☒
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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☐
|
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to
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|
Commission
File Number
|
Exact name of registrant as specified in its charter;
State of Incorporation;
Address and Telephone Number
|
IRS Employer
Identification No.
|
1-14756
|
Ameren Corporation
|
43-1723446
|
1-2967
|
Union Electric Company
|
43-0559760
|
1-3672
|
Ameren Illinois Company
|
37-0211380
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Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $0.01 par value per share
|
AEE
|
New York Stock Exchange
|
Ameren Corporation
|
|
Yes
|
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☒
|
|
No
|
|
☐
|
Union Electric Company
|
|
Yes
|
|
☒
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No
|
|
☐
|
Ameren Illinois Company
|
|
Yes
|
|
☒
|
|
No
|
|
☐
|
Ameren Corporation
|
|
Yes
|
|
☒
|
|
No
|
|
☐
|
Union Electric Company
|
|
Yes
|
|
☒
|
|
No
|
|
☐
|
Ameren Illinois Company
|
|
Yes
|
|
☒
|
|
No
|
|
☐
|
Ameren Corporation
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
|
|
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
Union Electric Company
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☒
|
|
|
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
Ameren Illinois Company
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☒
|
|
|
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
Ameren Corporation
|
☐
|
Union Electric Company
|
☐
|
Ameren Illinois Company
|
☐
|
Ameren Corporation
|
|
Yes
|
|
☐
|
|
No
|
|
☒
|
Union Electric Company
|
|
Yes
|
|
☐
|
|
No
|
|
☒
|
Ameren Illinois Company
|
|
Yes
|
|
☐
|
|
No
|
|
☒
|
Ameren Corporation
|
|
Common stock, $0.01 par value per share –
|
245,803,323
|
|
Union Electric Company
|
|
Common stock, $5 par value per share, held by Ameren Corporation –
|
102,123,834
|
|
Ameren Illinois Company
|
|
Common stock, no par value, held by Ameren Corporation –
|
25,452,373
|
|
|
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Page
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Item 1.
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Union Electric Company (d/b/a Ameren Missouri)
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||
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||
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Ameren Illinois Company (d/b/a Ameren Illinois)
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Item 2.
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Item 3.
|
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Item 4.
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Item 1.
|
||
Item 1A.
|
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Item 2.
|
||
Item 6.
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||
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•
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regulatory, judicial, or legislative actions, and any changes in regulatory policies and ratemaking determinations, such as those that may result from, the complaint case filed in February 2015 with the FERC, a new methodology to determine the allowed base return on common equity under the MISO tariff proposed by the FERC in November 2018, the Notices of Inquiry issued by the FERC in March 2019, Ameren Missouri’s electric regulatory rate review filed with the MoPSC in July 2019, Ameren Missouri’s natural gas regulatory rate review filed with the MoPSC in December 2018, an appeal filed by the MoOPC in January 2019 in Ameren Missouri’s RESRAM case, Ameren Illinois’ May 2019 annual electric energy-efficiency formula rate update, Ameren Illinois’ April 2019 annual electric distribution formula rate update filing, and future regulatory, judicial, or legislative actions that change regulatory recovery mechanisms;
|
•
|
the effect of Ameren Illinois’ participation in performance-based formula ratemaking frameworks under the IEIMA and the FEJA, including the direct relationship between Ameren Illinois' return on common equity and the 30-year United States Treasury bond yields, and the related financial commitments;
|
•
|
the effect of Missouri Senate Bill 564 on Ameren Missouri, including customer rate caps pursuant to Ameren Missouri’s election to use PISA;
|
•
|
the effects of changes in federal, state, or local laws and other governmental actions, including monetary, fiscal, and energy policies;
|
•
|
the effects of changes in federal, state, or local tax laws, regulations, interpretations, or rates, amendments or technical corrections to the TCJA, and challenges to the tax positions taken by the Ameren Companies, if any;
|
•
|
the effects on demand for our services resulting from technological advances, including advances in customer energy efficiency, energy storage, and private generation sources, which generate electricity at the site of consumption and are becoming more cost-competitive;
|
•
|
the effectiveness of Ameren Missouri’s customer energy-efficiency programs and the related revenues and performance incentives earned under its MEEIA programs;
|
•
|
Ameren Illinois’ ability to achieve the performance standards applicable to its electric distribution business and the FEJA electric customer energy-efficiency goals and the resulting impact on its allowed return on equity;
|
•
|
our ability to align overall spending, both operating and capital, with frameworks established by our regulators and to recover these costs in a timely manner in our attempt to earn our allowed returns on equity;
|
•
|
the cost and availability of fuel, such as ultra-low-sulfur coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of purchased power, zero emission credits, renewable energy credits, and natural gas for distribution; and the level and volatility of future market prices for such commodities and credits, including our ability to recover the costs for such commodities and credits and our customers’ tolerance for any related price increases;
|
•
|
disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel, including nuclear fuel assemblies from the one NRC-licensed supplier of Ameren Missouri’s Callaway energy center’s assemblies;
|
•
|
the cost and availability of transmission capacity for the energy generated by Ameren Missouri's energy centers or required to satisfy Ameren Missouri’s energy sales;
|
•
|
the effectiveness of our risk management strategies and our use of financial and derivative instruments;
|
•
|
the ability to obtain sufficient insurance, including insurance for Ameren Missouri’s Callaway energy center, or, in the absence of insurance, the ability to recover uninsured losses from our customers;
|
•
|
the impact of cyberattacks on us or our suppliers, which could, among other things, result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as customer, employee, financial, and operating system information;
|
•
|
business and economic conditions, including their impact on interest rates, collection of our receivable balances, and demand for our products;
|
•
|
disruptions of the capital markets, deterioration in credit metrics of the Ameren Companies, including as a result of the implementation of the TCJA, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity;
|
•
|
the actions of credit rating agencies and the effects of such actions;
|
•
|
the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments;
|
•
|
the impact of weather conditions and other natural phenomena on us and our customers, including the impact of system outages;
|
•
|
the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets;
|
•
|
the effects of failures of equipment in the operation of natural gas transmission and distribution systems and storage facilities, such as leaks, explosions, and mechanical problems, and compliance with natural gas safety regulations;
|
•
|
the effects of failures of electric generation, transmission, or distribution equipment or facilities, which could result in unanticipated liabilities or unplanned outages;
|
•
|
the operation of Ameren Missouri’s Callaway energy center, including planned and unplanned outages, and decommissioning costs;
|
•
|
the impact of current environmental laws and new, more stringent, or changing requirements, including those related to CO2 and the adoption and implementation of the Affordable Clean Energy Rule, other emissions and discharges, cooling water intake structures, CCR, and energy efficiency, that could limit or terminate the operation of certain of Ameren Missouri’s energy centers, increase our operating costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers’ demand for electricity or natural gas, or otherwise have a negative financial effect;
|
•
|
the impact of complying with renewable energy requirements in Missouri and Illinois and with the zero emission standard in Illinois;
|
•
|
Ameren Missouri’s ability to acquire wind and other renewable energy generation facilities and recover its cost of investment and related return in a timely manner, which is affected by the ability to obtain all necessary project approvals; the availability of federal production and investment tax credits related to renewable energy and Ameren Missouri’s ability to use such credits; the cost of wind and solar generation technologies; and Ameren Missouri’s ability to obtain timely interconnection agreements with MISO or other RTOs at an acceptable cost for each facility;
|
•
|
labor disputes, work force reductions, changes in future wage and employee benefits costs, including those resulting from changes in discount rates, mortality tables, returns on benefit plan assets, and other assumptions;
|
•
|
the impact of negative opinions of us or our utility services that our customers, legislators, or regulators may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or to protect sensitive customer information, increases in rates, or negative media coverage;
|
•
|
the impact of adopting new accounting guidance;
|
•
|
the effects of strategic initiatives, including mergers, acquisitions, and divestitures;
|
•
|
legal and administrative proceedings; and
|
•
|
acts of sabotage, war, terrorism, or other intentionally disruptive acts.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
||||||||
Electric
|
$
|
1,218
|
|
|
$
|
1,396
|
|
|
$
|
2,400
|
|
|
$
|
2,619
|
|
Natural gas
|
161
|
|
|
167
|
|
|
535
|
|
|
529
|
|
||||
Total operating revenues
|
1,379
|
|
|
1,563
|
|
|
2,935
|
|
|
3,148
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
||||||||
Fuel
|
102
|
|
|
186
|
|
|
262
|
|
|
374
|
|
||||
Purchased power
|
136
|
|
|
142
|
|
|
292
|
|
|
305
|
|
||||
Natural gas purchased for resale
|
44
|
|
|
51
|
|
|
205
|
|
|
222
|
|
||||
Other operations and maintenance
|
450
|
|
|
439
|
|
|
867
|
|
|
870
|
|
||||
Depreciation and amortization
|
249
|
|
|
238
|
|
|
497
|
|
|
472
|
|
||||
Taxes other than income taxes
|
118
|
|
|
122
|
|
|
244
|
|
|
247
|
|
||||
Total operating expenses
|
1,099
|
|
|
1,178
|
|
|
2,367
|
|
|
2,490
|
|
||||
Operating Income
|
280
|
|
|
385
|
|
|
568
|
|
|
658
|
|
||||
Other Income, Net
|
36
|
|
|
29
|
|
|
65
|
|
|
52
|
|
||||
Interest Charges
|
97
|
|
|
100
|
|
|
194
|
|
|
201
|
|
||||
Income Before Income Taxes
|
219
|
|
|
314
|
|
|
439
|
|
|
509
|
|
||||
Income Taxes
|
39
|
|
|
74
|
|
|
66
|
|
|
116
|
|
||||
Net Income
|
180
|
|
|
240
|
|
|
373
|
|
|
393
|
|
||||
Less: Net Income Attributable to Noncontrolling Interests
|
1
|
|
|
1
|
|
|
3
|
|
|
3
|
|
||||
Net Income Attributable to Ameren Common Shareholders
|
$
|
179
|
|
|
$
|
239
|
|
|
$
|
370
|
|
|
$
|
390
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net Income
|
$
|
180
|
|
|
$
|
240
|
|
|
$
|
373
|
|
|
$
|
393
|
|
Other Comprehensive Income (Loss), Net of Taxes
|
|
|
|
|
|
|
|
||||||||
Pension and other postretirement benefit plan activity, net of income taxes of $-, $-, $-, and $-, respectively
|
—
|
|
|
(2
|
)
|
|
1
|
|
|
(1
|
)
|
||||
Comprehensive Income
|
180
|
|
|
238
|
|
|
374
|
|
|
392
|
|
||||
Less: Comprehensive Income Attributable to Noncontrolling Interests
|
1
|
|
|
1
|
|
|
3
|
|
|
3
|
|
||||
Comprehensive Income Attributable to Ameren Common Shareholders
|
$
|
179
|
|
|
$
|
237
|
|
|
$
|
371
|
|
|
$
|
389
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Earnings per Common Share – Basic
|
$
|
0.73
|
|
|
$
|
0.98
|
|
|
$
|
1.51
|
|
|
$
|
1.60
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per Common Share – Diluted
|
$
|
0.72
|
|
|
$
|
0.97
|
|
|
$
|
1.50
|
|
|
$
|
1.59
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average Common Shares Outstanding – Basic
|
245.6
|
|
|
243.7
|
|
|
245.3
|
|
|
243.3
|
|
||||
Weighted-average Common Shares Outstanding – Diluted
|
247.2
|
|
|
245.8
|
|
|
246.8
|
|
|
245.1
|
|
|
June 30,
2019 |
|
December 31, 2018
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
6
|
|
|
$
|
16
|
|
Accounts receivable – trade (less allowance for doubtful accounts of $19 and $18, respectively)
|
461
|
|
|
463
|
|
||
Unbilled revenue
|
326
|
|
|
295
|
|
||
Miscellaneous accounts receivable
|
91
|
|
|
79
|
|
||
Inventories
|
433
|
|
|
483
|
|
||
Current regulatory assets
|
107
|
|
|
134
|
|
||
Other current assets
|
90
|
|
|
63
|
|
||
Total current assets
|
1,514
|
|
|
1,533
|
|
||
Property, Plant, and Equipment, Net
|
23,479
|
|
|
22,810
|
|
||
Investments and Other Assets:
|
|
|
|
||||
Nuclear decommissioning trust fund
|
783
|
|
|
684
|
|
||
Goodwill
|
411
|
|
|
411
|
|
||
Regulatory assets
|
1,175
|
|
|
1,127
|
|
||
Other assets
|
741
|
|
|
650
|
|
||
Total investments and other assets
|
3,110
|
|
|
2,872
|
|
||
TOTAL ASSETS
|
$
|
28,103
|
|
|
$
|
27,215
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
336
|
|
|
$
|
580
|
|
Short-term debt
|
999
|
|
|
597
|
|
||
Accounts and wages payable
|
593
|
|
|
817
|
|
||
Current regulatory liabilities
|
156
|
|
|
149
|
|
||
Other current liabilities
|
668
|
|
|
544
|
|
||
Total current liabilities
|
2,752
|
|
|
2,687
|
|
||
Long-term Debt, Net
|
8,222
|
|
|
7,859
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Accumulated deferred income taxes and investment tax credits, net
|
2,758
|
|
|
2,666
|
|
||
Regulatory liabilities
|
4,768
|
|
|
4,637
|
|
||
Asset retirement obligations
|
667
|
|
|
627
|
|
||
Pension and other postretirement benefits
|
539
|
|
|
558
|
|
||
Other deferred credits and liabilities
|
464
|
|
|
408
|
|
||
Total deferred credits and other liabilities
|
9,196
|
|
|
8,896
|
|
||
Commitments and Contingencies (Notes 2, 9, and 10)
|
|
|
|
|
|
||
Ameren Corporation Shareholders’ Equity:
|
|
|
|
||||
Common stock, $.01 par value, 400.0 shares authorized – shares outstanding of 245.8 and 244.5, respectively
|
2
|
|
|
2
|
|
||
Other paid-in capital, principally premium on common stock
|
5,649
|
|
|
5,627
|
|
||
Retained earnings
|
2,161
|
|
|
2,024
|
|
||
Accumulated other comprehensive loss
|
(21
|
)
|
|
(22
|
)
|
||
Total Ameren Corporation shareholders’ equity
|
7,791
|
|
|
7,631
|
|
||
Noncontrolling Interests
|
142
|
|
|
142
|
|
||
Total equity
|
7,933
|
|
|
7,773
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
28,103
|
|
|
$
|
27,215
|
|
AMEREN CORPORATION
|
|||||||
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|||||||
(Unaudited) (In millions)
|
|||||||
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash Flows From Operating Activities:
|
|
|
|
||||
Net income
|
$
|
373
|
|
|
$
|
393
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
494
|
|
|
463
|
|
||
Amortization of nuclear fuel
|
33
|
|
|
48
|
|
||
Amortization of debt issuance costs and premium/discounts
|
9
|
|
|
11
|
|
||
Deferred income taxes and investment tax credits, net
|
54
|
|
|
81
|
|
||
Allowance for equity funds used during construction
|
(13
|
)
|
|
(14
|
)
|
||
Stock-based compensation costs
|
10
|
|
|
10
|
|
||
Other
|
(5
|
)
|
|
11
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Receivables
|
(46
|
)
|
|
(170
|
)
|
||
Inventories
|
50
|
|
|
46
|
|
||
Accounts and wages payable
|
(199
|
)
|
|
(209
|
)
|
||
Taxes accrued
|
77
|
|
|
105
|
|
||
Regulatory assets and liabilities
|
4
|
|
|
83
|
|
||
Assets, other
|
(11
|
)
|
|
8
|
|
||
Liabilities, other
|
63
|
|
|
(50
|
)
|
||
Pension and other postretirement benefits
|
(14
|
)
|
|
4
|
|
||
Net cash provided by operating activities
|
879
|
|
|
820
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(1,125
|
)
|
|
(1,112
|
)
|
||
Nuclear fuel expenditures
|
(25
|
)
|
|
(16
|
)
|
||
Purchases of securities – nuclear decommissioning trust fund
|
(96
|
)
|
|
(129
|
)
|
||
Sales and maturities of securities – nuclear decommissioning trust fund
|
95
|
|
|
122
|
|
||
Purchase of bonds
|
(97
|
)
|
|
—
|
|
||
Proceeds from sale of remarketed bonds
|
97
|
|
|
—
|
|
||
Other
|
(3
|
)
|
|
6
|
|
||
Net cash used in investing activities
|
(1,154
|
)
|
|
(1,129
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
||||
Dividends on common stock
|
(233
|
)
|
|
(223
|
)
|
||
Dividends paid to noncontrolling interest holders
|
(3
|
)
|
|
(3
|
)
|
||
Short-term debt, net
|
401
|
|
|
21
|
|
||
Maturities of long-term debt
|
(329
|
)
|
|
(323
|
)
|
||
Issuances of long-term debt
|
450
|
|
|
853
|
|
||
Issuances of common stock
|
37
|
|
|
40
|
|
||
Employee payroll taxes related to stock-based compensation
|
(29
|
)
|
|
(19
|
)
|
||
Debt issuance costs
|
(4
|
)
|
|
(9
|
)
|
||
Net cash provided by financing activities
|
290
|
|
|
337
|
|
||
Net change in cash, cash equivalents, and restricted cash
|
15
|
|
|
28
|
|
||
Cash, cash equivalents, and restricted cash at beginning of year
|
107
|
|
|
68
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
122
|
|
|
$
|
96
|
|
|
