Ameren Missouri retail load subtotal 30,353 31,907 31,154 Off-system sales 4,145 7,645 7,425 Ameren Missouri total 34,498 39,552 38,579 Ameren Illinois Electric Distribution (a) : Residential 10,774 11,708 11,620 Commercial 11,602 11,867 11,795 Industrial 10,740 10,981 11,076 Street lighting and public authority 385 410 430 Ameren Illinois Electric Distribution total 33,501 34,966 34,921 Eliminate affiliate sales (30) (190) (412) Ameren total 67,969 74,328 73,088 Electric Operating Revenues (in millions): Ameren Missouri: Residential $ 1,577 $ 1,578 $ 1,445 Commercial 1,280 1,219 1,126 Industrial 306 290 280 Other, including street lighting and public authority 124 171 170 Ameren Missouri retail load subtotal $ 3,287 $ 3,258 $ 3,021 Off-system sales and capacity 407 591 191 Ameren Missouri total $ 3,694 $ 3,849 $ 3,212 Ameren Illinois Electric Distribution: Residential $ 1,344 $ 1,325 $ 933 Commercial 747 768 545 Industrial 186 199 135 Other, including street lighting and public authority (59) (36) 26 Ameren Illinois Electric Distribution total $ 2,218 $ 2,256 $ 1,639 Ameren Transmission: Ameren Illinois Transmission (b) $ 480 $ 424 $ 365 ATXI 198 192 199 Eliminate affiliate revenues (1) (1) (2) Ameren Transmission total $ 677 $ 615 $ 562 Other and intersegment eliminations (150) (139) (116) Ameren total $ 6,439 $ 6,581 $ 5,297 (a) Sales for which power was supplied by Ameren Illinois as well as alternative retail electric suppliers.
For additional information, see Risk Factors under Part I, Item 1A, Outlook in Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 7, and Note 2 – Rate and Regulatory Matters, Note 9 – Callaway Energy Center, and Note 14 – Commitments and Contingencies under Part II, Item 8, of this report. 17 Table of Contents OPERATING STATISTICS The following tables present key electric and natural gas operating statistics for Ameren for the past three years: Electric Operating Statistics – Year Ended December 31, 2024 2023 2022 Electric Sales – kilowatthours (in millions): Ameren Missouri: Residential 13,041 12,839 13,915 Commercial 13,620 13,466 13,826 Industrial 4,096 3,977 4,090 Street lighting and public authority 65 71 76 Ameren Missouri retail load subtotal 30,822 30,353 31,907 Off-system sales 4,011 4,145 7,645 Ameren Missouri total 34,833 34,498 39,552 Ameren Illinois Electric Distribution (a) : Residential 10,945 10,774 11,708 Commercial 11,631 11,602 11,867 Industrial 10,949 10,740 10,981 Street lighting and public authority 386 385 410 Ameren Illinois Electric Distribution total 33,911 33,501 34,966 Eliminate affiliate sales — (30) (190) Ameren total 68,744 67,969 74,328 Electric Operating Revenues (in millions): Ameren Missouri: Residential $ 1,638 $ 1,577 $ 1,578 Commercial 1,313 1,280 1,219 Industrial 311 306 290 Other, including street lighting and public authority 100 124 171 Ameren Missouri retail load subtotal $ 3,362 $ 3,287 $ 3,258 Off-system sales and capacity 485 407 591 Ameren Missouri total $ 3,847 $ 3,694 $ 3,849 Ameren Illinois Electric Distribution: Residential $ 1,254 $ 1,344 $ 1,325 Commercial 680 747 768 Industrial 178 186 199 Other, including street lighting and public authority (23) (59) (36) Ameren Illinois Electric Distribution total $ 2,089 $ 2,218 $ 2,256 Ameren Transmission: Ameren Illinois Transmission (b) $ 564 $ 480 $ 424 ATXI 218 198 192 Eliminate affiliate revenues (1) (1) (1) Ameren Transmission total $ 781 $ 677 $ 615 Other and intersegment eliminations (177) (150) (139) Ameren total $ 6,540 $ 6,439 $ 6,581 (a) Sales for which power was supplied by Ameren Illinois as well as alternative retail electric suppliers.
As of December 31, 2023, Ameren Missouri’s coal-fired energy centers represented 8% and 16% of Ameren’s and Ameren Missouri’s rate base, respectively. The Callaway Energy Center began operation in 1984 and is licensed to operate until 2044.
Both of Ameren Missouri’s coal-fired energy centers were constructed prior to 1978. As of December 31, 2024, Ameren Missouri’s coal-fired energy centers represented 6% and 11% of Ameren’s and Ameren Missouri’s rate base, respectively. The Callaway Energy Center began operation in 1984 and is licensed to operate until 2044.
The law requires the MoPSC to ensure that a utility’s financial incentives are aligned to help customers use energy more efficiently, to provide timely cost recovery, and to provide earnings opportunities associated with cost-effective energy-efficiency programs. Missouri does not have a law mandating energy-efficiency programs. In 2018, the MoPSC issued an order approving Ameren Missouri’s MEEIA 2019 plan.
The law requires the MoPSC to ensure that a utility’s financial incentives are aligned to help customers use energy more efficiently, to provide timely cost recovery, and to provide earnings opportunities associated with cost-effective energy-efficiency and demand response programs. Missouri does not have a law mandating energy-efficiency or demand response programs.
We strive to provide a competitive and sustainable rewards package that supports our ability to attract, engage, and retain a talented and diverse workforce, while at the same time reinforcing and rewarding strong performance. INDUSTRY ISSUES We are facing issues common to the electric and natural gas utility industry.
We strive to provide a competitive and sustainable rewards package that supports our ability to attract, engage, and retain a talented and highly qualified workforce, while at the same time reinforcing and rewarding strong performance.
The Ameren Companies expect continued constructive relationships with their respective labor unions. The Ameren Missouri collective bargaining unit contracts expire in 2025 and 2026, and cover 4% and 96% of represented employees, respectively. The Ameren Illinois collective bargaining unit contracts expire in 2026 and 2027, and cover 92% and 8% of represented employees, respectively.
The Ameren Missouri collective bargaining unit contracts expire in 2025 and 2026, and cover 4% and 96% of represented employees, respectively. The Ameren Illinois collective bargaining unit contracts expire in 2026 and 2027, and cover 92% and 8% of represented employees, respectively.
These programs include skilled craft education and training for individuals interested in skilled craft roles, an intern/co-op program that serves as a pipeline for STEM-related careers, a career reentry program for experienced professionals transitioning from voluntary career breaks, a program for individuals transitioning from military service, and an early career rotation program.
We have established programs to recruit early and mid-career talent to further enhance our workforce pipelines. These programs include skilled craft education and training for individuals interested in skilled craft roles, an intern/co-op program that serves as a pipeline for STEM-related careers, a program for individuals transitioning from military service, and an early career rotation program.
An illustration of the Ameren Companies’ reporting structures is provided below: (a) The Ameren Transmission segment also includes allocated Ameren (parent) interest charges, as well as other subsidiaries engaged in electric transmission project development and investment.
(b) The Ameren Transmission segment also includes allocated Ameren (parent) interest charges, as well as other subsidiaries engaged in electric transmission project development and investment.
Ameren Illinois’ natural gas energy-efficiency program costs are recovered through a rider. 13 Table of Conten t s NATURAL GAS SUPPLY FOR DISTRIBUTION Ameren Missouri and Ameren Illinois are responsible for the purchase and delivery of natural gas to their customers. Ameren Missouri and Ameren Illinois each develop and manage a portfolio of natural gas supply resources.
NATURAL GAS SUPPLY FOR DISTRIBUTION Ameren Missouri and Ameren Illinois are responsible for the purchase and delivery of natural gas to their customers. Ameren Missouri and Ameren Illinois each develop and manage a portfolio of natural gas supply resources.
See Item 2 – Properties under Part I of this report for information regarding our energy centers. 11 Table of Conten t s Coal Ameren Missouri has an ongoing need for coal as fuel for generation, and pursues a price-hedging strategy consistent with this requirement. Ameren Missouri has agreements in place to purchase and transport coal to its energy centers.
Coal Ameren Missouri has an ongoing need for coal as fuel for generation, and pursues a price-hedging strategy consistent with this requirement. Ameren Missouri has agreements in place to purchase and transport coal to its energy centers.
The preferred plan includes, among other things, the following: • adding an 800-MW natural gas-fired simple-cycle energy center by 2027 and an additional 1,200-MW natural gas-fired combined-cycle energy center by 2033, representing investment opportunities of $0.8 billion and $1.7 billion, respectively; • adding 2,800 MWs of renewable generation by 2030, which includes the 900 MWs of solar generation projects discussed in Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report, and an additional 1,900 MWs by 2036, representing investment opportunities of $5.3 billion and $4.1 billion, respectively; • adding 400 MWs of battery storage by 2030 and an additional 400 MWs by 2035, representing investment opportunities of $0.6 billion and $0.7 billion, respectively; • adding 1,200 MWs of other clean dispatchable generation resources by 2040 and an additional 1,200 MWs by 2043; • retiring all of Ameren Missouri’s coal-fired energy centers by 2042; • accelerating the retirement date of the Rush Island coal-fired energy center from 2025 to 2024; • extending the retirement date of the Sioux coal-fired energy center from 2030 to 2032 to ensure reliability during the transition to clean energy generation, which is subject to the approval of a change in depreciable lives of the energy center’s assets by the MoPSC; • retiring 1,800 MWs of Ameren Missouri’s natural gas-fired energy centers by 2040 to comply with Illinois law; • the continued implementation of customer energy-efficiency and demand response programs; and • the expectation that Ameren Missouri will seek and receive NRC approval for an extension of the operating license for the Callaway Energy Center beyond its current 2044 expiration date.
The 2025 Change to the 2023 PRP is expected to include, among other things, the following: 10 Table of Contents • adding 1,600 MWs of natural gas-fired simple-cycle generation by 2030, which includes the 800-MW Castle Bluff Natural Gas Project discussed in Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report, and an additional 1,200 MWs by 2043; • adding 2,100 MWs of natural gas-fired combined-cycle generation by 2035 and an additional 1,200 MWs by 2040; • adding 3,200 MWs of renewable generation by 2030, which includes the 900 MWs of solar generation projects discussed in Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report, and an additional 1,500 MWs by 2035; • adding 1,000 MWs of battery storage by 2030 and an additional 800 MWs by 2042; • adding 1,500 MWs of nuclear generation by 2040; • retiring all of Ameren Missouri’s coal-fired energy centers by 2042; • retiring 1,800 MWs of Ameren Missouri’s natural gas-fired energy centers by 2040 to comply with Illinois law; • the continued implementation of customer energy-efficiency and demand response programs; and • the expectation that Ameren Missouri will seek and receive NRC approval for an extension of the operating license for the Callaway Energy Center beyond its current 2044 expiration date.
Federal and state authorities continually revise these regulations and adopt new regulations, which may impact our planning process and the ultimate implementation of these or other new or revised regulations. Local and state land use requirements can also potentially impact our planning activities.
Federal and state authorities periodically review and modify existing regulations and adopt new regulations, which may impact our planning process and the ultimate implementation of these or other new or revised regulations. Recent and potential new executive orders issued by the current federal administration as well as local and state land use requirements can also impact our planning activities.
Pursuant to the CEJA, Ameren Illinois is required to file a Grid Plan with the ICC every four years. Ameren Illinois expects to file a revised Grid Plan with the ICC in March 2024 after its initial Grid Plan for the years 2023 to 2027 was rejected by the ICC’s December 2023 order in Ameren Illinois’ MYRP proceeding.
Pursuant to the CEJA, Ameren Illinois is required to file a Grid Plan with the ICC every four years. In December 2024, the ICC issued an order approving Ameren Illinois’ revised Grid Plan under its MYRP proceeding for electric distribution service for 2024 through 2027.
The following table presents our total employee population that is represented by a collective bargaining unit, is a female, or is racially and/or ethnically diverse at December 31, 2023: Collective Bargaining Unit Female (a) Racially and/or Ethnically Diverse (a) Ameren 46% 24% 16% Ameren Missouri 58% 17% 14% Ameren Illinois 54% 23% 14% Ameren Services 10% 41% 23% (a) Gender, race, and ethnicity were self-reported by our employees. 15 Table of Conten t s The following table presents Ameren’s employees by generation at December 31, 2023: Generation Description Ameren Ameren Missouri Ameren Illinois Ameren Services Baby Boomer (birth years between 1946 and 1964) 13% 13% 13% 13% Generation X (birth years between 1965 and 1980) 40% 40% 39% 42% Millennials (birth years between 1981 and 1996) 41% 40% 42% 39% Generation Z/Post Millennial (birth years after 1997) 6% 7% 6% 6% Collective bargaining units at Ameren’s subsidiaries consist of the International Brotherhood of Electrical Workers, the International Union of Operating Engineers, the Laborer’s International Union of North America, the United Association of Plumbers and Pipefitters, and the United Government Security Officers of America.
The following table presents our employee count and their average tenure as of December 31, 2024, and the attrition rate in 2024: Employee Count Average Tenure (in years) Attrition Rate Ameren 8,981 13 7% Ameren Missouri 3,830 14 6% Ameren Illinois 3,108 13 6% Ameren Services 2,043 11 10% 15 Table of Contents The following table presents Ameren’s employees by generation as of December 31, 2024: Generation Description Ameren Ameren Missouri Ameren Illinois Ameren Services Baby Boomer (birth years between 1946 and 1964) 11% 11% 10% 11% Generation X (birth years between 1965 and 1980) 40% 40% 40% 42% Millennials (birth years between 1981 and 1996) 42% 41% 43% 40% Generation Z/Post Millennial (birth years after 1997) 7% 8% 7% 7% Collective bargaining units at Ameren’s subsidiaries consist of the International Brotherhood of Electrical Workers, the International Union of Operating Engineers, the Laborer’s International Union of North America, the United Association of Plumbers and Pipefitters, and the United Government Security Officers of America.
Every four years, Ameren Illinois is required to file a four-year electric energy-efficiency plan with the ICC. In June 2022, the ICC issued an order approving Ameren Illinois’ electric and natural gas energy-efficiency plans for 2022 through 2025, as well as regulatory recovery mechanisms.
In June 2022, the ICC issued an order approving Ameren Illinois’ electric and natural gas energy-efficiency plans for 2022 through 2025, as well as regulatory recovery mechanisms. The order authorized electric and natural gas energy-efficiency program expenditures of $476 million and $66 million, respectively, over the four-year period.
Based on amounts collected from customers and renewable energy credit purchases under contract, the August 2023 reconciliation proceeding did not result in refunds to customers. 12 Table of Conten t s Illinois law also required Ameren Illinois to enter into contracts to purchase zero emission credits in an amount equal to approximately 16% of the actual amount of electricity delivered to retail customers during calendar year 2014, pursuant to Illinois’ zero emission standard.
Illinois law also required Ameren Illinois to enter into contracts to purchase zero emission credits in an amount equal to approximately 16% of the actual amount of electricity delivered to retail customers during calendar year 2014, pursuant to Illinois’ zero emission standard.
As our business needs change, we remain focused on ensuring that our workforce has the tools and skills necessary to deliver on our strategic initiatives. We have established programs to recruit early and mid-career talent to further enhance the diversity of our workforce pipelines.
As our business needs change, we remain focused on ensuring that our workforce has the tools and skills necessary to deliver on our strategic initiatives. Our talent management initiatives include a wide range of recruiting partnerships and programs, designed to engage a variety of career seekers.
Pursuant to the CEJA, if funds collected from customers are not used to procure renewable energy credits, they would be refunded to customers pursuant to a reconciliation proceeding, the first of which was initiated in August 2023.
Pursuant to the CEJA, if funds collected from customers are not used to procure renewable energy credits, they would be refunded to customers pursuant to an annual reconciliation proceeding, the first of which was approved by the ICC in January 2025, which was the June 2017 through May 2018 reconciliation period, and did not result in refunds to customers.
The majority of employee attrition is attributable to employee retirements, generally allowing for thoughtful workforce and succession planning in advance of these planned transitions.
Workforce The majority of our workforce is comprised of skilled-craft and STEM-related professional and technical employees. Our workforce has been stable, with a total attrition rate of 7% in 2024. The majority of employee attrition is attributable to employee retirements, generally allowing for thoughtful workforce and succession planning in advance of these planned transitions.
Natural gas supply costs are passed on to customers of Ameren Missouri and Ameren Illinois under PGA clauses, subject to prudence reviews by the MoPSC and the ICC.
In addition to transactions requiring physical delivery, certain financial instruments, including those entered into in the over-the-counter financial markets, are used to hedge the price paid for natural gas. Natural gas supply costs are passed on to customers of Ameren Missouri and Ameren Illinois under PGA clauses, subject to prudence reviews by the MoPSC and the ICC.
By law, Ameren Illinois’ electric distribution revenues are decoupled from sales volumes, which ensures that the electric distribution revenues authorized in a regulatory rate review are not affected by changes in sales volumes.
By law, Ameren Illinois’ electric distribution revenues are decoupled from sales volumes, which ensures that the electric distribution revenues authorized in a regulatory rate review are not affected by changes in sales volumes. POWER GENERATION Ameren Missouri owns energy centers that rely on a diverse fuel portfolio, including coal, nuclear, and natural gas, as well as renewable sources of generation.
Ameren Illinois operates a solar generation facility, which is one of two pilot solar projects Ameren Illinois is allowed to invest in under the CEJA. The second solar generation facility is planned be placed in service before the end of 2025.
Ameren Illinois operates two solar generation facilities, which are two of three pilot solar projects Ameren Illinois is allowed to invest in under the CEJA. The third solar generation facility is planned to be placed in service before the end of 2026. See Item 2 – Properties under Part I of this report for information regarding our energy centers.
As such, we seek to develop a strong, diverse leadership team. Management engages in an extensive succession planning process annually, which includes the involvement of Ameren’s board of directors. We develop our leaders both individually, through job rotations, work experiences, and leadership development programs, and as a team, through collaborative learning and mentoring relationships.
Leadership Ameren’s leaders play a critical role in setting and executing Ameren’s strategic initiatives, modeling our values and culture, and engaging and enabling the workforce. As such, we seek to develop a strong leadership team with a variety of experiences and perspectives. Management engages in an extensive succession planning process annually, which includes the involvement of Ameren’s board of directors.
Customer rates, based upon both forecasted program costs and lost electric margins and collected via the MEEIA rider, are reconciled annually to actual results.
Customer rates, based upon both forecasted program costs and lost electric revenues and collected via the MEEIA rider, are reconciled annually to actual results. Ameren Illinois Pursuant to Illinois law, Ameren Illinois offers customer energy-efficiency programs, and is subject to electric energy-efficiency savings goals and a maximum annual amount of investment in electric energy-efficiency programs.
Ameren Missouri has inventories and supply contracts sufficient to meet all of its uranium (concentrate and hexafluoride), conversion, enrichment, and fabrication requirements at least through the spring 2028 refueling. RENEWABLE ENERGY AND ZERO EMISSION STANDARDS Missouri and Illinois laws require electric utilities to include renewable energy resources in their portfolios.
Ameren Missouri has inventories and supply contracts sufficient to meet all of its uranium (concentrate and hexafluoride), conversion, enrichment, and fabrication requirements at least through the spring 2028 refueling. Renewable Ameren Missouri operates several renewable energy centers, which includes hydroelectric, wind, methane gas, and solar energy centers. The High Prairie and Atchison energy centers are wind generation facilities.
The Keokuk Energy Center generates electricity using a hydroelectric dam located on the Mississippi River. The Maryland Heights Energy Center generates electricity by burning methane gas collected from a landfill. Ameren Missouri is meeting the solar energy requirement by purchasing solar-generated renewable energy credits from customer-installed systems and by generating energy at its solar facilities.
The Huck Finn, Boomtown, and Cass County energy centers are solar generation facilities. The Osage and Keokuk energy centers generate electricity using hydroelectric dams located on the Lake of the Ozarks and the Mississippi River, respectively. The Maryland Heights Energy Center generates electricity by burning methane gas collected from a landfill.
Talent In order to attract and retain a skilled and diverse workforce, we promote an inclusive work environment, provide opportunities for employees to expand their knowledge and skill sets, and support career development. Our talent management initiatives include a wide range of recruiting partnerships and programs, including those programs discussed below.
In addition, we evaluate our organizational structure and make adjustments and expand roles to facilitate execution of our strategy and organizational efficiency. Talent In order to attract and retain a skilled and highly qualified workforce, we provide opportunities for employees to expand their knowledge and skill sets, and we support their career development.
Throughout the year, we offer a variety of forums intended to connect our leaders to our mission, values, strategy and culture, build leadership skills and capabilities, and to promote connection and inclusion. In addition, we evaluate our organizational structure and make adjustments and expand roles to facilitate execution of our strategy and organizational efficiency.
We develop our leaders both individually, through job rotations, mentoring and sponsorships, work experiences, and leadership development programs, and as a team. Throughout the year, we offer a variety of forums intended to connect our leaders to our mission, values, strategy and culture, and build leadership skills and capabilities.
Ameren Missouri expects to satisfy the non-solar requirement in 2024 with its High Prairie Renewable, Atchison Renewable, Keokuk, and Maryland Heights energy centers, a 102-MW power purchase agreement with a wind farm operator, which expires in August 2024, and previously purchased renewable energy credits. The High Prairie Renewable and Atchison Renewable energy centers are wind generation facilities.
Ameren Missouri expects to satisfy the requirement in 2025 with its High Prairie, Atchison, Huck Finn, Keokuk, Maryland Heights, and other solar energy centers, along with other renewable energy credits purchased by Ameren Missouri, including solar-generated renewable energy credits purchased from customer-installed systems.
