☒
|
Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
☐
|
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from to
|
|
|
|
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
|
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
|
Registrant
|
|
Title of each class
|
Union Electric Company
|
|
Preferred Stock, cumulative, no par value, stated value $100 per share
|
Ameren Illinois Company
|
|
Preferred Stock, cumulative, $100 par value
Depositary Shares, each representing 1/4 of a share of 6.625% Preferred Stock, cumulative, $100 par value |
Ameren Corporation
|
Yes
|
☒
|
No
|
☐
|
Union Electric Company
|
Yes
|
☐
|
No
|
☒
|
Ameren Illinois Company
|
Yes
|
☐
|
No
|
☒
|
Ameren Corporation
|
Yes
|
☐
|
No
|
☒
|
Union Electric Company
|
Yes
|
☐
|
No
|
☒
|
Ameren Illinois Company
|
Yes
|
☐
|
No
|
☒
|
Ameren Corporation
|
Yes
|
☒
|
No
|
☐
|
Union Electric Company
|
Yes
|
☒
|
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
|
☒
|
Registrant
|
Title of each class of common stock
|
Shares outstanding as of January 31, 2020
|
|
Ameren Corporation
|
Common stock, $0.01 par value per share
|
246,231,712
|
|
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
|
|
|
|
|
|
Page
|
|
|
|
|
Item 1.
|
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|
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|
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|
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|
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|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
Item 1A.
|
|||
Item 1B.
|
|||
Item 2.
|
|||
Item 3.
|
|||
Item 4.
|
|||
|
|
|
|
|
|
|
|
Item 5.
|
|||
Item 6.
|
|||
Item 7.
|
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|
|||
|
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|
|||
|
|||
|
|||
|
|||
|
|||
Item 7A.
|
|||
Item 8.
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
Item 9.
|
|||
Item 9A.
|
|||
Item 9B.
|
|||
|
|
|
|
|
|
|
|
Item 10.
|
|||
Item 11.
|
|||
Item 12.
|
|||
Item 13.
|
|||
Item 14.
|
|||
|
|
|
|
|
|
|
|
Item 15.
|
|||
Item 16.
|
|||
|
|||
|
|
•
|
regulatory, judicial, or legislative actions, and any changes in regulatory policies and ratemaking determinations, that may change regulatory recovery mechanisms, such as those that may result from a rehearing of the November 2019 FERC order determining the allowed base ROE under the MISO tariff, the Notices of Inquiry issued by the FERC in March 2019, Ameren Missouri’s electric service regulatory rate review filed with the MoPSC in July 2019, and Ameren Illinois’ natural gas delivery service regulatory rate review filed with the ICC in February 2020;
|
•
|
the effect and continuation of Ameren Illinois’ election to participate in performance-based formula ratemaking frameworks for its electric distribution service and its participation in electric energy-efficiency programs, including the direct relationship between Ameren Illinois’ ROE and the 30-year United States Treasury bond yields;
|
•
|
the effect on Ameren Missouri of any customer rate caps pursuant to Ameren Missouri’s election to use the PISA, including an extension of use beyond 2023, if requested by Ameren Missouri and approved by the MoPSC;
|
•
|
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, including as a result of 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 ROE;
|
•
|
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 ROEs;
|
•
|
the cost and availability of fuel, such as 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 nuclear and coal-fired energy centers, 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, 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 electric generation, electric and natural gas transmission or distribution, or natural gas storage facilities systems and equipment, 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;
|
•
|
Ameren Missouri’s ability to recover the remaining investment, if any, and decommissioning costs associated with the retirement of an energy center, as well as the ability to earn a return on that remaining investment and those decommissioning costs;
|
•
|
the impact of current environmental laws and new, more stringent, or changing requirements, including those related to NSR, CO2 and the 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 standards 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 ability of developers to meet contractual commitments and timely complete projects, which is dependent upon the availability of necessary materials and equipment, among other things; 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 the MISO or other RTOs at an acceptable cost for each facility;
|
•
|
the effect of a possible cash or net share settlement of the forward sale agreement relating to common stock in the event of changes to Ameren’s expected cash requirements;
|
•
|
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, investors, 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, negative media coverage, or concerns about environmental, social, and/or governance practices;
|
•
|
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.
|
ITEM 1.
|
BUSINESS
|
•
|
Ameren Missouri operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri.
|
•
|
Ameren Illinois operates rate-regulated electric transmission, electric distribution, and natural gas distribution businesses in Illinois.
|
•
|
ATXI operates a FERC rate-regulated electric transmission business in the MISO.
|
(a)
|
The Ameren Transmission segment also includes allocated Ameren (parent) interest charges, Ameren Transmission Company, LLC, ATX East, LLC, and ATX Southwest, LLC.
|
|
Rate Regulator
|
Effective
Rate Order Issued In |
Allowed
ROE |
Percent of
Common Equity
|
Rate Base
(in billions)
|
Portion of Ameren’s 2019 Operating Revenues(a)
|
Ameren Missouri
|
|
|
|
|
|
|
Electric service(b)
|
MoPSC
|
March 2017(c)
|
9.2% – 9.7%(c)
|
(c)
|
(c)
|
52%
|
Natural gas delivery service
|
MoPSC
|
August 2019(d)
|
9.4% – 9.95%(d)
|
52.0%
|
(d)
|
2%
|
Ameren Illinois
|
|
|
|
|
|
|
Electric distribution delivery service(e)
|
ICC
|
December 2019
|
8.91%
|
50.0%
|
$3.2
|
25%
|
Natural gas delivery service(f)
|
ICC
|
November 2018
|
9.87%
|
50.0%
|
$1.6
|
14%
|
Electric transmission service(g)
|
FERC
|
(g)
|
10.38%
|
51.3%
|
$2.1
|
4%
|
ATXI
|
|
|
|
|
|
|
Electric transmission service(g)
|
FERC
|
(g)
|
10.38%
|
59.3%
|
$1.4
|
3%
|
(a)
|
Includes pass-through costs recovered from customers, such as purchased power for electric distribution delivery service and natural gas purchased for resale for natural gas delivery service, and intercompany eliminations.
|
(b)
|
Ameren Missouri’s electric generation, transmission, and delivery service rates are bundled together and charged to retail customers under a combined electric service rate. Ameren Missouri has a pending electric service regulatory rate review it filed with the MoPSC in July 2019. For additional information regarding this regulatory rate review, see Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report.
|
(c)
|
This rate order specified that an implicit ROE was within a range of 9.2% to 9.7%. This rate order did not specify a percent of common equity or rate base. The ROE used for allowance for equity funds used during construction is 9.53%.
|
(d)
|
This rate order specified that an implicit ROE was within a range of 9.4% to 9.95%. This rate order did not specify rate base.
|
(e)
|
Ameren Illinois electric distribution delivery service rates are updated annually and become effective each January. This rate order was based on 2018 actual costs, expected net plant additions for 2019, and the annual average of the monthly yields during 2018 of the 30-year United States Treasury bonds plus 580 basis points. Ameren Illinois’ 2020 electric distribution delivery service revenues will be based on its 2020 actual recoverable costs, rate base, common equity percentage, and an allowed ROE, as calculated under the IEIMA’s performance-based formula ratemaking framework.
|
(f)
|
This rate order was based on a 2019 future test year. Ameren Illinois has a pending natural gas delivery service regulatory rate review it filed with the ICC in February 2020. For additional information regarding this regulatory rate review, see Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report.
|
(g)
|
Transmission rates are updated annually and become effective each January. They are determined by a company-specific, forward-looking formula ratemaking framework based on each year’s forecasted information. The 10.38% return, which includes a 50 basis points incentive adder for participation in an RTO, is based on the FERC’s November 2019 order. For additional information regarding this order and related requests for rehearing, see Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report. The ROE applicable to investments in ATXI’s Mark Twain project includes an additional 50 basis point incentive adder related to the unique nature of risks involved in completing the project.
|
•
|
the potential for changes in laws, regulations, enforcement efforts, and policies at the state and federal levels;
|
•
|
corporate tax law changes, as well as additional interpretations, regulations, amendments, or technical corrections that affect the amount and timing of income tax payments, reduce or limit the ability to claim certain deductions and use carryforward tax benefits, or result in rate base reductions;
|
•
|
cybersecurity risks, including the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the theft or inappropriate release of certain types of information, including sensitive customer, employee, financial, and operating system information;
|
•
|
political, regulatory, and customer resistance to higher rates;
|
•
|
the potential for more intense competition in generation, supply, and distribution, including new technologies and their declining costs;
|
•
|
the impact and effectiveness of vegetation management programs;
|
•
|
net metering rules and other changes in existing regulatory frameworks and recovery mechanisms to address the allocation of costs to customers who own generation resources that enable them both to sell power to us and to purchase power from us through the use of our transmission and distribution assets;
|
•
|
legislation or programs to encourage or mandate energy efficiency, energy conservation, and renewable sources of power, and the lack of consensus as to how those programs should be paid for;
|
•
|
pressure on customer growth and usage in light of economic conditions, distributed generation, energy storage, technological advances, and energy-efficiency or conservation initiatives;
|
•
|
changes in the structure of the industry as a result of changes in federal and state laws, including the formation and growth of independent transmission entities;
|
•
|
changes in the allowed ROE on FERC-regulated electric transmission assets;
|
•
|
the availability of fuel and fluctuations in fuel prices;
|
•
|
the availability of materials and equipment, and the potential disruptions in supply chains resulting from the international public health emergency associated with the novel coronavirus (COVID-19);
|
•
|
the availability of a skilled work force, including retaining the specialized skills of those who are nearing retirement;
|
•
|
regulatory lag;
|
•
|
the influence of macroeconomic factors on yields of United States Treasury securities and on the allowed ROE provided by regulators;
|
•
|
higher levels of infrastructure and technology investments and adjustments to customer rates associated with the TCJA that are expected to result in negative or decreased free cash flow, which is defined as cash flows from operating activities less cash flows from investing activities and dividends paid;
|
•
|
the demand for access to renewable energy generation at rates acceptable to customers;
|
•
|
public concerns about the siting of new facilities, and challenges that members of the public can assert against applications for governmental permits and other approvals required to site and build new facilities that can result in significant cost increases, delays and denial of the permits and approvals by the regulators;
|
•
|
complex new and proposed environmental laws including statutes, regulations, and requirements, such as air and water quality standards, mercury emissions standards, CCR management requirements, and potential CO2 limitations, which may reduce the frequency at which electric generating units are dispatched based upon their CO2 emissions;
|
•
|
public concerns about the potential environmental impacts from the combustion of fossil fuels and the use of natural gas;
|
•
|
certain investors’ concerns about investing in utility companies that have coal-fired generation assets and increasing scrutiny of environmental, social, and governance practices;
|
•
|
aging infrastructure and the need to construct new power generation, transmission, and distribution facilities, which have long time frames for completion, with limited long-term ability to predict power and commodity prices and regulatory requirements;
|
•
|
public concerns about nuclear generation, decommissioning, and the disposal of nuclear waste; and
|
•
|
consolidation of electric and natural gas utility companies.
|
Electric Operating Statistics – Year Ended December 31,
|
2019
|
|
2018
|
|
2017
|
|
||||||
Electric Sales – kilowatthours (in millions):
|
|
|
|
|
|
|
||||||
Ameren Missouri:
|
|
|
|
|
|
|
||||||
Residential
|
13,532
|
|
|
14,320
|
|
|
12,653
|
|
|
|||
Commercial
|
14,269
|
|
|
14,791
|
|
|
14,384
|
|
|
|||
Industrial
|
4,242
|
|
|
4,499
|
|
|
4,469
|
|
|
|||
Street lighting and public authority
|
99
|
|
|
108
|
|
|
117
|
|
|
|||
Ameren Missouri retail load subtotal
|
32,142
|
|
|
33,718
|
|
|
31,623
|
|
|
|||
Off-system
|
5,477
|
|
|
10,036
|
|
|
10,640
|
|
|
|||
Ameren Missouri total
|
37,619
|
|
|
43,754
|
|
|
42,263
|
|
|
|||
Ameren Illinois Electric Distribution(a):
|
|
|
|
|
|
|
||||||
Residential
|
11,675
|
|
|
12,099
|
|
|
10,985
|
|
|
|||
Commercial
|
12,341
|
|
|
12,717
|
|
|
12,382
|
|
|
|||
Industrial
|
11,587
|
|
|
11,673
|
|
|
11,436
|
|
|
|||
Street lighting and public authority
|
491
|
|
|
513
|
|
|
515
|
|
|
|||
Ameren Illinois Electric Distribution total
|
36,094
|
|
|
37,002
|
|
|
35,318
|
|
|
|||
Eliminate affiliate sales
|
(84
|
)
|
|
(288
|
)
|
|
(440
|
)
|
|
|||
Ameren total
|
73,629
|
|
|
80,468
|
|
|
77,141
|
|
|
|||
Electric Operating Revenues (in millions):
|
|
|
|
|
|
|
||||||
Ameren Missouri:
|
|
|
|
|
|
|
||||||
Residential
|
$
|
1,403
|
|
|
$
|
1,560
|
|
|
$
|
1,417
|
|
|
Commercial
|
1,157
|
|
|
1,271
|
|
|
1,208
|
|
|
|||
Industrial
|
278
|
|
|
312
|
|
|
305
|
|
|
|||
Other, including street lighting and public authority
|
127
|
|
|
30
|
|
(b)
|
111
|
|
|
|||
Ameren Missouri retail load subtotal
|
$
|
2,965
|
|
|
$
|
3,173
|
|
|
$
|
3,041
|
|
|
Off-system
|
144
|
|
|
278
|
|
|
370
|
|
|
|||
Ameren Missouri total
|
$
|
3,109
|
|
|
$
|
3,451
|
|
|
$
|
3,411
|
|
|
Ameren Illinois Electric Distribution:
|
|
|
|
|
|
|
||||||
Residential
|
$
|
848
|
|
|
$
|
867
|
|
|
$
|
870
|
|
|
Commercial
|
497
|
|
|
511
|
|
|
527
|
|
|
|||
Industrial
|
127
|
|
|
130
|
|
|
113
|
|
|
|||
Other, including street lighting and public authority
|
32
|
|
|
39
|
|
|
58
|
|
|
|||
Ameren Illinois Electric Distribution total
|
$
|
1,504
|
|
|
$
|
1,547
|
|
|
$
|
1,568
|
|
|
Ameren Transmission:
|
|
|
|
|
|
|
||||||
Ameren Illinois Transmission(c)
|
$
|
288
|
|
|
$
|
267
|
|
|
$
|
258
|
|
|
ATXI
|
176
|
|
|
166
|
|
|
168
|
|
|
|||
Ameren Transmission total
|
$
|
464
|
|
|
$
|
433
|
|
|
$
|
426
|
|
|
Other and intersegment eliminations
|
(96
|
)
|
|
(92
|
)
|
|
(98
|
)
|
|
|||
Ameren total
|
$
|
4,981
|
|
|
$
|
5,339
|
|
|
$
|
5,307
|
|
|
(a)
|
Sales for which power was supplied by Ameren Illinois as well as alternative retail electric suppliers. In 2019, 2018, and 2017, Ameren Illinois procured power on behalf of its customers for 22%, 23%, and 23%, respectively, of its total kilowatthour sales.
|
(b)
|
Includes $60 million for the year ended December 31, 2018, for the reduction to revenue for the excess amounts collected in rates related to the TCJA from January 1, 2018, through July 31, 2018. See Note 2 – Rate and Regulatory Matters for additional information.
|
(c)
|
Includes $62 million, $53 million, and $42 million in 2019, 2018, and 2017, respectively, of electric operating revenues from transmission services provided to Ameren Illinois Electric Distribution.
|
Electric Operating Statistics – Year Ended December 31,
|
2019
|
|
2018
|
|
2017
|
|
||||||
Ameren Missouri fuel costs (cents per kilowatthour generated)(a)
|
|
1.38
|
¢
|
|
|
1.59
|
¢
|
|
|
1.75
|
¢
|
|
Source of Ameren Missouri energy supply:
|
|
|
|
|
|
|
||||||
Coal
|
63.4
|
%
|
|
67.8
|
%
|
|
70.9
|
%
|
|
|||
Nuclear
|
23.3
|
|
|
23.7
|
|
|
19.0
|
|
|
|||
Hydroelectric
|
5.0
|
|
|
2.5
|
|
|
3.4
|
|
|
|||
Natural gas
|
0.5
|
|
|
1.0
|
|
|
0.7
|
|
|
|||
Methane gas and solar
|
0.2
|
|
|
0.1
|
|
|
0.1
|
|
|
|||
Purchased – wind
|
0.7
|
|
|
0.6
|
|
|
0.7
|
|
|
|||
Purchased power
|
6.9
|
|
|
4.3
|
|
|
5.2
|
|
|
|||
Ameren Missouri total
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Natural Gas Operating Statistics – Year Ended December 31,
|
2019
|
|
2018
|
|
2017
|
|
||||||
Natural Gas Sales – dekatherms (in millions):
|
|
|
|
|
|
|
||||||
Ameren Missouri:
|
|
|
|
|
|
|
||||||
Residential
|
7
|
|
|
7
|
|
|
6
|
|
|
|||
Commercial
|
4
|
|
|
4
|
|
|
3
|
|
|
|||
Industrial
|
1
|
|
|
1
|
|
|
1
|
|
|
|||
Transport
|
9
|
|
|
9
|
|
|
8
|
|
|
|||
Ameren Missouri total
|
21
|
|
|
21
|
|
|
18
|
|
|
|||
Ameren Illinois Natural Gas:
|
|
|
|
|
|
|
||||||
Residential
|
61
|
|
|
60
|
|
|
50
|
|
|
|||
Commercial
|
19
|
|
|
18
|
|
|
15
|
|
|
|||
Industrial
|
4
|
|
|
4
|
|
|
3
|
|
|
|||
Transport
|
101
|
|
|
100
|
|
|
98
|
|
|
|||
Ameren Illinois Natural Gas total
|
185
|
|
|
182
|
|
|
166
|
|
|
|||
Ameren total
|
206
|
|
|
203
|
|
|
184
|
|
|
|||
Natural Gas Operating Revenues (in millions):
|
|
|
|
|
|
|
||||||
Ameren Missouri:
|
|
|
|
|
|
|
||||||
Residential
|
$
|
81
|
|
|
$
|
90
|
|
|
$
|
77
|
|
|
Commercial
|
34
|
|
|
37
|
|
|
31
|
|
|
|||
Industrial
|
4
|
|
|
4
|
|
|
4
|
|
|
|||
Transport and other
|
15
|
|
|
7
|
|
|
14
|
|
|
|||
Ameren Missouri total
|
$
|
134
|
|
|
$
|
138
|
|
|
$
|
126
|
|
|
Ameren Illinois Natural Gas:
|
|
|
|
|
|
|
||||||
Residential
|
$
|
570
|
|
|
$
|
581
|
|
|
$
|
531
|
|
|
Commercial
|
154
|
|
|
159
|
|
|
146
|
|
|
|||
Industrial
|
13
|
|
|
17
|
|
|
12
|
|
|
|||
Transport and other
|
60
|
|
|
58
|
|
|
54
|
|
|
|||
Ameren Illinois Natural Gas total
|
$
|
797
|
|
|
$
|
815
|
|
|
$
|
743
|
|
|
Other and intercompany eliminations
|
(2
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
|||
Ameren total
|
$
|
929
|
|
|
$
|
952
|
|
|
$
|
867
|
|
|
|
||||||||||||
|
||||||||||||
Rate Base Statistics – At December 31,
|
2019
|
|
2018
|
|
2017
|
|
||||||
Rate Base (in billions):
|
|
|
|
|
|
|
||||||
Electric and natural gas transmission and distribution
|
$
|
12.8
|
|
|
$
|
11.3
|
|
|
$
|
10.1
|
|
|
Coal generation:
|
|
|
|
|
|
|
||||||
Labadie Energy Center
|
0.9
|
|
|
0.8
|
|
|
0.7
|
|
|
|||
Sioux Energy Center
|
0.6
|
|
|
0.6
|
|
|
0.7
|
|
|
|||
Rush Island Energy Center
|
0.5
|
|
|
0.4
|
|
|
0.4
|
|
|
|||
Meramec Energy Center
|
0.1
|
|
|
0.2
|
|
|
0.2
|
|
|
|||
Coal generation total
|
2.1
|
|
|
2.0
|
|
|
2.0
|
|
|
|||
Nuclear generation
|
1.4
|
|
|
1.3
|
|
|
1.5
|
|
|
|||
Renewable generation
|
0.5
|
|
|
0.5
|
|
|
0.4
|
|
|
|||
Natural gas generation
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|
|||
Rate base total
|
$
|
17.2
|
|
|
$
|
15.5
|
|
|
$
|
14.4
|
|
|
ITEM 1A.
|
RISK FACTORS
|
•
|
facility shutdowns due to operator error, or a failure of equipment or processes;
|
•
|
longer-than-anticipated maintenance outages;
|
•
|
failures of equipment that can result in unanticipated liabilities or unplanned outages;
|
•
|
aging infrastructure that may require significant expenditures to operate and maintain;
|
•
|
lack of adequate water required for cooling plant operations;
|
•
|
labor disputes;
|
•
|
disruptions in the delivery of electricity to our customers;
|
•
|
suppliers and contractors who do not perform as required under their contracts;
|
•
|
failure of other operators’ facilities and the effect of that failure on our electric system and customers;
|
•
|
inability to comply with regulatory or permit requirements, including those relating to environmental laws;
|
•
|
handling, storage, and disposition of CCR;
|
•
|
unusual or adverse weather conditions or other natural disasters, including severe storms, droughts, floods, tornadoes, earthquakes, sustained high temperatures, solar flares, and electromagnetic pulses;
|
•
|
the occurrence of catastrophic events such as fires, explosions, acts of sabotage or terrorism, pandemic health events, or other similar events;
|
•
|
accidents that might result in injury or loss of life, extensive property damage, or environmental damage;
|
•
|
ineffective vegetation management programs;
|
•
|
cybersecurity risks, including loss of operational control of Ameren Missouri’s energy centers and our transmission and distribution systems and loss of data, including sensitive customer, employee, financial, and operating system information, through insider or outsider actions;
|
•
|
limitations on amounts of insurance available to cover losses that might arise in connection with operating our electric generation, transmission, and distribution facilities;
|
•
|
inability to implement or maintain information systems;
|
•
|
failure to keep pace with and the ability to adapt to rapid technological change; and
|
•
|
other unanticipated operations and maintenance expenses and liabilities.
|
•
|
potential harmful effects on the environment and human health resulting from radiological releases associated with the operation of nuclear facilities and the storage, handling, and disposal of radioactive materials;
|
•
|
continued uncertainty regarding the federal government’s plan to permanently store spent nuclear fuel and, as a result, the need to provide for long-term storage of spent nuclear fuel at the Callaway Energy Center;
|
•
|
limitations on the amounts and types of insurance available to cover losses that might arise in connection with the Callaway Energy Center or other United States nuclear facilities;
|
•
|
uncertainties about contingencies and retrospective premium assessments relating to claims at the Callaway Energy Center or any other United States nuclear facilities;
|
•
|
public and governmental concerns about the safety and adequacy of security at nuclear facilities;
|
•
|
limited availability of fuel supply and our reliance on licensed fuel assemblies from the one NRC-licensed supplier of Callaway Energy Center’s assemblies;
|
•
|
costly and extended outages for scheduled or unscheduled maintenance and refueling;
|
•
|
uncertainties about the technological and financial aspects of decommissioning nuclear facilities at the end of their licensed lives;
|
•
|
the adverse effect of poor market performance and other economic factors on the asset values of nuclear decommissioning trust funds and the corresponding increase, upon MoPSC approval, in customer rates to fund the estimated decommissioning costs; and
|
•
|
potential adverse effects of a natural disaster, acts of sabotage or terrorism, including a cyber attack, or any accident leading to a radiological release.
|
•
|
Conservation and energy-efficiency programs. Missouri allows for conservation and energy-efficiency programs that are designed to reduce energy demand.
|
•
|
Distributed generation and other energy-efficiency efforts. Ameren Missouri is exposed to declining usage from energy-efficiency efforts not related to its energy-efficiency programs, as well as from distributed generation sources, such as solar panels and other technologies. Ameren Missouri generates power at utility-scale energy centers to achieve economies of scale. Some distributed generation technologies have become more cost-competitive, with decreasing costs expected in the future. The costs of these distributed generation technologies may decline over time to a level that is competitive with that of Ameren Missouri’s energy centers. Additionally, technological advances in energy storage may be coupled with distributed generation to reduce the demand for our electric utility services. Increased adoption of these technologies by customers could decrease our revenues if customers cease to use our generation, transmission, and distribution services at current levels. Ameren Missouri might incur stranded costs, which ultimately might not be recovered through rates.
|
•
|
Macroeconomic factors. Macroeconomic factors resulting in low economic growth or contraction within Ameren Missouri’s service territories could reduce energy demand.
|
ITEM 1B.
|
UNRESOLVED STAFF COMMENTS
|
ITEM 2.
|
PROPERTIES
|
Primary Fuel Source
|
Energy Center
|
Location
|
Net Kilowatt Capability(a)
|
|
Coal
|
Labadie(b)
|
Franklin County, Missouri
|
2,372,000
|
|
|
Rush Island(c)
|
Jefferson County, Missouri
|
1,178,000
|
|
|
Sioux(d)
|
St. Charles County, Missouri
|
972,000
|
|
|
Meramec(e)
|
St. Louis County, Missouri
|
540,000
|
|
Total coal
|
|
|
5,062,000
|
|
Nuclear
|
Callaway(f)
|
Callaway County, Missouri
|
1,194,000
|
|
Hydroelectric
|
Osage(f)
|
Lakeside, Missouri
|
235,000
|
|
|
Keokuk
|
Keokuk, Iowa
|
144,000
|
|
Total hydroelectric
|
|
|
379,000
|
|
Pumped-storage
|
Taum Sauk(f)
|
Reynolds County, Missouri
|
440,000
|
|
Natural gas (CTs)
|
Audrain(g)
|
Audrain County, Missouri
|
608,000
|
|
|
Venice(h)
|
Venice, Illinois
|
494,000
|
|
|
Goose Creek
|
Piatt County, Illinois
|
438,000
|
|
|
Pinckneyville
|
Pinckneyville, Illinois
|
316,000
|
|
|
Raccoon Creek
|
Clay County, Illinois
|
308,000
|
|
|
Meramec(e)(h)(i)
|
St. Louis County, Missouri
|
272,000
|
|
|
Kinmundy(h)
|
Kinmundy, Illinois
|
210,000
|
|
|
Peno Creek(g)(h)
|
Bowling Green, Missouri
|
192,000
|
|
Total natural gas
|
|
|
2,838,000
|
|
Oil (CTs)
|
Fairgrounds
|
Jefferson City, Missouri
|
55,000
|
|
|
Mexico
|
Mexico, Missouri
|
54,000
|
|
|
Moberly
|
Moberly, Missouri
|
54,000
|
|
|
Moreau
|
Jefferson City, Missouri
|
54,000
|
|
Total oil
|
|
|
217,000
|
|
Methane gas (CT)
|
Maryland Heights
|
Maryland Heights, Missouri
|
8,000
|
|
Solar
|
O’Fallon
|
O’Fallon, Missouri
|
3,000
|
|
|
Lambert
|
St. Louis County, Missouri
|
1,000
|
|
|
BJC
|
St. Louis, Missouri
|
1,000
|
|
Total solar
|
|
|
5,000
|
|
Total Ameren and Ameren Missouri
|
|
|
10,141,000
|
|
(a)
|
Net kilowatt capability is the generating capacity available for dispatch from the energy center into the electric transmission grid.
|
(b)
|
The Labadie Energy Center is scheduled to retire 1,186,000 kilowatts by 2036 and 1,186,000 kilowatts by 2042.
|
(c)
|
The Rush Island Energy Center is scheduled to retire all generating capacity by 2045.
|
(d)
|
The Sioux Energy Center is scheduled to retire all generating capacity by 2033.
|
(e)
|
The Meramec Energy Center is scheduled for retirement by 2022.
|
(f)
|
The operating licenses for the Callaway, Osage, and Taum Sauk energy centers expire in 2044, 2047, and 2044, respectively.
|
(g)
|
There are economic development arrangements applicable to these CTs, as discussed below.
|
(h)
|
These CTs have the capability to operate on either oil or natural gas (dual fuel).
|
(i)
|
Two of its three units are steam-powered.
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
||
Circuit miles of electric transmission lines(a)
|
2,971
|
|
|
4,643
|
|
Circuit miles of electric distribution lines
|
33,652
|
|
|
45,868
|
|
Percentage of circuit miles of electric distribution lines underground
|
24
|
%
|
|
16
|
%
|
Miles of natural gas transmission and distribution mains
|
3,448
|
|
|
18,503
|
|
Underground natural gas storage fields
|
—
|
|
|
12
|
|
Total working capacity of underground natural gas storage fields in billion cubic feet
|
—
|
|
|
24
|
|
(a)
|
ATXI owns 505 miles of transmission lines not reflected in this table.
|
•
|
A portion of Ameren Missouri’s Osage Energy Center reservoir, certain facilities at Ameren Missouri’s Sioux Energy Center, most of Ameren Missouri’s Peno Creek and Audrain CT energy centers, Ameren Missouri’s Maryland Heights Energy Center, Ameren Missouri’s Lambert and BJC energy centers, certain substations, and most transmission and distribution lines and natural gas mains are situated on lands occupied under leases, easements, franchises, licenses, or permits. The United States or the state of Missouri may own or may have paramount rights with respect to certain lands lying in the bed of the Osage River or located between the inner and outer harbor lines of the Mississippi River on which certain of Ameren Missouri’s energy centers and other properties are located.
|
•
|
The United States, the state of Illinois, the state of Iowa, or the city of Keokuk, Iowa, may own or may have paramount rights with respect to certain lands lying in the bed of the Mississippi River on which a portion of Ameren Missouri’s Keokuk Energy Center is located.
|
ITEM 3.
|
LEGAL PROCEEDINGS
|
•
|
Ameren Missouri’s electric service regulatory rate review filed with the MoPSC in July 2019;
|
•
|
Ameren Illinois’ natural gas delivery service regulatory rate review filed with the ICC in February 2020;
|
•
|
the ICC’s QIP prudence review requested by Ameren Illinois in March 2019;
|
•
|
Ameren and the MISO transmission owner’s request for a rehearing of the November 2019 FERC order related to the November 2013 complaint case;
|
•
|
the March 2019 FERC separate Notices of Inquiry regarding its allowed ROE policy and its transmission incentives policy;
|
•
|
litigation against Ameren Missouri with respect to NSR and the Clean Air Act; and
|
•
|
remediation matters associated with former MGP sites of Ameren Illinois.
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
Name
|
Age
|
|
Positions and Offices Held
|
|
|
|
|
|
|
Warner L. Baxter
|
58
|
|
|
Chairman, President and Chief Executive Officer, and Director
|
Baxter joined Ameren Missouri in 1995. He was elected to the positions of executive vice president and chief financial officer of Ameren, Ameren Missouri, Ameren Illinois, and Ameren Services in 2003. He was elected chairman, president, chief executive officer, and chief financial officer of Ameren Services in 2007. In 2009, he was elected chairman, president, and chief executive officer of Ameren Missouri. In 2014, he was elected chairman, president, and chief executive officer of Ameren, and relinquished his positions at Ameren Missouri.
|
||||
|
|
|
|
|
Michael L. Moehn
|
50
|
|
|
Executive Vice President and Chief Financial Officer
|
Moehn joined Ameren Services in 2000. In 2004, he was elected vice president, corporate planning, of Ameren Services. In 2008, he was elected senior vice president, corporate planning and business risk management, of Ameren Services. In 2012, he was elected senior vice president, customer operations, of Ameren Missouri, and relinquished his position at Ameren Services. In 2014, he was elected chairman and president of Ameren Missouri. In December 2019, he was elected executive vice president and chief financial officer of the Ameren Companies and chairman and president of Ameren Services and relinquished his positions at Ameren Missouri.
|
||||
|
|
|
|
|
Chonda J. Nwamu
|
48
|
|
|
Senior Vice President, General Counsel, and Secretary
|
Nwamu joined Ameren Services in September 2016 as vice president and deputy general counsel. In January 2019, she was elected senior vice president and deputy general counsel of Ameren Services. In August 2019, she was elected senior vice president, general counsel and secretary of the Ameren Companies. Prior to joining Ameren Services, she served as regulatory counsel at Pacific Gas and Electric Company, a public utility, from 2000 to May 2014 and as managing counsel and senior director from June 2014 to June 2016.
|
||||
|
|
|
|
|
Bruce A. Steinke
|
58
|
|
|
Senior Vice President, Finance, and Chief Accounting Officer
|
Steinke joined Ameren Services in 2002. In 2008, he was elected vice president and controller of Ameren, Ameren Illinois, and Ameren Services. In 2009, he relinquished his positions at Ameren Illinois. In 2013, he was elected senior vice president, finance, and chief accounting officer of the Ameren Companies.
|
ITEM 5.
|
MARKET FOR REGISTRANTS’ COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASE OF EQUITY SECURITIES
|
December 31,
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
||||||||||||
Ameren (AEE)
|
$
|
100.00
|
|
|
$
|
97.63
|
|
|
$
|
122.68
|
|
|
$
|
142.26
|
|
|
$
|
162.15
|
|
|
$
|
195.91
|
|
EEI Index
|
100.00
|
|
|
96.10
|
|
|
112.86
|
|
|
126.09
|
|
|
130.71
|
|
|
164.43
|
|
||||||
S&P 500 Index
|
100.00
|
|
|
101.38
|
|
|
113.51
|
|
|
138.28
|
|
|
132.23
|
|
|
173.86
|
|
||||||
S&P 500 Utility Index
|
100.00
|
|
|
95.15
|
|
|
110.65
|
|
|
124.05
|
|
|
129.15
|
|
|
163.18
|
|
||||||
Philadelphia Utility Index
|
100.00
|
|
|
93.83
|
|
|
110.37
|
|
|
124.03
|
|
|
128.45
|
|
|
163.00
|
|
ITEM 6.
|
SELECTED FINANCIAL DATA
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
||||||||||
Ameren:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
5,910
|
|
|
$
|
6,291
|
|
|
$
|
6,174
|
|
|
$
|
6,076
|
|
|
$
|
6,098
|
|
(a)
|
Operating income
|
1,267
|
|
|
1,357
|
|
|
1,410
|
|
|
1,322
|
|
|
1,235
|
|
(a)(b)
|
|||||
Income from continuing operations
|
834
|
|
|
821
|
|
|
529
|
|
(c)
|
659
|
|
|
585
|
|
|
|||||
Income from discontinued operations, net of taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51
|
|
|
|||||
Net income attributable to Ameren common shareholders
|
828
|
|
|
815
|
|
|
523
|
|
|
653
|
|
|
630
|
|
|
|||||
Common stock dividends
|
472
|
|
|
451
|
|
|
431
|
|
|
416
|
|
|
402
|
|
|
|||||
Continuing operations earnings per share – basic
|
3.37
|
|
|
3.34
|
|
|
2.16
|
|
|
2.69
|
|
|
2.39
|
|
|
|||||
Continuing operations earnings per share – diluted
|
3.35
|
|
|
3.32
|
|
|
2.14
|
|
|
2.68
|
|
|
2.38
|
|
|
|||||
Common stock dividends per share
|
1.9200
|
|
|
1.8475
|
|
|
1.7775
|
|
|
1.715
|
|
|
1.655
|
|
|
|||||
As of December 31:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
28,933
|
|
|
$
|
27,215
|
|
|
$
|
25,945
|
|
|
$
|
24,699
|
|
|
$
|
23,640
|
|
|
Long-term debt, excluding current maturities
|
8,915
|
|
|
7,859
|
|
|
7,094
|
|
|
6,595
|
|
|
6,880
|
|
|
|||||
Total Ameren Corporation shareholders’ equity
|
8,059
|
|
|
7,631
|
|
|
7,184
|
|
|
7,103
|
|
|
6,946
|
|
|
|||||
Ameren Missouri:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
3,243
|
|
|
$
|
3,589
|
|
|
$
|
3,537
|
|
|
$
|
3,524
|
|
|
$
|
3,609
|
|
(a)
|
Operating income
|
617
|
|
|
749
|
|
|
722
|
|
|
725
|
|
|
742
|
|
(a)(b)
|
|||||
Net income available to common shareholder
|
426
|
|
|
478
|
|
|
323
|
|
(c)
|
357
|
|
|
352
|
|
|
|||||
Dividends to parent
|
430
|
|
|
375
|
|
|
362
|
|
|
355
|
|
|
575
|
|
|
|||||
As of December 31:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
14,937
|
|
|
$
|
14,291
|
|
|
$
|
14,043
|
|
|
$
|
14,035
|
|
|
$
|
13,851
|
|
|
Long-term debt, excluding current maturities
|
4,098
|
|
|
3,418
|
|
|
3,577
|
|
|
3,563
|
|
|
3,844
|
|
|
|||||
Total shareholders’ equity
|
4,349
|
|
|
4,229
|
|
|
4,081
|
|
|
4,090
|
|
|
4,082
|
|
|
|||||
Ameren Illinois:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
2,527
|
|
|
$
|
2,576
|
|
|
$
|
2,527
|
|
|
$
|
2,489
|
|
|
$
|
2,466
|
|
(a)
|
Operating income
|
550
|
|
|
512
|
|
|
569
|
|
|
519
|
|
|
446
|
|
(a)
|
|||||
Net income available to common shareholder
|
343
|
|
|
304
|
|
|
268
|
|
|
252
|
|
|
214
|
|
|
|||||
Dividends to parent
|
—
|
|
|
—
|
|
|
—
|
|
|
110
|
|
|
—
|
|
|
|||||
As of December 31:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
12,185
|
|
|
$
|
11,319
|
|
|
$
|
10,345
|
|
|
$
|
9,474
|
|
|
$
|
8,903
|
|
|
Long-term debt, excluding current maturities
|
3,575
|
|
|
3,296
|
|
|
2,373
|
|
|
2,338
|
|
|
2,342
|
|
|
|||||
Total shareholders’ equity
|
4,132
|
|
|
3,774
|
|
|
3,310
|
|
|
3,034
|
|
|
2,897
|
|
|
(a)
|
Amounts have not been revised to reflect the adoption of accounting guidance on revenue from contracts with customers, effective for the Ameren Companies as of January 1, 2018, and are not comparative. See Note 1 – Summary of Significant Accounting Policies under Part II, Item 8, of our Form 10-K for the year ended December 31, 2018, filed with the SEC on February 26, 2019, for additional information.
|
(b)
|
Includes a $69 million provision recorded for all of the previously capitalized construction and operating license costs relating to the cancelled second nuclear unit at Ameren Missouri’s Callaway Energy Center.
|
(c)
|
Includes an increase to income tax expense of $154 million and $32 million as a result of the TCJA at Ameren and Ameren Missouri, respectively. See Note 12 – Income Taxes under Part II, Item 8, of this report for additional information.