|
|
|
||||
Noncash financing activity – Issuance of common stock for stock-based compensation
|
$
|
54
|
|
|
$
|
35
|
|
AMEREN CORPORATION
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
(Unaudited) (In millions, except per share amounts)
|
|||||||||||||||
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Common Stock
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
||||||||
Other Paid-in Capital:
|
|
|
|
|
|
|
|
||||||||
Beginning of period
|
5,625
|
|
|
5,546
|
|
|
5,627
|
|
|
5,540
|
|
||||
Shares issued under the DRPlus and 401(k) plan
|
18
|
|
|
23
|
|
|
37
|
|
|
40
|
|
||||
Stock-based compensation activity
|
6
|
|
|
7
|
|
|
(15
|
)
|
|
(4
|
)
|
||||
Other paid-in capital, end of period
|
5,649
|
|
|
5,576
|
|
|
5,649
|
|
|
5,576
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Retained Earnings:
|
|
|
|
|
|
|
|
||||||||
Beginning of period
|
2,099
|
|
|
1,699
|
|
|
2,024
|
|
|
1,660
|
|
||||
Net income attributable to Ameren common shareholders
|
179
|
|
|
239
|
|
|
370
|
|
|
390
|
|
||||
Dividends
|
(117
|
)
|
|
(112
|
)
|
|
(233
|
)
|
|
(223
|
)
|
||||
Other
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Retained earnings, end of period
|
2,161
|
|
|
1,827
|
|
|
2,161
|
|
|
1,827
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Accumulated Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
||||||||
Deferred retirement benefit costs, beginning of period
|
(21
|
)
|
|
(17
|
)
|
|
(22
|
)
|
|
(18
|
)
|
||||
Change in deferred retirement benefit costs
|
—
|
|
|
(2
|
)
|
|
1
|
|
|
(1
|
)
|
||||
Deferred retirement benefit costs, end of period
|
(21
|
)
|
|
(19
|
)
|
|
(21
|
)
|
|
(19
|
)
|
||||
Total accumulated other comprehensive loss, end of period
|
(21
|
)
|
|
(19
|
)
|
|
(21
|
)
|
|
(19
|
)
|
||||
Total Ameren Corporation Shareholders’ Equity
|
$
|
7,791
|
|
|
$
|
7,386
|
|
|
$
|
7,791
|
|
|
$
|
7,386
|
|
|
|
|
|
|
|
|
|
||||||||
Noncontrolling Interests:
|
|
|
|
|
|
|
|
||||||||
Beginning of period
|
142
|
|
|
142
|
|
|
142
|
|
|
142
|
|
||||
Net income attributable to noncontrolling interest holders
|
1
|
|
|
1
|
|
|
3
|
|
|
3
|
|
||||
Dividends paid to noncontrolling interest holders
|
(1
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(3
|
)
|
||||
Noncontrolling interests, end of period
|
142
|
|
|
142
|
|
|
142
|
|
|
142
|
|
||||
Total Equity
|
$
|
7,933
|
|
|
$
|
7,528
|
|
|
$
|
7,933
|
|
|
$
|
7,528
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Common stock shares outstanding at beginning of period
|
245.6
|
|
|
243.6
|
|
|
244.5
|
|
|
242.6
|
|
||||
Shares issued under the DRPlus and 401(k) plan
|
0.2
|
|
|
0.4
|
|
|
0.5
|
|
|
0.7
|
|
||||
Shares issued for stock-based compensation
|
—
|
|
|
—
|
|
|
0.8
|
|
|
0.7
|
|
||||
Common stock shares outstanding at end of period
|
245.8
|
|
|
244.0
|
|
|
245.8
|
|
|
244.0
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends per common share
|
$
|
0.4750
|
|
|
$
|
0.4575
|
|
|
$
|
0.9500
|
|
|
$
|
0.9150
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
||||||||
Electric
|
$
|
773
|
|
|
$
|
930
|
|
|
$
|
1,477
|
|
|
$
|
1,671
|
|
Natural gas
|
25
|
|
|
25
|
|
|
79
|
|
|
76
|
|
||||
Total operating revenues
|
798
|
|
|
955
|
|
|
1,556
|
|
|
1,747
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
||||||||
Fuel
|
102
|
|
|
186
|
|
|
262
|
|
|
374
|
|
||||
Purchased power
|
60
|
|
|
40
|
|
|
111
|
|
|
82
|
|
||||
Natural gas purchased for resale
|
8
|
|
|
8
|
|
|
35
|
|
|
32
|
|
||||
Other operations and maintenance
|
254
|
|
|
241
|
|
|
478
|
|
|
473
|
|
||||
Depreciation and amortization
|
139
|
|
|
138
|
|
|
279
|
|
|
274
|
|
||||
Taxes other than income taxes
|
83
|
|
|
84
|
|
|
160
|
|
|
164
|
|
||||
Total operating expenses
|
646
|
|
|
697
|
|
|
1,325
|
|
|
1,399
|
|
||||
Operating Income
|
152
|
|
|
258
|
|
|
231
|
|
|
348
|
|
||||
Other Income, Net
|
16
|
|
|
16
|
|
|
28
|
|
|
29
|
|
||||
Interest Charges
|
45
|
|
|
51
|
|
|
92
|
|
|
102
|
|
||||
Income Before Income Taxes
|
123
|
|
|
223
|
|
|
167
|
|
|
275
|
|
||||
Income Taxes
|
15
|
|
|
54
|
|
|
19
|
|
|
67
|
|
||||
Net Income
|
108
|
|
|
169
|
|
|
148
|
|
|
208
|
|
||||
Preferred Stock Dividends
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Net Income Available to Common Shareholder
|
$
|
107
|
|
|
$
|
168
|
|
|
$
|
146
|
|
|
$
|
206
|
|
|
June 30,
2019 |
|
December 31, 2018
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
—
|
|
Accounts receivable – trade (less allowance for doubtful accounts of $7 and $7, respectively)
|
221
|
|
|
223
|
|
||
Accounts receivable – affiliates
|
21
|
|
|
14
|
|
||
Unbilled revenue
|
220
|
|
|
155
|
|
||
Miscellaneous accounts receivable
|
52
|
|
|
42
|
|
||
Inventories
|
336
|
|
|
358
|
|
||
Other current assets
|
52
|
|
|
40
|
|
||
Total current assets
|
902
|
|
|
832
|
|
||
Property, Plant, and Equipment, Net
|
12,315
|
|
|
12,103
|
|
||
Investments and Other Assets:
|
|
|
|
||||
Nuclear decommissioning trust fund
|
783
|
|
|
684
|
|
||
Regulatory assets
|
343
|
|
|
366
|
|
||
Other assets
|
355
|
|
|
306
|
|
||
Total investments and other assets
|
1,481
|
|
|
1,356
|
|
||
TOTAL ASSETS
|
$
|
14,698
|
|
|
$
|
14,291
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
336
|
|
|
$
|
580
|
|
Short-term debt
|
205
|
|
|
55
|
|
||
Accounts and wages payable
|
240
|
|
|
428
|
|
||
Accounts payable – affiliates
|
76
|
|
|
69
|
|
||
Taxes accrued
|
110
|
|
|
27
|
|
||
Current regulatory liabilities
|
65
|
|
|
68
|
|
||
Other current liabilities
|
210
|
|
|
175
|
|
||
Total current liabilities
|
1,242
|
|
|
1,402
|
|
||
Long-term Debt, Net
|
3,780
|
|
|
3,418
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Accumulated deferred income taxes and investment tax credits, net
|
1,596
|
|
|
1,576
|
|
||
Regulatory liabilities
|
2,884
|
|
|
2,799
|
|
||
Asset retirement obligations
|
663
|
|
|
623
|
|
||
Pension and other postretirement benefits
|
214
|
|
|
228
|
|
||
Other deferred credits and liabilities
|
44
|
|
|
16
|
|
||
Total deferred credits and other liabilities
|
5,401
|
|
|
5,242
|
|
||
Commitments and Contingencies (Notes 2, 8, 9, and 10)
|
|
|
|
|
|
||
Shareholders’ Equity:
|
|
|
|
||||
Common stock, $5 par value, 150.0 shares authorized – 102.1 shares outstanding
|
511
|
|
|
511
|
|
||
Other paid-in capital, principally premium on common stock
|
1,903
|
|
|
1,903
|
|
||
Preferred stock
|
80
|
|
|
80
|
|
||
Retained earnings
|
1,781
|
|
|
1,735
|
|
||
Total shareholders’ equity
|
4,275
|
|
|
4,229
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
14,698
|
|
|
$
|
14,291
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash Flows From Operating Activities:
|
|
|
|
||||
Net income
|
$
|
148
|
|
|
$
|
208
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
277
|
|
|
265
|
|
||
Amortization of nuclear fuel
|
33
|
|
|
48
|
|
||
Amortization of debt issuance costs and premium/discounts
|
2
|
|
|
3
|
|
||
Deferred income taxes and investment tax credits, net
|
(10
|
)
|
|
(24
|
)
|
||
Allowance for equity funds used during construction
|
(8
|
)
|
|
(11
|
)
|
||
Other
|
5
|
|
|
10
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Receivables
|
(83
|
)
|
|
(205
|
)
|
||
Inventories
|
22
|
|
|
8
|
|
||
Accounts and wages payable
|
(158
|
)
|
|
(160
|
)
|
||
Taxes accrued
|
109
|
|
|
152
|
|
||
Regulatory assets and liabilities
|
7
|
|
|
106
|
|
||
Assets, other
|
(9
|
)
|
|
(2
|
)
|
||
Liabilities, other
|
28
|
|
|
11
|
|
||
Pension and other postretirement benefits
|
(2
|
)
|
|
3
|
|
||
Net cash provided by operating activities
|
361
|
|
|
412
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(495
|
)
|
|
(454
|
)
|
||
Nuclear fuel expenditures
|
(25
|
)
|
|
(16
|
)
|
||
Purchases of securities – nuclear decommissioning trust fund
|
(96
|
)
|
|
(129
|
)
|
||
Sales and maturities of securities – nuclear decommissioning trust fund
|
95
|
|
|
122
|
|
||
Purchase of bonds
|
(97
|
)
|
|
—
|
|
||
Proceeds from sale of remarketed bonds
|
97
|
|
|
—
|
|
||
Money pool advances, net
|
—
|
|
|
(66
|
)
|
||
Net cash used in investing activities
|
(521
|
)
|
|
(543
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
||||
Dividends on common stock
|
(100
|
)
|
|
(50
|
)
|
||
Dividends on preferred stock
|
(2
|
)
|
|
(2
|
)
|
||
Short-term debt, net
|
150
|
|
|
(39
|
)
|
||
Maturities of long-term debt
|
(329
|
)
|
|
(179
|
)
|
||
Issuances of long-term debt
|
450
|
|
|
423
|
|
||
Debt issuance costs
|
(4
|
)
|
|
(4
|
)
|
||
Net cash provided by financing activities
|
165
|
|
|
149
|
|
||
Net change in cash, cash equivalents, and restricted cash
|
5
|
|
|
18
|
|
||
Cash, cash equivalents, and restricted cash at beginning of year
|
8
|
|
|
7
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
13
|
|
|
$
|
25
|
|
UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)
STATEMENT OF SHAREHOLDERS’ EQUITY
(Unaudited) (In millions)
|
|||||||||||||||
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Common Stock
|
$
|
511
|
|
|
$
|
511
|
|
|
$
|
511
|
|
|
$
|
511
|
|
|
|
|
|
|
|
|
|
||||||||
Other Paid-in Capital
|
1,903
|
|
|
1,858
|
|
|
1,903
|
|
|
1,858
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Preferred Stock
|
80
|
|
|
80
|
|
|
80
|
|
|
80
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Retained Earnings:
|
|
|
|
|
|
|
|
||||||||
Beginning of period
|
1,774
|
|
|
1,620
|
|
|
1,735
|
|
|
1,632
|
|
||||
Net income
|
108
|
|
|
169
|
|
|
148
|
|
|
208
|
|
||||
Common stock dividends
|
(100
|
)
|
|
—
|
|
|
(100
|
)
|
|
(50
|
)
|
||||
Preferred stock dividends
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||
Retained earnings, end of period
|
1,781
|
|
|
1,788
|
|
|
1,781
|
|
|
1,788
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total Shareholders’ Equity
|
$
|
4,275
|
|
|
$
|
4,237
|
|
|
$
|
4,275
|
|
|
$
|
4,237
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
||||||||
Electric
|
$
|
411
|
|
|
$
|
436
|
|
|
$
|
853
|
|
|
$
|
885
|
|
Natural gas
|
136
|
|
|
142
|
|
|
456
|
|
|
453
|
|
||||
Total operating revenues
|
547
|
|
|
578
|
|
|
1,309
|
|
|
1,338
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
||||||||
Purchased power
|
78
|
|
|
105
|
|
|
183
|
|
|
229
|
|
||||
Natural gas purchased for resale
|
36
|
|
|
43
|
|
|
170
|
|
|
190
|
|
||||
Other operations and maintenance
|
196
|
|
|
196
|
|
|
387
|
|
|
395
|
|
||||
Depreciation and amortization
|
101
|
|
|
94
|
|
|
202
|
|
|
184
|
|
||||
Taxes other than income taxes
|
32
|
|
|
35
|
|
|
77
|
|
|
76
|
|
||||
Total operating expenses
|
443
|
|
|
473
|
|
|
1,019
|
|
|
1,074
|
|
||||
Operating Income
|
104
|
|
|
105
|
|
|
290
|
|
|
264
|
|
||||
Other Income, Net
|
15
|
|
|
13
|
|
|
26
|
|
|
19
|
|
||||
Interest Charges
|
36
|
|
|
37
|
|
|
73
|
|
|
74
|
|
||||
Income Before Income Taxes
|
83
|
|
|
81
|
|
|
243
|
|
|
209
|
|
||||
Income Taxes
|
20
|
|
|
18
|
|
|
59
|
|
|
50
|
|
||||
Net Income
|
63
|
|
|
63
|
|
|
184
|
|
|
159
|
|
||||
Preferred Stock Dividends
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Net Income Available to Common Shareholder
|
$
|
62
|
|
|
$
|
62
|
|
|
$
|
182
|
|
|
$
|
157
|
|
|
June 30,
2019 |
|
December 31, 2018
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
—
|
|
Accounts receivable – trade (less allowance for doubtful accounts of $12 and $11, respectively)
|
225
|
|
|
224
|
|
||
Accounts receivable – affiliates
|
37
|
|
|
21
|
|
||
Unbilled revenue
|
106
|
|
|
140
|
|
||
Miscellaneous accounts receivable
|
34
|
|
|
40
|
|
||
Inventories
|
97
|
|
|
125
|
|
||
Current regulatory assets
|
89
|
|
|
110
|
|
||
Other current assets
|
24
|
|
|
16
|
|
||
Total current assets
|
612
|
|
|
676
|
|
||
Property, Plant, and Equipment, Net
|
9,585
|
|
|
9,198
|
|
||
Investments and Other Assets:
|
|
|
|
||||
Goodwill
|
411
|
|
|
411
|
|
||
Regulatory assets
|
823
|
|
|
759
|
|
||
Other assets
|
293
|
|
|
275
|
|
||
Total investments and other assets
|
1,527
|
|
|
1,445
|
|
||
TOTAL ASSETS
|
$
|
11,724
|
|
|
$
|
11,319
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Short-term debt
|
$
|
199
|
|
|
$
|
72
|
|
Accounts and wages payable
|
272
|
|
|
302
|
|
||
Accounts payable – affiliates
|
55
|
|
|
58
|
|
||
Customer deposits
|
71
|
|
|
76
|
|
||
Current environmental remediation
|
44
|
|
|
42
|
|
||
Current regulatory liabilities
|
72
|
|
|
62
|
|
||
Other current liabilities
|
184
|
|
|
184
|
|
||
Total current liabilities
|
897
|
|
|
796
|
|
||
Long-term Debt, Net
|
3,296
|
|
|
3,296
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Accumulated deferred income taxes and investment tax credits, net
|
1,175
|
|
|
1,119
|
|
||
Regulatory liabilities
|
1,786
|
|
|
1,741
|
|
||
Pension and other postretirement benefits
|
274
|
|
|
280
|
|
||
Environmental remediation
|
102
|
|
|
109
|
|
||
Other deferred credits and liabilities
|
238
|
|
|
204
|
|
||
Total deferred credits and other liabilities
|
3,575
|
|
|
3,453
|
|
||
Commitments and Contingencies (Notes 2, 8, and 9)
|
|
|
|
|
|
||
Shareholders’ Equity:
|
|
|
|
||||
Common stock, no par value, 45.0 shares authorized – 25.5 shares outstanding
|
—
|
|
|
—
|
|
||
Other paid-in capital
|
2,173
|
|
|
2,173
|
|
||
Preferred stock
|
62
|
|
|
62
|
|
||
Retained earnings
|
1,721
|
|
|
1,539
|
|
||
Total shareholders’ equity
|
3,956
|
|
|
3,774
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
11,724
|
|
|
$
|
11,319
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash Flows From Operating Activities:
|
|
|
|
||||
Net income
|
$
|
184
|
|
|
$
|
159
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
201
|
|
|
184
|
|
||
Amortization of debt issuance costs and premium/discounts
|
6
|
|
|
7
|
|
||
Deferred income taxes and investment tax credits, net
|
43
|
|
|
13
|
|
||
Other
|
—
|
|
|
(3
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Receivables
|
35
|
|
|
23
|
|
||
Inventories
|
28
|
|
|
38
|
|
||
Accounts and wages payable
|
(38
|
)
|
|
(35
|
)
|
||
Taxes accrued
|
(22
|
)
|
|
(23
|
)
|
||
Regulatory assets and liabilities
|
1
|
|
|
(20
|
)
|
||
Assets, other
|
1
|
|
|
4
|
|
||
Liabilities, other
|
24
|
|
|
(58
|
)
|
||
Pension and other postretirement benefits
|
(11
|
)
|
|
(2
|
)
|
||
Net cash provided by operating activities
|
452
|
|
|
287
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(556
|
)
|
|
(602
|
)
|
||
Other
|
(2
|
)
|
|
3
|
|
||
Net cash used in investing activities
|
(558
|
)
|
|
(599
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
||||
Dividends on preferred stock
|
(2
|
)
|
|
(2
|
)
|
||
Short-term debt, net
|
127
|
|
|
(62
|
)
|
||
Money pool borrowings, net
|
—
|
|
|
31
|
|
||
Maturities of long-term debt
|
—
|
|
|
(144
|
)
|
||
Issuances of long-term debt
|
—
|
|
|
430
|
|
||
Debt issuance costs
|
—
|
|
|
(5
|
)
|
||
Capital contribution from parent
|
—
|
|
|
80
|
|
||
Net cash provided by financing activities
|
125
|
|
|
328
|
|
||
Net change in cash, cash equivalents, and restricted cash
|
19
|
|
|
16
|
|
||
Cash, cash equivalents, and restricted cash at beginning of year
|
80
|
|
|
41
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
99
|
|
|
$
|
57
|
|
AMEREN ILLINOIS COMPANY (d/b/a AMEREN ILLINOIS)
STATEMENT OF SHAREHOLDERS’ EQUITY
(Unaudited) (In millions)
|
|||||||||||||||
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Common Stock
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Other Paid-in Capital:
|
|
|
|
|
|
|
|
||||||||
Beginning of period
|
2,173
|
|
|
2,033
|
|
|
2,173
|
|
|
2,013
|
|
||||
Capital contribution from parent
|
—
|
|
|
60
|
|
|
—
|
|
|
80
|
|
||||
Other paid-in capital, end of period
|
2,173
|
|
|
2,093
|
|
|
2,173
|
|
|
2,093
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Preferred Stock
|
62
|
|
|
62
|
|
|
62
|
|
|
62
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Retained Earnings:
|
|
|
|
|
|
|
|
||||||||
Beginning of period
|
1,659
|
|
|
1,330
|
|
|
1,539
|
|
|
1,235
|
|
||||
Net income
|
63
|
|
|
63
|
|
|
184
|
|
|
159
|
|
||||
Preferred stock dividends
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||
Retained earnings, end of period
|
1,721
|
|
|
1,392
|
|
|
1,721
|
|
|
1,392
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total Shareholders’ Equity
|
$
|
3,956
|
|
|
$
|
3,547
|
|
|
$
|
3,956
|
|
|
$
|
3,547
|
|
•
|
Union Electric Company, doing business as Ameren Missouri, operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri.
|
•
|
Ameren Illinois Company, doing business as 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. ATXI placed the Spoon River project in service in February 2018, and is developing the MISO-approved Illinois Rivers and Mark Twain electric transmission projects.
|
•
|
decreased net energy costs of approximately $100 million otherwise subject to FAC recovery;
|
•
|
higher weather-normalized customer sales volumes, which reduced the rate request by approximately $55 million;
|
•
|
decreased expenses, other than net energy costs, of approximately $20 million, which includes a decrease to those expenses subject to regulatory recovery mechanisms and changes in amortization of regulatory assets and liabilities of approximately $80 million;
|
•
|
increased depreciation and amortization expense of approximately $115 million for new electric infrastructure investments, of which approximately $35 million reflects higher depreciation rates and of which approximately $35 million would otherwise be deferred under PISA; and
|
•
|
an increase of approximately $60 million of pre-tax return on rate base, which includes both the debt and equity components, of which approximately $30 million would otherwise be deferred under PISA.
|
|
|
Up-to 400-Megawatt Facility
|
|
Up-to 300-Megawatt Facility
|
Build-transfer agreement date
|
|
May 2018
|
|
May 2019
|
Wind facility developer
|
|
Terra-Gen, LLC
|
|
Enel Green Power North America, Inc.
