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Ameren Corporation (NYSE: AEE), headquartered in St. Louis, Missouri, is a Fortune 500 company that enhances the quality of life for millions of people throughout Illinois and Missouri. Ameren Illinois provides electric distribution and transmission services, as well as natural gas distribution services, while Ameren Missouri delivers vertically integrated electric services, boasting a generating capacity of over 10,200 megawatts, and natural gas distribution services. Together, they serve 2.4 million electric and over 900,000 natural gas customers across an expansive 64,000 square-mile area.
Ameren's core operations include owning rate-regulated generation, transmission, and distribution networks that deliver electricity and natural gas. They are the largest electric utility in Missouri and the second largest in Illinois, and rank among the nation’s largest investor-owned electric or gas utilities. Ameren’s infrastructure investments and strategic initiatives consistently aim to modernize the grid, integrate renewable energy, and enhance reliability and customer service.
Recent milestones include the pricing of $350 million aggregate principal amount of 5.25% first mortgage bonds due 2054 by Ameren Missouri to fund capital expenditures and refinance short-term debt. Ameren Missouri also announced future plans to allocate $205 million in rebates and incentives as part of their energy efficiency initiatives, aimed at making energy usage more efficient and cost-effective for customers.
Ameren is continually focused on financial growth and sustainability. The company reported 2023 diluted earnings per share (EPS) of $4.38, with a 2024 guidance range established at $4.52 to $4.72 per diluted share. Ameren aims to achieve a compound annual growth rate in EPS of 6% to 8% from 2024 through 2028. Their sustainability efforts are underscored by a commitment to a cleaner energy future, as highlighted in their 2024 Sustainability Report.
Ameren’s strategic grid modernization includes the development of an $800 million Castle Bluff Energy Center to bolster energy reliability, and the approval to build approximately 400 MW of solar energy capacity to enhance renewable energy generation. Their investments in advanced technologies and infrastructure are designed to ensure reliable, safe, affordable, and cleaner energy for their customers.
Ameren remains dedicated to corporate responsibility, evidenced by their recognition as a 2024 Tree Line USA utility for their urban forest management efforts. This commitment to the environment, combined with consistent financial performance and strategic growth initiatives, positions Ameren Corporation as a leader in the energy sector.
The board of directors of Ameren Corporation (AEE) has declared a quarterly cash dividend of 55 cents per share, payable on Sept. 30, 2021, to shareholders on record as of Sept. 8, 2021. Additionally, Union Electric Company, operating as Ameren Missouri, will distribute regular quarterly cash dividends on its preferred stock, payable on Nov. 15, 2021, for shareholders of record by Oct. 15, 2021. Ameren Illinois also announced similar preferred stock dividends, payable on Nov. 1, 2021, to those on record by Oct. 11, 2021.
Ameren Missouri announced that its Callaway Energy Center is now operating at full power, delivering carbon-free energy. This follows a planned outage for generator rewinding. Ameren aims for net-zero carbon emissions by 2050, targeting a 50% reduction by 2030 and 85% by 2040 from 2005 levels. With over 100 years of service, Ameren Missouri maintains some of the lowest electric rates in the U.S., providing services to 1.2 million electric and 132,000 gas customers. The company's focus is on sustainable operations and affordable energy rates.
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.
Ameren Corporation (NYSE:AEE) will host a conference call on August 6, 2021, at 9 a.m. CT to discuss its second quarter 2021 earnings and guidance. Warner L. Baxter, CEO, and Michael L. Moehn, CFO, will lead the call, which will be streamed live on AmerenInvestors.com. The call will cover earnings metrics and company updates. Ameren serves 2.4 million electric and over 900,000 natural gas customers across a 64,000-square-mile area in Missouri and Illinois.
Ameren Illinois announced the approval of its electric vehicle (EV) charging tariff by the Illinois Commerce Commission (ICC) on July 8, 2021. This initiative aims to promote EV adoption and expand charging station installations across central and southern Illinois, contributing to the state's green energy objectives. Key components include special rates for residential and transit facility charging, and incentives for public charging stations. Enrollment for these new rate options begins in Fall 2021, addressing concerns like range anxiety and enhancing accessibility for low-income customers.
Ameren Illinois Company, a subsidiary of Ameren Corporation (NYSE: AEE), has priced a public offering of $350 million in 2.90% first mortgage bonds due 2051 and $100 million in 0.375% first mortgage bonds due 2023. The offerings are set to close on June 29, 2021, and the proceeds will be used to repay short-term debt and fund sustainable projects. Joint book-running managers include RBC Capital Markets and Wells Fargo Securities. This release does not constitute an offer to sell or solicitation.
On June 9, 2021, Ameren Missouri, a subsidiary of Ameren Corporation (AEE), announced the pricing of a public offering of $525 million in 2.15% first mortgage bonds due 2032, priced at 99.891% of their principal amount. The offering is set to close on June 22, 2021. Proceeds will be utilized to repay short-term debt and fund near-term capital projects, with additional allocations for sustainable initiatives. BofA Securities and other firms are the joint managers for this offering.
Ameren Corporation (AEE) reported Q1 2021 net income of $233 million, or $0.91 per diluted share, up from $146 million, or $0.59, in Q1 2020. Key drivers included increased infrastructure investments and higher retail sales due to near-normal winter temperatures. Cost management initiatives and changes in rate design also supported earnings growth. However, earnings at Ameren Transmission were negatively affected by a 2021 FERC order. The company reaffirmed its 2021 EPS guidance of $3.65 to $3.85, anticipating normal temperatures for the remainder of the year.
The board of directors of Ameren Corporation has declared a quarterly cash dividend of 55 cents per share on its common stock. This dividend is set to be paid on June 30, 2021, to shareholders on record as of June 9, 2021. Additionally, Union Electric Company and Ameren Illinois Company also declared regular quarterly dividends on their preferred stock, payable in August 2021. Ameren serves approximately 2.4 million electric customers and over 900,000 natural gas customers across its operating regions.
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