AMEREN CORP (AEE) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that AMEREN CORP surfaced in its latest filing.

• Ameren Illinois’ electric distribution rates from 2024 through at least 2027 are established through a Multi-Year Rate Plan (MYRP) with a revenue requirement reconciliation subject to a cap of 105% of the ICC-approved revenue requirement.2024–2027
• Ameren Illinois appealed the ICC-determined ROE for the 2024–2027 MYRP to the Illinois Appellate Court for the Fifth Judicial District.2024–2027
• Ameren Missouri's PISA election is extended through 2035, with an additional extension through 2040 allowed if requested and approved by the MoPSC.2035
• The annual limit on increases to the electric service revenue requirement due to inclusion of incremental PISA deferrals is 2.5%, changing to 2.25% prorated monthly for rates approved after August 2025.August 2025
• The Venice Energy Center may close by the end of 2029 due to CEJA emissions limit reductions.2029
• Ameren Missouri's four other Illinois natural gas-fired energy centers will close by 2040 due to CEJA emissions limit reductions.2040
• The United States withdrew from the Paris Agreement in January 2025 and from the United Nations Framework Convention on Climate Change in January 2026.January 2025, January 2026
• The Callaway Energy Center's operating license currently expires in 2044, and extension requires NRC approval.2044
• In February 2026, Ameren Missouri executed electric service agreements with large load customers under its large load customer rate plan, representing 2.2 gigawatts of demand. The agreements include exit fees for early termination and fees for capacity reductions.February 2026
• Ameren expects to make annual contributions of approximately $45 million to $50 million to pension and postretirement benefit plans in each of the next five years, with aggregate estimated contributions of $240 million.2026–2031
• The Ameren Missouri collective bargaining unit contracts expire in 2026 and 2028, covering 96% and 4% of represented employees, respectively.2026, 2028
• The Ameren Illinois collective bargaining unit contracts expire in 2027 and 2029, covering 8% and 92% of represented employees, respectively.2027, 2029
• Under the PPRA, Ameren Missouri’s natural gas rates in proceedings filed after June 2026 may be based on future costs, revenues, and sales volumes, subject to MoPSC approval.June 2026
• Ameren has set net-zero emission targets: 60% reduction by 2030, 85% by 2040, and 100% by 2045, from a 2005 baseline.2030, 2040, 2045
• Ameren expects to invest up to $33.1 billion in capital expenditures from 2026 through 2030 (Ameren Missouri – up to $22.2 billion; Ameren Illinois – up to $8.3 billion; ATXI – up to $2.6 billion).2026–2030
• As of December 31, 2025, coal inventory was near targeted levels at the Labadie Energy Center and at targeted levels at the Sioux Energy Center.2025-12-31
• As of December 31, 2025, approximately 22% of Ameren’s, Ameren Missouri’s, and Ameren Illinois’ total employees were 55 years old or older.2025-12-31
• Ameren Missouri's coal-fired energy centers represented 5% of Ameren's rate base and 11% of Ameren Missouri's rate base as of December 31, 2025.2025-12-31
• Pension and postretirement benefit plans were overfunded by $954 million as of December 31, 2025.2025-12-31
• The ICC is conducting a future of gas proceeding to explore issues involved with decarbonization of the natural gas distribution system in Illinois.
• The presidential administration has issued executive orders to increase investment in fossil fuel infrastructure, creating uncertainty for renewable generation.
• Spent nuclear fuel is stored on-site at the Callaway Energy Center long-term due to lack of federal permanent storage.
• Ameren has defined benefit pension plans covering substantially all its employees and postretirement benefit plans covering certain non-union and union employees.