Ameren (AEE) 10-K risk factor changes: FY2022 vs FY2021

In the planning and management of our operations, we must address the effects of existing and proposed laws and regulations and potential changes in our regulatory frameworks, including initiatives by federal and state legislatures, RTOs, utility regulators, and taxing [removed: authorities.][added: authorities, and actions by local jurisdictions that may affect the constructing or siting of facilities.]

We are exposed to regulatory [removed: lag] [added: lag, including the impact of inflationary pressures,] and cost disallowances to varying degrees by jurisdiction, which, if unmitigated, could adversely affect our results of operations, financial position, and liquidity.

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

Ameren Illinois’ natural gas rates established in those proceedings are [removed: based on]

[added: based on] estimated future [removed: costs] [added: costs, revenues,] and [removed: revenues.][added: sales volumes.]

Ameren Illinois [removed: expects to use] [added: is utilizing] the IEIMA performance-based formula ratemaking framework to establish annual customer rates effective through 2023.

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

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

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

Ameren Illinois [removed: expects to continue to use] [added: is utilizing] the [removed: current] IEIMA performance-based formula ratemaking framework to establish annual customer rates effective through 2023 and [added: will] 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, [added: or establish future rates through a traditional regulatory rate review,] among other things.

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

The ICC annually reviews [added: each] Ameren [removed: Illinois’] [added: Illinois] rate [removed: filings] [added: filing] for reasonableness and prudency.

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: $11] [added: $12] million change in Ameren’s and Ameren Illinois’ annual net income, based on Ameren Illinois’ [removed: 2022] [added: 2023] projected year-end rate base, including electric energy-efficiency investments.

The performance standards applicable to electric distribution service 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 [removed: debt expense.]

The [added: 2023] allowed ROE for electric distribution service [added: is subject to the performance standards related to reduced estimated bills and bad debt expense, and] may be decreased for penalties up to [removed: 38 basis points in 2022 and up to] 10 basis points [removed: in 2023] if these performance standards are not met.

In [added: 2022,] 2021, [removed: 2020,] and [removed: 2019,] [added: 2020,] there were no performance-related basis point adjustments that materially affected financial results.

While the ICC has approved a plan for Ameren Illinois to invest approximately [removed: $100] [added: $120] million per year in electric energy-efficiency programs through 2025, the ICC has the ability to reduce the amount of electric energy-efficiency savings goals in the future plan program years if there are insufficient cost-effective programs available, which could reduce the investments in electric energy-efficiency programs.

As a result of the election to use the PISA, Ameren Missouri’s electric [added: service] rates are subject to a rate [removed: cap.][added: cap through 2023.]

[removed: As a result of] Ameren Missouri’s [removed: election to use] [added: rate cap under] the [removed: PISA, its] [added: PISA is effective through 2023 and limits electric service] rate increases [removed: 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 a July 2018 MoPSC order.

Increased capital investments and operating costs could cause customer rates to exceed the [added: 2.85%] rate [removed: cap.][added: cap effective through 2023.]

In addition, a decrease in off-system [removed: sales,] [added: sales or capacity revenues or an increase in purchased power expense, all of] which are included in net energy costs within the FAC, could also contribute to customer rates exceeding the rate cap.

Excluding customer rates under the MEEIA rider, which are not subject to the rate cap, Ameren Missouri would incur a penalty equal to the amount of deferred overage that would cause customer rates to exceed the 2.85% rate [removed: cap.][added: cap until new rates are established in the next regulatory rate review.]

[removed: If Ameren Missouri does not obtain approval] [added: Failure] to [removed: use] [added: align capital investments under] the [removed: PISA through December 2028, it] [added: 2.5% limitation] could adversely affect Ameren’s and Ameren Missouri’s [removed: investment plans and] results of operations, financial position, and liquidity.

We are subject to various environmental [added: and permitting] laws.

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

Such properties include MGP [removed: sites] [added: sites, substations,] and third-party sites, such as landfills.

As of December 31, [removed: 2021,] [added: 2022,] Ameren Missouri’s coal-fired energy centers represented [removed: 10%] [added: 9%] and [removed: 20%] [added: 17%] of Ameren’s and Ameren Missouri’s rate base, respectively.

[added: Regulations under the] Clean Air Act [removed: regulations] that apply to the electric utility industry include the NSPS, the CSAPR, the MATS, and the National Ambient Air Quality Standards, which are subject to periodic review for certain pollutants.

Regulations implementing the Clean Water Act govern both intake and discharges of [removed: water and may require] [added: water, as well as] evaluation of the ecological and biological impact of our operations and could require modifications to water intake structures or more stringent limitations on wastewater discharges.

Depending upon the scope of modifications ultimately required by state regulators, [removed: these] capital expenditures [added: associated with these modifications] could be significant.

The individual or combined effects of [added: compliance with] existing and new environmental regulations could result in significant capital expenditures, increased operating costs, or the closure or alteration of operations at some of Ameren Missouri’s energy centers.

In January 2011, the 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 [removed: in performing] projects [added: performed in 2007 and 2010] at [removed: its] [added: the] coal-fired Rush Island Energy Center [removed: in 2007 and 2010, Ameren Missouri] violated provisions of the Clean Air Act and Missouri law.

Based on its assessment of available legal, operational and regulatory alternatives, Ameren Missouri [removed: has determined not to further appeal the court rulings and, in December 2021,] filed a motion [added: in December 2021] 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 [removed: revising] [added: modifying] the remedy order.

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 [removed: customers,] [added: customers;] Ameren Missouri’s plans to mitigate the customer impacts of the accelerated [removed: retirement,] [added: retirement;] and the prudence of Ameren Missouri’s actions and decisions with regard to the Rush Island Energy Center, among other things.

As of December 31, [removed: 2021,] [added: 2022,] the Rush Island Energy Center had a net plant balance of approximately $0.6 billion and a rate base of approximately $0.4 billion.

[removed: A] [added: The] decision by the United States Supreme Court [removed: could impact] [added: may affect] the EPA’s development of [added: any] new regulations to address [removed: carbon] [added: CO2] emissions from coal- and natural gas-fired [removed: electric generating units.][added: power plants; however, at this time, Ameren Missouri cannot predict the impact of any such regulations or the decision by the United States Supreme Court on the results of operations, financial position, and liquidity of Ameren or Ameren Missouri.]

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 [added: annual] emissions from 2018 through 2020, for any rolling twelve-month period beginning October 1, 2021, through 2029.

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

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Beginning in 2024 through at least 2027, Ameren Illinois’ electric distribution rates will be established through an MYRP as discussed in the following risk factor, which will be based on estimated future costs and an applicable revenue requirement reconciliation, which may not allow for full recovery of actual costs due to a reconciliation cap.

Effective for rates beginning in 2024 through at least 2027, Ameren Illinois will establish electric distribution rates through an MYRP, which is subject to a reconciliation cap and includes an ROE determined by the ICC applicable to each year of the four-year period.

Ameren Illinois elected to file an MYRP in January 2023 for rates effective in 2024 through 2027 with the ICC.

The MYRP also allows Ameren Illinois to reconcile its actual revenue requirement, as adjusted for certain cost variations, to ICC-approved electric distribution service rates on an annual basis, subject to a reconciliation cap.

The reconciliation cap limits the annual adjustment to 105% of the annual revenue requirement approved by the ICC.

Certain variations from forecasted costs would be excluded from the reconciliation cap, including those associated with major storms; new business and facility relocations; changes in the timing of certain expenditures or investments into or out of the applicable calendar year; and changes in interest rates, income taxes, taxes other than income taxes, pension and other post-retirement benefits costs, and amortization of certain assets.

The reconciliation cap also excludes costs recovered through riders outside of base rates, such as riders for electric energy-efficiency investments, power procurement and transmission services, renewable energy credit compliance, zero emission credits, certain environmental costs, and bad debt write-offs, among others.

Ameren Illinois’ existing riders will remain effective and electric distribution service revenues will continue to be decoupled from sales volumes under the MYRP.

The actual revenue requirement for a particular year would incorporate Ameren Illinois’ year-end rate base and actual capital structure for such year, provided that the common equity ratio in such capital structure may not exceed that approved by the ICC in the MYRP.

In addition, the ICC will determine the ROE applicable to each year of the four-year period.

Changes in economic conditions could result in the predetermined ROE becoming inadequate over the four-year period.

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debt expense.

With respect to the MYRP, a September 2022 ICC order approved total ROE incentives and penalties of 24 basis points, allocated among the seven performance metrics.

These performance metrics include improvements in service reliability in both the frequency and duration of outages, a reduction in peak loads, an increased percentage of spend with diverse suppliers, a reduction in disconnections for certain customers, and improved timeliness in response to customer requests for interconnection of distributed energy resources.

These performance metrics and the ROE incentives and penalties will apply annually from 2024 through 2027 under the MYRP filed by Ameren Illinois.

Effective 2024, Ameren Missouri’s electric service business is subject to a limitation on increasing the annual revenue requirement due to the inclusion of incremental PISA deferrals in the revenue requirement.

Also, due to a change in customer behavior and certain business practices resulting from the COVID-19 pandemic, there has been a shift in sales volumes by customer class at Ameren Missouri, which began in 2020, resulting in an increase in residential sales, and a decrease in commercial and industrial sales.

Missouri Senate Bill 745 became effective on August 28, 2022.

The law extended Ameren Missouri’s PISA election through December 2028 and allows for an additional extension through December 2033 if requested by Ameren Missouri and approved by the MoPSC, among other things.

The law established a 2.5% annual limit on increases to the electric service revenue requirement used to set customer rates due to the inclusion of incremental PISA deferrals in the revenue requirement.

The limitation will be effective for revenue requirements approved

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by the MoPSC after January 1, 2024, and will be based on the revenue requirement established in the immediately preceding rate order.

Increased capital expenditures could cause incremental PISA deferrals to exceed the 2.5% limitation when it is effective, and such amounts exceeding the 2.5% limitation would be excluded from recovery under future revenue requirements.

The March 31, 2024 compliance date contained in the district court’s September 2019 remedy order remains in effect unless extended by the district court.

In July 2022, in response to an Ameren Missouri request for a final, binding reliability assessment, the MISO designated the Rush Island Energy Center as a system support resource and concluded that certain mitigation measures, including transmission upgrades, should occur before the energy center is retired.

The transmission upgrade projects have been approved by the MISO, and design and procurement activities necessary to complete the upgrades are underway.

Ameren Missouri expects to complete the upgrades by mid-2025.

In October 2022, the FERC approved a system support resource agreement, which became effective retroactively as of September 1, 2022.

The agreement details the manner of continued operation for a system support resource that results in operating during peak demand times and emergencies.

The system support resource designation and the related agreement are subject to annual renewal and revision.

In September 2022, the Rush Island Energy Center began operating consistent with the system support resource agreement.

In addition, in October 2022, the FERC established hearing and settlement procedures in response to an August 2022 request from Ameren Missouri for recovery of non-energy costs under the related MISO tariff.

The FERC is under no deadline to issue an order related to this proceeding.

