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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended June 30, 2024

OR
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from             to
Ameren Missouri Logo.jpg
Ameren Logo.jpg
Ameren Illinois Logo.jpg
Commission
File Number
Exact name of registrant as specified in its charter;
State of Incorporation;
Address and Telephone Number
IRS Employer
Identification No.
1-14756Ameren Corporation43-1723446
(Missouri Corporation)
1901 Chouteau Avenue
St. Louis, Missouri 63103
(314) 621-3222
1-2967Union Electric Company43-0559760
(Missouri Corporation)
1901 Chouteau Avenue
St. Louis, Missouri 63103
(314) 621-3222
1-3672Ameren Illinois Company37-0211380
(Illinois Corporation)
10 Richard Mark Way
Collinsville, Illinois 62234
(618) 343-8150
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareAEENew York Stock Exchange


Indicate by check mark whether each registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Ameren CorporationYesNo
Union Electric CompanyYesNo
Ameren Illinois CompanyYesNo
Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Ameren CorporationYesNo
Union Electric CompanyYesNo
Ameren Illinois CompanyYesNo
Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Ameren CorporationLarge accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
Union Electric CompanyLarge accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
Ameren Illinois CompanyLarge accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Ameren Corporation
Union Electric Company
Ameren Illinois Company
Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Ameren CorporationYesNo
Union Electric CompanyYesNo
Ameren Illinois CompanyYesNo
The number of shares outstanding of each registrant’s classes of common stock as of July 31, 2024, was as follows:
RegistrantTitle of each class of common stockShares outstanding
Ameren CorporationCommon stock, $0.01 par value per share266,816,725 
Union Electric CompanyCommon stock, $5 par value per share, held by Ameren Corporation102,123,834 
Ameren Illinois CompanyCommon stock, no par value, held by Ameren Corporation25,452,373 

This combined Form 10-Q is separately filed by Ameren Corporation, Union Electric Company, and Ameren Illinois Company. Each registrant hereto is filing on its own behalf all of the information contained in this quarterly report that relates to such registrant. Each registrant hereto is not filing any information that does not relate to such registrant, and therefore makes no representation as to any such information.


TABLE OF CONTENTS
  Page
Item 1.
Union Electric Company (d/b/a Ameren Missouri)
Consolidated Balance Sheet
Ameren Illinois Company (d/b/a Ameren Illinois)
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.


GLOSSARY OF TERMS AND ABBREVIATIONS
We use the words “our,” “we” or “us” with respect to certain information that relates to Ameren, Ameren Missouri, and Ameren Illinois, collectively. When appropriate, subsidiaries of Ameren Corporation are named specifically as their various business activities are discussed. Refer to the Form 10-K for a complete listing of glossary terms and abbreviations. Only new or significantly changed terms and abbreviations are included below.
Form 10-K – The combined Annual Report on Form 10-K for the year ended December 31, 2023, filed by the Ameren Companies with the SEC.
QTD – Three months ended June 30.
YTD – Six months ended June 30.
YoY – Compared with the year-ago period.