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
Ameren Missouri operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri.
|
•
|
Ameren Illinois operates rate-regulated electric transmission, electric distribution, and natural gas distribution businesses in Illinois.
|
•
|
ATXI operates a FERC rate-regulated electric transmission business in the MISO.
|
2019 Capital Expenditures by Segment
(in billions)
|
|
2020 – 2024 Projected Capital Expenditures by Segment
(in billions)
|
||||
|
|
|
||||
|
|
Ameren Missouri
|
|
|
Ameren Illinois Natural Gas
|
|
|
|
|
|
|
|
|
|
|
Ameren Illinois Electric Distribution
|
|
|
Ameren Transmission
|
|
|
|
Range (in billions)
|
||||||
Ameren Missouri
|
|
$
|
7.8
|
|
–
|
$
|
8.4
|
|
Ameren Illinois Electric Distribution
|
|
2.8
|
|
–
|
3.0
|
|
||
Ameren Illinois Natural Gas
|
|
1.7
|
|
–
|
1.8
|
|
||
Ameren Transmission
|
|
3.1
|
|
–
|
3.4
|
|
||
Ameren
|
|
$
|
15.4
|
|
–
|
$
|
16.6
|
|
|
2019
|
|
2018
|
||||
Net income attributable to Ameren common shareholders
|
$
|
828
|
|
|
$
|
815
|
|
Earnings per common share – diluted
|
3.35
|
|
|
3.32
|
|
•
|
increased Ameren Transmission and Ameren Illinois Electric Distribution earnings under formula ratemaking, primarily as a result of additional rate base investment and Ameren Illinois Electric Distribution energy-efficiency investments (14 cents per share);
|
•
|
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 because of changes in the cash surrender value of company-owned life insurance (10 cents per share);
|
•
|
increased other income, net, primarily because charitable donations returned to more normal levels at Ameren Missouri and Ameren (parent), and increased non-service cost components of net periodic benefit income (9 cents per share);
|
•
|
the recognition of MEEIA 2013 and MEEIA 2016 performance incentives (8 cents per share);
|
•
|
the absence of a noncash charge to earnings for the revaluation of deferred taxes recorded in 2018 related to the TCJA (5 cents per share);
|
•
|
a decrease in the effective income tax rate at Ameren (parent), primarily because of an increase in the income tax benefit related to stock-based compensation (5 cents per share);
|
•
|
an increase in base rates at Ameren Illinois Natural Gas pursuant to the ICC’s November 2018 natural gas rate order (2 cents per share);
|
•
|
decreased net financing costs at Ameren Missouri, primarily as a result of the regulatory deferral of interest expense pursuant to the PISA and lower interest rates, partially offset by lower levels of the allowance for funds used during construction (2 cents per share);
|
•
|
increased Ameren Transmission earnings resulting from the net impact of the November 2019 FERC order addressing the allowed base ROE for FERC-regulated transmission rate base under the MISO tariff (2 cents per share); and
|
•
|
increased Ameren Illinois Natural Gas earnings under the QIP rider resulting from investments in qualifying infrastructure (1 cent per share).
|
•
|
decreased electric retail sales at Ameren Missouri, primarily because of milder summer temperatures experienced in 2019 (estimated at 26 cents per share);
|
•
|
increased other operation and maintenance expenses related to the Callaway Energy Center’s scheduled refueling and maintenance outage that was completed in May 2019, as compared with no refueling and maintenance outage in 2018 (9 cents per share);
|
•
|
increased taxes other than income taxes at Ameren Missouri due to higher property taxes (5 cents per share);
|
•
|
increased depreciation and amortization expenses not subject to riders or regulatory tracking mechanisms at Ameren Illinois Natural Gas and Ameren Missouri, primarily because of additional property, plant, and equipment (5 cents per share);
|
•
|
decreased Ameren Illinois Electric Distribution earnings under formula ratemaking because of a lower recognized ROE (4 cents per share);
|
•
|
increased transmission services charges at Ameren Missouri (3 cents per share); and
|
•
|
increased weighted-average basic common shares outstanding (3 cents per share).
|
2019
|
Ameren Missouri
|
|
Ameren
Illinois
Electric
Distribution
|
|
Ameren
Illinois
Natural Gas
|
|
Ameren Transmission
|
|
Other /
Intersegment
Eliminations
|
|
Ameren
|
||||||||||||
Electric margins
|
$
|
2,381
|
|
|
$
|
1,074
|
|
|
$
|
—
|
|
|
$
|
464
|
|
|
$
|
(29
|
)
|
|
$
|
3,890
|
|
Natural gas margins
|
81
|
|
|
—
|
|
|
519
|
|
|
—
|
|
|
(2
|
)
|
|
598
|
|
||||||
Other operations and maintenance expenses
|
(960
|
)
|
|
(498
|
)
|
|
(233
|
)
|
|
(60
|
)
|
|
6
|
|
|
(1,745
|
)
|
||||||
Depreciation and amortization
|
(556
|
)
|
|
(273
|
)
|
|
(78
|
)
|
|
(84
|
)
|
|
(4
|
)
|
|
(995
|
)
|
||||||
Taxes other than income taxes
|
(329
|
)
|
|
(73
|
)
|
|
(67
|
)
|
|
(4
|
)
|
|
(8
|
)
|
|
(481
|
)
|
||||||
Other income, net
|
58
|
|
|
33
|
|
|
12
|
|
|
8
|
|
|
19
|
|
|
130
|
|
||||||
Interest charges
|
(178
|
)
|
|
(71
|
)
|
|
(38
|
)
|
|
(74
|
)
|
|
(20
|
)
|
|
(381
|
)
|
||||||
Income (taxes) benefit
|
(68
|
)
|
|
(45
|
)
|
|
(30
|
)
|
|
(64
|
)
|
|
25
|
|
|
(182
|
)
|
||||||
Net income (loss)
|
429
|
|
|
147
|
|
|
85
|
|
|
186
|
|
|
(13
|
)
|
|
834
|
|
||||||
Noncontrolling interests – preferred stock dividends
|
(3
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(6
|
)
|
||||||
Net income (loss) attributable to Ameren common shareholders
|
$
|
426
|
|
|
$
|
146
|
|
|
$
|
84
|
|
|
$
|
185
|
|
|
$
|
(13
|
)
|
|
$
|
828
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Electric margins
|
$
|
2,518
|
|
|
$
|
1,065
|
|
|
$
|
—
|
|
|
$
|
433
|
|
|
$
|
(27
|
)
|
|
$
|
3,989
|
|
Natural gas margins
|
82
|
|
|
—
|
|
|
497
|
|
|
—
|
|
|
(1
|
)
|
|
578
|
|
||||||
Other operations and maintenance expenses
|
(972
|
)
|
|
(506
|
)
|
|
(241
|
)
|
|
(63
|
)
|
|
10
|
|
|
(1,772
|
)
|
||||||
Depreciation and amortization
|
(550
|
)
|
|
(259
|
)
|
|
(65
|
)
|
|
(77
|
)
|
|
(4
|
)
|
|
(955
|
)
|
||||||
Taxes other than income taxes
|
(329
|
)
|
|
(75
|
)
|
|
(66
|
)
|
|
(4
|
)
|
|
(9
|
)
|
|
(483
|
)
|
||||||
Other income, net
|
56
|
|
|
26
|
|
|
9
|
|
|
7
|
|
|
4
|
|
|
102
|
|
||||||
Interest charges
|
(200
|
)
|
|
(73
|
)
|
|
(38
|
)
|
|
(75
|
)
|
|
(15
|
)
|
|
(401
|
)
|
||||||
Income (taxes) benefit
|
(124
|
)
|
|
(41
|
)
|
|
(25
|
)
|
|
(56
|
)
|
|
9
|
|
|
(237
|
)
|
||||||
Net income (loss)
|
481
|
|
|
137
|
|
|
71
|
|
|
165
|
|
|
(33
|
)
|
|
821
|
|
||||||
Noncontrolling interests – preferred stock dividends
|
(3
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(6
|
)
|
||||||
Net income (loss) attributable to Ameren common shareholders
|
$
|
478
|
|
|
$
|
136
|
|
|
$
|
70
|
|
|
$
|
164
|
|
|
$
|
(33
|
)
|
|
$
|
815
|
|
2019
|
Ameren Illinois Electric Distribution
|
|
Ameren Illinois Natural Gas
|
|
Ameren Illinois Transmission
|
|
Ameren Illinois
|
||||||||
Electric margins
|
$
|
1,074
|
|
|
$
|
—
|
|
|
$
|
288
|
|
|
$
|
1,362
|
|
Natural gas margins
|
—
|
|
|
519
|
|
|
—
|
|
|
519
|
|
||||
Other operations and maintenance expenses
|
(498
|
)
|
|
(233
|
)
|
|
(51
|
)
|
|
(782
|
)
|
||||
Depreciation and amortization
|
(273
|
)
|
|
(78
|
)
|
|
(55
|
)
|
|
(406
|
)
|
||||
Taxes other than income taxes
|
(73
|
)
|
|
(67
|
)
|
|
(3
|
)
|
|
(143
|
)
|
||||
Other income, net
|
33
|
|
|
12
|
|
|
8
|
|
|
53
|
|
||||
Interest charges
|
(71
|
)
|
|
(38
|
)
|
|
(38
|
)
|
|
(147
|
)
|
||||
Income taxes
|
(45
|
)
|
|
(30
|
)
|
|
(35
|
)
|
|
(110
|
)
|
||||
Net income
|
147
|
|
|
85
|
|
|
114
|
|
|
346
|
|
||||
Preferred stock dividends
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(3
|
)
|
||||
Net income attributable to common shareholder
|
$
|
146
|
|
|
$
|
84
|
|
|
$
|
113
|
|
|
$
|
343
|
|
2018
|
|
|
|
|
|
|
|
||||||||
Electric margins
|
$
|
1,065
|
|
|
$
|
—
|
|
|
$
|
267
|
|
|
$
|
1,332
|
|
Natural gas margins
|
—
|
|
|
497
|
|
|
—
|
|
|
497
|
|
||||
Other operations and maintenance expenses
|
(506
|
)
|
|
(241
|
)
|
|
(52
|
)
|
|
(799
|
)
|
||||
Depreciation and amortization
|
(259
|
)
|
|
(65
|
)
|
|
(50
|
)
|
|
(374
|
)
|
||||
Taxes other than income taxes
|
(75
|
)
|
|
(66
|
)
|
|
(3
|
)
|
|
(144
|
)
|
||||
Other income, net
|
26
|
|
|
9
|
|
|
7
|
|
|
42
|
|
||||
Interest charges
|
(73
|
)
|
|
(38
|
)
|
|
(38
|
)
|
|
(149
|
)
|
||||
Income taxes
|
(41
|
)
|
|
(25
|
)
|
|
(32
|
)
|
|
(98
|
)
|
||||
Net income
|
137
|
|
|
71
|
|
|
99
|
|
|
307
|
|
||||
Preferred stock dividends
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(3
|
)
|
||||
Net income attributable to common shareholder
|
$
|
136
|
|
|
$
|
70
|
|
|
$
|
98
|
|
|
$
|
304
|
|
|
Total by Segment(a)
|
|
Increase (Decrease) by Segment
|
|
|
|
(Overall Ameren Decrease of $99 Million)
|
|
(a)
|
Includes other/intersegment eliminations of $(29) million and $(27) million in 2019 and 2018, respectively.
|
|
Total by Segment(a)
|
|
Increase (Decrease) by Segment
|
|
|
|
(Overall Ameren Increase of $20 Million)
|
|
(a)
|
Includes other/intersegment eliminations of $(2) million and $(1) million in 2019 and 2018, respectively.
|
Electric and Natural Gas Margins
|
|||||||||||||||||||||||
2019 versus 2018
|
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)
|
$
|
(118
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
(118
|
)
|
|
Base rates, including the effects of TCJA (estimate)(c)
|
(39
|
)
|
|
5
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
(3
|
)
|
||||||
Power restoration efforts provided to other utilities
|
(11
|
)
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
||||||
Changes in customer usage patterns and sales volumes (excluding the estimated effects of weather and MEEIA)
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||||
Off-system sales and capacity revenues
|
(140
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(140
|
)
|
||||||
MEEIA 2013 and MEEIA 2016 performance incentives
|
26
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
||||||
Energy-efficiency program investments
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
||||||
Cost recovery mechanisms – offset in fuel and purchased power(d)
|
(49
|
)
|
|
(53
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(102
|
)
|
||||||
Other cost recovery mechanisms(e)
|
(16
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
||||||
Total electric revenue change
|
$
|
(342
|
)
|
|
$
|
(43
|
)
|
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
(4
|
)
|
|
$
|
(358
|
)
|
Fuel and purchased power change:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Energy costs (excluding the estimated effect of weather)
|
$
|
146
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
146
|
|
Effect of weather (estimate)(b)
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
||||||
Transmission services charges
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
||||||
Other
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
2
|
|
|
(1
|
)
|
||||||
Cost recovery mechanisms – offset in electric revenue(d)
|
49
|
|
|
53
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102
|
|
||||||
Total fuel and purchased power change
|
$
|
205
|
|
|
$
|
52
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
259
|
|
Net change in electric margins
|
$
|
(137
|
)
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
(2
|
)
|
|
$
|
(99
|
)
|
Natural gas revenue change:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effect of weather (estimate)(b)
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
Base rates (estimate)
|
(1
|
)
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||||
QIP rider
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||||
Software licensing agreement
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||||
Other
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(1
|
)
|
|
2
|
|
||||||
Cost recovery mechanisms – offset in natural gas purchased for resale(d)
|
1
|
|
|
—
|
|
|
(40
|
)
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
||||||
Other cost recovery mechanisms(e)
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Total natural gas revenue change
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
(18
|
)
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
(23
|
)
|
Natural gas purchased for resale change:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effect of weather (estimate)(b)
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
Cost recovery mechanisms – offset in natural gas revenue(d)
|
(1
|
)
|
|
—
|
|
|
40
|
|
|
—
|
|
|
—
|
|
|
39
|
|
||||||
Total natural gas purchased for resale change
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
40
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
43
|
|
Net change in natural gas margins
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
20
|
|
(a)
|
Includes an increase in transmission margins of $21 million in 2019, compared with 2018, at Ameren Illinois.
|
(b)
|
Represents the estimated variation resulting primarily from changes in cooling and heating degree days on electric and natural gas demand compared with the prior year; this variation is based on temperature readings from the National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
|
(c)
|
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 expense increases or decreases are reflected in “Other operations and maintenance,” “Depreciation and amortization,” or in “Taxes other than income taxes,” within the “Operating Expenses” section of the statement of income. These items have no overall impact on earnings.
|
•
|
Summer temperatures were milder as cooling degree days decreased 13%, and winter temperatures were warmer as heating degree days decreased 4%. The aggregate effect of weather decreased margins by an estimated $97 million. The change in margins due to weather is the sum of the effect of weather (estimate) on electric revenues (-$118 million) and the effect of weather (estimate) on fuel and purchased power (+$21 million) in the table above.
|
•
|
The reduction of customer rates in accordance with the TCJA provisions in Missouri law, which decreased revenues an estimated $39 million.
|
•
|
Revenues from other cost recovery mechanisms due primarily to gross receipts taxes, which decreased margins $16 million. See Taxes Other Than Income Taxes in this section for the related offsetting decrease in gross receipts tax.
|
•
|
A reduction in power restoration assistance provided to other utilities and the associated recovery of labor and benefit costs for crews supporting those efforts, which decreased revenues $11 million.
|
•
|
Increased transmission services charges resulting from cost-sharing by all MISO participants of additional MISO-approved electric transmission investments made by other entities, which decreased margins $9 million.
|
•
|
The MEEIA 2013 and 2016 performance incentives, which increased revenues $26 million. See Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report for information regarding the MEEIA 2013 and MEEIA 2016 performance incentives.
|
•
|
Net energy costs increased margins $6 million as a result of lower energy costs (+$146 million), largely offset by a reduction in off-system sales revenue (-$140 million). The decrease in energy costs is the result of lower fuel costs and decreased generation volumes, while the reduction in off-system sales revenue is primarily due to generation facility outages.
|
•
|
Excluding the estimated effects of weather and MEEIA customer energy-efficiency programs, electric revenues increased an estimated $5 million, primarily due to an increase in the average retail price per kilowatthour due to changes in customer usage patterns. While the MEEIA customer energy-efficiency programs reduced retail sales volumes, the recovery of lost electric margins ensured that electric margins were not affected.
|
•
|
Revenues increased $12 million due to return on increased energy-efficiency program investments (+$2 million) and recovery of associated expenses (+$10 million) under formula ratemaking.
|
•
|
Increased margins due to higher rate base (+$10 million) and higher recoverable expenses (+$5 million), partially offset by lower recognized ROE (-$10 million) due to a 53 basis point decrease in the annual average of the monthly 30-year United States Treasury bond yields under formula ratemaking. The sum of these changes collectively increased margins $5 million.
|
•
|
Higher natural gas base rates as a result of the November 2018 natural gas rate order, which increased revenues $8 million.
|
•
|
Revenues from QIP recoveries due to additional investment in qualified natural gas infrastructure, which increased margins $7 million.
|
•
|
A software licensing agreement with Ameren Missouri, which increased revenues $5 million. See Note 13 – Related-party Transactions under Software Licensing Agreement for information regarding this transaction.
|
|
|
|
|
Total by Segment(a)
|
|
Increase (Decrease) by Segment
|
|
|
|
(Overall Ameren Decrease of $27 Million)
|
|
(a)
|
Includes other/intersegment eliminations of $(6) million and $(10) million in 2019 and 2018, respectively.
|
•
|
The cash surrender value of company-owned life insurance increased $19 million, primarily because of favorable market conditions.
|
•
|
Nonnuclear energy center operations and maintenance costs decreased $15 million, primarily because of higher-than-normal scheduled outages and increased routine maintenance work in 2018.
|
•
|
Power restoration assistance provided to other utilities decreased $11 million.
|
•
|
Callaway Energy Center operations and maintenance costs increased $28 million, primarily because of the refueling and maintenance outage that was completed in May 2019. The previous Callaway Energy Center refueling and maintenance outage took place in the fourth quarter of 2017.
|
•
|
Employee benefit costs increased $3 million because of higher medical costs.
|
•
|
Power restoration assistance provided to other utilities decreased $9 million.
|
•
|
The cash surrender value of company-owned life insurance increased $8 million, primarily because of favorable market conditions.
|
•
|
Bad debt costs, which are recoverable through a rider, decreased $6 million, primarily because of improved collections experience.
|
•
|
Meter reading costs decreased $4 million, primarily because of increased automated meter deployment.
|
•
|
Amortization of regulatory assets associated with energy-efficiency program investments increased $8 million.
|
•
|
Environmental remediation costs, which are recoverable through a rider, increased $6 million, primarily because of increased remediation efforts.
|
|
|
|
|
Total by Segment(a)
|
|
Increase (Decrease) by Segment
|
|
|
|
(Overall Ameren Increase of $40 Million)
|
|
(a)
|
Includes other/intersegment eliminations of $4 million and $4 million in 2019 and 2018, respectively.
|
|
|
|
|
Total by Segment(a)
|
|
Increase (Decrease) by Segment
|
|
|
|
(Overall Ameren Decrease of $2 Million)
|
|
(a)
|
Includes $4 million and $4 million at Ameren Transmission in 2019 and 2018, respectively, and other/intersegment eliminations of $8 million and $9 million in 2019 and 2018, respectively.
|
|
|
|
|
Total by Segment
|
|
Increase (Decrease) by Segment
|
|
|
|
(Overall Ameren Increase of $28 Million)
|
|
|
|
|
|
Total by Segment
|
|
Increase (Decrease) by Segment
|
|
|
|
(Overall Ameren Decrease of $20 Million)
|
|
|
|
|
|
2019
|
|
2018
|
|
Ameren
|
18%
|
|
22%
|
|
Ameren Missouri
|
14%
|
|
20%
|
|
Ameren Illinois
|
24%
|
|
24%
|
|
Ameren Illinois Electric Distribution
|
23%
|
|
23%
|
|
Ameren Illinois Natural Gas
|
26%
|
|
26%
|
|
Ameren Illinois Transmission
|
24%
|
|
24%
|
|
Ameren Transmission
|
25%
|
|
25%
|
|
|
Net Cash Provided by
Operating Activities
|
|
Net Cash Used in
Investing Activities
|
|
Net Cash Provided by (Used in)
Financing Activities
|
||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
||||||||||||||||||
Ameren
|
$
|
2,170
|
|
|
$
|
2,170
|
|
|
$
|
—
|
|
|
$
|
(2,435
|
)
|
|
$
|
(2,336
|
)
|
|
$
|
(99
|
)
|
|
$
|
334
|
|
|
$
|
205
|
|
|
$
|
129
|
|
Ameren Missouri
|
1,067
|
|
|
1,260
|
|
|
(193
|
)
|
|
(1,095
|
)
|
|
(976
|
)
|
|
(119
|
)
|
|
59
|
|
|
(283
|
)
|
|
342
|
|
|||||||||
Ameren Illinois
|
962
|
|
|
659
|
|
|
303
|
|
|
(1,205
|
)
|
|
(1,248
|
)
|
|
43
|
|
|
288
|
|
|
628
|
|
|
(340
|
)
|
•
|
A $36 million decrease in pension and postretirement benefit plan contributions.
|
•
|
A net $15 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 the FEJA.
|
•
|
A $14 million decrease in payments to contractors for electric distribution maintenance costs, primarily due to decreased vegetation management costs at Ameren Illinois.
|
•
|
A $13 million decrease in payments related to charitable donations.
|
•
|
An $11 million decrease in property tax payments at Ameren Missouri due to lower property tax values.
|
•
|
A $33 million decrease resulting from decreased customer collections, primarily due to a decrease in weather-related sales volumes at Ameren Missouri, and a net decrease attributable to regulatory recovery mechanisms, partially offset by decreased fuel costs and generation volumes at Ameren Missouri and decreased purchase power costs and volumes and natural gas costs at Ameren Illinois.
|
•
|
A $28 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 $14 million decrease resulting from increased Ameren Missouri purchases to maintain coal inventory at near targeted levels.
|
•
|
A $236 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 and generation volumes.
|
•
|
A $28 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 $14 million decrease resulting from increased purchases to maintain coal inventory at near targeted levels.
|
•
|
A $27 million decrease in income tax payments to Ameren (parent) pursuant to the tax allocation agreement, primarily due to lower taxable income in 2019.
|
•
|
A $15 million decrease in pension and postretirement benefit plan contributions.
|
•
|
A net $11 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 property tax payments due to lower property tax values.
|
•
|
A $200 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 $24 million decrease in income tax payments to Ameren (parent) pursuant to the tax allocation agreement, primarily due to the timing of payments.
|
•
|
A $16 million decrease in pension and postretirement benefit plan contributions.
|
•
|
A $14 million decrease in payments to contractors for electric distribution maintenance costs, primarily due to decreased vegetation management costs.
|
•
|
A net $4 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 renewable energy contracts entered into pursuant to the FEJA.
|
2019 - Total Ameren $2,411(a)
|
|
2018 - Total Ameren $2,286(a)
|
||||
|
|
|
||||
|
|
Ameren Missouri
|
|
|
Ameren Illinois Transmission
|
|
|
|
|
|
|
|
|
|
|
Ameren Illinois Electric Distribution
|
|
|
Ameren Transmission Company of Illinois
|
|
|
|
|
|
|
|
|
|
|
Ameren Illinois Natural Gas
|
|
|
|
|
(a)
|
Includes Other capital expenditures of $(29) million and $(4) million for the years ended December 31, 2019 and 2018, respectively, which includes amounts for the elimination of intercompany transfers.
|
|
2020
|
|
2021-2024
|
|
Total
|
||||||||||||||
Ameren Missouri
|
$
|
2,440
|
|
|
$
|
5,380
|
|
–
|
$
|
5,945
|
|
|
$
|
7,820
|
|
–
|
$
|
8,385
|
|
Ameren Illinois Electric Distribution
|
550
|
|
|
2,245
|
|
–
|
2,480
|
|
|
2,795
|
|
–
|
3,030
|
|
|||||
Ameren Illinois Natural Gas
|
345
|
|
|
1,310
|
|
–
|
1,450
|
|
|
1,655
|
|
–
|
1,795
|
|
|||||
Ameren Illinois Transmission
|
605
|
|
|
2,310
|
|
–
|
2,555
|
|
|
2,915
|
|
–
|
3,160
|
|
|||||
ATXI
|
85
|
|
|
110
|
|
–
|
120
|
|
|
195
|
|
–
|
205
|
|
|||||
Other
|
5
|
|
|
10
|
|
–
|
10
|
|
|
15
|
|
–
|
15
|
|
|||||
Ameren
|
$
|
4,030
|
|
|
$
|
11,365
|
|
–
|
$
|
12,560
|
|
|
$
|
15,395
|
|
–
|
$
|
16,590
|
|
|
|
Available at
December 31, 2019
|
||
Ameren (parent) and Ameren Missouri(a):
|
|
|
||
Missouri Credit Agreement – borrowing capacity
|
|
$
|
1,200
|
|
Less: Ameren (parent) commercial paper outstanding
|
|
98
|
|
|
Less: Ameren Missouri commercial paper outstanding
|
|
234
|
|
|
Less: Letters of credit
|
|
2
|
|
|
Missouri Credit Agreement – subtotal
|
|
866
|
|
|
Ameren (parent) and Ameren Illinois(b):
|
|
|
||
Illinois Credit Agreement – borrowing capacity
|
|
1,100
|
|
|
Less: Ameren (parent) commercial paper outstanding
|
|
55
|
|
|
Less: Ameren Illinois commercial paper outstanding
|
|
53
|
|
|
Less: Letters of credit
|
|
1
|
|
|
Illinois Credit Agreement – subtotal
|
|
991
|
|
|
Subtotal
|
|
$
|
1,857
|
|
Cash and cash equivalents
|
|
16
|
|
|
Net Available Liquidity
|
|
$
|
1,873
|
|
(a)
|
The maximum aggregate amount available to Ameren (parent) and Ameren Missouri under the Missouri Credit Agreement is $900 million and $850 million, respectively. See Note 4 – Short-term Debt and Liquidity under Part II, Item 8, of this report for further discussion of the Credit Agreements.
|
(b)
|
The maximum aggregate amount available to Ameren (parent) and Ameren Illinois under the Illinois Credit Agreement is $500 million and $800 million, respectively. See Note 4 – Short-term Debt and Liquidity under Part II, Item 8, of this report for further discussion of the Credit Agreements.
|
|
Month Issued, Redeemed, Repurchased, or Matured
|
|
2019
|
|
2018
|
||||
Issuances of Long-term Debt
|
|
|
|
|
|
||||
Ameren:
|
|
|
|
|
|
||||
2.50% Senior unsecured notes due 2024
|
September
|
|
$
|
450
|
|
|
$
|
—
|
|
Ameren Missouri:
|
|
|
|
|
|
||||
3.50% First mortgage bonds due 2029
|
March
|
|
450
|
|
|
—
|
|
||
3.25% First mortgage bonds due 2049
|
October
|
|
328
|
|
|
—
|
|
||
4.00% First mortgage bonds due 2048
|
April
|
|
—
|
|
|
423
|
|
||
Ameren Illinois:
|
|
|
|
|
|
||||
3.25% First mortgage bonds due 2050
|
November
|
|
299
|
|
|
—
|
|
||
3.80% First mortgage bonds due 2028
|
May
|
|
—
|
|
|
430
|
|
||
4.50% First mortgage bonds due 2049
|
November
|
|
—
|
|
|
499
|
|
||
Total long-term debt issuances
|
|
|
$
|
1,527
|
|
|
$
|
1,352
|
|
Issuances of Common Stock
|
|
|
|
|
|
||||
Ameren:
|
|
|
|
|
|
||||
DRPlus and 401(k)(a)(b)
|
Various
|
|
$
|
68
|
|
|
$
|
74
|
|
Total common stock issuances
|
|
|
$
|
68
|
|
|
$
|
74
|
|
Total Ameren long-term debt and common stock issuances
|
|
|
$
|
1,595
|
|
|
$
|
1,426
|
|
Redemptions, Repurchases, and Maturities of Long-term Debt
|
|
|
|
|
|
||||
Ameren Missouri:
|
|
|
|
|
|
||||
6.70% Senior secured notes due 2019
|
February
|
|
$
|
329
|
|
|
$
|
—
|
|
5.10% Senior unsecured notes due 2019
|
October
|
|
244
|
|
|
—
|
|
||
5.45% First mortgage bonds due 2028
|
October
|
|
(c)
|
|
|
|
|||
6.00% Senior secured notes due 2018
|
April
|
|
—
|
|
|
179
|
|
||
5.10% Senior secured notes due 2018
|
August
|
|
—
|
|
|
199
|
|
||
City of Bowling Green financing obligation (Peno Creek CT)
|
December
|
|
7
|
|
|
6
|
|
||
Ameren Illinois:
|
|
|
|
|
|
||||
5.70% First mortgage bonds due 2024
|
September
|
|
(c)
|
|
|
—
|
|
||
5.90% First mortgage bonds due 2023
|
October
|
|
(c)
|
|
|
—
|
|
||
6.25% Senior secured notes due 2018
|
April
|
|
—
|
|
|
144
|
|
||
9.75% Senior secured notes due 2018
|
November
|
|
—
|
|
|
313
|
|
||
Total long-term debt redemptions, repurchases, and maturities
|
|
|
$
|
580
|
|
|
$
|
841
|
|
(a)
|
Ameren issued a total of 0.9 million and 1.2 million shares of common stock under its DRPlus and 401(k) plan in 2019 and 2018, respectively.
|
(b)
|
Excludes 0.8 million and 0.7 million shares of common stock valued at $54 million and $35 million issued for no cash consideration in connection with stock-based compensation in 2019 and 2018, respectively.
|
(c)
|
Amount less than $1 million.
|
|
2019
|
|
2018
|
||||
Ameren
|
$
|
472
|
|
|
$
|
451
|
|
Ameren Missouri
|
430
|
|
|
375
|
|
||
Ameren Illinois
|
—
|
|
|
—
|
|
||
ATXI
|
15
|
|
|
75
|
|
|
2020
|
|
2021 – 2022
|
|
2023 – 2024
|
|
2025 and Thereafter
|
|
Total
|
||||||||||
Ameren:
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt and financing obligations(a)
|
$
|
442
|
|
|
$
|
513
|
|
|
$
|
1,090
|
|
|
$
|
7,397
|
|
|
$
|
9,442
|
|
Interest payments
|
378
|
|
|
733
|
|
|
674
|
|
|
4,582
|
|
|
6,367
|
|
|||||
Operating leases
|
8
|
|
|
15
|
|
|
11
|
|
|
5
|
|
|
39
|
|
|||||
Other obligations(b)
|
763
|
|
|
696
|
|
|
260
|
|
|
167
|
|
|
1,886
|
|
|||||
Total cash contractual obligations
|
$
|
1,591
|
|
|
$
|
1,957
|
|
|
$
|
2,035
|
|
|
$
|
12,151
|
|
|
$
|
17,734
|
|
Ameren Missouri:
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt and financing obligations(a)
|
$
|
92
|
|
|
$
|
63
|
|
|
$
|
590
|
|
|
$
|
3,484
|
|
|
$
|
4,229
|
|
Interest payments
|
188
|
|
|
373
|
|
|
338
|
|
|
2,140
|
|
|
3,039
|
|
|||||
Operating leases
|
8
|
|
|
13
|
|
|
11
|
|
|
5
|
|
|
37
|
|
|||||
Other obligations(b)
|
471
|
|
|
501
|
|
|
229
|
|
|
109
|
|
|
1,310
|
|
|||||
Total cash contractual obligations
|
$
|
759
|
|
|
$
|
950
|
|
|
$
|
1,168
|
|
|
$
|
5,738
|
|
|
$
|
8,615
|
|
Ameren Illinois:
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt(a)
|
$
|
—
|
|
|
$
|
400
|
|
|
$
|
—
|
|
|
$
|
3,213
|
|
|
$
|
3,613
|
|
Interest payments
|
143
|
|
|
282
|
|
|
264
|
|
|
2,261
|
|
|
2,950
|
|
|||||
Operating leases
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Other obligations(b)
|
281
|
|
|
190
|
|
|
31
|
|
|
24
|
|
|
526
|
|
|||||
Total cash contractual obligations
|
$
|
424
|
|
|
$
|
874
|
|
|
$
|
295
|
|
|
$
|
5,498
|
|
|
$
|
7,091
|
|
(a)
|
Excludes unamortized discount and premium and debt issuance costs of $85 million, $39 million, and $38 million at Ameren, Ameren Missouri, and Ameren Illinois, respectively. See Note 5 – Long-term Debt and Equity Financings under Part II, Item 8 of this report, for discussion of items included herein.
|
(b)
|
See Other Obligations in Note 14 – Commitments and Contingencies under Part II, Item 8 of this report, for discussion of items included herein.
|
|
Moody’s
|
S&P
|
Ameren:
|
|
|
Issuer/corporate credit rating
|
Baa1
|
BBB+
|
Senior unsecured debt
|
Baa1
|
BBB
|
Commercial paper
|
P-2
|
A-2
|
Ameren Missouri:
|
|
|
Issuer/corporate credit rating
|
Baa1
|
BBB+
|
Secured debt
|
A2
|
A
|
Senior unsecured debt
|
Baa1
|
Not Rated
|
Commercial paper
|
P-2
|
A-2
|
Ameren Illinois:
|
|
|
Issuer/corporate credit rating
|
A3
|
BBB+
|
Secured debt
|
A1
|
A
|
Senior unsecured debt
|
A3
|
BBB+
|
Commercial paper
|
P-2
|
A-2
|
ATXI:
|
|
|
Issuer credit rating
|
A2
|
Not Rated
|
Senior unsecured debt
|
A2
|
Not Rated
|
•
|
In 2018, Missouri Senate Bill 564 was enacted and Ameren Missouri elected the 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 return at the applicable WACC on investments in certain property, plant, and equipment placed in service after September 1, 2018, and not included in base rates. The regulatory asset for accumulated PISA deferrals also earns a return at the applicable WACC, 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 a return at the applicable WACC for investments in renewable generation plant placed in service and not recovered under the PISA. Accumulated RESRAM deferrals earn carrying costs at short-term interest rates. The PISA and the RESRAM mitigate the effects of regulatory lag between regulatory rate reviews. Those investments not eligible for recovery under the 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 applicable WACC, with the difference recognized in revenues when recovery of such deferrals is 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. 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 February 2020, Ameren Missouri filed an update to its Smart Energy Plan with the MoPSC, which includes a five-year capital investment overview with a detailed one-year plan for 2020. 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 $7.6 billion over the five-year period from 2020 through 2024, with expenditures largely recoverable under the PISA and the RESRAM. The planned investments in 2024 are based on the assumption that Ameren Missouri requests and receives MoPSC approval of an extension of the PISA through December 2028. As a part of its Smart Energy Plan, Ameren Missouri expects to build solar generation facilities, including utility scale facilities and nonresidential customer site facilities. In September 2019, Ameren Missouri filed for certificates of convenience and necessity with the MoPSC to build three solar facilities in its service territory. Each 10-megawatt solar energy generation facility will connect to battery storage in order to improve system reliability. All three facilities are expected to be completed by 2022. Also in 2019, the MoPSC approved Ameren Missouri’s Charge Ahead program, which provides incentives for the development of over 1,000 electric vehicle charging stations along highways and at various locations in communities throughout Ameren Missouri’s service territory. The purpose of the program is to promote the development of electric vehicle charging infrastructure that will enable long-distance electric vehicle travel and encourage electrification of the transportation sector.
|
•
|
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 rate-adjustment 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. If the target goals are achieved for 2019, 2020, and 2021, additional revenues of $7 million, $10 million, and $13 million would be recognized in late 2020, 2021, and 2022, respectively. Incremental additional revenues of $1 million, $3 million, and $3 million may be earned for 2019, 2020, and 2021, respectively, and would be recognized in the respective following year, if Ameren Missouri exceeds its targeted energy savings goals. Ameren Missouri recognized $28 million, $11 million, and $37 million in revenues related to MEEIA performance incentives in 2016, 2018, and 2019, respectively.
|
•
|
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. Ameren Missouri is working to meet its customers’ top priorities for this program, including prices competitive with existing rates, long-term price predictability, and the preference for renewable power generated in Missouri. Ameren Missouri has not yet developed a project that effectively meets the needs of those customers who have expressed an interest in the program. Ameren Missouri will remain focused on finding solutions to best meet customer needs and expectations.
|
•
|
In July 2019, Ameren Missouri filed a request with the MoPSC seeking approval to decrease its annual revenues for electric service by $1 million. In February 2020, Ameren Missouri, the MoPSC staff, the MoOPC, and certain intervenors filed a nonunanimous stipulation and agreement with the MoPSC to decrease Ameren Missouri’s annual revenues for electric service by $32 million. The remaining intervenor did not object to the agreement. The stipulation and agreement, which is subject to MoPSC approval, specified an allowed ROE range of 9.4% to 9.8%, but did not specify the common equity percentage or rate base. The stipulation and agreement includes the continued use of the FAC and trackers for pension and postretirement benefits, uncertain income tax positions, certain excess deferred income taxes, and renewable energy standard compliance costs that the MoPSC previously authorized in earlier electric rate orders. Ameren Missouri cannot predict whether the MoPSC will approve the stipulation and agreement or, if approved, whether any application for rehearing or appeal will be filed, or the outcome if so filed. A decision by the MoPSC is expected by March 2020, with new rates effective as early as April 1, 2020.The percentage of net energy cost variances from the amount set in base rates allowed to be recovered or refunded under the FAC and costs from services provided by affiliates are still being challenged by the MoOPC, and are expected to be addressed in a proceeding that would begin in March 2020. A MoPSC decision would be expected in the proceeding by the end of May 2020.
|
•
|
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 10.38% ROE, the revenue requirements that will be included in 2020 rates for Ameren Illinois’ and ATXI’s electric transmission businesses are $311 million and $190 million, respectively. These revenue requirements represent an increase in Ameren Illinois’ and ATXI’s revenue requirements of $14 million and $13 million, respectively, from the revenue requirements reflected in 2019 rates, primarily due to the expected rate base growth. These rates will affect Ameren Illinois’ and ATXI’s cash receipts during 2020, but will not determine their respective electric transmission service operating revenues, which will instead be based on 2020 actual recoverable costs, rate base, and a return on rate base at the applicable WACC as calculated under the FERC formula ratemaking framework.
|
•
|
The ROE for MISO transmission owners, including Ameren Illinois and ATXI, is the subject of FERC complaint cases filed in November 2013 and February 2015 challenging the allowed base ROE. In November 2019, the FERC issued an order addressing the November 2013 complaint case, which set the allowed base ROE at 9.88% and required refunds, with interest, for the periods November 2013 to February 2015 and from late September 2016 forward. The order also dismissed the February 2015 complaint case. As a result of this
|
•
|
Ameren Illinois’ electric distribution service performance-based formula ratemaking framework allows Ameren Illinois to reconcile electric distribution service rates to its actual revenue requirement on an annual basis. If a given year’s revenue requirement varies from the amount collected from customers, an adjustment is made to electric operating revenues with an offset to a regulatory asset or liability to reflect that year’s actual revenue requirement, independent of actual sales volumes. The regulatory balance is then collected from, or refunded to, customers within two years from the end of the year. Unless extended, the formula ratemaking framework expires at the end of 2022. If not extended, Ameren Illinois would then be required to establish future rates through a traditional regulatory rate review with the ICC. The decoupling provisions extend beyond the end of the formula ratemaking by law, which ensures that Ameren Illinois’ electric distribution revenues authorized in a regulatory rate review are not affected by changes in sales volumes.
|
•
|
In December 2019, the ICC issued an order in Ameren Illinois’ annual update filing that approved a $7 million decrease in Ameren Illinois’ electric distribution service rates beginning in January 2020. Illinois law provides for an annual reconciliation of the electric distribution revenue requirement as is necessary to reflect the actual costs incurred and a return at the applicable WACC on year-end rate base in a given year with the revenue requirement that was reflected in customer rates for that year. Consequently, Ameren Illinois’ 2020 electric distribution service revenues will be based on its 2020 actual recoverable costs, 2020 year-end rate base, and return at the applicable WACC as calculated under the Illinois performance-based formula ratemaking framework. The 2020 revenue requirement is expected to be higher than the 2019 revenue requirement because of an expected increase in recoverable costs and expected rate base growth of approximately 7%, partially offset by the impact of an expected decrease in the annual average of the monthly yields of the 30-year United States Treasury bonds. The 2020 revenue requirement reconciliation is expected to result in a regulatory asset that will be collected from customers in 2022. 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 $9 million change in Ameren’s and Ameren Illinois’ annual net income, based on Ameren Illinois’ 2020 projected year-end rate base.
|
•
|
In February 2020, Ameren Illinois filed a request with the ICC seeking approval to increase its annual revenues for natural gas delivery service by $102 million, which included an estimated $46 million of annual revenues that would otherwise be recovered under the QIP and other riders. The request is based on a 10.5% allowed ROE, a capital structure composed of 54.1% common equity, and a rate base of $2.1 billion.
|
•
|
Ameren Illinois earns a return at the applicable WACC on its electric energy-efficiency program investments. Ameren Illinois’ electric energy-efficiency investments are deferred as a regulatory asset and earn a return at the applicable WACC, with the ROE based on the annual average of the monthly yields of the 30-year United States Treasury bonds plus 580 basis points. The allowed ROE 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 2024, and will earn a return on those investments. While the ICC has approved a plan consistent with this spending level through 2021, the ICC has the ability to reduce the amount of electric energy-efficiency savings goals in future plan program years if there are insufficient cost-effective programs available, which could reduce the investments in electric energy-efficiency programs. 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.
|
•
|
In February 2020, the MoPSC issued an order approving a stipulation and agreement allowing Ameren Missouri to defer and amortize maintenance expenses related to scheduled refueling and maintenance outages at its Callaway Energy Center. Beginning with the fall 2020 refueling and maintenance outage, Ameren Missouri will defer the maintenance expenses incurred related to a refueling and maintenance outage as a regulatory asset and amortize those expenses after completion of the outage. Maintenance expenses will be amortized over the period between refueling and maintenance outages, which is approximately 18 months. Ameren Missouri expects to incur approximately $40 million in maintenance expenses related to the fall 2020 outage. During a scheduled outage, depending on the availability of its other generation sources and the market prices for power, Ameren Missouri’s purchased power costs may increase and the amount of excess power available for sale may decrease versus non-outage years. Changes in purchased power costs and excess
|
•
|
Ameren Missouri and Ameren Illinois continue to make infrastructure investments and expect to seek increases to electric and natural gas rates to recover the cost of investments and earn an adequate return. Ameren Missouri and Ameren Illinois will also seek new, or to maintain existing, legislative solutions 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 economywide 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.
|
•
|
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 700 megawatts of wind generation by the end of 2020 in Missouri 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 the 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. Ameren Missouri expects to file its next integrated resource plan in September 2020. Ameren Missouri will seek stakeholder feedback and assess different scenarios to meet future energy needs, which will be used to create an updated plan for its current generation portfolio and ongoing transition to cleaner sources of energy.
|
•
|
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. The Meramec, Sioux, Labadie, and Rush Island energy centers are expected to be retired in 2022, 2033, 2042, and 2045, respectively.
|
•
|
Consistent with its 2017 IRP filing, in May 2019, Ameren Missouri entered into a build-transfer agreement to acquire, after construction, an up-to 300-megawatt wind generation facility. In 2018, Ameren Missouri entered into a build-transfer agreement to acquire, after construction, an up-to 400-megawatt wind generation facility. These two agreements are subject to customary contract terms and conditions. The two build-transfer acquisitions collectively represent $1.2 billion of capital expenditures, are expected to be completed by the end of 2020, and would support Ameren Missouri’s compliance with the Missouri renewable energy standard. Both acquisitions have received all regulatory approvals, and both projects have received all applicable zoning approvals, have entered into RTO interconnection agreements, and have begun construction activities.
