Ameren plans to invest up to $27.4 billion in capital expenditures from 2025 through 2029, primarily targeting transmission and distribution systems. Ameren Missouri's Smart Energy Plan alone outlines $16.2 billion in investments over five years to upgrade electric infrastructure and integrate more renewable energy.

Ameren Missouri has signed construction agreements for new data centers, representing a maximum of approximately 2.3 gigawatts, subject to MoPSC approval. This initiative, coupled with a modified large primary service tariff, aims to capture significant load growth from large industrial customers, supporting future revenue expansion.

The 2025 Change to the 2023 Preferred Resource Plan for Ameren Missouri includes adding 3,200 MWs of renewable generation and 1,000 MWs of battery storage by 2030, alongside 1,500 MWs of nuclear generation by 2040. These plans demonstrate a clear strategy towards clean energy transition and capacity expansion.

Management successfully secured a $355 million annual revenue increase for Ameren Missouri's electric retail service and a $32 million increase for natural gas delivery service, both effective in 2025, through MoPSC orders. This demonstrates effective navigation of regulatory processes to ensure cost recovery and adequate returns.

Ameren Missouri's other operations and maintenance expenses decreased by $13 million for the six months ended June 30, 2025, primarily due to the absence of a $15 million charge in 2025 related to the resolution of NSR and Clean Air Act litigation associated with the Rush Island Energy Center.

Ameren Illinois has filed appeals with the Illinois Appellate Court regarding the ICC’s December 2024 order to revise the allowed ROE and include an asset associated with other postretirement benefits in the rate base. This indicates management's commitment to challenging unfavorable regulatory decisions and optimizing financial position.

The enactment of Missouri Senate Bill 4 in April 2025 introduces modifications to PISA and integrated resource planning, while the OBBBA in July 2025 alters IRA tax credit provisions. Additionally, proposed EPA rules in June and July 2025 to repeal greenhouse gas emission standards create uncertainty regarding future environmental compliance costs and project eligibility.

Higher short-term and long-term debt balances, coupled with increased interest rates, unfavorably affected diluted EPS by 6 cents for the three months and 14 cents for the six months ended June 30, 2025. This highlights sensitivity to capital market conditions and rising borrowing costs.

The FERC's October 2024 order decreased the allowed base ROE for MISO-regulated transmission rate base from 10.02% to 9.98%, requiring refunds. Ameren and Ameren Illinois have recorded $11 million and $7 million, respectively, in current regulatory liabilities for these expected refunds, with appeals ongoing.

Ameren Illinois Electric Distribution's purchased power expenses increased due to residential and small commercial customers switching from alternative retail electric suppliers to Ameren Illinois' supplied power. This indicates successful customer retention and acquisition efforts in a competitive market.

Ameren Missouri's electric revenues significantly increased due to higher spring and summer capacity prices set by annual MISO auctions. Capacity prices rose from $30 per MW-day in summer 2024 to $667 per MW-day in summer 2025, demonstrating strong market conditions and Ameren's ability to capitalize on them.

The company's diversified retail customer mix and rate-regulated utility business model provide a reasonably predictable source of cash. This inherent structural advantage helps mitigate direct competitive pressures on pricing and revenue stability, allowing for long-term investment planning.

Fuel and purchased power expenses surged by 142.8% to $794 million for the three months and 97.9% to $1,296 million for the six months ended June 30, 2025. While largely recoverable through rate mechanisms, this substantial increase represents a major cost driver that requires careful management.

Ameren Illinois Natural Gas achieved a $7 million decrease in other operations and maintenance costs for the six months ended June 30, 2025. This was primarily due to a $4 million reduction in labor expense from aligning operations and a $3 million decrease in energy efficiency rider costs, reflecting focused efficiency efforts.

An increased expense of $4 million for cloud-related software was noted for Ameren Missouri in the six months ended June 30, 2025. This investment suggests ongoing efforts to modernize IT infrastructure and potentially improve operational efficiency through digital tools.

Ameren holds unconsolidated variable interests in equity method investments totaling $68 million, primarily aimed at advancing innovative energy technologies. This indicates a strategic commitment to R&D, albeit through partnerships, to stay competitive in the evolving energy landscape.

Ameren Missouri's Smart Energy Plan includes substantial investments to upgrade the grid and accommodate more renewable energy. This strategic focus on grid modernization highlights the company's efforts to enhance technological capabilities for a more resilient and efficient energy delivery system.

Ameren Missouri's increased expense of $4 million for cloud-related software in the first six months of 2025 points to ongoing digital transformation efforts. These investments are crucial for improving operational efficiency, data management, and potentially customer service.

Ameren invested $2.1 billion in its rate-regulated businesses during the first six months of 2025, and projects up to $27.4 billion in capital expenditures from 2025 through 2029. This significant allocation prioritizes enhancing electric and natural gas utility infrastructure, including transmission and distribution systems.

Ameren issued $1,599 million in long-term debt during the first six months of 2025, an increase of $129 million YoY, to fund general corporate purposes and repay short-term debt. This reflects a reliance on debt markets to finance substantial capital projects.

Dividends on common stock increased by $28 million YTD to $384 million, driven by a higher dividend rate and increased shares outstanding. Ameren expects to maintain a dividend payout ratio between 55% and 65% of annual earnings, signaling a commitment to shareholder returns while supporting investment needs.

Ameren is committed to achieving net-zero carbon emissions by 2045, with interim goals of a 60% reduction by 2030 and 85% by 2040. The 2025 Change to the 2023 PRP includes plans to add 3,200 MWs of renewable generation and 1,000 MWs of battery storage by 2030, and retire all coal-fired energy centers by 2042.

Ameren Illinois filed an energy-efficiency plan with the ICC, proposing annual investments up to $126 million from 2026 through 2029. These programs aim to reduce customer energy consumption, aligning with social responsibility and sustainability goals.

Compliance with existing and new environmental regulations, including those related to the Clean Air Act, Clean Water Act, and CCR Rule, could result in significant capital expenditures and increased operating costs. Ameren Missouri's wind facilities also face potential operating restrictions due to protected species, creating uncertainty.

Ameren anticipates a net increase in demand from the electrification of the economy, particularly from industries like data centers, manufacturing, aviation, and defense considering operations within its service territories. This macro trend is a significant driver for future load growth and investment.

The ongoing Russian invasion of Ukraine and conflicts in the Middle East, along with related sanctions and new foreign trade tariffs imposed by the presidential administration in 2025, are identified as risks that could impact the cost and availability of fuel, natural gas, and other commodities.

Recent regulatory orders, such as Missouri Senate Bill 4, allow for the inclusion of construction work in progress (CWIP) in rate base for new natural gas-fired generation facilities and modifications to PISA. These changes improve the timeliness of cash recovery and support Ameren's extensive capital investment plans.