Revenues and costs under the MISO tariff are expected to be included in the FAC.

The district court has the authority to determine the

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retirement date and operating parameters for the Rush Island Energy Center and is not bound by the MISO determination of the Rush Island Energy Center as a system support resource or the FERC’s approval.

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

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.

For rates effective beginning in 2024, Ameren Illinois will be required to establish future rates through a traditional regulatory rate review 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.

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.

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.

Both the rate cap and the PISA election are effective through December 2023, unless Ameren Missouri requests and receives MoPSC approval of an extension through December 2028.

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.

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.

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 EPA’s Affordable Clean Energy Rule repealed the Clean Power Plan and replaced it with a new rule that 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.

In January 2021, the United States Court of Appeals for the District of Columbia Circuit vacated the Affordable Clean Energy Rule, and ruled that the EPA had the discretion to consider emission reduction measures that include efficiency measures and generation shifting to lower carbon emissions.

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.

At this time, Ameren Missouri cannot predict the outcome of the legal challenge or future rulemakings.

As such, any impact on the results of operations, financial position, and liquidity of Ameren and Ameren Missouri is uncertain.

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.

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.

Ameren Missouri expects to file an update to the 2020 IRP with the MoPSC in the first half of 2022 to reflect, among other things, the impact of these new emissions standards.

Ameren established a goal of achieving net-zero carbon emissions by 2050.

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

energy storage, next generation nuclear, and large-scale long-cycle battery energy storage; and constructively engaging with legislators, regulators, investors, customers, and other stakeholders to support outcomes leading to a net-zero future.

- failures of equipment that can result in unanticipated liabilities or unplanned outages, such as the unplanned outage resulting from non-nuclear operating issues related to the Callaway Energy Center’s generator that occurred from December 2020 to August 2021;

- an energy center that might not be permitted to continue to operate if pollution control equipment is not installed by prescribed deadlines or does not perform as expected;

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

- costly and extended outages for scheduled or unscheduled maintenance and refueling, such as the unplanned outage resulting from non-nuclear operating issues related to the Callaway Energy Center’s generator that occurred from December 2020 to August 2021;

Our results of operations, financial position, and liquidity have been and are expected to continue to be adversely affected by the international public health emergency associated with the COVID-19 pandemic.

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.

The continued effect of the COVID-19 pandemic on our results of operations, financial position, and liquidity in subsequent periods will depend on its severity and longevity, future regulatory or legislative actions with respect thereto, and the resulting impact on business, economic, and capital market conditions.

In addition, although restrictions on social activities and nonessential businesses implemented in our service territories in 2020 have been relaxed, additional restrictions may be imposed in the future.

As a result of the COVID-19 pandemic, economic activity has been disrupted in the service territories of Ameren Missouri and Ameren Illinois.

The COVID-19 pandemic could continue to affect total electric sales volumes and sales by customer class.

Ameren’s [added: and Ameren Missouri’s] financial statements are prepared on a consolidated basis and therefore include the accounts of [removed: its] [added: their] majority-owned subsidiaries.

Ameren [removed: Missouri and Ameren] Illinois [removed: have] [added: has] no subsidiaries.

All tabular [removed: and graphical] dollar amounts are in millions, unless otherwise indicated.

Discussion regarding our financial condition and results of operations for the year ended December 31, [removed: 2019,] [added: 2020,] including comparisons with the year ended December 31, [removed: 2020,] [added: 2021,] is included in Item 7 of our Form 10-K for the year ended December 31, [removed: 2020,] [added: 2021,] filed with the SEC on February [removed: 22, 2021.][added: 23, 2022.]

Our core strategy is driven by the following three [removed: pillars:][added: pillars, which allow us to capitalize on opportunities to benefit our customers, our shareholders, and the environment:]

| We [added: invest in rate-regulated energy infrastructure and] seek to earn competitive returns on [removed: investments in] our [removed: businesses. Accordingly, we remain focused on disciplined cost management and strategic capital allocation.] [added: investments.] We [removed: align our overall spending, both operating and capital, with economic conditions and with the frameworks established by] [added: seek to make prudent investments that benefit] our [removed: regulators,] [added: customers. The goal of these investments is] to [removed: create] [added: maintain] and [removed: capitalize on investment opportunities for] [added: enhance] the [removed: benefit] [added: reliability] of our [removed: customers] [added: services, develop] and [removed: shareholders. We focus on minimizing the gap between allowed] [added: deliver cleaner sources of energy, create economic development opportunities in our region,] and [removed: earned ROEs] [added: provide customers with more options] and [removed: allocating capital resources to business opportunities] [added: greater control over their energy usage, among other things. By prudently investing in our businesses, we believe] that we [removed: expect will provide the most benefit] [added: deliver superior value] to [removed: our] [added: both] customers and [removed: offer the most attractive risk-adjusted return potential.] [added: shareholders.] | | | | | | | | | 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. | | | | | | | | | [removed: We] [added: Utilizing a continuous improvement mindset, we] seek to [removed: make prudent investments that] [added: optimize operating performance for the] benefit [added: of] our customers. [removed: The goal of these investments is to maintain] [added: We remain focused on disciplined cost management] and [removed: enhance the reliability of our services, develop cleaner sources of energy, create economic development opportunities in] [added: strategic capital allocation. We align] our [removed: region,] [added: overall spending, both operating] and [removed: provide customers] [added: capital,] with [removed: more options] [added: economic conditions] and [removed: greater control over their energy usage, among other things. By prudently investing in] [added: with the frameworks established by] our [removed: businesses, we believe] [added: regulators. We focus on minimizing the gap between allowed and earned ROEs and allocating capital resources to business opportunities] that we [removed: deliver superior value] [added: expect will provide the most benefit] to [removed: both] [added: our] customers and [removed: shareholders.] [added: offer the most attractive risk-adjusted return potential.] | | |

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

| Rate Base ($ in billions)(a) | | | | | | | | | Constructive Regulatory Frameworks(c) | | | | | | | | | [added: TSR 2017-2022(f)] | | |

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

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

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

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

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

| (a)Reflects year-end rate base except for Ameren Transmission, which is average rate base. (b)Compound annual growth rate. (c)As of January [removed: 2022 for Ameren Transmission, Ameren Illinois Natural Gas, and Ameren Illinois Electric Distribution. As of February 28, 2022, for Ameren Missouri.] [added: 2023.] (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. [removed: (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] [added: (f)Ameren] management cautions that the stock price performance shown above should not be considered indicative of future stock price performance. | | | | | | | | | | | | | | | | | | | | |

While our electric sales [removed: volumes,] [added: volumes in 2022,] excluding the estimated effects of weather and customer energy-efficiency programs, [removed: increased in 2021, compared] [added: were comparable] to [removed: 2020, and total sales volume levels] [added: 2021 and, at Ameren Missouri,] were [removed: more] comparable to pre-pandemic levels, [removed: there has been a shift in] [added: Ameren Illinois’] sales volumes [removed: by customer class, with an increase in residential sales, and a decrease in commercial and industrial sales.][added: remain below pre-pandemic levels.]

[removed: The continued effect] [added: Further effects] of the COVID-19 [removed: pandemic] [added: pandemic, or a similar health crisis,] on our results of operations, financial position, and liquidity in subsequent periods will depend on its severity and longevity, future regulatory or legislative actions with respect thereto, and the resulting impact on business, economic, and capital market conditions.

[removed: subsequent reinstatement of customer disconnection activities and late fee charges for nonpayment, see] [added: See] Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this [removed: report.][added: report for additional information.]

See Note [removed: 9] [added: 12] – [removed: Callaway Energy Center] [added: Income Taxes] under Part II, Item 8, of this report for additional information.

[removed: Based on its assessment of available legal, operational and regulatory alternatives, Ameren Missouri has determined not to further appeal the court rulings and, in] [added: In] December 2021, [added: Ameren Missouri] filed a motion with the [removed: district court] [added: United States District Court for the Eastern District of Missouri] to modify [removed: the] [added: a September 2019] remedy order [added: issued by the district court] 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 [removed: revising] [added: modifying] the remedy order.

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 [removed: customers,] [added: customers;] Ameren Missouri’s plans to mitigate the customer impacts of the accelerated [removed: retirement,] [added: retirement;] and the prudence of Ameren Missouri’s actions and decisions with regard to the Rush Island Energy Center, among other things.

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 [removed: the Missouri] [added: Missouri’s] securitization [removed: statute that became effective in August 2021.][added: statute.]

In February [removed: 2022,] [added: 2023,] 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: 2022.][added: 2023.]

Investments under the plan are expected to total approximately [removed: $8.4] [added: $9.9] billion over the five-year period from [removed: 2022] [added: 2023] through [removed: 2026,] [added: 2027,] with expenditures largely recoverable under the PISA and the RESRAM.

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

[removed: Pursuant to the order,] [added: As such,] Ameren Illinois’ 2022 [added: revenues reflected,] and [added: its] 2023 revenues [removed: would reflect] [added: will 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.

The [added: 2023] revenue requirement reconciliation adjustment [removed: would] [added: will] be collected from, or refunded to, customers [removed: within two years from the end of the reconciled year.][added: in 2025.]

[removed: Under the MYRP, the ICC would approve] [added: The] base rates for [removed: electric distribution service to be charged to customers for each] [added: a particular] calendar year [removed: of a four-year period,] [added: are] based on [removed: each year's] forecasted recoverable [removed: costs,] [added: costs and] an ICC-determined ROE applied to [removed: each calendar year of the four-year period, and] [added: Ameren Illinois’ forecasted average annual rate base using] a [added: forecasted capital structure, with a] common equity ratio of up to 50% being deemed prudent and reasonable by [removed: law, with] [added: law and] a higher equity ratio requiring specific ICC approval.

[removed: The] [added: An] MYRP [removed: would also allow] [added: allows] Ameren Illinois to reconcile electric distribution service rates to its actual revenue requirement on an annual basis, subject to [removed: an aggregate] [added: a] reconciliation cap [removed: of 105% of the annual revenue requirement approved by] [added: and adjustments to] the [removed: ICC.][added: ROE.]

[removed: Electric] [added: Additionally, electric] distribution service revenues [removed: would] continue to be decoupled from sales volumes under [removed: an MYRP.][added: either election.]

In [removed: July 2021,] [added: June 2022,] the ICC issued an order approving Ameren Illinois’ [added: revised] energy-efficiency plan that includes annual investments in electric energy-efficiency programs of approximately [removed: $100] [added: $120] million per year [removed: from 2022] through [removed: 2025.][added: 2025, which reflects the increased level of annual investments allowed under the IETL.]

The ICC has the ability to reduce the amount of electric energy-efficiency savings goals in future [removed: plan] program years if there are insufficient cost-effective programs available, which could reduce the investments in electric energy-efficiency programs.

In December [removed: 2021,] [added: 2022,] the ICC issued an order in Ameren Illinois’ annual update filing that approved a [removed: $58] [added: $61] million increase in Ameren Illinois’ electric distribution service rates beginning in January [removed: 2022.][added: 2023.]

