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ý
|
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended June 30, 2016
|
¨
|
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to
|
Commission
File Number
|
|
Exact name of registrant as specified in its charter;
State of Incorporation;
Address and Telephone Number
|
|
IRS Employer
Identification No.
|
1-14756
|
|
Ameren Corporation
|
|
43-1723446
|
|
|
(Missouri Corporation)
|
|
|
|
|
1901 Chouteau Avenue
|
|
|
|
|
St. Louis, Missouri 63103
|
|
|
|
|
(314) 621-3222
|
|
|
|
|
|
||
1-2967
|
|
Union Electric Company
|
|
43-0559760
|
|
|
(Missouri Corporation)
|
|
|
|
|
1901 Chouteau Avenue
|
|
|
|
|
St. Louis, Missouri 63103
|
|
|
|
|
(314) 621-3222
|
|
|
|
|
|
||
1-3672
|
|
Ameren Illinois Company
|
|
37-0211380
|
|
|
(Illinois Corporation)
|
|
|
|
|
6 Executive Drive
|
|
|
|
|
Collinsville, Illinois 62234
|
|
|
|
|
(618) 343-8150
|
|
|
Ameren Corporation
|
|
Yes
|
|
ý
|
|
No
|
|
¨
|
Union Electric Company
|
|
Yes
|
|
ý
|
|
No
|
|
¨
|
Ameren Illinois Company
|
|
Yes
|
|
ý
|
|
No
|
|
¨
|
Ameren Corporation
|
|
Yes
|
|
ý
|
|
No
|
|
¨
|
Union Electric Company
|
|
Yes
|
|
ý
|
|
No
|
|
¨
|
Ameren Illinois Company
|
|
Yes
|
|
ý
|
|
No
|
|
¨
|
|
|
Large Accelerated
Filer
|
|
Accelerated
Filer
|
|
Non-Accelerated
Filer
|
|
Smaller Reporting
Company
|
Ameren Corporation
|
|
ý
|
|
¨
|
|
¨
|
|
¨
|
Union Electric Company
|
|
¨
|
|
¨
|
|
ý
|
|
¨
|
Ameren Illinois Company
|
|
¨
|
|
¨
|
|
ý
|
|
¨
|
Ameren Corporation
|
|
Yes
|
|
¨
|
|
No
|
|
ý
|
Union Electric Company
|
|
Yes
|
|
¨
|
|
No
|
|
ý
|
Ameren Illinois Company
|
|
Yes
|
|
¨
|
|
No
|
|
ý
|
Ameren Corporation
|
|
Common stock, $0.01 par value per share
–
242,634,798
|
Union Electric Company
|
|
Common stock, $5 par value per share, held by Ameren
Corporation
–
102,123,834
|
Ameren Illinois Company
|
|
Common stock, no par value, held by Ameren
Corporation
–
25,452,373
|
|
|
Page
|
|
|
|
|
|
|
|
||
|
|
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
Union Electric Company
(d/b/a Ameren Missouri)
|
|
|
||
|
||
|
||
|
Ameren Illinois Company
(d/b/a Ameren Illinois)
|
|
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
||
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 6.
|
||
|
|
|
|
•
|
regulatory, judicial, or legislative actions, including changes in regulatory policies and ratemaking determinations, that may result from the complaint cases filed with the FERC seeking a reduction in the allowed base return on common equity under the MISO tariff, Ameren Missouri’s July 2016 electric rate case filing, Ameren Missouri's appeal of a MoPSC order that clarified the method applied to determine an input used to calculate its performance incentive under MEEIA 2013, Ameren Illinois’ April 2016 annual electric distribution service formula rate update filing, and future regulatory, judicial, or legislative actions that change regulatory recovery mechanisms;
|
•
|
the effect of Ameren Illinois participating in a performance-based formula ratemaking process under the IEIMA, including the direct relationship between Ameren Illinois' return on common equity and 30-year United States Treasury bond yields, the related financial commitments required by the IEIMA, and the resulting uncertain impact on Ameren Illinois' results of operations, financial position, and liquidity;
|
•
|
our ability to align our overall spending, both operating and capital, with regulatory frameworks established by our regulators in an attempt to earn our allowed return on equity;
|
•
|
the effects of changes in laws and other governmental actions, including monetary, fiscal, tax, and energy policies;
|
•
|
the effects of changes in federal, state, or local tax laws, regulations, interpretations, or rates and any challenges to the tax positions taken by the Ameren Companies;
|
•
|
the effects on demand for our services resulting from technological advances, including advances in customer energy efficiency and distributed generation sources, which generate electricity at the site of consumption and are becoming more cost-competitive;
|
•
|
the effectiveness of Ameren Missouri's customer energy efficiency programs and the related amount of any revenues and performance incentive earned under MEEIA 2013, MEEIA 2016, and any future MEEIA plan;
|
•
|
the timing of increasing capital expenditure and operating expense requirements and our ability to recover these costs in a timely manner;
|
•
|
the cost and availability of fuel, such as coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of purchased power and natural gas for distribution; and the level and volatility of future market prices for such commodities, including our ability to recover the costs for such commodities and our customers' tolerance for the related rate increases;
|
•
|
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 ultra-low-sulfur coal used for Ameren Missouri’s compliance with environmental regulations;
|
•
|
the effectiveness of our risk management strategies and our use of financial and derivative instruments;
|
•
|
the ability to obtain sufficient insurance, including insurance relating to Ameren Missouri’s Callaway energy center and insurance for cyber attacks, or, in the absence of insurance, the ability to recover uninsured losses from our customers;
|
•
|
business and economic conditions, including their impact on key customers, interest rates, collection of our receivable balances, and demand for our products;
|
•
|
Noranda's bankruptcy filing, the idling of operations at its aluminum smelter located in southeast Missouri, and the resulting impacts to Ameren Missouri's ability to recover its revenue requirement until rates are adjusted by the MoPSC in Ameren Missouri’s July 2016 electric rate case to accurately reflect Noranda’s actual sales volumes;
|
•
|
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;
|
•
|
the impact of adopting new accounting guidance and the application of appropriate accounting rules and guidance;
|
•
|
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;
|
•
|
the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets;
|
•
|
the effects of breakdowns or failures of equipment in the operation of natural gas distribution and transmission systems and storage facilities, such as leaks, explosions and mechanical problems, and compliance with natural gas safety regulations;
|
•
|
the effects of our increasing investment in electric transmission projects, our ability to obtain all of the necessary approvals to complete the projects, and the uncertainty as to whether we will achieve our expected returns in a timely manner;
|
•
|
operation of Ameren Missouri's Callaway energy center, including planned and unplanned outages, and decommissioning costs;
|
•
|
the effects of strategic initiatives, including mergers, acquisitions, and divestitures, and any related tax implications;
|
•
|
the impact of current environmental regulations and new, more stringent, or changing requirements, including those related to CO
2
, other emissions and discharges, cooling water intake structures, CCR, and energy efficiency, that are enacted over time and that could limit or terminate the operation of certain of Ameren Missouri’s energy centers, increase our 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 portfolio requirements in Missouri;
|
•
|
labor disputes, work force reductions, future wage and employee benefits costs, including changes in discount rates, mortality tables, and returns on benefit plan assets;
|
•
|
the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments;
|
•
|
the cost and availability of transmission capacity for the energy generated by Ameren Missouri's energy centers or required to satisfy Ameren Missouri's energy sales;
|
•
|
legal and administrative proceedings;
|
•
|
the impact of cyber attacks, which could 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 utility customer data and account information; and
|
•
|
acts of sabotage, war, terrorism, or other intentionally disruptive acts.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
||||||||
Electric
|
$
|
1,274
|
|
|
$
|
1,250
|
|
|
$
|
2,376
|
|
|
$
|
2,393
|
|
Gas
|
153
|
|
|
151
|
|
|
485
|
|
|
564
|
|
||||
Total operating revenues
|
1,427
|
|
|
1,401
|
|
|
2,861
|
|
|
2,957
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
||||||||
Fuel
|
166
|
|
|
205
|
|
|
369
|
|
|
411
|
|
||||
Purchased power
|
135
|
|
|
101
|
|
|
273
|
|
|
240
|
|
||||
Gas purchased for resale
|
41
|
|
|
46
|
|
|
193
|
|
|
282
|
|
||||
Other operations and maintenance
|
435
|
|
|
427
|
|
|
835
|
|
|
828
|
|
||||
Provision for Callaway construction and operating license (Note 2)
|
—
|
|
|
69
|
|
|
—
|
|
|
69
|
|
||||
Depreciation and amortization
|
210
|
|
|
200
|
|
|
417
|
|
|
393
|
|
||||
Taxes other than income taxes
|
115
|
|
|
116
|
|
|
229
|
|
|
241
|
|
||||
Total operating expenses
|
1,102
|
|
|
1,164
|
|
|
2,316
|
|
|
2,464
|
|
||||
Operating Income
|
325
|
|
|
237
|
|
|
545
|
|
|
493
|
|
||||
Other Income and Expense:
|
|
|
|
|
|
|
|
||||||||
Miscellaneous income
|
16
|
|
|
16
|
|
|
36
|
|
|
35
|
|
||||
Miscellaneous expense
|
6
|
|
|
6
|
|
|
13
|
|
|
17
|
|
||||
Total other income
|
10
|
|
|
10
|
|
|
23
|
|
|
18
|
|
||||
Interest Charges
|
95
|
|
|
89
|
|
|
190
|
|
|
177
|
|
||||
Income Before Income Taxes
|
240
|
|
|
158
|
|
|
378
|
|
|
334
|
|
||||
Income Taxes
|
92
|
|
|
59
|
|
|
123
|
|
|
125
|
|
||||
Income from Continuing Operations
|
148
|
|
|
99
|
|
|
255
|
|
|
209
|
|
||||
Income from Discontinued Operations, Net of Taxes
|
—
|
|
|
52
|
|
|
—
|
|
|
52
|
|
||||
Net Income
|
148
|
|
|
151
|
|
|
255
|
|
|
261
|
|
||||
Less: Net Income from Continuing Operations Attributable to Noncontrolling Interests
|
1
|
|
|
1
|
|
|
3
|
|
|
3
|
|
||||
Net Income Attributable to Ameren Common Shareholders:
|
|
|
|
|
|
|
|
||||||||
Continuing Operations
|
147
|
|
|
98
|
|
|
252
|
|
|
206
|
|
||||
Discontinued Operations
|
—
|
|
|
52
|
|
|
—
|
|
|
52
|
|
||||
Net Income Attributable to Ameren Common Shareholders
|
$
|
147
|
|
|
$
|
150
|
|
|
$
|
252
|
|
|
$
|
258
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per Common Share – Basic and Diluted:
|
|
|
|
|
|
|
|
||||||||
Continuing Operations
|
$
|
0.61
|
|
|
$
|
0.40
|
|
|
$
|
1.04
|
|
|
$
|
0.85
|
|
Discontinued Operations
|
—
|
|
|
0.21
|
|
|
—
|
|
|
0.21
|
|
||||
Earnings per Common Share – Basic and Diluted
|
$
|
0.61
|
|
|
$
|
0.61
|
|
|
$
|
1.04
|
|
|
$
|
1.06
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends per Common Share
|
$
|
0.425
|
|
|
$
|
0.41
|
|
|
$
|
0.85
|
|
|
$
|
0.82
|
|
Average Common Shares Outstanding – Basic
|
242.6
|
|
|
242.6
|
|
|
242.6
|
|
|
242.6
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Income from Continuing Operations
|
$
|
148
|
|
|
$
|
99
|
|
|
$
|
255
|
|
|
$
|
209
|
|
Other Comprehensive Income from Continuing Operations, Net of Taxes
|
|
|
|
|
|
|
|
||||||||
Pension and other postretirement benefit plan activity, net of income taxes of $3, $4, $4, and $4, respectively
|
4
|
|
|
4
|
|
|
2
|
|
|
4
|
|
||||
Comprehensive Income from Continuing Operations
|
152
|
|
|
103
|
|
|
257
|
|
|
213
|
|
||||
Less: Comprehensive Income from Continuing Operations Attributable to Noncontrolling Interests
|
1
|
|
|
1
|
|
|
3
|
|
|
3
|
|
||||
Comprehensive Income from Continuing Operations Attributable to Ameren Common Shareholders
|
151
|
|
|
102
|
|
|
254
|
|
|
210
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income from Discontinued Operations, Net of Taxes
|
—
|
|
|
52
|
|
|
—
|
|
|
52
|
|
||||
Other Comprehensive Income from Discontinued Operations, Net of Taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Comprehensive Income from Discontinued Operations Attributable to Ameren Common Shareholders
|
—
|
|
|
52
|
|
|
—
|
|
|
52
|
|
||||
Comprehensive Income Attributable to Ameren Common Shareholders
|
$
|
151
|
|
|
$
|
154
|
|
|
$
|
254
|
|
|
$
|
262
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
13
|
|
|
$
|
292
|
|
Accounts receivable – trade (less allowance for doubtful accounts of $21 and $19, respectively)
|
445
|
|
|
388
|
|
||
Unbilled revenue
|
328
|
|
|
239
|
|
||
Miscellaneous accounts receivable
|
65
|
|
|
98
|
|
||
Materials and supplies
|
515
|
|
|
538
|
|
||
Current regulatory assets
|
146
|
|
|
260
|
|
||
Other current assets
|
68
|
|
|
88
|
|
||
Assets of discontinued operations
|
14
|
|
|
14
|
|
||
Total current assets
|
1,594
|
|
|
1,917
|
|
||
Property and Plant, Net
|
19,324
|
|
|
18,799
|
|
||
Investments and Other Assets:
|
|
|
|
||||
Nuclear decommissioning trust fund
|
582
|
|
|
556
|
|
||
Goodwill
|
411
|
|
|
411
|
|
||
Regulatory assets
|
1,330
|
|
|
1,382
|
|
||
Other assets
|
552
|
|
|
575
|
|
||
Total investments and other assets
|
2,875
|
|
|
2,924
|
|
||
TOTAL ASSETS
|
$
|
23,793
|
|
|
$
|
23,640
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
431
|
|
|
$
|
395
|
|
Short-term debt
|
778
|
|
|
301
|
|
||
Accounts and wages payable
|
499
|
|
|
777
|
|
||
Taxes accrued
|
124
|
|
|
43
|
|
||
Interest accrued
|
102
|
|
|
89
|
|
||
Customer deposits
|
100
|
|
|
100
|
|
||
Current regulatory liabilities
|
99
|
|
|
80
|
|
||
Other current liabilities
|
270
|
|
|
279
|
|
||
Liabilities of discontinued operations
|
27
|
|
|
29
|
|
||
Total current liabilities
|
2,430
|
|
|
2,093
|
|
||
Long-term Debt, Net
|
6,605
|
|
|
6,880
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Accumulated deferred income taxes, net
|
4,028
|
|
|
3,885
|
|
||
Accumulated deferred investment tax credits
|
57
|
|
|
60
|
|
||
Regulatory liabilities
|
1,953
|
|
|
1,905
|
|
||
Asset retirement obligations
|
629
|
|
|
618
|
|
||
Pension and other postretirement benefits
|
537
|
|
|
580
|
|
||
Other deferred credits and liabilities
|
490
|
|
|
531
|
|
||
Total deferred credits and other liabilities
|
7,694
|
|
|
7,579
|
|
||
Commitments and Contingencies (Notes 2, 9, and 10)
|
|
|
|
|
|
||
Ameren Corporation Shareholders’ Equity:
|
|
|
|
||||
Common stock, $.01 par value, 400.0 shares authorized – shares outstanding of 242.6
|
2
|
|
|
2
|
|
||
Other paid-in capital, principally premium on common stock
|
5,545
|
|
|
5,616
|
|
||
Retained earnings
|
1,376
|
|
|
1,331
|
|
||
Accumulated other comprehensive loss
|
(1
|
)
|
|
(3
|
)
|
||
Total Ameren Corporation shareholders’ equity
|
6,922
|
|
|
6,946
|
|
||
Noncontrolling Interests
|
142
|
|
|
142
|
|
||
Total equity
|
7,064
|
|
|
7,088
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
23,793
|
|
|
$
|
23,640
|
|
AMEREN CORPORATION
|
|||||||
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|||||||
(Unaudited) (In millions)
|
|||||||
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash Flows From Operating Activities:
|
|
|
|
||||
Net income
|
$
|
255
|
|
|
$
|
261
|
|
(Income) from discontinued operations, net of taxes
|
—
|
|
|
(52
|
)
|
||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Provision for Callaway construction and operating license
|
—
|
|
|
69
|
|
||
Depreciation and amortization
|
419
|
|
|
387
|
|
||
Amortization of nuclear fuel
|
38
|
|
|
47
|
|
||
Amortization of debt issuance costs and premium/discounts
|
11
|
|
|
11
|
|
||
Deferred income taxes and investment tax credits, net
|
134
|
|
|
116
|
|
||
Allowance for equity funds used during construction
|
(13
|
)
|
|
(11
|
)
|
||
Share-based compensation costs
|
12
|
|
|
14
|
|
||
Other
|
(7
|
)
|
|
(13
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Receivables
|
(111
|
)
|
|
(80
|
)
|
||
Materials and supplies
|
23
|
|
|
25
