AMEREN CORP
For the period ended Mar 31, 2025. Filed May 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 5, 2025
AEE$112.85+0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0001002910-24-000111
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-05.
0001002910-25-000098
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 328 previous paragraphs and 270 current paragraphs.
71 unchanged; 113 reworded; 82 added; 142 removed; 2 previous and 4 current paragraphs rearranged.
Tables are not compared: 24 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (82)
Current report
In April 2025, Missouri Senate Bill 4 was enacted and will become effective in August 2025. The law includes certain provisions that affect the regulation of Ameren Missouri’s electric and natural gas businesses. These provisions create modifications to the PISA and integrated resource planning, allow the MoPSC to authorize inclusion of construction work in progress in rate base for new natural gas-fired generation facilities and new generation facilities approved through integrated resource planning, and allow natural gas utilities to file regulatory rate reviews using a future test year, among other things.
Current report
In April 2025, the MoPSC issued an order in Ameren Missouri’s 2024 electric service regulatory rate review, approving nonunanimous stipulations and agreements. The order authorizes an increase of $355 million to Ameren Missouri’s annual revenue requirement for electric retail service, effective June 1, 2025. The approved revenue requirement was based on infrastructure investments as of December 31, 2024. The order did not explicitly specify an ROE, capital structure, rate base, or any rate base disallowances. The order provides for the continued use of all existing riders and trackers. The order also changed annualized depreciation, regulatory asset and liability amortization amounts, and the base level of expenses for trackers. On an annualized basis, these changes reflect an increase in “Depreciation and amortization” of approximately $70 million, among other expense changes, on Ameren’s and Ameren Missouri’s consolidated statements of income.
Current report
In December 2024, the ICC issued an order in connection with a revised Grid Plan and a revised MYRP filed by Ameren Illinois in March 2024, approving revenue requirements for electric distribution services for 2024 through 2027 of $1,206 million, $1,287 million, $1,367 million, and $1,421 million, respectively. Rate changes consistent with the December 2024 order became effective in December 2024. In January 2025, Ameren Illinois filed a request for rehearing of the ICC’s December 2024 order to revise the allowed ROE and to include an asset associated with other postretirement benefits in the rate base, among other things. Subsequently, in February 2025, the ICC denied the rehearing request. In March 2025, Ameren Illinois filed an appeal of the ICC’s December 2024 order to the Illinois Appellate Court for the Fifth Judicial District. In addition, Ameren Illinois filed an appeal related to orders issued by the ICC in December 2023 and June 2024 related to the MYRP proceeding. The appellate court is under no deadline to address the appeals.
Current report
In January 2025, Ameren Illinois filed a request with the ICC seeking approval to increase its annual revenues for natural gas delivery service by $140 million. The request is based on a 10.7% ROE, a capital structure composed of 52% common equity, and a rate base of $3.3 billion. Ameren Illinois used a 2026 future test year in this proceeding. A decision by the ICC in this proceeding is required by early December 2025, with new rates expected to be effective in December 2025.
Current report
In October 2024, the FERC issued an order, which decreased the allowed base ROE for FERC-regulated transmission rate base under the MISO tariff from 10.02% to 9.98% and required refunds, with interest, for the periods from November 2013 to February 2015 and from late September 2016 forward. In November 2024, the MISO transmission owners, including Ameren Missouri, Ameren Illinois, and ATXI, filed a request for rehearing with the FERC, arguing, among other things, the FERC should not have ordered refunds back to September 2016 or imposed interest on those refunds. Also in November 2024, another intervenor filed a request for rehearing with the FERC, requesting the FERC correct aspects of the ROE methodology used in the October 2024 order and reconsider its decision in a February 2015 complaint case to deny refunds for the period from February 2015 to May 2016. In January 2025, the MISO transmission owners, including Ameren Missouri, Ameren Illinois, and ATXI, filed an appeal of the October 2024 order to the United States Court of Appeals for the District of Columbia Circuit. In March 2025, the FERC issued an order rejecting all rehearing requests. In April 2025, the MISO transmission owners, including Ameren Missouri, Ameren Illinois, and ATXI, filed an appeal of the March 2025 order to the United States Court of Appeals for the District of Columbia Circuit.
Current report
•increased retail electric sales volumes at Ameren Missouri, excluding customer energy-efficiency programs, primarily due to colder winter temperatures in 2025 (estimated at 6 cents per share);
Current report
•decreased other operations and maintenance expenses not subject to formula rates, riders, or trackers due to the absence in 2025 of an Ameren Missouri charge related to the NSR and Clean Air Act litigation associated with the Rush Island Energy Center (4 cents per share); and
Current report
•a higher allowance for equity funds used during construction at Ameren Transmission, primarily resulting from a decreased level of short-term borrowings included in the calculation and higher average construction work in progress balances (2 cents per share).
Current report
•increased other operations and maintenance expenses not subject to formula rates, riders, or trackers primarily due to higher storm costs at Ameren Missouri (2 cents per share);
Current report
•higher transmission service costs from the MISO at Ameren Missouri (1 cent per share); and
Current report
The following items increased Ameren Missouri’s electric revenues between periods:
Current report
•“Off-system sales, capacity, transmission, and FAC revenues, net” increased$165 million, primarily due to higher spring capacity prices, which were set by annual MISO auctions.
Current report
•The effect of weather increased revenues an estimated $38 million due to colder winter temperatures in 2025 as heating degree days increased 21% from the year-ago period.
Current report
•Revenues increased $13 million due to the collection of surcharges related to the servicing of securitized utility tariff bonds issued in December 2024 to finance costs related to the accelerated retirement of the Rush Island Energy Center. This increase in revenue is offset by increases in interest and amortization expense. See Note 1 – Summary of Significant Accounting Policies under Part I, Item 1, of this report for additional information.
Current report
•Revenues associated with other cost recovery mechanisms increased $3 million due to increased RESRAM revenues and gross receipts taxes, partially offset by lower MEEIA program costs.
Current report
•In accordance with the June 2024 MoPSC financing order, revenues decreased $17 million due to the deferral of base rate revenues to a regulatory liability related to the Rush Island Energy Center since its October 15, 2024 retirement date. The regulatory liability will be refunded through base rates, effective June 1, 2025, as a result of the April 2025 MoPSC electric rate order. See Note 2 – Rate and Regulatory Matters under Part I, Item 1, of this report for additional information regarding the April 2025 MoPSC electric rate order.
Current report
Ameren Illinois Electric Distribution’s revenues increased $66 million, or 13%, for the three months ended March 31, 2025, compared with the year-ago period.
Current report
The following items increased Ameren Illinois Electric Distribution’s revenues between periods:
Current report
•Revenues increased $5 million due to the recovery of and return on increased energy-efficiency program investments under performance-based formula ratemaking.
Current report
•Other revenues increased $5 million primarily due to mutual assistance provided to Ameren Missouri for major storms experienced throughout its service territory in January and March 2025.
Current report
Ameren Illinois Transmission
Current report
Ameren’s natural gas revenues increased $23 million, or 5%, for thethree months ended March 31, 2025, compared with the year-ago period, due to increased revenues at Ameren Illinois Natural Gas and Ameren Missouri, as discussed below.