This order reflected an increase to the annual performance-based formula rate based on [removed: 2020] [added: 2021] actual recoverable costs and expected net plant additions for [removed: 2021,] [added: 2022,] an increase to include the [removed: 2020] [added: 2021] revenue requirement reconciliation adjustment including a capital structure composed of [removed: 51%] [added: 50%] common equity, and [removed: an increase] [added: a decrease] for the conclusion of the [removed: 2019] [added: 2020] revenue requirement reconciliation adjustment, which was fully [removed: refunded to] [added: collected from] customers in [removed: 2021,] [added: 2022,] consistent with the ICC’s December [removed: 2020] [added: 2021] annual update filing order.

In December [removed: 2021,] [added: 2022,] the ICC issued an order in Ameren Illinois’ annual update filing that approved electric customer energy-efficiency rates of [removed: $61] [added: $76] million beginning in January [removed: 2022,] [added: 2023,] which represents an increase of [removed: $10] [added: $15] million from [removed: 2021] [added: 2022] rates.

In February [removed: 2021,] [added: 2023,] Ameren’s board of directors increased the quarterly common stock dividend to [removed: 55] [added: 63] cents per share, resulting in an annualized equivalent dividend rate of [removed: $2.20] [added: $2.52] per share.

Net income attributable to Ameren common shareholders was [removed: $990] [added: $1,074] million, or [removed: $3.84] [added: $4.14] per diluted share, for [removed: 2021,] [added: 2022,] and [removed: $871] [added: $990] million, or [removed: $3.50] [added: $3.84] per diluted share, for [removed: 2020.][added: 2021.]

Net income was favorably affected in [removed: 2021,] [added: 2022,] compared with [removed: 2020,] [added: 2021,] by increased infrastructure investments across all business [removed: segments; increased] [added: segments and a higher recognized ROE at] Ameren [removed: Missouri electric] [added: Illinois Electric Distribution, increased] retail [removed: sales,] [added: electric sales volumes at Ameren Missouri,] primarily resulting from [removed: improving economic conditions] [added: colder winter] and [removed: the effects of weather;] [added: warmer summer temperatures experienced in 2022,] and [removed: by the results of] [added: increased base rate revenues at] Ameren [removed: Missouri’s March 2020] [added: Missouri pursuant to the December 2021 MoPSC] electric rate order.

At December 31, [removed: 2021,] [added: 2022,] Ameren, on a consolidated basis, had available liquidity in the form of cash on hand and amounts available under the Credit Agreements of [removed: $1.8] [added: $1.5] billion.

[removed: In May 2021, Ameren entered into an equity distribution sales agreement pursuant to] [added: ATM program under] which Ameren may offer and sell from time to time [removed: up to $750 million of its] common [removed: stock through an ATM program,] [added: stock,] which includes the ability to enter into forward sales [removed: agreements.][added: agreements, subject to market conditions and other factors.]

All intercompany transactions have been eliminated.

Ameren Missouri’s subsidiaries were created for the ownership of renewable generation projects.

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

| Investing in rate-regulated energy infrastructure | | | | | | | | | Enhancing regulatory frameworks and advocating for responsible policies | | | | | | | | | Optimizing operating performance | | |

| To capitalize on opportunities to benefit our customers, our shareholders, and the environment | | | | | | | | | | | | | | | | | | | | |

Ameren Missouri’s Smart Energy Plan excludes investments in its natural gas distribution business, as well as removal costs, net of salvage.

In August 2022, Ameren Missouri filed a request with the MoPSC seeking approval to increase its annual revenues for electric service by $316 million.

The electric rate increase request is based on a 10.2% ROE, a capital structure composed of 51.9% common equity, a rate base of $11.6 billion, and a test year ended March 31, 2022, with certain pro-forma adjustments expected through an anticipated true-up date of December 31, 2022.

In January 2023, the MoPSC staff recommended an increase to Ameren Missouri's annual electric service revenues of $199 million based on a 9.59% ROE, a capital structure composed of 51.84% common equity, and a rate base as of June 30, 2022, of $10.5 billion.

Ameren Missouri expects the MoPSC staff will update its rate base estimate through the anticipated true-up date of December 31, 2022.

The MoPSC staff’s recommendation includes an adjustment to annual electric service revenues for estimated true-up items from June 30, 2022, to December 31, 2022, including the impacts of any investments made during that period.

The MoPSC proceeding

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

relating to the proposed electric service rate changes will take place over a period of up to 11 months, with a decision by the MoPSC expected by June 2023 and new rates effective by July 2023.

Missouri Senate Bill 745 became effective on August 28, 2022.

The law extended Ameren Missouri’s PISA election through December 2028 and allows for an additional extension through December 2033 if requested by Ameren Missouri and approved by the MoPSC, among other things.

The law established a 2.5% annual limit on increases to the electric service revenue requirement used to set customer rates due to the inclusion of incremental PISA deferrals in the revenue requirement.

The limitation will be effective for revenue requirements approved by the MoPSC after January 1, 2024, and will be based on the revenue requirement established in the immediately preceding rate order.

The current rate limitation, which is effective through 2023, is a 2.85% cap on the 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 a July 2018 MoPSC order.

The law also established electric and natural gas property tax trackers that allow Ameren Missouri to defer the difference between actual property taxes incurred and related taxes included in customer rates as a regulatory asset or regulatory liability, with the difference expected to be reflected in rate base in a subsequent rate order.

Upon the effective date of the law, Ameren Missouri began deferring amounts under these trackers.

In the 2022 electric service regulatory rate review discussed above, Ameren Missouri requested recovery of the amounts deferred under the electric property tax tracker.

In February 2022, Ameren Missouri, through a subsidiary, entered into a build-transfer agreement to acquire, after construction, the Boomtown Solar Project, a 150-MW solar generation facility, which is expected to be located in southeastern Illinois, support Ameren Missouri’s transition to renewable energy generation, and serve customers under the Renewable Solutions Program, if approved by the MoPSC.

In December 2022, the MoPSC staff filed a recommendation that the MoPSC should not approve Ameren Missouri’s July 2022 request for a certificate of convenience and necessity for the facility, arguing Ameren Missouri did not adequately demonstrate the facility is needed to continue providing service to customers.

Ameren Missouri expects a decision by the MoPSC by April 2023.

In June 2022, Ameren Missouri, through a subsidiary, entered into a build-transfer agreement to acquire, after construction, the Huck Finn Solar Project, a 200-MW solar generation facility, which is expected to be located in central Missouri and support Ameren Missouri’s compliance with the state of Missouri’s requirement of achieving 15% of retail sales from renewable energy sources, of which 2% must be derived from solar energy sources.

In February 2023, the MoPSC issued an order approving a nonunanimous stipulation and agreement regarding a requested certificate of convenience and necessity for the Huck Finn Solar Project.

Both acquisitions are aligned with the 2022 Change to the 2020 IRP, and are subject to certain conditions, including the issuance of certificates of convenience and necessity by the MoPSC for the Boomtown Solar Project and approval by the FERC for both acquisitions.

Depending on the timing of regulatory approvals and the impact of potential sourcing issues, the facilities could be completed as early as the fourth quarter of 2024.

The March 31, 2024 compliance date contained in the district court’s September 2019 remedy order remains in effect unless extended by the district court.

Transmission upgrade projects to mitigate reliability concerns have been approved by the MISO and are expected to be completed by spring of 2025.

In September 2022, the Rush Island Energy Center began operating consistent with a system support resource agreement approved by the FERC in October 2022.

The district court has the authority to determine the retirement date and operating parameters for the Rush Island Energy Center.

In April 2022, the MoPSC staff filed an initial report with the MoPSC in which the staff concluded early retirement of the Rush Island Energy Center may cause reliability concerns.

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In January 2023, Ameren Illinois filed an MYRP with the ICC to be used in setting electric distribution service rates for 2024 through 2027.

Under the MYRP, the ICC would approve base rates for electric distribution service to be charged to customers for each calendar year of the four-year period.

The following table includes the forecasted revenue requirement, the requested ROE, the requested capital structure common equity percentage, and the forecasted average annual rate base for 2024 through 2027, as reflected in Ameren Illinois’ MYRP:

| Year | | | Forecasted Revenue Requirement (in millions) | | | Requested ROE | | | Requested Capital Structure Common Equity Percentage(a) | | | Forecasted Average Annual Rate Base (in billions) | | |

| 2024 | | | $1,282 | | | 10.5% | | | 53.99% | | | $4.3 | | |

All intercompany transactions have been eliminated, except as disclosed in Note 13 – Related-party Transactions under Part II, Item 8, of this report.

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

| Investing in and operating our utilities in a manner consistent with existing regulatory frameworks | | | | | | | | | 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 | | |

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

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

We continue to assess the impacts the COVID-19 pandemic is having on our businesses, including impacts on electric and natural gas sales volumes, liquidity, bad debt expense, and supply chain operations.

For further discussion of these and other 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.

In addition, for information regarding Ameren Illinois’ suspension and

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.

In January 2021, Ameren Missouri acquired a 300-MW wind generation project located in northwestern Missouri.

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.

In December 2020, Ameren Missouri acquired a 400-MW wind generation project located in northeastern Missouri for approximately $615 million, and placed the assets in service as the High Prairie Renewable Energy Center.

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.

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.

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.

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.

In September 2021, the MoPSC issued an order approving Ameren Missouri’s energy savings results for the second year of the MEEIA 2019 program.

As a result of this order, and in accordance with revenue recognition guidance, Ameren Missouri recognized revenues of $9 million in 2021.

In December 2021, the MoPSC issued orders in Ameren Missouri’s 2021 electric service and natural gas delivery service regulatory rate reviews.

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.

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

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.

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

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.

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.

A derivative is a contract whose value is dependent [added: 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: 2021] [added: 2022] is immaterial.

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: $11] [added: $12] million change in Ameren’s and Ameren Illinois’ annual net income, based on Ameren Illinois’ [removed: 2022] [added: 2023] projected year-end rate base, including electric energy-efficiency investments.

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: 2021.][added: 2022.]

At December 31, [removed: 2021,] [added: 2022,] no nonaffiliated customer represented more than 10% of our accounts receivable.

As of December 31, [removed: 2021,] [added: 2022,] Ameren Illinois’ balance of purchased accounts receivable associated with the utility consolidated billing and purchase of receivables services was [removed: $27] [added: $31] million.

Ameren Missouri and Ameren Illinois continue to monitor the impact of [removed: the COVID-19 pandemic] [added: economic conditions, including inflationary pressures,] on customer collections and customer account balances.

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

See Results of Operations in Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 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: 2021.][added: 2022.]

Plan assets of the pension and postretirement trusts, the nuclear decommissioning trust fund, and [removed: company-owned life insurance] [added: COLI] contracts include equity and debt securities.

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: 2022] [added: 2023] assumed return on plan assets of [removed: 6.50%.][added: 6.75%.]

As of December 31, [removed: 2021,] [added: 2022,] this fund was invested in domestic equity securities [removed: (71%)] [added: (65%)] and debt securities [removed: (28%).][added: (34%).]

