ST. LOUIS, Nov. 3, 2021 /PRNewswire/ -- Ameren
Corporation (NYSE: AEE) today announced third quarter 2021 net
income attributable to common shareholders of $425 million, or $1.65 per diluted share, compared to third
quarter 2020 net income attributable to common shareholders of
$367 million, or $1.47 per diluted share.
Third quarter 2021 results reflected earnings on increased
infrastructure investments made across all business segments driven
by strong execution of the company's strategy. Earnings were higher
at Ameren Missouri due to a change in seasonal electric rate design
effective in May 2021 as a result of
the March 2020 rate order, which will
not impact full-year results. Earnings were also positively
impacted by higher Ameren Missouri electric retail sales driven by
an economy that continues to recover from the impacts of COVID-19,
as well as by warmer-than-normal summer temperatures in the third
quarter of 2021 compared to near-normal summer temperatures in the
year-ago period. In addition, earnings were 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. These factors were
partially offset by the timing of income tax expense primarily at
Ameren Parent, which is not expected to materially impact full-year
results, an increase in operations and maintenance expenses at
Ameren Missouri, and a change in rate design at Ameren Illinois
Natural Gas, which is not expected to impact full-year results.
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. As
a result of this strong execution, we raised our 2021 earnings per
share guidance range to $3.75 to
$3.95 from $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."
Ameren recorded net income attributable to common shareholders
for the nine months ended September 30,
2021, of $865 million, or
$3.36 per diluted share, compared to
net income attributable to common shareholders for the nine months
ended September 30, 2020, of
$756 million, or $3.04 per diluted share.
The increase in year-over-year nine month earnings reflected
increased infrastructure investments made across all business
segments driven by strong execution of the company's strategy.
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, as well as
favorable weather compared to the year-ago period. Ameren Illinois
Natural Gas earnings increased due to higher delivery service rates
effective in late January 2021.
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. These positive factors were partially offset by the
amortization of deferred expenses related to the fall 2020 Callaway
refueling and maintenance outage at Ameren Missouri. The timing of
income tax expense decreased earnings at Ameren Parent, which is
not expected to materially impact full-year results. Ameren
Transmission earnings were comparable between periods with
increased infrastructure investments offset 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 raised its 2021 earnings guidance range to
$3.75 to $3.95 per diluted share, compared to the prior
range of $3.65 to $3.85 per diluted share. Earnings guidance for
2021 assumes normal temperatures for the last three 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 third quarter 2021 earnings were $375 million, compared to third quarter 2020
earnings of $297 million. The
year-over-year improvement reflected increased earnings on
infrastructure, including wind generation investments, as well as a
change in seasonal rate design that increased earnings by
approximately $47 million. The change
in rate design became effective in May
2021 as a result of the March
2020 electric rate order and will not impact full-year
results. Earnings were also positively impacted by higher electric
retail sales driven by an economy that continues to recover from
the impacts of COVID-19, as well as by warmer-than-normal summer
temperatures in the third quarter of 2021 compared to near-normal
summer temperatures in the year-ago period. Earnings also reflected
the timing of income tax expense, which increased earnings by
$8 million and is not expected to
materially impact full-year results. These factors were partially
offset by higher other operations and maintenance expenses, due in
part to the amortization of deferred expenses related to the fall
2020 Callaway refueling and maintenance outage.
Ameren Illinois Electric Distribution Segment Results
Ameren Illinois Electric Distribution third quarter 2021
earnings were $36 million, compared
to third quarter 2020 earnings of $34
million. The year-over-year improvement reflected increased
earnings on infrastructure and energy efficiency 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 results for the third quarter of
2021 reflected a loss of $8 million,
compared to third quarter 2020 earnings of $2 million. The year-over-year comparison
reflected a change in rate design, which decreased earnings by
$8 million and is not expected to
impact full-year results. The impact of the change in rate design
was partially 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 third quarter 2021 earnings were
$73 million, compared to third
quarter 2020 earnings of $62 million.
The year-over-year improvement reflected increased earnings on
infrastructure investments.
