Ameren (AEE) 10-K risk factor changes: FY2021 vs FY2020

Significant changes in the nature of the regulation of our businesses, including expiration [added: or discontinuation] of, or significant changes to, existing regulatory mechanisms, could require changes to our business planning and management of our businesses and could adversely affect our results of operations, financial position, and liquidity.

Ameren Missouri’s [added: electric and natural gas utility] rates established in those proceedings are primarily based on historical costs and revenues.

Ameren Illinois’ natural gas rates established in those proceedings are based on [removed: estimated future costs and revenues.]

[removed: As] [added: As] a result of its participation in [added: the IEIMA] performance-based formula ratemaking, Ameren Illinois’ ROE for its electric distribution service [added: through 2023] and its electric energy-efficiency investments is directly correlated to yields on United States Treasury bonds.

Additionally, Ameren Illinois is [removed: required] [added: subject] to [removed: achieve] certain performance standards.

With respect to its natural gas delivery service business, unless extended, Ameren Illinois’ QIP will [removed: sunset] [added: expire] after December 2023.

[added: By law,] Ameren Illinois’ electric distribution revenues are decoupled from sales [removed: volumes,] [added: volumes regardless of the process used to establish electric distribution rates,] which ensures that the electric distribution revenues authorized in a regulatory rate review are not affected by changes in sales volumes.

Ameren Illinois also has an electric energy-efficiency program rider, which includes a return at the applicable WACC on its program [removed: investments] [added: investments,] that is subject to performance-based formula ratemaking.

[removed: If the performance-based formula ratemaking framework is not extended or if Ameren Illinois elects not to participate,] [added: For rates effective beginning in 2024,] Ameren Illinois [removed: would then] [added: will] be required to establish future rates through a traditional regulatory rate review [added: or an MYRP] with the ICC, which might result in rates that do not produce a full or timely recovery of costs or provide for an adequate return on investments and would expose Ameren Illinois’ electric distribution business to the risks described in the immediately preceding risk factor.

The allowed ROE under [removed: both] [added: the IEIMA and electric energy-efficiency] formula ratemaking recovery mechanisms is based on the annual average of the monthly yields of the 30-year United States Treasury bonds plus 580 basis points.

[removed: With respect to electric distribution service, a] [added: A] 50 basis point change in the annual average of the monthly yields of the 30-year United States Treasury bonds would result in an estimated [removed: $10] [added: $11] million change in Ameren’s and Ameren Illinois’ annual net income, based on [removed: its 2021] [added: Ameren Illinois’ 2022] projected [added: year-end] rate [removed: base.][added: base, including electric energy-efficiency investments.]

Ameren [removed: Illinois] [added: Illinois’ electric distribution business] is also subject to performance standards.

Failure to achieve the standards would result in a reduction in the company’s allowed ROE calculated under the [added: formula] ratemaking [removed: formulas.][added: recovery mechanisms.]

The performance standards applicable to electric distribution service [added: under the IEIMA] include improvements in service reliability to reduce both the frequency and duration of outages, a reduction in the number of estimated bills, a reduction of consumption from inactive meters, and a reduction in bad debt expense.

The [added: allowed ROE for] electric distribution service [removed: regulatory framework provides] [added: may be decreased] for [removed: ROE] penalties up to 38 basis points [removed: annually] in [removed: 2021 and] 2022 [added: and up to 10 basis points in 2023] if these performance standards are not met.

In [added: 2021,] 2020, [removed: 2019,] and [removed: 2018,] [added: 2019,] there were no performance-related basis point adjustments that materially affected financial results.

While the ICC has approved a plan [removed: consistent with this spending level] [added: for Ameren Illinois to invest approximately $100 million per year in electric energy-efficiency programs] through [removed: 2021,] [added: 2025,] the ICC has the ability to reduce the amount of electric energy-efficiency savings goals in [added: the] future plan program years if there are insufficient cost-effective programs available, which could reduce the investments in electric energy-efficiency programs.

Without legislative action, the QIP will [removed: sunset] [added: expire] after December 2023.

If [added: Ameren Illinois is unable to recover investments under] the QIP [removed: is not extended] or there is no other regulatory change, Ameren Illinois will be subject to [added: increased] regulatory lag on its natural gas infrastructure investments that are placed in service between regulatory rate reviews, which could adversely affect [added: Ameren’s and] Ameren Illinois’ [added: investment plans and] results of operations, financial position, and liquidity.

As a result of the election to use the PISA, Ameren Missouri’s electric rates are subject to a rate [removed: cap.][added: cap.]

As a result of Ameren Missouri’s election to use the PISA, its rate increases are limited to a 2.85% compound annual growth rate in the average overall customer rate per kilowatthour, based on the electric rates that became effective in April 2017, less half of the annual savings from the TCJA that was passed on to customers as approved in [removed: the] [added: a] July 2018 MoPSC order.

In addition, a decrease in off-system sales, which are included in net energy [removed: costs,] [added: costs within the FAC,] could also contribute to customer rates exceeding the rate cap.

Off-system sales are affected by [added: generation availability, which is affected by] planned and unplanned outages at Ameren Missouri’s energy centers, [removed: and by] curtailment of generation resulting from unfavorable economic conditions, [added: the addition of new generation sources, and retirements of Ameren Missouri’s energy centers,] among other things.

Significant capital expenditures [removed: are] [added: may be] required to achieve and to maintain compliance with these environmental laws.

Our electric generation, transmission, and distribution [removed: operations] and natural gas [removed: transmission, distribution,] [added: distribution] and storage operations must comply with a variety of [removed: environmental laws that are enforced through statutory] [added: statutes] and [removed: regulatory requirements] [added: regulations relating to the protection of the environment and human health and safety] including permitting programs implemented [removed: by] [added: via] federal, state, and local authorities.

[removed: Depending upon the business activity of specific facilities, such] [added: Such environmental] laws address [added: air] emissions; discharges to water bodies; the storage, handling and disposal of hazardous substances and waste materials; siting and land use requirements; and potential ecological impacts.

Further, we are subject to risks from changing or conflicting interpretations of existing laws, modification to existing laws, [added: new laws,] and new [removed: laws.][added: or modified permit terms.]

As of December 31, [removed: 2020,] [added: 2021,] Ameren Missouri’s coal-fired energy centers represented [removed: 11%] [added: 10%] and [removed: 23%] [added: 20%] of Ameren’s and Ameren Missouri’s rate base, respectively.

[added: Regulations implementing the] Clean Water Act [removed: regulations] govern both [removed: water] intake and discharges [removed: from power plants] [added: of water] and [added: may] require evaluation of the ecological and biological impact of our operations and could require modifications to water intake structures or more stringent limitations on wastewater [removed: discharges at Ameren Missouri’s energy centers.][added: discharges.]

The management and disposal of coal ash is regulated [removed: as a solid waste] under the Resource Conservation and Recovery Act and the CCR [removed: rule,] [added: Rule,] which require the closure of our surface impoundments at Ameren Missouri’s coal-fired energy centers.

In January 2011, the [added: United States] Department of Justice, on behalf of the EPA, filed a complaint against Ameren Missouri in the United States District Court for the Eastern District of Missouri alleging that in performing projects at its coal-fired Rush Island Energy Center in 2007 and 2010, Ameren Missouri violated provisions of the Clean Air Act and Missouri law.

In January 2017, the district court issued a liability ruling [added: against Ameren Missouri] and, in September 2019, entered a [removed: final order that required Ameren Missouri to install a flue gas desulfurization system at the Rush Island Energy Center and a dry sorbent injection system at the Labadie Energy Center.][added: remedy order.]

[removed: adverse effect] [added: As such, any impact] on the results of operations, financial position, and liquidity of Ameren and Ameren [removed: Missouri.][added: Missouri is uncertain.]

The EPA’s Affordable Clean Energy Rule repealed the Clean Power Plan and replaced it with a new rule that [removed: had] established emission guidelines for states to follow in developing plans to limit CO2 emissions and identified certain efficiency measures as the best system of emission reduction for coal-fired electric generating units.

[removed: Regardless of] [added: A decision by] the [removed: outcome of such potential legal challenges,] [added: United States Supreme Court could impact] the [removed: EPA is likely to develop] [added: EPA’s development of] new regulations to address carbon emissions from [removed: coal] [added: coal-] and natural [removed: gas] [added: gas-fired] electric generating [removed: units, which could take years to finalize.][added: units.]

At this time, Ameren Missouri cannot predict the outcome of [added: the] legal [removed: challenges] [added: challenge] or future rulemakings.

[removed: As such,] [added: Ameren Missouri is unable to predict] the [removed: impact] [added: ultimate resolution of this matter; however, such resolution could have a material adverse effect] on the results of operations, financial position, and liquidity of Ameren and Ameren [removed: Missouri is uncertain.][added: Missouri.]

New or revised environmental regulations, enforcement initiatives, or legislation could result in a significant increase in capital expenditures and operating costs, decreased revenues, [removed: increased financing requirements,] penalties or fines, [removed: or] reduced operations [added: or closure] of some of Ameren Missouri’s [removed: coal-fired] [added: coal-and natural gas-fired] energy centers, which, in turn, could lead to increased liquidity [removed: needs] and [added: financing needs, and] higher financing costs.

If these costs are not recoverable through [removed: rates,] [added: base rates or other regulatory mechanisms,] it could lead to an impairment of assets and reduced revenues.

The FERC can impose civil penalties of approximately [removed: $1.3] [added: $1.4] million per violation per day for violation of its regulations, rules, and orders, including mandatory NERC reliability standards.

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estimated future costs and revenues.

Ameren Illinois expects to use the IEIMA performance-based formula ratemaking framework to establish annual customer rates effective through 2023.

Effective for rates beginning in 2024, Ameren Illinois will establish electric distribution rates through either a traditional regulatory rate review or an MYRP.

Ameren Illinois expects to continue to use the current IEIMA performance-based formula ratemaking framework to establish annual customer rates effective through 2023 and reconcile the related revenue requirements through an IEIMA reconciliation.

The IETL resulted in changes to the regulatory framework applicable to Ameren Illinois’ electric distribution business by giving Ameren Illinois the option to file an MYRP with the ICC by mid-January 2023, with rates effective beginning in 2024, among other things.

Subject to a constructive outcome regarding the ICC’s determination of performance metrics, Ameren Illinois anticipates filing an MYRP for rates effective beginning in 2024.

An MYRP would establish rates for a four-year period, and Ameren Illinois has the option to file for an MYRP every four years.

With respect to the MYRP, the ICC-determined ROE would be subject to annual adjustments during the four-year period based on certain performance metrics, with aggregate symmetrical performance-based ROE incentives and penalties ranging from 20 to 60 basis points annually.

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Additionally, Ameren Missouri’s investment plan assumes use of PISA through December 2028, which is subject to MoPSC approval that has not yet been requested.

Any deferred overages approved for recovery would be recovered over a period of 20 years following approval of amounts in a regulatory rate review.

Ameren Missouri’s planned capital expenditures of up to $9.2 billion from 2022 through 2026 are based on the assumption of continued constructive regulatory frameworks, including an assumption that Ameren Missouri requests and receives MoPSC approval of an extension of the PISA through December 2028.

If Ameren Missouri does not obtain approval to use the PISA through December 2028, it could adversely affect Ameren’s and Ameren Missouri’s investment plans and results of operations, financial position, and liquidity.

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That remedy order included a requirement to install a flue gas desulfurization system at the Rush Island Energy Center, which was upheld through an appeals process by the United States Court of Appeals for the Eighth Circuit in the fourth quarter of 2021.

Based on its assessment of available legal, operational and regulatory alternatives, Ameren Missouri has determined not to further appeal the court rulings and, in December 2021, filed a motion with the district court to modify the remedy order to allow the retirement of the Rush Island Energy Center in advance of its previously expected useful life in lieu of installing a flue gas desulfurization system.

The district court is under no deadline to issue a ruling revising the remedy order.

In January 2022, the MISO completed a preliminary assessment regarding potential impacts of the retirement to the regional electric power system, which indicated transmission upgrades and voltage support would be needed in advance of the retirement to address reliability concerns.

In February 2022, Ameren Missouri expects to formally notify the MISO of its intent to retire the Rush Island Energy Center.

Upon receipt of the formal notification, the MISO will conduct a final reliability assessment.

The MISO must also separately approve the specific upgrades and transmission support required to address reliability concerns noted in the assessment.

Related to this matter, in February 2022, the MoPSC issued an order directing the MoPSC staff to review Ameren Missouri’s planned accelerated retirement of the Rush Island Energy Center, including potential impacts on the reliability and cost of Ameren Missouri’s service to its customers, Ameren Missouri’s plans to mitigate the customer impacts of the accelerated retirement, and the prudence of Ameren Missouri’s actions and decisions with regard to the Rush Island Energy Center, among other things.

The MoPSC staff is under no deadline to complete this review.

As of December 31, 2021, the Rush Island Energy Center had a net plant balance of approximately $0.6 billion and a rate base of approximately $0.4 billion.

In addition, Ameren Missouri expects to file an update to the 2020 IRP with the MoPSC in the first half of 2022 to reflect the planned acceleration of the retirement of the Rush Island Energy Center from 2039, the retirement year for the facility as reflected in the 2020 IRP and reflected in depreciation rates approved by the December 2021 MoPSC electric rate order.

The United States Supreme Court agreed to review the court of appeals’ ruling and oral arguments will occur in February 2022 with a decision expected by mid-2022.

The EPA’s CCR Rule establishes requirements for the management and disposal of CCR from coal-fired power plants and will result in the closure of surface impoundments at Ameren Missouri’s energy centers.

In January 2022, Ameren Missouri received notice of a proposed determination by the EPA that it has rejected Ameren Missouri’s requests to extend the timeline for operating certain impoundments located at the Sioux and Meramec energy centers.

Compliance with the CCR Rule’s requirements for closure of the impoundments would be required 135 days after the EPA issues a final determination, which Ameren Missouri expects to be issued in the spring of 2022.

If Ameren Missouri was no longer able to use the surface impoundments at the Sioux or Meramec energy centers, Ameren Missouri would not be able to operate the energy centers unless an alternative for handling the CCR material is in place.

Ameren Missouri plans to retire the Meramec Energy Center in 2022, and is accelerating its construction plans to build a CCR Rule-compliant impoundment at the Sioux Energy Center to allow for continued operations.

Additionally, Ameren Missouri is seeking a reliability determination from the MISO, which, if granted, would extend the deadline to comply with the requirement to close the impoundments and allow the energy centers to operate.

