Ameren Announces Second Quarter 2021 Results

Rhea-AI Summary

Ameren Corporation (NYSE: AEE) reported second quarter 2021 net income of $207 million, or $0.80 per diluted share, down from $243 million, or $0.98 per diluted share in Q2 2020. Lower earnings were attributed to changes in seasonal electric rates and the absence of a Federal Energy Regulatory Commission (FERC) benefit for Ameren Transmission. However, increased electric retail sales at Ameren Missouri, driven by economic recovery, partially offset this decline. The company reaffirmed its 2021 earnings guidance of $3.65 to $3.85 per diluted share.

Positive

• Increased electric retail sales at Ameren Missouri due to economic recovery.
• Higher allowed return on equity at Ameren Illinois Electric Distribution.
• Successful investments in energy infrastructure.
• Reaffirmation of 2021 earnings guidance of $3.65 to $3.85 per diluted share.

Negative

• Second quarter earnings decreased due to a change in seasonal electric rate design.
• Lower earnings at Ameren Transmission due to the absence of previous FERC benefits.
• Impact of deferred expenses related to the Callaway refueling and maintenance outage.

ST. LOUIS, Aug. 5, 2021 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced second quarter 2021 net income attributable to common shareholders of $207 million, or $0.80 per diluted share, compared to second quarter 2020 net income attributable to common shareholders of $243 million, or $0.98 per diluted share.

Second quarter 2021 results reflected earnings on increased infrastructure investments made across all business segments driven by solid execution of the company's strategy. Earnings were lower at Ameren Missouri due to a change in seasonal electric rate design effective in 2021 as a result of the March 2020 rate order, which is not expected to impact full year results. Earnings were lower at Ameren Transmission driven by the absence of the benefit from the May 2020 Federal Energy Regulatory Commission (FERC) order addressing the Midcontinent Independent System Operator (MISO) allowed base return on equity. These factors were partially offset by higher Ameren Missouri electric retail sales as the economy continues to recover from the impacts of COVID-19. Earnings were also positively impacted by a higher allowed return on equity at Ameren Illinois Electric Distribution due to a higher projected average 30-year U.S. Treasury bond yield in 2021 compared to 2020. Finally, 2021 earnings per share reflected higher weighted-average basic common shares outstanding.

"We continue to execute on all elements of our strategy, including significant investments in energy infrastructure and disciplined cost management across all of our business segments. We remain on track to deliver within our 2021 earnings per share guidance range of $3.65 to $3.85." said Warner L. Baxter, chairman, president and chief executive officer of Ameren Corporation. "Looking ahead, we remain focused on continuing to deliver significant long-term value to all stakeholders under all elements of our strong sustainability value proposition, which includes delivering safe, reliable and affordable electric and natural gas services to our customers and executing our plan to transition to a cleaner energy future in a responsible fashion. I am pleased to report that our 300 MW megawatt wind generation facility in northwest Missouri, as well as our carbon-free Callaway Energy Center, are now in-service."

Ameren recorded net income attributable to common shareholders for the six months ended June 30, 2021, of $440 million, or $1.71 per diluted share, compared to net income attributable to common shareholders for the six months ended June 30, 2020, of $389 million, or $1.57 per diluted share.

The increase in year-over-year six month earnings reflected increased infrastructure investments made across all business segments driven by solid execution of the company's strategy. Ameren Illinois Natural Gas earnings increased due to higher delivery service rates effective in late January 2021 and a change in rate design, which is not expected to impact full-year results. Earnings were also positively impacted by a higher allowed return on equity at Ameren Illinois Electric Distribution due to a higher projected 30-year U.S. Treasury bond yield in 2021 compared to 2020. Increased earnings at Ameren Missouri were driven by new electric service rates effective April 1, 2020, and higher electric retail sales as the economy continues to recover from the impacts of COVID-19. Earnings also benefited at Ameren Missouri from lower other operations and maintenance expenses, primarily driven by disciplined cost management. These positive factors were partially offset by a change in rate design in Ameren Missouri electric service rates, which is not expected to impact full year results, and the amortization of deferred expenses related to the fall 2020 Callaway refueling and maintenance outage. Earnings were lower at Ameren Transmission driven by the absence of the benefit from the May 2020 FERC order addressing the MISO allowed base return on equity and a March 2021 FERC order addressing the historical recovery of materials and supplies inventories. Finally, 2021 earnings per share reflected higher weighted-average basic common shares outstanding.