|
|
||
Accounts and wages payable
|
(200
|
)
|
|
(180
|
)
|
||
Taxes accrued
|
80
|
|
|
83
|
|
||
Regulatory assets and liabilities
|
108
|
|
|
65
|
|
||
Assets, other
|
24
|
|
|
27
|
|
||
Liabilities, other
|
(12
|
)
|
|
(15
|
)
|
||
Pension and other postretirement benefits
|
4
|
|
|
28
|
|
||
Net cash provided by operating activities – continuing operations
|
765
|
|
|
782
|
|
||
Net cash used in operating activities – discontinued operations
|
(2
|
)
|
|
(1
|
)
|
||
Net cash provided by operating activities
|
763
|
|
|
781
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(1,000
|
)
|
|
(846
|
)
|
||
Nuclear fuel expenditures
|
(24
|
)
|
|
(28
|
)
|
||
Purchases of securities – nuclear decommissioning trust fund
|
(201
|
)
|
|
(117
|
)
|
||
Sales and maturities of securities – nuclear decommissioning trust fund
|
192
|
|
|
110
|
|
||
Proceeds from note receivable – Marketing Company
|
—
|
|
|
10
|
|
||
Contributions to note receivable – Marketing Company
|
—
|
|
|
(7
|
)
|
||
Other
|
(2
|
)
|
|
3
|
|
||
Net cash used in investing activities – continuing operations
|
(1,035
|
)
|
|
(875
|
)
|
||
Net cash used in investing activities – discontinued operations
|
—
|
|
|
—
|
|
||
Net cash used in investing activities
|
(1,035
|
)
|
|
(875
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
||||
Dividends on common stock
|
(206
|
)
|
|
(199
|
)
|
||
Dividends paid to noncontrolling interest holders
|
(3
|
)
|
|
(3
|
)
|
||
Short-term debt, net
|
477
|
|
|
172
|
|
||
Maturities of long-term debt
|
(389
|
)
|
|
(114
|
)
|
||
Issuances of long-term debt
|
149
|
|
|
249
|
|
||
Employee payroll taxes related to share-based payments
|
(32
|
)
|
|
(12
|
)
|
||
Capital issuance costs
|
(1
|
)
|
|
(2
|
)
|
||
Other
|
(2
|
)
|
|
—
|
|
||
Net cash provided by (used in) financing activities – continuing operations
|
(7
|
)
|
|
91
|
|
||
Net change in cash and cash equivalents
|
(279
|
)
|
|
(3
|
)
|
||
Cash and cash equivalents at beginning of year
|
292
|
|
|
5
|
|
||
Cash and cash equivalents at end of period
|
$
|
13
|
|
|
$
|
2
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
||||||||
Electric
|
$
|
844
|
|
|
$
|
859
|
|
|
$
|
1,538
|
|
|
$
|
1,601
|
|
Gas
|
23
|
|
|
24
|
|
|
70
|
|
|
82
|
|
||||
Other
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Total operating revenues
|
867
|
|
|
884
|
|
|
1,608
|
|
|
1,684
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
||||||||
Fuel
|
166
|
|
|
205
|
|
|
369
|
|
|
411
|
|
||||
Purchased power
|
50
|
|
|
19
|
|
|
92
|
|
|
58
|
|
||||
Gas purchased for resale
|
6
|
|
|
7
|
|
|
27
|
|
|
38
|
|
||||
Other operations and maintenance
|
238
|
|
|
229
|
|
|
450
|
|
|
440
|
|
||||
Provision for Callaway construction and operating license (Note 2)
|
—
|
|
|
69
|
|
|
—
|
|
|
69
|
|
||||
Depreciation and amortization
|
127
|
|
|
124
|
|
|
254
|
|
|
242
|
|
||||
Taxes other than income taxes
|
83
|
|
|
85
|
|
|
156
|
|
|
165
|
|
||||
Total operating expenses
|
670
|
|
|
738
|
|
|
1,348
|
|
|
1,423
|
|
||||
Operating Income
|
197
|
|
|
146
|
|
|
260
|
|
|
261
|
|
||||
Other Income and Expense:
|
|
|
|
|
|
|
|
||||||||
Miscellaneous income
|
9
|
|
|
12
|
|
|
24
|
|
|
23
|
|
||||
Miscellaneous expense
|
2
|
|
|
2
|
|
|
4
|
|
|
5
|
|
||||
Total other income
|
7
|
|
|
10
|
|
|
20
|
|
|
18
|
|
||||
Interest Charges
|
53
|
|
|
55
|
|
|
105
|
|
|
110
|
|
||||
Income Before Income Taxes
|
151
|
|
|
101
|
|
|
175
|
|
|
169
|
|
||||
Income Taxes
|
58
|
|
|
39
|
|
|
67
|
|
|
65
|
|
||||
Net Income
|
93
|
|
|
62
|
|
|
108
|
|
|
104
|
|
||||
Other Comprehensive Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Comprehensive Income
|
$
|
93
|
|
|
$
|
62
|
|
|
$
|
108
|
|
|
$
|
104
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net Income
|
$
|
93
|
|
|
$
|
62
|
|
|
$
|
108
|
|
|
$
|
104
|
|
Preferred Stock Dividends
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Net Income Available to Common Shareholder
|
$
|
92
|
|
|
$
|
61
|
|
|
$
|
106
|
|
|
$
|
102
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
199
|
|
Advances to money pool
|
—
|
|
|
36
|
|
||
Accounts receivable – trade (less allowance for doubtful accounts of $7 and $7, respectively)
|
206
|
|
|
174
|
|
||
Accounts receivable – affiliates
|
15
|
|
|
54
|
|
||
Unbilled revenue
|
226
|
|
|
128
|
|
||
Miscellaneous accounts receivable
|
52
|
|
|
78
|
|
||
Materials and supplies
|
396
|
|
|
387
|
|
||
Current regulatory assets
|
46
|
|
|
89
|
|
||
Other current assets
|
33
|
|
|
41
|
|
||
Total current assets
|
974
|
|
|
1,186
|
|
||
Property and Plant, Net
|
11,242
|
|
|
11,183
|
|
||
Investments and Other Assets:
|
|
|
|
||||
Nuclear decommissioning trust fund
|
582
|
|
|
556
|
|
||
Regulatory assets
|
536
|
|
|
605
|
|
||
Other assets
|
315
|
|
|
321
|
|
||
Total investments and other assets
|
1,433
|
|
|
1,482
|
|
||
TOTAL ASSETS
|
$
|
13,649
|
|
|
$
|
13,851
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
431
|
|
|
$
|
266
|
|
Short-term debt
|
77
|
|
|
—
|
|
||
Accounts and wages payable
|
204
|
|
|
417
|
|
||
Accounts payable – affiliates
|
40
|
|
|
56
|
|
||
Taxes accrued
|
113
|
|
|
31
|
|
||
Interest accrued
|
68
|
|
|
59
|
|
||
Current regulatory liabilities
|
21
|
|
|
28
|
|
||
Other current liabilities
|
139
|
|
|
120
|
|
||
Total current liabilities
|
1,093
|
|
|
977
|
|
||
Long-term Debt, Net
|
3,568
|
|
|
3,844
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Accumulated deferred income taxes, net
|
2,915
|
|
|
2,844
|
|
||
Accumulated deferred investment tax credits
|
55
|
|
|
58
|
|
||
Regulatory liabilities
|
1,197
|
|
|
1,172
|
|
||
Asset retirement obligations
|
623
|
|
|
612
|
|
||
Pension and other postretirement benefits
|
195
|
|
|
234
|
|
||
Other deferred credits and liabilities
|
24
|
|
|
28
|
|
||
Total deferred credits and other liabilities
|
5,009
|
|
|
4,948
|
|
||
Commitments and Contingencies (Notes 2, 8, 9, and 10)
|
|
|
|
|
|
||
Shareholders’ Equity:
|
|
|
|
||||
Common stock, $5 par value, 150.0 shares authorized – 102.1 shares outstanding
|
511
|
|
|
511
|
|
||
Other paid-in capital, principally premium on common stock
|
1,822
|
|
|
1,822
|
|
||
Preferred stock
|
80
|
|
|
80
|
|
||
Retained earnings
|
1,566
|
|
|
1,669
|
|
||
Total shareholders’ equity
|
3,979
|
|
|
4,082
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
13,649
|
|
|
$
|
13,851
|
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash Flows From Operating Activities:
|
|
|
|
||||
Net income
|
$
|
108
|
|
|
$
|
104
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Provision for Callaway construction and operating license
|
—
|
|
|
69
|
|
||
Depreciation and amortization
|
257
|
|
|
238
|
|
||
Amortization of nuclear fuel
|
38
|
|
|
47
|
|
||
Amortization of debt issuance costs and premium/discounts
|
3
|
|
|
3
|
|
||
Deferred income taxes and investment tax credits, net
|
66
|
|
|
27
|
|
||
Allowance for equity funds used during construction
|
(10
|
)
|
|
(9
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Receivables
|
(103
|
)
|
|
(80
|
)
|
||
Materials and supplies
|
(9
|
)
|
|
(24
|
)
|
||
Accounts and wages payable
|
(174
|
)
|
|
(180
|
)
|
||
Taxes accrued
|
80
|
|
|
123
|
|
||
Regulatory assets and liabilities
|
55
|
|
|
63
|
|
||
Assets, other
|
14
|
|
|
16
|
|
||
Liabilities, other
|
37
|
|
|
35
|
|
||
Pension and other postretirement benefits
|
2
|
|
|
14
|
|
||
Net cash provided by operating activities
|
364
|
|
|
446
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(353
|
)
|
|
(289
|
)
|
||
Nuclear fuel expenditures
|
(24
|
)
|
|
(28
|
)
|
||
Purchases of securities – nuclear decommissioning trust fund
|
(201
|
)
|
|
(117
|
)
|
||
Sales and maturities of securities – nuclear decommissioning trust fund
|
192
|
|
|
110
|
|
||
Money pool advances, net
|
36
|
|
|
—
|
|
||
Other
|
(4
|
)
|
|
(4
|
)
|
||
Net cash used in investing activities
|
(354
|
)
|
|
(328
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
||||
Dividends on common stock
|
(210
|
)
|
|
(415
|
)
|
||
Dividends on preferred stock
|
(2
|
)
|
|
(2
|
)
|
||
Short-term debt, net
|
77
|
|
|
(59
|
)
|
||
Maturities of long-term debt
|
(260
|
)
|
|
(114
|
)
|
||
Issuances of long-term debt
|
149
|
|
|
249
|
|
||
Capital contribution from parent
|
38
|
|
|
224
|
|
||
Capital issuance costs
|
(1
|
)
|
|
(2
|
)
|
||
Net cash used in financing activities
|
(209
|
)
|
|
(119
|
)
|
||
Net change in cash and cash equivalents
|
(199
|
)
|
|
(1
|
)
|
||
Cash and cash equivalents at beginning of year
|
199
|
|
|
1
|
|
||
Cash and cash equivalents at end of period
|
$
|
—
|
|
|
$
|
—
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
||||||||
Electric
|
$
|
411
|
|
|
$
|
386
|
|
|
$
|
803
|
|
|
$
|
776
|
|
Gas
|
131
|
|
|
127
|
|
|
416
|
|
|
482
|
|
||||
Total operating revenues
|
542
|
|
|
513
|
|
|
1,219
|
|
|
1,258
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
||||||||
Purchased power
|
90
|
|
|
87
|
|
|
194
|
|
|
189
|
|
||||
Gas purchased for resale
|
35
|
|
|
39
|
|
|
166
|
|
|
244
|
|
||||
Other operations and maintenance
|
200
|
|
|
202
|
|
|
394
|
|
|
404
|
|
||||
Depreciation and amortization
|
80
|
|
|
73
|
|
|
157
|
|
|
146
|
|
||||
Taxes other than income taxes
|
30
|
|
|
29
|
|
|
68
|
|
|
72
|
|
||||
Total operating expenses
|
435
|
|
|
430
|
|
|
979
|
|
|
1,055
|
|
||||
Operating Income
|
107
|
|
|
83
|
|
|
240
|
|
|
203
|
|
||||
Other Income and Expense:
|
|
|
|
|
|
|
|
||||||||
Miscellaneous income
|
6
|
|
|
4
|
|
|
11
|
|
|
11
|
|
||||
Miscellaneous expense
|
3
|
|
|
2
|
|
|
8
|
|
|
7
|
|
||||
Total other income
|
3
|
|
|
2
|
|
|
3
|
|
|
4
|
|
||||
Interest Charges
|
35
|
|
|
33
|
|
|
70
|
|
|
66
|
|
||||
Income Before Income Taxes
|
75
|
|
|
52
|
|
|
173
|
|
|
141
|
|
||||
Income Taxes
|
29
|
|
|
20
|
|
|
67
|
|
|
55
|
|
||||
Net Income
|
46
|
|
|
32
|
|
|
106
|
|
|
86
|
|
||||
Other Comprehensive Loss, Net of Taxes:
|
|
|
|
|
|
|
|
||||||||
Pension and other postretirement benefit plan activity, net of income taxes (benefit) of $-, $-, $(1) and $(1), respectively
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||
Comprehensive Income
|
$
|
45
|
|
|
$
|
31
|
|
|
$
|
104
|
|
|
$
|
84
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net Income
|
$
|
46
|
|
|
$
|
32
|
|
|
$
|
106
|
|
|
$
|
86
|
|
Preferred Stock Dividends
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Net Income Available to Common Shareholder
|
$
|
45
|
|
|
$
|
31
|
|
|
$
|
104
|
|
|
$
|
84
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
71
|
|
Accounts receivable – trade (less allowance for doubtful accounts of $14 and $12, respectively)
|
225
|
|
|
204
|
|
||
Accounts receivable – affiliates
|
15
|
|
|
22
|
|
||
Unbilled revenue
|
102
|
|
|
111
|
|
||
Miscellaneous accounts receivable
|
12
|
|
|
19
|
|
||
Materials and supplies
|
119
|
|
|
151
|
|
||
Current regulatory assets
|
98
|
|
|
167
|
|
||
Other current assets
|
11
|
|
|
15
|
|
||
Total current assets
|
582
|
|
|
760
|
|
||
Property and Plant, Net
|
7,121
|
|
|
6,848
|
|
||
Investments and Other Assets:
|
|
|
|
||||
Goodwill
|
411
|
|
|
411
|
|
||
Regulatory assets
|
786
|
|
|
771
|
|
||
Other assets
|
99
|
|
|
113
|
|
||
Total investments and other assets
|
1,296
|
|
|
1,295
|
|
||
TOTAL ASSETS
|
$
|
8,999
|
|
|
$
|
8,903
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
—
|
|
|
$
|
129
|
|
Short-term debt
|
177
|
|
|
—
|
|
||
Accounts and wages payable
|
212
|
|
|
249
|
|
||
Accounts payable – affiliates
|
43
|
|
|
66
|
|
||
Taxes accrued
|
9
|
|
|
13
|
|
||
Interest accrued
|
29
|
|
|
28
|
|
||
Customer deposits
|
67
|
|
|
69
|
|
||
Mark-to-market derivative liabilities
|
23
|
|
|
45
|
|
||
Current environmental remediation
|
35
|
|
|
28
|
|
||
Current regulatory liabilities
|
59
|
|
|
39
|
|
||
Other current liabilities
|
88
|
|
|
86
|
|
||
Total current liabilities
|
742
|
|
|
752
|
|
||
Long-term Debt, Net
|
2,343
|
|
|
2,342
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Accumulated deferred income taxes, net
|
1,546
|
|
|
1,480
|
|
||
Accumulated deferred investment tax credits
|
2
|
|
|
2
|
|
||
Regulatory liabilities
|
754
|
|
|
732
|
|
||
Pension and other postretirement benefits
|
284
|
|
|
271
|
|
||
Environmental remediation
|
183
|
|
|
205
|
|
||
Other deferred credits and liabilities
|
207
|
|
|
222
|
|
||
Total deferred credits and other liabilities
|
2,976
|
|
|
2,912
|
|
||
Commitments and Contingencies (Notes 2, 8, and 9)
|
|
|
|
|
|
||
Shareholders’ Equity:
|
|
|
|
||||
Common stock, no par value, 45.0 shares authorized – 25.5 shares outstanding
|
—
|
|
|
—
|
|
||
Other paid-in capital
|
2,005
|
|
|
2,005
|
|
||
Preferred stock
|
62
|
|
|
62
|
|
||
Retained earnings
|
868
|
|
|
825
|
|
||
Accumulated other comprehensive income
|
3
|
|
|
5
|
|
||
Total shareholders’ equity
|
2,938
|
|
|
2,897
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
8,999
|
|
|
$
|
8,903
|
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash Flows From Operating Activities:
|
|
|
|
||||
Net income
|
$
|
106
|
|
|
$
|
86
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
156
|
|
|
144
|
|
||
Amortization of debt issuance costs and premium/discounts
|
7
|
|
|
7
|
|
||
Deferred income taxes and investment tax credits, net
|
65
|
|
|
45
|
|
||
Other
|
(6
|
)
|
|
(5
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Receivables
|
(5
|
)
|
|
57
|
|
||
Materials and supplies
|
32
|
|
|
48
|
|
||
Accounts and wages payable
|
(20
|
)
|
|
20
|
|
||
Taxes accrued
|
(14
|
)
|
|
(6
|
)
|
||
Regulatory assets and liabilities
|
48
|
|
|
(1
|
)
|
||
Assets, other
|
11
|
|
|
8
|
|
||
Liabilities, other
|
(1
|
)
|
|
(29
|
)
|
||
Pension and other postretirement benefits
|
3
|
|
|
12
|
|
||
Net cash provided by operating activities
|
382
|
|
|
386
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(442
|
)
|
|
(379
|
)
|
||
Other
|
4
|
|
|
4
|
|
||
Net cash used in investing activities
|
(438
|
)
|
|
(375
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
||||
Dividends on common stock
|
(60
|
)
|
|
—
|
|
||
Dividends on preferred stock
|
(2
|
)
|
|
(2
|
)
|
||
Short-term debt, net
|
177
|
|
|
(20
|
)
|
||
Money pool borrowings, net
|
—
|
|
|
10
|
|
||
Maturities of long-term debt
|
(129
|
)
|
|
—
|
|
||
Other
|
(1
|
)
|
|
—
|
|
||
Net cash used in financing activities
|
(15
|
)
|
|
(12
|
)
|
||
Net change in cash and cash equivalents
|
(71
|
)
|
|
(1
|
)
|
||
Cash and cash equivalents at beginning of year
|
71
|
|
|
1
|
|
||
Cash and cash equivalents at end of period
|
$
|
—
|
|
|
$
|
—
|
|
•
|
Union Electric Company, doing business as Ameren Missouri, operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas transmission and distribution business in Missouri.
|
•
|
Ameren Illinois Company, doing business as Ameren Illinois, operates rate-regulated electric and natural gas transmission and distribution businesses in Illinois.
|
|
Performance Share Units
|
|||||
|
Share Units
|
|
Weighted-average Fair Value per Share Unit
|
|||
Nonvested at January 1, 2016
|
1,024,870
|
|
|
$
|
46.08
|
|
Granted
(a)
|
584,312
|
|
|
44.13
|
|
|
Forfeitures
|
(15,949
|
)
|
|
45.07
|
|
|
Vested
(b)
|
(10,754
|
)
|
|
43.44
|
|
|
Nonvested at June 30, 2016
|
1,582,479
|
|
|
$
|
45.39
|
|
(a)
|
Performance share units granted to certain executive and nonexecutive officers and other eligible employees under the 2014 Incentive Plan.
|
(b)
|
Performance share units vested due to the attainment of retirement eligibility by certain employees. Actual shares issued for retirement-eligible employees will vary depending on actual performance over the
three
-year measurement period.