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The IETL established emission standards that became effective in September 2021.

Ameren Missouri's natural gas-fired energy centers in Illinois will be subject to limits on emissions, including CO2 and NOx, equal to their unit-specific average emissions from 2018 through 2020, for any rolling twelve-month period beginning October 1, 2021, through 2029.

Further reductions to emissions limits will become effective between 2030 and 2040, which could limit the operations of Ameren Missouri's five natural gas-fired energy centers located in the state of Illinois, and will result in the closure of one or more energy centers earlier than anticipated.

These energy centers are utilized to support peak loads.

Subject to conditions in the IETL, these energy centers may be allowed to exceed the emissions limits in order to maintain reliability of electric utility service as necessary.

Ameren Missouri is reviewing the emission standards and the effect they may have on its generation strategy, including any increases in capital expenditures or operating costs, and changes to the useful lives of the five natural gas-fired energy centers.

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Ameren Illinois elects to participate in a performance-based formula ratemaking framework established pursuant to the IEIMA for its electric distribution service.

The electric distribution service performance-based formula ratemaking framework expires at the end of 2022, if not extended by the legislature, while the decoupling provisions extend beyond the end of formula ratemaking by law.

Ameren Illinois plans to invest up to approximately $100 million per year in electric energy-efficiency programs through 2025, and will earn a return on those investments.

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Any deferred overages approved for recovery would be recovered in a manner consistent with costs recovered under the PISA.

There were no fines in the order.

In October 2019, Ameren Missouri appealed the district court’s ruling to the United States Court of Appeals for the Eighth Circuit.

The district court has stayed implementation of the majority of the requirements of its order while the case is under appeal.

The ultimate resolution of this matter could have a material

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Among other things and subject to economic and regulatory considerations, resolution of this matter could result in increased capital expenditures for the installation of air pollution control equipment, as well as increased operations and maintenance expenses.

Based upon engineering studies from October 2019, capital expenditures to comply with the district court’s order for installation of a flue gas desulfurization system at the Rush Island Energy Center are estimated at approximately $1 billion.

Further, the flue gas desulfurization system would result in additional operation and maintenance expenses of $30 million to $50 million annually for the life of the energy center.

Engineering studies required to develop estimated capital expenditures and estimated additional operation and maintenance expenses for the Labadie Energy Center to comply with the district court’s order will not be undertaken while the case is under appeal.

Additional litigation including reconsideration by the entire United States Court of Appeals for the District of Columbia Circuit or an appeal to the United States Supreme Court is possible.

The COVID-19 pandemic continues to be a constantly evolving situation.

In 2020, we experienced a net decrease in our sales volumes, an increase in our accounts receivable balances that were past due or that were a part of a deferred payment arrangement, and a decline in our cash collections from customers.

As a result of the COVID-19 pandemic, measures have been taken by local, state, and federal governments, such as travel bans, quarantines, and shelter-in place orders.

Shelter-in-place orders began taking

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effect in our service territories in mid-March 2020.

These orders generally required individuals to remain at home and precluded or limited the operation of businesses that were deemed nonessential.

In mid-May 2020, shelter-in-place orders effective in our service territories began to be relaxed, with individuals allowed to leave their homes and nonessential businesses allowed to begin reopening.

However, certain restrictions remain in place that limit individual activities and the operation of nonessential businesses.

Additional restrictions may be imposed in the future.

Ameren’s business operations are deemed essential and are not directly impacted by the shelter-in-place orders.

It has also caused disruptions in the capital markets, which could adversely affect our ability to access these markets on reasonable terms and when needed.

These disruptions could continue for a prolonged period of time or become more severe.

We rely on the issuance of short-term and long-term debt and equity as significant sources of liquidity and funding for capital requirements not satisfied by our operating cash flow, as well as to refinance existing long-term debt.

Disruptions to the capital markets as a result of the COVID-19 pandemic could negatively affect our ability to maintain and to expand our businesses.

In addition, our credit ratings may be impacted by the economic conditions of the COVID-19 pandemic.

The COVID-19 pandemic could lead to events beyond our control, such as further depressed economic conditions or extreme volatility in the debt, equity, or credit markets, and might create uncertainty that could increase our cost of capital or impair or eliminate our ability to access the debt, equity, or credit markets, including our ability to draw on bank credit facilities or issue commercial paper.

As a result of the COVID-19 pandemic, we experienced and expect to continue to experience changes to our sales volumes.

In 2020, compared to 2019, Ameren Missouri experienced a reduction in commercial and industrial electric sales volumes, partially offset by increased electric sales volumes to higher margin residential customers, excluding the estimated effects of weather and customer energy-efficiency programs.

Assuming a ratable change in Ameren Missouri’s electric sales volumes by month, a 1% change for the calendar year 2021 to residential, commercial, and industrial customers would affect earnings per diluted share by approximately 3 cents, 2 cents, and a half-cent, respectively.

The actual change in earnings per diluted share will be affected by the timing of sales volume changes due to seasonal customer rates.

Ameren Illinois also experienced decreases in electric and natural gas sales volumes in 2020.

Ameren Missouri suspended disconnections for customer nonpayment and late fees in mid-March 2020, and resumed those activities for commercial and industrial customers in mid-July 2020 and residential customers in early August 2020.

Ameren Illinois resumed disconnection activities for commercial and industrial customers for nonpayment in early August 2020 and residential customers in mid-September 2020, with the exception of residential customers classified as low income, expressing a financial hardship, or relying on medical equipment.

Discussion regarding our financial condition and results of operations for the year ended December 31, [removed: 2018,] [added: 2019,] including comparisons with the year ended December 31, [removed: 2019,] [added: 2020,] is included in Item 7 of our Form 10-K for the year ended December 31, [removed: 2019,] [added: 2020,] filed with the SEC on February [removed: 28, 2020.][added: 22, 2021.]

In addition to presenting results of operations and earnings amounts in total, we present certain information in cents per [added: diluted] share.

We believe this per [added: diluted] share information helps readers to understand the impact of these factors on Ameren’s earnings per [added: diluted] share.

| Investing in and operating our utilities in a manner consistent with existing regulatory frameworks | | | | | | [added: | | |] Enhancing regulatory frameworks and advocating for responsible energy and economic policies | | | | | | | | | Creating and capitalizing on opportunities for investment for the benefit of our customers and shareholders | | |

| We seek to earn competitive returns on investments in our businesses. Accordingly, we remain focused on disciplined cost management and strategic capital allocation. We align our overall spending, both operating and capital, with economic conditions and with the frameworks established by our regulators, to create and capitalize on investment opportunities for the benefit of our customers and shareholders. We focus on minimizing the gap between allowed and earned ROEs and allocating capital resources to business opportunities that we expect will provide the most benefit to our customers and offer the most attractive risk-adjusted return potential. | | | | | | [added: | | |] We seek to partner with our stakeholders, including our customers, regulators, federal and state legislators, and RTOs, to enhance our regulatory frameworks and advocate for responsible energy and economic policies for the benefit of our customers and shareholders. We believe constructive regulatory frameworks for investment exist at all of our business segments. Accordingly, we expect to earn competitive returns on investments in our businesses and realize timely recovery of our costs in the coming years with the benefits accruing to both customers and shareholders. | | | | | | | | | We seek to make prudent investments that benefit our customers. The goal of these investments is to maintain and enhance the reliability of our services, develop cleaner sources of energy, create economic development opportunities in our region, and provide customers with more options and greater control over their energy usage, among other things. By prudently investing in our businesses, we believe that we deliver superior value to both customers and shareholders. | | |

| | | | | | | [removed: ] [added: ] | | | | | | | | | | | | [added: | | |]

| Rate Base ($ in billions)(a) | | | | | | [added: | | |] Constructive Regulatory Frameworks(c) | | | | | | | | | [removed: TSR 2015-2020(f)] | | |

| [removed: ] [added: ] | | | | | | [added: | | |] Segment | | | Regulatory Framework | | | | | | [removed: ] | | |

| | | | Ameren Transmission | | | *Formula ratemaking Allowed ROE [removed: is] [added: of] 10.52%* | | | | | | [added: Customer Rates, (¢/KWH)(g)] | | | | | | [added: | | |]

| | | | Ameren Illinois Natural Gas | | | *Future test year ratemaking and QIP, PGA, VBA Allowed ROE [removed: is] [added: of] 9.67%* | | | | | | [added: ] | | | | | | [added: | | |]

| | | | Ameren Illinois Electric Distribution | | | *Formula [removed: ratemaking Allowed] [added: ratemaking* *Allowed] ROE [removed: is] [added: of] 30-year U.S. Treasury + [removed: 5.8%*] [added: 5.8%*(d)] | | | | | | | | | | | | [added: | | |]

| | | | Ameren Missouri | | | *Historical test year ratemaking and* *PISA, RESRAM, FAC, [removed: MEEIA*] [added: MEEIA, PGA*] *Allowed ROE is [removed: 9.4% - 9.8%*(d)] [added: not specified*(e)] | | | | | | [added: TSR 2016-2021(h)] | | | | | | [added: | | |]

[removed: In mid-May 2020, shelter-in-place orders effective in our service territories began to be relaxed, with fewer] [added: Although] restrictions on social activities and nonessential businesses [removed: beginning to reopen.][added: implemented in our service territories in 2020 have been relaxed, additional restrictions may be imposed in the future.]

We continue to assess the impacts the [added: COVID-19] pandemic is having on our businesses, including impacts on electric and natural gas sales volumes, liquidity, [removed: and] bad debt expense, [removed: among other things.][added: and supply chain operations.]

For further discussion of these and other [removed: matters,] [added: matters discussed below,] see Note 1 – Summary of Significant Accounting Policies and Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report, and Results of Operations, Liquidity and Capital Resources, and Outlook sections below.

[removed: In addition, for information regarding Ameren Missouri’s and Ameren Illinois’ suspensions and] [added: subsequent] reinstatement of customer disconnection activities and late fee charges for nonpayment, see Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report.

[removed: The] [added: - In December 2021, the MoPSC issued an] order [removed: resulted] in [removed: a decrease] [added: Ameren Missouri’s 2021 electric service regulatory rate review, resulting in an increase] of [removed: $32] [added: $220] million to Ameren Missouri’s annual revenue requirement for electric retail [removed: service, which reflected infrastructure investments as of December 31, 2019.][added: service.]

The [added: electric rate] order [removed: also provided] [added: provides] for the continued use of the FAC and trackers for pension and postretirement benefits, uncertain income tax positions, [removed: and] certain excess deferred income [removed: taxes] [added: taxes, and renewable energy standard costs] that the MoPSC previously authorized in earlier electric rate orders.

[removed: The] [added: In September 2021, the MoPSC issued an] order [removed: also approved] [added: approving] Ameren Missouri’s energy savings results for the [removed: first] [added: second] year of the MEEIA 2019 program.

As a result of this [removed: order] [added: order,] and in accordance with revenue recognition guidance, Ameren Missouri recognized revenues of [removed: $6] [added: $9] million in [removed: the third quarter of 2020.][added: 2021.]

[added: -] In connection with [removed: the] [added: Ameren Missouri’s] 2020 [removed: IRP filing,] [added: IRP,] Ameren established a goal of achieving net-zero carbon emissions by 2050.

The [removed: plan, which is subject to review by the MoPSC for compliance with Missouri law,] [added: plan] targets cleaner and more diverse sources of energy generation, including solar, wind, hydro, and nuclear power, and supports increased investment in new energy technologies.

These amounts include [removed: the] 700 MWs [removed: of wind generation projects discussed below,] [added: related to the High Prairie Renewable and Atchison Renewable energy centers,] which [removed: will] support Ameren Missouri’s compliance with the state of Missouri’s requirement of achieving 15% of native load sales from renewable energy sources [removed: beginning] [added: that began] in 2021.

The plan also includes [removed: advancing] [added: accelerating] the retirement dates of the Sioux and Rush Island coal-fired energy centers to 2028 and 2039, respectively, [removed: which are subject to] the [removed: approval of a change in the assets’ depreciable lives by the MoPSC in a future regulatory rate review, the] continued implementation of customer energy-efficiency programs, and the expectation that Ameren Missouri will seek NRC approval for an extension of the operating license for the Callaway Energy Center beyond its current 2044 expiration date.

In January 2021, Ameren Missouri acquired [removed: an up-to] [added: a] 300-MW wind generation project located in northwestern Missouri.

In February [removed: 2021,] [added: 2022,] Ameren Missouri filed an update to its Smart Energy Plan with the MoPSC, which includes a five-year capital investment overview with a detailed one-year plan for [removed: 2021.][added: 2022.]

Investments under the plan are expected to total approximately $8.4 billion over the five-year period from [removed: 2021] [added: 2022] through [removed: 2025,] [added: 2026,] with expenditures largely recoverable under the PISA and the RESRAM.

The planned investments in 2024 [removed: and 2025] [added: through 2026] are based on the assumption that Ameren Missouri requests and receives MoPSC approval of an extension of the PISA [removed: through] [added: from] December [added: 2023 to December] 2028.

In December [removed: 2020,] [added: 2021,] the ICC issued an order in Ameren Illinois’ annual update filing that approved a [removed: $49] [added: $58] million [removed: decrease] [added: increase] in Ameren Illinois’ electric distribution service rates beginning in January [removed: 2021.][added: 2022.]

This order reflected [removed: a decrease] [added: an increase] to the annual [added: performance-based] formula rate based on [removed: 2019] [added: 2020] actual [removed: costs, a decrease] [added: recoverable costs and expected net plant additions for 2021, an increase] to include the [removed: 2019] [added: 2020] revenue requirement reconciliation [removed: adjustment, and] [added: adjustment including] a [removed: decrease] [added: capital structure composed of 51% common equity, and an increase] for the conclusion of the [removed: 2018] [added: 2019] revenue requirement reconciliation adjustment, which was fully [removed: collected from] [added: refunded to] customers in [removed: 2020,] [added: 2021,] consistent with the ICC’s December [removed: 2019] [added: 2020] annual update filing order.

In [removed: October 2020,] [added: February 2021,] Ameren’s board of directors increased the quarterly common stock dividend to [removed: 51.5] [added: 55] cents per [added: share, resulting in an annualized equivalent dividend rate of $2.20 per] share.

In February [removed: 2021, the] [added: 2022, Ameren’s] board [added: of directors] increased the quarterly common stock dividend to [removed: 55] [added: 59] cents per share, resulting in an annualized equivalent dividend rate of [removed: $2.20] [added: $2.36] per share.