Earnings Guidance

Today, Ameren reaffirmed its 2021 earnings guidance range of $3.65 to $3.85 per diluted share. Earnings guidance for 2021 assumes normal temperatures for the last six months of the year and is subject to the effects of, among other things: the impacts of COVID-19; 30-year U.S. Treasury bond yields; regulatory, judicial and legislative actions; energy center and energy distribution operations; energy, economic and capital market conditions; severe storms; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or referred to, in the Forward-looking Statements section of this press release.

Ameren Missouri Segment Results

Ameren Missouri second quarter 2021 earnings were $111 million, compared to second quarter 2020 earnings of $152 million. The year-over-year comparison reflected a change in seasonal rate design, which decreased earnings by approximately $45 million. The change in rate design became effective in 2021 as a result of the March 2020 electric rate order and is not expected to impact full-year results. Earnings also reflected the timing of income tax expense, which decreased earnings by $8 million and is not expected to impact full-year results. Earnings also decreased due to higher other operations and maintenance expenses, primarily due to more favorable market returns on the cash surrender value of company-owned life insurance in the year-ago period, as well as the amortization of deferred expenses related to the fall 2020 Callaway refueling and maintenance outage. Higher interest expense primarily due to higher long-term debt balances also decreased earnings. These factors were partially offset by increased earnings on infrastructure and wind generation investments and higher electric retail sales as the economy continues to recover from the impacts of COVID-19.

Ameren Illinois Electric Distribution Segment Results

Ameren Illinois Electric Distribution second quarter 2021 earnings were $41 million, compared to second quarter 2020 earnings of $36 million. The year-over-year improvement reflected increased earnings on infrastructure investments and a higher allowed return on equity due to a higher projected average 30-year U.S. Treasury bond yield in 2021 compared to 2020.

Ameren Illinois Natural Gas Segment Results

Ameren Illinois Natural Gas second quarter 2021 earnings were $8 million, compared to second quarter 2020 earnings of $9 million. The year-over-year comparison reflected a change in rate design, which decreased earnings by $3 million and is not expected to impact full-year results. The impact of the change in rate design was offset by higher delivery service rates that incorporated increased investments in infrastructure. Both the change in rate design and rate increase became effective in late January 2021.

Ameren Transmission Segment Results

Ameren Transmission second quarter 2021 earnings were $55 million, compared to second quarter 2020 earnings of $59 million. The year-over-year comparison reflected the absence of the benefit from the May 2020 FERC order addressing the MISO allowed base return on equity that more than offset increased earnings on infrastructure investments.

Ameren Parent Results (includes items not reported in a business segment)

Ameren Parent results for the second quarter of 2021 reflected a loss of $8 million, compared to a second quarter 2020 loss of $13 million. The year-over-year improvement reflected the timing of income tax expense, which increased earnings by $4 million and is not expected to impact full-year results.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Friday, August 6, to discuss 2021 earnings, earnings guidance and other matters. Investors, the news media and the public may listen to a live broadcast of the call at AmerenInvestors.com by clicking on "Webcast" under "Q2 2021 Earnings Conference Call," where an accompanying slide presentation will also be available. The conference call and presentation will be archived for one year in the "Investor News & Events" section of the website under "Events and Presentations."

About Ameren

St. Louis-based Ameren Corporation powers the quality of life for 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution service, as well as natural gas distribution service. Ameren Transmission Company of Illinois develops, owns and operates rate-regulated regional electric transmission projects in the Midcontinent Independent System Operator, Inc. For more information, visit Ameren.com, or follow us on Twitter at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn/company/Ameren.

