ST. LOUIS, May 21, 2018 /PRNewswire/ -- Today Ameren
Missouri, a subsidiary of Ameren Corporation (NYSE: AEE), announced
that it has entered into an agreement to acquire, after
construction, a 400-megawatt wind farm in northeast Missouri, the largest ever in the state.
"We are excited to take this transformative step to bring more
renewable generation to our customers," said Michael Moehn, president of Ameren Missouri.
"Adding more wind energy will help us achieve our goal to reduce
carbon emissions 80 percent by 2050."
The facility would be built by an affiliate of Terra-Gen, LLC in
Adair and Schuyler counties. Groundbreaking is expected
in summer 2019. The wind farm will consist of 175 American-made
wind turbines that will stand more than 450 feet above the ground.
These types of turbines will be among the most technologically
advanced in the state. Energy produced by the wind farm will power
an estimated 120,000 homes by 2020.
"This major wind development would benefit our customers, the
communities we serve and the environment," said Ajay Arora, vice president of power operations
and energy management at Ameren Missouri. "Missouri-based wind generation recently became
an affordable option. These planned investments in wind energy
would help keep customers' rates more stable over time. Our state
would also benefit from continued investment and economic growth,
including hundreds of construction jobs, as well as permanent jobs
when the turbines are in service."
The wind farm is enabled by the expanded transmission capacity
made possible by Ameren Transmission Company of Illinois' Mark Twain Transmission Project,
approved in January by the Missouri Public Service Commission
(PSC). The Mark Twain Transmission Project has a targeted
in-service date of December 2019.
"The new transmission line is vital to the expansion of
renewable energy generation and distribution in Missouri," Moehn said. "In addition to being
an engine for economic growth, the Mark Twain Transmission Project
will strengthen our region's energy grid and deliver greater energy
reliability."
The transaction is subject to a number of conditions, including
timely approval from the PSC and obtaining a timely and acceptable
Midcontinent Independent System Operator transmission
interconnection agreement.
Today's announcement is the first major step in implementing
Ameren Missouri's Integrated Resource Plan, a 20-year outlook that
supports cleaner energy in the state. The plan is consistent with
Missouri's Renewable Energy
Standard passed by voters in 2008. Planned investments include
approximately $1 billion to build
wind generation projects in Missouri and possibly neighboring states,
resulting in at least 700 megawatts of new wind-generated energy by
2020. This wind farm would meet more than half of that planned
capacity. Ameren Missouri also expects to add 100 megawatts of
solar-generated energy over the next 10 years, with 50 megawatts
targeted to come online by 2025.
Ameren Missouri has been providing electric and gas service for
more than 100 years, and the company's electric rates are among the
lowest in the nation. Ameren Missouri's mission is to power the
quality of life for its 1.2 million electric and 130,000 natural
gas customers in central and eastern Missouri. The company's service area covers 64
counties and more than 500 communities, including the greater
St. Louis area. For more
information, visit Ameren.com/Missouri or follow us at @AmerenMissouri or
Facebook.com/AmerenMissouri.
Forward-looking Statements
Statements in this release 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, strategies, 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 under Risk Factors in Ameren's Annual
Report on Form 10-K for the year ended December 31, 2017, and elsewhere in this release
and in our other filings with the Securities and Exchange
Commission, could cause actual results to differ materially from
management expectations suggested in such forward-looking
statements:
- regulatory, judicial, or legislative actions, and changes in
regulatory policies and ratemaking determinations, such as actions
that change regulatory recovery mechanisms;
- the effects of changes in federal, state, or local laws and
other governmental actions, including monetary, fiscal, and energy
policies;
- the effects of changes in federal, state, or local tax laws or
rates, including additional regulations, interpretations,
amendments, or technical corrections to the Tax Cuts and Jobs
Act of 2017 (TCJA), and any challenges to the tax positions we have
taken;
- the effects on demand for our services resulting from
technological advances, including advances in customer energy
efficiency and private generation sources, which generate
electricity at the site of consumption and are becoming more
cost-competitive;
- our ability to align overall spending, both operating and
capital, with frameworks established by our regulators and to
recover these costs in a timely manner in our attempt to earn our
allowed returns on equity;
- the cost and availability of fuel, such as ultra-low-sulfur
coal, natural gas, and enriched uranium used to produce
electricity; the cost and availability of purchased power,
zero-emission credits, and renewable energy credits; and the level
and volatility of future market prices for such commodities,
including our ability to recover the costs for such commodities and
our customers' tolerance for any related price increases;
- business and economic conditions, including their impact on
interest rates, collection of our receivable balances, and demand
for our products;
- disruptions of the capital markets, deterioration in our credit
metrics, including as a result of the implementation of the TCJA,
or other events that may have an adverse effect on the cost or
availability of capital, including short-term credit and
liquidity;
- the actions of credit rating agencies and the effects of such
actions;
- the construction, installation, performance, and cost recovery
of generation, transmission, and distribution assets;
- the effects of our increasing investment in electric
transmission projects, as well as potential wind and solar
generation projects, our ability to obtain all of the necessary
approvals to complete the projects, and the uncertainty as to
whether we will achieve our expected returns in a timely
manner;
- the effects of strategic initiatives, including mergers,
acquisitions, and divestitures;
- the impact of current environmental regulations and new, more
stringent, or changing requirements, including those related to
carbon dioxide, other emissions and discharges, cooling water
intake structures, coal combustion residuals, and energy
efficiency, that are enacted over time and that could limit or
terminate the operation of certain of Ameren Missouri's energy
centers, increase our 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 negative opinions of us or our utility services
that our customers, legislators, or regulators may have or develop,
which could result from a variety of factors, including failures in
system reliability, failure to implement our investment plans or
protect sensitive customer information, increases in rates, or
negative media coverage;
- the impact of complying with renewable energy portfolio
requirements in Missouri;
- labor disputes, work force reductions, future wage and employee
benefits costs, including changes in discount rates, mortality
tables, and returns on benefit plan assets;
- the inability of our counterparties to meet their obligations
with respect to contracts, credit agreements, and financial
instruments;
- the cost and availability of transmission capacity for the
energy generated by Ameren Missouri's energy centers or required to
satisfy Ameren Missouri's energy sales;
- legal and administrative proceedings;
- the impact of cyber attacks, which could, among other things,
result in the loss of operational control of energy centers and
electric transmission and distribution systems and/or the loss of
data, such as customer, employee, financial, and operating system
information; and
- acts of sabotage, war, terrorism, or other intentionally
disruptive acts.
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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SOURCE Ameren Missouri