ST. LOUIS, Aug. 5, 2021 /PRNewswire/ -- Ameren
Corporation (NYSE: AEE) today announced second quarter 2021 net
income attributable to common shareholders of $207 million, or $0.80 per diluted share, compared to second
quarter 2020 net income attributable to common shareholders of
$243 million, or $0.98 per diluted share.
![Ameren Logo (PRNewsfoto/Ameren Corporation) Ameren Logo (PRNewsfoto/Ameren Corporation)](https://mma.prnewswire.com/media/1420453/Ameren_Logo.jpg)
Second quarter 2021 results reflected earnings on increased
infrastructure investments made across all business segments driven
by solid execution of the company's strategy. Earnings were lower
at Ameren Missouri due to a change in seasonal electric rate design
effective in 2021 as a result of the March
2020 rate order, which is not expected to impact full year
results. Earnings were lower at Ameren Transmission driven by the
absence of the benefit from the May
2020 Federal Energy Regulatory Commission (FERC) order
addressing the Midcontinent Independent System Operator (MISO)
allowed base return on equity. These factors were partially offset
by higher Ameren Missouri electric retail sales as the economy
continues to recover from the impacts of COVID-19. Earnings were
also positively impacted by a higher allowed return on equity at
Ameren Illinois Electric Distribution due to a higher projected
average 30-year U.S. Treasury bond yield in 2021 compared to 2020.
Finally, 2021 earnings per share reflected higher weighted-average
basic common shares outstanding.
"We continue to execute on all elements of our strategy,
including significant investments in energy infrastructure and
disciplined cost management across all of our business segments. We
remain on track to deliver within our 2021 earnings per share
guidance range of $3.65 to
$3.85." said Warner L. Baxter, chairman, president and chief
executive officer of Ameren Corporation. "Looking ahead, we remain
focused on continuing to deliver significant long-term value to all
stakeholders under all elements of our strong sustainability value
proposition, which includes delivering safe, reliable and
affordable electric and natural gas services to our customers and
executing our plan to transition to a cleaner energy future in a
responsible fashion. I am pleased to report that our 300 MW
megawatt wind generation facility in northwest Missouri, as well as our carbon-free Callaway
Energy Center, are now in-service."
Ameren recorded net income attributable to common shareholders
for the six months ended June 30,
2021, of $440 million, or
$1.71 per diluted share, compared to
net income attributable to common shareholders for the six months
ended June 30, 2020, of $389 million, or $1.57 per diluted share.
The increase in year-over-year six month earnings reflected
increased infrastructure investments made across all business
segments driven by solid execution of the company's strategy.
Ameren Illinois Natural Gas earnings increased due to higher
delivery service rates effective in late January 2021 and a change in rate design, which
is not expected to impact full-year results. Earnings were also
positively impacted by a higher allowed return on equity at Ameren
Illinois Electric Distribution due to a higher projected 30-year
U.S. Treasury bond yield in 2021 compared to 2020. Increased
earnings at Ameren Missouri were driven by new electric service
rates effective April 1, 2020, and
higher electric retail sales as the economy continues to recover
from the impacts of COVID-19. Earnings also benefited at Ameren
Missouri from lower other operations and maintenance expenses,
primarily driven by disciplined cost management. These positive
factors were partially offset by a change in rate design in Ameren
Missouri electric service rates, which is not expected to impact
full year results, and the amortization of deferred expenses
related to the fall 2020 Callaway refueling and maintenance outage.
Earnings were lower at Ameren Transmission driven by the absence of
the benefit from the May 2020 FERC
order addressing the MISO allowed base return on equity and a
March 2021 FERC order addressing the
historical recovery of materials and supplies inventories. Finally,
2021 earnings per share reflected higher weighted-average basic
common shares outstanding.
Earnings Guidance
Today, Ameren reaffirmed its 2021 earnings guidance range of
$3.65 to $3.85 per diluted share. Earnings guidance for
2021 assumes normal temperatures for the last six months of the
year and is subject to the effects of, among other things: the
impacts of COVID-19; 30-year U.S. Treasury bond yields; regulatory,
judicial and legislative actions; energy center and energy
distribution operations; energy, economic and capital market
conditions; severe storms; unusual or otherwise unexpected gains or
losses; and other risks and uncertainties outlined, or referred to,
in the Forward-looking Statements section of this press
release.