Forward-looking Statements 

Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, projections, strategies, targets, estimates, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed under Risk Factors in Ameren's Annual Report on Form 10-K for the year ended December 31, 2020, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:

• regulatory, judicial, or legislative actions, and any changes in regulatory policies and ratemaking determinations, that may change regulatory recovery mechanisms, such as those that may result from Ameren Missouri's electric service and natural gas delivery service regulatory rate reviews filed with the Missouri Public Service Commission (MoPSC) in March 2021, the July 2020 appeal filed by Ameren Missouri, Ameren Illinois, and Ameren Transmission Company of Illinois (ATXI) challenging the refund period related to the May 2020 Federal Energy Regulatory Commission (FERC) order determining the allowed base return on common equity (ROE) under the Midcontinent Independent System Operator (MISO) tariff, the July 2020 appeal filed by Ameren Missouri, Ameren Illinois, and ATXI challenging the FERC's rehearing denials in the transmission formula rate revision cases, Ameren Illinois' electric distribution service rate reconciliation request filed with the Illinois Commerce Commission (ICC) in April 2021, and Ameren Illinois' annual electric energy-efficiency formula rate update filed with the ICC in May 2021;
• the length and severity of the COVID-19 pandemic, and its impacts on our business continuity plans and our results of operations, financial position, and liquidity, including but not limited to changes in customer demand resulting in changes to sales volumes, customers' payment for our services and their use of deferred payment arrangements, future regulatory or legislative actions that could require suspension of customer disconnections and/or late fees, among other things, for an extended period of time, the health and welfare of our workforce and contractors, supplier disruptions, delays in the completion of construction projects, which could impact our expected capital expenditures and rate base growth, Ameren Missouri's ability to recover any forgone customer late fee revenues or incremental costs, our ability to meet customer energy-efficiency program goals and earn performance incentives related to those programs, changes in how we operate our business and increased data security risks as a result of the transition to remote working arrangements for a significant portion of our workforce, and our ability to access the capital markets on reasonable terms and when needed;
• the effect and duration of Ameren Illinois' election to opt in to the performance-based formula ratemaking framework for its electric distribution service, which, unless extended, could establish annual customer rates effective through 2023 and allow for a reconciliation of Ameren Illinois' revenue requirement for up to two annual periods in which customer rates had been established, but not reconciled, under the performance-based formula ratemaking framework and its participation in electric energy-efficiency programs, including the direct relationship between Ameren Illinois' ROE and the 30-year United States Treasury bond yields;
• the effect on Ameren Missouri of any customer rate caps pursuant to Ameren Missouri's election to use the plant-in-service accounting (PISA), including an extension of use beyond 2023, if requested by Ameren Missouri and approved by the MoPSC;
• the effects of changes in federal, state, or local laws and other governmental actions, including monetary, fiscal, and energy policies;
• the effects of changes in federal, state, or local tax laws, regulations, interpretations, or rates, and challenges to the tax positions we have taken, if any, as well as resulting effects on customer rates;
• the effects on energy prices and demand for our services resulting from technological advances, including advances in customer energy efficiency, electric vehicles, electrification of various industries, energy storage, and private generation sources, which generate electricity at the site of consumption and are becoming more cost-competitive;
• the effectiveness of Ameren Missouri's customer energy-efficiency programs and the related revenues and performance incentives earned under its Missouri Energy Efficiency Investment Act (MEEIA) programs;
• Ameren Illinois' ability to achieve the performance standards applicable to its electric distribution business and the Future Energy Jobs Act electric customer energy-efficiency goals and the resulting impact on its allowed ROE;
• our ability to control costs and make substantial investments in our businesses, including our ability to recover costs, investments, and our allowed ROEs within frameworks established by our regulators, while maintaining affordability of our services for our customers;
• the cost and availability of fuel, such as low-sulfur coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of purchased power, zero emission credits, renewable energy credits, emission allowances, and natural gas for distribution; and the level and volatility of future market prices for such commodities and credits;
• disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel, including nuclear fuel assemblies from the one Nuclear Regulatory Commission-licensed supplier of Ameren Missouri's Callaway Energy Center assemblies;