The plan includes a portfolio of customer energy-efficiency and demand response programs through December 2024. Ameren Missouri intends to invest approximately $420 million over the life of the plan, including $76 million in 2024. In addition, the plan includes a performance incentive that provides Ameren Missouri an opportunity to earn revenues by achieving certain customer energy-efficiency goals.
Ameren Missouri intends to invest $51 million annually in 2025 and 2026 and $22 million in 2027 for customer energy-efficiency and demand response programs. In addition, the order approved performance incentives applicable to each plan year to earn revenues by achieving certain spending and demand response goals.
The order authorized electric and natural gas energy-efficiency program expenditures of $476 million and $66 million, respectively, over the four-year period. Illinois law allows Ameren Illinois to earn a return on its electric energy-efficiency program investments.
Ameren Illinois is required to file an updated four-year electric energy-efficiency plan with the ICC by March 2025. Illinois law allows Ameren Illinois to earn a return on its electric energy-efficiency program investments.
The next integrated resource plan is expected to be filed in September 2026. 10 Table of Conten t s Ameren Missouri continues to evaluate its longer-term needs for new generating capacity.
Ameren Missouri continues to evaluate its longer-term needs for new generating capacity.
If the target program spending goal is achieved for 2024, the performance incentive would result in revenues of $12 million in 2024. Through 2023, Ameren Missouri has invested approximately $343 million in MEEIA 2019 customer energy-efficiency programs. Additionally, as part of its Smart Energy Plan, Ameren Missouri has invested $336 million in smart meters since 2019.
If 100% of the goals are achieved in 2025, 2026, and 2027, Ameren Missouri would earn performance incentive revenues of $5 million, $5 million, and $2 million, respectively. Through 2024, Ameren Missouri has invested approximately $415 million in MEEIA 2019 customer energy-efficiency and demand response programs.
For additional information regarding the RTO cost-benefit study, see Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report. 9 Table of Conten t s SUPPLY OF ELECTRIC POWER Capacity Ameren Missouri sells nearly all of its capacity to the MISO and purchases the capacity it needs to supply its native load sales from the MISO.
SUPPLY OF ELECTRIC POWER Capacity Ameren Missouri sells all of its capacity to the MISO and purchases the capacity it needs to supply its native load sales from the MISO. Ameren Illinois purchases capacity from the MISO and through bilateral contracts resulting from IPA procurement events.
Removed
The FERC regulates Ameren Missouri’s, Ameren Illinois’, and ATXI’s cost-based rates for the wholesale transmission and distribution of energy in interstate commerce and various other matters discussed below under General Regulatory Matters.
Added
Ameren Illinois has three segments: Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Illinois Transmission. 7 Table of Contents An illustration of the Ameren Companies’ reporting structures is provided below: (a) Ameren Missouri consolidates AMF, which is wholly owned by Ameren Missouri.
Removed
This rate order was based on forecasted recoverable costs and an ICC-determined ROE applied to Ameren Illinois’ 2022 year-end rate base approved by the 2022 electric distribution service revenue requirement reconciliation adjustment order. The December 2023 ICC order rejected Ameren Illinois’ Grid Plan, which was addressed as part of the MYRP proceeding.
Added
The order approved an average annual rate base for 2024, 2025, 2026, and 2027 of $4.2 billion, $4.4 billion, $4.6 billion, and $4.8 billion, respectively. Rate changes consistent with the December 2024 order became effective in late December 2024.
Removed
The ICC concluded that the proposed Grid Plan did not meet certain statutory requirements and directed Ameren Illinois to file a revised Grid Plan within three months.
Added
In 2022, the FERC issued an order approving changes to the annual MISO capacity auction. Historically, the auctions were designed to cover annual peak demand plus a target reserve margin.
Removed
Ameren Illinois expects to file a revised Grid Plan with the ICC in March 2024, and also expects to file a request to update the associated MYRP revenue requirements for 2024 through 2027 in the first half of 2024. The ICC will be under no deadline to act on the revised Grid Plan when filed.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeWith respect to the transition of Ameren Missouri’s generation fleet and carbon emission reduction targets outlined in the 2023 IRP, factors also include Ameren Missouri’s ability to obtain CCNs from the MoPSC, and any other required approvals for the addition of renewable resources or natural gas-fired generation, retirement of energy centers, and new or continued customer energy-efficiency 25 Table of Conten t s programs; the ability to enter into agreements for renewable or natural gas-fired generation and acquire or construct that generation at a reasonable cost; the ability to obtain NRC approval for an extension of the operating license for the Callaway Energy Center beyond its current 2044 expiration date; the ability to qualify for, and use or transfer, federal production or investment tax credits; the cost of wind, solar, and other renewable generation and battery storage technologies; the cost of natural gas or hydrogen CT technologies; the ability to maintain system reliability during and after the transition to clean energy generation; new and/or changes in environmental regulations, including those related to CO 2 and other greenhouse gas emissions; energy prices and demand.
Biggest changeThese factors include, but are not limited to, the following: project management expertise; the ability of suppliers, contractors, and developers to meet contractual commitments and timely complete projects, which is dependent upon the availability of necessary labor, materials, and equipment; escalating costs, including but not limited to changes to tariffs on materials or government actions; changes in the scope and timing of projects; the ability to obtain required regulatory, project, and permit approvals; the ability to obtain necessary rights-of-way, easements, and transmission connection agreements at an acceptable cost in a timely fashion; unsatisfactory performance by the projects when completed; the inability to earn an adequate return on invested capital; the ability to raise capital on reasonable terms; geopolitical conflict and other events beyond our control, including delays arising from government shutdowns or construction delays due to weather. 24 Table of Contents With respect to the transition of Ameren Missouri’s generation fleet that will be included in its 2025 Change to the 2023 PRP and carbon emission reduction targets, factors also include Ameren Missouri’s ability to obtain CCNs from the MoPSC, and any other required approvals for the addition of renewable resources, battery storage, or nuclear or natural gas-fired generation, retirement of energy centers, and new or continued customer energy-efficiency programs; the ability to enter into agreements for renewable, natural gas-fired, or nuclear generation and acquire or construct that generation at a reasonable cost; the ability to obtain NRC approval for an extension of the operating license for the Callaway Energy Center beyond its current 2044 expiration date; the continued existence and ability to qualify for, and use or transfer, federal production or investment tax credits; the cost of wind, solar, and other renewable generation and battery storage technologies; the cost of natural gas or hydrogen CT technologies; the cost of nuclear generation; the ability to maintain system reliability during and after the transition to clean energy generation; new and/or changes in environmental regulations, including those related to CO 2 and other greenhouse gas emissions; energy prices; and demand.
We might not have access to sufficient capital in the amounts and at the times needed, as well as on reasonable terms. We rely on the issuance of short-term and long-term debt and equity as significant sources of liquidity and funding for capital requirements not satisfied by our operating cash flow, as well as to refinance existing long-term debt.
We might not have access to sufficient capital on reasonable terms, and in the amounts and at the times needed. We rely on the issuance of short-term and long-term debt and equity as significant sources of liquidity and funding for capital requirements not satisfied by our operating cash flow, as well as to refinance existing long-term debt.
Ameren Missouri’s ownership of the Callaway Energy Center subjects it to risks associated with nuclear generation, including: • potential harmful effects on the environment and human health resulting from radiological releases associated with the operation of nuclear facilities and the storage, handling, and disposal of radioactive materials; • continued uncertainty regarding the federal government’s plan to permanently store spent nuclear fuel and, as a result, the need to provide for long-term storage of spent nuclear fuel at the Callaway Energy Center; • limitations on the amounts and types of insurance available to cover losses that might arise in connection with the Callaway Energy Center or other United States nuclear facilities; • uncertainties about contingencies and retrospective premium assessments relating to claims at the Callaway Energy Center or other United States nuclear facilities; • public and governmental concerns about the safety and adequacy of security at nuclear facilities; • limited availability of fuel supply and our reliance on licensed fuel assemblies from primarily one NRC-licensed supplier of Callaway Energy Center’s assemblies; • costly and extended outages for scheduled or unscheduled maintenance and refueling; • uncertainties about the technological and financial aspects of decommissioning nuclear facilities at the end of their licensed lives; • the ability to continue to attract and maintain qualified labor to operate the Callaway Energy Center; • the adverse effect of poor market performance and other economic factors on the asset values of nuclear decommissioning trust funds and the corresponding increase, upon MoPSC approval, in customer rates to fund the estimated decommissioning costs; and • potential adverse effects of a natural disaster, acts of sabotage or terrorism, including a cyber attack, or any accident leading to a radiological release.
Ameren Missouri’s ownership of the Callaway Energy Center subjects it to risks associated with nuclear generation, including: • potential harmful effects on the environment and human health resulting from radiological releases associated with the operation of nuclear facilities and the storage, handling, and disposal of radioactive materials; • continued uncertainty regarding the federal government’s plan to permanently store spent nuclear fuel and, as a result, the need to provide for long-term storage of spent nuclear fuel at the Callaway Energy Center; • limitations on the amounts and types of insurance available to cover losses that might arise in connection with the Callaway Energy Center or other United States nuclear facilities; • uncertainties about contingencies and retrospective insurance premium assessments relating to claims at the Callaway Energy Center or other United States nuclear facilities; • public and governmental concerns about the safety and adequacy of security at nuclear facilities; • limited availability of fuel supply and our reliance on licensed fuel assemblies from primarily one NRC-licensed supplier of Callaway Energy Center’s assemblies; • costly and extended outages for scheduled or unscheduled maintenance and refueling; • uncertainties about the technological and financial aspects of decommissioning nuclear facilities at the end of their licensed lives; • the ability to continue to attract and retain qualified labor to operate the Callaway Energy Center; • the adverse effect of poor market performance and other economic factors on the asset values of nuclear decommissioning trust funds and the corresponding increase, upon MoPSC approval, in customer rates to fund the estimated decommissioning costs; and • potential adverse effects of a natural disaster, acts of sabotage or terrorism, including a cyber attack, or any accident leading to a radiological release.
The strategy to achieve these goals also relies on continuing to pursue a diverse portfolio including low-carbon and carbon-free resources and energy-efficiency resources; continuing to participate in efforts to help advance the development of technologies such as carbon capture, utilization, and sequestration; the use of hydrogen fuel for electric production and energy storage, next generation nuclear, and large-scale long-cycle battery energy storage; and constructively engaging with legislators, regulators, investors, customers, and other stakeholders to support outcomes leading to a net-zero future.
The strategy to achieve these goals also relies on continuing to pursue a diverse portfolio, including low-carbon and carbon-free resources and energy-efficiency resources; continuing to participate in efforts to help advance the development of technologies such as carbon capture and sequestration; the use of hydrogen fuel for electric production and energy storage, next generation nuclear, and large-scale long-cycle battery energy storage; and constructively engaging with legislators, regulators, investors, customers, and other stakeholders to support outcomes leading to a net-zero future.
Cyber attacks could include viruses, malicious or destructive code, phishing attacks, denial of service attacks, supply chain attacks, ransomware and other extortion-based attacks, improper access by third parties, attacks on email systems, and attacks leading to data loss, operational control, or exploitation of vulnerabilities specific to internally developed systems or to those provided and/or maintained by our suppliers, including those attacks arising from or generated by artificial intelligence, among various other security breaches.
Cyber attacks could include viruses, malicious or destructive code, phishing or quishing attacks, denial of service attacks, supply chain attacks, ransomware and other extortion-based attacks, improper access by third parties, attacks on email systems, and attacks leading to data loss, operational control, or exploitation of vulnerabilities specific to internally developed systems or to those provided and/or maintained by our suppliers, including those attacks arising from or generated by artificial intelligence, among various other security breaches.
Beginning in 2024 through at least 2027, electric distribution rates for Ameren Illinois are established through an MYRP, which are subject to ongoing regulatory and judicial proceedings and associated risks, and are subject to a reconciliation cap. Additionally, Ameren Illinois is subject to certain performance metrics that if not achieved would result in a reduction to the company’s allowed ROE.
In 2024 through at least 2027, electric distribution rates for Ameren Illinois are established through an MYRP, which are subject to ongoing regulatory and judicial proceedings and associated risks, and are subject to a reconciliation cap. Additionally, Ameren Illinois is subject to certain performance metrics that if not achieved would result in a reduction to the company’s allowed ROE.
Rate orders are also subject to appeal, which creates additional uncertainty as to the rates that we will ultimately be allowed to charge for our services. From time to time, our regulators may approve trackers, riders, or other recovery mechanisms that allow electric or natural gas rates to be adjusted without a traditional regulatory rate review.
Rate orders are also subject to appeal, which creates additional uncertainty as to the rates that we will ultimately be allowed to charge for our services. From time to time, our regulators may approve riders or other recovery mechanisms that allow electric or natural gas rates to be adjusted without a traditional regulatory rate review.
Capital expenditures and costs to comply with future legislation or regulations might result in Ameren Missouri closing coal-fired energy centers earlier than planned. If these costs are not recoverable through base rates or other regulatory mechanisms, it could lead to an impairment of assets and reduced revenues.
Capital expenditures and costs to comply with future legislation or regulations could result in Ameren Missouri closing coal-fired energy centers earlier than planned. If these costs are not recoverable through base rates or other regulatory mechanisms, it could lead to an impairment of assets and reduced revenues.
There is increasing concern and activism among various external stakeholders, both nationally and internationally, about climate change, including public concerns about the potential environmental impacts from the combustion of fossil fuels, as well as pressure from public interest groups regarding limiting the use of natural gas.
There is concern and activism among various external stakeholders, both nationally and internationally, about climate change, including public concerns about the potential environmental impacts from the combustion of fossil fuels, as well as pressure from public interest groups regarding limiting the use of natural gas.
The CEJA resulted in changes to the regulatory framework applicable to Ameren Illinois’ electric distribution business by giving Ameren Illinois the option to file an MYRP with the ICC or establish future rates through a traditional regulatory rate review, among other things.
The CEJA resulted in changes to the regulatory framework applicable to Ameren Illinois’ electric distribution business by giving Ameren Illinois the option to file an MYRP with the ICC or establish rates through a traditional regulatory rate review, among other things.
Ameren’s goals include both direct emissions from operations (scope 1), as well as electricity usage at Ameren buildings (scope 2), including other greenhouse gas emissions of methane, nitrous oxide, and sulfur hexafluoride.
Ameren’s goals include both reduction of direct emissions from operations (scope 1), as well as electricity usage at Ameren buildings (scope 2), including other greenhouse gas emissions of methane, nitrous oxide, and sulfur hexafluoride.
Our generation, transmission, and distribution systems are part of an interconnected grid. Therefore, a disruption caused by a physical or cyber incident at another utility, electric generator, RTO, or commodity supplier could also adversely affect our businesses. Insurance might not be adequate to cover losses that arise in connection with these events.
Our generation, transmission, and distribution systems are part of an interconnected grid. Therefore, a breach or other disruption caused by a physical or cyber incident at another utility, electric generator, RTO, or commodity supplier could also adversely affect our businesses. Insurance might not be adequate to cover losses that arise in connection with these events.
If customers, investors, legislators, regulators, or creditors have or develop a negative opinion of us and our utility services, this could result in increased costs associated with regulatory oversight and could affect the ROEs we are allowed to earn, as well as the access to, and the cost of, capital.
If customers, investors, legislators, regulators, creditors or rating agencies have or develop a negative opinion of us and our utility services, this could result in increased costs associated with regulatory oversight and could affect the ROEs we are allowed to earn, as well as the access to, and the cost of, capital.
Any of the foregoing could have an adverse effect on our results of operations, financial positions, and liquidity. We are subject to business and financial risks related to the impact of climate change legislation, regulation, and emission reduction goals.
Any of the foregoing could have an adverse effect on our results of operations, financial positions, and liquidity. We are subject to business and financial risks related to the impact of climate change legislation, regulation, and emission reduction initiatives.
Customers’, investors’, legislators’, regulators’, and creditors’ opinions of us can also be affected by media coverage, including social media, which may include information, whether factual or not, that damages our brand and reputation.
Customers’, investors’, legislators’, regulators’, creditors’, and rating agencies’ opinions of us can also be affected by media coverage, including social media, which may include information, whether factual or not, that damages our brand and reputation.
These performance metrics include improvements in service reliability in both the frequency and duration of outages, a reduction in peak loads, an increased percentage of spend with diverse suppliers, a reduction in disconnections for certain customers, and improved timeliness in response to customer requests for interconnection of distributed energy resources.
These performance metrics include improvements in service reliability in both the frequency and duration of outages, a reduction in peak loads, an increased percentage of 21 Table of Contents spend with diverse suppliers, a reduction in disconnections for certain customers, and improved timeliness in response to customer requests for interconnection of distributed energy resources.
The FERC can impose civil penalties of approximately $1.5 million per violation per day for violation of its regulations, rules, and orders, including mandatory NERC reliability standards.
The FERC can impose civil penalties of approximately $1.6 million per violation per day for violation of its regulations, rules, and orders, including mandatory NERC reliability standards.
The payment of dividends to Ameren by its subsidiaries in turn depends on their results of operations, and other items affecting retained earnings, and available cash.
The payment of dividends to Ameren by its subsidiaries in turn depends on the subsidiaries’ results of operations, and other items affecting retained earnings, and available cash.
Excessive costs to comply with future legislation or regulations related to climate change might force Ameren Missouri to close some coal-fired energy centers earlier than planned, which could lead to possible loss on abandonment and reduced revenues.
Excessive costs to comply with future legislation or regulations related to climate change might force Ameren Missouri to close its remaining coal-fired energy centers earlier than planned, which could lead to possible loss on abandonment and reduced revenues.
Assumptions related to future costs, returns on investments, interest rates, timing of employee retirements, and mortality, as well as other actuarial matters, have a significant impact on our customers’ rates and our plan funding requirements. Ameren’s total pension and postretirement benefit plans were overfunded by $551 million as of December 31, 2023.
Assumptions related to future costs, returns on investments, interest rates, timing of employee retirements, and mortality, as well as other actuarial matters, have a significant impact on our customers’ rates and our plan funding requirements. Ameren’s total pension and postretirement benefit plans were overfunded by $734 million as of December 31, 2024.
In the planning and management of our operations, we must address the effects of existing and proposed laws and regulations and potential changes in our regulatory frameworks, including initiatives by federal and state legislatures, RTOs, utility regulators, and taxing authorities, and actions by local jurisdictions that may affect the constructing or siting of facilities.
In the planning and management of our operations, we must address the effects of existing and proposed laws and regulations and potential changes in our regulatory frameworks, including reinterpretation of such regulations, as well initiatives by federal and state legislatures, RTOs, utility regulators, and taxing authorities, and actions by local jurisdictions that may affect the constructing or siting of facilities.
Like other electric and natural gas utilities, our energy centers, fuel storage facilities, transmission and distribution facilities, and enterprise information systems may be affected by malicious acts, terrorist activities and other intentionally disruptive acts, including physical and cyber attacks, which could disrupt our ability to produce or distribute our energy products.
Like other electric and natural gas utilities, our energy centers, fuel storage facilities, transmission and distribution facilities, and enterprise information systems may be affected by malicious acts, terrorist activities and other intentionally disruptive acts, including physical and cyber attacks, which could disrupt our ability to produce or distribute our energy products or subject us to significant liability.
Ameren Missouri's natural gas-fired energy centers in Illinois are subject to annual limits on emissions, including CO 2 and NO x . Further reductions to emissions limits will become effective between 2030 and 2040, resulting in the closure of the Venice Energy Center by the end of 2029.
Currently as required by the CEJA, Ameren Missouri's natural gas-fired energy centers in Illinois are subject to annual limits on emissions, including CO 2 and NO x . Further reductions to emissions limits will become effective between 2030 and 2040, resulting in the closure of the Venice Energy Center by the end of 2029.
Negative opinions developed by customers, investors, legislators, regulators, and creditors could harm our reputation. Our results are influenced by the expectations of our customers, investors, legislators, regulators, and creditors. Those expectations are based, in part, on the reliability and affordability of our utility services.
Negative opinions developed by customers, investors, legislators, regulators, creditors, and rating agencies could harm our reputation. Our results are influenced by the expectations of our customers, investors, legislators, regulators, creditors and ratings agencies. Those expectations are based, in part, on the reliability and affordability of our utility services.
Additionally, negative perceptions or publicity resulting from increasing scrutiny of ESG practices could negatively impact our reputation, investment in our common stock, or our access to capital and credit markets.
Additionally, negative perceptions or publicity resulting from increasing scrutiny of company policies or practices could negatively impact our reputation, investment in our common stock, or our access to capital and credit markets.
Any such disruption could result in a significant decrease in revenues, a significant increase in costs including those for repair, or adversely affect economic activity in our service territory which, in turn, could adversely affect our results of operations, financial position, and liquidity.
Any such disruption could result in a significant decrease in revenues, a significant increase in costs including those for repair, physical harm or loss of life, or adversely affect economic activity in our service territory which, in turn, could adversely affect our results of operations, financial position, and liquidity.
Effective for rates beginning in 2024 through at least 2027, Ameren Illinois’ electric distribution rates will be established through an MYRP as discussed in the following risk factor. An MYRP includes a revenue requirement reconciliation, which may not allow for full recovery of actual costs due to a reconciliation cap.
Effective for rates in 2024 through at least 2027, Ameren Illinois’ electric distribution rates have been established through an MYRP as discussed in the following risk factor. An MYRP includes a revenue requirement reconciliation, which may not allow for full recovery of actual costs due to a reconciliation cap.