Current report
Ameren Missouri’s natural gas revenues increased$3 million, or 5%, for the three months ended March 31, 2025, compared with the year-ago period, primarily due to colder winter temperatures.
Current report
Ameren Missouri’s fuel and purchased power expenses increased $164 million, or 99%, for the three months ended March 31, 2025, compared with the year-ago period.
Current report
•Fuel and purchased power expenses increased an estimated $8 million due to an increase in electric retail sales as a result of colder winter temperatures.
Current report
•Transmission service charges (not included in the FAC) increased $3 million due to higher transmission rates related to increased revenue requirements of other MISO transmission operators.
Current report
Ameren Missouri’s natural gas purchased for resale expenses were comparable for the three months ended March 31, 2025, compared with theyear-ago period. Colder winter temperatures increased natural gas costs $6 million as heating degree days increased 21%. “Cost recovery mechanisms — offset in natural gas revenue” decreased natural gas costs $4 million due to lower amortization of natural gas costs that were previously deferred under the PGA.
Current report
(a)Includes other/intersegment eliminations of $(5) million and $3 million in the three months ended March 31, 2025 and 2024, respectively.
Current report
Other operations and maintenance expenses were comparable between periods.
Current report
Other operations and maintenance expenses decreased $4 million in the three months ended March 31, 2025, compared with the year-ago period, primarily due to the absence in 2025 of a $15 million charge related to the NSR and Clean Air Act litigation associated with the Rush Island Energy Center.
Current report
The following items partially offset the decrease in other operations and maintenance expenses for the three months ended March 31, 2025, compared with the year-ago period:
Current report
•Individually insignificant increases of $7 million in various other operations and maintenance expenses, including other labor, increased maintenance expense for cloud-related software, a decrease in the cash surrender value of COLI, and increased bad debt expense.
Current report
Other operations and maintenance expenses increased $26 million in the three months ended March 31, 2025, compared with the year-ago period, primarily because of the following items:
Current report
•Individually insignificant increases of $7 million in various other operations and maintenance expenses including customer demand programs, increased maintenance expense for cloud-related software, customer generation rebates, and a decrease in the cash surrender value of COLI.
Current report
•Increased costs of $2 million resulting from steps taken to comply with the CEJA.
Current report
•Storm-related costs, including related amortizations of previously deferred balances, increased $2 million due to major storms experienced throughout its service territory in January and March 2025.
Current report
Ameren Illinois Transmission
Current report
Other operations and maintenance expenses were comparable between periods.
Current report
•Depreciation and amortization expenses reflected a deferral to a regulatory asset of depreciation and amortization associated with investments in eligible property, plant, and equipment not yet included in base rates, pursuant to PISA and RESRAM, which decreased depreciation and amortization expenses by $10 million.
Current report
•The amortization of a regulatory asset associated with the securitization of Ameren Missouri’s Rush Island Energy Center increased depreciation and amortization expenses by $6 million.
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Removed paragraphs (142)
Previous report
In June 2024, Ameren Missouri filed a request with the MoPSC seeking approval to increase its annual revenues for electric service by $446 million. The electric rate increase request is based on a 10.25% ROE, a capital structure composed of 52% common equity, a rate base of $14 billion, and a test year ended March 31, 2024, with certain pro-forma adjustments expected through an anticipated true-up date of December 31, 2024. The MoPSC proceeding relating to the proposed electric service rate changes will take place over a period of up to 11 months, with a decision by the MoPSC expected by May 2025 and new rates effective by June 2025.
Previous report
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 $470 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, among other costs. Ameren Missouri will collect the amounts necessary to repay the bonds over approximately 15 years from the date of bond issuance. The financing order also includes a determination that the decision to retire the Rush Island Energy Center was reasonable and prudent. The MoPSC did not make a determination regarding the prudency of Ameren Missouri's prior actions that resulted in the adverse ruling in the NSR and Clean Air Act litigation discussed in Note 9 – Commitments and Contingencies under Part I, Item 1, of this report. However, claims regarding such actions could be considered in future regulatory proceedings. If future regulatory proceedings result in revenue reductions based on Ameren Missouri’s prior actions that resulted in the adverse ruling in the NSR and Clean Air Act litigation, it could have a material adverse effect on the results of operations, financial position, and liquidity of Ameren and Ameren Missouri. In September 2024, the financing order became final and unappealable.
Previous report
In September 2023, the United States District Court for the Eastern District of Missouri granted Ameren Missouri’s request to modify a September 2019 remedy order issued by the district court in order to allow the retirement of the Rush Island Energy Center in advance of its previously expected retirement date of 2039, in lieu of installing a flue gas desulfurization system. Ameren Missouri retired the Rush Island Energy Center on October 15, 2024. The United States Department of Justice is seeking an order from the district court providing for additional mitigation relief related to prior emissions. In November 2024, Ameren Missouri and the United States Department of Justice reached an agreement in principle, which, if approved by the district court, would resolve all outstanding claims in this case and would require Ameren Missouri to fund a program to provide electric buses and charging stations to schools in the metro St. Louis area and a program to provide air purifiers to eligible Ameren Missouri electric residential customers. These programs are estimated to cost approximately $64 million. As of September 30, 2024, Ameren and Ameren Missouri recorded liabilities of $64 million and charges of $15 million and $44 million in the first and third quarters of 2024, respectively, related to the cost of these programs.
Previous report
In 2024, the MoPSC issued orders approving requested CCNs for the Split Rail, Vandalia, Bowling Green, and Cass County solar projects. Ameren Missouri acquired the Cass County, Boomtown, and Huck Finn solar projects in June 2024, September 2024, and October 2024, respectively. These three acquisitions collectively represent a purchase price of approximately $0.9 billion. In October 2024, the MoPSC issued an order approving a nonunanimous stipulation and agreement filed by Ameren Missouri, the MoPSC staff, and other intervenors requesting a CCN for the Castle Bluff Natural Gas Project. The order also includes the use of a post-construction cost deferral related to the project, which allows Ameren Missouri to defer and recover depreciation expense, financing costs, and applicable income taxes incurred from the date the project is placed in service to the date when project costs are reflected in updated base rates as a result of a regulatory rate review. The period of deferral would be limited to the earlier of the time the project costs are reflected in base rates or six months.
Previous report
In January 2024, Ameren Missouri filed a proposed customer energy-efficiency plan with the MoPSC under the MEEIA. In October 2024, Ameren Missouri, the MoOPC, and other intervenors filed a nonunanimous stipulation and agreement with the MoPSC for a three-year plan, which includes a portfolio of customer energy-efficiency and demand response programs, along with the continued use of the MEEIA rider, which allows Ameren Missouri to collect from customers its actual MEEIA program costs and related lost electric revenues. If the agreement is approved, Ameren Missouri intends to invest $51 million annually in 2025 and 2026 and$22 million in 2027 in the proposed customer energy-efficiency and demand response programs. In addition, the agreement requested performance incentives applicable to each plan year to earn revenues by achieving certain spending and demand response goals. 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. Ameren Missouri expects a decision by the MoPSC in the fourth quarter of 2024, but cannot predict the ultimate outcome of this regulatory proceeding.