FORWARD-LOOKING STATEMENTS
Statements in this report not based on historical facts are considered “forward-looking” and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, projections, strategies, targets, estimates, objectives, events, conditions, and financial performance. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed within Risk Factors in the Form 10-K, and elsewhere in this report and in our other filings with the SEC, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:
regulatory, judicial, or legislative actions, and any changes in regulatory policies and ratemaking determinations, that may change regulatory recovery mechanisms, such as those that may result from any additional mitigation relief related to the operation of the Rush Island Energy Center that may be ordered by the United States District Court for the Eastern District of Missouri, the MoOPC’s request for rehearing of the MoPSC’s June 2024 financing order to authorize the issuance of securitized utility tariff bonds to finance the cost of the planned accelerated retirement of the Rush Island Energy Center, Ameren Missouri’s electric service regulatory rate review filed with the MoPSC in June 2024, Ameren Missouri’s proposed customer energy-efficiency plan under the MEEIA filed with the MoPSC in January 2024, Ameren Illinois’ December 2023 ICC order for the MYRP electric distribution service regulatory rate review that directed Ameren Illinois to file a revised Grid Plan and a request to update the associated MYRP revenue requirements for 2024 through 2027, both subsequently filed in March 2024, along with the appeal of the December 2023 order to the Illinois Appellate Court for the Fifth Judicial District, Ameren Illinois’ electric distribution service revenue requirement reconciliation adjustment request filed with the ICC in April 2024, Ameren Illinois’ appeal of the November 2023 ICC natural gas delivery service rate order to the Illinois Appellate Court for the Fifth Judicial District, and the August 2022 United States Court of Appeals for the District of Columbia Circuit ruling that vacated the FERC’s MISO ROE-determining orders and remanded the proceedings to the FERC;
our ability to control costs and make substantial investments in our businesses, including our ability to recover costs and investments, and to earn our allowed ROEs, within frameworks established by our regulators, while maintaining affordability of services for our customers;
the effect and duration of Ameren Illinois’ election to utilize MYRPs for electric distribution service ratemaking effective for rates beginning in 2024, including the effect of the reconciliation cap on the electric distribution revenue requirement;
the effect of Ameren Illinois’ use of the performance-based formula ratemaking framework for its participation in electric energy-efficiency programs, and the related impact of the direct relationship between Ameren Illinois’ ROE and the 30-year United States Treasury bond yields;
the effect on Ameren Missouri of any customer rate caps or limitations on increasing the electric service revenue requirement pursuant to Ameren Missouri’s election to use the PISA;
Ameren Missouri’s ability to construct and/or acquire wind, solar, and other renewable energy generation facilities and battery storage, as well as natural gas-fired energy centers, extend the operating license for the Callaway Energy Center, retire fossil fuel-fired energy centers, and implement new or existing customer energy-efficiency programs, including any such construction, acquisition, retirement, or implementation in connection with its Smart Energy Plan, integrated resource plan, or emissions reduction goals, and to recover its cost of investment, a related return, and, in the case of customer energy-efficiency programs, any lost electric revenues in a timely manner, each of which is affected by the ability to obtain all necessary regulatory and project approvals, including CCNs from the MoPSC or any other required approvals for the addition of renewable resources and natural gas-fired energy centers;
Ameren Missouri’s ability to use or transfer federal production and investment tax credits related to renewable energy projects; the cost of wind, solar, and other renewable generation and battery storage technologies; and our ability to obtain timely interconnection agreements with the MISO or other RTOs at an acceptable cost for each facility;
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the outcome of competitive bids related to requests for proposals and project approvals, including CCNs from the MoPSC and the ICC or any other required approvals, associated with the MISO’s long-range transmission planning;
the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments, including as they relate to the construction and acquisition of electric and natural gas utility infrastructure and the ability of counterparties to complete projects, which is dependent upon the availability of necessary materials and equipment, including those obligations that are affected by supply chain disruptions;
advancements in energy technologies, including carbon capture, utilization, and sequestration, hydrogen fuel for electric production and energy storage, next generation nuclear, and large-scale long-cycle battery energy storage, and the impact of federal and state energy and economic policies with respect to those technologies;
the effects of changes in federal, state, or local laws and other governmental actions, including monetary, fiscal, foreign trade, and energy policies;
the effects of changes in federal, state, or local tax laws or rates, including the effects of the IRA and the 15% minimum tax on adjusted financial statement income, as well as additional regulations, interpretations, amendments, or technical corrections to or in connection with the IRA, and challenges to the tax positions taken by the Ameren Companies, if any, as well as resulting effects on customer rates and the recoverability of the minimum tax imposed under the IRA;