• the cost and availability of transmission capacity for the energy generated by Ameren Missouri's energy centers or required to satisfy Ameren Missouri's energy sales;
• the effectiveness of our risk management strategies and our use of financial and derivative instruments;
• the ability to obtain sufficient insurance, including insurance for Ameren Missouri's nuclear and coal-fired energy centers, or, in the absence of insurance, the ability to timely recover uninsured losses from our customers;
• the impact of cyberattacks on us or our suppliers, which could, among other things, result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as customer, employee, financial, and operating system information;
• business and economic conditions, which have been affected by, and will be affected by the length and severity of, the COVID-19 pandemic, including the impact of such conditions on interest rates;
• disruptions of the capital markets, deterioration in our credit metrics, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity;
• the actions of credit rating agencies and the effects of such actions, including any impacts on our credit ratings that may result from the economic conditions of the COVID-19 pandemic;
• the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments, including as it relates to the construction and acquisition of electric and natural gas utility infrastructure and the ability of counterparties to complete projects which is dependent upon the availability of necessary materials and equipment, including those that are affected by disruptions in the global supply chain caused by the COVID-19 pandemic;
• the impact of weather conditions and other natural phenomena on us and our customers, including the impact of system outages and the level of wind and solar resources;
• the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets;
• the effects of failures of electric generation, electric and natural gas transmission or distribution, or natural gas storage facilities systems and equipment, which could result in unanticipated liabilities or unplanned outages;
• the operation of Ameren Missouri's Callaway Energy Center, including planned and unplanned outages, as well as the ability to recover costs associated with such outages and the impact of such outages on off-system sales and purchased power, among other things;
• Ameren Missouri's ability to recover the remaining investment and decommissioning costs associated with the retirement of an energy center, as well as the ability to earn a return on that remaining investment and those decommissioning costs;
• the impact of current environmental laws and new, more stringent, or changing requirements, including those related to the New Source Review and carbon dioxide, other emissions and discharges, cooling water intake structures, coal combustion residuals, energy efficiency, and wildlife protection, that could limit or terminate the operation of certain of Ameren Missouri's energy centers, increase our operating costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers' demand for electricity or natural gas, or otherwise have a negative financial effect;
• the impact of complying with renewable energy standards in Missouri and Illinois and with the zero emission standard in Illinois;
• Ameren Missouri's ability to construct and/or acquire wind, solar, and other renewable energy generation facilities, retire energy centers, and implement new or existing customer energy efficiency programs, including any such construction, acquisition, retirement, or implementation in connection with its Smart Energy Plan, the 2020 Integrated Resource Plan, or our emissions reduction goals, and to recover its cost of investment, related return, and, in the case of customer energy-efficiency programs, any lost margins in a timely manner, which is affected by the ability to obtain all necessary regulatory and project approvals, including certificates of convenience and necessity from the MoPSC or any other required approvals for the addition of renewable resources;
• the availability of federal production and investment tax credits related to renewable energy and Ameren Missouri's ability to use such credits; the cost of wind, solar, and other renewable generation and storage technologies; and our ability to obtain timely interconnection agreements with the MISO or other regional transmission organizations at an acceptable cost for each facility;
• advancements in carbon-free generation and storage technologies, and constructive federal and state energy and economic policies with respect to those technologies;
• labor disputes, work force reductions, changes in future wage and employee benefits costs, including those resulting from changes in discount rates, mortality tables, returns on benefit plan assets, and other assumptions;
• the impact of negative opinions of us or our utility services that our customers, investors, legislators, or regulators may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or to protect sensitive customer information, increases in rates, negative media coverage, or concerns about environmental, social, and/or governance practices;
• the impact of adopting new accounting guidance;
• the effects of strategic initiatives, including mergers, acquisitions, and divestitures;
• legal and administrative proceedings; and
• acts of sabotage, war, terrorism, or other intentionally disruptive acts.

