Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

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Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders

of Ameren Corporation

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheet of Ameren Corporation and its subsidiaries (the “Company”) as of December 31, 2022 and 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, 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, 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, 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. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the 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 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 consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the 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 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 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.

Accounting for the Effects of Regulation

As described in Notes 1 and 2 to the consolidated financial statements, the Company has operations that are subject to the decisions and requirements of its regulators. As disclosed by management, the Company’s use of accounting guidance for rate-regulated businesses results in recording regulatory assets and liabilities for certain transactions that management expects will be recovered from or refunded to customers in future rates. Regulatory assets and liabilities are amortized consistent with the period of expected regulatory treatment. As of December 31, 2022, there were approximately $1.8 billion of regulatory assets and approximately $5.4 billion of regulatory liabilities. In some cases, management records regulatory assets before approval for recovery has been received from the applicable regulatory commission. Management must use judgment to conclude that costs deferred as regulatory assets are probable of future recovery. Additionally, management recognizes revenue for alternative revenue programs that allow for an automatic rate adjustment, are probable of recovery, and are collected within 24 months of the end of the annual period in which they are recognized. Management’s conclusions are based on certain factors including, but not limited to, regulatory commission orders, legislation, or historical experience, as well as management’s discussions with legal counsel.

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, (ii) the probability of recovery of regulatory assets and refund of regulatory liabilities recorded before approval has been received from the regulator, and (iii) regulatory mechanisms meeting the alternative revenue program criteria, which in turn led to a high degree of auditor judgment, subjectivity, and effort when performing audit procedures and evaluating audit evidence obtained related to management’s application of regulatory accounting, assessment of probability of recovery of regulatory assets and refund of regulatory liabilities, and expected timing of collection within 24 months of the end of the annual period in which mechanisms are recognized.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s implementation and application of new or existing regulatory assets or liabilities, including controls related to evaluating the probability of recovery of regulatory assets and refund of regulatory liabilities, and alternative revenue programs. These procedures also included, among others, (i) testing calculations of new and existing regulatory assets or liabilities by comparison to provisions and formulas outlined in regulatory commission orders or legislation, (ii) evaluating management’s assessment of the probability of recovery of regulatory assets and refund of regulatory liabilities, and (iii) evaluating management’s assessment of regulatory mechanisms meeting the alternative revenue program criteria and the expected timing of collection within 24 months of the end of the annual period in which mechanisms are recognized.

/s/ PricewaterhouseCoopers LLP

St. Louis, Missouri

February 21, 2023

We have served as the Company’s auditor since at least 1932. We have not been able to determine the specific year we began serving as auditor of the Company.

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders

of Union Electric Company

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of Union Electric Company and its subsidiaries (the “Company”) as of December 31, 2022 and 2021, and the related consolidated statements of income, of shareholders’ equity and of cash flows for each of the three years in the period ended December 31, 2022, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). 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.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these 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 consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the 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 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 consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Accounting for the Effects of Regulation

As described in Notes 1 and 2 to the consolidated financial statements, the Company has operations that are subject to the decisions and requirements of its regulators. As disclosed by management, the Company’s use of accounting guidance for rate-regulated businesses results in recording regulatory assets and liabilities for certain transactions that management expects will be recovered from or refunded to customers in future rates. Regulatory assets and liabilities are amortized consistent with the period of expected regulatory treatment. As of December 31, 2022, there were approximately $0.8 billion of regulatory assets and approximately $2.9 billion of regulatory liabilities. In some cases, management records regulatory assets before approval for recovery has been received from the applicable regulatory commission. Management must use judgment to conclude that costs deferred as regulatory assets are probable of future recovery. Management’s conclusions are based on certain factors including, but not limited to, regulatory commission orders, legislation, or historical experience, as well as management’s discussions with legal counsel.

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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 consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s implementation and application of new or existing regulatory assets or liabilities, including controls related to evaluating the probability of recovery of regulatory assets and refund of regulatory liabilities. These procedures also included, among others, (i) testing calculations of new and existing regulatory assets or liabilities by comparison to provisions and formulas outlined in regulatory commission orders, and (ii) evaluating management’s assessment of the probability of recovery of regulatory assets and refund of regulatory liabilities.

/s/ PricewaterhouseCoopers LLP

St. Louis, Missouri

February 21, 2023

We have served as the Company’s auditor since at least 1932. We have not been able to determine the specific year we began serving as auditor of the Company.

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders

of Ameren Illinois Company

Opinion on the Financial Statements

We have audited the accompanying balance sheet of Ameren Illinois Company (the “Company”) as of December 31, 2022 and 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, 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”). In our opinion, the 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.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these 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 financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the 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 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 financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the 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 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 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.

Accounting for the Effects of Regulation

As described in Notes 1 and 2 to the financial statements, the Company has operations that are subject to the decisions and requirements of its regulators. As disclosed by management, the Company’s use of accounting guidance for rate-regulated businesses results in recording regulatory assets and liabilities for certain transactions that management expects will be recovered from or refunded to customers in future rates. Regulatory assets and liabilities are amortized consistent with the period of expected regulatory treatment. As of December 31, 2022, there were approximately $0.9 billion of regulatory assets and approximately $2.4 billion of regulatory liabilities. In some cases, management records regulatory assets before approval for recovery has been received from the applicable regulatory commission. Management must use judgment to conclude that costs deferred as regulatory assets are probable of future recovery. Additionally, management recognizes revenue for alternative revenue programs that allow for an automatic rate adjustment, are probable of recovery, and are collected within 24 months of the end of the annual period in which they are recognized. Management’s conclusions are based on certain factors including, but not limited to, regulatory commission orders, legislation, or historical experience, as well as management’s discussions with legal counsel.

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judgment, subjectivity, and effort when performing audit procedures and evaluating audit evidence obtained related to management’s application of regulatory accounting, assessment of probability of recovery of regulatory assets and refund of regulatory liabilities, and expected timing of collection within 24 months of the end of the annual period in which mechanisms are recognized.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures included testing the effectiveness of controls relating to management’s implementation and application of new or existing regulatory assets or liabilities, including controls related to evaluating the probability of recovery of regulatory assets and refund of regulatory liabilities, and alternative revenue programs. These procedures also included, among others, (i) testing calculations of new and existing regulatory assets or liabilities by comparison to provisions and formulas outlined in regulatory commission orders or legislation, (ii) evaluating management’s assessment of the probability of recovery of regulatory assets and refund of regulatory liabilities, and (iii) evaluating management’s assessment of regulatory mechanisms meeting the alternative revenue program criteria and the expected timing of collection within 24 months of the end of the annual period in which mechanisms are recognized.

/s/ PricewaterhouseCoopers LLP

St. Louis, Missouri

February 21, 2023

We have served as the Company’s auditor since 1998.

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AMEREN CORPORATION

CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME

(In millions, except per share amounts)


	Year Ended December 31,
	2022		2021		2020
Operating Revenues:
Electric	$	6,581	$	5,297	$	4,911
Natural gas	1,376		1,097		883
Total operating revenues	7,957		6,394		5,794
Operating Expenses:
Fuel	473		581		490
Purchased power	1,547		606		513
Natural gas purchased for resale	657		442		272
Other operations and maintenance	1,937		1,774		1,661

Depreciation and amortization	1,289		1,146		1,075
Taxes other than income taxes	539		512		483
Total operating expenses	6,442		5,061		4,494
Operating Income	1,515		1,333		1,300



Other Income, Net	226		202		151
Interest Charges	486		383		419
Income Before Income Taxes	1,255		1,152		1,032
Income Taxes	176		157		155


Net Income	1,079		995		877
Less: Net Income Attributable to Noncontrolling Interests	5		5		6





Net Income Attributable to Ameren Common Shareholders	$	1,074	$	990	$	871


Net Income	$	1,079	$	995	$	877
Other Comprehensive Income (Loss), Net of Taxes
Pension and other postretirement benefit plan activity, net of income taxes (benefit) of $(4), $4, and $5, respectively	(14)		14		16
Comprehensive Income	1,065		1,009		893
Less: Comprehensive Income Attributable to Noncontrolling Interests	5		5		6
Comprehensive Income Attributable to Ameren Common Shareholders	$	1,060	$	1,004	$	887





Earnings per Common Share – Basic	$	4.16	$	3.86	$	3.53




Earnings per Common Share – Diluted	$	4.14	$	3.84	$	3.50

Weighted-average Common Shares Outstanding – Basic	258.4		256.3		247.0
Weighted-average Common Shares Outstanding – Diluted	259.5		257.6		248.7

The accompanying notes are an integral part of these consolidated financial statements.

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AMEREN CORPORATION

CONSOLIDATED BALANCE SHEET

(In millions, except per share amounts)


	December 31,
	2022		2021
ASSETS
Current Assets:
Cash and cash equivalents	$	10	$	8
Accounts receivable – trade (less allowance for doubtful accounts of $31 and $29, respectively)	600		434
Unbilled revenue	446		301
Miscellaneous accounts receivable	54		85
Inventories	667		592

Current regulatory assets	354		319
Investments in industrial development revenue bonds	240		8
Current collateral assets	142		66
Other current assets	155		155

Total current assets	2,668		1,968
Property, Plant, and Equipment, Net	31,262		29,261
Investments and Other Assets:
Nuclear decommissioning trust fund	958		1,159
Goodwill	411		411

Regulatory assets	1,426		1,289
Pension and other postretirement benefits	411		756
Other assets	768		891

Total investments and other assets	3,974		4,506
TOTAL ASSETS	$	37,904	$	35,735
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt	$	340	$	505
Short-term debt	1,070		545
Accounts and wages payable	1,159		1,095





Other current liabilities	797		681

Total current liabilities	3,366		2,826

Long-term Debt, Net	13,685		12,562
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and investment tax credits, net	3,804		3,499

Regulatory liabilities	5,309		5,848
Asset retirement obligations	763		757

Other deferred credits and liabilities	340		414

Total deferred credits and other liabilities	10,216		10,518
Commitments and Contingencies (Notes 2, 9, and 14)
Shareholders’ Equity:
Common stock, $.01 par value, 400.0 shares authorized – shares outstanding of 262.0 and 257.7, respectively	3		3
Other paid-in capital, principally premium on common stock	6,860		6,502
Retained earnings	3,646		3,182
Accumulated other comprehensive income (loss)	(1)		13
Total shareholders’ equity	10,508		9,700
Noncontrolling Interests	129		129
Total equity	10,637		9,829
TOTAL LIABILITIES AND EQUITY	$	37,904	$	35,735

The accompanying notes are an integral part of these consolidated financial statements.

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AMEREN CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOWS

(In millions)


	Year Ended December 31,
	2022		2021		2020
Cash Flows From Operating Activities:
Net income	$	1,079	$	995	$	877

Adjustments to reconcile net income to net cash provided by operating activities:



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

Amortization of debt issuance costs and premium/discounts	21		23		22
Deferred income taxes and investment tax credits, net	170		156		148
Allowance for equity funds used during construction	(43)		(43)		(32)
Stock-based compensation costs	24		22		21

Other	68		19		22
Changes in assets and liabilities:
Receivables	(317)		(74)		(47)
Inventories	(77)		(71)		(25)
Accounts and wages payable	136		28		40
Taxes accrued	(13)		1		34
Regulatory assets and liabilities	(72)		(439)		(254)
Assets, other	(74)		(71)		(74)
Liabilities, other	52		(75)		(110)
Pension and other postretirement benefits	(65)		(33)		(38)
Counterparty collateral, net	(64)		(54)		(10)




Net cash provided by operating activities	2,263		1,661		1,727
Cash Flows From Investing Activities:
Capital expenditures	(3,351)		(3,479)		(3,233)

Nuclear fuel expenditures	(29)		(44)		(66)
Purchases of securities – nuclear decommissioning trust fund	(229)		(452)		(224)
Sales and maturities of securities – nuclear decommissioning trust fund	216		439		183






Other	23		8		11



Net cash used in investing activities	(3,370)		(3,528)		(3,329)
Cash Flows From Financing Activities:
Dividends on common stock	(610)		(565)		(494)
Dividends paid to noncontrolling interest holders	(5)		(5)		(6)
Short-term debt, net	522		55		50

Maturities of long-term debt	(505)		(8)		(442)


Issuances of long-term debt	1,467		1,997		2,183
Issuances of common stock	333		308		476



Redemptions of Ameren Illinois preferred stock	—		(13)		—
Employee payroll taxes related to stock-based compensation	(16)		(17)		(20)
Debt issuance costs	(18)		(18)		(20)
Other	—		(13)		—
Net cash provided by financing activities	1,168		1,721		1,727


Net change in cash, cash equivalents, and restricted cash	61		(146)		125
Cash, cash equivalents, and restricted cash at beginning of year	155		301		176
Cash, cash equivalents, and restricted cash at end of year	$	216	$	155	$	301







Cash Paid (Refunded) During the Year:
Interest (net of $26, $17, and $16 capitalized, respectively)	$	476	$	426	$	383
Income taxes, net	(8)		(1)		13

The accompanying notes are an integral part of these consolidated financial statements.

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AMEREN CORPORATION

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

(In millions)


	December 31,
	2022		2021		2020
Common Stock:
Beginning of year	$	3	$	3	$	2
Settlement of forward sale agreement through common shares issuance	—		—		1
Common stock, end of year	3		3		3

Other Paid-in Capital:
Beginning of year	6,502		6,179		5,694
Settlement of forward sale agreement through common shares issuance	—		113		424
Shares issued under the ATM program	292		148		—
Shares issued under the DRPlus and 401(k) plan	49		47		51
Stock-based compensation activity	17		15		10

Other paid-in capital, end of year	6,860		6,502		6,179

Retained Earnings:
Beginning of year	3,182		2,757		2,380
Net income attributable to Ameren common shareholders	1,074		990		871
Dividends on common stock	(610)		(565)		(494)

Retained earnings, end of year	3,646		3,182		2,757

Accumulated Other Comprehensive Income (Loss):




Deferred retirement benefit costs, beginning of year	13		(1)		(17)
Change in deferred retirement benefit costs	(14)		14		16

Deferred retirement benefit costs, end of year	(1)		13		(1)
Total accumulated other comprehensive gain (loss), end of year	(1)		13		(1)
Total Shareholders’ Equity	$	10,508	$	9,700	$	8,938

Noncontrolling Interests:
Beginning of year	129		142		142
Net income attributable to noncontrolling interest holders	5		5		6
Dividends paid to noncontrolling interest holders	(5)		(5)		(6)
Redemptions of Ameren Illinois preferred stock	—		(13)		—


Noncontrolling interests, end of year	129		129		142
Total Equity	$	10,637	$	9,829	$	9,080


Common stock shares outstanding at beginning of year	257.7		253.3		246.2
Shares issued under forward sale agreement	—		1.6		5.9
Shares issued under the ATM program	3.4		1.8		—
Shares issued under the DRPlus and 401(k) plan	0.5		0.5		0.7
Shares issued for stock-based compensation	0.4		0.5		0.5
Common stock shares outstanding at end of year	262.0		257.7		253.3

Dividends per common share	$	2.36	$	2.20	$	2.00

The accompanying notes are an integral part of these consolidated financial statements.