Additionally, Ameren and Ameren Illinois have [removed: company-owned life insurance] [added: COLI] contracts with net [removed: asset] [added: cash surrender] values of [removed: $169] [added: $136] million and $8 million, respectively, as of December 31, [removed: 2021.][added: 2022.]

In [removed: 2021,] [added: 2022,] Ameren Illinois procured power on behalf of its customers for [removed: 23%] [added: 28%] of its total kilowatthour sales.

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

The IPA has proposed and the ICC has approved multiple procurement events covering portions of years through [removed: 2024] [added: 2025] 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 in 2018 through [removed: 2021] [added: 2022] with 15-year [removed: terms commencing on the date of first renewable energy credit delivery.][added: terms.]

The following table presents, as of December 31, [removed: 2021,] [added: 2022,] 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 and Ameren Illinois’ retail distribution, and purchased power for Ameren Illinois that are price-hedged over the period [removed: 2022] [added: 2023] through [removed: 2026.][added: 2027.]

| Coal(a) | | | [removed: 99] [added: 91] | | % | | | | [removed: 51] [added: 84] | | % | | | | [removed: 22] [added: 40] | | % |

| Coal transportation(a) | | | 100 | | | | | | [removed: 100] [added: 97] | | | | | | [removed: 32] [added: 74] | | |

| Nuclear [removed: fuel(b)] [added: fuel] | | | [removed: 100] [added: 97] | | | | | | [removed: 97] [added: (b)] | | | | | | [removed: 80] [added: 96] | | |

| Natural gas for distribution(c) | | | [removed: 94] [added: 88] | | | | | | [removed: 37] [added: 42] | | | | | | [removed: 11] [added: 15] | | |

| Purchased power for Ameren Illinois(d) | | | [removed: 69] [added: 70] | | | | | | [removed: 34] [added: 35] | | | | | | [removed: 11] [added: 9] | | |

| Natural gas for distribution(c) | | | [removed: 96] [added: 81] | | | | | | [removed: 40] [added: 49] | | | | | | [removed: 19] [added: 28] | | |

| Natural gas for distribution(c) | | | [removed: 93] [added: 89] | | % | | | | [removed: 36] [added: 41] | | % | | | | [removed: 9] [added: 13] | | % |

| Purchased power(d) | | | [removed: 69] [added: 70] | | | | | | [removed: 34] [added: 35] | | | | | | [removed: 11] [added: 9] | | |

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

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

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

The year [removed: 2023] [added: 2024] represents November [removed: 2022] [added: 2023] through March [removed: 2023.][added: 2024.]

This continues each successive year through March [removed: 2026.][added: 2027.]

Ameren Missouri has agreements with multiple suppliers to purchase low-sulfur coal through [removed: 2025] [added: 2027] to comply with environmental regulations.

Ameren Missouri is pursuing a program to qualify an alternate NRC-licensed supplier, and expects to obtain NRC approval in [removed: 2023.][added: the near term.]

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The net cash surrender value of Ameren’s COLI is affected by the investment performance of a separate account in which Ameren holds a beneficial interest.

As of December 31, 2022, that separate account is comprised of approximately 50% equity securities and 50% debt securities.

Typically, Ameren Illinois purchases a total of 50% of its capacity needs bilaterally, with the remaining balance to be procured through the annual MISO capacity auction.

Daily energy balancing is also handled through the MISO marketplace.

| | | | 2023 | | | | | | 2024 | | | | | | 2025 – 2027 | | |

| Coal(a) | | | 91 | | % | | | | 84 | | % | | | | 40 | | % |

| Coal transportation(a) | | | 100 | | | | | | 97 | | | | | | 74 | | |

| Nuclear fuel | | | 97 | | | | | | (b) | | | | | | 96 | | |

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Ameren Missouri is expecting a delivery for an immaterial amount of enriched uranium sourced from a Russian supplier.

This material is planned to be utilized in the near-term and could become subject to potential sanctions.

Ameren Missouri has established contingency plans to minimize its exposure risk to Russian-sourced fuel.

Ameren Missouri has inventories and supply contracts from non-Russian suppliers sufficient to meet all of its uranium (concentrate and hexafluoride), conversion, and enrichment requirements at least through the 2026 refueling of the Callaway Energy Center.

Ameren Missouri's 2022 Change to the 2020 IRP targets cleaner and more diverse sources of energy generation, including solar generation.

While rights to acquire solar generation facilities totaling 350 MWs were secured through build-transfer agreements, supply chain disruptions, including solar panel shortages and increasing material costs as a result of government tariffs and other factors, could affect the costs, as well as the timing, of these projects and other solar generation projects.

See Outlook under Part II, Item 7, of this report for additional information on the United States Department of Commerce investigation into the supply of solar panels and the actions taken by the United States Customs and Border Protection Agency to detain certain solar panel shipments from China.

Any future tariffs or other outcomes resulting from the investigation by the United States Department of Commerce or actions by the United States Customs and Border Protection Agency could affect the cost and the availability of solar panel components and the timing and amount of Ameren Missouri's estimated capital expenditures associated with solar generation investments.

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

on, or derived from, the value of some underlying asset or index.

deemed necessary to ensure that such allowances are adequate to cover estimated uncollectible customer account balances.

In addition, for information regarding Ameren Illinois’ 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.

from IPA procurement events.

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

In addition, low-sulfur coal suppliers have experienced financial hardships in recent years and could continue to experience financial hardships that could impact their ability to deliver shipments of low-sulfur coal in accordance with existing supply contracts.

[removed: ][added: ]

Depending on the jurisdiction, the effects of regulatory lag are mitigated by various means, including annual revenue requirement reconciliations, the decoupling of revenues from sales volumes to ensure revenues approved in a regulatory rate review are not affected by changes in sales volumes, the recovery of certain capital investments between traditional regulatory rate reviews, the level and timing of expenditures, the use of [removed: a] future test [removed: year,] [added: years to establish customer rates,] and the use of trackers and riders.

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: 2022,] [added: 1, 2023,] 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: 2021] [added: 2022] Operating Revenues(a) | | |

| Electric [removed: service(b)(c)] [added: service(b)] | | | MoPSC | | | December [removed: 2021(d)] [added: 2021(c)] | | | [removed: (d)] [added: (c)] | | | [removed: (d)] [added: (c)] | | | [removed: $10.2] [added: $10.2(d)] | | | [removed: 50%] [added: 48%] | | |

| Natural gas delivery [removed: service(b)] [added: service] | | | MoPSC | | | December 2021(e) | | | (e) | | | (e) | | | $0.3 | | | [removed: 2%] [added: 3%] | | |

| Electric transmission service(h) | | | FERC | | | [removed: (g)] [added: (h)] | | | 10.52% | | | [removed: 54.02%] [added: 54.48%] | | | [removed: $3.0] [added: $3.4] | | | [removed: 5%] [added: 4%] | | |

| Electric transmission service(h) | | | FERC | | | [removed: (g)] [added: (h)] | | | 10.52% | | | [removed: 59.96%] [added: 60.16%] | | | [removed: $1.4] [added: $1.3] | | | [removed: 3%] [added: 2%] | | |

[removed: (c)Ameren] [added: (b)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: (d)This] [added: (c)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, [removed: will] [added: is to] be used in the PISA and RESRAM.

This rate order was based on [removed: 2020] [added: 2021] actual costs, expected net plant additions for [removed: 2021,] [added: 2022,] and the annual average of the monthly yields during [removed: 2020] [added: 2021] of the 30-year United States Treasury bonds plus 580 basis points, which was [removed: 1.56%.][added: 2.05%.]

Ameren Illinois’ [removed: 2022] [added: 2023] electric distribution delivery service revenues will be based on its [removed: 2022] [added: 2023] actual recoverable costs, rate base, common equity percentage, and an allowed ROE, as calculated under the IEIMA’s performance-based formula ratemaking framework.

(g)This rate order was based on a 2021 future test [removed: year.][added: year, and new rates became effective in January 2021.]

For additional information regarding [removed: this order and related requests for rehearing,] [added: the July 2022 ICC order,] see Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report.

The SERC is one of six regional entities [removed: representing] [added: and represents] 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.

These environmental statutes and regulations are comprehensive and include the storage, handling, and disposal of waste [removed: materials,] [added: materials and hazardous substances,] 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.

[removed: Federal, state,] [added: Federal] and [removed: local] [added: state] authorities continually revise these [added: regulations and adopt new] regulations, which [removed: adds uncertainty to] [added: may impact] our planning process and [removed: to] the ultimate implementation of these or other new or revised regulations.

The AMMO balancing authority area includes the load and [added: most] energy centers of Ameren Missouri, and had a peak demand of [removed: 7,390] [added: 7,584] MWs in [removed: 2021.][added: 2022.]

The AMIL balancing authority area includes the load of Ameren [removed: Illinois,] [added: Illinois] and [added: certain natural gas-fired energy centers of Ameren Missouri, and] had a peak demand of [removed: 8,504] [added: 8,510] MWs in [removed: 2021.][added: 2022.]

Factors that could cause Ameren Missouri to purchase power include, among other things, energy center outages, the fulfillment of renewable energy requirements, extreme weather conditions, the availability of power at a cost lower than its generation cost, and the lack of sufficient owned [removed: generation.][added: generation availability.]

The most recent integrated resource [removed: plan,] [added: plan was] filed in September [removed: 2020, includes] [added: 2020 and changed in June 2022 to include certain modifications to] Ameren Missouri’s preferred approach for meeting customers’ projected long-term energy needs in a cost-effective manner while maintaining system reliability and customer affordability.

The addition of [removed: a] renewable [added: and natural gas-fired combined cycle] generation [removed: facility] [added: facilities] is subject to obtaining necessary project approvals, including FERC approval and the issuance of a certificate of convenience and necessity by the MoPSC, as applicable.

The need for investment in new sources of energy is dependent on several key factors, including continuation of and customer participation in energy-efficiency programs, the amount of distributed generation from customers, load growth, technological advancements, costs of generation alternatives, environmental regulation of coal-fired [added: and natural gas-fired] power plants, and state renewable energy requirements, which could lead to the retirement of current baseload assets before the end of their current useful lives or alterations in the way those assets operate, which could result in increased capital expenditures and/or increased operations and maintenance expenses.

[removed: Steps include evaluating the potential for further diversification of Ameren Missouri’s generation portfolio through] renewable energy generation, including wind and solar generation, [added: natural gas-fired combined cycle generation, including the potential to switch to hydrogen fuel and/or blend hydrogen fuel with natural gas and install carbon capture technology,] extending the operating license for the Callaway Energy Center, additional customer energy-efficiency and demand response programs, distributed energy resources, and energy storage.

The [added: difference between the] cost of the rebates [added: and the amount set in base rates] are deferred as a regulatory asset [added: or liability] under the RESRAM, and earn carrying costs at short-term interest rates.