|
Location
|
|
Northeastern Missouri
|
|
Northwestern Missouri
|
Status of certificate of convenience and necessity from the MoPSC
|
|
Approved October 2018
|
|
Requested in May 2019(a)
|
Status of final interconnection costs
|
|
Received in July 2019
|
|
Received in July 2019
|
Status of RTO transmission interconnection agreement
|
|
Expected by the fall of 2019
|
|
Expected by the fall of 2019
|
Status of FERC approval
|
|
Received December 2018
|
|
To be requested in the third quarter of 2019
|
Expected completion date
|
|
By the end of 2020
|
|
By the end of 2020
|
(a)
|
In July 2019, Ameren Missouri, the MoPSC staff, and certain intervenors filed a nonunanimous stipulation and agreement with the MoPSC regarding the requested certificate of convenience and necessity.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Ameren (parent)
|
$
|
595
|
|
|
$
|
470
|
|
Ameren Missouri
|
205
|
|
|
55
|
|
||
Ameren Illinois
|
199
|
|
|
72
|
|
||
Ameren consolidated
|
$
|
999
|
|
|
$
|
597
|
|
|
|
Ameren
(parent)
|
Ameren
Missouri
|
Ameren
Illinois
|
Ameren
Consolidated
|
|||||||||
2019
|
|
|
|
|
|
|
||||||||
Average daily commercial paper outstanding at par value
|
|
$
|
542
|
|
|
$
|
174
|
|
$
|
106
|
|
$
|
822
|
|
Weighted-average interest rate
|
|
2.80
|
%
|
|
2.79
|
%
|
2.72
|
%
|
2.79
|
%
|
||||
Peak commercial paper during period at par value(a)
|
|
$
|
636
|
|
|
$
|
549
|
|
$
|
202
|
|
$
|
1,113
|
|
Peak interest rate
|
|
3.10
|
%
|
|
2.97
|
%
|
2.90
|
%
|
3.10
|
%
|
||||
2018
|
|
|
|
|
|
|
||||||||
Average daily commercial paper outstanding at par value
|
|
$
|
397
|
|
|
$
|
123
|
|
$
|
174
|
|
$
|
693
|
|
Weighted-average interest rate
|
|
2.14
|
%
|
|
1.94
|
%
|
2.20
|
%
|
2.12
|
%
|
||||
Peak commercial paper during period at par value(a)
|
|
$
|
506
|
|
|
$
|
481
|
|
$
|
442
|
|
$
|
1,295
|
|
Peak interest rate
|
|
2.45
|
%
|
|
2.42
|
%
|
2.55
|
%
|
2.55
|
%
|
(a)
|
The timing of peak outstanding commercial paper issuances varies by company. Therefore, the sum of individual company peak amounts may not equal the Ameren consolidated peak commercial paper issuances for the period.
|
|
1992 Series
|
1998 Series A
|
1998 Series B
|
1998 Series C
|
Transaction month
|
June 2019
|
July 2019
|
July 2019
|
June 2019
|
Principal Amount
|
$47
|
$60
|
$50
|
$50
|
Fixed Interest Rate
|
1.60%
|
2.90%
|
2.90%
|
2.75%
|
Variable Interest Rate (a)
|
2.36%
|
3.35%
|
3.34%
|
3.83%
|
Maturity
|
December 2022
|
September 2033
|
September 2033
|
September 2033
|
Interest Payment Dates
|
June 1 and December 1
|
March 1 and September 1
|
March 1 and September 1
|
March 1 and September 1
|
Initial Interest Payment Date
|
December 2019
|
September 2019
|
September 2019
|
September 2019
|
(a)
|
Represents the variable interest rate of the bonds effective prior to the change in method of determining the interest rate.
|
|
Three Months
|
|
Six Months
|
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
||||||||
Ameren:
|
|
|
|
|
|
|
|
|
||||||||
Allowance for equity funds used during construction
|
$
|
8
|
|
|
$
|
9
|
|
|
$
|
13
|
|
|
$
|
14
|
|
|
Interest income on industrial development revenue bonds
|
6
|
|
|
7
|
|
|
13
|
|
|
13
|
|
|
||||
Other interest income
|
3
|
|
|
2
|
|
|
4
|
|
|
4
|
|
|
||||
Non-service cost components of net periodic benefit income(a)
|
22
|
|
|
19
|
|
|
44
|
|
|
35
|
|
|
||||
Miscellaneous income
|
1
|
|
|
2
|
|
|
4
|
|
|
3
|
|
|
||||
Donations
|
(1
|
)
|
|
(6
|
)
|
|
(7
|
)
|
|
(11
|
)
|
|
||||
Miscellaneous expense
|
(3
|
)
|
|
(4
|
)
|
|
(6
|
)
|
|
(6
|
)
|
|
|
Three Months
|
|
Six Months
|
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
||||||||
Total Other Income, Net
|
$
|
36
|
|
|
$
|
29
|
|
|
$
|
65
|
|
|
$
|
52
|
|
|
Ameren Missouri:
|
|
|
|
|
|
|
|
|
||||||||
Allowance for equity funds used during construction
|
$
|
5
|
|
|
$
|
7
|
|
|
$
|
8
|
|
|
$
|
11
|
|
|
Interest income on industrial development revenue bonds
|
6
|
|
|
7
|
|
|
13
|
|
|
13
|
|
|
||||
Other interest income
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
||||
Non-service cost components of net periodic benefit income(a)
|
4
|
|
|
4
|
|
|
9
|
|
|
9
|
|
|
||||
Miscellaneous income
|
2
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
||||
Donations
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|
||||
Miscellaneous expense
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|
||||
Total Other Income, Net
|
$
|
16
|
|
|
$
|
16
|
|
|
$
|
28
|
|
|
$
|
29
|
|
|
Ameren Illinois:
|
|
|
|
|
|
|
|
|
||||||||
Allowance for equity funds used during construction
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
5
|
|
|
$
|
3
|
|
|
Interest income
|
2
|
|
|
1
|
|
|
4
|
|
|
3
|
|
|
||||
Non-service cost components of net periodic benefit income
|
12
|
|
|
10
|
|
|
24
|
|
|
17
|
|
|
||||
Miscellaneous income
|
1
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
||||
Donations
|
(1
|
)
|
|
(1
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|
||||
Miscellaneous expense
|
(2
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
||||
Total Other Income, Net
|
$
|
15
|
|
|
$
|
13
|
|
|
$
|
26
|
|
|
$
|
19
|
|
|
(a)
|
For the three and six months ended June 30, 2019, the non-service cost components of net periodic benefit income were partially offset by a $8 million and $15 million deferral, respectively, due to a regulatory tracking mechanism for the difference between the level of such costs incurred by Ameren Missouri under GAAP and the level of such costs included in rates (2018 - $4 million and $8 million, respectively).
|
•
|
an unrealized appreciation or depreciation of our contracted commitments to purchase or sell when purchase or sale prices under the commitments are compared with current commodity prices;
|
•
|
market values of natural gas inventories that differ from the cost of those commodities in inventory; and
|
•
|
actual cash outlays for the purchase of these commodities that differ from anticipated cash outlays.
|
|
Quantity (in millions)
|
|||||||||||
|
2019
|
2018
|
||||||||||
Commodity
|
Ameren Missouri
|
Ameren Illinois
|
Ameren
|
Ameren Missouri
|
Ameren Illinois
|
Ameren
|
||||||
Fuel oils (in gallons)(a)
|
67
|
|
—
|
|
67
|
|
66
|
|
—
|
|
66
|
|
Natural gas (in mmbtu)
|
17
|
|
146
|
|
163
|
|
19
|
|
154
|
|
173
|
|
Power (in megawatthours)
|
4
|
|
8
|
|
12
|
|
1
|
|
8
|
|
9
|
|
(a)
|
Consists of ultra-low-sulfur diesel products.
|
|
|
|
June 30, 2019
|
December 31, 2018
|
|||||||||||||||||||||
|
Balance Sheet Location
|
|
Ameren
Missouri
|
|
|
Ameren
Illinois
|
|
|
Ameren
|
|
|
|
Ameren
Missouri
|
|
|
Ameren
Illinois
|
|
|
Ameren
|
||||||
Fuel oils
|
Other current assets
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
Other assets
|
|
4
|
|
|
|
—
|
|
|
|
4
|
|
|
|
|
5
|
|
|
|
—
|
|
|
|
5
|
|
Natural gas
|
Other current assets
|
|
—
|
|
|
|
2
|
|
|
|
2
|
|
|
|
|
—
|
|
|
|
1
|
|
|
|
1
|
|
|
Other assets
|
|
—
|
|
|
|
2
|
|
|
|
2
|
|
|
|
|
—
|
|
|
|
2
|
|
|
|
2
|
|
Power
|
Other current assets
|
|
13
|
|
|
|
—
|
|
|
|
13
|
|
|
|
|
4
|
|
|
|
—
|
|
|
|
4
|
|
|
Other assets
|
|
5
|
|
|
|
—
|
|
|
|
5
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Total assets
|
$
|
26
|
|
|
$
|
4
|
|
|
$
|
30
|
|
|
|
$
|
12
|
|
|
$
|
3
|
|
|
$
|
15
|
|
Fuel oils
|
Other current liabilities
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
Other deferred credits and liabilities
|
|
5
|
|
|
|
—
|
|
|
|
5
|
|
|
|
|
9
|
|
|
|
—
|
|
|
|
9
|
|
Natural gas
|
Other current liabilities
|
|
3
|
|
|
|
13
|
|
|
|
16
|
|
|
|
|
4
|
|
|
|
8
|
|
|
|
12
|
|
|
Other deferred credits and liabilities
|
|
—
|
|
|
|
4
|
|
|
|
4
|
|
|
|
|
1
|
|
|
|
6
|
|
|
|
7
|
|
Power
|
Other current liabilities
|
|
3
|
|
|
|
16
|
|
|
|
19
|
|
|
|
|
4
|
|
|
|
14
|
|
|
|
18
|
|
|
Other deferred credits and liabilities
|
|
—
|
|
|
|
175
|
|
|
|
175
|
|
|
|
|
—
|
|
|
|
169
|
|
|
|
169
|
|
|
Total liabilities
|
$
|
15
|
|
|
$
|
208
|
|
|
$
|
223
|
|
|
|
$
|
22
|
|
|
$
|
197
|
|
|
$
|
219
|
|
|
Aggregate Fair Value of
Derivative Liabilities(a)
|
|
Cash
Collateral Posted
|
|
Potential Aggregate Amount of
Additional Collateral Required(b)
|
||||||
Ameren Missouri
|
$
|
72
|
|
|
$
|
4
|
|
|
$
|
63
|
|
Ameren Illinois
|
35
|
|
|
—
|
|
|
28
|
|
|||
Ameren
|
$
|
107
|
|
|
$
|
4
|
|
|
$
|
91
|
|
(a)
|
Before consideration of master netting arrangements or similar agreements and including NPNS and other accrual contract exposures.
|
(b)
|
As collateral requirements with certain counterparties are based on master netting arrangements or similar agreements, the aggregate amount of additional collateral required to be posted is determined after consideration of the effects of such arrangements.
|
|
|
June 30, 2019
|
|
|
December 31, 2018
|
|
||||||||||||||||||||||
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ameren
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Derivative assets – commodity contracts(a):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Fuel oils
|
$
|
2
|
|
$
|
—
|
|
$
|
6
|
|
$
|
8
|
|
|
|
$
|
1
|
|
$
|
—
|
|
$
|
7
|
|
$
|
8
|
|
|
|
Natural gas
|
—
|
|
1
|
|
3
|
|
4
|
|
|
|
—
|
|
2
|
|
1
|
|
3
|
|
|
||||||||
|
Power
|
—
|
|
—
|
|
18
|
|
18
|
|
|
|
—
|
|
1
|
|
3
|
|
4
|
|
|
||||||||
|
Total derivative assets – commodity contracts
|
$
|
2
|
|
$
|
1
|
|
$
|
27
|
|
$
|
30
|
|
|
|
$
|
1
|
|
$
|
3
|
|
$
|
11
|
|
$
|
15
|
|
|
|
Nuclear decommissioning trust fund:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
U.S. large capitalization
|
$
|
511
|
|
$
|
—
|
|
$
|
—
|
|
$
|
511
|
|
|
|
$
|
427
|
|
$
|
—
|
|
$
|
—
|
|
$
|
427
|
|
|
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
U.S. Treasury and agency securities
|
—
|
|
146
|
|
—
|
|
146
|
|
|
|
—
|
|
148
|
|
—
|
|
148
|
|
|
||||||||
|
Corporate bonds
|
—
|
|
79
|
|
—
|
|
79
|
|
|
|
—
|
|
72
|
|
—
|
|
72
|
|
|
||||||||
|
Other
|
—
|
|
38
|
|
—
|
|
38
|
|
|
|
—
|
|
32
|
|
—
|
|
32
|
|
|
||||||||
|
Total nuclear decommissioning trust fund
|
$
|
511
|
|
$
|
263
|
|
$
|
—
|
|
$
|
774
|
|
(b)
|
|
$
|
427
|
|
$
|
252
|
|
$
|
—
|
|
$
|
679
|
|
(b)
|
|
Total Ameren
|
$
|
513
|
|
$
|
264
|
|
$
|
27
|
|
$
|
804
|
|
|
|
$
|
428
|
|
$
|
255
|
|
$
|
11
|
|
$
|
694
|
|
|
Ameren Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Derivative assets – commodity contracts(a):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Fuel oils
|
$
|
2
|
|
$
|
—
|
|
$
|
6
|
|
$
|
8
|
|
|
|
$
|
1
|
|
$
|
—
|
|
$
|
7
|
|
$
|
8
|
|
|
|
Power
|
—
|
|
—
|
|
18
|
|
18
|
|
|
|
—
|
|
1
|
|
3
|
|
4
|
|
|
||||||||
|
Total derivative assets – commodity contracts
|
$
|
2
|
|
$
|
—
|
|
$
|
24
|
|
$
|
26
|
|
|
|
$
|
1
|
|
$
|
1
|
|
$
|
10
|
|
$
|
12
|
|
|
|
Nuclear decommissioning trust fund:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
U.S. large capitalization
|
$
|
511
|
|
$
|
—
|
|
$
|
—
|
|
$
|
511
|
|
|
|
$
|
427
|
|
$
|
—
|
|
$
|
—
|
|
$
|
427
|
|
|
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
U.S. Treasury and agency securities
|
—
|
|
146
|
|
—
|
|
146
|
|
|
|
—
|
|
148
|
|
—
|
|
148
|
|
|
||||||||
|
Corporate bonds
|
—
|
|
79
|
|
—
|
|
79
|
|
|
|
—
|
|
72
|
|
—
|
|
72
|
|
|
||||||||
|
Other
|
—
|
|
38
|
|
—
|
|
38
|
|
|
|
—
|
|
32
|
|
—
|
|
32
|
|
|
||||||||
|
Total nuclear decommissioning trust fund
|
$
|
511
|
|
$
|
263
|
|
$
|
—
|
|
$
|
774
|
|
(b)
|
|
$
|
427
|
|
$
|
252
|
|
$
|
—
|
|
$
|
679
|
|
(b)
|
|
Total Ameren Missouri
|
$
|
513
|
|
$
|
263
|
|
$
|
24
|
|
$
|
800
|
|
|
|
$
|
428
|
|
$
|
253
|
|
$
|
10
|
|
$
|
691
|
|
|
Ameren Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Derivative assets – commodity contracts(a):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Natural gas
|
$
|
—
|
|
$
|
1
|
|
$
|
3
|
|
$
|
4
|
|
|
|
$
|
—
|
|
$
|
2
|
|
$
|
1
|
|
$
|
3
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ameren
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Derivative liabilities – commodity contracts(a):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Fuel oils
|
$
|
2
|
|
$
|
—
|
|
$
|
7
|
|
$
|
9
|
|
|
|
$
|
2
|
|
$
|
—
|
|
$
|
11
|
|
$
|
13
|
|
|
|
Natural gas
|
2
|
|
15
|
|
3
|
|
20
|
|
|
|
—
|
|
15
|
|
4
|
|
19
|
|
|
||||||||
|
Power
|
—
|
|
—
|
|
194
|
|
194
|
|
|
|
—
|
|
1
|
|
186
|
|
187
|
|
|
||||||||
|
Total Ameren
|
$
|
4
|
|
$
|
15
|
|
$
|
204
|
|
$
|
223
|
|
|
|
$
|
2
|
|
$
|
16
|
|
$
|
201
|
|
$
|
219
|
|
|
Ameren Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Derivative liabilities – commodity contracts(a):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Fuel oils
|
$
|
2
|
|
$
|
—
|
|
$
|
7
|
|
$
|
9
|
|
|
|
$
|
2
|
|
$
|
—
|
|
$
|
11
|
|
$
|
13
|
|
|
|
Natural gas
|
—
|
|
3
|
|
—
|
|
3
|
|
|
|
—
|
|
5
|
|
—
|
|
5
|
|
|
||||||||
|
Power
|
—
|
|
—
|
|
3
|
|
3
|
|
|
|
—
|
|
1
|
|
3
|
|
4
|
|
|
||||||||
|
Total Ameren Missouri
|
$
|
2
|
|
$
|
3
|
|
$
|
10
|
|
$
|
15
|
|
|
|
$
|
2
|
|
$
|
6
|
|
$
|
14
|
|
$
|
22
|
|
|
Ameren Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Derivative liabilities – commodity contracts(a):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Natural gas
|
$
|
2
|
|
$
|
12
|
|
$
|
3
|
|
$
|
17
|
|
|
|
$
|
—
|
|
$
|
10
|
|
$
|
4
|
|
$
|
14
|
|
|
|
Power
|
—
|
|
—
|
|
191
|
|
191
|
|
|
|
—
|
|
—
|
|
183
|
|
183
|
|
|
||||||||
|
Total Ameren Illinois
|
$
|
2
|
|
$
|
12
|
|
$
|
194
|
|
$
|
208
|
|
|
|
$
|
—
|
|
$
|
10
|
|
$
|
187
|
|
$
|
197
|
|
|
(a)
|
The derivative asset and liability balances are presented net of registrant and counterparty credit considerations.
|
(b)
|
Balance excludes $9 million and $5 million of cash and cash equivalents, receivables, payables, and accrued income, net, for June 30, 2019, and December 31, 2018, respectively.
|
|
2019
|
|
|
2018
|
||||||||||||||||
|
Ameren
Missouri
|
Ameren
Illinois
|
Ameren
|
|
|
Ameren Missouri
|
Ameren Illinois
|
Ameren
|
||||||||||||
For the three months ended June 30
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance at April 1
|
$
|
—
|
|
$
|
(184
|
)
|
$
|
(184
|
)
|
|
|
$
|
4
|
|
$
|
(191
|
)
|
$
|
(187
|
)
|
Realized and unrealized gains/(losses) included in regulatory assets/liabilities
|
16
|
|
(11
|
)
|
5
|
|
|
|
(1
|
)
|
(2
|
)
|
(3
|
)
|
||||||
Purchases
|
—
|
|
—
|
|
—
|
|
|
|
4
|
|
—
|
|
4
|
|
||||||
Settlements
|
(1
|
)
|
4
|
|
3
|
|
|
|
(2
|
)
|
3
|
|
1
|
|
||||||
Ending balance at June 30
|
$
|
15
|
|
$
|
(191
|
)
|
$
|
(176
|
)
|
|
|
$
|
5
|
|
$
|
(190
|
)
|
$
|
(185
|
)
|
Change in unrealized gains/(losses) related to assets/liabilities held at June 30
|
$
|
16
|
|
$
|
(11
|
)
|
$
|
5
|
|
|
|
$
|
—
|
|
$
|
(3
|
)
|
$
|
(3
|
)
|
For the six months ended June 30
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance at January 1
|
$
|
—
|
|
$
|
(183
|
)
|
$
|
(183
|
)
|
|
|
$
|
7
|
|
$
|
(195
|
)
|
$
|
(188
|
)
|
Realized and unrealized gains/(losses) included in regulatory assets/liabilities
|
16
|
|
(15
|
)
|
1
|
|
|
|
(3
|
)
|
(1
|
)
|
(4
|
)
|
||||||
Purchases
|
—
|
|
—
|
|
—
|
|
|
|
4
|
|
—
|
|
4
|
|
||||||
Settlements
|
(1
|
)
|
7
|
|
6
|
|
|
|
(3
|
)
|
6
|
|
3
|
|
||||||
Ending balance at June 30
|
15
|
|
(191
|
)
|
(176
|
)
|
|
|
5
|
|
(190
|
)
|
(185
|
)
|
||||||
Change in unrealized gains/(losses) related to assets/liabilities held at June 30
|
$
|
16
|
|
$
|
(15
|
)
|
$
|
1
|
|
|
|
$
|
(1
|
)
|
$
|
(2
|
)
|
$
|
(3
|
)
|
(a)
|
The derivative asset and liability balances are presented net of registrant and counterparty credit considerations.