Net income attributable to Ameren common shareholders was [removed: $871] [added: $990] million, or [removed: $3.50] [added: $3.84] per diluted share, for [removed: 2020,] [added: 2021,] and [removed: $828] [added: $871] million, or [removed: $3.35] [added: $3.50] per diluted share, for [removed: 2019.][added: 2020.]

Net income was favorably affected in [removed: 2020,] [added: 2021,] compared with [removed: 2019,] [added: 2020,] by [added: increased infrastructure investments across all business segments; increased Ameren Missouri electric retail sales, primarily resulting from improving economic conditions and] the [added: effects of weather; and by the] results of Ameren Missouri’s March 2020 electric rate [removed: order; infrastructure investments that drove higher earnings at Ameren Transmission, Ameren Illinois Electric Distribution, and Ameren Illinois Natural Gas; and increased Ameren Transmission earnings resulting from the May 2020 FERC order addressing the allowed base ROE.][added: order.]

At December 31, [removed: 2020,] [added: 2021,] Ameren, on a consolidated basis, had available liquidity in the form of cash on hand and amounts available under the Credit Agreements of [removed: $1.9] [added: $1.8] billion.

The following chart presents [removed: 2020] [added: 2021] capital expenditures by segment and the midpoint of projected cumulative capital expenditures for [removed: 2021] [added: 2022] through [removed: 2025] [added: 2026] by segment:

| [removed: 2020] [added: 2021] Capital Expenditures by Segment (Total Ameren – [removed: $3.2] [added: $3.5] billion) (in billions) | | | | | | Midpoint of [removed: 2021] [added: 2022] – [removed: 2025] [added: 2026] Projected Capital Expenditures by Segment (Total Ameren – [removed: $17.1] [added: $17.3] billion) (in billions) | | |

[removed: ][added: ]

[removed: (a)Ameren] [added: In addition, Ameren] Missouri [removed: capital] expenditures [removed: include] [added: included] $564 million for the acquisition of the High Prairie Renewable Energy [removed: Center for the year ended December 31, 2020.][added: Center.]

For [removed: 2021] [added: 2022] through [removed: 2025,] [added: 2026,] Ameren’s cumulative capital expenditures are projected to range from [removed: $16.4] [added: $16.6] billion to [removed: $17.8] [added: $18.0] billion.

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

| | | | | | | Improved Reliability(f) | | | | | | | | | | | | | | |

| | | | | | |  | | | | | | | | | | | | | | |

| (a)Reflects year-end rate base except for Ameren Transmission, which is average rate base. (b)Compound annual growth rate. (c)As of January 2022 for Ameren Transmission, Ameren Illinois Natural Gas, and Ameren Illinois Electric Distribution. As of February 28, 2022, for Ameren Missouri. (d)Allowed ROE is subject to performance standards as discussed in Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report. (e)Allowed ROE applicable to electric and natural gas delivery service. (f)As measured by the System Average Interruption Frequency Index (SAIFI). Represents the average of Ameren Missouri and Ameren Illinois. (g)Average residential electric prices. Source: Edison Electric Institute, “Typical Bills and Average Rates Report” for the 12 months ended June 30, 2021. (h)Ameren management cautions that the stock price performance shown above should not be considered indicative of future stock price performance. | | | | | | | | | | | | | | | | | | | | |

The COVID-19 pandemic continues to affect our results of operations, financial position, and liquidity.

While our electric sales volumes, excluding the estimated effects of weather and customer energy-efficiency programs, increased in 2021, compared to 2020, and total sales volume levels were more comparable to pre-pandemic levels, there has been a shift in sales volumes by customer class, with an increase in residential sales, and a decrease in commercial and industrial sales.

In addition, for information regarding Ameren Illinois’ suspension and

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

Due to extremely cold winter weather in mid-February 2021, Ameren Missouri and Ameren Illinois experienced higher than anticipated commodity costs for natural gas purchased for resale and purchased power, which contributed to the acceleration of the timing of certain planned 2021 long-term debt issuances.

Ameren Missouri and Ameren Illinois have cost recovery mechanisms in place that provide recovery of the higher natural gas costs and purchased power from customers over periods of time established under the applicable mechanisms.

As of June 30, 2021, Ameren Missouri had placed the project in service as the Atchison Renewable Energy Center.

The purchase price of the energy center was approximately $500 million, including an immaterial amount of transaction costs.

The purchase price included $564 million of cash, a deferred purchase price obligation withheld as credit support in relation to certain potential claims, contingent consideration, and transaction costs.

Both renewable energy centers support Ameren Missouri’s compliance with the Missouri renewable energy standard.

After replacement of certain key components of the generator, the energy center returned to service in early August 2021.

The cost of generator repairs was approximately $60 million, which was largely capital expenditures.

In August 2021, the United States Court of Appeals for the Eighth Circuit issued a decision that affirmed the United States District Court for the Eastern District of Missouri’s January 2017 liability ruling and the district court’s September 2019 remedy order as it related to the installation of a flue gas desulfurization system at the Rush Island Energy Center, but reversed the order as it related to the installation of a dry sorbent injection system at the Labadie Energy Center.

In November 2021, the court of appeals issued an order denying requests for consideration previously sought by both Ameren Missouri and the United States Department of Justice.

Based on its assessment of available legal, operational and regulatory alternatives, Ameren Missouri has determined not to further appeal the court rulings and, in December 2021, filed a motion with the district court to modify the remedy order to allow the retirement of the Rush Island Energy Center in advance of its previously expected useful life in lieu of installing a flue gas desulfurization system.

The district court is under no deadline to issue a ruling revising the remedy order.

In January 2022, the MISO completed a preliminary assessment regarding potential impacts of the retirement to the regional electric power system, which indicated transmission upgrades and voltage support would be needed in advance of the retirement to address reliability concerns.

In February 2022, Ameren Missouri expects to formally notify the MISO of its intent to retire the Rush Island Energy Center.

Upon receipt of the formal notification, the MISO will conduct a final reliability assessment.

The MISO must also separately approve the specific upgrades and transmission support required to address reliability concerns noted in the assessment.

Related to this matter, in February 2022, the MoPSC issued an order directing the MoPSC staff to review Ameren Missouri’s planned accelerated retirement of the Rush Island Energy Center, including potential impacts on the reliability and cost of Ameren Missouri’s service to its customers, Ameren Missouri’s plans to mitigate the customer impacts of the accelerated retirement, and the prudence of Ameren Missouri’s actions and decisions with regard to the Rush Island Energy Center, among other things.

The MoPSC staff is under no deadline to complete this review.

Ameren Missouri expects to seek approval from the MoPSC to finance the costs associated with the retirement, including the remaining unrecovered net plant balance associated with the facility, through the issuance of securitized utility tariff bonds pursuant to the Missouri securitization statute that became effective in August 2021.

The orders will result in increases of $220 million and $5 million to Ameren Missouri’s annual revenue requirements for electric retail service and natural gas delivery service, respectively.

The electric revenue requirement increase is based on a rate base of $10.2 billion, infrastructure investments as of September 30, 2021, and a change in the depreciable lives of the Sioux and Rush Island energy centers’ assets consistent with Ameren Missouri’s 2020 IRP.

The electric order did not specify an ROE, but specified that Ameren Missouri’s September 30, 2021 capital structure, which was composed of 51.97% common equity, will be used in the PISA and RESRAM.

It also establishes a five-year recovery period for $61 million of certain costs associated with the Meramec Energy Center, which is expected to be retired in 2022.

The orders also approved for recovery $9 million of certain costs and forgone customer late fee and reconnection fee revenues resulting from the COVID-19 pandemic that were accumulated pursuant to March 2021 MoPSC orders.

The new electric and natural gas rates will become effective on February 28, 2022.

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

In March 2021, the ICC issued an order approving Ameren Illinois’ requested tariff to reconcile its electric distribution service revenue requirement once Ameren Illinois ceases to update customer rates under performance-based formula ratemaking.

The last update under such ratemaking is anticipated to be for 2023 customer rates.

The tariff would allow Ameren Illinois to reconcile its revenue requirement for customer rates established for 2022 and 2023.

To utilize the reconciliation, Ameren Illinois is required to file a request to update its electric distribution service rates through either a traditional regulatory rate review, which may be based on a future test year and would reflect a proposed ROE subject to ICC approval, or through the filing of an MYRP, which Ameren Illinois expects to file for rates effective beginning in 2024 pursuant to the IETL as described below.

The rate update request would need to be filed by mid-January 2023.

Pursuant to the order, Ameren Illinois’ 2022 and 2023 revenues would reflect each year’s actual recoverable costs, year-end rate base, and a return at the applicable WACC, with the ROE component based on the annual average of the monthly yields of the 30-year United States Treasury bonds plus 580 basis points.

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | |

| | | | | | | Customer Rates, (¢/KWH)(e) | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | |

(a) Reflects year-end rate base except for Ameren Transmission, which is average rate base.

(b) Compound annual growth rate.

(c) As of January 2021.

(d) Allowed ROE applicable to electric service.

(e) Average residential electric prices.

Source: Edison Electric Institute, “Typical Bills and Average Rates Report” for the 12 months ended June 30, 2020.

(f) Ameren management cautions that the stock price performance shown above should not be considered indicative of future stock price performance.

The COVID-19 pandemic continues to be a constantly evolving situation.

In 2020, we experienced a net decrease in our sales volumes, an increase in our accounts receivable balances that were past due or that were a part of a deferred payment arrangement, and a decline in our cash collections from customers.

Shelter-in-place orders began taking effect in our service territories in mid-March 2020.

These orders generally required individuals to remain at home and precluded or limited the operation of businesses that were deemed nonessential.

In early 2020, Ameren began implementing its business continuity plans, and continues to take measures to mitigate the risk of COVID-19 transmission.

Actions included restricting travel for employees, implementing work-from-home policies, securing and supplying personal protective equipment, and implementing work practices to protect the safety of our employees and customers.

While our business operations were deemed essential and were not directly impacted by the shelter-in-place orders, approximately 65% of our workforce transitioned to remote working arrangements in mid-March 2020.

In order to work more effectively in certain areas, a portion of our workforce returned to our work locations in early June 2020 under a phased approach, and, as of the date of this filing, approximately 50% of our workforce continues to work remotely.

However, certain

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

restrictions remain in place that limit individual activities and the operation of nonessential businesses.

Additional restrictions may be imposed in the future.

In February 2020, the MoPSC issued an order approving a stipulation and agreement allowing Ameren Missouri to defer and amortize maintenance expenses related to scheduled refueling and maintenance outages at its Callaway Energy Center.

Maintenance expenses associated with the fall 2020 refueling and maintenance outage were deferred as a regulatory asset.

Amortization of those expenses began in January 2021, and will be amortized until the completion of the next refueling and maintenance outage.

During its return to full power after the completion of the last refueling and maintenance outage in late December 2020, the Callaway Energy Center experienced a non-nuclear operating issue related to its generator.

A thorough investigation of this matter was conducted.

Work has begun to replace certain key components of the generator in order to return the energy center to service.

Ameren Missouri expects generator repairs of $65 million, which are expected to be largely capital expenditures.

Due to the long lead time for the manufacture, repair, and installation of the components, the energy center is expected to return to service in late June or early July 2021.

In March 2020, the MoPSC issued an order in Ameren Missouri’s July 2019 electric service regulatory rate review, approving nonunanimous stipulation and agreements.

In addition, the order required Ameren Missouri to donate $8 million to low-income assistance programs, which was reflected in results of operations in the first quarter of 2020.

The new rates became effective on April 1, 2020.

In August 2020, the MoPSC issued an order approving a unanimous stipulation and agreement with respect to the 2022 program year of Ameren Missouri’s six-year MEEIA 2019 program and related performance incentives.

In September 2020, Ameren Missouri filed its 2020 IRP with the MoPSC.

Ameren is also targeting a 50% CO2 emission reduction by 2030 and an 85% reduction by 2040 from the 2005 level.

It also includes expanding renewable sources by adding 3,100 MWs of renewable generation by the end of 2030 and a total of 5,400 MWs of renewable generation by 2040.

[removed: A derivative is a contract whose value is dependent] on, or derived from, the value of some underlying asset or index.

The estimated increase in our annual interest expense and decrease in net income if interest rates were to increase by 100 basis points on variable-rate debt outstanding at December 31, [removed: 2020] [added: 2021] is immaterial.

The allowed ROE under Ameren Illinois’ [added: IEIMA] electric distribution service and its electric energy-efficiency investments formula ratemaking recovery mechanisms is based on the annual average of the monthly yields of the 30-year United States Treasury bonds plus 580 basis points.

A 50 basis point change in the annual average of the monthly yields of the 30-year United States Treasury bonds would result in an estimated [removed: $10] [added: $11] million change in Ameren’s and Ameren Illinois’ annual net income, based on [removed: its 2021] [added: Ameren Illinois’ 2022] projected [added: year-end] rate [removed: base.][added: base, including electric energy-efficiency investments.]

Interest rate levels also influence the ROE allowed by our regulators in our other ratemaking [removed: jurisdictions] [added: jurisdictions,] as well as the carrying costs associated with certain regulatory assets and liabilities.

See Note 7 – Derivative Financial Instruments under Part II, Item 8, of this report for information on the potential loss on counterparty exposure as of December 31, [removed: 2020.][added: 2021.]

At December 31, [removed: 2020,] [added: 2021,] no nonaffiliated customer represented more than 10% of our accounts receivable.

As of December 31, [removed: 2020,] [added: 2021,] Ameren Illinois’ balance of purchased accounts receivable associated with the utility consolidated billing and purchase of receivables services was [removed: $28] [added: $27] million.

Ameren Missouri and Ameren Illinois continue to monitor the impact of [removed: increasing rates] [added: the COVID-19 pandemic] on customer [removed: collections, as applicable,] [added: collections] and [removed: increasing] customer account [removed: balances largely associated with the COVID-19 pandemic.][added: balances.]

[removed: Ameren Missouri and Ameren Illinois make adjustments to their respective allowance for doubtful accounts as] deemed necessary to ensure that such allowances are adequate to cover estimated uncollectible customer account balances.

See [removed: Note 1 – Summary] [added: Results] of [removed: Significant Accounting Policies] [added: Operations in Management’s Discussion and Analysis of Financial Condition and Results of Operations] under Part II, Item [removed: 8,] [added: 7,] of this report for more information on Ameren’s, Ameren Missouri’s, and Ameren Illinois’ accounts receivable balances that were 30 days or greater past due or that were a part of a deferred payment arrangement as of December 31, [removed: 2020.][added: 2021.]