the effects on energy prices and demand for our services resulting from customer growth patterns or usage, technological advances, including advances in customer energy efficiency, electric vehicles, electrification of various industries, energy storage, and private generation sources, which generate electricity at the site of consumption and are becoming more cost-competitive;
the cost and availability of fuel, such as low-sulfur coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of natural gas for distribution and the cost and availability of purchased power, including capacity, zero emission credits, renewable energy credits, and emission allowances; and the level and volatility of future market prices for such commodities and credits;
disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel, including nuclear fuel assemblies primarily from the one NRC-licensed supplier of assemblies for Ameren Missouri’s Callaway Energy Center;
the cost and availability of transmission capacity for the energy generated by Ameren Missouri’s energy centers or required to satisfy our energy sales;
the effectiveness of our risk management strategies and our use of financial and derivative instruments;
the ability to obtain sufficient insurance, or, in the absence of insurance, the ability to timely recover uninsured losses from our customers;
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;
acts of sabotage, which have increased in frequency and severity within the utility industry, war, terrorism, or other intentionally disruptive acts;
business, economic, and capital market conditions, including the impact of such conditions on interest rates, inflation, and investments;
the impact of inflation or a recession on our customers and the related impact on our results of operations, financial position, and liquidity;
disruptions of the capital and credit markets, deterioration in credit metrics of the Ameren Companies, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity, and our ability to access the capital and credit markets on reasonable terms when needed;
the actions of credit rating agencies and the effects of such actions;
the impact of weather conditions and other natural conditions on us and our customers, including the impact of system outages and the level of wind and solar resources;
the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets;
the ability to maintain system reliability during the transition to clean energy generation by Ameren Missouri and the electric utility industry, as well as Ameren Missouri’s ability to meet generation capacity obligations;
the effects of failures of electric generation, electric and natural gas transmission or distribution, or natural gas storage facilities systems and equipment, which could result in unanticipated liabilities or unplanned outages;
the operation of Ameren Missouri’s Callaway Energy Center, including planned and unplanned outages, as well as the ability to recover costs associated with such outages and the impact of such outages on off-system sales and purchased power, among other things;
Ameren Missouri’s ability to recover the remaining investment and decommissioning costs associated with the retirement of an energy center, as well as the ability to earn a return on that remaining investment and those decommissioning costs;
the impact of current environmental laws and new, more stringent, or changing requirements, including those related to NSR, CO2, NOx, and other emissions and discharges, Illinois emission standards, cooling water intake structures, CCR, energy efficiency, and wildlife protection, that could limit or terminate the operation of certain of Ameren Missouri’s energy centers, increase our operating costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers’ demand for electricity or natural gas, or otherwise have a negative financial effect;
the impact of complying with renewable energy standards in Missouri and Illinois and with the zero emission standard in Illinois;
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the effectiveness of Ameren Missouri’s customer energy-efficiency programs and the related revenues and performance incentives earned under its MEEIA programs;
Ameren Illinois’ ability to achieve the performance standards applicable to its electric distribution business and electric customer energy-efficiency goals and the resulting impact on its allowed ROE;
labor disputes, work force reductions, our ability to retain professional and skilled-craft employees, changes in future wage and employee benefits costs, including those resulting from changes in discount rates, mortality tables, returns on benefit plan assets, and other assumptions;
the impact of negative opinions of us or our utility services that our customers, investors, legislators, regulators, creditors, or other stakeholders may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or to protect sensitive customer information, increases in rates, negative media coverage, or concerns about ESG practices;
the impact of adopting new accounting and reporting guidance;
the effects of strategic initiatives, including mergers, acquisitions, and divestitures;
legal and administrative proceedings;
pandemics or other significant global health events, and their impacts on our results of operations, financial position, and liquidity; and
the impacts of the Russian invasion of Ukraine and conflicts in the Middle East, related sanctions imposed by the United States and other governments, and any broadening of these or other global conflicts, including potential impacts on the cost and availability of fuel, natural gas, enriched uranium, and other commodities, materials, and services, the inability of our counterparties to perform their obligations, disruptions in the capital and credit markets, acts of sabotage or terrorism, including cyberattacks, and other impacts on business, economic, and geopolitical conditions, including inflation.
New factors emerge from time to time, and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.

