UNION ELECTRIC CO
For the period ended Jun 30, 2025. Filed Aug 4, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 4, 2025
AEE$112.85+0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-05.
0001002910-25-000098
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-04.
0001002910-25-000112
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 270 previous paragraphs and 296 current paragraphs.
99 unchanged; 122 reworded; 71 added; 45 removed; 4 previous and 4 current paragraphs rearranged.
Tables are not compared: 22 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (71)
Current report
In May 2025, Ameren Missouri filed a request with the MoPSC to modify its existing large primary service tariff to require customers requesting 100 MW or more of demand and who are served at transmission level voltage to comply with additional tariff terms. The additional terms include a minimum service term of 15 years, minimum demand charges of 70% of contracted capacity, customer exit terms and fees, and customer credit and collateral requirements, among other terms. In addition, new customer programs would be available under this tariff, which allows customers to support renewable generation, battery storage, or nuclear generation through incremental payments. A decision by the MoPSC is expected by February 2026.
Current report
In June 2025, Ameren Missouri filed for a CCN with the MoPSC to construct the Big Hollow Natural Gas (800-MW facility) and the Big Hollow Battery Energy Storage (400-MW facility) projects, with a decision by the MoPSC expected in the first half of 2026.
Current report
In May 2025, Ameren Illinois filed its annual electric energy-efficiency formula rate update to increase its rates by $12 million with the ICC. An ICC decision in this proceeding is required by December 2025, with new rates effective in January 2026.
Current report
•increased base rate revenues at Ameren Missouri effective June 1, 2025, pursuant to the April 2025 MoPSC electric rate order and a lower base level of expenses, partially offset by financing costs otherwise recoverable under the PISA and RESRAM, depreciation and amortization on property, plant, and equipment previously eligible for deferral under the PISA and RESRAM, and the net recovery for amounts associated with the reduction in sales volumes resulting from MEEIA programs (8 cents per share for both periods);
Current report
•decreased retail electric sales volumes at Ameren Missouri, excluding customer energy-efficiency programs, primarily due to milder spring and early summer temperatures in 2025 compared to the prior-year period (estimated at 4 cents per share for the three months ended June 30, 2025); and
Current report
(d)Changes in RESRAM revenues are largely offset in “Fuel and purchased power,” “Other operations and maintenance,” “Depreciation and amortization,” “Taxes other than income taxes,” or “Income taxes” on the statement of income.
Current report
Ameren Transmission’s electric revenues increased $17 million, or 9%, and $42 million, or 11%, for the three and six months ended June 30, 2025, respectively, compared with the year-ago periods. Revenues were primarily affected by higher recoverable expenses (+$12 million and +$32 million, respectively) and increased capital investment (+$5 million and +$10 million, respectively), as evidenced by a 6% increase in rate base used to calculate the revenue requirement.
Current report
Ameren Missouri’s electric revenues increased $451 million, or 52%, and $630 million, or 40%, for thethree and six months ended June 30, 2025, respectively, compared with theyear-ago periods.
Current report
The following items increased Ameren Missouri’s electric revenues for thethree and six months ended June 30, 2025 (except where a specific period is referenced):
Current report
•Higher electric base rates, excluding the change in base rates for the MEEIA customer energy-efficiency programs and the RESRAM, resulting from the April 2025 MoPSC electric rate order effective June 1, 2025, increased revenues an estimated $44 million for thethree and six months ended June 30, 2025. See Note 2 – Rate and Regulatory Matters under Part I, Item 1, of this report for additional information regarding the April 2025 MoPSC electric rate order.
Current report
•The effect of weather decreased revenues an estimated $27 million for the three months ended June 30, 2025, due to milder spring and early summer temperatures in 2025 as cooling degree days decreased 27% from the year-ago period.
Current report
•RESRAM revenues decreased $9 million and $7 million, respectively. These changes are largely offset by changes in the “Depreciation and amortization” section of the statement of income.
Current report
The following items increased Ameren Illinois Electric Distribution’srevenues for thethree and six months ended June 30, 2025 (except where a specific period is referenced):
Current report
(+$5 million and +$25 million, respectively) and increased capital investment (+$4 million and +$6 million, respectively).
Current report
Other cost recovery mechanisms decreased revenues by $3 million for the three months ended June 30, 2025, primarily due to a lower amount of bad debt costs included in customer rates, effective June 2025, pursuant to the associated rider.
Current report
Ameren Missouri’s natural gas revenues were comparable for the three months ended June 30, 2025, and increased $4 million, or 5%, compared with thesix months ended June 30, 2025, primarily due to colder winter temperatures.
Current report
Ameren Missouri’s fuel and purchased power expenses increased $425 million, or 225%, and $589 million, or 166%, for the three and six months ended June 30, 2025, compared with the year-ago periods.
Current report
The following items increased Ameren Missouri’s fuel and purchased power expensefor thethree and six months ended June 30, 2025, compared with the year-ago periods (except where a specific period is referenced):
Current report
The following items decreased Ameren Missouri’s fuel and purchased power expensefor thethree and six months ended June 30, 2025, compared with the year-ago periods (except where a specific period is referenced):
Current report
•Fuel and purchased power expenses decreased an estimated $4 million for the three months ended June 30, 2025 due to a decrease in electric retail sales as a result of milder spring and early summer temperatures.