|
(b)
|
Power valuations use visible third-party pricing evaluated by month for peak and off-peak demand through 2022. Valuations beyond 2022 use fundamentally modeled pricing by month for peak and off-peak demand.
|
(c)
|
Generally, significant increases (decreases) in this input in isolation would result in a significantly higher (lower) fair value measurement.
|
|
June 30, 2019
|
||||||||||||||||||
|
Carrying
Amount
|
|
Fair Value
|
|
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
Ameren:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash, cash equivalents, and restricted cash
|
$
|
122
|
|
|
$
|
122
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
122
|
|
Investments in held-to-maturity debt securities(a)
|
270
|
|
|
—
|
|
|
270
|
|
|
—
|
|
|
270
|
|
|||||
Short-term debt
|
999
|
|
|
—
|
|
|
999
|
|
|
—
|
|
|
999
|
|
|||||
Long-term debt (including current portion)(a)
|
8,558
|
|
(b)
|
—
|
|
|
8,925
|
|
|
466
|
|
(c)
|
9,391
|
|
|||||
Ameren Missouri:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash, cash equivalents, and restricted cash
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13
|
|
Investments in held-to-maturity debt securities(a)
|
270
|
|
|
—
|
|
|
270
|
|
|
—
|
|
|
270
|
|
|||||
Short-term debt
|
205
|
|
|
—
|
|
|
205
|
|
|
—
|
|
|
205
|
|
|||||
Long-term debt (including current portion)(a)
|
4,116
|
|
(b)
|
—
|
|
|
4,568
|
|
|
—
|
|
|
4,568
|
|
|||||
Ameren Illinois:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash, cash equivalents, and restricted cash
|
$
|
99
|
|
|
$
|
99
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
99
|
|
Short-term debt
|
199
|
|
|
—
|
|
|
199
|
|
|
—
|
|
|
199
|
|
|||||
Long-term debt (including current portion)
|
3,296
|
|
(b)
|
—
|
|
|
3,642
|
|
|
—
|
|
|
3,642
|
|
|||||
|
December 31, 2018
|
||||||||||||||||||
Ameren:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash, cash equivalents, and restricted cash
|
$
|
107
|
|
|
$
|
107
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
107
|
|
Investments in held-to-maturity debt securities(a)
|
270
|
|
|
—
|
|
|
270
|
|
|
—
|
|
|
270
|
|
|||||
Short-term debt
|
597
|
|
|
—
|
|
|
597
|
|
|
—
|
|
|
597
|
|
|||||
Long-term debt (including current portion)(a)
|
8,439
|
|
(b)
|
—
|
|
|
8,240
|
|
|
429
|
|
(c)
|
8,669
|
|
|||||
Ameren Missouri:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash, cash equivalents, and restricted cash
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8
|
|
Investments in held-to-maturity debt securities(a)
|
270
|
|
|
—
|
|
|
270
|
|
|
—
|
|
|
270
|
|
|||||
Short-term debt
|
55
|
|
|
—
|
|
|
55
|
|
|
—
|
|
|
55
|
|
|||||
Long-term debt (including current portion)(a)
|
3,998
|
|
(b)
|
—
|
|
|
4,156
|
|
|
—
|
|
|
4,156
|
|
|||||
Ameren Illinois:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash, cash equivalents, and restricted cash
|
$
|
80
|
|
|
$
|
80
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
80
|
|
Short-term debt
|
72
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|
72
|
|
|||||
Long-term debt (including current portion)
|
3,296
|
|
(b)
|
—
|
|
|
3,391
|
|
|
—
|
|
|
3,391
|
|
(a)
|
Ameren and Ameren Missouri have investments in industrial development revenue bonds, classified as held-to-maturity and recorded in “Other Assets,” that are equal to the finance obligations for the Peno Creek and Audrain CT energy centers. As of June 30, 2019, and December 31, 2018, the carrying amount of both the investments in industrial development revenue bonds and the finance obligations approximated fair value.
|
(b)
|
Includes unamortized debt issuance costs, which were excluded from the fair value measurement, of $62 million, $26 million, and $31 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of June 30, 2019. Includes unamortized debt issuance costs, which were excluded from the fair value measurement, of $58 million, $22 million, and $31 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of December 31, 2018.
|
(c)
|
The Level 3 fair value amount consists of ATXI’s senior unsecured notes.
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
Agreement
|
Income Statement
Line Item
|
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
||||
Ameren Missouri power supply
|
Operating Revenues
|
2019
|
$
|
2
|
|
$
|
(a)
|
|
$
|
2
|
|
$
|
(a)
|
|
agreements with Ameren Illinois
|
|
2018
|
|
3
|
|
|
(a)
|
|
|
6
|
|
|
(a)
|
|
Ameren Missouri and Ameren Illinois
|
Operating Revenues
|
2019
|
$
|
6
|
|
$
|
(b)
|
|
$
|
13
|
|
$
|
1
|
|
rent and facility services
|
|
2018
|
|
6
|
|
|
1
|
|
|
11
|
|
|
2
|
|
Ameren Missouri and Ameren Illinois
|
Operating Revenues
|
2019
|
$
|
(b)
|
|
$
|
1
|
|
$
|
(b)
|
|
$
|
1
|
|
miscellaneous support services
|
|
2018
|
|
(b)
|
|
|
(b)
|
|
|
(b)
|
|
|
(b)
|
|
Total Operating Revenues
|
|
2019
|
$
|
8
|
|
$
|
1
|
|
$
|
15
|
|
$
|
2
|
|
|
|
2018
|
|
9
|
|
|
1
|
|
|
17
|
|
|
2
|
|
Ameren Illinois power supply
|
Purchased Power
|
2019
|
$
|
(a)
|
|
$
|
2
|
|
$
|
(a)
|
|
$
|
2
|
|
agreements with Ameren Missouri
|
|
2018
|
|
(a)
|
|
|
3
|
|
|
(a)
|
|
|
6
|
|
Ameren Illinois transmission
|
Purchased Power
|
2019
|
$
|
(a)
|
|
$
|
(b)
|
|
$
|
(a)
|
|
$
|
(b)
|
|
services with ATXI
|
|
2018
|
|
(a)
|
|
|
1
|
|
|
(a)
|
|
|
1
|
|
Total Purchased Power
|
|
2019
|
$
|
(a)
|
|
$
|
2
|
|
$
|
(a)
|
|
$
|
2
|
|
|
|
2018
|
|
(a)
|
|
|
4
|
|
|
(a)
|
|
|
7
|
|
Ameren Missouri and Ameren Illinois
|
Other Operations and Maintenance
|
2019
|
$
|
1
|
|
$
|
2
|
|
$
|
1
|
|
$
|
3
|
|
rent and facility services
|
|
2018
|
|
(b)
|
|
|
1
|
|
|
1
|
|
|
3
|
|
Ameren Services support services
|
Other Operations and Maintenance
|
2019
|
$
|
32
|
|
$
|
31
|
|
$
|
64
|
|
$
|
61
|
|
agreement
|
|
2018
|
|
32
|
|
|
30
|
|
|
65
|
|
|
60
|
|
Total Other Operations and
|
|
2019
|
$
|
33
|
|
$
|
33
|
|
$
|
65
|
|
$
|
64
|
|
Maintenance
|
|
2018
|
|
32
|
|
|
31
|
|
|
66
|
|
|
63
|
|
Money pool borrowings (advances)
|
Interest Charges/Other Income, Net
|
2019
|
$
|
(b)
|
|
$
|
(b)
|
|
$
|
(b)
|
|
$
|
(b)
|
|
|
|
2018
|
|
(b)
|
|
|
(b)
|
|
|
(b)
|
|
|
(b)
|
|
(a)
|
Not applicable.
|
(b)
|
Amount less than $1 million.
|
|
Coal
|
|
Natural
Gas(a)
|
|
Nuclear
Fuel
|
|
Purchased
Power(b)(c)
|
|
Methane
Gas
|
|
Other
|
|
Total
|
||||||||||||||
Ameren:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2019
|
$
|
224
|
|
|
$
|
113
|
|
|
$
|
23
|
|
|
$
|
127
|
|
(d)
|
$
|
2
|
|
|
$
|
27
|
|
|
$
|
516
|
|
2020
|
207
|
|
|
160
|
|
|
43
|
|
|
114
|
|
(d)
|
3
|
|
|
33
|
|
|
560
|
|
|||||||
2021
|
183
|
|
|
96
|
|
|
60
|
|
|
29
|
|
|
3
|
|
|
22
|
|
|
393
|
|
|||||||
2022
|
125
|
|
|
38
|
|
|
11
|
|
|
5
|
|
|
3
|
|
|
17
|
|
|
199
|
|
|||||||
2023
|
46
|
|
|
20
|
|
|
41
|
|
|
—
|
|
|
3
|
|
|
18
|
|
|
128
|
|
|||||||
Thereafter
|
—
|
|
|
36
|
|
|
28
|
|
|
—
|
|
|
26
|
|
|
53
|
|
|
143
|
|
|||||||
Total
|
$
|
785
|
|
|
$
|
463
|
|
|
$
|
206
|
|
|
$
|
275
|
|
|
$
|
40
|
|
|
$
|
170
|
|
|
$
|
1,939
|
|
Ameren Missouri:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2019
|
$
|
224
|
|
|
$
|
28
|
|
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
20
|
|
|
$
|
297
|
|
2020
|
207
|
|
|
34
|
|
|
43
|
|
|
—
|
|
|
3
|
|
|
21
|
|
|
308
|
|
|||||||
2021
|
183
|
|
|
16
|
|
|
60
|
|
|
—
|
|
|
3
|
|
|
17
|
|
|
279
|
|
|||||||
2022
|
125
|
|
|
5
|
|
|
11
|
|
|
—
|
|
|
3
|
|
|
17
|
|
|
161
|
|
|||||||
2023
|
46
|
|
|
5
|
|
|
41
|
|
|
—
|
|
|
3
|
|
|
18
|
|
|
113
|
|
|||||||
Thereafter
|
—
|
|
|
13
|
|
|
28
|
|
|
—
|
|
|
26
|
|
|
39
|
|
|
106
|
|
|||||||
Total
|
$
|
785
|
|
|
$
|
101
|
|
|
$
|
206
|
|
|
$
|
—
|
|
|
$
|
40
|
|
|
$
|
132
|
|
|
$
|
1,264
|
|
Ameren Illinois:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2019
|
$
|
—
|
|
|
$
|
85
|
|
|
$
|
—
|
|
|
$
|
127
|
|
(d)
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
214
|
|
2020
|
—
|
|
|
126
|
|
|
—
|
|
|
114
|
|
(d)
|
—
|
|
|
3
|
|
|
243
|
|
|||||||
2021
|
—
|
|
|
80
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
109
|
|
|||||||
2022
|
—
|
|
|
33
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|||||||
2023
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|||||||
Thereafter
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|||||||
Total
|
$
|
—
|
|
|
$
|
362
|
|
|
$
|
—
|
|
|
$
|
275
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
642
|
|
(a)
|
Includes amounts for generation and for distribution.
|
(b)
|
The purchased power amounts for Ameren and Ameren Illinois exclude agreements for renewable energy credits through 2034 with various renewable energy suppliers due to the contingent nature of the payment amounts, with the exception of expected payments of $5 million in 2019.
|
(c)
|
The purchased power amounts for Ameren and Ameren Missouri exclude a 102-megawatt power purchase agreement with a wind farm operator, which expires in 2024, due to the contingent nature of the payment amounts.
|
(d)
|
In January 2018, as required by the FEJA, Ameren Illinois entered into 10-year agreements to acquire zero emission credits. Annual zero emission credit commitment amounts will be published by the IPA each May prior to the start of the subsequent planning year. The amounts above reflect Ameren Illinois’ commitment to acquire approximately $60 million of zero emission credits through May 2020.
|
Type and Source of Coverage
|
Maximum Coverages
|
|
Maximum Assessments
for Single Incidents
|
|
||||
Public liability and nuclear worker liability:
|
|
|
|
|
||||
American Nuclear Insurers
|
$
|
450
|
|
|
$
|
—
|
|
|
Pool participation
|
13,486
|
|
(a)
|
138
|
|
(b)
|
||
|
$
|
13,936
|
|
(c)
|
$
|
138
|
|
|
Property damage:
|
|
|
|
|
||||
NEIL and EMANI
|
$
|
3,200
|
|
(d)
|
$
|
28
|
|
(e)
|
Replacement power:
|
|
|
|
|
||||
NEIL
|
$
|
490
|
|
(f)
|
$
|
7
|
|
(e)
|
(a)
|
Provided through mandatory participation in an industrywide retrospective premium assessment program. The maximum coverage available is dependent on the number of United States commercial reactors participating in the program.
|
(b)
|
Retrospective premium under the Price-Anderson Act. This is subject to retrospective assessment with respect to a covered loss in excess of $450 million in the event of an incident at any licensed United States commercial reactor, payable at $21 million per year.
|
(c)
|
Limit of liability for each incident under the Price-Anderson liability provisions of the Atomic Energy Act of 1954, as amended. This limit is subject to change to account for the effects of inflation and changes in the number of licensed reactors.
|
(d)
|
NEIL provides $2.7 billion in property damage, stabilization, decontamination, and premature decommissioning insurance for radiation events and $2.3 billion in property damage insurance for nonradiation events. EMANI provides $490 million in property damage insurance for both radiation and nonradiation events.
|
(e)
|
All NEIL insured plants could be subject to assessments should losses exceed the accumulated funds from NEIL.
|
(f)
|
Provides replacement power cost insurance in the event of a prolonged accidental outage. Weekly indemnity up to $4.5 million for 52 weeks, which commences after the first twelve weeks of an outage, plus up to $3.6 million per week for a minimum of 71 weeks thereafter for a total not exceeding the policy limit of $490 million. Nonradiation events are limited to $328 million.
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||||||||||||||||||
|
Three Months
|
|
Six Months
|
|
Three Months
|
|
Six Months
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||
Service cost(a)
|
$
|
22
|
|
|
$
|
25
|
|
|
$
|
44
|
|
|
$
|
50
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
9
|
|
|
$
|
10
|
|
Non-service cost components:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest cost
|
46
|
|
|
42
|
|
|
93
|
|
|
84
|
|
|
10
|
|
|
9
|
|
|
21
|
|
|
20
|
|
||||||||
Expected return on plan assets
|
(69
|
)
|
|
(69
|
)
|
|
(138
|
)
|
|
(138
|
)
|
|
(19
|
)
|
|
(19
|
)
|
|
(38
|
)
|
|
(38
|
)
|
||||||||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Prior service benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(2
|
)
|
||||||||
Actuarial loss (gain)
|
7
|
|
|
18
|
|
|
13
|
|
|
34
|
|
|
(3
|
)
|
|
(3
|
)
|
|
(7
|
)
|
|
(3
|
)
|
||||||||
Total non-service cost components(b)
|
$
|
(16
|
)
|
|
$
|
(9
|
)
|
|
$
|
(32
|
)
|
|
$
|
(20
|
)
|
|
$
|
(14
|
)
|
|
$
|
(14
|
)
|
|
$
|
(27
|
)
|
|
$
|
(23
|
)
|
Net periodic benefit cost (income)
|
$
|
6
|
|
|
$
|
16
|
|
|
$
|
12
|
|
|
$
|
30
|
|
|
$
|
(9
|
)
|
|
$
|
(9
|
)
|
|
$
|
(18
|
)
|
|
$
|
(13
|
)
|
(a)
|
Service cost, net of capitalization, is reflected in “Operating Expenses – Other operations and maintenance” on Ameren’s statement of income.
|
(b)
|
Non-service cost components are reflected in “Other Income, Net” on Ameren’s statement of income. See Note 5 – Other Income, Net for additional information.
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||||||||||||||||||
|
Three Months
|
|
Six Months
|
|
Three Months
|
|
Six Months
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||
Ameren Missouri(a)
|
$
|
1
|
|
|
$
|
6
|
|
|
$
|
2
|
|
|
$
|
11
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
Ameren Illinois
|
5
|
|
|
10
|
|
|
10
|
|
|
19
|
|
|
(8
|
)
|
|
(9
|
)
|
|
(15
|
)
|
|
(13
|
)
|
||||||||
Ameren(a)
|
$
|
6
|
|
|
$
|
16
|
|
|
$
|
12
|
|
|
$
|
30
|
|
|
$
|
(9
|
)
|
|
$
|
(9
|
)
|
|
$
|
(18
|
)
|
|
$
|
(13
|
)
|
(a)
|
Does not include the impact of the regulatory tracking mechanism for the difference between the level of pension and postretirement benefit costs incurred by Ameren Missouri under GAAP and the level of such costs included in rates.
|
|
Ameren
|
|
Ameren Missouri
|
|
Ameren Illinois
|
||||||
Three Months
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Federal statutory corporate income tax rate:
|
21%
|
|
21%
|
|
21%
|
|
21%
|
|
21%
|
|
21%
|
Increases (decreases) from:
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of excess deferred taxes
|
(9)
|
|
(1)
|
(a)
|
(12)
|
|
—
|
(a)
|
(4)
|
|
(5)
|
Depreciation differences
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
(1)
|
Amortization of deferred investment tax credit
|
—
|
|
—
|
|
(1)
|
|
(1)
|
|
—
|
|
—
|
State tax
|
6
|
|
5
|
|
4
|
|
4
|
|
7
|
|
8
|
Tax credits
|
—
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
Effective income tax rate
|
18%
|
|
24%
|
|
12%
|
|
24%
|
|
23%
|
|
23%
|
Six Months
|
|||||||||||
Federal statutory corporate income tax rate:
|
21%
|
|
21%
|
|
21%
|
|
21%
|
|
21%
|
|
21%
|
Increases (decreases) from:
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of excess deferred taxes
|
(8)
|
|
(2)
|
(a)
|
(12)
|
|
—
|
(a)
|
(4)
|
|
(4)
|
Depreciation differences
|
—
|
|
—
|
|
1
|
|
—
|
|
—
|
|
—
|
Amortization of deferred investment tax credit
|
—
|
|
(1)
|
|
(1)
|
|
(1)
|
|
—
|
|
—
|
State tax
|
6
|
|
6
|
|
4
|
|
4
|
|
7
|
|
7
|
Stock-based compensation
|
(3)
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
Other
|
(1)
|
|
—
|
|
(1)
|
|
—
|
|
—
|
|
—
|
Effective income tax rate
|
15%
|
|
23%
|
|
12%
|
|
24%
|
|
24%
|
|
24%
|
(a)
|
Based on an order by the MoPSC in July 2018, Ameren Missouri began amortizing excess deferred taxes in August 2018.
|
|
June 30, 2019
|
|
|
December 31, 2018
|
||||||||||||||||||||
Ameren
|
|
Ameren
Missouri |
|
Ameren
Illinois |
|
|
Ameren
|
|
Ameren
Missouri |
|
Ameren
Illinois |
|||||||||||||
Cash and cash equivalents
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted cash included in “Other current assets”
|
6
|
|
|
—
|
|
|
2
|
|
|
|
13
|
|
|
4
|
|
|
6
|
|
||||||
Restricted cash included in “Other assets”
|
97
|
|
|
—
|
|
|
97
|
|
|
|
74
|
|
|
—
|
|
|
74
|
|
||||||
Restricted cash included in “Nuclear decommissioning trust fund”
|
13
|
|
|
13
|
|
|
—
|
|
|
|
4
|
|
|
4
|
|
|
—
|
|
||||||
Total cash, cash equivalents, and restricted cash
|
$
|
122
|
|
|
$
|
13
|
|
|
$
|
99
|
|
|
|
$
|
107
|
|
|
$
|
8
|
|
|
$
|
80
|
|
|
Ameren
|
|
Ameren Missouri
|
||||
Other assets
|
$
|
35
|
|
|
$
|
32
|
|
Other current liabilities
|
7
|
|
|
6
|
|
||
Other deferred credits and liabilities
|
28
|
|
|
26
|
|
||
Weighted average remaining operating lease term
|
6 years
|
|
|
6 years
|
|
||
Weighted average discount rate(a)
|
3.6
|
%
|
|
3.6
|
%
|
(a)
|
As most of our lease agreements do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable.