In addition, for information regarding Ameren [removed: Missouri’s and Ameren] Illinois’ [removed: suspensions] [added: suspension] and reinstatement of customer disconnection activities and late fee charges for nonpayment, see Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report.

Contributions to the plans and future costs could increase materially if we do not achieve pension and postretirement asset portfolio investment returns equal to or in excess of our [removed: 2021] [added: 2022] assumed return on plan assets of 6.50%.

As of December 31, [removed: 2020,] [added: 2021,] this fund was invested in domestic equity securities [removed: (69%)] [added: (71%)] and debt securities [removed: (30%).][added: (28%).]

[added: By] maintaining a portfolio that includes long-term equity investments, Ameren Missouri seeks to maximize the returns to be used to fund nuclear decommissioning costs within acceptable parameters of risk.

Additionally, Ameren and Ameren Illinois have company-owned life insurance contracts with net asset values of [removed: $165] [added: $169] million and $8 million, respectively, as of December 31, [removed: 2020.][added: 2021.]

[removed: Changes] [added: To the extent not recovered through rates, changes] in the market values of these contracts are reflected in earnings.

In [removed: 2020,] [added: 2021,] Ameren Illinois procured power on behalf of its customers for 23% of its total kilowatthour sales.

Ameren Illinois purchases energy and capacity through the MISO and through bilateral contracts resulting [removed: from IPA procurement events.]

The IPA has proposed and the ICC has approved multiple procurement events covering portions of years through [removed: 2023] [added: 2024] for capacity and energy.

Ameren Illinois has also entered into ICC-approved contracts for zero emission credits through 2026 and for renewable energy credits with various terms, including contracts with a 20-year term ending 2032, and contracts entered into beginning [added: in] 2018 [added: through 2021] with 15-year terms commencing on the date of first renewable energy credit delivery.

The following table presents, as of December 31, [removed: 2020,] [added: 2021,] the percentages of the projected required supply of coal and coal transportation for Ameren Missouri’s coal-fired energy centers, nuclear fuel for Ameren Missouri’s Callaway Energy Center, natural gas for Ameren Missouri’s [added: and Ameren Illinois’] retail distribution, and purchased power for Ameren Illinois that are price-hedged over the period [removed: 2021] [added: 2022] through [removed: 2025.][added: 2026.]

The projected required supply of these commodities could be significantly affected by changes in our assumptions about customer demand for [removed: our electric generation and our electric] [added: electricity] and natural gas [removed: distribution services, generation output,] [added: supplied by us] and inventory levels, [added: as well as Ameren Missouri’s generation output,] among other matters.

| Coal [added: transportation(a)] | | | 100 | | [removed: %] | | | | [removed: 87] [added: 100] | | [removed: %] | | | | [removed: 39] [added: 32] | | [removed: %] |

| Coal [removed: transportation] [added: transportation(a)] | | | 100 | | | | | | [removed: 99] [added: 100] | | | | | | [removed: 98] [added: 32] | | |

| Nuclear [removed: fuel(a)] [added: fuel(b)] | | | [removed: —] [added: 100] | | | | | | [removed: 82] [added: 97] | | | | | | [removed: 53] [added: 80] | | |

| Natural gas for [removed: distribution(b)] [added: distribution(c)] | | | [removed: 73] [added: 94] | | | | | | [removed: 31] [added: 37] | | | | | | [removed: 10] [added: 11] | | |

| Purchased power for Ameren [removed: Illinois(c)] [added: Illinois(d)] | | | 69 | | | | | | [removed: 35] [added: 34] | | | | | | 11 | | |

| [removed: Coal] [added: Coal(a)] | | | [removed: 100] [added: 99] | | % | | | | [removed: 87] [added: 51] | | % | | | | [removed: 39] [added: 22] | | % |

| Nuclear [removed: fuel(a)] [added: fuel(b)] | | | [removed: —] [added: 100] | | | | | | [removed: 82] [added: 97] | | | | | | [removed: 53] [added: 80] | | |

| Natural gas for [removed: distribution(b)] [added: distribution(c)] | | | [removed: 68] [added: 96] | | | | | | [removed: 36] [added: 40] | | | | | | [removed: 21] [added: 19] | | |

| Natural gas for [removed: distribution(b)] [added: distribution(c)] | | | [removed: 73] [added: 93] | | % | | | | [removed: 30] [added: 36] | | % | | | | [removed: 8] [added: 9] | | % |

| Purchased [removed: power(c)] [added: power(d)] | | | 69 | | | | | | [removed: 35] [added: 34] | | | | | | 11 | | |

[removed: (a)The] [added: (b)The] Callaway Energy Center has historically required refueling at 18-month intervals.

As there [removed: are] [added: is] no [removed: refuelings] [added: refueling and maintenance outage] scheduled to occur during [removed: 2021 or] 2024, there are also no nuclear fuel deliveries anticipated to occur in [removed: these years.][added: this year.]

[removed: (b)Represents] [added: (c)Represents] the percentage of natural gas price-hedged for peak winter season of November through March.

The year [removed: 2021] [added: 2022] represents January [removed: 2021] [added: 2022] through March [removed: 2021.][added: 2022.]

The year [removed: 2022] [added: 2023] represents November [removed: 2021] [added: 2022] through March [removed: 2022.][added: 2023.]

This continues each successive year through March [removed: 2025.][added: 2026.]

[removed: (c)Represents] [added: (d)Represents] the percentage of purchased power price-hedged for fixed-price residential and nonresidential customers with less than 150 kilowatts of demand.

A derivative is a contract whose value is dependent

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

Ameren Illinois expects to use the current IEIMA formula framework to establish annual customer rates effective through 2023 and reconcile the related revenue requirements.

Ameren Missouri and Ameren Illinois make adjustments to their respective allowance for doubtful accounts as

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

from IPA procurement events.

| | | | 2022 | | | | | | 2023 | | | | | | 2024 – 2026 | | |

| Coal(a) | | | 99 | | % | | | | 51 | | % | | | | 22 | | % |

(a)Ameren Missouri has agreements in place to purchase and transport coal to its energy centers.

While Ameren Missouri has minimum purchase obligations associated with these agreements, the majority of these agreements are not associated with any specific coal-fired energy center.

The suppliers of low-sulfur coal are limited.

Ameren Missouri would then need to purchase power necessary to meet demand.

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

By

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

| | | | 2021 | | | | | | 2022 | | | | | | 2023 – 2025 | | |

| Coal transportation | | | 100 | | | | | | 99 | | | | | | 98 | | |

During its return to full power after the completion of the last refueling and maintenance outage in late December 2020, the Callaway Energy Center experienced a non-nuclear operating issue related to its generator.

A thorough investigation of this matter was conducted.

Work has begun to replace certain key components of the generator in order to return the energy center to service.

As of the date of this filing, due to the long lead time for the manufacture, repair, and installation of these components, the energy center is expected to return to service in late June or early July 2021.

The suppliers of low-sulfur coal are limited, and the construction of pollution control equipment requires significant lead time.

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

For additional information about the development of our businesses, our business operations, and factors affecting our results of operations, financial position, and liquidity, see Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 7, [removed: of this report] and Note 1 – Summary of Significant Accounting Policies and Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report.

[removed: ][added: ]

The following table summarizes the key terms of the rate orders in effect for customer billings for each of Ameren’s rate-regulated utilities as of January [removed: 2021:][added: 2022, except as noted:]

| | | | Rate Regulator | | | Effective Rate Order Issued In | | | Allowed ROE | | | Percent of Common Equity | | | Rate Base (in billions) | | | Portion of Ameren’s [removed: 2020] [added: 2021] Operating Revenues(a) | | |

| Natural gas delivery [removed: service(f)] [added: service(g)] | | | ICC | | | January 2021 | | | 9.67% | | | [removed: 52.0%] [added: 52.00%] | | | $2.1 | | | [removed: 13%] [added: 15%] | | |

| Electric transmission [removed: service(g)] [added: service(h)] | | | FERC | | | (g) | | | 10.52% | | | [removed: 54.0%] [added: 54.02%] | | | [removed: $2.6] [added: $3.0] | | | 5% | | |

| Electric transmission [removed: service(g)] [added: service(h)] | | | FERC | | | (g) | | | 10.52% | | | [removed: 60.1%] [added: 59.96%] | | | $1.4 | | | 3% | | |

[removed: (b)Ameren] [added: (c)Ameren] Missouri’s electric generation, transmission, and delivery service rates are bundled together and charged to retail customers under a combined electric service rate.

[removed: This] [added: (e)This] rate order did not specify [removed: a percent of common equity] [added: an ROE] or [removed: rate base.][added: a capital structure.]

[removed: (e)Ameren] [added: (f)Ameren] Illinois electric distribution delivery service rates are updated annually and become effective each January.

This rate order was based on [removed: 2019] [added: 2020] actual costs, expected net plant additions for [removed: 2020,] [added: 2021,] and the annual average of the monthly yields during [removed: 2019] [added: 2020] of the 30-year United States Treasury bonds plus 580 basis [removed: points.][added: points, which was 1.56%.]

Ameren Illinois’ [removed: 2021] [added: 2022] electric distribution delivery service revenues will be based on its [removed: 2021] [added: 2022] actual recoverable costs, rate base, common equity percentage, and an allowed ROE, as calculated under the IEIMA’s performance-based formula ratemaking framework.

[removed: (f)This] [added: (g)This] rate order was based on a 2021 future test year.

[removed: (g)Transmission] [added: (h)Transmission] rates are updated annually and become effective each January.

The SERC is one of [removed: eight] [added: six] regional entities representing all or portions of 16 central and southeastern states under authority from the NERC for the purpose of implementing and enforcing reliability standards approved by the FERC.

The act also permits the MoPSC and the ICC to request that the FERC review cost allocations by Ameren Services to other Ameren [removed: companies.][added: subsidiaries.]

Ameren Missouri’s Keokuk Energy Center and its dam [removed: in] [added: on] the Mississippi River between Hamilton, Illinois, and Keokuk, Iowa, are operated under authority granted by an Act of Congress in 1905.

Our [added: electric] generation, transmission, and [removed: electric] [added: distribution] and natural gas distribution [added: and storage] operations must comply with a variety of [removed: environmental laws contained in] statutes and regulations relating to the protection of the environment and [removed: the] [added: human] health and [removed: safety of the public.][added: safety.]

These [removed: laws] [added: environmental statutes and regulations] are comprehensive and include the storage, handling, and disposal of waste materials, emergency planning and response requirements, limitations and standards applicable to discharges from our facilities into the air or water that are enforced through permitting requirements, and wildlife protection laws, including those related to endangered species.

The AMMO balancing authority area includes the load and energy centers of Ameren Missouri, and had a peak demand of [removed: 7,108] [added: 7,390] MWs in [removed: 2020.][added: 2021.]

The AMIL balancing authority area includes the load of Ameren Illinois, and had a peak demand of [removed: 8,351] [added: 8,504] MWs in [removed: 2020.][added: 2021.]

The [removed: plan, which is subject to review by the MoPSC for compliance with Missouri law,] [added: plan] targets cleaner and more diverse sources of energy generation, including solar, wind, hydro, and nuclear power, and supports increased investment in new energy technologies.

[removed: It also includes expanding renewable sources by adding 3,100 MWs of renewable generation by the end of 2030 and a total of 5,400 MWs of renewable generation by 2040,] inclusive of the High Prairie [added: Renewable] and Atchison [removed: renewable] [added: Renewable] energy centers, the expectation that Ameren Missouri will seek NRC approval for an extension of the operating license for the Callaway Energy Center, expanding customer energy-efficiency programs, adding cost-effective demand response programs, [removed: advancing] [added: accelerating] the retirement dates of the Sioux and Rush Island coal-fired energy centers to 2028 and 2039, respectively, and retiring the remaining coal-fired energy centers as they reach the end of their useful lives, including the Meramec Energy Center by the end of 2022.

[removed: Ameren Missouri expects to file its] [added: The] next integrated resource plan [added: is expected to be filed] in September 2023.

Missouri law requires Ameren Missouri to offer [added: solar] rebates and net metering to certain customers that install [removed: solar] [added: renewable] generation at their premises.

In [added: 2021,] 2020, [removed: 2019,] and [removed: 2018,] [added: 2019,] Ameren Illinois procured power on behalf of its customers for 23%, [removed: 22%, and] 23%, [added: and 22%,] respectively, of its total kilowatthour sales.

The [added: power, power procurement, and transmission] costs are reflected in Ameren Illinois Electric Distribution’s results of operations, but do not affect Ameren Illinois Electric Distribution’s earnings because these costs are offset by corresponding revenues.

Ameren Illinois charges [removed: transmission and] distribution service rates to electric distribution customers who purchase [removed: electricity from alternative retail electric suppliers,] [added: electricity, regardless of supplier,] which does affect Ameren Illinois Electric Distribution’s earnings.

Customers that [added: elect to] receive [removed: these rebates] [added: a rebate and] are [added: enrolled in net metering are] allowed to net their supply service charges, but not their distribution service charges.

[added: By law,] Ameren Illinois’ electric distribution revenues are decoupled from sales volumes, which ensures that the electric distribution revenues authorized in a regulatory rate review are not affected by changes in sales volumes.

As of December 31, [removed: 2020,] [added: 2021,] Ameren Missouri’s coal-fired energy centers represented [removed: 11%] [added: 10%] and [removed: 23%] [added: 20%] of Ameren’s and Ameren Missouri’s rate base, respectively.

As of December 31, [removed: 2020,] [added: 2021,] Ameren Missouri had price-hedged [removed: 100%] [added: 99%] of its expected coal supply and 100% of its coal transportation requirements for generation in [removed: 2021.][added: 2022.]

Ameren Missouri burned approximately [removed: 15.4] [added: 16.5] million tons of coal in [removed: 2020.][added: 2021.]

About [removed: 97%] [added: 98%] of Ameren Missouri’s coal is purchased from the Powder River Basin in Wyoming, which has a limited number of suppliers.

Deliveries from the Powder River Basin have occasionally been restricted because of rail [removed: congestion] [added: congestion, staffing] and [added: equipment issues, infrastructure] maintenance, derailments, weather, and supplier financial hardship.