In [added: 2022,] 2021, [removed: 2020,] and [removed: 2019,] [added: 2020,] Ameren Illinois procured power on behalf of its customers for [removed: 23%,] [added: 28%,] 23%, and [removed: 22%,] [added: 23%,] respectively, of its total kilowatthour sales.

The [added: purchased] power and related procurement costs incurred by Ameren Illinois are passed directly to its electric distribution customers through a cost recovery mechanism.

The [added: purchased] 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.

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

The Callaway [removed: nuclear energy center] [added: Energy Center] began operation in 1984 and is licensed to operate until 2044.

As of December 31, [removed: 2021,] [added: 2022,] Ameren Missouri’s coal-fired energy centers represented [removed: 10%] [added: 9%] and [removed: 20%] [added: 17%] of Ameren’s and Ameren Missouri’s rate base, respectively.

See Item 2 – Properties under Part I of this report for information regarding [removed: Ameren Missouri’s] [added: our] energy centers.

Ameren Missouri burned approximately [removed: 16.5] [added: 14.5] million tons of coal in [removed: 2021.][added: 2022.]

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

[removed: Targeted coal inventory levels may be adjusted because of generation levels] or uncertainties of supply due to potential work stoppages, delays in coal deliveries, equipment breakdowns, and other factors.

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

As of December 31, [removed: 2021,] [added: 2022,] coal inventories at the [removed: Sioux] [added: Labadie] and [removed: Rush Island] [added: Sioux] energy centers were [removed: near targeted levels, and coal inventories at the Labadie Energy Center were] below targeted levels due to transportation [removed: disruptions] [added: delays] in [removed: 2021.][added: 2022.]

[removed: Disruptions] [added: Delays and 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.

The Callaway Energy Center [removed: has historically required] [added: requires] refueling at 18-month intervals.

The next refueling is scheduled for the [removed: spring] [added: fall] of [removed: 2022.][added: 2023.]

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

| Electric distribution delivery service(f) | | | ICC | | | December 2022 | | | 7.85% | | | 50.00% | | | $3.9 | | | 28% | | |

As a result of this order, new rates became effective in February 2022.

(d)Excludes PISA and RESRAM deferrals for investments after September 30, 2021.

Deferrals after September 30, 2021, through December 31, 2022, will be included in Ameren Missouri’s requested rate base in the 2022 electric service regulatory rate review.

As a result of this order, new rates became effective in February 2022.

For additional information regarding this order and an August 2022 ruling by the United States Court of Appeals for the District of Columbia Circuit related to a review of the May 2020 order, see Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report.

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

Ameren Missouri is also a member of the MRO, which is also one of the six regional entities and represents all or portions of 16 central, southern, and midwestern states, as well as two Canadian provinces, under authority from the NERC.

Ameren Missouri is authorized by the MoPSC to participate in the MISO for an indefinite term, subject to the MoPSC’s authority to require future proceedings if an event or circumstance occurs that significantly affects Ameren Missouri’s position in the MISO.

Ameren Illinois’ election to participate in the MISO is subject to the ICC’s oversight.

In July 2022, the ICC issued an order requiring Ameren Illinois to perform a cost-benefit study of continued participation in the MISO compared to participation in PJM Interconnection LLC, another RTO, and file the study by July 2023.

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

Capacity

Ameren Missouri sells nearly all of its capacity to the MISO and purchases the capacity it needs to supply its native load sales from the MISO.

In the April 2022 MISO capacity auction, Ameren Missouri’s generation resources exceeded its native load capacity requirements.

Ameren Illinois purchases capacity from the MISO and through bilateral contracts resulting from IPA procurement events.

In August 2022, the FERC issued an order approving changes to the annual MISO capacity auction.

Historically, the auctions were designed to cover annual peak demand plus a target reserve margin.

Beginning with the April 2023 auction for the June 2023 to May 2024 planning year, auctions will include four seasonal load forecasts and available capacity levels and will be designed to cover each season’s peak demand plus a target reserve margin.

The seasonal auction structure will help to address variability in resources as the MISO begins to rely more heavily on renewable generation.

The preferred approach includes, among other things, the following:

- the continued implementation of customer energy-efficiency programs;

- expanding renewable sources by adding 2,800 MWs of renewable generation by 2030 and a total of 4,700 MWs of renewable generation by 2040, representing investment opportunities of $7.5 billion, inclusive of the 350 MWs of solar generation projects discussed in Note 2 – Rates and Regulatory Matters under Part II, Item 8, of this report;

- adding 800 MWs of battery storage by 2040, representing investment opportunities of $650 million;

- adding 1,200 MWs of natural gas-fired combined cycle generation by 2031, representing an investment opportunity of $1.7 billion, with plans to switch to hydrogen fuel and/or blend hydrogen fuel with natural gas and install carbon capture technology if these technologies become commercially available at a reasonable cost;

- adding 1,200 MWs of additional clean dispatchable generation by 2043;

- the expectation that Ameren Missouri will seek and receive NRC approval for an extension of the operating license for the Callaway Energy Center beyond its current 2044 expiration date;

- extending the retirement date of the coal-fired Sioux Energy Center from 2028 to 2030 to ensure reliability during the transition to clean energy generation, which is subject to the approval of a change in the asset’s depreciable life by the MoPSC in Ameren Missouri’s 2022 electric service regulatory rate review;

- accelerating the retirement date of the Rush Island coal-fired energy center to 2025;

- retiring the remaining coal-fired energy centers as they reach the end of their useful lives;

- accelerating the retirement date of the Venice natural gas-fired energy center to 2029; and

- retiring Ameren Missouri’s other natural gas-fired energy centers in Illinois by 2040.

In connection with the planned accelerated retirement of the Rush Island Energy Center, 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.

Steps include evaluating the potential for further diversification of Ameren Missouri’s generation portfolio through

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

Pursuant to the IETL, Ameren Illinois is required to file a multi-year integrated grid plan with the ICC every four years.

In January 2023, Ameren Illinois filed its first multi-year integrated grid plan for the years 2023 to 2027.

The plan outlines how Ameren Illinois expects to operate and invest in electric distribution infrastructure in order to support grid modernization, clean energy, energy efficiency, and the state of Illinois’ renewable energy, equity, climate, electrification, and environmental goals, while providing safe, secure, reliable, and resilient electric distribution service to customers.

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

| 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.

These environmental regulations could also affect the availability of, the cost of, and the demand for electricity and natural gas sold to Ameren Missouri’s and Ameren Illinois’ customers as well as the demand for off-system sales.

Failure to comply with these laws could have a material adverse effect on us.

We could be subject to criminal or civil penalties by regulatory agencies, or we could be ordered by the courts to pay private parties.

Except as indicated in this report, we believe that we are in material compliance with existing laws that currently apply to our operations.

Ameren Missouri is authorized by the MoPSC to participate in the MISO through May 2024.

Ameren Missouri is periodically required to make a filing with the MoPSC regarding its continued participation in the MISO.

The next filing is due in 2023.

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

The 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.

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 Renewable and Atchison 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, 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.

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.

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

Ameren Missouri has additional coal supply under contract through 2025.

The Powder River Basin coal transport agreements that Ameren Missouri has with Union Pacific Railroad and Burlington Northern Santa Fe Railway are currently set to expire at the end of 2024.

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

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.

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

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

At least 2% of the annual renewable energy requirement must be derived from solar energy.

Ameren Illinois has also entered into 20-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.

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.

As of December 31, 2021, Ameren Missouri and Ameren Illinois had price-hedged 96% and 93%, respectively, of their expected remaining natural gas supply requirements for the peak winter season through March 2022.

For additional information about the actions taken that were designed to protect the safety of our employees and customers during the COVID-19 pandemic, see The COVID-19 Pandemic section below.

The majority of employee attrition is attributable to employee retirements, generally

| Ameren | | | | | | 9,116 | | | | | | 14 | | | | | | 8% | | | | | |

Ameren Missouri and Ameren Illinois expect to renew these contracts prior to their expiration.

THE COVID-19 PANDEMIC

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.

The continued effect of the COVID-19 pandemic on our results of operations, financial position, and liquidity in subsequent periods will depend on its severity and longevity, future regulatory or legislative actions with respect thereto, and the resulting impact on business, economic, and capital market conditions.

Although restrictions on social activities and nonessential businesses implemented in our service territories in 2020 have been relaxed, additional restrictions may be imposed in the future.

For additional information on material legal and administrative proceedings, see [Note 2 – Rate and Regulatory [removed: Matters](#i2c056a9f8317485ea6601862f5b0559f_223),] [added: Matters](#i7b96da24b4e74d7e9eae7ba802ec632b_235),] [Note 9 – Callaway Energy [removed: Center](#i2c056a9f8317485ea6601862f5b0559f_250),] [added: Center](#i7b96da24b4e74d7e9eae7ba802ec632b_265),] and [Note 14 – Commitments and [removed: Contingencies](#i2c056a9f8317485ea6601862f5b0559f_274)] [added: Contingencies](#i7b96da24b4e74d7e9eae7ba802ec632b_283)] under Part II, Item 8, of this report.

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| ☒ | | | Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 [added: for the fiscal year ended December 31, 2022] | | |

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

Indicate by [removed: checkmark] [added: check mark] if each registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Indicate by [removed: checkmark] [added: check mark] if each registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Indicate by [removed: checkmark] [added: check mark] whether [removed: the registrants:] [added: each registrant:] (1) [removed: have] [added: has] filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) [removed: have] [added: has] been subject to such filing requirements for the past 90 days.

Indicate by [removed: checkmark] [added: check mark] whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Indicate by [removed: checkmark] [added: check mark] whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, [added: a] smaller reporting company, or an emerging growth company.

Indicate by [removed: checkmark] [added: check mark] whether each registrant is a shell company (as defined in Rule 12b-2 of the Act).

As of June 30, [removed: 2021,] [added: 2022,] 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: 2021)] [added: 2022)] held by nonaffiliates was [removed: $20,481,306,104.][added: $23,231,496,514.]

All of the shares of common stock of the other registrants were held by Ameren Corporation as of June 30, [removed: 2021.][added: 2022.]

