AMEREN CORP (AEE)

Ameren is a public utility holding company formed in 1997 and headquartered in St. Louis, Missouri. Its primary assets are equity interests in its subsidiaries, which are separate legal entities, and its dividends and expenses depend on distributions from them. Through its principal subsidiaries, Ameren Missouri, Ameren Illinois and Ameren Transmission Company of Illinois (ATXI), it delivers rate-regulated electricity and natural gas service. Other subsidiaries provide shared services and other activities.

Ameren reports four segments. Ameren Missouri covers all operations of that utility: rate-regulated electric generation, transmission and distribution, and natural gas distribution in Missouri. Ameren Illinois Electric Distribution and Ameren Illinois Natural Gas cover the electric and natural gas distribution businesses of Ameren Illinois. Ameren Transmission primarily combines the electric transmission businesses of Ameren Illinois and ATXI, with ATXI operating a FERC rate-regulated transmission business in the MISO. Ameren Missouri's generation mix includes coal, nuclear (the Callaway Energy Center), natural gas and renewables, including the Osage, Taum Sauk and Keokuk hydroelectric facilities. Ameren Illinois operates two solar facilities, with a third planned for service before the end of 2026. Ameren Missouri's resource plan calls for adding natural gas, renewable, battery storage and nuclear capacity and retiring its coal-fired energy centers by 2042.

Ameren serves retail electric and natural gas customers in Missouri and Illinois, and ATXI has no retail distribution customers. Rates are set by the MoPSC for Ameren Missouri, the ICC for Ameren Illinois, and the FERC for transmission. Ameren Missouri accounted for about 52% of 2025 operating revenues for electric service and 2% for natural gas. Ameren Illinois contributed about 26% from electric distribution, 11% from natural gas and 6% from transmission, and ATXI about 2%. Ameren's balancing authority areas had 2025 peak demand of 7,487 MWs (AMMO) and 8,027 MWs (AMIL). Ameren Missouri expects load growth from data center and manufacturing customers and in February 2026 signed electric service agreements with large load customers representing 2.2 gigawatts of demand.

Ameren owns an integrated transmission system that connects directly with 15 other balancing authority areas, and its utilities are transmission-owning members of the MISO. Ameren Missouri sells its capacity to the MISO and buys its needs from it. Ameren Illinois buys its capacity from the MISO and procures power through Illinois Power Agency processes or MISO markets, passing those costs to customers. Ameren Missouri burned about 12.0 million tons of coal in 2025, with about 96% from the Powder River Basin and the rest typically from the Illinois Basin. It has contracts for uranium, conversion, enrichment and fabrication to fuel Callaway, which refuels every 18 months. The company is subject to regulation by the FERC, state commissions, the NERC and its regional entities, the NRC and environmental authorities.