Achievement of these goals is dependent on many factors, including the pace and extent of development and deployment of low- to zero-carbon energy technologies and carbon capture technologies, and the cost of those technologies; natural gas prices; new transmission infrastructure; the ability to maintain system reliability during the transition to clean energy generation; and constructive energy and economic policies, including those that address investment in energy infrastructure, global climate change, incentives for clean energy technologies, and environmental regulations.
Achievement of these targets is dependent on many factors, including the pace and extent of development and deployment of low- to zero-carbon energy technologies and carbon capture technologies, the cost of those technologies, and support of such technologies by regulators; natural gas prices; new transmission infrastructure; the ability to maintain system reliability during and after the transition to clean energy generation; and constructive energy and economic policies, including those that address investment in energy infrastructure, global climate change, incentives for clean energy technologies, and environmental regulations.
These mechanisms could be changed or terminated. Ameren Missouri’s electric and natural gas utility rates and Ameren Illinois’ natural gas utility rates are typically established in regulatory proceedings that take up to 11 months to complete.
These mechanisms could be changed or terminated. 20 Table of Contents Ameren Missouri’s electric and natural gas utility rates and Ameren Illinois’ natural gas utility rates are typically established in regulatory proceedings that take up to 11 months to complete.
Such environmental laws address air emissions; discharges to water bodies; the storage, handling and disposal of hazardous substances and waste materials; siting and land use requirements; and potential ecological impacts. Complex and lengthy processes are required to obtain and renew approvals, permits, and licenses for new, existing, or modified energy-related facilities.
Such environmental laws regulate air emissions; protect water bodies; manage the handling and disposal of hazardous substances and waste materials; siting and land use requirements; and potential ecological impacts. Complex and lengthy processes are required to obtain and renew approvals, permits, and licenses for new, existing, or modified energy-related facilities.
Also, state and local authorities have proposed restrictions on the use of natural gas, and the ICC has initiated a future of gas proceeding to explore issues involved with decarbonization of the natural gas distribution system in the state of Illinois.
Also, state and local authorities have proposed restrictions on the use of natural gas, and the ICC is conducting a future of gas proceeding to explore issues involved with decarbonization of the natural gas distribution system in the state of Illinois.
Under the MYRP, Ameren Illinois will reconcile its actual revenue requirement, as adjusted for certain cost variations, to ICC-approved electric distribution service rates on an annual basis, subject to a reconciliation cap. The reconciliation cap limits the annual adjustment to 105% of the annual revenue requirement approved by the ICC.
Under the MYRP, Ameren Illinois is allowed to reconcile its actual electric distribution revenue requirement, as adjusted for certain cost variations, to the ICC-approved revenue requirement on an annual basis, subject to a reconciliation cap. The reconciliation cap limits the annual adjustment to 105% of the annual revenue requirement approved by the ICC.
Ameren Missouri and Ameren Illinois, and the utility industry generally, have an increased need for cost recovery, primarily driven by capital investments, which is likely to continue in the future.
Ameren Missouri and Ameren Illinois, and the utility industry generally, have an increased need for cost recovery and to earn a return on investments, primarily driven by capital investments, which is likely to continue in the future.
Additional delays or disruptions in the delivery of coal, failure of our coal suppliers to provide adequate quantities or quality of coal, or lack of adequate inventories of coal, including low-sulfur coal used to comply with environmental regulations, 26 Table of Conten t s could have adverse effects on Ameren Missouri’s electric generation operations.
Delays or disruptions in the delivery of coal, failure of our coal suppliers to provide adequate quantities or quality of coal, or lack of adequate inventories of coal, including low-sulfur coal used to comply with environmental regulations, could have adverse effects on Ameren Missouri’s electric generation operations.
Based on its assumptions at December 31, 2023, its investment performance in 2023, and its pension funding policy, Ameren does not expect to make material contributions in 2024 and 2025, and expects to make aggregate contributions of $120 million in 2026 through 2028.
Based on its assumptions at December 31, 2024, its investment performance in 2024, and its pension funding policy, Ameren does not expect to make material contributions in 2025 and expects to make aggregate contributions of $170 million in 2026 through 2029.
Failure to limit capital expenditures and operation and maintenance expenses to amounts 21 Table of Conten t s to which maintain revenue requirements under the reconciliation cap limit would adversely affect Ameren’s and Ameren Illinois’ results of operations, financial position, and liquidity. Ameren Illinois’ electric distribution service business is also subject to performance metrics.
Failure to limit capital expenditures and operation and maintenance expenses to amounts that maintain revenue requirements under the reconciliation cap limit would adversely affect Ameren’s and Ameren Illinois’ results of operations, financial position, and liquidity. Ameren Illinois’ electric distribution service business is also subject to performance metrics.
Service interruptions and facility shutdowns can occur due to failures of equipment as a result of severe or destructive weather or other causes. The ability of Ameren Missouri and Ameren Illinois to respond promptly to such failures can affect customer satisfaction.
Service interruptions and facility shutdowns can occur due to failures of equipment as a result of severe or destructive weather or other causes. The ability of Ameren Missouri and Ameren Illinois to prevent, mitigate, or respond promptly to such failures can affect customer satisfaction or potentially subject us to litigation.
Our aging infrastructure may pose risks to system reliability and expose us to expedited or unplanned significant capital expenditures and operating costs. All of Ameren Missouri’s coal-fired energy centers were constructed prior to 1978, and the Callaway Energy Center 27 Table of Conten t s began operating in 1984.
Our aging infrastructure may pose risks to system reliability and expose us to expedited or unplanned significant capital expenditures and operating costs. Both of Ameren Missouri’s coal-fired energy centers were constructed prior to 1978, and the Callaway Energy Center began operating in 1984.
The payments related to the minimum tax by Ameren Missouri, Ameren Illinois, and ATXI are expected to be recovered, subject to approval by their respective regulators.
The payments related to the minimum tax by Ameren 27 Table of Contents Missouri, Ameren Illinois, and ATXI are expected to be recovered, subject to approval by their respective regulators.
In addition, these inflationary pressures and high interest rates could adversely affect our customers’ usage of, or payment for, our services. Additionally, volatility in the commodities market could increase collateral postings and prepayments. Also, market volatility could significantly affect the investment performance of Ameren’s COLI.
In addition, these various economic pressures could adversely affect our customers’ usage of, or payment for, our services. Additionally, volatility in the commodities market could increase collateral postings and prepayments. Also, market volatility could significantly affect the investment performance of Ameren’s COLI.
Pursuant to a Missouri law that became effective in August 2022, Ameren Missouri’s PISA election was extended through December 2028 and an additional extension through December 2033 is allowed if requested by Ameren Missouri and approved by the MoPSC, among other things.
Pursuant to a Missouri law, Ameren Missouri’s PISA election was extended through December 2028 and an additional extension through December 2033 is allowed if requested by Ameren Missouri and approved by the MoPSC, among other things.
If a significant breach occurred, our reputation could be adversely affected, customer confidence could be diminished, availability of our services could be impacted, and/or we could be subject to increased costs associated with regulatory oversight, fines or legal claims, any of which could result in a significant decrease in revenues or significant costs for remedying the impacts of such a breach.
If a significant breach or other interruption occurred, whether due to an intentional or unintentional act, our reputation could be adversely affected, customer confidence could be diminished, availability of our services could be impacted, and/or we could be subject to increased costs associated with regulatory oversight, fines or legal claims, any of which could result in a significant decrease in revenues or significant costs for remedying the impacts of such a disruption.
The Ameren Missouri collective bargaining unit contracts expire in 2025 and 2026, and cover 4% and 96% of represented employees, respectively. The Ameren Illinois collective bargaining unit contracts expire in 2026 and 2027, and cover 92% and 8% of represented employees, respectively.
The Ameren Illinois collective bargaining unit contracts expire in 2026 and 2027, and cover 92% and 8% of represented employees, respectively.
OPERATIONAL RISKS The construction and acquisition of, and capital improvements to, electric and natural gas utility infrastructure, along with Ameren Missouri’s ability to implement its Smart Energy Plan, which is aligned with its 2023 IRP, involve substantial risks.
OPERATIONAL RISKS The construction and acquisition of, and capital improvements to, electric and natural gas utility infrastructure, along with Ameren Missouri’s ability to implement its Smart Energy Plan and its 2025 Change to the 2023 PRP, involve substantial risks.
Operation of electric generation, transmission, and distribution facilities involves many risks, including: • facility shutdowns due to operator error, or a failure of equipment or processes; • longer-than-anticipated maintenance outages; • failures of equipment that can result in unanticipated liabilities or unplanned outages; • aging infrastructure that may require significant expenditures to operate and maintain; • lack of adequate water required for cooling plant operations and to operate hydroelectric energy centers; • labor disputes; • disruptions in the delivery of electricity to our customers; • inability to maintain reliability of our electric utility services as coal-fired energy centers are retired and renewable energy generation is placed in service; • disruptions to the global supply chain as a result of shortages for labor, materials, or equipment, international trade relations, geopolitical conflict, delivery delays, economic pressures, including increased interest rates and inflation, among other things; • suppliers and contractors who do not perform as required under their contracts, including those obligations that are affected by supply chain disruptions; • failure of other operators’ facilities and the effect of that failure on our electric system and customers; • inability to comply with regulatory requirements or obtain permits, including those relating to environmental laws; • handling, storage, and disposition of CCR; • unusual or adverse weather conditions or other natural disasters, including those that may result from climate change, such as severe storms, droughts, floods, tornadoes, earthquakes, icing, sustained high or low temperatures, solar flares, and electromagnetic pulses; • the level of wind and solar resources; • inability to operate wind generation facilities at full capacity resulting from requirements to protect natural resources, including wildlife; • the occurrence of catastrophic events such as fires, explosions, acts of sabotage, which have increased in frequency and severity within the utility industry, acts of terrorism, civil unrest, pandemic health events, or other similar events; • accidents that might result in injury or loss of life, extensive property damage, or environmental damage; • ineffective vegetation management programs; • cybersecurity risks, including loss of operational control of Ameren Missouri’s energy centers and our transmission and distribution systems and loss of data, including sensitive customer, employee, financial, and operating system information, through insider or outsider actions; • limitations on amounts of insurance available to cover losses that might arise in connection with operating our electric generation, transmission, and distribution facilities; • inability to implement or maintain information systems; • failure to keep pace with and the ability to adapt to rapid technological change; and • other unanticipated operations and maintenance expenses and liabilities.
Operation of these facilities involves many risks, including: • facility shutdowns due to operator error, or a failure of equipment or processes; • longer-than-anticipated maintenance outages; • failures of equipment that can result in unanticipated liabilities or unplanned outages; • aging infrastructure that may require significant expenditures to operate and maintain; • natural gas leaks or explosions near populated areas, including residential areas, business centers, industrial sites, and other public gathering places; • lack of adequate water required for cooling plant operations and to operate hydroelectric energy centers; • labor disputes; • disruptions in the delivery of electricity and natural gas to our customers; • inability to maintain reliability of our electric utility services as coal-fired energy centers are retired and renewable energy generation is placed in service, as well as our ability to meet generation capacity obligations; • disruptions to the global supply chain as a result of shortages for labor, materials, or equipment, tariffs and international trade relations, geopolitical conflict, delivery delays, and economic pressures, including elevated interest rates and inflation, among other things; • suppliers and contractors who do not perform as required under their contracts, including those obligations that are affected by supply chain disruptions; • failure of other operators’ facilities and the effect of that failure on our electric and natural gas systems and customers; • inability to comply with regulatory requirements or obtain permits, including those relating to environmental laws; • handling, storage, and disposition of CCR; • unusual or adverse weather conditions or other natural disasters, including but not limited to those that may result from climate change, such as severe storms, droughts, wildfires, floods, tornadoes, earthquakes, icing, sustained high or low temperatures, solar flares, and electromagnetic pulses; • the level of wind and solar resources; • inability to operate wind generation facilities at full capacity resulting from requirements to protect natural resources, including wildlife, or other conditions limiting full capacity, such as the 2024 collapse of three turbines at the High Prairie Energy Center; pending the results of an ongoing investigation, approximately 90% of the turbines of the High Prairie Energy Center remain idle and the timing and costs necessary to return the energy center to full capacity are uncertain; • the occurrence of catastrophic events such as fires, explosions, acts of sabotage, which have increased in frequency and severity within the utility industry, acts of terrorism, civil unrest, pandemic health events, or other similar events; • accidents that might result in injury or loss of life, extensive property damage, or environmental damage; • ineffective vegetation management programs; • cybersecurity risks, including loss of operational control of Ameren Missouri’s energy centers and our transmission and distribution systems and loss of data, including sensitive customer, employee, financial, and operating system information, through insider or outsider actions; • limitations on amounts of insurance available to cover losses that might arise in connection with operating our electric generation facilities, electric and natural gas transmission and distribution facilities, and natural gas storage facilities; • inability to implement or maintain information systems; • failure to keep pace with and the ability to adapt to rapid technological change; and • other unanticipated operations and maintenance expenses and liabilities. 25 Table of Contents The foregoing risks could affect the operations of our facilities, impede our ability to meet regulatory requirements, or expose us to an increase in litigation, which could increase operating costs, increase our capital requirements and costs, reduce our revenues, or have an adverse effect on our liquidity.
Many of our suppliers, vendors, contractors, and information technology providers have access to systems that support our operations and maintain customer and employee data. A breach of these third-party systems could adversely affect our business as if it was a breach of our own system.
Many of our suppliers, vendors, contractors, and information technology providers leverage systems that support our operations and maintain customer and employee data. An interruption of these third-party systems could adversely affect our business as if it was a disruption of our own system.
Any of these risks could result in higher costs, the inability to complete anticipated projects, or facility closures, and could adversely affect our results of operations, financial position, and liquidity. Our electric generation, transmission, and distribution facilities are subject to operational risks. Our financial performance depends on the successful operation of electric generation, transmission, and distribution facilities.
Any of these risks could result in higher costs, the inability to complete anticipated projects, or facility closures, and could adversely affect our results of operations, financial position, and liquidity. Our electric generation and electric and natural gas transmission and distribution facilities, including natural gas storage facilities, are subject to operational risks.
Environmental regulations have a significant impact on the electric utility industry and compliance with these regulations could be costly for Ameren Missouri, which operates coal-fired power plants. As of December 31, 2023, Ameren Missouri’s coal-fired energy centers represented 8% and 16% of Ameren’s and Ameren Missouri’s rate base, respectively.
Environmental regulations have a significant impact on the electric utility industry and compliance with these regulations could be costly for Ameren Missouri, which operates coal-fired and natural gas-fired energy centers. As of December 31, 2024, Ameren Missouri’s coal-fired energy centers represented 6% and 11% of Ameren’s and Ameren Missouri’s rate base, respectively.
As a result, mandatory limits could have a material adverse impact on Ameren’s and Ameren Missouri’s results of operations, financial position, and liquidity. 24 Table of Conten t s Ameren is targeting net-zero carbon emissions by 2045, as well as a 60% reduction by 2030 and an 85% reduction by 2040 based on 2005 levels.
As a result, mandatory limits could have a material adverse impact on Ameren’s and Ameren Missouri’s results of operations, financial position, and liquidity. 23 Table of Contents Ameren is targeting net-zero carbon emissions by 2045, as well as a 60% reduction by 2030 and an 85% reduction by 2040 based on 2005 levels in a safe, reliable, and affordable manner.
Such properties include MGP sites, substations, and third-party sites, such as landfills. Additionally, individuals and non-governmental organizations may seek to enforce environmental laws against us, allege injury from exposure to hazardous materials, allege a failure to comply with environmental laws, seek to compel remediation of environmental contamination, or seek to recover damages resulting from purported contamination.
Additionally, individuals and non-governmental organizations may seek to enforce environmental laws against us, allege injury from exposure to hazardous materials, allege a failure to comply with environmental laws, seek to compel remediation of environmental contamination, or seek to recover damages resulting from purported contamination.
Ameren Missouri’s electric and natural gas utility rates established in those proceedings 20 Table of Conten t s are primarily based on historical costs, revenues, and sales volumes. Ameren Illinois’ natural gas rates established in those proceedings are based on estimated future costs, revenues, and sales volumes.
Ameren Missouri’s electric and natural gas utility rates established in those proceedings are based on historical costs, revenues, and sales volumes. Ameren Illinois’ natural gas rates established in those proceedings are based on estimated future costs, revenues, and sales volumes.
In addition, our natural gas transmission, distribution, and storage facilities systems are subject to PHMSA rules and regulations. Compliance with these reliability standards, rules, and regulations may subject us to higher operating costs and may result in increased capital expenditures. We may also incur higher operating costs to comply with potential new regulations issued by these regulatory bodies.
In addition, our natural gas transmission, distribution, and storage facilities systems are subject to PHMSA rules and regulations. Compliance with these reliability standards, rules, and regulations may subject us to higher operating costs and may result in increased capital expenditures.
This law also established a 2.5% annual limit on increases to the electric service revenue requirement used to set customer rates, compared to the revenue requirement established in the immediately preceding rate order, due to the inclusion of incremental PISA deferrals in the revenue requirement.
This law also established a 2.5% annual limit on increases to the electric service revenue requirement used to set customer rates, compared to the revenue requirement established in the immediately preceding rate order, due to the inclusion of incremental PISA deferrals in the revenue requirement. The limitation is effective for revenue requirements approved by the MoPSC after January 1, 2024.
Certain events, such as significant delays in finding appropriate replacement talent, inadequately trained replacement employees, a mismatch of skill sets to future needs, any work stoppage experienced in connection with negotiations of collective bargaining agreements, or challenges with remote working arrangements, could adversely affect our operations.
Certain events, such as significant delays in finding appropriate replacement talent, inadequately trained replacement employees, a mismatch of skill sets to future needs, or any work stoppage experienced in connection with negotiations of collective bargaining agreements could adversely affect our operations. Our operations are subject to acts of sabotage, terrorism, cyber attacks, and other disruptive acts.
Ameren Illinois cannot predict the ultimate outcome of this regulatory proceeding. As a result of the election to use the PISA, effective in 2024, Ameren Missouri’s electric service business is subject to a limitation on increasing the annual revenue requirement due to the inclusion of incremental PISA deferrals in the revenue requirement.
As a result of the election to use the PISA, Ameren Missouri’s electric service business is subject to a limitation on increasing the annual revenue requirement due to the inclusion of incremental PISA deferrals in the revenue requirement.
Additionally, negative opinions about us or other utility companies could make it more difficult for our businesses to achieve favorable legislative or regulatory outcomes. Negative opinions could also result in sales volume reductions or increased use of distributed generation by our customers. Any of these consequences could adversely affect our results of operations, financial position, and liquidity.
Additionally, negative opinions about us or other utility companies could make it more difficult for our businesses to achieve favorable legislative or regulatory outcomes. Negative opinions could also result in sales volume reductions or 28 Table of Contents increased use of distributed generation by our customers.
In addition, the ICC determines the ROE applicable to each year of the four-year period. Economic conditions could result in the annual predetermined ROE becoming inadequate over the four-year period.
Ameren Illinois’ existing riders continue to be effective under the MYRP. In addition, the ICC determines the ROE applicable to each year of the four-year period. Economic conditions could result in the annual predetermined ROE becoming inadequate over the four-year period.
Regulations under the Clean Air Act that apply to the electric utility industry include the NSPS, the CSAPR, the MATS, and the National Ambient Air Quality Standards, which are subject to periodic review for certain pollutants.
Compliance obligations under the Clean Air Act include the NSPS, the MATS, emission allowance programs and the CSAPR, and the National Ambient Air Quality Standards, which are subject to periodic review for certain pollutants.
Significant changes in the nature of the regulation of our businesses, including expiration or discontinuation of, or significant changes to, existing regulatory mechanisms, could require changes to our business planning and management of our businesses and could adversely affect our results of operations, financial position, and liquidity.
Significant changes in the nature of the regulation of our businesses, including expiration or discontinuation of, or significant changes to, existing regulatory mechanisms, and the current federal administration’s approach to United States energy policy and resultant changes in regulatory enforcement priorities, and/or evolving interpretations of existing regulatory requirements, could require changes to our business planning, strategy and management of our businesses and could adversely affect our results of operations, financial position, and liquidity.
These inflationary pressures, as well as high interest rates, could impact our ability to control costs, to make substantial investments in our businesses, to recover costs and investments, to earn our allowed ROEs within 28 Table of Conten t s frameworks established by our regulators, and/or to maintain affordability of our services for our customers.
Elevated inflation levels, as well as elevated interest rates, tariffs, trade wars, or a recession could impact our ability to control costs, to make substantial investments in our businesses, to recover costs and investments, to earn our allowed ROEs within frameworks established by our regulators, and/or to maintain affordability of our services for our customers.
The frequency and duration of customer outages are among the CEJA performance standards. Any failure to achieve these standards will result in a reduction in Ameren Illinois’ allowed ROE on electric distribution assets.
Any failure to achieve these standards will result in a reduction in Ameren Illinois’ allowed ROE on electric distribution assets.
Future legislative changes related to health care could also significantly change our benefit programs and costs. GENERAL RISKS Customers’, investors’, legislators’, regulators’, and creditors’ opinions of us are affected by many factors, including system reliability, implementation of our strategic plan, protection of customer information, rates, media coverage, and ESG practices, as well as actions by other utility companies.
GENERAL RISKS Customers’, investors’, legislators’, regulators’, creditors’, and rating agencies’ opinions of us are affected by many factors, including system safety and reliability, implementation of our strategic plan, protection of customer information, rates, media coverage, and company policies or practices, as well as actions by other utility companies.
Our ability to successfully execute our strategic plan, including the transition of Ameren Missouri’s generation fleet and achievement of the carbon emission reduction targets outlined in the 2023 IRP, may affect customers’, investors’, legislators’, regulators’, and creditors’ opinions and actions.
