Ameren Corp. Files 2023 Annual Report on Form 10-K

Ticker: UEPCO · Form: 10-K · Filed: Feb 29, 2024 · CIK: 100826

Union Electric Co 10-K Filing Summary
FieldDetail
CompanyUnion Electric Co (UEPCO)
Form Type10-K
Filed DateFeb 29, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $100, $5, $1.2 billion, $1.4 billion
Sentimentneutral

Sentiment: neutral

Topics: Ameren Corp, 10-K, Annual Report, Utilities, Financials

TL;DR

<b>Ameren Corp. filed its 2023 10-K, detailing financial performance and operations for the year ending December 31, 2023.</b>

AI Summary

UNION ELECTRIC CO (UEPCO) filed a Annual Report (10-K) with the SEC on February 29, 2024. Ameren Corporation filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. Key subsidiaries include Ameren Illinois Company and Union Electric Co. The report includes consolidated financial statements for the fiscal years 2021, 2022, and 2023. The company's principal business is electric and other services.

Why It Matters

For investors and stakeholders tracking UNION ELECTRIC CO, this filing contains several important signals. This 10-K provides a comprehensive overview of Ameren's financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's stability and future prospects. The filing details the financial activities of its major subsidiaries, Ameren Illinois Company and Union Electric Co., offering insights into the performance of its regulated utility operations in Illinois and Missouri.

Risk Assessment

Risk Level: medium — UNION ELECTRIC CO shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond routine reporting.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Ameren's performance and potential challenges for the upcoming fiscal year.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Period covered by the 10-K filing)
  • 2024-02-29 — Filing Date (Date the 10-K was filed with the SEC)
  • 4931 — SIC Code (Standard Industrial Classification for Ameren Corp and Ameren Illinois Co.)
  • 4911 — SIC Code (Standard Industrial Classification for Union Electric Co.)

Key Players & Entities

  • AMEREN CORP (company) — Filer of the 10-K
  • Ameren Illinois Co (company) — Subsidiary
  • UNION ELECTRIC CO (company) — Subsidiary
  • MO (location) — State of Incorporation for Ameren Corp and Union Electric Co.
  • IL (location) — State of Incorporation for Ameren Illinois Co.
  • 2023-12-31 (date) — Fiscal Year End
  • 2024-02-29 (date) — Filing Date

FAQ

When did UNION ELECTRIC CO file this 10-K?

UNION ELECTRIC CO filed this Annual Report (10-K) with the SEC on February 29, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by UNION ELECTRIC CO (UEPCO).

Where can I read the original 10-K filing from UNION ELECTRIC CO?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by UNION ELECTRIC CO.

What are the key takeaways from UNION ELECTRIC CO's 10-K?

UNION ELECTRIC CO filed this 10-K on February 29, 2024. Key takeaways: Ameren Corporation filed its 2023 Form 10-K on February 29, 2024.. The filing covers the fiscal year ending December 31, 2023.. Key subsidiaries include Ameren Illinois Company and Union Electric Co..

Is UNION ELECTRIC CO a risky investment based on this filing?

Based on this 10-K, UNION ELECTRIC CO presents a moderate-risk profile. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond routine reporting.

What should investors do after reading UNION ELECTRIC CO's 10-K?

Review the detailed financial statements and risk factors within the 10-K to understand Ameren's performance and potential challenges for the upcoming fiscal year. The overall sentiment from this filing is neutral.

How does UNION ELECTRIC CO compare to its industry peers?

Ameren Corporation operates in the regulated electric and gas utility industry, providing essential energy services to customers in Missouri and Illinois.

Are there regulatory concerns for UNION ELECTRIC CO?

As a regulated utility, Ameren is subject to oversight by state public utility commissions and federal agencies, which impacts its rates, operations, and capital investments.

Industry Context

Ameren Corporation operates in the regulated electric and gas utility industry, providing essential energy services to customers in Missouri and Illinois.

Regulatory Implications

As a regulated utility, Ameren is subject to oversight by state public utility commissions and federal agencies, which impacts its rates, operations, and capital investments.

What Investors Should Do

  1. Analyze the consolidated financial statements for the fiscal years 2021, 2022, and 2023 to identify trends in revenue, expenses, and profitability.
  2. Examine the business descriptions of Ameren Illinois Company and Union Electric Co. to understand their specific operational contexts and contributions to the parent company.
  3. Review any disclosed risk factors to assess potential challenges and uncertainties facing Ameren in the upcoming fiscal year.

Key Dates

  • 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
  • 2024-02-29: Filing Date — Date Ameren Corp filed its 10-K with the SEC.