|
|
Ameren
|
|
Ameren Missouri
|
||||
2019
|
$
|
4
|
|
|
$
|
4
|
|
2020
|
7
|
|
|
7
|
|
||
2021
|
7
|
|
|
6
|
|
||
2022
|
6
|
|
|
5
|
|
||
2023
|
5
|
|
|
5
|
|
||
Thereafter
|
10
|
|
|
9
|
|
||
Total lease payments
|
39
|
|
|
36
|
|
||
Less imputed interest
|
4
|
|
|
4
|
|
||
Total(a)
|
$
|
35
|
|
|
$
|
32
|
|
(a)
|
The amount of remaining maturities of operating lease liabilities under previous authoritative accounting guidance as of December 31, 2018, is materially consistent with the amount as of June 30, 2019. Maturities of certain financing arrangements, including the Peno Creek and Audrain energy centers' long-term agreements, are no longer required to be disclosed as lease-related maturities. See Note 5 - Long-Term Debt and Equity Financings under Part II, Item 8, in the Form 10-K for further information on financing arrangements.
|
|
June 30, 2019
|
|
June 30, 2018
|
||||||||||||||||
Ameren
|
Ameren
Missouri
|
Ameren
Illinois
|
Ameren
|
Ameren
Missouri
|
Ameren
Illinois
|
||||||||||||||
Accrued capital expenditures
|
$
|
263
|
|
$
|
101
|
|
$
|
143
|
|
|
$
|
233
|
|
$
|
80
|
|
$
|
147
|
|
Net realized and unrealized gain (loss) – nuclear decommissioning trust fund
|
90
|
|
90
|
|
—
|
|
|
1
|
|
1
|
|
—
|
|
|
Ameren
Missouri
|
|
Ameren
Illinois(a)
|
|
Ameren
|
|
||||||
Balance at December 31, 2018
|
$
|
646
|
|
(a)
|
$
|
4
|
|
(b)
|
$
|
650
|
|
(a)
|
Liabilities settled
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|
|||
Accretion
|
14
|
|
(c)
|
—
|
|
|
14
|
|
(c)
|
|||
Change in estimates
|
33
|
|
(d)
|
—
|
|
|
33
|
|
(d)
|
|||
Balance at June 30, 2019
|
$
|
686
|
|
(a)
|
$
|
4
|
|
(b)
|
$
|
690
|
|
(a)
|
(a)
|
Balance included $23 million in “Other current liabilities” on the balance sheet as of both December 31, 2018, and June 30, 2019.
|
(b)
|
Included in “Other deferred credits and liabilities” on the balance sheet.
|
(c)
|
Accretion expense attributable to Ameren Missouri was recorded as a decrease to regulatory liabilities.
|
(d)
|
Ameren Missouri changed its fair value estimate primarily due to an increase in the cost estimate for closure of certain CCR storage facilities.
|
|
Performance Share Units
|
|
Restricted Stock Units
|
||||||||||
|
Share Units
|
|
Weighted-average Fair Value per Share Unit
|
|
Stock Units
|
|
Weighted-average Fair Value per Stock Unit
|
||||||
Nonvested at January 1, 2019(a)
|
682,811
|
|
|
$
|
56.58
|
|
|
155,253
|
|
|
$
|
57.38
|
|
Granted
|
294,871
|
|
|
67.42
|
|
(b)
|
128,415
|
|
|
65.46
|
|
||
Forfeitures
|
(14,564
|
)
|
|
64.13
|
|
|
(4,465
|
)
|
|
62.62
|
|
||
Vested and undistributed(c)
|
(122,451
|
)
|
|
62.19
|
|
|
(27,301
|
)
|
|
61.87
|
|
||
Vested and distributed
|
(176,923
|
)
|
|
44.13
|
|
|
—
|
|
|
—
|
|
||
Nonvested at June 30, 2019(d)
|
663,744
|
|
|
$
|
63.52
|
|
|
251,902
|
|
|
$
|
60.80
|
|
(a)
|
Does not include 619,783 performance share units and 26,557 restricted stock units that were vested and undistributed.
|
(b)
|
Significant inputs to the Monte Carlo simulation model used to calculate the fair value of performance share units granted include Ameren’s closing common share price of $65.23 at December 31, 2018, Ameren’s common stock volatility of 17%, a volatility range for the peer group of 15% to 25%, and a three-year risk-free rate of 2.46%.
|
(c)
|
Vested and undistributed units are awards that vested due to attainment of retirement eligibility by certain employees, but have not yet been distributed. For vested and undistributed performance share units, the number of shares issued for retirement-eligible employees will vary depending on actual performance over the three year performance period.
|
(d)
|
Does not include 390,459 performance share units and 53,858 restricted stock units that were vested and undistributed.
|
|
Three Months
|
|
Six Months
|
|
||||||||||
|
2019
|
2018
|
|
2019
|
2018
|
|
||||||||
Ameren Missouri
|
$
|
38
|
|
$
|
46
|
|
|
$
|
69
|
|
$
|
80
|
|
|
Ameren Illinois
|
25
|
|
28
|
|
|
64
|
|
63
|
|
|
||||
Ameren
|
$
|
63
|
|
$
|
74
|
|
|
$
|
133
|
|
$
|
143
|
|
|
|
Ameren
Missouri
|
|
Ameren Illinois Electric Distribution
|
|
Ameren Illinois Natural Gas
|
|
Ameren Transmission
|
|
Other
|
|
Intersegment
Eliminations
|
|
Ameren
|
|
||||||||||||||
Three Months 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
External revenues
|
$
|
790
|
|
|
$
|
358
|
|
|
$
|
136
|
|
|
$
|
95
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,379
|
|
|
Intersegment revenues
|
8
|
|
|
1
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
|||||||
Net income attributable to Ameren common shareholders
|
107
|
|
|
37
|
|
|
1
|
|
|
42
|
|
(a)
|
(8
|
)
|
|
—
|
|
|
179
|
|
|
|||||||
Capital expenditures
|
255
|
|
|
127
|
|
|
77
|
|
|
127
|
|
|
—
|
|
|
(5
|
)
|
|
581
|
|
|
|||||||
Three Months 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
External revenues
|
$
|
946
|
|
|
$
|
386
|
|
|
$
|
142
|
|
|
$
|
89
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,563
|
|
|
Intersegment revenues
|
9
|
|
|
1
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
|
|||||||
Net income attributable to Ameren common shareholders
|
168
|
|
|
33
|
|
|
7
|
|
|
36
|
|
(a)
|
(5
|
)
|
|
—
|
|
|
239
|
|
|
|||||||
Capital expenditures
|
205
|
|
|
132
|
|
|
66
|
|
|
130
|
|
|
(2
|
)
|
|
2
|
|
|
533
|
|
|
|||||||
Six Months 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
External revenues
|
$
|
1,541
|
|
|
$
|
744
|
|
|
$
|
456
|
|
|
$
|
194
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,935
|
|
|
Intersegment revenues
|
15
|
|
|
2
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
(46
|
)
|
|
—
|
|
|
|||||||
Net income attributable to Ameren common shareholders
|
146
|
|
|
73
|
|
|
58
|
|
|
86
|
|
(a)
|
7
|
|
|
—
|
|
|
370
|
|
|
|||||||
Capital expenditures
|
495
|
|
|
251
|
|
|
128
|
|
|
248
|
|
|
10
|
|
|
(7
|
)
|
|
1,125
|
|
|
|||||||
Six Months 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
External revenues
|
$
|
1,730
|
|
|
$
|
785
|
|
|
$
|
453
|
|
|
$
|
180
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,148
|
|
|
Intersegment revenues
|
17
|
|
|
2
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
(46
|
)
|
|
—
|
|
|
|||||||
Net income attributable to Ameren common shareholders
|
206
|
|
|
66
|
|
|
49
|
|
|
73
|
|
(a)
|
(4
|
)
|
|
—
|
|
|
390
|
|
|
|||||||
Capital expenditures
|
454
|
|
|
254
|
|
|
126
|
|
|
275
|
|
|
5
|
|
|
(2
|
)
|
|
1,112
|
|
|
(a)
|
Ameren Transmission earnings include an allocation of financing costs from Ameren (parent).
|
|
Ameren Illinois Electric Distribution
|
|
Ameren Illinois Natural Gas
|
|
Ameren Illinois Transmission
|
|
Intersegment
Eliminations
|
|
Ameren Illinois
|
||||||||||
Three Months 2019:
|
|
|
|
|
|
|
|
|
|
||||||||||
External revenues
|
$
|
359
|
|
|
$
|
136
|
|
|
$
|
52
|
|
|
$
|
—
|
|
|
$
|
547
|
|
Intersegment revenues
|
—
|
|
|
—
|
|
|
14
|
|
|
(14
|
)
|
|
—
|
|
|||||
Net income available to common shareholder
|
37
|
|
|
1
|
|
|
24
|
|
|
—
|
|
|
62
|
|
|||||
Capital expenditures
|
127
|
|
|
77
|
|
|
85
|
|
|
—
|
|
|
289
|
|
|||||
Three Months 2018:
|
|
|
|
|
|
|
|
|
|
||||||||||
External revenues
|
$
|
387
|
|
|
$
|
142
|
|
|
$
|
49
|
|
|
$
|
—
|
|
|
$
|
578
|
|
Intersegment revenues
|
—
|
|
|
—
|
|
|
13
|
|
|
(13
|
)
|
|
—
|
|
|||||
Net income available to common shareholder
|
33
|
|
|
7
|
|
|
22
|
|
|
—
|
|
|
62
|
|
|||||
Capital expenditures
|
132
|
|
|
66
|
|
|
104
|
|
|
—
|
|
|
302
|
|
|||||
Six Months 2019:
|
|
|
|
|
|
|
|
|
|
||||||||||
External revenues
|
$
|
746
|
|
|
$
|
456
|
|
|
$
|
107
|
|
|
$
|
—
|
|
|
$
|
1,309
|
|
Intersegment revenues
|
—
|
|
|
—
|
|
|
29
|
|
|
(29
|
)
|
|
—
|
|
|||||
Net income available to common shareholder
|
73
|
|
|
58
|
|
|
51
|
|
|
—
|
|
|
182
|
|
|||||
Capital expenditures
|
251
|
|
|
128
|
|
|
177
|
|
|
—
|
|
|
556
|
|
|||||
Six Months 2018:
|
|
|
|
|
|
|
|
|
|
||||||||||
External revenues
|
$
|
787
|
|
|
$
|
453
|
|
|
$
|
98
|
|
|
$
|
—
|
|
|
$
|
1,338
|
|
Intersegment revenues
|
—
|
|
|
—
|
|
|
26
|
|
|
(26
|
)
|
|
—
|
|
|||||
Net income available to common shareholder
|
66
|
|
|
49
|
|
|
42
|
|
|
—
|
|
|
157
|
|
|||||
Capital expenditures
|
254
|
|
|
126
|
|
|
222
|
|
|
—
|
|
|
602
|
|
|
Ameren
Missouri
|
|
Ameren Illinois Electric Distribution
|
|
Ameren Illinois Natural Gas
|
|
Ameren Transmission
|
|
Intersegment
Eliminations
|
|
Ameren
|
|
||||||||||||
Three Months 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential
|
$
|
333
|
|
|
$
|
199
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
532
|
|
|
Commercial
|
310
|
|
|
124
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
434
|
|
|
||||||
Industrial
|
77
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110
|
|
|
||||||
Other
|
53
|
|
|
3
|
|
|
—
|
|
|
109
|
|
|
(23
|
)
|
|
142
|
|
|
||||||
Total electric revenues
|
$
|
773
|
|
|
$
|
359
|
|
|
$
|
—
|
|
|
$
|
109
|
|
|
$
|
(23
|
)
|
|
$
|
1,218
|
|
|
Residential
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
88
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
98
|
|
|
Commercial
|
4
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
||||||
Industrial
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
||||||
Other
|
11
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
||||||
Total gas revenues
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
136
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
161
|
|
|
Total revenues(b)
|
$
|
798
|
|
|
$
|
359
|
|
|
$
|
136
|
|
|
$
|
109
|
|
|
$
|
(23
|
)
|
|
$
|
1,379
|
|
|
Three Months 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential
|
$
|
432
|
|
|
$
|
221
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
653
|
|
|
Commercial
|
364
|
|
|
126
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
490
|
|
|
||||||
Industrial
|
87
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
120
|
|
|
||||||
Other
|
47
|
|
(a)
|
7
|
|
|
—
|
|
|
103
|
|
|
(24
|
)
|
|
133
|
|
(a)
|
||||||
Total electric revenues
|
$
|
930
|
|
|
$
|
387
|
|
|
$
|
—
|
|
|
$
|
103
|
|
|
$
|
(24
|
)
|
|
$
|
1,396
|
|
|
Residential
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
97
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
110
|
|
|
Commercial
|
6
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
||||||
Industrial
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
||||||
Other
|
6
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
||||||
Total gas revenues
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
142
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
167
|
|
|
Total revenues(b)
|
$
|
955
|
|
|
$
|
387
|
|
|
$
|
142
|
|
|
$
|
103
|
|
|
$
|
(24
|
)
|
|
$
|
1,563
|
|
|
|
Ameren
Missouri
|
|
Ameren Illinois Electric Distribution
|
|
Ameren Illinois Natural Gas
|
|
Ameren Transmission
|
|
Intersegment
Eliminations
|
|
Ameren
|
|
||||||||||||
Six Months 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential
|
$
|
645
|
|
|
$
|
416
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,061
|
|
|
Commercial
|
549
|
|
|
247
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
796
|
|
|
||||||
Industrial
|
132
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
199
|
|
|
||||||
Other
|
151
|
|
|
16
|
|
|
—
|
|
|
223
|
|
|
(46
|
)
|
|
344
|
|
|
||||||
Total electric revenues
|
$
|
1,477
|
|
|
$
|
746
|
|
|
$
|
—
|
|
|
$
|
223
|
|
|
$
|
(46
|
)
|
|
$
|
2,400
|
|
|
Residential
|
$
|
48
|
|
|
$
|
—
|
|
|
$
|
334
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
382
|
|
|
Commercial
|
20
|
|
|
—
|
|
|
88
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
||||||
Industrial
|
2
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
||||||
Other
|
9
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|
||||||
Total gas revenues
|
$
|
79
|
|
|
$
|
—
|
|
|
$
|
456
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
535
|
|
|
Total revenues(b)
|
$
|
1,556
|
|
|
$
|
746
|
|
|
$
|
456
|
|
|
$
|
223
|
|
|
$
|
(46
|
)
|
|
$
|
2,935
|
|
|
Six Months 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential
|
$
|
764
|
|
|
$
|
440
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,204
|
|
|
Commercial
|
616
|
|
|
250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
866
|
|
|
||||||
Industrial
|
148
|
|
|
68
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
216
|
|
|
||||||
Other
|
143
|
|
(a)
|
29
|
|
|
—
|
|
|
207
|
|
|
(46
|
)
|
|
333
|
|
(a)
|
||||||
Total electric revenues
|
$
|
1,671
|
|
|
$
|
787
|
|
|
$
|
—
|
|
|
$
|
207
|
|
|
$
|
(46
|
)
|
|
$
|
2,619
|
|
|
Residential
|
$
|
54
|
|
|
$
|
—
|
|
|
$
|
340
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
394
|
|
|
Commercial
|
22
|
|
|
—
|
|
|
93
|
|
|
—
|
|
|
—
|
|
|
115
|
|
|
||||||
Industrial
|
2
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
||||||
Other
|
(2
|
)
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
||||||
Total gas revenues
|
$
|
76
|
|
|
$
|
—
|
|
|
$
|
453
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
529
|
|
|
Total revenues(b)
|
$
|
1,747
|
|
|
$
|
787
|
|
|
$
|
453
|
|
|
$
|
207
|
|
|
$
|
(46
|
)
|
|
$
|
3,148
|
|
|
(a)
|
Includes $37 million and $47 million for the three and six months ended June 30, 2018, respectively, for the reduction to revenue for the excess amounts collected in rates related to the TCJA from January 1, 2018, through June 30, 2018. See Note 2 – Rate and Regulatory Matters under Part II, Item 8, of the Form 10-K for additional information.
|
(b)
|
The following table presents increases/(decreases) in revenues from alternative revenue programs and other revenues not from contracts with customers for the three and six months ended June 30, 2019 and 2018:
|
|
Ameren
Missouri
|
|
Ameren Illinois Electric Distribution
|
|
Ameren Illinois Natural Gas
|
|
Ameren Transmission
|
|
Ameren
|
||||||||||
Three Months 2019:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues from alternative revenue programs
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
4
|
|
|
$
|
(8
|
)
|
|
$
|
8
|
|
Other revenues not from contracts with customers
|
4
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||
Three Months 2018:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues from alternative revenue programs
|
$
|
(5
|
)
|
|
$
|
15
|
|
|
$
|
(5
|
)
|
|
$
|
(5
|
)
|
|
$
|
—
|
|
Other revenues not from contracts with customers
|
5
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||
Six Months 2019:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues from alternative revenue programs
|
$
|
15
|
|
|
$
|
34
|
|
|
$
|
1
|
|
|
$
|
(13
|
)
|
|
$
|
37
|
|
Other revenues not from contracts with customers
|
9
|
|
|
4
|
|
|
1
|
|
|
—
|
|
|
14
|
|
|||||
Six Months 2018:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues from alternative revenue programs
|
$
|
(9
|
)
|
|
$
|
46
|
|
|
$
|
(8
|
)
|
|
$
|
(9
|
)
|
|
$
|
20
|
|
Other revenues not from contracts with customers
|
19
|
|
|
13
|
|
|
1
|
|
|
—
|
|
|
33
|
|
|
Ameren Illinois Electric Distribution
|
|
Ameren Illinois Natural Gas
|
|
Ameren Illinois Transmission
|
|
Intersegment Eliminations
|
|
Ameren Illinois
|
|
||||||||||
Three Months 2019:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
$
|
199
|
|
|
$
|
88
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
287
|
|
|
Commercial
|
124
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
147
|
|
|
|||||
Industrial
|
33
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|
|||||
Other
|
3
|
|
|
22
|
|
|
66
|
|
|
(14
|
)
|
|
77
|
|
|
|||||
Total revenues(a)
|
$
|
359
|
|
|
$
|
136
|
|
|
$
|
66
|
|
|
$
|
(14
|
)
|
|
$
|
547
|
|
|
Three Months 2018:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
$
|
221
|
|
|
$
|
97
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
318
|
|
|
Commercial
|
126
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
152
|
|
|
|||||
Industrial
|
33
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
|||||
Other
|
7
|
|
|
14
|
|
|
62
|
|
|
(13
|
)
|
|
70
|
|
|
|||||
Total revenues(a)
|
$
|
387
|
|
|
$
|
142
|
|
|
$
|
62
|
|
|
$
|
(13
|
)
|
|
$
|
578
|
|
|
Six Months 2019:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
$
|
416
|
|
|
$
|
334
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
750
|
|
|
Commercial
|
247
|
|
|
88
|
|
|
—
|
|
|
—
|
|
|
335
|
|
|
|||||
Industrial
|
67
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
74
|
|
|
|||||
Other
|
16
|
|
|
27
|
|
|
136
|
|
|
(29
|
)
|
|
150
|
|
|
|||||
Total revenues(a)
|
$
|
746
|
|
|
$
|
456
|
|
|
$
|
136
|
|
|
$
|
(29
|
)
|
|
$
|
1,309
|
|
|
Six Months 2018:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
$
|
440
|
|
|
$
|
340
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
780
|
|
|
Commercial
|
250
|
|
|
93
|
|
|
—
|
|
|
—
|
|
|
343
|
|
|
|||||
Industrial
|
68
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
79
|
|
|
|||||
Other
|
29
|
|
|
9
|
|
|
124
|
|
|
(26
|
)
|
|
136
|
|
|
|||||
Total revenues(a)
|
$
|
787
|
|
|
$
|
453
|
|
|
$
|
124
|
|
|
$
|
(26
|
)
|
|
$
|
1,338
|
|
|
(a)
|
The following table presents increases/(decreases) in revenues from alternative revenue programs and other revenues not from contracts with customers for the Ameren Illinois segments for the three and six months ended June 30, 2019 and 2018:
|
|
Ameren Illinois Electric Distribution
|
|
Ameren Illinois Natural Gas
|
|
Ameren Illinois Transmission
|
|
Ameren Illinois
|
||||||||
Three Months 2019:
|
|
|
|
|
|
|
|
||||||||
Revenues from alternative revenue programs
|
$
|
12
|
|
|
$
|
4
|
|
|
$
|
(9
|
)
|
|
$
|
7
|
|
Other revenues not from contracts with customers
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Three Months 2018:
|
|
|
|
|
|
|
|
||||||||
Revenues from alternative revenue programs
|
$
|
15
|
|
|
$
|
(5
|
)
|
|
$
|
(5
|
)
|
|
$
|
5
|
|
Other revenues not from contracts with customers
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Six Months 2019:
|
|
|
|
|
|
|
|
||||||||
Revenues from alternative revenue programs
|
$
|
34
|
|
|
$
|
1
|
|
|
$
|
(14
|
)
|
|
$
|
21
|
|
Other revenues not from contracts with customers
|
4
|
|
|
1
|
|
|
—
|
|
|
5
|
|
||||
Six Months 2018:
|
|
|
|
|
|
|
|
||||||||
Revenues from alternative revenue programs
|
$
|
46
|
|
|
$
|
(8
|
)
|
|
$
|
(9
|
)
|
|
$
|
29
|
|
Other revenues not from contracts with customers
|
13
|
|
|
1
|
|
|
—
|
|
|
14
|
|
•
|
Union Electric Company, doing business as Ameren Missouri, operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri.