Current report
Ameren Illinois Electric Distribution’s purchased power expenses increased $55 million, or 33%, and $75 million, or 21%, for the three and six months ended June 30, 2025, respectively, compared with the year-ago periods, primarily due to higher summer capacity prices that were set by annual MISO auctions (+$43 million and +$41 million, respectively). See Outlook for additional information related to the April 2024 and April 2025 MISO auctions. In addition to higher capacity prices, increases in transmission service charges (+$15 million and
Current report
+$26 million, respectively), volumes (+$7 million and +$23 million, respectively), primarily due to residential and small commercial customers switching from alternative retail electric suppliers to Ameren Illinois’ supplied power, and other power riders (+$5 million in both periods) increased purchased power expenses for the three and six months ended June 30, 2025. Decreased energy prices (-$15 million and
Current report
(a)Includes $18 million and $16 million at Ameren Transmission in the three months ended June 30, 2025 and 2024, respectively. Includes other/intersegment eliminations of $(7) million and $(10) million in the three months ended June 30, 2025 and 2024, respectively. Also includes other/intersegment eliminations of $(12) million and $(7) million in the six months ended June 30, 2025 and 2024, respectively.
Current report
Other operations and maintenance expenses decreased $9 million and $13 million in the three and six months ended June 30, 2025, respectively, compared with the year-ago periods. The following items decreased other operations and maintenance expenses in the three and six months ended June 30, 2025, compared with the year-ago periods (except where a specific period is referenced):
Current report
•Expenses associated with the MEEIA customer energy-efficiency program decreased $6 million and $7 million, respectively, as approved by the MoPSC.
Current report
•Callaway Energy Center operating costs decreased $5 million in both periods, primarily due to the spring 2025 refueling and maintenance outage.
Current report
•Increased expense of $4 million for cloud-related software in the six months ended June 30, 2025.
Current report
•Non-nuclear energy center maintenance increased $4 million in the six months ended June 30, 2025, primarily due to an increase in coal additives.
Current report
Other operations and maintenance expenses increased $1 million and $27 million in the three and six months ended June 30, 2025, respectively, compared with the year-ago periods, primarily due to the following items:
Current report
Other operations and maintenance expenses increased $3 million and $33 million in the three and six months ended June 30, 2025, respectively, primarily due to the following items (except where a specific period is referenced):
Current report
•Distribution expenditures increased $4 million in both periods, primarily due to higher levels of pole inspections and other maintenance activity.
Current report
The above increases in the three and six months ended June 30, 2025, compared with the year-ago periods, were partially offset by the following items (except where a specific period is referenced):
Current report
•Amortization of previous deferrals associated with bad debt costs on purchased receivables decreased $6 million in both periods, primarily because of a lower base level of expenses included in customer rates pursuant to the associated rider.
Current report
•Reduction in environmental remediation rider costs of $4 million in both periods.
Current report
•Increased depreciation and amortization of $5 million in both periods due to the inclusion in base rates of property, plant, and equipment previously eligible for deferral to a regulatory asset under the PISA and RESRAM effective June 1, 2025, pursuant to the April 2025 MoPSC electric rate order.
Current report
•Higher depreciation not recoverable under PISA or RESRAM increased expenses by $2 million and $4 million, respectively.
Current report
•The lower net deferral pursuant to a tracker related to certain excess deferred income taxes, which increased depreciation and amortization expenses by $2 million in both periods.
Current report
•The absence of depreciation expense associated with Ameren Missouri’s Rush Island Energy Center decreased expenses by $9 million and $18 million, respectively.
Current report
(a)Includes $3 million, $2 million, $4 million, and $4 million at Ameren Transmission in the three months ended June 30, 2025 and 2024, and in the six months ended June 30, 2025 and 2024, respectively. Also includes other/intersegment eliminations of $3 million, $4 million, $7 million, and $7 million in the three months ended June 30, 2025 and 2024, and in the six months ended June 30, 2025 and 2024, respectively.
Current report
(a)Includes $10 million and $4 million at Ameren Transmission in the three months ended June 30, 2025 and 2024, respectively.
Showing the first 40 of 71 passages. Open the source sections for the rest.
Removed paragraphs (45)
Previous report
In September 2024, Ameren Missouri filed a request with the MoPSC seeking approval to increase its annual revenues for natural gas delivery service. In May 2025, Ameren Missouri filed an updated request seeking approval to increase its annual revenues for natural gas delivery service by $38 million. The natural gas rate increase request is based on a 10.25% ROE, a capital structure composed of 52% common equity, a rate base of $525 million, and a test year ended March 31, 2024, with certain pro-forma adjustments allowed through the true-up date of December 31, 2024. In May 2025, the MoPSC staff recommended an increase to Ameren Missouri’s annual revenues for natural gas delivery service of $32 million based on a 9.64% ROE, a capital structure composed of 52% common equity as of the true-up date of December 31, 2024, and a rate base of $482 million. The MoPSC proceeding relating to the proposed natural gas delivery service rate changes will take place over 11 months, with a decision by the MoPSC expected by August 2025 and new rates effective by September 2025.
Previous report
•increased other operations and maintenance expenses not subject to formula rates, riders, or trackers primarily due to higher storm costs at Ameren Missouri (2 cents per share);
Previous report
•higher transmission service costs from the MISO at Ameren Missouri (1 cent per share); and
Previous report
(d)The electric deferred income tax adjustment relates to certain excess deferred income taxes that will be amortized through 2025. Offsetting expense increases or decreases are reflected within “Income Taxes” on the statement of income. This item has no impact on earnings.
Previous report
Ameren Transmission’s electric revenues increased $25 million, or 14%, for the three months ended March 31, 2025, compared with the year-ago period. Revenues were favorably affected by higher recoverable expenses (+$20 million) and increased capital investment
Previous report
Ameren Missouri’s electric revenues increased $179 million, or 25%, for thethree months ended March 31, 2025, compared with the year-ago period.