Ameren Parent Results (includes items not reported in a business
segment)
Ameren Parent results for the third quarter of 2021 reflected a
loss of $51 million, compared to a
third quarter 2020 loss of $28
million. The year-over-year comparison reflected the timing
of income tax expense, which decreased earnings by $16 million and is not expected to materially
impact full-year results.
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at
9 a.m. Central Time on Thursday,
November 4, 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 "Q3 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, welfare, and availability of our workforce and
contractors; the impact of federal COVID-19 vaccine mandates on our
workforce, our contractors, and our suppliers, including any
associated prolonged labor shortages; 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 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 of Ameren Illinois' use of the performance-based
formula ratemaking framework for its electric distribution service,
which will establish and allow for a reconciliation of electric
distribution service rates through 2023, 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 and duration of Ameren Illinois' election to either
utilize traditional regulatory rate reviews or multi-year rate
plans for electric distribution service ratemaking effective for
rates beginning in 2024;
- the effect on Ameren Missouri's investment plan and earnings if
an extension to use plant-in-service accounting (PISA) is not sought by Ameren Missouri or
approved by the MoPSC;
- the effect on Ameren Missouri of any customer rate caps
pursuant to Ameren Missouri's election to use the 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 and
investments, and to earn 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, 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
and inflation;
- 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 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 a final judgment to be issued by the United States Court for the Eastern
District of Missouri regarding its
September 2019 remedy order that
could require Ameren Missouri to install a flue gas desulfurization
system, which would increase capital expenditures and annual
operating costs, or could limit the useful life of Ameren
Missouri's Rush Island Energy Center;
- 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 the impact of 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
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Operating
Revenues:
|
|
|
|
|
|
|
|
Electric
|
$
|
1,668
|
|
|
$
|
1,489
|
|
|
$
|
4,108
|
|
|
$
|
3,846
|
|
Natural gas
|
143
|
|
|
139
|
|
|
741
|
|
|
620
|
|
Total operating
revenues
|
1,811
|
|
|
1,628
|
|
|
4,849
|
|
|
4,466
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
Fuel
|
184
|
|
|
141
|
|
|
422
|
|
|
400
|
|
Purchased
power
|
159
|
|
|
140
|
|
|
479
|
|
|
383
|
|
Natural gas purchased
for resale
|
45
|
|
|
34
|
|
|
275
|
|
|
183
|
|
Other operations and
maintenance
|
457
|
|
|
418
|
|
|
1,289
|
|
|
1,240
|
|