Our ability to successfully execute our strategic plan, including the transition of Ameren Missouri’s generation fleet that will be included in its 2025 Change to the 2023 PRP, may affect customers’, investors’, legislators’, regulators’, creditors’, and rating agencies’ opinions and actions.
Related to benefits, Ameren has defined benefit pension plans covering substantially all of its employees and has postretirement benefit plans covering non-union employees hired before October 2015 and union employees hired before January 2020.
Significant increases in our costs could increase our financing needs and otherwise adversely affect our results of operations, financial position, and liquidity. Related to benefits, Ameren has defined benefit pension plans covering substantially all of its employees and has postretirement benefit plans covering non-union employees hired before October 2015 and union employees hired before January 2020.
These factors include depressed economic conditions, a recession, increasing interest rates, inflation, sanctions, trade restrictions, political instability, war, terrorism, and extreme volatility in the debt, equity, or credit markets. Any adverse change in our credit ratings could reduce access to capital and trigger collateral postings and prepayments.
These factors include depressed economic conditions, a recession, 29 Table of Contents increasing interest rates, inflation, sanctions, trade restrictions, tariffs or trade wars, political instability, war, terrorism, and extreme volatility in the debt, equity, or credit markets.
In May 2023, the EPA issued a new proposed rule that would set CO 2 emission standards for new and existing fossil-fuel-fired power plants based on the adoption of carbon capture technology, natural gas co-firing, and co-firing hydrogen fuel to reduce emissions.
In April 2024, the EPA issued a final rule that sets CO 2 emission standards for existing coal-fired and new natural gas-fired power plants based on the emissions expected from adoption of carbon capture technology and/or natural gas co-firing for coal-fired power plants and 22 Table of Contents carbon capture technology for new natural gas-fired power plants.
We estimate that we will invest up to $22.8 billion (Ameren Missouri – up to $13.5 billion; Ameren Illinois – up to $7.6 billion; ATXI – up to $1.7 billion) of capital expenditures from 2024 through 2028.
We estimate that we will invest up to $27.4 billion (Ameren Missouri – up to $17.5 billion; Ameren Illinois – up to $7.0 billion; ATXI – up to $2.9 billion) of capital expenditures from 2025 through 2029.
Related to this matter, in November 2023, Ameren Missouri petitioned the MoPSC for a financing order to authorize the issuance of securitized utility tariff bonds to finance $519 million of costs related to the planned accelerated retirement of the Rush Island Energy Center, which includes the expected remaining unrecovered net plant balance associated with the facility.
In addition, in June 2024, the MoPSC issued a financing order authorizing the issuance of securitized utility tariff bonds by a wholly owned, special purpose subsidiary of Ameren Missouri to finance approximately $476 million of costs related to the accelerated retirement of the Rush Island Energy Center, which included the remaining unrecovered net plant balance associated with the facility, among other costs.
In addition, the EPA has announced plans to implement new climate change programs, including potential regulation of greenhouse gas emissions from the utility industry. As a result of our diverse fuel portfolio, our emissions of greenhouse gases vary among our energy centers, but coal-fired power plants are significant sources of CO 2 emissions.
As a result of our diverse fuel portfolio, our emissions of greenhouse gases vary among our energy centers, but coal-fired power plants are significant sources of CO 2 emissions.
Any adjustments to the allowed ROE for energy-efficiency investments will depend on annual performance for a historical period relative to energy savings goals. Ameren Illinois’ QIP expired in December 2023, which will subject Ameren Illinois to increased regulatory lag with respect to certain natural gas infrastructure investments.
Any adjustments to the allowed ROE for energy-efficiency investments will depend on annual performance for a historical period relative to energy savings goals.
If the proposed rule were adopted, the affected fossil-fuel-fired power plants would be required to comply with the rule through a phased-in approach or retire. Capacity restrictions for coal-fired units could apply as early as 2030. Larger natural gas-fired power plants would be required to co-fire with hydrogen by 2032, with additional requirements by 2038.
Affected power plants are required to comply with the rule through a phased-in approach or retire. Compliance with the new rule could be required as early as 2030 for certain existing coal-fired power plants and 2032 for certain new natural gas-fired power plants.
We are subject to employee workforce factors that could adversely affect our operations. Our businesses depend upon our ability to employ and retain key officers and other skilled professional and technical employees. Certain specialized knowledge that focuses on skilled-craft and STEM-related disciplines is required to construct and operate generation, transmission, and distribution assets.
Any of these consequences could adversely affect our results of operations, financial position, and liquidity. We are subject to employee workforce factors that could adversely affect our operations. Our businesses depend upon our ability to employ and retain key officers and other skilled professional and technical employees.
Ameren Missouri requested to collect the amounts necessary to repay the bonds over approximately 15 years from the date of bond issuance. In February 2024, the MoPSC staff filed a response to Ameren Missouri’s petition that stated Ameren Missouri’s decision to accelerate the retirement of the Rush Island Energy Center was prudent and largely supported Ameren Missouri’s securitization request.
Ameren Missouri will collect the amounts necessary to repay the bonds over approximately 15 years from the date of bond issuance. The securitized tariff bonds were issued in December 2024. The financing order also included a determination that the decision to retire the Rush Island Energy Center was reasonable and prudent.
Failure to limit capital investments to an amount which maintains PISA deferrals under the 2.5% limitation could adversely affect Ameren’s and Ameren Missouri’s results of operations, financial position, and liquidity. We are subject to various environmental and permitting laws. Significant capital expenditures may be required to achieve and to maintain compliance with these environmental laws.
Increased capital expenditures could cause incremental PISA deferrals to exceed the 2.5% limitation, and such amounts exceeding the 2.5% limitation would be excluded from recovery under future revenue requirements. Failure to limit capital investments to an amount which maintains PISA deferrals under the 2.5% limitation could adversely affect Ameren’s and Ameren Missouri’s results of operations, financial position, and liquidity.
Remote working arrangements could increase our data security risks, including loss of data 29 Table of Conten t s related to sensitive customer, employee, financial, and operating system information, through insider or outsider actions.
In addition, the increasingly widespread adoption of artificial intelligence technologies, including generative artificial intelligence, may increase cyber attacks and other operational, legal, privacy, and reputational risks in our industry and worldwide. Also, remote working arrangements could increase our data security risks, including loss of data related to sensitive customer, employee, financial, and operating system information, through insider or outsider actions.
Further, we are subject to risks from changing or conflicting interpretations of existing laws, modifications to existing laws, new laws, new or modified permit terms, and enforcement of environmental laws and permits by federal, state, and local authorities. 22 Table of Conten t s We are also subject to liability under environmental laws that address the remediation of environmental contamination on property currently or formerly owned by us or by our predecessors, as well as property contaminated by hazardous substances that we generated.
We are also subject to liability under environmental laws that address the remediation of environmental contamination on property currently or formerly owned by us or by our predecessors, as well as property contaminated by hazardous substances that we generated. Such properties include MGP sites, substations, and third-party sites, such as landfills.
Ameren Missouri owns and operates coal-fired energy centers. About 97% of Ameren Missouri’s coal is purchased from the Powder River Basin in Wyoming, which has a limited number of suppliers. Deliveries from the Powder River Basin have occasionally been restricted because of rail congestion, staffing and equipment issues, infrastructure maintenance, derailments, weather, and supplier financial hardship.
Ameren Missouri’s ability to obtain an adequate supply of coal could limit operation of its coal-fired energy centers. Ameren Missouri owns and operates coal-fired energy centers. About 97% of Ameren Missouri’s coal is purchased from the Powder River Basin in Wyoming, which has a limited number of suppliers.
Aging transmission and distribution facilities are more prone to failure than new facilities, which results in higher maintenance expense and the need to replace these facilities with new infrastructure. Even when the system is properly maintained, its reliability may ultimately deteriorate and negatively affect our ability to serve our customers, which could result in increased costs associated with regulatory oversight.
Aging transmission and distribution facilities are more prone to failure than new facilities, which results in higher maintenance expense and the need to replace these facilities with new infrastructure.
Further, federal, state, and local authorities, including the United States Congress, have considered initiatives to further restrict greenhouse gases to address global climate change. Additionally, international agreements could lead to future federal or state legislation or regulations.
Further, federal, state, and local authorities, including the United States Congress, have considered initiatives to further restrict greenhouse gases to address global climate change, and the EPA previously announced plans to implement new climate change programs, including regulation of greenhouse gas emissions from the utility industry.
Regulations implementing the Clean Water Act govern both intake and discharges of water, as well as evaluation of the ecological and biological impact of those operations, and could require modifications to water intake structures or more stringent limitations on wastewater discharges.
Regulations implementing the Clean Water Act govern potential impacts from our operations on water bodies including wetlands subject to the Act, as well as evaluation of the ecological and biological impact of those operations.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThese metrics include but are not limited to measures around the effectiveness of our cybersecurity controls, our ability to manage cybersecurity events and incidents, cybersecurity incident response exercises, and results of our recurring internal assessments, external assessments, and audits that Ameren regularly undergoes. Ameren regularly engages external cybersecurity experts to assist with evaluating our cybersecurity program.
Biggest changeThese metrics include but are not limited to measures on the effectiveness of our cybersecurity controls across core National Institute of Standards and Technology Cybersecurity framework functions (Govern, Identify, Protect, Detect, Respond, and Recover), our ability to manage first- and third-party cybersecurity events and incidents, cybersecurity incident response exercises, results of our recurring internal assessments, vulnerability assessments, penetration tests, external assessments, and audits that Ameren regularly undergoes.
Ameren's cybersecurity program and team are led by the Chief Information Security Officer, who possesses 25 years of critical infrastructure experience both managing and protecting information systems in concert with extensive cybersecurity operations and leadership roles.
Ameren's cybersecurity program and team are led by the Chief Information Security Officer, who possesses over 25 years of critical infrastructure experience both managing and protecting information systems in concert with extensive cybersecurity operations and leadership roles.
The risk management steering committee, which is composed of senior-level Ameren officers, with Ameren board of directors’ oversight, oversees Ameren's enterprise risk management processes, which include the identification, assessment, mitigation, and monitoring of risks including strategic, operational, and cybersecurity risks.
The risk management steering committee, which is composed of executive management and senior-level Ameren officers, with Ameren board of directors’ oversight, oversees and governs Ameren's enterprise risk management processes, which include the identification, assessment, mitigation, and monitoring of risks including strategic, operational, and cybersecurity risks.
The committee has primary responsibility for oversight of cybersecurity and digital technology risk management, including the programs, policies, practices, controls and safeguards for digital technology, information security, prevention and detection of cybersecurity incidents and information or data breaches, and cybersecurity and digital technology matters as they relate to crisis preparedness, incident response plans, and disaster recovery and business continuity capabilities.
The committee has primary responsibility for oversight of cybersecurity and digital technology risk management, including the programs, policies, procedures, processes, controls and safeguards for digital technology, information security, prevention and detection of cybersecurity incidents or data breaches, and cybersecurity and digital technology matters as they relate to crisis preparedness, incident response plans, and disaster recovery and business continuity capabilities.
To manage against existing conduct and new cybersecurity threats, we maintain enterprise-wide cybersecurity, crisis management, and information security policies and regular training and tests that reinforce the acceptable use of Ameren's information assets, protection of customer and employee data, and the role each employee plays in protecting Ameren against cybersecurity threats.
To manage against existing and emerging cybersecurity threats, we maintain enterprise-wide cybersecurity, crisis management, and information security policies and regular training and tests that reinforce the acceptable use of Ameren's information assets, protection of customer and employee data, and the role each employee plays in protecting Ameren against cybersecurity threats.
Incident response plans and procedures are tested through recurring companywide cybersecurity exercises to promote readiness across the organization. The procedures are also designed to escalate incidents to appropriate members of management to guide the detection, response, and recovery from a material cybersecurity incident.
Incident response plans and procedures are continuously tested through recurring companywide cybersecurity exercises to promote readiness across the organization. The plans and procedures are also designed to escalate incidents to appropriate members of management to guide the prevention, detection, response, recovery, and remediation from a material cybersecurity incident.
The program is a comprehensive, consistently applied management framework that is designed to ensure all forms of material risk and opportunity are identified, reported and managed in an effective manner overseen by the risk management steering 30 Table of Conten t s committee.
The program is a comprehensive, consistently applied management framework that is designed to ensure all forms of material risk and opportunity are identified, reported, and managed in an effective manner overseen by the risk management steering committee.
Ameren's board of directors maintains a standing committee, the Cybersecurity and Digital Technology Committee, that is dedicated to the oversight of Ameren's cybersecurity and digital technology risks.
Ameren's board of directors maintains a standing committee, the Cybersecurity and Digital Technology Committee, which is focused on the oversight of Ameren's cybersecurity and digital technology risks.
We measure our cybersecurity effectiveness through formal cybersecurity scorecards and metrics reported to senior-level Ameren officers, the risk management steering committee, and the Cybersecurity and Digital Technology Committee.
Our program effectiveness is measured through formal cybersecurity scorecards and metrics reported to senior-level Ameren officers, the risk management steering 30 Table of Contents committee, and the Cybersecurity and Digital Technology Committee.
The Chief Information Security Officer regularly engages with senior-level Ameren officers, reports to the risk management steering committee, and has recurring meetings with the Cybersecurity and Digital Technology Committee as part of ongoing risk management and oversight of the cybersecurity program. Ameren’s board of directors is also regularly updated on its cybersecurity program.
The Chief Information Security Officer regularly engages with senior-level Ameren officers, reports to the risk management steering committee, and has recurring meetings with the Cybersecurity and Digital Technology Committee as part of ongoing risk management and oversight of the cybersecurity program. In addition, Ameren’s board of directors participate in periodic cybersecurity drills to prepare for potential crisis scenarios.
We are not aware of any cybersecurity events that have materially affected or are reasonably likely to materially affect Ameren, including our business strategy, results of operations, financial position, or liquidity.
The results of these engagements are reviewed with senior-level Ameren officers, the risk management steering committee, and the Cybersecurity and Digital Technology Committee. We are not aware of any cybersecurity events that have materially affected or are reasonably likely to materially affect Ameren, including our business strategy, results of operations, financial position, or liquidity.
These engagements provide insights into control performance, prioritized recommendations for enhancements to our cybersecurity strategy, and an overview of the cybersecurity threat landscape that collectively inform our investments and technical controls to protect Ameren's most critical assets. The results of these engagements are reviewed with senior-level Ameren officers and the Cybersecurity and Digital Technology Committee.
Ameren regularly engages external cybersecurity experts to assist with evaluating our cybersecurity program. These engagements provide insights into control design and implementation, prioritized recommendations for enhancements to our cybersecurity strategy, and an overview of the cybersecurity threat landscape that collectively inform our investments and technical controls to protect Ameren's most critical assets.
The program is designed to continuously assess risk and evaluate the likelihood and probability of impact in order to determine the appropriate risk tolerance and risk management strategies that inform our cybersecurity policies, investments, practices, controls, and countermeasures.
ITEM 1C. CYBERSECURITY The Ameren Companies have identified cybersecurity as an enterprise risk, which is managed through Ameren's integrated enterprise risk management program. The program is designed to continuously assess risk and evaluate the likelihood and probability of impact to determine the appropriate risk tolerance and risk management strategies that inform our cybersecurity policies, investments, practices, controls, and countermeasures.
The committee receives regular updates from the Chief Customer and Technology Officer, the Chief Information Officer, the Chief Information Security Officer, and other members of senior management regarding Ameren’s cybersecurity program and key initiatives.
The committee receives regular updates from the Chief Information Security Officer, the Chief Information Officer, executive management, and other members of senior management who collectively maintain the responsibility for both the execution and ongoing management of Ameren’s cybersecurity program and respective initiatives.
Ameren also deploys a third-party cybersecurity risk management program, which extends the governance elements described above to our third-party providers and suppliers.
Ameren employs a third-party cybersecurity risk management program, which extends the governance elements of Ameren’s cybersecurity program, in addition to other diligence measures, to our critical third-party providers and suppliers.
To address cybersecurity threats, cybersecurity intelligence, as well as responding to cyber-related incidents, we work closely with law enforcement, cybersecurity consulting firms, and industry associations to enhance information sharing and guard against cybersecurity attacks.
These cybersecurity plans and procedures are positioned to promote the expedient identification, escalation, handling and reporting of a potentially material cybersecurity event or incident. To address cybersecurity threats, we work closely with law enforcement, cybersecurity consulting firms, and industry associations to enhance information sharing and guard against cybersecurity attacks.
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ITEM 1C. CYBERSECURITY The Ameren Companies have identified cybersecurity as an enterprise risk, which is managed through Ameren's integrated enterprise risk management program.
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We leverage common and widely accepted external cybersecurity risk management frameworks, such as the National Institute of Standards and Technology Cybersecurity framework, to assess, guide, and enhance our cybersecurity posture.
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In addition, the board of directors participate in periodic cybersecurity drills to prepare for potential crisis scenarios.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeCharles County, Missouri 972,000 Total coal 4,522,000 Nuclear Callaway (e) Callaway County, Missouri 1,194,000 Hydroelectric Osage (e) Lakeside, Missouri 235,000 Keokuk Keokuk, Iowa 148,000 Total hydroelectric 383,000 Pumped-storage Taum Sauk (e) Reynolds County, Missouri 440,000 Wind High Prairie Renewable Adair and Schuyler Counties, Missouri 400,000 Atchison Renewable Atchison County, Missouri 298,800 Total wind 698,800 Natural gas (CTs) Audrain Audrain County, Missouri 608,000 Venice (f) Venice, Illinois 487,000 Goose Creek (f) Piatt County, Illinois 438,000 Pinckneyville (f) Pinckneyville, Illinois 316,000 Raccoon Creek (f) Clay County, Illinois 304,000 Kinmundy (f) Kinmundy, Illinois 210,000 Peno Creek Bowling Green, Missouri 172,000 Total natural gas 2,535,000 Oil (CTs) Fairgrounds (g) Jefferson City, Missouri 55,000 Mexico (g) Mexico, Missouri 54,000 Moberly (g) Moberly, Missouri 54,000 Moreau (g) Jefferson City, Missouri 54,000 Total oil 217,000 Methane gas (CT) Maryland Heights Maryland Heights, Missouri 9,000 Solar Montgomery County Montgomery County, Missouri 5,700 O’Fallon O’Fallon, Missouri 4,500 BJC St.
Biggest changeCharles County, Missouri 972,000 Total coal 3,344,000 Nuclear Callaway (d) Callaway County, Missouri 1,194,000 Hydroelectric Osage (d) Lakeside, Missouri 235,000 Keokuk Keokuk, Iowa 148,000 Total hydroelectric 383,000 Pumped-storage Taum Sauk (d) Reynolds County, Missouri 440,000 Wind High Prairie Adair and Schuyler Counties, Missouri 400,000 Atchison Atchison County, Missouri 298,800 Total wind 698,800 Solar Huck Finn (e) Audrain and Ralls Counties, Missouri 200,000 Boomtown White County, Illinois 150,000 Cass County Cass County, Illinois 150,000 Other Solar (f) Various 15,300 Total solar 515,300 Natural gas (CTs) Audrain Audrain County, Missouri 608,000 Venice (g) Venice, Illinois 487,000 Goose Creek (g) Piatt County, Illinois 438,000 Pinckneyville (g) Pinckneyville, Illinois 316,000 Raccoon Creek (g) Clay County, Illinois 304,000 Kinmundy (g) Kinmundy, Illinois 210,000 Peno Creek Bowling Green, Missouri 172,000 Total natural gas 2,535,000 Oil (CTs) Fairgrounds (h) Jefferson City, Missouri 55,000 Mexico (h) Mexico, Missouri 54,000 Moberly (h) Moberly, Missouri 54,000 Moreau (h) Jefferson City, Missouri 54,000 Total oil 217,000 Methane gas (CT) Maryland Heights Maryland Heights, Missouri 9,000 Total Ameren Missouri 9,336,100 Ameren Illinois: Solar East St.
The exceptions as of December 31, 2023 are as follows: • Certain property is situated on lands occupied under leases, easements, franchises, licenses, or permits.
The exceptions as of December 31, 2024 are as follows: • Certain property is situated on lands occupied under leases, easements, franchises, licenses, or permits.
See also Note 5 – Long-term Debt and Equity Financings and Note 14 – Commitments and Contingencies under Part II, Item 8, of this report. 31 Table of Conten t s The following table shows the anticipated capability of our energy centers at the time of the expected 2024 peak summer electrical demand for all energy centers owned as of December 31, 2023: Primary Fuel Source Energy Center Location Net Kilowatt Capability (a) Ameren Missouri: Coal Labadie (b) Franklin County, Missouri 2,372,000 Rush Island (c) Jefferson County, Missouri 1,178,000 Sioux (d) St.
See also Note 5 – Long-term Debt and Equity Financings and Note 14 – Commitments and Contingencies under Part II, Item 8, of this report. 31 Table of Contents The following table shows the anticipated capability of our energy centers at the time of the expected 2025 peak summer electrical demand for all energy centers owned as of December 31, 2024: Primary Fuel Source Energy Center Location Net Kilowatt Capability (a) Ameren Missouri: Coal Labadie (b) Franklin County, Missouri 2,372,000 Sioux (c) St.
That property includes a portion of Ameren Missouri’s Osage Energy Center reservoir; certain facilities at Ameren Missouri’s Sioux Energy Center; most of Ameren Missouri’s High Prairie Renewable and Atchison Renewable energy centers; Ameren Missouri’s BJC, Cape Girardeau, Lambert, and Maryland Heights energy centers; certain substations; and most transmission and distribution lines and natural gas mains.