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UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)

CONSOLIDATED STATEMENT OF INCOME

(In millions)


	Year Ended December 31,
	2022		2021		2020
Operating Revenues:
Electric	$	3,849	$	3,212	$	2,984
Natural gas	197		141		125

Total operating revenues	4,046		3,353		3,109
Operating Expenses:
Fuel	473		581		490
Purchased power	677		227		171
Natural gas purchased for resale	104		60		43
Other operations and maintenance	1,028		948		886

Depreciation and amortization	732		632		604
Taxes other than income taxes	363		343		328
Total operating expenses	3,377		2,791		2,522
Operating Income	669		562		587



Other Income, Net	99		99		76
Interest Charges	213		137		190
Income Before Income Taxes	555		524		473
Income Taxes (Benefit)	(10)		3		34





Net Income	565		521		439
Preferred Stock Dividends	3		3		3
Net Income Attributable to Ameren Common Shareholders	$	562	$	518	$	436

The accompanying notes as they relate to Ameren Missouri are an integral part of these consolidated financial statements.

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UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)

CONSOLIDATED BALANCE SHEET

(In millions, except per share amounts)


	December 31,
	2022		2021
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	—

Accounts receivable – trade (less allowance for doubtful accounts of $13 and $13, respectively)	244		190
Accounts receivable – affiliates	51		44
Unbilled revenue	184		142
Miscellaneous accounts receivable	18		71
Inventories	434		419
Current regulatory assets	254		127
Investments in industrial development revenue bonds	240		8
Current collateral assets	101		66
Other current assets	66		68
Total current assets	1,592		1,135
Property, Plant, and Equipment, Net	16,124		15,296
Investments and Other Assets:
Nuclear decommissioning trust fund	958		1,159

Regulatory assets	594		523
Pension and other postretirement benefits	98		208
Other assets	140		401
Total investments and other assets	1,790		2,291
TOTAL ASSETS	$	19,506	$	18,722
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	240	$	55

Short-term debt	329		165
Accounts and wages payable	606		631
Accounts payable – affiliates	43		46





Other current liabilities	352		320
Total current liabilities	1,570		1,217
Long-term Debt, Net	5,846		5,564
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and investment tax credits, net	1,982		1,852

Regulatory liabilities	2,871		3,354
Asset retirement obligations	759		753

Other deferred credits and liabilities	51		71
Total deferred credits and other liabilities	5,663		6,030
Commitments and Contingencies (Notes 2, 9, 13, and 14)
Shareholders’ Equity:
Common stock, $5 par value, 150.0 shares authorized – 102.1 shares outstanding	511		511
Other paid-in capital, principally premium on common stock	2,725		2,725
Preferred stock	80		80
Retained earnings	3,111		2,595
Total shareholders’ equity	6,427		5,911
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	19,506	$	18,722

The accompanying notes as they relate to Ameren Missouri are an integral part of these consolidated financial statements.

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UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)

CONSOLIDATED STATEMENT OF CASH FLOWS

(In millions)


	Year Ended December 31,
	2022		2021		2020
Cash Flows From Operating Activities:
Net income	$	565	$	521	$	439
Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization	881		762		681


Amortization of debt issuance costs and premium/discounts	7		6		6
Deferred income taxes and investment tax credits, net	21		3		17
Allowance for equity funds used during construction	(24)		(26)		(19)
Other	14		19		22
Changes in assets and liabilities:
Receivables	(68)		(60)		(8)
Inventories	(15)		(32)		(11)
Accounts and wages payable	19		28		26
Taxes accrued	(21)		(27)		9
Regulatory assets and liabilities	(206)		(207)		(166)
Assets, other	(34)		(27)		(2)
Liabilities, other	7		(29)		(80)
Pension and other postretirement benefits	(16)		(2)		(3)


Net cash provided by operating activities	1,130		929		911
Cash Flows From Investing Activities:
Capital expenditures	(1,690)		(2,015)		(1,666)

Nuclear fuel expenditures	(29)		(44)		(66)
Purchases of securities – nuclear decommissioning trust fund	(229)		(452)		(224)
Sales and maturities of securities – nuclear decommissioning trust fund	216		439		183


Money pool advances, net	—		139		(139)

Other	29		11		8
Net cash used in investing activities	(1,703)		(1,922)		(1,904)
Cash Flows From Financing Activities:
Dividends on common stock	(46)		(24)		(66)

Dividends on preferred stock	(3)		(3)		(3)
Short-term debt, net	164		165		(234)


Maturities of long-term debt	(55)		(8)		(92)
Issuances of long-term debt	524		524		1,012
Debt issuance costs	(6)		(5)		(9)
Capital contribution from parent	—		207		491

Net cash provided by financing activities	578		856		1,099
Net change in cash, cash equivalents, and restricted cash	5		(137)		106
Cash, cash equivalents, and restricted cash at beginning of year	8		145		39
Cash, cash equivalents, and restricted cash at end of year	$	13	$	8	$	145



Cash Paid During the Year:
Interest (net of $13, $10, and $10 capitalized, respectively)	$	230	$	205	$	190
Income taxes, net	(20)		19		25

The accompanying notes as they relate to Ameren Missouri are an integral part of these consolidated financial statements.

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UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

(In millions)


	December 31,
	2022		2021		2020
Common Stock	$	511	$	511	$	511

Other Paid-in Capital:
Beginning of year	2,725		2,518		2,027
Capital contribution from parent	—		207		491

Other paid-in capital, end of year	2,725		2,725		2,518




Preferred Stock	80		80		80

Retained Earnings:
Beginning of year	2,595		2,101		1,731
Net income	565		521		439
Dividends on common stock	(46)		(24)		(66)
Dividends on preferred stock	(3)		(3)		(3)
Retained earnings, end of year	3,111		2,595		2,101

Total Shareholders’ Equity	$	6,427	$	5,911	$	5,210

The accompanying notes as they relate to Ameren Missouri are an integral part of these consolidated financial statements.

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AMEREN ILLINOIS COMPANY (d/b/a AMEREN ILLINOIS)

STATEMENT OF INCOME

(In millions)


	Year Ended December 31,
	2022		2021		2020
Operating Revenues:
Electric	$	2,576	$	1,938	$	1,775
Natural gas	1,180		957		760

Total operating revenues	3,756		2,895		2,535
Operating Expenses:
Purchased power	880		400		355
Natural gas purchased for resale	553		382		229
Other operations and maintenance	882		820		775
Depreciation and amortization	514		472		434
Taxes other than income taxes	161		153		140
Total operating expenses	2,990		2,227		1,933
Operating Income	766		668		602



Other Income, Net	96		66		59
Interest Charges	168		164		155
Income Before Income Taxes	694		570		506
Income Taxes	179		143		124
Net Income	515		427		382







Preferred Stock Dividends	2		2		3
Net Income Attributable to Ameren Common Shareholders	$	513	$	425	$	379

The accompanying notes as they relate to Ameren Illinois are an integral part of these financial statements.

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AMEREN ILLINOIS COMPANY (d/b/a AMEREN ILLINOIS)

BALANCE SHEET

(In millions)


	December 31,
	2022		2021
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	—
Accounts receivable – trade (less allowance for doubtful accounts of $18 and $16, respectively)	341		228
Accounts receivable – affiliates	12		24
Unbilled revenue	262		159
Miscellaneous accounts receivable	23		1
Inventories	233		173

Current regulatory assets	87		180

Other current assets	98		58
Total current assets	1,056		823
Property, Plant, and Equipment, Net	13,353		12,223
Investments and Other Assets:
Goodwill	411		411
Regulatory assets	821		752
Pension and other postretirement benefits	318		427
Other assets	482		399
Total investments and other assets	2,032		1,989
TOTAL ASSETS	$	16,441	$	15,035
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	100	$	400
Short-term debt	264		103

Accounts and wages payable	451		361
Accounts payable – affiliates	93		64





Current regulatory liabilities	64		54
Other current liabilities	319		251
Total current liabilities	1,291		1,233
Long-term Debt, Net	4,735		3,992
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and investment tax credits, net	1,699		1,558

Regulatory liabilities	2,313		2,374


Other deferred credits and liabilities	235		238
Total deferred credits and other liabilities	4,247		4,170
Commitments and Contingencies (Notes 2, 13, and 14)
Shareholders’ Equity:
Common stock, no par value, 45.0 shares authorized – 25.5 shares outstanding	—		—
Other paid-in capital	2,929		2,914
Preferred stock	49		49
Retained earnings	3,190		2,677

Total shareholders’ equity	6,168		5,640
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	16,441	$	15,035

The accompanying notes as they relate to Ameren Illinois are an integral part of these financial statements.

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AMEREN ILLINOIS COMPANY (d/b/a AMEREN ILLINOIS)

STATEMENT OF CASH FLOWS

(In millions)


	Year Ended December 31,
	2022		2021		2020
Cash Flows From Operating Activities:
Net income	$	515	$	427	$	382
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	514		471		434
Amortization of debt issuance costs and premium/discounts	11		13		12
Deferred income taxes and investment tax credits, net	117		165		118
Allowance for equity funds used during construction	(18)		(17)		(13)
Other	29		10		21
Changes in assets and liabilities:
Receivables	(250)		(17)		(28)
Inventories	(62)		(40)		(15)
Accounts and wages payable	117		2		15
Taxes accrued	34		22		(23)
Regulatory assets and liabilities	134		(222)		(72)
Assets, other	(107)		(75)		(76)
Liabilities, other	53		(45)		(46)
Pension and other postretirement benefits	(39)		(32)		(30)
Net cash provided by operating activities	1,048		662		679
Cash Flows From Investing Activities:
Capital expenditures	(1,601)		(1,432)		(1,447)

Other	(1)		(5)		3
Net cash used in investing activities	(1,602)		(1,437)		(1,444)
Cash Flows From Financing Activities:
Dividends on common stock	—		—		(9)
Dividends on preferred stock	(2)		(2)		(3)
Short-term debt, net	161		103		(53)
Money pool borrowings, net	—		(19)		19

Maturities of long-term debt	(400)		—		—
Redemption of preferred stock	—		(13)		—
Issuances of long-term debt	848		449		373
Debt issuance costs	(10)		(6)		(4)


Capital contribution from parent	15		262		464
Other	—		(13)		—
Net cash provided by financing activities	612		761		787
Net change in cash, cash equivalents, and restricted cash	58		(14)		22
Cash, cash equivalents, and restricted cash at beginning of year	133		147		125
Cash, cash equivalents, and restricted cash at end of year	$	191	$	133	$	147

Cash Paid During the Year:
Interest (net of $12, $7, and $6 capitalized, respectively)	$	152	$	148	$	137
Income taxes, net	23		(41)		41

The accompanying notes as they relate to Ameren Illinois are an integral part of these financial statements.

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AMEREN ILLINOIS COMPANY (d/b/a AMEREN ILLINOIS)

STATEMENT OF SHAREHOLDERS’ EQUITY

(In millions)


	December 31,
	2022		2021		2020
Common Stock	$	—	$	—	$	—

Other Paid-in Capital:
Beginning of year	2,914		2,652		2,188
Capital contribution from parent	15		262		464

Other paid-in capital, end of year	2,929		2,914		2,652


Preferred Stock:
Beginning of year	49		62		62
Redemptions of preferred stock	—		(13)		—


Preferred stock, end of year	49		49		62

Retained Earnings:
Beginning of year	2,677		2,252		1,882
Net income	515		427		382
Dividends on common stock	—		—		(9)
Dividends on preferred stock	(2)		(2)		(3)

Retained earnings, end of year	3,190		2,677		2,252







Total Shareholders’ Equity	$	6,168	$	5,640	$	4,966

The accompanying notes as they relate to Ameren Illinois are an integral part of these financial statements.

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AMEREN CORPORATION (Consolidated)

UNION ELECTRIC COMPANY (Consolidated) (d/b/a Ameren Missouri)

AMEREN ILLINOIS COMPANY (d/b/a Ameren Illinois)

COMBINED NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

Ameren, headquartered in St. Louis, Missouri, is a public utility holding company whose primary assets are its equity interests in its subsidiaries. Ameren’s subsidiaries are separate, independent legal entities with separate businesses, assets, and liabilities. Dividends on Ameren’s common stock and the payment of expenses by Ameren depend on distributions made to it by its subsidiaries. Ameren’s principal subsidiaries are listed below. Ameren also has other subsidiaries that conduct other activities, such as providing shared services.

Union Electric Company, doing business as Ameren Missouri, operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri. Ameren Missouri was incorporated in Missouri in 1922 and is successor to a number of companies, the oldest of which was organized in 1881. It is the largest electric utility in the state of Missouri. It supplies electric and natural gas service to a 24,000-square-mile area in central and eastern Missouri, which includes the Greater St. Louis area. Ameren Missouri supplies electric service to 1.2 million customers and natural gas service to 0.1 million customers.
Ameren Illinois Company, doing business as Ameren Illinois, operates rate-regulated electric transmission, electric distribution, and natural gas distribution businesses in Illinois. Ameren Illinois was incorporated in Illinois in 1923 and is the successor to a number of companies, the oldest of which was organized in 1902. Ameren Illinois supplies electric and natural gas utility service to a 43,700 square mile area in central and southern Illinois. Ameren Illinois supplies electric service to 1.2 million customers and natural gas service to 0.8 million customers.
ATXI operates a FERC rate-regulated electric transmission business in the MISO. ATXI was incorporated in Illinois in 2006. ATXI operates, among other assets, the Spoon River, Mark Twain, and Illinois Rivers transmission lines, which were placed in service in February 2018, December 2019, and December 2020, respectively.

Ameren’s and Ameren Missouri’s financial statements are prepared on a consolidated basis and therefore include the accounts of their majority-owned subsidiaries. All intercompany transactions have been eliminated. Ameren Missouri’s subsidiaries were created for the ownership of renewable generation projects. Ameren Illinois has no subsidiaries. All tabular dollar amounts are in millions, unless otherwise indicated.

Our accounting policies conform to GAAP. Our financial statements reflect all adjustments (which include normal, recurring adjustments) that are necessary, in our opinion, for a fair presentation of our results. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. Such estimates and assumptions affect reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the dates of financial statements, and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates.