|
•
|
Through 2024, 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 $16.6 billion (Ameren Missouri – up to $8.4 billion; Ameren Illinois – up to $8.0 billion; ATXI – up to $0.2 billion) of capital expenditures during the period from 2020 through 2024. Ameren’s and Ameren Missouri’s estimates exclude any capital expenditures related to pollution control equipment that may be required as a result of the NSR and Clean Air Act litigation discussed in Note 14 – Commitments and Contingencies under Part II, Item 8, of this report.
|
•
|
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
|
•
|
The Ameren Companies have multiyear credit agreements that cumulatively provide $2.3 billion of credit through December 2024, 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 $2.7 billion. See Note 4 – Short-term Debt and Liquidity under Part II, Item 8, of this report for additional information regarding the Credit Agreements. 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.
|
•
|
Ameren expects its cash used for currently planned capital expenditures and dividends to exceed cash provided by operating activities over the next several years. As part of its plan to fund these cash flow requirements, Ameren is using newly issued shares of common stock, rather than market-purchased shares, to satisfy requirements under the DRPlus and employee benefit plans and expects to continue to do so through at least 2024. Ameren expects these issuances to provide equity funding of about $100 million annually. Ameren also plans to issue incremental common equity to fund a portion of Ameren Missouri’s wind generation investments through the settlement of the forward sale agreement discussed below. Additionally, Ameren plans to issue incremental equity of about $150 million annually from 2021 to 2024. Ameren expects its equity to total capitalization to be about 45% through the period ending December 2024, with the long-term intent to support solid investment-grade credit ratings. Ameren Missouri and Ameren Illinois expect to fund cash flow needs through debt issuances, adjustments of dividends to Ameren (parent), and/or capital contributions from Ameren (parent).
|
•
|
In August 2019, Ameren entered into a forward sale agreement with a counterparty relating to 7.5 million shares of common stock. The forward sale agreement can be settled at Ameren’s discretion on or prior to March 31, 2021. On a settlement date or dates, if Ameren elects to physically settle the forward sale agreement, Ameren will issue shares of common stock to the counterparty at the then-applicable forward sale price. The forward sale agreement will be physically settled unless Ameren elects to settle in cash or to net share settle. If physically settled, Ameren expects to receive between $540 million and $550 million upon settlement. See Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, of this report for additional information.
|
•
|
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 income 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.
|
•
|
The following table presents the net regulatory liabilities/(assets) associated with excess deferred income taxes as of December 31, 2019, and the related amortization periods:
|
Amortization Period
|
Ameren Missouri
|
|
Ameren Illinois
|
|
ATXI
|
|
Total
|
||||||||
25 – 65 years
|
$
|
913
|
|
|
$
|
774
|
|
|
$
|
84
|
|
|
$
|
1,771
|
|
6 – 10 years
|
502
|
|
|
(3
|
)
|
|
1
|
|
|
500
|
|
||||
Total
|
$
|
1,415
|
|
|
$
|
771
|
|
|
$
|
85
|
|
|
$
|
2,271
|
|
•
|
As of December 31, 2019, Ameren had $98 million in tax benefits related to federal and state income tax credit carryforwards. Ameren has utilized all tax benefits from net operating loss carryforwards. 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, are consistent with the tax allocation agreement between Ameren (parent) and its subsidiaries. Ameren expects to make income tax payments between $5 million and $75 million in each year from 2020 to 2024, totaling $150 million to $200 million for the five-year period. Ameren Missouri expects to make income tax payments to Ameren (parent) between $35 million and $45 million in 2020. Additionally, Ameren Missouri expects to receive refunds from Ameren (parent) in each year from 2021 to 2024, totaling $60 million to $100 million for the four-year period. Ameren Illinois expects to make income tax payments to Ameren (parent) between $20 million and $30 million in 2020 and between $50 million and $90 million in each year from 2021 to 2024, totaling $260 million to $310 million for the five-year period.
|
•
|
Ameren Missouri expects its 2020 wind generation acquisitions to generate federal production tax credits between $65 million and $70 million in each year from 2021 to 2030. Ameren expects to utilize approximately $140 million of these federal production tax credits from 2021 to 2024. Delays in the timely completion of the wind generation facilities may affect the ability to realize some or all of the anticipated federal production tax credits. If these facilities are not completed in 2020, Ameren Missouri will need to satisfy additional IRS requirements in order to qualify for some or all of the anticipated federal production tax credits.
|
•
|
In 2018, legislation modifying Missouri tax law was enacted to decrease the state’s corporate income tax rate from 6.25% to 4%, effective January 1, 2020. Ameren Missouri anticipates that the effect of this tax decrease will be reflected in customer rates upon completion of its current electric service regulatory rate review. Ameren (parent) and nonregistrant subsidiaries do not expect this income tax decrease to have a material impact on net income.
|
Accounting Estimate
|
|
Uncertainties Affecting Application
|
•
|
Regulatory environment and external regulatory decisions and requirements
|
•
|
Anticipated future regulatory decisions and our assessment of their impact
|
•
|
The impact of prudence reviews, complaint cases, limitations on electric rate increases in Missouri, and opposition during the ratemaking process that may limit our ability to timely recover costs and earn a fair return on our investments
|
•
|
Ameren Illinois’ assessment of and ability to estimate the current year’s electric distribution service costs to be reflected in revenues and recovered from customers in a subsequent year under performance-based formula ratemaking framework
|
•
|
Ameren Illinois’ and ATXI’s assessment of and ability to estimate the current year’s electric transmission service costs to be reflected in revenues and recovered from customers in a subsequent year under the FERC ratemaking frameworks
|
•
|
Ameren Missouri’s estimate of revenue recovery under the MEEIA plans
|
•
|
Future rate of return on pension and other plan assets
|
•
|
Valuation inputs and assumptions used in the fair value measurements of plan assets, excluding those inputs that are readily observable
|
•
|
Discount rate
|
•
|
Future compensation increase assumption
|
•
|
Health care cost trend rates
|
•
|
Timing of employee retirements and mortality assumptions
|
•
|
Ability to recover certain benefit plan costs from our customers
|
•
|
Changing market conditions that may affect investment and interest rate environments
|
•
|
Estimating financial impact of events
|
•
|
Estimating likelihood of various potential outcomes
|
•
|
Regulatory and political environments and requirements
|
•
|
Outcome of legal proceedings, settlements, or other factors
|
•
|
Changes in regulation, expected scope of work, technology, or timing of environmental remediation
|
•
|
Changes in business, industry, laws, technology, or economic and market conditions affecting forecasted financial condition and/or results of operations
|
•
|
Estimates of the amount and character of future taxable income and forecasted use of our tax credit carryforwards
|
•
|
Enacted tax rates applicable to taxable income in years in which temporary differences are recovered or settled
|
•
|
Effectiveness of implementing tax planning strategies
|
•
|
Changes in income tax laws, including amounts subject to income tax, and the regulatory treatment of any tax reform changes
|
•
|
Results of audits and examinations by taxing authorities
|
•
|
Discount rates
|
•
|
Cost escalation rates
|
•
|
Changes in regulation, expected scope of work, technology, or timing of environmental remediation
|
•
|
Estimates as to the probability, timing, or amount of cash expenditures associated with AROs
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
•
|
short-term variable-rate debt;
|
•
|
fixed-rate debt;
|
•
|
United States Treasury bonds; and
|
•
|
the discount rate applicable to asset retirement obligations, goodwill, and defined pension and postretirement benefit plans.
|
|
2020
|
|
2021
|
|
2022 - 2024
|
|||
Ameren:
|
|
|
|
|
|
|||
Coal
|
100
|
%
|
|
94
|
%
|
|
36
|
%
|
Coal transportation
|
100
|
|
|
100
|
|
|
98
|
|
Nuclear fuel
|
90
|
|
|
(a)
|
|
|
72(a)
|
|
Natural gas for distribution(b)
|
77
|
|
|
34
|
|
|
10
|
|
Purchased power for Ameren Illinois(c)
|
69
|
|
|
35
|
|
|
11
|
|
Ameren Missouri:
|
|
|
|
|
|
|||
Coal
|
100
|
%
|
|
94
|
%
|
|
36
|
%
|
Coal transportation
|
100
|
|
|
100
|
|
|
97
|
|
Nuclear fuel
|
90
|
|
|
(a)
|
|
|
72(a)
|
|
Natural gas for distribution(b)
|
65
|
|
|
34
|
|
|
9
|
|
Ameren Illinois:
|
|
|
|
|
|
|||
Natural gas for distribution(b)
|
79
|
%
|
|
34
|
%
|
|
10
|
%
|
Purchased power(c)
|
69
|
|
|
35
|
|
|
11
|
|
(a)
|
The Callaway Energy Center requires refueling at 18-month intervals. The next refueling is scheduled for the fall of 2020. As there are no refuelings scheduled to occur during 2021 or 2024, there are also no nuclear fuel deliveries anticipated to occur in these years.
|
(b)
|
Represents the percentage of natural gas price-hedged for peak winter season of November through March. The year 2020 represents January 2020 through March 2020. The year 2021 represents November 2020 through March 2021. This continues each successive year through March 2024.
|
(c)
|
Represents the percentage of purchased power price-hedged for fixed-price residential and nonresidential customers with less than 150 kilowatts of demand.
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
AMEREN CORPORATION
CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME
(In millions, except per share amounts)
|
|||||||||||
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Operating Revenues:
|
|
|
|
|
|
||||||
Electric
|
$
|
4,981
|
|
|
$
|
5,339
|
|
|
$
|
5,307
|
|
Natural gas
|
929
|
|
|
952
|
|
|
867
|
|
|||
Total operating revenues
|
5,910
|
|
|
6,291
|
|
|
6,174
|
|
|||
Operating Expenses:
|
|
|
|
|
|
||||||
Fuel
|
535
|
|
|
769
|
|
|
737
|
|
|||
Purchased power
|
556
|
|
|
581
|
|
|
638
|
|
|||
Natural gas purchased for resale
|
331
|
|
|
374
|
|
|
311
|
|
|||
Other operations and maintenance
|
1,745
|
|
|
1,772
|
|
|
1,705
|
|
|||
Depreciation and amortization
|
995
|
|
|
955
|
|
|
896
|
|
|||
Taxes other than income taxes
|
481
|
|
|
483
|
|
|
477
|
|
|||
Total operating expenses
|
4,643
|
|
|
4,934
|
|
|
4,764
|
|
|||
Operating Income
|
1,267
|
|
|
1,357
|
|
|
1,410
|
|
|||
Other Income, Net
|
130
|
|
|
102
|
|
|
86
|
|
|||
Interest Charges
|
381
|
|
|
401
|
|
|
391
|
|
|||
Income Before Income Taxes
|
1,016
|
|
|
1,058
|
|
|
1,105
|
|
|||
Income Taxes
|
182
|
|
|
237
|
|
|
576
|
|
|||
Net Income
|
834
|
|
|
821
|
|
|
529
|
|
|||
Less: Net Income Attributable to Noncontrolling Interests
|
6
|
|
|
6
|
|
|
6
|
|
|||
Net Income Attributable to Ameren Common Shareholders
|
$
|
828
|
|
|
$
|
815
|
|
|
$
|
523
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Net Income
|
$
|
834
|
|
|
$
|
821
|
|
|
$
|
529
|
|
Other Comprehensive Income (Loss), Net of Taxes
|
|
|
|
|
|
||||||
Pension and other postretirement benefit plan activity, net of income taxes (benefit) of $1, $(1), and $3, respectively
|
5
|
|
|
(4
|
)
|
|
5
|
|
|||
Comprehensive Income
|
839
|
|
|
817
|
|
|
534
|
|
|||
Less: Comprehensive Income Attributable to Noncontrolling Interests
|
6
|
|
|
6
|
|
|
6
|
|
|||
Comprehensive Income Attributable to Ameren Common Shareholders
|
$
|
833
|
|
|
$
|
811
|
|
|
$
|
528
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Earnings per Common Share – Basic
|
$
|
3.37
|
|
|
$
|
3.34
|
|
|
$
|
2.16
|
|
|
|
|
|
|
|
||||||
Earnings per Common Share – Diluted
|
$
|
3.35
|
|
|
$
|
3.32
|
|
|
$
|
2.14
|
|
|
|
|
|
|
|
||||||
Weighted-average Common Shares Outstanding – Basic
|
245.6
|
|
|
243.8
|
|
|
242.6
|
|
|||
Weighted-average Common Shares Outstanding – Diluted
|
247.1
|
|
|
245.8
|
|
|
244.2
|
|
AMEREN CORPORATION
CONSOLIDATED BALANCE SHEET
(In millions, except per share amounts)
|
|||||||
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
16
|
|
|
$
|
16
|
|
Accounts receivable – trade (less allowance for doubtful accounts of $17 and $18, respectively)
|
393
|
|
|
463
|
|
||
Unbilled revenue
|
278
|
|
|
295
|
|
||
Miscellaneous accounts receivable
|
63
|
|
|
79
|
|
||
Inventories
|
494
|
|
|
483
|
|
||
Current regulatory assets
|
69
|
|
|
134
|
|
||
Other current assets
|
118
|
|
|
63
|
|
||
Total current assets
|
1,431
|
|
|
1,533
|
|
||
Property, Plant, and Equipment, Net
|
24,376
|
|
|
22,810
|
|
||
Investments and Other Assets:
|
|
|
|
||||
Nuclear decommissioning trust fund
|
847
|
|
|
684
|
|
||
Goodwill
|
411
|
|
|
411
|
|
||
Regulatory assets
|
992
|
|
|
1,127
|
|
||
Other assets
|
876
|
|
|
650
|
|
||
Total investments and other assets
|
3,126
|
|
|
2,872
|
|
||
TOTAL ASSETS
|
$
|
28,933
|
|
|
$
|
27,215
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
442
|
|
|
$
|
580
|
|
Short-term debt
|
440
|
|
|
597
|
|
||
Accounts and wages payable
|
874
|
|
|
817
|
|
||
Current regulatory liabilities
|
164
|
|
|
149
|
|
||
Other current liabilities
|
585
|
|
|
544
|
|
||
Total current liabilities
|
2,505
|
|
|
2,687
|
|
||
Long-term Debt, Net
|
8,915
|
|
|
7,859
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Accumulated deferred income taxes and investment tax credits, net
|
2,919
|
|
|
2,666
|
|
||
Regulatory liabilities
|
4,887
|
|
|
4,637
|
|
||
Asset retirement obligations
|
638
|
|
|
627
|
|
||
Pension and other postretirement benefits
|
401
|
|
|
558
|
|
||
Other deferred credits and liabilities
|
467
|
|
|
408
|
|
||
Total deferred credits and other liabilities
|
9,312
|
|
|
8,896
|
|
||
Commitments and Contingencies (Notes 2, 9, and 14)
|
|
|
|
|
|
||
Ameren Corporation Shareholders’ Equity:
|
|
|
|
||||
Common stock, $.01 par value, 400.0 shares authorized – shares outstanding of 246.2 and 244.5, respectively
|
2
|
|
|
2
|
|
||
Other paid-in capital, principally premium on common stock
|
5,694
|
|
|
5,627
|
|
||
Retained earnings
|
2,380
|
|
|
2,024
|
|
||
Accumulated other comprehensive loss
|
(17
|
)
|
|
(22
|
)
|
||
Total Ameren Corporation shareholders’ equity
|
8,059
|
|
|
7,631
|
|
||
Noncontrolling Interests
|
142
|
|
|
142
|
|
||
Total equity
|
8,201
|
|
|
7,773
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
28,933
|
|
|
$
|
27,215
|
|
AMEREN CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(In millions)
|
|||||||||||
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash Flows From Operating Activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
834
|
|
|
$
|
821
|
|
|
$
|
529
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
1,002
|
|
|
938
|
|
|
876
|
|
|||
Amortization of nuclear fuel
|
79
|
|
|
95
|
|
|
76
|
|
|||
Amortization of debt issuance costs and premium/discounts
|
19
|
|
|
20
|
|
|
22
|
|
|||
Deferred income taxes and investment tax credits, net
|
167
|
|
|
224
|
|
|
539
|
|
|||
Allowance for equity funds used during construction
|
(28
|
)
|
|
(36
|
)
|
|
(24
|
)
|
|||
Stock-based compensation costs
|
20
|
|
|
20
|
|
|
17
|
|
|||
Other
|
(14
|
)
|
|
44
|
|
|
(10
|
)
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Receivables
|
79
|
|
|
(24
|
)
|
|
(53
|
)
|
|||
Inventories
|
(10
|
)
|
|
39
|
|
|
17
|
|
|||
Accounts and wages payable
|
(3
|
)
|
|
(22
|
)
|
|
32
|
|
|||
Taxes accrued
|
(8
|
)
|
|
(10
|
)
|
|
55
|
|
|||
Regulatory assets and liabilities
|
164
|
|
|
201
|
|
|
36
|
|
|||
Assets, other
|
(59
|
)
|
|
2
|
|
|
34
|
|
|||
Liabilities, other
|
(33
|
)
|
|
(117
|
)
|
|
(7
|
)
|
|||
Pension and other postretirement benefits
|
(39
|
)
|
|
(25
|
)
|
|
(21
|
)
|
|||
Net cash provided by operating activities
|
2,170
|
|
|
2,170
|
|
|
2,118
|
|
|||
Cash Flows From Investing Activities:
|
|
|
|
|
|
||||||
Capital expenditures
|
(2,411
|
)
|
|
(2,286
|
)
|
|
(2,132
|
)
|
|||
Nuclear fuel expenditures
|
(31
|
)
|
|
(52
|
)
|
|
(63
|
)
|
|||
Purchases of securities – nuclear decommissioning trust fund
|
(256
|
)
|
|
(315
|
)
|
|
(321
|
)
|
|||
Sales and maturities of securities – nuclear decommissioning trust fund
|
260
|
|
|
299
|
|
|
305
|
|
|||
Purchase of bonds
|
(207
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from sale of remarketed bonds
|
207
|
|
|
—
|
|
|
—
|
|
|||
Other
|
3
|
|
|
18
|
|
|
7
|
|
|||
Net cash used in investing activities
|
(2,435
|
)
|
|
(2,336
|
)
|
|
(2,204
|
)
|
|||
Cash Flows From Financing Activities:
|
|
|
|
|
|
||||||
Dividends on common stock
|
(472
|
)
|
|
(451
|
)
|
|
(431
|
)
|
|||
Dividends paid to noncontrolling interest holders
|
(6
|
)
|
|
(6
|
)
|
|
(6
|
)
|
|||
Short-term debt, net
|
(157
|
)
|
|
112
|
|
|
(74
|
)
|
|||
Maturities of long-term debt
|
(580
|
)
|
|
(841
|
)
|
|
(681
|
)
|
|||
Issuances of long-term debt
|
1,527
|
|
|
1,352
|
|
|
1,345
|
|
|||
Issuances of common stock
|
68
|
|
|
74
|
|
|
—
|
|
|||
Repurchases of common stock for stock-based compensation
|
—
|
|
|
—
|
|
|
(24
|
)
|
|||
Employee payroll taxes related to stock-based compensation
|
(29
|
)
|
|
(19
|
)
|
|
(15
|
)
|
|||
Debt issuance costs
|
(17
|
)
|
|
(14
|
)
|
|
(11
|
)
|
|||
Other
|
—
|
|
|
(2
|
)
|
|
(1
|
)
|
|||
Net cash provided by financing activities
|
334
|
|
|
205
|
|
|
102
|
|
|||
Net change in cash, cash equivalents, and restricted cash
|
69
|
|
|
39
|
|
|
16
|
|
|||
Cash, cash equivalents, and restricted cash at beginning of year
|
107
|
|
|
68
|
|
|
52
|
|
|||
Cash, cash equivalents, and restricted cash at end of year
|
$
|
176
|
|
|
$
|
107
|
|
|
$
|
68
|
|
|
|
|
|
|
|
||||||
Cash Paid (Refunded) During the Year:
|
|
|
|
|
|
||||||
Interest (net of $20, $21, and $14 capitalized, respectively)
|
$
|
367
|
|
|
$
|
387
|
|
|
$
|
370
|
|
Income taxes, net
|
13
|
|
|
21
|
|
|
(19
|
)
|
AMEREN CORPORATION
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
(In millions)
|
|||||||||||
|
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Common Stock
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
|
|
|
|
|
||||||
Other Paid-in Capital:
|
|
|
|
|
|
||||||
Beginning of year
|
5,627
|
|
|
5,540
|
|
|
5,556
|
|
|||
Shares issued under the DRPlus and 401(k) plan
|
68
|
|
|
74
|
|
|
—
|
|
|||
Stock-based compensation activity
|
(1
|
)
|
|
13
|
|
|
(16
|
)
|
|||
Other paid-in capital, end of year
|
5,694
|
|
|
5,627
|
|
|
5,540
|
|
|||
|
|
|
|
|
|
||||||
Retained Earnings:
|
|
|
|
|
|
||||||
Beginning of year
|
2,024
|
|
|
1,660
|
|
|
1,568
|
|
|||
Net income attributable to Ameren common shareholders
|
828
|
|
|
815
|
|
|
523
|
|
|||
Dividends
|
(472
|
)
|
|
(451
|
)
|
|
(431
|
)
|
|||
Retained earnings, end of year
|
2,380
|
|
|
2,024
|
|
|
1,660
|
|
|||
|
|
|
|
|
|
||||||
Accumulated Other Comprehensive Income (Loss):
|
|
|
|
|
|
||||||
Deferred retirement benefit costs, beginning of year
|
(22
|
)
|
|
(18
|
)
|
|
(23
|
)
|
|||
Change in deferred retirement benefit costs
|
5
|
|
|
(4
|
)
|
|
5
|
|
|||
Deferred retirement benefit costs, end of year
|
(17
|
)
|
|
(22
|
)
|
|
(18
|
)
|
|||
Total accumulated other comprehensive loss, end of year
|
(17
|
)
|
|
(22
|
)
|
|
(18
|
)
|
|||
Total Ameren Corporation Shareholders’ Equity
|
$
|
8,059
|
|
|
$
|
7,631
|
|
|
$
|
7,184
|
|
|
|
|
|
|
|
||||||
Noncontrolling Interests:
|
|
|
|
|
|
||||||
Beginning of year
|
142
|
|
|
142
|
|
|
142
|
|
|||
Net income attributable to noncontrolling interest holders
|
6
|
|
|
6
|
|
|
6
|
|
|||
Dividends paid to noncontrolling interest holders
|
(6
|
)
|
|
(6
|
)
|
|
(6
|
)
|
|||
Noncontrolling interests, end of year
|
142
|
|
|
142
|
|
|
142
|
|
|||
Total Equity
|
$
|
8,201
|
|
|
$
|
7,773
|
|
|
$
|
7,326
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Common stock shares outstanding at beginning of year
|
244.5
|
|
|
242.6
|
|
|
242.6
|
|
|||
Shares issued under the DRPlus and 401(k) plan
|
0.9
|
|
|
1.2
|
|
|
—
|
|
|||
Shares issued for stock-based compensation
|
0.8
|
|
|
0.7
|
|
|
—
|
|
|||
Common stock shares outstanding at end of year
|
246.2
|
|
|
244.5
|
|
|
242.6
|
|
|||
|
|
|
|
|
|
||||||
Dividends per common share
|
$
|
1.9200
|
|
|
$
|
1.8475
|
|
|
$
|
1.7775
|
|
UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)
STATEMENT OF INCOME
(In millions)
|
|||||||||||
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Operating Revenues:
|
|
|
|
|
|
||||||
Electric
|
$
|
3,109
|
|
|
$
|
3,451
|
|
|
$
|
3,411
|
|
Natural gas
|
134
|
|
|
138
|
|
|
126
|
|
|||
Total operating revenues
|
3,243
|
|
|
3,589
|
|
|
3,537
|
|
|||
Operating Expenses:
|
|
|
|
|
|
||||||
Fuel
|
535
|
|
|
769
|
|
|
737
|
|
|||
Purchased power
|
193
|
|
|
164
|
|
|
245
|
|
|||
Natural gas purchased for resale
|
53
|
|
|
56
|
|
|
47
|
|
|||
Other operations and maintenance
|
960
|
|
|
972
|
|
|
925
|
|
|||
Depreciation and amortization
|
556
|
|
|
550
|
|
|
533
|
|
|||
Taxes other than income taxes
|
329
|
|
|
329
|
|
|
328
|
|
|||
Total operating expenses
|
2,626
|
|
|
2,840
|
|
|
2,815
|
|
|||
Operating Income
|
617
|
|
|
749
|
|
|
722
|
|
|||
Other Income, Net
|
58
|
|
|
56
|
|
|
65
|
|
|||
Interest Charges
|
178
|
|
|
200
|
|
|
207
|
|
|||
Income Before Income Taxes
|
497
|
|
|
605
|
|
|
580
|
|
|||
Income Taxes
|
68
|
|
|
124
|
|
|
254
|
|
|||
Net Income
|
$
|
429
|
|
|
$
|
481
|
|
|
$
|
326
|
|
Preferred Stock Dividends
|
3
|
|
|
3
|
|
|
3
|
|
|||
Net Income Available to Common Shareholder
|
$
|
426
|
|
|
$
|
478
|
|
|
$
|
323
|
|
UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)
BALANCE SHEET
(In millions, except per share amounts)
|
|||||||
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
9
|
|
|
$
|
—
|
|
Accounts receivable – trade (less allowance for doubtful accounts of $7 and $7, respectively)
|
164
|
|
|
223
|
|
||
Accounts receivable – affiliates
|
30
|
|
|
14
|
|
||
Unbilled revenue
|
139
|
|
|
155
|
|
||
Miscellaneous accounts receivable
|
33
|
|
|
42
|
|
||
Inventories
|
373
|
|
|
358
|
|
||
Other current assets
|
66
|
|
|
40
|
|
||
Total current assets
|
814
|
|
|
832
|
|
||
Property, Plant, and Equipment, Net
|
12,635
|
|
|
12,103
|
|
||
Investments and Other Assets:
|
|
|
|
||||
Nuclear decommissioning trust fund
|
847
|
|
|
684
|
|
||
Regulatory assets
|
285
|
|
|
366
|
|
||
Other assets
|
356
|
|
|
306
|
|
||
Total investments and other assets
|
1,488
|
|
|
1,356
|
|
||
TOTAL ASSETS
|
$
|
14,937
|
|
|
$
|
14,291
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
92
|
|
|
$
|
580
|
|
Short-term debt
|
234
|
|
|
55
|
|
||
Accounts and wages payable
|
465
|
|
|
428
|
|
||
Accounts payable – affiliates
|
52
|
|
|
69
|
|
||
Current regulatory liabilities
|
62
|
|
|
68
|
|
||
Other current liabilities
|
221
|
|
|
202
|
|
||
Total current liabilities
|
1,126
|
|
|
1,402
|
|
||
Long-term Debt, Net
|
4,098
|
|
|
3,418
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Accumulated deferred income taxes and investment tax credits, net
|
1,612
|
|
|
1,576
|
|
||
Regulatory liabilities
|
2,937
|
|
|
2,799
|
|
||
Asset retirement obligations
|
634
|
|
|
623
|
|
||
Pension and other postretirement benefits
|
141
|
|
|
228
|
|
||
Other deferred credits and liabilities
|
40
|
|
|
16
|
|
||
Total deferred credits and other liabilities
|
5,364
|
|
|
5,242
|
|
||
Commitments and Contingencies (Notes 2, 9, 13, and 14)
|
|
|
|
||||
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
|
2,027
|
|
|
1,903
|
|
||
Preferred stock
|
80
|
|
|
80
|
|
||
Retained earnings
|
1,731
|
|
|
1,735
|
|
||
Total shareholders’ equity
|
4,349
|
|
|
4,229
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
14,937
|
|
|
$
|
14,291
|
|
UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)
STATEMENT OF CASH FLOWS
(In millions)
|
|||||||||||
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash Flows From Operating Activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
429
|
|
|
$
|
481
|
|
|
$
|
326
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
564
|
|
|
533
|
|
|
514
|
|
|||
Amortization of nuclear fuel
|
79
|
|
|
95
|
|
|
76
|
|
|||
Amortization of debt issuance costs and premium/discounts
|
5
|
|
|
6
|
|
|
6
|
|
|||
Deferred income taxes and investment tax credits, net
|
(19
|
)
|
|
(9
|
)
|
|
82
|
|
|||
Allowance for equity funds used during construction
|
(19
|
)
|
|
(27
|
)
|
|
(21
|
)
|
|||
Other
|
13
|
|
|
17
|
|
|
4
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Receivables
|
75
|
|
|
(32
|
)
|
|
(46
|
)
|
|||
Inventories
|
(13
|
)
|
|
30
|
|
|
18
|
|
|||
Accounts and wages payable
|
16
|
|
|
(21
|
)
|
|
27
|
|
|||
Taxes accrued
|
(15
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|||
Regulatory assets and liabilities
|
17
|
|
|
201
|
|
|
26
|
|
|||
Assets, other
|
(28
|
)
|
|
2
|
|
|
31
|
|
|||
Liabilities, other
|
(32
|
)
|
|
(13
|
)
|
|
(23
|
)
|
|||
Pension and other postretirement benefits
|
(5
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|||
Net cash provided by operating activities
|
1,067
|
|
|
1,260
|
|
|
1,017
|
|
|||
Cash Flows From Investing Activities:
|
|
|
|
|
|
||||||
Capital expenditures
|
(1,076
|
)
|
|
(914
|
)
|
|
(773
|
)
|
|||
Nuclear fuel expenditures
|
(31
|
)
|
|
(52
|
)
|
|
(63
|
)
|
|||
Purchases of securities – nuclear decommissioning trust fund
|
(256
|
)
|
|
(315
|
)
|
|
(321
|
)
|
|||
Sales and maturities of securities – nuclear decommissioning trust fund
|
260
|
|
|
299
|
|
|
305
|
|
|||
Purchase of bonds
|
(207
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from sale of remarketed bonds
|
207
|
|
|
—
|
|
|
—
|
|
|||
Money pool advances, net
|
—
|
|
|
—
|
|
|
161
|
|
|||
Other
|
8
|
|
|
6
|
|
|
7
|
|
|||
Net cash used in investing activities
|
(1,095
|
)
|
|
(976
|
)
|
|
(684
|
)
|
|||
Cash Flows From Financing Activities:
|
|
|
|
|
|
||||||
Dividends on common stock
|
(430
|
)
|
|
(375
|
)
|
|
(362
|
)
|
|||
Dividends on preferred stock
|
(3
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|||
Short-term debt, net
|
179
|
|
|
16
|
|
|
39
|
|
|||
Maturities of long-term debt
|
(580
|
)
|
|
(384
|
)
|
|
(431
|
)
|
|||
Issuances of long-term debt
|
778
|
|
|
423
|
|
|
399
|
|
|||
Debt issuance costs
|
(9
|
)
|
|
(5
|
)
|
|
(3
|
)
|
|||
Capital contribution from parent
|
124
|
|
|
45
|
|
|
30
|
|
|||
Net cash provided by (used in) financing activities
|
59
|
|
|
(283
|
)
|
|
(331
|
)
|
|||
Net change in cash, cash equivalents, and restricted cash
|
31
|
|
|
1
|
|
|
2
|
|
|||
Cash, cash equivalents, and restricted cash at beginning of year
|
8
|
|
|
7
|
|
|
5
|
|
|||
Cash, cash equivalents, and restricted cash at end of year
|
$
|
39
|
|
|
$
|
8
|
|
|
$
|
7
|
|
|
|
|
|
|
|
||||||
Cash Paid During the Year:
|
|
|
|
|
|
||||||
Interest (net of $12, $14, and $10 capitalized, respectively)
|
$
|
190
|
|
|
$
|
196
|
|
|
$
|
202
|
|
Income taxes, net
|
101
|
|
|
128
|
|
|
178
|
|
UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)
STATEMENT OF SHAREHOLDERS’ EQUITY
(In millions)
|
|||||||||||
|
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Common Stock
|
$
|
511
|
|
|
$
|
511
|
|
|
$
|
511
|
|
|
|
|
|
|
|
||||||
Other Paid-in Capital:
|
|
|
|
|
|
||||||
Beginning of year
|
1,903
|
|
|
1,858
|
|
|
1,828
|
|
|||
Capital contribution from parent
|
124
|
|
|
45
|
|
|
30
|
|
|||
Other paid-in capital, end of year
|
2,027
|
|
|
1,903
|
|
|
1,858
|
|
|||
|
|
|
|
|
|
||||||
Preferred Stock
|
80
|
|
|
80
|
|
|
80
|
|
|||
|
|
|
|
|
|
||||||
Retained Earnings:
|
|
|
|
|
|
||||||
Beginning of year
|
1,735
|
|
|
1,632
|
|
|
1,671
|
|
|||
Net income
|
429
|
|
|
481
|
|
|
326
|
|
|||
Common stock dividends
|
(430
|
)
|
|
(375
|
)
|
|
(362
|
)
|
|||
Preferred stock dividends
|
(3
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|||
Retained earnings, end of year
|
1,731
|
|
|
1,735
|
|
|
1,632
|
|
|||
|
|
|
|
|
|
||||||
Total Shareholders’ Equity
|
$
|
4,349
|
|
|
$
|
4,229
|
|
|
$
|
4,081
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Operating Revenues:
|
|
|
|
|
|
||||||
Electric
|
$
|
1,730
|
|
|
$
|
1,761
|
|
|
$
|
1,784
|
|
Natural gas
|
797
|
|
|
815
|
|
|
743
|
|
|||
Total operating revenues
|
2,527
|
|
|
2,576
|
|
|
2,527
|
|
|||
Operating Expenses:
|
|
|
|
|
|
||||||
Purchased power
|
368
|
|
|
429
|
|
|
417
|
|
|||
Natural gas purchased for resale
|
278
|
|
|
318
|
|
|
264
|
|
|||
Other operations and maintenance
|
782
|
|
|
799
|
|
|
799
|
|
|||
Depreciation and amortization
|
406
|
|
|
374
|
|
|
341
|
|
|||
Taxes other than income taxes
|
143
|
|
|
144
|
|
|
137
|
|
|||
Total operating expenses
|
1,977
|
|
|
2,064
|
|
|
1,958
|
|
|||
Operating Income
|
550
|
|
|
512
|
|
|
569
|
|
|||
Other Income, Net
|
53
|
|
|
42
|
|
|
12
|
|
|||
Interest Charges
|
147
|
|
|
149
|
|
|
144
|
|
|||
Income Before Income Taxes
|
456
|
|
|
405
|
|
|
437
|
|
|||
Income Taxes
|
110
|
|
|
98
|
|
|
166
|
|
|||
Net Income
|
$
|
346
|
|
|
$
|
307
|
|
|
$
|
271
|
|
Preferred Stock Dividends
|
3
|
|
|
3
|
|
|
3
|
|
|||
Net Income Available to Common Shareholder
|
$
|
343
|
|
|
$
|
304
|
|
|
$
|
268
|
|
AMEREN ILLINOIS COMPANY (d/b/a AMEREN ILLINOIS)
BALANCE SHEET
(In millions)
|
|||||||
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
—
|
|
Accounts receivable – trade (less allowance for doubtful accounts of $10 and $11, respectively)
|
215
|
|
|
224
|
|
||
Accounts receivable – affiliates
|
28
|
|
|
21
|
|
||
Unbilled revenue
|
139
|
|
|
140
|
|
||
Miscellaneous accounts receivable
|
25
|
|
|
40
|
|
||
Inventories
|
121
|
|
|
125
|
|
||
Current regulatory assets
|
57
|
|
|
110
|
|
||
Other current assets
|
29
|
|
|
16
|
|
||
Total current assets
|
614
|
|
|
676
|
|
||
Property, Plant, and Equipment, Net
|
10,083
|
|
|
9,198
|
|
||
Investments and Other Assets:
|
|
|
|
||||
Goodwill
|
411
|
|
|
411
|
|
||
Regulatory assets
|
694
|
|
|
759
|
|
||
Other assets
|
383
|
|
|
275
|
|
||
Total investments and other assets
|
1,488
|
|
|
1,445
|
|
||
TOTAL ASSETS
|
$
|
12,185
|
|
|
$
|
11,319
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Short-term debt
|
$
|
53
|
|
|
$
|
72
|
|
Accounts and wages payable
|
299
|
|
|
302
|
|
||
Accounts payable – affiliates
|
82
|
|
|
58
|
|
||
Customer deposits
|
77
|
|
|
76
|
|
||
Current environmental remediation
|
42
|
|
|
42
|
|
||
Current regulatory liabilities
|
84
|
|
|
62
|
|
||
Other current liabilities
|
207
|
|
|
184
|
|
||
Total current liabilities
|
844
|
|
|
796
|
|
||
Long-term Debt, Net
|
3,575
|
|
|
3,296
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Accumulated deferred income taxes and investment tax credits, net
|
1,224
|
|
|
1,119
|
|
||
Regulatory liabilities
|
1,849
|
|
|
1,741
|
|
||
Pension and other postretirement benefits
|
214
|
|
|
280
|
|
||
Environmental remediation
|
87
|
|
|
109
|
|
||
Other deferred credits and liabilities
|
260
|
|
|
204
|
|
||
Total deferred credits and other liabilities
|
3,634
|
|
|
3,453
|
|
||
Commitments and Contingencies (Notes 2, 13, and 14)
|
|
|
|
|
|
||
Shareholders’ Equity:
|
|
|
|
||||
Common stock, no par value, 45.0 shares authorized – 25.5 shares outstanding
|
—
|
|
|
—
|
|
||
Other paid-in capital
|
2,188
|
|
|
2,173
|
|
||
Preferred stock
|
62
|
|
|
62
|
|
||
Retained earnings
|
1,882
|
|
|
1,539
|
|
||
Total shareholders’ equity
|
4,132
|
|
|
3,774
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
12,185
|
|
|
$
|
11,319
|
|
AMEREN ILLINOIS COMPANY (d/b/a AMEREN ILLINOIS)
STATEMENT OF CASH FLOWS
(In millions)
|
|||||||||||
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash Flows From Operating Activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
346
|
|
|
$
|
307
|
|
|
$
|
271
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
405
|
|
|
375
|
|
|
341
|
|
|||
Amortization of debt issuance costs and premium/discounts
|
12
|
|
|
13
|
|
|
13
|
|
|||
Deferred income taxes and investment tax credits, net
|
80
|
|
|
88
|
|
|
171
|
|
|||
Other
|
7
|
|
|
11
|
|
|
—
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Receivables
|
11
|
|
|
—
|
|
|
(7
|
)
|
|||
Inventories
|
2
|
|
|
8
|
|
|
(1
|
)
|
|||
Accounts and wages payable
|
(19
|
)
|
|
(13
|
)
|
|
19
|
|
|||
Taxes accrued
|
21
|
|
|
(13
|
)
|
|
18
|
|
|||
Regulatory assets and liabilities
|
155
|
|
|
1
|
|
|
16
|
|
|||
Assets, other
|
(23
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|||
Liabilities, other
|
(5
|
)
|
|
(92
|
)
|
|
3
|
|
|||
Pension and other postretirement benefits
|
(30
|
)
|
|
(25
|
)
|
|
(14
|
)
|
|||
Net cash provided by operating activities
|
962
|
|
|
659
|
|
|
828
|
|
|||
Cash Flows From Investing Activities:
|
|
|
|
|
|
||||||
Capital expenditures
|
(1,208
|
)
|
|
(1,258
|
)
|
|
(1,076
|
)
|
|||
Other
|
3
|
|
|
10
|
|
|
6
|
|
|||
Net cash used in investing activities
|
(1,205
|
)
|
|
(1,248
|
)
|
|
(1,070
|
)
|
|||
Cash Flows From Financing Activities:
|
|
|
|
|
|
||||||
Dividends on preferred stock
|
(3
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|||
Short-term debt, net
|
(19
|
)
|
|
10
|
|
|
11
|
|
|||
Maturities of long-term debt
|
—
|
|
|
(457
|
)
|
|
(250
|
)
|
|||
Issuances of long-term debt
|
299
|
|
|
929
|
|
|
496
|
|
|||
Debt issuance costs
|
(4
|
)
|
|
(9
|
)
|
|
(6
|
)
|
|||
Capital contribution from parent
|
15
|
|
|
160
|
|
|
8
|
|
|||
Other
|
—
|
|
|
(2
|
)
|
|
(1
|
)
|
|||
Net cash provided by financing activities
|
288
|
|
|
628
|
|
|
255
|
|
|||
Net change in cash, cash equivalents, and restricted cash
|
45
|
|
|
39
|
|
|
13
|
|
|||
Cash, cash equivalents, and restricted cash at beginning of year
|
80
|
|
|
41
|
|
|
28
|
|
|||
Cash, cash equivalents, and restricted cash at end of year
|
$
|
125
|
|
|
$
|
80
|
|
|
$
|
41
|
|
|
|
|
|
|
|
||||||
Cash Paid (Refunded) During the Year:
|
|
|
|
|
|
||||||
Interest (net of $8, $7, and $4 capitalized, respectively)
|
$
|
127
|
|
|
$
|
144
|
|
|
$
|
139
|
|
Income taxes, net
|
4
|
|
|
28
|
|
|
(22
|
)
|
AMEREN ILLINOIS COMPANY (d/b/a AMEREN ILLINOIS)
STATEMENT OF SHAREHOLDERS’ EQUITY
(In millions)
|
|||||||||||
|
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Common Stock
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||||
Other Paid-in Capital
|
|
|
|
|
|
||||||
Beginning of year
|
2,173
|
|
|
2,013
|
|
|
2,005
|
|
|||
Capital contribution from parent
|
15
|
|
|
160
|
|
|
8
|
|
|||
Other paid-in capital, end of year
|
2,188
|
|
|
2,173
|
|
|
2,013
|
|
|||
|
|
|
|
|
|
||||||
Preferred Stock
|
62
|
|
|
62
|
|
|
62
|
|
|||
|
|
|
|
|
|
||||||
Retained Earnings:
|
|
|
|
|
|
||||||
Beginning of year
|
1,539
|
|
|
1,235
|
|
|
967
|
|
|||
Net income
|
346
|
|
|
307
|
|
|
271
|
|
|||
Preferred stock dividends
|
(3
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|||
Retained earnings, end of year
|
1,882
|
|
|
1,539
|
|
|
1,235
|
|
|||
|
|
|
|
|
|
||||||
Total Shareholders’ Equity
|
$
|
4,132
|
|
|
$
|
3,774
|
|
|
$
|
3,310
|
|
•
|
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 Missouri was incorporated in Missouri in 1922 and is successor to a number of companies, the oldest of which was organized in 1881. It is the largest electric utility in the state of Missouri. It supplies electric and natural gas service to a 24,000-square-mile area in central and eastern Missouri, which includes the Greater St. Louis area. Ameren Missouri supplies electric service to 1.2 million customers and natural gas service to 0.1 million customers.