|
|
Three Months
|
|
Six Months
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Ameren Missouri
|
$
|
40
|
|
|
$
|
41
|
|
|
$
|
70
|
|
|
$
|
75
|
|
Ameren Illinois
|
11
|
|
|
10
|
|
|
31
|
|
|
33
|
|
||||
Ameren
|
$
|
51
|
|
|
$
|
51
|
|
|
$
|
101
|
|
|
$
|
108
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
Ameren (parent)
|
$
|
524
|
|
|
$
|
301
|
|
Ameren Missouri
|
77
|
|
|
—
|
|
||
Ameren Illinois
|
177
|
|
|
—
|
|
||
Ameren Consolidated
|
$
|
778
|
|
|
$
|
301
|
|
|
|
Ameren
(parent)
|
Ameren
Missouri
|
Ameren
Illinois
|
Ameren Consolidated
|
|||||||||
2016
|
|
|
|
|
|
|
||||||||
Average daily commercial paper outstanding
|
|
$
|
402
|
|
|
$
|
117
|
|
$
|
12
|
|
$
|
531
|
|
Weighted-average interest rate
|
|
0.82
|
%
|
|
0.74
|
%
|
0.79
|
%
|
0.80
|
%
|
||||
Peak commercial paper during period
(a)
|
|
$
|
549
|
|
|
$
|
208
|
|
$
|
177
|
|
$
|
839
|
|
Peak interest rate
|
|
0.95
|
%
|
|
0.85
|
%
|
0.85
|
%
|
0.95
|
%
|
||||
2015
|
|
|
|
|
|
|
||||||||
Average daily commercial paper outstanding
|
|
$
|
754
|
|
|
$
|
84
|
|
$
|
5
|
|
$
|
843
|
|
Weighted-average interest rate
|
|
0.57
|
%
|
|
0.50
|
%
|
0.44
|
%
|
0.56
|
%
|
||||
Peak commercial paper during period
(a)
|
|
$
|
849
|
|
|
$
|
294
|
|
$
|
39
|
|
$
|
1,108
|
|
Peak interest rate
|
|
0.70
|
%
|
|
0.60
|
%
|
0.60
|
%
|
0.70
|
%
|
(a)
|
The timing of peak commercial paper issuances varies by company; therefore, the peak amounts presented by company might not equal the Ameren Consolidated peak commercial paper issuances for the period.
|
|
|
Required Interest
Coverage Ratio
(a)
|
|
Actual Interest
Coverage Ratio
|
|
Bonds Issuable
(b)
|
|
Required Dividend
Coverage Ratio
(c)
|
|
Actual Dividend
Coverage Ratio
|
|
Preferred Stock
Issuable
|
|
Ameren Missouri
|
|
≥2.0
|
|
4.7
|
$
|
3,793
|
|
≥2.5
|
|
105.4
|
$
|
2,346
|
|
Ameren Illinois
|
|
≥2.0
|
|
6.9
|
|
3,827
|
(d)
|
≥1.5
|
|
2.8
|
|
203
|
(e)
|
(a)
|
Coverage required on the annual interest charges on first mortgage bonds outstanding and to be issued. Coverage is not required in certain cases when additional first mortgage bonds are issued on the basis of retired bonds.
|
(b)
|
Amount of first mortgage bonds issuable based either on required coverage ratios or unfunded property additions, whichever is more restrictive. The amounts shown also include first mortgage bonds issuable based on retired bond capacity of
$1,206 million
and
$279 million
at Ameren Missouri and Ameren Illinois, respectively.
|
(c)
|
Coverage required on the annual dividend on preferred stock outstanding and to be issued, as required in the respective company’s articles of incorporation.
|
(d)
|
Amount of first mortgage bonds issuable by Ameren Illinois based on unfunded property additions and retired bonds solely under the former IP mortgage indenture. The amount of first mortgage bonds issuable by Ameren Illinois is also subject to the lien restrictions contained in the Illinois Credit Agreement.
|
(e)
|
Preferred stock issuable is restricted by the amount of preferred stock that is currently authorized by Ameren Illinois’ articles of incorporation.
|
|
Three Months
|
|
Six Months
|
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||||||
Ameren:
(a)
|
|
|
|
|
|
|
|
|
||||||||
Miscellaneous income:
|
|
|
|
|
|
|
|
|
||||||||
Allowance for equity funds used during construction
|
$
|
5
|
|
|
$
|
6
|
|
|
$
|
13
|
|
|
$
|
11
|
|
|
Interest income on industrial development revenue bonds
|
6
|
|
|
6
|
|
|
13
|
|
|
13
|
|
|
||||
Interest income
|
4
|
|
|
4
|
|
|
8
|
|
|
8
|
|
|
||||
Other
|
1
|
|
|
—
|
|
|
2
|
|
|
3
|
|
|
||||
Total miscellaneous income
|
$
|
16
|
|
|
$
|
16
|
|
|
$
|
36
|
|
|
$
|
35
|
|
|
Miscellaneous expense:
|
|
|
|
|
|
|
|
|
||||||||
Donations
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
7
|
|
|
$
|
10
|
|
|
Other
|
4
|
|
|
4
|
|
|
6
|
|
|
7
|
|
|
||||
Total miscellaneous expense
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
13
|
|
|
$
|
17
|
|
|
Ameren Missouri:
|
|
|
|
|
|
|
|
|
||||||||
Miscellaneous income:
|
|
|
|
|
|
|
|
|
||||||||
Allowance for equity funds used during construction
|
$
|
3
|
|
|
$
|
5
|
|
|
$
|
10
|
|
|
$
|
9
|
|
|
Interest income on industrial development revenue bonds
|
6
|
|
|
6
|
|
|
13
|
|
|
13
|
|
|
||||
Interest income
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
||||
Other
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
||||
Total miscellaneous income
|
$
|
9
|
|
|
$
|
12
|
|
|
$
|
24
|
|
|
$
|
23
|
|
|
Miscellaneous expense:
|
|
|
|
|
|
|
|
|
||||||||
Donations
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
Other
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
|
||||
Total miscellaneous expense
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
5
|
|
|
|
Three Months
|
|
Six Months
|
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||||||
Ameren Illinois:
|
|
|
|
|
|
|
|
|
||||||||
Miscellaneous income:
|
|
|
|
|
|
|
|
|
||||||||
Allowance for equity funds used during construction
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
2
|
|
|
Interest income
|
3
|
|
|
3
|
|
|
7
|
|
|
7
|
|
|
||||
Other
|
1
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
||||
Total miscellaneous income
|
$
|
6
|
|
|
$
|
4
|
|
|
$
|
11
|
|
|
$
|
11
|
|
|
Miscellaneous expense:
|
|
|
|
|
|
|
|
|
||||||||
Donations
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
4
|
|
|
Other
|
2
|
|
|
1
|
|
|
3
|
|
|
3
|
|
|
||||
Total miscellaneous expense
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
8
|
|
|
$
|
7
|
|
|
(a)
|
Includes amounts for Ameren registrant and nonregistrant subsidiaries and intercompany eliminations.
|
•
|
an unrealized appreciation or depreciation of our contracted commitments to purchase or sell when purchase or sale prices under the commitments are compared with current commodity prices;
|
•
|
market values of natural gas and uranium inventories that differ from the cost of those commodities in inventory; and
|
•
|
actual cash outlays for the purchase of these commodities that differ from anticipated cash outlays.
|
|
Quantity (in millions, except as indicated)
|
|||||||||||
|
2016
|
2015
|
||||||||||
Commodity
|
Ameren Missouri
|
Ameren Illinois
|
Ameren
|
Ameren Missouri
|
Ameren Illinois
|
Ameren
|
||||||
Fuel oils (in gallons)
(a)
|
24
|
|
(b)
|
|
24
|
|
35
|
|
(b)
|
|
35
|
|
Natural gas (in mmbtu)
|
30
|
|
131
|
|
161
|
|
30
|
|
151
|
|
181
|
|
Power (in megawatthours)
|
1
|
|
10
|
|
11
|
|
1
|
|
10
|
|
11
|
|
Uranium (pounds in thousands)
|
395
|
|
(b)
|
|
395
|
|
494
|
|
(b)
|
|
494
|
|
(a)
|
Consists of ultra-low-sulfur diesel products.
|
(b)
|
Not applicable.
|
|
Balance Sheet Location
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Ameren
|
||||||
2016
|
|
|
|
|
|
|
|||||||
Natural gas
|
Other current assets
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
Other assets
|
|
1
|
|
|
3
|
|
|
4
|
|
|||
Power
|
Other current assets
|
|
15
|
|
|
—
|
|
|
15
|
|
|||
|
Total assets
(a)
|
|
$
|
16
|
|
|
$
|
5
|
|
|
$
|
21
|
|
Fuel oils
|
Other current liabilities
|
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
Other deferred credits and liabilities
|
|
2
|
|
|
—
|
|
|
2
|
|
|||
Natural gas
|
MTM derivative liabilities
|
|
(b)
|
|
|
11
|
|
|
(b)
|
|
|||
|
Other current liabilities
|
|
3
|
|
|
—
|
|
|
14
|
|
|||
|
Other deferred credits and liabilities
|
|
6
|
|
|
6
|
|
|
12
|
|
|||
Power
|
MTM derivative liabilities
|
|
(b)
|
|
|
12
|
|
|
(b)
|
|
|||
|
Other current liabilities
|
|
1
|
|
|
—
|
|
|
13
|
|
|||
|
Other deferred credits and liabilities
|
|
—
|
|
|
157
|
|
|
157
|
|
|||
Uranium
|
Other current liabilities
|
|
1
|
|
|
—
|
|
|
1
|
|
|||
|
Other deferred credits and liabilities
|
|
3
|
|
|
—
|
|
|
3
|
|
|||
|
Total liabilities
(c)
|
|
$
|
28
|
|
|
$
|
186
|
|
|
$
|
214
|
|
2015
|
|
|
|
|
|
|
|||||||
Natural gas
|
Other current assets
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
Other assets
|
|
1
|
|
|
—
|
|
|
1
|
|
|||
Power
|
Other current assets
|
|
16
|
|
|
—
|
|
|
16
|
|
|||
|
Total assets
(a)
|
|
$
|
17
|
|
|
$
|
1
|
|
|
$
|
18
|
|
Fuel oils
|
Other current liabilities
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
22
|
|
|
Other deferred credits and liabilities
|
|
7
|
|
|
—
|
|
|
7
|
|
|||
Natural gas
|
MTM derivative liabilities
|
|
(b)
|
|
|
32
|
|
|
(b)
|
|
|||
|
Other current liabilities
|
|
6
|
|
|
—
|
|
|
38
|
|
|||
|
Other deferred credits and liabilities
|
|
8
|
|
|
18
|
|
|
26
|
|
|||
Power
|
MTM derivative liabilities
|
|
(b)
|
|
|
13
|
|
|
(b)
|
|
|||
|
Other current liabilities
|
|
—
|
|
|
—
|
|
|
13
|
|
|||
|
Other deferred credits and liabilities
|
|
—
|
|
|
157
|
|
|
157
|
|
|||
Uranium
|
Other current liabilities
|
|
1
|
|
|
—
|
|
|
1
|
|
|||
|
Total liabilities
(c)
|
|
$
|
44
|
|
|
$
|
220
|
|
|
$
|
264
|
|
(a)
|
Because all contracts qualifying for hedge accounting receive regulatory deferral, the cumulative amount of pretax net gains on all derivative instruments is deferred as a regulatory liability.
|
(b)
|
Balance sheet line item not applicable to registrant.
|
(c)
|
Because all contracts qualifying for hedge accounting receive regulatory deferral, the cumulative amount of pretax net losses on all derivative instruments is deferred as a regulatory asset.
|
|
|
|
|
Gross Amounts Not Offset in the Balance Sheet
|
|
|
||||||||||
Commodity Contracts Eligible to be Offset
|
|
Gross Amounts Recognized in the Balance Sheet
|
|
Derivative Instruments
|
|
Cash Collateral Received/Posted
(a)
|
|
Net
Amount
|
||||||||
2016
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Ameren Missouri
|
|
$
|
16
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
14
|
|
Ameren Illinois
|
|
5
|
|
|
4
|
|
|
—
|
|
|
1
|
|
||||
Ameren
|
|
$
|
21
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
15
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Ameren Missouri
|
|
$
|
28
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
22
|
|
Ameren Illinois
|
|
186
|
|
|
4
|
|
|
—
|
|
|
182
|
|
||||
Ameren
|
|
$
|
214
|
|
|
$
|
6
|
|
|
$
|
4
|
|
|
$
|
204
|
|
2015
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Ameren Missouri
|
|
$
|
17
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
16
|
|
Ameren Illinois
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Ameren
|
|
$
|
18
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
17
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Ameren Missouri
|
|
$
|
44
|
|
|
$
|
1
|
|
|
$
|
8
|
|
|
$
|
35
|
|
Ameren Illinois
|
|
220
|
|
|
—
|
|
|
3
|
|
|
217
|
|
||||
Ameren
|
|
$
|
264
|
|
|
$
|
1
|
|
|
$
|
11
|
|
|
$
|
252
|
|
(a)
|
Cash collateral received reduces gross asset balances and is included in “Other current liabilities” and “Other deferred credits and liabilities” on the balance sheet. Cash collateral posted reduces gross liability balances and is included in “Other current assets” and “Other assets” on the balance sheet.
|
|
Aggregate Fair Value of
Derivative Liabilities
(a)
|
|
Cash
Collateral Posted
|
|
Potential Aggregate Amount of
Additional Collateral Required
(b)
|
||||||
2016
|
|
|
|
|
|
||||||
Ameren Missouri
|
$
|
74
|
|
|
$
|
2
|
|
|
$
|
66
|
|
Ameren Illinois
|
50
|
|
|
—
|
|
|
41
|
|
|||
Ameren
|
$
|
124
|
|
|
$
|
2
|
|
|
$
|
107
|
|
(a)
|
Before consideration of master netting arrangements or similar agreements and including NPNS and other accrual contract exposures.
|
(b)
|
As collateral requirements with certain counterparties are based on master netting arrangements or similar agreements, the aggregate amount of additional collateral required to be posted is determined after consideration of the effects of such arrangements.
|
|
|
Fair Value
|
|
|
|
Weighted Average
|
|||||
|
|
Assets
|
Liabilities
|
Valuation Technique(s)
|
Unobservable Input
|
Range
|
|||||
Level 3 Derivative asset and liability
–
commodity contracts
(a)
:
|
|
|
|
||||||||
2016
|
|
|
|
|
|
|
|
||||
|
Natural gas
|
$
|
—
|
|
$
|
(1
|
)
|
Discounted cash flow
|
Nodal basis ($/mmbtu)
(b)
|
(0.80) – 0
|
(0.50)
|
|
|
|
|
|
Counterparty credit risk (%)
(c)(d)
|
0.22 – 6
|
2
|
||||
|
|
|
|
|
Ameren Illinois credit risk (%)
(c)(d)
|
0.38
|
(e)
|
||||
|
Power
(f)
|
15
|
|
(170
|
)
|
Discounted cash flow
|
Average forward peak and off-peak pricing
–
forwards/swaps ($/MWh)
(g)
|
27 – 43
|
30
|
||
|
|
|
|
|
Estimated auction price for FTRs ($/MW)
(b)
|
(309) – 1,509
|
96
|
||||
|
|
|
|
|
Nodal basis ($/MWh)
(g)
|
(9) – (1)
|
(2)
|
||||
|
|
|
|
|
Counterparty credit risk (%)
(c)(d)
|
0.56
|
(e)
|
||||
|
|
|
|
|
Ameren Illinois credit risk (%)
(c)(d)
|
0.38
|
(e)
|
||||
|
|
|
|
Fundamental energy production model
|
Estimated future gas prices ($/mmbtu)
(b)
|
3 – 5
|
4
|
||||
|
|
|
|
|
Escalation rate (%)
(b)(h)
|
4
|
(e)
|
||||
|
|
|
|
Contract price allocation
|
Estimated renewable energy credit costs ($/credit)
(b)
|
5 – 7
|
6
|
||||
|
Uranium
|
—
|
|
(4
|
)
|
Option model
|
Volatilities (%)
(b)
|
21
|
(e)
|
||
|
|
|
|
Discounted cash flow
|
Average forward uranium pricing ($/pound)
(b)
|
27 – 30
|
29
|
||||
|
|
|
|
|
Ameren Missouri credit risk (%)
(c)(d)
|
0.38
|
(e)
|
||||
2015
|
|
|
|
|
|
|
|
||||
|
Natural gas
|
$
|
1
|
|
$
|
(1
|
)
|
Option model
|
Volatilities (%)
(b)
|
35 – 55
|
45
|
|
|
|
|
|
Nodal basis ($/mmbtu)
(c)
|
(0.30) – 0
|
(0.20)
|
||||
|
|
|
|
Discounted cash flow
|
Nodal basis ($/mmbtu)
(b)
|
(0.10) – 0
|
(0.10)
|
||||
|
|
|
|
|
Counterparty credit risk (%)
(c)(d)
|
0.40 – 12
|
7
|
||||
|
|
|
|
|
Ameren Missouri credit risk (%)
(c)(d)
|
0.40
|
(e)
|
||||
|
Power
(f)
|
16
|
|
(170
|
)
|
Discounted cash flow
|
Average forward peak and off-peak pricing – forwards/swaps ($/MWh)
(g)
|
22 – 39
|
29
|
||
|
|
|
|
|
Estimated auction price for FTRs ($/MW)
(b)
|
(270) – 2,057
|
211
|
||||
|
|
|
|
|
Nodal basis ($/MWh)
(g)
|
(10) – (1)
|
(3)
|
||||
|
|
|
|
|
Counterparty credit risk (%)
(c)(d)
|
0.86
|
(e)
|
||||
|
|
|
|
|
Ameren Illinois credit risk (%)
(c)(d)
|
0.40
|
(e)
|
||||
|
|
|
|
Fundamental energy production model
|
Estimated future gas prices ($/mmbtu)
(b)
|
3 – 4
|
4
|
||||
|
|
|
|
|
Escalation rate (%)
(b)(h)
|
3
|
(e)
|
||||
|
|
|
|
Contract price allocation
|
Estimated renewable energy credit costs ($/credit)
(b)
|
5 – 7
|
6
|
||||
|
Uranium
|
—
|
|
(1
|
)
|
Option model
|
Volatilities (%)
(b)
|
20
|
(e)
|
||
|
|
|
|
Discounted cash flow
|
Average forward uranium pricing ($/pound)
(b)
|
35 – 42
|
37
|
||||
|
|
|
|
|
Ameren Missouri credit risk (%)
(c)(d)
|
0.40
|
(e)
|
(a)
|
The derivative asset and liability balances are presented net of counterparty credit considerations.
|
(b)
|
Generally, significant increases (decreases) in this input in isolation would result in a significantly higher (lower) fair value measurement.
|
(c)
|
Generally, significant increases (decreases) in this input in isolation would result in a significantly lower (higher) fair value measurement.
|
(d)
|
Counterparty credit risk is applied only to counterparties with derivative asset balances. Ameren Missouri and Ameren Illinois credit risk is applied only to counterparties with derivative liability balances.
