Ameren Corporation (AEE)

Ameren Corporation reported second-quarter 2026 net income of $314 million, or $1.13 per diluted share, on July 30, against $275 million, or $1.01, a year earlier 1.

The company credited earnings on infrastructure investments, partly offset by higher operations and maintenance costs, mainly tree trimming and energy center maintenance 1. It also reaffirmed its 2026 earnings guidance range of $5.25 to $5.45 per diluted share 1.

On September 28, 2026, Ameren Missouri filed its non-binding long-range resource plan with the Missouri Public Service Commission 4. The plan reflects high load growth scenarios of about 2.9 to 3.9 gigawatts by 2030 4.

In June 2026 the company asked Missouri regulators for $343 million more in annual electric revenue, with a decision expected by May 2027 2. On September 18 it sold $900 million of junior subordinated notes due 2057 5.

Ameren was formed in 1997 and is a public utility holding company based in Missouri, whose main assets are its stakes in its subsidiaries 3.

Operating revenue was $7,500 million in 2023, $7,623 million in 2024 and $8,799 million in 2025 3. Electric sales were $7,668 million of the 2025 total and natural gas sales were $1,131 million 3.

Net income for common shareholders rose to $1,456 million in 2025 from $1,182 million in 2024, or $5.35 per diluted share from $4.42 3. The main lift was higher base rates at Ameren Missouri from June 1, 2025, after the April 2025 state electric rate order 3.

Costs also grew: fuel and purchased power reached $2,306 million in 2025 from $1,681 million in 2024, and the company named higher interest, vegetation management and storm costs as drags on earnings 3.

The generation fleet changed as the Rush Island coal plant retired in October 2024, and in December 2024 Ameren Missouri issued bonds tied to that retirement 3.

Renewable generation in the rate base, the investment on which regulators let a utility earn a return, grew from $1.4 billion at the end of 2023 to $2.4 billion a year later 3.

In Illinois, the state commission approved electric delivery revenue requirements of $1,206 million, $1,287 million, $1,367 million and $1,421 million for 2024 through 2027 2. That was a cumulative four-year increase of $308 million from the 2023 starting point 2.

Missouri rates rose 12 percent in June 2025, adding $355 million for the company, after it first asked for 15 percent, St. Louis Public Radio reported 8. A May 2025 tornado damaged distribution lines in north St. Louis and southeast Missouri 8.

Ameren Missouri

Ameren Missouri runs a rate-regulated business that makes, moves and delivers electricity and also delivers natural gas in Missouri 3. Its second-quarter 2026 earnings were $157 million against $150 million a year before 1.

Its plants include the Labadie coal plant at 2,372 megawatts, the Sioux coal plant at 972 and the Callaway nuclear plant at 1,194 3. The Callaway operating license is set to expire in 2044 3.

Ameren Illinois and Ameren Transmission

Ameren Illinois runs electric delivery and gas delivery in Illinois, and its transmission arm ATXI runs a federally regulated high-voltage power line business in the MISO grid region 3. Quarterly earnings were $96 million for Transmission, $70 million for Illinois electric delivery and $9 million for Illinois gas 1.

Ameren says it serves 2.5 million electric customers and more than 900,000 natural gas customers across a 64,000-square-mile area 1.

Spending and the large-customer pipeline

Ameren invested $2.7 billion in its regulated businesses in the first six months of 2026 2. Ameren Missouri's Smart Energy Plan totals about $20.8 billion of investment for 2026 through 2030, largely recoverable through a state mechanism 2.

In 2026 Ameren Missouri signed electric service agreements with large customers for 2.8 gigawatts of demand 2. St. Louis Public Radio reported that the plan counts 40 potential large data centers in the territory 9.

People, rivals and problems

Martin J Lyons Jr has been chairman, president and chief executive since January 2022, and Leonard P Singh has been chief financial officer since January 2026 3.

Milder temperatures cut electric sales in the six months ended June 30, 2026 1. Environmental groups criticized the gas-heavy resource plan, and the Sierra Club's Jenn DeRose said solar and wind are the cheapest to build and the company is still choosing gas 9.

The umbrella, in words

Ameren holds all outstanding common stock of Ameren Missouri and Ameren Illinois 3. Ameren Missouri Securitization Funding, a special purpose entity wholly owned by Ameren Missouri, was formed in 2024 to service bonds tied to the Rush Island retirement 3.

Ameren Services provides support services such as accounting, legal and treasury to Ameren and its subsidiaries 3. The parent's loss improved in the second quarter of 2026, mainly from earnings on its innovative energy technology investments, which the release does not itemize 1.

Ameren's common shareholders of record totaled 31,149 on January 30, 2026, and the annual report names no controlling holder 3.

Ameren expects 2026 earnings of $5.25 to $5.45 per diluted share, assuming normal temperatures for the last six months of the year 1.

Ameren Missouri's resource plan adds 2,100 megawatts of combined-cycle gas generation by 2031, 1,900 megawatts of simple-cycle gas by 2029 and 1,200 megawatts of new nuclear by 2040 4. It also expects to seek approval to run Callaway beyond its current 2044 license date 4.

In July 2026 Ameren Missouri asked for approval to build the West Alton gas project of 2,100 megawatts, which the filing dates for the fourth quarter of 2031 2.

The commission is expected to decide the $343 million electric rate request by May 2027 2.

The company expects the 2.8 gigawatts of large-customer demand to begin in the second half of 2027 and reach full capacity by the end of 2029 2.

To fund the plan, the company raised its at-the-market share program by $2,000,000,000, leaving up to $2,266,700,000 available 6.