Previous report
The following items increased Ameren Missouri’s electric revenues between periods:
Previous report
•Revenues associated with other cost recovery mechanisms increased $3 million due to increased RESRAM revenues and gross receipts taxes, partially offset by lower MEEIA program costs.
Previous report
The following items increased Ameren Illinois Electric Distribution’s revenues between periods:
Previous report
Ameren Illinois Transmission
Previous report
Ameren Missouri’s natural gas revenues increased$3 million, or 5%, for the three months ended March 31, 2025, compared with the year-ago period, primarily due to colder winter temperatures.
Previous report
Ameren Missouri’s fuel and purchased power expenses increased $164 million, or 99%, for the three months ended March 31, 2025, compared with the year-ago period.
Previous report
The following items increased Ameren Missouri’s fuel and purchased power expense between periods:
Previous report
(a)Includes other/intersegment eliminations of $(5) million and $3 million in the three months ended March 31, 2025 and 2024, respectively.
Previous report
•Individually insignificant increases of $7 million in various other operations and maintenance expenses, including other labor, increased maintenance expense for cloud-related software, a decrease in the cash surrender value of COLI, and increased bad debt expense.
Previous report
Other operations and maintenance expenses increased $26 million in the three months ended March 31, 2025, compared with the year-ago period, primarily because of the following items:
Previous report
Other operations and maintenance increased $30 million in the three months ended March 31, 2025, primarily due to the following items:
Previous report
•Individually insignificant increases of $7 million in various other operations and maintenance expenses including customer demand programs, increased maintenance expense for cloud-related software, customer generation rebates, and a decrease in the cash surrender value of COLI.
Previous report
•Increased costs of $2 million resulting from steps taken to comply with the CEJA.
Previous report
Ameren Illinois Transmission
Previous report
(a)Includes $1 million and $2 million at Ameren Transmission in the three months ended March 31, 2025 and 2024, respectively, and other/intersegment eliminations of $4 million and $3 million in the three months ended March 31, 2025 and 2024, respectively.
Previous report
Interest charges increased $21 million in the three months ended March 31, 2025, compared with the year-ago period. In addition to changes by segments discussed below, interest charges increased $19 million, compared with the year-ago period, at Ameren (parent) primarily because of an increased level of short-term borrowings.
Previous report
Interest charges decreased $2 million in the three months ended March 31, 2025, compared with the year-ago period. Interest charges reflected a deferral to a regulatory asset of interest associated with investments in eligible property, plant and equipment not yet reflected in rates pursuant to PISA and RESRAM, which decreased interest charges by $17 million. Interest charges also decreased by $3 million due to the maturity of $350 million of senior secured notes bearing a 3.5% interest rate in April 2024 that were repaid with cash on hand.
Previous report
Interest charges increased $7 million in the three months ended March 31, 2025, compared with the year-ago period, because of increases of $4 million at Ameren Illinois Electric Distribution and $3 million at Ameren Illinois Transmission, primarily due to issuances of long-term debt in June 2024 and March 2025.
Previous report
The effective tax rate was higher at Ameren Illinois Electric Distribution in the three months ended March 31, 2025, compared with the year-ago period, primarily due to a decrease in excess deferred tax amortization pursuant to an ICC order, which was offset by a corresponding increase in revenues.
Previous report
Ameren’s cash provided by operating activities decreased $61 million in the first three months of 2025, compared with the year-ago period. The following items contributed to the decrease:
Previous report
•A $62 million increase in interest payments, primarily due to an increase in the average outstanding debt.
Previous report
•A $24 million decrease due to the timing of receipts and refunds of customer deposits.
Previous report
•An $8 million decrease due to the absence of payments received from the DOE in 2024 for reimbursement of spent nuclear fuel storage and related costs.
Previous report
•An $8 million decrease due to higher restoration costs, primarily at Ameren Illinois, related to major storms in January and March 2025.
Previous report
•A $7 million decrease due to the timing of payments for accounts payable and prepaid expenses.
Previous report
•An $8 million increase due to lower payments for coal deliveries primarily due to weather-related transportation delays.
Previous report
Ameren Missouri’s cash provided by operating activities decreased $80 million in the first three months of 2025, compared with the year-ago period. The following items contributed to the decrease:
Previous report
•A $35 million decrease due to the timing of payments for accounts payable and prepaid expenses.
Previous report
•An $8 million decrease due to the timing of payments received from the DOE for reimbursement of spent nuclear fuel storage and related costs.
Previous report
The decrease in Ameren Missouri’s cash from operating activities between periods was partially offset by an $8 million increase due to lower payments for coal deliveries primarily due to weather-related transportation delays.
Previous report
Ameren Illinois’ cash provided by operating activities decreased $73 million in the first three months of 2025, compared with the year-ago period. The following items contributed to the decrease:
Previous report
•A $15 million decrease due to individually insignificant items including higher materials and supplies purchases, payments to contractors, and workers’ compensation payments, as well as an increase in net collateral posted with counterparties.
Previous report
•An $8 million decrease due to the timing of payments for accounts payable.
Previous report
•A $6 million decrease due to higher restoration costs related to major storms in January and March 2025.
Showing the first 40 of 45 passages. Open the source sections for the rest.