|
(e)
|
Not applicable.
|
(f)
|
Power valuations use visible third-party pricing evaluated by month for peak and off-peak demand through 2020. Valuations beyond 2020 use fundamentally modeled pricing by month for peak and off-peak demand.
|
(g)
|
The balance at Ameren is comprised of Ameren Missouri and Ameren Illinois power contracts, which respond differently to unobservable input changes due to their opposing positions.
|
(h)
|
Escalation rate applies to power prices in 2031 and beyond for June 30, 2016 and to power prices in 2026 and beyond for December 31, 2015.
|
|
|
|
Quoted Prices in
Active Markets for
Identical Assets
or Liabilities
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant Other
Unobservable
Inputs
(Level 3)
|
|
Total
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ameren
|
Derivative assets
–
commodity contracts
(a)
:
|
|
|
|
|
|
|
|
|
|
||||||||
|
Natural gas
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
|
Power
|
|
—
|
|
|
—
|
|
|
15
|
|
|
15
|
|
|
||||
|
Total derivative assets
–
commodity contracts
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
15
|
|
|
$
|
21
|
|
|
|
Nuclear decommissioning trust fund:
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cash and cash equivalents
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
||||||||
|
U.S. large capitalization
|
|
378
|
|
|
—
|
|
|
—
|
|
|
378
|
|
|
||||
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
||||||||
|
U.S. treasury and agency securities
|
|
—
|
|
|
129
|
|
|
—
|
|
|
129
|
|
|
||||
|
Corporate bonds
|
|
—
|
|
|
56
|
|
|
—
|
|
|
56
|
|
|
||||
|
Other
|
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
|
||||
|
Total nuclear decommissioning trust fund
|
|
$
|
379
|
|
|
$
|
201
|
|
|
$
|
—
|
|
|
$
|
580
|
|
(b)
|
|
Total Ameren
|
|
$
|
380
|
|
|
$
|
206
|
|
|
$
|
15
|
|
|
$
|
601
|
|
|
Ameren
|
Derivative assets
–
commodity contracts
(a)
:
|
|
|
|
|
|
|
|
|
|
||||||||
Missouri
|
Natural gas
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
|
Power
|
|
—
|
|
|
—
|
|
|
15
|
|
|
15
|
|
|
||||
|
Total derivative assets
–
commodity contracts
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
15
|
|
|
$
|
16
|
|
|
|
Nuclear decommissioning trust fund:
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cash and cash equivalents
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
||||||||
|
U.S. large capitalization
|
|
378
|
|
|
—
|
|
|
—
|
|
|
378
|
|
|
||||
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
||||||||
|
U.S. treasury and agency securities
|
|
—
|
|
|
129
|
|
|
—
|
|
|
129
|
|
|
||||
|
Corporate bonds
|
|
—
|
|
|
56
|
|
|
—
|
|
|
56
|
|
|
||||
|
Other
|
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
|
||||
|
Total nuclear decommissioning trust fund
|
|
$
|
379
|
|
|
$
|
201
|
|
|
$
|
—
|
|
|
$
|
580
|
|
(b)
|
|
Total Ameren Missouri
|
|
$
|
379
|
|
|
$
|
202
|
|
|
$
|
15
|
|
|
$
|
596
|
|
|
Ameren
|
Derivative assets
–
commodity contracts
(a)
:
|
|
|
|
|
|
|
|
|
|
||||||||
Illinois
|
Natural gas
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ameren
|
Derivative liabilities
–
commodity contracts
(a)
:
|
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel oils
|
|
$
|
14
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14
|
|
|
|
Natural gas
|
|
—
|
|
|
25
|
|
|
1
|
|
|
26
|
|
|
||||
|
Power
|
|
—
|
|
|
—
|
|
|
170
|
|
|
170
|
|
|
||||
|
Uranium
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
||||
|
Total Ameren
|
|
$
|
14
|
|
|
$
|
25
|
|
|
$
|
175
|
|
|
$
|
214
|
|
|
Ameren
|
Derivative liabilities
–
commodity contracts
(a)
:
|
|
|
|
|
|
|
|
|
|
||||||||
Missouri
|
Fuel oils
|
|
$
|
14
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14
|
|
|
|
Natural gas
|
|
—
|
|
|
9
|
|
|
—
|
|
|
9
|
|
|
||||
|
Power
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
||||
|
Uranium
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
||||
|
Total Ameren Missouri
|
|
$
|
14
|
|
|
$
|
9
|
|
|
$
|
5
|
|
|
$
|
28
|
|
|
Ameren
|
Derivative liabilities
–
commodity contracts
(a)
:
|
|
|
|
|
|
|
|
|
|
||||||||
Illinois
|
Natural gas
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
1
|
|
|
$
|
17
|
|
|
|
Power
|
|
—
|
|
|
—
|
|
|
169
|
|
|
169
|
|
|
||||
|
Total Ameren Illinois
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
170
|
|
|
$
|
186
|
|
|
(a)
|
The derivative asset and liability balances are presented net of counterparty credit considerations.
|
(b)
|
Balance excludes $
2 million
of receivables, payables, and accrued income, net.
|
|
|
|
Quoted Prices in
Active Markets for
Identical Assets
or Liabilities
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant Other
Unobservable
Inputs
(Level 3)
|
|
Total
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ameren
|
Derivative assets
–
commodity contracts
(a)
:
|
|
|
|
|
|
|
|
|
|
||||||||
|
Natural gas
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
|
Power
|
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
|
||||
|
Total derivative assets
–
commodity contracts
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
17
|
|
|
$
|
18
|
|
|
|
Nuclear decommissioning trust fund:
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cash and cash equivalents
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
||||||||
|
U.S. large capitalization
|
|
364
|
|
|
—
|
|
|
—
|
|
|
364
|
|
|
||||
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
||||||||
|
U.S. treasury and agency securities
|
|
—
|
|
|
109
|
|
|
—
|
|
|
109
|
|
|
||||
|
Corporate bonds
|
|
—
|
|
|
58
|
|
|
—
|
|
|
58
|
|
|
||||
|
Other
|
|
—
|
|
|
22
|
|
|
—
|
|
|
22
|
|
|
||||
|
Total nuclear decommissioning trust fund
|
|
$
|
368
|
|
|
$
|
189
|
|
|
$
|
—
|
|
|
$
|
557
|
|
(b)
|
|
Total Ameren
|
|
$
|
368
|
|
|
$
|
190
|
|
|
$
|
17
|
|
|
$
|
575
|
|
|
Ameren
|
Derivative assets
–
commodity contracts
(a)
:
|
|
|
|
|
|
|
|
|
|
||||||||
Missouri
|
Natural gas
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
|
Power
|
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
|
||||
|
Total derivative assets
–
commodity contracts
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
17
|
|
|
|
Nuclear decommissioning trust fund:
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cash and cash equivalents
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
||||||||
|
U.S. large capitalization
|
|
364
|
|
|
—
|
|
|
—
|
|
|
364
|
|
|
||||
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
||||||||
|
U.S. treasury and agency securities
|
|
—
|
|
|
109
|
|
|
—
|
|
|
109
|
|
|
||||
|
Corporate bonds
|
|
—
|
|
|
58
|
|
|
—
|
|
|
58
|
|
|
||||
|
Other
|
|
—
|
|
|
22
|
|
|
—
|
|
|
22
|
|
|
||||
|
Total nuclear decommissioning trust fund
|
|
$
|
368
|
|
|
$
|
189
|
|
|
$
|
—
|
|
|
$
|
557
|
|
(b)
|
|
Total Ameren Missouri
|
|
$
|
368
|
|
|
$
|
189
|
|
|
$
|
17
|
|
|
$
|
574
|
|
|
Ameren
|
Derivative assets
–
commodity contracts
(a)
:
|
|
|
|
|
|
|
|
|
|
||||||||
Illinois
|
Natural gas
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ameren
|
Derivative liabilities
–
commodity contracts
(a)
:
|
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel oils
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
|
Natural gas
|
|
1
|
|
|
62
|
|
|
1
|
|
|
64
|
|
|
||||
|
Power
|
|
—
|
|
|
—
|
|
|
170
|
|
|
170
|
|
|
||||
|
Uranium
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
||||
|
Total Ameren
|
|
$
|
30
|
|
|
$
|
62
|
|
|
$
|
172
|
|
|
$
|
264
|
|
|
Ameren
|
Derivative liabilities
–
commodity contracts
(a)
:
|
|
|
|
|
|
|
|
|
|
||||||||
Missouri
|
Fuel oils
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
|
Natural gas
|
|
—
|
|
|
13
|
|
|
1
|
|
|
14
|
|
|
||||
|
Uranium
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
||||
|
Total Ameren Missouri
|
|
$
|
29
|
|
|
$
|
13
|
|
|
$
|
2
|
|
|
$
|
44
|
|
|
Ameren
|
Derivative liabilities
–
commodity contracts
(a)
:
|
|
|
|
|
|
|
|
|
|
||||||||
Illinois
|
Natural gas
|
|
$
|
1
|
|
|
$
|
49
|
|
|
$
|
—
|
|
|
$
|
50
|
|
|
|
Power
|
|
—
|
|
|
—
|
|
|
170
|
|
|
170
|
|
|
||||
|
Total Ameren Illinois
|
|
$
|
1
|
|
|
$
|
49
|
|
|
$
|
170
|
|
|
$
|
220
|
|
|
(a)
|
The derivative asset and liability balances are presented net of counterparty credit considerations.
|
(b)
|
Balance excludes
$(1) million
of receivables, payables, and accrued income, net.
|
|
|
Net derivative commodity contracts
|
|||||||
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Ameren
|
|||
Natural gas:
|
|
|
|
|
|
|
|||
Beginning balance at April 1, 2016
|
$
|
—
|
|
$
|
(1
|
)
|
$
|
(1
|
)
|
Realized and unrealized gains (losses) included in regulatory assets/liabilities
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
Settlements
|
|
—
|
|
|
1
|
|
|
1
|
|
Ending balance at June 30, 2016
|
$
|
—
|
|
$
|
(1
|
)
|
$
|
(1
|
)
|
Change in unrealized gains (losses) related to assets/liabilities held at June 30, 2016
|
$
|
—
|
|
$
|
(1
|
)
|
$
|
(1
|
)
|
Power:
|
|
|
|
|
|
|
|||
Beginning balance at April 1, 2016
|
$
|
6
|
|
$
|
(187
|
)
|
$
|
(181
|
)
|
Realized and unrealized gains (losses) included in regulatory assets/liabilities
|
|
(1
|
)
|
|
14
|
|
|
13
|
|
Purchases
|
|
13
|
|
|
—
|
|
|
13
|
|
Settlements
|
|
(4
|
)
|
|
4
|
|
|
—
|
|
Ending balance at June 30, 2016
|
$
|
14
|
|
$
|
(169
|
)
|
$
|
(155
|
)
|
Change in unrealized gains (losses) related to assets/liabilities held at June 30, 2016
|
$
|
—
|
|
$
|
14
|
|
$
|
14
|
|
Uranium:
|
|
|
|
|
|
|
|||
Beginning balance at April 1, 2016
|
$
|
(4
|
)
|
$
|
(a)
|
|
$
|
(4
|
)
|
Ending balance at June 30, 2016
|
$
|
(4
|
)
|
$
|
(a)
|
|
$
|
(4
|
)
|
Change in unrealized gains (losses) related to assets/liabilities held at June 30, 2016
|
$
|
—
|
|
$
|
(a)
|
|
$
|
—
|
|
(a)
|
Not applicable.
|
|
|
Net derivative commodity contracts
|
|||||||
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Ameren
|
|||
Fuel oils:
|
|
|
|
|
|
|
|||
Beginning balance at April 1, 2015
|
$
|
(6
|
)
|
$
|
(a)
|
|
$
|
(6
|
)
|
Realized and unrealized gains (losses) included in regulatory assets/liabilities
|
|
1
|
|
|
(a)
|
|
|
1
|
|
Settlements
|
|
2
|
|
|
(a)
|
|
|
2
|
|
Transfers out of Level 3
|
|
2
|
|
|
(a)
|
|
|
2
|
|
Ending balance at June 30, 2015
|
$
|
(1
|
)
|
$
|
(a)
|
|
$
|
(1
|
)
|
Change in unrealized gains (losses) related to assets/liabilities held at June 30, 2015
|
$
|
3
|
|
$
|
(a)
|
|
$
|
3
|
|
Natural gas:
|
|
|
|
|
|
|
|||
Beginning balance at April 1, 2015
|
$
|
(1
|
)
|
$
|
1
|
|
$
|
—
|
|
Purchases
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
Settlements
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
Ending balance at June 30, 2015
|
$
|
—
|
|
$
|
(1
|
)
|
$
|
(1
|
)
|
Change in unrealized gains (losses) related to assets/liabilities held at June 30, 2015
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Power:
|
|
|
|
|
|
|
|||
Beginning balance at April 1, 2015
|
$
|
4
|
|
$
|
(164
|
)
|
$
|
(160
|
)
|
Realized and unrealized gains (losses) included in regulatory assets/liabilities
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
Purchases
|
|
29
|
|
|
—
|
|
|
29
|
|
Settlements
|
|
(6
|
)
|
|
3
|
|
|
(3
|
)
|
Ending balance at June 30, 2015
|
$
|
27
|
|
$
|
(165
|
)
|
$
|
(138
|
)
|
Change in unrealized gains (losses) related to assets/liabilities held at June 30, 2015
|
$
|
1
|
|
$
|
(5
|
)
|
$
|
(4
|
)
|
Uranium:
|
|
|
|
|
|
|
|||
Beginning balance at April 1, 2015
|
$
|
(1
|
)
|
$
|
(a)
|
|
$
|
(1
|
)
|
Realized and unrealized gains (losses) included in regulatory assets/liabilities
|
|
(1
|
)
|
|
(a)
|
|
|
(1
|
)
|
Ending balance at June 30, 2015
|
$
|
(2
|
)
|
$
|
(a)
|
|
$
|
(2
|
)
|
Change in unrealized gains (losses) related to assets/liabilities held at June 30, 2015
|
$
|
(1
|
)
|
$
|
(a)
|
|
$
|
(1
|
)
|
(a)
|
Not applicable.
|
|
|
Net derivative commodity contracts
|
|||||||
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Ameren
|
|||
Natural gas:
|
|
|
|
|
|
|
|||
Beginning balance at January 1, 2016
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Realized and unrealized gains (losses) included in regulatory assets/liabilities
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
Ending balance at June 30, 2016
|
$
|
—
|
|
$
|
(1
|
)
|
$
|
(1
|
)
|
Change in unrealized gains (losses) related to assets/liabilities held at June 30, 2016
|
$
|
—
|
|
$
|
(1
|
)
|
$
|
(1
|
)
|
Power:
|
|
|
|
|
|
|
|||
Beginning balance at January 1, 2016
|
$
|
16
|
|
$
|
(170
|
)
|
$
|
(154
|
)
|
Realized and unrealized gains (losses) included in regulatory assets/liabilities
|
|
(4
|
)
|
|
(7
|
)
|
|
(11
|
)
|
Purchases
|
|
13
|
|
|
—
|
|
|
13
|
|
Settlements
|
|
(11
|
)
|
|
8
|
|
|
(3
|
)
|
Ending balance at June 30, 2016
|
$
|
14
|
|
$
|
(169
|
)
|
$
|
(155
|
)
|
Change in unrealized gains (losses) related to assets/liabilities held at June 30, 2016
|
$
|
—
|
|
$
|
(5
|
)
|
$
|
(5
|
)
|
Uranium:
|
|
|
|
|
|
|
|||
Beginning balance at January 1, 2016
|
$
|
(1
|
)
|
$
|
(a)
|
|
$
|
(1
|
)
|
Realized and unrealized gains (losses) included in regulatory assets/liabilities
|
|
(3
|
)
|
|
(a)
|
|
|
(3
|
)
|
Ending balance at June 30, 2016
|
$
|
(4
|
)
|
$
|
(a)
|
|
$
|
(4
|
)
|
Change in unrealized gains (losses) related to assets/liabilities held at June 30, 2016
|
$
|
(3
|
)
|
$
|
(a)
|
|
$
|
(3
|
)
|
(a)
|
Not applicable.
|
|
|
Net derivative commodity contracts
|
|||||||
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Ameren
|
|||
Fuel oils:
|
|
|
|
|
|
|
|||
Beginning balance at January 1, 2015
|
$
|
(6
|
)
|
$
|
(a)
|
|
$
|
(6
|
)
|
Settlements
|
|
3
|
|
|
(a)
|
|
|
3
|
|
Transfers out of Level 3
|
|
2
|
|
|
(a)
|
|
|
2
|
|
Ending balance at June 30, 2015
|
$
|
(1
|
)
|
$
|
(a)
|
|
$
|
(1
|
)
|
Change in unrealized gains (losses) related to assets/liabilities held at June 30, 2015
|
$
|
—
|
|
$
|
(a)
|
|
$
|
—
|
|
Natural gas:
|
|
|
|
|
|
|
|||
Beginning balance at January 1, 2015
|
$
|
(1
|
)
|
$
|
—
|
|
$
|
(1
|
)
|
Settlements
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
Ending balance at June 30, 2015
|
$
|
—
|
|
$
|
(1
|
)
|
$
|
(1
|
)
|
Change in unrealized gains (losses) related to assets/liabilities held at June 30, 2015
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Power:
|
|
|
|
|
|
|
|||
Beginning balance at January 1, 2015
|
$
|
9
|
|
$
|
(142
|
)
|
$
|
(133
|
)
|
Realized and unrealized gains (losses) included in regulatory assets/liabilities
|
|
(2
|
)
|
|
(29
|
)
|
|
(31
|
)
|
Purchases
|
|
29
|
|
|
—
|
|
|
29
|
|
Settlements
|
|
(9
|
)
|
|
6
|
|
|
(3
|
)
|
Ending balance at June 30, 2015
|
$
|
27
|
|
$
|
(165
|
)
|
$
|
(138
|
)
|
Change in unrealized gains (losses) related to assets/liabilities held at June 30, 2015
|
$
|
—
|
|
$
|
(29
|
)
|
$
|
(29
|
)
|
Uranium:
|
|
|
|
|
|
|
|||
Beginning balance at January 1, 2015
|
$
|
(2
|
)
|
$
|
(a)
|
|
$
|
(2
|
)
|
Ending balance at June 30, 2015
|
$
|
(2
|
)
|
$
|
(a)
|
|
$
|
(2
|
)
|
Change in unrealized gains (losses) related to assets/liabilities held at June 30, 2015
|
$
|
—
|
|
$
|
(a)
|
|
$
|
—
|
|
(a)
|
Not applicable.