|
•
|
Ameren Illinois Company, doing business as Ameren Illinois, operates rate-regulated electric transmission, electric distribution, and natural gas distribution businesses in Illinois. Ameren Illinois was incorporated in Illinois in 1923 and is the successor to a number of companies, the oldest of which was organized in 1902. Ameren Illinois supplies electric and natural gas utility service to a 43,700 square mile area in central and southern Illinois. Ameren Illinois supplies electric service to 1.2 million customers and natural gas service to 0.8 million customers.
|
•
|
Ameren Transmission Company of Illinois, doing business as ATXI, operates a FERC rate-regulated electric transmission business in the MISO. ATXI was incorporated in Illinois in 2006. ATXI is constructing the Illinois Rivers project, a MISO-approved electric transmission project, and eight of its nine line segments have been completed and placed in service as of December 31, 2018. ATXI operates the Spoon River project and the Mark Twain project, which were placed in service in February 2018 and December 2019, respectively.
|
|
|
Up-to 400-Megawatt Facility
|
|
Up-to 300-Megawatt Facility
|
Build-transfer agreement date
|
|
April 2018
|
|
May 2019
|
Wind facility developer
|
|
Terra-Gen, LLC
|
|
Invenergy Renewables, LLC
|
Location
|
|
Northeastern Missouri
|
|
Northwestern Missouri
|
Status of certificate of convenience and necessity from the MoPSC
|
|
Approved October 2018
|
|
Approved August 2019
|
Status of final interconnection costs
|
|
Received July 2019
|
|
Received July 2019
|
Status of RTO transmission interconnection agreement
|
|
Executed August 2019
|
|
Executed October 2019
|
Status of FERC approval
|
|
Received December 2018
|
|
Received October 2019
|
Expected completion date
|
|
By the end of 2020
|
|
By the end of 2020
|
|
|
2019
|
|
|
2018
|
||||||||||||||||||||
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Ameren
|
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Ameren
|
||||||||||||
Regulatory assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Under-recovered Illinois electric power costs(a)
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Under-recovered PGA(a)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
7
|
|
|
7
|
|
||||||
MTM derivative losses(b)
|
|
12
|
|
|
242
|
|
|
254
|
|
|
|
19
|
|
|
197
|
|
|
216
|
|
||||||
IEIMA revenue requirement reconciliation adjustment(c)(d)
|
|
—
|
|
|
17
|
|
|
17
|
|
|
|
—
|
|
|
70
|
|
|
70
|
|
||||||
FERC revenue requirement reconciliation adjustment(e)
|
|
—
|
|
|
1
|
|
|
16
|
|
|
|
—
|
|
|
16
|
|
|
30
|
|
||||||
Pension and postretirement benefit costs(f)
|
|
7
|
|
|
26
|
|
|
33
|
|
|
|
103
|
|
|
149
|
|
|
252
|
|
||||||
Income taxes(g)
|
|
114
|
|
|
61
|
|
|
177
|
|
|
|
119
|
|
|
68
|
|
|
185
|
|
||||||
Callaway costs(d)(h)
|
|
18
|
|
|
—
|
|
|
18
|
|
|
|
22
|
|
|
—
|
|
|
22
|
|
||||||
Unamortized loss on reacquired debt(i)
|
|
55
|
|
|
31
|
|
|
86
|
|
|
|
58
|
|
|
40
|
|
|
98
|
|
||||||
Environmental cost riders(j)
|
|
—
|
|
|
127
|
|
|
127
|
|
|
|
—
|
|
|
148
|
|
|
148
|
|
||||||
Storm costs(d)(k)
|
|
—
|
|
|
7
|
|
|
7
|
|
|
|
—
|
|
|
13
|
|
|
13
|
|
||||||
Workers’ compensation claims(l)
|
|
4
|
|
|
7
|
|
|
11
|
|
|
|
4
|
|
|
7
|
|
|
11
|
|
||||||
Construction accounting for pollution control equipment(d)(m)
|
|
15
|
|
|
—
|
|
|
15
|
|
|
|
16
|
|
|
—
|
|
|
16
|
|
||||||
Solar rebate program(n)
|
|
5
|
|
|
—
|
|
|
5
|
|
|
|
14
|
|
|
—
|
|
|
14
|
|
||||||
PISA(o)(d)
|
|
41
|
|
|
—
|
|
|
41
|
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
RESRAM(p)
|
|
9
|
|
|
—
|
|
|
9
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
FEJA energy-efficiency rider(d)(q)
|
|
—
|
|
|
211
|
|
|
211
|
|
|
|
—
|
|
|
136
|
|
|
136
|
|
||||||
Other
|
|
13
|
|
|
17
|
|
|
30
|
|
|
|
24
|
|
|
18
|
|
|
42
|
|
||||||
Total regulatory assets
|
|
$
|
293
|
|
|
$
|
751
|
|
|
$
|
1,061
|
|
|
|
$
|
380
|
|
|
$
|
869
|
|
|
$
|
1,261
|
|
Less: current regulatory assets
|
|
(8
|
)
|
|
(57
|
)
|
|
(69
|
)
|
|
|
(14
|
)
|
|
(110
|
)
|
|
(134
|
)
|
||||||
Noncurrent regulatory assets
|
|
$
|
285
|
|
|
$
|
694
|
|
|
$
|
992
|
|
|
|
$
|
366
|
|
|
$
|
759
|
|
|
$
|
1,127
|
|
Regulatory liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Over-recovered FAC(r)
|
|
$
|
39
|
|
|
$
|
—
|
|
|
$
|
39
|
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
34
|
|
Over-recovered Illinois electric power costs(a)
|
|
—
|
|
|
11
|
|
|
11
|
|
|
|
—
|
|
|
12
|
|
|
12
|
|
||||||
Over-recovered PGA(a)
|
|
8
|
|
|
14
|
|
|
22
|
|
|
|
7
|
|
|
3
|
|
|
10
|
|
||||||
Over-recovered VBA rider(s)
|
|
—
|
|
|
8
|
|
|
8
|
|
|
|
—
|
|
|
8
|
|
|
8
|
|
||||||
MTM derivative gains(b)
|
|
18
|
|
|
3
|
|
|
21
|
|
|
|
5
|
|
|
3
|
|
|
8
|
|
||||||
IEIMA revenue requirement reconciliation adjustment(c)
|
|
—
|
|
|
18
|
|
|
18
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
FERC revenue requirement reconciliation adjustment(e)
|
|
—
|
|
|
37
|
|
|
38
|
|
|
|
—
|
|
|
17
|
|
|
19
|
|
||||||
MEEIA energy-efficiency rider(t)
|
|
3
|
|
|
—
|
|
|
3
|
|
|
|
19
|
|
|
—
|
|
|
19
|
|
||||||
Estimated refund for FERC complaint cases(u)
|
|
—
|
|
|
23
|
|
|
40
|
|
|
|
—
|
|
|
26
|
|
|
44
|
|
||||||
Income taxes(g)
|
|
1,428
|
|
|
813
|
|
|
2,326
|
|
|
|
1,484
|
|
|
843
|
|
|
2,413
|
|
||||||
Cost of removal(v)
|
|
1,041
|
|
|
827
|
|
|
1,884
|
|
|
|
1,027
|
|
|
774
|
|
|
1,811
|
|
||||||
AROs(w)
|
|
303
|
|
|
—
|
|
|
303
|
|
|
|
175
|
|
|
—
|
|
|
175
|
|
||||||
Pension and postretirement benefit costs tracker(x)
|
|
72
|
|
|
—
|
|
|
72
|
|
|
|
43
|
|
|
—
|
|
|
43
|
|
||||||
Renewable energy credits and zero emission credits(y)
|
|
—
|
|
|
155
|
|
|
155
|
|
|
|
—
|
|
|
102
|
|
|
102
|
|
||||||
Excess income taxes collected in 2018(z)
|
|
60
|
|
|
—
|
|
|
60
|
|
|
|
60
|
|
|
—
|
|
|
60
|
|
||||||
Other
|
|
27
|
|
|
24
|
|
|
51
|
|
|
|
13
|
|
|
15
|
|
|
28
|
|
||||||
Total regulatory liabilities
|
|
$
|
2,999
|
|
|
$
|
1,933
|
|
|
$
|
5,051
|
|
|
|
$
|
2,867
|
|
|
$
|
1,803
|
|
|
$
|
4,786
|
|
Less: current regulatory liabilities
|
|
(62
|
)
|
|
(84
|
)
|
|
(164
|
)
|
|
|
(68
|
)
|
|
(62
|
)
|
|
$
|
(149
|
)
|
|||||
Noncurrent regulatory liabilities
|
|
$
|
2,937
|
|
|
$
|
1,849
|
|
|
$
|
4,887
|
|
|
|
$
|
2,799
|
|
|
$
|
1,741
|
|
|
$
|
4,637
|
|
(a)
|
Under-recovered or over-recovered costs from utility customers. Amounts will be recovered from, or refunded to, customers within one year of the deferral.
|
(b)
|
Deferral of commodity-related derivative MTM losses or gains. See Note 7 – Derivative Financial Instruments for additional information.
|
(c)
|
The difference between Ameren Illinois’ electric distribution service annual revenue requirement calculated under the performance-based formula ratemaking framework and the revenue requirement included in customer rates for that year. Any under-recovery or over-recovery will be recovered from, or refunded to, customers with interest within two years.
|
(d)
|
These assets earn a return at the applicable WACC.
|
(e)
|
Ameren Illinois’ and ATXI’s annual revenue requirement reconciliation calculated pursuant to the FERC’s electric transmission formula ratemaking framework. Any under-recovery or over-recovery will be recovered from, or refunded to, customers within two years.
|
(f)
|
These costs are being amortized in proportion to the recognition of prior service costs (credits) and actuarial losses (gains) attributable to Ameren’s pension plan and postretirement benefit plans. See Note 10 – Retirement Benefits for additional information.
|
(g)
|
The regulatory assets represent amounts that will be recovered from customers for deferred income taxes related to the equity component of allowance for funds used during construction and the effects of tax rate changes. The regulatory liabilities represent amounts that will be refunded to customers for deferred income taxes related to depreciation differences, other tax liabilities, and the unamortized portion of investment tax credits recorded at rates in excess of current statutory rates. Amounts associated with the equity component of allowance for funds used during construction, and the unamortized portion of investment tax credits will be amortized over the expected life of the related assets. For net regulatory liabilities related to deferred income taxes recorded at rates other than the current statutory rate, the weighted-average remaining amortization periods at Ameren, Ameren Missouri, and Ameren Illinois are 34, 26, and 43 years.
|
(h)
|
Ameren Missouri’s Callaway Energy Center operations and maintenance expenses, property taxes, and carrying costs incurred between the plant in-service date and the date the plant was reflected in rates. These costs are being amortized over the original remaining life of the energy center.
|
(i)
|
Losses related to reacquired debt. These amounts are being amortized over the lives of the related new debt issuances or the original lives of the old debt issuances if no new debt was issued.
|
(j)
|
The recoverable portion of accrued environmental site liabilities that will be collected from electric and natural gas customers through ICC-approved cost recovery riders. The period of recovery will depend on the timing of remediation expenditures. See Note 14 – Commitments and Contingencies for additional information.
|
(k)
|
Storm costs from 2016 and 2018 deferred in accordance with the IEIMA. These costs are being amortized over five-year periods beginning in the year the storm occurred.
|
(l)
|
The period of recovery will depend on the timing of actual expenditures.
|
(m)
|
The MoPSC’s May 2010 electric rate order allowed Ameren Missouri to record an allowance for funds used during construction for pollution control equipment at its Sioux Energy Center until the cost of that equipment was included in customer rates beginning in 2011. These costs are being amortized over the expected life of the Sioux Energy Center, currently through 2033.
|
(n)
|
Costs associated with Ameren Missouri’s solar rebate program. The amortization period for these assets will be determined in a future electric service regulatory rate review.
|
(o)
|
Under the PISA, Ameren Missouri is permitted to defer and recover 85% of the depreciation expense on certain property, plant, and equipment placed in service after September 1, 2018, and not included in base rates. Accumulated PISA deferrals are added to rate base prospectively and amortized over a period of 20 years following a regulatory rate review.
|
(p)
|
Costs associated with Ameren Missouri’s compliance with the state of Missouri’s renewable energy standard. Costs incurred over a twelve-month period beginning each August are amortized over a twelve-month period beginning February the following year.
|
(q)
|
The electric energy-efficiency investments are being amortized over their weighted-average useful lives beginning in the period in which they were made, with current remaining amortization periods ranging from 7 to 12 years.
|
(r)
|
Under-recovered or over-recovered fuel costs to be recovered or refunded through the FAC. Specific accumulation periods aggregate the under-recovered or over-recovered costs over four months, any related adjustments that occur over the following four months, and the recovery from, or refund to, customers that occurs over the next eight months.
|
(s)
|
Under-recovered or over-recovered natural gas revenue caused by sales volume deviations from weather normalized sales approved by the ICC in rate regulatory reviews. Each year’s amount will be recovered from or refunded to customers from April through December of the following year.
|
(t)
|
The MEEIA rider allows Ameren Missouri to collect from, or refund to, customers any annual difference in the actual amounts incurred and the amounts collected from customers for the MEEIA program costs, lost electric margins, and the performance incentive. Under the MEEIA rider, collections from or refunds to customers occur one year after the program costs, and lost electric margins are incurred or any performance incentive are earned.
|
(u)
|
The 2019 balances represent the estimated refunds to transmission customers related to the November 2019 FERC order in the November 2013 FERC complaint case. The 2018 balances represent the estimated refunds to transmission customers related to the February 2015 FERC complaint case, which was dismissed in the November 2019 order. See further discussion of the FERC ROE complaint cases above.
|
(v)
|
Estimated funds collected from customers to pay for the future removal cost of property, plant, and equipment retired from service, net of salvage.
|
(w)
|
Recoverable or refundable removal costs for AROs, including net realized and unrealized gains and losses related to the nuclear decommissioning trust fund investments. See Note 1 – Summary of Significant Accounting Policies – Asset Retirement Obligations.
|
(x)
|
A regulatory recovery mechanism for the difference between the level of pension and postretirement benefit costs incurred by Ameren Missouri and the level of such costs included in customer rates. The period of refund varies based on MoPSC approval in a regulatory rate review. For costs incurred prior to December 2016, the weighted-average remaining amortization period is three years. For costs incurred after December 2016, the amortization period will be determined in the current electric service regulatory rate review.
|
(y)
|
Funds collected for the purchase of renewable energy credits and zero emission credits through IPA procurements. The balance will be amortized as the credits are purchased.
|
(z)
|
The excess amount collected in rates related to the TCJA from January 1, 2018, through July 31, 2018. The regulatory liability will be reflected in customer rates over a period of time to be determined by the MoPSC in the current electric service regulatory rate review.
|
|
|
Ameren
Missouri(a)
|
|
Ameren
Illinois
|
|
Other
|
|
Ameren(a)
|
||||||||
2019
|
|
|
|
|
|
|
|
|
||||||||
Property, plant, and equipment at original cost:(b)
|
|
|
|
|
|
|
|
|
||||||||
Electric generation
|
|
$
|
11,880
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,880
|
|
Electric distribution
|
|
6,371
|
|
|
6,299
|
|
|
—
|
|
|
12,670
|
|
||||
Electric transmission
|
|
1,405
|
|
|
3,101
|
|
|
1,642
|
|
|
6,148
|
|
||||
Natural gas
|
|
528
|
|
|
3,024
|
|
|
—
|
|
|
3,552
|
|
||||
Other(c)
|
|
1,173
|
|
|
993
|
|
|
236
|
|
|
2,402
|
|
||||
|
|
21,357
|
|
|
13,417
|
|
|
1,878
|
|
|
36,652
|
|
||||
Less: Accumulated depreciation and amortization
|
|
9,195
|
|
|
3,536
|
|
|
275
|
|
|
13,006
|
|
||||
|
|
12,162
|
|
|
9,881
|
|
|
1,603
|
|
|
23,646
|
|
||||
Construction work in progress:
|
|
|
|
|
|
|
|
|
||||||||
Nuclear fuel in process
|
|
135
|
|
|
—
|
|
|
—
|
|
|
135
|
|
||||
Other
|
|
338
|
|
|
202
|
|
|
55
|
|
|
595
|
|
||||
Property, plant, and equipment, net
|
|
$
|
12,635
|
|
|
$
|
10,083
|
|
|
$
|
1,658
|
|
|
$
|
24,376
|
|
2018
|
|
|
|
|
|
|
|
|
||||||||
Property, plant, and equipment at original cost:(b)
|
|
|
|
|
|
|
|
|
||||||||
Electric generation
|
|
$
|
11,432
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,432
|
|
Electric distribution
|
|
5,989
|
|
|
5,970
|
|
|
—
|
|
|
11,959
|
|
||||
Electric transmission
|
|
1,277
|
|
|
2,647
|
|
|
1,385
|
|
|
5,309
|
|
||||
Natural gas
|
|
500
|
|
|
2,701
|
|
|
—
|
|
|
3,201
|
|
||||
Other(c)
|
|
1,008
|
|
|
863
|
|
|
230
|
|
|
2,101
|
|
||||
|
|
20,206
|
|
|
12,181
|
|
|
1,615
|
|
|
34,002
|
|
||||
Less: Accumulated depreciation and amortization
|
|
8,726
|
|
|
3,294
|
|
|
253
|
|
|
12,273
|
|
||||
|
|
11,480
|
|
|
8,887
|
|
|
1,362
|
|
|
21,729
|
|
||||
Construction work in progress:
|
|
|
|
|
|
|
|
|
||||||||
Nuclear fuel in process
|
|
217
|
|
|
—
|
|
|
—
|
|
|
217
|
|
||||
Other
|
|
406
|
|
|
311
|
|
|
147
|
|
|
864
|
|
||||
Property, plant, and equipment, net
|
|
$
|
12,103
|
|
|
$
|
9,198
|
|
|
$
|
1,509
|
|
|
$
|
22,810
|
|
(a)
|
Amounts include two CTs that have related financing obligations. The gross cumulative asset value of those agreements was $236 million and $235 million at December 31, 2019 and 2018, respectively. The total accumulated depreciation associated with the two CTs was $95 million and $89 million at December 31, 2019 and 2018, respectively. See Note 5 – Long-term Debt and Equity Financings for additional information on these agreements.
|
(b)
|
The estimated lives for each asset group are as follows: 5 to 72 years for electric generation, excluding Ameren Missouri’s hydro generating assets which have useful lives of up to 150 years, 20 to 80 years for electric distribution, 50 to 75 years for electric transmission, 20 to 80 years for natural gas, and 5 to 55 years for other.
|
(c)
|
Other property, plant, and equipment includes assets used to support electric and natural gas services.
|
|
|
Amortization Expense
|
|
Gross Carrying Value
|
|
Accumulated Amortization
|
||||||||||||||||||
|
|
2019
|
2018
|
2017
|
|
2019
|
2018
|
|
2019
|
2018
|
||||||||||||||
Ameren
|
|
$
|
78
|
|
$
|
71
|
|
$
|
58
|
|
|
$
|
901
|
|
$
|
734
|
|
|
$
|
(584
|
)
|
$
|
(514
|
)
|
Ameren Missouri
|
|
30
|
|
24
|
|
20
|
|
|
303
|
|
223
|
|
|
(153
|
)
|
(125
|
)
|
|||||||
Ameren Illinois
|
|
45
|
|
44
|
|
36
|
|
|
377
|
|
297
|
|
|
(221
|
)
|
(183
|
)
|
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
||||||||||
Ameren
|
|
$
|
80
|
|
|
$
|
74
|
|
|
$
|
63
|
|
|
$
|
50
|
|
|
$
|
24
|
|
Ameren Missouri
|
|
36
|
|
|
34
|
|
|
29
|
|
|
24
|
|
|
12
|
|
|||||
Ameren Illinois
|
|
41
|
|
|
36
|
|
|
32
|
|
|
24
|
|
|
12
|
|
|
|
Missouri
Credit Agreement
|
Illinois
Credit Agreement
|
||||
Ameren (parent)
|
|
$
|
900
|
|
$
|
500
|
|
Ameren Missouri
|
|
850
|
|
(a)
|
|
||
Ameren Illinois
|
|
(a)
|
|
800
|
|
(a)
|
Not applicable.
|
|
|
Ameren (parent)
|
|
Ameren Missouri
|
|
Ameren Illinois
|
|
Ameren Consolidated
|
|
||||||||
2019
|
|
|
|
|
|
|
|
|
|
||||||||
Average daily commercial paper outstanding
|
|
$
|
421
|
|
|
$
|
122
|
|
|
$
|
157
|
|
|
$
|
700
|
|
|
Outstanding borrowings at period-end
|
|
153
|
|
|
234
|
|
|
53
|
|
|
440
|
|
|
||||
Weighted-average interest rate
|
|
2.66
|
%
|
|
2.62
|
%
|
|
2.43
|
%
|
|
2.60
|
%
|
|
||||
Peak outstanding commercial paper during period(a)
|
|
$
|
651
|
|
|
$
|
549
|
|
|
$
|
356
|
|
|
$
|
1,113
|
|
|
Peak interest rate
|
|
3.80
|
%
|
(b)
|
2.97
|
%
|
|
5.00
|
%
|
(b)
|
5.00
|
%
|
(b)
|
||||
2018
|
|
|
|
|
|
|
|
|
|
||||||||
Average daily commercial paper outstanding
|
|
$
|
410
|
|
|
$
|
61
|
|
|
$
|
108
|
|
|
$
|
579
|
|
|
Outstanding borrowings at period-end
|
|
470
|
|
|
55
|
|
|
72
|
|
|
597
|
|
|
||||
Weighted-average interest rate
|
|
2.31
|
%
|
|
1.94
|
%
|
|
2.26
|
%
|
|
2.26
|
%
|
|
||||
Peak outstanding commercial paper during period(a)
|
|
$
|
543
|
|
|
$
|
481
|
|
|
$
|
442
|
|
|
$
|
1,295
|
|
|
Peak interest rate
|
|
3.10
|
%
|
|
2.80
|
%
|
|
2.85
|
%
|
|
3.10
|
%
|
|
(a)
|
The timing of peak outstanding commercial paper issuances varies by company. Therefore, the sum of the peak amounts presented by the companies may not equal the Ameren consolidated peak amount for the period.
|
(b)
|
In 2019, the peak interest rate was affected by temporary disruptions in the commercial paper market.
|
|
2019
|
|
2018
|
||||
Ameren (Parent):
|
|
|
|
||||
2.70% Senior unsecured notes due 2020
|
$
|
350
|
|
|
$
|
350
|
|
2.50% Senior unsecured notes due 2024
|
450
|
|
|
—
|
|
||
3.65% Senior unsecured notes due 2026
|
350
|
|
|
350
|
|
||
Total long-term debt, gross
|
1,150
|
|
|
700
|
|
||
Less: Unamortized debt issuance costs
|
(6
|
)
|
|
(3
|
)
|
||
Less: Maturities due within one year
|
(350
|
)
|
|
—
|
|
||
Long-term debt, net
|
$
|
794
|
|
|
$
|
697
|
|
Ameren Missouri:
|
|
|
|
||||
Bonds and notes:
|
|
|
|
||||
6.70% Senior secured notes due 2019
|
$
|
—
|
|
|
$
|
329
|
|
5.10% Senior secured notes due 2019
|
—
|
|
|
244
|
|
||
5.00% Senior secured notes due 2020(a)
|
85
|
|
|
85
|
|
||
1.60% 1992 Series bonds due 2022(b)(c)
|
47
|
|
|
47
|
|
||
3.50% Senior secured notes due 2024(a)
|
350
|
|
|
350
|
|
||
2.95% Senior secured notes due 2027(a)
|
400
|
|
|
400
|
|
||
5.45% First mortgage bonds due 2028
|
—
|
|
|
(d)
|
|
||
3.50% First mortgage bonds due 2029(f)
|
450
|
|
|
—
|
|
||
2.90% 1998 Series A bonds due 2033(b)(c)
|
60
|
|
|
60
|
|
||
2.90% 1998 Series B bonds due 2033(b)(c)
|
50
|
|
|
50
|
|
||
2.75% 1998 Series C bonds due 2033(b)(c)
|
50
|
|
|
50
|
|
||
5.50% Senior secured notes due 2034(a)
|
184
|
|
|
184
|
|
||
5.30% Senior secured notes due 2037(a)
|
300
|
|
|
300
|
|
||
8.45% Senior secured notes due 2039(a)(e)
|
350
|
|
|
350
|
|
||
3.90% Senior secured notes due 2042(a)(e)
|
485
|
|
|
485
|
|
||
3.65% Senior secured notes due 2045(a)
|
400
|
|
|
400
|
|
||
4.00% First mortgage bonds due 2048(f)
|
425
|
|
|
425
|
|
||
3.25% First mortgage bonds due 2049(f)
|
330
|
|
|
—
|
|
||
Finance obligations:
|
|
|
|
||||
City of Bowling Green agreement (Peno Creek CT) due 2022(g)
|
23
|
|
|
30
|
|
||
Audrain County agreement (Audrain County CT) due 2023(g)
|
240
|
|
|
240
|
|
||
Total long-term debt, gross
|
4,229
|
|
|
4,029
|
|
||
Less: Unamortized discount and premium
|
(9
|
)
|
|
(9
|
)
|
||
Less: Unamortized debt issuance costs
|
(30
|
)
|
|
(22
|
)
|
||
Less: Maturities due within one year
|
(92
|
)
|
|
(580
|
)
|
||
Long-term debt, net
|
$
|
4,098
|
|
|
$
|
3,418
|
|
|
2019
|
|
2018
|
||||
Ameren Illinois:
|
|
|
|
||||
Bonds and notes:
|
|
|
|
||||
2.70% Senior secured notes due 2022(h)(i)
|
$
|
400
|
|
|
$
|
400
|
|
5.90% First mortgage bonds due 2023
|
—
|
|
|
(d)
|
|
||
5.70% First mortgage bonds due 2024
|
—
|
|
|
(d)
|
|
||
3.25% Senior secured notes due 2025(h)
|
300
|
|
|
300
|
|
||
6.125% Senior secured notes due 2028(h)
|
60
|
|
|
60
|
|
||
1993 Series B-1 Senior unsecured notes due 2028(c)
|
—
|
|
|
17
|
|
||
3.80% First mortgage bonds due 2028(j)
|
430
|
|
|
430
|
|
||
6.70% Senior secured notes due 2036(h)
|
61
|
|
|
61
|
|
||
6.70% Senior secured notes due 2036(h)
|
42
|
|
|
42
|
|
||
4.80% Senior secured notes due 2043(h)
|
280
|
|
|
280
|
|
||
4.30% Senior secured notes due 2044(h)
|
250
|
|
|
250
|
|
||
4.15% Senior secured notes due 2046(h)
|
490
|
|
|
490
|
|
||
3.70% First mortgage bonds due 2047(j)
|
500
|
|
|
500
|
|
||
4.50% First mortgage bonds due 2049(j)
|
500
|
|
|
500
|
|
||
3.25% First mortgage bonds due 2050(j)
|
300
|
|
|
—
|
|
||
Total long-term debt, gross
|
3,613
|
|
|
3,330
|
|
||
Less: Unamortized discount and premium
|
(4
|
)
|
|
(3
|
)
|
||
Less: Unamortized debt issuance costs
|
(34
|
)
|
|
(31
|
)
|
||
Long-term debt, net
|
$
|
3,575
|
|
|
$
|
3,296
|
|
ATXI:
|
|
|
|
||||
3.43% Senior notes due 2050(k)
|
$
|
450
|
|
|
$
|
450
|
|
Total long-term debt, gross
|
450
|
|
|
450
|
|
||
Less: Unamortized debt issuance costs
|
(2
|
)
|
|
(2
|
)
|
||
Long-term debt, net
|
$
|
448
|
|
|
$
|
448
|
|
Ameren consolidated long-term debt, net
|
$
|
8,915
|
|
|
$
|
7,859
|
|
(a)
|
These notes are collaterally secured by first mortgage bonds issued by Ameren Missouri under the Ameren Missouri mortgage indenture. The notes have a fall-away lien provision and will remain secured only as long as any first mortgage bonds issued under the Ameren Missouri mortgage indenture remain outstanding. Redemption, purchase, or maturity of all first mortgage bonds, including first mortgage bonds currently outstanding and any that may be issued in the future, would result in a release of the first mortgage bonds currently securing these notes, at which time these notes would become unsecured obligations. Considering the 2049 maturity of the 3.25% first mortgage bonds and the restrictions preventing a release date to occur that are attached to certain senior secured notes described in footnote (e) below, Ameren Missouri does not expect the first mortgage lien protection associated with these notes to fall away.
|
(b)
|
These bonds are collaterally secured by first mortgage bonds issued by Ameren Missouri under the Ameren Missouri mortgage indenture and have a fall-away lien provision similar to that of Ameren Missouri’s senior secured notes.
|
(c)
|
Prior to the change in the method of determining the interest rates applicable to the Ameren Missouri bonds and the extinguishment of Ameren Illinois’ senior unsecured notes, the interest rates and the periods during which such rates apply varied depending on our selection of defined rate modes. The average interest rates for the respective applicable period in 2019 and the year ended December 31, 2018 were as follows:
|
(d)
|
Amount less than $1 million.
|
(e)
|
Ameren Missouri has agreed that so long as any of the 3.90% senior secured notes due 2042 are outstanding, Ameren Missouri will not permit a release date to occur, and so long as any of the 8.45% senior secured notes due 2039 are outstanding, Ameren Missouri will not optionally redeem, purchase, or otherwise retire in full the outstanding first mortgage bonds not subject to release provisions.
|
(f)
|
These bonds are first mortgage bonds issued by Ameren Missouri under the Ameren Missouri bond indenture. They are secured by substantially all Ameren Missouri property and franchises.
|
(g)
|
Payments due related to these financing obligations are paid to a trustee, which is authorized to utilize the cash only to pay equal amounts due to Ameren Missouri under related bonds issued by the city/county and held by Ameren Missouri. The timing and amounts of payments due from Ameren Missouri under the agreements are equal to the timing and amount of bond service payments due to Ameren Missouri, resulting in no net cash flow. The balance of both the financing obligations and the related investments in debt securities, recorded in “Other Assets,” was $263 million and $270 million, respectively, as of December 31, 2019 and 2018.
|
(h)
|
These notes are collaterally secured by first mortgage bonds issued by Ameren Illinois under its mortgage indenture. They are secured by substantially all Ameren Illinois property and franchises. The notes have a fall-away lien provision and will remain secured only as long as any series of first mortgage bonds issued under its mortgage indenture remain outstanding. Redemption, purchase, or maturity of all first mortgage bonds, including first mortgage bonds currently outstanding and any that may be issued in the future, would result in a release of the first mortgage bonds currently securing these notes, at which time these notes would become unsecured obligations. Considering the 2050 maturity date of the 3.25% first mortgage bonds, Ameren Illinois does not expect the first mortgage lien protection associated with these notes to fall away.
|
(i)
|
Ameren Illinois has agreed that so long as any of the 2.70% senior secured notes due 2022 are outstanding, Ameren Illinois will not permit a release date to occur.
|
(j)
|
These bonds are first mortgage bonds issued by Ameren Illinois under its mortgage indenture. They are secured by substantially all Ameren Illinois property and franchises.
|
(k)
|
The following table presents the principal maturities schedule for the 3.43% senior notes due 2050:
|
Payment Date
|
|
Principal Payment
|
August 2022
|
$
|
49.5
|
August 2024
|
|
49.5
|
August 2027
|
|
49.5
|
August 2030
|
|
49.5
|
August 2032
|
|
49.5
|
August 2038
|
|
49.5
|
August 2043
|
|
76.5
|
August 2050
|
|
76.5
|
Total
|
$
|
450.0
|
|
Ameren
(parent)(a)
|
|
Ameren
Missouri(a)
|
|
Ameren
Illinois(a)
|
|
ATXI(a)
|
|
Ameren
Consolidated(a)
|
||||||||||
2020
|
$
|
350
|
|
|
$
|
92
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
442
|
|
2021
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||
2022
|
—
|
|
|
55
|
|
|
400
|
|
|
50
|
|
|
505
|
|
|||||
2023
|
—
|
|
|
240
|
|
|
—
|
|
|
—
|
|
|
240
|
|
|||||
2024
|
450
|
|
|
350
|
|
|
—
|
|
|
50
|
|
|
850
|
|
|||||
Thereafter
|
350
|
|
|
3,484
|
|
|
3,213
|
|
|
350
|
|
|
7,397
|
|
|||||
Total
|
$
|
1,150
|
|
|
$
|
4,229
|
|
|
$
|
3,613
|
|
|
$
|
450
|
|
|
$
|
9,442
|
|
(a)
|
Excludes unamortized discount, unamortized premium, and debt issuance costs of $6 million, $39 million, $38 million and $2 million at Ameren (parent), Ameren Missouri, Ameren Illinois and ATXI, respectively.
|
(a)
|
In the event of voluntary liquidation, $105.50.
|
|
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)
|
2.58%
|
3.43%
|
3.57%
|
3.43%
|
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.
|
|
Required Interest
Coverage Ratio(a)
|
Actual Interest
Coverage Ratio
|
Bonds Issuable(b)
|
|
Required Dividend
Coverage Ratio(c)
|
Actual Dividend
Coverage Ratio
|
Preferred Stock
Issuable
|
|
||||||
Ameren Missouri
|
>2.0
|
4.0
|
|
$
|
5,251
|
|
|
>2.5
|
125.7
|
|
$
|
2,808
|
|
|
Ameren Illinois
|
>2.0
|
6.8
|
|
6,668
|
|
|
>1.5
|
3.2
|
|
203
|
|
(d)
|
(a)
|
Coverage required on the annual interest charges on first mortgage bonds outstanding and to be issued. Coverage is not required in certain cases when additional first mortgage bonds are issued on the basis of retired bonds.
|
(b)
|
Amount of bonds issuable based either on required coverage ratios or unfunded property additions, whichever is more restrictive. The amounts shown also include bonds issuable based on retired bond capacity of $2,358 million and $643 million at Ameren Missouri and Ameren Illinois, respectively.
|
(c)
|
Coverage required on the annual dividend on preferred stock outstanding and to be issued, as required in the respective company’s articles of incorporation.
|
(d)
|
Preferred stock issuable is restricted by the amount of preferred stock that is currently authorized by Ameren Illinois’ articles of incorporation.
|
|
2019
|
|
2018
|
|
2017
|
||||||
Ameren:
|
|
|
|
|
|
||||||
Other Income, Net
|
|
|
|
|
|
||||||
Allowance for equity funds used during construction
|
$
|
28
|
|
|
$
|
36
|
|
|
$
|
24
|
|
Interest income on industrial development revenue bonds
|
25
|
|
|
26
|
|
|
26
|
|
|||
Other interest income
|
8
|
|
|
7
|
|
|
8
|
|
|||
Non-service cost components of net periodic benefit income
|
90
|
|
(a)
|
70
|
|
(a)
|
44
|
|
|||
Other income
|
6
|
|
|
8
|
|
|
5
|
|
|||
Charitable donations
|
(12
|
)
|
|
(33
|
)
|
|
(8
|
)
|
|||
Other expense
|
(15
|
)
|
|
(12
|
)
|
|
(13
|
)
|
|||
Total Other Income, Net
|
$
|
130
|
|
|
$
|
102
|
|
|
$
|
86
|
|
Ameren Missouri:
|
|
|
|
|
|
||||||
Other Income, Net
|
|
|
|
|
|
||||||
Allowance for equity funds used during construction
|
$
|
19
|
|
|
$
|
27
|
|
|
$
|
21
|
|
Interest income on industrial development revenue bonds
|
25
|
|
|
26
|
|
|
26
|
|
|||
Other interest income
|
1
|
|
|
2
|
|
|
1
|
|
|||
Non-service cost components of net periodic benefit income
|
18
|
|
(a)
|
17
|
|
(a)
|
22
|
|
|||
Other income
|
5
|
|
|
4
|
|
|
3
|
|
|||
Charitable donations
|
(3
|
)
|
|
(14
|
)
|
|
(2
|
)
|
|||
Other expense
|
(7
|
)
|
|
(6
|
)
|
|
(6
|
)
|
|||
Total Other Income, Net
|
$
|
58
|
|
|
$
|
56
|
|
|
$
|
65
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Ameren Illinois:
|
|
|
|
|
|
||||||
Other Income, Net
|
|
|
|
|
|
||||||
Allowance for equity funds used during construction
|
$
|
9
|
|
|
$
|
9
|
|
|
$
|
3
|
|
Interest income
|
6
|
|
|
6
|
|
|
7
|
|
|||
Non-service cost components of net periodic benefit income
|
47
|
|
|
34
|
|
|
10
|
|
|||
Other income
|
3
|
|
|
3
|
|
|
2
|
|
|||
Charitable donations
|
(5
|
)
|
|
(6
|
)
|
|
(5
|
)
|
|||
Other expense
|
(7
|
)
|
|
(4
|
)
|
|
(5
|
)
|
|||
Total Other Income, Net
|
$
|
53
|
|
|
$
|
42
|
|
|
$
|
12
|
|
(a)
|
For the years ended December 31, 2019, and 2018, the non-service cost components of net periodic benefit income were partially offset by a deferral of $29 million and $17 million, 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.
|
•
|
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 and uranium inventories that differ from the cost of those commodities in inventory;
|
•
|
actual cash outlays for the purchase of these commodities that differ from anticipated cash outlays; and
|
•
|
actual off-system sales revenues that differ from anticipated revenues.