Depreciation and
amortization
|
290
|
|
|
273
|
|
|
856
|
|
|
799
|
|
Taxes other than
income taxes
|
142
|
|
|
128
|
|
|
392
|
|
|
372
|
|
Total operating
expenses
|
1,277
|
|
|
1,134
|
|
|
3,713
|
|
|
3,377
|
|
Operating
Income
|
534
|
|
|
494
|
|
|
1,136
|
|
|
1,089
|
|
Other Income,
Net
|
56
|
|
|
48
|
|
|
151
|
|
|
117
|
|
Interest
Charges
|
94
|
|
|
110
|
|
|
290
|
|
|
311
|
|
Income Before
Income Taxes
|
496
|
|
|
432
|
|
|
997
|
|
|
895
|
|
Income
Taxes
|
70
|
|
|
63
|
|
|
128
|
|
|
134
|
|
Net
Income
|
426
|
|
|
369
|
|
|
869
|
|
|
761
|
|
Less: Net Income
Attributable to Noncontrolling Interests
|
1
|
|
|
2
|
|
|
4
|
|
|
5
|
|
Net Income
Attributable to Ameren Common Shareholders
|
$
|
425
|
|
|
$
|
367
|
|
|
$
|
865
|
|
|
$
|
756
|
|
|
|
|
|
|
|
|
|
Earnings per
Common Share – Basic
|
$
|
1.66
|
|
|
$
|
1.48
|
|
|
$
|
3.38
|
|
|
$
|
3.06
|
|
|
|
|
|
|
|
|
|
Earnings per
Common Share – Diluted
|
$
|
1.65
|
|
|
$
|
1.47
|
|
|
$
|
3.36
|
|
|
$
|
3.04
|
|
|
|
|
|
|
|
|
|
Weighted-average
Common Shares Outstanding – Basic
|
257.3
|
|
|
247.1
|
|
|
255.9
|
|
|
246.8
|
|
Weighted-average
Common Shares Outstanding – Diluted
|
258.6
|
|
|
249.2
|
|
|
257.2
|
|
|
248.4
|
|
AMEREN CORPORATION
(AEE)
|
CONSOLIDATED
BALANCE SHEET
|
(Unaudited, in
millions)
|
|
|
September 30, 2021
|
|
December 31,
2020
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
7
|
|
|
$
|
139
|
|
Accounts receivable -
trade (less allowance for doubtful accounts)
|
515
|
|
|
415
|
|
Unbilled
revenue
|
332
|
|
|
269
|
|
Miscellaneous accounts
receivable
|
111
|
|
|
65
|
|
Inventories
|
595
|
|
|
521
|
|
Current regulatory
assets
|
359
|
|
|
109
|
|
Other current
assets
|
285
|
|
|
135
|
|
Total current
assets
|
2,204
|
|
|
1,653
|
|
Property, Plant,
and Equipment, Net
|
28,559
|
|
|
26,807
|
|
Investments and
Other Assets:
|
|
|
|
Nuclear
decommissioning trust fund
|
1,076
|
|
|
982
|
|
Goodwill
|
411
|
|
|
411
|
|
Regulatory
assets
|
1,235
|
|
|
1,100
|
|
Other
assets
|
1,180
|
|
|
1,077
|
|
Total investments and
other assets
|
3,902
|
|
|
3,570
|
|
TOTAL
ASSETS
|
$
|
34,665
|
|
|
$
|
32,030
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Current maturities of
long-term debt
|
$
|
57
|
|
|
$
|
8
|
|
Short-term
debt
|
553
|
|
|
490
|
|
Accounts and wages
payable
|
811
|
|
|
958
|
|
Taxes
accrued
|
231
|
|
|
82
|
|
Interest
accrued
|
103
|
|
|
114
|
|
Current regulatory
liabilities
|
138
|
|
|
121
|
|
Other current
liabilities
|
464
|
|
|
407
|
|
Total current
liabilities
|
2,357
|
|
|
2,180
|
|
Long-term Debt,
Net
|
12,444
|
|
|
11,078
|
|
Deferred Credits
and Other Liabilities:
|
|
|
|
Accumulated deferred
income taxes and tax credits, net
|
3,465
|
|
|
3,211
|
|
Regulatory
liabilities
|
5,425
|
|
|
5,282
|
|
Asset retirement
obligations
|
705
|
|
|
696
|
|
Pension and other
postretirement benefits
|
39
|
|
|
37
|
|
Other deferred credits
and liabilities
|
416
|
|
|
466
|
|
Total deferred credits
and other liabilities
|
10,050
|
|
|
9,692
|
|
Shareholders'
Equity:
|
|
|
|
Common
stock
|
3
|
|
|
3
|
|
Other paid-in capital,
principally premium on common stock