Regulation

Our customer rates are regulated by the MoPSC, the ICC, and the FERC. We defer certain costs as assets pursuant to actions of rate regulators or because of expectations that we will be able to recover such costs in future rates charged to customers. We also defer certain amounts as liabilities pursuant to actions of rate regulators or based on the expectation that such amounts will be refunded to customers in future rates. Regulatory assets and liabilities are amortized consistent with the period of expected regulatory treatment. See Note 2 – Rate and Regulatory Matters for additional information on our regulatory frameworks, regulatory recovery mechanisms, and regulatory assets and liabilities recorded at December 31, 2022 and 2021.

We continually assess the recoverability of our respective regulatory assets. Regulatory assets are charged to earnings when it is no longer probable that such amounts will be recovered through future revenues. To the extent that refunds to customers related to regulatory liabilities are no longer probable, the amounts are credited to earnings.

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents include short-term, highly liquid investments purchased with an original maturity of three months or less. Cash and cash equivalents subject to legal or contractual restrictions and not readily available for use for general corporate purposes are classified as restricted cash. See Note 15 – Supplemental Information for a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets and the statements of cash flows.

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Allowance for Doubtful Accounts Receivable

The allowance for doubtful accounts represents our estimate of existing accounts receivable that will ultimately be uncollectible. The allowance is calculated by applying estimated loss factors to various classes of outstanding receivables, including unbilled revenue. The loss factors used to estimate uncollectible accounts are based upon both historical collections experience and management’s estimate of future collections success given the existing and anticipated future collections environment. Ameren Illinois has bad debt riders that adjust rates for net write-offs of customer accounts receivable above or below those being collected in rates. In 2020, the rider for electric distribution allowed for recovery of bad debt expense recognized under GAAP.

Inventories

Inventories are recorded at the lower of weighted-average cost or net realizable value. Inventories are capitalized when purchased and then expensed as consumed or capitalized as property, plant, and equipment when installed, as appropriate. See Note 15 – Supplemental Information for the components of inventories.

Property, Plant, and Equipment, Net

We capitalize the cost of additions to, and betterments of, units of property, plant, and equipment. The cost includes labor, material, applicable taxes, and overhead. An allowance for funds used during construction, as discussed below, is also capitalized as a cost of our rate-regulated assets. Maintenance expenses related to scheduled Callaway nuclear refueling and maintenance outages are deferred and amortized over the number of expected months until the completion of the next refueling outage, which historically has been approximately 18 months. Other maintenance expenditures are expensed as incurred. When units of depreciable property are retired, the original costs, and the associated removal cost, net of salvage, are charged to accumulated depreciation. If environmental expenditures are related to assets currently in use, as in the case of the installation of pollution control equipment, the cost is capitalized and depreciated over the expected life of the asset. See Asset Retirement Obligations section below and Note 3 – Property, Plant, and Equipment, Net for additional information.

Ameren Missouri’s cost of nuclear fuel is capitalized as a part of “Property, Plant, and Equipment, Net” on Ameren and Ameren Missouri’s balance sheets and then amortized to “Operating Expenses – Fuel” in their respective statements of income on a unit-of-production basis. Nuclear fuel amortization is reflected as a part of “Depreciation and amortization” on their respective statements of cash flow.

Plant to be Abandoned, Net

When it becomes probable an asset will be retired significantly in advance of its previously expected useful life and in the near term, the Ameren Companies must assess the probability of full recovery of the remaining net book value of the asset to be abandoned. We recognize a loss on abandonment when it becomes probable that all or part of the cost of an asset, including a return at the applicable WACC, will be disallowed from recovery either through customer rates or through the issuance of securitized utility tariff bonds and such amount is reasonably estimable. An abandonment loss, if any, would equal the difference between the remaining net book value of the asset and the present value of the expected future cash flows. If the asset is still in service, the net book value is classified as plant to be abandoned, net, within “Property, Plant, and Equipment, Net” on the balance sheet. The net book value will be classified as a regulatory asset on the balance sheet when the asset is no longer in service or as required by a rate order.

In relation to the NSR and Clean Air Act litigation discussed in Note 14 – Commitments and Contingencies, in December 2021, Ameren Missouri filed a motion with the United States District Court for the Eastern District of Missouri to modify a previously issued remedy order to allow the retirement of the Rush Island Energy Center in lieu of installing a flue gas desulfurization system. As of December 31, 2022 and 2021, Ameren and Ameren Missouri determined that the Rush Island Energy Center met the criteria to be considered probable of abandonment and have classified its remaining net book value as plant to be abandoned, net, within “Property, Plant, and Equipment, Net” on Ameren’s and Ameren Missouri’s balance sheets. See Note 3 – Property, Plant, and Equipment, Net for our plant to be abandoned balance as of December 31, 2022 and 2021. Ameren Missouri is currently allowed a full recovery of and a full return on its investment in Rush Island Energy Center and has concluded that no abandonment loss was required as of December 31, 2022 and 2021. As part of the assessment of any potential future abandonment loss, consideration will be given to rate and securitization orders issued by the MoPSC to Ameren Missouri and to orders issued to other Missouri utilities with similar facts. See Note 2 – Rate and Regulatory Matters for the MoPSC staff’s recommedation related to Rush Island in Ameren Missouri’s 2022 electric service regulatory rate review.

Depreciation

Depreciation is provided over the estimated lives of the various classes of depreciable property by applying composite rates on a straight-line basis to the cost basis of such property. The composite rates include a provision for the estimated removal cost of property, plant, and equipment retired from service, net of salvage. The provision for depreciation for the Ameren Companies in 2022, 2021, and 2020

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ranged from 3% to 4% of the average depreciable cost. See Note 3 – Property, Plant, and Equipment, Net for additional information on estimated depreciable lives.

Allowance for Funds Used During Construction

As a part of “Property, Plant, and Equipment, Net” on the balance sheet, we capitalize allowance for funds used during construction, which is the cost of borrowed funds and the cost of equity funds (preferred and common shareholders’ equity) applicable to eligible rate-regulated construction work in progress, in accordance with the utility industry’s accounting practice and GAAP. The amount of allowance for funds used during construction is calculated using a FERC-prescribed formula based on a rate, which incorporates the average cost of short-term debt, the average cost of long-term debt, and the cost of equity funds. The portion attributable to borrowed funds is recorded as a reduction of “Interest Charges” on the statements of income. The portion attributable to equity funds is recorded within “Other Income, Net” on the statements of income. This accounting practice offsets the effect on earnings of the cost of financing during construction. See Note 15 – Supplemental Information for the amount of allowance for funds used during construction capitalized and the average rate applied to eligible construction work in progress.

Allowance for funds used during construction does not represent a current source of cash funds. Under accepted ratemaking practice, cash recovery of allowance for funds used during construction and other construction costs occurs when completed projects are placed in service and reflected in customer rates.

Goodwill

Goodwill represents the excess of the purchase price of an acquisition over the fair value of the net assets acquired. Ameren and Ameren Illinois had goodwill of $411 million at December 31, 2022 and 2021. Ameren has four reporting units: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission. Ameren Illinois has three reporting units: Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Illinois Transmission. Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Illinois Transmission had goodwill of $238 million, $80 million, and $93 million, respectively, at December 31, 2022 and 2021. The Ameren Transmission reporting unit had the same $93 million of goodwill as the Ameren Illinois Transmission reporting unit at December 31, 2022 and 2021.

Ameren and Ameren Illinois evaluate goodwill for impairment in each of their reporting units as of October 31 each year, or more frequently if events occur or circumstances change that would more likely than not reduce the fair value of their reporting units below their carrying amounts. To determine whether the fair value of a reporting unit is more likely than not greater than its carrying amount, Ameren and Ameren Illinois elect to perform either a qualitative assessment or to bypass the qualitative assessment and perform a quantitative test.

Ameren and Ameren Illinois elected to perform a qualitative assessment for their annual goodwill impairment test conducted as of October 31, 2022. As part of this qualitative assessment, Ameren and Ameren Illinois evaluated, among other things, macroeconomic conditions, industry and market considerations such as observable industry market multiples, regulatory frameworks, cost factors, overall financial performance, and entity-specific events. The results of Ameren’s and Ameren Illinois’ qualitative assessment indicated that it was more likely than not that the fair value of each reporting unit exceeded its carrying value as of October 31, 2022, resulting in no impairment of Ameren’s or Ameren Illinois’ goodwill.

Impairment of Long-lived Assets

We evaluate long-lived assets classified as held and used for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Whether an impairment has occurred is determined by comparing the estimated undiscounted cash flows attributable to the assets to the carrying value of the assets. If the carrying value exceeds the undiscounted cash flows, we recognize an impairment charge equal to the amount by which the carrying value exceeds the estimated fair value of the assets. In the period in which we determine that an asset meets held for sale criteria, we record an impairment charge to the extent the book value exceeds its estimated fair value less cost to sell. We did not identify any events or changes in circumstances that indicated that the carrying value of long-lived assets may not be recoverable in 2022, 2021, or 2020.

Variable Interest Entities

As of December 31, 2022 and 2021, Ameren had unconsolidated variable interests in various equity method investments, primarily to advance clean and resilient energy technologies, totaling $68 million and $56 million, respectively, included in “Other assets” on Ameren’s consolidated balance sheet. Any earnings or losses related to these investments are included in “Other Income, Net” on Ameren’s consolidated statement of income and comprehensive income. Ameren is not the primary beneficiary of these investments because it does not have the power to direct matters that most significantly affect the activities of these variable interest entities. As of December 31, 2022, the maximum exposure to loss related to these variable interest entities is limited to the investment in these partnerships of $68 million plus associated outstanding funding commitments of $19 million.

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Environmental Costs

Liabilities for environmental costs are recorded on an undiscounted basis when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Costs are expensed or deferred as a regulatory asset when it is expected that the costs will be recovered from customers in future rates. See Note 14 – Commitments and Contingencies for additional information on liabilities for environmental costs.

Asset Retirement Obligations and Removal Costs

We record the estimated fair value of legal obligations associated with the retirement of tangible long-lived assets in the period in which the liabilities are incurred and capitalize a corresponding amount as part of the book value of the related long-lived asset. In subsequent periods, we adjust AROs for accretion and changes in the estimated fair values of the obligations, with a corresponding increase or decrease in the asset book value for the fair value changes. Asset book values, reflected within “Property, Plant, and Equipment, Net” on the balance sheet, are depreciated over the remaining useful life of the related asset. Due to regulatory recovery, that depreciation is deferred as a regulatory balance. The depreciation of the asset book values at Ameren Missouri was $7 million, $14 million, and $28 million for the years ended December 31, 2022, 2021, and 2020, respectively, which was deferred as a reduction to the net regulatory liability. The net regulatory liability also reflects a deferral for the nuclear decommissioning trust fund balance for the Callaway Energy Center. The depreciation deferred to the regulatory asset at Ameren Illinois was immaterial in each respective period. Uncertainties as to the probability, timing, or amount of cash expenditures associated with AROs affect our estimates of fair value. Ameren and Ameren Missouri have recorded AROs for retirement costs associated with decommissioning of Ameren Missouri’s Callaway and wind renewable energy centers, certain Ameren Missouri solar energy centers, CCR facilities, and river structures at certain energy centers used for unloading coal and circulating water systems. Additionally, Ameren, Ameren Missouri, and Ameren Illinois have recorded AROs for retirement costs associated with asbestos removal and the disposal of certain transformers. See Note 15 – Supplemental Information for a reconciliation of the beginning and ending carrying amounts of AROs.

Estimated funds collected from customers to pay for the future removal cost of property, plant, and equipment retired from service, net of salvage, represent a cost of removal regulatory liability. See the cost of removal regulatory liability balance in Note 2 – Rate and Regulatory Matters.

COLI

Ameren and Ameren Illinois have COLI, which is recorded at the net cash surrender value. The net cash surrender value is the amount that can be realized under the insurance policies at the balance sheet date. As of December 31, 2022, the cash surrender value of COLI at Ameren and Ameren Illinois was $246 million (December 31, 2021 – $278 million) and $118 million (December 31, 2021 – $117 million), respectively, while total borrowings against the policies were $110 million (December 31, 2021 – $109 million) at both Ameren and Ameren Illinois. Ameren and Ameren Illinois have the right to offset the borrowings against the cash surrender value of the policies and, consequently, present the net asset in “Other assets” on their respective balance sheets. 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.

Operating Revenues

We record revenues from contracts with customers for various electric and natural gas services, which primarily consist of retail distribution, electric transmission, and off-system arrangements. When more than one performance obligation exists in a contract, the consideration under the contract is allocated to the performance obligations based on the relative standalone selling price.

Electric and natural gas retail distribution revenues are earned when the commodity is delivered to our customers. We accrue an estimate of electric and natural gas retail distribution revenues for service provided but unbilled at the end of each accounting period. Electric transmission revenues are earned as electric transmission services are provided. Off-system revenues are primarily comprised of MISO revenues and wholesale bilateral revenues. MISO revenues include the sale of electricity, capacity, and ancillary services. Wholesale bilateral revenues include the sale of electricity and capacity. MISO-related electricity and wholesale bilateral electricity revenues are earned as electricity is delivered. Capacity and ancillary service revenues are earned as services are provided.

Retail distribution, electric transmission, and off-system revenues, including the underlying components described above, represent a series of goods or services that are substantially the same and have the same pattern of transfer over time to our customers. Revenues from contracts with customers are equal to the amounts billed and our estimate of electric and natural gas retail distribution services provided but unbilled at the end of each accounting period. Customers are billed at least monthly, and payments are due less than one month after goods and/or services are provided. See Note 16 – Segment Information for disaggregated revenue information.

For certain regulatory recovery mechanisms that are alternative revenue programs rather than revenues from contracts with customers, we recognize revenues that have been authorized for rate recovery, are objectively determinable and probable of recovery, and are expected

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to be collected from customers within two years from the end of the year. Our alternative revenue programs include revenue requirement reconciliations, the MEEIA, the VBA, and the WNAR. These revenues are subsequently recognized as revenues from contracts with customers when billed, with an offset to alternative revenue program revenues.

As of December 31, 2022 and 2021, our remaining performance obligations were immaterial. The Ameren Companies elected not to disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied as of the end of the reporting period for contracts with an initial expected term of one year or less.

Accounting for MISO Transactions

MISO-related purchase and sale transactions are recorded by Ameren, Ameren Missouri, and Ameren Illinois using settlement information provided by the MISO. Ameren Missouri records these purchase and sale transactions on a net hourly position. Ameren Missouri records net purchases in a single hour in “Operating Expenses – Purchased power” and net sales in a single hour in “Operating Revenues – Electric” in its statement of income. Ameren Illinois records net purchases in “Operating Expenses – Purchased power” in its statement of income to reflect all of its MISO transactions relating to the procurement of power for its customers. On occasion, Ameren Missouri’s and Ameren Illinois’ prior-period transactions will be resettled outside the routine settlement process because of a change in the MISO’s tariff or a material interpretation thereof. In these cases, Ameren Missouri and Ameren Illinois recognize revenues and expenses associated with resettlements once the resettlement is probable and the resettlement amount can be estimated. There were no material MISO resettlements in 2022, 2021, or 2020.