Ameren Missouri Segment Results
Ameren Missouri second quarter 2021 earnings were $111 million, compared to second quarter 2020
earnings of $152 million. The
year-over-year comparison reflected a change in seasonal rate
design, which decreased earnings by approximately $45 million. The change in rate design became
effective in 2021 as a result of the March
2020 electric rate order and is not expected to impact
full-year results. Earnings also reflected the timing of income tax
expense, which decreased earnings by $8
million and is not expected to impact full-year results.
Earnings also decreased due to higher other operations and
maintenance expenses, primarily due to more favorable market
returns on the cash surrender value of company-owned life insurance
in the year-ago period, as well as the amortization of deferred
expenses related to the fall 2020 Callaway refueling and
maintenance outage. Higher interest expense primarily due to higher
long-term debt balances also decreased earnings. These factors were
partially offset by increased earnings on infrastructure and wind
generation investments and higher electric retail sales as the
economy continues to recover from the impacts of COVID-19.
Ameren Illinois Electric Distribution Segment Results
Ameren Illinois Electric Distribution second quarter 2021
earnings were $41 million, compared
to second quarter 2020 earnings of $36
million. The year-over-year improvement reflected increased
earnings on infrastructure investments and a higher allowed return
on equity due to a higher projected average 30-year U.S. Treasury
bond yield in 2021 compared to 2020.
Ameren Illinois Natural Gas Segment Results
Ameren Illinois Natural Gas second quarter 2021 earnings were
$8 million, compared to second
quarter 2020 earnings of $9 million.
The year-over-year comparison reflected a change in rate design,
which decreased earnings by $3
million and is not expected to impact full-year results. The
impact of the change in rate design was offset by higher delivery
service rates that incorporated increased investments in
infrastructure. Both the change in rate design and rate increase
became effective in late January
2021.
Ameren Transmission Segment Results
Ameren Transmission second quarter 2021 earnings were
$55 million, compared to second
quarter 2020 earnings of $59 million.
The year-over-year comparison reflected the absence of the benefit
from the May 2020 FERC order
addressing the MISO allowed base return on equity that more than
offset increased earnings on infrastructure investments.
Ameren Parent Results (includes items not reported in a business
segment)
Ameren Parent results for the second quarter of 2021 reflected a
loss of $8 million, compared to a
second quarter 2020 loss of $13
million. The year-over-year improvement reflected the timing
of income tax expense, which increased earnings by $4 million and is not expected to impact
full-year results.
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at
9 a.m. Central Time on Friday, August
6, to discuss 2021 earnings, earnings guidance and other matters.
Investors, the news media and the public may listen to a live
broadcast of the call at AmerenInvestors.com by clicking on
"Webcast" under "Q2 2021 Earnings Conference Call," where an
accompanying slide presentation will also be available. The
conference call and presentation will be archived for one year in
the "Investor News & Events" section of the website under
"Events and Presentations."
About Ameren
St. Louis-based Ameren
Corporation powers the quality of life for 2.4 million
electric customers and more than 900,000 natural gas customers in a
64,000-square-mile area through its Ameren Missouri and Ameren
Illinois rate-regulated utility subsidiaries. Ameren Illinois
provides electric transmission and distribution service and natural
gas distribution service. Ameren Missouri provides electric
generation, transmission and distribution service, as well as
natural gas distribution service. Ameren Transmission Company of
Illinois develops, owns and
operates rate-regulated regional electric transmission projects in
the Midcontinent Independent System Operator, Inc. For more
information, visit Ameren.com, or follow us on Twitter at
@AmerenCorp, Facebook.com/AmerenCorp, or
LinkedIn/company/Ameren.