The number of shares outstanding of each registrant’s classes of common stock as of January 31, [removed: 2022,] [added: 2023,] were as follows:

| Ameren Corporation | | | Common stock, $0.01 par value per share | | | [removed: 257,724,783] [added: 262,028,768] | | |

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: 2022] [added: 2023] annual meetings of shareholders are incorporated by reference into Part III of this Form 10-K.

| [GLOSSARY OF TERMS AND [removed: ABBREVIATIONS](#i2c056a9f8317485ea6601862f5b0559f_10)] [added: ABBREVIATIONS](#i7b96da24b4e74d7e9eae7ba802ec632b_10)] | | | | | | | | | [removed: [1](#i2c056a9f8317485ea6601862f5b0559f_10)] [added: [1](#i7b96da24b4e74d7e9eae7ba802ec632b_10)] | | |

| [FORWARD-LOOKING [removed: STATEMENTS](#i2c056a9f8317485ea6601862f5b0559f_13)] [added: STATEMENTS](#i7b96da24b4e74d7e9eae7ba802ec632b_13)] | | | | | | | | | [removed: [4](#i2c056a9f8317485ea6601862f5b0559f_13)] [added: [4](#i7b96da24b4e74d7e9eae7ba802ec632b_13)] | | |

| Item 1. | | | [removed: [Business](#i2c056a9f8317485ea6601862f5b0559f_19)] [added: [Business](#i7b96da24b4e74d7e9eae7ba802ec632b_19)] | | | | | | [removed: [6](#i2c056a9f8317485ea6601862f5b0559f_19)] [added: [6](#i7b96da24b4e74d7e9eae7ba802ec632b_19)] | | |

| | | | [Business [removed: Segments](#i2c056a9f8317485ea6601862f5b0559f_25)] [added: Segments](#i7b96da24b4e74d7e9eae7ba802ec632b_25)] | | | | | | [removed: [7](#i2c056a9f8317485ea6601862f5b0559f_25)] [added: [7](#i7b96da24b4e74d7e9eae7ba802ec632b_25)] | | |

| | | | [Rates and [removed: Regulation](#i2c056a9f8317485ea6601862f5b0559f_28)] [added: Regulation](#i7b96da24b4e74d7e9eae7ba802ec632b_28)] | | | | | | [removed: [7](#i2c056a9f8317485ea6601862f5b0559f_28)] [added: [7](#i7b96da24b4e74d7e9eae7ba802ec632b_28)] | | |

| | | | [Supply of Electric [removed: Power](#i2c056a9f8317485ea6601862f5b0559f_34)] [added: Power](#i7b96da24b4e74d7e9eae7ba802ec632b_34)] | | | | | | [removed: [9](#i2c056a9f8317485ea6601862f5b0559f_34)] [added: [10](#i7b96da24b4e74d7e9eae7ba802ec632b_34)] | | |

| | | | [Power [removed: Generation](#i2c056a9f8317485ea6601862f5b0559f_37)] [added: Generation](#i7b96da24b4e74d7e9eae7ba802ec632b_37)] | | | | | | [removed: [10](#i2c056a9f8317485ea6601862f5b0559f_37)] [added: [11](#i7b96da24b4e74d7e9eae7ba802ec632b_37)] | | |

| | | | [Renewable Energy and Zero Emission [removed: Standards](#i2c056a9f8317485ea6601862f5b0559f_40)] [added: Standards](#i7b96da24b4e74d7e9eae7ba802ec632b_40)] | | | | | | [removed: [11](#i2c056a9f8317485ea6601862f5b0559f_40)] [added: [12](#i7b96da24b4e74d7e9eae7ba802ec632b_40)] | | |

| | | | [Customer Energy-Efficiency [removed: Programs](#i2c056a9f8317485ea6601862f5b0559f_43)] [added: Programs](#i7b96da24b4e74d7e9eae7ba802ec632b_43)] | | | | | | [removed: [12](#i2c056a9f8317485ea6601862f5b0559f_43)] [added: [13](#i7b96da24b4e74d7e9eae7ba802ec632b_43)] | | |

| | | | [Natural Gas Supply for [removed: Distribution](#i2c056a9f8317485ea6601862f5b0559f_46)] [added: Distribution](#i7b96da24b4e74d7e9eae7ba802ec632b_46)] | | | | | | [removed: [13](#i2c056a9f8317485ea6601862f5b0559f_46)] [added: [14](#i7b96da24b4e74d7e9eae7ba802ec632b_46)] | | |

| | | | [Human Capital [removed: Management](#i2c056a9f8317485ea6601862f5b0559f_49)] [added: Management](#i7b96da24b4e74d7e9eae7ba802ec632b_49)] | | | | | | [removed: [13](#i2c056a9f8317485ea6601862f5b0559f_49)] [added: [14](#i7b96da24b4e74d7e9eae7ba802ec632b_49)] | | |

| | | | [Industry [removed: Issues](#i2c056a9f8317485ea6601862f5b0559f_55)] [added: Issues](#i7b96da24b4e74d7e9eae7ba802ec632b_58)] | | | | | | [removed: [16](#i2c056a9f8317485ea6601862f5b0559f_55)] [added: [16](#i7b96da24b4e74d7e9eae7ba802ec632b_58)] | | |

| | | | [Operating [removed: Statistics](#i2c056a9f8317485ea6601862f5b0559f_58)] [added: Statistics](#i7b96da24b4e74d7e9eae7ba802ec632b_61)] | | | | | | [removed: [18](#i2c056a9f8317485ea6601862f5b0559f_58)] [added: [18](#i7b96da24b4e74d7e9eae7ba802ec632b_61)] | | |

| | | | [Available [removed: Information](#i2c056a9f8317485ea6601862f5b0559f_61)] [added: Information](#i7b96da24b4e74d7e9eae7ba802ec632b_64)] | | | | | | [removed: [20](#i2c056a9f8317485ea6601862f5b0559f_61)] [added: [20](#i7b96da24b4e74d7e9eae7ba802ec632b_64)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i2c056a9f8317485ea6601862f5b0559f_64)] [added: Factors](#i7b96da24b4e74d7e9eae7ba802ec632b_67)] | | | | | | [removed: [20](#i2c056a9f8317485ea6601862f5b0559f_64)] [added: [20](#i7b96da24b4e74d7e9eae7ba802ec632b_67)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i2c056a9f8317485ea6601862f5b0559f_67)] [added: Comments](#i7b96da24b4e74d7e9eae7ba802ec632b_70)] | | | | | | [removed: [31](#i2c056a9f8317485ea6601862f5b0559f_67)] [added: [31](#i7b96da24b4e74d7e9eae7ba802ec632b_70)] | | |

| Item 2. | | | [removed: [Properties](#i2c056a9f8317485ea6601862f5b0559f_70)] [added: [Properties](#i7b96da24b4e74d7e9eae7ba802ec632b_73)] | | | | | | [removed: [32](#i2c056a9f8317485ea6601862f5b0559f_70)] [added: [31](#i7b96da24b4e74d7e9eae7ba802ec632b_73)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i2c056a9f8317485ea6601862f5b0559f_73)] [added: Proceedings](#i7b96da24b4e74d7e9eae7ba802ec632b_76)] | | | | | | [removed: [33](#i2c056a9f8317485ea6601862f5b0559f_73)] [added: [33](#i7b96da24b4e74d7e9eae7ba802ec632b_76)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i2c056a9f8317485ea6601862f5b0559f_76)] [added: Disclosures](#i7b96da24b4e74d7e9eae7ba802ec632b_79)] | | | | | | [removed: [33](#i2c056a9f8317485ea6601862f5b0559f_76)] [added: [34](#i7b96da24b4e74d7e9eae7ba802ec632b_79)] | | |

| [Information about Our Executive [removed: Officers](#i2c056a9f8317485ea6601862f5b0559f_79)] [added: Officers](#i7b96da24b4e74d7e9eae7ba802ec632b_82)] | | | | | | | | | [removed: [34](#i2c056a9f8317485ea6601862f5b0559f_79)] [added: [34](#i7b96da24b4e74d7e9eae7ba802ec632b_82)] | | |

| Item 5. | | | [Market for Registrants’ Common Equity, Related Stockholder Matters, and Issuer Purchase of Equity [removed: Securities](#i2c056a9f8317485ea6601862f5b0559f_85)] [added: Securities](#i7b96da24b4e74d7e9eae7ba802ec632b_91)] | | | | | | [removed: [36](#i2c056a9f8317485ea6601862f5b0559f_85)] [added: [36](#i7b96da24b4e74d7e9eae7ba802ec632b_91)] | | |

| Item 6. | | | [removed: [(Reserved)](#i2c056a9f8317485ea6601862f5b0559f_88)] [added: [(Reserved)](#i7b96da24b4e74d7e9eae7ba802ec632b_94)] | | | | | | [removed: [37](#i2c056a9f8317485ea6601862f5b0559f_88)] [added: [37](#i7b96da24b4e74d7e9eae7ba802ec632b_94)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i2c056a9f8317485ea6601862f5b0559f_94)] [added: Operations](#i7b96da24b4e74d7e9eae7ba802ec632b_100)] | | | | | | [removed: [37](#i2c056a9f8317485ea6601862f5b0559f_94)] [added: [37](#i7b96da24b4e74d7e9eae7ba802ec632b_100)] | | |

| | | | [Liquidity and Capital [removed: Resources](#i2c056a9f8317485ea6601862f5b0559f_118)] [added: Resources](#i7b96da24b4e74d7e9eae7ba802ec632b_127)] | | | | | | [removed: [57](#i2c056a9f8317485ea6601862f5b0559f_118)] [added: [57](#i7b96da24b4e74d7e9eae7ba802ec632b_127)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i2c056a9f8317485ea6601862f5b0559f_163)] [added: Risk](#i7b96da24b4e74d7e9eae7ba802ec632b_175)] | | | | | | [removed: [76](#i2c056a9f8317485ea6601862f5b0559f_163)] [added: [78](#i7b96da24b4e74d7e9eae7ba802ec632b_175)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i2c056a9f8317485ea6601862f5b0559f_169)] [added: Data](#i7b96da24b4e74d7e9eae7ba802ec632b_181)] | | | | | | [removed: [80](#i2c056a9f8317485ea6601862f5b0559f_169)] [added: [82](#i7b96da24b4e74d7e9eae7ba802ec632b_181)] | | |

| [added: Ameren Corporation] | | | [removed: [Ameren Corporation](#i2c056a9f8317485ea6601862f5b0559f_181)] | | | | | | [removed: [86](#i2c056a9f8317485ea6601862f5b0559f_181)] | | | [added: ☐ | | |]