Reworded paragraphs (122)
Previous wording
Net income attributable to Ameren common shareholders in the three months ended March 31, 2025, was $289 million, or $1.07 per diluted share, compared with $261 million, or $0.98 per diluted share, in the year-ago period. Net income was favorably affected for the three months ended March 31, 2025, by increased infrastructure investments at Ameren Missouri, Ameren Transmission and Ameren Illinois Electric Distribution. Net income was also favorably affected for the three months ended March 31, 2025, by increased retail electric sales volumes at Ameren Missouri, primarily due to colder winter temperatures in 2025, excluding customer energy-efficiency programs. Earnings were also favorably affected for the three months ended March 31, 2025, by decreased other operations and maintenance expenses not subject to formula rates, riders, or trackers, largely because of the absence in 2025 of an Ameren Missouri charge related to the resolution of outstanding claims in the NSR and Clean Air Act litigation associated with the Rush Island Energy Center, partially offset by higher Ameren Misouri storm costs in 2025. Earnings were also favorably affected for the three months ended March 31, 2025, by a higher allowance for equity funds used during construction at Ameren Transmission, primarily resulting from a decreased level of short-term borrowings included in the calculation and higher average construction work in progress balances. Net income was unfavorably affected for the three months ended March 31, 2025, by increased financing costs, primarily resulting from higher short-term debt balances at Ameren (parent) and higher debt balances at Ameren Missouri. Earnings were also unfavorably affected by decreased revenues, net, at Ameren Missouri due to higher transmission service costs from the MISO and an increase in the weighted-average basic common shares outstanding, which reduced earnings per diluted share.
Current wording
Net income attributable to Ameren common shareholders in the three months ended June 30, 2025, was $275 million, or $1.01 per diluted share, compared with $258 million, or $0.97 per diluted share, in the year-ago period. Net income attributable to Ameren common shareholders in the six months ended June 30, 2025, was $564 million, or $2.08 per diluted share, compared with $519 million, or $1.95 per diluted share, in the year-ago period. Net income was favorably affected for the three and six months ended June 30, 2025, by increased base rate revenues at Ameren Missouri effective June 1, 2025, pursuant to the April 2025 MoPSC electric rate order, increased deferral of financing costs related to rate base investments associated with the PISA and RESRAM at Ameren Missouri, and increased infrastructure investments at Ameren Transmission and Ameren Illinois Electric Distribution. Earnings were also favorably affected for the three and six months ended June 30, 2025, by a higher allowance for equity funds used during construction at Ameren Transmission, primarily resulting from a decreased level of short-term borrowings included in the calculation and higher average construction work in progress balances. Earnings were favorably affected in the six months ended June 30, 2025, by decreased other operations and maintenance expenses not subject to formula rates, riders, or trackers, largely because of the absence in 2025 of an Ameren Missouri charge related to the resolution of outstanding claims in the NSR and Clean Air Act litigation associated with the Rush Island Energy Center, partially offset by higher Ameren Missouri storm expenses in 2025. Additionally, earnings were favorably affected in the six months ended June 30, 2025, by increased retail electric sales volumes at Ameren Missouri, primarily due to colder winter temperatures in 2025. Net income was unfavorably affected for the three and six months ended June 30, 2025, by increased financing costs, primarily resulting from higher short-term debt balances at Ameren (parent) and higher interest rates on higher debt balances at Ameren Missouri. Additionally, earnings were unfavorably affected in the three months ended June 30, 2025, due to decreased retail electric sales volumes at Ameren Missouri as a result of milder spring and early summer temperatures, when compared to the year-ago period.
Previous wording
Ameren’s strategic plan includes investing in rate-regulated energy infrastructure, enhancing regulatory frameworks and advocating for responsible policies, and optimizing operating performance to capitalize on opportunities to benefit our customers, communities, shareholders, and the environment. Ameren remains focused on disciplined cost management and strategic capital allocation. Ameren invested $1.1 billion in its rate-regulated businesses in the three months ended March 31, 2025.
Current wording
Ameren’s strategic plan includes investing in rate-regulated energy infrastructure, enhancing regulatory frameworks and advocating for responsible policies, and optimizing operating performance to capitalize on opportunities to benefit our customers, communities, shareholders, and the environment. Ameren remains focused on disciplined cost management and strategic capital allocation. Ameren invested $2.1 billion in its rate-regulated businesses in the six months ended June 30, 2025.
Previous wording
In April 2025, Missouri Senate Bill 4 was enacted and will become effective in August 2025. The law includes certain provisions that affect the regulation of Ameren Missouri’s electric and natural gas businesses. These provisions create modifications to the PISA and integrated resource planning, allow the MoPSC to authorize inclusion of construction work in progress in rate base for new natural gas-fired generation facilities and new generation facilities approved through integrated resource planning, and allow natural gas utilities to file regulatory rate reviews using a future test year, among other things.
Current wording
In April 2025, Missouri Senate Bill 4 was enacted and will become effective in late August 2025. The law includes certain provisions that affect the regulation of Ameren Missouri’s electric and natural gas businesses. These provisions create modifications to the PISA and integrated resource planning, allow the MoPSC to authorize inclusion of construction work in progress in rate base for new natural gas-fired generation facilities and new generation facilities approved through integrated resource planning, and allow natural gas utilities to file regulatory rate reviews using a future test year, among other things.
Previous wording
In December 2024, the ICC issued an order in connection with a revised Grid Plan and a revised MYRP filed by Ameren Illinois in March 2024, approving revenue requirements for electric distribution services for 2024 through 2027 of $1,206 million, $1,287 million, $1,367 million, and $1,421 million, respectively. Rate changes consistent with the December 2024 order became effective in December 2024. In January 2025, Ameren Illinois filed a request for rehearing of the ICC’s December 2024 order to revise the allowed ROE and to include an asset associated with other postretirement benefits in the rate base, among other things. Subsequently, in February 2025, the ICC denied the rehearing request. In March 2025, Ameren Illinois filed an appeal of the ICC’s December 2024 order to the Illinois Appellate Court for the Fifth Judicial District. In addition, Ameren Illinois filed an appeal related to orders issued by the ICC in December 2023 and June 2024 related to the MYRP proceeding. The appellate court is under no deadline to address the appeals.
