AMEREN CORP
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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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.
Sep 30, 2025 · Filed Nov 6, 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 2025-06-30; filed 2025-08-04.
0001002910-25-000112
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001002910-25-000129
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 296 previous paragraphs and 293 current paragraphs.
108 unchanged; 142 reworded; 39 added; 41 removed; 5 previous and 4 current paragraphs rearranged.
Tables are not compared: 24 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 (39)
Current report
•decreased income tax expense at Ameren Transmission resulting from the revaluation of excess deferred income tax regulatory liabilities, resulting from TCJA for FERC-regulated jurisdictions, related to ratemaking treatment of net operating loss carryforwards by affiliates under a tax allocation agreement, see Note 12 – Income Taxes under Part I, Item 1, of this report for additional information (18 cents per share for both periods);
Current report
•the absence of a 2024 charge recorded by Ameren Missouri, included in other operation and maintenance expenses, related to a settlement agreement with the United States Department of Justice that resolved all outstanding claims in the NSR and Clean Air Act litigation related to the Rush Island Energy Center (13 cents and 17 cents per share, respectively);
Current report
•the absence of the October 2024 FERC order reducing the allowed base ROE for FERC regulated transmission rate base and required refunds for certain prior periods under the MISO tariff, which increased Ameren Transmission earnings (4 cents per share for both periods); and
Current report
•a higher allowance for equity funds used during construction at Ameren Transmission (4 cents per share in the nine months ended September 30, 2025).
Current report
•increased losses related to equity method investments (2 cents and 5 cents per share, respectively).
Current report
(+$10 million in both periods) due to the absence of the October 2024 FERC order that decreased base ROE for certain historical periods.
Current report
•“Off-system sales, capacity, transmission, and FAC revenues, net” increased $146 million and $745 million, respectively, primarily due to summer capacity prices increasing from $30 per MW-day in 2024 to $667 per MW-day in 2025 pursuant to the April 2025 annual MISO capacity auction.
Current report
•The effect of weather increased revenues an estimated $37 million and $48 million, respectively, primarily due to warmer July temperatures and colder winter temperatures.
Current report
(+$22 million and +$46 million, respectively) and increased capital investment (+$1 million and +$7 million, respectively).
Current report
Ameren Missouri’s natural gas revenues were comparable for the three months ended September 30, 2025, and increased $6 million, or 6%, for thenine months ended September 30, 2025, compared with the year-ago periods, primarily due to colder winter temperatures.
Current report
Ameren Missouri’s fuel and purchased power expenses increased $153 million, or 46%, and $742 million, or 108%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods.
Current report
The following items increased Ameren Missouri’s fuel and purchased power expensesfor thethree and nine months ended September 30, 2025:
Current report
Ameren Illinois Electric Distribution’s purchased power expenses increased $126 million, or 62%, and $201 million, or 36%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods, primarily due to summer capacity prices increasing from $30 per MW-day in 2024 to $667 per MW-day in 2025 pursuant to the April 2025 annual MISO capacity auction (+$47 million and +$88 million, respectively), increased volumes (+$29 million and +$51 million, respectively), primarily due to residential and small commercial customers switching from alternative retail electric suppliers to Ameren Illinois’ supplied power, increases in transmission service charges (+$11 million and +$36 million, respectively), and increased energy prices (+$33 million and +$15 million, respectively). The changes to “Cost recovery mechanisms - offset in electric revenue” are fully offset by changes to “Cost recovery mechanisms - offset in fuel and purchased power” in electric revenues.
Current report
(a)Includes $19 million and $19 million at Ameren Transmission in the three months ended September 30, 2025 and 2024, respectively. Includes other/intersegment eliminations of $(3) million and $(1) million in the three months ended September 30, 2025 and 2024, respectively. Also includes other/intersegment eliminations of $(15) million and $(8) million in the nine months ended September 30, 2025 and 2024, respectively.
Current report
•Non-nuclear energy center operations and maintenance expenses increased $6 million and $10 million in the three and nine months ended September 30, 2025.
Current report
•Transmission and distribution expenditures, excluding major storm-related costs, increased $6 million and $4 million in the three and nine months ended September 30, 2025, respectively, largely due to increased vegetation management expenditures and higher levels of pole inspections.
Current report
Other operations and maintenance expenses increased $12 million and $39 million in the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods, primarily due to the following items:
Current report
•Increased costs of $6 million and $11 million, respectively, resulting from compliance with new and expanding programs under CEJA.