Coal suppliers in the [removed: Power] [added: Powder] River Basin are experiencing financial hardship because of a decrease in demand resulting from increased natural gas and renewable energy generation, and the impact of environmental [removed: regulations, as well as] [added: regulations and] concerns related to coal-fired generation.

[added: Disruptions in coal deliveries could cause Ameren] Missouri to pursue a strategy that could include reducing off-system sales of power during low-margin periods, buying higher-cost fuels to generate required electricity, and purchasing power from other sources.

Ameren Missouri has [removed: inventories, supply contracts,] [added: inventories] and [removed: fuel fabrication service] [added: supply] contracts sufficient to meet all of its uranium (concentrate and hexafluoride), conversion, and enrichment requirements at least through the [removed: 2025] [added: 2026] refueling.

Ameren Missouri and Ameren Illinois satisfied their renewable energy portfolio requirements in [removed: 2020.][added: 2021.]

In Missouri, utilities were required to purchase or generate electricity equal to at least [removed: 10%] [added: 15%] of native load sales from renewable energy sources in [removed: 2020.][added: 2021.]

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

| Electric service(b)(c) | | | MoPSC | | | December 2021(d) | | | (d) | | | (d) | | | $10.2 | | | 50% | | |

| Natural gas delivery service(b) | | | MoPSC | | | December 2021(e) | | | (e) | | | (e) | | | $0.3 | | | 2% | | |

| Electric distribution delivery service(f) | | | ICC | | | December 2021 | | | 7.36% | | | 51.00% | | | $3.7 | | | 25% | | |

(b)New rates approved by the MoPSC’s December 2021 electric and natural gas rate orders will become effective on February 28, 2022.

Because the bundled rates charged to MoPSC retail customers include the revenue requirement associated with Ameren Missouri's FERC-regulated transmission services, the table above does not separately reflect a FERC-authorized rate base or allowed ROE.

(d)This rate order did not specify an ROE, but specified that Ameren Missouri’s September 30, 2021 capital structure, which was composed of 51.97% common equity, will be used in the PISA and RESRAM.

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

In August 2021, the MoPSC issued an order affirming the plan’s compliance with Missouri law.

It also includes expanding renewable sources by adding 3,100 MWs of renewable generation by the end of 2030 and a total of 5,400 MWs of renewable generation by 2040,

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

In December 2021, the MoPSC issued an order in Ameren Missouri’s 2021 electric service regulatory rate review, which, among other things, approved a change in the depreciable lives of the Sioux and Rush Island energy centers’ assets consistent with Ameren Missouri’s 2020 IRP.

Due to the NSR and Clean Air Act Litigation discussed in Note 14 – Commitments and Contingencies under Part II, Item 8, of this report, Ameren Missouri plans to retire the Rush Island Energy Center prior to the 2039 date discussed above.

Ameren Missouri expects to file an update to the 2020 IRP with the MoPSC in the first half of 2022 to reflect an accelerated retirement date for the Rush Island Energy Center and the impact of new emission standards pursuant to the IETL, as discussed in Note 14 – Commitments and Contingencies, among other things.

Transmission costs are charged to customers who purchase electricity from Ameren Illinois and to alternative retail electric suppliers through a cost recovery mechanism.

Illinois law requires Ameren Illinois to offer rebates and net metering to certain customers that install renewable generation or paired energy storage systems at their premises.

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

While Ameren Missouri has minimum purchase obligations associated with these agreements, the majority of these agreements are not associated with any specific coal-fired energy center.

As of December 31, 2021, coal inventories at the Sioux and Rush Island energy centers were near targeted levels, and coal inventories at the Labadie Energy Center were below targeted levels due to transportation disruptions in 2021.

Ameren Missouri is actively managing inventories at the Meramec Energy Center in preparation for its expected 2022 retirement.

After replacement of certain key components of the generator, the energy center returned to service in early August 2021.

The next refueling is scheduled for the spring of 2022.

Fuel fabrication service contracts extend through 2023, and procurement efforts are ongoing to extend this coverage.

The High Prairie Renewable and Atchison Renewable energy centers are wind generation facilities.

Ameren Illinois has also entered into 20-year

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

contracts, ending in 2032, to purchase approximately 0.6 million wind renewable energy credits per year.

The IETL, which was enacted in September 2021, increased the amount Ameren Illinois collects from customers to fund IPA renewable energy credit procurement events from $1.81 per MWh to $4.58 per MWh, beginning in February 2022.

Based on amounts collected from customers and renewable energy credit purchases under contract, Ameren Illinois does not expect the first reconciliation proceeding to result in refunds to customers.

The IPA is expected to file its first long-term renewable resources procurement plan under the IETL in March 2022, which, once approved by the ICC, will establish the 2022 and 2023 renewable energy credit procurement targets.

These programs provide incentives to customers for installing newer, more efficient technology, and for using energy in a more conservation-minded manner.

As a component of the energy-efficiency programs, Ameren Missouri and Ameren Illinois have invested in electric smart meters to provide customers more visibility to their energy consumption and facilitate more efficient use of energy.

As of December 31, 2021, smart meters have been installed for approximately 37% of Ameren Missouri’s electric customers and nearly all of Ameren Illinois’ electric customers.

Every four years, Ameren Illinois is required to file a four-year electric energy-efficiency plan with the ICC.

Subsequent to this order, the IETL was enacted, which increased the allowed annual investments in electric energy-efficiency programs from approximately $100 million to approximately $120 million for the 2022 to 2025 period, among other things.

Ameren Illinois expects to file a revised energy-efficiency plan with the ICC by early March 2022 to reflect the increased level of annual investments allowed under the IETL.

Pursuant to the IETL, the annual maximum amount of investment for 2026 to 2029 is approximately $120 million and may increase by up to approximately $30 million depending on the election of certain customers to participate in the programs.

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

| Electric service(b) | | | MoPSC | | | March 2020(c) | | | 9.4% – 9.8%(c) | | | (c) | | | (c) | | | 51% | | |

| Natural gas delivery service | | | MoPSC | | | August 2019(d) | | | 9.4% – 9.95%(d) | | | 52.0% | | | (d) | | | 2% | | |

| Electric distribution delivery service(e) | | | ICC | | | December 2020 | | | 8.38% | | | 50.0% | | | $3.4 | | | 26% | | |

(c)This rate order specified that an implicit ROE was within a range of 9.4% to 9.8%.

The ROE used for allowance for equity funds used during construction is 9.53%.

(d)This rate order specified that an implicit ROE was within a range of 9.4% to 9.95%.

This rate order did not specify rate base.

The ROE used for allowance for equity funds used during construction is 9.53%.

Ameren Illinois’ allowed ROE for 2020 and 2019 was based on an annual average of the monthly yields of the 30-year United States Treasury bonds of 1.56% and 2.58%, respectively.

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

Advancing the retirement dates of the Sioux and Rush Island energy centers is subject to the approval of a change in the assets’ depreciable lives by the MoPSC in a future regulatory rate review.

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

Illinois law requires Ameren Illinois to offer rebates for certain net metering customers.

As of December 31, 2020, coal inventories for Ameren Missouri were near targeted levels.

Disruptions in coal deliveries could cause Ameren

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

A thorough investigation of this matter was conducted.

Work has begun to replace certain key components of the generator in order to return the energy center to service.

As of the date of this filing, due to the long lead time for the manufacture, repair, and installation of these components, the energy center is expected to return to service in late June or early July 2021.

In December 2020, Ameren Missouri acquired and placed in service the High Prairie Renewable Energy Center, a 400-MW wind generation facility.

In January 2021, Ameren Missouri acquired an up-to 300-MW wind generation project and, as of the date of this filing, placed 120 MWs in service as the Atchison Renewable Energy Center.

Ameren Missouri expects approximately 150 MWs to be in service by the end of the first quarter of 2021, and the remaining portion to be in service later in 2021.

The amount collected from customers by Ameren Illinois is capped at $1.81 per MWh.

The IPA’s initial long-term renewable resources procurement plan was approved by the ICC in 2018.

The IPA’s plan set forth guidelines by which the IPA should procure 15-year contracts for wind renewable energy credits and solar renewable energy credits.

The IPA has completed several procurement events, resulting in contractual commitments for Ameren Illinois of 0.9 million wind renewable energy credits per year and 1.2 million solar renewable energy credits per year.

Ameren Illinois has also entered into renewable energy credit contracts with 20-year terms ending 2032 and will execute additional contracts in 2021, through IPA procurement events, in order to fulfill its remaining obligations.

In February 2020, the ICC approved the IPA’s second long-term renewable resources procurement plan.

Under the second plan, based on forecasted customer collections to fund renewable energy credit contracts, the IPA does not anticipate procuring additional contracts.

However, if customer funds collected exceed the cost of procured contracts, the IPA may procure additional contracts.

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

planning year.

In August 2020, the MoPSC issued an order approving a unanimous stipulation and agreement establishing performance incentives for the 2022 program year.

Incremental additional revenues of $3 million, $3 million, and $1 million may be earned for 2020, 2021, and 2022, respectively, and would be recognized in the respective following year if Ameren Missouri exceeds its targeted goals.

Ameren Missouri’s ability to achieve and/or exceed targeted goals could be affected by the COVID-19 pandemic.

Additionally, as part of its IEIMA capital investments, Ameren Illinois has invested $300 million in smart meters since 2012 that enable customers to improve their energy efficiency.

Ameren Illinois plans to invest up to approximately $100 million per year in electric energy-efficiency programs through 2025, and will earn a return on those investments.

These resources include firm natural gas supply

For additional information on material legal and administrative proceedings, see [Note 2 – Rate and Regulatory [removed: Matters](#if2f6a31d3bf04a31946c203851e6d676_289),] [added: Matters](#i2c056a9f8317485ea6601862f5b0559f_223),] [Note 9 – Callaway Energy [removed: Center](#if2f6a31d3bf04a31946c203851e6d676_328),] [added: Center](#i2c056a9f8317485ea6601862f5b0559f_250),] and [Note 14 – Commitments and [removed: Contingencies](#if2f6a31d3bf04a31946c203851e6d676_358)] [added: Contingencies](#i2c056a9f8317485ea6601862f5b0559f_274)] under Part II, Item 8, of this report.

for the fiscal year ended December 31, [removed: 2020][added: 2021]

| [removed: ] [added: ] | | | [removed: ] [added: ] | | | [removed: ] [added: ] | | |

| Ameren Illinois Company | | | | | | Preferred Stock, cumulative, $100 par value [removed: Depositary Shares, each representing 1/4 of a share of 6.625% Preferred Stock, cumulative, $100 par value] | | |

As of June 30, [removed: 2020,] [added: 2021,] the aggregate market value of Ameren Corporation’s common stock, $0.01 par value, (based upon the closing price of the common stock on the New York Stock Exchange on June 30, [removed: 2020)] [added: 2021)] held by nonaffiliates was [removed: $17,299,078,950.][added: $20,481,306,104.]

All of the shares of common stock of the other registrants were held by Ameren Corporation as of June 30, [removed: 2020.][added: 2021.]

The number of shares outstanding of each registrant’s classes of common stock as of January [removed: 29, 2021,] [added: 31, 2022,] were as follows:

| Ameren Corporation | | | Common stock, $0.01 par value per share | | | [removed: 253,355,105] [added: 257,724,783] | | |

Portions of the definitive proxy statement of Ameren Corporation and portions of the definitive information statements of Union Electric Company and Ameren Illinois Company for the [removed: 2021] [added: 2022] annual meetings of shareholders are incorporated by reference into Part III of this Form 10-K.

| [GLOSSARY OF TERMS AND [removed: ABBREVIATIONS](#if2f6a31d3bf04a31946c203851e6d676_10)] [added: ABBREVIATIONS](#i2c056a9f8317485ea6601862f5b0559f_10)] | | | | | | | | | [removed: [1](#if2f6a31d3bf04a31946c203851e6d676_10)] [added: [1](#i2c056a9f8317485ea6601862f5b0559f_10)] | | |

| [FORWARD-LOOKING [removed: STATEMENTS](#if2f6a31d3bf04a31946c203851e6d676_13)] [added: STATEMENTS](#i2c056a9f8317485ea6601862f5b0559f_13)] | | | | | | | | | [removed: [4](#if2f6a31d3bf04a31946c203851e6d676_13)] [added: [4](#i2c056a9f8317485ea6601862f5b0559f_13)] | | |

| Item 1. | | | [removed: [Business](#if2f6a31d3bf04a31946c203851e6d676_19)] [added: [Business](#i2c056a9f8317485ea6601862f5b0559f_19)] | | | | | | [removed: [6](#if2f6a31d3bf04a31946c203851e6d676_19)] [added: [6](#i2c056a9f8317485ea6601862f5b0559f_19)] | | |

| | | | [Business [removed: Segments](#if2f6a31d3bf04a31946c203851e6d676_25)] [added: Segments](#i2c056a9f8317485ea6601862f5b0559f_25)] | | | | | | [removed: [6](#if2f6a31d3bf04a31946c203851e6d676_25)] [added: [7](#i2c056a9f8317485ea6601862f5b0559f_25)] | | |

| | | | [Rates and [removed: Regulation](#if2f6a31d3bf04a31946c203851e6d676_28)] [added: Regulation](#i2c056a9f8317485ea6601862f5b0559f_28)] | | | | | | [removed: [7](#if2f6a31d3bf04a31946c203851e6d676_28)] [added: [7](#i2c056a9f8317485ea6601862f5b0559f_28)] | | |

| | | | [Supply of Electric [removed: Power](#if2f6a31d3bf04a31946c203851e6d676_34)] [added: Power](#i2c056a9f8317485ea6601862f5b0559f_34)] | | | | | | [removed: [9](#if2f6a31d3bf04a31946c203851e6d676_34)] [added: [9](#i2c056a9f8317485ea6601862f5b0559f_34)] | | |

| | | | [Power [removed: Generation](#if2f6a31d3bf04a31946c203851e6d676_37)] [added: Generation](#i2c056a9f8317485ea6601862f5b0559f_37)] | | | | | | [removed: [10](#if2f6a31d3bf04a31946c203851e6d676_37)] [added: [10](#i2c056a9f8317485ea6601862f5b0559f_37)] | | |

| | | | [Renewable Energy and Zero Emission [removed: Standards](#if2f6a31d3bf04a31946c203851e6d676_40)] [added: Standards](#i2c056a9f8317485ea6601862f5b0559f_40)] | | | | | | [removed: [11](#if2f6a31d3bf04a31946c203851e6d676_40)] [added: [11](#i2c056a9f8317485ea6601862f5b0559f_40)] | | |