Stock-based Compensation

Stock-based compensation cost is measured at the grant date based on the fair value of the award, net of an assumed forfeiture rate. Ameren recognizes as compensation expense the estimated fair value of stock-based compensation on a straight-line basis over the requisite vesting period. To the extent that actual forfeitures differ from estimated forfeitures, such differences are accounted for as an adjustment to compensation expense and recorded in the period that estimates are revised. Compensation cost is ultimately recognized only for awards for which the requisite service was provided. See Note 11 – Stock-based Compensation for additional information.

Unamortized Debt Discounts, Premiums, and Issuance Costs

Long-term debt discounts, premiums, and issuance costs are amortized over the lives of the related issuances. Credit agreement fees are amortized over the term of the agreement.

Income Taxes

Ameren uses an asset and liability approach for its financial accounting and reporting of income taxes. Deferred tax assets and liabilities are recognized for transactions that are treated differently for financial reporting and income tax return purposes. These deferred tax assets and liabilities are based on statutory tax rates.

We expect that regulators will reduce future revenues for deferred tax liabilities that were initially recorded at rates in excess of the current statutory rate. Therefore, reductions in certain deferred tax liabilities that were recorded because of decreases in the statutory rate have been credited to a regulatory liability. A regulatory asset has been established to recognize the probable recovery through future customer rates of tax benefits related to the equity component of allowance for funds used during construction, as well as the effects of tax rate increases. To the extent deferred tax balances are included in rate base, the revaluation of deferred taxes is recorded as a regulatory asset or liability on the balance sheet and will be collected from, or refunded to, customers. For deferred tax balances not included in rate base, the revaluation of deferred taxes is recorded as an adjustment to income tax expense on the income statement.

Ameren Missouri, Ameren Illinois, and all the other Ameren subsidiary companies are parties to a tax allocation agreement with Ameren (parent) that provides for the allocation of consolidated tax liabilities. The tax allocation agreement specifies that each subsidiary be allocated an amount of tax using a stand-alone calculation ratio to the total amount of tax owed by the consolidated group. Any net benefit attributable to Ameren (parent) is reallocated to the other subsidiaries. This reallocation is treated as a capital contribution to the subsidiary receiving the benefit. See Note 13 – Related-party Transactions for information regarding capital contributions under the tax allocation agreement.

NOTE 2 – RATE AND REGULATORY MATTERS

Below is a summary of our regulatory frameworks and significant regulatory proceedings and related lawsuits. We are unable to predict the ultimate outcome of these matters, the timing of final decisions of the various agencies and courts, or the effect on our results of operations, financial position, or liquidity.

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Regulatory Frameworks

The following table presents the regulatory frameworks and significant regulatory recovery mechanisms for each of Ameren’s rate-regulated businesses, which are discussed in more detail below:


	Ameren Missouri	Ameren Illinois’ electric distribution business	Ameren Illinois’ natural gas delivery business	Ameren Illinois’ and ATXI’s electric transmission businesses
Regulatory framework	•Historical test year ratemaking •Natural gas revenues for residential customers adjusted for sales volume deviations resulting from weather through the WNAR	•Performance-based formula ratemaking(a) •Initial rates based on historical test year and expected net plant additions for the year before rates become effective •Revenues decoupled from sales volumes	•Future test year ratemaking •Revenues for residential and small nonresidential customers decoupled from sales volumes through the VBA	•Formula ratemaking •Initial rates based on future test year •Revenues decoupled from sales volumes
Regulatory mechanisms	•PISA Riders: •RESRAM •FAC •MEEIA •PGA •WNAR Trackers: •Pension and postretirement benefit costs •Certain excess deferred income taxes •Renewable energy standard costs •Property taxes	•Electric distribution service and energy-efficiency revenue requirement reconciliation adjustments Riders: •Power procurement •Transmission services •Renewable energy credit compliance •Zero emission credits •Certain environmental costs •Bad debt write-offs •Costs of certain asbestos-related claims	Riders: •QIP(b) •PGA •VBA •Energy-efficiency program costs •Certain environmental costs •Bad debt write-offs •Invested capital taxes	•Revenue requirement reconciliation adjustment

(a)Ameren Illinois used the IEIMA performance-based formula ratemaking framework to establish annual electric distribution customer rates effective through 2023. In January 2023, Ameren Illinois filed an MYRP to establish rates effective beginning in 2024. See below for additional information regarding the MYRP filed in January 2023.

(b)Without legislative action, the QIP will expire after December 2023.

Missouri

The MoPSC regulates rates and other matters for Ameren Missouri’s electric service and natural gas distribution businesses. The rates Ameren Missouri charges customers for these services are established in a traditional regulatory rate review, which takes up to 11 months to complete, based on a historical test year and the revenue requirement established in the review.

Ameren Missouri has recovery mechanisms, including the RESRAM, FAC, MEEIA, PGA, and WNAR, that allow customer rates to be adjusted without a traditional regulatory rate review. These riders, along with the PISA, each described in more detail below, partially mitigate the effects of regulatory lag. Ameren Missouri also employs other recovery mechanisms, including a renewable energy standard cost tracker, as well as electric and natural gas trackers for uncertain income tax positions, certain excess deferred income taxes, property taxes, and pension and postretirement benefit costs. Each of these trackers allows Ameren Missouri to defer the difference between actual costs incurred and costs included in customer rates as a regulatory asset or regulatory liability, with the difference expected to be reflected in base rates in a subsequent MoPSC rate order. Ameren Missouri’s cost recovery under any of its recovery mechanisms is subject to MoPSC prudence reviews.

The PISA permits Ameren Missouri to defer and recover 85% of the depreciation expense for investments in qualifying property, plant, and equipment placed in service and not included in base rates. Investments not eligible for recovery under the PISA include amounts related to new nuclear and natural gas generating units and service to new customer premises. Additionally, the PISA permits Ameren Missouri to earn a return at the applicable WACC on rate base that incorporates those qualifying investments, as well as changes in total accumulated depreciation excluding retirements and plant-related deferred income taxes since the previous regulatory rate review. The regulatory asset for accumulated PISA deferrals also earns a return at the applicable WACC until added to rate base prospectively. Ameren Missouri recognizes an offset to interest charges for its cost of debt relating to each return allowed under the PISA, with the difference between the applicable WACC and its cost of debt recognized in revenues when recovery of PISA deferrals is reflected in customer rates. Approved PISA deferrals are recovered over a period of 20 years following a regulatory rate review. Additionally, under the RESRAM, Ameren Missouri is permitted to recover the 15% of depreciation expense not recovered under the PISA, and earn a return at the applicable WACC for investments in renewable generation plant placed in service to comply with Missouri’s renewable energy standard. The RESRAM deferrals are a regulatory asset until they are included in customer rates and collected in a subsequent period. Those investments not eligible for recovery under the PISA and the remaining 15% of certain property, plant, and equipment placed in service, unless eligible for recovery under the RESRAM, remain subject to regulatory lag. Under Missouri law, as a result of the PISA election, additional provisions apply to Ameren Missouri. These provisions include limiting Ameren Missouri’s rate increases to a 2.85% compound annual growth rate in the average overall customer rate

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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. If rate changes from the FAC or the RESRAM riders would cause rates to temporarily exceed the 2.85% rate cap, the overage would be deferred for future recovery in the next regulatory rate review; however, rates established in such regulatory rate review would be subject to the rate cap. Any deferred overages approved for recovery would be recovered in a manner consistent with costs recovered under the PISA. 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 cap until new rates are established in the next regulatory rate review. Ameren Missouri did not incur a penalty related to the rate cap in 2022. The current rate cap is effective through 2023. As discussed below, Missouri Senate Bill 745 was enacted in June 2022 and 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 PISA is effective through December 2028. Missouri law provides for the ability to use the PISA, if Ameren Missouri requests and receives MoPSC approval for extension, through December 2033.

The RESRAM permits Ameren Missouri to recover or refund, through customer rates, the difference between the cost of compliance, net of federal production and investment tax credits, with Missouri’s renewable energy standard and the amount set in base rates. Effective February 28, 2022, all sales from the High Prairie Renewable and Atchison Renewable energy centers are included in the RESRAM. Previously, 95% of these sales were included in the FAC and 5% were included in the RESRAM. Customer rates are adjusted for the RESRAM on an annual basis without a traditional regulatory rate review, subject to MoPSC prudence reviews. The difference between actual compliance costs and costs billed to customers in a given period is deferred as a regulatory asset or liability. The deferred amount is either billed or refunded to customers in a subsequent period. RESRAM regulatory assets earn carrying costs at short-term interest rates. The RESRAM permits Ameren Missouri to recover investments in wind generation and other renewables related to compliance with Missouri’s renewable energy standard, and earn a return at the applicable WACC on those investments not already provided for in customer rates or any other recovery mechanism, such as the renewable energy standard cost tracker. The renewable energy standard cost tracker allows Ameren Missouri to defer differences between actual costs primarily associated with the Maryland Heights Energy Center and renewable energy credits obtained through a 102-MW power purchase agreement with a wind farm operator, which expires in 2024, and those costs included in customer rates.

The FAC permits Ameren Missouri to recover or refund, through customer rates, 95% of the variance in net energy costs from the amount set in base rates without a traditional regulatory rate review, subject to MoPSC prudence reviews, with the remaining 5% of changes retained by Ameren Missouri. As such, Ameren Missouri’s results of operations are affected by the 5% not recovered or refunded under the FAC. The 95% variance in net energy costs in a given period is deferred as a regulatory asset or liability, and either billed or refunded to customers in a subsequent period. FAC regulatory assets earn carrying costs at short-term interest rates. Ameren Missouri’s base rates for electric service are required to be reset at least every four years to allow for continued use of the FAC.

The MEEIA permits Ameren Missouri to recover customer energy-efficiency program costs, the related lost electric margins, and any performance incentive through the MEEIA without a traditional regulatory rate review, subject to MoPSC prudence reviews. MEEIA assets earn carrying costs at short-term interest rates.

Ameren Missouri is a member of the MISO, and its transmission rate is calculated in accordance with the MISO Open Access Transmission, Energy, and Operating Reserve Markets Tariff. The FERC regulates the rates charged and the terms and conditions for wholesale electric transmission service. The transmission rate update each June is based on Ameren Missouri’s actual historical cost from the prior calendar year. This rate is not directly charged to Missouri retail customers because, in Missouri, the revenue requirement used to set bundled retail base rates includes an amount for transmission-related costs and revenues.

The PGA allows Ameren Missouri to recover costs of natural gas purchased on behalf of its customers without a traditional regulatory rate review, subject to MoPSC prudence reviews. These pass-through purchased gas costs do not affect Ameren Missouri’s natural gas margins, as any change in costs is offset by a corresponding change in revenues. The difference between actual natural gas costs and costs billed to customers in a given period is deferred as a regulatory asset or liability. The deferred amount is either billed or refunded to customers in a subsequent period. PGA regulatory assets earn carrying costs at short-term interest rates. The WNAR allows Ameren Missouri to adjust natural gas delivery service rates charged to residential customers without a traditional regulatory rate review, subject to MoPSC prudence reviews, when deviations from normal weather conditions cause natural gas revenues to vary from the related revenue requirement approved by the MoPSC in the previous regulatory rate review. The impact of deviations from normal weather on natural gas delivery service revenues billed to residential customers in a given period are deferred as a regulatory asset or liability. WNAR regulatory assets earn carrying costs at short-term interest rates. The deferred amount is either billed or refunded to residential customers in a subsequent period. The WNAR was approved by a December 2021 MoPSC natural gas rate order and became effective February 28, 2022, replacing a rate-adjustment mechanism that had decoupled natural gas revenues from actual sales volumes.

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Illinois

The ICC regulates rates and other matters for Ameren Illinois’ electric distribution service and natural gas distribution businesses. The rates Ameren Illinois charges customers for electric distribution service are calculated under a performance-based formula ratemaking framework pursuant to the IEIMA. Pursuant to the IETL and December 2022 and March 2021 ICC orders, Ameren Illinois used the IEIMA formula framework to establish annual customer rates effective through 2023 and filed an MYRP in January 2023 for rates that will become effective beginning in 2024. The orders also allow Ameren Illinois to reconcile its revenue requirement for customer rates established for 2022 and 2023. Pursuant to the orders, Ameren Illinois’ 2022 revenues reflected, and its 2023 revenues 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 revenue requirement reconciliation adjustment would be collected from, or refunded to, customers within two years from the end of the reconciled year. By law, the decoupling provisions extend beyond the end of existing performance-based formula ratemaking, which ensures that Ameren Illinois’ electric distribution revenues authorized in a regulatory rate review are not affected by changes in sales volumes. See below for additional information regarding the MYRP filed in January 2023. The rates Ameren Illinois charges customers for natural gas distribution service are established in a traditional regulatory rate review, which takes up to 11 months to complete, based on a future test year and the revenue requirement established in the review.

Ameren Illinois’ election to use the electric distribution service performance-based formula ratemaking framework allowed by state law, described below, permits Ameren Illinois to adjust customer rates to recover the cost of electric distribution service on an annual basis. Ameren Illinois’ electric distribution service also has other cost recovery mechanisms in place that allow customer rates to be adjusted without a traditional regulatory rate review. Ameren Illinois’ electric distribution service business has riders for power procurement and transmission services incurred on behalf of its customers, renewable energy credit compliance, zero emission credits, and certain environmental costs, as well as bad debt write-offs and the costs of certain asbestos-related claims not recovered in base rates. These pass-through costs do not affect Ameren Illinois’ net income, as any change in costs is offset by a corresponding change in revenues. Ameren Illinois’ cost recovery under any of its recovery mechanisms is subject to ICC prudence reviews.

Ameren Illinois’ electric distribution service performance-based formula ratemaking framework under the IEIMA allows Ameren Illinois to reconcile electric distribution service rates to its actual revenue requirement on an annual basis. If a given year’s revenue requirement varies from the amount collected from customers, an adjustment is made to electric operating revenues with an offset to a regulatory asset or liability to reflect that year’s actual revenue requirement, independent of actual sales volumes. The regulatory balance is then collected from, or refunded to, customers within two years from the end of the year. In addition, Ameren Illinois’ electric customer energy-efficiency rider provides Ameren Illinois’ electric distribution service business with recovery of, and return on, energy-efficiency investments. Under formula ratemaking for both its electric distribution service and its electric energy-efficiency investments, the revenue requirements are based on recoverable costs, year-end rate base, and a year-end ratemaking capital structure, and earn a return at the applicable WACC. The ROE component of the applicable WACC is based on the annual average of the monthly yields of the 30-year United States Treasury bonds plus 580 basis points and any performance-related basis point adjustments, described in more detail below. Therefore, Ameren Illinois’ annual ROE for its electric distribution business is directly correlated to the yields on such bonds. In addition, regulatory assets applicable to formula ratemaking for both electric distribution service and electric energy-efficiency investments earn a return at the applicable WACC. However, Ameren Illinois recognizes the cost of debt on these regulatory assets in revenue, instead of the applicable WACC, with the difference recognized in revenues when recovery of such regulatory assets is reflected in customer rates. As discussed above, Ameren Illinois filed an MYRP to establish electric distribution service rates beginning in 2024. Ameren Illinois will continue to use formula ratemaking to establish annual customer rates related to its electric energy-efficiency investments beyond 2023.