Current report
•Injuries and damages increased $3 million and $5 million, respectively, primarily due to an increase in claims compared to the year-ago period.
Current report
•Bad debt costs on accounts receivables decreased $7 million in the three months ended September 30, 2025, primarily because of a lower base level of expenses included in customer rates, effective June 2025, pursuant to the associated rider.
Current report
•Depreciation and amortization expenses reflected a deferral to a regulatory asset of depreciation associated with investments in eligible property, plant, and equipment not yet included in base rates, pursuant to PISA. Base rates were updated to include the eligible property, plant, and equipment in-service through December 31, 2024, when new customer rates became effective on June 1, 2025, pursuant to the April 2025 MoPSC electric rate order. The effect of rebasing PISA and increased amortization of prior PISA deferrals, increased depreciation and amortization by $10 million in both periods.
Current report
•Depreciation and amortization rate changes effective June 1, 2025, pursuant to the April 2025 MoPSC electric rate order, which increased depreciation and amortization expenses by $4 million and $5 million, respectively.
Current report
Taxes other than income taxes increased $14 million in the three months ended September 30, 2025, compared with the year-ago period, primarily because of an increase of $10 million in gross receipts tax at Ameren Missouri due to increased retail electric sales.
Current report
(a)Includes $(3) million and $8 million at Ameren Transmission in the three months ended September 30, 2025 and 2024, respectively. Also includes $4 million and $6 million at Ameren Illinois Natural Gas in the three months ended September 30, 2025 and 2024, respectively.
Current report
Other income, net, decreased $6 million and $9 million in the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods. This is primarily due to a decrease of $6 million and $8 million in the reduction in non-service cost component of net periodic benefit income in the three and nine months ended September 30, 2025, and an increase of $2 million in charitable donations related to customer assistance programs in both periods.
Current report
Other income, net, decreased $7 million and $4 million in the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods primarily due to the decrease of $4 million and $17 million in the non-service cost component of net periodic benefit income, largely at Ameren Illinois Electric Distribution and Ameren Illinois Natural Gas. In addition, Other income, net, decreased by $4 million and $3 million due to an increase in charitable donations related to customer assistance programs in the three and nine months ended September 30, 2025, respectively, primarily at Ameren Illinois Electric Distribution. The decreases are partially offset by an $11 million increase in the allowance for equity funds used during construction in the nine months ended September 30, 2025, largely at Ameren Illinois Transmission.
Current report
Interest charges were comparable in the three months ended September 30, 2025, and increased $14 million in the nine months ended September 30, 2025, compared with the year-ago periods, primarily due to the following:
Current report
Interest charges increased by $3 million and $7 million in the three and nine months ended September 30, 2025, respectively, primarily because of issuances of long-term debt in June 2024 and March 2025, which increased interest expense by $2 million and $12 million, respectively. The increases in the nine months ended September 30, 2025 were partially offset by $2 million due to decreased levels of borrowing on short-term debt and by $2 million due to the maturity of senior secured notes in March 2025.
Current report
•A $27 million increase due to the timing of payments for spent nuclear fuel storage and reimbursements from the DOE.
Current report
•A $120 million increase in interest payments, primarily due to higher average outstanding debt and interest rates.
Current report
•A $15 million increase in restoration expenses related to major storms in 2025.
Current report
•A $15 million increase in payments to contractors at Ameren Illinois, primarily related to higher levels of pole inspections and other maintenance activity and costs to comply with the CEJA.
Current report
•A $13 million increase in the cost of natural gas held in storage, primarily at Ameren Illinois, due to changes in the market price of natural gas and higher volumes.
Current report
•A $27 million increase due to the timing of payments for spent nuclear fuel storage and reimbursements from the DOE .
Current report
•A $36 million increase in interest payments, primarily due to higher average outstanding debt and interest rates.
Current report
•A $30 million increase in interest payments, primarily due to higher average outstanding debt and interest rates.
Current report
•A $15 million increase in payments to contractors, primarily related to higher levels of pole inspections and other maintenance activity and costs to comply with the CEJA.
Current report
•A $13 million increase in the cost of natural gas held in storage due to changes in the market price of natural gas and higher volumes.
Current report
•A $6 million increase in restoration expenses related to major storms in 2025.
Removed paragraphs (41)
Previous report
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 report
•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 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
Previous report
•“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 report
•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 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.
Previous report
(+$5 million and +$25 million, respectively) and increased capital investment (+$4 million and +$6 million, respectively).