Previous report
In December 2023, the ICC issued an order in Ameren Illinois' MYRP proceeding approving base rates for electric distribution services for 2024 through 2027 and rejecting Ameren Illinois' Grid Plan, which was addressed as part of the MYRP proceeding. Rate changes consistent with the December 2023 order became effective in January 2024 and remained effective through late June 2024, when new rates became effective pursuant to the June 2024 ICC rehearing order discussed below. The December 2023 order adopted an alternative methodology to establish a rate base and revenue requirements for the years 2024 through 2027 using Ameren Illinois’ previously approved 2022 year-end rate base. In January 2024, the ICC partially denied a rehearing requested by Ameren Illinois to revise the allowed ROE in the December 2023 order and granted Ameren Illinois’ rehearing request to reconsider the rate base for each year of the MYRP and to include a base level of investments to maintain grid reliability in each year of the MYRP. In June 2024, the ICC issued an order on Ameren Illinois’ rehearing request, approving revenue requirements for electric distribution services for 2024, 2025, 2026, and 2027 of $1,196 million, $1,282 million, $1,350 million, and $1,397 million, respectively. New rates became effective in late June 2024. In July 2024, Ameren Illinois filed a request for rehearing of the ICC’s June 2024 rehearing order to include an asset associated with other postretirement benefits in the rate base. Subsequently, in August 2024, the ICC denied the rehearing request. Also, in January 2024, Ameren Illinois filed an appeal of the December 2023 ICC order, including the 8.72%ROE, and subsequently updated the appeal filing in September 2024 to include the June 2024 rehearing order regarding the inclusion of an asset associated with other postretirement benefits in the rate base to the Illinois Appellate Court for the Fifth Judicial District. The court is under no deadline to address the appeal. In September 2024, Ameren Illinois filed an update to its revised Grid Plan and a request to update the associated MYRP revenue requirements for 2024, 2025, 2026, and 2027 of $1,215 million, $1,299 million, $1,385 million, and $1,444 million, respectively. An ICC decision on the revised Grid Plan and updated revenue requirements is expected in December 2024 with rates effective in January 2025. Ameren Illinois cannot predict the ultimate outcome of the appeal to the Illinois Appellate Court for the Fifth Judicial District, its revised Grid Plan filing, or its request to update the associated MYRP revenue requirements for 2024 through 2027.
Previous report
In November 2023, the ICC issued an order in Ameren Illinois’ January 2023 natural gas delivery service regulatory rate review, which resulted in an increase to its annual revenues for natural gas delivery service of $112 million based on a 9.44% allowed ROE, a capital structure composed of 50% common equity, and a rate base of approximately $2.85 billion. The order reflected a reduction of approximately $93 million of planned distribution and transmission capital investments included in Ameren Illinois’ requested revenue increase, which used a 2024 future test year. The new rates became effective on November 28, 2023. In December 2023, Ameren Illinois filed a request for rehearing of the ICC’s November 2023 order. 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 the 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. Subsequently, in January 2024, Ameren Illinois filed an appeal of the November 2023 ICC order to the Illinois Appellate Court for the Fifth Judicial District. The court is under no deadline to address the appeal. Ameren Illinois cannot predict the ultimate outcome of this appeal.
Previous report
In May 2024, Ameren Illinois filed its annual electric energy-efficiency formula rate update to increase its rates by $26 million with the ICC. In September 2024, the ICC staff filed a recommendation supporting Ameren Illinois’ requested increase. An ICC decision in this proceeding is required by December 2024, with new rates effective January 2025.
Previous report
In October 2024, the FERC issued an order, which decreased the allowed base ROE for FERC-regulated transmission rate base under the MISO tariff from 10.02% to 9.98% and required refunds, with interest, for the periods from November 2013 to February 2015 and from late September 2016 forward. As a result, Ameren and Ameren Illinois recognized reductions to electric revenues of $10 million and $7 million, respectively, and recognized interest expense of $2 million and $1 million, respectively, on their statements of income during the third quarter of 2024. As of September 30, 2024, Ameren and Ameren Illinois had recorded current regulatory liabilities on their balance sheets of $12 million and $8 million, respectively, to reflect the expected refunds, including interest, associated with the allowed base ROE set by the October 2024 order. The decrease in the FERC-allowed base ROE resulting from the October 2024 order is not material to Ameren Missouri’s results of operations, financial position, or liquidity.
Previous report
Although the pace of inflation has slowed recently, we are still observing elevated inflation levels that continue to put pressure on the prices of labor, services, materials, and supplies, as well as elevated interest rates. Ameren Missouri and Ameren Illinois are generally allowed to pass on to customers prudently incurred costs for fuel, purchased power, and natural gas supply. Additionally, for certain non-commodity cost changes, the use of trackers, riders, formula ratemaking, and future test years, as applicable, mitigates our exposure.
Previous report
Net income attributable to Ameren common shareholders decreased $37 million and earnings per diluted share decreased 17 cents in the three months ended September 30, 2024, compared with the year-ago period. The decrease was due to net income decreases of $30 million and $10 million at Ameren Missouri and Ameren Illinois Electric Distribution, respectively, and an increase in net loss of $5 million at Ameren Illinois Natural Gas. These decreases were partially offset by a net income increase of $4 million at Ameren Transmission and a decrease in net loss of $4 million for activity not reported as part of a segment, primarily at Ameren (parent).
Previous report
•a charge recorded by Ameren Missouri, included in other operation and maintenance expenses, related to an agreement in principle with the United States Department of Justice, which, if approved, would resolve all outstanding claims in the NSR and Clean Air Act litigation related to the Rush Island Energy Center, see Note 9 - Commitments and Contingencies under Part 1, Item 1, of this report for more information (13 cents and 17 cents per share, respectively);
Previous report
•lower revenue at Ameren Illinois Electric Distribution due to a lower recognized ROE under the MYRP (3 cents and 7 cents per share, respectively);
Previous report
•the result of the October 2024 FERC order reducing the allowed base ROE for FERC regulated transmission rate base under the MISO tariff, which decreased Ameren Transmission earnings (4 cents per share for both periods);
Previous report
•decreased retail electric sales volumes at Ameren Missouri, primarily due to milder summer temperatures, partially offset by increased retail electric sales volumes, excluding the estimated effects of weather and customer energy-efficiency programs (estimated at 3 cents for the three months ended September 30, 2024);
Previous report
•increased taxes other than income taxes at Ameren Missouri, largely resulting from the absence in 2024 of employee retention tax credits received under the Coronavirus Aid, Relief, and Economic Security Act (1 cent and 2 cents per share, respectively); and
Previous report
•absence of recovery of previously incurred expenses at Ameren Illinois Electric Distribution (2 cents per share for the nine months ended September 30, 2024).