That property includes a portion of Ameren Missouri’s Osage Energy Center reservoir; certain facilities at Ameren Missouri’s Sioux Energy Center; most of Ameren Missouri’s High Prairie and Atchison energy centers; Ameren Missouri’s Boomtown, Cass County, Huck Finn, and Maryland Heights energy centers; certain substations; and most transmission and distribution lines and natural gas mains.
(d) As noted in the 2023 IRP, Ameren Missouri plans to extend the retirement date of the Sioux Energy Center from 2030 to 2032, which is subject to the approval of a change in depreciable lives of the energy center’s assets by the MoPSC.
(c) Ameren Missouri plans to extend the retirement date of the Sioux Energy Center from 2030 to 2032, which is subject to the approval of a change in depreciable lives of the energy center’s assets by the MoPSC in Ameren Missouri’s 2024 electric service regulatory rate review.
Substantially all of the properties and plant of Ameren Missouri and Ameren Illinois are subject to the liens of the indentures securing their respective mortgage bonds.
Substantially all of the properties and plant of Ameren Missouri and Ameren Illinois are subject to the liens of the indentures securing their respective mortgage bonds. Ameren Missouri operates the Huck Finn Energy Center located in Audrain and Ralls Counties, Missouri.
Louis, Illinois 2,500 Total Ameren 10,016,600 (a) Net kilowatt capability, except for wind and solar generating facilities, is the generating capacity available for dispatch from the energy center into the electric transmission grid. Capability for wind and solar generating facilities represents nameplate capacity. This capacity is only attainable when wind/solar conditions are sufficiently available.
Louis I East St. Louis, Illinois 2,500 East St. Louis II East St. Louis, Illinois 1,900 Total Ameren 9,340,500 (a) Net kilowatt capability, except for wind and solar generating facilities, is the generating capacity available for dispatch from the energy center into the electric transmission grid. Capability for wind and solar generating facilities represents nameplate capacity.
See Illinois Emissions Standards in Note 14 – Commitments and Contingencies under Part II, Item 8, of this report. (g) The Fairgrounds, Mexico, Moberly, and Moreau energy centers are scheduled to be retired by the end of 2029 as noted in the 2023 IRP.
(g) The Venice Energy Center is scheduled to retire by the end of 2029 and the Goose Creek, Pinckneyville, Raccoon Creek, and Kinmundy energy centers are scheduled to retire by the end of 2039. See Illinois Emissions Standards in Note 14 – Commitments and Contingencies under Part II, Item 8, of this report.
(h) Includes five solar energy centers that each have a nameplate capacity of 500 kilowatts or less. 32 Table of Conten t s The following table presents in-service electric and natural gas utility-related properties for Ameren Missouri and Ameren Illinois as of December 31, 2023: Ameren Missouri Ameren Illinois Circuit miles of electric transmission lines (a) 3,140 4,761 Circuit miles of electric distribution lines 33,927 45,984 Percentage of circuit miles of electric distribution lines underground 24 % 16 % Miles of natural gas transmission and distribution mains 3,532 18,713 Underground natural gas storage fields — 12 Total working capacity of underground natural gas storage fields in billion cubic feet — 24 (a) ATXI owns 561 circuit miles of electric transmission lines not reflected in this table.
(h) The Fairgrounds, Mexico, Moberly, and Moreau energy centers are scheduled to retire by the end of 2029. 32 Table of Contents The following table presents in-service electric and natural gas utility-related properties for Ameren Missouri and Ameren Illinois as of December 31, 2024: Ameren Missouri Ameren Illinois Circuit miles of electric transmission lines (a) 3,114 4,786 Circuit miles of electric distribution lines 34,319 46,299 Percentage of circuit miles of electric distribution lines underground 25 % 16 % Miles of natural gas transmission and distribution mains 3,558 18,750 Underground natural gas storage fields — 12 Total working capacity of underground natural gas storage fields in billion cubic feet — 24 (a) ATXI owns 561 circuit miles of electric transmission lines not reflected in this table.
The on-demand capability for wind and solar units is zero. (b) The Labadie Energy Center is scheduled to retire 1,186,000 kilowatts by 2036 and 1,186,000 kilowatts by 2042. (c) The Rush Island Energy Center is scheduled to retire by October 15, 2024 per the remedy order of the United States District Court for the Eastern District of Missouri.
This capacity is only attainable when wind/solar conditions are sufficiently available. The on-demand capability for wind and solar units is zero. (b) The Labadie Energy Center is scheduled to retire 1,186,000 kilowatts by 2036 and 1,186,000 kilowatts by 2042.
Removed
Louis, Missouri 1,600 Cape Girardeau Cape Girardeau, Missouri 1,200 Lambert St. Louis County, Missouri 900 Other Solar (h) Various 1,400 Total solar 15,300 Total Ameren Missouri 10,014,100 Ameren Illinois: Solar East St. Louis East St.
Added
See Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report for additional information on Ameren Missouri’s request to extend the retirement date of the Sioux Energy Center. (d) The operating licenses for the Callaway, Osage, and Taum Sauk energy centers expire in 2044, 2047, and 2044, respectively.
Removed
For additional information, see NSR and Clean Air Act Litigation in Note 14 – Commitments and Contingencies under Part II, Item 8, of this report.
Added
(e) There were economic development arrangements applicable to this solar energy center, as discussed below. (f) Includes 10 solar energy centers that each have a nameplate capacity of 6,000 kilowatts or less.
Removed
(e) The operating licenses for the Callaway, Osage, and Taum Sauk energy centers expire in 2044, 2047, and 2044, respectively. (f) The Venice Energy Center is scheduled to retire by the end of 2029 and the Goose Creek, Pinckneyville, Raccoon Creek, and Kinmundy energy centers are scheduled to retire by the end of 2039 as noted in the 2023 IRP.
Added
Ameren Missouri has rights and obligations as the operator of the energy center under long-term agreements with Audrain and Ralls Counties. Under the terms of these agreements, Ameren Missouri is responsible for all operation and maintenance for the energy center.
Added
The agreements are scheduled to expire in December 2059, at which time the property, plant, and equipment will become subject to the lien of the Ameren Missouri mortgage bond indenture.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed3 unchanged
Biggest changePursuant to Item 103(c)(3)(iii) of Regulation S-K, our policy is to disclose environmental proceedings to which a governmental entity is a party if we reasonably believe such proceedings will result in monetary sanctions of $1 million or more.
Biggest changePursuant to Item 103(c)(3)(iii) of Regulation S-K, our policy is to disclose environmental proceedings to which a governmental entity is a party if we reasonably believe such proceedings will result in monetary sanctions of $1 million or more. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 33 Table of Contents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeComparison of Five-Year Cumulative Return 36 Table of Conten t s December 31, 2018 2019 2020 2021 2022 2023 Ameren (AEE) $ 100.00 $ 120.82 $ 125.98 $ 147.51 $ 151.26 $ 126.94 S&P 500 Index 100.00 131.47 155.65 200.29 163.98 207.04 S&P 500 Utility Index 100.00 126.35 127.01 149.46 151.79 141.05 Philadelphia Utility Index 100.00 126.82 130.27 154.03 155.03 140.83 Ameren management cautions that the stock price performance shown above should not be considered indicative of future stock price performance.
Biggest changeComparison of Five-Year Cumulative Return 34 Table of Contents December 31, 2019 2020 2021 2022 2023 2024 Ameren (AEE) $ 100.00 $ 104.27 $ 122.09 $ 125.19 $ 105.07 $ 133.96 S&P 500 Index 100.00 118.39 152.34 124.73 157.48 196.85 S&P 500 Utility Index 100.00 100.52 118.29 120.14 111.63 137.79 Philadelphia Utility Index 100.00 102.72 121.46 122.25 111.05 134.24 Ameren management cautions that the stock price performance shown above should not be considered indicative of future stock price performance.
Ameren holds all outstanding common stock of Ameren Missouri and Ameren Illinois. Purchases of Equity Securities Ameren Corporation, Ameren Missouri, and Ameren Illinois did not purchase any equity securities reportable under Item 703 of Regulation S-K during the period from October 1, 2023, to December 31, 2023.
Ameren holds all outstanding common stock of Ameren Missouri and Ameren Illinois. Purchases of Equity Securities Ameren Corporation, Ameren Missouri, and Ameren Illinois did not purchase any equity securities reportable under Item 703 of Regulation S-K during the period from October 1, 2024, to December 31, 2024.
Performance Graph The following graph shows Ameren’s cumulative TSR during the five years ended December 31, 2023. The graph also shows the cumulative total returns of the S&P 500 Index, S&P 500 Utility Index, and the Philadelphia Utility Index. The S&P 500 Utility Index and the Philadelphia Utility Index are market capitalization-weighted indices of U.S. public utility companies.
Performance Graph The following graph shows Ameren’s cumulative TSR during the five years ended December 31, 2024. The graph also shows the cumulative total returns of the S&P 500 Index, S&P 500 Utility Index, and the Philadelphia Utility Index. The S&P 500 Utility Index and the Philadelphia Utility Index are market capitalization-weighted indices of U.S. public utility companies.
The comparison assumes that $100 was invested on December 31, 2018, in Ameren common stock and in each of the indices shown and that all of the dividends were reinvested.
The comparison assumes that $100 was invested on December 31, 2019, in Ameren common stock and in each of the indices shown and that all of the dividends were reinvested.
ITEM 5. MARKET FOR REGISTRANTS’ COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES Ameren’s common stock is listed on the NYSE (ticker symbol: AEE). Ameren common shareholders of record totaled 35,157 on January 31, 2024. There is no trading market for the common stock of Ameren Missouri and Ameren Illinois.
ITEM 5. MARKET FOR REGISTRANTS’ COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Ameren’s common stock is listed on the NYSE (ticker symbol: AEE). Ameren common shareholders of record totaled 33,414 on January 31, 2025. There is no trading market for the common stock of Ameren Missouri and Ameren Illinois.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Biggest changeOther Income, Net 127 Note 7. Derivative Financial Instruments 127 Note 8. Fair Value Measurements 130 Note 9. Callaway Energy Center 133 Note 10. Retirement Benefits 136 Note 11. Stock-based Compensation 142 Note 12. Income Taxes 144 Note 13. Related-party Transactions 147 Note 14. Commitments and Contingencies 150 Note 15. Supplemental Information 153 Note 16. Segment Information 156 Item 9.
Biggest changeOther Income, Net 126 Note 7. Derivative Financial Instruments 126 Note 8. Fair Value Measurements 128 Note 9. Callaway Energy Center 131 Note 10. Retirement Benefits 134 Note 11. Stock-based Compensation 140 Note 12. Income Taxes 142 Note 13. Related-party Transactions 145 Note 14. Commitments and Contingencies 148 Note 15. Supplemental Information 152 Note 16. Segment Information 155 Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 160 Item 9A. Controls and Procedures 161 Item 9B. Other Information 161
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 161 Item 9A. Controls and Procedures 162 Item 9B. Other Information 162
Item 6. (Reserved) 37 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 37 Overview 38 Results of Operations 42 Liquidity and Capital Resources 57 Outlook 67 Regulatory Matters 74 Accounting Matters 74 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 78 Item 8.
Item 6. (Reserved) 35 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 35 Overview 36 Results of Operations 41 Liquidity and Capital Resources 57 Outlook 67 Regulatory Matters 73 Accounting Matters 73 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 77 Item 8.
Financial Statements and Supplementary Data 82 Ameren Corporation 88 Union Electric 92 Ameren Illinois 96 Note 1. Summary of Significant Accounting Policies 100 Note 2. Rate and Regulatory Matters 105 Note 3. Property, Plant, and Equipment, Net 116 Note 4. Short-term Debt and Liquidity 117 Note 5. Long-term Debt and Equity Financings 120 Note 6.
Financial Statements and Supplementary Data 80 Ameren Corporation 86 Union Electric 90 Ameren Illinois 94 Note 1. Summary of Significant Accounting Policies 98 Note 2. Rate and Regulatory Matters 103 Note 3. Property, Plant, and Equipment, Net 115 Note 4. Short-term Debt and Liquidity 116 Note 5. Long-term Debt and Equity Financings 119 Note 6.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

238 edited+131 added−145 removed102 unchanged
Biggest changeFor additional details regarding the Ameren Companies’ results of operations, including explanations of Electric and Natural Gas Margins, Other Operations and Maintenance Expenses, Depreciation and Amortization Expenses, Taxes Other Than Income Taxes, Other Income, Net, Interest Charges, and Income Taxes, see the major headings below. 44 Table of Conten t s Below is Ameren’s table of income statement components by segment for the years ended December 31, 2023 and 2022: 2023 Ameren Missouri Ameren Illinois Electric Distribution Ameren Illinois Natural Gas Ameren Transmission Other / Intersegment Eliminations Ameren Electric revenues $ 3,694 $ 2,218 $ — $ 677 $ (150) $ 6,439 Fuel (514) — — — — (514) Purchased power (483) (933) — — 118 (1,298) Electric margins 2,697 1,285 — 677 (32) 4,627 Natural gas revenues 165 — 897 — (1) 1,061 Natural gas purchased for resale (79) — (276) — — (355) Natural gas margins 86 — 621 — (1) 706 Other operations and maintenance expenses (1,003) (532) (237) (60) (34) (1,866) Depreciation and amortization (783) (351) (108) (138) (7) (1,387) Taxes other than income taxes (360) (75) (67) (8) (12) (522) Operating income (loss) 637 327 209 471 (86) 1,558 Other income, net 130 103 30 28 57 348 Interest charges (227) (89) (55) (96) (99) (566) Income (taxes) benefit 8 (82) (50) (106) 47 (183) Net income (loss) 548 259 134 297 (81) 1,157 Noncontrolling interests – preferred stock dividends (3) (1) — (1) — (5) Net income (loss) attributable to Ameren common shareholders $ 545 $ 258 $ 134 $ 296 $ (81) $ 1,152 2022 Electric revenues $ 3,849 $ 2,256 $ — $ 615 $ (139) $ 6,581 Fuel (473) — — — — (473) Purchased power (677) (984) — — 114 (1,547) Electric margins 2,699 1,272 — 615 (25) 4,561 Natural gas revenues 197 — 1,180 — (1) 1,376 Natural gas purchased for resale (104) — (553) — — (657) Natural gas margins 93 — 627 — (1) 719 Other operations and maintenance expenses (1,028) (580) (253) (60) (16) (1,937) Depreciation and amortization (732) (332) (98) (123) (4) (1,289) Taxes other than income taxes (363) (75) (82) (9) (10) (539) Operating income (loss) 669 285 194 423 (56) 1,515 Other income, net 99 60 19 17 31 226 Interest charges (213) (74) (44) (84) (71) (486) Income (taxes) benefit 10 (68) (46) (92) 20 (176) Net income (loss) 565 203 123 264 (76) 1,079 Noncontrolling interests – preferred stock dividends (3) (1) — (1) — (5) Net income (loss) attributable to Ameren common shareholders $ 562 $ 202 $ 123 $ 263 $ (76) $ 1,074 45 Table of Conten t s Below is Ameren Illinois’ table of income statement components by segment for the years ended December 31, 2023 and 2022: 2023 Ameren Illinois Electric Distribution Ameren Illinois Natural Gas Ameren Illinois Transmission Other / Intersegment Eliminations Ameren Illinois Electric revenues $ 2,218 $ — $ 480 $ (113) $ 2,585 Purchased power (933) — — 113 (820) Electric margins 1,285 — 480 — 1,765 Natural gas revenues — 897 — — 897 Natural gas purchased for resale — (276) — — (276) Natural gas margins — 621 — — 621 Other operations and maintenance expenses (532) (237) (49) — (818) Depreciation and amortization (351) (108) (97) — (556) Taxes other than income taxes (75) (67) (4) — (146) Operating income 327 209 330 — 866 Other income, net 103 30 23 — 156 Interest charges (89) (55) (60) — (204) Income taxes (82) (50) (77) — (209) Net income 259 134 216 — 609 Preferred stock dividends (1) — (1) — (2) Net income attributable to common shareholder $ 258 $ 134 $ 215 $ — $ 607 2022 Electric revenues $ 2,256 $ — $ 424 $ (104) $ 2,576 Purchased power (984) — — 104 (880) Electric margins 1,272 — 424 — 1,696 Natural gas revenues — 1,180 — — 1,180 Natural gas purchased for resale — (553) — — (553) Natural gas margins — 627 — — 627 Other operations and maintenance expenses (580) (253) (49) — (882) Depreciation and amortization (332) (98) (84) — (514) Taxes other than income taxes (75) (82) (4) — (161) Operating income 285 194 287 — 766 Other income, net 60 19 17 — 96 Interest charges (74) (44) (50) — (168) Income taxes (68) (46) (65) — (179) Net income 203 123 189 — 515 Preferred stock dividends (1) — (1) — (2) Net income attributable to common shareholder $ 202 $ 123 $ 188 $ — $ 513 Margins Electric margins are defined as electric revenues less fuel and purchased power costs.
Biggest changeFor additional details regarding the Ameren Companies’ results of operations, including explanations of Operating Revenues for both Electric Revenues and Natural Gas Revenues; Fuel and Purchased Power Expenses; Other Operations and Maintenance Expenses; Depreciation and Amortization Expenses; Taxes Other Than Income Taxes; Other Income, Net; Interest Charges; and Income Taxes, see the major headings below. 43 Table of Contents Below is Ameren’s table of income statement components by segment for the years ended December 31, 2024 and 2023: 2024 Ameren Missouri Ameren Illinois Electric Distribution Ameren Illinois Natural Gas Ameren Transmission Other / Intersegment Eliminations Ameren Electric revenues $ 3,847 $ 2,089 $ — $ 781 $ (177) $ 6,540 Natural gas revenues 146 — 938 — (1) 1,083 Fuel and purchased power (1,071) (740) — — 130 (1,681) Natural gas purchased for resale (60) — (260) — — (320) Other operations and maintenance expenses (1,050) (619) (230) (70) — (1,969) Depreciation and amortization (917) (369) (129) (167) (8) (1,590) Taxes other than income taxes (372) (75) (78) (9) (13) (547) Operating income (loss) 523 286 241 535 (69) 1,516 Other income, net 196 97 27 26 71 417 Interest charges (244) (98) (63) (117) (141) (663) Income (taxes) benefit 87 (50) (56) (120) 56 (83) Net income (loss) 562 235 149 324 (83) 1,187 Noncontrolling interests – preferred stock dividends (3) (1) — (1) — (5) Net income (loss) attributable to Ameren common shareholders $ 559 $ 234 $ 149 $ 323 $ (83) $ 1,182 2023 Electric revenues $ 3,694 $ 2,218 $ — $ 677 $ (150) $ 6,439 Natural gas revenues 165 — 897 — (1) 1,061 Fuel and purchased power (997) (933) — — 118 (1,812) Natural gas purchased for resale (79) — (276) — — (355) Other operations and maintenance expenses (1,003) (532) (237) (60) (34) (1,866) Depreciation and amortization (783) (351) (108) (138) (7) (1,387) Taxes other than income taxes (360) (75) (67) (8) (12) (522) Operating income (loss) 637 327 209 471 (86) 1,558 Other income, net 130 103 30 28 57 348 Interest charges (227) (89) (55) (96) (99) (566) Income (taxes) benefit 8 (82) (50) (106) 47 (183) Net income (loss) 548 259 134 297 (81) 1,157 Noncontrolling interests – preferred stock dividends (3) (1) — (1) — (5) Net income (loss) attributable to Ameren common shareholders $ 545 $ 258 $ 134 $ 296 $ (81) $ 1,152 44 Table of Contents Below is Ameren Illinois’ table of income statement components by segment for the years ended December 31, 2024 and 2023: 2024 Ameren Illinois Electric Distribution Ameren Illinois Natural Gas Ameren Illinois Transmission Other / Intersegment Eliminations Ameren Illinois Electric revenues $ 2,089 $ — $ 564 $ (119) $ 2,534 Natural gas revenues — 938 — — 938 Purchased power (740) — — 119 (621) Natural gas purchased for resale — (260) — — (260) Other operations and maintenance expenses (619) (230) (57) — (906) Depreciation and amortization (369) (129) (121) — (619) Taxes other than income taxes (75) (78) (4) — (157) Operating income 286 241 382 — 909 Other income, net 97 27 23 — 147 Interest charges (98) (63) (80) — (241) Income taxes (50) (56) (87) — (193) Net income 235 149 238 — 622 Preferred stock dividends (1) — (1) — (2) Net income attributable to common shareholder $ 234 $ 149 $ 237 $ — $ 620 2023 Electric revenues $ 2,218 $ — $ 480 $ (113) $ 2,585 Natural gas revenues — 897 — — 897 Purchased power (933) — — 113 (820) Natural gas purchased for resale — (276) — — (276) Other operations and maintenance expenses (532) (237) (49) — (818) Depreciation and amortization (351) (108) (97) — (556) Taxes other than income taxes (75) (67) (4) — (146) Operating income 327 209 330 — 866 Other income, net 103 30 23 — 156 Interest charges (89) (55) (60) — (204) Income taxes (82) (50) (77) — (209) Net income 259 134 216 — 609 Preferred stock dividends (1) — (1) — (2) Net income attributable to common shareholder $ 258 $ 134 $ 215 $ — $ 607 45 Table of Contents Operating Revenues The following table presents the increases (decreases) by Ameren segment for electric and natural gas revenues in 2024, compared with 2023: 2024 versus 2023 Ameren Missouri Ameren Illinois Electric Distribution Ameren Illinois Natural Gas Ameren Transmission (a) Other /Intersegment Eliminations Ameren Electric revenue change: Base rates (estimate) (b) $ 62 $ 14 $ — $ 89 $ — $ 165 Effect of weather (estimate) (c) 3 — — — — 3 Retail sales volumes and changes in customer usage patterns (excluding the estimated effects of weather and MEEIA) 27 — — — — 27 Customer charges 2 — — — — 2 Rush Island Energy Center base rate revenue deferral (13) — — — — (13) MEEIA 2019 performance incentives 1 — — — — 1 Off-system sales, capacity, transmission, and FAC revenues, net 96 — — — — 96 Recovery of power restoration efforts provided to other utilities 1 3 — — — 4 Ameren Illinois energy-efficiency program investment revenues — 21 — — — 21 Electric deferred income tax adjustment (d) — (23) — — — (23) Other 6 4 — 15 (15) 10 Cost recovery mechanisms – offset in fuel and purchased power (e) (54) (193) — — (12) (259) Other cost recovery mechanisms (f) 22 45 — — — 67 Total electric revenue change $ 153 $ (129) $ — $ 104 $ (27) $ 101 Natural gas revenue change: Base rates (estimate) $ — $ — $ 47 $ — $ — $ 47 Sales volume (excluding the estimated effects of weather) 2 — — — — 2 Effect of weather (estimate) (c) 1 — — — — 1 Other — — 3 — — 3 Cost recovery mechanisms – offset in natural gas purchased for resale (e) (20) — (16) — — (36) Other cost recovery mechanisms (f) (2) — 7 — — 5 Total natural gas revenue change $ (19) $ — $ 41 $ — $ — $ 22 (a) Includes an increase in transmission revenues of $84 million in 2024, compared with 2023, at Ameren Illinois.