Current wording
In December 2024, the ICC issued an order in connection with a revised Grid Plan and a revised MYRP filed by Ameren Illinois in March 2024, approving revenue requirements for electric distribution services for 2024 through 2027 of $1,206 million, $1,287 million, $1,367 million, and $1,421 million, respectively. Rate changes consistent with the December 2024 order became effective in December 2024. In March 2025, Ameren Illinois filed an appeal of the ICC’s December 2024 order to the Illinois Appellate Court for the Fifth Judicial District to revise the allowed ROE and to include an asset associated with other postretirement benefits in the rate base, among other things. In addition, Ameren Illinois filed an appeal related to orders issued by the ICC in December 2023 and June 2024 related to the MYRP proceeding. The appellate court is under no deadline to address the appeals.
Previous wording
In April 2025, Ameren Illinois filed a reconciliation adjustment to its 2024 electric distribution service revenue requirement with the ICC, requesting recovery of $61 million. The adjustment reflects Ameren Illinois’ actual 2024 recoverable costs, 2024 year-end rate base, and a capital structure composed of 50% common equity. An ICC decision in this proceeding is required by December 2025, and any approved adjustment would be collected from customers in 2026.
Current wording
In April 2025, Ameren Illinois filed for a reconciliation adjustment to its 2024 electric distribution service revenue requirement with the ICC. In July 2025, Ameren Illinois filed a revised reconciliation adjustment, requesting recovery of $60 million. The adjustment reflects Ameren Illinois’ actual 2024 recoverable costs, 2024 year-end rate base, and a capital structure composed of 50% common equity. In July 2025, the ICC staff submitted its calculation of the reconciliation adjustment, recommending recovery of $49 million. The ICC staff’s recommendation excluded an asset associated with other postretirement benefits from the rate base. An ICC decision in this proceeding is required by December 2025, and any approved adjustment would be collected from customers in 2026.
Previous wording
In January 2025, Ameren Illinois filed a request with the ICC seeking approval to increase its annual revenues for natural gas delivery service by $140 million. The request is based on a 10.7% ROE, a capital structure composed of 52% common equity, and a rate base of $3.3 billion. Ameren Illinois used a 2026 future test year in this proceeding. A decision by the ICC in this proceeding is required by early December 2025, with new rates expected to be effective in December 2025.
Current wording
In January 2025, Ameren Illinois filed a request with the ICC seeking approval to increase its annual revenues for natural gas delivery service. In July 2025, Ameren Illinois filed a revised request seeking to increase its annual revenues by $135 million. The request is based on a 10.7% ROE, a capital structure composed of 52% common equity, and a rate base of $3.3 billion. In July 2025, the ICC staff recommended an increase to annual revenues for natural gas delivery service of $103 million. The recommendation is based on a 9.93% ROE, a capital structure composed of 50% common equity, and a rate base of $3.2 billion. In addition, in July 2025, the Illinois Attorney General's office recommended an increase to annual revenues for natural gas delivery service of $55 million, based on a 9.45% ROE, a capital structure composed of 50% common equity, and a rate base of $3.0 billion. A decision by the ICC in this proceeding is required by early December 2025, with new rates expected to be effective in December 2025.
Previous wording
In October 2024, the FERC issued an order, which decreased the allowed base ROE for FERC-regulated transmission rate base under the MISO tariff from 10.02% to 9.98% and required refunds, with interest, for the periods from November 2013 to February 2015 and from late September 2016 forward. In November 2024, the MISO transmission owners, including Ameren Missouri, Ameren Illinois, and ATXI, filed a request for rehearing with the FERC, arguing, among other things, the FERC should not have ordered refunds back to September 2016 or imposed interest on those refunds. Also in November 2024, another intervenor filed a request for rehearing with the FERC, requesting the FERC correct aspects of the ROE methodology used in the October 2024 order and reconsider its decision in a February 2015 complaint case to deny refunds for the period from February 2015 to May 2016. In January 2025, the MISO transmission owners, including Ameren Missouri, Ameren Illinois, and ATXI, filed an appeal of the October 2024 order to the United States Court of Appeals for the District of Columbia Circuit. In March 2025, the FERC issued an order rejecting all rehearing requests. In April 2025, the MISO transmission owners, including Ameren Missouri, Ameren Illinois, and ATXI, filed an appeal of the March 2025 order to the United States Court of Appeals for the District of Columbia Circuit.
Current wording
In October 2024, the FERC issued an order, which decreased the allowed base ROE for FERC-regulated transmission rate base under the MISO tariff from 10.02% to 9.98% and required refunds, with interest, for the periods from November 2013 to February 2015 and from late September 2016 forward. In November 2024, the MISO transmission owners, including Ameren Missouri, Ameren Illinois, and ATXI, filed a request for rehearing with the FERC, arguing, among other things, the FERC should not have ordered refunds back to September 2016 or imposed interest on those refunds. Also in November 2024, another intervenor filed a request for rehearing with the FERC, requesting the FERC change aspects of the ROE methodology used in the October 2024 order and reconsider its decision in a February 2015 complaint case to deny refunds for the period from February 2015 to May 2016. In January 2025, the MISO transmission owners, including Ameren Missouri, Ameren Illinois, and ATXI, filed an appeal of the October 2024 order to the United States Court of Appeals for the District of Columbia Circuit. In March 2025, the FERC issued an order rejecting all rehearing requests. In April 2025, the MISO transmission owners, including Ameren Missouri, Ameren Illinois, and ATXI, filed an appeal of the March 2025 order to the United States Court of Appeals for the District of Columbia Circuit.