|
6,483
|
|
|
6,179
|
|
Retained
earnings
|
3,199
|
|
|
2,757
|
|
Accumulated other
comprehensive loss
|
—
|
|
|
(1)
|
|
Total shareholders'
equity
|
9,685
|
|
|
8,938
|
|
Noncontrolling
Interests
|
129
|
|
|
142
|
|
Total
equity
|
9,814
|
|
|
9,080
|
|
TOTAL LIABILITIES
AND EQUITY
|
$
|
34,665
|
|
|
$
|
32,030
|
|
AMEREN CORPORATION
(AEE)
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
(Unaudited, in
millions)
|
|
|
Nine Months
Ended
September 30,
|
|
2021
|
|
2020
|
Cash Flows From
Operating Activities:
|
|
|
|
Net income
|
$
|
869
|
|
|
$
|
761
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
903
|
|
|
802
|
|
Amortization of
nuclear fuel
|
37
|
|
|
68
|
|
Amortization of debt
issuance costs and premium/discounts
|
17
|
|
|
16
|
|
Deferred income taxes
and investment tax credits, net
|
139
|
|
|
125
|
|
Allowance for equity
funds used during construction
|
(30)
|
|
|
(25)
|
|
Stock-based
compensation costs
|
17
|
|
|
16
|
|
Other
|
11
|
|
|
14
|
|
Changes in assets and
liabilities
|
(771)
|
|
|
(448)
|
|
Net cash provided
by operating activities
|
1,192
|
|
|
1,329
|
|
Cash Flows From
Investing Activities:
|
|
|
|
Capital
expenditures
|
(2,098)
|
|
|
(1,884)
|
|
Wind generation
expenditures
|
(515)
|
|
|
—
|
|
Nuclear fuel
expenditures
|
(19)
|
|
|
(61)
|
|
Purchases of
securities – nuclear decommissioning trust fund
|
(411)
|
|
|
(169)
|
|
Sales and maturities
of securities – nuclear decommissioning trust fund
|
404
|
|
|
135
|
|
Other
|
(7)
|
|
|
(2)
|
|
Net cash used in
investing activities
|
(2,646)
|
|
|
(1,981)
|
|
Cash Flows From
Financing Activities:
|
|
|
|
Dividends on common
stock
|
(423)
|
|
|
(367)
|
|
Dividends paid to
noncontrolling interest holders
|
(4)
|
|
|
(5)
|
|
Short-term debt,
net
|
63
|
|
|
(168)
|
|
Maturities of
long-term debt
|
—
|
|
|
(85)
|
|
Issuances of long-term
debt
|
1,423
|
|
|
1,263
|
|
Issuances of common
stock
|
297
|
|
|
37
|
|
Redemptions of Ameren
Illinois preferred stock
|
(13)
|
|
|
—
|
|
Employee payroll taxes
related to stock-based compensation
|
(17)
|
|
|
(20)
|
|
Debt issuance
costs
|
(15)
|
|
|
(11)
|
|
Other
|
(13)
|
|
|
—
|
|
Net cash provided
by financing activities
|
1,298
|
|
|
644
|
|
Net change in
cash, cash equivalents, and restricted cash
|
(156)
|
|
|
(8)
|
|
Cash, cash
equivalents, and restricted cash at beginning of
year
|
301
|
|
|
176
|
|
Cash, cash
equivalents, and restricted cash at end of period
|
$
|
145
|
|
|
$
|
168
|
|
AMEREN CORPORATION
(AEE)
|
OPERATING
STATISTICS
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September 30,
|
|
September 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Electric Sales -
kilowatthours (in millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
|
|
|
|
|
|
|
Residential
|
3,803
|
|
|
3,626
|
|
|
10,484
|
|
|
10,168
|
|
Commercial
|
3,819
|
|
|
3,630
|
|
|
10,413
|
|
|
10,002
|
|
Industrial
|
1,121
|
|
|
1,150
|
|
|
3,139
|
|
|
3,122
|
|
Street lighting and
public authority
|
18
|
|
|
19
|
|
|
58
|
|
|
63
|
|
Ameren Missouri retail
load subtotal
|
8,761
|
|
|
8,425
|
|
|
24,094
|
|
|
23,355
|
|