(c) Represents the estimated variation resulting primarily from changes in cooling and heating degree days on electric and natural gas demand compared with the prior year; this variation is based on temperature readings from the National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
(c) Represents the estimated variation resulting primarily from changes in cooling and heating degree-days on electric and natural gas demand compared with the prior year; this variation is based on temperature readings from National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
The amount recorded for any contingency may differ from actual costs incurred when the contingency is resolved. Contingencies are normally resolved over long periods of time. In our evaluation of legal matters, management consults with legal counsel and relies on analysis of relevant case law and legal precedents.
The amount recorded for any contingency may differ from actual costs incurred when the contingency is ultimately resolved. Contingencies are normally resolved over long periods of time. In our evaluation of legal matters, management consults with legal counsel and relies on analysis of relevant case law and legal precedents.
By prudently investing in our businesses, we believe that we deliver superior value to both customers and shareholders. We seek to partner with our stakeholders, including our customers, regulators, federal and state legislators, and RTOs, to enhance our regulatory frameworks and advocate for responsible energy and economic policies for the benefit of our customers and shareholders.
By prudently investing in our businesses, we believe that we deliver superior value to both customers and shareholders. We seek to partner with our stakeholders, including our customers, communities, regulators, federal and state legislators, and RTOs, to enhance our regulatory frameworks and advocate for responsible energy and economic policies for the benefit of our customers, communities, and shareholders.
In addition, the new law imposes a 15% minimum tax on adjusted financial statement income, as defined in the law, for corporations whose average annual adjusted financial statement income exceeds $1 billion for three consecutive preceding tax years effective for tax years beginning after December 31, 2022.
In addition, the law imposes a 15% minimum tax on adjusted financial statement income, as defined in the law, for corporations whose average annual adjusted financial statement income exceeds $1 billion for three consecutive preceding tax years effective for tax years beginning after December 31, 2022.
These rates will affect Ameren Illinois’ and ATXI’s cash receipts during 2024, but will not determine their respective electric transmission service operating revenues, which will instead be based on 2024 actual recoverable costs, rate base, and a return on rate base at the applicable WACC as calculated under the FERC formula ratemaking framework. • The allowed base ROE for FERC-regulated transmission rates previously charged under the MISO tariff has been the subject of pending proceedings since 2013.
These rates will affect Ameren Illinois’ and ATXI’s cash receipts during 2025, but will not determine their respective electric transmission service operating revenues, which will instead be based on 2025 actual recoverable costs, rate base, and a return on rate base at the applicable WACC as calculated under the FERC formula ratemaking framework. • The allowed base ROE for FERC-regulated transmission rates previously charged under the MISO tariff has been the subject of pending proceedings since 2013.
Ameren Missouri’s plan could be affected by, among other factors: Ameren Missouri’s ability to obtain CCNs from the MoPSC, and any other required approvals for the addition of renewable resources or natural gas-fired generation, retirement of energy centers, and new or continued customer energy-efficiency programs; the ability to enter into agreements for renewable or natural gas-fired generation and acquire or construct that generation at a reasonable cost; the ability of suppliers, contractors, and developers to meet contractual commitments and timely complete projects, which is dependent upon the availability of necessary labor, materials, and equipment, geopolitical conflict, or government actions, among other things; changes in the scope and timing of projects; the ability to qualify for, and use or transfer, federal production or investment tax credits; the cost of wind, solar, and other renewable generation and battery storage technologies; the cost of natural gas or hydrogen CT technologies; the ability to maintain system reliability during and after the transition to clean energy generation; new and/or changes in environmental regulations, including those related to CO 2 and other greenhouse gas emissions; energy prices and demand; Ameren Missouri’s ability to obtain necessary rights-of-way, easements, and transmission interconnection agreements at an acceptable cost and in a timely fashion; the ability to earn an adequate return on invested capital; and the ability to raise capital on reasonable terms.
Ameren Missouri’s plan could be affected by, among other factors: Ameren Missouri’s ability to obtain CCNs from the MoPSC, and any other required approvals for the addition of renewable resources, battery storage, or nuclear or natural gas-fired generation, retirement of energy centers, and new or continued customer energy-efficiency programs; the ability to enter into agreements for renewable, natural gas-fired, or nuclear generation and acquire or construct that generation at a reasonable cost; the ability of suppliers, contractors, and developers to meet contractual commitments and timely complete projects, which is dependent upon the availability of necessary labor, materials, and equipment, geopolitical conflict, or government actions, among other things; changes in the scope and 70 Table of Contents timing of projects; the continued existence and ability to qualify for, and use or transfer, federal production or investment tax credits; the cost of wind, solar, and other renewable generation and battery storage technologies; the cost of natural gas or hydrogen CT technologies; the cost of nuclear generation; the ability to maintain system reliability during and after the transition to clean energy generation; new and/or changes in environmental regulations, including those related to CO 2 and other greenhouse gas emissions; energy prices; and demand; Ameren Missouri’s ability to obtain necessary rights-of-way, easements, and transmission interconnection agreements at an acceptable cost and in a timely fashion; the ability to earn an adequate return on invested capital; and the ability to raise capital on reasonable terms.
See Note 12 – Income Taxes under Part II, Item 8, of this report for additional information on the IRA and the amount of deferred income taxes recorded at December 31, 2023. Accounting Estimate Uncertainties Affecting Application Accounting for Asset Retirement Obligations We record the estimated fair value of legal obligations associated with the retirement of tangible long-lived assets.
See Note 12 – Income Taxes under Part II, Item 8, of this report for additional information on the IRA and the amount of deferred income taxes recorded at December 31, 2024. Accounting Estimate Uncertainties Affecting Application Accounting for Asset Retirement Obligations We record the estimated fair value of legal obligations associated with the retirement of tangible long-lived assets.
In March 2020, the FERC issued a Notice of Proposed Rulemaking on its transmission incentives policy, which increased the incentive ROE for participation in an RTO to 100 basis points from the current 50 basis points and revised the parameters for awarding incentives, while limiting the overall incentives to a cap of 250 basis points, among other things.
In March 2020, the FERC issued a Notice of Proposed Rulemaking on its transmission incentives policy, which proposed to increase the incentive ROE for participation in an RTO to 100 basis points from the current 50 basis points and revised the parameters for awarding incentives, while limiting the overall incentives to a cap of 250 basis points, among other things.
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 through 2028. Ameren expects annual federal income tax payments to be immaterial through 2028. The above items could have a material impact on our results of operations, financial position, and liquidity.
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 through 2029. Ameren expects annual federal income tax payments to be immaterial through 2029. The above items could have a material impact on our results of operations, financial position, and liquidity.
Variations in investments made or orders by the FERC or courts can result in a subsequent change in Ameren Illinois’ and ATXI’s estimated regulatory assets or liabilities. Ameren Missouri estimates lost electric margins resulting from its MEEIA customer energy-efficiency programs, which are subsequently recovered through the MEEIA rider.
Variations in investments made or orders by the FERC or courts can result in a subsequent change in Ameren Illinois’ and ATXI’s estimated regulatory assets or liabilities. Ameren Missouri estimates lost electric revenues resulting from its MEEIA customer energy-efficiency programs, which are subsequently recovered through the MEEIA rider.
Additionally, the PISA permits Ameren Missouri to earn a return at the applicable WACC on rate base that incorporates those qualifying investments, as well as changes in total accumulated depreciation excluding retirements and plant-related deferred income taxes since the previous regulatory rate review.
Additionally, the PISA permits Ameren Missouri to earn a return at the applicable WACC on 85% of rate base that incorporates those qualifying investments, as well as changes in total accumulated depreciation excluding retirements and plant-related deferred income taxes since the previous regulatory rate review.
Additionally, Ameren, Ameren Missouri, and Ameren Illinois have recorded AROs for retirement costs associated with asbestos removal and the disposal of certain transformers. See Note 15 – Supplemental Information under Part II, Item 8, of this report for the amount of AROs recorded at December 31, 2023.
Additionally, Ameren, Ameren Missouri, and Ameren Illinois have recorded AROs for retirement costs associated with asbestos removal and the disposal of certain transformers. See Note 15 – Supplemental Information under Part II, Item 8, of this report for the amount of AROs recorded at December 31, 2024.
In July 2022, the MISO approved the first tranche of projects under the first phase of the roadmap. A portion of these projects were assigned to various utilities, of which Ameren was awarded projects that are estimated to cost approximately $1.8 billion, based on the MISO’s cost estimate.
In 2022, the MISO approved the first tranche of projects under the roadmap. A portion of these projects were assigned to various utilities, of which Ameren was awarded projects that are estimated to cost approximately $1.8 billion, based on the MISO’s cost estimate.
In July 2022, the MISO approved the first tranche of projects under the first phase of the roadmap. A portion of these projects were assigned to various utilities, of which Ameren was awarded projects that are estimated to cost approximately $1.8 billion, based on the MISO’s cost estimate.
In 2022, the MISO approved the first tranche of projects under the roadmap. A portion of these projects were assigned to various utilities, of which Ameren was awarded projects that are estimated to cost approximately $1.8 billion, based on the MISO’s cost estimate.
In July 2022, the MISO approved the first tranche of projects under the first phase of the roadmap. A portion of these projects were assigned to various utilities, of which Ameren was awarded projects that are estimated to cost approximately $1.8 billion, based on the MISO’s cost estimate.
In 2022, the MISO approved the first tranche of projects under the roadmap. A portion of these projects were assigned to various utilities, of which Ameren was awarded projects that are estimated to cost approximately $1.8 billion, based on the MISO’s cost estimate.
As part of its funding plan for capital expenditures, Ameren is using newly issued shares of common stock to satisfy requirements under the DRPlus and employee benefit plans and expects to continue to do so through at least 2028.
As part of its funding plan for capital expenditures, Ameren is using newly issued shares of common stock to satisfy requirements under the DRPlus and employee benefit plans and expects to continue to do so through at least 2029.
As part of its funding plan for capital expenditures, Ameren is using newly issued shares of common stock to satisfy requirements under the DRPlus and employee benefit plans and expects to continue to do so through at least 2028.
As part of its funding plan for capital expenditures, Ameren is using newly issued shares of common stock to satisfy requirements under the DRPlus and employee benefit plans and expects to continue to do so through at least 2029.
Variations in investments made or orders by the ICC can result in a subsequent change in Ameren Illinois’ resulting estimated regulatory assets or liabilities. Ameren Illinois and ATXI have received FERC approval to use a company-specific, forward-looking formula ratemaking framework in setting their transmission rates. These forward-looking rates are updated annually and become effective each January with forecasted information.
Orders by the ICC can result in a subsequent change in Ameren Illinois’ resulting estimated regulatory assets or liabilities. Ameren Illinois and ATXI have received FERC approval to use a company-specific, forward-looking formula ratemaking framework in setting their transmission rates. These forward-looking rates are updated annually and become effective each January with forecasted information.
I n addition, Ameren utilized aggregate cash proceeds of $346 million from the issuance of common stock under the ATM program, the DRPlus, and the 401(k) plan, and cash provided by operating activities to fund, in part, capital expenditures.
In addition, Ameren utilized aggregate cash proceeds of $346 million from the issuance of common stock under the ATM program, the DRPlus, and the 401(k) plan, and cash provided by operating activities to fund, in part, capital expenditures.
Indebtedness Provisions and Other Covenants At December 31, 2023, the Ameren Companies were in compliance with the provisions and covenants contained within their credit agreements, indentures, and articles of incorporation, as applicable, and ATXI was in compliance with the provisions and covenants contained in its note purchase agreements.
Indebtedness Provisions and Other Covenants At December 31, 2024, the Ameren Companies were in compliance with the provisions and covenants contained within their credit agreements, indentures, and articles of incorporation, as applicable, and ATXI was in compliance with the provisions and covenants contained in its note purchase agreements.
Ameren Missouri’s capital expenditures are subject to MoPSC prudence reviews, which could result in cost disallowances, as well as regulatory lag. The cost of Ameren Illinois’ purchased power and natural gas purchased for resale could increase.
Ameren Missouri’s operating costs and capital expenditures are subject to MoPSC prudence reviews, which could result in cost disallowances, as well as regulatory lag. The cost of Ameren Illinois’ purchased power and natural gas purchased for resale could increase.
OUTLOOK Below are some key trends, events, and uncertainties that may reasonably affect our results of operations, financial condition, or liquidity, as well as our ability to achieve strategic and financial objectives, for 2024 and beyond.
OUTLOOK Below are some key trends, events, and uncertainties that may reasonably affect our results of operations, financial condition, or liquidity, as well as our ability to achieve strategic and financial objectives, for 2025 and beyond.
See Note 1 – Summary of Significant Accounting Policies under Part II, Item 8, of this report. • Discount rates • Cost escalation rates • Changes in regulation, expected scope of work, technology, or timing of environmental remediation • Estimates as to the probability, timing, or amount of cash expenditures associated with AROs Basis for Judgment 77 Table of Conten t s We record the estimated fair value of legal obligations associated with the retirement of tangible long-lived assets in the period in which the liabilities are incurred and capitalize a corresponding amount as part of the book value of the related long-lived asset.
See Note 1 – Summary of Significant Accounting Policies under Part II, Item 8, of this report. • Discount rates • Cost escalation rates • Changes in regulation, expected scope of work, technology, or timing of environmental remediation • Estimates as to the probability, timing, or amount of cash expenditures associated with AROs Basis for Judgment We record the estimated fair value of legal obligations associated with the retirement of tangible long-lived assets in the period in which the liabilities are incurred and capitalize a corresponding amount as part of the book value of the related long-lived asset.
Discussion regarding our financial condition and results of operations for the year ended December 31, 2021, including comparisons with the year ended December 31, 2022, is included in Item 7 of our Form 10-K for the year ended December 31, 2022.
Discussion regarding our financial condition and results of operations for the year ended December 31, 2022, including comparisons with the year ended December 31, 2023, is included in Item 7 of our Form 10-K for the year ended December 31, 2023.
The individual or combined effects of compliance with existing and new environmental regulations could result in significant capital expenditures, increased operating costs, or the closure or alteration of operations at some of Ameren Missouri’s energy centers. Additionally, international agreements could lead to future federal or state legislation or regulations.
The individual or combined effects of compliance with existing and new environmental regulations could result in significant capital expenditures, increased operating costs, or the closure or alteration of operations at some of Ameren Missouri’s energy centers. Additionally, international agreements have in the past, and could again, lead to future federal or state legislation or regulations.
The use of cash provided by operating activities and short-term borrowings to fund capital expenditures and other long-term investments at the Ameren Companies frequently results in a working capital deficit, defined as current liabilities exceeding current assets, as was the case at December 31, 2023, for Ameren, Ameren Missouri, and Ameren Illinois.
The use of cash provided by operating activities and short-term borrowings to fund capital expenditures and other long-term investments at the Ameren Companies frequently results in a working capital deficit, defined as current liabilities exceeding current assets, as was the case at December 31, 2024, for Ameren and Ameren Illinois.
(e) Ameren Illinois’ formula ratemaking framework related to energy-efficiency investments uses an allowed ROE of the annual average of the monthly yields of the 30-year United States Treasury bonds plus 580 basis points, subject to performance standards discussed in Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report.
(e) Ameren Illinois’ formula ratemaking framework related to energy-efficiency investments uses an allowed ROE of the annual average of the monthly yields of the 30-year United States Treasury bonds plus 580 basis points, subject to performance standards discussed in Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report. (f) Average residential electric prices.
Ameren’s and Ameren Missouri’s earnings could benefit from increased investment to comply with environmental regulations if those investments are reflected and recovered on a timely basis in customer rates. • The Ameren Companies have multiyear credit agreements that cumulatively provide $2.6 billion of credit through December 2027, subject to a 364-day repayment term for Ameren Missouri and Ameren Illinois, with the option to seek incremental commitments to increase the cumulative credit provided to $3.2 billion.
Ameren’s and Ameren Missouri’s earnings could benefit from increased investment to comply with environmental regulations if those investments are reflected and recovered on a timely basis in customer rates. • The Ameren Companies have multiyear Credit Agreements that cumulatively provide $2.6 billion of credit through December 2028, subject to a 364-day repayment term for Ameren Missouri and Ameren Illinois, with the option to seek incremental commitments to 71 Table of Contents increase the cumulative credit provided to $3.2 billion.
The timing and amount of investments could vary because of changes in expected capacity, the condition of transmission and distribution systems, future rate orders, and our ability and willingness to pursue transmission investments, as well as our ability to obtain necessary regulatory approvals, among other factors.
The timing and amount of investments could vary because of changes in expected capacity, the condition of transmission and distribution systems, significant changes in environmental regulations, future rate orders, and our ability and willingness to pursue transmission investments, as well as our ability to obtain necessary regulatory approvals, among other factors.
These changes in Ameren Missouri base rates are included in the “Sales volumes and changes in customer usage patterns (excluding the estimated effects of weather and MEEIA)” and “Cost recovery mechanisms - offset in fuel and purchased power” line items, respectively.
These changes in Ameren Missouri base rates are included in the “Retail sales volumes and changes in customer usage patterns (excluding the estimated effects of weather and MEEIA)” and “Cost recovery mechanisms - offset in fuel and purchased power” line items, respectively.
If facts and circumstances lead us to conclude that a recorded regulatory asset is no longer probable of recovery or that plant assets are probable of disallowance, we record a charge to earnings, which could be material.
If facts and circumstances lead us to 73 Table of Contents conclude that a recorded regulatory asset is no longer probable of recovery or that plant assets are probable of disallowance, we record a charge to earnings, which could be material.
In 2015, the United Nations Framework Convention on Climate Change reached consensus among approximately 190 nations on an agreement, known as the Paris 66 Table of Conten t s Agreement, that establishes a framework for greenhouse gas mitigation actions by all countries, with a goal of holding the increase in global average temperature to below 2 degrees Celsius above pre-industrial levels and an aspiration to limit the increase to 1.5 degrees Celsius.
In 2015, the United Nations Framework Convention on Climate Change reached consensus among approximately 190 nations on an agreement, known as the Paris Agreement, that establishes a framework for greenhouse gas mitigation actions by all countries, with a goal of holding the increase in global average temperature to below 2 degrees Celsius above pre-industrial levels and an aspiration to limit the increase to 1.5 degrees Celsius.
We believe this per share information helps readers to understand the impact of these factors on Ameren’s earnings per diluted share. 37 Table of Conten t s OVERVIEW Our core strategy is driven by the following three pillars, which allow us to capitalize on opportunities to benefit our customers, communities, shareholders, and the environment: Investing in rate-regulated energy infrastructure Enhancing regulatory frameworks and advocating for responsible policies Optimizing operating performance To capitalize on opportunities to benefit our customers, communities, shareholders, and the environment We invest in rate-regulated energy infrastructure and seek to earn competitive returns on our investments.
We believe this per share information helps readers to understand the impact of these factors on Ameren’s earnings per diluted share. 35 Table of Contents OVERVIEW Our core strategy is driven by the following three pillars, which allow us to capitalize on opportunities to benefit our customers, communities, shareholders, and the environment: Investing in rate-regulated energy infrastructure Enhancing regulatory frameworks and advocating for responsible policies Optimizing operating performance To capitalize on opportunities to benefit our customers, communities, shareholders, and the environment We invest in rate-regulated energy infrastructure and seek to earn competitive returns on our investments.
The law also creates clean energy tax credits for projects placed in service after 2024. The clean energy tax credits will apply to renewable energy production and investments, along with certain nuclear energy production, and will be phased out beginning in 2033, at the earliest.
The law also creates clean energy tax credits for projects beginning construction after 2024. The clean energy tax credits will apply to renewable energy production and investments, along with certain nuclear energy production, and will be phased out beginning in 2033, at the earliest.
We record a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. • Estimating financial impact of events • Estimating likelihood of various potential outcomes • Regulatory and political environments and requirements • Outcome of legal proceedings, settlements, or other factors • Changes in regulation, expected scope of work, technology, or timing of environmental remediation 76 Table of Conten t s Basis for Judgment The determination of a loss contingency requires significant judgment as to the expected outcome of the contingency in future periods.