Previous wording
The following table presents a summary of Ameren’s earnings for the three months ended March 31, 2025 and 2024:
Current wording
The following table presents a summary of Ameren’s earnings for the three and six months ended June 30, 2025 and 2024:
Previous wording
Net income attributable to Ameren common shareholders increased $28 million and earnings per diluted share increased 9 cents in the three months ended March 31, 2025, compared with the year-ago period. The increase was due to net income increases of $17 million, $17 million, $7 million, and $2 million at Ameren Missouri, Ameren Transmission, Ameren Illinois Electric Distribution, and Ameren Illinois Natural Gas. These increases were partially offset by a net loss of $13 million compared to a net income of $2 million in the year-ago period, for activity not reported as part of a segment, primarily at Ameren (parent).
Current wording
Net income attributable to Ameren common shareholders increased $17 million and earnings per diluted share increased 4 cents in the three months ended June 30, 2025, compared with the year-ago period. The increase was due to net income increases of $22 million, $7 million, $4 million, and $3 million at Ameren Missouri, Ameren Transmission, Ameren Illinois Natural Gas, and Ameren Illinois Electric Distribution, respectively. These increases were partially offset by an increase in net loss of $16 million for activity not reported as part of a segment, primarily at Ameren (parent).
Previous wording
Earnings per diluted share were favorably affected in the three months ended March 31, 2025, compared to the year-ago period by:
Current wording
Earnings per diluted share were favorably affected in the three and six months ended June 30, 2025, compared to the year-ago periods (except where a specific period is referenced), by:
Previous wording
•decreased interest charges resulting from higher deferrals related to infrastructure investments associated with the PISA and RESRAM at Ameren Missouri (5 cents per share);
Current wording
•decreased interest charges resulting from higher deferrals related to infrastructure investments associated with the PISA and RESRAM and increased base rate revenues for the inclusion of previously deferred interest charges pursuant to the April 2025 MoPSC electric rate order (4 cents and 9 cents per share, respectively);
Previous wording
•increased rate base investments at Ameren Transmission and Ameren Illinois Electric Distribution (4 cents per share);
Current wording
•increased rate base investments at Ameren Transmission and Ameren Illinois Electric Distribution (2 cents and 6 cents per share, respectively);
Previous wording
•a higher allowance for equity funds used during construction at Ameren Transmission, primarily resulting from a decreased level of short-term borrowings included in the calculation and higher average construction work in progress balances (2 cents per share).
Current wording
•a higher allowance for equity funds used during construction at Ameren Transmission, primarily resulting from a decreased level of short-term borrowings included in the calculation and higher average construction work in progress balances (3 cents and 5 cents per share, respectively);
Previous wording
•decreased other operations and maintenance expenses not subject to formula rates, riders, or trackers due to the absence in 2025 of an Ameren Missouri charge related to the NSR and Clean Air Act litigation associated with the Rush Island Energy Center (4 cents per share); and
Current wording
•decreased other operations and maintenance expenses not subject to formula rates, riders, or trackers, excluding the effects of storm expenses, primarily due to the absence in 2025 of a charge at Ameren Missouri related to the NSR and Clean Air Act litigation associated with the Rush Island Energy Center (4 cents per share in the six months ended June 30, 2025); and
Previous wording
•increased retail electric sales volumes at Ameren Missouri, excluding customer energy-efficiency programs, primarily due to colder winter temperatures in 2025 (estimated at 6 cents per share);
Current wording
•increased retail electric sales volumes at Ameren Missouri, excluding customer energy-efficiency programs, primarily due to colder winter temperatures in 2025 compared to the prior-year period (estimated at 2 cents per share for the six months ended June 30, 2025).
Previous wording
Earnings per diluted share were unfavorably affected in the three months ended March 31, 2025, compared to the year-ago period, by:
Current wording
Earnings per diluted share were unfavorably affected in the three and six months ended June 30, 2025, compared to the year-ago periods (except where a specific period is referenced), by:
Previous wording
•increased financing costs primarily due to higher short-term debt balances at Ameren (parent), and higher debt balances at Ameren Missouri (8 cents per share);
Current wording
•increased financing costs primarily due to higher short-term and long-term debt balances at Ameren (parent), and higher interest rates on higher debt balances at Ameren Missouri (6 cents and 14 cents per share, respectively);
Previous wording
•increased weighted-average basic common shares outstanding resulting from issuances of common shares (1 cent per share).
Current wording
•increased weighted-average basic common shares outstanding resulting from issuances of common shares (2 cents and 3 cents per share, respectively).
Previous wording
The cents per share variances above are presented based on the weighted-average basic common shares outstanding in the three months ended March 31, 2024, and do not reflect the impact of dilution on earnings per share, unless otherwise noted. The amounts above other than variances related to income taxes have been presented net of income taxes using Ameren’s 2025 blended federal and state statutory tax rate of 26%. For additional details regarding the Ameren Companies’ results of operations, including explanations of Operating Revenues for both Electric Revenues and Natural Gas Revenues; Fuel and Purchased Power Expenses; Other Operations and Maintenance Expenses; Depreciation and Amortization Expenses; Taxes Other Than Income Taxes; Other Income, Net; Interest Charges; and Income Taxes, see the major headings below.