Previous report
•increased rate base investments at Ameren Transmission, which increased earnings in this segment (5 cents and 12 cents per share, respectively);
Previous report
•increased base rate revenues at Ameren Missouri effective July 9, 2023, pursuant to the June 2023 MoPSC electric rate order, partially offset by the net effect of amortization of previously deferred depreciation expense under the PISA and RESRAM, financing costs otherwise recoverable under the PISA and RESRAM, a lower base level of expenses included in trackers, and the net recovery for amounts associated with the reduction in sales volumes resulting from MEEIA programs (9 cents per share for the nine months ended September 30, 2024);
Previous report
•decreased other operations and maintenance expenses not subject to formula rates, riders, or trackers, excluding a charge related to the NSR and Clean Air Act litigation discussed above, primarily at Ameren Missouri and Ameren Illinois Natural Gas, largely because of lower storm costs, an increase in the cash surrender value of COLI, and disciplined cost management including lower labor costs from decreased headcount, decreased use of contractors, and lower amortization of refueling costs for the Callaway Energy Center (7 cents and 1 cent per share, respectively);
Previous report
•increased retail electric sales volumes at Ameren Missouri, primarily due to higher sales excluding customer energy-efficiency programs (estimated at 5 cents per share for the nine months ended September 30, 2024); and
Previous report
•increased base rate revenues at Ameren Illinois Natural Gas effective November 28, 2023, pursuant to the November 2023 ICC natural gas rate order, partially offset by increased depreciation and amortization expenses included in base rates (4 cents per share for the nine months ended September 30, 2024).
Previous report
The following items had an unfavorable effect on Ameren Missouri’s electric revenues for the three and nine months ended September 30, 2024, compared with the year-ago periods (except where a specific period is referenced):
Previous report
•“Off-system sales, capacity and FAC revenues, net” decreased $135 million for the nine months ended September 30, 2024, primarily due to lower winter and spring capacity prices, partially offset by higher summer capacity prices which were set by annual MISO auctions. Ameren Missouri’s 5% exposure to net energy cost variances under the FAC is included within “Off-system sales, capacity, and FAC revenues, net” and “Energy costs (excluding the estimated effect of weather)” in fuel and purchased power.
Previous report
•The aggregate effect of weather decreased revenues an estimated $18 million for the three months ended September 30, 2024, due to milder summer temperatures as cooling degree days decreased 5%.
Previous report
The following items had a favorable effect on Ameren Missouri’s electric revenues for the three and nine months ended September 30, 2024, compared with the year-ago periods (except where a specific period is referenced):
Previous report
•Higher electric base rates, resulting from the June 2023 MoPSC electric rate order effective July 9, 2023, increased revenues an estimated $2 million and $62 million, respectively.
Previous report
•Revenues associated with other cost recovery mechanisms increased $10 million and $23 million, respectively, primarily due to an increase in RESRAM revenues in both periods and an increase in excise taxes due to increased retail sales revenue for the nine months ended September 30, 2024.
Previous report
•Other revenues increased by $3 million in both periods, primarily due to increased mutual assistance related to storm recovery.
Previous report
•The aggregate effect of weather increased revenues an estimated $3 million for the nine months ended September 30, 2024, due to warmer spring temperatures largely offset by milder summer temperatures and warmer winter temperatures, as cooling degree days increased 6% and heating degree days decreased 6%.
Previous report
Ameren Illinois Electric Distribution’s revenues decreased $6 million, or 1%, and $155 million, or 9%, for the three and nine months ended September 30, 2024, respectively, compared with the year-ago periods.
Previous report
The following items had an unfavorable effect on Ameren Illinois Electric Distribution’s revenues for the three and nine months ended September 30, 2024, compared with the year-ago periods:
Previous report
•Pursuant to an ICC order, revenues decreased $9 million and $18 million, respectively, due to an increase in the amortization rate for certain excess deferred income taxes.
Previous report
The following items had a favorable effect on Ameren Illinois Electric Distribution’s revenues for the three and nine months ended September 30, 2024, compared with the year-ago periods (except where a specific period is referenced):
Previous report
•Revenues associated with customer energy-efficiency program investments increased $3 million and $14 million, respectively, due to the recovery of program expenses (+$3 million and +$10 million, respectively), an increase in the ROE due to maximum achievement of the annual energy savings goals in 2023 of $3 million for the nine months ended September 30, 2024, and increased investment of $1 million for the nine months ended September 30, 2024.
Previous report
Ameren’s natural gas revenues were comparablefor the three months ended September 30, 2024, and decreased $24 million, or 3%, for thenine months ended September 30, 2024, compared with theyear-ago periods, due to decreased revenues at Ameren Missouri and Ameren Illinois Natural Gas, as discussed below.
Previous report
Ameren Missouri’s natural gas revenues were comparable for the three months ended September 30, 2024, and decreased $20 million, or 16%, for the nine months ended September 30, 2024, compared with the year-ago periods. Revenues associated with “Cost recovery mechanisms – offset in natural gas purchased for resale” decreased $20 million for the nine months ended September 30, 2024, due tolower commodity prices and the absence of amortization of natural gas costs deferred under the PGA related to the extremely cold weather in mid-February 2021. Changes in natural gas revenues under the PGA are fully offset by corresponding changes in natural gas purchased for resale expenses.
Previous report
Ameren Illinois Natural Gas’ revenues were comparable for the three months ended September 30, 2024, and decreased $5 million, or 1%, for the nine months ended September 30, 2024, compared with the year-ago periods.
Previous report
The following items had an unfavorable effect on Ameren Illinois Natural Gas’ revenues for the three and nine months ended September 30, 2024, compared with the year-ago periods (except where a specific period is referenced):
Previous report
•The implementation of a change in rate design pursuant to the November 2023 natural gas rate order decreased revenues an estimated $9 million and $3 million, respectively. This change in rate design concentrates more revenues in the winter heating season due to an increase in volumetric rates and a decrease in fixed customer rates. As such, the change is not expected to materially affect annual earnings comparisons.
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Reworded paragraphs (113)
Previous wording
Ameren’s and Ameren Missouri’s financial statements are prepared on a consolidated basis and therefore include the accounts of their majority-owned subsidiaries. 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.
Current wording
Ameren’s and Ameren Missouri’s financial statements are prepared on a consolidated basis and therefore include the accounts of their majority-owned subsidiaries. All intercompany transactions have been eliminated. Ameren Illinois has no subsidiaries. All tabular dollar amounts are in millions, unless otherwise indicated.
Previous wording
In addition to presenting results of operations and earnings amounts in total, we present certain information in cents per share. These amounts reflect factors that directly affect Ameren’s earnings. We believe this per share information helps readers to understand the impact of these factors on Ameren’s earnings per share.
Current wording
In addition to presenting results of operations and earnings amounts in total, we present certain information in cents per share. These amounts reflect factors that directly affect Ameren’s earnings. We believe this per share information helps readers to understand the impact of these factors on Ameren’s earnings per diluted share.