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

10 Richard Mark Way

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

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

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

| Ameren Corporation | | | | | | | | | | | | ☐ | | |

| Union Electric Company | | | | | | | | | | | | ☐ | | |

| Ameren Illinois Company | | | | | | | | | | | | ☐ | | |

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

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

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

| [PART I](#i7b96da24b4e74d7e9eae7ba802ec632b_16) | | | | | | | | | | | |

| | | | [General](#i7b96da24b4e74d7e9eae7ba802ec632b_22) | | | | | | [6](#i7b96da24b4e74d7e9eae7ba802ec632b_22) | | |

| | | | [Transmission](#i7b96da24b4e74d7e9eae7ba802ec632b_31) | | | | | | [9](#i7b96da24b4e74d7e9eae7ba802ec632b_31) | | |

| [PART II](#i7b96da24b4e74d7e9eae7ba802ec632b_88) | | | | | | | | | | | |

| | | | [Overview](#i7b96da24b4e74d7e9eae7ba802ec632b_106) | | | | | | [38](#i7b96da24b4e74d7e9eae7ba802ec632b_106) | | |

| | | | [Results of Operations](#i7b96da24b4e74d7e9eae7ba802ec632b_112) | | | | | | [42](#i7b96da24b4e74d7e9eae7ba802ec632b_112) | | |

| | | | [Outlook](#i7b96da24b4e74d7e9eae7ba802ec632b_163) | | | | | | [67](#i7b96da24b4e74d7e9eae7ba802ec632b_163) | | |

| | | | [Regulatory Matters](#i7b96da24b4e74d7e9eae7ba802ec632b_166) | | | | | | [74](#i7b96da24b4e74d7e9eae7ba802ec632b_166) | | |

| | | | [Accounting Matters](#i7b96da24b4e74d7e9eae7ba802ec632b_169) | | | | | | [74](#i7b96da24b4e74d7e9eae7ba802ec632b_169) | | |

| | | | [Ameren Corporation](#i7b96da24b4e74d7e9eae7ba802ec632b_193) | | | | | | [88](#i7b96da24b4e74d7e9eae7ba802ec632b_193) | | |

| | | | [Union Electric](#i7b96da24b4e74d7e9eae7ba802ec632b_205) | | | | | | [92](#i7b96da24b4e74d7e9eae7ba802ec632b_205) | | |

| | | | [Ameren Illinois](#i7b96da24b4e74d7e9eae7ba802ec632b_217) | | | | | | [96](#i7b96da24b4e74d7e9eae7ba802ec632b_217) | | |

| [PART III](#i7b96da24b4e74d7e9eae7ba802ec632b_310) | | | | | | | | | | | |

| [PART IV](#i7b96da24b4e74d7e9eae7ba802ec632b_328) | | | | | | | | | | | |

| [EXHIBIT INDEX](#i7b96da24b4e74d7e9eae7ba802ec632b_352) | | | | | | | | | [171](#i7b96da24b4e74d7e9eae7ba802ec632b_352) | | |

| [SIGNATURES](#i7b96da24b4e74d7e9eae7ba802ec632b_355) | | | | | | | | | [178](#i7b96da24b4e74d7e9eae7ba802ec632b_355) | | |

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

2020 IRP – Integrated Resource Plan, a long-term nonbinding plan that Ameren Missouri filed with the MoPSC in September 2020.

CDP – A not-for-profit entity that administers a global disclosure system related to environmental matters, among other things.

COLI – Company-owned life insurance.

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

IRA – The Inflation Reduction Act of 2022, federal legislation enacted in August 2022, which includes various provisions, such as expanded production and investment tax credits for clean energy investments, transferability of certain tax credits to an unrelated party for cash, and a corporate alternative minimum tax on certain entities, among other things.

MoOPC – Missouri Office of Public Counsel.

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

MRO – Midwest Reliability Organization, one of the regional electric reliability councils organized for coordinating the planning and operation of the United States’ bulk power supply.

MW-day – Megawatt-day, a measure of electric generation equivalent to one MW of power generated over one day.

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

for the fiscal year ended December 31, 2021

10 Executive Drive

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

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

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

| | | | [The COVID-19 Pandemic](#i2c056a9f8317485ea6601862f5b0559f_52) | | | | | | [15](#i2c056a9f8317485ea6601862f5b0559f_52) | | |

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

| | | | [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) | | |

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

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

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

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

DCA – Delivery charge adjustment, a rate-adjustment mechanism that decouples natural gas revenues from actual sales volumes for Ameren Missouri’s natural gas business and allows Ameren Missouri to adjust customer rates without a traditional regulatory rate review, subject to MoPSC prudence reviews.

This mechanism ensures that Ameren Missouri’s natural gas revenues are not affected by changes in sales volumes, including those resulting from deviations from normal weather conditions.

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

On a temporary basis through June 2021, Ameren Illinois’ residential retail customers could have elected to pay a utility bill balance over a period of up to 18 months.

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

workforce and contractors; supplier disruptions; delays in the completion of construction projects, which could impact our expected capital expenditures and rate base growth; changes in how we operate our business and increased data security risks as a result of remote working arrangements for a significant portion of our workforce; and our ability to access the capital markets on reasonable terms and when needed;

- the effect on Ameren Missouri’s investment plan and earnings if an extension to use PISA is not sought by Ameren Missouri or approved by the MoPSC;

- the actions of credit rating agencies and the effects of such actions, including any impacts on our credit ratings that may result from the economic conditions of the COVID-19 pandemic;

- acts of sabotage, war, terrorism, or other intentionally disruptive acts.

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

The following table shows the anticipated capability of [removed: Ameren Missouri’s] [added: our] energy centers at the time of [removed: Ameren Missouri’s] [added: the] expected [removed: 2022] [added: 2023] peak summer electrical demand for all energy centers owned as of December 31, [removed: 2021:][added: 2022:]

| Total coal | | | | | | | | | [removed: 5,032,000] [added: 4,522,000] | | |

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

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

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

| Natural gas [added: (CTs)] | | | [removed: Audrain(f)] [added: Audrain(g)] | | | Audrain County, Missouri | | | [removed: 616,000] [added: 608,000] | | |

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

| | | | Goose [removed: Creek(g)] [added: Creek(h)] | | | Piatt County, Illinois | | | [removed: 444,000] [added: 438,000] | | |

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

| | | | Raccoon [removed: Creek(g)] [added: Creek(h)] | | | Clay County, Illinois | | | [removed: 308,000] [added: 304,000] | | |

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

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

| Total natural gas | | | | | | | | | [removed: 2,781,000] [added: 2,537,000] | | |

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

| | | | [removed: Mexico(d)] [added: Mexico(e)] | | | Mexico, Missouri | | | [removed: 55,000] [added: 54,000] | | |

| | | | [removed: Moberly(d)] [added: Moberly(e)] | | | Moberly, Missouri | | | [removed: 55,000] [added: 54,000] | | |

| | | | [removed: Moreau(d)] [added: Moreau(e)] | | | Jefferson City, Missouri | | | [removed: 55,000] [added: 54,000] | | |

| Total oil | | | | | | | | | [removed: 220,000] [added: 217,000] | | |

| [removed: Solar] | | | O’Fallon | | | O’Fallon, Missouri | | | 4,500 | | |

| Total solar | | | | | | | | | [removed: 7,200] [added: 14,100] | | |

(c)The Rush Island Energy Center [removed: was] [added: is] scheduled to retire by [removed: 2039] [added: 2025] as noted in the [added: 2022 Change to the] 2020 IRP.

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

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

[removed: (f)There are] [added: (g)There were] economic development arrangements applicable to these CTs, as discussed below.

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

The following table presents in-service electric and natural gas utility-related properties for Ameren Missouri and Ameren Illinois as of December 31, [removed: 2021:][added: 2022:]

| Circuit miles of electric transmission lines(a) | | | [removed: 3,109] [added: 3,126] | | | | | | [removed: 4,659] [added: 4,716] | | |

| Circuit miles of electric distribution lines | | | [removed: 33,656] [added: 33,846] | | | | | | [removed: 45,890] [added: 45,972] | | |

| Miles of natural gas transmission and distribution mains | | | [removed: 3,480] [added: 3,509] | | | | | | [removed: 18,620] [added: 18,680] | | |

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

The exceptions [added: as of January 31, 2023] are as follows:

That property includes a portion of Ameren Missouri’s Osage Energy Center reservoir; certain facilities at Ameren Missouri’s Sioux Energy Center; most of Ameren Missouri’s High Prairie [removed: Renewable, Atchison Renewable, Peno Creek CT] [added: Renewable] and [removed: Audrain CT] [added: Atchison Renewable] energy centers; Ameren Missouri’s Maryland Heights, Lambert, and BJC energy centers; certain substations; and most transmission and distribution lines and natural gas mains.

Substantially all of the properties and plant of Ameren Missouri and Ameren Illinois are subject to the liens of the indentures securing their [added: respective] mortgage bonds.

Ameren Missouri [removed: has] conveyed most of its Peno Creek CT Energy Center to the city of Bowling Green, Missouri through December 2022.

Ameren Missouri [removed: has] [added: had] rights and obligations as the operator of the energy center under a long-term agreement with the city of Bowling Green.

Under the terms of this agreement, Ameren Missouri [removed: is] [added: was] responsible for all operation and maintenance [removed: for] [added: at] the energy center.

Ownership of the energy center [removed: will transfer] [added: transferred] to Ameren Missouri [removed: at the expiration of the agreement,] [added: in December 2022,] at which time the property, plant, and equipment [removed: will become] [added: became] subject to the lien of the Ameren Missouri mortgage bond indenture.

Ameren Missouri [removed: has] [added: had] rights and obligations as the operator of the energy center under a long-term agreement with Audrain County.

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

| Ameren Missouri: | | | | | | | | | | | |

| Solar | | | Montgomery County | | | Montgomery County, Missouri | | | 5,700 | | |

| | | | Cape Girardeau | | | Cape Girardeau, Missouri | | | 1,200 | | |

| Total Ameren Missouri | | | | | | | | | 10,014,900 | | |

| Ameren Illinois: | | | | | | | | | | | |

| Solar | | | East St. Louis | | | East St. Louis, Illinois | | | 2,500 | | |

| Total Ameren | | | | | | | | | 10,017,400 | | |

(d)As noted in the 2022 Change to the 2020 IRP, Ameren Missouri has requested to extend the retirement date of the Sioux Energy Center from 2028 to 2030, which is subject to the approval of a change in the asset’s depreciable life by the MoPSC in Ameren Missouri’s 2022 electric service regulatory rate review.

See Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report for additional information on Ameren Missouri’s request to extend the retirement date of the Sioux Energy Center.

(h)The Venice Energy Center is scheduled to retire by 2029 and the Goose Creek, Pinckneyville, Raccoon Creek, and Kinmundy energy centers are scheduled to retire by 2040 as noted in the 2022 Change to the 2020 IRP.

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

Under the terms of this agreement, Ameren Missouri was responsible for all operation and maintenance at the energy center.

While the agreement was scheduled to expire in December 2023, Ameren Missouri and Audrain County mutually agreed to terminate the agreement in January 2023.

Ownership of the energy center was transferred to Ameren Missouri in January 2023, at which time the property, plant, and equipment became subject to the lien of the Ameren Missouri mortgage bond indenture.

See Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, of this report for additional information for both agreements associated with the Peno Creek CT and Audrain County CT energy centers.

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

| | | | Meramec(d) | | | St. Louis County, Missouri | | | 510,000 | | |

| | | | Meramec(d) | | | St. Louis County, Missouri | | | 226,000 | | |

| Total Ameren and Ameren Missouri | | | | | | | | | 10,765,000 | | |

(d)The Sioux and Meramec energy centers are scheduled to retire by 2028 and 2022, respectively.

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

The agreement will expire in December 2023.