| | | | [Customer Energy-Efficiency [removed: Programs](#if2f6a31d3bf04a31946c203851e6d676_43)] [added: Programs](#i2c056a9f8317485ea6601862f5b0559f_43)] | | | | | | [removed: [12](#if2f6a31d3bf04a31946c203851e6d676_43)] [added: [12](#i2c056a9f8317485ea6601862f5b0559f_43)] | | |

| | | | [Natural Gas Supply for [removed: Distribution](#if2f6a31d3bf04a31946c203851e6d676_46)] [added: Distribution](#i2c056a9f8317485ea6601862f5b0559f_46)] | | | | | | [removed: [12](#if2f6a31d3bf04a31946c203851e6d676_46)] [added: [13](#i2c056a9f8317485ea6601862f5b0559f_46)] | | |

| | | | [Human Capital [removed: Management](#if2f6a31d3bf04a31946c203851e6d676_3829)] [added: Management](#i2c056a9f8317485ea6601862f5b0559f_49)] | | | | | | [removed: [13](#if2f6a31d3bf04a31946c203851e6d676_3829)] [added: [13](#i2c056a9f8317485ea6601862f5b0559f_49)] | | |

| | | | [The COVID-19 [removed: Pandemic](#if2f6a31d3bf04a31946c203851e6d676_3820)] [added: Pandemic](#i2c056a9f8317485ea6601862f5b0559f_52)] | | | | | | [removed: [15](#if2f6a31d3bf04a31946c203851e6d676_3820)] [added: [15](#i2c056a9f8317485ea6601862f5b0559f_52)] | | |

| | | | [Industry [removed: Issues](#if2f6a31d3bf04a31946c203851e6d676_49)] [added: Issues](#i2c056a9f8317485ea6601862f5b0559f_55)] | | | | | | [removed: [15](#if2f6a31d3bf04a31946c203851e6d676_49)] [added: [16](#i2c056a9f8317485ea6601862f5b0559f_55)] | | |

| | | | [Operating [removed: Statistics](#if2f6a31d3bf04a31946c203851e6d676_52)] [added: Statistics](#i2c056a9f8317485ea6601862f5b0559f_58)] | | | | | | [removed: [17](#if2f6a31d3bf04a31946c203851e6d676_52)] [added: [18](#i2c056a9f8317485ea6601862f5b0559f_58)] | | |

| | | | [Available [removed: Information](#if2f6a31d3bf04a31946c203851e6d676_55)] [added: Information](#i2c056a9f8317485ea6601862f5b0559f_61)] | | | | | | [removed: [19](#if2f6a31d3bf04a31946c203851e6d676_55)] [added: [20](#i2c056a9f8317485ea6601862f5b0559f_61)] | | |

| Item 1A. | | | [Risk [removed: Factors](#if2f6a31d3bf04a31946c203851e6d676_58)] [added: Factors](#i2c056a9f8317485ea6601862f5b0559f_64)] | | | | | | [removed: [19](#if2f6a31d3bf04a31946c203851e6d676_58)] [added: [20](#i2c056a9f8317485ea6601862f5b0559f_64)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#if2f6a31d3bf04a31946c203851e6d676_61)] [added: Comments](#i2c056a9f8317485ea6601862f5b0559f_67)] | | | | | | [removed: [28](#if2f6a31d3bf04a31946c203851e6d676_61)] [added: [31](#i2c056a9f8317485ea6601862f5b0559f_67)] | | |

| Item 2. | | | [removed: [Properties](#if2f6a31d3bf04a31946c203851e6d676_64)] [added: [Properties](#i2c056a9f8317485ea6601862f5b0559f_70)] | | | | | | [removed: [29](#if2f6a31d3bf04a31946c203851e6d676_64)] [added: [32](#i2c056a9f8317485ea6601862f5b0559f_70)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#if2f6a31d3bf04a31946c203851e6d676_67)] [added: Proceedings](#i2c056a9f8317485ea6601862f5b0559f_73)] | | | | | | [removed: [30](#if2f6a31d3bf04a31946c203851e6d676_67)] [added: [33](#i2c056a9f8317485ea6601862f5b0559f_73)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#if2f6a31d3bf04a31946c203851e6d676_70)] [added: Disclosures](#i2c056a9f8317485ea6601862f5b0559f_76)] | | | | | | [removed: [30](#if2f6a31d3bf04a31946c203851e6d676_70)] [added: [33](#i2c056a9f8317485ea6601862f5b0559f_76)] | | |

| [Information about Our Executive [removed: Officers](#if2f6a31d3bf04a31946c203851e6d676_73)] [added: Officers](#i2c056a9f8317485ea6601862f5b0559f_79)] | | | | | | | | | [removed: [31](#if2f6a31d3bf04a31946c203851e6d676_73)] [added: [34](#i2c056a9f8317485ea6601862f5b0559f_79)] | | |

| Item 5. | | | [Market for Registrants’ Common Equity, Related Stockholder Matters, and Issuer Purchase of Equity [removed: Securities](#if2f6a31d3bf04a31946c203851e6d676_79)] [added: Securities](#i2c056a9f8317485ea6601862f5b0559f_85)] | | | | | | [removed: [33](#if2f6a31d3bf04a31946c203851e6d676_79)] [added: [36](#i2c056a9f8317485ea6601862f5b0559f_85)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#if2f6a31d3bf04a31946c203851e6d676_88)] [added: Operations](#i2c056a9f8317485ea6601862f5b0559f_94)] | | | | | | [removed: [34](#if2f6a31d3bf04a31946c203851e6d676_88)] [added: [37](#i2c056a9f8317485ea6601862f5b0559f_94)] | | |

| | | | [Liquidity and Capital [removed: Resources](#if2f6a31d3bf04a31946c203851e6d676_145)] [added: Resources](#i2c056a9f8317485ea6601862f5b0559f_118)] | | | | | | [removed: [52](#if2f6a31d3bf04a31946c203851e6d676_145)] [added: [57](#i2c056a9f8317485ea6601862f5b0559f_118)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#if2f6a31d3bf04a31946c203851e6d676_196)] [added: Risk](#i2c056a9f8317485ea6601862f5b0559f_163)] | | | | | | [removed: [70](#if2f6a31d3bf04a31946c203851e6d676_196)] [added: [76](#i2c056a9f8317485ea6601862f5b0559f_163)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#if2f6a31d3bf04a31946c203851e6d676_202)] [added: Data](#i2c056a9f8317485ea6601862f5b0559f_169)] | | | | | | [removed: [74](#if2f6a31d3bf04a31946c203851e6d676_202)] [added: [80](#i2c056a9f8317485ea6601862f5b0559f_169)] | | |

| | | | [Note 1. Summary of Significant Accounting [removed: Policies](#if2f6a31d3bf04a31946c203851e6d676_283)] [added: Policies](#i2c056a9f8317485ea6601862f5b0559f_220)] | | | | | | [removed: [92](#if2f6a31d3bf04a31946c203851e6d676_283)] [added: [98](#i2c056a9f8317485ea6601862f5b0559f_220)] | | |

| | | | [Note 2. Rate and Regulatory [removed: Matters](#if2f6a31d3bf04a31946c203851e6d676_289)] [added: Matters](#i2c056a9f8317485ea6601862f5b0559f_223)] | | | | | | [removed: [97](#if2f6a31d3bf04a31946c203851e6d676_289)] [added: [103](#i2c056a9f8317485ea6601862f5b0559f_223)] | | |

| | | | [Note 3. Property, Plant, and Equipment, [removed: Net](#if2f6a31d3bf04a31946c203851e6d676_295)] [added: Net](#i2c056a9f8317485ea6601862f5b0559f_226)] | | | | | | [removed: [106](#if2f6a31d3bf04a31946c203851e6d676_295)] [added: [114](#i2c056a9f8317485ea6601862f5b0559f_226)] | | |

| | | | [Note 4. Short-term Debt and [removed: Liquidity](#if2f6a31d3bf04a31946c203851e6d676_301)] [added: Liquidity](#i2c056a9f8317485ea6601862f5b0559f_232)] | | | | | | [removed: [107](#if2f6a31d3bf04a31946c203851e6d676_301)] [added: [115](#i2c056a9f8317485ea6601862f5b0559f_232)] | | |

| | | | [Note 5. Long-term Debt and Equity [removed: Financings](#if2f6a31d3bf04a31946c203851e6d676_307)] [added: Financings](#i2c056a9f8317485ea6601862f5b0559f_235)] | | | | | | [removed: [109](#if2f6a31d3bf04a31946c203851e6d676_307)] [added: [118](#i2c056a9f8317485ea6601862f5b0559f_235)] | | |

| | | | [Note 6. Other Income, [removed: Net](#if2f6a31d3bf04a31946c203851e6d676_313)] [added: Net](#i2c056a9f8317485ea6601862f5b0559f_238)] | | | | | | [removed: [115](#if2f6a31d3bf04a31946c203851e6d676_313)] [added: [124](#i2c056a9f8317485ea6601862f5b0559f_238)] | | |

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

| [PART I](#i2c056a9f8317485ea6601862f5b0559f_16) | | | | | | | | | | | |

| | | | [General](#i2c056a9f8317485ea6601862f5b0559f_22) | | | | | | [6](#i2c056a9f8317485ea6601862f5b0559f_22) | | |

| | | | [Transmission](#i2c056a9f8317485ea6601862f5b0559f_31) | | | | | | [9](#i2c056a9f8317485ea6601862f5b0559f_31) | | |

| [PART II](#i2c056a9f8317485ea6601862f5b0559f_82) | | | | | | | | | | | |

| Item 6. | | | [(Reserved)](#i2c056a9f8317485ea6601862f5b0559f_88) | | | | | | [37](#i2c056a9f8317485ea6601862f5b0559f_88) | | |

| | | | [Overview](#i2c056a9f8317485ea6601862f5b0559f_100) | | | | | | [38](#i2c056a9f8317485ea6601862f5b0559f_100) | | |

| | | | [Results of Operations](#i2c056a9f8317485ea6601862f5b0559f_103) | | | | | | [42](#i2c056a9f8317485ea6601862f5b0559f_103) | | |

| | | | [Outlook](#i2c056a9f8317485ea6601862f5b0559f_151) | | | | | | [67](#i2c056a9f8317485ea6601862f5b0559f_151) | | |

| | | | [Regulatory Matters](#i2c056a9f8317485ea6601862f5b0559f_154) | | | | | | [73](#i2c056a9f8317485ea6601862f5b0559f_154) | | |

| | | | [Accounting Matters](#i2c056a9f8317485ea6601862f5b0559f_157) | | | | | | [73](#i2c056a9f8317485ea6601862f5b0559f_157) | | |

| | | | [Ameren Corporation](#i2c056a9f8317485ea6601862f5b0559f_181) | | | | | | [86](#i2c056a9f8317485ea6601862f5b0559f_181) | | |

| | | | [Union Electric](#i2c056a9f8317485ea6601862f5b0559f_193) | | | | | | [90](#i2c056a9f8317485ea6601862f5b0559f_193) | | |

| | | | [Ameren Illinois](#i2c056a9f8317485ea6601862f5b0559f_205) | | | | | | [94](#i2c056a9f8317485ea6601862f5b0559f_205) | | |

| Item 9C. | | | [D](#i2c056a9f8317485ea6601862f5b0559f_2859)[isclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i2c056a9f8317485ea6601862f5b0559f_2859) | | | | | | [159](#i2c056a9f8317485ea6601862f5b0559f_2859) | | |

| [PART III](#i2c056a9f8317485ea6601862f5b0559f_295) | | | | | | | | | | | |

| [PART IV](#i2c056a9f8317485ea6601862f5b0559f_313) | | | | | | | | | | | |

| [EXHIBIT INDEX](#i2c056a9f8317485ea6601862f5b0559f_337) | | | | | | | | | [168](#i2c056a9f8317485ea6601862f5b0559f_337) | | |

| [SIGNATURES](#i2c056a9f8317485ea6601862f5b0559f_340) | | | | | | | | | [176](#i2c056a9f8317485ea6601862f5b0559f_340) | | |

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

ATM program – At-the-market equity distribution program.

Base rate – The service rate charged to customers, which varies by segmentation within customer classes, excludes rates applicable to riders, and is determined by the ratemaking process used to establish the annual revenue requirement applicable to such service.

This rate-adjustment mechanism will be replaced by the WNAR in late February 2022.

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

ESG – Environmental, social, and governance.

Ameren Illinois expects to establish electric distribution rates and reconcile related revenue requirements under this process through 2023.

IETL – Illinois Energy Transition Legislation, Illinois legislation enacted in September 2021 that, among other things, gives Ameren Illinois the option to establish new electric distribution rates through either a traditional regulatory rate review, which may be based on a future test year, or an MYRP for a four-year period.

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

MYRP – Multi-year rate plan, a four-year electric distribution service rate plan allowed to be filed with the ICC under the IETL.

Under a multi-year rate plan, the ICC would approve base rates for electric distribution service charged to customers for each calendar year of a four-year period.

Ameren Illinois would be allowed to reconcile each year's base rates to its actual revenue requirement, subject to a reconciliation cap with exclusions for certain costs and riders, and adjustments to the ICC-determined ROE for performance incentives and penalties.

Subject to a constructive outcome regarding the ICC’s determination of performance metrics, Ameren Illinois anticipates filing an MYRP for rates effective beginning in 2024.

Pursuant to the MoPSC’s December 2021 electric rate order, effective February 28, 2022, all off-system sales from the High Prairie Renewable and Atchison Renewable energy centers will be excluded as those sales will be included in the RESRAM.

Prior to this change, 95% of these sales were included in the FAC and 5% were included in the RESRAM.

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

WNAR – Weather normalization adjustment rider, a rate-adjustment mechanism that allows Ameren Missouri to adjust natural gas delivery service rates charged to residential customers without a traditional regulatory rate review, subject to MoPSC prudence reviews, when deviations from normal weather conditions cause natural gas revenues to vary from the related revenue requirement approved by the MoPSC in the previous regulatory rate review.

This rate-adjustment mechanism will replace the DCA beginning February 28, 2022.