New factors emerge from time to time, and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.

 

AMEREN CORPORATION (AEE) CONSOLIDATED STATEMENT OF INCOME (Unaudited, in millions, except per share amounts)
	Three Months Ended June 30,								Six Months Ended June 30,
	2021				2020				2021				2020
Operating Revenues:
Electric	$	1,284			$	1,237			$	2,440			$	2,357
Natural gas	188				161				598				481
Total operating revenues	1,472				1,398				3,038				2,838
Operating Expenses:
Fuel	173				119				238				259
Purchased power	129				109				320				243
Natural gas purchased for resale	65				42				230				149
Other operations and maintenance	412				384				832				822
Depreciation and amortization	285				271				566				526
Taxes other than income taxes	122				119				250				244
Total operating expenses	1,186				1,044				2,436				2,243
Operating Income	286				354				602				595
Other Income, Net	49				48				95				69
Interest Charges	96				108				196				201
Income Before Income Taxes	239				294				501				463
Income Taxes	31				50				58				71
Net Income	208				244				443				392
Less: Net Income Attributable to Noncontrolling Interests	1				1				3				3
Net Income Attributable to Ameren Common Shareholders	$	207			$	243			$	440			$	389
Earnings per Common Share – Basic	$	0.81			$	0.99			$	1.72			$	1.58
Earnings per Common Share – Diluted	$	0.80			$	0.98			$	1.71			$	1.57
Weighted-average Common Shares Outstanding – Basic	256.1				246.9				255.2				246.7
Weighted-average Common Shares Outstanding – Diluted	257.2				247.9				256.5				248.0

 

AMEREN CORPORATION (AEE) CONSOLIDATED BALANCE SHEET (Unaudited, in millions)
	June 30, 2021				December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents	$	99			$	139
Accounts receivable - trade (less allowance for doubtful accounts)	397				415
Unbilled revenue	339				269
Miscellaneous accounts receivable	105				65
Inventories	527				521
Restricted cash	131				17
Current regulatory assets	353				109
Other current assets	165				118
Total current assets	2,116				1,653
Property, Plant, and Equipment, Net	28,020				26,807
Investments and Other Assets:
Nuclear decommissioning trust fund	1,070				982
Goodwill	411				411
Regulatory assets	1,272				1,100
Other assets	1,027				1,077
Total investments and other assets	3,780				3,570
TOTAL ASSETS	$	33,916			$	32,030
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt	$	8			$	8
Short-term debt	431				490
Accounts and wages payable	779				958
Taxes accrued	178				82
Interest accrued	129				114
Current regulatory liabilities	238				121
Other current liabilities	414				407
Total current liabilities	2,177				2,180
Long-term Debt, Net	12,492				11,078
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and tax credits, net	3,309				3,211
Regulatory liabilities	5,258				5,282
Asset retirement obligations	712				696
Pension and other postretirement benefits	39				37
Other deferred credits and liabilities	447				466
Total deferred credits and other liabilities	9,765				9,692
Ameren Corporation Shareholders' Equity:
Common stock	3				3
Other paid-in capital, principally premium on common stock	6,436				6,179
Retained earnings	2,915				2,757
Accumulated other comprehensive loss	(1)				(1)
Total Ameren Corporation shareholders' equity	9,353				8,938
Noncontrolling Interests	129				142
Total equity	9,482				9,080
TOTAL LIABILITIES AND EQUITY	$	33,916			$	32,030

 

AMEREN CORPORATION (AEE) CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, in millions)
	Six Months Ended June 30,
	2021				2020
Cash Flows From Operating Activities:
Net income	$	443			$	392
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	596				532
Amortization of nuclear fuel	20				45
Amortization of debt issuance costs and premium/discounts	11				11
Deferred income taxes and investment tax credits, net	59				68
Allowance for equity funds used during construction	(16)				(13)
Stock-based compensation costs	11				11
Other	2				5
Changes in assets and liabilities	(690)				(357)
Net cash provided by operating activities	436				694
Cash Flows From Investing Activities:
Capital expenditures	(1,346)				(1,228)
Wind generation expenditures	(417)				—
Nuclear fuel expenditures	(4)				(56)
Purchases of securities – nuclear decommissioning trust fund	(203)				(153)
Sales and maturities of securities – nuclear decommissioning trust fund	208				121
Other	2				1
Net cash used in investing activities	(1,760)				(1,315)
Cash Flows From Financing Activities:
Dividends on common stock	(282)				(244)
Dividends paid to noncontrolling interest holders	(3)				(3)
Short-term debt, net	(59)				(320)
Maturities of long-term debt	—				(85)
Issuances of long-term debt	1,423				1,263
Issuances of common stock	258				27
Redemptions of Ameren Illinois preferred stock	(13)				—
Employee payroll taxes related to stock-based compensation	(17)				(20)
Debt issuance costs	(13)				(10)
Other	(4)				—
Net cash provided by financing activities	1,290				608
Net change in cash, cash equivalents, and restricted cash	(34)				(13)
Cash, cash equivalents, and restricted cash at beginning of year	301				176
Cash, cash equivalents, and restricted cash at end of period	$	267			$	163