|
|
Quantity (in millions, except as indicated)
|
|||||||||||
|
2019
|
2018
|
||||||||||
Commodity
|
Ameren Missouri
|
Ameren Illinois
|
Ameren
|
Ameren Missouri
|
Ameren Illinois
|
Ameren
|
||||||
Fuel oils (in gallons)
|
58
|
|
—
|
|
58
|
|
66
|
|
—
|
|
66
|
|
Natural gas (in mmbtu)
|
20
|
|
136
|
|
156
|
|
19
|
|
154
|
|
173
|
|
Power (in megawatthours)
|
5
|
|
7
|
|
12
|
|
1
|
|
8
|
|
9
|
|
Uranium (pounds in thousands)
|
565
|
|
—
|
|
565
|
|
380
|
|
—
|
|
380
|
|
|
2019
|
|
|
2018
|
|||||||||||||||||||||
Commodity
|
Balance Sheet Location
|
|
Ameren
Missouri
|
|
|
Ameren
Illinois
|
|
|
Ameren
|
|
|
|
Ameren
Missouri
|
|
|
Ameren
Illinois
|
|
|
Ameren
|
||||||
Fuel oils
|
Other current assets
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
Other assets
|
|
2
|
|
|
|
—
|
|
|
|
2
|
|
|
|
|
5
|
|
|
|
—
|
|
|
|
5
|
|
Natural gas
|
Other current assets
|
|
—
|
|
|
|
3
|
|
|
|
3
|
|
|
|
|
—
|
|
|
|
1
|
|
|
|
1
|
|
|
Other assets
|
|
—
|
|
|
|
1
|
|
|
|
1
|
|
|
|
|
—
|
|
|
|
2
|
|
|
|
2
|
|
Power
|
Other current assets
|
|
14
|
|
|
|
—
|
|
|
|
14
|
|
|
|
|
4
|
|
|
|
—
|
|
|
|
4
|
|
|
Other assets
|
|
2
|
|
|
|
—
|
|
|
|
2
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Total assets
|
$
|
22
|
|
|
$
|
4
|
|
|
$
|
26
|
|
|
|
$
|
12
|
|
|
$
|
3
|
|
|
$
|
15
|
|
Fuel oils
|
Other current liabilities
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
Other deferred credits and liabilities
|
|
3
|
|
|
|
—
|
|
|
|
3
|
|
|
|
|
9
|
|
|
|
—
|
|
|
|
9
|
|
Natural gas
|
Other current liabilities
|
|
1
|
|
|
|
12
|
|
|
|
13
|
|
|
|
|
4
|
|
|
|
8
|
|
|
|
12
|
|
|
Other deferred credits and liabilities
|
|
1
|
|
|
|
6
|
|
|
|
7
|
|
|
|
|
1
|
|
|
|
6
|
|
|
|
7
|
|
Power
|
Other current liabilities
|
|
2
|
|
|
|
17
|
|
|
|
19
|
|
|
|
|
4
|
|
|
|
14
|
|
|
|
18
|
|
|
Other deferred credits and liabilities
|
|
1
|
|
|
|
207
|
|
|
|
208
|
|
|
|
|
—
|
|
|
|
169
|
|
|
|
169
|
|
Uranium
|
Other deferred credits and liabilities
|
|
1
|
|
|
|
—
|
|
|
|
1
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Total liabilities
|
$
|
13
|
|
|
$
|
242
|
|
|
$
|
255
|
|
|
|
$
|
22
|
|
|
$
|
197
|
|
|
$
|
219
|
|
|
|
December 31, 2019
|
|
|
December 31, 2018
|
|
||||||||||||||||||||||
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ameren
|
Derivative assets – commodity contracts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Fuel oils
|
$
|
—
|
|
$
|
—
|
|
$
|
6
|
|
$
|
6
|
|
|
|
$
|
1
|
|
$
|
—
|
|
$
|
7
|
|
$
|
8
|
|
|
|
Natural gas
|
—
|
|
1
|
|
3
|
|
4
|
|
|
|
—
|
|
2
|
|
1
|
|
3
|
|
|
||||||||
|
Power
|
—
|
|
2
|
|
14
|
|
16
|
|
|
|
—
|
|
1
|
|
3
|
|
4
|
|
|
||||||||
|
Total derivative assets – commodity contracts
|
$
|
—
|
|
$
|
3
|
|
$
|
23
|
|
$
|
26
|
|
|
|
$
|
1
|
|
$
|
3
|
|
$
|
11
|
|
$
|
15
|
|
|
|
Nuclear decommissioning trust fund:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
U.S. large capitalization
|
$
|
569
|
|
$
|
—
|
|
$
|
—
|
|
$
|
569
|
|
|
|
$
|
427
|
|
$
|
—
|
|
$
|
—
|
|
$
|
427
|
|
|
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
U.S. Treasury and agency securities
|
—
|
|
107
|
|
—
|
|
107
|
|
|
|
—
|
|
148
|
|
—
|
|
148
|
|
|
||||||||
|
Corporate bonds
|
—
|
|
93
|
|
—
|
|
93
|
|
|
|
—
|
|
72
|
|
—
|
|
72
|
|
|
||||||||
|
Other
|
—
|
|
73
|
|
—
|
|
73
|
|
|
|
—
|
|
32
|
|
—
|
|
32
|
|
|
||||||||
|
Total nuclear decommissioning trust fund
|
$
|
569
|
|
$
|
273
|
|
$
|
—
|
|
$
|
842
|
|
(a)
|
|
$
|
427
|
|
$
|
252
|
|
$
|
—
|
|
$
|
679
|
|
(a)
|
|
Total Ameren
|
$
|
569
|
|
$
|
276
|
|
$
|
23
|
|
$
|
868
|
|
|
|
$
|
428
|
|
$
|
255
|
|
$
|
11
|
|
$
|
694
|
|
|
Ameren Missouri
|
Derivative assets – commodity contracts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Fuel oils
|
$
|
—
|
|
$
|
—
|
|
$
|
6
|
|
$
|
6
|
|
|
|
$
|
1
|
|
$
|
—
|
|
$
|
7
|
|
$
|
8
|
|
|
|
Power
|
—
|
|
2
|
|
14
|
|
16
|
|
|
|
—
|
|
1
|
|
3
|
|
4
|
|
|
||||||||
|
Total derivative assets – commodity contracts
|
$
|
—
|
|
$
|
2
|
|
$
|
20
|
|
$
|
22
|
|
|
|
$
|
1
|
|
$
|
1
|
|
$
|
10
|
|
$
|
12
|
|
|
|
Nuclear decommissioning trust fund:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
U.S. large capitalization
|
$
|
569
|
|
$
|
—
|
|
$
|
—
|
|
$
|
569
|
|
|
|
$
|
427
|
|
$
|
—
|
|
$
|
—
|
|
$
|
427
|
|
|
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
U.S. Treasury and agency securities
|
—
|
|
107
|
|
—
|
|
107
|
|
|
|
—
|
|
148
|
|
—
|
|
148
|
|
|
||||||||
|
Corporate bonds
|
—
|
|
93
|
|
—
|
|
93
|
|
|
|
—
|
|
72
|
|
—
|
|
72
|
|
|
||||||||
|
Other
|
—
|
|
73
|
|
—
|
|
73
|
|
|
|
—
|
|
32
|
|
—
|
|
32
|
|
|
||||||||
|
Total nuclear decommissioning trust fund
|
$
|
569
|
|
$
|
273
|
|
$
|
—
|
|
$
|
842
|
|
(a)
|
|
$
|
427
|
|
$
|
252
|
|
$
|
—
|
|
$
|
679
|
|
(a)
|
|
Total Ameren Missouri
|
$
|
569
|
|
$
|
275
|
|
$
|
20
|
|
$
|
864
|
|
|
|
$
|
428
|
|
$
|
253
|
|
$
|
10
|
|
$
|
691
|
|
|
Ameren Illinois
|
Derivative assets – commodity contracts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Natural gas
|
$
|
—
|
|
$
|
1
|
|
$
|
3
|
|
$
|
4
|
|
|
|
$
|
—
|
|
$
|
2
|
|
$
|
1
|
|
$
|
3
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ameren
|
Derivative liabilities – commodity contracts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Fuel oils
|
$
|
1
|
|
$
|
—
|
|
$
|
6
|
|
$
|
7
|
|
|
|
$
|
2
|
|
$
|
—
|
|
$
|
11
|
|
$
|
13
|
|
|
|
Natural gas
|
3
|
|
14
|
|
3
|
|
20
|
|
|
|
—
|
|
15
|
|
4
|
|
19
|
|
|
||||||||
|
Power
|
—
|
|
2
|
|
225
|
|
227
|
|
|
|
—
|
|
1
|
|
186
|
|
187
|
|
|
||||||||
|
Uranium
|
—
|
|
—
|
|
1
|
|
1
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
||||||||
|
Total Ameren
|
$
|
4
|
|
$
|
16
|
|
$
|
235
|
|
$
|
255
|
|
|
|
$
|
2
|
|
$
|
16
|
|
$
|
201
|
|
$
|
219
|
|
|
Ameren Missouri
|
Derivative liabilities – commodity contracts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Fuel oils
|
$
|
1
|
|
$
|
—
|
|
$
|
6
|
|
$
|
7
|
|
|
|
$
|
2
|
|
$
|
—
|
|
$
|
11
|
|
$
|
13
|
|
|
|
Natural gas
|
—
|
|
2
|
|
—
|
|
2
|
|
|
|
—
|
|
5
|
|
—
|
|
5
|
|
|
||||||||
|
Power
|
—
|
|
2
|
|
1
|
|
3
|
|
|
|
—
|
|
1
|
|
3
|
|
4
|
|
|
||||||||
|
Uranium
|
—
|
|
—
|
|
1
|
|
1
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
||||||||
|
Total Ameren Missouri
|
$
|
1
|
|
$
|
4
|
|
$
|
8
|
|
$
|
13
|
|
|
|
$
|
2
|
|
$
|
6
|
|
$
|
14
|
|
$
|
22
|
|
|
Ameren Illinois
|
Derivative liabilities – commodity contracts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Natural gas
|
$
|
3
|
|
$
|
12
|
|
$
|
3
|
|
$
|
18
|
|
|
|
$
|
—
|
|
$
|
10
|
|
$
|
4
|
|
$
|
14
|
|
|
|
Power
|
—
|
|
—
|
|
224
|
|
224
|
|
|
|
—
|
|
—
|
|
183
|
|
183
|
|
|
||||||||
|
Total Ameren Illinois
|
$
|
3
|
|
$
|
12
|
|
$
|
227
|
|
$
|
242
|
|
|
|
$
|
—
|
|
$
|
10
|
|
$
|
187
|
|
$
|
197
|
|
|
(a)
|
Balance excludes $5 million and $5 million of cash and cash equivalents, receivables, payables, and accrued income, net for December 31, 2019 and 2018, respectively.
|
|
2019
|
|
|
2018
|
||||||||||||||||
|
Ameren
Missouri
|
Ameren
Illinois
|
Ameren
|
|
|
Ameren
Missouri
|
Ameren
Illinois
|
Ameren
|
||||||||||||
Beginning balance at January 1
|
$
|
—
|
|
$
|
(183
|
)
|
$
|
(183
|
)
|
|
|
$
|
7
|
|
$
|
(195
|
)
|
$
|
(188
|
)
|
Realized and unrealized gains (losses) included in regulatory assets/liabilities
|
23
|
|
(56
|
)
|
(33
|
)
|
|
|
(6
|
)
|
—
|
|
(6
|
)
|
||||||
Purchases
|
—
|
|
—
|
|
—
|
|
|
|
5
|
|
—
|
|
5
|
|
||||||
Settlements
|
(7
|
)
|
15
|
|
8
|
|
|
|
(5
|
)
|
12
|
|
7
|
|
||||||
Transfers out of Level 3
|
(3
|
)
|
—
|
|
(3
|
)
|
|
|
(1
|
)
|
—
|
|
(1
|
)
|
||||||
Ending balance at December 31
|
$
|
13
|
|
$
|
(224
|
)
|
$
|
(211
|
)
|
|
|
$
|
—
|
|
$
|
(183
|
)
|
$
|
(183
|
)
|
Change in unrealized gains (losses) related to assets/liabilities held at December 31
|
$
|
12
|
|
$
|
(54
|
)
|
$
|
(42
|
)
|
|
|
$
|
(1
|
)
|
$
|
(2
|
)
|
$
|
(3
|
)
|
(a)
|
Generally, significant increases (decreases) in these inputs in isolation would result in a significantly higher (lower) fair value measurement.
|
(b)
|
Unobservable inputs were weighted by relative fair value.
|
(c)
|
Valuations through 2028 use visible forward prices adjusted for nodal-to-hub basis differentials. Valuations beyond 2028 use a trend rate factor and are similarly adjusted for nodal-to-hub basis differentials.
|
(d)
|
Valuations through 2022 use visible forward prices adjusted for nodal-to-hub basis differentials. Valuations beyond 2022 use a fundamental energy production model incorporating estimated future natural gas prices.
|
|
Carrying
Amount
|
|
Fair Value
|
|
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
Ameren:
|
December 31, 2019
|
||||||||||||||||||
Cash, cash equivalents, and restricted cash
|
$
|
176
|
|
|
$
|
176
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
176
|
|
Investments in industrial development revenue bonds(a)
|
263
|
|
|
—
|
|
|
263
|
|
|
—
|
|
|
263
|
|
|||||
Short-term debt
|
440
|
|
|
—
|
|
|
440
|
|
|
—
|
|
|
440
|
|
|||||
Long-term debt (including current portion)(a)
|
9,357
|
|
(b)
|
—
|
|
|
9,957
|
|
|
484
|
|
(c)
|
10,441
|
|
|||||
Ameren Missouri:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash, cash equivalents, and restricted cash
|
$
|
39
|
|
|
$
|
39
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
39
|
|
Investments in industrial development revenue bonds(a)
|
263
|
|
|
—
|
|
|
263
|
|
|
—
|
|
|
263
|
|
|||||
Short-term debt
|
234
|
|
|
—
|
|
|
234
|
|
|
—
|
|
|
234
|
|
|||||
Long-term debt (including current portion)(a)
|
4,190
|
|
(b)
|
—
|
|
|
4,772
|
|
|
—
|
|
|
4,772
|
|
|||||
Ameren Illinois:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash, cash equivalents, and restricted cash
|
$
|
125
|
|
|
$
|
125
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
125
|
|
Short-term debt
|
53
|
|
|
—
|
|
|
53
|
|
|
—
|
|
|
53
|
|
|||||
Long-term debt (including current portion)
|
3,575
|
|
(b)
|
—
|
|
|
4,019
|
|
|
—
|
|
|
4,019
|
|
|||||
|
December 31, 2018
|
||||||||||||||||||
Ameren:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash, cash equivalents, and restricted cash
|
$
|
107
|
|
|
$
|
107
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
107
|
|
Investments in industrial development revenue bonds(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 industrial development revenue bonds(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 December 31, 2019 and 2018, the carrying amount of both the investments in industrial development revenue bonds and the finance obligations approximated fair value.
|
(b)
|
Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $72 million, $30 million, and $34 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of December 31, 2019. Included 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.
|
|
2019
|
|
2018
|
|
2017
|
||||||
Proceeds from sales and maturities
|
$
|
260
|
|
|
$
|
299
|
|
|
$
|
305
|
|
Gross realized gains
|
10
|
|
|
18
|
|
|
13
|
|
|||
Gross realized losses
|
2
|
|
|
5
|
|
|
5
|
|
Security Type
|
Cost
|
|
Gross Unrealized Gain
|
|
Gross Unrealized Loss
|
|
Fair Value
|
||||||||
2019
|
|
|
|
|
|
|
|
||||||||
Debt securities
|
$
|
262
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
273
|
|
Equity securities
|
183
|
|
|
393
|
|
|
7
|
|
|
569
|
|
||||
Cash and cash equivalents
|
26
|
|
|
—
|
|
|
—
|
|
|
26
|
|
||||
Other(a)
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
||||
Total
|
$
|
450
|
|
|
$
|
404
|
|
|
$
|
7
|
|
|
$
|
847
|
|
2018
|
|
|
|
|
|
|
|
||||||||
Debt securities
|
$
|
253
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
252
|
|
Equity securities
|
162
|
|
|
277
|
|
|
12
|
|
|
427
|
|
||||
Cash and cash equivalents
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Other(a)
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Total
|
$
|
420
|
|
|
$
|
280
|
|
|
$
|
16
|
|
|
$
|
684
|
|
(a)
|
Represents net receivables and payables relating to pending securities sales, interest, and securities purchases.
|
|
Cost
|
|
Fair Value
|
||||
Less than 5 years
|
$
|
112
|
|
|
$
|
114
|
|
5 years to 10 years
|
56
|
|
|
58
|
|
||
Due after 10 years
|
94
|
|
|
101
|
|
||
Total
|
$
|
262
|
|
|
$
|
273
|
|
Type and Source of Coverage
|
Most Recent
Renewal Date
|
Maximum Coverages
|
|
Maximum Assessments
for Single Incidents
|
|
||||
Public liability and nuclear worker liability:
|
|
|
|
|
|
||||
American Nuclear Insurers
|
January 1, 2020
|
$
|
450
|
|
|
$
|
—
|
|
|
Pool participation
|
(a)
|
13,486
|
|
(a)
|
138
|
|
(b)
|
||
|
|
$
|
13,936
|
|
(c)
|
$
|
138
|
|
|
Property damage:
|
|
|
|
|
|
||||
NEIL and EMANI
|
April 1, 2019
|
$
|
3,200
|
|
(d)
|
$
|
27
|
|
(e)
|
Replacement power:
|
|
|
|
|
|
||||
NEIL
|
April 1, 2019
|
$
|
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 power 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 12 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.
|
|
2019
|
|
2018
|
|
||
Ameren(a)
|
$
|
216
|
|
$
|
481
|
|
Ameren Missouri
|
142
|
|
229
|
|
||
Ameren Illinois(a)
|
(16
|
)
|
120
|
|
(a)
|
Assets associated with other postretirement benefits are recorded in “Other assets” on the balance sheet.
|
|
2019
|
|
2018
|
||||||||||
|
Pension Benefits
|
|
Postretirement
Benefits
|
|
Pension Benefits
|
|
Postretirement
Benefits
|
||||||
Accumulated benefit obligation at end of year
|
$
|
4,735
|
|
$
|
(a)
|
|
|
$
|
4,258
|
|
$
|
(a)
|
|
Change in benefit obligation:
|
|
|
|
|
|
|
|
||||||
Net benefit obligation at beginning of year
|
$
|
4,459
|
|
$
|
1,034
|
|
|
$
|
4,827
|
|
$
|
1,240
|
|
Service cost
|
88
|
|
|
18
|
|
|
100
|
|
|
21
|
|
||
Interest cost
|
187
|
|
|
43
|
|
|
169
|
|
|
40
|
|
||
Plan amendments
|
—
|
|
|
2
|
|
|
—
|
|
|
(49
|
)
|
||
Participant contributions
|
—
|
|
|
8
|
|
|
—
|
|
|
9
|
|
||
Actuarial (gain) loss
|
469
|
|
|
69
|
|
|
(401
|
)
|
|
(163
|
)
|
||
Benefits paid
|
(236
|
)
|
|
(64
|
)
|
|
(236
|
)
|
|
(64
|
)
|
||
Net benefit obligation at end of year
|
4,967
|
|
|
1,110
|
|
|
4,459
|
|
|
1,034
|
|
||
Change in plan assets:
|
|
|
|
|
|
|
|
||||||
Fair value of plan assets at beginning of year
|
3,899
|
|
|
1,113
|
|
|
4,293
|
|
|
1,223
|
|
||
Actual return on plan assets
|
878
|
|
|
237
|
|
|
(218
|
)
|
|
(57
|
)
|
||
Employer contributions
|
23
|
|
|
3
|
|
|
60
|
|
|
2
|
|
||
Participant contributions
|
—
|
|
|
8
|
|
|
—
|
|
|
9
|
|
||
Benefits paid
|
(236
|
)
|
|
(64
|
)
|
|
(236
|
)
|
|
(64
|
)
|
||
Fair value of plan assets at end of year
|
4,564
|
|
|
1,297
|
|
|
3,899
|
|
|
1,113
|
|
||
Funded status – deficiency (surplus)
|
403
|
|
|
(187
|
)
|
|
560
|
|
|
(79
|
)
|
||
Accrued benefit cost (asset) at December 31
|
$
|
403
|
|
$
|
(187
|
)
|
|
$
|
560
|
|
$
|
(79
|
)
|
Amounts recognized in the balance sheet consist of:
|
|
|
|
|
|
|
|
||||||
Noncurrent asset(b)
|
$
|
—
|
|
$
|
(187
|
)
|
|
$
|
—
|
|
$
|
(79
|
)
|
Current liability(c)
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||
Noncurrent liability
|
401
|
|
|
—
|
|
|
558
|
|
|
—
|
|
||
Net liability (asset) recognized
|
$
|
403
|
|
$
|
(187
|
)
|
|
$
|
560
|
|
$
|
(79
|
)
|
Amounts recognized in regulatory assets consist of:
|
|
|
|
|
|
|
|
||||||
Net actuarial (gain) loss
|
$
|
244
|
|
$
|
(170
|
)
|
|
$
|
393
|
|
$
|
(91
|
)
|
Prior service credit
|
—
|
|
|
(41
|
)
|
|
(2
|
)
|
|
(48
|
)
|
||
Amounts recognized in accumulated OCI (pretax) consist of:
|
|
|
|
|
|
|
|
||||||
Net actuarial loss
|
26
|
|
|
4
|
|
|
35
|
|
|
3
|
|
||
Total
|
$
|
270
|
|
$
|
(207
|
)
|
|
$
|
426
|
|
$
|
(136
|
)
|
(a)
|
Not applicable.
|
(b)
|
Included in “Other assets” on Ameren’s consolidated balance sheet.
|
(c)
|
Included in “Other current liabilities” on Ameren’s consolidated balance sheet.
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Discount rate at measurement date
|
3.50
|
%
|
|
4.25
|
%
|
|
3.50
|
%
|
|
4.25
|
%
|
Increase in future compensation
|
3.50
|
|
|
3.50
|
|
|
3.50
|
|
|
3.50
|
|
Medical cost trend rate (initial)(a)
|
(b)
|
|
|
(b)
|
|
|
5.00
|
|
|
5.00
|
|
Medical cost trend rate (ultimate)(a)
|
(b)
|
|
|
(b)
|
|
|
5.00
|
|
|
5.00
|
|
(a)
|
Initial and ultimate medical cost trend rate for certain Medicare-eligible participants is 3.00%.
|
(b)
|
Not applicable.
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Ameren Missouri
|
$
|
3
|
|
|
$
|
18
|
|
|
$
|
19
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
1
|
|
Ameren Illinois
|
19
|
|
|
35
|
|
|
37
|
|
|
1
|
|
|
1
|
|
|
1
|
|
||||||
Other
|
1
|
|
|
7
|
|
|
8
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||||
Ameren
|
$
|
23
|
|
|
$
|
60
|
|
|
$
|
64
|
|
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
2
|
|
Asset
Category
|
Target Allocation
2020
|
|
Percentage of Plan Assets at December 31,
|
||||
2019
|
|
2018
|
|||||
Pension Plan:
|
|
|
|
|
|
||
Cash and cash equivalents
|
0% – 5%
|
|
3
|
%
|
|
1
|
%
|
Equity securities:
|
|
|
|
|
|
||
U.S. large-capitalization
|
21% – 31%
|
|
27
|
%
|
|
24
|
%
|
U.S. small- and mid-capitalization
|
3% – 13%
|
|
7
|
%
|
|
7
|
%
|
International
|
9% – 19%
|
|
14
|
%
|
|
13
|
%
|
Global
|
3% – 13%
|
|
9
|
%
|
|
8
|
%
|
Total equity
|
51% – 61%
|
|
57
|
%
|
|
52
|
%
|
Debt securities
|
35% – 45%
|
|
36
|
%
|
|
42
|
%
|
Real estate
|
0% – 9%
|
|
4
|
%
|
|
5
|
%
|
Private equity
|
0% – 5%
|
|
(a)
|
|
|
(a)
|
|
Total
|
|
|
100
|
%
|
|
100
|
%
|
Postretirement Plans:
|
|
|
|
|
|
||
Cash and cash equivalents
|
0% – 7%
|
|
1
|
%
|
|
2
|
%
|
Equity securities:
|
|
|
|
|
|
||
U.S. large-capitalization
|
23% – 33%
|
|
31
|
%
|
|
40
|
%
|
U.S. small- and mid-capitalization
|
3% – 13%
|
|
9
|
%
|
|
7
|
%
|
International
|
9% – 19%
|
|
14
|
%
|
|
13
|
%
|
Global
|
5% – 15%
|
|
11
|
%
|
|
—
|
%
|
Total equity
|
55% – 65%
|
|
65
|
%
|
|
60
|
%
|
Debt securities
|
33% – 43%
|
|
34
|
%
|
|
38
|
%
|
Total
|
|
|
100
|
%
|
|
100
|
%
|
(a)
|
Less than 1% of plan assets.
|
|
December 31, 2019
|
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
NAV
|
|
Total
|
|
|
Level 1
|
|
Level 2
|
|
NAV
|
|
Total
|
||||||||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
139
|
|
|
$
|
139
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41
|
|
|
$
|
41
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. large-capitalization
|
—
|
|
|
—
|
|
|
1,253
|
|
|
1,253
|
|
|
|
—
|
|
|
—
|
|
|
955
|
|
|
955
|
|
||||||||
U.S. small- and mid-capitalization
|
344
|
|
|
—
|
|
|
—
|
|
|
344
|
|
|
|
272
|
|
|
—
|
|
|
—
|
|
|
272
|
|
||||||||
International
|
296
|
|
|
—
|
|
|
363
|
|
|
659
|
|
|
|
224
|
|
|
—
|
|
|
298
|
|
|
522
|
|
||||||||
Global
|
—
|
|
|
—
|
|
|
407
|
|
|
407
|
|
|
|
—
|
|
|
—
|
|
|
321
|
|
|
321
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Corporate bonds
|
—
|
|
|
597
|
|
|
13
|
|
|
610
|
|
|
|
—
|
|
|
701
|
|
|
19
|
|
|
720
|
|
||||||||
Municipal bonds
|
—
|
|
|
75
|
|
|
—
|
|
|
75
|
|
|
|
—
|
|
|
87
|
|
|
—
|
|
|
87
|
|
||||||||
U.S. Treasury and agency securities
|
5
|
|
|
1,010
|
|
|
—
|
|
|
1,015
|
|
|
|
—
|
|
|
891
|
|
|
—
|
|
|
891
|
|
||||||||
Other
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|
|
1
|
|
|
11
|
|
|
—
|
|
|
12
|
|
||||||||
Real estate
|
—
|
|
|
—
|
|
|
211
|
|
|
211
|
|
|
|
—
|
|
|
—
|
|
|
202
|
|
|
202
|
|
||||||||
Private equity
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
||||||||
Total
|
$
|
645
|
|
|
$
|
1,690
|
|
|
$
|
2,388
|
|
|
$
|
4,723
|
|
|
|
$
|
497
|
|
|
$
|
1,690
|
|
|
$
|
1,839
|
|
|
$
|
4,026
|
|
Less: Medical benefit assets(a)
|
|
|
|
|
|
|
(176
|
)
|
|
|
|
|
|
|
|
|
(144
|
)
|
||||||||||||||
Plus: Net receivables(b)
|
|
|
|
|
|
|
17
|
|
|
|
|
|
|
|
|
|
17
|
|
||||||||||||||
Fair value of pension plans’ assets
|
|
|
|
|
|
|
$
|
4,564
|
|
|
|
|
|
|
|
|
|
$
|
3,899
|
|
(a)
|
Medical benefit (health and welfare) component for accounts maintained in accordance with Section 401(h) of the Internal Revenue Code to fund a portion of the postretirement obligation.
|
(b)
|
Receivables related to pending securities sales, offset by payables related to pending securities purchases.
|
|
December 31, 2019
|
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
NAV
|
|
Total
|
|
|
Level 1
|
|
Level 2
|
|
NAV
|
|
Total
|
||||||||||||||||
Cash and cash equivalents
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. large-capitalization
|
238
|
|
|
—
|
|
|
112
|
|
|
350
|
|
|
|
297
|
|
|
—
|
|
|
89
|
|
|
386
|
|
||||||||
U.S. small- and mid-capitalization
|
93
|
|
|
—
|
|
|
—
|
|
|
93
|
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
63
|
|
||||||||
International
|
59
|
|
|
—
|
|
|
102
|
|
|
161
|
|
|
|
45
|
|
|
—
|
|
|
84
|
|
|
129
|
|
||||||||
Global
|
—
|
|
|
—
|
|
|
120
|
|
|
120
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Corporate bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
144
|
|
|
—
|
|
|
144
|
|
||||||||
Municipal bonds
|
—
|
|
|
107
|
|
|
—
|
|
|
107
|
|
|
|
—
|
|
|
107
|
|
|
—
|
|
|
107
|
|
||||||||
U.S. Treasury and agency securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
62
|
|
|
—
|
|
|
62
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
277
|
|
|
277
|
|
|
|
—
|
|
|
7
|
|
|
34
|
|
|
41
|
|
||||||||
Total
|
$
|
402
|
|
|
$
|
107
|
|
|
$
|
611
|
|
|
$
|
1,120
|
|
|
|
$
|
437
|
|
|
$
|
332
|
|
|
$
|
207
|
|
|
$
|
976
|
|
Plus: Medical benefit assets(a)
|
|
|
|
|
|
|
176
|
|
|
|
|
|
|
|
|
|
144
|
|
||||||||||||||
Less: Net payables(b)
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
(7
|
)
|
||||||||||||||
Fair value of postretirement benefit plans’ assets
|
|
|
|
|
|
|
$
|
1,297
|
|
|
|
|
|
|
|
|
|
$
|
1,113
|
|
(a)
|
Medical benefit (health and welfare) component for accounts maintained in accordance with Section 401(h) of the Internal Revenue Code to fund a portion of the postretirement obligation. These 401(h) assets are included in the pension plan assets shown above.
|
(b)
|
Payables related to pending securities purchases, offset by interest receivables and receivables related to pending securities sales.
|
|
Pension Benefits
|
|
|
Postretirement Benefits
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Service cost(a)
|
$
|
88
|
|
|
$
|
100
|
|
|
$
|
93
|
|
|
|
$
|
18
|
|
|
$
|
21
|
|
|
$
|
21
|
|
Non-service cost components:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest cost
|
187
|
|
|
169
|
|
|
179
|
|
|
|
43
|
|
|
40
|
|
|
47
|
|
||||||
Expected return on plan assets
|
(276
|
)
|
|
(276
|
)
|
|
(262
|
)
|
|
|
(77
|
)
|
|
(77
|
)
|
|
(75
|
)
|
||||||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Prior service credit
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
|
(5
|
)
|
|
(4
|
)
|
|
(5
|
)
|
||||||
Actuarial (gain) loss
|
25
|
|
|
68
|
|
|
55
|
|
|
|
(15
|
)
|
|
(6
|
)
|
|
(6
|
)
|
||||||
Total non-service cost components(b)
|
$
|
(65
|
)
|
|
$
|
(40
|
)
|
|
$
|
29
|
|
|
|
$
|
(54
|
)
|
|
$
|
(47
|
)
|
|
$
|
(39
|
)
|
Net periodic benefit cost (income)
|
$
|
23
|
|
|
$
|
60
|
|
|
$
|
64
|
|
|
|
$
|
(36
|
)
|
|
$
|
(26
|
)
|
|
$
|
(18
|
)
|
(b)
|
2019 and 2018 amounts and the non-capitalized portion of 2017 non-service cost components are reflected in “Other Income, Net” on Ameren’s consolidated statement of income. See Note 6 – Other Income, Net for additional information.
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||
Regulatory assets:
|
|
|
|
||||
Prior service credit
|
$
|
(1
|
)
|
|
$
|
(4
|
)
|
Net actuarial (gain) loss
|
52
|
|
|
(9
|
)
|
||
Accumulated OCI:
|
|
|
|
||||
Net actuarial loss
|
5
|
|
|
—
|
|
||
Total
|
$
|
56
|
|
|
$
|
(13
|
)
|
|
Pension Costs
|
|
Postretirement Costs
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Ameren Missouri(a)
|
$
|
5
|
|
|
$
|
22
|
|
|
$
|
24
|
|
|
$
|
(6
|
)
|
|
$
|
(1
|
)
|
|
$
|
(4
|
)
|
Ameren Illinois
|
20
|
|
|
39
|
|
|
41
|
|
|
(30
|
)
|
|
(25
|
)
|
|
(14
|
)
|
||||||
Other
|
(2
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Ameren
|
$
|
23
|
|
|
$
|
60
|
|
|
$
|
64
|
|
|
(36
|
)
|
|
$
|
(26
|
)
|
|
$
|
(18
|
)
|
(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 and the level of such costs included in customer rates.
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
|
Paid from
Qualified
Trust Funds
|
|
Paid from
Company
Funds
|
|
Paid from
Qualified
Trust Funds
|
|
Paid from
Company
Funds
|
||||||||
2020
|
$
|
257
|
|
|
$
|
3
|
|
|
$
|
58
|
|
|
$
|
2
|
|
2021
|
269
|
|
|
3
|
|
|
60
|
|
|
2
|
|
||||
2022
|
274
|
|
|
3
|
|
|
61
|
|
|
2
|
|
||||
2023
|
279
|
|
|
3
|
|
|
63
|
|
|
2
|
|
||||
2024
|
284
|
|
|
3
|
|
|
64
|
|
|
2
|
|
||||
2025 – 2029
|
1,446
|
|
|
12
|
|
|
313
|
|
|
12
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||
Discount rate at measurement date
|
4.25
|
%
|
|
3.50
|
%
|
|
4.00
|
%
|
|
4.25
|
%
|
|
3.50
|
%
|
|
4.00
|
%
|
Expected return on plan assets
|
7.00
|
|
|
7.00
|
|
|
7.00
|
|
|
7.00
|
|
|
7.00
|
|
|
7.00
|
|
Increase in future compensation
|
3.50
|
|
|
3.50
|
|
|
3.50
|
|
|
3.50
|
|
|
3.50
|
|
|
3.50
|
|
Medical cost trend rate (initial)(a)
|
(b)
|
|
|
(b)
|
|
|
(b)
|
|
|
5.00
|
|
|
5.00
|
|
|
5.00
|
|
Medical cost trend rate (ultimate)(a)
|
(b)
|
|
|
(b)
|
|
|
(b)
|
|
|
5.00
|
|
|
5.00
|
|
|
5.00
|
|
(a)
|
Initial and ultimate medical cost trend rate for certain Medicare-eligible participants is 3.00%.
|
(b)
|
Not applicable.
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||||||||||
|
Service Cost
and Interest
Cost
|
|
Expected
Return on
Assets
|
|
Projected
Benefit
Obligation
|
|
Service Cost
and Interest
Cost
|
|
Expected
Return on
Assets
|
|
Postretirement
Benefit
Obligation
|
||||||||||||
0.25% decrease in discount rate
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
165
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36
|
|
0.25% decrease in return on assets
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||||
0.25% increase in future compensation
|
2
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
1.00% increase in annual medical trend
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
57
|
|
||||||
1.00% decrease in annual medical trend
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(57
|
)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Ameren Missouri
|
$
|
19
|
|
|
$
|
17
|
|
|
$
|
16
|
|
Ameren Illinois
|
16
|
|
|
15
|
|
|
13
|
|
|||
Other
|
—
|
|
|
1
|
|
|
1
|
|
|||
Ameren
|
$
|
35
|
|
|
$
|
33
|
|
|
$
|
30
|
|
|
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
|
304,384
|
|
|
67.42
|
|
|
132,526
|
|
|
65.89
|
|
||
Forfeitures
|
(35,120
|
)
|
|
64.40
|
|
|
(11,802
|
)
|
|
62.75
|
|
||
Vested and undistributed(b)
|
(235,275
|
)
|
|
62.28
|
|
|
(53,297
|
)
|
|
61.99
|
|
||
Vested and distributed
|
(176,923
|
)
|
|
44.13
|
|
|
(2,403
|
)
|
|
54.30
|
|
||
Nonvested at December 31, 2019(c)
|
539,877
|
|
|
$
|
63.79
|
|
|
220,277
|
|
|
$
|
61.13
|
|
(a)
|
Does not include 619,783 performance share units and 26,557 restricted stock units that were vested and undistributed.
|
(b)
|
Vested and undistributed units are awards that vest on a pro-rata basis 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.
|
(c)
|
Does not include 503,283 of performance share units and 79,854 of restricted stock units that were vested and undistributed.
|
(a)
|
Based on a historical period that is equal to the remaining term of the performance period as of the grant date.
|
|
2019
|
|
2018
|
|
2017
|
||||||
Ameren Missouri
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
4
|
|
Ameren Illinois
|
3
|
|
|
3
|
|
|
2
|
|
|||
Other(a)
|
13
|
|
|
13
|
|
|
12
|
|
|||
Ameren
|
20
|
|
|
20
|
|
|
18
|
|
|||
Less income tax benefit
|
5
|
|
|
6
|
|
|
7
|
|
|||
Stock-based compensation expense, net
|
$
|
15
|
|
|
$
|
14
|
|
|
$
|
11
|
|
(a)
|
Represents compensation expense for employees of Ameren Services. These amounts are not included in the Ameren Missouri and Ameren Illinois amounts above.
|
|
Ameren Missouri
|
|
Ameren Illinois
|
|
Ameren
|
|||
2019
|
|
|
|
|
|
|||
Federal statutory corporate income tax rate:
|
21
|
%
|
|
21
|
%
|
|
21
|
%
|
Increases (decreases) from:
|
|
|
|
|
|
|||
Amortization of excess deferred income taxes
|
(11
|
)
|
|
(4
|
)
|
|
(7
|
)
|
Amortization of deferred investment tax credit
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
State tax
|
5
|
|
|
7
|
|
|
6
|
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
(1
|
)
|
Effective income tax rate
|
14
|
%
|
|
24
|
%
|
|
18
|
%
|
2018
|
|
|
|
|
|
|||
Federal statutory corporate income tax rate:
|
21
|
%
|
|
21
|
%
|
|
21
|
%
|
Increases (decreases) from:
|
|
|
|
|
|
|||
Amortization of excess deferred income taxes
|
(4
|
)
|
|
(4
|
)
|
|
(4
|
)
|
Depreciation differences
|
—
|
|
|
(1
|
)
|
|
—
|
|
Amortization of deferred investment tax credit
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
State tax
|
4
|
|
|
7
|
|
|
6
|
|
TCJA
|
1
|
|
|
1
|
|
|
1
|
|
Tax credits
|
(1
|
)
|
|
—
|
|
|
—
|
|
Other permanent items
|
—
|
|
|
—
|
|
|
(1
|
)
|
Effective income tax rate
|
20
|
%
|
|
24
|
%
|
|
22
|
%
|
2017
|
|
|
|
|
|
|||
Federal statutory corporate income tax rate:
|
35
|
%
|
|
35
|
%
|
|
35
|
%
|
Increases (decreases) from:
|
|
|
|
|
|
|||
Depreciation differences
|
1
|
|
|
(1
|
)
|
|
—
|
|
Amortization of deferred investment tax credit
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
State tax
|
4
|
|
|
6
|
|
|
6
|
|
TCJA
|
6
|
|
|
(1
|
)
|
|
14
|
|
Tax credits
|
(1
|
)
|
|
—
|
|
|
—
|
|
Other permanent items
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
Effective income tax rate
|
44
|
%
|
|
38
|
%
|
|
52
|
%
|
|
Ameren Missouri
|
|
Ameren Illinois
|
|
Other
|
|
Ameren
|
||||||||
2019
|
|
|
|
|
|
|
|
||||||||
Current taxes:
|
|
|
|
|
|
|
|
||||||||
Federal
|
$
|
65
|
|
|
$
|
19
|
|
|
$
|
(88
|
)
|
|
$
|
(4
|
)
|
State
|
22
|
|
|
11
|
|
|
(14
|
)
|
|
19
|
|
||||
Deferred taxes:
|
|
|
|
|
|
|
|
||||||||
Federal
|
37
|
|
|
66
|
|
|
82
|
|
|
185
|
|
||||
State
|
5
|
|
|
29
|
|
|
25
|
|
|
59
|
|
||||
Amortization of excess deferred income taxes
|
(56
|
)
|
|
(15
|
)
|
|
(1
|
)
|
|
(72
|
)
|
||||
Amortization of deferred investment tax credits
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
||||
Total income tax expense
|
$
|
68
|
|
|
$
|
110
|
|
|
$
|
4
|
|
|
$
|
182
|
|
2018
|
|
|
|
|
|
|
|
||||||||
Current taxes:
|
|
|
|
|
|
|
|
||||||||
Federal
|
$
|
104
|
|
|
$
|
4
|
|
|
$
|
(118
|
)
|
|
$
|
(10
|
)
|
State
|
29
|
|
|
6
|
|
|
(12
|
)
|
|
23
|
|
||||
Deferred taxes:
|
|
|
|
|
|
|
|
||||||||
Federal
|
22
|
|
|
75
|
|
|
123
|
|
|
220
|
|
||||
State
|
(2
|
)
|
|
28
|
|
|
23
|
|
|
49
|
|
||||
Amortization of excess deferred income taxes
|
(24
|
)
|
|
(15
|
)
|
|
(1
|
)
|
|
(40
|
)
|
||||
Amortization of deferred investment tax credits
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
||||
Total income tax expense
|
$
|
124
|
|
|
$
|
98
|
|
|
$
|
15
|
|
|
$
|
237
|
|
2017
|
|
|
|
|
|
|
|
||||||||
Current taxes:
|
|
|
|
|
|
|
|
||||||||
Federal
|
$
|
149
|
|
|
$
|
(34
|
)
|
|
$
|
(110
|
)
|
|
$
|
5
|
|
State
|
23
|
|
|
29
|
|
|
(20
|
)
|
|
32
|
|
||||
Deferred taxes:
|
|
|
|
|
|
|
|
||||||||
Federal
|
76
|
|
|
185
|
|
|
250
|
|
|
511
|
|
||||
State
|
11
|
|
|
(13
|
)
|
|
36
|
|
|
34
|
|
||||
Amortization of deferred investment tax credits
|
(5
|
)
|
|
(1
|
)
|
|
—
|
|
|
(6
|
)
|
||||
Total income tax expense
|
$
|
254
|
|
|
$
|
166
|
|
|
$
|
156
|
|
|
$
|
576
|
|
|
Ameren Missouri
|
|
Ameren Illinois
|
|
Other
|
|
Ameren
|
||||||||
2019
|
|
|
|
|
|
|
|
||||||||
Accumulated deferred income taxes, net liability (asset):
|
|
|
|
|
|
|
|
||||||||
Plant-related
|
$
|
2,000
|
|
|
$
|
1,423
|
|
|
$
|
193
|
|
|
$
|
3,616
|
|
Regulatory assets and liabilities, net
|
(310
|
)
|
|
(214
|
)
|
|
(24
|
)
|
|
(548
|
)
|
||||
Deferred employee benefit costs
|
(59
|
)
|
|
7
|
|
|
(59
|
)
|
|
(111
|
)
|
||||
Tax carryforwards
|
(25
|
)
|
|
(3
|
)
|
|
(70
|
)
|
|
(98
|
)
|
||||
Other
|
(33
|
)
|
|
11
|
|
|
43
|
|
|
21
|
|
||||
Total net accumulated deferred income tax liabilities (assets)
|
$
|
1,573
|
|
|
$
|
1,224
|
|
|
$
|
83
|
|
|
$
|
2,880
|
|
Accumulated deferred investment tax credits
|
39
|
|
|
—
|
|
|
—
|
|
|
39
|
|
||||
Accumulated deferred income taxes and investment tax credits
|
$
|
1,612
|
|
|
$
|
1,224
|
|
|
$
|
83
|
|
|
$
|
2,919
|
|
2018
|
|
|
|
|
|
|
|
||||||||
Accumulated deferred income taxes, net liability (asset):
|
|
|
|
|
|
|
|
||||||||
Plant-related
|
$
|
2,010
|
|
|
$
|
1,345
|
|
|
$
|
179
|
|
|
$
|
3,534
|
|
Regulatory assets and liabilities, net
|
(343
|
)
|
|
(221
|
)
|
|
(25
|
)
|
|
(589
|
)
|
||||
Deferred employee benefit costs
|
(58
|
)
|
|
(4
|
)
|
|
(64
|
)
|
|
(126
|
)
|
||||
Tax carryforwards
|
(35
|
)
|
|
(26
|
)
|
|
(166
|
)
|
|
(227
|
)
|
||||
Other
|
(40
|
)
|
|
24
|
|
|
47
|
|
|
31
|
|
||||
Total net accumulated deferred income tax liabilities (assets)
|
$
|
1,534
|
|
|
$
|
1,118
|
|
|
$
|
(29
|
)
|
|
$
|
2,623
|
|
Accumulated deferred investment tax credits
|
42
|
|
|
1
|
|
|
—
|
|
|
43
|
|
||||
Accumulated deferred income taxes and investment tax credits
|
$
|
1,576
|
|
|
$
|
1,119
|
|
|
$
|
(29
|
)
|
|
$
|
2,666
|
|
|
Ameren Missouri
|
|
Ameren Illinois
|
|
Other
|
|
Ameren
|
||||||||
2019
|
|
|
|
|
|
|
|
||||||||
Tax credit carryforwards:
|
|
|
|
|
|
|
|
||||||||
Federal(a)
|
$
|
25
|
|
|
$
|
3
|
|
|
$
|
67
|
|
|
$
|
95
|
|
State(b)
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
||||
Total tax credit carryforwards
|
$
|
25
|
|
|
$
|
3
|
|
|
$
|
70
|
|
|
$
|
98
|
|
Charitable contribution carryforwards(c)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
3
|
|
Valuation allowance(c)
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
||||
Total charitable contribution carryforwards
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
2018
|
|
|
|
|
|
|
|
||||||||
Net operating loss carryforwards:
|
|
|
|
|
|
|
|
||||||||
Federal
|
$
|
—
|
|
|
$
|
23
|
|
|
$
|
55
|
|
|
$
|
78
|
|
State
|
—
|
|
|
—
|
|
|
13
|
|
|
13
|
|
||||
Total net operating loss carryforwards
|
$
|
—
|
|
|
$
|
23
|
|
|
$
|
68
|
|
|
$
|
91
|
|
Tax credit carryforwards:
|
|
|
|
|
|
|
|
||||||||
Federal
|
$
|
35
|
|
|
$
|
3
|
|
|
$
|
79
|
|
|
$
|
117
|
|
State
|
—
|
|
|
—
|
|
|
10
|
|
|
10
|
|
||||
Total tax credit carryforwards
|
$
|
35
|
|
|
$
|
3
|
|
|
$
|
89
|
|
|
$
|
127
|
|
Charitable contribution carryforwards
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14
|
|
|
$
|
14
|
|
Valuation allowance
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
||||
Total charitable contribution carryforwards
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
9
|
|
(a)
|
Will expire between 2029 and 2039.