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, 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 under Risk
Factors in Ameren's Annual Report on Form 10-K for the year ended
December 31, 2020, 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 any changes
in regulatory policies and ratemaking determinations, that may
change regulatory recovery mechanisms, such as those that may
result from Ameren Missouri's electric service and natural gas
delivery service regulatory rate reviews filed with the Missouri
Public Service Commission (MoPSC) in March
2021, the July 2020 appeal
filed by Ameren Missouri, Ameren Illinois, and Ameren Transmission
Company of Illinois (ATXI)
challenging the refund period related to the May 2020 Federal Energy Regulatory Commission
(FERC) order determining the allowed base return on common equity
(ROE) under the Midcontinent Independent System Operator (MISO)
tariff, the July 2020 appeal filed by
Ameren Missouri, Ameren Illinois, and ATXI challenging the FERC's
rehearing denials in the transmission formula rate revision cases,
Ameren Illinois' electric distribution service rate reconciliation
request filed with the Illinois Commerce Commission (ICC) in
April 2021, and Ameren Illinois'
annual electric energy-efficiency formula rate update filed with
the ICC in May 2021;
- the length and severity of the COVID-19 pandemic, and its
impacts on our business continuity plans and our results of
operations, financial position, and liquidity, including but not
limited to changes in customer demand resulting in changes to sales
volumes, customers' payment for our services and their use of
deferred payment arrangements, future regulatory or legislative
actions that could require suspension of customer disconnections
and/or late fees, among other things, for an extended period of
time, the health and welfare of our workforce and contractors,
supplier disruptions, delays in the completion of construction
projects, which could impact our expected capital expenditures and
rate base growth, Ameren Missouri's ability to recover any forgone
customer late fee revenues or incremental costs, our ability to
meet customer energy-efficiency program goals and earn performance
incentives related to those programs, changes in how we operate our
business and increased data security risks as a result of the
transition to remote working arrangements for a significant portion
of our workforce, and our ability to access the capital markets on
reasonable terms and when needed;
- the effect and duration of Ameren Illinois' election to opt in
to the performance-based formula ratemaking framework for its
electric distribution service, which, unless extended, could
establish annual customer rates effective through 2023 and allow
for a reconciliation of Ameren Illinois' revenue requirement for up
to two annual periods in which customer rates had been established,
but not reconciled, under the performance-based formula ratemaking
framework and its participation in electric energy-efficiency
programs, including 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
pursuant to Ameren Missouri's election to use the plant-in-service
accounting (PISA), including an
extension of use beyond 2023, if requested by Ameren Missouri and
approved by the MoPSC;
- 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,
regulations, interpretations, or rates, and challenges to the tax
positions we have taken, if any, as well as resulting effects on
customer rates;
- the effects on energy prices and demand for our services