 

AMEREN CORPORATION (AEE) OPERATING STATISTICS
	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2021				2020				2021				2020
Electric Sales - kilowatthours (in millions):
Ameren Missouri
Residential	2,851				2,994				6,681				6,542
Commercial	3,269				3,020				6,594				6,372
Industrial	1,044				981				2,018				1,972
Street lighting and public authority	18				19				40				44
Ameren Missouri retail load subtotal	7,182				7,014				15,333				14,930
Off-system	1,512				2,172				2,403				4,441
Ameren Missouri total	8,694				9,186				17,736				19,371
Ameren Illinois Electric Distribution
Residential	2,547				2,622				5,610				5,508
Commercial	2,760				2,563				5,604				5,419
Industrial	2,782				2,598				5,407				5,292
Street lighting and public authority	99				109				221				229
Ameren Illinois Electric Distribution total	8,188				7,892				16,842				16,448
Eliminate affiliate sales	(103)				(111)				(144)				(181)
Ameren Total	16,779				16,967				34,434				35,638
Electric Revenues (in millions):
Ameren Missouri
Residential	$	328			$	359			$	640			$	656
Commercial	271				264				487				485
Industrial	71				67				123				120
Other, including street lighting and public authority	85				36				123				48
Ameren Missouri retail load subtotal	$	755			$	726			$	1,373			$	1,309
Off-system	34				45				57				93
Ameren Missouri total	$	789			$	771			$	1,430			$	1,402
Ameren Illinois Electric Distribution
Residential	$	218			$	210			$	447			$	430
Commercial	127				112				259				238
Industrial	34				30				68				65
Other, including street lighting and public authority	9				—				25				9
Ameren Illinois Electric Distribution total	$	388			$	352			$	799			$	742
Ameren Transmission
Ameren Illinois Transmission(a)	$	88			$	86			$	169			$	161
ATXI	48				50				97				98
Ameren Transmission total	$	136			$	136			$	266			$	259
Other and intersegment eliminations(a)	(29)				(22)				(55)				(46)
Ameren Total	$	1,284			$	1,237			$	2,440			$	2,357

(a)	Includes $15 million, $12 million, $31 million, and $24 million, respectively, of electric operating revenues from transmission services provided to the Ameren Illinois Electric Distribution segment.

 

AMEREN CORPORATION (AEE) OPERATING STATISTICS
	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2021				2020				2021				2020
Gas Sales - dekatherms (in millions):
Ameren Missouri	4				4				13				12
Ameren Illinois Natural Gas	31				31				99				95
Ameren Total	35				35				112				107
Gas Revenues (in millions):
Ameren Missouri	$	20			$	21			$	83			$	70
Ameren Illinois Natural Gas	168				140				515				411
Ameren Total	$	188			$	161			$	598			$	481
					June 30,								December 31,
					2021								2020
Common Stock:
Shares outstanding (in millions)					257.1								253.3
Book value per share					$	36.38							$	35.29

 

 

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SOURCE Ameren Corporation

FAQ

What were Ameren's second quarter 2021 earnings per share?

Ameren reported second quarter 2021 earnings of $0.80 per diluted share.

How did Ameren's earnings in Q2 2021 compare to Q2 2020?

Earnings in Q2 2021 were $207 million, down from $243 million in Q2 2020.

What are the key factors affecting Ameren's earnings?

Key factors include changes in electric rate design and absence of FERC benefits for Ameren Transmission.

What is Ameren's earnings guidance for 2021?

Ameren reaffirmed its earnings guidance range of $3.65 to $3.85 per diluted share for 2021.

How did economic conditions impact Ameren's earnings?

Increased electric retail sales at Ameren Missouri reflect positive economic recovery effects.