Previous wording
Net income attributable to Ameren common shareholders in the three months ended September 30, 2024, was $456 million, or $1.70 per diluted share, compared with $493 million, or $1.87 per diluted share, in the year-ago period. Net income attributable to Ameren common shareholders in the nine months ended September 30, 2024, was $975 million, or $3.65 per diluted share, compared with $994 million, or $3.78 per diluted share, in the year-ago period. Earnings for the three and nine months ended September 30, 2024, were unfavorably affected by increased other operations and maintenance expenses not subject to formula rates, riders, or trackers, due to a charge recorded by Ameren Missouri related to an agreement in principle with the United States Department of Justice, which, if approved, would resolve all outstanding claims in the NSR and Clean Air Act litigation related to the Rush Island Energy Center. Earnings in the three and nine months ended September 30, 2024, were also unfavorably affected by increased financing costs due to higher long-term debt balances and interest rates, a lower recognized ROE under the MYRP, lower Ameren Transmission earnings resulting from the October 2024 FERC order lowering the allowed base ROE, and an increase in the weighted-average basic common shares outstanding, which reduced earnings per diluted share. Net income for the three and nine months ended September 30, 2024, was favorably affected by increased rate base investments at Ameren Transmission and increased deferral of financing costs associated with rate base investments at Ameren Missouri. Net income for the nine months ended September 30, 2024, was favorably affected by increased base rate revenues pursuant to the MoPSC's June 2023 electric rate order and increased retail electric sales volumes at Ameren Missouri. Earnings for the nine months ended September 30, 2024, were also favorably affected by higher base rate revenues pursuant to the ICC's November 2023 natural gas rate order, which increased earnings at Ameren Illinois Natural Gas. Net income for the three months ended September 30, 2024, was unfavorably affected by decreased retail electric sales volumes at Ameren Missouri, primarily due to milder summer temperatures in 2024. Earnings for the three months ended September 30, 2024, were favorably affected by decreased other operations and maintenance expenses not subject to formula rates, riders, or trackers, primarily at Ameren Missouri and Ameren Illinois Natural Gas, excluding a charge related to an increase in the cost of additional mitigation relief discussed above, largely due to lower storm costs, an increase in the cash surrender value of COLI, and disciplined cost management including lower labor costs from decreased headcount, decreased use of contractors, and lower amortization of refueling costs for the Callaway Energy Center.
Current wording
Net income attributable to Ameren common shareholders in the three months ended March 31, 2025, was $289 million, or $1.07 per diluted share, compared with $261 million, or $0.98 per diluted share, in the year-ago period. Net income was favorably affected for the three months ended March 31, 2025, by increased infrastructure investments at Ameren Missouri, Ameren Transmission and Ameren Illinois Electric Distribution. Net income was also favorably affected for the three months ended March 31, 2025, by increased retail electric sales volumes at Ameren Missouri, primarily due to colder winter temperatures in 2025, excluding customer energy-efficiency programs. Earnings were also favorably affected for the three months ended March 31, 2025, by decreased other operations and maintenance expenses not subject to formula rates, riders, or trackers, largely because of the absence in 2025 of an Ameren Missouri charge related to the resolution of outstanding claims in the NSR and Clean Air Act litigation associated with the Rush Island Energy Center, partially offset by higher Ameren Misouri storm costs in 2025. Earnings were also favorably affected for the three months ended March 31, 2025, by a higher allowance for equity funds used during construction at Ameren Transmission, primarily resulting from a decreased level of short-term borrowings included in the calculation and higher average construction work in progress balances. Net income was unfavorably affected for the three months ended March 31, 2025, by increased financing costs, primarily resulting from higher short-term debt balances at Ameren (parent) and higher debt balances at Ameren Missouri. Earnings were also unfavorably affected by decreased revenues, net, at Ameren Missouri due to higher transmission service costs from the MISO and an increase in the weighted-average basic common shares outstanding, which reduced earnings per diluted share.
Previous wording
Ameren’s strategic plan includes investing in rate-regulated energy infrastructure, enhancing regulatory frameworks and advocating for responsible policies, and optimizing operating performance to capitalize on opportunities to benefit our customers, communities, shareholders, and the environment. Ameren remains focused on disciplined cost management and strategic capital allocation. Ameren invested $3.0 billion in its rate-regulated businesses in the nine months ended September 30, 2024.
Current wording
Ameren’s strategic plan includes investing in rate-regulated energy infrastructure, enhancing regulatory frameworks and advocating for responsible policies, and optimizing operating performance to capitalize on opportunities to benefit our customers, communities, shareholders, and the environment. Ameren remains focused on disciplined cost management and strategic capital allocation. Ameren invested $1.1 billion in its rate-regulated businesses in the three months ended March 31, 2025.
Previous wording
In September 2024, Ameren Missouri filed a request with the MoPSC seeking approval to increase its annual revenues for natural gas delivery service by $40 million. The natural gas rate increase request is based on a 10.25% ROE, a capital structure composed of 52% common equity, a rate base of $531 million, and a test year ended March 31, 2024, with certain pro-forma adjustments expected through the true-up date of December 31, 2024. The MoPSC proceeding relating to the proposed natural gas delivery service rate changes will take place over a period of up to 11 months, with a decision by the MoPSC expected by August 2025 and new rates effective by September 2025.
Current wording
In September 2024, Ameren Missouri filed a request with the MoPSC seeking approval to increase its annual revenues for natural gas delivery service. In May 2025, Ameren Missouri filed an updated request seeking approval to increase its annual revenues for natural gas delivery service by $38 million. The natural gas rate increase request is based on a 10.25% ROE, a capital structure composed of 52% common equity, a rate base of $525 million, and a test year ended March 31, 2024, with certain pro-forma adjustments allowed through the true-up date of December 31, 2024. In May 2025, the MoPSC staff recommended an increase to Ameren Missouri’s annual revenues for natural gas delivery service of $32 million based on a 9.64% ROE, a capital structure composed of 52% common equity as of the true-up date of December 31, 2024, and a rate base of $482 million. The MoPSC proceeding relating to the proposed natural gas delivery service rate changes will take place over 11 months, with a decision by the MoPSC expected by August 2025 and new rates effective by September 2025.
Previous wording
In February 2024, Ameren Missouri filed an update to its Smart Energy Plan with the MoPSC, which includes a five-year capital investment overview with a detailed one-year plan for 2024. 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. Ameren Missouri’s Smart Energy Plan excludes investments in its natural gas distribution business, as well as removal costs, net of salvage.
Current wording
In February 2025, Ameren Missouri filed an update to its Smart Energy Plan with the MoPSC, which includes a five-year capital investment overview with a detailed one-year plan for 2025. 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 Smart Energy Plan excludes investments in its natural gas distribution business, as well as removal costs, net of salvage.
Previous wording
In April 2024, Ameren Illinois filed for a reconciliation adjustment to its 2023 electric distribution service revenue requirement with the ICC. In July 2024, Ameren Illinois filed a revised reconciliation adjustment, requesting recovery of $158 million. The reconciliation adjustment reflects a capital structure composed of 50% common equity and Ameren Illinois’ actual 2023 recoverable costs and year-end rate base. In August 2024, the ICC staff submitted its calculation of the reconciliation adjustment, recommending approval of Ameren Illinois’ request. An ICC decision in this proceeding is required by December 2024, and any approved adjustment would be collected from customers in 2025. This is the final revenue requirement reconciliation under the IEIMA formula framework.
Current wording
In April 2025, Ameren Illinois filed a reconciliation adjustment to its 2024 electric distribution service revenue requirement with the ICC, requesting recovery of $61 million. The adjustment reflects Ameren Illinois’ actual 2024 recoverable costs, 2024 year-end rate base, and a capital structure composed of 50% common equity. An ICC decision in this proceeding is required by December 2025, and any approved adjustment would be collected from customers in 2026.