Ameren Illinois’ electric distribution service business is also subject to performance standards. Failure to achieve the standards would result in a reduction in the company’s allowed ROE calculated under the formula ratemaking recovery mechanism. 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 debt expense. The 2023 allowed ROE for electric distribution service is subject to the performance standards related to reduced estimated bills and bad debt expense, and may be decreased for penalties up to 10 basis points if these performance standards are not met. The allowed ROE on energy-efficiency investments can be increased or decreased up to 200 basis points, depending on the achievement of annual energy savings goals. Any adjustments to the allowed ROE for energy-efficiency investments will depend on annual performance for a historical period relative to energy savings goals. In 2022, 2021, and 2020, there were no performance-related basis point adjustments that materially affected financial results.

Ameren Illinois’ natural gas distribution business has recovery mechanisms, including the QIP, PGA, and VBA, that allow customer rates to be adjusted without a traditional regulatory rate review. These riders, described in more detail below, mitigate the effects of regulatory lag. Ameren Illinois employs other riders for natural gas customer energy-efficiency program costs and certain environmental costs, as well as bad debt write-offs and invested capital taxes not recovered in base rates. Pass-through costs under the riders do not affect Ameren Illinois’ net income, as any change in costs is offset by a corresponding change in revenues. Ameren Illinois’ cost recovery under any of its recovery

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mechanisms is subject to ICC prudence reviews.

The QIP provides Ameren Illinois with recovery of, and a return on, qualifying natural gas infrastructure investments that are placed in service between regulatory rate reviews. Infrastructure investments under the QIP earn a return at the applicable WACC. Eligible natural gas investments include projects to improve safety and reliability and modernization investments, such as smart meters. The deferrals are recorded as a regulatory asset, with recovery beginning two months after the qualifying natural gas plant is placed in service and continuing until such plant is included in base rates in a natural gas delivery service rate order. Ameren Illinois’ QIP is subject to a rate impact limitation of a cumulative 4% per year since the most recent delivery service rate order, with no single year exceeding 5.5%. If the rate impact limitation was met in a particular year, the amount of rate base causing the QIP rate to exceed the limitation would be exposed to regulatory lag until a year when that amount could be recovered under QIP or is added to rate base as a part of a regulatory rate review. Upon issuance of a natural gas delivery service rate order, QIP rate base is transferred to base rates and the QIP is reset to zero, which mitigates the risk that the QIP will exceed its statutory limitations in future years and ensures timely recovery of capital investments. Without legislative action, the QIP will expire after December 2023.

The PGA allows Ameren Illinois to recover costs of natural gas purchased on behalf of its customers without a traditional regulatory rate review, subject to ICC prudence reviews. These pass-through purchased gas costs do not affect Ameren Illinois natural gas margins, as any change in costs is offset by a corresponding change in revenues. The difference between actual natural gas costs and costs billed to customers in a given period is deferred as a regulatory asset or liability. The deferred amount is either billed or refunded to customers in a subsequent period. PGA regulatory assets earn carrying costs at short-term interest rates. The VBA ensures recoverability of the natural gas distribution service revenue requirement that is dependent on sales volumes for residential and small nonresidential customers. For these rate classes, the VBA allows Ameren Illinois to adjust natural gas distribution service rates without a traditional regulatory rate review when changes occur in sales volumes from those volumes approved by the ICC in a previous regulatory rate review. The difference between allowed sales revenues and amounts billed to customers in a given period is deferred as a regulatory asset or liability. The deferred amount is collected from, or refunded to, customers in a subsequent period. VBA regulatory assets for a given year that are not fully collected by the end of the following year begin earning carrying costs at short-term interest rates.

Federal

The FERC regulates rates and other matters for Ameren Illinois’ transmission business and ATXI, as well as for Ameren Missouri. See the discussion above related to Ameren Missouri. Both Ameren Illinois and ATXI are members of the MISO, and their transmission rates are calculated in accordance with the MISO Open Access Transmission, Energy, and Operating Reserve Markets Tariff. Ameren Illinois and ATXI have received FERC approval to use a company-specific, forward-looking formula ratemaking framework in setting their transmission rates. These forward-looking rates are updated annually and become effective each January with forecasted information. The formula rate framework provides for an annual reconciliation of the electric transmission service revenue requirement, which reflects the actual recoverable costs incurred and the 13-month average rate base for a given year, with the revenue requirement in customer rates, including an allowed ROE. If a given year’s revenue requirement varies from the amount collected from customers, an adjustment is made to electric operating revenues with an offset to a regulatory asset or liability to reflect that year’s actual revenue requirement, independent of actual sales volumes. The regulatory balance is collected from, or refunded to, customers within two years from the end of the year. FERC revenue requirement reconciliation adjustment regulatory assets earn carrying costs at each company’s short-term interest rates. In addition, the FERC has approved transmission rate incentives, including a 50 basis point incentive adder to the allowed base ROE for Ameren Illinois and ATXI for participation in an RTO.

Proceedings and Updates

Missouri

2022 Electric Service Regulatory Rate Review

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 51.93% 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. Ameren Missouri’s request includes 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, as well as the use of an electric property tax tracker allowed under Missouri Senate Bill 745 discussed below. In October 2022, Ameren Missouri also requested the use of a tracker for variances between actual income tax benefits and costs resulting from the IRA and those amounts included in customer rates, which would be considered for recovery or refund in a future electric regulatory rate review. For additional information regarding the IRA, see Note 12 – Income Taxes. The electric rate increase request reflects the following:

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increased infrastructure investments made under Ameren Missouri’s Smart Energy Plan, including increased cost of capital and depreciation expense;
increased net fuel expense due to reduced off system sales, primarily driven by expected reduced operations at the Rush Island Energy Center; and
extending the retirement date of the Sioux Energy Center from 2028 to 2030, consistent with Ameren Missouri’s 2022 Change to the 2020 IRP, in order to support reliability during the transition to clean energy generation.

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 of $199 million includes an adjustment to annual electric service revenues of $128 million for estimated true-up items from June 30, 2022, to December 31, 2022, including the impacts of any investments made during that period. Their recommendation also includes adjustments for lower off-system sales revenue, production tax credits, and renewable energy credits as a result of the curtailed nighttime operations at the High Prairie Energy Center to limit its impact on protected species, and a lower rate base for the Rush Island Energy Center due to its reduced operation in compliance with a system support resource agreement approved by the FERC in October 2022, among other things. See Note 14 – Commitments and Contingencies for additional information on the curtailed nighttime operations at the High Prairie Energy Center and the Rush Island Energy Center system support resource agreement. The MoPSC staff supported the authorization of a tracker for future production tax credits and proceeds from the sale of tax credits allowed under the IRA, but did not recommend tracking investment tax credits or costs resulting from the IRA, including the 15% minimum tax on adjusted financial statement income imposed by the law. The MoPSC staff also recommended that deferrals under the electric property tax tracker discussed below should begin on the effective date of new rates established by this proceeding, rather than the effective date of the enactment of Missouri Senate Bill 745.

In January 2023, the MoOPC challenged approximately 29% of the costs and requested return associated with the High Prairie Energy Center investment included in Ameren Missouri’s requested revenue requirement as a result of the curtailed nighttime operations at the energy center discussed above.

The MoPSC proceeding 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. Ameren Missouri cannot predict the level of any electric service rate change the MoPSC may approve, whether the requested regulatory recovery mechanisms will be approved, or whether any rate change that may eventually be approved will be sufficient for Ameren Missouri to recover its costs and earn a reasonable return on its investments when the rate change goes into effect.

Missouri Senate Bill 745

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 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. The deferrals were immaterial as of December 31, 2022.

Solar Generation Facilities

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 support Ameren Missouri’s transition to renewable energy generation and serve customers under the Renewable Solutions Program discussed below, if approved by the MoPSC. 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 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. Both acquisitions are aligned with the 2022 Change to the 2020 IRP, which Ameren Missouri filed with the MoPSC in June 2022, and are subject to certain

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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. The following table provides information with respect to each build-transfer agreement:


	Boomtown Solar Project	Huck Finn Solar Project
Agreement date	February 2022	June 2022
Facility size	150-MW	200-MW
Location	Southeastern Illinois	Central Missouri
Status of MoPSC certificate of convenience and necessity	Requested in July 2022(a)	Approved February 2023(b)
Status of FERC approval of acquisition	Expect to request by mid-2023	Requested in November 2022
Expected completion date(c)	As early as fourth quarter 2024	As early as fourth quarter 2024

(a)In December 2022, the MoPSC staff filed a recommendation that the MoPSC should not approve Ameren Missouri’s request for a certificate of convenience and necessity for the Boomtown Solar Project, 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.

(b)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.

(c)The expected completion dates may be impacted by the timing of regulatory approvals and potential sourcing issues resulting from a United States Department of Commerce investigation of solar panel components imported from four Southeast Asian countries initiated in late March 2022 and the detention of certain solar panel components sourced from China as a result of the Uyghur Forced Labor Prevention Act that became effective in June 2022.

Renewable Solutions Program

In July 2022, Ameren Missouri filed a request with the MoPSC seeking approval of its Renewable Solutions Program and a tariff related to participation in the program. The program would allow certain commercial, industrial, and governmental customers to receive up to 100% of their energy from renewable resources. Based on customer contracts, the program would enable Ameren Missouri to supply renewable solar energy generated by the Boomtown Solar Project discussed above to customers that enroll in the program. Ameren Missouri expects a decision from the MoPSC by April 2023.

MoPSC Staff Review of Planned Rush Island Energy Center Retirement

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 as a result of the NSR and Clean Air Act Litigation discussed in Note 14 – Commitments and Contingencies. The MoPSC staff’s review includes potential impacts on the reliability and cost of Ameren Missouri’s service to its customers; Ameren Missouri’s plans to mitigate the customer impacts of the accelerated retirement; and the prudence of Ameren Missouri’s actions and decisions with regard to the Rush Island Energy Center, among other things. 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. The MoPSC staff is under no deadline to complete this review. Ameren Missouri is unable to predict the results of this matter. Results of the review could be used in other MoPSC proceedings, which could have a material adverse effect on the results of operations, financial position, and liquidity of Ameren and Ameren Missouri.

MEEIA

In August 2022, the MoPSC issued an order approving Ameren Missouri’s energy savings results for the 2021 program year of the MEEIA 2019 program. In December 2022, Ameren Missouri achieved certain energy-efficiency spending goals for the 2022 program year of the MEEIA 2019 program. As a result of this order, achieving the spending goals for the 2022 program year, and MoPSC orders issued in September 2021 and August 2020, Ameren Missouri recognized revenues of $22 million, $9 million, and $6 million in 2022, 2021, and 2020, respectively.

December 2021 MoPSC Electric and Natural Gas Rate Orders

In December 2021, the MoPSC issued orders in Ameren Missouri’s 2021 electric service and natural gas delivery service regulatory rate reviews. The new electric and natural gas rates approved by these orders became effective on February 28, 2022.

The electric order resulted in an increase of $220 million to Ameren Missouri’s annual revenue requirement for electric retail service. The approved revenue requirement 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 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 order changed annualized depreciation, regulatory asset and liability amortization amounts, and the base level of expenses for trackers. On an annualized basis, these changes reflect approximate increases in depreciation and amortization of $140 million and other operating and maintenance expenses of $40 million.

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The natural gas order resulted in an increase of $5 million to Ameren Missouri’s annual revenue requirement for natural gas delivery service. The approved revenue requirement is based on a rate base of $313 million and infrastructure investments as of September 30, 2021. The order did not specify an ROE or a capital structure.

Illinois

MYRP

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
2025	$1,373	10.5%	53.97%	$4.6
2026	$1,477	10.5%	54.02%	$5.0
2027	$1,556	10.5%	54.03%	$5.3

(a)A capital structure of up to and including 50% common equity is deemed prudent and reasonable by law. A higher equity ratio requires specific ICC approval.

Under an MYRP, the IETL permits any initial rate increase to be phased in, with at least 50% of the first annual period’s approved rate increase reflected in rates in the first annual period, with the remaining portion deferred as a regulatory asset that earns a return at the applicable WACC and is collected from customers over a period not to exceed two years beginning within one year after the second annual period’s rates are effective. Ameren Illinois’ MYRP filing utilizes this phase-in provision and proposes to defer 50% of the requested 2024 rate increase of $175 million as a regulatory asset to be collected from customers in 2026. Ameren Illinois recognizes revenues when amounts are expected to be collected from customers within two years from the end of an applicable year. An ICC decision in this proceeding is required by December 2023, with new rates effective starting in January 2024. Ameren Illinois cannot predict the level of any electric distribution service rate change the ICC may approve, or whether any rate change that may eventually be approved will be sufficient for Ameren Illinois to recover its costs to the extent those costs are subject to and exceed the reconciliation cap discussed below and earn a reasonable return on its investments when the rate change goes into effect.

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. Excluding the phase-in of the initial rate increase discussed above, and subject to the reconciliation cap, if a given year’s revenue amount collected from customers varies from the approved revenue requirement, an adjustment would be made to electric operating revenues with an offset to a regulatory asset or liability to reflect that year’s actual revenue requirement, independent of actual sales volumes. The regulatory balance would then be collected from, or refunded to, customers within two years from the end of the applicable annual period.

Under the MYRP, the ROE approved by the ICC will be subject to annual adjustments during the four-year period based on seven performance metrics. In September 2022, the ICC issued an order approving 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*,* and the impact of any incentives and penalties will be excluded from the reconciliation cap described above.

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Electric Distribution Service Rates Under IEIMA

In December 2022, the ICC issued an order in Ameren Illinois’ annual update filing that approved a $61 million increase in Ameren Illinois’ electric distribution service rates beginning in January 2023. This order reflected an increase to the annual performance-based formula rate based on 2021 actual recoverable costs and expected net plant additions for 2022, an increase to include the 2021 revenue requirement reconciliation adjustment including a capital structure composed of 50% common equity, and a decrease for the conclusion of the 2020 revenue requirement reconciliation adjustment, which was fully collected from customers in 2022, consistent with the ICC’s December 2021 annual update filing order.