Previous 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.
Previous 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.
Previous 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):
Previous 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):
Previous 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.
Previous 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
Previous 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
Previous report
-$20 million, respectively), which largely reflect the results of IPA procurement events for Ameren Illinois' supplied power, partially offset the increases in purchased power for both periods. The changes to “Cost recovery mechanisms - offset in electric revenue” are fully offset by changes to “Cost recovery mechanisms - offset in fuel and purchased power” in electric revenues.
Previous 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.
Previous report
•Callaway Energy Center operating costs decreased $5 million in both periods, primarily due to the spring 2025 refueling and maintenance outage.
Previous 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.
Previous 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:
Previous report
•Storm-related expenses, including related amortizations of previously deferred amounts, increased $3 million and $5 million, respectively, in 2025 due to major storms experienced throughout its service territory in 2025.
Previous report
Other operations and maintenance costs decreased $4 million and $7 million in the three and six months ended June 30, 2025, respectively, primarily due to a decrease of $1 million and $4 million, respectively, in labor expense resulting from steps taken to align operations and maintenance expense as a result of the November 2023 ICC natural gas rate order. Additionally, expenses decreased by $3 million in both periods due to a decrease in energy efficiency rider costs.
Previous report
•Higher depreciation not recoverable under PISA or RESRAM increased expenses by $2 million and $4 million, respectively.
Previous report
(a)Includes $10 million and $4 million at Ameren Transmission in the three months ended June 30, 2025 and 2024, respectively.
Previous report
Other income, net, decreased $2 million and $3 million in the three and six months ended June 30, 2025, respectively, compared with the year-ago periods, primarily due to the non-service cost component of net periodic benefit income.
Previous report
Other income, net, were comparable between periods in the three months ended June 30, 2025 and increased $3 million in the six months ended June 30, 2025, compared with the year-ago period, primarily due to an increase of $13 million in the allowance of equity funds used during construction, primarily at Ameren Illinois Transmission. Other income, net, increased $2 million from other interest income on regulatory balances, largely at Ameren Illinois Electric Distribution. These increases were partially offset by a decrease of $13 million in the non-service cost component of net periodic benefit income, largely at Ameren Illinois Electric Distribution.
Previous report
Interest charges increased $3 million and $10 million in the three and six months ended June 30, 2025, respectively, compared with the year-ago periods, primarily due to the following:
Previous report
The effective tax rate was lower at Ameren Illinois Electric Distribution and Ameren Illinois Natural Gas in the three months ended June 30, 2025, compared with the year-ago period, primarily because of the timing of pre-tax income and higher tax benefits related to the allowance for funds used during construction.
Previous report
•A $65 million increase in interest payments, primarily due to an increase in the average outstanding debt and higher interest rates.
Previous report
•A $49 million increase in net collateral posted with counterparties, primarily due to changes in the market price of power and higher purchases of power in 2025.
Previous report
•A $16 million increase in restoration expenses related to major storms in 2025.
Previous report
•A $9 million increase in property tax payments at Ameren Missouri, primarily due to higher assessed property tax values.
Previous report
•A $28 million decrease due to the timing of payments for accounts payable.
Previous report
•A $24 million increase in interest payments, primarily due to an increase in the average outstanding debt and higher interest rates.
Previous report
•A $20 million increase in net collateral posted with counterparties, primarily due to changes in the market price of power and higher purchases of power in 2025.
Previous report
•A $9 million increase in property tax payments, primarily due to higher assessed property tax values.
Previous report
•A $7 million increase in restoration expenses related to major storms in 2025.
Previous report
Ameren Illinois’ cash provided by operating activities decreased $19 million in the first six months of 2025, compared with the year-ago period. The following items contributed to the decrease:
Previous report
•A $39 million increase in net collateral posted with counterparties, primarily due to changes in the market price of power and higher purchases of power in 2025.
Previous report
•A $14 million decrease due to the timing of payments for accounts payable.
Previous report
•A $10 million decrease due to individually insignificant items, including higher purchases of natural gas held in storage, payments to contractors, and payments related to employee benefits and payroll taxes.
Showing the first 40 of 41 passages. Open the source sections for the rest.
Reworded paragraphs (142)
Previous 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.