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing updated financial and operational data compared to previous filings.

Filing Stats: 4,384 words · 18 min read · ~15 pages · Grade level 15.5 · Accepted 2024-02-29 14:48:22

Key Financial Figures

  • $0.01 — ange on which registered Common Stock, $0.01 par value per share AEE New York Stock
  • $100 — cumulative, no par value, stated value $100 per share Ameren Illinois Company Pre
  • $5 — 7 Union Electric Company Common stock, $5 par value per share, held by Ameren Cor
  • $1.2 billion — reement – Ameren's and Ameren Illinois' $1.2 billion senior unsecured credit agreement, whic
  • $1.4 billion — eement – Ameren's and Ameren Missouri's $1.4 billion senior unsecured credit agreement, whic

Filing Documents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 4 PART I

Business

Item 1. Business 6 General 6 Business Segments 7 Rates and Regulation 7 Transmission 9 Supply of Electric Power 10 Power Generation 11 Renewable Energy and Zero Emission Standards 12 Customer Energy-Efficiency Programs 13 Natural Gas Supply for Distribution 14 Human Capital Management 14 Industry Issues 16 Operating Statistics 18 Available Information 20

Risk Factors

Item 1A. Risk Factors 20

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 30

Cybersecurity

Item 1C. Cybersecurity 30

Properties

Item 2. Properties 31

Legal Proceedings

Item 3. Legal Proceedings 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33 Information about Our Executive Officers 34 PART II

Market for Registrants' Common Equity, Related Stockholder Matters, and Issuer Purchase s of Equity Securities

Item 5. Market for Registrants' Common Equity, Related Stockholder Matters, and Issuer Purchase s of Equity Securities 36

(Reserved)

Item 6. (Reserved) 37

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Overview 38 Results of Operations 42 Liquidity and Capital Resources 57 Outlook 67 Regulatory Matters 74 Accounting Matters 74

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 78

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 82 Ameren Corporation 88 Union Electric 92 Ameren Illinois 96 Note 1. Summary of Significant Accounting Policies 100 Note 2. Rate and Regulatory Matters 105 Note 3. Property, Plant, and Equipment, Net 116 Note 4. Short-term Debt and Liquidity 117 Note 5. Long-term Debt and Equity Financings 120 Note 6. Other Income, Net 127 Note 7. Derivative Financial Instruments 127 Note 8. Fair Value Measurements 130 Note 9. Callaway Energy Center 133 Note 10. Retirement Benefits 136 Note 11. Stock-based Compensation 142 Note 12. Income Taxes 144 Note 13. Related-party Transactions 147 Note 14. Commitments and Contingencies 150 Note 15. Supplemental Information 153 Note 16. Segment Information 156

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 160

Controls and Procedures

Item 9A. Controls and Procedures 161

Other Information

Item 9B. Other Information 161

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 161 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 161

Executive Compensation

Item 11. Executive Compensation 162

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 162

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 163

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 163 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 164

Form 10-K Summary

Item 16. Form 10-K Summary 169 EXHIBIT INDEX 170

SIGNATURES

SIGNATURES 177 This report contains "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements should be read with the cautionary statements and important factors under the heading "Forward-looking Statements." Forward-looking statements are all statements other than statements of historical fact, including those statements that are identified by the use of the words "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," "targets," and similar expressions. Table of Conten t s GLOSSARY OF TERMS AND ABBREVIATIONS We use the words "our," "we" or "us" with respect to certain information that relates to Ameren, Ameren Missouri, and Ameren Illinois, collectively. When appropriate, subsidiaries of Ameren Corporation are named specifically as their various business activities are discussed. 2023 IRP – Integrated Resource Plan, a long-term nonbinding plan that Ameren Missouri filed with the MoPSC in September 2023 that includes Ameren Missouri's preferred plan for meeting customers' projected long-term energy needs. Ameren – Ameren Corporation and its subsidiaries on a consolidated basis. In references to financing activities, acquisition activities, or liquidity arrangements, Ameren is defined as Ameren Corporation, the parent. Ameren Companies – Ameren Corporation, Ameren Missouri, and Ameren Illinois, collectively, which are individual registrants within the Ameren consolidated group. Ameren Illinois – Ameren Illinois Company, an Ameren Corporation subsidiary that operates rate-regulated electric transmission, electric distribution, and natural gas distribution businesses in Illinois, doing business as Ameren Illinois. Ameren Illinois Electric Distribution – An Ameren Corporation and Ameren Illinois financial reporting segment consisting of the rate-regulated electric distribution business of Ameren Illinois. Ameren Illinois Natural Gas – An Ameren

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