|
(b)
|
Will expire between 2022 and 2024.
|
(c)
|
See Schedule II under Part IV, Item 15, in this report for information on changes in the valuation allowance.
|
IPA Procurement Event
|
Performance Period
|
MWh
|
|
Average Price per MWh
|
||
September 2015
|
November 2015 – May 2018
|
339,000
|
|
$
|
38
|
|
April 2016
|
June 2017 – September 2018
|
375,200
|
|
35
|
|
|
September 2016
|
May 2017 – September 2018
|
82,800
|
|
34
|
|
|
April 2017
|
March 2019 – May 2020
|
85,600
|
|
34
|
|
|
April 2018
|
June 2019 – September 2020
|
110,000
|
|
32
|
|
|
April 2019
|
January 2020 – December 2021
|
288,000
|
|
35
|
|
|
September 2019
|
April 2020 – November 2021
|
170,800
|
|
29
|
|
|
2019
|
|
|
2018
|
||||||||||
|
Ameren Missouri
|
Ameren Illinois
|
|
|
Ameren Missouri
|
Ameren Illinois
|
||||||||
Income taxes payable to parent(a)
|
$
|
15
|
|
$
|
43
|
|
|
|
$
|
16
|
|
$
|
7
|
|
Income taxes receivable from parent(b)
|
15
|
|
17
|
|
|
|
—
|
|
6
|
|
(a)
|
Included in “Accounts payable – affiliates” on the balance sheet.
|
(b)
|
Included in “Accounts receivable – affiliates” on the balance sheet.
|
|
2019
|
|
2018
|
|
2017
|
|
||||||
Ameren Missouri(a)
|
$
|
124
|
|
|
$
|
45
|
|
|
$
|
30
|
|
|
Ameren Illinois
|
15
|
|
(a)
|
160
|
|
|
8
|
|
|
(a)
|
As a result of the tax allocation agreement.
|
Agreement
|
Income Statement Line Item
|
|
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
||
Ameren Missouri power supply agreements
|
Operating Revenues
|
|
2019
|
$
|
3
|
|
$
|
(a)
|
|
with Ameren Illinois
|
|
|
2018
|
|
11
|
|
|
(a)
|
|
|
|
|
2017
|
|
23
|
|
|
(a)
|
|
Ameren Missouri and Ameren Illinois
|
Operating Revenues
|
|
2019
|
|
27
|
|
|
2
|
|
rent and facility services
|
|
|
2018
|
|
22
|
|
|
3
|
|
|
|
|
2017
|
|
26
|
|
|
4
|
|
Ameren Missouri and Ameren Illinois miscellaneous
|
Operating Revenues
|
|
2019
|
|
1
|
|
|
2
|
|
support services and services provided to ATXI
|
|
|
2018
|
|
1
|
|
|
1
|
|
|
|
|
2017
|
|
(b)
|
|
|
1
|
|
Ameren Missouri software licensing
|
Operating Revenues
|
|
2019
|
|
(a)
|
|
|
19
|
|
with Ameren Illinois
|
|
|
2018
|
|
(a)
|
|
|
(a)
|
|
|
|
|
2017
|
|
(a)
|
|
|
(a)
|
|
Total Operating Revenues
|
|
|
2019
|
$
|
31
|
|
$
|
23
|
|
|
|
|
2018
|
|
34
|
|
|
4
|
|
|
|
|
2017
|
|
49
|
|
|
5
|
|
Ameren Illinois power supply
|
Purchased Power
|
|
2019
|
$
|
(a)
|
|
$
|
3
|
|
agreements with Ameren Missouri
|
|
|
2018
|
|
(a)
|
|
|
11
|
|
|
|
|
2017
|
|
(a)
|
|
|
23
|
|
Ameren Illinois transmission
|
Purchased Power
|
|
2019
|
|
(a)
|
|
|
2
|
|
services from ATXI
|
|
|
2018
|
|
(a)
|
|
|
1
|
|
|
|
|
2017
|
|
(a)
|
|
|
2
|
|
Total Purchased Power
|
|
|
2019
|
$
|
(a)
|
|
$
|
5
|
|
|
|
|
2018
|
|
(a)
|
|
|
12
|
|
|
|
|
2017
|
|
(a)
|
|
|
25
|
|
Ameren Missouri and Ameren Illinois
|
Other Operations and
|
|
2019
|
$
|
2
|
|
$
|
5
|
|
rent and facility services
|
Maintenance
|
|
2018
|
|
3
|
|
|
6
|
|
|
|
|
2017
|
|
(b)
|
|
|
(b)
|
|
Ameren Services support services
|
Other Operations and
|
|
2019
|
|
135
|
|
|
127
|
|
agreement
|
Maintenance
|
|
2018
|
|
136
|
|
|
126
|
|
|
|
|
2017
|
|
149
|
|
|
139
|
|
Total Other Operations and
|
|
|
2019
|
$
|
137
|
|
$
|
132
|
|
Maintenance Expenses
|
|
|
2018
|
|
139
|
|
|
132
|
|
|
|
|
2017
|
|
149
|
|
|
139
|
|
Money pool borrowings (advances)
|
(Interest Charges)
|
|
2019
|
$
|
(b)
|
|
$
|
(b)
|
|
|
Other Income, Net
|
|
2018
|
|
1
|
|
|
(b)
|
|
|
|
|
2017
|
|
1
|
|
|
(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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2020
|
$
|
325
|
|
|
$
|
171
|
|
|
$
|
42
|
|
|
$
|
147
|
|
(d)
|
$
|
3
|
|
|
$
|
75
|
|
|
$
|
763
|
|
2021
|
197
|
|
|
109
|
|
|
60
|
|
|
51
|
|
|
3
|
|
|
33
|
|
|
453
|
|
|||||||
2022
|
137
|
|
|
55
|
|
|
13
|
|
|
13
|
|
|
3
|
|
|
22
|
|
|
243
|
|
|||||||
2023
|
46
|
|
|
35
|
|
|
43
|
|
|
3
|
|
|
3
|
|
|
22
|
|
|
152
|
|
|||||||
2024
|
53
|
|
|
12
|
|
|
15
|
|
|
—
|
|
|
3
|
|
|
25
|
|
|
108
|
|
|||||||
Thereafter
|
27
|
|
|
43
|
|
|
15
|
|
|
—
|
|
|
24
|
|
|
58
|
|
|
167
|
|
|||||||
Total
|
$
|
785
|
|
|
$
|
425
|
|
|
$
|
188
|
|
|
$
|
214
|
|
|
$
|
39
|
|
|
$
|
235
|
|
|
$
|
1,886
|
|
Ameren Missouri:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2020
|
$
|
325
|
|
|
$
|
40
|
|
|
$
|
42
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
61
|
|
|
$
|
471
|
|
2021
|
197
|
|
|
26
|
|
|
60
|
|
|
—
|
|
|
3
|
|
|
26
|
|
|
312
|
|
|||||||
2022
|
137
|
|
|
14
|
|
|
13
|
|
|
—
|
|
|
3
|
|
|
22
|
|
|
189
|
|
|||||||
2023
|
46
|
|
|
13
|
|
|
43
|
|
|
—
|
|
|
3
|
|
|
22
|
|
|
127
|
|
|||||||
2024
|
53
|
|
|
6
|
|
|
15
|
|
|
—
|
|
|
3
|
|
|
25
|
|
|
102
|
|
|||||||
Thereafter
|
27
|
|
|
19
|
|
|
15
|
|
|
—
|
|
|
24
|
|
|
24
|
|
|
109
|
|
|||||||
Total
|
$
|
785
|
|
|
$
|
118
|
|
|
$
|
188
|
|
|
$
|
—
|
|
|
$
|
39
|
|
|
$
|
180
|
|
|
$
|
1,310
|
|
Ameren Illinois:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2020
|
$
|
—
|
|
|
$
|
131
|
|
|
$
|
—
|
|
|
$
|
147
|
|
(d)
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
281
|
|
2021
|
—
|
|
|
83
|
|
|
—
|
|
|
51
|
|
|
—
|
|
|
2
|
|
|
136
|
|
|||||||
2022
|
—
|
|
|
41
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|||||||
2023
|
—
|
|
|
22
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|||||||
2024
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||||
Thereafter
|
—
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|||||||
Total
|
$
|
—
|
|
|
$
|
307
|
|
|
$
|
—
|
|
|
$
|
214
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
526
|
|
(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 2035 with various renewable energy suppliers due to the contingent nature of the payment amounts, with the exception of expected payments of $13 million through 2024.
|
(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 agreements to acquire zero emission credits, through 2026. 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 $27 million of zero emission credits through May 2020.
|
|
December 31, 2019
|
|
|
December 31, 2018
|
||||||||||||||||
Ameren
|
Ameren
Missouri |
Ameren
Illinois |
|
|
Ameren
|
Ameren
Missouri |
Ameren
Illinois |
|||||||||||||
Cash and cash equivalents
|
$
|
16
|
|
$
|
9
|
|
$
|
—
|
|
|
|
$
|
16
|
|
$
|
—
|
|
$
|
—
|
|
Restricted cash included in “Other current assets”
|
14
|
|
4
|
|
5
|
|
|
|
13
|
|
4
|
|
6
|
|
||||||
Restricted cash included in “Other assets”
|
120
|
|
—
|
|
120
|
|
|
|
74
|
|
—
|
|
74
|
|
||||||
Restricted cash included in “Nuclear decommissioning trust fund”
|
26
|
|
26
|
|
—
|
|
|
|
4
|
|
4
|
|
—
|
|
||||||
Total cash, cash equivalents, and restricted cash
|
$
|
176
|
|
$
|
39
|
|
$
|
125
|
|
|
|
$
|
107
|
|
$
|
8
|
|
$
|
80
|
|
|
December 31, 2019
|
|
|
December 31, 2018
|
||||||||||||||||
|
Ameren
Missouri
|
Ameren
Illinois
|
Ameren
|
|
|
Ameren
Missouri
|
Ameren
Illinois
|
Ameren
|
||||||||||||
Fuel(a)
|
$
|
126
|
|
$
|
—
|
|
$
|
126
|
|
|
|
$
|
123
|
|
$
|
—
|
|
$
|
123
|
|
Natural gas stored underground
|
6
|
|
57
|
|
63
|
|
|
|
7
|
|
64
|
|
71
|
|
||||||
Materials, supplies, and other
|
241
|
|
64
|
|
305
|
|
|
|
228
|
|
61
|
|
289
|
|
||||||
Total inventories
|
$
|
373
|
|
$
|
121
|
|
$
|
494
|
|
|
|
$
|
358
|
|
$
|
125
|
|
$
|
483
|
|
(a)
|
Consists of coal, oil, and propane.
|
|
Ameren
|
|
Ameren Missouri
|
||||
Other assets
|
$
|
36
|
|
|
$
|
34
|
|
Other current liabilities
|
7
|
|
|
7
|
|
||
Other deferred credits and liabilities
|
29
|
|
|
27
|
|
||
Weighted average remaining operating lease term
|
5 years
|
|
|
5 years
|
|
||
Weighted average discount rate(a)
|
3.5
|
%
|
|
3.4
|
%
|
(a)
|
As an implicit rate is not readily determinable under most of our lease agreements, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use an implicit rate when readily determinable.
|
|
Ameren
|
|
Ameren Missouri
|
||||
2020
|
$
|
8
|
|
|
$
|
8
|
|
2021
|
8
|
|
|
7
|
|
||
2022
|
7
|
|
|
6
|
|
||
2023
|
6
|
|
|
6
|
|
||
2024
|
5
|
|
|
5
|
|
||
Thereafter
|
5
|
|
|
5
|
|
||
Total lease payments
|
39
|
|
|
37
|
|
||
Less imputed interest
|
3
|
|
|
3
|
|
||
Total(a)
|
$
|
36
|
|
|
$
|
34
|
|
(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 December 31, 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, for further information on financing arrangements.
|
|
December 31, 2019
|
|
|
December 31, 2018
|
||||||||||||||||||||||
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Ameren
|
|
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Ameren
|
|
||||||||||||
Beginning balance at January 1
|
$
|
646
|
|
(a)
|
$
|
4
|
|
(b)
|
$
|
650
|
|
(a)
|
|
|
$
|
640
|
|
|
$
|
4
|
|
|
$
|
644
|
|
|
Liabilities settled
|
(20
|
)
|
|
—
|
|
|
(20
|
)
|
|
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|
||||||
Accretion(c)
|
28
|
|
|
—
|
|
|
28
|
|
|
|
|
27
|
|
|
—
|
|
|
27
|
|
|
||||||
Change in estimates
|
33
|
|
(d)
|
—
|
|
|
33
|
|
(d)
|
|
|
(14
|
)
|
(e)
|
—
|
|
|
(14
|
)
|
(e)
|
||||||
Ending balance at December 31
|
$
|
687
|
|
(a)
|
$
|
4
|
|
(b)
|
$
|
691
|
|
(a)
|
|
|
$
|
646
|
|
(a)
|
$
|
4
|
|
(b)
|
$
|
650
|
|
(a)
|
(a)
|
Balance included $53 million and $23 million in “Other current liabilities” on the balance sheet as of December 31, 2019 and 2018, respectively.
|
(b)
|
Included in “Other deferred credits and liabilities” on the balance sheet.
|
(c)
|
Ameren Missouri’s accretion expense was deferred 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.
|
(e)
|
Ameren Missouri changed its fair value estimate primarily due to a reduction in the cost estimate for closure of certain CCR storage facilities.
|
|
2019
|
|
2018
|
|
2017
|
|
||||||
Ameren Missouri
|
$
|
147
|
|
|
$
|
164
|
|
|
$
|
153
|
|
|
Ameren Illinois
|
117
|
|
|
118
|
|
|
112
|
|
|
|||
Ameren
|
$
|
264
|
|
|
$
|
282
|
|
|
$
|
265
|
|
|
|
2019
|
|
2018
|
|
2017
|
|
||||||
Average rate:
|
|
|
|
|
|
|
||||||
Ameren Missouri
|
6
|
%
|
|
7
|
%
|
|
7
|
%
|
|
|||
Ameren Illinois
|
5
|
%
|
|
5
|
%
|
|
4
|
%
|
|
|||
Ameren:
|
|
|
|
|
|
|
||||||
Allowance for equity funds used during construction
|
$
|
28
|
|
|
$
|
36
|
|
|
$
|
24
|
|
|
Allowance for borrowed funds used during construction
|
20
|
|
|
21
|
|
|
14
|
|
|
|||
Total Ameren
|
$
|
48
|
|
|
$
|
57
|
|
|
$
|
38
|
|
|
Ameren Missouri:
|
|
|
|
|
|
|
||||||
Allowance for equity funds used during construction
|
$
|
19
|
|
|
$
|
27
|
|
|
$
|
21
|
|
|
Allowance for borrowed funds used during construction
|
12
|
|
|
14
|
|
|
10
|
|
|
|||
Total Ameren Missouri
|
$
|
31
|
|
|
$
|
41
|
|
|
$
|
31
|
|
|
Ameren Illinois:
|
|
|
|
|
|
|
||||||
Allowance for equity funds used during construction
|
$
|
9
|
|
|
$
|
9
|
|
|
$
|
3
|
|
|
Allowance for borrowed funds used during construction
|
8
|
|
|
7
|
|
|
4
|
|
|
|||
Total Ameren Illinois
|
$
|
17
|
|
|
$
|
16
|
|
|
$
|
7
|
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Weighted-average Common Shares Outstanding – Basic
|
245.6
|
|
|
243.8
|
|
|
242.6
|
|
Assumed settlement of performance share units and restricted stock units
|
1.4
|
|
|
2.0
|
|
|
1.6
|
|
Dilutive effect of forward sale agreement related to common stock
|
0.1
|
|
|
—
|
|
|
—
|
|
Weighted-average Common Shares Outstanding – Diluted(a)
|
247.1
|
|
|
245.8
|
|
|
244.2
|
|
(a)
|
There were no potentially dilutive securities excluded from the earnings per diluted share calculations for the years ended December 31, 2019, 2018, and 2017.
|
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||
Ameren
|
Ameren
Missouri
|
Ameren
Illinois
|
|
Ameren
|
Ameren
Missouri
|
Ameren
Illinois
|
|
Ameren
|
Ameren
Missouri
|
Ameren
Illinois
|
|||||||||||||||||||
Investing
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Exchange of bond investments for the extinguishment of senior unsecured notes(a)
|
$
|
17
|
|
$
|
—
|
|
$
|
17
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Accrued capital expenditures
|
333
|
|
140
|
|
163
|
|
|
272
|
|
121
|
|
138
|
|
|
361
|
|
159
|
|
175
|
|
|||||||||
Accrued nuclear fuel expenditures
|
19
|
|
19
|
|
—
|
|
|
20
|
|
20
|
|
—
|
|
|
10
|
|
10
|
|
—
|
|
|||||||||
Net realized and unrealized gain – nuclear decommissioning trust fund
|
143
|
|
143
|
|
—
|
|
|
(38
|
)
|
(38
|
)
|
—
|
|
|
3
|
|
3
|
|
—
|
|
|||||||||
Financing
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Exchange of bond investments for the extinguishment of senior unsecured notes(a)
|
$
|
(17
|
)
|
$
|
—
|
|
$
|
(17
|
)
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Issuance of common stock for stock-based compensation
|
54
|
|
—
|
|
—
|
|
|
35
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
(a)
|
See Note 4 – Long-term Debt and Equity Financings for additional information.
|
|
Ameren Missouri
|
|
Ameren Illinois Electric Distribution
|
|
Ameren Illinois Natural Gas
|
|
Ameren Transmission
|
|
Other
|
|
Intersegment Eliminations
|
|
Ameren
|
|
||||||||||||||
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
External revenues
|
$
|
3,212
|
|
|
$
|
1,487
|
|
|
$
|
791
|
|
|
$
|
401
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,891
|
|
|
Intersegment revenues
|
31
|
|
|
17
|
|
|
6
|
|
|
63
|
|
(a)
|
—
|
|
|
(98
|
)
|
|
19
|
|
(b)
|
|||||||
Depreciation and amortization
|
556
|
|
|
273
|
|
|
78
|
|
|
84
|
|
|
4
|
|
|
—
|
|
|
995
|
|
|
|||||||
Interest income
|
26
|
|
|
6
|
|
|
—
|
|
|
1
|
|
|
5
|
|
|
(5
|
)
|
|
33
|
|
|
|||||||
Interest charges
|
178
|
|
|
71
|
|
|
38
|
|
|
74
|
|
(c)
|
25
|
|
|
(5
|
)
|
|
381
|
|
|
|||||||
Income taxes (benefit)
|
68
|
|
|
45
|
|
|
30
|
|
|
64
|
|
|
(25
|
)
|
|
—
|
|
|
182
|
|
|
|||||||
Net income (loss) attributable to Ameren common shareholders
|
426
|
|
|
146
|
|
|
84
|
|
|
185
|
|
|
(13
|
)
|
|
—
|
|
|
828
|
|
|
|||||||
Capital expenditures
|
1,076
|
|
|
518
|
|
|
318
|
|
|
528
|
|
|
3
|
|
|
(32
|
)
|
(d)
|
2,411
|
|
|
|||||||
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
External revenues
|
$
|
3,555
|
|
|
$
|
1,544
|
|
|
$
|
814
|
|
|
$
|
378
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,291
|
|
|
Intersegment revenues
|
34
|
|
|
3
|
|
|
1
|
|
|
55
|
|
(a)
|
—
|
|
|
(93
|
)
|
|
—
|
|
|
|||||||
Depreciation and amortization
|
550
|
|
|
259
|
|
|
65
|
|
|
77
|
|
|
4
|
|
|
—
|
|
|
955
|
|
|
|||||||
Interest income
|
28
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
(5
|
)
|
|
33
|
|
|
|||||||
Interest charges
|
200
|
|
|
73
|
|
|
38
|
|
|
75
|
|
(c)
|
19
|
|
|
(4
|
)
|
|
401
|
|
|
|||||||
Income taxes (benefit)
|
124
|
|
|
41
|
|
|
25
|
|
|
56
|
|
|
(9
|
)
|
|
—
|
|
|
237
|
|
|
|||||||
Net income (loss) attributable to Ameren common shareholders
|
478
|
|
|
136
|
|
|
70
|
|
|
164
|
|
|
(33
|
)
|
|
—
|
|
|
815
|
|
|
|||||||
Capital expenditures
|
914
|
|
|
503
|
|
|
311
|
|
|
562
|
|
|
5
|
|
|
(9
|
)
|
|
2,286
|
|
|
|||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
External revenues
|
$
|
3,488
|
|
|
$
|
1,564
|
|
|
$
|
742
|
|
|
$
|
382
|
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
6,174
|
|
|
Intersegment revenues
|
49
|
|
|
4
|
|
|
1
|
|
|
44
|
|
(a)
|
—
|
|
|
(98
|
)
|
|
—
|
|
|
|||||||
Depreciation and amortization
|
533
|
|
|
239
|
|
|
59
|
|
|
60
|
|
|
5
|
|
|
—
|
|
|
896
|
|
|
|||||||
Interest income
|
27
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
(11
|
)
|
|
34
|
|
|
|||||||
Interest charges
|
207
|
|
|
73
|
|
|
36
|
|
|
67
|
|
(c)
|
19
|
|
|
(11
|
)
|
|
391
|
|
|
|||||||
Income taxes
|
254
|
|
|
83
|
|
|
36
|
|
|
90
|
|
|
113
|
|
|
—
|
|
|
576
|
|
|
|||||||
Net income (loss) attributable to Ameren common shareholders
|
323
|
|
|
131
|
|
|
60
|
|
|
140
|
|
|
(131
|
)
|
|
—
|
|
|
523
|
|
|
|||||||
Capital expenditures
|
773
|
|
|
476
|
|
|
245
|
|
|
644
|
|
|
1
|
|
|
(7
|
)
|
|
2,132
|
|
|
(a)
|
Ameren Transmission earns revenue from transmission service provided to Ameren Illinois Electric Distribution. See discussion of transactions above.
|
(b)
|
Intersegment revenues at Ameren include $14 million and $5 million of revenue from Ameren Illinois Electric Distribution and Ameren Illinois Natural Gas, respectively, for the year ended December 31, 2019, for a software licensing agreement with Ameren Missouri. Under authoritative accounting guidance for rate-regulated entities, the revenue recognized by Ameren Illinois was not eliminated upon consolidation. See Note 13 – Related-party Transactions for additional information.
|
(c)
|
Ameren Transmission interest charges include an allocation of financing costs from Ameren (parent).
|
(d)
|
Intersegment capital expenditure eliminations include $24 million of eliminations for the year ended December 31, 2019 for a software licensing agreement between Ameren Illinois and Ameren Missouri. See Note 13 – Related-party Transactions for additional information.
|
|
Ameren Illinois Electric Distribution
|
|
Ameren Illinois
Natural Gas
|
|
Ameren Illinois Transmission
|
|
Intersegment Eliminations
|
|
Ameren Illinois
|
||||||||||
2019
|
|
|
|
|
|
|
|
|
|
||||||||||
External revenues
|
$
|
1,504
|
|
|
$
|
797
|
|
|
$
|
226
|
|
|
$
|
—
|
|
|
$
|
2,527
|
|
Intersegment revenues
|
—
|
|
|
—
|
|
|
62
|
|
(a)
|
(62
|
)
|
|
—
|
|
|||||
Depreciation and amortization
|
273
|
|
|
78
|
|
|
55
|
|
|
—
|
|
|
406
|
|
|||||
Interest income
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||
Interest charges
|
71
|
|
|
38
|
|
|
38
|
|
|
—
|
|
|
147
|
|
|||||
Income taxes
|
45
|
|
|
30
|
|
|
35
|
|
|
—
|
|
|
110
|
|
|||||
Net income available to common shareholder
|
146
|
|
|
84
|
|
|
113
|
|
|
—
|
|
|
343
|
|
|||||
Capital expenditures
|
518
|
|
|
318
|
|
|
372
|
|
|
—
|
|
|
1,208
|
|
|||||
2018
|
|
|
|
|
|
|
|
|
|
||||||||||
External revenues
|
$
|
1,547
|
|
|
$
|
815
|
|
|
$
|
214
|
|
|
$
|
—
|
|
|
$
|
2,576
|
|
Intersegment revenues
|
—
|
|
|
—
|
|
|
53
|
|
(a)
|
(53
|
)
|
|
—
|
|
|||||
Depreciation and amortization
|
259
|
|
|
65
|
|
|
50
|
|
|
—
|
|
|
374
|
|
|||||
Interest income
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||
Interest charges
|
73
|
|
|
38
|
|
|
38
|
|
|
—
|
|
|
149
|
|
|||||
Income taxes
|
41
|
|
|
25
|
|
|
32
|
|
|
—
|
|
|
98
|
|
|||||
Net income available to common shareholder
|
136
|
|
|
70
|
|
|
98
|
|
|
—
|
|
|
304
|
|
|||||
Capital expenditures
|
503
|
|
|
311
|
|
|
444
|
|
|
—
|
|
|
1,258
|
|
|||||
2017
|
|
|
|
|
|
|
|
|
|
||||||||||
External revenues
|
$
|
1,568
|
|
|
$
|
743
|
|
|
$
|
216
|
|
|
$
|
—
|
|
|
$
|
2,527
|
|
Intersegment revenues
|
—
|
|
|
—
|
|
|
42
|
|
(a)
|
(42
|
)
|
|
—
|
|
|||||
Depreciation and amortization
|
239
|
|
|
59
|
|
|
43
|
|
|
—
|
|
|
341
|
|
|||||
Interest income
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||
Interest charges
|
73
|
|
|
36
|
|
|
35
|
|
|
—
|
|
|
144
|
|
|||||
Income taxes
|
83
|
|
|
36
|
|
|
47
|
|
|
—
|
|
|
166
|
|
|||||
Net income available to common shareholder
|
131
|
|
|
60
|
|
|
77
|
|
|
—
|
|
|
268
|
|
|||||
Capital expenditures
|
476
|
|
|
245
|
|
|
355
|
|
|
—
|
|
|
1,076
|
|
(a)
|
Ameren Illinois Transmission earns revenue from transmission service provided to Ameren Illinois Electric Distribution. See discussion of transactions above.
|
|
Ameren Missouri
|
|
Ameren Illinois Electric Distribution
|
|
Ameren Illinois Natural Gas
|
|
Ameren Transmission
|
|
Other
|
|
Intersegment Eliminations
|
|
Ameren
|
|
||||||||||||||
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential
|
$
|
1,403
|
|
|
$
|
848
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,251
|
|
|
Commercial
|
1,157
|
|
|
497
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,654
|
|
|
|||||||
Industrial
|
278
|
|
|
127
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
405
|
|
|
|||||||
Other
|
271
|
|
|
32
|
|
(a)
|
—
|
|
|
464
|
|
|
—
|
|
|
(96
|
)
|
|
671
|
|
|
|||||||
Total electric revenues
|
$
|
3,109
|
|
|
$
|
1,504
|
|
|
$
|
—
|
|
|
$
|
464
|
|
|
$
|
—
|
|
|
$
|
(96
|
)
|
|
$
|
4,981
|
|
|
Residential
|
$
|
81
|
|
|
$
|
—
|
|
|
$
|
570
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
651
|
|
|
Commercial
|
34
|
|
|
—
|
|
|
154
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
188
|
|
|
|||||||
Industrial
|
4
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
|||||||
Other
|
15
|
|
|
—
|
|
|
60
|
|
(a)
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
73
|
|
|
|||||||
Total gas revenues
|
$
|
134
|
|
|
$
|
—
|
|
|
$
|
797
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
929
|
|
|
Total revenues(b)
|
$
|
3,243
|
|
|
$
|
1,504
|
|
|
$
|
797
|
|
|
$
|
464
|
|
|
$
|
—
|
|
|
$
|
(98
|
)
|
|
$
|
5,910
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential
|
$
|
1,560
|
|
|
$
|
867
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,427
|
|
|
Commercial
|
1,271
|
|
|
511
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,782
|
|
|
|||||||
Industrial
|
312
|
|
|
130
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
442
|
|
|
|||||||
Other
|
308
|
|
(c)
|
39
|
|
|
—
|
|
|
433
|
|
|
—
|
|
|
(92
|
)
|
|
688
|
|
(c)
|
|||||||
Total electric revenues
|
$
|
3,451
|
|
|
$
|
1,547
|
|
|
$
|
—
|
|
|
$
|
433
|
|
|
$
|
—
|
|
|
$
|
(92
|
)
|
|
$
|
5,339
|
|
|
Residential
|
$
|
90
|
|
|
$
|
—
|
|
|
$
|
581
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
671
|
|
|
Commercial
|
37
|
|
|
—
|
|
|
159
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
196
|
|
|
|||||||
Industrial
|
4
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
|||||||
Other
|
7
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
64
|
|
|
|||||||
Total gas revenues
|
$
|
138
|
|
|
$
|
—
|
|
|
$
|
815
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
952
|
|
|
Total revenues(b)
|
$
|
3,589
|
|
|
$
|
1,547
|
|
|
$
|
815
|
|
|
$
|
433
|
|
|
$
|
—
|
|
|
$
|
(93
|
)
|
|
$
|
6,291
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential
|
$
|
1,417
|
|
|
$
|
870
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,287
|
|
|
Commercial
|
1,208
|
|
|
527
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,735
|
|
|
|||||||
Industrial
|
305
|
|
|
113
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
418
|
|
|
|||||||
Other
|
481
|
|
|
58
|
|
|
—
|
|
|
426
|
|
|
(2
|
)
|
|
(96
|
)
|
|
867
|
|
|
|||||||
Total electric revenues
|
$
|
3,411
|
|
|
$
|
1,568
|
|
|
$
|
—
|
|
|
$
|
426
|
|
|
$
|
(2
|
)
|
|
$
|
(96
|
)
|
|
$
|
5,307
|
|
|
Residential
|
$
|
77
|
|
|
$
|
—
|
|
|
$
|
531
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
608
|
|
|
Commercial
|
31
|
|
|
—
|
|
|
146
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
177
|
|
|
|||||||
Industrial
|
4
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
|||||||
Other
|
14
|
|
|
—
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
66
|
|
|
|||||||
Total gas revenues
|
$
|
126
|
|
|
$
|
—
|
|
|
$
|
743
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
867
|
|
|
Total revenues(b)
|
$
|
3,537
|
|
|
$
|
1,568
|
|
|
$
|
743
|
|
|
$
|
426
|
|
|
$
|
(2
|
)
|
|
$
|
(98
|
)
|
|
$
|
6,174
|
|
|
(a)
|
Includes $14 million and $5 million for Ameren Illinois Electric Distribution and Ameren Illinois Natural Gas, respectively, for the year ended December 31, 2019, for a software licensing agreement with Ameren Missouri. See Note 13 – Related-party Transactions for additional information.
|
|
Ameren Missouri
|
|
Ameren Illinois Electric Distribution
|
|
Ameren Illinois Natural Gas
|
|
Ameren Transmission
|
|
Ameren
|
||||||||||
2019
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues from alternative revenue programs
|
$
|
35
|
|
|
$
|
(74
|
)
|
|
$
|
—
|
|
|
$
|
(31
|
)
|
|
$
|
(70
|
)
|
Other revenues not from contracts with customers
|
19
|
|
|
7
|
|
|
2
|
|
|
—
|
|
|
28
|
|
|||||
2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues from alternative revenue programs
|
$
|
(8
|
)
|
|
$
|
(3
|
)
|
|
$
|
(23
|
)
|
|
$
|
(25
|
)
|
|
$
|
(59
|
)
|
Other revenues not from contracts with customers
|
24
|
|
|
16
|
|
|
2
|
|
|
—
|
|
|
42
|
|
|||||
2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues from alternative revenue programs
|
$
|
(28
|
)
|
|
$
|
(5
|
)
|
|
$
|
5
|
|
|
$
|
13
|
|
|
$
|
(15
|
)
|
Other revenues not from contracts with customers
|
15
|
|
|
6
|
|
|
2
|
|
|
—
|
|
|
23
|
|
(c)
|
Includes $60 million for the year ended December 31, 2018, for the reduction to revenue for the excess amounts collected in rates to be refunded related to the TCJA from January 1, 2018, through July 31, 2018. See Note 2 – Rate and Regulatory Matters for additional information.
|
|
Ameren Illinois Electric Distribution
|
|
Ameren Illinois Natural Gas
|
|
Ameren Illinois Transmission
|
|
Intersegment Eliminations
|
|
Ameren Illinois
|
|
||||||||||
2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
$
|
848
|
|
|
$
|
570
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,418
|
|
|
Commercial
|
497
|
|
|
154
|
|
|
—
|
|
|
—
|
|
|
651
|
|
|
|||||
Industrial
|
127
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
140
|
|
|
|||||
Other
|
32
|
|
(a)
|
60
|
|
(a)
|
288
|
|
|
(62
|
)
|
|
318
|
|
|
|||||
Total revenues(b)
|
$
|
1,504
|
|
|
$
|
797
|
|
|
$
|
288
|
|
|
$
|
(62
|
)
|
|
$
|
2,527
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
$
|
867
|
|
|
$
|
581
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,448
|
|
|
Commercial
|
511
|
|
|
159
|
|
|
—
|
|
|
—
|
|
|
670
|
|
|
|||||
Industrial
|
130
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
147
|
|
|
|||||
Other
|
39
|
|
|
58
|
|
|
267
|
|
|
(53
|
)
|
|
311
|
|
|
|||||
Total revenues(b)
|
$
|
1,547
|
|
|
$
|
815
|
|
|
$
|
267
|
|
|
$
|
(53
|
)
|
|
$
|
2,576
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
$
|
870
|
|
|
$
|
531
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,401
|
|
|
Commercial
|
527
|
|
|
146
|
|
|
—
|
|
|
—
|
|
|
673
|
|
|
|||||
Industrial
|
113
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
125
|
|
|
|||||
Other
|
58
|
|
|
54
|
|
|
258
|
|
|
(42
|
)
|
|
328
|
|
|
|||||
Total revenues(b)
|
$
|
1,568
|
|
|
$
|
743
|
|
|
$
|
258
|
|
|
$
|
(42
|
)
|
|
$
|
2,527
|
|
|
(a)
|
Includes $14 million and $5 million for Ameren Illinois Electric Distribution and Ameren Illinois Natural Gas, respectively, for the year ended December 31, 2019, for a software licensing agreement with Ameren Missouri. See Note 13 – Related-party Transactions 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 Ameren Illinois segments for the years ended December 31, 2019, 2018, and 2017:
|
|
Ameren Illinois Electric Distribution
|
|
Ameren Illinois Natural Gas
|
|
Ameren Illinois Transmission
|
|
Ameren Illinois
|
||||||||
2019
|
|
|
|
|
|
|
|
||||||||
Revenues from alternative revenue programs
|
$
|
(74
|
)
|
|
$
|
—
|
|
|
$
|
(33
|
)
|
|
$
|
(107
|
)
|
Other revenues not from contracts with customers
|
7
|
|
|
2
|
|
|
—
|
|
|
9
|
|
||||
2018
|
|
|
|
|
|
|
|
||||||||
Revenues from alternative revenue programs
|
$
|
(3
|
)
|
|
$
|
(23
|
)
|
|
$
|
(25
|
)
|
|
$
|
(51
|
)
|
Other revenues not from contracts with customers
|
16
|
|
|
2
|
|
|
—
|
|
|
18
|
|
||||
2017
|
|
|
|
|
|
|
|
||||||||
Revenues from alternative revenue programs
|
$
|
(5
|
)
|
|
$
|
5
|
|
|
$
|
9
|
|
|
$
|
9
|
|
Other revenues not from contracts with customers
|
6
|
|
|
2
|
|
|
—
|
|
|
8
|
|
Ameren
|
2019
|
|
|
2018
|
|
||||||||||||||||||||||||||||
Quarter ended
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
|
|
March 31
|
|
|
June 30
|
|
|
September 30
|
|
December 31
|
|
||||||||||||||
Operating revenues
|
$
|
1,556
|
|
|
$
|
1,379
|
|
|
$
|
1,659
|
|
|
$
|
1,316
|
|
|
|
$
|
1,585
|
|
|
$
|
1,563
|
|
|
$
|
1,724
|
|
|
$
|
1,419
|
|
|
Operating income
|
288
|
|
|
280
|
|
|
520
|
|
|
179
|
|
|
|
273
|
|
|
385
|
|
|
533
|
|
|
166
|
|
|
||||||||
Net income
|
193
|
|
|
180
|
|
|
366
|
|
|
95
|
|
|
|
153
|
|
|
240
|
|
|
359
|
|
|
69
|
|
|
||||||||
Net income attributable to Ameren common shareholders
|
$
|
191
|
|
|
$
|
179
|
|
|
$
|
364
|
|
|
$
|
94
|
|
|
|
$
|
151
|
|
|
$
|
239
|
|
|
$
|
357
|
|
|
$
|
68
|
|
|
Earnings per common share – basic
|
$
|
0.78
|
|
|
$
|
0.73
|
|
|
$
|
1.48
|
|
|
$
|
0.38
|
|
|
|
$
|
0.62
|
|
|
$
|
0.98
|
|
|
$
|
1.46
|
|
|
$
|
0.28
|
|
|
Earnings per common share – diluted
|
$
|
0.78
|
|
|
$
|
0.72
|
|
|
$
|
1.47
|
|
|
$
|
0.38
|
|
|
|
$
|
0.62
|
|
|
$
|
0.97
|
|
|
$
|
1.45
|
|
|
$
|
0.28
|
|
|
Ameren Missouri
Quarter ended
|
|
Operating
Revenues
|
|
Operating
Income
|
|
Net Income (Loss)
|
|
Net Income (Loss)
Available
to Common
Shareholder
|
||||||||
March 31, 2019
|
|
$
|
758
|
|
|
$
|
79
|
|
|
$
|
40
|
|
|
$
|
39
|
|
March 31, 2018
|
|
792
|
|
|
90
|
|
|
39
|
|
|
38
|
|
||||
June 30, 2019
|
|
798
|
|
|
152
|
|
|
108
|
|
|
107
|
|
||||
June 30, 2018
|
|
955
|
|
|
258
|
|
|
169
|
|
|
168
|
|
||||
September 30, 2019
|
|
1,059
|
|
|
381
|
|
|
301
|
|
|
300
|
|
||||
September 30, 2018
|
|
1,129
|
|
|
394
|
|
|
295
|
|
|
294
|
|
||||
December 31, 2019
|
|
628
|
|
|
5
|
|
|
(20
|
)
|
|
(20
|
)
|
||||
December 31, 2018
|
|
713
|
|
|
7
|
|
|
(22
|
)
|
|
(22
|
)
|
Ameren Illinois
Quarter ended
|
|
Operating
Revenues
|
|
Operating
Income
|
|
Net Income
|
|
Net Income
Available
to Common
Shareholder
|
||||||||
March 31, 2019
|
|
$
|
762
|
|
|
$
|
186
|
|
|
$
|
121
|
|
|
$
|
120
|
|
March 31, 2018
|
|
760
|
|
|
159
|
|
|
96
|
|
|
95
|
|
||||
June 30, 2019
|
|
547
|
|
|
104
|
|
|
63
|
|
|
62
|
|
||||
June 30, 2018
|
|
578
|
|
|
105
|
|
|
63
|
|
|
62
|
|
||||
September 30, 2019
|
|
564
|
|
|
110
|
|
|
65
|
|
|
65
|
|
||||
September 30, 2018
|
|
564
|
|
|
113
|
|
|
63
|
|
|
63
|
|
||||
December 31, 2019
|
|
654
|
|
|
150
|
|
|
97
|
|
|
96
|
|
||||
December 31, 2018
|
|
674
|
|
|
135
|
|
|
85
|
|
|
84
|
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Management’s Report on Internal Control over Financial Reporting
|
(c)
|
Change in Internal Control
|
ITEM 9B.
|
OTHER INFORMATION
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
Plan
Category
|
|
Column A
Number of Securities To Be
Issued Upon Exercise of
Outstanding Options,
Warrants and Rights(a)
|
|
Column B
Weighted-Average
Exercise Price of
Outstanding Options,
Warrants and Rights
|
|
Column C
Number of Securities Remaining
Available for Future Issuance
Under Equity Compensation Plans (excluding
securities reflected in Column A)
|
|||
Equity compensation plans approved by security holders(b)
|
|
1,500,803
|
|
|
(c)
|
|
|
3,081,062
|
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
|
1,500,803
|
|
|
(c)
|
|
|
3,081,062
|
|
(a)
|
Of the securities to be issued, 1,108,794 of the securities represent the target number of outstanding performance share units (PSUs) and 313,396 of the securities represent the number of outstanding restricted stock units (RSUs), both including accrued and reinvested dividends. The actual number of shares issued in respect of the PSUs will vary from 0% to 200% of the target level, depending upon the achievement of TSR objectives established for such awards. For additional information about the PSUs and RSUs, including payout calculations, see “Compensation Discussion and Analysis – Long-Term Incentive Compensation” in Ameren’s definitive proxy statement for its 2020 annual meeting of shareholders, which will be filed pursuant to SEC Regulation 14A. The remaining 78,613 of the securities represent shares that may be issued to satisfy obligations under the Ameren Corporation Deferred Compensation Plan for Members of the Board of Directors.
|
(b)
|
Consists of the 2014 Omnibus Incentive Compensation Plan.
|
(c)
|
No cash consideration is received when shares are distributed for earned PSUs, RSUs, and director awards. Accordingly, there is no weighted-average exercise price.
