Ameren Missouri filed an update to its Smart Energy Plan, including a five-year capital investment overview, with investments expected to total approximately $16.2 billion over five years. This plan aims to upgrade electric infrastructure and accommodate more renewable energy.

Missouri Senate Bill 4 was enacted, modifying the PISA and integrated resource planning, allowing the MoPSC to authorize construction work in progress in rate base for new natural gas-fired generation facilities. This will impact how Ameren Missouri plans for future energy needs and recovers costs.

Construction agreements associated with new data centers representing a maximum of 2.3 gigawatts have been signed, subject to MoPSC approval of the modified rate structure. This indicates potential for substantial future load growth and revenue opportunities.

The MoPSC approved an increase of $355 million to Ameren Missouri's annual revenue requirement for electric retail service, effective June 1, 2025. This demonstrates management's ability to navigate the regulatory process and secure rate adjustments.

Payments for the spring 2025 scheduled refueling and maintenance outage at the Callaway Energy Center negatively impacted cash flow. This highlights the importance of efficient outage management.

Ameren, Ameren Missouri, and Ameren Illinois all issued long-term debt during the quarter. This demonstrates management's ability to access capital markets and manage the company's capital structure.

Ameren and Ameren Missouri estimate that they may need to make capital expenditures of $900 million to $1 billion from 2025 through 2029 to comply with environmental regulations. This highlights the ongoing risk and financial burden associated with environmental compliance.

The allowed base ROE for FERC-regulated transmission rate base under the MISO tariff has been subject to customer complaint cases and has been changed by various FERC orders. The ongoing litigation creates uncertainty regarding future revenue streams.

The impact of cyberattacks and data security risks on us, our suppliers, or other entities on the grid, which could, among other things, result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as customer, employee, financial, and operating system information

In late April 2025, the MISO released the results of its annual capacity auction, which included capacity price increases in the central region of the MISO footprint, where Ameren Missouri's and Ameren Illinois' service territories are located

Construction agreements associated with new data centers representing a maximum of 2.3 gigawatts have been signed, subject to MoPSC approval of the modified rate structure. This indicates potential for substantial future load growth and revenue opportunities.

The company acknowledges the impact of customer conservation efforts and the increasing use of innovative energy technologies, including private generation and battery storage, which could reduce demand for its services.

Transmission and distribution storm-related costs increased $5 million in the three months ended March 31, 2025, because of the major storms experienced throughout its service territory in January and March 2025.

Other operations and maintenance costs decreased $3 million in the three months ended March 31, 2025, primarily due to a decrease 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.

Payments for the spring 2025 scheduled refueling and maintenance outage at the Callaway Energy Center negatively impacted cash flow. This highlights the importance of efficient outage management.

Ameren is continuing to target net-zero carbon emissions by 2045, as well as a 60% reduction by 2030 and an 85% reduction by 2040 based on 2005 levels in a safe, reliable, and affordable manner.

Other operations and maintenance expenses increased $7 million in various other operations and maintenance expenses, including increased maintenance expense for cloud-related software.

A November 2023 ICC order directed the ICC staff to develop a plan for a future of gas proceeding. All of the Illinois natural gas utilities subject to ICC regulation are included in this proceeding, which is exploring issues involving the decarbonization of the natural gas distribution system in light of the state of Illinois’ goal of economy-wide 100% clean energy by 2050, pursuant to the CEJA.

Ameren invested $1.1 billion in its rate-regulated businesses during the quarter, with a major portion directed to transmission and distribution systems. This demonstrates a clear allocation of capital towards regulated assets.

Ameren, Ameren Missouri, and Ameren Illinois issued long-term debt to repay short-term debt and fund capital expenditures, indicating a strategic approach to managing the capital structure.

Including issuances under the DRPlus and employee benefit plans, Ameren plans to issue approximately $600 million of equity each year from 2025 to 2029, demonstrating a commitment to maintaining a strong capital base.

Ameren is continuing to target net-zero carbon emissions by 2045, as well as a 60% reduction by 2030 and an 85% reduction by 2040 based on 2005 levels in a safe, reliable, and affordable manner.

The 2025 Change to the 2023 PRP includes retiring all of Ameren Missouri's coal-fired energy centers by 2042, demonstrating a commitment to transitioning to cleaner energy sources.

Since 2021, Ameren Missouri's High Prairie Energy Center curtailed nighttime operations from April through October to limit impacts on protected species during the critical biological season.

Net income was 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.

Construction agreements associated with new data centers representing a maximum of 2.3 gigawatts have been signed, subject to MoPSC approval of the modified rate structure. This indicates potential for substantial future load growth and revenue opportunities.

In late April 2025, the MISO released the results of its annual capacity auction, which included capacity price increases in the central region of the MISO footprint, where Ameren Missouri's and Ameren Illinois' service territories are located.