AMEREN CORPORATION
CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME
(Unaudited) (In millions, except per share amounts)
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Operating Revenues:
Electric$1,521 $1,585 $2,885 $3,175 
Natural gas172 175 624 647 
Total operating revenues1,693 1,760 3,509 3,822 
Operating Expenses:
Fuel and purchased power327 480 655 1,088 
Natural gas purchased for resale33 42 184 250 
Other operations and maintenance465 450 935 898 
Depreciation and amortization376 335 737 655 
Taxes other than income taxes131 124 266 251 
Total operating expenses1,332 1,431 2,777 3,142 
Operating Income361 329 732 680 
Other Income, Net103 82 192 160 
Interest Charges165 134 319 261 
Income Before Income Taxes299 277 605 579 
Income Taxes39 38 83 75 
Net Income260 239 522 504 
Less: Net Income Attributable to Noncontrolling Interests 2 2 3 3 
Net Income Attributable to Ameren Common Shareholders$258 $237 $519 $501 
Net Income$260 $239 $522 $504 
Other Comprehensive Loss, Net of Taxes
Pension and other postretirement benefit plan activity, net of income taxes (benefit) of $(1), $, $(1), and $, respectively
(2)(1)(3)(2)
Comprehensive Income258 238 519 502 
Less: Comprehensive Income Attributable to Noncontrolling Interests
2 2 3 3 
Comprehensive Income Attributable to Ameren Common Shareholders$256 $236 $516 $499 
Earnings per Common Share – Basic$0.97 $0.90 $1.95 $1.91 
Earnings per Common Share – Diluted$0.97 $0.90 $1.95 $1.90 
Weighted-average Common Shares Outstanding – Basic266.7 262.6 266.5 262.4 
Weighted-average Common Shares Outstanding – Diluted266.8 263.2 266.8 263.2 
The accompanying notes are an integral part of these consolidated financial statements.
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AMEREN CORPORATION
CONSOLIDATED BALANCE SHEET
(Unaudited) (In millions, except per share amounts)
June 30,
2024
December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents$19 $25 
Accounts receivable – trade (less allowance for doubtful accounts of $37 and $30, respectively)
514 494 
Unbilled revenue407 319 
Miscellaneous accounts receivable62 106 
Inventories740 733 
Current regulatory assets345 365 
Other current assets130 139 
Total current assets2,217 2,181 
Property, Plant, and Equipment, Net34,873 33,776 
Investments and Other Assets:
Nuclear decommissioning trust fund1,266 1,150 
Goodwill411 411 
Regulatory assets1,952 1,810 
Pension and other postretirement benefits566 581 
Other assets1,049 921 
Total investments and other assets5,244 4,873 
TOTAL ASSETS$42,334 $40,830 
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt$799 $849 
Short-term debt691 536 
Accounts and wages payable774 1,136 
Interest accrued177 147 
Customer deposits197 176 
Other current liabilities655 501 
Total current liabilities3,293 3,345 
Long-term Debt, Net16,280 15,121 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and tax credits, net4,325 4,176 
Regulatory liabilities5,531 5,512 
Asset retirement obligations791 772 
Other deferred credits and liabilities446 426 
Total deferred credits and other liabilities11,093 10,886 
Commitments and Contingencies (Notes 2, 9, and 10)
Shareholders’ Equity:
Common stock, $.01 par value, 400.0 shares authorized – shares outstanding of 266.8 and 266.3, respectively
3 3 
Other paid-in capital, principally premium on common stock7,246 7,216 
Retained earnings4,299 4,136 
Accumulated other comprehensive loss(9)(6)
Total shareholders’ equity11,539 11,349 
Noncontrolling Interests129 129 
Total equity11,668 11,478 
TOTAL LIABILITIES AND EQUITY$42,334 $40,830 
The accompanying notes are an integral part of these consolidated financial statements.
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AMEREN CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (In millions)
 Six Months Ended June 30,
 20242023
Cash Flows From Operating Activities:
Net income $522 $504 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization760 703 
Amortization of nuclear fuel38 36 
Amortization of debt issuance costs and premium/discounts9 8 
Deferred income taxes and investment tax credits, net76 66 
Allowance for equity funds used during construction(25)(23)
Stock-based compensation costs14 14 
Other13 (19)
Changes in assets and liabilities:
Receivables(85)173 
Inventories(7)(44)
Accounts and wages payable(210)(335)
Taxes accrued121 93 
Regulatory assets and liabilities(105)(81)
Assets, other(53)(38)
Liabilities, other100 34 
Pension and other postretirement benefits(112)(114)
Counterparty collateral, net(7)134 
Net cash provided by operating activities1,049 1,111 
Cash Flows From Investing Activities:
Capital expenditures(1,892)(1,822)
Nuclear fuel expenditures(37)(50)
Purchases of securities – nuclear decommissioning trust fund(323)(81)
Sales and maturities of securities – nuclear decommissioning trust fund309 65 
Other11 (1)
Net cash used in investing activities(1,932)(1,889)
Cash Flows From Financing Activities:
Dividends on common stock(356)(330)
Dividends paid to noncontrolling interest holders(3)(3)
Short-term debt, net156 260 
Maturities of long-term debt(350)(100)
Issuances of long-term debt1,470 997 
Issuances of common stock21 16 
Employee payroll taxes related to stock-based compensation(8)(20)
Debt issuance costs(18)(9)
Other (3)
Net cash provided by financing activities912 808 
Net change in cash, cash equivalents, and restricted cash29 30 
Cash, cash equivalents, and restricted cash at beginning of year272 216 
Cash, cash equivalents, and restricted cash at end of period$301 $246 
The accompanying notes are an integral part of these consolidated financial statements.
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AMEREN CORPORATION
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
(Unaudited) (In millions, except per share amounts)
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Common Stock$3 $3 $3 $3