Current wording
Net income attributable to Ameren common shareholders in the three months ended September 30, 2025, was $640 million, or $2.35 per diluted share, compared with $456 million, or $1.70 per diluted share, in the year-ago period. Net income attributable to Ameren common shareholders in the nine months ended September 30, 2025, was $1,204 million, or $4.43 per diluted share, compared with $975 million, or $3.65 per diluted share, in the year-ago period. Net income was favorably affected for the three and nine months ended September 30, 2025, by increased base rate revenues at Ameren Missouri effective June 1, 2025, pursuant to the April 2025 MoPSC electric rate order and decreased tax expense at Ameren Transmission due to the revaluation of excess deferred income tax regulatory liabilities. Earnings were also favorably affected for the three and nine months ended September 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. Additionally, earnings were favorably affected for the three and nine months ended September 30, 2025, by increased retail electric sales volumes at Ameren Missouri, primarily due to warmer July temperatures and colder winter temperatures in 2025 and growth in retail electric sales and by the increased deferral of financing costs related to rate base investments at Ameren Missouri, and by increased infrastructure investments at Ameren Transmission and Ameren Illinois Electric Distribution. Net income was unfavorably affected for the three and nine months ended September 30, 2025, by increased financing costs, primarily resulting from higher interest rates on higher debt balances at Ameren (parent) and Ameren Missouri and by increased other operations and maintenance expenses not subject to formula rates, riders, or trackers, excluding a charge related to the NSR and Clean Air Act litigation, primarily due to higher storm costs, higher energy center maintenance expenses, and higher transmission and distribution vegetation management costs.
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 $2.1 billion in its rate-regulated businesses in the six months ended June 30, 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 $3.1 billion in its rate-regulated businesses in the nine months ended September 30, 2025.
Previous 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.
Current wording
In April 2025, Missouri Senate Bill 4 was enacted and became 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, require electric utilities to submit service tariff schedules for high-demand customers, 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 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 wording
In November 2025, Ameren Missouri updated its May 2025 request with the MoPSC to modify its existing large primary service tariff to require customers requesting 75 MWs or more of demand and who are served at transmission level voltage to comply with additional tariff terms. The additional terms include a service term of 12 years plus a ramp period of up to five years to reach peak demand, minimum demand charges of 80% 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 allow customers to support renewable generation, battery storage, and/or nuclear generation through incremental payments. A decision by the MoPSC is expected by February 2026.
Previous wording
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 wording
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. In August 2025, Ameren Missouri filed for a CCN to construct the Reform Solar Project (250-MW facility). Ameren Missouri expects decisions by the MoPSC in the first half of 2026.
Previous 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.
Current wording
In April 2025, Ameren Illinois filed for a reconciliation adjustment to its 2024 electric distribution service revenue requirement with the ICC. In September 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 September 2025, the ICC staff submitted its calculation of the reconciliation adjustment, recommending recovery of $47 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. 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.
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. Ameren Illinois used a 2026 future test year in this proceeding. In August 2025, the ICC staff filed a revised recommendation to increase Ameren Illinois’ annual revenues for natural gas delivery service by $104 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 August 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. In October 2025, the administrative law judge issued a proposed order for an increase to annual revenues of $91 million. The order was consistent with the ICC staff’s recommendation with the exception of the exclusion of the non-service cost component of the net periodic benefit income related to other postretirement benefits in the annual revenue requirement. A decision by the ICC in this proceeding is required by early December 2025, with new rates expected to be effective in early December 2025.
Previous wording
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 wording
In May 2025, Ameren Illinois filed its annual electric energy-efficiency formula rate update to increase its annual revenues by $12 million with the ICC. In August 2025, the ICC staff filed a recommendation supporting Ameren Illinois’ requested increase. An ICC decision in this proceeding is required by December 2025, with new rates effective in January 2026.
Previous wording
In February 2025, Ameren Illinois filed an energy-efficiency plan with the ICC, which includes annual investments in electric energy-efficiency programs up to $126 million per year from 2026 through 2029. The ICC has the ability to reduce the amount of electric energy-efficiency savings goals in future program years if there are insufficient cost-effective programs available, which could reduce the investments in electric energy-efficiency programs. A decision by the ICC in this proceeding is expected by September 2025.
Current wording
In August 2025, the ICC issued an order approving Ameren Illinois’ energy-efficiency plan that includes annual investments in electric energy-efficiency programs of approximately $126 million per year from 2026 through 2029. The ICC has the ability to reduce the amount of electric energy-efficiency savings goals in future program years if there are insufficient cost-effective programs available, which could reduce the investments in electric energy-efficiency programs.