*•*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; the health, welfare, and availability of our

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

| [PART I](#if2f6a31d3bf04a31946c203851e6d676_16) | | | | | | | | | | | |

| | | | [General](#if2f6a31d3bf04a31946c203851e6d676_22) | | | | | | [6](#if2f6a31d3bf04a31946c203851e6d676_22) | | |

| | | | [Transmission](#if2f6a31d3bf04a31946c203851e6d676_31) | | | | | | [9](#if2f6a31d3bf04a31946c203851e6d676_31) | | |

| [PART II](#if2f6a31d3bf04a31946c203851e6d676_76) | | | | | | | | | | | |

| Item 6. | | | [Selected Financial Data](#if2f6a31d3bf04a31946c203851e6d676_85) | | | | | | [34](#if2f6a31d3bf04a31946c203851e6d676_85) | | |

| | | | [Overview](#if2f6a31d3bf04a31946c203851e6d676_94) | | | | | | [35](#if2f6a31d3bf04a31946c203851e6d676_94) | | |

| | | | [Results of Operations](#if2f6a31d3bf04a31946c203851e6d676_106) | | | | | | [38](#if2f6a31d3bf04a31946c203851e6d676_106) | | |

| | | | [Outlook](#if2f6a31d3bf04a31946c203851e6d676_184) | | | | | | [61](#if2f6a31d3bf04a31946c203851e6d676_184) | | |

| | | | [Regulatory Matters](#if2f6a31d3bf04a31946c203851e6d676_187) | | | | | | [66](#if2f6a31d3bf04a31946c203851e6d676_187) | | |

| | | | [Accounting Matters](#if2f6a31d3bf04a31946c203851e6d676_190) | | | | | | [66](#if2f6a31d3bf04a31946c203851e6d676_190) | | |

| | | | [Effects of Inflation and Changing Prices](#if2f6a31d3bf04a31946c203851e6d676_193) | | | | | | [70](#if2f6a31d3bf04a31946c203851e6d676_193) | | |

| | | | [Ameren Corporation](#if2f6a31d3bf04a31946c203851e6d676_214) | | | | | | [80](#if2f6a31d3bf04a31946c203851e6d676_214) | | |

| | | | [Union Electric](#if2f6a31d3bf04a31946c203851e6d676_241) | | | | | | [84](#if2f6a31d3bf04a31946c203851e6d676_241) | | |

| | | | [Ameren Illinois](#if2f6a31d3bf04a31946c203851e6d676_259) | | | | | | [88](#if2f6a31d3bf04a31946c203851e6d676_259) | | |

| [PART III](#if2f6a31d3bf04a31946c203851e6d676_388) | | | | | | | | | | | |

| [PART IV](#if2f6a31d3bf04a31946c203851e6d676_406) | | | | | | | | | | | |

| [EXHIBIT INDEX](#if2f6a31d3bf04a31946c203851e6d676_436) | | | | | | | | | [157](#if2f6a31d3bf04a31946c203851e6d676_436) | | |

| [SIGNATURES](#if2f6a31d3bf04a31946c203851e6d676_439) | | | | | | | | | [164](#if2f6a31d3bf04a31946c203851e6d676_439) | | |

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

The formula ratemaking process expires in 2022, unless extended.

ISRS – Infrastructure system replacement surcharge, a rate-adjustment mechanism that provides Ameren Missouri’s natural gas business with recovery of, and a return on, qualifying infrastructure investments that are placed in service without a traditional regulatory rate review, subject to MoPSC prudence reviews.

MEEIA 2016 – Ameren Missouri’s portfolio of customer energy-efficiency programs, recovery of lost electric margins, and performance incentive for March 2016 through February 2019, pursuant to Missouri law, as approved by the MoPSC in February 2016.

MEEIA 2019 – Ameren Missouri’s portfolio of customer energy-efficiency programs, recovery of lost electric margins, and performance incentive for March 2019 through December 2024, pursuant to Missouri law, as approved by the MoPSC in December 2018.

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

Substantially all of the provisions of the TCJA affecting the Ameren Companies, other than certain transition depreciation rules, were effective for taxable years beginning after December 31, 2017.

*•*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 planned capital expenditures and expected planned 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;

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

For information on our principal properties, see the energy center [removed: table] [added: and in-service utility-related properties tables] below.

See also Liquidity and Capital Resources and Regulatory Matters in Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 7, of this report for a discussion of planned [removed: additions, replacements, or transfers.][added: additions.]

The following table shows the anticipated capability of Ameren Missouri’s energy centers at the time of Ameren Missouri’s expected [removed: 2021] [added: 2022] peak summer electrical demand for all energy centers owned as of December 31, [removed: 2020:][added: 2021:]

| | | | [removed: Sioux(c)] [added: Sioux(d)] | | | St. Charles County, Missouri | | | 972,000 | | |

| | | | [removed: Meramec(c)] [added: Meramec(d)] | | | St. Louis County, Missouri | | | [removed: 540,000] [added: 510,000] | | |

| Total coal | | | | | | | | | [removed: 5,062,000] [added: 5,032,000] | | |

| Nuclear | | | [removed: Callaway(d)] [added: Callaway(e)] | | | Callaway County, Missouri | | | 1,194,000 | | |

| Hydroelectric | | | [removed: Osage(d)] [added: Osage(e)] | | | Lakeside, Missouri | | | 235,000 | | |

| Pumped-storage | | | Taum [removed: Sauk(d)] [added: Sauk(e)] | | | Reynolds County, Missouri | | | 440,000 | | |

| [removed: Wind(e)] [added: Wind] | | | High Prairie [added: Renewable] | | | Adair and Schuyler Counties, Missouri | | | 400,000 | | |

| | | | [removed: Venice] [added: Venice(g)] | | | Venice, Illinois | | | [removed: 495,000] [added: 489,000] | | |

| | | | Goose [removed: Creek] [added: Creek(g)] | | | Piatt County, Illinois | | | 444,000 | | |

| | | | [removed: Pinckneyville] [added: Pinckneyville(g)] | | | Pinckneyville, Illinois | | | 316,000 | | |

| | | | Raccoon [removed: Creek] [added: Creek(g)] | | | Clay County, Illinois | | | 308,000 | | |

| | | | [removed: Meramec(c)(g)] [added: Meramec(d)] | | | St. Louis County, Missouri | | | 226,000 | | |

| | | | [removed: Kinmundy] [added: Kinmundy(g)] | | | Kinmundy, Illinois | | | 210,000 | | |

| | | | Peno Creek(f) | | | Bowling Green, Missouri | | | [removed: 192,000] [added: 172,000] | | |

| Total natural gas | | | | | | | | | [removed: 2,807,000] [added: 2,781,000] | | |

| Oil (CTs) | | | [removed: Fairgrounds(c)] [added: Fairgrounds(d)] | | | Jefferson City, Missouri | | | 55,000 | | |

| | | | [removed: Mexico(c)] [added: Mexico(d)] | | | Mexico, Missouri | | | 55,000 | | |

| | | | [removed: Moberly(c)] [added: Moberly(d)] | | | Moberly, Missouri | | | 55,000 | | |

| | | | [removed: Moreau(c)] [added: Moreau(d)] | | | Jefferson City, Missouri | | | 55,000 | | |

| Methane gas (CT) | | | Maryland Heights | | | Maryland Heights, Missouri | | | [removed: 8,000] [added: 9,000] | | |

| | | | Lambert | | | St. Louis County, Missouri | | | [removed: 1,000] [added: 900] | | |

| | | | BJC | | | St. Louis, Missouri | | | [removed: 1,500] [added: 1,600] | | |

| Total solar | | | | | | | | | [removed: 7,000] [added: 7,200] | | |

| Total Ameren and Ameren Missouri | | | | | | | | | [removed: 10,521,000] [added: 10,765,000] | | |

Capability for wind and solar [added: generating] facilities represents nameplate capacity.

[removed: (c)The Rush Island, Sioux,] [added: (d)The Sioux] and Meramec energy centers are scheduled to retire by [removed: 2039, 2028,] [added: 2028] and 2022, respectively.

The Fairgrounds, Mexico, Moberly, and Moreau energy centers are scheduled to be retired by 2026 as [removed: part of] [added: noted in] the 2020 IRP.

[removed: (d)The] [added: (e)The] operating licenses for the Callaway, Osage, and Taum Sauk energy centers expire in 2044, 2047, and 2044, respectively.

The following table presents in-service electric and natural gas utility-related properties for Ameren Missouri and Ameren Illinois as of December 31, [removed: 2020:][added: 2021:]

| Circuit miles of electric transmission lines(a) | | | [removed: 3,150] [added: 3,109] | | | | | | [removed: 4,662] [added: 4,659] | | |

| Circuit miles of electric distribution lines | | | [removed: 34,122] [added: 33,656] | | | | | | [removed: 46,911] [added: 45,890] | | |

| Miles of natural gas transmission and distribution mains | | | [removed: 3,466] [added: 3,480] | | | | | | [removed: 18,565] [added: 18,620] | | |

(a)ATXI owns [removed: 544] [added: 545] miles of transmission lines not reflected in this table.

| | | | Atchison Renewable | | | Atchison County, Missouri | | | 298,800 | | |

| Total wind | | | | | | | | | 698,800 | | |

| | | | South St. Louis | | | St. Louis, Missouri | | | 200 | | |

(c)The Rush Island Energy Center was scheduled to retire by 2039 as noted in the 2020 IRP.

However, changes to the retirement date are subject to a final judgment to be issued by the United States District Court for the Eastern District of Missouri regarding a September 2019 remedy order.

For additional information, see Note 14 – Commitments and Contingencies under Part II, Item 8, of this report.

(g)See Illinois Emissions Standards in Note 14 – Commitments and Contingencies under Part II, Item 8, of this report.

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

The retirement dates of the Rush Island and Sioux energy centers are proposed to be advanced from their previous retirement dates of 2045 and 2033, respectively, as part of the 2020 IRP.

Advancing the retirement date of an energy center is subject to the approval of a change in the assets’ depreciable lives by the MoPSC in a future regulatory rate review.

(e)Ameren Missouri acquired the Atchison Renewable Energy Center in January 2021.

As of the date of this filing, 120,000 kilowatts were in service.

Ameren Missouri expects approximately 150,000 kilowatts of the up-to 300,000-kilowatt project to be in service by the end of the first quarter of 2021, and the remaining portion to be in service later in 2021.

(g)Its two operating units are steam-powered.

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

The executive officers of the Ameren Companies, including major subsidiaries, are listed below, along with their ages as of December 31, [removed: 2020,] [added: 2021,] all their positions and offices held with the Ameren Companies as of February 22, [removed: 2021,] [added: 2022, and] their tenures as officers, and their [removed: business backgrounds] [added: titles] for at least the last five years.

| Name | | | Age | | | [added: Positions] | | | [removed: Positions and Offices Held] [added: Period] | | |

| [removed: Warner L. Baxter] | | | [removed: 59] | | | [removed: | | |] Chairman, [removed: President] [added: President,] and Chief Executive [removed: Officer, and Director] [added: Officer; Ameren] | | | [added: 2014(a) – January 2022 | | |]

| Michael L. Moehn | | | [removed: 51 | | |] [added: 52] | | | Executive Vice President and Chief Financial [removed: Officer] [added: Officer; Ameren] | | | [added: December 2019 – Present | | |]

| Chonda J. Nwamu | | | [removed: 49 | | |] [added: 50] | | | Senior Vice President, General Counsel, and [removed: Secretary] [added: Secretary; Ameren] | | | [added: August 2019 – Present | | |]

| [removed: Bruce] [added: Theresa] A. [removed: Steinke | | | 59] [added: Shaw] | | | [added: 49] | | | Senior Vice President, Finance, and Chief Accounting [removed: Officer] [added: Officer; Ameren] | | | [added: August 2021 – Present | | |]

| Name | | | Age | | | [added: Positions] | | | [removed: Positions and Offices Held] [added: Period] | | |

| Bhavani Amirthalingam | | | [removed: 45 | | |] [added: 46] | | | Senior Vice President and Chief Digital Information [removed: Officer (Ameren Services)] [added: Officer; Ameren Services] | | | [added: March 2018(a) – Present | | |]

| [removed: Mark C. Birk] | | | [removed: 56] | | | [removed: | | |] Senior Vice President, Customer and Power [removed: Operations (Ameren Missouri)] [added: Operations; Ameren Missouri] | | | [added: October 2017 – January 2022 | | |]

| [removed: Birk joined Ameren Missouri in 1986. In 2004, he was elected vice president, power operations, of Ameren Missouri. In 2012, he was elected senior vice president, corporate planning, of Ameren Services. In 2014, he was also elected senior vice president, oversight, of Ameren Services, and in 2015, he was elected senior vice president, corporate safety, planning and operations oversight. In January 2017, he was elected senior vice president, customer operations, at Ameren Missouri and relinquished his positions at Ameren Services. In October 2017, he was elected senior vice president, customer and power operations, at Ameren Missouri.] | | | | | | [added: Senior Vice President, Corporate Safety, Planning and Operations Oversight; Ameren Services] | | | [added: April 2015 – January 2017] | | |

| Fadi M. Diya | | | [removed: 58 | | |] [added: 59] | | | Senior Vice President and Chief Nuclear [removed: Officer (Ameren Missouri)] [added: Officer; Ameren Missouri] | | | [added: January 2014 – Present | | |]

| Mary P. Heger | | | [removed: 64 | | |] [added: 65] | | | Senior Vice President, Customer [removed: Experience (Ameren Illinois)] [added: Experience; Ameren Illinois] | | | [added: February 2019 – Present | | |]

| [removed: Heger joined Ameren Missouri in 1976. In 2009, she was elected vice president, information technology, of Ameren Services, and in 2013, she was also elected chief information officer of Ameren Services. In September 2015, she was elected senior vice president and chief information officer of Ameren Services. In February 2019, she was elected senior vice president, customer experience, at Ameren Illinois and relinquished her position at Ameren Services.] | | | | | | [added: Senior Vice President and Chief Information Officer; Ameren Services] | | | [added: September 2015 – February 2019] | | |

| Mark C. Lindgren | | | [removed: 53 | | |] [added: 54] | | | Senior Vice President, Corporate Communications, and Chief Human Resources [removed: Officer (Ameren Services)] [added: Officer; Ameren Services] | | | [added: September 2015 – Present | | |]

| Richard J. Mark | | | [removed: 65] [added: 66] | | | [added: Chairman and President; Ameren Illinois] | | | [removed: Chairman and President (Ameren Illinois)] [added: June 2012 – Present] | | |

| Martin J. Lyons, Jr. | | | [removed: 54] [added: 55] | | | [added: President and Chief Executive Officer; Ameren] | | | [removed: Chairman and President (Ameren Missouri)] [added: January 2022 – Present] | | |

| Shawn E. Schukar | | | [removed: 59] [added: 60] | | | [added: Chairman and President; ATXI] | | | [removed: Chairman and President (ATXI)] [added: May 2017 – Present] | | |

| [removed: Schukar joined a predecessor company of Ameren Illinois in 1984. In 2005, he was elected vice president, commercial RTO operations, of Ameren Services. In 2013, he was elected senior vice president, transmission operations, construction and project management, of ATXI. In May 2017, he was elected chairman and president of ATXI.] | | | | | | [added: Senior Vice President, Transmission Operations, Construction and Project Management; ATXI] | | | [added: December 2013 – May 2017] | | |

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

| Warner L. Baxter | | | 60 | | | Executive Chairman; Ameren | | | January 2022 – Present | | |

| | | | | | | Chairman and President; Ameren Missouri | | | December 2019 – January 2022 | | |

| | | | | | | Chairman and President; Ameren Services | | | March 2016 – December 2019 | | |

| | | | | | | Executive Vice President and Chief Financial Officer; Ameren | | | January 2013 – December 2019 | | |

| | | | | | | Chairman and President; Ameren Services | | | December 2019 – Present | | |

| | | | | | | Chairman and President; Ameren Missouri | | | April 2014 – December 2019 | | |

| | | | | | | Senior Vice President and Deputy General Counsel; Ameren Services | | | January 2019 – August 2019 | | |

| | | | | | | Vice President and Deputy General Counsel; Ameren Services | | | September 2016 – January 2019 | | |

| | | | | | | Senior Vice President, Regulatory Affairs and Financial Services; Ameren Illinois | | | September 2019 – August 2021 | | |

| | | | | | | Vice President, Regulatory Affairs and Financial Services; Ameren Illinois | | | July 2018 – August 2019 | | |

| | | | | | | Vice President, Internal Audit; Ameren | | | June 2014 – July 2018 | | |

(a)Elected President of Ameren in February 2014, Chief Executive Officer of Ameren in April 2014, and Chairman of Ameren in July 2014.