|
•
|
Ameren Illinois Company, doing business as 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. ATXI placed the Spoon River project in service in February 2018, and is developing the MISO-approved Illinois Rivers and Mark Twain electric transmission projects.
|
|
|
Three Months
|
|
Six Months
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income attributable to Ameren common shareholders
|
|
$
|
179
|
|
|
$
|
239
|
|
|
$
|
370
|
|
|
$
|
390
|
|
Earnings per common share – diluted
|
|
0.72
|
|
|
0.97
|
|
|
1.50
|
|
|
1.59
|
|
•
|
decreased electric retail sales at Ameren Missouri, primarily due to milder early summer temperatures experienced in 2019 (estimated at 22 cents and 19 cents per share, respectively);
|
•
|
increased other operation and maintenance expenses related to the Callaway energy center’s scheduled refueling and maintenance outage that was completed in May 2019 (8 cents and 9 cents per share, respectively);
|
•
|
increased depreciation and amortization expenses not subject to riders or regulatory tracking mechanisms at Ameren Missouri and Ameren Illinois Natural Gas resulting from additional property, plant, and equipment (2 cents and 4 cents per share, respectively);
|
•
|
increased taxes other than income taxes, primarily at Ameren Missouri, due to higher property taxes (3 cents per share for both periods);
|
•
|
decreased earnings at Ameren Missouri due to the impact of timing differences in 2018 between income tax expense and revenue reductions associated with the TCJA, which affects interim period earnings comparisons but is not expected to materially affect year-over-year earnings (2 cents per share for the six months ended June 30, 2019); and
|
•
|
increased weighted-average basic common shares outstanding (1 cent per share for the six months ended June 30, 2019).
|
•
|
increased earnings at Ameren Missouri due to the impact of timing differences in 2018 between income tax expense and revenue reductions associated with the TCJA, which affects interim period earnings comparisons but is not expected to materially affect year-over-year earnings (6 cents per share for the three months ended June 30, 2019);
|
•
|
increased margins at Ameren Illinois Natural Gas, which will partially reverse by year-end due to a change in rate design, pursuant to the ICC's November 2018 natural gas rate order, which concentrates more revenues in the winter heating season due to an increase in volumetric rates (5 cents per share for the six months June 30, 2019);
|
•
|
the recognition of MEEIA 2013 and MEEIA 2016 performance incentives (5 cents per share for the six months ended June 30, 2019);
|
•
|
increased Ameren Transmission earnings under formula ratemaking due to additional rate base investment (2 cents and 4 cents per share, respectively);
|
•
|
a decrease in the effective income tax rate primarily due to an increase in the income tax benefit recorded at Ameren (parent) related to stock-based compensation (3 cents per share for the six months ended June 30, 2019);
|
•
|
decreased interim period income tax expense, primarily at Ameren (parent), which is not expected to materially affect year-over-year earnings (2 cents per share for the six months ended June 30, 2019);
|
•
|
decreased financing costs at Ameren Missouri, primarily due to the regulatory deferral of interest expense pursuant to PISA and lower interest rates (1 cent and 2 cents per share, respectively);
|
•
|
increased other income, net, primarily due to increased non-service cost components of net periodic benefit income and decreased donations (1 cent and 2 cents per share, respectively);
|
•
|
decreased other operation and maintenance expenses not subject to riders or regulatory tracking mechanisms, excluding the Callaway energy center’s scheduled refueling and maintenance outage costs, primarily due to changes in the cash surrender value of company-owned life insurance (2 cents per share for the six month period ended June 30, 2019); and
|
•
|
increased Ameren Illinois Electric Distribution earnings under formula ratemaking due to additional rate base investment, largely offset by a lower recognized return on equity (1 cent per share for the six months ended June 30, 2019).
|
|
Ameren
Missouri
|
|
Ameren
Illinois
Electric
Distribution
|
|
Ameren
Illinois
Natural Gas
|
|
Ameren Transmission
|
|
Other /
Intersegment
Eliminations
|
|
Total
|
||||||||||||
Three Months 2019:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Electric margins
|
$
|
611
|
|
|
$
|
267
|
|
|
$
|
—
|
|
|
$
|
109
|
|
|
$
|
(7
|
)
|
|
$
|
980
|
|
Natural gas margins
|
17
|
|
|
—
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
117
|
|
||||||
Other operations and maintenance
|
(254
|
)
|
|
(126
|
)
|
|
(59
|
)
|
|
(14
|
)
|
|
3
|
|
|
(450
|
)
|
||||||
Depreciation and amortization
|
(139
|
)
|
|
(68
|
)
|
|
(19
|
)
|
|
(21
|
)
|
|
(2
|
)
|
|
(249
|
)
|
||||||
Taxes other than income taxes
|
(83
|
)
|
|
(19
|
)
|
|
(13
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(118
|
)
|
||||||
Other income, net
|
16
|
|
|
10
|
|
|
3
|
|
|
3
|
|
|
4
|
|
|
36
|
|
||||||
Interest charges
|
(45
|
)
|
|
(17
|
)
|
|
(9
|
)
|
|
(19
|
)
|
|
(7
|
)
|
|
(97
|
)
|
||||||
Income taxes (benefit)
|
(15
|
)
|
|
(10
|
)
|
|
(1
|
)
|
|
(15
|
)
|
|
2
|
|
|
(39
|
)
|
||||||
Net income (loss)
|
108
|
|
|
37
|
|
|
2
|
|
|
42
|
|
|
(9
|
)
|
|
180
|
|
||||||
Noncontrolling interests – preferred stock dividends
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
||||||
Net income (loss) attributable to Ameren common shareholders
|
$
|
107
|
|
|
$
|
37
|
|
|
$
|
1
|
|
|
$
|
42
|
|
|
$
|
(8
|
)
|
|
$
|
179
|
|
Three Months 2018:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Electric margins
|
$
|
704
|
|
|
$
|
269
|
|
|
$
|
—
|
|
|
$
|
103
|
|
|
$
|
(8
|
)
|
|
$
|
1,068
|
|
Natural gas margins
|
17
|
|
|
—
|
|
|
99
|
|
|
—
|
|
|
—
|
|
|
116
|
|
||||||
Other operations and maintenance
|
(241
|
)
|
|
(129
|
)
|
|
(54
|
)
|
|
(16
|
)
|
|
1
|
|
|
(439
|
)
|
||||||
Depreciation and amortization
|
(138
|
)
|
|
(65
|
)
|
|
(17
|
)
|
|
(19
|
)
|
|
1
|
|
|
(238
|
)
|
||||||
Taxes other than income taxes
|
(84
|
)
|
|
(21
|
)
|
|
(13
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
(122
|
)
|
||||||
Other income, net
|
16
|
|
|
8
|
|
|
4
|
|
|
1
|
|
|
—
|
|
|
29
|
|
||||||
Interest charges
|
(51
|
)
|
|
(19
|
)
|
|
(9
|
)
|
|
(18
|
)
|
|
(3
|
)
|
|
(100
|
)
|
||||||
Income taxes (benefit)
|
(54
|
)
|
|
(10
|
)
|
|
(2
|
)
|
|
(12
|
)
|
|
4
|
|
|
(74
|
)
|
||||||
Net income (loss)
|
169
|
|
|
33
|
|
|
8
|
|
|
36
|
|
|
(6
|
)
|
|
240
|
|
||||||
Noncontrolling interests – preferred stock dividends
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
||||||
Net income (loss) attributable to Ameren common shareholders
|
$
|
168
|
|
|
$
|
33
|
|
|
$
|
7
|
|
|
$
|
36
|
|
|
$
|
(5
|
)
|
|
$
|
239
|
|
Six Months 2019:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Electric margins
|
$
|
1,104
|
|
|
$
|
534
|
|
|
$
|
—
|
|
|
$
|
223
|
|
|
$
|
(15
|
)
|
|
$
|
1,846
|
|
Natural gas margins
|
44
|
|
|
—
|
|
|
286
|
|
|
—
|
|
|
—
|
|
|
330
|
|
||||||
Other operations and maintenance
|
(478
|
)
|
|
(245
|
)
|
|
(118
|
)
|
|
(29
|
)
|
|
3
|
|
|
(867
|
)
|
||||||
Depreciation and amortization
|
(279
|
)
|
|
(136
|
)
|
|
(39
|
)
|
|
(41
|
)
|
|
(2
|
)
|
|
(497
|
)
|
||||||
Taxes other than income taxes
|
(160
|
)
|
|
(39
|
)
|
|
(37
|
)
|
|
(2
|
)
|
|
(6
|
)
|
|
(244
|
)
|
||||||
Other income, net
|
28
|
|
|
16
|
|
|
6
|
|
|
4
|
|
|
11
|
|
|
65
|
|
||||||
Interest charges
|
(92
|
)
|
|
(35
|
)
|
|
(19
|
)
|
|
(38
|
)
|
|
(10
|
)
|
|
(194
|
)
|
||||||
Income (taxes) benefit
|
(19
|
)
|
|
(21
|
)
|
|
(20
|
)
|
|
(31
|
)
|
|
25
|
|
|
(66
|
)
|
||||||
Net income
|
148
|
|
|
74
|
|
|
59
|
|
|
86
|
|
|
6
|
|
|
373
|
|
||||||
Noncontrolling interests – preferred stock dividends
|
(2
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
(3
|
)
|
||||||
Net income attributable to Ameren common shareholders
|
$
|
146
|
|
|
$
|
73
|
|
|
$
|
58
|
|
|
$
|
86
|
|
|
$
|
7
|
|
|
$
|
370
|
|
Six Months 2018:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Electric margins
|
$
|
1,215
|
|
|
$
|
532
|
|
|
$
|
—
|
|
|
$
|
207
|
|
|
$
|
(14
|
)
|
|
$
|
1,940
|
|
Natural gas margins
|
44
|
|
|
—
|
|
|
263
|
|
|
—
|
|
|
—
|
|
|
307
|
|
||||||
Other operations and maintenance
|
(473
|
)
|
|
(254
|
)
|
|
(114
|
)
|
|
(32
|
)
|
|
3
|
|
|
(870
|
)
|
||||||
Depreciation and amortization
|
(274
|
)
|
|
(128
|
)
|
|
(32
|
)
|
|
(37
|
)
|
|
(1
|
)
|
|
(472
|
)
|
||||||
Taxes other than income taxes
|
(164
|
)
|
|
(38
|
)
|
|
(36
|
)
|
|
(4
|
)
|
|
(5
|
)
|
|
(247
|
)
|
||||||
Other income, net
|
29
|
|
|
11
|
|
|
5
|
|
|
3
|
|
|
4
|
|
|
52
|
|
||||||
Interest charges
|
(102
|
)
|
|
(37
|
)
|
|
(19
|
)
|
|
(37
|
)
|
|
(6
|
)
|
|
(201
|
)
|
||||||
Income (taxes) benefit
|
(67
|
)
|
|
(19
|
)
|
|
(17
|
)
|
|
(27
|
)
|
|
14
|
|
|
(116
|
)
|
||||||
Net income (loss)
|
208
|
|
|
67
|
|
|
50
|
|
|
73
|
|
|
(5
|
)
|
|
393
|
|
||||||
Noncontrolling interests – preferred stock dividends
|
(2
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
(3
|
)
|
||||||
Net income (loss) attributable to Ameren common shareholders
|
$
|
206
|
|
|
$
|
66
|
|
|
$
|
49
|
|
|
$
|
73
|
|
|
$
|
(4
|
)
|
|
$
|
390
|
|
|
Ameren
Illinois
Electric
Distribution
|
|
Ameren
Illinois
Natural Gas
|
|
Ameren
Illinois Transmission
|
|
Total
|
||||||||
Three Months 2019:
|
|
|
|
|
|
|
|
||||||||
Electric and natural gas margins
|
$
|
267
|
|
|
$
|
100
|
|
|
$
|
66
|
|
|
$
|
433
|
|
Other operations and maintenance
|
(126
|
)
|
|
(59
|
)
|
|
(11
|
)
|
|
(196
|
)
|
||||
Depreciation and amortization
|
(68
|
)
|
|
(19
|
)
|
|
(14
|
)
|
|
(101
|
)
|
||||
Taxes other than income taxes
|
(19
|
)
|
|
(13
|
)
|
|
—
|
|
|
(32
|
)
|
||||
Other income, net
|
10
|
|
|
3
|
|
|
2
|
|
|
15
|
|
||||
Interest charges
|
(17
|
)
|
|
(9
|
)
|
|
(10
|
)
|
|
(36
|
)
|
||||
Income taxes
|
(10
|
)
|
|
(1
|
)
|
|
(9
|
)
|
|
(20
|
)
|
||||
Net income
|
37
|
|
|
2
|
|
|
24
|
|
|
63
|
|
||||
Preferred stock dividends
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Net income attributable to common shareholder
|
$
|
37
|
|
|
$
|
1
|
|
|
$
|
24
|
|
|
$
|
62
|
|
Three Months 2018:
|
|
|
|
|
|
|
|
||||||||
Electric and natural gas margins
|
$
|
269
|
|
|
$
|
99
|
|
|
$
|
62
|
|
|
$
|
430
|
|
Other operations and maintenance
|
(129
|
)
|
|
(54
|
)
|
|
(13
|
)
|
|
(196
|
)
|
||||
Depreciation and amortization
|
(65
|
)
|
|
(17
|
)
|
|
(12
|
)
|
|
(94
|
)
|
||||
Taxes other than income taxes
|
(21
|
)
|
|
(13
|
)
|
|
(1
|
)
|
|
(35
|
)
|
||||
Other income, net
|
8
|
|
|
4
|
|
|
1
|
|
|
13
|
|
||||
Interest charges
|
(19
|
)
|
|
(9
|
)
|
|
(9
|
)
|
|
(37
|
)
|
||||
Income taxes
|
(10
|
)
|
|
(2
|
)
|
|
(6
|
)
|
|
(18
|
)
|
||||
Net income
|
33
|
|
|
8
|
|
|
22
|
|
|
63
|
|
||||
Preferred stock dividends
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Net income attributable to common shareholder
|
$
|
33
|
|
|
$
|
7
|
|
|
$
|
22
|
|
|
$
|
62
|
|
Six Months 2019:
|
|
|
|
|
|
|
|
||||||||
Electric and natural gas margins
|
$
|
534
|
|
|
$
|
286
|
|
|
$
|
136
|
|
|
$
|
956
|
|
Other operations and maintenance
|
(245
|
)
|
|
(118
|
)
|
|
(24
|
)
|
|
(387
|
)
|
||||
Depreciation and amortization
|
(136
|
)
|
|
(39
|
)
|
|
(27
|
)
|
|
(202
|
)
|
||||
Taxes other than income taxes
|
(39
|
)
|
|
(37
|
)
|
|
(1
|
)
|
|
(77
|
)
|
||||
Other income, net
|
16
|
|
|
6
|
|
|
4
|
|
|
26
|
|
||||
Interest charges
|
(35
|
)
|
|
(19
|
)
|
|
(19
|
)
|
|
(73
|
)
|
||||
Income taxes
|
(21
|
)
|
|
(20
|
)
|
|
(18
|
)
|
|
(59
|
)
|
||||
Net income
|
74
|
|
|
59
|
|
|
51
|
|
|
184
|
|
||||
Preferred stock dividends
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Net income attributable to common shareholder
|
$
|
73
|
|
|
$
|
58
|
|
|
$
|
51
|
|
|
$
|
182
|
|
Six Months 2018:
|
|
|
|
|
|
|
|
||||||||
Electric and natural gas margins
|
$
|
532
|
|
|
$
|
263
|
|
|
$
|
124
|
|
|
$
|
919
|
|
Other operations and maintenance
|
(254
|
)
|
|
(114
|
)
|
|
(27
|
)
|
|
(395
|
)
|
||||
Depreciation and amortization
|
(128
|
)
|
|
(32
|
)
|
|
(24
|
)
|
|
(184
|
)
|
||||
Taxes other than income taxes
|
(38
|
)
|
|
(36
|
)
|
|
(2
|
)
|
|
(76
|
)
|
||||
Other income, net
|
11
|
|
|
5
|
|
|
3
|
|
|
19
|
|
||||
Interest charges
|
(37
|
)
|
|
(19
|
)
|
|
(18
|
)
|
|
(74
|
)
|
||||
Income taxes
|
(19
|
)
|
|
(17
|
)
|
|
(14
|
)
|
|
(50
|
)
|
||||
Net income
|
67
|
|
|
50
|
|
|
42
|
|
|
159
|
|
||||
Preferred stock dividends
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Net income attributable to common shareholder
|
$
|
66
|
|
|
$
|
49
|
|
|
$
|
42
|
|
|
$
|
157
|
|
Three Months
|
Ameren
Missouri |
|
Ameren Illinois
Electric Distribution
|
|
Ameren Illinois
Natural Gas
|
|
Ameren Transmission(a)
|
|
Other /
Intersegment Eliminations |
|
Ameren
|
||||||||||||
Electric revenue change:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effect of weather (estimate)(b)
|
$
|
(95
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(95
|
)
|
Base rates (estimate)(c)
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
4
|
|
||||||
Recovery of power restoration efforts provided to other utilities
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||||
Sales volumes and changes in customer usage patterns (excluding the estimated effects of weather and MEEIA)
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||
Off-system sales
|
(32
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
||||||
Energy-efficiency program investments
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Other
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
||||||
Cost recovery mechanisms – offset in fuel and purchased power(d)
|
(16
|
)
|
|
(26
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
||||||
Other cost recovery mechanisms(e)
|
(15
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
||||||
Total electric revenue change
|
$
|
(157
|
)
|
|
$
|
(28
|
)
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
1
|
|
|
$
|
(178
|
)
|
Fuel and purchased power change:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Energy costs (excluding the estimated effect of weather)
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32
|
|
Effect of weather (estimate)(b)
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||||
Other
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Cost recovery mechanisms – offset in electric revenue(d)
|
16
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42
|
|
||||||
Total fuel and purchased power change
|
$
|
64
|
|
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
90
|
|
Net change in electric margins
|
$
|
(93
|
)
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
1
|
|
|
$
|
(88
|
)
|
Natural gas revenue change:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effect of weather (estimate)(b)
|
$
|
(6
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(6
|
)
|
Base rates (estimate)
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||
Change in rate design
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||||
QIP rider
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||
Cost recovery mechanisms – offset in natural gas purchased for resale(d)
|
6
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Total natural gas revenue change
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(6
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(6
|
)
|
Natural gas purchased for resale change:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effect of weather (estimate)(b)
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
Cost recovery mechanisms – offset in natural gas revenue(d)
|
(6
|
)
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Total natural gas purchased for resale change
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7
|
|
Net change in natural gas margins
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Six Months
|
Ameren
Missouri |
|
Ameren Illinois
Electric Distribution
|
|
Ameren Illinois
Natural Gas
|
|
Ameren Transmission(a)
|
|
Other /
Intersegment Eliminations |
|
Ameren
|
||||||||||||
Electric revenue change:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effect of weather (estimate)(b)
|
$
|
(92
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(92
|
)
|
Base rates (estimate)(c)
|
(35
|
)
|
|
4
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
(15
|
)
|
||||||
Recovery of power restoration efforts provided to other utilities
|
(11
|
)
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
||||||
Sales volumes and changes in customer usage patterns (excluding the estimated effects of weather and MEEIA)
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
||||||
MEEIA 2013 and MEEIA 2016 performance incentives
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||||
Off-system sales
|
(51
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
||||||
Energy-efficiency program investments
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||||
Other
|
(1
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Cost recovery mechanisms – offset in fuel and purchased power(d)
|
(17
|
)
|
|
(43
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(60
|
)
|
||||||
Other cost recovery mechanisms(e)
|
(15
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
||||||
Total electric revenue change
|
$
|
(194
|
)
|
|
$
|
(41
|
)
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
(219
|
)
|
Fuel and purchased power change:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Energy costs (excluding the estimated effect of weather)
|
$
|
52
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
52
|
|
Effect of weather (estimate)(b)
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||
Cost recovery mechanisms – offset in electric revenue(d)
|
17
|
|
|
43
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
||||||
Total fuel and purchased power change
|
$
|
83
|
|
|
$
|
43
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
125
|
|
Net change in electric margins
|
$
|
(111
|
)
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
(1
|
)
|
|
$
|
(94
|
)
|
Natural gas revenue change:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effect of weather (estimate)(b)
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
Base rates (estimate)
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||||
Change in rate design
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||||
QIP rider
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Cost recovery mechanisms – offset in natural gas purchased for resale(d)
|
7
|
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
||||||
Other cost recovery mechanisms(e)
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Total natural gas revenue change
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
Natural gas purchased for resale change:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effect of weather (estimate)(b)
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
Cost recovery mechanisms – offset in natural gas revenue(d)
|
(7
|
)
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
13
|
|
||||||
Total natural gas purchased for resale change
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17
|
|
Net change in natural gas margins
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23
|
|
(a)
|
Includes an increase in transmission margins of $4 million and $12 million at Ameren Illinois for the three and six months ended June 30, 2019, compared with the year-ago periods.
