Ameren Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Ameren Corp's Q1 2024 10-Q filing provides a detailed financial update for its subsidiaries, Ameren Illinois Co and Union Electric Co.</b>

AI Summary

UNION ELECTRIC CO (UEPCO) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Ameren Corp filed a 10-Q report for the period ending March 31, 2024. The filing includes data for Ameren Illinois Co and Union Electric Co. Key dates include the filing date of May 6, 2024, and the reporting period of January 1, 2024, to March 31, 2024. Financial data points such as common stock, additional paid-in capital, and retained earnings are included for various dates. The report covers segments related to electricity and natural gas reserves.

Why It Matters

For investors and stakeholders tracking UNION ELECTRIC CO, this filing contains several important signals. This filing is crucial for investors to assess the financial health and operational performance of Ameren Corp and its key operating companies during the first quarter of 2024. Understanding the reported financial figures, such as changes in equity and reserves, is essential for making informed investment decisions regarding Ameren Corp.

Risk Assessment

Risk Level: low — UNION ELECTRIC CO shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any unusual or significant negative events, suggesting a routine update on financial performance.

Analyst Insight

Monitor future filings for trends in revenue, net income, and debt levels to assess Ameren Corp's long-term financial strategy and performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-06 — Filing Date (Filed as of date)
• 4931 — Standard Industrial Classification (SIC code for Ameren Corp and Ameren Illinois Co)
• 4911 — Standard Industrial Classification (SIC code for Union Electric Co)

Key Players & Entities

• AMEREN CORP (company) — Filer's company name
• Ameren Illinois Co (company) — Filer's company name
• UNION ELECTRIC CO (company) — Filer's company name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-06 (date) — Filed as of date
• MO (location) — State of incorporation for Ameren Corp
• IL (location) — State of incorporation for Ameren Illinois Co
• ST LOUIS (location) — Business address city for Ameren Corp

FAQ

Industry Context

Ameren Corp operates in the electric and other services industry, providing essential utility services.

Regulatory Implications

The filing is a standard 10-Q report, adhering to SEC regulations for quarterly financial disclosures.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Compare the Q1 2024 results with previous quarters and the same period last year to identify performance trends.
3. Analyze any disclosed risk factors or forward-looking statements for potential impacts on future operations.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing for the first quarter of 2024, providing a baseline for subsequent reports in the fiscal year.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share AEE New York Stock
• $5 — 4 Union Electric Company Common stock, $5 par value per share, held by Ameren Cor

Filing Documents

• aee-20240331.htm (10-Q) — 3198KB
• aee-2024q1xexhibit311.htm (EX-31.1) — 9KB
• aee-2024q1xexhibit312.htm (EX-31.2) — 9KB
• aee-2024q1xexhibit313.htm (EX-31.3) — 9KB
• aee-2024q1xexhibit314.htm (EX-31.4) — 9KB
• aee-2024q1xexhibit315.htm (EX-31.5) — 9KB
• aee-2024q1xexhibit316.htm (EX-31.6) — 9KB
• aee-2024q1xexhibit321.htm (EX-32.1) — 5KB
• aee-2024q1xexhibit322.htm (EX-32.2) — 5KB
• aee-2024q1xexhibit323.htm (EX-32.3) — 5KB
• aee-20240331_g1.jpg (GRAPHIC) — 25KB
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• aee-20240331_g9.jpg (GRAPHIC) — 26KB
• 0001002910-24-000090.txt (&nbsp;) — 15719KB
• aee-20240331.xsd (EX-101.SCH) — 76KB
• aee-20240331_cal.xml (EX-101.CAL) — 85KB
• aee-20240331_def.xml (EX-101.DEF) — 508KB
• aee-20240331_lab.xml (EX-101.LAB) — 802KB
• aee-20240331_pre.xml (EX-101.PRE) — 618KB
• aee-20240331_htm.xml (XML) — 3305KB

