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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 (NYSE: AEE) has elected Leo S. Mackay, Jr. to the board, effective immediately. Mackay brings extensive senior leadership experience, currently serving as senior vice president at Lockheed Martin and leading their ethics and enterprise assurance programs. His expertise includes sustainability, enterprise risk management, and public policy. Mackay holds advanced degrees from Harvard University and has notable military experience, including service in the U.S. Navy. This appointment aims to enhance Ameren's focus on environmental, social, and governance matters.
On December 7, 2020, Ameren Corporation (NYSE: AEE) announced the appointment of Ajay Arora as its first chief renewable development officer, effective December 16, 2020. Arora will lead efforts in implementing Ameren Missouri's transformational generation plan, focusing on integrating renewable energy and energy storage solutions. The company aims to achieve net-zero carbon emissions by 2050, with interim targets of 50% reduction by 2030 and 85% by 2040. The plan includes adding 3,100 megawatts of renewable generation by 2030 and a total of 5,400 megawatts by 2040.
Ameren Illinois Company, a subsidiary of Ameren Corporation (NYSE: AEE), has announced the pricing of a public offering for $375 million of 1.55% first mortgage bonds due 2030, priced at 99.577% of their principal amount. The offering is expected to close on November 23, 2020, pending customary closing conditions. The net proceeds will be used to repay a portion of the company’s short-term debt. The offering will be managed by Mizuho Securities USA LLC and others, with a prospectus supplement to be filed with the SEC.
Ameren Corporation (NYSE: AEE) reported third-quarter 2020 net income of $367 million, or $1.47 per diluted share, consistent with the previous year. Earnings benefitted from increased infrastructure investments and new electric service rates effective April 2020, alongside disciplined cost management, which decreased operations expenses. However, results were negatively affected by lower retail sales due to milder temperatures and challenges from COVID-19. The company narrowed its 2020 earnings guidance to $3.40 to $3.55 per diluted share.
On October 9, 2020, Ameren Corporation (NYSE: AEE) announced a 4% increase in its quarterly cash dividend, bringing it to 51.5 cents per share, which translates to an annualized rate of $2.06. This marks the seventh consecutive year of dividend increases, reflecting the company's confidence in its long-term earnings and growth strategies. The dividend is payable on December 31, 2020, to shareholders who hold shares by December 9, 2020.
On November 5, Ameren Corp. (NYSE:AEE) will hold a conference call at 9 a.m. Central Time to discuss its third quarter 2020 earnings and future earnings guidance. The call will feature Warner L. Baxter, chairman, president, and CEO, alongside Michael L. Moehn, executive vice president and CFO. The event will be available for live streaming on AmerenInvestors.com, with a replay accessible for a year afterwards. Ameren serves 2.4 million electric and over 900,000 natural gas customers across a vast service area.
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