Previous wording
The following table presents a summary of Ameren’s earnings for the three and six months ended June 30, 2025 and 2024:
Current wording
The following table presents a summary of Ameren’s earnings for the three and nine months ended September 30, 2025 and 2024:
Previous 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).
Current wording
Net income attributable to Ameren common shareholders increased $184 million and earnings per diluted share increased 65 cents in the three months ended September 30, 2025, compared with the year-ago period. The increase was due to net income increases of $137 million, $61 million, and $1 million, at Ameren Missouri, Ameren Transmission and Ameren Illinois Electric Distribution, respectively. These increases were partially offset by an increase in net loss of $3 million at Ameren Illinois Natural Gas and $12 million for activity not reported as part of a segment, primarily at Ameren (parent).
Previous wording
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 wording
Net income attributable to Ameren common shareholders increased $229 million and earnings per diluted share increased 78 cents in the nine months ended September 30, 2025, compared with the year-ago period. The increase was due to net income increases of $176 million, $85 million, $11 million, and $3 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 $46 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 and six months ended June 30, 2025, compared to the year-ago periods (except where a specific period is referenced), by:
Current wording
Earnings per diluted share were favorably affected in the three and nine months ended September 30, 2025, compared to the year-ago periods (except where a specific period is referenced), by:
Previous wording
•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 wording
•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 (28 cents and 36 cents per share, respectively);
Previous 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).
Current wording
•increased retail electric sales volumes at Ameren Missouri, excluding customer energy-efficiency programs, primarily due to warmer July temperatures and colder winter temperatures compared to the prior-year periods, and growth in retail electric sales (estimated at 15 cents and 17 cents per share, respectively);
Previous 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);
Current wording
•increased base rate revenues at Ameren Missouri for the inclusion of previously deferred interest charges pursuant to the April 2025 MoPSC electric rate order effective June 1, 2025, and higher interest deferrals related to infrastructure investments associated with the PISA and RESRAM (4 cents and 13 cents per share, respectively);
Previous wording
•increased rate base investments at Ameren Transmission and Ameren Illinois Electric Distribution (2 cents and 6 cents per share, respectively);
Current wording
•increased rate base investments at Ameren Transmission and Ameren Illinois Electric Distribution (5 cents and 11 cents per share, respectively);
Previous 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:
Current wording
Earnings per diluted share were unfavorably affected in the three and nine months ended September 30, 2025, compared to the year-ago periods, by:
Previous 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);
Current wording
•increased financing costs primarily due to higher interest rates on higher debt balances at Ameren (parent) and Ameren Missouri (6 cents and 20 cents per share, respectively);
Previous 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
Current wording
•increased other operations and maintenance expenses not subject to formula rates, riders, or trackers, excluding a 2024 charge related to the NSR and Clean Air Act litigation discussed above, largely because of higher storm costs, higher energy center maintenance expense, and higher transmission and distribution expenditures for vegetation management costs at Ameren Missouri (6 cents and 9 cents per share, respectively);
Previous wording
•increased weighted-average basic common shares outstanding resulting from issuances of common shares (2 cents and 3 cents per share, respectively).
Current wording
•increased weighted-average basic common shares outstanding resulting from issuances of common shares (3 cents and 6 cents per share, respectively); and
Previous 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
Current wording
The cents per share variances above are presented based on the weighted-average basic common shares outstanding in the three and nine months ended September 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 Expenses; Depreciation and Amortization Expenses; Taxes Other Than Income Taxes; Other Income, Net; Interest Charges; and Income Taxes, see the major headings below.
Previous wording
Below is Ameren’s table of income statement components by segment for the three and six months ended June 30, 2025 and 2024:
Current wording
Below is Ameren’s table of income statement components by segment for the three and nine months ended September 30, 2025 and 2024:
Previous wording
Below is Ameren Illinois’ table of income statement components by segment for the three and six months ended June 30, 2025 and 2024:
Current wording
Below is Ameren Illinois’ table of income statement components by segment for the three and nine months ended September 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 and six months ended June 30, 2025, compared with the year-ago periods:
Current wording
The following table presents the increases (decreases) by Ameren segment for electric and natural gas revenues for the three and nine months ended September 30, 2025, compared with the year-ago periods:
Previous 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.
Current wording
(a)Includes an increase in transmission revenues of $21 million and $60 million at Ameren Illinois for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods.
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 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.
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 nine months ended September 30, 2025, activity in Other/Intersegment Eliminations of $10 million and $33 million, respectively, was primarily due to the changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$11 million and -$33 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
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.