Off-system
|
2,109
|
|
|
2,208
|
|
|
4,512
|
|
|
6,649
|
|
Ameren Missouri
total
|
10,870
|
|
|
10,633
|
|
|
28,606
|
|
|
30,004
|
|
Ameren Illinois
Electric Distribution
|
|
|
|
|
|
|
|
Residential
|
3,442
|
|
|
3,371
|
|
|
9,052
|
|
|
8,879
|
|
Commercial
|
3,327
|
|
|
3,208
|
|
|
8,931
|
|
|
8,627
|
|
Industrial
|
2,849
|
|
|
2,819
|
|
|
8,256
|
|
|
8,111
|
|
Street lighting and
public authority
|
106
|
|
|
107
|
|
|
327
|
|
|
336
|
|
Ameren Illinois
Electric Distribution total
|
9,724
|
|
|
9,505
|
|
|
26,566
|
|
|
25,953
|
|
Eliminate affiliate
sales
|
(120)
|
|
|
(123)
|
|
|
(264)
|
|
|
(304)
|
|
Ameren
Total
|
20,474
|
|
|
20,015
|
|
|
54,908
|
|
|
55,653
|
|
Electric Revenues
(in millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
|
|
|
|
|
|
|
Residential
|
$
|
537
|
|
|
$
|
455
|
|
|
$
|
1,177
|
|
|
$
|
1,111
|
|
Commercial
|
412
|
|
|
343
|
|
|
899
|
|
|
828
|
|
Industrial
|
98
|
|
|
87
|
|
|
221
|
|
|
207
|
|
Other, including
street lighting and public authority
|
6
|
|
|
47
|
|
|
129
|
|
|
95
|
|
Ameren Missouri retail
load subtotal
|
$
|
1,053
|
|
|
$
|
932
|
|
|
$
|
2,426
|
|
|
$
|
2,241
|
|
Off-system
|
60
|
|
|
52
|
|
|
117
|
|
|
145
|
|
Ameren Missouri
total
|
$
|
1,113
|
|
|
$
|
984
|
|
|
$
|
2,543
|
|
|
$
|
2,386
|
|
Ameren Illinois
Electric Distribution
|
|
|
|
|
|
|
|
Residential
|
$
|
258
|
|
|
$
|
234
|
|
|
$
|
705
|
|
|
$
|
664
|
|
Commercial
|
143
|
|
|
127
|
|
|
402
|
|
|
365
|
|
Industrial
|
26
|
|
|
26
|
|
|
94
|
|
|
91
|
|
Other, including
street lighting and public authority
|
1
|
|
|
4
|
|
|
26
|
|
|
13
|
|
Ameren Illinois
Electric Distribution total
|
$
|
428
|
|
|
$
|
391
|
|
|
$
|
1,227
|
|
|
$
|
1,133
|
|
Ameren
Transmission
|
|
|
|
|
|
|
|
Ameren Illinois
Transmission(a)
|
$
|
108
|
|
|
$
|
92
|
|
|
$
|
277
|
|
|
$
|
253
|
|
ATXI
|
52
|
|
|
49
|
|
|
149
|
|
|
147
|
|
Ameren Transmission
total
|
$
|
160
|
|
|
$
|
141
|
|
|
$
|
426
|
|
|
$
|
400
|
|
Other and
intersegment eliminations(a)
|
(33)
|
|
|
(27)
|
|
|
(88)
|
|
|
(73)
|
|
Ameren
Total
|
$
|
1,668
|
|
|
$
|
1,489
|
|
|
$
|
4,108
|
|
|
$
|
3,846
|
|
|
(a)
|
Includes $18 million,
$15 million, $49 million, and $39 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
|
|
Nine Months
Ended
|
|
September 30,
|
|
September 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Gas Sales -
dekatherms (in millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
2
|
|
|
2
|
|
|
15
|
|
|
14
|
|
Ameren Illinois
Natural Gas
|
27
|
|
|
28
|
|
|
126
|
|
|
123
|
|
Ameren
Total
|
29
|
|
|
30
|
|
|
141
|
|
|
137
|
|
Gas Revenues (in
millions):
|
|
|
|
|
|
|
Ameren
Missouri
|
$
|
16
|
|
|
$
|
17
|
|
|
$
|
99
|
|
|
$
|
87
|
|
Ameren Illinois
Natural Gas
|
127
|
|
|
122
|
|
|
642
|
|
|
533
|
|
Ameren
Total
|
$
|
143
|
|
|
$
|
139
|
|
|
$
|
741
|
|
|
$
|
620
|
|
|
|
|
September 30,
|
|
|
|
December
31,
|
|
|
|
2021
|
|
|
|
2020
|
Common
Stock:
|
|
|
|
|
|
|
|
Shares outstanding (in
millions)
|
|
|
257.6
|
|
|
|
|
253.3
|
|
Book value per
share
|
|
|
$
|
37.60
|
|
|
|
|
$
|
35.29
|
|
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SOURCE Ameren Corporation