resulting from 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 effectiveness of Ameren Missouri's customer
energy-efficiency programs and the related revenues and performance
incentives earned under its Missouri Energy Efficiency Investment
Act (MEEIA) programs;
- Ameren Illinois' ability to achieve the performance standards
applicable to its electric distribution business and the Future
Energy Jobs Act electric customer energy-efficiency goals and the
resulting impact on its allowed ROE;
- our ability to control costs and make substantial investments
in our businesses, including our ability to recover costs,
investments, and our allowed ROEs within frameworks established by
our regulators, while maintaining affordability of our services for
our customers;
- 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 purchased power, zero emission credits,
renewable energy credits, emission allowances, and natural gas for
distribution; 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 from the one Nuclear Regulatory Commission-licensed
supplier of Ameren Missouri's Callaway Energy Center
assemblies;
- 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;
- the effectiveness of our risk management strategies and our use
of financial and derivative instruments;
- the ability to obtain sufficient insurance, including insurance
for Ameren Missouri's nuclear and coal-fired energy centers, or, in
the absence of insurance, the ability to timely recover uninsured
losses from our customers;
- the impact of cyberattacks on us or our suppliers, 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;
- business and economic conditions, which have been affected by,
and will be affected by the length and severity of, the COVID-19
pandemic, including the impact of such conditions on interest
rates;
- disruptions of the capital markets, deterioration in our credit
metrics, 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, including any impacts on our credit ratings that may
result from the economic conditions of the COVID-19 pandemic;
- the inability of our counterparties to meet their obligations
with respect to contracts, credit agreements, and financial
instruments, including as it relates 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 that are affected by disruptions in the
global supply chain caused by the COVID-19 pandemic;
- the impact of weather conditions and other natural phenomena 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 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 the
New Source Review and carbon dioxide, other emissions and
discharges, cooling water intake structures, coal combustion
residuals, 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;
- Ameren Missouri's ability to construct and/or acquire wind,
solar, and other renewable energy generation facilities, retire
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, the 2020 Integrated Resource Plan, or our emissions reduction
goals, and to recover its cost of investment, related return, and,
in the case of customer energy-efficiency programs, any lost
margins in a timely manner, which is affected by the ability to
obtain all necessary regulatory and project approvals, including
certificates of convenience and necessity from the MoPSC or any
other required approvals for the addition of renewable
resources;
- the availability of federal production and investment tax
credits related to renewable energy and Ameren Missouri's ability
to use such credits; the cost of wind, solar, and other renewable
generation and storage technologies; and our ability to obtain