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||
Ameren:
|
|
|
|
|
|
|
|
||||||||
Long-term debt and capital lease obligations (including current portion)
|
$
|
7,036
|
|
|
$
|
7,973
|
|
|
$
|
7,275
|
|
|
$
|
7,814
|
|
Preferred stock
(a)
|
142
|
|
|
127
|
|
|
142
|
|
|
125
|
|
||||
Ameren Missouri:
|
|
|
|
|
|
|
|
||||||||
Long-term debt and capital lease obligations (including current portion)
|
$
|
3,999
|
|
|
$
|
4,539
|
|
|
$
|
4,110
|
|
|
$
|
4,449
|
|
Preferred stock
|
80
|
|
|
77
|
|
|
80
|
|
|
75
|
|
||||
Ameren Illinois:
|
|
|
|
|
|
|
|
||||||||
Long-term debt (including current portion)
|
$
|
2,343
|
|
|
$
|
2,692
|
|
|
$
|
2,471
|
|
|
$
|
2,665
|
|
Preferred stock
|
62
|
|
|
50
|
|
|
62
|
|
|
50
|
|
(a)
|
Preferred stock is recorded in “Noncontrolling Interests” on the consolidated balance sheet.
|
|
|
|
|
|
Three Months
|
|
Six Months
|
||||||||
Agreement
|
Income Statement
Line Item
|
|
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
||||
Ameren Missouri power supply
|
Operating Revenues
|
|
2016
|
$
|
3
|
|
$
|
(a)
|
|
$
|
12
|
|
$
|
(a)
|
|
agreements with Ameren Illinois
|
|
|
2015
|
|
4
|
|
|
(a)
|
|
|
5
|
|
|
(a)
|
|
Ameren Missouri and Ameren Illinois
|
Operating Revenues
|
|
2016
|
|
7
|
|
|
1
|
|
|
13
|
|
|
2
|
|
rent and facility services
|
|
|
2015
|
|
7
|
|
|
1
|
|
|
13
|
|
|
2
|
|
Ameren Missouri and Ameren Illinois
|
Operating Revenues
|
|
2016
|
|
(b)
|
|
|
(b)
|
|
|
(b)
|
|
|
(b)
|
|
miscellaneous support services
|
|
|
2015
|
|
1
|
|
|
(b)
|
|
|
1
|
|
|
(b)
|
|
Total Operating Revenues
|
|
|
2016
|
$
|
10
|
|
$
|
1
|
|
$
|
25
|
|
$
|
2
|
|
|
|
|
2015
|
|
12
|
|
|
1
|
|
|
19
|
|
|
2
|
|
Ameren Illinois power supply
|
Purchased Power
|
|
2016
|
$
|
(a)
|
|
$
|
3
|
|
$
|
(a)
|
|
$
|
12
|
|
agreements with Ameren Missouri
|
|
|
2015
|
|
(a)
|
|
|
4
|
|
|
(a)
|
|
|
5
|
|
Ameren Illinois transmission
|
Purchased Power
|
|
2016
|
|
(a)
|
|
|
1
|
|
|
(a)
|
|
|
1
|
|
services with ATXI
|
|
|
2015
|
|
(a)
|
|
|
(b)
|
|
|
(a)
|
|
|
1
|
|
Total Purchased Power
|
|
|
2016
|
$
|
(a)
|
|
$
|
4
|
|
$
|
(a)
|
|
$
|
13
|
|
|
|
|
2015
|
|
(a)
|
|
|
4
|
|
|
(a)
|
|
|
6
|
|
Ameren Services support services
|
Other Operations and Maintenance
|
|
2016
|
$
|
32
|
|
$
|
30
|
|
$
|
66
|
|
$
|
61
|
|
agreement
|
|
|
2015
|
|
32
|
|
|
30
|
|
|
66
|
|
|
59
|
|
Money pool borrowings (advances)
|
Interest Charges/ Miscellaneous Income
|
|
2016
|
$
|
(b)
|
|
$
|
(b)
|
|
$
|
(b)
|
|
$
|
(b)
|
|
|
|
|
2015
|
|
(b)
|
|
|
(b)
|
|
|
(b)
|
|
|
(b)
|
|
(a)
|
Not applicable.
|
(b)
|
Amount less than $1 million.
|
Type and Source of Coverage
|
Maximum Coverages
|
|
Maximum Assessments
for Single Incidents
|
|
||||
Public liability and nuclear worker liability:
|
|
|
|
|
||||
American Nuclear Insurers
|
$
|
375
|
|
|
$
|
—
|
|
|
Pool participation
|
12,986
|
|
(a)
|
127
|
|
(b)
|
||
|
$
|
13,361
|
|
(c)
|
$
|
127
|
|
|
Property damage:
|
|
|
|
|
||||
NEIL
|
$
|
2,750
|
|
(d)
|
$
|
30
|
|
(e)
|
European Mutual Association for Nuclear Insurance
|
450
|
|
(f)
|
—
|
|
|
||
|
$
|
3,200
|
|
|
$
|
30
|
|
|
Replacement power:
|
|
|
|
|
||||
NEIL
|
$
|
490
|
|
(g)
|
$
|
7
|
|
(e)
|
(a)
|
Provided through mandatory participation in an industrywide retrospective premium assessment program.
|
(b)
|
Retrospective premium under the Price-Anderson Act. This is subject to retrospective assessment with respect to a covered loss in excess of
$375 million
in the event of an incident at any licensed United States commercial reactor, payable at
$19 million
per year.
|
(c)
|
Limit of liability for each incident under the Price-Anderson liability provisions of the Atomic Energy Act of 1954, as amended. A company could be assessed up to
$127 million
per incident for each licensed reactor it operates with a maximum of
$19 million
per incident to be paid in a calendar year for each reactor. This limit is subject to change to account for the effects of inflation and changes in the number of licensed reactors.
|
(d)
|
NEIL provides
$2.75 billion
in property damage, decontamination, and premature decommissioning insurance for radiation events. NEIL provides
$2.3 billion
in property damage for nonradiation events.
|
(e)
|
All NEIL insured plants could be subject to assessments should losses exceed the accumulated funds from NEIL.
|
(f)
|
European Mutual Association for Nuclear Insurance provides
$450 million
in excess of the
$2.75 billion
and
$2.3 billion
property coverage for radiation and nonradiation events, respectively, provided by NEIL.
|
(g)
|
Provides replacement power cost insurance in the event of a prolonged accidental outage. Weekly indemnity up to
$4.5 million
for 52 weeks, which commences after the first twelve weeks of an outage, plus up to
$3.6 million
per week for a minimum of 71 weeks thereafter for a total not exceeding the policy limit of
$490 million
. Nonradiation events are sub-limited to
$328 million
.
|
|
Pension Benefits
|
|
Postretirement Benefits
|
|
||||||||||||||||||||||||||||
|
Three Months
|
|
Six Months
|
|
Three Months
|
|
Six Months
|
|
||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||||||||||||||
Service cost
|
$
|
20
|
|
|
$
|
22
|
|
|
$
|
40
|
|
|
$
|
46
|
|
|
$
|
5
|
|
|
$
|
6
|
|
|
$
|
10
|
|
|
$
|
11
|
|
|
Interest cost
|
45
|
|
|
43
|
|
|
92
|
|
|
87
|
|
|
12
|
|
|
12
|
|
|
24
|
|
|
24
|
|
|
||||||||
Expected return on plan assets
|
(63
|
)
|
|
(62
|
)
|
|
(126
|
)
|
|
(124
|
)
|
|
(18
|
)
|
|
(17
|
)
|
|
(36
|
)
|
|
(34
|
)
|
|
||||||||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Prior service benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
||||||||
Actuarial loss (gain)
|
7
|
|
|
19
|
|
|
16
|
|
|
37
|
|
|
(2
|
)
|
|
2
|
|
|
(5
|
)
|
|
3
|
|
|
||||||||
Settlement loss
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Net periodic benefit cost (benefit)
|
$
|
9
|
|
|
$
|
23
|
|
|
$
|
22
|
|
|
$
|
47
|
|
|
$
|
(4
|
)
|
|
$
|
2
|
|
|
$
|
(9
|
)
|
|
$
|
2
|
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
|
||||||||||||||||||||||||||||
|
Three Months
|
|
Six Months
|
|
Three Months
|
|
Six Months
|
|
||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||||||||||||||
Ameren Missouri
(a)
|
$
|
5
|
|
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
28
|
|
|
$
|
(1
|
)
|
|
$
|
3
|
|
|
$
|
(2
|
)
|
|
$
|
4
|
|
|
Ameren Illinois
|
6
|
|
|
10
|
|
|
11
|
|
|
19
|
|
|
(3
|
)
|
|
(1
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
||||||||
Other
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Ameren
(a)(b)
|
$
|
9
|
|
|
$
|
23
|
|
|
$
|
22
|
|
|
$
|
47
|
|
|
$
|
(4
|
)
|
|
$
|
2
|
|
|
$
|
(9
|
)
|
|
$
|
2
|
|
|
(a)
|
Does not include the impact of the regulatory tracking mechanism for the difference between the level of pension and postretirement benefit costs incurred by Ameren Missouri under GAAP and the level of such costs included in rates.
|
(b)
|
Includes amounts for Ameren registrants and nonregistrant subsidiaries.
|
|
Three Months
|
|
Six Months
|
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||||||
Operating revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Operating benefits (expenses)
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
||||
Operating income before income tax
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
||||
Income tax benefit
|
—
|
|
|
52
|
|
|
—
|
|
|
49
|
|
|
||||
Income from discontinued operations, net of taxes
|
$
|
—
|
|
|
$
|
52
|
|
|
$
|
—
|
|
|
$
|
52
|
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
Assets of discontinued operations
|
|
|
|
||||
Accumulated deferred income taxes, net
|
$
|
14
|
|
|
$
|
14
|
|
Total assets of discontinued operations
|
$
|
14
|
|
|
$
|
14
|
|
Liabilities of discontinued operations
|
|
|
|
||||
Accounts payable and other current obligations
|
$
|
1
|
|
|
$
|
1
|
|
Asset retirement obligations
(a)
|
26
|
|
|
28
|
|
||
Total liabilities of discontinued operations
|
$
|
27
|
|
|
$
|
29
|
|
(a)
|
Ameren has demolished and completed its retirement obligations at the Hutsonville energy center. The remaining ARO liabilities relate to the abandoned Meredosia energy center.
|
Three Months
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Other
|
|
Intersegment
Eliminations
|
|
Ameren
|
|
||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
External revenues
|
$
|
857
|
|
|
$
|
541
|
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
1,427
|
|
|
Intersegment revenues
|
10
|
|
|
1
|
|
|
1
|
|
|
(12
|
)
|
|
—
|
|
|
|||||
Net income attributable to Ameren common shareholders from continuing operations
|
92
|
|
|
45
|
|
|
10
|
|
|
—
|
|
|
147
|
|
|
|||||
2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
External revenues
|
$
|
872
|
|
|
$
|
512
|
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
1,401
|
|
|
Intersegment revenues
|
12
|
|
|
1
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
|||||
Net income attributable to Ameren common shareholders from continuing operations
|
61
|
|
|
31
|
|
|
6
|
|
|
—
|
|
|
98
|
|
|
|||||
Six Months
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
External revenues
|
$
|
1,583
|
|
|
$
|
1,217
|
|
|
$
|
61
|
|
|
$
|
—
|
|
|
$
|
2,861
|
|
|
Intersegment revenues
|
25
|
|
|
2
|
|
|
1
|
|
|
(28
|
)
|
|
—
|
|
|
|||||
Net income attributable to Ameren common stockholders from continuing operations
|
106
|
|
|
104
|
|
|
42
|
|
|
—
|
|
|
252
|
|
|
|||||
2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
External revenues
|
$
|
1,665
|
|
|
$
|
1,256
|
|
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
2,957
|
|
|
Intersegment revenues
|
19
|
|
|
2
|
|
|
1
|
|
|
(22
|
)
|
|
—
|
|
|
|||||
Net income (loss) attributable to Ameren common stockholders from continuing operations
|
102
|
|
|
84
|
|
|
20
|
|
|
—
|
|
|
206
|
|
|
|||||
As of June 30, 2016:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
13,649
|
|
|
$
|
8,999
|
|
|
$
|
1,276
|
|
|
$
|
(145
|
)
|
|
$
|
23,779
|
|
(a)
|
As of December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
13,851
|
|
|
$
|
8,903
|
|
|
$
|
1,139
|
|
|
$
|
(267
|
)
|
|
$
|
23,626
|
|
(a)
|
•
|
Union Electric Company, doing business as Ameren Missouri, operates a rate-regulated electric generation, transmission and distribution business and a rate-regulated natural gas transmission and distribution business in Missouri.
|
•
|
Ameren Illinois Company, doing business as Ameren Illinois, operates rate-regulated electric and natural gas transmission and distribution businesses in Illinois.
|
|
Three Months
|
|
|
Six Months
|
|
||||||||||||
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
|
||||||||
Net income attributable to Ameren common shareholders
|
$
|
147
|
|
|
$
|
150
|
|
|
|
$
|
252
|
|
|
$
|
258
|
|
|
Earnings per common share
–
basic and diluted
|
0.61
|
|
|
0.61
|
|
|
|
1.04
|
|
|
1.06
|
|
|
||||
Net income attributable to Ameren common shareholders
–
continuing operations
|
$
|
147
|
|
|
$
|
98
|
|
|
|
$
|
252
|
|
|
$
|
206
|
|
|
Earnings per common share
–
basic and diluted
–
continuing operations
|
0.61
|
|
|
0.40
|
|
|
|
1.04
|
|
|
0.85
|
|
|
•
|
the absence of a provision recognized in the second quarter of 2015 as a result of Ameren Missouri’s discontinued efforts to license and build a second nuclear unit at its existing Callaway energy center site (18 cents per share for both periods);
|
•
|
increased Ameren Illinois and ATXI electric transmission service and Ameren Illinois electric distribution service earnings under formula ratemaking due to additional rate base investment (7 cents per share and 12 cents per share, respectively). However, increased earnings due to additional rate base investment were reduced by the recognition of a liability for a potential refund to customers based on the pending FERC complaint cases regarding the allowed base return on common equity as well as a lower return on equity related to Ameren Illinois electric distribution service investments due to a reduction in the 30-year United States Treasury bond yields (1 cent per share and 2 cents per share, respectively);
|
•
|
a decrease in the effective tax rate primarily due to an income tax benefit recorded at Ameren (parent) pursuant to the adoption of new accounting guidance related to share-based compensation (8 cents per share for the
six months ended June 30, 2016
);
|
•
|
increased demand due to warmer early summer temperatures in 2016 (estimated at 7 cents per share for the
second quarter
of
2016
);
|
•
|
higher natural gas distribution rates at Ameren Illinois pursuant to a December 2015 order (2 cents per share and 6 cents per share, respectively);
|
•
|
decreased other operations and maintenance expenses not subject to riders, regulatory tracking mechanisms, or formula ratemaking, primarily at Ameren Missouri (4 cents per share and 3 cents per share, respectively). This was due, in part, to a reduction in energy center maintenance costs, excluding the cost of the Callaway energy center's scheduled refueling and maintenance outage (discussed below); and
|
•
|
increased Ameren Illinois natural gas distribution rates due to seasonal rate redesign, which is not expected to materially affect earnings comparisons on an annual basis (2 cents per share for the
six months ended June 30, 2016
).
|
•
|
the cost of the Callaway energy center's scheduled refueling and maintenance outage in the second quarter of 2016. There was no Callaway refueling and maintenance outage in 2015 (7 cents per share and 8 cents per share, respectively);
|
•
|
a decrease in electric demand at Ameren Missouri resulting from a reduction in Noranda sales volumes (5 cents per share and 8 cents per share, respectively);
|
•
|
decreased Ameren Missouri earnings resulting from the absence in 2016 of MEEIA net shared benefits, due to the expiration of MEEIA 2013 (4 cents per share and 7 cents per share, respectively);
|
•
|
decreased demand primarily due to milder winter temperatures, partially offset by warmer early summer temperatures (discussed above) (estimated at 2 cents per share for the
six months ended June 30, 2016
);
|
•
|
decreased Ameren Illinois earnings resulting from the absence in 2016 of a January 2015 ICC order regarding Ameren Illinois’ cumulative power usage cost and its purchased power rider mechanism (4 cents per share for the
six months ended June 30, 2016
); and
|
•
|
decreased electric margins resulting from the exclusion of transmission revenues and substantially all transmission charges from Ameren Missouri’s FAC beginning May 30, 2015 (2 cents per share and 3 cents per share, respectively).