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES
|
ITEM 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
|
|
|
Page No.
|
(a)(1) Financial Statements
|
|
Ameren
|
|
Report of Independent Registered Public Accounting Firm
|
|
Consolidated Statement of Income and Comprehensive Income – Years Ended December 31, 2019, 2018, and 2017
|
|
Consolidated Balance Sheet – December 31, 2019 and 2018
|
|
Consolidated Statement of Cash Flows – Years Ended December 31, 2019, 2018, and 2017
|
|
Consolidated Statement of Shareholders’ Equity – Years Ended December 31, 2019, 2018, and 2017
|
|
Ameren Missouri
|
|
Report of Independent Registered Public Accounting Firm
|
|
Statement of Income – Years Ended December 31, 2019, 2018, and 2017
|
|
Balance Sheet – December 31, 2019 and 2018
|
|
Statement of Cash Flows – Years Ended December 31, 2019, 2018, and 2017
|
|
Statement of Shareholders’ Equity – Years Ended December 31, 2019, 2018, and 2017
|
|
Ameren Illinois
|
|
Report of Independent Registered Public Accounting Firm
|
|
Statement of Income – Years Ended December 31, 2019, 2018, and 2017
|
|
Balance Sheet – December 31, 2019 and 2018
|
|
Statement of Cash Flows – Years Ended December 31, 2019, 2018, and 2017
|
|
Statement of Shareholders’ Equity – Years Ended December 31, 2019, 2018, and 2017
|
|
|
|
(a)(2) Financial Statement Schedules
|
|
Schedule I
|
|
Condensed Financial Information of Parent – Ameren:
|
|
Condensed Statement of Income and Comprehensive Income – Years Ended December 31, 2019, 2018, and 2017
|
|
Condensed Balance Sheet – December 31, 2019 and 2018
|
|
Condensed Statement of Cash Flows – Years Ended December 31, 2019, 2018, and 2017
|
|
Schedule II
|
|
Ameren
|
|
Valuation and Qualifying Accounts for the years ended December 31, 2019, 2018, and 2017
|
|
Ameren Missouri
|
|
Valuation and Qualifying Accounts for the years ended December 31, 2019, 2018, and 2017
|
|
Ameren Illinois
|
|
Valuation and Qualifying Accounts for the years ended December 31, 2019, 2018, and 2017
|
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT
AMEREN CORPORATION CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME For the Years Ended December 31, 2019, 2018, and 2017 |
|||||||||||
(In millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Operating revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Operating expenses
|
15
|
|
|
11
|
|
|
15
|
|
|||
Operating loss
|
(15
|
)
|
|
(11
|
)
|
|
(15
|
)
|
|||
Equity in earnings of subsidiaries
|
850
|
|
|
857
|
|
|
659
|
|
|||
Interest income from affiliates
|
5
|
|
|
3
|
|
|
9
|
|
|||
Total other income (expense), net
|
(2
|
)
|
|
(12
|
)
|
|
2
|
|
|||
Interest charges
|
39
|
|
|
34
|
|
|
31
|
|
|||
Income tax (benefit)
|
(29
|
)
|
|
(12
|
)
|
|
101
|
|
|||
Net Income Attributable to Ameren Common Shareholders
|
$
|
828
|
|
|
$
|
815
|
|
|
$
|
523
|
|
|
|
|
|
|
|
||||||
Net Income Attributable to Ameren Common Shareholders
|
$
|
828
|
|
|
$
|
815
|
|
|
$
|
523
|
|
Other Comprehensive Income (Loss), Net of Taxes
|
|
|
|
|
|
||||||
Pension and other postretirement benefit plan activity, net of income taxes (benefit) of $1, $(1), and $3, respectively
|
5
|
|
|
(4
|
)
|
|
5
|
|
|||
Comprehensive Income Attributable to Ameren Common Shareholders
|
$
|
833
|
|
|
$
|
811
|
|
|
$
|
528
|
|
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT
AMEREN CORPORATION CONDENSED BALANCE SHEET |
|||||||
(In millions)
|
December 31, 2019
|
|
December 31, 2018
|
||||
Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
—
|
|
Advances to money pool
|
102
|
|
|
76
|
|
||
Accounts receivable – affiliates
|
73
|
|
|
43
|
|
||
Miscellaneous accounts and notes receivable
|
4
|
|
|
2
|
|
||
Other current assets
|
3
|
|
|
2
|
|
||
Total current assets
|
182
|
|
|
123
|
|
||
Investments in subsidiaries
|
9,108
|
|
|
8,559
|
|
||
Note receivable – ATXI
|
75
|
|
|
75
|
|
||
Accumulated deferred income taxes, net
|
49
|
|
|
108
|
|
||
Other assets
|
145
|
|
|
126
|
|
||
Total assets
|
$
|
9,559
|
|
|
$
|
8,991
|
|
Liabilities and Shareholders’ Equity:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
350
|
|
|
$
|
—
|
|
Short-term debt
|
153
|
|
|
470
|
|
||
Borrowings from money pool
|
24
|
|
|
46
|
|
||
Accounts payable – affiliates
|
39
|
|
|
10
|
|
||
Other current liabilities
|
23
|
|
|
12
|
|
||
Total current liabilities
|
589
|
|
|
538
|
|
||
Long-term debt
|
794
|
|
|
697
|
|
||
Pension and other postretirement benefits
|
37
|
|
|
43
|
|
||
Other deferred credits and liabilities
|
80
|
|
|
82
|
|
||
Total liabilities
|
1,500
|
|
|
1,360
|
|
||
Commitments and Contingencies (Note 5)
|
|
|
|
||||
Shareholders’ Equity:
|
|
|
|
||||
Common stock, $.01 par value, 400.0 shares authorized – shares outstanding of 246.2 and 244.5, respectively
|
2
|
|
|
2
|
|
||
Other paid-in capital, principally premium on common stock
|
5,694
|
|
|
5,627
|
|
||
Retained earnings
|
2,380
|
|
|
2,024
|
|
||
Accumulated other comprehensive loss
|
(17
|
)
|
|
(22
|
)
|
||
Total shareholders’ equity
|
8,059
|
|
|
7,631
|
|
||
Total liabilities and shareholders’ equity
|
$
|
9,559
|
|
|
$
|
8,991
|
|
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT
AMEREN CORPORATION CONDENSED STATEMENT OF CASH FLOWS For the Years Ended December 31, 2019, 2018, and 2017 |
|||||||||||
(In millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Net cash flows provided by operating activities
|
$
|
491
|
|
|
$
|
550
|
|
|
$
|
454
|
|
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Money pool advances, net
|
(26
|
)
|
|
(63
|
)
|
|
14
|
|
|||
Notes receivable – ATXI, net
|
—
|
|
|
—
|
|
|
275
|
|
|||
Investments in subsidiaries
|
(142
|
)
|
|
(208
|
)
|
|
(151
|
)
|
|||
Other
|
5
|
|
|
5
|
|
|
6
|
|
|||
Net cash flows provided by (used in) investing activities
|
(163
|
)
|
|
(266
|
)
|
|
144
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Dividends on common stock
|
(472
|
)
|
|
(451
|
)
|
|
(431
|
)
|
|||
Short-term debt, net
|
(317
|
)
|
|
87
|
|
|
(124
|
)
|
|||
Money pool borrowings, net
|
(22
|
)
|
|
18
|
|
|
(5
|
)
|
|||
Issuances of long-term debt
|
450
|
|
|
—
|
|
|
—
|
|
|||
Issuances of common stock
|
68
|
|
|
74
|
|
|
—
|
|
|||
Repurchases of common stock for stock-based compensation
|
—
|
|
|
—
|
|
|
(24
|
)
|
|||
Employee payroll taxes related to stock-based compensation
|
(29
|
)
|
|
(19
|
)
|
|
(15
|
)
|
|||
Debt issuance costs
|
(4
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash flows used in financing activities
|
(326
|
)
|
|
(291
|
)
|
|
(599
|
)
|
|||
Net change in cash, cash equivalents, and restricted cash
|
$
|
2
|
|
|
$
|
(7
|
)
|
|
$
|
(1
|
)
|
Cash, cash equivalents, and restricted cash at beginning of year
|
1
|
|
|
8
|
|
|
9
|
|
|||
Cash, cash equivalents, and restricted cash at end of year
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
8
|
|
|
|
|
|
|
|
||||||
Cash dividends received from consolidated subsidiaries
|
$
|
445
|
|
|
$
|
450
|
|
|
$
|
362
|
|
|
|
|
|
|
|
||||||
Noncash financing activity – Issuance of common stock for stock-based compensation
|
$
|
54
|
|
|
$
|
35
|
|
|
$
|
—
|
|
|
2019
|
|
2018
|
||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
—
|
|
Restricted cash included in “Other current assets”
|
3
|
|
|
1
|
|
||
Total cash, cash equivalents, and restricted cash
|
$
|
3
|
|
|
$
|
1
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Other Income (Expense), Net
|
|
|
|
|
|
||||||
Non-service cost components of net periodic benefit income
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
2
|
|
Charitable donations
|
(3
|
)
|
|
(13
|
)
|
|
—
|
|
|||
Other expense, net
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|||
Total Other Income (Expense), Net
|
$
|
(2
|
)
|
|
$
|
(12
|
)
|
|
$
|
2
|
|
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED DECEMBER 31, 2019, 2018, AND 2017 |
||||||||||||||||||||
(in millions)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Column A
|
|
Column B
|
|
Column C
|
|
Column D
|
|
Column E
|
||||||||||||
Description
|
|
Balance at
Beginning
of Period
|
|
(1)
Charged to Costs
and Expenses
|
|
(2)
Charged to Other
Accounts(a)
|
|
Deductions(b)
|
|
Balance at End
of Period
|
||||||||||
Ameren:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deducted from assets – allowance for doubtful accounts:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2019
|
|
$
|
18
|
|
|
$
|
26
|
|
|
$
|
4
|
|
|
$
|
31
|
|
|
$
|
17
|
|
2018
|
|
19
|
|
|
27
|
|
|
4
|
|
|
32
|
|
|
18
|
|
|||||
2017
|
|
19
|
|
|
26
|
|
|
7
|
|
|
33
|
|
|
19
|
|
|||||
Deferred tax valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2019
|
|
$
|
5
|
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
2018
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||
2017
|
|
11
|
|
|
(6
|
)
|
(c)
|
—
|
|
|
—
|
|
|
5
|
|
|||||
Ameren Missouri:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deducted from assets – allowance for doubtful accounts:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2019
|
|
$
|
7
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
7
|
|
2018
|
|
7
|
|
|
9
|
|
|
—
|
|
|
9
|
|
|
7
|
|
|||||
2017
|
|
7
|
|
|
9
|
|
|
—
|
|
|
9
|
|
|
7
|
|
|||||
Ameren Illinois:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deducted from assets – allowance for doubtful accounts:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2019
|
|
$
|
11
|
|
|
$
|
17
|
|
|
$
|
4
|
|
|
$
|
22
|
|
|
$
|
10
|
|
2018
|
|
12
|
|
|
18
|
|
|
4
|
|
|
23
|
|
|
11
|
|
|||||
2017
|
|
12
|
|
|
17
|
|
|
7
|
|
|
24
|
|
|
12
|
|
(a)
|
Amounts associated with the allowance for doubtful accounts relate to the uncollectible account reserve associated with receivables purchased by Ameren Illinois from alternative retail electric suppliers, as required by the Illinois Public Utilities Act.
|
(b)
|
Uncollectible accounts charged off, less recoveries.
|
(c)
|
Includes an adjustment of $3 million to Ameren (parent)’s valuation allowance for certain deferred tax assets existing at December 31, 2017, for the reduction in the income tax rate.
|
ITEM 16.
|
FORM 10-K SUMMARY
|
4.14
|
Ameren
Ameren Missouri
|
March 11, 2003 Form 8-K, Exhibit 4.4,
File No. 1-2967
|
|
4.15
|
Ameren
Ameren Missouri
|
March 31, 2004 Form 10-Q, Exhibit 4.1,
File No. 1-2967
|
|
4.16
|
Ameren
Ameren Missouri
|
March 31, 2004 Form 10-Q, Exhibit 4.2,
File No. 1-2967
|
|
4.17
|
Ameren
Ameren Missouri
|
March 31, 2004 Form 10-Q, Exhibit 4.3,
File No. 1-2967
|
|
4.18
|
Ameren
Ameren Missouri
|
March 31, 2004 Form 10-Q, Exhibit 4.8,
File No. 1-2967
|
|
4.19
|
Ameren
Ameren Missouri
|
September 23, 2004 Form 8-K, Exhibit 4.4,
File No. 1-2967
|
|
4.20
|
Ameren
Ameren Missouri
|
January 27, 2005 Form 8-K, Exhibit 4.4,
File No. 1-2967
|
|
4.21
|
Ameren
Ameren Missouri
|
July 21, 2005 Form 8-K, Exhibit 4.4,
File No. 1-2967
|
|
4.22
|
Ameren
Ameren Missouri
|
June 19, 2008 Form 8-K, Exhibit 4.5,
File No. 1-2967
|
|
4.23
|
Ameren
Ameren Missouri
|
March 23, 2009 Form 8-K, Exhibit 4.5,
File No. 1-2967
|
|
4.24
|
Ameren
Ameren Missouri
|
Exhibit 4.45, File No. 333-182258
|
|
4.25
|
Ameren
Ameren Missouri
|
September 11, 2012 Form 8-K, Exhibit 4.4,
File No. 1-2967
|
|
4.26
|
Ameren
Ameren Missouri
|
April 4, 2014 Form 8-K, Exhibit 4.5,
File No. 1-2967
|
|
4.27
|
Ameren
Ameren Missouri
|
April 6, 2015 Form 8-K, Exhibit 4.5, File No. 1-2967
|
|
4.28
|
Ameren
Ameren Missouri
|
June 15, 2017 Form 8-K, Exhibit 4.5, File No. 1-2967
|
|
4.29
|
Ameren
Ameren Missouri
|
April 6, 2018 Form 8-K, Exhibit 4.2, File No. 1-2967
|
|
4.30
|
Ameren
Ameren Missouri
|
March 6, 2019 Form 8-K, Exhibit 4.2, File No. 1-2967
|
|
4.31
|
Ameren
Ameren Missouri
|
October 1, 2019 Form 8-K, Exhibit 4.2, File No. 1-2967
|
|
4.32
|
Ameren
Ameren Missouri
|
Loan Agreement, dated as of December 1, 1992, between the Missouri Environmental Authority and Ameren Missouri, together with Indenture of Trust dated as of December 1, 1992, between the Missouri Environmental Authority and UMB Bank, N.A. as successor trustee to Mercantile Bank of St. Louis, N.A.
|
1992 Form 10-K, Exhibit 4.38,
File No. 1-2967
|
4.33
|
Ameren
Ameren Missouri
|
March 31, 2004 Form 10-Q, Exhibit 4.10,
File No. 1-2967
|
|
4.34
|
Ameren
Ameren Missouri
|
September 30, 1998 Form 10-Q,
Exhibit 4.28, File No. 1-2967
|
|
4.35
|
Ameren
Ameren Missouri
|
March 31, 2004 Form 10-Q, Exhibit 4.11,
File No. 1-2967
|
|
4.36
|
Ameren
Ameren Missouri
|
September 30, 1998 Form 10-Q,
Exhibit 4.29, File No. 1-2967
|
4.37
|
Ameren
Ameren Missouri
|
March 31, 2004 Form 10-Q, Exhibit 4.12,
File No. 1-2967
|
|
4.38
|
Ameren
Ameren Missouri
|
September 30, 1998 Form 10-Q,
Exhibit 4.30, File No. 1-2967
|
|
4.39
|
Ameren
Ameren Missouri
|
March 31, 2004 Form 10-Q, Exhibit 4.13,
File No. 1-2967
|
|
4.40
|
Ameren
Ameren Missouri
|
August 23, 2002 Form 8-K, Exhibit 4.1,
File No. 1-2967
|
|
4.41
|
Ameren
Ameren Missouri
|
Exhibit 4.48, File No. 333-182258
|
|
4.42
|
Ameren
Ameren Missouri
|
March 11, 2003 Form 8-K, Exhibits 4.2 and 4.3, File No. 1-2967
|
|
4.43
|
Ameren
Ameren Missouri
|
January 27, 2005 Form 8-K, Exhibits 4.2 and 4.3, File No. 1-2967
|
|
4.44
|
Ameren
Ameren Missouri
|
July 21, 2005 Form 8-K, Exhibits 4.2 and 4.3, File No. 1-2967
|
|
4.45
|
Ameren
Ameren Missouri
|
March 23, 2009 Form 8-K, Exhibits 4.2 and 4.3, File No. 1-2967
|
|
4.46
|
Ameren
Ameren Missouri
|
September 30, 2012 Form 10-Q, Exhibit 4.1 and September 11, 2012 Form 8-K, Exhibit 4.2, File No. 1-2967
|
|
4.47
|
Ameren
Ameren Missouri
|
April 4, 2014 Form 8-K, Exhibits 4.2 and 4.3, File No. 1-2967
|
|
4.48
|
Ameren
Ameren Missouri
|
April 6, 2015 Form 8-K, Exhibits 4.2 and 4.3, File No. 1-2967
|
|
4.49
|
Ameren
Ameren Missouri
|
June 23, 2016 Form 8-K, Exhibits 4.3, and 4.4, File No. 1-2967
|
|
4.50
|
Ameren
Ameren Missouri
|
June 15, 2017 Form 8-K, Exhibits 4.2 and 4.3, File No. 1-2967
|
|
4.51
|
Ameren
Ameren Illinois
|
Exhibit 4.4, File No. 333-59438
|
|
4.52
|
Ameren
Ameren Illinois
|
June 19, 2006 Form 8-K, Exhibit 4.2, File No. 1-3672
|
|
4.53
|
Ameren
Ameren Illinois
|
Exhibit 4.17, File No. 333-166095
|
|
4.54
|
Ameren
Ameren Illinois
|
2010 Form 10-K, Exhibit 4.59, File No. 1-3672
|
|
4.55
|
Ameren
Ameren Illinois
|
2010 Form 10-K, Exhibit 4.60, File No. 1-3672
|
|
4.56
|
Ameren
Ameren Illinois
|
2010 Form 10-K, Exhibit 4.62, File No. 1-3672
|
|
4.57
|
Ameren
Ameren Illinois
|
June 19, 2006 Form 8-K, Exhibit 4.3, File No. 1-2732
|
|
4.58
|
Ameren
Ameren Illinois
|
October 7, 2010 Form 8-K, Exhibit 4.1, File No. 1-3672
|
|
4.59
|
Ameren
Ameren Illinois
|
September 30, 2011 Form 10-Q, Exhibit 4.1,
File No. 1-3672
|
4.60
|
Ameren
Ameren Illinois
|
September 30, 2019 10-Q, Exhibit 4.2, File No. 1-3672
|
|
4.61
|
Ameren
Ameren Illinois
|
June 19, 2006 Form 8-K, Exhibit 4.6, File No. 1-2732
|
|
4.62
|
Ameren
Ameren Illinois
|
General Mortgage Indenture and Deed of Trust, dated as of November 1, 1992 between Ameren Illinois (successor in interest to Illinois Power Company) and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Ameren Illinois Mortgage)
|
1992 Form 10-K, Exhibit 4(cc), File No. 1-3004
|
4.63
|
Ameren
Ameren Illinois
|
December 23, 2002 Form 8-K, Exhibit 4.1, File No. 1-3004
|
|
4.64
|
Ameren
Ameren Illinois
|
October 7, 2010 Form 8-K, Exhibit 4.9, File No. 1-3672
|
|
4.65
|
Ameren
Ameren Illinois
|
Exhibit 4.78, File No. 333-182258
|
|
4.67
|
Ameren
Ameren Illinois
|
August 20, 2012 Form 8-K, Exhibit 4.5, File No. 1-3672
|
|
4.68
|
Ameren
Ameren Illinois
|
December 10, 2013 Form 8-K, Exhibit 4.5, File No. 1-3672
|
|
4.69
|
Ameren
Ameren Illinois
|
June 30, 2014 Form 8-K, Exhibit 4.5, File No. 1-3672
|
|
4.70
|
Ameren
Ameren Illinois
|
December 10, 2014 Form 8-K, Exhibit 4.5, File No. 1-3672
|
|
4.71
|
Ameren
Ameren Illinois
|
December 14, 2015 Form 8-K, Exhibit 4.5, File No. 1-3672
|
|
4.72
|
Ameren
Ameren Illinois
|
September 30, 2017 Form 10-Q, Exhibit 4.1, File No. 1-3672
|
|
4.73
|
Ameren
Ameren Illinois
|
November 28, 2017 Form 8-K, Exhibit 4.2, File No. 1-3672
|
|
4.74
|
Ameren
Ameren Illinois
|
May 22, 2018 Form 8-K, Exhibit 4.2, File No. 1-3672
|
|
4.75
|
Ameren
Ameren Illinois
|
May 22, 2018 Form 8-K, Exhibit 4.2, File No. 1-3672
|
|
4.76
|
Ameren
Ameren Illinois
|
November 15, 2018 Form 8-K, Exhibit 4.2, File No. 1-3672
|
|
4.77
|
Ameren
Ameren Illinois
|
November 26, 2019 Form 8-K, Exhibit 4.2, File No. 1-3672
|
|
4.78
|
Ameren
Ameren Illinois
|
September 30, 2019 10-Q, Exhibit 4.3, File No. 1-3672
|
|
4.79
|
Ameren
Ameren Illinois
|
|
|
4.80
|
Ameren
Ameren Illinois
|
June 19, 2006 Form 8-K, Exhibit 4.4, File No. 1-3004
|
|
4.81
|
Ameren
Ameren Illinois
|
October 7, 2010 Form 8-K, Exhibit 4.5, File No. 1-14756
|
|
4.82
|
Ameren
Ameren Illinois
|
September 30, 2011 Form 10-Q, Exhibit 4.2, File No. 1-3672
|
|
4.83
|
Ameren
Ameren Illinois
|
Exhibit 4.83, File No. 333-182258
|
|
4.84
|
Ameren
Ameren Illinois
|
September 30, 2019 10-Q, Exhibit 4.4, File No. 1-3672
|
|
4.85
|
Ameren
Ameren Illinois
|
August 20, 2012 Form 8-K, Exhibits 4.2 and 4.3, File No. 1-3672
|
4.86
|
Ameren
Ameren Illinois
|
December 10, 2013 Form 8-K, Exhibits 4.2 and 4.3, File No. 1-3672
|
|
4.87
|
Ameren
Ameren Illinois
|
June 30, 2014 Form 8-K, Exhibits 4.2 and 4.3, File No. 1-3672
|
|
4.88
|
Ameren
Ameren Illinois
|
December 10, 2014 Form 8-K, Exhibits 4.2 and 4.3, File No. 1-3672
|
|
4.89
|
Ameren
Ameren Illinois
|
December 14, 2015 Form 8-K, Exhibits 4.2 and 4.3, File No. 1-3672
|
|
4.90
|
Ameren
Ameren Illinois
|
December 6, 2016 Form 8-K, Exhibits 4.2 and 4.3, File No. 1-3672
|
|
4.91
|
Ameren
Ameren Illinois
|
September 30, 2019 10-Q, Exhibits 4.5 and 4.6, File No. 1-3672
|
|
4.92
|
Ameren
|
|
|
4.93
|
Ameren Missouri
|
|
|
4.94
|
Ameren Illinois
|
|
|
Material Contracts
|
|||
10.1
|
Ameren Companies
|
June 30, 2015 Form 10-Q, Exhibit 10.1, File No. 1-14756
|
|
10.2
|
Ameren
Ameren Missouri
|
December 11, 2019 Form 8-K, Exhibit 10.1, File No. 1-2967
|
|
10.3
|
Ameren
Ameren Illinois
|
December 11, 2019 Form 8-K, Exhibit 10.2, File No. 1-3672
|
|
10.4
|
Ameren Illinois
|
March 31, 2019 10-Q, Exhibit 10.1, File No. 1-3672
|
|
10.5
|
Ameren
|
August 7, 2019 Form 8-K, Exhibit 10 File No. 1-14756
|
|
10.6
|
Ameren
|
|
|
10.7
|
Ameren
|
June 30, 2008 Form 10-Q, Exhibit 10.3, File No. 1-14756
|
|
10.8
|
Ameren
|
2009 Form 10-K, Exhibit 10.15, File No. 1-14756
|
|
10.9
|
Ameren
|
2010 Form 10-K, Exhibit 10.15, File No. 1-14756
|
|
10.10
|
Ameren
|
October 14, 2009 Form 8-K, Exhibit 10.1, File No. 1-14756
|
|
10.11
|
Ameren
|
2010 Form 10-K, Exhibit 10.17, File No. 1-14756
|
|
10.12
|
Ameren Companies
|
2014 Form 10-K, Exhibit 10.13, File No. 1-14756
|
|
10.13
|
Ameren Companies
|
2015 Form 10-K, Exhibit 10.13, File No. 1-14756
|
|
10.14
|
Ameren Companies
|
2016 Form 10-K, Exhibit 10.13, File No. 1-14756
|
|
10.15
|
Ameren Companies
|
2017 Form 10-K, Exhibit 10.13, File No. 1-14756
|
|
10.16
|
Ameren Companies
|
2018 Form 10-K, Exhibit 10.14, File No. 1-14756
|
|
10.17
|
Ameren Companies
|
|
|
10.18
|
Ameren Companies
|
2014 Form 10-K, Exhibit 10.17, File No. 1-14756
|
|
10.19
|
Ameren Companies
|
2015 Form 10-K, Exhibit 10.17, File No. 1-14756
|
|
|
AMEREN CORPORATION (registrant)
|
||
|
|
|
|
|
Date:
|
February 28, 2020
|
By
|
|
/s/ Warner L. Baxter
|
|
|
|
|
Warner L. Baxter
Chairman, President and Chief Executive Officer
|
|
|
UNION ELECTRIC COMPANY (registrant)
|
||
|
|
|
|
|
Date:
|
February 28, 2020
|
By
|
|
/s/ Martin J. Lyons, Jr.
|
|
|
|
|
Martin J. Lyons, Jr.
Chairman and President
|
|
|
AMEREN ILLINOIS COMPANY (registrant)
|
||
|
|
|
|
|
Date:
|
February 28, 2020
|
By
|
|
/s/ Richard J. Mark
|
|
|
|
|
Richard J. Mark
Chairman and President
|
DATE OF
SUPPLEMENTAL INDENTURE |
IDENTIFICATION OF SERIES
|
CALLED
|
February 15, 1993
|
8% Series due 2023 (redeemed)
|
Bonds of the 2023 Series
|
March 15, 1993
|
6 1/8% Series due 2000 (paid at maturity)
|
Bonds of the 2000 Series
|
March 15, 1993
|
6 3/4% Series due 2005 (paid at maturity)
|
Bonds of the 2005 Series
|
July 15, 1993
|
7 1/2% Series due 2025 (redeemed)
|
Bonds of the 2025 Series
|
August 1, 1993
|
6 1/2% Series due 2003 (paid at maturity)
|
Bonds of the 2003 Series
|
DATE OF
SUPPLEMENTAL INDENTURE |
IDENTIFICATION OF SERIES
|
CALLED
|
March 1, 2007
|
Mortgage Bonds, 2007 Credit Agreement Series Bonds (retired)
|
2007 Credit Agreement Series Bonds
|
November 15, 2007
|
Mortgage Bonds, Senior Notes Series BB (retired)
|
Bonds of Series BB
|
April 1, 2008
|
Mortgage Bonds, Senior Notes Series CC (retired)
|
Bonds of Series CC
|
October 1, 2008
|
Mortgage Bonds, Senior Notes Series DD (retired)
|
Bonds of Series DD
|
June 15, 2009
|
Mortgage Bonds, 2009 Credit Agreement Series Bonds (retired)
|
2009 Credit Agreement Series Bonds
|
October 1, 2010
|
Mortgage Bonds, Senior Notes Series CIPS-AA
|
Series CIPS-AA Mortgage Bonds
|
October 1, 2010
|
Mortgage Bonds, Senior Notes Series CIPS-BB (retired)
|
Series CIPS-BB Mortgage Bonds
|
October 1, 2010
|
Mortgage Bonds, Senior Notes Series CIPS-CC
|
Series CIPS-CC Mortgage Bonds
|
August 1, 2012
|
First Mortgage Bonds, Senior Notes Series EE
|
Bonds of Series EE
|
December 1, 2013
|
First Mortgage Bonds, Senior Notes Series FF
|
Bonds of Series FF
|
June 1, 2014
|
First Mortgage Bonds, Senior Notes Series GG
|
Bonds of Series GG
|
December 1, 2014
|
First Mortgage Bonds, Senior Notes Series HH
|
Bonds of Series HH
|
December 1, 2015
|
First Mortgage Bonds, Senior Notes Series II
|
Bonds of Series II
|
November 1, 2017
|
3.70% First Mortgage Bonds due 2047
|
Bonds of the 2047 Series
|
May 1, 2018
|
3.80% First Mortgage Bonds due 2028
|
Bonds of the 2028 Series
|
November 1, 2018
|
4.50% First Mortgage Bonds due 2049
|
Bonds of the 2049 Series
|
October 15, 2019
|
First Mortgage Bonds, Senior Notes Series CILCO-AA
|
Series CILCO-AA Mortgage Bonds
|
November 1, 2019
|
3.25% First Mortgage Bonds due 2050
|
Bonds of the 2050 Series
|
|
|
|
||
(CORPORATE SEAL)
|
|
|
||
|
|
By:
|
/s/ Darryl T. Sagel
|
|
|
|
|
Name:
|
Darryl T. Sagel
|
|
|
|
Title:
|
Vice President and Treasurer
|
By:
|
/s/ Craig W. Stensland
|
|
|
|
|
Name:
|
Craig W. Stensland
|
|
|
|
Title:
|
Assistant Secretary
|
|
|
|
|
By:
|
/s/ M. Callahan
|
|
|
|
|
Name:
|
M. Callahan
|
|
|
|
Title:
|
Vice President
|
By:
|
/s/ D.G. Donnovan
|
|
|
|
|
Name:
|
D.G. Donovan
|
|
|
|
Title:
|
Vice President
|
|
|
STATE OF MISSOURI
|
)
|
|
|
|
ss.
|
CITY OF ST. LOUIS
|
)
|
|
|
Kelly J. Roth
|
|
NOTARY PUBLIC
|
|
|
|
Kelly J Roth
|
|
Notary Public – Notary Seal
State of Missouri
Commissioned for St. Charles County
My Commission Expires: May 12, 2022
Commission Number: 14440245
|
|
|
STATE OF ILLINOIS
|
)
|
|
|
|
ss.
|
COUNTY OF COOK
|
)
|
|
|
/s/ Lawrence M. Kusch
|
|
NOTARY PUBLIC
Official Seal
Lawrence M Kusch
Notary Public – State of Illinois
My Commission Expires 10/24/22
|
•
|
authorization for our board of directors to issue our preferred stock in series and to fix rights and preferences of the series (including, among other things, whether, and to what extent, the shares of any series will have voting rights and the extent of the preferences of the shares of any series with respect to dividends and other matters);
|
•
|
advance notice procedures with respect to nominations of directors or proposals other than those adopted or recommended by our board of directors;
|
•
|
the prohibition of shareholder action by less than unanimous written consent without a meeting; and
|
•
|
provisions specifying that only the chief executive officer, the board of directors (by a majority vote of the entire board of directors) or, for certain purposes, shareholders owning 25% of our outstanding common stock for certain purposes may call special meetings of shareholders, and that the chairman of the meeting may adjourn a meeting of shareholders from time to time, whether or not a quorum is present.
|
Series
|
Dividend Rate
|
Cumulative Date
|
Redemption
Price (per share) |
Voluntary Liquidation Price (per share)
|
Involuntary Liquidation Price (per share)
|
$5.50 A
|
5.50
|
12/30/83
|
$110.00
|
$110.00
|
$100.00
|
$4.75
|
4.75
|
12/30/83
|
102.176
|
102.176
|
100.00
|
$4.56
|
4.56
|
11/15/63
|
102.47
|
102.47
|
100.00
|
$4.50
|
4.50
|
5/15/41
|
110.00
|
105.50
|
100.00
|
$4.30
|
4.30
|
12/30/83
|
105.00
|
105.00
|
100.00
|
$4.00
|
4.00
|
8/15/49
|
105.625
|
105.625
|
100.00
|
$3.70
|
3.70
|
8/15/45
|
104.75
|
104.75
|
100.00
|
$3.50
|
3.50
|
5/15/46
|
110.00
|
110.00
|
100.00
|
•
|
which would change the provisions thereof relating to cumulative voting, quorum requirements or preemptive rights, in any manner substantially prejudicial to the holders of any class of stock shall be made without the consent of the holders of at least two-thirds of all of our capital stock;
|
•
|
providing for the creation or increase of preferred stock of any class shall be made without the consent of a majority of the holders of our common stock; or
|
•
|
which would change the express terms of the preferred stock in any manner substantially prejudicial to the holders thereof, shall be made, except as referred to below and except for any change in the number of our board of directors, without the consent of the holders of at least three-fourths of the preferred stock.
|
•
|
sell any shares of preferred stock or any senior or parity stock, unless net earnings for a period of 12 consecutive calendar months within the 15 calendar months immediately preceding such action are at least two and one-half times the annual dividend requirements on the preferred stock and senior or parity stock to be outstanding immediately after such action;
|
•
|
create any class of senior stock;
|
•
|
increase the authorized number of shares of preferred stock;
|
•
|
reclassify outstanding shares of junior stock into shares of parity or senior stock;
|
•
|
make any distribution out of capital or capital surplus (other than dividends payable in junior stock) to holders of junior stock; or
|
•
|
issue any shares of preferred stock or parity or senior stock, if the stated capital to be represented by the preferred stock and such other stock outstanding immediately after such issue would exceed the stated capital to be represented by shares of junior stock, increased by the amount of any capital surplus or reduced by the amount of any deficit.
|
Series
|
Redemption Price (per share)
|
4.00% Series
|
$101.00
|
4.08% Series
|
103.00
|
4.20% Series
|
104.00
|
4.25% Series
|
102.00
|
4.26% Series
|
103.00
|
4.42% Series
|
103.00
|
4.70% Series
|
103.00
|
4.90% Series
|
102.00
|
4.92% Series
|
103.50
|
5.16% Series
|
102.00
|
6.625% Series
|
100.00
|
7.75% Series
|
100.00
|
$100,000
|
Base cash annual retainer payable in twelve equal installments
|
Approximately $145,000 of shares*
|
Shares of the Company’s common stock to be awarded to new Directors upon election on a pro-rata basis, and annually to all Directors on or about January 1 of each year
|
$30,000
|
Additional annual cash retainer for Lead Director
|
$20,000
|
Additional annual cash retainer for Audit and Risk Committee and
Nuclear and Operations Committee Chair
|
$17,500
|
Additional annual cash retainer for Human Resources Committee Chair
|
$15,000
|
Additional annual cash retainer for all other Committee Chairs (currently Nominating and Corporate Governance Committee and Finance Committee)
|
$12,500
|
Additional annual cash retainer for Audit and Risk Committee and Nuclear and Operations Committee members
|
$10,000
|
Additional annual cash retainer for Human Resources Committee members
|
$7,500
|
Additional annual cash retainer for members of all other Committees
|
|
Customary and usual travel expenses to be reimbursed and eligibility to
participate in a nonqualified deferred compensation program.
|
Contents
|
Page
|
Summary
|
3
|
Eligibility
|
3
|
Award Opportunities
|
3
|
Plan Structure
|
3
|
Annual Performance Metrics
|
3
|
Base Award
|
5
|
Individual Performance Modifier
|
5
|
Individual Short-Term Incentive Payout
|
5
|
Impact of Events
|
6
|
Confidentiality and Non-Solicitation Obligations
|
7
|
Confidential Information
|
7
|
Non-Solicitation
|
8
|
Impact on Incentive Award Payment
|
8
|
Ameren Relief
|
9
|
Administration
|
9
|
Governing Law, Jurisdiction and Agreement to Arbitrate
|
9
|
Miscellaneous
|
10
|
Metric
|
Weight
|
Earnings Per Share (EPS)
|
75%
|
Safety Coaching c2c
|
5%
|
Safety c2c Participation Rate
|
5%
|
SAIFI
|
5%
|
CPI
|
5%
|
JD Power Customer Satisfaction Index
|
2.5%
|
Ameren Listens Customer Care After Call Survey
|
2.5%
|
•
|
Reinforcing positive behaviors;
|
•
|
Providing constructive feedback for at risk behaviors and conditions;
|
•
|
Identifying and discussing corrective actions or continuous improvement opportunities;
|
•
|
Gathering safety behavior data for trending, sharing and learning; and
|
•
|
Proactively correcting behaviors to prevent injuries.
|
Event
|
Payout
|
Hire during plan year
|
The award pays out by March 15, 2021 based on 2020 base salary and final performance results, pro rata for the number of days worked in the plan year and subject to the individual performance modifier.
|
Job changes during plan year (salary increase, new role, etc.)
|
The award pays out by March 15, 2021 based on 2020 base salary and final performance results, pro rata based on any changes in short-term incentive target opportunity, salary, performance metrics and/or plan eligibility for each respective time period during the plan year, and subject to the individual performance modifier.
|
Event
|
Payout
|
Death, disability or retirement during plan year or following plan year but before award is paid
|
The award pays out by March 15, 2021 based on 2020 base salary and final performance results, pro rata for the number of days worked in the plan year, and subject to the individual performance modifier. In addition, any amounts payable under the Plan shall be offset by any amount owed by the Officer to Ameren or any subsidiary.
|
Paid, unpaid or military leave of absence during plan year
|
Treated as a period of normal employment.
|
Involuntary termination resulting in eligibility for payment under the Ameren Corporation Severance Plan for Ameren Officers
|
The award pays out by March 15, 2021 based on 2020 base salary and final performance results, pro rata for the number of days worked in the plan year, and subject to the individual performance modifier, assuming the eligible participant signed and returned the Company’s approved general release and waiver within the appropriate deadlines and without timely revocation. In addition, any amounts payable under the Plan shall be offset by any amount owed by the Officer to Ameren or any subsidiary.
|
Other involuntary or voluntary termination
|
No payout if termination occurs during the plan year or following the plan year but before any award is paid.
|
Violation of Confidentiality or Non-Solicitation Provision, or engaging in conduct or activity that is detrimental to Ameren, as further described below
|
No payout if violation occurs before any award is paid. If violation occurs after the award is paid, the Officer will repay the award upon demand from Ameren.
|
a.
|
will only use Confidential Information in connection with the Officer’s duties and activities on behalf of or for the benefit of Ameren;
|
b.
|
will not use Confidential Information in any way that is detrimental to Ameren;
|
c.
|
will hold the Confidential Information in strictest confidence and take reasonable efforts to protect such Confidential Information from disclosure to any third party or person who is not authorized to receive, review or access the Confidential Information;
|
d.
|
will not use Confidential Information for the Officer’s own benefit or the benefit of others, without the prior written consent of Ameren; and
|
e.
|
will return all Confidential Information to Ameren within two business days of the Officer’s termination of employment or immediately upon Ameren’s demand to return the Confidential Information to Ameren.
|
a.
|
market, sell, solicit, or provide products or services competitive with or similar to products or services offered by Ameren to any person, company or entity that:
|
i.
|
is a customer or potential customer of Ameren during the twelve (12) months prior to your termination of employment and
|
ii.
|
with which you had direct contact with during the twelve (12) months prior to your termination of employment or possessed, utilized or developed Confidential Information about during the twelve (12) months prior to your termination of employment;
|
b.
|
raid, hire, solicit, encourage or attempt to persuade any employee or independent contractor of Ameren, or any person who was an employee or independent contractor of Ameren during the 24 months preceding your termination, to leave the employ of, terminate or reduce the person’s employment or business relationship with Ameren;
|
c.
|
interfere with the performance of any Ameren employee or independent contractor’s duties for Ameren.
|
|
|||||
|
|
|
|
||
Name, Position and Entities for which Officer is a Named Executive Officer
|
2020 Base Salary
|
|
|
||
Warner L. Baxter
Chairman, President and Chief Executive Officer - Ameren
(Ameren, UE, AIC)
|
|
|
$1,300,000
|
|
|
Martin J. Lyons, Jr.