Forward-looking Statements

Forward-looking Statements 1

Financial Information

PART I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 4 Ameren Corporation 4 Consolidated Statement of Income and Comprehensive Income 4 Consolidated Balance Sheet 5 Consolidated Statement of Cash Flows 6 Consolidated Statement of Shareholders' Equity 7 Union Electric Company (d/b/a Ameren Missouri) 8 Consolidated Statement of Income 8 Consolidated Balance Sheet 9 Consolidated Statement of Cash Flows 10 Consolidated Statement of Shareholders' Equity 11 Ameren Illinois Company (d/b/a Ameren Illinois) 12 12 Balance Sheet 13 14 15 Note 1. Summary of Significant Accounting Policies 16 Note 2. Rate and Regulatory Matters 17 Note 3. Short-term Debt and Liquidity 20 Note 4. Long-term Debt and Equity Financings 20 Note 5. Other Income, Net 22 Note 6. Derivative Financial Instruments 22 Note 7. Fair Value Measurements 24 Note 8. Related-party Transactions 26 Note 9. Commitments and Contingencies 28 Note 10. Callaway Energy Center 31 Note 11. Retirement Benefits 32 Note 12. Income Taxes 33 Note 13. Supplemental Information 33 Note 14. Segment Information 36

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 68

Controls and Procedures

Item 4. Controls and Procedures 68

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 68

Risk Factors

Item 1A. Risk Factors 68

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68

Other Information

Item 5. Other Information 69

Exhibits

Item 6. Exhibits 70

Signatures

Signatures 71 Table of Contents 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. Refer to the Form 10-K for a complete listing of glossary terms and abbreviations. Only new or significantly changed terms and abbreviations are included below. Form 10-K – The combined Annual Report on Form 10-K for the year ended December 31, 2023, filed by the Ameren Companies with the SEC.

FORWARD-LOOKING STATEMENTS

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 petition to the MoPSC for a financing order to authorize the issuance of securitized utility tariff bonds to finance the cost of the planned accelerated retirement of the Rush Island Energy Center, any additional mitigation relief related to the operation of the Rush Island Energy Center that may be ordered by the United States District Court for the Eastern District of Missouri, Ameren Missouri's proposed customer energy-efficiency plan under the MEEIA filed with the MoPSC in January 2024, Ameren Illinois' December 2023 ICC order for the MYRP electric distribution service regulatory rate review that directed Amer

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. AMEREN CORPORATION CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (In millions, except per share amounts) Three Months Ended March 31, 2024 2023 Operating Revenues: Electric $ 1,364 $ 1,590 Natural gas 452 472 Total operating revenues 1,816 2,062 Operating Expenses: Fuel and purchased power 328 608 Natural gas purchased for resale 151 208 Other operations and maintenance 470 448 Depreciation and amortization 361 320 Taxes other than income taxes 135 127 Total operating expenses 1,445 1,711 Operating Income 371 351 Other Income, Net 89 78 Interest Charges 154 127 Income Before Income Taxes 306 302 Income Taxes 44 37 Net Income 262 265 Less: Net Income Attributable to Noncontrolling Interests 1 1 Net Income Attributable to Ameren Common Shareholders $ 261 $ 264 Net Income $ 262 $ 265 Other Comprehensive Loss, Net of Taxes Pension and other postretirement benefit plan activity, net of income taxes (benefit) of $ — and $ — , respectively ( 1 ) ( 1 ) Comprehensive Income 261 264 Less: Comprehensive Income Attributable to Noncontrolling Interests 1 1 Comprehensive Income Attributable to Ameren Common Shareholders $ 260 $ 263 Earnings per Common Share – Basic $ 0.98 $ 1.01 Earnings per Common Share – Diluted $ 0.98 $ 1.00 Weighted-average Common Shares Outstanding – Basic 266.4 262.2 Weighted-average Common Shares Outstanding – Diluted 266.8 263.1 The accompanying notes are an integral part of these consolidated financial statements. 4 Table of Contents AMEREN CORPORATION CONSOLIDATED BALANCE SHEET (Unaudited) (In millions, except per share amounts) March 31, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 85 $ 25 Accounts receivable – trade (less allowance for doubtful accounts of $ 37 and $ 30 , respectively) 507 494 Unbilled revenue 272 319 Miscellaneous accounts receivable 82 106 Inventories 679 733 Current regulatory assets

View Full Filing

View this 10-Q filing on SEC EDGAR