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Other /
Intersegment
Eliminations
|
|
Ameren
|
||||||||
Three Months 2016:
|
|
|
|
|
|
|
|
||||||||
Electric margins
|
$
|
628
|
|
|
$
|
321
|
|
|
$
|
24
|
|
|
$
|
973
|
|
Natural gas margins
|
17
|
|
|
96
|
|
|
(1
|
)
|
|
112
|
|
||||
Other operations and maintenance
|
(238
|
)
|
|
(200
|
)
|
|
3
|
|
|
(435
|
)
|
||||
Depreciation and amortization
|
(127
|
)
|
|
(80
|
)
|
|
(3
|
)
|
|
(210
|
)
|
||||
Taxes other than income taxes
|
(83
|
)
|
|
(30
|
)
|
|
(2
|
)
|
|
(115
|
)
|
||||
Other income
|
7
|
|
|
3
|
|
|
—
|
|
|
10
|
|
||||
Interest charges
|
(53
|
)
|
|
(35
|
)
|
|
(7
|
)
|
|
(95
|
)
|
||||
Income taxes
|
(58
|
)
|
|
(29
|
)
|
|
(5
|
)
|
|
(92
|
)
|
||||
Income from continuing operations
|
93
|
|
|
46
|
|
|
9
|
|
|
148
|
|
||||
Income from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net income
|
93
|
|
|
46
|
|
|
9
|
|
|
148
|
|
||||
Noncontrolling interests
–
preferred dividends
|
(1
|
)
|
|
(1
|
)
|
|
1
|
|
|
(1
|
)
|
||||
Net income attributable to Ameren common shareholders
|
$
|
92
|
|
|
$
|
45
|
|
|
$
|
10
|
|
|
$
|
147
|
|
Three Months 2015:
|
|
|
|
|
|
|
|
||||||||
Electric margins
|
$
|
635
|
|
|
$
|
299
|
|
|
$
|
10
|
|
|
$
|
944
|
|
Natural gas margins
|
17
|
|
|
88
|
|
|
—
|
|
|
105
|
|
||||
Other revenues
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||
Other operations and maintenance
|
(229
|
)
|
|
(202
|
)
|
|
4
|
|
|
(427
|
)
|
||||
Provision for Callaway construction and operating license
|
(69
|
)
|
|
—
|
|
|
—
|
|
|
(69
|
)
|
||||
Depreciation and amortization
|
(124
|
)
|
|
(73
|
)
|
|
(3
|
)
|
|
(200
|
)
|
||||
Taxes other than income taxes
|
(85
|
)
|
|
(29
|
)
|
|
(2
|
)
|
|
(116
|
)
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Other /
Intersegment
Eliminations
|
|
Ameren
|
||||||||
Other income (expense)
|
10
|
|
|
2
|
|
|
(2
|
)
|
|
10
|
|
||||
Interest charges
|
(55
|
)
|
|
(33
|
)
|
|
(1
|
)
|
|
(89
|
)
|
||||
Income taxes
|
(39
|
)
|
|
(20
|
)
|
|
—
|
|
|
(59
|
)
|
||||
Income from continuing operations
|
62
|
|
|
32
|
|
|
5
|
|
|
99
|
|
||||
Income from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
52
|
|
|
52
|
|
||||
Net income
|
62
|
|
|
32
|
|
|
57
|
|
|
151
|
|
||||
Noncontrolling interests
–
preferred dividends
|
(1
|
)
|
|
(1
|
)
|
|
1
|
|
|
(1
|
)
|
||||
Net income attributable to Ameren common shareholders
|
$
|
61
|
|
|
$
|
31
|
|
|
$
|
58
|
|
|
$
|
150
|
|
Six Months 2016:
|
|
|
|
|
|
|
|
||||||||
Electric margins
|
$
|
1,077
|
|
|
$
|
609
|
|
|
$
|
48
|
|
|
$
|
1,734
|
|
Natural gas margins
|
43
|
|
|
250
|
|
|
(1
|
)
|
|
292
|
|
||||
Other operations and maintenance
|
(450
|
)
|
|
(394
|
)
|
|
9
|
|
|
(835
|
)
|
||||
Depreciation and amortization
|
(254
|
)
|
|
(157
|
)
|
|
(6
|
)
|
|
(417
|
)
|
||||
Taxes other than income taxes
|
(156
|
)
|
|
(68
|
)
|
|
(5
|
)
|
|
(229
|
)
|
||||
Other income
|
20
|
|
|
3
|
|
|
—
|
|
|
23
|
|
||||
Interest charges
|
(105
|
)
|
|
(70
|
)
|
|
(15
|
)
|
|
(190
|
)
|
||||
Income (taxes) benefit
|
(67
|
)
|
|
(67
|
)
|
|
11
|
|
|
(123
|
)
|
||||
Income from continuing operations
|
108
|
|
|
106
|
|
|
41
|
|
|
255
|
|
||||
Income from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net income
|
108
|
|
|
106
|
|
|
41
|
|
|
255
|
|
||||
Noncontrolling interests
–
preferred dividends
|
(2
|
)
|
|
(2
|
)
|
|
1
|
|
|
(3
|
)
|
||||
Net income attributable to Ameren common stockholders
|
$
|
106
|
|
|
$
|
104
|
|
|
$
|
42
|
|
|
$
|
252
|
|
Six Months 2015:
|
|
|
|
|
|
|
|
||||||||
Electric margins
|
$
|
1,132
|
|
|
$
|
587
|
|
|
$
|
23
|
|
|
$
|
1,742
|
|
Natural gas margins
|
44
|
|
|
238
|
|
|
—
|
|
|
282
|
|
||||
Other revenues
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||
Other operations and maintenance
|
(440
|
)
|
|
(404
|
)
|
|
16
|
|
|
(828
|
)
|
||||
Provision for Callaway construction and operating license
|
(69
|
)
|
|
—
|
|
|
—
|
|
|
(69
|
)
|
||||
Depreciation and amortization
|
(242
|
)
|
|
(146
|
)
|
|
(5
|
)
|
|
(393
|
)
|
||||
Taxes other than income taxes
|
(165
|
)
|
|
(72
|
)
|
|
(4
|
)
|
|
(241
|
)
|
||||
Other income (expense)
|
18
|
|
|
4
|
|
|
(4
|
)
|
|
18
|
|
||||
Interest charges
|
(110
|
)
|
|
(66
|
)
|
|
(1
|
)
|
|
(177
|
)
|
||||
Income taxes
|
(65
|
)
|
|
(55
|
)
|
|
(5
|
)
|
|
(125
|
)
|
||||
Income from continuing operations
|
104
|
|
|
86
|
|
|
19
|
|
|
209
|
|
||||
Income from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
52
|
|
|
52
|
|
||||
Net income
|
104
|
|
|
86
|
|
|
71
|
|
|
261
|
|
||||
Noncontrolling interests
–
preferred dividends
|
(2
|
)
|
|
(2
|
)
|
|
1
|
|
|
(3
|
)
|
||||
Net income attributable to Ameren common stockholders
|
$
|
102
|
|
|
$
|
84
|
|
|
$
|
72
|
|
|
$
|
258
|
|
Three Months
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Other
(a)
|
|
Ameren
|
||||||||
Electric revenue change:
|
|
|
|
|
|
|
|
||||||||
Effect of weather (estimate)
(b)
|
$
|
26
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
31
|
|
Base rates (estimate)
|
19
|
|
|
3
|
|
|
—
|
|
|
22
|
|
||||
Sales volume (excluding Noranda and the estimated effect of weather)
|
2
|
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
||||
Noranda revenues
|
(35
|
)
|
|
—
|
|
|
—
|
|
|
(35
|
)
|
||||
Off-system sales and transmission services revenues
|
21
|
|
|
—
|
|
|
—
|
|
|
21
|
|
||||
MEEIA 2013 net shared benefits
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
||||
Transmission services revenues
|
—
|
|
|
17
|
|
|
12
|
|
|
29
|
|
||||
Other
|
4
|
|
|
1
|
|
|
2
|
|
|
7
|
|
||||
Cost recovery mechanisms – offset in fuel and purchased power:
(c)
|
|
|
|
|
|
|
|
||||||||
Power supply costs
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||
Recovery of FAC under-recovery
|
(28
|
)
|
|
—
|
|
|
—
|
|
|
(28
|
)
|
||||
Other cost recovery mechanisms:
(d)
|
|
|
|
|
|
|
|
||||||||
Bad debt, energy efficiency programs, and environmental remediation cost riders
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||
MEEIA 2013 and 2016 program costs
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
||||
Total electric revenue change
|
$
|
(15
|
)
|
|
$
|
25
|
|
|
$
|
14
|
|
|
$
|
24
|
|
Fuel and purchased power change:
|
|
|
|
|
|
|
|
||||||||
Energy costs
|
$
|
(19
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(19
|
)
|
Noranda energy costs
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
||||
Effect of weather (estimate)
(b)
|
(4
|
)
|
|
(1
|
)
|
|
—
|
|
|
(5
|
)
|
||||
Effect of higher net energy costs included in base rates
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
||||
FAC exclusion of transmission services charges
(e)
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
||||
Other
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Cost recovery mechanisms – offsets in electric revenue:
(c)
|
|
|
|
|
|
|
|
||||||||
Power supply costs
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Recovery of FAC under-recovery
|
28
|
|
|
—
|
|
|
—
|
|
|
28
|
|
||||
Total fuel and purchased power change
|
$
|
8
|
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
5
|
|
Net change in electric margins
|
$
|
(7
|
)
|
|
$
|
22
|
|
|
$
|
14
|
|
|
$
|
29
|
|
Natural gas revenue change:
|
|
|
|
|
|
|
|
||||||||
Effect of weather (estimate)
(b)
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
4
|
|
Base rates (estimate)
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
||||
Seasonal rate redesign
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
||||
Other
|
1
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
||||
Cost recovery mechanism – offset in gas purchased for resale:
(c)
|
|
|
|
|
|
|
|
||||||||
Purchased gas costs
|
(2
|
)
|
|
(6
|
)
|
|
—
|
|
|
(8
|
)
|
||||
Other cost recovery mechanisms:
(d)
|
|
|
|
|
|
|
|
||||||||
Bad debt, energy efficiency programs, and environmental remediation cost riders
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Gross receipts tax
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Total natural gas revenue change
|
$
|
(1
|
)
|
|
$
|
4
|
|
|
$
|
(1
|
)
|
|
$
|
2
|
|
Gas purchased for resale change:
|
|
|
|
|
|
|
|
||||||||
Effect of weather (estimate)
(b)
|
$
|
(1
|
)
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
Cost recovery mechanism – offset in natural gas revenue:
(c)
|
|
|
|
|
|
|
|
||||||||
Purchased gas costs
|
2
|
|
|
6
|
|
|
—
|
|
|
8
|
|
||||
Total gas purchased for resale change
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
5
|
|
Net change in natural gas margins
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
(1
|
)
|
|
$
|
7
|
|
Six Months
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Other
(a)
|
|
Ameren
|
||||||||
Electric revenue change:
|
|
|
|
|
|
|
|
||||||||
Effect of weather (estimate)
(b)
|
$
|
(8
|
)
|
|
$
|
(5
|
)
|
|
$
|
—
|
|
|
$
|
(13
|
)
|
Base rates (estimate)
|
48
|
|
|
22
|
|
|
—
|
|
|
70
|
|
||||
Sales volume (excluding Noranda and the estimated effect of weather)
|
3
|
|
|
(7
|
)
|
|
—
|
|
|
(4
|
)
|
||||
Noranda revenues
|
(59
|
)
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
||||
Off-system sales and transmission services revenues
|
35
|
|
|
—
|
|
|
—
|
|
|
35
|
|
||||
MEEIA 2013 net shared benefits
|
(26
|
)
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
||||
Transmission services revenues
|
—
|
|
|
24
|
|
|
24
|
|
|
48
|
|
||||
Purchased power rider order in 2015
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
||||
Other
|
10
|
|
|
4
|
|
|
(5
|
)
|
|
9
|
|
||||
Cost recovery mechanisms
–
offset in fuel and purchased power:
(c)
|
|
|
|
|
|
|
|
||||||||
Power supply costs
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
||||
Recovery of FAC under-recovery
|
(49
|
)
|
|
—
|
|
|
—
|
|
|
(49
|
)
|
||||
Other cost recovery mechanisms:
(d)
|
|
|
|
|
|
|
|
||||||||
Bad debt, energy efficiency programs, and environmental remediation cost riders
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
||||
Gross receipts tax
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||
MEEIA 2013 and 2016 program costs
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
||||
Total electric revenue change
|
$
|
(63
|
)
|
|
$
|
27
|
|
|
$
|
19
|
|
|
$
|
(17
|
)
|
Fuel and purchased power change:
|
|
|
|
|
|
|
|
||||||||
Energy costs
|
$
|
(29
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(29
|
)
|
Noranda energy costs
|
28
|
|
|
—
|
|
|
—
|
|
|
28
|
|
||||
Effect of weather (estimate)
(b)
|
5
|
|
|
4
|
|
|
—
|
|
|
9
|
|
||||
Effect of higher net energy costs included in base rates
|
(34
|
)
|
|
—
|
|
|
—
|
|
|
(34
|
)
|
||||
FAC exclusion of transmission services charges
(e)
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
||||
Other
|
—
|
|
|
1
|
|
|
6
|
|
|
7
|
|
||||
Cost recovery mechanisms
–
offsets in electric revenue:
(c)
|
|
|
|
|
|
|
|
||||||||
Power supply costs
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
||||
Recovery of FAC under-recovery
|
49
|
|
|
—
|
|
|
—
|
|
|
49
|
|
||||
Total fuel and purchased power change
|
$
|
8
|
|
|
$
|
(5
|
)
|
|
$
|
6
|
|
|
$
|
9
|
|
Net change in electric margins
|
$
|
(55
|
)
|
|
$
|
22
|
|
|
$
|
25
|
|
|
$
|
(8
|
)
|
Natural gas revenue change:
|
|
|
|
|
|
|
|
||||||||
Effect of weather (estimate)
(b)
|
$
|
(8
|
)
|
|
$
|
(26
|
)
|
|
$
|
—
|
|
|
$
|
(34
|
)
|
Base rates (estimate)
|
—
|
|
|
25
|
|
|
—
|
|
|
25
|
|
||||
Seasonal rate redesign
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
||||
Other
|
1
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
||||
Cost recovery mechanism
–
offset in gas purchased for resale:
(c)
|
|
|
|
|
|
|
|
||||||||
Purchased gas costs
|
(4
|
)
|
|
(55
|
)
|
|
—
|
|
|
(59
|
)
|
||||
Other cost recovery mechanisms:
(d)
|
|
|
|
|
|
|
|
||||||||
Bad debt, energy efficiency programs, and environmental remediation cost riders
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
(13
|
)
|
||||
Gross receipts tax
|
(1
|
)
|
|
(2
|
)
|
|
—
|
|
|
(3
|
)
|
||||
Total natural gas revenue change
|
$
|
(12
|
)
|
|
$
|
(66
|
)
|
|
$
|
(1
|
)
|
|
$
|
(79
|
)
|
Gas purchased for resale change:
|
|
|
|
|
|
|
|
||||||||
Effect of weather (estimate)
(b)
|
$
|
7
|
|
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
30
|
|
Cost recovery mechanism
–
offset in natural gas revenue:
(c)
|
|
|
|
|
|
|
|
||||||||
Purchased gas costs
|
4
|
|
|
55
|
|
|
—
|
|
|
59
|
|
||||
Total gas purchased for resale change
|
$
|
11
|
|
|
$
|
78
|
|
|
$
|
—
|
|
|
$
|
89
|
|
Net change in natural gas margins
|
$
|
(1
|
)
|
|
$
|
12
|
|
|
$
|
(1
|
)
|
|
$
|
10
|
|
(a)
|
Primarily includes amounts for ATXI and intercompany eliminations.
|
(b)
|
Represents the estimated variation resulting primarily from changes in cooling and heating degree-days on electric and natural gas demand compared with the prior-year period; this variation is based on temperature readings from the National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
|
(c)
|
Electric and natural gas revenue changes are offset by corresponding changes in Fuel, Purchased power, and Gas purchased for resale, resulting in no change to electric and natural gas margins.
|
(d)
|
See Other Operations and Maintenance Expenses or Taxes Other Than Income Taxes in this section for the related offsetting increase or decrease to expense. These items have no overall impact on earnings.
|
(e)
|
Amounts are subsequent to May 30, 2015, due to the exclusion of transmission revenues and substantially all transmission charges from the FAC as a result of the April 2015 MoPSC electric rate order.
|
•
|
Noranda’s operations were idled in the first quarter of 2016, which
decreased
margins by $18 million and $31 million, respectively. The change in margins due to lower Noranda sales is the sum of Noranda revenues (
-$35 million
and
-$59 million
, respectively) and Noranda energy costs (+
$17 million
and
+$28 million
, respectively) in the above table. Noranda energy costs include the impact of a provision in the FAC tariff that, under certain circumstances, allows
|
•
|
The absence in 2016 of net shared benefits due to the expiration of MEEIA 2013, which decreased margins by
$15 million
and
$26 million
, respectively. Net shared benefits compensated Ameren Missouri for lower sales volumes from energy-efficiency related volume reductions in current and future periods.
|
•
|
The exclusion of transmission revenues and substantially all transmission charges from the FAC beginning May 30, 2015, which
decreased
margins by
$6 million
and
$11 million
, respectively. Increased transmission charges are primarily due to additional MISO-approved electric transmission investments made by other entities.
|
•
|
Temperatures in the first six months of 2016 were warmer as heating degree-days decreased 18% while cooling degree-days increased 13%, compared with the year-ago period. The net effect of weather decreased margins by an estimated $3 million for the six months ended June 30, 2016, compared with the year-ago period. The change in margins due to weather is the sum of the effect of weather (estimate) on electric revenues (
-$8 million
) and the effect of weather (estimate) on fuel and purchased power (
+$5 million
) in the above table. See below for the favorable impact of weather on the second quarter of 2016.
|
•
|
Early summer temperatures for the second quarter of 2016 were warmer as cooling degree-days increased 11%, compared with the year-ago period. The effect of weather increased margins by an estimated $22 million for the second quarter of 2016 compared with the year-ago period. The change in margins due to weather is the sum of the effect of weather (estimate) on electric revenues (+
$26 million
) and the effect of weather (estimate) on fuel and purchased power (
-$4 million
) in the above table.
|
•
|
Higher electric base rates, effective May 30, 2015, as a result of the April 2015 MoPSC electric rate order, which
increased
margins by an estimated
$9 million
and
$14 million
, respectively. The change in electric base rates is the sum of the change in base rates (estimate) (+
$19 million
and
+$48 million
, respectively) and the effect of higher net energy costs included in base rates (
-$10 million
and
-$34 million
, respectively) in the above table.
|
•
|
Lower net energy costs as a result of the 5% of changes absorbed by Ameren Missouri, primarily due to higher MISO capacity revenues, which increased margins by $2 million and $6 million, respectively. The change in net energy costs is the sum of the change in off-system sales and transmission services revenues (+
$21 million
and +
$35 million
, respectively) and the change in energy costs (
-$19 million
and
-$29 million
, respectively) in the above table.
|
•
|
Excluding the estimated effect of weather and reduced sales to Noranda, total retail sales volumes increased by less than 1% for both periods, which increased revenues by
$2 million
and
$3 million
, respectively, due to growth partially offset by the carryover effect of MEEIA 2013 on sales volumes. The six months ended June 30, 2016, benefited from an additional day as a result of the leap year.
|
•
|
Transmission services revenues increased by
$17 million
and
$24 million
, respectively, primarily due to increased rate base investment and higher recoverable costs under forward-looking formula ratemaking.
|
•
|
Electric distribution service revenues increased by an estimated
$3 million
and
$22 million
, respectively, primarily due to increased rate base investment and higher recoverable costs under formula ratemaking pursuant to the IEIMA, partially offset by a lower return on equity due to a reduction in the 30-year United States Treasury bond yields.
|
•
|
Early summer temperatures for the second quarter of 2016 were warmer as cooling degree-days increased 3%, compared with the year-ago period. The effect of weather increased margins by an estimated $4 million for the second quarter of 2016, compared with the year-ago period. The change in margins due to weather is the sum of the effect of weather (estimate) on electric revenues (+
$5 million
) and the effect of weather (estimate) on fuel and purchased power (
-$1 million
) in the above table. See below for the unfavorable impact of weather in the first six months of 2016.
|
•
|
The absence in 2016 of a January 2015 ICC order regarding Ameren Illinois’ cumulative power usage cost and its purchased power rider mechanism, which increased margins by $15 million in the first six months of 2015.
|
•
|
Excluding the estimated effect of weather, total retail sales volumes decreased 2% for the six months ended June 30, 2016, which decreased margins by an estimated
$7 million
. Lower retail sales volumes were due to industrial sales volumes that decreased by 3% but have less of a margin impact than residential and commercial sales volumes, which decreased a combined 1%.