Chairman and President - UE
(Ameren, UE, AIC)
|
|
|
$740,000
|
|
|
Michael L. Moehn
Executive Vice President and Chief Financial Officer - Ameren, UE and AIC (Ameren, UE, AIC)
|
|
|
$700,000
|
|
|
Richard J. Mark
Chairman and President - AIC
(Ameren, AIC)
|
|
|
$555,000
|
|
|
Fadi M. Diya
Senior Vice President and Chief Nuclear Officer - UE
(Ameren, UE)
|
|
|
$540,000
|
|
|
Chonda J. Nwamu
Senior Vice President, General Counsel and Secretary - Ameren, UE and AIC
(Ameren, UE, AIC)
|
|
|
$525,000
|
|
|
Bhavani Amirthalingam
Senior Vice President & Chief Digital Information Officer - Ameren Services Company
(AIC)
|
|
|
$430,000
|
|
|
2020 Target Number PSU Awards tied to Relative TSR
|
=
|
Base Salary as of 1/1/2020
|
X
|
Long-Term Incentive Target listed below
|
X
|
60%
|
Thirty-trading-day average closing price of Ameren Corporation Common Stock on The New York Stock Exchange prior to the grant date
|
2020 Target Number PSU Awards tied to Renewable Generation & Energy Storage
|
=
|
Base Salary as of 1/1/2020
|
X
|
Long-Term Incentive Target listed below
|
X
|
10%
|
Thirty-trading-day average closing price of Ameren Corporation Common Stock on The New York Stock Exchange prior to the grant date
|
2020 Target Number RSU Awards
|
=
|
Base Salary as of 1/1/2020
|
X
|
Long-Term Incentive Target listed below
|
X
|
30%
|
Thirty-trading-day average closing price of Ameren Corporation Common Stock on The New York Stock Exchange prior to the grant date
|
NAMED EXECUTIVE OFFICER
|
LONG-TERM INCENTIVE TARGET AS PERCENT OF BASE SALARY
|
Baxter
|
400%
|
Moehn
|
300%
|
Lyons
|
300%
|
Mark
|
170%
|
Diya
|
160%
|
Nwamu
|
150%
|
Amirthalingam
|
100%
|
1.
|
Notice of Grant. The Notice, as attached hereto, sets forth the Target Number of Performance Share Units and the Performance Period.
|
2.
|
Performance Criteria
|
(a)
|
TSR Performance Grid. The number of Performance Share Units tied to Relative TSR and payable to the Participant under this Agreement will be determined in accordance with the following grid based on Company performance during the Performance Period. If the actual performance results fall between two of the categories listed below, straight-line interpolation will be used to determine the amount earned. Notwithstanding anything in the Agreement to the contrary, payouts that otherwise would have been more than 100% of Target will be capped at 150% of Target if Ameren’s total shareholder return (“TSR”) is negative over the three-year period. TSR shall be calculated in the manner set forth in Exhibit 1 hereto and compared to the peer group identified in Exhibit 1.
|
Ameren’s Percentile in Total Shareholder Return vs. Utility Peers During the Performance Period
|
Payout – Percent of Target Performance Share Units Granted
|
90th percentile +
|
200%
|
70th percentile
|
150%
|
50th percentile
|
100%
|
25th percentile
|
50%
|
<25th percentile
|
0% (no payout)
|
(b)
|
Renewable Generation & Energy Storage Additions Performance Grid. The number of Performance Share Units tied to renewable generation & energy storage additions and payable to the Participant under this Agreement will be determined in accordance with the following grid based on final results at the end of the Performance Period. If the actual results fall between two of the categories listed below, straight-line interpolation will be used to determine the amount earned.
|
Total Renewable Generation & Energy Storage Additions (in megawatts)
|
Payout – Percent of Target Performance Share Units Granted
|
1,038 mw
|
200%
|
738 mw
|
100%
|
438 mw
|
50%
|
< 438 mw
|
0% (no payout)
|
3.
|
Calculation of Performance Share Units. The Human Resources Committee (the “Committee”) will determine the number of Performance Share Units payable to the Participant based on the performance results during the Performance Period, calculated using the performance grids set forth in Section 2 of this Agreement. Subject to Sections 4 and 8, payment of any Performance Share Units determined pursuant to this Section is expressly conditioned upon continued employment from the first day of the Performance Period (or effective date of grant, if later) through the payment date (as determined in Section 5) (the “Vesting Period”). The Participant expressly agrees that no Performance Share Units shall be considered earned under applicable law until the last day of the Vesting Period.
|
4.
|
Vesting of Performance Share Units. Subject to provisions set forth in Section 8 of this Agreement related to a Change of Control (as defined in the Second Amended and Restated Ameren Corporation Change of Control Severance Plan, as amended (the “Change of Control Severance Plan”)) of Ameren, Section 9 of this Agreement relating to termination for Cause (as defined in the Change of Control Severance Plan), and Section 10 of this Agreement relating to Participant’s obligations, the Performance Share Units will vest as set forth below:
|
(a)
|
Provided the Participant has continued employment with Ameren or any Affiliate or Subsidiary (the “Company”) through such date, one hundred percent (100%) of the calculated Performance Share Units will vest on the payment date; or
|
(b)
|
Death. Provided the Participant has continued employment with the Company through the date of his death and such death occurs prior to the payment date, the Participant will be entitled to a prorated award based on the Target Number of Performance Share Units set forth in the Notice to this Agreement plus accrued dividend equivalents as of the date of death, with such prorated number based upon the total number of days the Participant worked during the Performance Period; or
|
(c)
|
Disability. Provided the Participant has continued employment with the Company through the date of his Disability (as defined in Code Section 409A) and such Disability occurs prior to the payment date, the Participant will be entitled to one hundred percent (100%) of the Performance Share Units plus any accrued dividend equivalents he would have received had he remained employed by the Company through the payment date, based on the actual performance of the Company during the entire Performance Period; or
|
(d)
|
Retirement. Provided the Participant has continued employment with the Company through the date of retirement (as described below) and such retirement occurs before the payment date if the Participant retires at an age of 55 or greater with five
|
5.
|
Form and Timing of Payment. All payments of vested Performance Share Units pursuant to this Agreement will be made in the form of Shares. Except as otherwise provided in this Agreement, payment will be made upon the earlier to occur of the following:
|
(a)
|
February of the calendar year immediately following the last day of the Performance Period or as soon as practicable thereafter (but in no event later than March 15 of the calendar year immediately following the last day of the Performance Period);
|
(b)
|
The Participant’s death or as soon as practicable thereafter (but in no event later than March 15 of the calendar year following the year in which the Participant’s death occurred).
|
6.
|
Rights as Shareholder. The Participant shall not have voting or any other rights as a shareholder of the Company with respect to Performance Share Units. The Participant will obtain full voting and other rights as a shareholder of the Company upon the payment of the Performance Share Units in Shares as provided in Section 5 or 8 of this Agreement.
|
7.
|
Dividends Equivalents. The Participant shall be entitled to receive dividend equivalents, which represent the right to receive Shares measured by the dividend payable with respect to the corresponding number of unvested Performance Share Units. Dividend equivalents on Performance Share Units will accrue and be reinvested into additional Performance Share Units throughout the three-year Performance Period. Subject to continued employment with the Company, the dividend equivalents shall vest and be settled at the same time and in the same proportion as the Performance Share Units to which they relate. Participants will not be entitled to any dividend equivalent amount on Performance Share Units covered by this Agreement which are not ultimately earned.
|
8.
|
Change of Control.
|
(a)
|
Company No Longer Exists. Upon a Change of Control which occurs on or before the last day of the Performance Period in which the Company ceases to exist or is no longer publicly traded on the New York Stock Exchange or the NASDAQ Stock Market, Sections 2, (b), 4 and 5 of this Agreement, unless otherwise provided, shall no longer apply and instead, the amount distributed under this award shall be based on the Target Number of Performance Share Units awarded as set forth in the Notice to this Agreement plus any accrued dividend equivalents and interest as follows:
|
(i)
|
The amount underlying this award as of the date of the Change of Control shall equal the value of one Share based on the closing price on the New York Stock Exchange on the last trading day prior to the date of the Change of Control multiplied by the sum of the Target Number of Performance Share Units awarded as set forth in the Notice to this Agreement plus the additional Performance Share Units attributable to accrued dividend equivalents as of the date of the Change of Control;
|
(ii)
|
Interest on this award shall accrue based on the prime rate (adjusted on the first day of each calendar quarter) as published in the “Money Rates” section in the Wall Street Journal from the date of the Change of Control until this award is distributed or forfeited;
|
(iii)
|
If the Participant remains employed with the Company or its successor until the payment date, this award, including interest, shall be paid to the Participant in an immediate lump sum in January of the calendar year immediately following the last day of the Performance Period, or as soon as practicable thereafter (but in no event later than March 15 of the calendar year immediately following the last day of the Performance Period);
|
(iv)
|
If the Participant retired (as described in Section 4(d) of this Agreement) or terminated employment due to Disability prior to the Change of Control
|
(v)
|
If the Participant remains employed with the Company or its successor until his death or Disability which occurs after the Change of Control and before the last day of the Vesting Period, the Participant (or his estate or designated beneficiary) shall immediately receive payment under this award, including interest (if any), upon such death or Disability;
|
(vi)
|
If the Participant has a qualifying termination (as defined in Section 8(c) of this Agreement) before the last day of the Vesting Period or retires (as described in Section 4(d) of this Agreement) after the Change of Control, the Participant shall immediately receive payment under this award, including interest (if any), upon such termination; and
|
(vii)
|
In the event the Participant terminates employment before the end of the Vesting Period for any reason other than as described in Sections (iv), (v) or
|
(b)
|
Company Continues to Exist. If there is a Change of Control of the Company but the Company continues in existence and remains a publicly traded company on the New York Stock Exchange or the NASDAQ Stock Market, the Performance Share Units will pay out upon the earliest to occur of the following:
|
(i)
|
As set forth in Section 5 of this Agreement in accordance with the vesting provisions of Sections 4(a), (b), (c) and (d) of this Agreement; or
|
(ii)
|
If the Participant experiences a qualifying termination (as defined in Section 8(c) of this Agreement) during the two-year period following the Change of Control and the termination occurs during the Performance Period, the Participant will be entitled to one hundred percent (100%) of the Performance Share Units he would have received had he remained employed by the Company for the entire Vesting Period based on the actual performance of the Company during the entire Performance Period. Such Performance Share Units will vest on the last day of the Performance Period and the vested Performance Share Units will be paid in Shares in January of the calendar year immediately following the last day of the Performance Period or as soon as practicable thereafter (but in no event later than March 15 of the calendar year immediately following the last day of the Performance Period).
|
(c)
|
Qualifying Termination. For purposes of Sections 8(a)(vi) and 8(b)(ii) of this Agreement, a qualifying termination means (i) an involuntary termination without Cause, (ii) for Change of Control Severance Plan participants, a voluntary termination of employment for Good Reason (as defined in the Change of Control Severance Plan) or (iii) an involuntary termination that qualifies for severance under the Ameren Corporation Severance Plan for Ameren Employees or the Ameren Corporation Severance Plan for Ameren Officers (as in effect immediately prior to the Change of Control).
|
(d)
|
Termination in Anticipation of Change of Control. If a Participant qualifies for benefits as provided in the last sentence of Section 4.1 of the Change of Control Severance Plan, or if a Participant is not a Participant in the Change of Control Severance Plan but is terminated within six (6) months prior to the Change of Control and qualifies for severance benefits under the Ameren Corporation Severance Plan for Ameren Employees or the Ameren Corporation Severance Plan for Ameren Officers and the Participant’s termination of employment occurs before the calculated Performance Share Units are paid, then the Participant shall receive (i) upon a Change of Control described in Section 8(a) of this Agreement, an immediate cash payout equal to the value of one Share based on the closing price on the New York Stock Exchange on the last trading day prior to the date of the Change of Control multiplied by the sum of the Target Number of Performance Share Units awarded as set forth in the Notice to this Agreement plus the additional Performance Share Units attributable to accrued dividend equivalents or (ii) upon a Change of Control described in Section 8(b) of this Agreement, the payout provided for in Section 8(b) of this Agreement.
|
9.
|
All Other Terminations. No distribution of any Shares will be made in the event of a termination of employment for any reason not otherwise described in Section 4 or 9, including a voluntary resignation (other than for Retirement), a termination for Cause or a termination without Cause (other than a qualifying termination), at any time prior to payout of the Shares.
|
10.
|
Participant Obligations.
|
(a)
|
Detrimental Conduct or Activity. If the Participant engages in conduct or activity that is detrimental to the Company, including but not limited to violating Sections 11(b) and 11(c) of this Agreement, after the Performance Share Units are paid, or if the Company learns of the detrimental conduct or activity after the Performance Share Units are paid, and such conduct occurred less than one year after the Participant's employment with the Company ended, the following shall apply.
|
(i)
|
If the Participant retired, the Participant shall not be entitled to receive payment of any Shares that would otherwise be payable to the Participant with respect to the last award of Performance Share Units granted to the Participant before his termination of employment due to retirement.
|
(ii)
|
In all other cases, the Participant shall repay to the Company the equivalent of the value of Shares received as of the payment date determined under Section 6 of this Agreement within thirty (30) days of receiving a demand from the Company for the repayment of the award.
|
(b)
|
Confidentiality. Participants, by virtue of their position with the Company, have access to and/or receive trade secrets and other confidential and proprietary information about the Company’s business that is not generally available to the public and which has been developed or acquired by the Company at considerable effort and expense (hereinafter “Confidential Information”). Confidential Information includes, but is not limited to, information about the Company’s business plans and strategy, environmental strategy, legal strategy, legislative strategy, finances, marketing, management, operations, and/or personnel. The Participant agrees that, both during and after the Participant’s employment with the Company, the Participant:
|
(i)
|
will only use Confidential Information in connection with the Participant’s duties and activities on behalf of or for the benefit of the Company;
|
(ii)
|
will not use Confidential Information in any way that is detrimental to the Company;
|
(iii)
|
will hold the Confidential Information in strictest confidence and take reasonable efforts to protect such Confidential Information from disclosure to any third party or person who is not authorized to receive, review or access the Confidential Information;
|
(iv)
|
will not use Confidential Information for the Participant’s own benefit or the benefit of others, without the prior written consent of the Company; and
|
(v)
|
will return all Confidential Information to the Company within two business days of the Participant’s termination of employment or immediately upon the Company’s demand to return the Confidential Information to the Company.
|
(c)
|
Non-Solicitation. The Participant agrees that, for one year from the end of the Participant’s employment, the Participant will not, directly or indirectly, on behalf of the Participant or any other person, company or entity:
|
(i)
|
market, sell, solicit, or provide products or services competitive with or similar to products or services offered by the Company to any person, company or entity that: (i) is a customer or potential customer of the Company during the twelve (12) months prior to the Participant’s termination of employment and
|
(ii)
|
with which the Participant (A) had direct contact with during the twelve
|
(ii)
|
raid, hire, solicit, encourage or attempt to persuade any employee or independent contractor of the Company, or any person who was an employee or independent contractor of the Company during the 24 months preceding the Participant’s termination, to leave the employ of, terminate or reduce the person’s employment or business relationship with the Company; or
|
(iii)
|
interfere with the performance of any Company employee or independent contractor’s duties for the Company.
|
(d)
|
Acknowledgments and Remedies. The Participant acknowledges and agrees that the Confidentiality and Non-Solicitation provisions set forth above are necessary to protect the Company’s legitimate business interests, such as its Confidential Information, goodwill and customer relationships. The Participant acknowledges and agrees that a breach by the Participant of either the Confidentiality or Non- Solicitation provision will cause irreparable damage to the Company for which monetary damages alone will not constitute an adequate remedy. In the event of such breach or threatened breach, the Company shall be entitled as a matter of right (without being required to prove damages or furnish any bond or other security) to obtain a restraining order, an injunction, or other equitable or extraordinary relief that restrains any further violation or threatened violation of either the Confidentiality or Non-Solicitation provision, as well as an order requiring the Participant to comply with the Confidentiality and/or Non-Solicitation provisions. The Company’s right to a restraining order, an injunction, or other equitable or extraordinary relief shall be in addition to all other rights and remedies to which the Company may be entitled to in law or in equity, including, without limitation, the right to recover monetary damages for the Participant’s violation or threatened violation of the Confidentiality and/or Non- Solicitation provisions. Finally, the Company shall be entitled to an award of attorneys’ fees incurred in connection with securing any relief hereunder and/or pursuant to a breach or threatened breach of the Confidentiality and/or Non- Solicitation provisions.
|
11.
|
Nontransferability. Performance Share Units awarded pursuant to this Agreement may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated (a “Transfer”) other than by will or by the laws of descent and distribution, except as provided in the Plan. If any Transfer, whether voluntary or involuntary, of Performance Share Units is made, or if any attachment, execution, garnishment, or lien will be issued against or placed upon the Performance Share Units, the Participant’s right to such Performance Share Units will be immediately forfeited to the Company, and this Agreement will lapse.
|
12.
|
Requirements of Law. The granting of Performance Share Units under the Plan and this Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.
|
13.
|
Tax Withholding. The Company will have the power and the right to deduct or withhold, or require the Participant or the Participant’s beneficiary to remit to the Company, the minimum statutory amount to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement.
|
14.
|
Stock Withholding. With respect to withholding required upon any taxable event arising as a result of Performance Share Units granted hereunder, the Company, unless notified by the Participant in writing within thirty (30) days prior to the taxable event that the Participant will satisfy the entire minimum tax withholding requirement by means of personal check or other cash equivalent, will satisfy the tax withholding requirement by withholding Shares having a Fair Market Value equal to (i) the total minimum statutory
|
15.
|
Administration. This Agreement and the Participant’s rights hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which will be binding upon the Participant.
|
16.
|
Continuation of Employment. This Agreement does not confer upon the Participant any right to continuation of employment by the Company, its Affiliates, and/or its Subsidiaries, nor will this Agreement interfere in any way with the Company’s, its Affiliates’, and/or its Subsidiaries’ right to terminate the Participant’s employment at any time.
|
17.
|
Amendment to the Plan. The Plan is discretionary in nature and the Committee may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any way adversely affect in any material way the Participant’s rights under this Agreement, without the Participant’s written approval.
|
18.
|
Amendment to this Agreement. The Company may amend this Agreement in any manner, provided that no such amendment may adversely affect in any material way the Participant’s rights hereunder without the Participant’s written approval except as otherwise permitted by the Plan.
|
19.
|
Successor. All obligations of the Company under the Plan and this Agreement, with respect to the Performance Share Units, will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.
|
20.
|
Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions will nevertheless be binding and enforceable.
|
21.
|
Applicable Laws and Consent to Jurisdiction. The validity, construction, interpretation and enforceability of this Agreement will be determined and governed by the laws of the State of Missouri without giving effect to the principles of conflicts of law. For the purpose of litigating any dispute that arises under this Agreement, the parties hereby consent to exclusive jurisdiction and agree that such litigation will be conducted in the federal or state courts of the State of Missouri.
|
22.
|
Section 409A of the Code. This Agreement shall be interpreted in a manner that satisfies the requirements of Code Section 409A. The Committee may make changes in the terms or operation of the Plan and/or this Agreement (including changes that may have retroactive effect) deemed necessary or desirable to comply with Code Section 409A. The Company makes no representations or covenants that this award will comply with Section 409A of the Code.
|
•
|
Classified as a NYSE investor-owned utility within SNL’s SEC/Public Companies Power Database
|
•
|
Minimum S&P credit rating of BBB- (investment grade)
|
•
|
Not an announced acquisition target
|
•
|
Not undergoing a major restructuring including, but not limited to, a major spin-off or sale of a significant asset
|
•
|
Market capitalization greater than $2 billion
|
•
|
Dividends flat or growing over the past 12 month period
|
Company
|
Ticker
|
Company
|
Ticker
|
Alliant Energy Corporation
|
LNT
|
IDACORP, Inc.
|
IDA
|
American Electric Power Company, Inc.
|
AEP
|
NiSource Inc.
|
NI
|
CMS Energy Corporation
|
CMS
|
Northwestern Corporation
|
NWE
|
Consolidated Edison, Inc.
|
ED
|
Pinnacle West Capital Corporation
|
PNW
|
Duke Energy Corporation
|
DUK
|
PNM Resources, Inc.
|
PNM
|
Edison International
|
EIX
|
Portland General Electric Company
|
POR
|
Entergy Corporation
|
ETR
|
Southern Company
|
SO
|
Evergy, Inc.
|
EVRG
|
WEC Energy Group
|
WEC
|
Eversource Energy
|
ES
|
Xcel Energy, Inc.
|
XEL
|
FirstEnergy Corporation
|
FE
|
|
|
•
|
A potential or actual takeover attempt, or definitive agreement to be acquired
|
•
|
Discussions or a tender offer that if consummated would lead to Change In Control
|
•
|
Receipt of a 'bear hug' letter
|
•
|
An exploration of company-wide strategic alternatives, or a major restructuring
|
1.
|
Notice of Grant. The Notice, as attached hereto, sets forth the number of Restricted Stock Units (the “RSUs”) granted to the Participant and the Vesting Period.
|
2.
|
Vesting of RSUs. Subject to provisions set forth in Section 6 of this Agreement related to a Change of Control (as defined in the Second Amended and Restated Ameren Corporation Change of Control Severance Plan, as amended (the “Change of Control Severance Plan”)) of Ameren, Section 7 of this Agreement relating to termination for Cause (as defined in the Change of Control Severance Plan), and Section 8 of this Agreement relating to Participant’s obligations, the RSUs will vest as set forth below.
|
(a)
|
Vesting Period. Provided the Participant has continued employment with Ameren or any Affiliate or Subsidiary (the “Company”) through the Vesting Period, one hundred percent (100%) of the Shares relating to all RSUs set forth in the Notice plus any accrued dividend equivalents will vest on the date on which Shares are delivered pursuant to this Section (the “Payment Date”). The restrictions set forth in this Agreement with respect to the RSUs shall lapse when the Shares are delivered to the Participant on the Payment Date, unless forfeited as described in this Section or as may be provided in accordance with Sections 8; or
|
(b)
|
Death. Provided the Participant has continued employment with the Company through the date of his death and such death occurs prior to the Payment Date, the Participant will be entitled to a prorated award based on the number of RSUs set forth in the Notice to this Agreement plus accrued dividend equivalents as of the date of death, with such prorated number based upon the total number of days the Participant worked during the Award Period, as defined in the Notice; or
|
(c)
|
Disability. Provided the Participant has continued employment with the Company through the date of his Disability (as defined in Code Section 409A) and such Disability occurs prior to the Payment Date, the Vesting Period shall continue to lapse and the Participant shall receive one hundred percent (100%) of the Shares relating to all RSUs set forth in the Notice plus any accrued dividend equivalents he would have received had he remained employed by the Company through the Payment Date; or
|
(d)
|
Retirement. Provided the Participant has continued employment with the Company through the date of retirement (as described below) and such retirement occurs before the Payment Date if the Participant retires at an age of 55 or greater with five (5) or more years of service (as defined in the Ameren Retirement Plan, as supplemented and amended from time to time), the Vesting Period shall continue to lapse and the Participant is entitled to receive a prorated award based on the number of RSUs set forth in the Notice to this Agreement plus accrued dividend equivalents as of the Payment Date, with the prorated number based upon the total number of days the Participant worked during the Award Period, as defined in the Notice. The pro-rata number of Shares shall be delivered to the Participant on the Payment Date.
|
(e)
|
Notwithstanding anything in this Agreement to the contrary, no Restricted Stock Units will be paid to the Participant, nor shall the Participant be entitled to payment, if the Participant’s employment with the Company terminates during the Vesting Period for any reason other than death, Disability, retirement as described above, or on or after a Change of Control in accordance with Section 6.
|
3.
|
Form and Timing of Payment. All payments of vested RSUs pursuant to this Agreement will be made in the form of Shares. Except as otherwise provided in this Agreement, payment will be made upon the earlier to occur of the following:
|
(a)
|
As soon as practicable after the expiration of the Award Period, as defined in the Notice;
|
(b)
|
The Participant’s death or as soon as practicable thereafter (but in no event later than March 15 of the calendar year following the year in which the Participant’s death occurred).
|
4.
|
Rights as Shareholder. The Participant shall not have voting or any other rights as a shareholder of the Company with respect to any RSUs. The Participant will obtain full voting and other rights as a shareholder of the Company upon the delivery of Shares as provided in Section 3 and 6 of this Agreement.
|
5.
|
Dividend Equivalents. The Participant shall be entitled to receive dividend equivalents, which represent the right to receive Shares measured by the dividend payable with respect to the corresponding number of unvested RSUs. Dividend equivalents on RSUs will accrue and be reinvested into additional RSUs throughout the Vesting Period. Subject to continued employment with the Company, the dividend equivalents shall vest and be settled at the same time and in the same proportion as the RSUs to which they relate. Participants will not be entitled to any dividend equivalent amount on RSUs covered by this Agreement which are not ultimately earned.
|
6.
|
Change of Control.
|
(a)
|
Company No Longer Exists. Upon a Change of Control which occurs on or before the last day of the Vesting Period in which the Company ceases to exist or is no longer publicly traded on the New York Stock Exchange or the NASDAQ Stock Market, Sections 2 and 3 of this Agreement, unless otherwise provided, shall no longer apply and instead, the amount distributed under this award shall be based on the number of RSUs awarded as set forth in the Notice to this Agreement plus any accrued dividend equivalents and interest as follows:
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(i)
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The amount underlying this award as of the date of the Change of Control shall equal the value of one Share based on the closing price on the New York Stock Exchange on the last trading day prior to the date of the Change of Control multiplied by the sum of the number of RSUs awarded as set forth in the Notice to this Agreement plus the additional RSUs attributable to accrued dividend equivalents as of the date of the Change of Control;
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(ii)
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Interest on this award shall accrue based on the prime rate (adjusted on the first day of each calendar quarter) as published in the “Money Rates” section in the Wall Street Journal from the date of the Change of Control until this award is distributed or forfeited;
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(iii)
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If the Participant remains employed with the Company or its successor until the Payment Date, this award, including interest, shall be paid to the Participant in an immediate lump sum in January of the third calendar year following the calendar year that includes the Grant Date, or as soon as practicable thereafter (but in no event later than March 15 of such calendar year);
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(iv)
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(v)
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If the Participant remains employed with the Company or its successor until his death or Disability which occurs after the Change of Control and before the last day of the Vesting Period, the Participant (or his estate or designated beneficiary) shall immediately receive payment under this award, including interest (if any), upon such death or Disability;
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(vi)
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(vii)
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(b)
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Company Continues to Exist. If there is a Change of Control of the Company but the Company continues in existence and remains a publicly traded company on the New York Stock Exchange or the NASDAQ Stock Market, the RSUs will pay out upon the earliest to occur of the following:
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(i)
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In accordance with the vesting provisions of Sections 2 of this Agreement; or
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(ii)
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If the Participant experiences a qualifying termination (as defined in Section 6(c) of this Agreement) during the two-year period following the Change of Control and the termination occurs during the Vesting Period, the Participant will be entitled to one hundred percent (100%) of the RSUs he would have received had he remained employed by the Company for the entire Period. Such RSUs will vest on the last day of the Vesting Period and the vested RSUs will be paid in Shares in January of the calendar year immediately following the last day of the Vesting Period or as soon as practicable thereafter (but in no event later than March 15 of the third calendar year following the calendar year that includes the Grant Date).
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(c)
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Qualifying Termination. For purposes of Sections 6(a)(vi) and 6(b)(ii) of this Agreement, a qualifying termination means (i) an involuntary termination without Cause, (ii) for Change of Control Severance Plan participants, a voluntary termination of employment for Good Reason (as defined in the Change of Control Severance Plan) or (iii) an involuntary termination that qualifies for severance under the Ameren Corporation Severance Plan for Ameren Employees or the Ameren Corporation Severance Plan for Ameren Officers (as in effect immediately prior to the Change of Control).
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(d)
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Termination in Anticipation of Change of Control. If a Participant qualifies for benefits as provided in the last sentence of Section 4.1 of the Change of Control Severance Plan, or if a Participant is not a Participant in the Change of Control Severance Plan but is terminated within six (6) months prior to the Change of Control and qualifies for severance benefits under the Ameren Corporation Severance Plan for Ameren Employees or the Ameren Corporation Severance Plan for Ameren Officers and the Participant’s termination of employment occurs before the calculated RSUs are paid, then the Participant shall receive (i) upon a Change of Control described in Section 6(a) of this Agreement, an immediate cash payout equal to the value of one Share based on the closing price on the New York Stock Exchange on the last trading day prior to the date of the Change of Control multiplied by the sum of the number of RSUs awarded as set forth in the Notice to this Agreement plus the additional RSUs attributable to accrued dividend equivalents or (ii) upon a Change of Control described in Section 6(b) of this Agreement, the payout provided for in Section 6(b) of this Agreement.
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7.
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All Other Terminations. No distribution of any Shares will be made in the event of a termination of employment for any reason not otherwise described in Section 2 or 6, including a voluntary resignation (other than for Retirement), a termination for Cause or a termination without Cause (other than a qualifying termination), at any time prior to payout of the Shares.
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8.
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Participant Obligations.
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(a)
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Detrimental Conduct or Activity. If the Participant engages in conduct or activity that is detrimental to the Company, including but not limited to violating Sections 8(b) and 8(c) of this Agreement, after the RSUs are paid, or if the Company learns of the detrimental conduct or activity after the RSUs are paid, and such conduct occurred less than one year after the Participant's employment with the Company ended, the following shall apply.
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(i)
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If the Participant retired, the Participant shall not be entitled to receive payment of any Shares that would otherwise be payable to the Participant with respect to the last award of Restricted Stock Units granted to the Participant before his termination of employment due to retirement.
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(ii)
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In all other cases, the Participant shall repay to the Company the equivalent of the value of Shares received as of the payment date determined under Section 3 of this Agreement within thirty (30) days of receiving a demand from the Company for the repayment of the award.
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(b)
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Confidentiality. Participants, by virtue of their position with the Company, have access to and/or receive trade secrets and other confidential and proprietary information about the Company’s business that is not generally available to the public and which has been developed or acquired by the Company at considerable effort and expense (hereinafter “Confidential Information”). Confidential Information includes, but is not limited to, information about the Company’s business plans and strategy, environmental strategy, legal strategy, legislative strategy, finances, marketing, management, operations, and/or personnel. The Participant agrees that, both during and after the Participant’s employment with the Company, the Participant:
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(i)
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will only use Confidential Information in connection with the Participant’s duties and activities on behalf of or for the benefit of the Company;
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(ii)
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will not use Confidential Information in any way that is detrimental to the Company;
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(iii)
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will hold the Confidential Information in strictest confidence and take reasonable efforts to protect such Confidential Information from disclosure to any third party or person who is not authorized to receive, review or access the Confidential Information;
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(iv)
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will not use Confidential Information for the Participant’s own benefit or the benefit of others, without the prior written consent of the Company; and
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(v)
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will return all Confidential Information to the Company within two business days of the Participant’s termination of employment or immediately upon the Company’s demand to return the Confidential Information to the Company.
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(c)
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Non-Solicitation. The Participant agrees that, for one year from the end of the Participant’s employment, the Participant will not, directly or indirectly, on behalf of the Participant or any other person, company or entity:
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(i)
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market, sell, solicit, or provide products or services competitive with or similar to products or services offered by the Company to any person, company or entity that: (i) is a customer or potential customer of the Company during the twelve (12) months prior to the Participant’s termination of employment and (ii) with which the Participant (A) had direct contact with during the twelve (12) months prior to the Participant’s termination of employment or (B) possessed, utilized or developed Confidential Information about during the twelve (12) months prior to the Participant’s termination of employment;
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(ii)
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raid, hire, solicit, encourage or attempt to persuade any employee or independent contractor of the Company, or any person who was an employee or independent contractor of the Company during the 24 months preceding the Participant’s termination, to leave the employ of, terminate or reduce the person’s employment or business relationship with the Company; or
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(iii)
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interfere with the performance of any Company employee or independent contractor’s duties for the Company.
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(d)
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Acknowledgments and Remedies. The Participant acknowledges and agrees that the Confidentiality and Non-Solicitation provisions set forth above are necessary to protect the Company’s legitimate business interests, such as its Confidential Information, goodwill and customer relationships. The Participant acknowledges and agrees that a breach by the Participant of either the Confidentiality or Non- Solicitation provision will cause irreparable damage to the Company for which monetary damages alone will not constitute an adequate remedy. In the event of such breach or threatened breach, the Company shall be entitled as a matter of right (without being required to prove damages or furnish any bond or other security) to obtain a restraining order, an injunction, or other equitable or extraordinary relief that restrains any further violation or threatened violation of either the Confidentiality or Non-Solicitation provision, as well as an order requiring
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9.
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Nontransferability. RSUs awarded pursuant to this Agreement may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated (a “Transfer”) other than by will or by the laws of descent and distribution, except as provided in the Plan. If any Transfer, whether voluntary or involuntary, of RSUs is made, or if any attachment, execution, garnishment, or lien will be issued against or placed upon the RSUs, the Participant’s right to such RSUs will be immediately forfeited to the Company, and this Agreement will lapse.
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10.
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Requirements of Law. The granting of RSUs under the Plan and this Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.
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11.
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Tax Withholding. The Company will have the power and the right to deduct or withhold, or require the Participant or the Participant’s beneficiary to remit to the Company, the minimum statutory amount to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement.
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12.
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Stock Withholding. With respect to withholding required upon any taxable event arising as a result of RSUs granted hereunder, the Company, unless notified by the Participant in writing within thirty (30) days prior to the taxable event that the Participant will satisfy the entire minimum tax withholding requirement by means of personal check or other cash equivalent, will satisfy the tax withholding requirement by withholding Shares having a Fair Market Value equal to (i) the total minimum statutory amount required to be withheld on the transaction, or (ii) such other amount as may be withheld pursuant to the Plan and such withholding would not cause adverse accounting consequences or costs. The Participant agrees to pay to the Company, its Affiliates and/or its Subsidiaries any amount of tax that the Company, its Affiliates and/or its Subsidiaries may be required to withhold as a result of the Participant’s participation in the Plan that cannot be satisfied by the means previously described.
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13.
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Administration. This Agreement and the Participant’s rights hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which will be binding upon the Participant.
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14.
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Continuation of Employment. This Agreement does not confer upon the Participant any right to continuation of employment by the Company, its Affiliates, and/or its Subsidiaries,
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15.
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Amendment to the Plan. The Plan is discretionary in nature and the Committee may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any way adversely affect in any material way the Participant’s rights under this Agreement without the Participant’s written approval.
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16.
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Amendment to this Agreement. The Company may amend this Agreement in any manner, provided that no such amendment may adversely affect in any material way the Participant’s rights hereunder without the Participant’s written approval except as otherwise permitted by the Plan.
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17.
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Successor. All obligations of the Company under the Plan and this Agreement, with respect to the award will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.
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18.
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Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions will nevertheless be binding and enforceable.
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19.
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Applicable Laws and Consent to Jurisdiction. The validity, construction, interpretation, and enforceability of this Agreement will be determined and governed by the laws of the State of Missouri without giving effect to the principles of conflicts of law. For the purpose of litigating any dispute that arises under this Agreement, the parties hereby consent to exclusive jurisdiction and agree that such litigation will be conducted in the federal or state courts of the State of Missouri.
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20.
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Section 409A of the Code. This Agreement shall be interpreted in a manner that satisfies the requirements of Code Section 409A. The Committee may make changes in the terms or operation of the Plan and/or this Agreement (including changes that may have retroactive effect) deemed necessary or desirable to comply with Code Section 409A. The Company makes no representations or covenants that this award will comply with Section 409A of the Code.
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Name
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State or Jurisdiction of Organization
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Ameren Corporation
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Missouri
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Ameren Development Company
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Missouri
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Missouri Central Railroad Company
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Delaware
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QST Enterprises Inc.
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Illinois
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Ameren EIP Investment, LLC
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Delaware
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Ameren Accelerator Investments, LLC
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Delaware
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AmerenEnergy Medina Valley Cogen, L.L.C.
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Illinois
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Ameren Transmission Company, LLC
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Delaware
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ATX East, LLC
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Delaware
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ATX Southwest, LLC
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Delaware
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Ameren Transmission Company of Illinois
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Illinois
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Ameren Services Company
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Missouri
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Ameren Illinois Company
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Illinois
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Union Electric Company (d/b/a Ameren Missouri)
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Missouri
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Fuelco LLC (50% interest)
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Delaware
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STARS Alliance, LLC (25% interest)
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Delaware
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Cynthia J. Brinkley, Director
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/s/ Cynthia J. Brinkley
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Catherine S. Brune, Director
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/s/ Catherine S. Brune
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J. Edward Coleman, Director
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/s/ J. Edward Coleman
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Ward H. Dickson, Director
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/s/ Ward H. Dickson
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Noelle K. Eder, Director
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/s/ Noelle K. Eder
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Ellen M. Fitzsimmons, Director
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/s/ Ellen M. Fitzsimmons
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Rafael Flores, Director
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/s/ Rafael Flores
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Richard J. Harshman, Director
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/s/ Richard J. Harshman
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Craig S. Ivey, Director
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/s/ Craig S. Ivey
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James C. Johnson, Director
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/s/ James C. Johnson
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Steven H. Lipstein, Director
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/s/ Steven H. Lipstein
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Stephen R. Wilson, Director
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/s/ Stephen R. Wilson
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Mark C. Birk, Director
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/s/ Mark C. Birk
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Fadi M. Diya, Director
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/s/ Fadi M. Diya
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Chonda J. Nwamu, Director
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/s/ Chonda J. Nwamu
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Chonda J. Nwamu, Director
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/s/ Chonda J. Nwamu
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Theresa A. Shaw, Director
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/s/ Theresa A. Shaw
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David N. Wakeman, Director
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/s/ David N. Wakeman
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/s/ Warner L. Baxter
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Warner L. Baxter
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Chairman, President and Chief Executive Officer
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(Principal Executive Officer)
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/s/ Michael L. Moehn
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Michael L. Moehn
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Executive Vice President and Chief Financial Officer
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(Principal Financial Officer)
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/s/ Martin J. Lyons, Jr.
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Martin J. Lyons, Jr.
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Chairman and President
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(Principal Executive Officer)
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/s/ Michael L. Moehn
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Michael L. Moehn
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Executive Vice President and Chief Financial Officer
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(Principal Financial Officer)
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/s/ Richard J. Mark
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Richard J. Mark
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Chairman and President
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(Principal Executive Officer)
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/s/ Michael L. Moehn
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Michael L. Moehn
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Executive Vice President and Chief Financial Officer
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(Principal Financial Officer)
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(1)
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The Form 10-K 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)
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The information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
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/s/ Warner L. Baxter
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Warner L. Baxter
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Chairman, President and Chief Executive Officer
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(Principal Executive Officer)
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/s/ Michael L. Moehn
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Michael L. Moehn
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Executive Vice President and Chief Financial Officer
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(Principal Financial Officer)
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(1)
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The Form 10-K 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)
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The information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
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/s/ Martin J. Lyons, Jr.
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Martin J. Lyons, Jr.
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Chairman and President
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(Principal Executive Officer)
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/s/ Michael L. Moehn
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Michael L. Moehn
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Executive Vice President and Chief Financial Officer
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(Principal Financial Officer)
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(1)
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The Form 10-K 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)
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The information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
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/s/ Richard J. Mark
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Richard J. Mark
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Chairman and President
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(Principal Executive Officer)
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/s/ Michael L. Moehn
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Michael L. Moehn
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Executive Vice President and Chief Financial Officer
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(Principal Financial Officer)
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