We record a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. • Estimating financial impact of events • Estimating likelihood of various potential outcomes • Regulatory and political environments and requirements • Outcome of legal proceedings, settlements, or other factors • Changes in regulation, legislation, expected scope of work, technology, or timing of environmental remediation Basis for Judgment The determination of a loss contingency requires significant judgment as to the expected outcome of the contingency in future periods.
See Note 12 – Income Taxes under Part II, Item 8, of this report. • Changes in business, industry, laws, technology, or economic and market conditions affecting forecasted financial condition and/or results of operations • Estimates of the amount and character of future taxable income and forecasted use of our tax credit carryforwards • Enacted tax rates applicable to taxable income in years in which temporary differences are recovered or settled • Effectiveness of implementing tax planning strategies • Changes in income tax laws, including amounts subject to income tax, and the regulatory treatment of any tax reform changes • Results of audits and examinations by taxing authorities Basis for Judgment The reporting of tax-related assets and liabilities requires the use of estimates and significant management judgment.
See Note 12 – Income Taxes under Part II, Item 8, of this report. • Changes in business, industry, laws, technology, or economic and market conditions affecting forecasted financial condition and/or results of operations • Estimates of the amount and character of future taxable income and forecasted use of our tax credit carryforwards • Enacted tax rates applicable to taxable income in years in which temporary differences are recovered or settled • Effectiveness of implementing tax planning strategies • Changes in income tax laws, including amounts subject to income tax, and the regulatory treatment of any tax reform changes • Results of audits and examinations by taxing authorities • Ability to forecast production and investment tax credits 75 Table of Contents Basis for Judgment The reporting of tax-related assets and liabilities requires the use of estimates and significant management judgment.
We have natural gas cost recovery mechanisms for our Illinois and Missouri natural gas distribution businesses, a purchased power cost recovery mechanism for Ameren Illinois’ electric distribution business, and a FAC for Ameren Missouri’s electric business. We employ various risk management strategies to reduce our exposure to commodity risk and other risks inherent in our business.
We have natural gas 41 Table of Contents cost recovery mechanisms for our Illinois and Missouri natural gas distribution businesses, a purchased power cost recovery mechanism for Ameren Illinois’ electric distribution business, and a FAC for Ameren Missouri’s electric business. We employ various risk management strategies to reduce our exposure to commodity risk and other risks inherent in our business.
See Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, of this report for outstanding forward sale agreements under the ATM, long-term debt issuances through the date of this report, and maturities of long-term debt from 2024 to 2028 and beyond at Ameren (parent), Ameren Missouri, Ameren Illinois, and ATXI.
See Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, of this report for outstanding forward sale agreements under the ATM, long-term debt issuances through the date of this report, and maturities of long-term debt from 2025 to 2029 and beyond at Ameren (parent), Ameren Missouri, Ameren Illinois, and ATXI.
The following table reflects the sensitivity of potential changes in key assumptions to Ameren Missouri’s Callaway Energy Center decommissioning obligation as of December 31, 2023: Change in Callaway Energy Center’s Key ARO Assumptions Increase (Decrease) to ARO Discount rate decreased by 0.10% $ 12 Cost escalation rate increased by 0.25% 28 Increase in the estimated decommissioning costs by 10% 45 Two-year deferral in timing of cash expenditures (30) Impact of New Accounting Pronouncements See Note 1 – Summary of Significant Accounting Policies under Part II, Item 8, of this report.
The following table reflects the sensitivity of potential changes in key assumptions to Ameren Missouri’s Callaway Energy Center decommissioning obligation as of December 31, 2024: Change in Callaway Energy Center’s Key ARO Assumptions Increase (Decrease) to ARO Discount rate decreased by 0.10% $ 12 Cost escalation rate increased by 0.25% 28 Increase in the estimated decommissioning costs by 10% 47 Two-year deferral in timing of cash expenditures (31) Impact of New Accounting Pronouncements See Note 1 – Summary of Significant Accounting Policies under Part II, Item 8, of this report. 76 Table of Contents
Income Taxes The following table presents effective income tax rates for the years ended December 31, 2023 and 2022: 2023 2022 Ameren 14% 14% Ameren Missouri (2)% (2)% Ameren Illinois 26% 26% Ameren Illinois Electric Distribution 24% 25% Ameren Illinois Natural Gas 27% 27% Ameren Illinois Transmission 26% 26% Ameren Transmission 26% 26% See Note 12 – Income Taxes under Part II, Item 8, of this report for information regarding reconciliations of effective income tax rates for Ameren, Ameren Missouri, and Ameren Illinois.
Income Taxes The following table presents effective income tax rates for the years ended December 31, 2024 and 2023: 2024 2023 Ameren 7% 14% Ameren Missouri (18)% (2)% Ameren Illinois 24% 26% Ameren Illinois Electric Distribution 18% 24% Ameren Illinois Natural Gas 27% 27% Ameren Illinois Transmission 27% 26% Ameren Transmission 27% 26% See Note 12 – Income Taxes under Part II, Item 8, of this report for information regarding reconciliations of effective income tax rates for Ameren, Ameren Missouri, and Ameren Illinois.
Environmental Capital Expenditures Ameren Missouri will continue to incur costs to comply with federal and state regulations, including those requiring the reduction of SO 2 , NO x , and mercury emissions from its coal-fired energy centers, compliance with the CCR Rule, and potential modifications to cooling water 61 Table of Conten t s intake structures at existing power plants under Clean Water Act rules.
Environmental Capital Expenditures Ameren Missouri will continue to incur costs to comply with federal and state regulations, including those requiring the reduction of SO 2 , NO x , CO 2 , and mercury emissions from its coal-fired energy centers, compliance with the CCR Rule, and potential modifications to cooling water intake structures at existing power plants under Clean Water Act rules.
See Note 4 – Short-term Debt and Liquidity and Note 5 – Long-term Debt and Equity Financings 64 Table of Conten t s under Part II, Item 8, of this report for a discussion of covenants and provisions (and applicable cross-default provisions) contained in our credit agreements, certain of the Ameren Companies’ indentures and articles of incorporation, and ATXI’s note purchase agreements.
See Note 4 – Short-term Debt and Liquidity and Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, of this report for a discussion of covenants and provisions (and applicable cross-default provisions) contained in our credit agreements, certain of the Ameren Companies’ indentures and articles of incorporation, and ATXI’s note purchase agreements.
The following table presents the principal credit ratings of the Ameren Companies by Moody’s and S&P effective on the date of this report: Moody’s S&P Ameren: Issuer/corporate credit rating Baa1 BBB+ Senior unsecured debt Baa1 BBB Commercial paper P-2 A-2 Ameren Missouri: Issuer/corporate credit rating Baa1 BBB+ Senior debt A2 A Senior unsecured debt Baa1 Not Rated Commercial paper P-2 A-2 Ameren Illinois: Issuer/corporate credit rating A3 BBB+ Senior debt A1 A Senior unsecured debt A3 BBB+ Commercial paper P-2 A-2 ATXI: Issuer credit rating A2 Not Rated Senior unsecured debt A2 Not Rated A credit rating is not a recommendation to buy, sell, or hold securities.
The following table presents the principal credit ratings of the Ameren Companies by Moody’s and S&P effective on the date of this report: Moody’s S&P Ameren: Issuer/corporate credit rating Baa1 BBB+ Senior unsecured debt Baa1 BBB Commercial paper P-2 A-2 Ameren Missouri: Issuer/corporate credit rating Baa1 BBB+ Senior debt A2 A Senior unsecured debt Baa1 Not Rated Commercial paper P-2 A-2 AMF securitized utility tariff bonds Aaa AAA Ameren Illinois: Issuer/corporate credit rating A3 BBB+ Senior debt A1 A Senior unsecured debt A3 BBB+ Commercial paper P-2 A-2 ATXI: Issuer credit rating A2 Not Rated Senior unsecured debt A2 Not Rated A credit rating is not a recommendation to buy, sell, or hold securities.
Regulations can be reviewed and repealed, and replacement or alternative regulations can be proposed or adopted by the current federal administration, including the EPA. See Note 14 – Commitments and Contingencies under Part II, Item 8, of this report, for additional information on environmental matters, including the NSR and Clean Air Act litigation.
Regulations can be reviewed and repealed, and replacement or alternative regulations can be proposed or adopted by the regulatory agencies, including the EPA. See Note 14 – Commitments and Contingencies under Part II, Item 8, of this report, for additional information on environmental matters, including the NSR and Clean Air Act litigation.
If a given year’s revenue amount collected from customers varies from the approved revenue requirement, an adjustment is made to electric operating revenues with an offset to a regulatory asset or liability to reflect that year’s actual revenue requirement, independent of actual sales volumes.
If a given year’s revenue amount collected from customers varies from the approved revenue requirement, an adjustment is made to electric operating revenues with an offset to a regulatory asset or liability to reflect that year’s actual revenue requirement.
For information regarding long-term debt issuances and maturities, common stock issuances, and outstanding forward sale agreements entered into under the ATM program through the date of this report, see Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, of this report. 41 Table of Conten t s Ameren remains focused on strategic capital allocation.
For information regarding long-term debt issuances and maturities, common stock issuances, and outstanding forward sale agreements entered into under the ATM program through the date of this report, see Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, of this report. 40 Table of Contents Ameren remains focused on strategic capital allocation.
Additionally, Ameren has an ATM program under which Ameren may offer and sell from time to time common stock, which includes the ability to enter into forward sale agreements, subject to market conditions and other factors. During 2023, Ameren issued a total of 3.2 million shares of common stock and received aggregate proceeds of $299 million under the ATM program.
Additionally, Ameren has an ATM program under which Ameren may offer and sell from time to time common stock, which includes the ability to enter into forward sale agreements, subject to market conditions and other factors. During 2024, Ameren issued a total of 2.9 million shares of common stock and received aggregate proceeds of $233 million under the ATM program.
For additional information about our long-term debt outstanding, including maturities due within one year, and the applicable interest rates, see 57 Table of Conten t s Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, of this report.
For additional information about our long-term debt outstanding, including maturities due within one year, and the applicable interest rates, see Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, of this report.
Cash collateral postings and prepayments made with external parties, including postings related to exchange-traded contracts, were immaterial, and cash collateral posted by external parties were $53 million for Ameren and Ameren Illinois at December 31, 2023.
Cash collateral postings and prepayments made with external parties, including postings related to exchange-traded contracts, were immaterial, and cash collateral posted by external parties were $58 million for Ameren and Ameren Illinois at December 31, 2024.
As of December 31, 2023, Ameren had approximately $770 million of common stock available for sale under the ATM program, which takes into account the forward sale agreements in effect as of December 31, 2023.
As of December 31, 2024, Ameren had approximately $550 million of common stock available for sale under the ATM program, which takes into account the forward sale agreements in effect as of December 31, 2024.
Liquidity At December 31, 2023, Ameren, on a consolidated basis, had available liquidity in the form of cash on hand and amounts available under the Credit Agreements of $2.1 billion.
Liquidity At December 31, 2024, Ameren, on a consolidated basis, had available liquidity in the form of cash on hand and amounts available under the Credit Agreements of $1.4 billion.
A sub-investment-grade issuer or senior unsecured debt rating (below “Baa3” from Moody’s or below “BBB-” from S&P) at December 31, 2023, could have resulted in Ameren, Ameren Missouri, or Ameren Illinois being required to post additional collateral or other assurances for certain trade and contractual obligations amounting to $685 million, $604 million, and $81 million, respectively.
A sub-investment-grade issuer or senior unsecured debt rating (below “Baa3” from Moody’s or below “BBB-” from S&P) at December 31, 2024, could have resulted in Ameren, Ameren Missouri, or Ameren Illinois being required to post additional collateral or other assurances for certain trade and contractual obligations amounting to $740 million, $699 million, and $41 million, respectively.
Ameren Missouri’s 5% exposure to net energy cost variances under the FAC is reflected within “Off-system sales, capacity, and FAC revenues, net” and “Energy costs (excluding the estimated effect of weather)”.
Ameren Missouri’s 5% exposure to net energy cost variances under the FAC is the difference between “Off-system sales, capacity, transmission, and FAC revenues, net” and “Energy costs (excluding the estimated effect of weather)”.
Additionally, we have posted a Task Force on Climate-related Financial Disclosures (TCFD) and Sustainability Accounting Standards Board (SASB) mapping of sustainability data. The reports may be updated at any time. The information on Ameren’s website, including the reports and documents mentioned in this paragraph, is not incorporated by reference into this report.
Additionally, we have posted a Sustainability Accounting Standards Board (SASB) mapping of sustainability data. The reports may be updated at any time. The information on Ameren’s website, including the reports and documents mentioned in this paragraph, is not incorporated by reference into this report.
(d) Ameren issued 3.2 million and 3.4 million shares of common stock under the ATM program in 2023 and 2022, respectively. (e) Excludes 0.5 million and 0.4 million shares of common stock valued at $40 million and $31 million issued for no cash consideration in connection with stock-based compensation in 2023 and 2022, respectively.
(d) Ameren issued 2.9 million and 3.2 million shares of common stock under the ATM program in 2024 and 2023, respectively. (e) Excludes 0.2 million and 0.5 million shares of common stock valued at $16 million and $40 million issued for no cash consideration in connection with stock-based compensation in 2024 and 2023, respectively.
The non-service cost component of net periodic benefit cost or income at Ameren Services is allocated to the segments and primarily included in the segments’ other operations and maintenance expenses. Other operations and maintenance expenses were comparable at Ameren Transmission between periods.
The non-service cost component of net periodic benefit cost or income at Ameren Services is allocated to the segments and primarily included in the segments’ other operations and maintenance expenses.
Dividends Ameren paid to its shareholders common stock dividends totaling $662 million, or $2.52 per share, in 2023 and $610 million, or $2.36 per share, in 2022. The amount and timing of dividends payable on Ameren’s common stock are within the sole discretion of Ameren’s board of directors.
Dividends Ameren paid to its shareholders common stock dividends totaling $714 million, or $2.68 per share, in 2024 and $662 million, or $2.52 per share, in 2023. The amount and timing of dividends payable on Ameren’s common stock are within the sole discretion of Ameren’s board of directors.
We expect that increased investments, including expected future investments for environmental compliance, system reliability improvements, and new generation sources, will result in rate base and revenue growth but also higher depreciation and financing costs.
To serve these new loads, we expect increased investments will be necessary, including expected future investments for environmental compliance, system reliability improvements, and new generation sources, that will result in rate base and revenue growth but also higher depreciation and financing costs.
Based on expected rate base and the currently allowed 10.52% ROE, which includes a 50-basis-point incentive adder for participation in an RTO, the revenue requirements that will be included in 2024 rates for Ameren Illinois’ and ATXI’s electric transmission businesses are $549 million and $223 million, respectively.
Based on expected rate base and the currently allowed 10.48% ROE, which includes a 50-basis-point incentive adder for participation in an RTO, the revenue requirements that will be included in 2025 rates for Ameren Illinois’ and ATXI’s electric transmission businesses are $643 million and $232 million, respectively.
Rate Base ($ in billions) (a) Regulatory Frameworks (c) Improved Reliability (f) Segment Regulatory Framework Ameren Transmission Formula ratemaking Allowed ROE of 10.52% Ameren Illinois Electric Distribution Future test year ratemaking under an MYRP (d) Allowed ROE of 8.72% (e) Ameren Illinois Natural Gas Future test year ratemaking and PGA and VBA Allowed ROE of 9.44% Ameren Missouri Historical test year ratemaking and PISA, RESRAM, FAC, MEEIA, PGA Allowed ROE is not specified (a) Reflects year-end rate base except for Ameren Transmission, which is average rate base.
Rate Base ($ in billions) (a) Regulatory Frameworks (c) Electric Customer Rates (f) Segment Regulatory Framework Ameren Transmission Formula ratemaking with initial rates based on a future test year Allowed ROE of 10.48% Ameren Illinois Electric Distribution Future test year ratemaking under an MYRP (d) and RBA Allowed ROE of 8.72% (e) Ameren Illinois Natural Gas Future test year ratemaking and PGA and VBA Allowed ROE of 9.44% Ameren Missouri Historical test year ratemaking and PISA, RESRAM, FAC, MEEIA, PGA Allowed ROE is not specified (a) Reflects year-end rate base except for Ameren Transmission, which is average rate base.
For further information on the matters discussed above, see Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report, and the Outlook section below. Earnings Net income attributable to Ameren common shareholders was $1,152 million, or $4.38 per diluted share, for 2023, and $1,074 million, or $4.14 per diluted share, for 2022.
For further information on the matters discussed above, see Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report, and the Outlook section below. 39 Table of Contents Earnings Net income attributable to Ameren common shareholders was $1,182 million, or $4.42 per diluted share, for 2024, and $1,152 million, or $4.38 per diluted share, for 2023.
Ameren’s 70 Table of Conten t s goals include both direct emissions from operations (scope 1), as well as electricity usage at Ameren buildings (scope 2), including other greenhouse gas emissions of methane, nitrous oxide, and sulfur hexafluoride.
Ameren’s goals include both reduction of direct emissions from operations (scope 1), as well as electricity usage at Ameren buildings (scope 2), including other greenhouse gas emissions of methane, nitrous oxide, and sulfur hexafluoride.
Ameren Missouri and Ameren Illinois expect to fund cash flow needs through debt issuances, adjustments of dividends to Ameren (parent), and/or capital contributions from Ameren (parent). • The IRA was enacted in August 2022, and includes various income tax provisions, among other things.
Ameren Missouri and Ameren Illinois expect to fund cash flow needs through debt issuances, cash provided by operating activities, and/or capital contributions from Ameren (parent). • The IRA was enacted in August 2022, and includes various income tax provisions, among other things.
The plan is designed to upgrade Ameren Missouri’s electric infrastructure and includes investments that will upgrade the grid and accommodate more renewable energy. Investments under the plan are expected to total approximately $12.4 billion over the five-year period from 2024 through 2028, with expenditures largely recoverable under the PISA.
The plan is designed to upgrade Ameren Missouri’s electric infrastructure and includes investments that will upgrade the grid and accommodate more renewable energy. Investments under the plan are expected to total approximately $16.2 billion over the five-year period from 2025 through 2029, with expenditures largely recoverable under the PISA.
The 2023 reconciliation adjustment, if approved by the ICC, will be collected from customers in 2025. • Pursuant to the CEJA, which was enacted in September 2021, Ameren Illinois may file an MYRP with the ICC to establish base rates for electric distribution service to be charged to customers for each calendar year of a four-year period.
The approved reconciliation adjustment will be collected from customers in 2025. • Pursuant to the CEJA, Ameren Illinois may file an MYRP with the ICC to establish base rates for electric distribution service to be charged to customers for each calendar year of a four-year period.
Any change in the assumptions or judgments applied in determining the following matters, among others, could have a material impact on future financial results. 74 Table of Conten t s Accounting Estimate Uncertainties Affecting Application Regulatory Mechanisms and Cost Recovery We defer costs and recognize revenues that we intend to collect in future rates. • Regulatory environment and external regulatory decisions and requirements • Anticipated future regulatory decisions and our assessment of their impact • The impact of prudence reviews, complaint cases, limitations on electric rate increases in Missouri and Illinois, and opposition during the ratemaking process that may limit our ability to timely recover costs and earn a fair return on our investments • Ameren Illinois’ assessment of and ability to estimate the current year’s electric distribution service costs to be reflected in revenues and recovered from customers in a subsequent year under the MYRP process, effective in 2024, which includes a revenue requirement reconciliation, which may not allow for full recovery of actual costs due to a reconciliation cap • Ameren Illinois’ and ATXI’s assessment of and ability to estimate the current year’s electric transmission service costs to be reflected in revenues and recovered from customers in a subsequent year under the FERC ratemaking frameworks • Ameren Missouri’s estimate of revenue recovery under the MEEIA plans Basis for Judgment The application of accounting guidance for rate-regulated businesses results in recording regulatory assets and liabilities.
Accounting Estimate Uncertainties Affecting Application Regulatory Mechanisms and Cost Recovery We defer costs and recognize revenues that we intend to collect in future rates. • Regulatory environment and external regulatory decisions and requirements • Anticipated future regulatory decisions and our assessment of their impact • The impact of prudence reviews, complaint cases, limitations on electric rate increases in Missouri and Illinois, and opposition during the ratemaking process that may limit our ability to timely recover costs and earn a fair return on our investments • Ameren Illinois’ assessment of and ability to estimate the current year’s electric distribution service costs to be reflected in revenues and recovered from customers in a subsequent year under the MYRP process, which includes a revenue requirement reconciliation, which may not allow for full recovery of actual costs due to a reconciliation cap • Ameren Illinois’ and ATXI’s assessment of and ability to estimate the current year’s electric transmission service costs to be reflected in revenues and recovered from customers in a subsequent year under the FERC ratemaking frameworks • Ameren Missouri’s estimate of revenue recovery under the MEEIA plans Basis for Judgment The application of accounting guidance for rate-regulated businesses results in recording regulatory assets and liabilities.
A 50-basis-point change in the FERC-allowed ROE would affect Ameren’s and Ameren Illinois’ annual net income by an estimated $16 million and $11 million, respectively, based on each company’s 2024 projected rate base. • Pursuant to December 2022 and March 2021 ICC orders, Ameren Illinois used the IEIMA formula framework to establish annual electric distribution service rates effective through 2023, and will reconcile the related revenue requirement for customer rates established for 2023.
A 50-basis- 68 Table of Contents point change in the FERC-allowed ROE would affect Ameren’s and Ameren Illinois’ annual net income by an estimated $17 million and $12 million, respectively, based on each company’s 2025 projected rate base. • Pursuant to December 2022 and March 2021 ICC orders, Ameren Illinois used the IEIMA formula framework to establish annual electric distribution service rates effective through 2023, and reconciled the related revenue requirement for customer rates established for 2023.