timely interconnection agreements with the MISO or other regional
transmission organizations at an acceptable cost for each
facility;
- advancements in carbon-free generation and storage
technologies, and constructive federal and state energy and
economic policies with respect to those technologies;
- labor disputes, work force reductions, 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, 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 to protect sensitive customer information, increases in
rates, negative media coverage, or concerns about environmental,
social, and/or governance practices;
- the impact of adopting new accounting guidance;
- the effects of strategic initiatives, including mergers,
acquisitions, and divestitures;
- legal and administrative proceedings; 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.
AMEREN CORPORATION
(AEE) CONSOLIDATED STATEMENT OF INCOME (Unaudited,
in millions, except per share amounts)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Operating
Revenues:
|
|
|
|
|
|
|
|
Electric
|
$
|
1,284
|
|
|
$
|
1,237
|
|
|
$
|
2,440
|
|
|
$
|
2,357
|
|
Natural gas
|
188
|
|
|
161
|
|
|
598
|
|
|
481
|
|
Total operating
revenues
|
1,472
|
|
|
1,398
|
|
|
3,038
|
|
|
2,838
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
Fuel
|
173
|
|
|
119
|
|
|
238
|
|
|
259
|
|
Purchased
power
|
129
|
|
|
109
|
|
|
320
|
|
|
243
|
|
Natural gas purchased
for resale
|
65
|
|
|
42
|
|
|
230
|
|
|
149
|
|
Other operations and
maintenance
|
412
|
|
|
384
|
|
|
832
|
|
|
822
|
|
Depreciation and
amortization
|
285
|
|
|
271
|
|
|
566
|
|
|
526
|
|
Taxes other than
income taxes
|
122
|
|
|
119
|
|
|
250
|
|
|
244
|
|
Total operating
expenses
|
1,186
|
|
|
1,044
|
|
|
2,436
|
|
|
2,243
|
|
Operating
Income
|
286
|
|
|
354
|
|
|
602
|
|
|
595
|
|
Other Income,
Net
|
49
|
|
|
48
|
|
|
95
|
|
|
69
|
|
Interest
Charges
|
96
|
|
|
108
|
|
|
196
|
|
|
201
|
|
Income Before
Income Taxes
|
239
|
|
|
294
|
|
|
501
|
|
|
463
|
|
Income
Taxes
|
31
|
|
|
50
|
|
|
58
|
|
|
71
|
|
Net
Income
|
208
|
|
|
244
|
|
|
443
|
|
|
392
|
|
Less: Net Income
Attributable to Noncontrolling Interests
|
1
|
|
|
1
|
|
|
3
|
|
|
3
|
|
Net Income
Attributable to Ameren Common Shareholders
|
$
|
207
|
|
|
$
|
243
|
|
|
$
|
440
|
|
|
$
|
389
|
|
|
|
|
|
|
|
|
|
Earnings per
Common Share – Basic
|
$
|
0.81
|
|
|
$
|
0.99
|
|
|
$
|
1.72
|
|
|
$
|
1.58
|
|
|
|
|
|
|
|
|
|
Earnings per
Common Share – Diluted
|
$
|
0.80
|
|
|
$
|
0.98
|
|
|
$
|
1.71
|
|
|
$
|
1.57
|
|
|
|
|
|
|
|
|
|
Weighted-average
Common Shares Outstanding – Basic
|
256.1
|
|
|
246.9
|
|
|
255.2
|
|
|
246.7
|
|
Weighted-average
Common Shares Outstanding – Diluted
|
257.2
|
|
|
247.9
|
|
|
256.5
|
|
|
248.0
|
|
AMEREN CORPORATION
(AEE)
CONSOLIDATED BALANCE SHEET
(Unaudited, in millions)
|
|
|
June 30,
2021
|
|
December 31,
2020
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
99
|
|
|
$
|
139
|
|
Accounts receivable -
trade (less allowance for doubtful accounts)
|
397
|
|
|
415
|
|
Unbilled
revenue
|
339
|
|
|
269
|
|
Miscellaneous accounts
receivable
|
105
|
|
|
65
|
|
Inventories
|
527
|
|
|
521
|
|
Restricted
cash
|
131
|
|
|
17
|
|
Current regulatory
assets
|
353
|
|
|
109
|
|
Other current
assets
|
165
|
|
|
118
|
|
Total current
assets
|
2,116
|
|
|
1,653
|
|
Property, Plant,
and Equipment, Net
|
28,020
|
|
|
26,807
|
|
Investments and
Other Assets:
|
|
|
|
Nuclear
decommissioning trust fund
|
1,070
|
|
|
982
|
|
Goodwill
|
411
|
|
|
411
|
|
Regulatory
assets
|
1,272
|
|
|
1,100
|
|
Other
assets
|
1,027
|
|
|
1,077
|
|
Total investments and
other assets
|
3,780
|
|
|
3,570
|
|
TOTAL ASSETS