Current wording
Ameren’s electric revenues increased $528 million, or 26%, and $1,303 million, or 26%, for the three and nine months ended September 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
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 wording
Ameren Transmission’s electric revenues increased $30 million, or 14%, and $72 million, or 12%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods. Revenues were primarily affected by higher recoverable expenses
Previous wording
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 wording
Ameren Missouri’s electric revenues increased $361 million, or 27%, and $991 million, or 34%, for thethree and nine months ended September 30, 2025, respectively, compared with theyear-ago periods.
Previous wording
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 wording
The following items increased Ameren Missouri’s electric revenues for thethree and nine months ended September 30, 2025:
Previous wording
•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 wording
•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 $143 million and $187 million, respectively. 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.
Previous 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.
Current wording
•Revenues increased $11 million and $35 million, respectively, due to 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 Variable Interest Entities in 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 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.
Current wording
•Excluding the estimated effects of weather and the MEEIA customer energy-efficiency programs, electric revenues increased an estimated $23 million in both periods, primarily due to increased retail sales volumes and higher demand charges, partially offset by lower realized prices due to changes in customer usage patterns.
Previous 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):
Current wording
The following items decreased Ameren Missouri’s electric revenues for thethree and nine months ended September 30, 2025 (except where a specific period is referenced):
Previous 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.
Current wording
•In accordance with the June 2024 MoPSC financing order, revenues decreased $26 million for the nine months ended September 30, 2025, 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 $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.
Current wording
•Revenues associated with “Cost recovery mechanisms – offset in fuel and purchased power” decreased $19 million for the nine months ended September 30, 2025, 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
•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 wording
•RESRAM revenues decreased $10 million and $17 million, respectively. These changes are largely offset by changes in the “Depreciation and amortization” section of the statement of income.
Previous 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.
Current wording
Ameren Illinois’ electric revenues increased $157 million, or 23%, and $304 million, or 16%, for the three and nine months ended September 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 $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.
Current wording
Ameren Illinois Electric Distribution’s revenues increased $147 million, or 27%, and $277 million, or 18%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods.
Showing the first 40 of 142 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
(+$12 million and +$44 million, respectively) and increased capital investment (+$8 million and +$18 million, respectively), as evidenced by a 7% increase in rate base used to calculate the revenue requirement. Additionally, revenues were favorably affected by a higher ROE
Current report — wording carried from elsewhere
•Increased expense of $5 million and $9 million, respectively, for cloud-related software.
Current report — wording carried from elsewhere
The effective tax rate was lower at Ameren Transmission and Ameren Illinois Transmission for the three and nine months ended September 30, 2025 compared with the year-ago periods due to a revaluation of excess deferred income tax regulatory liabilities in the third quarter of 2025. In 2024, the IRS issued a series of private letter rulings to another taxpayer, which provided guidance on applying IRS normalization rules to the calculation of tax benefits applicable to the ratemaking treatment related to net operating loss carryforwards. The rulings concluded that, for ratemaking purposes, net operating loss carryforwards should be reflected on a separate company basis and should not be reduced by payments received for the utilization of losses by other affiliates under a tax allocation agreement. In 2025, the FERC issued an order reflecting implementation of the rules for the other taxpayer who had a similar fact pattern as Ameren Illinois and ATXI. Accordingly, in the third quarter of 2025, Ameren and Ameren Illinois decreased income tax expense by $48 million and $23 million, respectively, to reflect the revaluation of excess deferred income tax regulatory liabilities resulting from TCJA for FERC-regulated jurisdictions pursuant to IRS guidance and recent FERC order.
Current report — wording carried from elsewhere
The following items partially offset the increase in Ameren Illinois’ cash from operating activities between periods:
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
Expenses; Depreciation and Amortization Expenses; Taxes Other Than Income Taxes; Other Income, Net; Interest Charges; and Income Taxes, see the major headings below.
Previous report — wording carried elsewhere
•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 report — wording carried elsewhere
Other operations and maintenance expenses were comparable between periods.
Previous report — wording carried elsewhere
Other operations and maintenance expenses were comparable between periods.
Previous report — wording carried elsewhere
Interest charges increased by $2 million and $5 million, respectively, primarily due to increased interest charges associated with long-term debt of $4 million and $8 million, respectively. The increases were primarily offset by decreased levels of interest charges associated with short-term debt of $2 million and $4 million, respectively.