Ameren Missouri and Ameren Illinois continue to face cost recovery pressures, including limited economic growth in their service territories, increasing inflation, higher cost of debt, customer conservation efforts, the impacts of additional customer energy-efficiency programs, and increased customer use of increasingly cost-effective advancements in innovative energy technologies, including private generation and energy storage.
Ameren Missouri and Ameren Illinois continue to face cost recovery pressures, higher cost of debt, customer conservation efforts, the impacts of additional customer energy-efficiency programs, and increased customer use of increasingly cost-effective advancements in innovative energy technologies, including private generation and energy storage.
In February 2023, Ameren’s board of directors increased the quarterly common stock dividend to 63 cents per share, resulting in an annualized equivalent dividend rate of $2.52 per share. In February 2024, Ameren’s board of directors increased the quarterly common stock dividend to 67 cents per share, resulting in an annualized equivalent dividend rate of $2.68 per share.
In February 2024, Ameren’s board of directors increased the quarterly common stock dividend to 67 cents per share, resulting in an annualized equivalent dividend rate of $2.68 per share. In February 2025, Ameren’s board of directors increased the quarterly common stock dividend to 71 cents per share, resulting in an annualized equivalent dividend rate of $2.84 per share.
(e) Offsetting expense increases or decreases are reflected in “Other operations and maintenance,” “Depreciation and amortization,” or in “Taxes other than income taxes” within the “Operating Expenses” section of the statement of income.
(f) Offsetting expense increases or decreases are reflected in “Other operations and maintenance,” “Depreciation and amortization,” or in “Taxes other than income taxes,” within “Operating Expenses” on the statement of income.
In November 2023, the ICC issued an order approving Ameren Illinois’ 2022 electric distribution service revenue requirement reconciliation adjustment filing. This order approved a reconciliation adjustment of $110 million , which reflected Ameren Illinois’ actual 2022 recoverable costs, year-end rate base of $3.9 billion , and a capital structure composed of 50% common equity.
In December 2024, the ICC issued an order approving Ameren Illinois’ 2023 electric distribution service revenue requirement reconciliation adjustment filing. This order approved a reconciliation adjustment of $158 million, which reflected Ameren Illinois’ actual 2023 recoverable costs, year-end rate base of $4.2 billion, and capital structure composed of 50% common equity.
These revenue requirements represent increases in Ameren Illinois’ and ATXI’s revenue requirements of $73 million and $29 million, respectively, from the revenue requirements reflected in 2023 rates, primarily due to higher expected rate base.
These revenue requirements represent increases in Ameren Illinois’ and ATXI’s revenue requirements of $94 million and $9 million, respectively, from the revenue requirements reflected in 2024 rates, primarily due to higher expected rate base.
All intercompany transactions have been eliminated. Ameren Missouri’s subsidiaries were created for the ownership of renewable generation projects. Ameren Illinois has no subsidiaries. All tabular dollar amounts are in millions, unless otherwise indicated. The following discussion should be read in conjunction with the financial statements contained in this Form 10-K.
All intercompany transactions have been eliminated. Ameren Illinois has no subsidiaries. All tabular dollar amounts are in millions, unless otherwise indicated. The following discussion should be read in conjunction with the financial statements contained in this Form 10-K.
Ameren Illinois Electric Distribution excludes electric energy-efficiency rate base. (b) Compound annual growth rate. (c) As of January 2024. (d) In January 2024, Ameren Illinois filed an appeal of the December 2023 ICC order in its MYRP proceeding.
Ameren Illinois Electric Distribution excludes electric energy-efficiency rate base. (b) Compound annual growth rate. (c) As of January 2025. (d) Ameren Illinois filed appeals of the December 2023 and June 2024 orders, and intends to file an appeal of the December 2024 ICC order, in its MYRP proceeding.
The filing requested the ICC revise the order to include an allowed ROE of at least 9.89%, a capital structure composed of 52% common equity, and a reversal of the approximately $93 million reduction of planned distribution and transmission capital investments included in the order, among other things. In January 2024, the ICC denied Ameren Illinois’ rehearing request.
The filing requested the ICC revise the order to include an allowed ROE of at least 9.89%, a capital structure composed of 52% common equity, and a reversal of the approximately $93 million reduction of planned distribution and 37 Table of Contents transmission capital investments included in the order, among other things.
All of the Illinois natural gas utilities subject to ICC regulation will be included in this proceeding, which will explore issues involved with decarbonization of the natural gas distribution system in light of the state of Illinois’ goal of economy-wide 100% clean energy by 2050, pursuant to the CEJA.
All of the Illinois natural gas utilities subject to ICC regulation are included in this proceeding, which is exploring issues involving the decarbonization of the natural gas distribution system in light of the state of Illinois’ goal of economy-wide 100% clean energy by 2050, pursuant to the CEJA.
Ameren expects its dividend payout ratio to be between 55% and 65% of earnings over the next few years. On February 9, 2024, the board of directors of Ameren declared a quarterly dividend on Ameren’s common stock of 67 cents per share, payable on March 29, 2024, to shareholders of record on March 13, 2024.
Ameren expects its dividend payout ratio to be between 55% and 65% of earnings over the next few years. On February 7, 2025, the board of directors of Ameren declared a quarterly dividend on Ameren’s common stock of 71 cents per share, payable on March 31, 2025, to shareholders of record on March 11, 2025.
Interest Charges Total by Segment Increase by Segment Overall Ameren Increase of $80 Million Ameren Missouri Ameren Illinois Natural Gas Other/Intersegment Eliminations Ameren Illinois Electric Distribution Ameren Transmission Interest charges increased $80 million in 2023, compared with 2022, primarily because of the following items: See Note 4 – Short-term Debt and Liquidity under Part II, Item 8, of this report and the Long-term Debt and Equity section below for additional information on short-term borrowings and long-term debt, respectively, discussed below.
Interest Charges Total by Segment Increase by Segment Overall Ameren Increase of $97 Million Ameren Missouri Ameren Illinois Natural Gas Other/Intersegment Eliminations Ameren Illinois Electric Distribution Ameren Transmission See Note 4 – Short-term Debt and Liquidity under Part II, Item 8, of this report and the Long-term Debt and Equity section below for additional information on short-term borrowings and long-term debt, respectively.
The increases in net income were partially offset by a net income decrease of $17 million at Ameren Missouri and an increase in the net loss for activity not reported as part of a segment, primarily at Ameren (parent), of $5 million.
The increases in net income were partially offset by a net income decrease of $24 million at Ameren Illinois Electric Distribution and an increase in the net loss for activity not reported as part of a segment, primarily at Ameren (parent), of $2 million.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThe IPA has proposed and the ICC has approved multiple procurement events covering portions of years through 2027 for capacity and energy.
Biggest changeThrough the IPA's 78 Table of Contents development and filing of the 2025 Electricity Procurement Plan, the ICC has approved the plan's proposal for multiple IPA procurement events over the following year. These events will procure portions of Ameren Illinois' energy and capacity forecasted requirements for forward delivery years through May 2028.
Contributions to the plans and future costs could increase materially if we do not achieve pension and postretirement asset portfolio investment returns equal to or in excess of our 2024 assumed return on plan assets of 6.75%. Ameren Missouri also maintains a trust fund, as required by the NRC and Missouri law, to fund certain costs of nuclear plant decommissioning.
Contributions to the plans and future costs could increase materially if we do not achieve pension and postretirement asset portfolio investment returns equal to or in excess of our 2025 assumed return on plan assets of 6.75%. Ameren Missouri also maintains a trust fund, as required by the NRC and Missouri law, to fund certain costs of nuclear plant decommissioning.
See Note 7 – Derivative Financial Instruments under Part II, Item 8, of this report for information on the potential loss on counterparty exposure as of December 31, 2023. Our revenues are primarily derived from sales or delivery of electricity and natural gas to customers in Missouri and Illinois.
See Note 7 – Derivative Financial Instruments under Part II, Item 8, of this report for information on the potential loss on counterparty exposure as of December 31, 2024. Our revenues are primarily derived from sales or delivery of electricity and natural gas to customers in Missouri and Illinois.
Also see Note 14 – Commitments and Contingencies under Part II, Item 8, of this report for additional information. Commodity Supplier Risk The use of low-sulfur coal is part of Ameren Missouri’s environmental compliance strategy. Ameren Missouri has agreements with multiple suppliers to purchase low-sulfur coal through 2028 to comply with environmental regulations.
Also see Note 14 – Commitments and Contingencies under Part II, Item 8, of this report for additional information. Commodity Supplier Risk The use of low-sulfur coal is part of Ameren Missouri’s environmental compliance strategy. Ameren Missouri has agreements with multiple suppliers to purchase low-sulfur coal through 2029 to comply with environmental regulations.
As of December 31, 2023, this fund was invested in domestic equity securities (68%) and debt securities (31%). By maintaining a portfolio that includes long-term equity investments, Ameren Missouri seeks to maximize the returns to be used to fund nuclear decommissioning costs within acceptable parameters of risk.
As of December 31, 2024, this fund was invested in domestic equity securities (68%) and debt securities (31%). By maintaining a portfolio that includes long-term equity investments, Ameren Missouri seeks to maximize the returns to be used to fund nuclear decommissioning costs within acceptable parameters of risk.
Our physical and financial instruments subject to credit risk primarily consist of trade accounts receivables and executory contracts with market risk exposures. Credit risk associated with trade receivables is mitigated by our diversified customer base. At December 31, 2023, no nonaffiliated customer represented more than 10% of our accounts receivable.
Our physical and financial instruments subject to credit risk primarily consist of trade accounts receivables and executory contracts with market risk exposures. Credit risk associated with trade receivables is mitigated by our diversified customer base. At December 31, 2024, no nonaffiliated customer represented more than 10% of our accounts receivable.
The net cash surrender value of Ameren’s COLI is affected by the investment performance of a separate account in which Ameren holds a beneficial interest. As of December 31, 2023, that separate account is comprised of approximately 50% equity securities and 50% debt securities.
The net cash surrender value of Ameren’s COLI is affected by the investment performance of a separate account in which Ameren holds a beneficial interest. As of December 31, 2024, that separate account is comprised of approximately 50% equity securities and 50% debt securities.
The estimated increase in our annual interest expense and decrease in net income if interest rates were to increase by 100 basis points on variable-rate debt outstanding at December 31, 2023 is immaterial.
The estimated increase in our annual interest expense and decrease in net income if interest rates were to increase by 100 basis points on variable-rate debt outstanding at December 31, 2024 is immaterial.
Ameren Missouri and Ameren Illinois continue to monitor the impact of economic conditions, including inflationary pressures, on customer collections and customer account balances. Ameren Missouri and Ameren Illinois make adjustments to their respective allowance for doubtful accounts as deemed necessary to ensure that such allowances are adequate to cover estimated uncollectible customer account balances.
Ameren Missouri and Ameren Illinois continue to monitor the impact of economic conditions, including inflationary pressures, on customer 77 Table of Contents collections and customer account balances. Ameren Missouri and Ameren Illinois make adjustments to their respective allowance for doubtful accounts as deemed necessary to ensure that such allowances are adequate to cover estimated uncollectible customer account balances.
This continues each successive year through March 2028. (d) Represents the percentage of purchased power price-hedged for fixed-price residential and nonresidential customers with less than 150 kilowatts of demand. Our exposure to commodity price risk for construction and maintenance activities is related to changes in market prices for metal commodities and to labor availability.
This continues each successive year through March 2029. (c) Represents the percentage of purchased power price-hedged for fixed-price residential and nonresidential customers with less than 150 kilowatts of demand. Our exposure to commodity price risk for construction and maintenance activities is related to changes in market prices for metal commodities and to labor availability.
To the extent not recovered through customer rates, changes in the market values of these contracts are reflected in earnings. Commodity Price Risk Ameren Missouri’s and Ameren Illinois’ electric and natural gas distribution businesses’ exposure to changing market prices for commodities is in large part mitigated by the fact that there are cost recovery mechanisms in place.
To the extent not recovered through customer rates, changes in the market values of these contracts are reflected in earnings. Commodity Price Risk Ameren Missouri’s and Ameren Illinois’ electric and natural gas distribution businesses’ exposure to changing market prices for commodities is in large part mitigated because there are cost recovery mechanisms in place.
When that option is selected, Ameren Illinois produces consolidated bills for the applicable retail customers to reflect charges for electric distribution and purchased receivables from the alternative retail electric suppler. As of December 31, 2023, Ameren Illinois’ balance of purchased accounts receivable associated with the utility consolidated billing and purchase of receivables services was $42 million.
When that option is selected, Ameren Illinois produces consolidated bills for the applicable retail customers to reflect charges for electric distribution and purchased receivables from the alternative retail electric suppler. As of December 31, 2024, Ameren Illinois’ balance of purchased accounts receivable associated with the utility consolidated billing and purchase of receivables services was $43 million.
The following table presents, as of December 31, 2023, the percentages of the projected required supply of coal and coal transportation for Ameren Missouri’s coal-fired energy centers, nuclear fuel for Ameren Missouri’s Callaway Energy Center, natural gas for Ameren Missouri’s and Ameren Illinois’ retail distribution, and purchased power for Ameren Illinois that are price-hedged over the period 2024 through 2028.
The following table presents, as of December 31, 2024, the percentages of the projected required supply of coal and coal transportation for Ameren Missouri’s coal-fired energy centers, nuclear fuel for Ameren Missouri’s Callaway Energy Center, natural gas for Ameren Missouri’s and Ameren Illinois’ retail distribution, and purchased power for Ameren Illinois that are price-hedged over the period 2025 through 2029.
In 2023, Ameren Illinois procured power on behalf of its customers for 28% of its total kilowatthour sales. Ameren Illinois purchases energy and capacity through bilateral contracts resulting from IPA procurement events, with any remaining needs procured through the MISO marketplace.
In 2024, Ameren Illinois procured power on behalf of its customers for 25% of its total kilowatthour sales. Ameren Illinois purchases energy and capacity through bilateral contracts resulting from IPA procurement events, with any remaining needs procured through the MISO marketplace.
Ameren Missouri’s exposure to equity price market risk is in large part mitigated because Ameren Missouri is currently allowed to recover its decommissioning costs, which would include unfavorable investment results, through electric rates. 79 Table of Conten t s Additionally, Ameren and Ameren Illinois have COLI contracts with net cash surrender values of $144 million and $7 million, respectively, as of December 31, 2023.
Ameren Missouri’s exposure to equity price market risk is in large part mitigated because Ameren Missouri is currently allowed to recover its decommissioning costs, which would include unfavorable investment results, through electric rates. Additionally, Ameren and Ameren Illinois have COLI contracts with net cash surrender values of $150 million and $8 million, respectively, as of December 31, 2024.
See Note 1 – Summary of Significant Accounting Policies and Note 10 – Retirement Benefits under Part II, Item 8, of this report for additional information related to AROs, goodwill, and the defined pension and postretirement benefit plans.
For defined pension and postretirement benefit plans, we control the duration and the portfolio mix of our plan assets. See Note 1 – Summary of Significant Accounting Policies and Note 10 – Retirement Benefits under Part II, Item 8, of this report for additional information related to AROs, goodwill, and the defined pension and postretirement benefit plans.
The allowed ROE under Ameren Illinois’ electric energy-efficiency investments formula ratemaking recovery mechanisms is based on the annual average of the monthly yields of the 30-year United States Treasury bonds plus 580 basis points.
The allowed ROE under Ameren Illinois’ electric energy-efficiency investments formula ratemaking recovery mechanisms is based on the annual average of the monthly yields of the 30-year United States Treasury bonds plus 580 basis points. Therefore, Ameren Illinois’ annual ROE for its electric energy-efficiency investments is directly correlated to the yields on such bonds, which are outside of Ameren Illinois’ control.
The projected required supply of these commodities could be significantly affected by changes in our assumptions about customer demand for electricity and natural gas supplied by us and inventory levels, as well as Ameren Missouri’s generation output, among other matters. 2024 2025 2026 – 2028 Ameren: Coal (a) 98 % 85 % 48 % Coal transportation (a) 100 100 98 Nuclear fuel (b) 100 100 Natural gas for distribution (c) 97 50 27 Purchased power for Ameren Illinois (d) 77 37 11 Ameren Missouri: Coal (a) 98 % 85 % 48 % Coal transportation (a) 100 100 98 Nuclear fuel (b) 100 100 Natural gas for distribution (c) 90 57 31 Ameren Illinois: Natural gas for distribution (c) 98 % 49 % 26 % Purchased power (d) 77 37 11 (a) Ameren Missouri has agreements in place to purchase and transport coal to its energy centers.
The projected required supply of these commodities could be significantly affected by changes in our assumptions about customer demand for electricity and natural gas supplied by us and inventory levels, as well as Ameren Missouri’s generation output, among other matters. 2025 2026 2027 – 2029 Ameren: Coal (a) 93 % 73 % 47 % Coal transportation (a) 99 99 96 Nuclear fuel 100 100 100 Natural gas for distribution (b) 100 50 26 Purchased power for Ameren Illinois (c) 77 36 12 Ameren Missouri: Coal (a) 93 % 73 % 47 % Coal transportation (a) 99 99 96 Nuclear fuel 100 100 100 Natural gas for distribution (b) 91 52 25 Ameren Illinois: Natural gas for distribution (b) 100 % 49 % 27 % Purchased power (c) 77 36 12 (a) Ameren Missouri has agreements in place to purchase and transport coal to its energy centers.
Ameren Illinois has purchased approximately 15% of its June 2024 to May 2025 capacity needs bilaterally, however, this percentage beyond May 2025 will be dependent on the results of future IPA procurement events. Daily energy balancing is also handled through the MISO marketplace.
Ameren Illinois has purchased approximately 14% of its summer 2025, 9% of its fall 2025, none of its winter 2025/26 and 2% of its spring 2026 capacity needs bilaterally, however, this percentage beyond May 2026 will be dependent on the results of future IPA procurement events. Daily energy balancing is also handled through the MISO marketplace.
Ameren Missouri would then need to purchase power necessary to meet demand. Currently, the Callaway Energy Center has a single NRC-licensed supplier able to provide fuel assemblies to the Callaway Energy Center. Ameren Missouri is pursuing a program to qualify an alternate NRC-licensed supplier for contingency purposes.
Ameren Missouri would then need to purchase power necessary to meet demand. Currently, the Callaway Energy Center has one NRC-licensed supplier able to provide fuel assemblies to the Callaway Energy Center. 79 Table of Contents
We manage our interest rate exposure by controlling the amount of debt instruments within our total capitalization portfolio and by monitoring the effects of market changes on interest rates. For defined pension and postretirement benefit plans, we control the duration and the portfolio mix of our plan assets.
We manage our interest rate exposure by controlling the amount of debt instruments within our total capitalization portfolio, by monitoring the effects of market changes on interest rates, and by entering into interest rate swaps to hedge a portion of our interest rate risk on cash flows related to forecasted debt issuances.
While Ameren Missouri has minimum purchase obligations associated with these agreements, the majority of these agreements are not associated with any specific coal-fired energy center. 80 Table of Conten t s (b) The Callaway Energy Center requires refueling at 18-month intervals.
While Ameren Missouri has minimum purchase obligations associated with these agreements, the majority of these agreements are not associated with any specific coal-fired energy center. (b) Represents the percentage of natural gas price-hedged for peak winter season of November through March. The year 2025 represents January 2025 through March 2025. The year 2026 represents November 2025 through March 2026.
Removed
Therefore, Ameren Illinois’ 78 Table of Conten t s annual ROE for its electric energy-efficiency investments is directly correlated to the yields on such bonds, which are outside of Ameren Illinois’ control.
Removed
See Note 15 – Supplemental Information under Part II, Item 8, of this report for more information on Ameren’s, Ameren Missouri’s, and Ameren Illinois’ accounts receivable balances that were 30 days or greater past due or that were a part of a deferred payment arrangement as of December 31, 2023.
Removed
As there is no refueling and maintenance outage scheduled to occur during 2024, there are also no nuclear fuel deliveries anticipated to occur in 2024. (c) Represents the percentage of natural gas price-hedged for peak winter season of November through March. The year 2024 represents January 2024 through March 2024. The year 2025 represents November 2024 through March 2025.
Removed
Ameren Missouri is awaiting approval from the NRC, which is under no deadline to issue the approval. Ameren Missouri received a planned delivery of enriched uranium from a Russian supplier in the spring of 2023. The planned delivery concluded the nuclear fuel supply agreement with this Russian supplier with no future deliveries planned with any Russian suppliers.
Removed
Ameren Missouri has sufficient inventory and supply contracts with non-Russian suppliers that adequately meet all of the nuclear fuel needs of the Callaway Energy Center through the spring 2028 refueling. Ameren Missouri's 2023 IRP targets cleaner and more diverse sources of energy generation, including solar generation.
Removed
While rights to acquire build-transfer solar facilities and supplies for development-transfer and self-build solar facilities totaling 900 MWs were secured through agreements, supply chain disruptions, including solar panel shortages and increasing material costs as a result of government tariffs and other factors, could affect the costs, as well as the timing, of these projects and other solar generation projects.
Removed
See Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report for additional information on the solar facilities.
Removed
See Outlook under Part II, Item 7, of this report for additional information on the United States Department of Commerce investigation into the supply of solar panels and the actions taken by the United States Customs and Border Protection Agency to detain certain solar panel shipments from China.
Removed
Any future tariffs or actions by the United States Customs and Border Protection Agency could affect the cost and the availability of solar panel components and the timing and amount of Ameren Missouri's estimated capital expenditures associated with solar generation investments. 81 Table of Conten t s

Other AEE 10-K year-over-year comparisons