|
$
|
33,916
|
|
|
$
|
32,030
|
|
LIABILITIES AND EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Current maturities of
long-term debt
|
$
|
8
|
|
|
$
|
8
|
|
Short-term
debt
|
431
|
|
|
490
|
|
Accounts and wages
payable
|
779
|
|
|
958
|
|
Taxes
accrued
|
178
|
|
|
82
|
|
Interest
accrued
|
129
|
|
|
114
|
|
Current regulatory
liabilities
|
238
|
|
|
121
|
|
Other current
liabilities
|
414
|
|
|
407
|
|
Total current
liabilities
|
2,177
|
|
|
2,180
|
|
Long-term Debt,
Net
|
12,492
|
|
|
11,078
|
|
Deferred Credits
and Other Liabilities:
|
|
|
|
Accumulated deferred
income taxes and tax credits, net
|
3,309
|
|
|
3,211
|
|
Regulatory
liabilities
|
5,258
|
|
|
5,282
|
|
Asset retirement
obligations
|
712
|
|
|
696
|
|
Pension and other
postretirement benefits
|
39
|
|
|
37
|
|
Other deferred credits
and liabilities
|
447
|
|
|
466
|
|
Total deferred credits
and other liabilities
|
9,765
|
|
|
9,692
|
|
Ameren Corporation
Shareholders' Equity:
|
|
|
|
Common
stock
|
3
|
|
|
3
|
|
Other paid-in capital,
principally premium on common stock
|
6,436
|
|
|
6,179
|
|
Retained
earnings
|
2,915
|
|
|
2,757
|
|
Accumulated other
comprehensive loss
|
(1)
|
|
|
(1)
|
|
Total Ameren
Corporation shareholders' equity
|
9,353
|
|
|
8,938
|
|
Noncontrolling
Interests
|
129
|
|
|
142
|
|
Total
equity
|
9,482
|
|
|
9,080
|
|
TOTAL LIABILITIES
AND EQUITY
|
$
|
33,916
|
|
|
$
|
32,030
|
|
AMEREN CORPORATION
(AEE) CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS (Unaudited, in millions)
|
|
|
Six Months Ended
June 30,
|
|
2021
|
|
2020
|
Cash Flows From
Operating Activities:
|
|
|
|
Net income
|
$
|
443
|
|
|
$
|
392
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
596
|
|
|
532
|
|
Amortization of
nuclear fuel
|
20
|
|
|
45
|
|
Amortization of debt
issuance costs and premium/discounts
|
11
|
|
|
11
|
|
Deferred income taxes
and investment tax credits, net
|
59
|
|
|
68
|
|
Allowance for equity
funds used during construction
|
(16)
|
|
|
(13)
|
|
Stock-based
compensation costs
|
11
|
|
|
11
|
|
Other
|
2
|
|
|
5
|
|
Changes in assets and
liabilities
|
(690)
|
|
|
(357)
|
|
Net cash provided
by operating activities
|
436
|
|
|
694
|
|
Cash Flows From
Investing Activities:
|
|
|
|
Capital
expenditures
|
(1,346)
|
|
|
(1,228)
|
|
Wind generation
expenditures
|
(417)
|
|
|
—
|
|
Nuclear fuel
expenditures
|
(4)
|
|
|
(56)
|
|
Purchases of
securities – nuclear decommissioning trust fund
|
(203)
|
|
|
(153)
|
|
Sales and maturities
of securities – nuclear decommissioning trust fund
|
208
|
|
|
121
|
|
Other
|
2
|
|
|
1
|
|
Net cash used in
investing activities
|
(1,760)
|
|
|
(1,315)
|
|
Cash Flows From
Financing Activities:
|
|
|
|
Dividends on common
stock
|
(282)
|
|
|
(244)
|
|
Dividends paid to
noncontrolling interest holders
|
(3)
|
|
|
(3)
|
|
Short-term debt,
net
|
(59)
|
|
|
(320)
|
|
Maturities of
long-term debt
|
—
|
|
|
(85)
|
|
Issuances of long-term
debt
|
1,423
|
|
|
1,263
|
|
Issuances of common
stock
|
258
|
|
|
27
|
|
Redemptions of Ameren
Illinois preferred stock
|
(13)
|
|
|
—
|
|
Employee payroll taxes
related to stock-based compensation
|
(17)
|
|
|
(20)
|
|
Debt issuance
costs
|
(13)
|
|
|
(10)
|
|
Other
|
(4)
|
|
|
—
|
|
Net cash provided
by financing activities
|
1,290
|
|
|
608
|
|
Net change in
cash, cash equivalents, and restricted cash
|
(34)
|
|
|
(13)
|
|
Cash, cash
equivalents, and restricted cash at beginning of
year
|
301
|
|
|
176
|
|
Cash, cash
equivalents, and restricted cash at end of period
|
$
|
267
|
|
|
$
|
163
|
|
AMEREN CORPORATION
(AEE) OPERATING STATISTICS
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Electric Sales -
