AMEREN CORP

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 29, 2024

AEE$114.02+1.0%Stored close · as of Nov 9, 2026

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Contents

Page
GLOSSARY OF TERMS AND ABBREVIATIONS	1
FORWARD-LOOKING STATEMENTS	4
PART I
Item 1.	Business	6
	General	6
	Business Segments	7
	Rates and Regulation	7
	Transmission	9
	Supply of Electric Power	10
	Power Generation	11
	Renewable Energy and Zero Emission Standards	12
	Customer Energy-Efficiency Programs	13
	Natural Gas Supply for Distribution	14
	Human Capital Management	14
	Industry Issues	16
	Operating Statistics	18
	Available Information	20
Item 1A.	Risk Factors	20
Item 1B.	Unresolved Staff Comments	30
Item 1C.	Cybersecurity	30
Item 2.	Properties	31
Item 3.	Legal Proceedings	33
Item 4.	Mine Safety Disclosures	33
Information about Our Executive Officers	34
PART II
Item 5.	Market for Registrants’ Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities	36
Item 6.	(Reserved)	37
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
	Overview	38
	Results of Operations	42
	Liquidity and Capital Resources	57
	Outlook	67
	Regulatory Matters	74
	Accounting Matters	74
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	78
Item 8.	Financial Statements and Supplementary Data	82
	Ameren Corporation	88
	Union Electric	92
	Ameren Illinois	96
	Note 1. Summary of Significant Accounting Policies	100
	Note 2. Rate and Regulatory Matters	105
	Note 3. Property, Plant, and Equipment, Net	116
	Note 4. Short-term Debt and Liquidity	117
	Note 5. Long-term Debt and Equity Financings	120
	Note 6. Other Income, Net	127
	Note 7. Derivative Financial Instruments	127
	Note 8. Fair Value Measurements	130
	Note 9. Callaway Energy Center	133
	Note 10. Retirement Benefits	136
	Note 11. Stock-based Compensation	142
	Note 12. Income Taxes	144
	Note 13. Related-party Transactions	147
	Note 14. Commitments and Contingencies	150
	Note 15. Supplemental Information	153
	Note 16. Segment Information	156
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	160
Item 9A.	Controls and Procedures	161
Item 9B.	Other Information	161
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	161
PART III
Item 10.	Directors, Executive Officers, and Corporate Governance	161
Item 11.	Executive Compensation	162
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	162
Item 13.	Certain Relationships and Related Transactions and Director Independence	163
Item 14.	Principal Accountant Fees and Services	163
PART IV
Item 15.	Exhibits and Financial Statement Schedules	164
EXHIBIT INDEX	170
SIGNATURES	177

This report contains “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements should be read with the cautionary statements and important factors under the heading “Forward-looking Statements.” Forward-looking statements are all statements other than statements of historical fact, including those statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “targets,” and similar expressions.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.

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