|
(b)
|
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 the National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
|
(c)
|
For Ameren Illinois Electric Distribution and Ameren Transmission, base rates include increases or decreases to operating revenues related to the revenue requirement reconciliation adjustment under formula rates.
|
(d)
|
Electric and natural gas revenue changes are offset by corresponding changes in “Fuel”, “Purchased power,” and “Natural gas purchased for resale” on the statement of income, resulting in no change to electric and natural gas margins.
|
(e)
|
Offsetting increases or decreases to expenses are reflected in “Operating Expenses – Other operations and maintenance” or in “Operating Expenses – Taxes other than income taxes” on the statement of income. These items have no overall impact on earnings.
|
•
|
Early summer temperatures were milder as cooling degree days decreased 34% for the six months ended June 30, 2019, compared with the year-ago period, and winter temperatures were warmer as heating degree days decreased 4% for the six months ended June 30, 2019. The aggregate effect of weather decreased margins an estimated $80 million and $78 million, respectively. The change in margins due to weather is the sum of the effect of weather (estimate) on electric revenues (-$95 million and -$92 million, respectively) and the effect of weather (estimate) on fuel and purchased power (+$15 million and +$14 million, respectively) in the table above.
|
•
|
The reduction of customer rates in accordance with the TCJA provisions in Missouri Senate Bill 564 decreased revenues an estimated $2 million and $35 million, respectively.
|
•
|
A reduction in power restoration assistance provided to other utilities and the associated recovery of labor and benefit costs for crews supporting those efforts decreased revenues $2 million and $11 million, respectively.
|
•
|
The MEEIA 2013 and MEEIA 2016 performance incentives increased revenues $15 million for the six months ended June 30, 2019. See Note 2 – Rate and Regulatory Matters under Part I, Item 1 of this report for information regarding the MEEIA 2013 and MEEIA 2016 performance incentives.
|
•
|
Excluding the estimated effects of weather and the MEEIA 2016 and 2019 customer energy-efficiency programs, electric revenues increased an estimated $6 million and $13 million, respectively, primarily due to increased sales volumes from growth and an increase in the average retail price per kilowatthour due to changes in customer usage patterns. While MEEIA 2016 and 2019 customer energy-efficiency programs reduced retail sales volumes, the recovery of lost electric margins ensured that electric margins were not affected.
|
•
|
Net energy costs increased margins $1 million for the six months ended June 30, 2019. The change in net energy costs is the sum of the effect of revenue change in off-system sales and capacity revenues (-$32 million and -$51 million, respectively), and the effect of the change in energy costs (+$32 million and +$52 million, respectively) in the table above.
|
•
|
Revenues increased $3 million and $7 million, respectively, due to energy-efficiency program investments pursuant to the FEJA.
|
•
|
Revenues increased due to the recovery of higher recoverable expenses and increased rate base under formula ratemaking pursuant to the IEIMA, partially offset by a lower recognized return on equity, which collectively increased margins $4 million for the six months ended June 30, 2019.
|
•
|
The implementation of a change in rate design pursuant to the ICC’s November 2018 natural gas order increased margins by $9 million. 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. The VBA ensures recoverability of the natural gas distribution service revenue requirement for residential and small nonresidential customers that is dependent on sales volumes. As such, the change is not expected to materially affect year-over-year earnings.
|
•
|
Revenues increased $8 million due to higher natural gas base rates, as a result of the November 2018 natural gas rate order.
|
•
|
Revenues from QIP recoveries, which increased margins $2 million, due to additional investment in qualified natural gas infrastructure.
|
•
|
Labor and benefit costs decreased $7 million in the six months ended June 30, 2019, primarily due to a reduction in power restoration assistance provided to other utilities. Expenses decreased an additional $2 million and $10 million in the three and six months ended June 30, 2019, respectively, because of an increase in the cash surrender value of company-owned life insurance.
|
•
|
MEEIA customer energy-efficiency program costs decreased $7 million and $4 million, respectively, because of higher participation in the MEEIA 2016 programs in 2018, compared with participation in the MEEIA 2019 programs.
|
|
|
Three Months(a)
|
|
Six Months(a)
|
||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Ameren
|
|
18
|
%
|
|
24
|
%
|
|
15
|
%
|
|
23
|
%
|
Ameren Missouri
|
|
12
|
%
|
|
24
|
%
|
|
12
|
%
|
|
24
|
%
|
Ameren Illinois
|
|
23
|
%
|
|
23
|
%
|
|
24
|
%
|
|
24
|
%
|
Ameren Illinois Electric Distribution
|
|
21
|
%
|
|
22
|
%
|
|
22
|
%
|
|
22
|
%
|
Ameren Illinois Natural Gas
|
|
22
|
%
|
|
25
|
%
|
|
25
|
%
|
|
26
|
%
|
Ameren Illinois Transmission
|
|
26
|
%
|
|
22
|
%
|
|
25
|
%
|
|
25
|
%
|
Ameren Transmission
|
|
27
|
%
|
|
25
|
%
|
|
27
|
%
|
|
27
|
%
|
(a)
|
Estimate of the annual effective income tax rate adjusted to reflect the tax effect of items discrete to the three and six months ended June 30, 2019 and 2018.
|
|
Net Cash Provided By
Operating Activities
|
|
Net Cash Used In
Investing Activities
|
|
Net Cash Provided by
Financing Activities
|
||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
||||||||||||||||||
Ameren
|
$
|
879
|
|
|
$
|
820
|
|
|
$
|
59
|
|
|
$
|
(1,154
|
)
|
|
$
|
(1,129
|
)
|
|
$
|
(25
|
)
|
|
$
|
290
|
|
|
$
|
337
|
|
|
$
|
(47
|
)
|
Ameren Missouri
|
361
|
|
|
412
|
|
|
(51
|
)
|
|
(521
|
)
|
|
(543
|
)
|
|
22
|
|
|
165
|
|
|
149
|
|
|
16
|
|
|||||||||
Ameren Illinois
|
452
|
|
|
287
|
|
|
165
|
|
|
(558
|
)
|
|
(599
|
)
|
|
41
|
|
|
125
|
|
|
328
|
|
|
(203
|
)
|
•
|
A $44 million increase primarily resulting from decreased fuel costs and production volumes at Ameren Missouri and decreased purchased power costs and volumes, and natural gas costs, at Ameren Illinois, partially offset by decreased customer collections, primarily due to a decrease in weather-related sales volumes.
|
•
|
A $23 million increase resulting from a decrease in coal inventory levels at Ameren Missouri due to delivery disruptions from flooding in 2019.
|
•
|
A net $19 million increase in collateral received from counterparties, primarily resulting from changes in the market prices of power and natural gas, changes in contracted commodity volumes, and increases resulting from Ameren Illinois’ renewable energy contracts entered into pursuant to FEJA.
|
•
|
A $26 million increase in payments for nuclear refueling and maintenance outages at Ameren Missouri’s Callaway energy center. There was no refueling and maintenance outage in 2018.
|
•
|
A $9 million decrease in natural gas held in storage caused primarily by increased withdrawals as a result of colder winter temperatures compared with the prior year.
|
•
|
A $73 million decrease resulting from decreased customer collections, primarily due to a decrease in weather-related sales volumes, and a net decrease attributable to regulatory recovery mechanisms, partially offset by decreased fuel costs.
|
•
|
A $26 million increase in payments for nuclear refueling and maintenance outages at the Callaway energy center. There was no refueling and maintenance outage in 2018.
|
•
|
A $23 million increase resulting from a decrease in coal inventory levels at Ameren Missouri due to delivery disruptions from flooding in 2019.
|
•
|
A net $13 million increase in collateral received from counterparties, primarily resulting from changes in the market prices of power and natural gas and in contracted commodity volumes.
|
•
|
An $11 million decrease in income tax payments to Ameren (parent) pursuant to the tax allocation agreement, primarily due to the timing
|
•
|
A $105 million increase primarily resulting from decreased purchased power costs and volumes, decreased natural gas costs, and a net increase attributable to regulatory recovery mechanisms.
|
•
|
A $27 million decrease in income tax payments to Ameren (parent) pursuant to the tax allocation agreement, primarily due to the timing of payments and lower taxable income in 2019.
|
•
|
A $7 million decrease in payments to contractors for electric distribution maintenance costs, primarily due to decreased vegetation management costs.
|
•
|
A net $6 million increase in collateral received from counterparties, primarily resulting from changes in the market prices of power and natural gas, changes in in contracted commodity volumes, and increases resulting from renewable energy contracts entered into pursuant to FEJA.
|
Ameren (parent) and Ameren Missouri:
|
|
||
Missouri Credit Agreement – borrowing capacity
|
$
|
1,000
|
|
Less: Ameren (parent) commercial paper outstanding
|
347
|
|
|
Less: Ameren Missouri commercial paper outstanding
|
205
|
|
|
Less: Letters of credit
|
7
|
|
|
Missouri Credit Agreement – subtotal
|
441
|
|
|
Ameren (parent) and Ameren Illinois:
|
|
||
Illinois Credit Agreement – borrowing capacity
|
1,100
|
|
|
Less: Ameren (parent) commercial paper outstanding
|
248
|
|
|
Less: Ameren Illinois commercial paper outstanding
|
199
|
|
|
Less: Letters of credit
|
2
|
|
|
Illinois Credit Agreement – subtotal
|
651
|
|
|
Subtotal
|
$
|
1,092
|
|
Cash and cash equivalents
|
6
|
|
|
Net Available Liquidity
|
$
|
1,098
|
|
|
Month Issued, Redeemed, or Matured
|
|
2019
|
|
2018
|
|
||||
Issuances of Long-term Debt
|
|
|
|
|
|
|
||||
Ameren Missouri:
|
|
|
|
|
|
|
||||
3.50% First mortgage bonds due 2029
|
March
|
|
$
|
450
|
|
|
$
|
—
|
|
|
4.00% First mortgage bonds due 2048
|
April
|
|
—
|
|
|
423
|
|
|
||
Ameren Illinois:
|
|
|
|
|
|
|
||||
3.80% First mortgage bonds due 2028
|
May
|
|
—
|
|
|
430
|
|
|
||
Total Ameren long-term debt issuances
|
|
|
$
|
450
|
|
|
$
|
853
|
|
|
Issuances of Common Stock
|
|
|
|
|
|
|
||||
Ameren:
|
|
|
|
|
|
|
||||
DRPlus and 401(k)
|
Various
|
|
$
|
37
|
|
(a) (b)
|
$
|
40
|
|
(a) (b)
|
Total common stock issuances
|
|
|
$
|
37
|
|
|
$
|
40
|
|
|
Total Ameren long-term debt and common stock issuances
|
|
|
$
|
487
|
|
|
$
|
893
|
|
|
Redemptions and Maturities of Long-term Debt
|
|
|
|
|
|
|
||||
Ameren Missouri:
|
|
|
|
|
|
|
||||
6.70% Senior secured notes due 2019
|
February
|
|
$
|
329
|
|
|
$
|
—
|
|
|
6.00% Senior secured notes due 2018
|
April
|
|
—
|
|
|
179
|
|
|
||
Ameren Illinois:
|
|
|
|
|
|
|
||||
6.25% Senior secured notes due 2018
|
May
|
|
—
|
|
|
144
|
|
|
||
Total Ameren long-term debt redemptions and maturities
|
|
|
$
|
329
|
|
|
$
|
323
|
|
|
(a)
|
Ameren issued a total of 0.5 million and 0.7 million shares of common stock under its DRPlus and 401(k) plan in the six months ended June 30, 2019 and 2018, respectively.
|
(b)
|
Excludes 0.8 million shares of common stock valued at $54 million and 0.7 million shares of common stock valued at $35 million issued in connection with stock-based compensation for the six months ended June 30, 2019 and 2018, respectively.
|
|
|
Moody’s
|
|
S&P
|
Ameren:
|
|
|
|
|
Issuer/corporate credit rating
|
|
Baa1
|
|
BBB+
|
Senior unsecured debt
|
|
Baa1
|
|
BBB
|
Commercial paper
|
|
P-2
|
|
A-2
|
Ameren Missouri:
|
|
|
|
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Issuer/corporate credit rating
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|
Baa1
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|
BBB+
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Secured debt
|
|
A2
|
|
A
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Senior unsecured debt
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Baa1
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Not Rated
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Commercial paper
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P-2
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A-2
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Ameren Illinois:
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|
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Issuer/corporate credit rating
|
|
A3
|
|
BBB+
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Secured debt
|
|
A1
|
|
A
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Senior unsecured debt
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A3
|
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BBB+
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Commercial paper
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|
P-2
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A-2
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ATXI:
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Issuer credit rating
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A2
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Not Rated
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Senior unsecured debt
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A2
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Not Rated
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•
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In 2018, Missouri Senate Bill 564 was enacted and Ameren Missouri elected PISA in accordance with the provisions of the law. Pursuant to its PISA election, Ameren Missouri is permitted to defer and recover 85% of the depreciation expense and a weighted average cost of capital return on rate base on certain property, plant, and equipment placed in service after September 1, 2018, and not included in base rates. Accumulated PISA deferrals earn carrying costs at the weighted-average cost of capital, with all approved PISA deferrals added to rate base prospectively and recovered over a period of 20 years following a regulatory rate review. Additionally, under the RESRAM, Ameren Missouri is permitted to recover the 15% of depreciation expense and weighted-average cost of capital return for renewable generation plant placed in service and not recovered under PISA. Accumulated RESRAM deferrals earn carrying costs at short-term interest rates. PISA and the RESRAM mitigate the effects of regulatory lag between regulatory rate reviews. Those investments not eligible for recovery under PISA and the remaining 15% of certain property, plant, and equipment placed in service, unless eligible for recovery under the RESRAM, remain subject to regulatory lag. Ameren Missouri recognizes the cost of debt on PISA deferrals in revenue, instead of using the weighted average cost of capital, both debt and equity, which will ultimately be recognized in revenues when recovery of such deferrals are reflected in customer rates. As a result of the PISA election, additional provisions of the law apply to Ameren Missouri, including limitations on electric customer rate increases and an electric base rate freeze until April 2020. Both the rate increase limitation and PISA are effective through December 2023, unless Ameren Missouri requests and receives MoPSC approval of an extension through December 2028. In January 2019, the MoOPC filed an appeal with the Missouri Court of Appeals, Western District, challenging the MoPSC’s December 2018 order allowing Ameren Missouri to recover, through the RESRAM, the 15% of depreciation expense and weighted average cost of capital return not recovered under PISA. Ameren Missouri expects a decision by the end of 2019. The RESRAM is designed to mitigate the impacts of regulatory lag for the cost of compliance with renewable energy standards, including recovery of investments in wind and other renewable energy generation, by providing more timely recovery of costs and a return on investments not already provided for in customer rates or recovered under PISA.
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In February 2019, Ameren Missouri announced its Smart Energy Plan, which includes a five-year capital investment overview with a detailed one-year plan for 2019. 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 $6.3 billion over the five-year period from 2019 through 2023, with costs largely recoverable under PISA and, for the portion of wind and other renewable energy generation investments that are not recoverable under PISA, recoverable under the RESRAM. As a part of its Smart
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In 2018, the MoPSC issued an order approving Ameren Missouri’s MEEIA 2019 plan. The plan includes a portfolio of customer energy-efficiency programs through December 2021 and low-income customer energy-efficiency programs through December 2024, along with a regulatory recovery mechanism. Ameren Missouri intends to invest $226 million over the life of the plan, including $65 million per year through 2021. The plan includes the continued use of the MEEIA rider, which allows Ameren Missouri to collect from, or refund to, customers any difference in actual MEEIA program costs and related lost electric margins and the amounts collected from customers. In addition, the plan includes a performance incentive that provides Ameren Missouri an opportunity to earn additional revenues by achieving certain customer energy-efficiency goals, including $7 million, $10 million, and $13 million if 100% of the goals are achieved during 2019, 2020, and 2021, respectively. Additional revenues may be earned if Ameren Missouri exceeds 100% of its energy savings goals. By the end of 2019, Ameren Missouri expects an order from the MoPSC approving Ameren Missouri’s energy savings results for the third plan year of the MEEIA 2016 programs.