The executive officers of the Ameren Companies, including major subsidiaries, are listed below, along with their ages as of December 31, [removed: 2021,] [added: 2022,] all their positions and offices held with the Ameren Companies as of February [removed: 22, 2022,] [added: 21, 2023,] and their tenures as officers, and their titles for at least the last five years.

| Warner L. Baxter | | | [removed: 60] [added: 61] | | | Executive Chairman; Ameren | | | January 2022 – Present | | |

| Martin J. Lyons, Jr. | | | [removed: 55] [added: 56] | | | President and Chief Executive Officer; Ameren | | | January 2022 – Present | | |

| Michael L. Moehn | | | [removed: 52] [added: 53] | | | Executive Vice President and Chief Financial Officer; Ameren | | | December 2019 – Present | | |

| Chonda J. Nwamu | | | [removed: 50] [added: 51] | | | Senior Vice President, General Counsel, and Secretary; Ameren | | | August 2019 – Present | | |

| Theresa A. Shaw | | | [removed: 49] [added: 50] | | | Senior Vice President, Finance, and Chief Accounting Officer; Ameren | | | August 2021 – Present | | |

| Bhavani Amirthalingam | | | [removed: 46] [added: 47] | | | Senior Vice President and Chief Digital Information Officer; Ameren Services | | | March 2018(a) – Present | | |

| Mark C. Birk | | | [removed: 57] [added: 58] | | | Chairman and President; Ameren Missouri | | | January 2022 – Present | | |

| Fadi M. Diya | | | [removed: 59] [added: 60] | | | Senior Vice President and Chief Nuclear Officer; Ameren Missouri | | | January 2014 – Present | | |

| [added: Mark C. Lindgren] | | | [added: 55] | | | Senior Vice [removed: President] [added: President, Corporate Communications,] and Chief [removed: Information] [added: Human Resources] Officer; Ameren Services | | | September 2015 – [removed: February 2019] [added: Present] | | |

| [removed: Richard J. Mark] [added: Leonard P. Singh] | | | [removed: 66] [added: 53] | | | Chairman and President; Ameren Illinois | | | [removed: June 2012] [added: August 2022(b)] – Present | | |

| Shawn E. Schukar | | | [removed: 60] [added: 61] | | | Chairman and President; ATXI | | | May 2017 – Present | | |

No [removed: special] arrangement or understanding exists between any of the above-named executive officers and the Ameren Companies [removed: nor, to our knowledge,] [added: nor] with any other person or persons pursuant to which any executive officer was selected as an officer.

There are no family relationships among the executive officers or between any executive [removed: officers and] [added: officer or] any [removed: directors] [added: director] of the Ameren Companies.

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

| Gwendolyn G. Mizell | | | 61 | | | Vice President, Chief Sustainability, Diversity, & Philanthropy Officer; Ameren Services | | | March 2022 – Present | | |

| | | | | | | Vice President, Innovation, and Chief Sustainability Officer; Ameren Services | | | January 2021 – March 2022 | | |

| | | | | | | Vice President, Sustainability and Electrification; Ameren Services | | | June 2019 – January 2021 | | |

| | | | | | | Senior Director, Corporate Social Responsibility; Ameren Services | | | March 2018 – June 2019 | | |

| | | | | | | Director, Diversity, Equity and Inclusion; Ameren Services | | | October 2015 – March 2018 | | |

(b)Leonard P.

Singh served as Senior Vice President of Consolidated Edison Company of New York from December 2020 to June 2022 and as Vice President, Manhattan Electric Operations of Consolidated Edison Company of New York from June 2015 to December 2020.

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

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

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

| | | | | | | Senior Vice President, Corporate Safety, Planning and Operations Oversight; Ameren Services | | | April 2015 – January 2017 | | |

| Mary P. Heger | | | 65 | | | Senior Vice President, Customer Experience; Ameren Illinois | | | February 2019 – Present | | |

| Mark C. Lindgren | | | 54 | | | Senior Vice President, Corporate Communications, and Chief Human Resources Officer; Ameren Services | | | September 2015 – Present | | |

| | | | | | | Senior Vice President, Transmission Operations, Construction and Project Management; ATXI | | | December 2013 – May 2017 | | |

Ameren common shareholders of record totaled [removed: 40,340] [added: 37,798] on January 31, [removed: 2022.][added: 2023.]

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: 2021,] [added: 2022,] to December 31, [removed: 2021.][added: 2022.]

The following graph shows Ameren’s cumulative TSR during the five years ended December 31, [removed: 2021.][added: 2022.]

The comparison assumes that $100 was invested on December 31, [removed: 2016,] [added: 2017,] in Ameren common stock and in each of the indices shown and that all of the dividends were reinvested.

[removed: ][added: ]

| December 31, | | | [removed: 2016] [added: 2017] | | | | | | [removed: 2017] [added: 2018] | | | | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | |

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

| Ameren (AEE) | | | $ | 100.00 | | | | | $ | 113.98 | | | | | $ | 137.71 | | | | | $ | 143.59 | | | | | $ | 168.13 | | | | | $ | 172.40 | |

| S&P 500 Index | | | 100.00 | | | | | | 95.61 | | | | | | 125.70 | | | | | | 148.81 | | | | | | 191.48 | | | | | | 156.77 | | |

| S&P 500 Utility Index | | | 100.00 | | | | | | 104.11 | | | | | | 131.54 | | | | | | 132.23 | | | | | | 155.60 | | | | | | 158.03 | | |

| Philadelphia Utility Index | | | 100.00 | | | | | | 103.52 | | | | | | 131.28 | | | | | | 134.85 | | | | | | 159.45 | | | | | | 160.49 | | |

[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 | | |

We have audited the accompanying consolidated balance [removed: sheets] [added: sheet] of Ameren Corporation and its subsidiaries (the “Company”) as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] 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: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] 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: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2021] [added: 2022] 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: 2021,] [added: 2022,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

As of December 31, [removed: 2021,] [added: 2022,] there were approximately [removed: $1.6] [added: $1.8] billion of regulatory assets and approximately [removed: $6.0] [added: $5.4] billion of regulatory liabilities.

[added: | Agreement date | | | | | |] February [removed: 22,] 2022 [added: | | | June 2022 | | |]

We have audited the accompanying [added: consolidated] balance [removed: sheets] [added: sheet] of Union Electric Company [added: and its subsidiaries] (the “Company”) as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the related [added: consolidated] statements of income, of shareholders’ equity and of cash flows for each of the three years in the period ended December 31, [removed: 2021,] [added: 2022,] including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the [removed: “financial] [added: “consolidated 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: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2021] [added: 2022] in conformity with accounting principles generally accepted in the United States of America.

These [added: consolidated] financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on the Company’s [added: consolidated] financial statements based on our audits.

We conducted our audits of these [added: consolidated] financial statements in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the [added: consolidated] financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the [added: consolidated] financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the [added: consolidated] financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the [added: consolidated] financial statements.

The critical audit matter communicated below is a matter arising from the current period audit of the [added: consolidated] financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the [added: consolidated] financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the [added: consolidated] financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

As described in Notes 1 and 2 to the [added: consolidated] financial statements, the Company has operations that are subject to the decisions and requirements of its regulators.

As of December 31, [removed: 2021,] [added: 2022,] there were approximately [removed: $0.7] [added: $0.8] billion of regulatory assets and approximately [removed: $3.4] [added: $2.9] billion of regulatory liabilities.

The principal considerations for our determination that performing procedures relating to accounting for the effects of regulation is a critical audit matter are the significant judgment by management when accounting for (i) new or existing regulatory assets or liabilities that were impacted by updates in regulatory commission orders, legislation, historical experience, or management’s discussions with legal counsel, and (ii) the probability of recovery of regulatory assets and refund of regulatory liabilities recorded before approval has been received from the [removed: regulator, which in turn led to a high degree of auditor judgment, subjectivity, and audit effort when performing audit procedures and]

[added: regulator, which in turn led to a high degree of auditor judgment, subjectivity, and audit effort when performing audit procedures and] evaluating audit evidence obtained related to management’s application of regulatory accounting and assessment of probability of recovery of regulatory assets and refund of regulatory liabilities.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the [added: consolidated] financial statements.

We have audited the accompanying balance [removed: sheets] [added: sheet] of Ameren Illinois Company (the “Company”) as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] 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: 2021,] [added: 2022,] 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”).

As of December 31, [removed: 2021,] [added: 2022,] there were approximately $0.9 billion of regulatory assets and approximately $2.4 billion of regulatory liabilities.

| | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Electric | | | $ | [removed: 5,297] [added: 6,581] | | | | | $ | [removed: 4,911] [added: 5,297] | | | | | $ | [removed: 4,981] [added: 4,911] | |

| Natural gas | | | [removed: 1,097] [added: 1,376] | | | | | | [removed: 883] [added: 1,097] | | | | | | [removed: 929] [added: 883] | | |

| Total operating revenues | | | [removed: 6,394] [added: 7,957] | | | | | | [removed: 5,794] [added: 6,394] | | | | | | [removed: 5,910] [added: 5,794] | | |

| Fuel | | | [removed: 581] [added: 473] | | | | | | [removed: 490] [added: 581] | | | | | | [removed: 535] [added: 490] | | |

| Purchased power | | | [removed: 606] [added: 1,547] | | | | | | [removed: 513] [added: 606] | | | | | | [removed: 556] [added: 513] | | |

| Natural gas purchased for resale | | | [removed: 442] [added: 657] | | | | | | [removed: 272] [added: 442] | | | | | | [removed: 331] [added: 272] | | |

| Other operations and maintenance | | | [removed: 1,774] [added: 1,937] | | | | | | [removed: 1,661] [added: 1,774] | | | | | | [removed: 1,745] [added: 1,661] | | |

| Depreciation and amortization | | | [removed: 1,146] [added: 1,289] | | | | | | [removed: 1,075] [added: 1,146] | | | | | | [removed: 995] [added: 1,075] | | |

| Taxes other than income taxes | | | [removed: 512] [added: 539] | | | | | | [removed: 483] [added: 512] | | | | | | [removed: 481] [added: 483] | | |

| Total operating expenses | | | [removed: 5,061] [added: 6,442] | | | | | | [removed: 4,494] [added: 5,061] | | | | | | [removed: 4,643] [added: 4,494] | | |

| Operating Income | | | [removed: 1,333] [added: 1,515] | | | | | | [removed: 1,300] [added: 1,333] | | | | | | [removed: 1,267] [added: 1,300] | | |

| Other Income, Net | | | [removed: 202] [added: 226] | | | | | | [removed: 151] [added: 202] | | | | | | [removed: 130] [added: 151] | | |

| Interest Charges | | | [removed: 383] [added: 486] | | | | | | [removed: 419] [added: 383] | | | | | | [removed: 381] [added: 419] | | |

| Income Before Income Taxes | | | [removed: 1,152] [added: 1,255] | | | | | | [removed: 1,032] [added: 1,152] | | | | | | [removed: 1,016] [added: 1,032] | | |

| Income Taxes | | | [removed: 157] [added: 176] | | | | | | [removed: 155] [added: 157] | | | | | | [removed: 182] [added: 155] | | |

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

February 21, 2023

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

February 21, 2023

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

February 21, 2023

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

| | | | 2022 | | | | | | 2021 | | |

[Table](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [of](#i7b96da24b4e74d7e9eae7ba802ec632b_7) [Contents](#i7b96da24b4e74d7e9eae7ba802ec632b_7)

| Depreciation and amortization | | | 1,438 | | | | | | 1,277 | | | | | | 1,153 | | |