Current wording
The cents per share variances above are presented based on the weighted-average basic common shares outstanding in the three and six months ended June 30, 2024, and do not reflect the impact of dilution on earnings per share, unless otherwise noted. The amounts above other than variances related to income taxes have been presented net of income taxes using Ameren’s 2025 blended federal and state statutory tax rate of 26%. For additional details regarding the Ameren Companies’ results of operations, including explanations of Operating Revenues for both Electric Revenues and Natural Gas Revenues; Fuel and Purchased Power Expenses; Other Operations and Maintenance
Previous wording
Below is Ameren’s table of income statement components by segment for the three months ended March 31, 2025 and 2024:
Current wording
Below is Ameren’s table of income statement components by segment for the three and six months ended June 30, 2025 and 2024:
Previous wording
Below is Ameren Illinois’ table of income statement components by segment for the three months ended March 31, 2025 and 2024:
Current wording
Below is Ameren Illinois’ table of income statement components by segment for the three and six months ended June 30, 2025 and 2024:
Previous wording
The following table presents the increases (decreases) by Ameren segment for electric and natural gas revenues for the three months ended March 31, 2025, compared with the year-ago period:
Current wording
The following table presents the increases (decreases) by Ameren segment for electric and natural gas revenues for the three and six months ended June 30, 2025, compared with the year-ago periods:
Previous wording
(a)Includes an increase in transmission revenues of $23 million at Ameren Illinois for the three months ended March 31, 2025, compared with the year-ago period.
Current wording
(a)Includes an increase in transmission revenues of $16 million and $39 million at Ameren Illinois for the three and six months ended June 30, 2025, respectively, compared with the year-ago periods.
Previous wording
(c)Represents the estimated variation resulting primarily from changes in cooling and heating degree-days on electric and natural gas demand compared with the year-ago period; this variation is based on temperature readings from National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
Current wording
(c)Represents the estimated variation resulting primarily from changes in cooling and heating degree-days on electric and natural gas demand compared with the year-ago periods; this variation is based on temperature readings from National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
Previous wording
(e)Electric and natural gas revenue changes are offset by corresponding changes in “Fuel and purchased power” and “Natural gas purchased for resale” on the statement of income. For the three months ended March 31, 2025, activity in Other/Intersegment Eliminations of $10 million represents the changes in eliminations of related-party transactions between Ameren Missouri, Ameren Illinois, and ATXI (-$1 million), as well as changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$9 million). See Note 8 – Related-party Transactions and Note 14 – Segment Information under Part I, Item 1, of this report for additional information on intersegment eliminations. These items have no overall impact on earnings.
Current wording
(e)Electric and natural gas revenue changes are offset by corresponding changes in “Fuel and purchased power” and “Natural gas purchased for resale” on the statement of income. For the three and six months ended June 30, 2025, activity in Other/Intersegment Eliminations of $13 million and $23 million, respectively, was due primarily to the changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$13 million and -$22 million, respectively). See Note 14 – Segment Information under Part I, Item 1, of this report for additional information on intersegment eliminations. These items have no overall impact on earnings.
Previous wording
(f)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.
Current wording
(f)Offsetting expense increases or decreases are reflected in “Other operations and maintenance,” “Taxes other than income taxes,” or “Income taxes” on the statement of income. These items have no overall impact on earnings.
Previous wording
Ameren’s electric revenues increased $258 million, or 19%, for the three months ended March 31, 2025, compared with the year-ago period, primarily due to increased revenues at Ameren Missouri, Ameren Illinois Electric Distribution, and Ameren Transmission, as discussed below.
Current wording
Ameren’s electric revenues increased $517 million, or 34%, and $775 million, or 27%, for the three and six months ended June 30, 2025, respectively, compared with the year-ago periods, primarily due to increased revenues at Ameren Missouri, Ameren Illinois Electric Distribution, and Ameren Transmission, as discussed below.
Previous wording
•“Off-system sales, capacity, transmission, and FAC revenues, net” increased$165 million, primarily due to higher spring capacity prices, which were set by annual MISO auctions.
Current wording
•“Off-system sales, capacity, transmission, and FAC revenues, net” increased $435 million and $599 million, respectively, primarily due to higher spring and summer capacity prices, which were set by annual MISO auctions. See Outlook for additional information related to the April 2024 and April 2025 MISO auctions.
Previous wording
•Revenues increased $13 million due to the collection of surcharges related to the servicing of securitized utility tariff bonds issued in December 2024 to finance costs related to the accelerated retirement of the Rush Island Energy Center. This increase in revenue is offset by increases in interest and amortization expense. See Note 1 – Summary of Significant Accounting Policies under Part I, Item 1, of this report for additional information.
Current wording
•Revenues increased $11 million and $24 million, respectively, due to the collection of surcharges related to the servicing of securitized utility tariff bonds issued in December 2024 to finance costs related to the accelerated retirement of the Rush Island Energy Center. This increase in revenue is offset by increases in interest and amortization expense. See Note 1 – Summary of Significant Accounting Policies under Part I, Item 1, of this report for additional information.
Previous wording
•Excluding the estimated effects of weather and the MEEIA customer energy-efficiency programs, electric revenues decreased an estimated $13 million, due to lower realized prices related to changes in customer usage patterns, and decreased retail sales volumes, which were, in part, unfavorably affected by the absence of an additional day as a result of the leap year in 2024.
Current wording
•Excluding the estimated effects of weather and the MEEIA customer energy-efficiency programs, electric revenues increased an estimated $13 million for the three months ended June 30, 2025, primarily due to increased commercial and residential retail sales volumes and higher realized prices related to changes in customer usage patterns.
Previous wording
•The effect of weather increased revenues an estimated $38 million due to colder winter temperatures in 2025 as heating degree days increased 21% from the year-ago period.
Current wording
•The effect of weather increased revenues an estimated $11 million for the six months ended June 30, 2025 due to colder winter temperatures as heating degree days increased 22%, partially offset by milder spring and early summer temperatures as cooling degree days decreased 26% from the year-ago period.