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In June 2018, the MoPSC approved Ameren Missouri’s Renewable Choice Program, which allows large commercial and industrial customers and municipalities to elect to receive up to 100% of their energy from renewable resources. The tariff-based program is designed to recover the costs of the election, net of changes in the market price of such energy. Based on customer contracts, the program enables Ameren Missouri to supply up to 400 megawatts of renewable wind energy generation, up to 200 megawatts of which it could own. As applicable, the addition of generation by Ameren Missouri would be subject to the issuance of a certificate of convenience and necessity by the MoPSC, obtaining transmission interconnection agreements with MISO or other RTOs, and FERC approval. Any owned generation under this program would be incremental to estimated capital expenditures through 2023 discussed below. Ameren Missouri anticipates finalizing customer interest and pursuing renewable energy projects to fulfill requirements in 2019. Without extension, the option to elect into the program will terminate in the third quarter of 2023.
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In July 2019, Ameren Missouri filed a request with the MoPSC seeking approval to decrease its annual revenues for electric service by $1 million. The electric rate decrease request is based on a 9.95% return on common equity, a capital structure composed of 51.9% common equity, a rate base of $8.0 billion, and a test year ended December 31, 2018, with certain pro-forma adjustments expected through an anticipated true-up date of December 31, 2019. Pro-forma adjustments are also expected for fuel costs, transportation costs, MISO multi-value transmission project expenses, and payroll costs effective as of January 1, 2020. 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 late April 2020 and new rates effective by late May 2020. A 50 basis point change in Ameren Missouri’s return on common equity would result in an estimated $20 million change in Ameren’s and Ameren Missouri’s net income, based on Ameren Missouri’s current electric rate base.
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In July 2019, Ameren Missouri, the MoPSC staff, and certain intervenors filed a nonunanimous stipulation and agreement with the MoPSC to decrease Ameren Missouri’s annual revenues for natural gas delivery service by $1 million. The remaining intervenors to the regulatory rate review did not object to the agreement. The requested decrease in annual rates is based on a return on common equity range of 9.4% to 9.95% and a capital structure composed of 52.0% common equity, which was Ameren Missouri’s capital structure as of May 31, 2019. This agreement allows for the use of ISRS, which will be calculated using an ROE of 9.725%. The agreement represents a $1 million increase to Ameren Missouri’s annual revenues for natural gas delivery service from interim rates, which were approved by the MoPSC in December 2018. A decision by the MoPSC is expected in August 2019, with new rates expected to be effective in September 2019.
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Ameren continues to make significant investments in FERC-regulated electric transmission businesses. Ameren Illinois expects to invest $2.2 billion in electric transmission assets from 2019 through 2023, to replace aging infrastructure and improve reliability. ATXI has three MISO-approved multi-value projects: the Spoon River, Illinois Rivers, and Mark Twain projects. The Spoon River project, located in northwest Illinois, was placed in service in February 2018. The Illinois Rivers project involves the construction of a transmission line from eastern Missouri across Illinois to western Indiana. Construction of the Illinois Rivers project is substantially complete, with the last section expected to be completed in 2020, pending the outcome of certain legal proceedings. The Mark Twain project involves the construction of a transmission line from northeast Missouri, connecting the Illinois Rivers project to Iowa. In June 2019, a section of the Mark Twain project was completed from Kirksville, Missouri to the Iowa border. Construction of the Mark Twain project began in the second quarter of 2018, with the remaining section expected to be completed by the end of 2019. ATXI’s expected investment in 2019 and 2020 to complete its multi-value projects is approximately $200 million, with the total investment expected to be more than $1.6 billion.
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Ameren Illinois and ATXI use a forward-looking rate calculation with an annual revenue requirement reconciliation for each company’s electric transmission business. Based on expected rate base growth and the currently allowed 10.82% return on common equity, the 2019 revenue requirements included in rates for Ameren Illinois’ and ATXI’s electric transmission businesses are $297 million and $177
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The return on common equity for MISO transmission owners, including Ameren Illinois and ATXI, is the subject of a FERC complaint case filed in February 2015 challenging the allowed base return on common equity. Ameren Illinois and ATXI currently use the FERC authorized total allowed return on common equity of 10.82% in customer rates. A final FERC order would establish the allowed return on common equity to be applied to the 15-month period from February 2015 to May 2016 and also establish the return on common equity to be included in customer rates prospectively from the effective date of such order, replacing the current 10.82% total return on common equity. In October 2018, the FERC issued an order in an unrelated case that proposed a new methodology for determining the base return on equity, which required further briefs from the participants. In November 2018, the FERC issued an order related to the February 2015 complaint case and the September 2016 order, which required participants to file briefs in February 2019 regarding the FERC’s proposed methodology for determining the base return on common equity, including whether and how to apply the proposed methodology to the two MISO complaint cases. In March 2019, the FERC issued separate Notices of Inquiry regarding its allowed base return on common equity policy and its transmission incentives policy. Initial comments were due in June 2019, and reply comments are due by late August 2019. The Notice of Inquiry addressing the FERC’s return on common equity policy, among other things, broadens the ability to comment on the new methodology beyond electric utilities that are participants in the complaint cases, and the transmission incentives Notice of Inquiry is open for industry comment on the FERC’s transmission incentive policy, including incentive adders to the return on common equity. Ameren is unable to predict the ultimate impact of the proposed methodology on these complaint cases or the Notices of Inquiry at this time. As the FERC is under no deadline to issue a final order, the timing of the final order in the February 2015 complaint case and any potential impact to the amounts refunded as a result of the September 2016 order is uncertain. See Note 2 – Rate and Regulatory Matters under Part I, Item 1, of this report for more information regarding FERC complaint cases. A 50 basis point reduction in the FERC-allowed base return on common equity would reduce Ameren’s and Ameren Illinois’ net income by an estimated $9 million and $5 million, respectively, based on each company’s 2019 projected rate base.
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•
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In 2018, the ICC issued an order in Ameren Illinois’ annual update filing that approved a $72 million increase in Ameren Illinois’ electric distribution service rates beginning in January 2019. Illinois law provides for an annual reconciliation of the electric distribution revenue requirement as is necessary to reflect the actual costs incurred and investment return in a given year with the revenue requirement that was reflected in customer rates for that year. Consequently, Ameren Illinois’ 2019 electric distribution service revenues will be based on its 2019 actual recoverable costs, rate base, and return on common equity as calculated under the Illinois performance-based formula ratemaking framework. The 2019 electric distribution service revenues are expected to be higher than the 2018 revenues because of an expected increase in recoverable costs and expected rate base growth of approximately 8%. The 2019 revenue requirement reconciliation is expected to result in a regulatory asset that will be collected from customers in 2021. A 50 basis point change in the annual average of the monthly yields of the 30-year United States Treasury bonds would result in an estimated $8 million change in Ameren’s and Ameren Illinois’ net income, based on Ameren Illinois’ 2019 projected year-end rate base.
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•
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In April 2019, Ameren Illinois filed its annual electric distribution service formula rate update to establish the revenue requirement to be used for 2020 rates with the ICC. Pending ICC approval, this update filing will result in a $7 million decrease in Ameren Illinois’ electric distribution service rates, beginning in January 2020. These rates will affect Ameren Illinois' cash receipts during 2020, but will not affect electric distribution service revenues, which will be based on actual recoverable costs, rate base, and return on common equity as calculated under the Illinois performance-based formula ratemaking framework.
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•
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Ameren Illinois is allowed to earn a return on its electric energy-efficiency program investments. Ameren Illinois’ electric energy-efficiency investments are deferred as a regulatory asset and earn a return at its weighted-average cost of capital, with the equity return based on the annual average of the monthly yields of the 30-year United States Treasury bonds plus 580 basis points. The equity portion of Ameren Illinois’ return on electric energy-efficiency investments can be increased or decreased by up to 200 basis points, depending on the achievement of annual energy savings goals. Pursuant to the FEJA, Ameren Illinois plans to invest up to approximately $100 million per year in electric energy-efficiency programs through 2023 and will earn a return on those investments. The ICC has the ability to reduce electric energy-efficiency savings goals if there are insufficient cost-effective programs available or if the savings goals would require investment levels that exceed amounts allowed by legislation. 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 formula ratemaking framework.
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Ameren Missouri's next refueling and maintenance outage at its Callaway energy center is scheduled for the fall of 2020. During a scheduled outage, which occurs every 18 months, maintenance expenses increase relative to non-outage years. Additionally, depending on the availability of its other generation sources and the market prices for power, Ameren Missouri's purchased power costs may
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Ameren Missouri and Ameren Illinois continue to make infrastructure investments and expect to seek regular electric and natural gas rate increases to recover the cost of investments and earn an adequate return. Ameren Missouri and Ameren Illinois will also seek legislative solutions, as necessary, to address regulatory lag and to support investment in their utility infrastructure for the benefit of their customers. Ameren Missouri and Ameren Illinois continue to face cost recovery pressures, including limited economic growth in their service territories, customer conservation efforts, the impacts of additional customer energy-efficiency programs, and increased customer use of increasingly cost-effective technological advances, including private generation and energy storage. However, over the long-term, we expect the decreased demand to be partially offset by increased demand resulting from increased electrification of the economy for efficiencies and as a means to address CO2 emission concerns. Increased investments, including expected future investments for environmental compliance, system reliability improvements, and potential new generation sources, result in rate base and revenue growth but also higher depreciation and financing costs.
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Ameren Missouri’s 2017 IRP targets cleaner and more diverse sources of energy generation, including solar, wind, natural gas, hydro, and nuclear power. It also includes expanding renewable sources by adding at least 700 megawatts of wind generation by the end of 2020 in Missouri and neighboring states and adding 100 megawatts of solar generation by 2027. These new renewable energy sources would support Ameren Missouri’s compliance with the state of Missouri’s requirement of achieving 15% of native load sales from renewable energy sources by 2021, subject to customer rate increase limitations. Based on current and projected market prices for energy and for wind and solar generation technologies, among other factors, Ameren Missouri expects its ownership of these renewable resources would represent the lowest-cost option for customers. The plan also provides for the expected implementation of continued customer energy-efficiency programs. Ameren Missouri’s plan for the addition of renewable resources could be affected by, among other factors: the availability of federal production and investment tax credits related to renewable energy and Ameren Missouri’s ability to use such credits; the cost of wind and solar generation technologies; energy prices; Ameren Missouri’s ability to obtain timely interconnection agreements with MISO or other RTOs at an acceptable cost; and Ameren Missouri’s ability to obtain a certificate of convenience and necessity from the MoPSC, and any other required project approvals.
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In connection with the 2017 IRP filing, Ameren Missouri established a goal of reducing CO2 emissions 80% by 2050 from a 2005 base level. Ameren Missouri is also targeting a 35% CO2 emission reduction by 2030 and a 50% reduction by 2040 from the 2005 level. In order to meet these goals, among other things, Ameren Missouri expects to retire its coal-fired generation at the end of each energy center’s useful life.
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In May 2019, Ameren Missouri entered into a build-transfer agreement with a subsidiary of Enel Green Power North America, Inc. to acquire, after construction, an up-to 300-megawatt wind generation facility to be located in northwestern Missouri. Ameren Missouri filed for a certificate of convenience and necessity with the MoPSC in May 2019. In July 2019, Ameren Missouri, the MoPSC staff, and certain intervenors filed a nonunanimous stipulation and agreement with the MoPSC regarding the requested certificate of convenience and necessity. Final RTO interconnection costs were determined in July 2019, and a related RTO transmission interconnection agreement is expected by the fall of 2019.
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In 2018, Ameren Missouri entered into a build-transfer agreement to acquire, after construction, an up-to 400-megawatt wind generation facility. Final MISO interconnection costs for the facility were determined in July 2019, and a related transmission interconnection agreement with the MISO is expected by the fall of 2019.
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Both facilities are expected to be completed by the end of 2020, which would support Ameren Missouri’s compliance with the Missouri renewable energy standard. Both acquisitions are subject to certain conditions, including the issuance of a certificate of convenience and necessity by the MoPSC and obtaining FERC approval for the 300-megawatt facility, entering into an RTO transmission interconnection agreement at an acceptable cost for each facility, and other customary contract terms and conditions. The two build-transfer agreements collectively represent approximately $1.2 billion of capital expenditures, expected in 2020. The MoPSC has approved a RESRAM, which is designed to mitigate the impacts of regulatory lag for the cost of compliance with renewable energy standards, including recovery of investments in wind and other renewable energy generation, by providing more timely recovery of costs and a return on investments not already provided for in customer rates or recovered under PISA.
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Through 2023, we expect to make significant capital expenditures to improve our electric and natural gas utility infrastructure, with a major portion directed to our transmission and distribution systems. We estimate that we will invest up to $13.9 billion (Ameren
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Environmental regulations, including those related to CO2 emissions, or other actions taken by the EPA, could result in significant increases in capital expenditures and operating costs. Certain of these regulations are being challenged through litigation, or reviewed or recommended for repeal by the EPA, or new replacement or alternative regulations are being contemplated, proposed, or adopted by the EPA and state regulators. The ultimate implementation of any of these regulations, as well as the timing of any such implementation, is uncertain. However, the individual or combined effects of existing and new environmental regulations could result in significant capital expenditures, increased operating costs, or the closure or alteration of some of Ameren Missouri’s coal-fired energy centers. 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. However, Ameren Illinois expects that these costs would be recovered from customers with no material adverse effect on its results of operations, financial position, or liquidity. 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.
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The Ameren Companies have multiyear credit agreements that cumulatively provide $2.1 billion of credit through December 2022, 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 $2.5 billion. See Note 3 – Short-term Debt and Liquidity under Part I, Item 1, of this report for additional information regarding the Credit Agreements. Ameren Missouri expects to issue long-term debt to repay $244 million principal amount of senior secured notes scheduled to mature in October 2019. Ameren Illinois expects to issue long-term debt in the fourth quarter of 2019. Ameren, Ameren Missouri, and Ameren Illinois believe that their liquidity is adequate given their expected operating cash flows, capital expenditures, and related financing plans. However, there can be no assurance that significant changes in economic conditions, disruptions in the capital and credit markets, or other unforeseen events will not materially affect their ability to execute their expected operating, capital, or financing plans.
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Federal income tax legislation enacted under the TCJA will continue to have significant impacts on our results of operations, financial position, liquidity, and financial metrics. The TCJA, among other things, reduced the federal statutory corporate income tax rate from 35% to 21%, effective January 1, 2018. Customer rates were reduced to reflect the lower income tax rate, without a corresponding reduction in income tax payments because of our use of net operating losses and tax credit carryforwards until about 2020. Customer rates were also reduced to reflect the return of excess deferred taxes. The result of these customer rate reductions is a decrease in operating cash flows in the near term. Over time, the decrease in operating cash flows will be offset as temporary differences between book and taxable income reverse, and by increased customer rates due to higher rate base amounts resulting from lower accumulated deferred income tax liabilities.
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In 2018, our rate-regulated businesses began to amortize excess deferred taxes. Ameren Illinois’ and ATXI's income tax expense for the year ended December 31, 2018, reflect a full year of amortization, while Ameren Missouri's income tax expense for the year ended December 31, 2018, reflects five months of amortization related to its electric business, in accordance with a MoPSC order received in July 2018. The amortization of such balances related to Ameren Missouri’s gas business started in January 2019, in accordance with a MoPSC order received in December 2018. These amortizations reduce our income tax expense and effective tax rates. Due to formula ratemaking, Ameren Illinois Electric Distribution and Ameren Transmission have an offsetting reduction in revenue from customers, with no overall impact on earnings. Ameren Missouri and Ameren Illinois Natural Gas interim period earnings comparisons between 2019 and 2018 may be affected by timing differences between income tax expense and revenue reductions based on their revenue patterns; however, no material impact to year-over-year earnings is expected.
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As of June 30, 2019, Ameren had $70 million in tax benefits from federal and state net operating loss carryforwards and $129 million in federal and state income tax credit carryforwards. These carryforwards are expected to largely offset income tax obligations in 2019. The net operating loss carryforwards are expected to be fully utilized in 2019. Future expected income tax payments and refunds are based on planned capital expenditures and any related income tax credits and, in the case of Ameren Missouri and Ameren Illinois, consistent with the tax allocation agreement between Ameren (parent) and its subsidiaries. Ameren expects to make income tax payments between $10 million and $50 million in each year from 2019 to 2023, totaling $125 million to $175 million for the five-year period. Ameren Missouri expects to make income tax payments to Ameren (parent) of approximately $90 million in 2019 and between $20 million and $30 million in 2020. Additionally, Ameren Missouri expects to receive refunds from Ameren (parent) in each year from 2021 to 2023, totaling $30 million to $60 million for the three-year period. Ameren Illinois expects to make income tax payments to Ameren (parent) between $20 million and $40 million in 2019 and 2020 and between $50 million and $70 million in each year from 2021 to 2023, totaling $210 million to $260 million for the five-year period.
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Ameren expects its cash used for currently planned capital expenditures and dividends to exceed cash provided by operating activities over the next several years. To fund a portion of these cash requirements, beginning in 2018, Ameren began using newly issued shares
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(a)
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Evaluation of Disclosure Controls and Procedures
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(b)
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Changes in Internal Controls over Financial Reporting
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Ameren Missouri’s electric service regulatory rate review filed with the MoPSC in July 2019;
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Ameren Missouri’s request for a certificate of convenience and necessity for the up-to 300-megawatt wind generation facility filed with the MoPSC in May 2019;
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the January 2019 appeal filed by the MoOPC challenging the MoPSC’s December 2018 order in the RESRAM case;
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Ameren Missouri’s natural gas delivery service regulatory rate review filed with the MoPSC in December 2018;
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Ameren Illinois’ annual electric energy-efficiency formula rate update filed with the ICC in May 2019;
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Ameren Illinois’ annual electric distribution service formula rate update filed with the ICC in April 2019;
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the February 2015 complaint case filed with the FERC seeking a reduction in the allowed base return on common equity under the MISO tariff;
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the November 2018 FERC order requesting briefs regarding a new methodology for determining the base return on common equity under the MISO tariff and how to apply the new methodology to the February 2015 complaint case and the September 2016 order related to the November 2015 complaint case;
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the March 2019 FERC separate Notices of Inquiry regarding its allowed base return on common equity policy and its transmission incentives policy;
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litigation against Ameren Missouri with respect to the Clean Air Act; and
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remediation matters associated with former MGP sites of Ameren Illinois.
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AMEREN CORPORATION
(Registrant)
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/s/ Martin J. Lyons, Jr.
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Martin J. Lyons, Jr.
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
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UNION ELECTRIC COMPANY
(Registrant)
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/s/ Martin J. Lyons, Jr.
|
Martin J. Lyons, Jr.
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
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AMEREN ILLINOIS COMPANY
(Registrant)
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/s/ Martin J. Lyons, Jr.
|
Martin J. Lyons, Jr.
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ Warner L. Baxter
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Warner L. Baxter
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ Martin J. Lyons, Jr.
|
Martin J. Lyons, Jr.
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ Michael L. Moehn
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Michael L. Moehn
Chairman and President
(Principal Executive Officer)
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ Martin J. Lyons, Jr.
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Martin J. Lyons, Jr.
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ Richard J. Mark
|
Richard J. Mark
Chairman and President
(Principal Executive Officer)
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a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ Martin J. Lyons, Jr.
|
Martin J. Lyons, Jr.
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
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(1)
|
The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
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(2)
|
The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
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/s/ Warner L. Baxter |
Warner L. Baxter
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
|
/s/ Martin J. Lyons, Jr.
|
Martin J. Lyons, Jr.
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
(1)
|
The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
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(2)
|
The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
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/s/ Michael L. Moehn
|
Michael L. Moehn
Chairman and President
(Principal Executive Officer)
|
/s/ Martin J. Lyons, Jr.
|
Martin J. Lyons, Jr.
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
(1)
|
The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
(2)
|
The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
/s/ Richard J. Mark
|
Richard J. Mark
Chairman and President
(Principal Executive Officer)
|
|
/s/ Martin J. Lyons, Jr.
|
Martin J. Lyons, Jr.
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|