Previous wording
The following table presents a summary of Ameren’s earnings for the three and nine months ended September 30, 2024 and 2023:
Current wording
The following table presents a summary of Ameren’s earnings for the three months ended March 31, 2025 and 2024:
Previous wording
Net income attributable to Ameren common shareholders decreased $19 million and earnings per diluted share decreased 13 cents in the nine months ended September 30, 2024, compared with the year-ago period. The decrease was due to net income decreases of $20 million and $7 million at Ameren Illinois Electric Distribution and Ameren Missouri, respectively, and an increase in net loss of $13 million for activity not reported as part of a segment, primarily at Ameren (parent). These decreases were partially offset by net income increases of $12 million and $9 million at Ameren Transmission and Ameren Illinois Natural Gas.
Current wording
Net income attributable to Ameren common shareholders increased $28 million and earnings per diluted share increased 9 cents in the three months ended March 31, 2025, compared with the year-ago period. The increase was due to net income increases of $17 million, $17 million, $7 million, and $2 million at Ameren Missouri, Ameren Transmission, Ameren Illinois Electric Distribution, and Ameren Illinois Natural Gas. These increases were partially offset by a net loss of $13 million compared to a net income of $2 million in the year-ago period, for activity not reported as part of a segment, primarily at Ameren (parent).
Previous wording
Earnings per diluted share were favorably affected in the three and nine months ended September 30, 2024, compared to the year-ago periods (except where a specific period is referenced), by:
Current wording
Earnings per diluted share were favorably affected in the three months ended March 31, 2025, compared to the year-ago period by:
Previous wording
•increased allowance for equity funds used during construction and increased base rate revenues for the inclusion of previously deferred PISA and RESRAM interest charges pursuant to the June 2023 MoPSC electric rate order effective July 9, 2023, partially offset by increased interest charges resulting from lower deferrals in the nine months ended September 30, 2024, related to infrastructure investments associated with the PISA and RESRAM, at Ameren Missouri (5 cents and 11 cents per share, respectively);
Current wording
•decreased interest charges resulting from higher deferrals related to infrastructure investments associated with the PISA and RESRAM at Ameren Missouri (5 cents per share);
Previous wording
Earnings per diluted share were unfavorably affected in the three and nine months ended September 30, 2024, compared to the year-ago periods (except where a specific period is referenced), by:
Current wording
Earnings per diluted share were unfavorably affected in the three months ended March 31, 2025, compared to the year-ago period, by:
Previous wording
•increased financing costs primarily at Ameren Missouri and Ameren (parent), largely due to higher long-term debt balances and interest rates, partially offset by lower levels of short-term borrowings (5 cents and 12 cents per share, respectively);
Current wording
•increased financing costs primarily due to higher short-term debt balances at Ameren (parent), and higher debt balances at Ameren Missouri (8 cents per share);
Previous wording
•increased weighted-average basic common shares outstanding resulting from issuances of common shares (3 cents and 6 cents per share, respectively);
Current wording
•increased weighted-average basic common shares outstanding resulting from issuances of common shares (1 cent per share).
Previous wording
The cents per share variances above are presented based on the weighted-average basic common shares outstanding in the three and nine months ended September 30, 2023, and do not reflect the impact of dilution on earnings per share, unless otherwise noted. The amounts above other than variances related to income taxes have been presented net of income taxes using Ameren’s 2024 blended federal and state statutory tax rate of 26%. For 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.
Current wording
The cents per share variances above are presented based on the weighted-average basic common shares outstanding in the three months ended March 31, 2024, and do not reflect the impact of dilution on earnings per share, unless otherwise noted. The amounts above other than variances related to income taxes have been presented net of income taxes using Ameren’s 2025 blended federal and state statutory tax rate of 26%. For 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.
Previous wording
Below is Ameren’s table of income statement components by segment for the three and nine months ended September 30, 2024 and 2023:
Current wording
Below is Ameren’s table of income statement components by segment for the three months ended March 31, 2025 and 2024:
Previous wording
Below is Ameren Illinois’ table of income statement components by segment for the three and nine months ended September 30, 2024 and 2023:
Current wording
Below is Ameren Illinois’ table of income statement components by segment for the three months ended March 31, 2025 and 2024:
Previous wording
The following table presents the increases (decreases) by Ameren segment for electric and natural gas revenues for the three and nine months ended September 30, 2024, compared with the year-ago periods:
Current wording
The following table presents the increases (decreases) by Ameren segment for electric and natural gas revenues for the three months ended March 31, 2025, compared with the year-ago period:
Previous wording
(a)Includes an increase in transmission revenues of $19 million and $59 million at Ameren Illinois for the three and nine months ended September 30, 2024, respectively, compared with the year-ago periods.
Current wording
(a)Includes an increase in transmission revenues of $23 million at Ameren Illinois for the three months ended March 31, 2025, compared with the year-ago period.
Previous wording
(b)For Ameren Illinois Electric Distribution and Ameren Transmission, base rates include increases or decreases in operating revenues related to the revenue requirement reconciliation adjustment under the MYRP and formula rates, respectively. For Ameren Missouri, base rates exclude an increase for the recovery of lost electric revenue, less the associated fuel and purchased power expenses, resulting from the MEEIA customer energy-efficiency programs and a decrease in base rates for RESRAM. 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.
Current wording
(b)For Ameren Illinois Electric Distribution and Ameren Transmission, base rates include increases or decreases in operating revenues related to the revenue requirement reconciliation adjustment under the MYRP and formula rates, respectively. For Ameren Missouri, base rates exclude an increase for the recovery of lost electric revenue, less the associated fuel and purchased power expenses, resulting from the MEEIA customer energy-efficiency programs and a decrease in base rates for RESRAM. 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.
Previous wording
(c)Represents the estimated variation resulting primarily from changes in cooling and heating degree-days on electric and natural gas demand compared with the year-ago periods; this variation is based on temperature readings from National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
Current wording
(c)Represents the estimated variation resulting primarily from changes in cooling and heating degree-days on electric and natural gas demand compared with the year-ago period; this variation is based on temperature readings from National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
Previous wording
(d)The electric deferred income tax adjustment relates to the remaining balance of certain excess deferred income taxes that will be amortized through 2025. Offsetting expense increases or decreases are reflected within the "Income Taxes" section of the statement of income. This item has no overall impact on earnings.
Current wording
(d)The electric deferred income tax adjustment relates to certain excess deferred income taxes that will be amortized through 2025. Offsetting expense increases or decreases are reflected within “Income Taxes” on the statement of income. This item has no impact on earnings.
Previous wording
(e)Electric and natural gas revenue changes are offset by corresponding changes in “Fuel and purchased power” and “Natural gas purchased for resale” on the statement of income. For the three and nine months ended September 30, 2024, activity in Other/Intersegment Eliminations of $3 million and $8 million, respectively, represents the changes in eliminations of related-party transactions between Ameren Missouri, Ameren Illinois, and ATXI (-$1 million and -$5 million, respectively), as well as changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$2 million and -$3 million, respectively). See Note 8 – Related-party Transactions and Note 14 – Segment Information under Part I, Item 1, of this report for additional information on intersegment eliminations. These items have no overall impact on earnings.