Previous wording
The following items decreased Ameren Missouri’s electric revenues between periods:
Current wording
The following items decreased Ameren Missouri’s electric revenues for thethree and six months ended June 30, 2025 (except where a specific period is referenced):
Previous wording
•In accordance with the June 2024 MoPSC financing order, revenues decreased $17 million due to the deferral of base rate revenues to a regulatory liability related to the Rush Island Energy Center since its October 15, 2024 retirement date. The regulatory liability will be refunded through base rates, effective June 1, 2025, as a result of the April 2025 MoPSC electric rate order. See Note 2 – Rate and Regulatory Matters under Part I, Item 1, of this report for additional information regarding the April 2025 MoPSC electric rate order.
Current wording
•In accordance with the June 2024 MoPSC financing order, revenues decreased $9 million and $26 million, respectively, due to the deferral of base rate revenues to a regulatory liability related to the Rush Island Energy Center since its October 15, 2024 retirement date. The deferral ended with new rates effective June 1, 2025.
Previous wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” decreased $12 million, due to decreased revenue related to the amortization of costs previously deferred under the FAC that were reflected in customer rates. The changes to “Cost recovery mechanisms - offset in fuel and purchased power” are fully offset by changes to “Cost recovery mechanisms - offset in electric revenue” in fuel and purchased power.
Current wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” decreased $6 million and $18 million, respectively, due to decreased revenue related to the amortization of costs previously deferred under the FAC that were reflected in customer rates. The changes to “Cost recovery mechanisms - offset in fuel and purchased power” are fully offset by changes to “Cost recovery mechanisms - offset in electric revenue” in fuel and purchased power.
Previous wording
Ameren Illinois’ electric revenues increased $80 million, or 13%, for the three months ended March 31, 2025, compared with the year-ago period, driven by increased revenues at Ameren Illinois Electric Distribution and Ameren Illinois Transmission.
Current wording
Ameren Illinois’ electric revenues increased $67 million, or 11%, and $147 million, or 12%, for the three and six months ended June 30, 2025, respectively, compared with the year-ago periods, driven by increased revenues at Ameren Illinois Electric Distribution and Ameren Illinois Transmission.
Previous wording
Ameren Illinois Electric Distribution’s revenues increased $66 million, or 13%, for the three months ended March 31, 2025, compared with the year-ago period.
Current wording
Ameren Illinois Electric Distribution’s revenues increased $64 million, or 13%, and $130 million, or 13%, for the three and six months ended June 30, 2025, respectively, compared with the year-ago periods.
Previous wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” increased $20 million due to increased purchased power expenses recovered from customers. The increase in electric revenues are fully offset by an increase in purchased power expenses under cost recovery mechanisms for purchased power, as discussed below.
Current wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” increased $55 million and $75 million, respectively, due to increased purchased power expenses recovered from customers. The increase in electric revenues are fully offset by an increase in purchased power expenses under cost recovery mechanisms for purchased power, as discussed below.
Previous wording
•Base rates increased revenues by $22 million, due to higher recoverable non-purchased power expenses (+$19 million) and increased capital investment (+$3 million).
Current wording
•Base rates increased revenues by $9 million and $31 million, respectively, due to higher recoverable non-purchased power expenses
Previous wording
•Other cost recovery mechanisms increased revenues by $13 million, primarily due to a higher amount of bad debt costs included in customer rates pursuant to the associated rider.
Current wording
•Other cost recovery mechanisms increased revenues by $11 million for the six months ended June 30, 2025, primarily due to a higher amount of bad debt costs included in customer rates pursuant to the associated rider.
Previous wording
•Other revenues increased $5 million primarily due to mutual assistance provided to Ameren Missouri for major storms experienced throughout its service territory in January and March 2025.
Current wording
•Other revenues increased $4 million and $9 million, respectively, primarily due to mutual assistance provided to Ameren Missouri for major storms experienced in 2025 throughout its service territory and increased revenues related to pole rents.
Showing the first 40 of 122 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
In July 2025, the MoPSC issued an order in Ameren Missouri’s 2024 natural gas delivery service regulatory rate review, approving a unanimous stipulation and agreement. The order authorizes an increase of $32 million to Ameren Missouri’s annual revenue requirement for natural gas delivery service, effective September 1, 2025. The order did not explicitly specify an ROE, capital structure, rate base, or any rate base disallowances. The order provides for the continued use of all of Ameren Missouri’s existing riders and trackers.
Current report — wording carried from elsewhere
Net income attributable to Ameren common shareholders increased $45 million and earnings per diluted share increased 13 cents in the six months ended June 30, 2025, compared with the year-ago period. The increase was due to net income increases of $39 million, $24 million, $10 million, and $6 million at Ameren Missouri, Ameren Transmission, Ameren Illinois Electric Distribution, and Ameren Illinois Natural Gas, respectively. These increases were partially offset by an increase in net loss of $31 million for activity not reported as part of a segment, primarily at Ameren (parent).
Current report — wording carried from elsewhere
Expenses; Depreciation and Amortization Expenses; Taxes Other Than Income Taxes; Other Income, Net; Interest Charges; and Income Taxes, see the major headings below.
Current report — wording carried from elsewhere
Interest charges were comparable between periods.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
(+$5 million), as evidenced by a 7% increase in rate base used to calculate the revenue requirement.
Previous report — wording carried elsewhere
Other income, net, were comparable between periods.
Previous report — wording carried elsewhere
•A $20 million decrease due to lower income tax refunds from Ameren (parent), pursuant to the tax allocation agreement, primarily due to higher taxable income compared to 2024.
Previous report — wording carried elsewhere
•A $14 million increase in interest payments, primarily due to an increase in the average outstanding debt.