kilowatthours (in millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
|
|
|
|
|
|
|
Residential
|
2,851
|
|
|
2,994
|
|
|
6,681
|
|
|
6,542
|
|
Commercial
|
3,269
|
|
|
3,020
|
|
|
6,594
|
|
|
6,372
|
|
Industrial
|
1,044
|
|
|
981
|
|
|
2,018
|
|
|
1,972
|
|
Street lighting and
public authority
|
18
|
|
|
19
|
|
|
40
|
|
|
44
|
|
Ameren Missouri retail
load subtotal
|
7,182
|
|
|
7,014
|
|
|
15,333
|
|
|
14,930
|
|
Off-system
|
1,512
|
|
|
2,172
|
|
|
2,403
|
|
|
4,441
|
|
Ameren Missouri
total
|
8,694
|
|
|
9,186
|
|
|
17,736
|
|
|
19,371
|
|
Ameren Illinois
Electric Distribution
|
|
|
|
|
|
|
|
Residential
|
2,547
|
|
|
2,622
|
|
|
5,610
|
|
|
5,508
|
|
Commercial
|
2,760
|
|
|
2,563
|
|
|
5,604
|
|
|
5,419
|
|
Industrial
|
2,782
|
|
|
2,598
|
|
|
5,407
|
|
|
5,292
|
|
Street lighting and
public authority
|
99
|
|
|
109
|
|
|
221
|
|
|
229
|
|
Ameren Illinois
Electric Distribution total
|
8,188
|
|
|
7,892
|
|
|
16,842
|
|
|
16,448
|
|
Eliminate affiliate
sales
|
(103)
|
|
|
(111)
|
|
|
(144)
|
|
|
(181)
|
|
Ameren
Total
|
16,779
|
|
|
16,967
|
|
|
34,434
|
|
|
35,638
|
|
Electric Revenues
(in millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
|
|
|
|
|
|
|
Residential
|
$
|
328
|
|
|
$
|
359
|
|
|
$
|
640
|
|
|
$
|
656
|
|
Commercial
|
271
|
|
|
264
|
|
|
487
|
|
|
485
|
|
Industrial
|
71
|
|
|
67
|
|
|
123
|
|
|
120
|
|
Other, including
street lighting and public authority
|
85
|
|
|
36
|
|
|
123
|
|
|
48
|
|
Ameren Missouri retail
load subtotal
|
$
|
755
|
|
|
$
|
726
|
|
|
$
|
1,373
|
|
|
$
|
1,309
|
|
Off-system
|
34
|
|
|
45
|
|
|
57
|
|
|
93
|
|
Ameren Missouri
total
|
$
|
789
|
|
|
$
|
771
|
|
|
$
|
1,430
|
|
|
$
|
1,402
|
|
Ameren Illinois
Electric Distribution
|
|
|
|
|
|
|
|
Residential
|
$
|
218
|
|
|
$
|
210
|
|
|
$
|
447
|
|
|
$
|
430
|
|
Commercial
|
127
|
|
|
112
|
|
|
259
|
|
|
238
|
|
Industrial
|
34
|
|
|
30
|
|
|
68
|
|
|
65
|
|
Other, including
street lighting and public authority
|
9
|
|
|
—
|
|
|
25
|
|
|
9
|
|
Ameren Illinois
Electric Distribution total
|
$
|
388
|
|
|
$
|
352
|
|
|
$
|
799
|
|
|
$
|
742
|
|
Ameren
Transmission
|
|
|
|
|
|
|
|
Ameren Illinois
Transmission(a)
|
$
|
88
|
|
|
$
|
86
|
|
|
$
|
169
|
|
|
$
|
161
|
|
ATXI
|
48
|
|
|
50
|
|
|
97
|
|
|
98
|
|
Ameren Transmission
total
|
$
|
136
|
|
|
$
|
136
|
|
|
$
|
266
|
|
|
$
|
259
|
|
Other and
intersegment eliminations(a)
|
(29)
|
|
|
(22)
|
|
|
(55)
|
|
|
(46)
|
|
Ameren
Total
|
$
|
1,284
|
|
|
$
|
1,237
|
|
|
$
|
2,440
|
|
|
$
|
2,357
|
|
|
|
(a)
|
Includes $15 million,
$12 million, $31 million, and $24 million, respectively, of
electric operating revenues from transmission services provided to
the Ameren Illinois Electric Distribution segment.
|
AMEREN CORPORATION
(AEE) OPERATING STATISTICS
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Gas Sales -
dekatherms (in millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
4
|
|
|
4
|
|
|
13
|
|
|
12
|
|
Ameren Illinois
Natural Gas
|
31
|
|
|
31
|
|
|
99
|
|
|
95
|
|
Ameren
Total
|
35
|
|
|
35
|
|
|
112
|
|
|
107
|
|
Gas Revenues (in
millions):
|
|
|
|
|
|
|
Ameren
Missouri
|
$
|
20
|
|
|
$
|
21
|
|
|
$
|
83
|
|
|
$
|
70
|
|
Ameren Illinois
Natural Gas
|
168
|
|
|
140
|
|
|
515
|
|
|
411
|
|
Ameren
Total
|
$
|
188
|
|
|
$
|
161
|
|
|
$
|
598
|
|
|
$
|
481
|
|
|
|
|
June 30,
|
|
|
|
December
31,
|
|
|
|
2021
|
|
|
|
2020
|
Common
Stock:
|
|
|
|
|
|
|
|
Shares outstanding (in
millions)
|
|
|
257.1
|
|
|
|
|
253.3
|
|
Book value per
share
|
|
|
$
|
36.38
|
|
|
|
|
$
|
35.29
|
|
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SOURCE Ameren Corporation