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

| Mark C. Birk | | | 57 | | | Chairman and President; Ameren Missouri | | | January 2022 – Present | | |

| | | | | | | Senior Vice President, Customer Operations; Ameren Missouri | | | January 2017 – October 2017 | | |

(a)Bhavani Amirthalingam served as the Chief Information Officer and Vice President North America for Schneider Electric SE from January 2015 to March 2018.

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

Some executive officers hold multiple positions within the Ameren Companies; their titles are given in the description of their business experience.

| | | | | | | | | | | | |

| | | | | | | | | | | | |

| Baxter joined Ameren Missouri in 1995. He was elected to the positions of executive vice president and chief financial officer of Ameren, Ameren Missouri, Ameren Illinois, and Ameren Services in 2003. He was elected chairman, president, chief executive officer, and chief financial officer of Ameren Services in 2007. In 2009, he was elected chairman, president, and chief executive officer of Ameren Missouri. In 2014, he was elected chairman, president, and chief executive officer of Ameren, and relinquished his positions at Ameren Missouri. | | | | | | | | | | | |

| | | | | | | | | | | | |

| Moehn joined Ameren Services in 2000. In 2004, he was elected vice president, corporate planning, of Ameren Services. In 2008, he was elected senior vice president, corporate planning and business risk management, of Ameren Services. In 2012, he was elected senior vice president, customer operations, of Ameren Missouri, and relinquished his position at Ameren Services. In 2014, he was elected chairman and president of Ameren Missouri. In December 2019, he was elected executive vice president and chief financial officer of the Ameren Companies and chairman and president of Ameren Services and relinquished his positions at Ameren Missouri. | | | | | | | | | | | |

| | | | | | | | | | | | |

| Nwamu joined Ameren Services in September 2016 as vice president and deputy general counsel. In January 2019, she was elected senior vice president and deputy general counsel of Ameren Services. In August 2019, she was elected senior vice president, general counsel and secretary of the Ameren Companies. Prior to joining Ameren Services, she served as regulatory counsel at Pacific Gas and Electric Company, a public utility, from 2000 to May 2014 and as managing counsel and senior director from June 2014 to June 2016. | | | | | | | | | | | |

| | | | | | | | | | | | |

| Steinke joined Ameren Services in 2002. In 2008, he was elected vice president and controller of Ameren, Ameren Illinois, and Ameren Services. In 2009, he relinquished his positions at Ameren Illinois. In 2013, he was elected senior vice president, finance, and chief accounting officer of the Ameren Companies. | | | | | | | | | | | |

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

| | | | | | | | | | | | |

| | | | | | | | | | | | |

| Amirthalingam joined Ameren Services in March 2018 as senior vice president and chief digital information officer. She served as the chief information officer and vice president North America for Schneider Electric SE, an energy management and automation solutions company, from January 2015 to March 2018 and in various roles at World Wide Technology Inc., a technology solution provider, from November 1999 to January 2015, most recently serving as vice president of customer solutions and innovation from September 2013 to January 2015. | | | | | | | | | | | |

| | | | | | | | | | | | |

| | | | | | | | | | | | |

| Diya joined Ameren Missouri in 2005. In 2008, he was elected vice president, nuclear operations, of Ameren Missouri. In 2014, he was elected senior vice president and chief nuclear officer of Ameren Missouri. | | | | | | | | | | | |

| | | | | | | | | | | | |

| Lindgren joined Ameren Services in 1998. In 2009, he was elected vice president, human resources, of Ameren Services, and in 2012, he was also elected chief human resources officer of Ameren Services. In September 2015, he was elected senior vice president, corporate communications, and chief human resources officer of Ameren Services. | | | | | | | | | | | |

| Mark joined Ameren Services in 2002 as vice president, customer service. In 2003, he was elected vice president, governmental policy and consumer affairs, of Ameren Services. In 2005, he was elected senior vice president, customer operations, of Ameren Missouri. In 2007, he relinquished his position at Ameren Services. In 2012, he relinquished his position at Ameren Missouri and was elected chairman and president of Ameren Illinois. | | | | | | | | | | | |

| Lyons joined Ameren Services in 2001. In 2008, he was elected senior vice president and chief accounting officer of the Ameren Companies. In 2009, he was also elected chief financial officer of the Ameren Companies. In 2013, he was elected executive vice president and chief financial officer of the Ameren Companies, and relinquished his duties as chief accounting officer. In March 2016, he was elected chairman and president of Ameren Services. In December 2019, he was elected chairman and president of Ameren Missouri and relinquished his position as executive vice president and chief financial officer of the Ameren Companies and his positions at Ameren Services. | | | | | | | | | | | |

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

Ameren common shareholders of record totaled [removed: 42,072] [added: 40,340] on January [removed: 29, 2021.][added: 31, 2022.]

Ameren Corporation, Ameren Missouri, and Ameren Illinois did not purchase any equity securities reportable under Item 703 of Regulation S-K during the period from October 1, [removed: 2020,] [added: 2021,] to December 31, [removed: 2020.][added: 2021.]

The following graph shows Ameren’s cumulative TSR during the five years ended December 31, [removed: 2020.][added: 2021.]

The comparison assumes that $100 was invested on December 31, [removed: 2015,] [added: 2016,] in Ameren common stock and in each of the indices shown and that all of the dividends were reinvested.

[removed: ][added: ]

| December 31, | | | [removed: 2015] [added: 2016] | | | | | | [removed: 2016] [added: 2017] | | | | | | [removed: 2017] [added: 2018] | | | | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | |

[Table of Co](#i2c056a9f8317485ea6601862f5b0559f_7)[ntents](#i2c056a9f8317485ea6601862f5b0559f_7)

| Ameren (AEE) | | | $ | 100.00 | | | | | $ | 115.96 | | | | | $ | 132.17 | | | | | $ | 159.69 | | | | | $ | 166.51 | | | | | $ | 194.96 | |

| S&P 500 Index | | | 100.00 | | | | | | 121.83 | | | | | | 116.49 | | | | | | 153.18 | | | | | | 181.36 | | | | | | 233.43 | | |

| S&P 500 Utility Index | | | 100.00 | | | | | | 112.11 | | | | | | 116.72 | | | | | | 147.47 | | | | | | 148.18 | | | | | | 174.36 | | |

| Philadelphia Utility Index | | | 100.00 | | | | | | 112.82 | | | | | | 116.79 | | | | | | 148.11 | | | | | | 152.14 | | | | | | 179.90 | | |

[Table of](#if2f6a31d3bf04a31946c203851e6d676_7) [Contents](#if2f6a31d3bf04a31946c203851e6d676_7)

| Ameren (AEE) | | | $ | 100.00 | | | | | $ | 125.66 | | | | | $ | 145.72 | | | | | $ | 166.09 | | | | | $ | 200.67 | | | | | $ | 209.23 | |

| S&P 500 Index | | | 100.00 | | | | | | 111.96 | | | | | | 136.40 | | | | | | 130.43 | | | | | | 171.50 | | | | | | 203.05 | | |

| S&P 500 Utility Index | | | 100.00 | | | | | | 116.29 | | | | | | 130.37 | | | | | | 135.73 | | | | | | 171.50 | | | | | | 172.32 | | |

| Philadelphia Utility Index | | | 100.00 | | | | | | 117.40 | | | | | | 132.45 | | | | | | 137.11 | | | | | | 173.88 | | | | | | 178.61 | | |

Ameren has early adopted the SEC’s Disclosure Modernization Final Rule, effective February 10, 2021, for Item 301 of Regulation S-K.

As such, Item 6 – Selected Financial Data has not been provided.

We have audited the accompanying consolidated balance sheets of Ameren Corporation and its subsidiaries (the “Company”) as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the related consolidated statements of income and comprehensive income, of shareholders’ equity and of cash flows for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] including the related notes and financial statement schedules listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

We also have audited the Company’s internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2020] [added: 2021] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

[removed: The] [added: As disclosed by management, the] Company’s use of accounting guidance for rate-regulated businesses results in recording regulatory assets and liabilities for certain transactions that management expects will be recovered from or [removed: returned] [added: refunded] to customers in future rates.

These procedures also included, among others, (i) testing calculations of new and existing regulatory assets or liabilities by comparison to provisions and formulas outlined in regulatory commission [removed: orders, legislation,] [added: orders] or [removed: external legal counsel correspondence,] [added: legislation,] (ii) evaluating management’s assessment of the probability of recovery of regulatory assets and refund of regulatory liabilities, and (iii) evaluating management’s assessment of regulatory mechanisms meeting the alternative revenue program criteria and the expected timing of collection within 24 months of the end of the annual period in which mechanisms are recognized.

We have audited the accompanying balance sheets of Union Electric Company (the “Company”) as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the related statements of income, of shareholders’ equity and of cash flows for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2020] [added: 2021] in conformity with accounting principles generally accepted in the United States of America.

[removed: The] [added: As disclosed by management, the] Company’s use of accounting guidance for rate-regulated businesses results in recording regulatory assets and liabilities for certain transactions that management expects will be recovered from or [removed: returned] [added: refunded] to customers in future rates.

These procedures also included, among others, (i) testing calculations of new and existing regulatory assets or liabilities by comparison to provisions and formulas outlined in regulatory commission orders, [removed: legislation, or external legal counsel correspondence,] and (ii) evaluating management’s assessment of the probability of recovery of regulatory assets and refund of regulatory liabilities.

We have audited the accompanying balance sheets of Ameren Illinois Company (the “Company”) as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the related statements of income, of shareholders’ equity and of cash flows for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2020] [added: 2021] in conformity with accounting principles generally accepted in the United States of America.

[removed: The] [added: As disclosed by management, the] Company’s use of accounting guidance for rate-regulated businesses results in recording regulatory assets and liabilities for certain transactions that management expects will be recovered from or [removed: returned] [added: refunded] to customers in future rates.

These procedures also included, among others, (i) testing calculations of new and existing regulatory assets or liabilities by comparison to provisions and formulas outlined in regulatory commission [removed: orders, legislation,] [added: orders] or [removed: external legal counsel correspondence,] [added: legislation,] (ii) evaluating management’s assessment of the probability of recovery of regulatory assets and refund of regulatory liabilities, and (iii) evaluating management’s assessment of regulatory mechanisms meeting the alternative revenue program criteria and the expected timing of collection within 24 months of the end of the annual period in which mechanisms are recognized.

| | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Electric | | | $ | [removed: 4,911] [added: 5,297] | | | | | $ | [removed: 4,981] [added: 4,911] | | | | | $ | [removed: 5,339] [added: 4,981] | |

| Natural gas | | | [removed: 883] [added: 1,097] | | | | | | [removed: 929] [added: 883] | | | | | | [removed: 952] [added: 929] | | |

| Total operating revenues | | | [removed: 5,794] [added: 6,394] | | | | | | [removed: 5,910] [added: 5,794] | | | | | | [removed: 6,291] [added: 5,910] | | |

| Fuel | | | [removed: 490] [added: 581] | | | | | | [removed: 535] [added: 490] | | | | | | [removed: 769] [added: 535] | | |

| Purchased power | | | [removed: 513] [added: 606] | | | | | | [removed: 556] [added: 513] | | | | | | [removed: 581] [added: 556] | | |

| Natural gas purchased for resale | | | [removed: 272] [added: 442] | | | | | | [removed: 331] [added: 272] | | | | | | [removed: 374] [added: 331] | | |

| Other operations and maintenance | | | [removed: 1,661] [added: 1,774] | | | | | | [removed: 1,745] [added: 1,661] | | | | | | [removed: 1,772] [added: 1,745] | | |

| Depreciation and amortization | | | [removed: 1,075] [added: 1,146] | | | | | | [removed: 995] [added: 1,075] | | | | | | [removed: 955] [added: 995] | | |

| Taxes other than income taxes | | | [removed: 483] [added: 512] | | | | | | [removed: 481] [added: 483] | | | | | | [removed: 483] [added: 481] | | |

| Total operating expenses | | | [removed: 4,494] [added: 5,061] | | | | | | [removed: 4,643] [added: 4,494] | | | | | | [removed: 4,934] [added: 4,643] | | |

| Operating Income | | | [removed: 1,300] [added: 1,333] | | | | | | [removed: 1,267] [added: 1,300] | | | | | | [removed: 1,357] [added: 1,267] | | |

| Other Income, Net | | | [removed: 151] [added: 202] | | | | | | [removed: 130] [added: 151] | | | | | | [removed: 102] [added: 130] | | |