AEE Ameren Corp

Reference is made to Note 2 – Rate and Regulatory Matters to the financial statements under Part II, Item 8. Financial Statements and to Overview and Outlook under Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, each in the Annual Report on Form 10-K for the year ended December 31, 2022 (“Form 10-K”), of registrants Ameren Corporation and Union Electric Company, doing business as Ameren Missouri (“Ameren Missouri”), for a discussion of Ameren Missouri’s electric service regulatory rate review filed with the Missouri Public Service Commission (“MoPSC”) in August 2022.

On April 7, 2023, Ameren Missouri, the staff of the MoPSC, the Missouri Office of Public Counsel, and certain other intervenors filed a nonunanimous stipulation and agreement with the MoPSC. The stipulation and agreement, which is subject to MoPSC approval, would result in a $140 million increase to Ameren Missouri’s annual revenue requirement for electric service compared to its prior revenue requirement established in the MoPSC's December 2021 electric rate order. The stipulation and agreement did not specify an allowed return on equity or common equity ratio. The stipulation and agreement also did not specify a rate base amount or any rate base disallowances.

The stipulation and agreement includes the continued use of the fuel adjustment clause and the regulatory tracking mechanisms for pension and postretirement benefits, uncertain income tax positions, certain excess deferred income taxes, and renewable energy standard costs that the MoPSC previously authorized in earlier electric rate orders. These regulatory tracking mechanisms provide for a base level of expense to be reflected in Ameren Missouri’s base electric rates with differences in the actual expenses incurred recorded as a regulatory asset or liability.

New rates reflecting the stipulation and agreement are expected to become effective on July 1, 2023. Ameren Missouri cannot predict whether the MoPSC will approve the stipulation and agreement or, if approved, whether any application for rehearing or appeal will be filed or the outcome if so filed.

This combined Form 8-K is being filed separately by Ameren Corporation and Union Electric Company. Information contained herein relating to any individual registrant has been filed by such registrant on its own behalf. No registrant makes any representation as to information relating to any other registrant.