Current wording
(e)Electric and natural gas revenue changes are offset by corresponding changes in “Fuel and purchased power” and “Natural gas purchased for resale” on the statement of income. For the three months ended March 31, 2025, activity in Other/Intersegment Eliminations of $10 million represents the changes in eliminations of related-party transactions between Ameren Missouri, Ameren Illinois, and ATXI (-$1 million), as well as changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$9 million). See Note 8 – Related-party Transactions and Note 14 – Segment Information under Part I, Item 1, of this report for additional information on intersegment eliminations. These items have no overall impact on earnings.
Previous wording
Ameren’s electric revenues increased $114 million, or 6%, for the three months ended September 30, 2024, compared with the year-ago period, primarily due to increased revenues at Ameren Missouri and Ameren Transmission, partially offset by decreased revenues at Ameren Illinois Electric Distribution, as discussed below. Ameren’s electric revenues decreased $176 million, or 3%, for the nine months ended September 30, 2024, compared with the year-ago period, primarily due to decreased revenues at Ameren Illinois Electric Distribution and Ameren Missouri, partially offset by increased revenues at Ameren Transmission, as discussed below.
Current wording
Ameren’s electric revenues increased $258 million, or 19%, for the three months ended March 31, 2025, compared with the year-ago period, primarily due to increased revenues at Ameren Missouri, Ameren Illinois Electric Distribution, and Ameren Transmission, as discussed below.
Previous wording
Ameren Transmission’s electric revenues increased $22 million, or 12%, and $74 million, or 14%, for the three and nine months ended September 30, 2024, respectively, compared with the year-ago periods. Revenues were favorably affected by higher recoverable expenses
Current wording
Ameren Transmission’s electric revenues increased $25 million, or 14%, for the three months ended March 31, 2025, compared with the year-ago period. Revenues were favorably affected by higher recoverable expenses (+$20 million) and increased capital investment
Previous wording
(+$15 million and +$40 million, respectively), increased capital investment (+$13 million and +$33 million, respectively), as evidenced by a 15% increase in rate base used to calculate the revenue requirement, and increased facility rental revenues (+$4 million and +$11 million, respectively) related to ATXI’s transmission operations control center, which was placed in service in December 2023. ATXI provides affiliates with access to this facility. Rental revenues associated with this facility are affiliate transactions and eliminated in consolidation for Ameren’s consolidated financial statements. See Note 8 – Related-party Transactions under Part I, Item 1, of this report for additional information. Revenues were unfavorably affected by a decrease in the allowed base ROE under the MISO tariff resulting from the October 2024 FERC order, which included customer refunds for certain historical periods (-$10 million and -$10 million, respectively). See Note 2 – Rate and Regulatory Matters under Part I, Item 1, of this report for additional information regarding the FERC complaint cases.
Current wording
(+$5 million), as evidenced by a 7% increase in rate base used to calculate the revenue requirement.
Previous wording
Ameren Missouri’s electric revenues increased $105 million, or 9%, for thethree months ended September 30, 2024, and decreased $76 million, or 3%, for thenine months ended September 30, 2024, compared with the year-ago periods.
Current wording
Ameren Missouri’s electric revenues increased $179 million, or 25%, for thethree months ended March 31, 2025, compared with the year-ago period.
Previous wording
The following items decreased Ameren Missouri’s fuel and purchased power expense for the three and nine months ended September 30, 2024, compared with the year-ago periods(except where a specific period is referenced):
Current wording
The following items decreased Ameren Missouri’s electric revenues between periods:
Previous wording
•Excluding the estimated effects of weather and the MEEIA customer energy-efficiency programs, electric revenues increased an estimated $6 million and $17 million, respectively, for thethree and nine months ended September 30, 2024, due to an increase in retail sales volumes, which were, in part, favorably affected by the absence of customer outages resulting from major storms experienced throughout the service territory in July and August 2023 and an additional day in 2024 as a result of the leap year. The increase is partially offset by lower realized prices due to changes in customer usage patterns and economic development discounts.
Current wording
•Excluding the estimated effects of weather and the MEEIA customer energy-efficiency programs, electric revenues decreased an estimated $13 million, due to lower realized prices related to changes in customer usage patterns, and decreased retail sales volumes, which were, in part, unfavorably affected by the absence of an additional day as a result of the leap year in 2024.
Previous wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” decreased $11 million and $49 million, respectively, due to decreased revenue related to the amortization of costs previously deferred under the FAC that were reflected in customer rates. The changes to “Cost recovery mechanisms - offset in fuel and purchased power” are fully offset by changes to “Cost recovery mechanisms - offset in electric revenue” in fuel and purchased power.
Current wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” decreased $12 million, due to decreased revenue related to the amortization of costs previously deferred under the FAC that were reflected in customer rates. The changes to “Cost recovery mechanisms - offset in fuel and purchased power” are fully offset by changes to “Cost recovery mechanisms - offset in electric revenue” in fuel and purchased power.
Previous wording
Ameren Illinois’ electric revenues increased $11 million, or 2%, for the three months ended September 30, 2024, compared with the year-ago period, driven by increased revenues at Ameren Illinois Transmission, partially offset by decreased revenues at Ameren Illinois Electric Distribution. Ameren Illinois’ electric revenues decreased $99 million, or 5%, for the nine months ended September 30, 2024, compared with the year-ago period, driven by decreased revenues at Ameren Illinois Electric Distribution, partially offset by increased revenues at Ameren Illinois Transmission.
Current wording
Ameren Illinois’ electric revenues increased $80 million, or 13%, for the three months ended March 31, 2025, compared with the year-ago period, driven by increased revenues at Ameren Illinois Electric Distribution and Ameren Illinois Transmission.
Previous wording
•Base rates increased revenues by $8 million and $24 million, respectively, primarily due to higher recoverable non-purchased power expenses (+$16 million and +$41 million, respectively) and increased capital investment of $1 million for the nine months ended September 30, 2024, partially offset by a lower recognized ROE (-$8 million and -$18 million, respectively). The MYRP utilizes a fixed ROE approved by the ICC of 8.72%, with adjustments for any performance incentives and penalties, while the IEIMA formula-based ROE was based on the annual average of the monthly yields of the 30-year United States Treasury bonds plus 580 basis points (estimated at 9.80% for the nine months ended September 30, 2023).
Current wording
•Base rates increased revenues by $22 million, due to higher recoverable non-purchased power expenses (+$19 million) and increased capital investment (+$3 million).
Previous wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” decreased $29 million and $202 million, respectively, due to decreased purchased power expenses recovered from customers. The decreases in electric revenues are fully offset by decreases in purchased power expenses under cost recovery mechanisms for purchased power, as discussed below.
Current wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” increased $20 million due to increased purchased power expenses recovered from customers. The increase in electric revenues are fully offset by an increase in purchased power expenses under cost recovery mechanisms for purchased power, as discussed below.
Previous wording
•Other cost recovery mechanisms increased revenues by $18 million and $27 million, respectively, primarily due to a higher amount of bad debt and purchased receivables from alternative retail electric suppliers included in customer rates pursuant to their associated riders, partially offset by lower environmental remediation revenues.
Current wording
•Other cost recovery mechanisms increased revenues by $13 million, primarily due to a higher amount of bad debt costs included in customer rates pursuant to the associated rider.