|
•
|
Temperatures in the first six months of 2016 were warmer as heating degree-days decreased 15% while cooling degree-days increased 4%, compared with the year-ago period. The net effect of weather decreased margins by an estimated $1 million for the six months ended June 30, 2016, compared with the year-ago period. The change in margins due to weather is the sum of the effect of weather (estimate) on electric revenues (
-$5 million
) and the effect of weather (estimate) on fuel and purchased power (+
$4 million
) in the above table.
|
•
|
Higher natural gas base rates in 2016, which
increased
margins by an estimated
$11 million
and
$25 million
, respectively.
|
•
|
The implementation of redesigned seasonal rates in 2016, which increased margins by
$6 million
for the six months ended June 30, 2016, compared with the year-ago period. These redesigned rates have an effect on quarterly earnings comparisons but are not expected to materially affect annual earnings.
|
•
|
The absence of colder-than-normal winter temperatures and the application of the VBA in the first six months of 2016, which decreased margins by $3 million compared with the year-ago period. The VBA, which was approved by the ICC in December 2015, eliminated the impact of weather on natural gas margins for residential and small nonresidential customers in the first six months of 2016. The change in margins due to weather is the sum of the effect of weather (estimate) on natural gas revenues (
-$26 million
) and the effect of weather (estimate) on gas purchased for resale (
+$23 million
) in the above table.
|
•
|
The implementation of redesigned seasonal rates in 2016, which decreased margins by
$3 million
for the second quarter of 2016, compared with the year-ago period.
|
•
|
Refueling and maintenance outage costs at the Callaway energy center increased by $27 million and $31 million, respectively, due to costs for the 2016 scheduled refueling and maintenance outage that ended in May. There was no scheduled outage in 2015.
|
•
|
Amortization of previously deferred solar rebate costs increased by $3 million and $10 million, respectively, as a result of the April 2015 MoPSC electric rate order. Electric base rates billed to customers increased electric revenues by a corresponding amount, with no overall effect on net income.
|
•
|
Litigation costs increased by $2 million in both periods.
|
•
|
MEEIA customer energy efficiency program costs decreased by $9 million and $13 million, respectively, primarily due to the expiration of MEEIA 2013 partially offset by costs incurred for MEEIA 2016. Electric revenues decreased by a corresponding amount, with no overall effect on net income.
|
•
|
Energy center maintenance costs, excluding refueling and maintenance outage costs at the Callaway energy center, decreased by $8 million and $12 million, respectively, primarily due to fewer major outages.
|
•
|
Employee benefit costs decreased by $4 million and $7 million, respectively, primarily due to a change in pension and postretirement expenses allowed in rates, as a result of the April 2015 MoPSC electric rate order. Electric base rates billed to customers decreased electric revenues by a corresponding amount, with no overall effect on net income.
|
•
|
Bad debt, customer energy efficiency, and environmental remediation costs decreased by $3 million and $19 million, respectively. These expenses are included in cost riders that result in lower electric and natural gas revenues, with no overall effect on net income.
|
•
|
Employee benefit costs decreased by $2 million and $7 million, respectively, primarily due to lower pension and postretirement expenses caused by changes in actuarial assumptions and the performance of plan assets.
|
•
|
Electric distribution and transmission maintenance expenditures decreased by $2 million in the
second quarter
of 2016, primarily related to the timing of system repair and circuit maintenance work.
|
•
|
Labor costs increased by $1 million and $4 million, respectively, primarily because of staff additions to meet enhanced reliability standards and customer service goals related to the IEIMA.
|
•
|
Litigation costs increased by $3 million in both periods.
|
•
|
Storm-related repair costs increased by $3 million in the
six months ended June 30, 2016
.
|
•
|
Electric distribution and transmission maintenance expenditures increased by $2 million in the
six months ended June 30, 2016
, primarily related to the timing of system repair and vegetation management work.
|
|
Three Months
(a)
|
|
Six Months
(a)
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Ameren
|
38
|
%
|
|
37
|
%
|
|
33
|
%
|
|
37
|
%
|
Ameren Missouri
|
38
|
%
|
|
39
|
%
|
|
38
|
%
|
|
38
|
%
|
Ameren Illinois
|
39
|
%
|
|
38
|
%
|
|
39
|
%
|
|
39
|
%
|
(a)
|
Based on the current estimate of the annual effective tax rate adjusted to reflect the tax effect of items discrete to the relevant period.
|
|
Net Cash Provided By (Used In)
Operating Activities
|
|
Net Cash Used In
Investing Activities
|
|
Net Cash Provided by (Used In)
Financing Activities
|
||||||||||||||||||||||||||||||
|
2016
|
|
2015
|
|
Variance
|
|
2016
|
|
2015
|
|
Variance
|
|
2016
|
|
2015
|
|
Variance
|
||||||||||||||||||
Ameren
(a)
–
continuing operations
|
$
|
765
|
|
|
$
|
782
|
|
|
$
|
(17
|
)
|
|
$
|
(1,035
|
)
|
|
$
|
(875
|
)
|
|
$
|
(160
|
)
|
|
$
|
(7
|
)
|
|
$
|
91
|
|
|
$
|
(98
|
)
|
Ameren
(a)
–
discontinued operations
|
(2
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Ameren Missouri
|
364
|
|
|
446
|
|
|
(82
|
)
|
|
(354
|
)
|
|
(328
|
)
|
|
(26
|
)
|
|
(209
|
)
|
|
(119
|
)
|
|
(90
|
)
|
|||||||||
Ameren Illinois
|
382
|
|
|
386
|
|
|
(4
|
)
|
|
(438
|
)
|
|
(375
|
)
|
|
(63
|
)
|
|
(15
|
)
|
|
(12
|
)
|
|
(3
|
)
|
(a)
|
Includes amounts for Ameren registrant and nonregistrant subsidiaries and intercompany eliminations.
|
•
|
A $36 million increase in payments to purchase stock associated with share-based compensation plan awards.
|
•
|
A $30 million decrease resulting from electric and natural gas margins, as discussed in Results of Operations, excluding certain noncash items, as well as the change in customer receivable balances.
|
•
|
A $27 million increase in the cost of natural gas held in storage caused primarily by fewer withdrawals as a result of milder winter temperatures compared with the prior year.
|
•
|
A $26 million increase in payments for nuclear refueling and maintenance outages at the Ameren Missouri Callaway energy center. There was no refueling and maintenance outage in 2015.
|
•
|
A $13 million increase in interest payments, primarily due to an increase in the average outstanding debt, including Ameren (parent) senior unsecured notes and Ameren Illinois senior secured notes issued during the fourth quarter of 2015.
|
•
|
An $11 million increase in storm restoration costs.
|
•
|
A $10 million decrease in net energy costs collected from Ameren Missouri customers under the FAC.
|
•
|
A $5 million increase in property tax payments at Ameren Missouri caused by higher assessed property tax values.
|
•
|
A $42 million insurance receipt at Ameren Missouri related to the Taum Sauk breach. See Note 15 – Commitments and Contingencies under Part II, Item 8, in the Form 10-K for additional information.
|
•
|
A $21 million decrease in the cost of coal inventory at Ameren Missouri, as additional coal was purchased in 2015 to compensate for delivery disruptions experienced in 2014.
|
•
|
A $19 million decrease in expenditures for customer energy efficiency programs compared with amounts collected from Ameren Illinois customers.
|
•
|
An $18 million increase in cash associated with the recovery of Ameren Illinois' IEIMA revenue requirement reconciliation adjustments. The 2014 revenue requirement reconciliation adjustment, which is being recovered from customers in 2016, was greater than the 2013 revenue requirement reconciliation adjustment, which was recovered from customers in 2015.
|
•
|
A $14 million decrease in pension and postretirement benefit plan contributions caused by a change in actuarial assumptions.
|
•
|
Income tax refunds of $6 million in 2016, compared with income tax payments of $3 million in 2015. In 2016, Ameren generated net operating losses due to bonus depreciation, resulting in no current federal income tax liability.
|
•
|
A $9 million increase in cash associated with Ameren Illinois' transmission revenue requirement reconciliation adjustments, as $4 million was collected from customers in 2016 compared
to $5 million refunded to customers in 2015.
|
•
|
A $60 million decrease resulting from electric and natural gas margins, as discussed in Results of Operations, excluding certain noncash items, as well as the change in customer receivable balances.
|
•
|
Income tax payments of $4 million to Ameren (parent) pursuant to the tax allocation agreement in 2016, compared with income tax refunds of $47 million in 2015 primarily related to an audit settlement.
|
•
|
A $26 million increase in payments for nuclear refueling and maintenance outages at the Callaway energy center. There was no refueling and maintenance outage in 2015.
|
•
|
A $10 million decrease in net energy costs collected from customers under the FAC.
|
•
|
A $6 million increase in the cost of natural gas held in storage caused primarily by fewer withdrawals as a result of milder winter temperatures compared with the prior year.
|
•
|
A $5 million increase in property tax payments caused by higher assessed property tax values.
|
•
|
A $42 million insurance receipt related to the Taum Sauk breach. See Note 15 – Commitments and Contingencies under Part II, Item 8, in the Form 10-K for additional information.
|
•
|
A $21 million decrease in the cost of coal inventory, as additional coal was purchased in 2015 to compensate for delivery disruptions experienced in 2014.
|
•
|
A $5 million decrease in pension and postretirement benefit plan contributions caused by a change in actuarial assumptions.
|
•
|
A $21 million increase in the cost of natural gas held in storage caused primarily by fewer withdrawals as a result of milder winter temperatures compared with the prior year.
|
•
|
Income tax payments of $11 million to Ameren (parent) pursuant to the tax allocation agreement in 2016, compared with income tax refunds of $5 million in 2015, primarily related to an audit settlement.
|
•
|
An $8 million increase in storm restoration costs.
|
•
|
A $6 million increase in interest payments, primarily due to an increase in the average outstanding debt, including senior secured notes issued in December 2015.
|
•
|
A $19 million decrease in expenditures for customer energy efficiency programs compared with amounts collected from customers.
|
•
|
An $18 million increase in cash associated with the recovery of IEIMA revenue requirement reconciliation adjustments. The 2014 revenue requirement reconciliation adjustment, which is being recovered from customers in 2016, was greater than the 2013 revenue requirement reconciliation adjustment, which was recovered from customers in 2015.
|
•
|
A $9 million increase in cash associated with transmission revenue requirement reconciliation adjustments, as $4 million was collected from customers in 2016 compared
to $5 million refunded to customers in 2015.
|
•
|
A $4 million decrease in pension and postretirement benefit plan contributions caused by a change in actuarial assumptions.
|
Ameren
and Ameren Missouri:
|
|
|
||
Missouri Credit Agreement
–
borrowing capacity
(a)
|
|
$
|
1,000
|
|
Less: Ameren (parent) commercial paper outstanding
|
|
306
|
|
|
Less: Ameren Missouri commercial paper outstanding
|
|
77
|
|
|
Missouri Credit Agreement – credit available
|
|
617
|
|
|
Ameren and Ameren Illinois:
|
|
|
||
Illinois Credit Agreement
–
borrowing capacity
(a)
|
|
1,100
|
|
|
Less: Ameren (parent) commercial paper outstanding
|
|
218
|
|
|
Less: Ameren Illinois commercial paper outstanding
|
|
177
|
|
|
Less: Letters of credit
|
|
4
|
|
|
Illinois Credit Agreement
–
credit available
|
|
701
|
|
|
Total Credit Available
|
|
$
|
1,318
|
|
Cash and cash equivalents
|
|
13
|
|
|
Total Liquidity
|
|
$
|
1,331
|
|
(a)
|
Expires in December 2019.
|
|
Month Issued, Redeemed, or Matured
|
|
2016
|
|
2015
|
||||
Issuances of Long-term Debt
|
|
|
|
|
|
||||
Ameren Missouri:
|
|
|
|
|
|
||||
3.65% Senior secured notes due 2045
|
June
|
|
$
|
149
|
|
|
$
|
—
|
|
3.65% Senior secured notes due 2045
|
April
|
|
—
|
|
|
249
|
|
||
Total Ameren long-term debt issuances
|
|
|
$
|
149
|
|
|
$
|
249
|
|
Redemptions and Maturities of Long-term Debt
|
|
|
|
|
|
||||
Ameren Missouri:
|
|
|
|
|
|
||||
5.40% Senior secured notes due 2016
|
February
|
|
$
|
260
|
|
|
$
|
—
|
|
4.75% Senior secured notes due 2015
|
April
|
|
—
|
|
|
114
|
|
||
Ameren Illinois:
|
|
|
|
|
|
||||
6.20% Senior secured notes due 2016
|
June
|
|
54
|
|
|
—
|
|
||
6.25% Senior secured notes due 2016
|
June
|
|
75
|
|
|
—
|
|
||
Total Ameren long-term debt redemptions and maturities
|
|
|
$
|
389
|
|
|
$
|
114
|
|
|
Six Months
|
||||||
|
2016
|
|
2015
|
||||
Ameren Missouri
|
$
|
210
|
|
|
$
|
415
|
|
Ameren Illinois
|
60
|
|
|
—
|
|
||
Ameren
|
206
|
|
|
199
|
|
|
|
Moody’s
|
|
S&P
|
Ameren:
|
|
|
|
|
Issuer/corporate credit rating
|
|
Baa1
|
|
BBB+
|
Senior unsecured debt
|
|
Baa1
|
|
BBB
|
Commercial paper
|
|
P-2
|
|
A-2
|
Ameren Missouri:
|
|
|
|
|
Issuer/corporate credit rating
|
|
Baa1
|
|
BBB+
|
Secured debt
|
|
A2
|
|
A
|
Senior unsecured debt
|
|
Baa1
|
|
BBB+
|
Commercial paper
|
|
P-2
|
|
A-2
|
Ameren Illinois:
|
|
|
|
|
Issuer/corporate credit rating
|
|
A3
|
|
BBB+
|
Secured debt
|
|
A1
|
|
A
|
Senior unsecured debt
|
|
A3
|
|
BBB+
|
Commercial paper
|
|
P-2
|
|
A-2
|
•
|
Our strategy for earning competitive returns on our investments involves meeting customer energy needs in an efficient fashion, working to enhance regulatory frameworks, making timely and well-supported rate case filings, and aligning overall spending with rate case outcomes, economic conditions, and return opportunities.
|
•
|
Ameren continues to pursue its plans to invest in FERC-regulated electric transmission. MISO has approved three electric transmission projects to be developed by ATXI. The first project, Illinois Rivers, involves the construction of a transmission line from western Indiana across the state of Illinois to eastern Missouri. The last section of this project is expected to be completed by 2019. The Spoon River project located in northwest Illinois and the Mark Twain project located in northeast Missouri are the other two MISO-approved projects to be constructed by ATXI. These two projects are expected to be completed in 2018. The Illinois Rivers and the Spoon River projects have received all of the necessary commission approvals to authorize their construction.
In April 2016, the MoPSC granted ATXI a certificate of convenience and necessity for the Mark Twain project. Starting construction under the certificate is subject to ATXI obtaining assents from the five counties where the line will be constructed.
Extended difficulties in obtaining the assents could delay the completion date. The total investment in all three projects is expected to be more than $1.0 billion from 2016 through 2019. This total includes over $60 million of investment by Ameren Illinois to construct connections to its existing transmission system. In addition to its investment in the MISO-approved projects, Ameren Illinois expects to invest $1.9 billion in electric transmission assets from 2016 through 2020 to address load growth and reliability requirements.
|
•
|
Both Ameren Illinois and ATXI use a forward-looking rate calculation with an annual revenue requirement reconciliation for each company’s electric transmission business. With the rates that became effective on January 1, 2016, and the currently allowed 12.38% return on equity, the
|
•
|
The 12.38% return on common equity is the subject of two FERC complaint proceedings, the November 2013 complaint case and the February 2015 complaint case, that challenge the allowed base return on common equity for MISO transmission owners. In December 2015, a FERC administrative law judge issued an initial decision in the November 2013 complaint case that would lower the allowed base return on common equity to 10.32% and would require customer refunds to be issued for the 15-month period ending February 2015.
The FERC is expected to issue a final order in the November 2013 complaint case in the fourth quarter of 2016, which will determine the allowed base return on common equity for the 15-month period ending February 2015. The final order in the November 2013 complaint case will also establish a new allowed base return on equity that will replace the current allowed base return on common equity of 12.38% for the period between the effective date of the November 2013 complaint case order and the effective date of the allowed base return on common equity established by the February 2015 complaint case, as discussed below.
In June 2016, an administrative law judge issued an initial decision in the February 2015 complaint case that would lower the allowed base return on common equity to
9.70%
and would require customer refunds to be issued for the 15-month period ending May 2016.
The FERC is expected to issue a final order in the February 2015 complaint case in the second quarter of 2017, which will determine the allowed base return on common equity for the 15-month period ending May 2016. The final order in the February 2015 complaint case will also establish the allowed base return on common equity that will apply prospectively from the effective date of the February 2015 complaint case order, replacing the allowed base return on equity established by the November 2013 complaint case.
