Ameren Corporation is a public utility holding company that primarily owns equity interests in its subsidiaries. These subsidiaries operate in the rate-regulated electric and natural gas industries, providing services in Missouri and Illinois. The company's core business model centers around the generation, transmission, and distribution of electricity and the distribution of natural gas. Ameren's market position is primarily as a regulated utility in its service areas, with competitive advantages stemming from its established infrastructure and regulatory relationships. The company's geographic presence is focused on Missouri and Illinois.

• Employees: 9,372 (as of December 31, 2023)
• Geographic Footprint: Missouri and Illinois
• Headquarters: St. Louis, Missouri
• Founded: 1997
• Number of locations/facilities: Multiple energy centers, transmission and distribution facilities
• Revenue: $7.5 billion (FY2023)
• Market Capitalization: $21.38 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Ameren Missouri, Ameren Illinois, ATXI

• CEO: Martin J. Lyons, Jr.
• CFO: Michael L. Moehn
• Board Chair: Martin J. Lyons, Jr.
• Other Key Executives: Chonda J. Nwamu (Executive Vice President, General Counsel, and Secretary), Theresa A. Shaw (Senior Vice President, Finance, and Chief Accounting Officer)

Martin J. Lyons, Jr. has served as CEO since January 2022 and Chairman since November 2023. Michael L. Moehn has served as CFO since March 2023.

• Annual Revenue: $7.5 billion (FY2023)
• Net Income: $1.15 billion (FY2023)
• Market Cap: $21.38 billion (as of June 30, 2023)
• Total Assets: $40.8 billion (as of December 31, 2023)
• Number of Employees: 9,372 (as of December 31, 2023)
• Key Financial Highlights: Net income increased by $78 million, or $0.24 per diluted share, from 2022.

Ameren provides a range of energy-related products and services:

• Electric Generation: Operates coal, nuclear, natural gas, hydroelectric, wind, methane gas, and solar energy centers.
• Electric Transmission: Owns and operates an integrated transmission system across Missouri and Illinois.
• Electric Distribution: Delivers electricity to residential, commercial, and industrial customers in Missouri and Illinois.
• Natural Gas Distribution: Delivers natural gas to residential, commercial, and industrial customers in Missouri and Illinois.

Ameren operates through four main business segments:

• Ameren Missouri: Includes all operations of Ameren Missouri, encompassing electric generation, transmission, and distribution, as well as natural gas distribution in Missouri.
• Ameren Illinois Electric Distribution: Consists of the electric distribution business of Ameren Illinois.
• Ameren Illinois Natural Gas: Consists of the natural gas distribution business of Ameren Illinois.
• Ameren Transmission: Primarily consists of the aggregated electric transmission businesses of Ameren Illinois and ATXI.

Ameren's strategy is focused on investing in rate-regulated energy infrastructure, enhancing regulatory frameworks, and optimizing operations. Key strategic initiatives include:

• Transitioning to clean energy generation by adding renewable resources and retiring coal-fired energy centers.
• Upgrading and modernizing the electric grid to improve reliability and accommodate renewable energy sources.
• Implementing customer energy-efficiency programs.
• Seeking regulatory approvals to recover costs and earn allowed returns on investments.

Ameren is also focused on maintaining affordability of services for customers and is subject to ongoing regulatory proceedings that could impact its business strategy.

Ameren operates primarily in the regulated electric and natural gas utility industry. Key market trends affecting the business include:

• Increasing demand for renewable energy and clean energy generation.
• Technological advancements in energy storage and distributed generation.
• Evolving regulatory policies and environmental standards.
• The need for grid modernization and reliability enhancements.

Major competitors include other regulated utilities and energy providers in the Midwest region. Market share information is not explicitly provided in the 10-K.

• Regulatory Risks: Changes in regulatory policies, ratemaking determinations, and the ability to recover costs and investments.
• Operational Risks: Failures of electric generation, transmission, and distribution systems, as well as natural gas facilities.
• Financial Risks: Changes in interest rates, inflation, and the ability to access capital markets on reasonable terms.
• Environmental Risks: Compliance with environmental laws and regulations, including those related to emissions and waste management.
• Cybersecurity Risks: Cyberattacks and data security breaches that could disrupt operations and compromise sensitive information.