Electric Customer Energy-Efficiency Investments

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

In June 2022, the ICC issued an order approving Ameren Illinois’ revised energy-efficiency plan that includes annual investments in electric energy-efficiency programs of approximately $120 million per year through 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 program years if there are insufficient cost-effective programs available, which could reduce the investments in electric energy-efficiency programs. The electric energy-efficiency program investments and the return on those investments are collected from customers through a rider and are not recovered through the electric distribution service performance-based formula ratemaking framework.

2023 Natural Gas Delivery Service Regulatory Rate Review

In January 2023, Ameren Illinois filed a request with the ICC seeking approval to increase its annual revenues for natural gas delivery service by $160 million, which included an estimated $77 million of annual revenues that would otherwise be recovered under the QIP and other riders. The request is based on a 10.7% allowed ROE, a capital structure composed of 53.99% common equity, and a rate base of $2.9 billion. In an attempt to reduce regulatory lag, Ameren Illinois used a 2024 future test year in this proceeding. A decision by the ICC in this proceeding is required by late November 2023, with new rates expected to be effective in early December 2023. Ameren Illinois cannot predict the level of any delivery service rate change the ICC may approve, nor whether any rate change that may eventually be approved will be sufficient to enable Ameren Illinois to recover its costs and to earn a reasonable return on investments when the rate changes go into effect.

IETL and Illinois Senate Bill 3866

The IETL contains other provisions in addition to the ratemaking impacts discussed in the MYRP section above. The law permits Ameren Illinois to invest up to $20 million in each of two solar generation and battery storage pilot projects in Illinois. The first of these projects was placed in service in December 2022. Additionally, the law increased the existing customer surcharge for renewable energy resources, which funds IPA renewable energy credit procurement events. As a result, Ameren Illinois began collecting additional annual revenues of approximately $100 million, beginning in February 2022, under the rider for the procurement of renewable energy credits. It also established an Energy Transition Assistance Fund to support economic and workforce development programs designed to assist the state of Illinois with its transition to clean energy sources. The fund is subsidized through customer surcharges collected by electric utilities operating in the state, including Ameren Illinois, and is remitted in the month following collection to an Illinois state agency, with no impact to results of operations. In May 2022, Illinois Senate Bill 3866 was enacted and became effective. This legislation makes certain amendments to the IETL, including amendments to increase the allowed level of funding for the Energy Transition Assistance Fund. Ameren Illinois expects to collect approximately $25 million annually related to this fund, beginning in January 2023, which could be increased to up to $50 million in future years. 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. Ameren Illinois’ next multi-year integrated grid plan is required by mid-January 2026.

RTO Cost-Benefit Study

In July 2022, an Illinois law prohibiting the state’s oversight of certain electric utilities’ choice of RTO membership ceased to be effective. Given the change in law and the high prices resulting from the MISO’s April 2022 capacity auction, 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. The cost-benefit study will examine the impacts of participation in each RTO, including reliability, resiliency, affordability, and environmental impacts, among other things, for a period of five to 10 years beginning June 2024. The ICC order requires Ameren Illinois to file the study by July 2023. A 30-day comment period will follow. The ICC is under no obligation to issue an order related to the cost-benefit study.

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QIP Reconciliation Hearing

In December 2022, the ICC issued an order approving Ameren Illinois’ QIP reconciliation for 2019. The ICC also found that Ameren Illinois’ natural gas capital investments recovered under the QIP during 2019 were accurate and prudent. The ICC order effectively dismissed the Illinois Attorney General’s challenge with respect to 2019 capital investments after finding no evidentiary support behind its claims.

Federal

Transmission Formula Rate Revisions

In February 2020, the MISO, on behalf of Ameren Missouri, Ameren Illinois, and ATXI, filed requests with the FERC to revise each company’s transmission formula rate calculations with respect to the calculation used for materials and supplies inventories included in rate base. In May 2020, the FERC issued orders approving the revisions prospectively. In addition, the FERC declined to order refunds for earlier periods, as requested by intervenors in Ameren Illinois’ filing, but directed its audit staff to review historical rate recovery in connection with an ongoing FERC audit. Separately, in March 2021, the FERC issued an order related to an intervenor challenge to Ameren Illinois’ 2020 transmission formula rate update. As a result of this order, in March 2021, Ameren Illinois recorded a regulatory liability of $9 million, largely as a reduction of electric operating revenues, to reflect expected refunds, including interest, primarily related to the historical rate recovery of materials and supplies inventories included in rate base. The refund amount was reflected in rates as of January 2022 and fully refunded to customers by the end of 2022. Ameren Missouri, Ameren Illinois, and ATXI filed appeals of the FERC’s May 2020 and March 2021 orders, and related FERC orders denying requests for rehearing, to the United States Court of Appeals for the District of Columbia Circuit, which appeals were denied in January 2023. The impact of the May 2020 and March 2021 orders was not material to Ameren’s, Ameren Missouri’s, or Ameren Illinois’ results of operations, financial position, or liquidity.

FERC Complaint Cases

Since November 2013, the allowed base ROE for FERC-regulated transmission rate base under the MISO tariff has been subject to customer complaint cases and has been changed by various FERC orders. In May 2020, the FERC issued an order, which set the allowed base ROE to 10.02%, and required refunds, with interest, for the periods November 2013 to February 2015 and from late September 2016 forward. Ameren and Ameren Illinois paid these refunds, including interest, by March 31, 2022. In June and July 2020, Ameren Missouri, Ameren Illinois, and ATXI, as well as various customers, petitioned the United States Court of Appeals for the District of Columbia Circuit for review of the May 2020 order, challenging certain aspects of the new ROE methodology established. The petition filed by Ameren Missouri, Ameren Illinois, and ATXI challenged the refunds required for the period from September 2016 to May 2020. In August 2022, the court issued a ruling that granted the customers’ petition for review, vacated the FERC’s previous MISO ROE-determining orders, and remanded the proceedings to the FERC. The court did not rule on the petition filed by Ameren Missouri, Ameren Illinois, and ATXI. The currently allowed base ROE of 10.02% will remain effective for customer billings, but subject to refund if the base ROE is changed by the FERC in a future order. The FERC is under no deadline to issue an order related to these proceedings. A 50 basis point change in the FERC-allowed ROE would affect Ameren’s and Ameren Illinois’ annual revenue by an estimated $19 million and $13 million, respectively, based on each company’s 2023 projected rate base.

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Regulatory Assets and Liabilities

The following table presents our regulatory assets and regulatory liabilities at December 31, 2022 and 2021:


	2022						2021
	Ameren Missouri		Ameren Illinois		Ameren		Ameren Missouri		Ameren Illinois		Ameren
Regulatory assets:
Under-recovered FAC(a)	$	140	$	—	$	140	$	47	$	—	$	47
Under-recovered Illinois electric power costs(b)	—		33		33		—		3		3
Under-recovered PGA(b)(c)	23		—		23		49		114		163
MTM derivative losses(d)	68		68		136		77		125		202

IEIMA revenue requirement reconciliation adjustment(e)(f)	—		134		134		—		42		42
FERC revenue requirement reconciliation adjustment(g)	—		11		33		—		18		43
Under-recovered VBA(h)	—		—		—		—		17		17

Income taxes(i)	111		72		185		115		69		185




Callaway refueling and maintenance outage costs(j)	33		—		33		14		—		14
Unamortized loss on reacquired debt(k)	47		7		54		50		13		63
Environmental cost riders(l)	—		64		64		—		70		70
Storm costs(f)(m)	—		14		14		—		17		17




Allowance for funds used during construction for pollution control equipment(f)(n)	11		—		11		13		—		13
Customer generation rebate program(f)(o)	—		50		50		—		47		47


PISA(f)(p)	320		—		320		244		—		244

Certain Meramec Energy Center costs(q)	51		—		51		—		—		—
FEJA energy-efficiency rider(f)(r)	—		416		416		—		350		350
Other	44		39		83		41		47		88
Total regulatory assets	$	848	$	908	$	1,780	$	650	$	932	$	1,608
Less: current regulatory assets	(254)		(87)		(354)		(127)		(180)		(319)
Noncurrent regulatory assets	$	594	$	821	$	1,426	$	523	$	752	$	1,289
Regulatory liabilities:
Over-recovered FAC(a)	$	4	$	—	$	4	$	19	$	—	$	19
Over-recovered Illinois electric power costs(b)	—		—		—		—		13		13
Over-recovered PGA(b)	—		10		10		—		1		1

MTM derivative gains(d)	51		40		91		50		41		91





Income taxes(i)	1,095		749		1,931		1,208		770		2,066



Cost of removal(s)	1,064		989		2,091		1,028		929		1,988
AROs(t)	365		—		365		603		—		603

Bad debt rider(u)	—		21		21		—		19		19
Pension and postretirement benefit costs(v)	242		162		404		399		392		791
Pension and postretirement benefit costs tracker(w)	60		—		60		28		—		28


Renewable energy credits and zero emission credits(x)	—		373		373		—		246		246

RESRAM(y)	2		—		2		19		—		19
Excess income taxes collected in 2018(z)	7		—		7		25		—		25
Other	51		33		86		32		17		52
Total regulatory liabilities	$	2,941	$	2,377	$	5,445	$	3,411	$	2,428	$	5,961
Less: current regulatory liabilities	(70)		(64)		(136)		(57)		(54)		$	(113)
Noncurrent regulatory liabilities	$	2,871	$	2,313	$	5,309	$	3,354	$	2,374	$	5,848

(a)Under-recovered or over-recovered fuel costs to be recovered or refunded through the FAC. Specific accumulation periods aggregate the under-recovered or over-recovered costs over four months, any related adjustments that occur over the following four months, and the recovery from, or refund to, customers that occurs over the next eight months.

(b)Under-recovered or over-recovered costs from utility customers. Amounts will be recovered from, or refunded to, customers within one year of the deferral.

(c)As a result of the significant increase in customer demand and prices for natural gas and electricity experienced in mid-February 2021 due to extremely cold weather, for the month of February 2021, Ameren Missouri and Ameren Illinois had under-recovered costs under their PGA clauses of $53 million and $221 million, respectively. Pursuant to an October 2021 MoPSC order, the collection period for Ameren Missouri’s cumulative PGA under-recovery as of August 2021, which includes the February 2021 under-recovery, was extended from 12 months to 36 months, beginning November 2021. Ameren Illinois collected its February 2021 PGA under-recovery over 18 months beginning April 2021.

(d)Deferral of commodity-related derivative MTM losses or gains. See Note 7 – Derivative Financial Instruments for additional information.

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(e)The difference between Ameren Illinois’ electric distribution service annual revenue requirement calculated under the performance-based formula ratemaking framework and the revenue requirement included in customer rates for that year. Any under-recovery or over-recovery will be recovered from, or refunded to, customers with interest within two years.

(f)These assets earn a return at the applicable WACC.

(g)Ameren Illinois’ and ATXI’s annual revenue requirement reconciliation calculated pursuant to the FERC’s electric transmission formula ratemaking framework. Any under-recovery or over-recovery will be recovered from, or refunded to, customers within two years.

(h)Under-recovered natural gas revenue caused by sales volume deviations from weather normalized sales approved by the ICC in rate regulatory reviews. Each year’s amount will be recovered from customers from April through December of the following year.

(i)The regulatory assets represent amounts that will be recovered from customers for deferred income taxes related to the equity component of allowance for funds used during construction and the effects of tax rate increases. The regulatory liabilities represent amounts that will be refunded to customers for deferred income taxes related to depreciation differences, other tax liabilities, and the unamortized portion of investment tax credits recorded at rates in excess of current statutory rates. Amounts associated with the equity component of allowance for funds used during construction and the unamortized portion of investment tax credits will be amortized over the expected life of the related assets. For net regulatory liabilities related to deferred income taxes recorded at rates other than the current statutory rate, the weighted-average remaining amortization periods at Ameren, Ameren Missouri, and Ameren Illinois are 38, 31, and 44 years.

(j)Maintenance expenses related to scheduled refueling and maintenance outages at Ameren Missouri’s Callaway Energy Center. Amounts are amortized over the period between refueling and maintenance outages, which has historically been approximately 18 months.

(k)Losses related to reacquired debt. These amounts are being amortized over the lives of the related new debt issuances or the original lives of the old debt issuances if no new debt was issued.

(l)The recoverable portion of accrued environmental site liabilities that will be collected from electric and natural gas customers through ICC-approved cost recovery riders. The period of recovery will depend on the timing of remediation expenditures. See Note 14 – Commitments and Contingencies for additional information.

(m)Storm costs from 2020, 2021, and 2022 deferred in accordance with the IEIMA. These costs are being amortized over five-year periods beginning in the year the storm occurred.

(n)The MoPSC’s May 2010 electric rate order allowed Ameren Missouri to record an allowance for funds used during construction for pollution control equipment at its Sioux Energy Center until the cost of that equipment was included in customer rates beginning in 2011. These costs are being amortized over the expected life of the Sioux Energy Center, currently through 2028. Ameren Missouri’s electric rate increase request discussed above reflects extending the retirement date of the Sioux Energy Center from 2028 to 2030.

(o)Costs associated with Ameren Illinois’ customer generation rebate program. Costs are amortized over a 15-year period, beginning in the year rebates are paid.

(p)Under the PISA, Ameren Missouri is permitted to defer and recover 85% of the depreciation expense and earn a return at the applicable WACC on investments in certain property, plant, and equipment placed in service and not included in base rates. Accumulated PISA deferrals, which also earn a return at the applicable WACC, are added to rate base prospectively and amortized over a period of 20 years following a regulatory rate review.

(q)Certain costs associated with the Meramec Energy Center, which were authorized for recovery by the December 2021 MoPSC electric rate order discussed above. These costs are being collected over five years beginning in February 2022.

(r)The electric energy-efficiency investments are being amortized over their weighted-average useful lives beginning in the period in which they were made, with current remaining amortization periods ranging from four to 12 years.

(s)Estimated funds collected from customers to pay for the future removal cost of property, plant, and equipment retired from service, net of salvage.

(t)The ARO regulatory liability includes the nuclear decommissioning trust fund balance ($958 million and $1,159 million at December 31, 2022 and 2021, respectively), net of recoverable removal costs for AROs ($593 million and $556 million at December 31, 2022 and 2021, respectively). See Note 1 – Summary of Significant Accounting Policies – Asset Retirement Obligations.

(u)A rider for the difference between the level of bad debt write-offs, net of any subsequent recoveries, incurred by Ameren Illinois and the level of such costs included in electric distribution and natural gas delivery service rates. Under-recovered or over-recovered costs for each year are collected from, or refunded to, customers over a twelve-month period beginning June the following year.

(v)Over-recovered costs are being amortized in proportion to the recognition of prior service costs (credits) and actuarial losses (gains) attributable to Ameren’s pension plan and postretirement benefit plans. See Note 10 – Retirement Benefits for additional information.