A 50 basis point reduction in the FERC-allowed base return on common equity would reduce Ameren's and Ameren Illinois' annual earnings by an estimated $6 million and $3 million, respectively, based on each company’s 2016 projected rate base. Ameren and Ameren Illinois recorded current regulatory liabilities on their respective
June 30, 2016
balance sheets, representing their estimate of the potential refunds.
|
•
|
In January 2015, a FERC-approved incentive adder of up to 50 basis points on the allowed base return on common equity for our participation in an RTO became effective.
|
•
|
On July 1, 2016, Ameren Missouri filed a request with the MoPSC seeking approval to increase its annual revenues for electric service by
$206 million
. The electric rate increase request is based on a
9.9%
return on equity, a capital structure composed of
51.8%
equity, a rate base of
$7.2 billion
, and a test year ended March 31, 2016, with certain pro-forma adjustments expected through the anticipated true-up date of December 31, 2016. As a part of its filing, Ameren Missouri requested the amortization over ten years of an estimated
$81 million
of lost fixed cost recovery due to lower sales volumes, as discussed below, from Noranda during the period April 2015 through May 2017. The MoPSC proceeding relating to the proposed electric service rate changes will take place over a period of up to 11 months, with a decision by the MoPSC expected by late April 2017 and new rates effective in late May 2017. A 50 basis point change in Ameren Missouri’s return on common equity would result in an estimated $18 million change in Ameren’s and Ameren Missouri’s net income, based on Ameren Missouri’s current electric rate base.
|
•
|
In April 2015, the MoPSC issued an order approving an increase in Ameren Missouri’s annual revenues for electric service. The order also approved Ameren Missouri’s request for continued use of the FAC; however, it changed the FAC to exclude all transmission revenues and substantially all transmission charges. This change to Ameren Missouri’s FAC is contributing to regulatory lag. For example, the April 2015 MoPSC electric rate order included $29 million of transmission charges in base rates that were previously included in the FAC. Ameren Missouri expects transmission charges to increase to $53 million in 2016, with further cost increases expected in the foreseeable future. However, transmission revenues included in base rates in the April 2015 MoPSC electric rate order totaled $34 million and are expected to remain relatively constant in 2016 and into the near future. In its July 2016 electric rate case, in an effort to mitigate the regulatory lag resulting from the changes to the FAC in the April 2015 order, Ameren Missouri requested the implementation of a new tracking mechanism for transmission charges and revenues.
|
•
|
Ameren Missouri supplies electricity to Noranda’s aluminum smelter located in southeast Missouri. In its April 2015 electric rate order, the MoPSC approved a rate design that established $78 million in annual revenues, net of fuel and purchased power costs, as Noranda’s portion of Ameren Missouri’s revenue requirement. The portion of Ameren Missouri’s annual revenue requirement reflected in Noranda’s electric rate is based on the smelter using approximately 4.2 million megawatthours annually, which is almost 100% of its operating capacity. In the first quarter of 2016, Noranda idled production at its aluminum smelter. In addition, Noranda filed voluntary petitions for a court-supervised restructuring process under Chapter 11 of the
|
•
|
The MEEIA 2013 performance incentive allowed Ameren Missouri an opportunity to earn additional revenues by achieving certain customer energy efficiency goals, including $19 million if 100% of the goals were achieved during the three-year period, with the potential to earn a larger performance incentive if Ameren Missouri’s energy savings exceeded those goals. Ameren Missouri has not recorded any revenues associated with the MEEIA 2013 performance incentive. Ameren Missouri believes it will ultimately be found to have exceeded 100% of the customer energy efficiency goals, and it therefore expects to recognize revenues relating to the MEEIA 2013 performance incentive of at least $19 million in 2016.
|
•
|
The throughput disincentive recovery under MEEIA 2016 replaced the net shared benefits that were collected under MEEIA 2013. Net shared benefits compensated Ameren Missouri for the current year and longer-term financial impacts of customer energy efficiency programs in each year of the program from 2013 through 2015. The throughput disincentive included in MEEIA 2016, on the other hand, is designed to be earnings neutral each year by compensating Ameren Missouri for the lost sales volumes from its customer energy efficiency programs that occur in that year, but does not compensate for the longer-term financial impacts of these programs until sales volumes are lost in a future year. The unfavorable effects of sales volume reductions in 2016 from the MEEIA 2013 energy efficiency programs were previously recognized during 2013 through 2015 as net shared benefits, and therefore, any such lost sales volumes have impacted and will continue to negatively impact 2016 earnings.
|
•
|
The IEIMA provides for an annual reconciliation of the revenue requirement necessary to reflect the actual costs incurred in a given year with the revenue requirement that was reflected in customer rates for that year. Consequently, Ameren Illinois' 2016 electric distribution service revenues will be based on its 2016 actual recoverable costs, rate base, and return on common equity as calculated under the IEIMA's performance-based formula ratemaking framework. The 2016 revenue requirement is expected to be higher than the 2015 revenue requirement because of an expected increase in recoverable costs and rate base growth. A 50 basis point change in the average monthly yields of the 30-year United States Treasury bonds would result in an estimated $6 million change in Ameren's and Ameren Illinois' net income, based on Ameren Illinois’ 2016 projected rate base.
|
•
|
In December 2015, the ICC issued an order with respect to Ameren Illinois’ annual update filing. The ICC approved a $106 million increase in Ameren Illinois’ electric distribution service revenue requirement beginning in January 2016.
These rates have affected and will continue to affect Ameren Illinois' cash receipts during 2016, but will not be the sole determinant of its electric distribution service operating revenues, which will instead be largely determined by the IEIMA's 2016 revenue requirement reconciliation. The 2016 revenue requirement reconciliation, as discussed above, is expected to result in a regulatory asset that will be collected from customers in 2018.
|
•
|
In April 2016, Ameren Illinois filed with the ICC its annual electric distribution service formula rate update to establish the revenue requirement used for 2017 rates. Pending ICC approval, Ameren Illinois’ update filing will result in a
$14 million
decrease in Ameren Illinois’ electric distribution service revenue requirement, beginning in January 2017. This update reflects an increase to the annual formula rate based on 2015 actual costs and expected net plant additions for 2016, an increase to include the 2015 revenue requirement reconciliation adjustment, and a decrease for the conclusion of the 2014 revenue requirement reconciliation adjustment, which will be fully collected from customers in 2016. These rates will affect Ameren Illinois' cash receipts during 2017, but will not be the sole determinant of its electric distribution service operating revenues, which will instead be largely determined by the IEIMA's 2017 revenue requirement reconciliation.
In July 2016, the ICC staff submitted its calculation of the revenue requirement included in Ameren Illinois’ update filing. The ICC staff recommended a decrease in the electric distribution service revenue requirement in an amount consistent with Ameren Illinois’ filing. Other intervenors to this rate proceeding have recommended additional decreases to Ameren Illinois’ electric distribution service revenue requirement.
|
•
|
Ameren Missouri's next scheduled refueling and maintenance outage at its Callaway energy center will be in the fall of 2017. During a scheduled outage, which occurs every 18 months, maintenance expenses increase relative to non-outage years. Additionally, depending on the availability of its other generation sources and the market prices for power, Ameren Missouri's purchased power costs may increase and the amount of excess power available for sale may decrease versus non-outage years. Changes in purchased power costs and excess power available for sale are included in the FAC, which results in limited impacts to earnings.
|
•
|
As we continue to experience cost increases and to make infrastructure investments, Ameren Missouri and Ameren Illinois expect to seek regular electric and natural gas rate increases and timely cost recovery and tracking mechanisms from their regulators. Ameren Missouri and Ameren Illinois will also seek, as necessary, legislative solutions to address regulatory lag and to support investment in their utility infrastructure for the benefit of their customers. Ameren Missouri and Ameren Illinois continue to face cost recovery pressures including limited economic
|
•
|
We expect to make significant capital expenditures to improve our electric and natural gas utility infrastructure and to comply with existing environmental regulations. We estimate that we will invest up to $11.5 billion (Ameren Missouri – up to $4.3 billion; Ameren Illinois – up to $6.2 billion; ATXI – up to $1.0 billion) during the period from 2016 through 2020, excluding the potential impact of the Clean Power Plan.
|
•
|
Environmental regulations, including those related to CO
2
emissions, or other actions taken by the EPA could result in significant increases in capital expenditures and operating costs. These costs could be prohibitive, which could result in the closure of some of Ameren Missouri's coal-fired energy centers. Ameren Missouri's capital expenditures are subject to MoPSC prudence reviews, which could result in cost disallowances as well as regulatory lag. The cost of Ameren Illinois’ purchased power and gas purchased for resale could increase. However, Ameren Illinois expects these costs would be recovered from customers with no material adverse effect on its results of operations, financial position, or liquidity. Ameren's and Ameren Missouri's earnings could benefit from increased investment to comply with environmental regulations if those investments are reflected and recovered on a timely basis in rates charged to customers.
|
•
|
Ameren continues to evaluate the Clean Power Plan's potential impacts to its operations, including those related to electric system reliability, and its level of investment in customer energy efficiency programs, renewable energy, and other forms of generation investment. In February 2016, the United States Supreme Court stayed the Clean Power Plan and all implementation requirements until the legal appeals are concluded. If the rule is ultimately upheld and implemented in substantially similar form to the rule when issued, Ameren Missouri expects to incur increased net fuel and operating costs, and make new or accelerated capital expenditures, in addition to the costs of making
|
•
|
Ameren Missouri files a nonbinding integrated resource plan with the MoPSC every three years. Ameren Missouri’s integrated resource plan filed with the MoPSC in October 2014, prior to the issuance of the Clean Power Plan, was a 20-year plan that supported a more fuel-diverse energy portfolio in Missouri, including coal, solar, wind, natural gas, and nuclear power. The plan involves expanding renewable generation, retiring coal-fired generation as energy centers reach the end of their useful lives, continuation and expansion of the then-existing energy efficiency programs, and adding natural gas-fired combined cycle generation.
|
•
|
The Ameren Companies have multiyear credit agreements that cumulatively provide $2.1 billion of credit through December 2019, subject to a 364-day repayment term in the case of Ameren Missouri and Ameren Illinois. See Note 3 – Short-term Debt and Liquidity under Part I, Item 1, of this report for additional information regarding the Credit Agreements. Ameren, Ameren Missouri, and Ameren Illinois believe that their liquidity is adequate given their expected operating cash flows, capital expenditures, and related financing plans. However, there can be no assurance that significant changes in economic conditions, disruptions in the capital and credit markets, or other unforeseen events will not materially affect their ability to execute their expected operating, capital, or financing plans.
|
•
|
In December 2015, a federal tax law was enacted that authorized the continued use of bonus depreciation that allows for an acceleration of deductions for tax purposes at a rate of 50% for 2015, 2016, and 2017. The rate will be reduced to 40% in 2018 and then to 30% in 2019. Bonus depreciation will be phased out in 2020 unless a new law is enacted. Bonus depreciation is expected to increase cash flow through at least 2020. Ameren expects to use this incremental cash flow to make capital investments in utility infrastructure for the benefit of its customers. Without these investments, bonus depreciation would reduce rate base, which reduces our revenue requirements and future earnings growth. The impact of bonus depreciation on Ameren Missouri, Ameren Illinois, and ATXI will vary based on investment levels at each company.
|
•
|
As of
June 30, 2016
, Ameren had $587 million in tax benefits from federal and state net operating loss carryforwards (Ameren Missouri – $65 million and Ameren Illinois – $160 million) and $135 million in federal and state income tax credit carryforwards (Ameren Missouri – $27 million and Ameren Illinois – $2 million). In addition, Ameren has $37 million of expected state income tax refunds and state overpayments. Consistent with the tax allocation agreement between Ameren and its subsidiaries, these carryforwards are expected to partially offset income tax liabilities for Ameren Missouri until 2019 and Ameren Illinois until 2021. Ameren does not expect to make material federal income tax payments until 2021. These tax benefits, primarily at the Ameren (parent) level, when realized, would
|
•
|
Ameren expects its cash used for capital expenditures and dividends to exceed cash provided by operating activities over the next several years. Ameren expects to use debt to fund such cash shortfalls; it does not currently expect to issue equity over the next several years.
|
|
Three Months
|
|
|
Six Months
|
||||||||||||||||||||
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Ameren
|
|
|
Ameren
Missouri |
|
Ameren
Illinois |
|
Ameren
|
||||||||||||
Fair value of contracts at beginning of period, net
|
$
|
(37
|
)
|
|
$
|
(237
|
)
|
|
$
|
(274
|
)
|
|
|
$
|
(27
|
)
|
|
$
|
(219
|
)
|
|
$
|
(246
|
)
|
Contracts realized or otherwise settled during the period
|
6
|
|
|
19
|
|
|
25
|
|
|
|
1
|
|
|
24
|
|
|
25
|
|
||||||
Fair value of new contracts entered into during the period
|
14
|
|
|
—
|
|
|
14
|
|
|
|
13
|
|
|
2
|
|
|
15
|
|
||||||
Other changes in fair value
|
5
|
|
|
37
|
|
|
42
|
|
|
|
1
|
|
|
12
|
|
|
13
|
|
||||||
Fair value of contracts outstanding at end of period, net
|
$
|
(12
|
)
|
|
$
|
(181
|
)
|
|
$
|
(193
|
)
|
|
|
$
|
(12
|
)
|
|
$
|
(181
|
)
|
|
$
|
(193
|
)
|
Sources of Fair Value
|
Maturity
Less than
1 Year
|
|
Maturity
1-3 Years
|
|
Maturity
3-5 Years
|
|
Maturity in
Excess of
5 Years
|
|
Total
Fair Value
|
||||||||||
Ameren Missouri:
|
|
|
|
|
|
|
|
|
|
||||||||||
Level 1
|
$
|
(11
|
)
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(14
|
)
|
Level 2
(a)
|
(3
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
—
|
|
|
(8
|
)
|
|||||
Level 3
(b)
|
12
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||
Total
|
$
|
(2
|
)
|
|
$
|
(9
|
)
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(12
|
)
|
Ameren Illinois:
|
|
|
|
|
|
|
|
|
|
||||||||||
Level 1
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Level 2
(a)
|
(9
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|||||
Level 3
(b)
|
(12
|
)
|
|
(25
|
)
|
|
(26
|
)
|
|
(107
|
)
|
|
(170
|
)
|
|||||
Total
|
$
|
(21
|
)
|
|
$
|
(27
|
)
|
|
$
|
(26
|
)
|
|
$
|
(107
|
)
|
|
$
|
(181
|
)
|
Ameren:
|
|
|
|
|
|
|
|
|
|
||||||||||
Level 1
|
$
|
(11
|
)
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(13
|
)
|
Level 2
(a)
|
(12
|
)
|
|
(7
|
)
|
|
(1
|
)
|
|
—
|
|
|
(20
|
)
|
|||||
Level 3
(b)
|
—
|
|
|
(27
|
)
|
|
(26
|
)
|
|
(107
|
)
|
|
(160
|
)
|
|||||
Total
|
$
|
(23
|
)
|
|
$
|
(36
|
)
|
|
$
|
(27
|
)
|
|
$
|
(107
|
)
|
|
$
|
(193
|
)
|
(a)
|
Principally fixed-price vs. floating over-the-counter power swaps, power forwards, and fixed-price vs. floating over-the-counter natural gas swaps.
|
(b)
|
Principally power forward contract values based on information from external sources, historical results, and our estimates. Level 3 also includes option contract values based on an option valuation model.
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Changes in Internal Controls over Financial Reporting
|
•
|
Ameren Missouri’s electric rate case filed with the MoPSC in July 2016;
|
•
|
Ameren Missouri's appeal to the Missouri Court of Appeals, Western District, regarding the calculation of the MEEIA 2013 performance incentive;
|
•
|
Ameren Illinois’ annual electric distribution service formula rate update filed with the ICC in April 2016;
|
•
|
ATXI’s requests for assents from the five counties where the Mark Twain transmission project will be constructed;
|
•
|
the complaint cases filed with the FERC seeking a reduction in the allowed base return on common equity under the MISO tariff;
|
•
|
the EPA's Clean Air Act-related litigation against Ameren Missouri;
|
•
|
remediation matters associated with former MGP and waste disposal sites of the Ameren Companies; and
|
•
|
the class action lawsuit against Ameren Missouri relating to municipal taxes.
|
Period
|
(a) Total Number
of Shares
(or Units)
Purchased
|
|
(b) Average Price
Paid per Share
(or Unit)
|
|
(c) Total Number of Shares
(or Units) Purchased as Part
of Publicly Announced Plans
or Programs
|
|
(d) Maximum Number
(or Approximate Dollar Value) of
Shares (or Units) that May Yet
Be Purchased Under the Plans or
Programs
|
|||||
April 1
–
April 30, 2016
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
May 1
–
May 31, 2016
(a)
|
495
|
|
|
48.58
|
|
|
—
|
|
|
—
|
|
|
June 1
–
June 30, 2016
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
495
|
|
|
$
|
48.58
|
|
|
—
|
|
|
—
|
|
(a)
|
Shares were purchased in open-market transactions pursuant to the 2014 Incentive Plan in satisfaction of Ameren’s obligations for Ameren board of directors’ compensation awards. Ameren does not have any publicly announced equity securities repurchase plans or programs.
|
Exhibit
Designation
|
|
Registrant(s)
|
|
Nature of Exhibit
|
|
Previously Filed as Exhibit to:
|
Instruments Defining Rights of Security Holders, Including Indentures
|
||||||
4.1
|
|
Ameren
Ameren
Missouri
|
|
Ameren Missouri Indenture Company Order, dated June 23, 2016, requesting authentication of an additional $150,000,000 aggregate principal amount of 3.65% Senior Secured Notes due 2045 (including the global note)
|
|
June 23, 2016 Form 8-K, Exhibits 4.3 and 4.4, File No. 1-2967
|
Statement re: Computation of Ratios
|
||||||
12.1
|
|
Ameren
|
|
Ameren's Statement of Computation of Ratio of Earnings to Fixed Charges
|
|
|
12.2
|
|
Ameren
Missouri
|
|
Ameren Missouri's Statement of Computation of Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Stock Dividend Requirements
|
|
|
12.3
|
|
Ameren
Illinois
|
|
Ameren Illinois’ Statement of Computation of Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Stock Dividend Requirements
|
|
|
Rule 13a-14(a) / 15d-14(a) Certifications
|
||||||
31.1
|
|
Ameren
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer of Ameren
|
|
|
31.2
|
|
Ameren
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer of Ameren
|
|
|
31.3
|
|
Ameren
Missouri
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer of Ameren Missouri
|
|
|
31.4
|
|
Ameren
Missouri
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer of Ameren Missouri
|
|
|
31.5
|
|
Ameren
Illinois
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer of Ameren Illinois
|
|
|
31.6
|
|
Ameren
Illinois
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer of Ameren Illinois
|
|
|
Section 1350 Certifications
|
||||||
32.1
|
|
Ameren
|
|
Section 1350 Certification of Principal Executive Officer and Principal Financial Officer of Ameren
|
|
|
32.2
|
|
Ameren
Missouri
|
|
Section 1350 Certification of Principal Executive Officer and Principal Financial Officer of Ameren Missouri
|
|
|
32.3
|
|
Ameren
Illinois
|
|
Section 1350 Certification of Principal Executive Officer and Principal Financial Officer of Ameren Illinois
|
|
|
Interactive Data Files
|
||||||
101.INS
|
|
Ameren
Companies
|
|
XBRL Instance Document
|
|
|
101.SCH
|
|
Ameren
Companies
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL
|
|
Ameren
Companies
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101.LAB
|
|
Ameren
Companies
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
101.PRE
|
|
Ameren
Companies
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
101.DEF
|
|
Ameren
Companies
|
|
XBRL Taxonomy Extension Definition Document
|
|
|
|
AMEREN CORPORATION
(Registrant)
|
|
/s/ Martin J. Lyons, Jr.
|
Martin J. Lyons, Jr.
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
|
|
UNION ELECTRIC COMPANY
(Registrant)
|
|
/s/ Martin J. Lyons, Jr.
|
Martin J. Lyons, Jr.
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
|
|
AMEREN ILLINOIS COMPANY
(Registrant)
|
|
/s/ Martin J. Lyons, Jr.
|
Martin J. Lyons, Jr.
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|