Previous wording
Ameren Illinois Transmission’s revenues increased $19 million, or 14%, and $59 million, or 16%, for the three and nine months ended September 30, 2024, respectively, compared with the year-ago periods. Base rate revenues were favorably affected by higher recoverable expenses (+$16 million and +$41 million, respectively) and increased capital investment (+$10 million and +$25 million, respectively), as evidenced by a 16% increase in rate base used to calculate the revenue requirement. Base rate revenues were unfavorably affected by a decrease in the allowed base ROE under the MISO tariff resulting from the October 2024 FERC order, which included customer refunds for certain historical periods (-$7 million and -$7 million, respectively). See Note 2 – Rate and Regulatory Matters under Part I, Item 1, of this report for additional information regarding the FERC complaint cases.
Current wording
Ameren Illinois Transmission’s revenues increased $23 million, or 18%, for the three months ended March 31, 2025, compared with the year-ago period. Base rate revenues were favorably affected by higher recoverable expe nses (+$19 million) and increased capital investment (+$4 million), as evidenced by a 7% increase in rate base used to calculate the revenue requirement.
Previous wording
•“Cost recovery mechanisms – offset in natural gas purchased for resale” decreased revenues $47 million for the nine months ended September 30, 2024, due to lower collection of natural gas costs previously deferred under the PGA. Changes in natural gas revenues under the PGA are fully offset by the decrease in natural gas purchased for resale expenses.
Current wording
Ameren Illinois Natural Gas’ revenues increased$20 million, or 5%, for the three months ended March 31, 2025, compared with the year-ago period.“Cost recovery mechanisms – offset in natural gas purchased for resale” increased revenues $16 million for the three months ended March 31, 2025, due to a higher collection of natural gas costs previously deferred under the PGA. The increase in natural gas revenues under the PGA are fully offset by an increase in natural gas purchased for resale expenses.
Previous wording
The following table presents the increases (decreases) by Ameren segment for fuel and purchased power for the three and nine months ended September 30, 2024, compared with the year-ago periods:
Current wording
The following table presents the increases (decreases) by Ameren segment for fuel and purchased power for the three months ended March 31, 2025, compared with the year-ago period:
Previous wording
(a)Represents the estimated variation resulting primarily from changes in cooling and heating degree-days on electric demand compared with the year-ago periods; this variation is based on temperature readings from the National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
Current wording
(a)Represents the estimated variation resulting primarily from changes in cooling and heating degree-days on electric demand compared with the year-ago period; this variation is based on temperature readings from the National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
Previous wording
(b)“Cost recovery mechanisms — offset in electric revenue” changes are offset by corresponding changes in “Cost recovery mechanisms — offset in fuel and purchased power” in electric revenues. For the three and nine months ended September 30, 2024, activity in Other/Intersegment Eliminations of $3 million and $8 million, respectively, represents the changes in eliminations of related-party transactions between Ameren Missouri, Ameren Illinois, and ATXI (-$1 million and -$5 million, respectively), as well as changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$2 million and -$3 million, respectively). See Note 8 – Related-party Transactions and Note 14 – Segment Information under Part I, Item 1, of this report for additional information on intersegment eliminations. These items have no overall impact on earnings.
Current wording
(b)“Cost recovery mechanisms — offset in electric revenue” changes are offset by corresponding changes in “Cost recovery mechanisms — offset in fuel and purchased power” in electric revenues. For the three months ended March 31, 2025, activity in Other/Intersegment Eliminations of $10 million, represents the changes in eliminations of related-party transactions between Ameren Missouri, Ameren Illinois, and ATXI (-$1 million), as well as changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$9 million). See Note 8 – Related-party Transactions and Note 14 – Segment Information under Part I, Item 1, of this report for additional information on intersegment eliminations. These items have no overall impact on earnings.
Previous wording
Ameren Missouri and Ameren Illinois are generally allowed to pass on to customers prudently incurred costs for fuel and purchased power. Ameren’s electric fuel and purchased power expenses increased $69 million, or 16%, for the three months ended September 30, 2024, compared with the year-ago period, primarily due to increased fuel and purchased power expenses at Ameren Missouri, partially offset by decreased fuel and purchased power expenses at Ameren Illinois Electric Distribution, as discussed below. Ameren’s electric fuel and purchased power expenses decreased $364 million, or 24%, for the nine months ended September 30, 2024, compared with the year-ago period, primarily due to decreased fuel and purchased power expenses at Ameren Illinois Electric Distribution and Ameren Missouri, as discussed below.
Current wording
Ameren Missouri and Ameren Illinois are generally allowed to pass on to customers prudently incurred costs for fuel and purchased power. Ameren’s electric fuel and purchased power expenses increased $174 million, or 53%, for the three months ended March 31, 2025, compared with the year-ago period, primarily due to increased fuel and purchased power expenses at Ameren Missouri and Ameren Illinois Electric Distribution, as discussed below.
Showing the first 40 of 113 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
In February 2025, Ameren Illinois filed an energy-efficiency plan with the ICC, which includes annual investments in electric energy-efficiency programs up to $126 million per year from 2026 through 2029. The ICC has the ability to reduce the amount of electric energy-efficiency savings goals in future program years if there are insufficient cost-effective programs available, which could reduce the investments in electric energy-efficiency programs. A decision by the ICC in this proceeding is expected by September 2025.
Current report — wording carried from elsewhere
•increased rate base investments at Ameren Transmission and Ameren Illinois Electric Distribution (4 cents per share);
Current report — wording carried from elsewhere
•A $35 million decrease due to the timing of payments for accounts payable and prepaid expenses.
Current report — wording carried from elsewhere
•A $20 million decrease due to lower income tax refunds from Ameren (parent), pursuant to the tax allocation agreement, primarily due to higher taxable income compared to 2024.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Taxes other than income taxes increased $3 million in the three months ended September 30, 2024, compared with the year-ago period, primarily because of an increase of $2 million at Ameren Illinois Natural Gas due to an increase in excise taxes resulting from higher invested capital taxes.
Previous report — wording carried elsewhere
•In 2021, the MISO issued a report outlining a preliminary long-range transmission planning roadmap of projects through 2039, which considers the rapidly changing generation mix within MISO resulting from significant additions of renewable generation, actual and expected generation plant closures, and state mandates or goals for clean energy or carbon emissions reductions. In July 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. Related to these projects, Ameren began substation upgrades in May 2024 in advance of transmission line construction, which is expected to begin in 2026, with forecasted completion dates near the end of this decade. In addition, the MISO awarded two competitive bid projects to ATXI in the fourth quarter of 2023 and one in April 2024 that represent a total estimated investment of approximately $220 million for ATXI. In February 2024, Ameren Illinois and ATXI filed a request for a CCN, among other things, with the ICC related to the portion of the MISO long-range transmission projects they will construct within the ICC’s jurisdiction. A decision by the ICC is expected by mid-2025. In July 2024, ATXI filed a request for a CCN, among other things, with the MoPSC related to a portion of the MISO long-range transmission projects that it expects to construct within the MoPSC’s jurisdiction. A decision by the MoPSC is expected by mid-2025. In September 2024, the MISO revised a proposed first set of second tranche projects with estimated costs of $21.8 billion, which includes projects located in our service territories of $3.6 billion, based on the MISO’s cost estimate. The MISO is expected to approve this set of projects by the end of 2024. The MISO expects to begin developing an additional set of second tranche projects in 2025.