(w)A regulatory recovery mechanism for the difference between the level of pension and postretirement benefit costs incurred by Ameren Missouri and the level of such costs included in customer rates. The period of refund varies based on MoPSC approval in a regulatory rate review. For costs incurred prior to 2022, the weighted-average remaining amortization period is four years. For costs incurred during 2022, the amortization period will be determined the 2022 electric service regulatory rate review discussed above.

(x)Funds collected for the purchase of renewable energy credits and zero emission credits through IPA procurements. The balance will be amortized as the credits are purchased.

(y)Over-recovered costs associated with Ameren Missouri’s compliance with the state of Missouri’s renewable energy standard. Under-recovered or over-recovered costs are aggregated over a twelve-month period beginning each August and are amortized over a twelve-month period beginning February the following year.

*(z)*The excess amount collected in rates related to the TCJA from January 1, 2018, through July 31, 2018. Pursuant to the December 2021 MoPSC electric rate order discussed above, the regulatory liability is being amortized over a 15-month period, which began in March 2022.

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NOTE 3 – PROPERTY, PLANT, AND EQUIPMENT, NET

The following table presents components of “Property, plant, and equipment, net” at December 31, 2022 and 2021:


	Ameren Missouri		Ameren Illinois		Other		Ameren
2022
Property, plant, and equipment at original cost(a):
Electric generation:
Coal(b)(c)	$	3,454	$	—	$	—	$	3,454
Natural gas	961		—		—		961
Nuclear	5,725		—		—		5,725
Renewable(d)	1,957		11		—		1,968
Electric distribution	7,993		7,351		—		15,344
Electric transmission	1,884		4,617		1,815		8,316
Natural gas	640		3,883		—		4,523
Other(e)	1,904		1,395		249		3,548
	24,518		17,257		2,064		43,839
Less: Accumulated depreciation and amortization	9,682		4,418		365		14,465
	14,836		12,839		1,699		29,374
Construction work in progress:
Nuclear fuel in process	108		—		—		108
Other	598		514		86		1,198
Plant to be abandoned, net(f)	582		—		—		582
Property, plant, and equipment, net	$	16,124	$	13,353	$	1,785	$	31,262
2021
Property, plant, and equipment at original cost(a):
Electric generation:
Coal(b)(c)	$	3,955	$	—	$	—	$	3,955
Natural gas	1,105		—		—		1,105
Nuclear	5,615		—		—		5,615
Renewable(d)	1,889		—		—		1,889
Electric distribution	7,286		7,017		—		14,303
Electric transmission	1,628		4,105		1,800		7,533
Natural gas	607		3,586		—		4,193
Other(e)	1,584		1,183		242		3,009
	23,669		15,891		2,042		41,602
Less: Accumulated depreciation and amortization	9,784		4,100		330		14,214
	13,885		11,791		1,712		27,388
Construction work in progress:
Nuclear fuel in process	133		—		—		133
Other	674		432		30		1,136
Plant to be abandoned, net(f)	604		—		—		604
Property, plant, and equipment, net	$	15,296	$	12,223	$	1,742	$	29,261

(a)The estimated lives for each asset group are as follows: 5 to 72 years for electric generation, excluding Ameren Missouri’s hydroelectric generating assets, which have useful lives of up to 150 years; 20 to 80 years for electric distribution; 50 to 75 years for electric transmission; 20 to 80 years for natural gas; and 2 to 55 years for other.

(b)Includes $29 million of oil-fired generation at December 31, 2022 and 2021.

(c)Original cost amounts include two CTs that had related financing obligations. The gross cumulative plant asset values related to outstanding financing obligations as of December 31, 2022 and 2021, was $125 million and $243 million, respectively. The related accumulated depreciation was $54 million and $105 million. The financing obligation for the Peno Creek CT Energy Center was settled in December 2022, while the financing obligation for the Audrain CT Energy Center was settled in January 2023. See Note 5 – Long-term Debt and Equity Financings for additional information on these agreements.

(d)Renewable includes hydroelectric, wind, solar, and methane gas generation facilities.

(e)Other property, plant, and equipment includes assets used to support electric and natural gas services.

(f)Represents the net book value of the Rush Island Energy Center and related construction work in progress as Ameren Missouri expects to retire the energy center significantly in advance of its previously expected useful life and in the near term. See Plant to be Abandoned, Net under Note 1 – Summary of Significant Accounting Policies and NSR and Clean Air Act Litigation under Note 14 – Commitments and Contingencies for additional information on the planned accelerated retirement of the Rush Island Energy Center.

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Capitalized software costs are classified within “Property, Plant, and Equipment, Net” on the balance sheet and are amortized on a straight-line basis over the expected period of benefit, ranging from 2 to 15 years. The following table presents the amortization, gross carrying value, and related accumulated amortization of capitalized software by year:


	Amortization Expense						Gross Carrying Value				Accumulated Amortization
	2022		2021		2020		2022		2021		2022		2021

Ameren	$	159	$	125	$	93	$	1,443	$	1,199	$	(914)	$	(757)
Ameren Missouri	85		66		44		613		523		(339)		(255)
Ameren Illinois	69		53		45		601		452		(360)		(291)

Annual amortization expense for capitalized software placed in service as of December 31, 2022, is estimated to be as follows:


	2023		2024		2025		2026		2027
Ameren	$	170	$	131	$	83	$	51	$	30
Ameren Missouri	91		71		46		26		15
Ameren Illinois	74		56		35		24		15

NOTE 4 – SHORT-TERM DEBT AND LIQUIDITY

The liquidity needs of the Ameren Companies are typically supported through the use of available cash, drawings under committed credit agreements, commercial paper issuances, and/or, in the case of Ameren Missouri and Ameren Illinois, short-term affiliate borrowings.

Short-Term Borrowings

In December 2022, the Credit Agreements, which were scheduled to mature in December 2025, were extended and now mature in December 2027. The Credit Agreements provide $2.6 billion of credit cumulatively through maturity. The total facility size of the Missouri Credit Agreement and Illinois Credit Agreement is $1.4 billion and $1.2 billion, respectively. The maturity date of each Credit Agreement may be extended for two additional one-year periods upon the mutual consent of the respective borrowers and the lenders. Credit available under the agreements is provided by 21 international, national, and regional lenders, with no single lender providing more than $156 million of credit in aggregate.

The obligations of each borrower under the respective Credit Agreements to which it is a party are several and not joint. Except under limited circumstances relating to expenses and indemnities, the obligations of Ameren Missouri and Ameren Illinois under the respective Credit Agreements are not guaranteed by Ameren (parent) or any other subsidiary of Ameren. The following table presents the maximum aggregate amount available to each borrower under each facility:


	Missouri Credit Agreement		Illinois Credit Agreement
Ameren (parent)	$	1,000	$	700
Ameren Missouri	1,000		(a)
Ameren Illinois	(a)		1,000

(a)Not applicable.

The borrowers have the option to seek additional commitments from existing or new lenders to increase the total facility size of the Credit Agreements to a maximum of $1.7 billion for the Missouri Credit Agreement and $1.5 billion for the Illinois Credit Agreement. Ameren (parent) borrowings are due and payable no later than the maturity date of the Credit Agreements. Ameren Missouri and Ameren Illinois borrowings under the applicable Credit Agreement are due and payable no later than the earlier of the maturity date or 364 days after the date of the borrowing.

The obligations of the borrowers under the Credit Agreements are unsecured. Loans are available on a revolving basis under each of the Credit Agreements. Funds borrowed may be repaid and, subject to satisfaction of the conditions to borrowing, reborrowed from time to time. At the election of each borrower, the interest rates on such loans will be the alternate base rate plus the margin applicable to the particular borrower and/or the eurodollar rate plus the margin applicable to the particular borrower. The applicable margins will be determined by the borrower’s long-term unsecured credit ratings or, if no such ratings are in effect, the borrower’s corporate/issuer ratings then in effect. The borrowers have received commitments from the lenders to issue letters of credit up to $100 million under each of the Credit Agreements. In addition, the issuance of letters of credit is subject to the $2.6 billion overall combined facility borrowing limitations of the Credit Agreements.

The borrowers will use the proceeds from any borrowings under the Credit Agreements for general corporate purposes, including working capital, commercial paper liquidity support, loan funding under the Ameren money pool arrangements, and other short-term affiliate

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loan arrangements. The Missouri Credit Agreement and the Illinois Credit Agreement are available to support issuances under Ameren (parent)’s, Ameren Missouri’s and Ameren Illinois’ commercial paper programs, respectively, subject to borrowing sublimits, as well as to support issuance of letters of credit for the borrowers. As of December 31, 2022, based on credit capacity available under the Credit Agreements, along with cash and cash equivalents, the net liquidity available to Ameren (parent), Ameren Missouri, and Ameren Illinois, collectively, was $1.5 billion.

The following table summarizes the activity and relevant interest rates for Ameren (parent)’s, Ameren Missouri’s, and Ameren Illinois’ commercial paper issuances and borrowings under the Credit Agreements in the aggregate for the years ended December 31, 2022 and 2021:


	Ameren (parent)			Ameren Missouri			Ameren Illinois			Ameren Consolidated
2022
Average daily amount outstanding	$	485		$	229		$	138		$	852
Commercial paper issuances outstanding at period-end	477			329			264			1,070
Weighted-average interest rate	2.41		%	1.71		%	2.79		%	2.28		%
Peak amount outstanding during period(a)	$	718		$	539		$	404		$	1,267
Peak interest rate	4.80		%	4.95		%	4.80		%	4.95		%
2021
Average daily amount outstanding	$	387		$	99		$	118		$	604
Commercial paper issuances outstanding at period-end	277			165			103			545
Weighted-average interest rate	0.22		%	0.22		%	0.21		%	0.22		%
Peak amount outstanding during period(a)	$	650		$	546		$	485		$	1,134
Peak interest rate	0.38		%	0.35		%	0.35		%	0.38		%

(a) The timing of peak outstanding commercial paper issuances and borrowings under the Credit Agreements varies by company. Therefore, the sum of individual company peak amounts may not equal the Ameren consolidated peak amount for the period.

Indebtedness Provisions and Other Covenants

The information below is a summary of the Ameren Companies’ compliance with indebtedness provisions and other covenants.

The Credit Agreements contain conditions for borrowings and issuances of letters of credit. These conditions include the absence of default or unmatured default, material accuracy of representations and warranties (excluding any representation after the closing date as to the absence of material adverse change and material litigation, and the absence of any notice of violation, liability, or requirement under any environmental laws that could have a material adverse effect), and obtaining required regulatory authorizations. In addition, it is a condition for any Ameren Illinois borrowing that, at the time of and after giving effect to such borrowing, Ameren Illinois not be in violation of any limitation on its ability to incur unsecured indebtedness contained in its articles of incorporation.

The Credit Agreements also contain nonfinancial covenants, including restrictions on the ability to incur certain liens, to transact with affiliates, to dispose of assets, to make investments in or transfer assets to its affiliates, and to merge with other entities. The Credit Agreements require each of Ameren, Ameren Missouri, and Ameren Illinois to maintain consolidated indebtedness of not more than 65% of its consolidated total capitalization pursuant to a defined calculation set forth in the agreements. As of December 31, 2022, the ratios of consolidated indebtedness to total consolidated capitalization, calculated in accordance with the provisions of the Credit Agreements, were 59%, 49%, and 46%, for Ameren, Ameren Missouri, and Ameren Illinois, respectively.

The Credit Agreements contain default provisions that apply separately to each borrower. However, a default of Ameren Missouri or Ameren Illinois under the applicable credit agreement is also deemed to constitute a default of Ameren (parent) under such agreement. Defaults include a cross-default resulting from a default of such borrower under any other agreement covering outstanding indebtedness of such borrower and certain subsidiaries (other than project finance subsidiaries and nonmaterial subsidiaries) in excess of $100 million in the aggregate (including under the other credit agreement). However, under the default provisions of the Credit Agreements, any default of Ameren (parent) under either credit agreement that results solely from a default of Ameren Missouri or Ameren Illinois does not result in a cross-default of Ameren (parent) under the other credit agreement. Further, the Credit Agreements default provisions provide that an Ameren (parent) default under either of the Credit Agreements does not constitute a default by Ameren Missouri or Ameren Illinois.

None of the Credit Agreements or financing agreements contain credit rating triggers that would cause a default or acceleration of repayment of outstanding balances. The Ameren Companies were in compliance with the provisions and covenants of the Credit Agreements at December 31, 2022*.*

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Money Pools

Ameren has money pool agreements with and among its subsidiaries to coordinate and provide for certain short-term cash and working capital requirements.

Ameren Missouri, Ameren Illinois, and ATXI may participate in the utility money pool as both lenders and borrowers. Ameren (parent) and Ameren Services may participate in the utility money pool only as lenders. Surplus internal funds are contributed to the money pool from participants. The primary sources of external funds for the utility money pool are the Credit Agreements and the commercial paper programs. The total amount available to the pool participants from the utility money pool at any given time is reduced by the amount of borrowings made by participants, but it is increased to the extent that the pool participants advance surplus funds to the utility money pool or remit funds from other external sources. The availability of funds is also determined by funding requirement limits established by regulatory authorizations. Participants receiving a loan under the utility money pool agreement must repay the principal amount of such loan, together with accrued interest. The rate of interest depends on the composition of internal and external funds in the utility money pool. The average interest rate for borrowing under the utility money pool for the year ended December 31, 2022, was 1.95% (2021 – 0.17%).

See Note 13 – Related-party Transactions for the amount of interest income and expense from the utility money pool agreement recorded by Ameren Missouri and Ameren Illinois for the years ended December 31, 2022, 2021, and 2020.

