Organizations across Missouri join in leading the energy
transformation
ST.
LOUIS, April 13, 2023 /PRNewswire/ -- Ameren
Missouri, a subsidiary of Ameren Corporation (NYSE: AEE), received
approval from the Missouri Public Service Commission (MoPSC) to
acquire, upon completion, a 150-megawatt (MW) solar facility in
White County, Illinois. The solar
facility is part of Ameren Missouri's plan to ensure that it can
supply its customers with clean and affordable energy. The
acquisition is subject to customary closing conditions and is
anticipated to begin generating clean energy late next year.
The solar facility will also be used to support the Renewable
Solutions program, which also received MoPSC approval.
Ten organizations from across Missouri are the initial participants in the
Renewable Solutions program. Program participants are contributing
a portion of the costs of the facility, while the facility meets
the energy needs of all Ameren Missouri customers. In exchange for
their contribution, participating organizations receive renewable
energy credits, allowing them to meet their own renewable energy
goals. The Renewable Solutions program may be expanded in the
future to provide additional opportunities for eligible
customers.
"Thanks to the commitment of these 10 organizations, all
customers will benefit from the additional renewable energy the
facility provides," said Mark
Birk, chairman and president of Ameren Missouri. "The
Renewable Solutions program is one of the creative, innovative
partnerships we're pursuing to support our renewable energy efforts
and serve our customers' needs while maintaining the energy
reliability and resiliency our customers expect."
The following are some of the organizations that have committed
to supporting renewable energy development in our region as part of
the Renewable Solutions program:
- Bi-State Development
- bioMérieux
- Emerson
- General Motors
- Mastercard
- SSM Health
- Walmart
Earlier this year, Ameren Missouri received approval for the
planned acquisition of the 200 MW Huck Finn solar installation in
central Missouri, which would be
the largest solar project in company history. Huck Finn is not part
of the Renewable Solutions program.
"We continue to work with developers and other stakeholders on
additional renewable energy generation projects to ensure a
continued supply of reliable, affordable and sustainable energy is
available to meet our customers' needs," said Ajay Arora, chief renewable development
officer at Ameren.
Ameren Missouri plans to add a total of 2,800 MW in new, clean
renewable generation by 2030. Today's announcement is the tenth
solar facility the company has announced or put in service since
2019. The 150 MW solar facility in White
County is expected to produce enough renewable energy to
meet the annual needs of nearly 27,500 homes.
Support for Renewable Solutions
The Renewable
Solutions program would not be possible without the support of
local organizations.
"Emerson has established a target to achieve net-zero operations
and source 100% renewable electricity by 2030. We commend the
Ameren Missouri team for developing this opportunity to invest in
renewable energy as businesses in our region work together toward a
more sustainable future," said Mike
Train, senior vice president and chief sustainability
officer at Emerson.
About Ameren Missouri
Ameren Missouri has been
providing electric and gas service for more than 100 years. Ameren
Missouri's mission is to power the quality of life for its 1.2
million electric and 135,000 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 on Twitter 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, 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, Ameren and Ameren Missouri 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 and Ameren Missouri's Annual Report on Form 10-K
for the year ended December 31, 2022,
and their other reports filed with the Securities and Exchange
Commission under the Securities Exchange Act of 1934, could cause
actual results to differ materially from management expectations
suggested in such "forward-looking" statements. All
"forward-looking" statements included in this report are based upon
information presently available, and Ameren and Ameren Missouri,
except to the extent required by the federal securities laws,
undertake no obligation to update or revise publicly any
"forward-looking" statements to reflect new information or current
events.
- 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 the impact of a final ruling to be issued by
the United States Court for the
Eastern District of Missouri
regarding its September 2019 remedy
order for the Rush Island Energy Center, the MoPSC staff review of
the planned Rush Island Energy Center retirement, and Ameren
Missouri's electric regulatory rate review filed in August 2022 with the MoPSC;
- 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 return equity, within
frameworks established by our regulators, while maintaining
affordability of our services for our customers;
- 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 plant-in-service
accounting;
- 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 combined cycle energy
centers, 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 margins in a timely manner, each of 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;
- 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 storage
technologies; and our ability to obtain timely interconnection
agreements with the Midcontinent Independent System Operator, Inc.
or other regional transmission organizations at an acceptable cost
for each facility;
- 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 Inflation Reduction Act of 2022
("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 pursuant to the IRA;
- 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 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 purchased
power, including capacity, renewable energy credits, 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 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 our energy sales;
- the impact of cyberattacks and data security risks 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;
- 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 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 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 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 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 the
New Source Review provisions of the Clean Air Act, 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;
- 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 programs;
- 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, 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 environmental, social and governance
practices;
- the impact of adopting new accounting guidance;
- the effects of strategic initiatives, including mergers,
acquisitions, and divestitures;
- legal and administrative proceedings;
- the length and severity of the COVID-19 pandemic, and its
impacts on our results of operations, financial position, and
liquidity; and
- the impacts of the Russian invasion of Ukraine, related sanctions imposed by the U.S.
and other governments, and any broadening of the conflict,
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, 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,
Ameren and Ameren Missouri 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