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NOTE 5 – LONG-TERM DEBT AND EQUITY FINANCINGS

The following table presents long-term debt outstanding, including maturities due within one year, as of December 31, 2022 and 2021:


	2022		2021
Ameren (Parent):

2.50% Senior unsecured notes due 2024	$	450	$	450
3.65% Senior unsecured notes due 2026	350		350
1.95% Senior unsecured notes due 2027	500		500
1.75% Senior unsecured notes due 2028	450		450
3.50% Senior unsecured notes due 2031	800		800
Total long-term debt, gross	2,550		2,550
Less: Unamortized discount and premium	(2)		(2)
Less: Unamortized debt issuance costs	(12)		(15)

Long-term debt, net	$	2,536	$	2,533
Ameren Missouri:
Bonds and notes:
1.60% 1992 Series bonds due 2022(a)	$	—	$	47
3.50% Senior secured notes due 2024(b)	350		350
2.95% Senior secured notes due 2027(b)	400		400
3.50% First mortgage bonds due 2029(d)	450		450
2.95% First mortgage bonds due 2030(d)	465		465
2.15% First mortgage bonds due 2032(d)	525		525
2.90% 1998 Series A bonds due 2033(a)	60		60
2.90% 1998 Series B bonds due 2033(a)	50		50
2.75% 1998 Series C bonds due 2033(a)	50		50
5.50% Senior secured notes due 2034(b)	184		184
5.30% Senior secured notes due 2037(b)	300		300
8.45% Senior secured notes due 2039(b)(c)	350		350
3.90% Senior secured notes due 2042(b)(c)	485		485
3.65% Senior secured notes due 2045(b)	400		400
4.00% First mortgage bonds due 2048(d)	425		425
3.25% First mortgage bonds due 2049(d)	330		330
2.625% First mortgage bonds due 2051(d)	550		550
3.90% First mortgage bonds due 2052(d)	525		—
Finance obligations:
City of Bowling Green agreement (Peno Creek CT) due 2022(e)	—		8
Audrain County agreement (Audrain County CT) due 2023(e)	240		240
Total long-term debt, gross	6,139		5,669
Less: Unamortized discount and premium	(12)		(12)
Less: Unamortized debt issuance costs	(41)		(38)
Less: Maturities due within one year	(240)		(55)
Long-term debt, net	$	5,846	$	5,564

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	2022		2021
Ameren Illinois:
Bonds and notes:
2.70% Senior secured notes due 2022(f)	$	—	$	400
0.375% First mortgage bonds due 2023(g)	100		100
3.25% Senior secured notes due 2025(f)	300		300
6.125% Senior secured notes due 2028(f)	60		60
3.80% First mortgage bonds due 2028(g)	430		430
1.55% First mortgage bonds due 2030(g)	375		375
3.85% First mortgage bonds due 2032(g)	500		—
6.70% Senior secured notes due 2036(f)	61		61
6.70% Senior secured notes due 2036(f)	42		42
4.80% Senior secured notes due 2043(f)	280		280
4.30% Senior secured notes due 2044(f)	250		250
4.15% Senior secured notes due 2046(f)	490		490
3.70% First mortgage bonds due 2047(g)	500		500
4.50% First mortgage bonds due 2049(g)	500		500
3.25% First mortgage bonds due 2050(g)	300		300
2.90% First mortgage bonds due 2051(g)	350		350
5.90% First mortgage bonds due 2052(g)	350		—
Total long-term debt, gross	4,888		4,438
Less: Unamortized discount and premium	(9)		(7)
Less: Unamortized debt issuance costs	(44)		(39)
Less: Maturities due within one year	(100)		(400)
Long-term debt, net	$	4,735	$	3,992
ATXI:
2.45% Senior unsecured notes due 2036(h)	$	75	$	75
3.43% Senior unsecured notes due 2050(i)	400		450
2.96% Senior unsecured notes due 2052(j)	95		—
Total long-term debt, gross	570		525

Less: Unamortized debt issuance costs	(2)		(2)
Less: Maturities due within one year	—		(50)
Long-term debt, net	$	568	$	473
Ameren consolidated long-term debt, net	$	13,685	$	12,562

(a)These bonds are collaterally secured by first mortgage bonds issued by Ameren Missouri under the Ameren Missouri mortgage indenture and have a fall-away lien provision similar to that of Ameren Missouri’s senior secured notes.

(b)These notes are collaterally secured by first mortgage bonds issued by Ameren Missouri under the Ameren Missouri mortgage indenture. The notes have a fall-away lien provision and will remain secured only as long as any first mortgage bonds issued under the Ameren Missouri mortgage indenture remain outstanding. Redemption, purchase, or maturity of all first mortgage bonds, including first mortgage bonds currently outstanding and any that may be issued in the future, would result in a release of the first mortgage bonds currently securing these notes, at which time these notes would become unsecured obligations. Considering the 2052 maturity of the 3.90% first mortgage bonds and the restrictions preventing a release date to occur that are attached to certain senior secured notes described in footnote (c) below, Ameren Missouri does not expect the first mortgage lien protection associated with these notes to fall away.

(c)Ameren Missouri has agreed that so long as any of the 3.90% senior secured notes due 2042 are outstanding, Ameren Missouri will not permit a release date to occur, and so long as any of the 8.45% senior secured notes due 2039 are outstanding, Ameren Missouri will not optionally redeem, purchase, or otherwise retire in full the outstanding first mortgage bonds not subject to release provisions.

(d)These bonds are first mortgage bonds issued by Ameren Missouri under the Ameren Missouri bond indenture. They are secured by substantially all Ameren Missouri property and franchises.

(e)Payments due related to the financing obligations were paid to a trustee, which is authorized to utilize the cash only to pay equal amounts due to Ameren Missouri under related bonds issued by the city/county and held by Ameren Missouri. The timing and amounts of payments due from Ameren Missouri under the agreements were equal to the timing and amount of bond service payments due to Ameren Missouri, resulting in no net cash flow. The balance of the financing obligations and the related investments in debt securities was $240 million and $248 million, respectively, as of December 31, 2022 and 2021. The investments were recorded in “Investments in industrial development revenue bonds” as of December 31, 2022, and primarily recorded in “Other assets” as of December 31, 2021. See below for additional information on these financing obligations.

(f)These notes are collaterally secured by first mortgage bonds issued by Ameren Illinois under the Ameren Illinois mortgage indenture. The notes have a fall-away lien provision and will remain secured only as long as any first mortgage bonds issued under its mortgage indenture remain outstanding. Redemption, purchase, or maturity of all first mortgage bonds, including first mortgage bonds currently outstanding and any that may be issued in the future, would result in a release of the first mortgage bonds currently securing these notes, at which time these notes would become unsecured obligations. Considering the 2052 maturity date of the 5.90% first mortgage bonds, Ameren Illinois does not expect the first mortgage lien protection associated with these notes to fall away.

(g)These bonds are first mortgage bonds issued by Ameren Illinois under the Ameren Illinois mortgage indenture. They are secured by substantially all Ameren Illinois property and franchises.

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(h)The following table presents the principal maturities schedule for the 2.45% senior unsecured notes due 2036:


Payment Date		Principal Payment
November 2029	$	30
November 2036		45
Total	$	75

(i)The following table presents the principal maturities schedule for the 3.43% senior unsecured notes due 2050:


Payment Date		Principal Payment
August 2024	$	49
August 2027		50
August 2030		49
August 2032		50
August 2038		49
August 2043		77
August 2050		76
Total	$	400

(j)The following table presents the principal maturities schedule for the 2.96% senior unsecured notes due 2052:


Payment Date		Principal Payment
August 2040	$	45
August 2052		50
Total	$	95

The following table presents the aggregate maturities of long-term debt, including current maturities, at December 31, 2022:


	Ameren (parent)(a)		Ameren Missouri(a)		Ameren Illinois(a)		ATXI(a)		Ameren Consolidated(a)
2023	$	—	$	240	$	100	$	—	$	340
2024	450		350		—		49		849
2025	—		—		300		—		300
2026	350		—		—		—		350
2027	500		400		—		50		950
Thereafter	1,250		5,149		4,488		471		11,358
Total	$	2,550	$	6,139	$	4,888	$	570	$	14,147

(a)Excludes unamortized discount, premium, and debt issuance costs of $14 million, $53 million, $53 million, and $2 million at Ameren (parent), Ameren Missouri, Ameren Illinois, and ATXI, respectively.

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All classes of Ameren Missouri’s and Ameren Illinois’ preferred stock are entitled to cumulative dividends, have voting rights, and are not subject to mandatory redemption. The preferred stock of Ameren’s subsidiaries is included in “Noncontrolling Interests” on Ameren’s consolidated balance sheet. The following table presents the outstanding preferred stock of Ameren Missouri and Ameren Illinois, which is redeemable at the option of the issuer, at the prices shown below as of December 31, 2022 and 2021:


	Shares Outstanding	Redemption Price (per share)			2022		2021
Ameren Missouri:
Without par value and stated value of $100 per share, 25 million shares authorized
$3.50 Series	130,000 shares	$	110.00		$	13	$	13
$3.70 Series	40,000 shares	104.75			4		4
$4.00 Series	150,000 shares	105.625			15		15
$4.30 Series	40,000 shares	105.00			4		4
$4.50 Series	213,595 shares	110.00		(a)	21		21
$4.56 Series	200,000 shares	102.47			20		20
$4.75 Series	20,000 shares	102.176			2		2
$5.50 Series A	14,000 shares	110.00			1		1
Total					$	80	$	80
Ameren Illinois:
With par value of $100 per share, 2 million shares authorized
4.00% Series	144,275 shares	$	101.00		$	14	$	14
4.08% Series	45,224 shares	103.00			5		5
4.20% Series	23,655 shares	104.00			2		2
4.25% Series	50,000 shares	102.00			5		5
4.26% Series	16,621 shares	103.00			2		2
4.42% Series	16,190 shares	103.00			2		2
4.70% Series	18,429 shares	104.30			2		2
4.90% Series	73,825 shares	102.00			7		7
4.92% Series	49,289 shares	103.50			5		5
5.16% Series	50,000 shares	102.00			5		5


Total					$	49	$	49
Total Ameren					$	129	$	129

(a)In the event of voluntary liquidation, $105.50.

Ameren has 100 million shares of $0.01 par value preferred stock authorized, with no such shares outstanding. Ameren Missouri has 7.5 million shares of $1 par value preference stock authorized, with no such shares outstanding. Ameren Illinois has 2.6 million shares of no par value preferred stock authorized, with no such shares outstanding.

Ameren

Under the DRPlus and its 401(k) plan, Ameren issued 0.5 million, 0.5 million, and 0.7 million shares of common stock in 2022, 2021, and 2020, respectively, and received proceeds of $41 million, $47 million, and $51 million for the respective years, and had a receivable of $8 million as of December 31, 2022. In addition, Ameren issued 0.4 million, 0.5 million, and 0.5 million shares of common stock valued at $31 million, $33 million, and $38 million in 2022, 2021, 2020, respectively, for no cash consideration in connection with stock-based compensation.

In May 2020, Ameren filed a Form S-3 registration statement with the SEC, authorizing the offering of 4 million additional shares of its common stock under the DRPlus, which expires in May 2023. Shares of common stock sold under the DRPlus are, at Ameren’s option, newly issued shares, treasury shares, or shares purchased in the open market or in privately negotiated transactions.

In October 2020, Ameren, Ameren Missouri, and Ameren Illinois filed a Form S-3 shelf registration statement with the SEC, registering the issuance of an unspecified amount of certain types of securities. This registration statement expires in October 2023.

In October 2018, Ameren filed a Form S-8 registration statement with the SEC, authorizing the offering of 4 million additional shares of its common stock under its 401(k) plan. Shares of common stock issuable under the 401(k) plan are, at Ameren’s option, newly issued shares, treasury shares, or shares purchased in the open market or in privately negotiated transactions.

In May 2021, Ameren entered into an equity distribution sales agreement pursuant to which Ameren may offer and sell from time to time up to $750 million of its common stock through an ATM program, which includes the ability to enter into forward sales agreements. In November 2022, Ameren increased the amount of common stock available for sale under the ATM program by $1 billion. Under the ATM,

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Ameren issued 3.4 million and 1.8 million shares of common stock and received proceeds of $292 million and $148 million in 2022 and 2021, respectively. These proceeds were net of $3 million and $2 million, respectively, in compensation paid to selling agents. As of December 31, 2022, Ameren had approximately $1 billion of common stock available for sale under the ATM program, which takes into account the forward sale agreements in effect as of December 31, 2022, discussed below.

As of January 31, 2023, Ameren had multiple forward sale agreements that could be settled under the ATM program with various counterparties relating to 3.4 million shares of common stock.

Related to the forward sale agreements outstanding as of December 31, 2022, these agreements can be settled at Ameren’s discretion on or prior to dates ranging from January 10, 2024 to March 8, 2024. On a settlement date or dates, if Ameren elects to physically settle a forward sale agreement, Ameren will issue shares of common stock to the counterparties at the then-applicable forward sale price. The initial forward sale price for the agreements ranged from $90.77 to $94.80, with an average initial forward sale price of $92.91. Each forward sale price is subject to adjustment based on a floating interest rate factor equal to the overnight bank funding rate less a spread of 75 basis points, and will be subject to decrease on certain dates specified in the forward sale agreements by specified amounts related to expected dividends on shares of the common stock during the term of the forward sale agreements. If the overnight bank funding rate is less than the spread on any day, the interest rate factor will result in a reduction of the forward sale price. The forward sale agreements will be physically settled unless Ameren elects to settle in cash or to net share settle. At December 31, 2022, Ameren could have settled the forward sale agreements with physical delivery of 3.2 million shares of common stock to the respective counterparties in exchange for cash of $295 million. Alternatively, the forward sale agreements could have also been settled at December 31, 2022, with the counterparties delivering approximately $11 million of cash or approximately 0.1 million shares of common stock to Ameren. In connection to the forward sale agreements, the various counterparties, or their affiliates, borrowed from third parties and sold 3.2 million shares of common stock. The gross sales price of these shares totaled $300 million. In connection with such sales, the counterparties were deemed to have received commissions of $3 million. Ameren has not received any proceeds from such sales of borrowed shares. The forward sale agreements have been classified as equity transactions.

In January 2023, Ameren entered into a forward sale agreement under the ATM program relating to 0.2 million shares of common stock. The January 2023 forward sale agreement can be settled at Ameren’s discretion on or prior to October 3, 2024. The initial forward sale price was $89.31 for the January 2023 forward sale agreement.

In August 2019, Ameren entered into a forward sale agreement with a counterparty relating to 7.5 million shares of common stock. In December 2020, pursuant to the agreement terms, Ameren partially settled the forward sale agreement by physically delivering 5.9 million shares of common stock for cash proceeds of $425 million. In February 2021, Ameren settled the remainder of the forward sale agreement by physically delivering 1.6 million shares of common stock for cash proceeds of $113 million. The proceeds were used to fund a portion of Ameren Missouri’s wind generation investments. See Note 15 – Supplemental Information for additional information about the wind generation facilities.

In March 2021, Ameren (parent) issued $450 million of 1.75% senior unsecured notes due March 2028, with interest payable semiannually on March 15 and September 15 of each year, beginning September 15, 2021. Ameren received net proceeds of $447 million which were used for general corporate purposes, including the repayment of short-term debt.

In November 2021, Ameren (parent) issued $500 million of 1.95% senior unsecured notes due March 2027, with interest payable semiannually on March 15 and September 15 of each year, beginning March 15, 2022. Ameren received net proceeds of $497 million which were used to repay short-term debt.

Ameren Missouri

In April 2022, Ameren Missouri issued $525 million of 3.90% green first mortgage bonds due April 2052, with interest payable semiannually on April 1 and October 1 of each year, beginning October 1, 2022. Ameren Missouri received net proceeds of $519 million, which were used for capital expenditures and to repay short-term debt. Ameren Missouri intends to allocate an amount equal to the net proceeds to sustainability projects meeting certain eligibility criteria.

In November 2022, $47 million principal amount of Ameren Missouri’s 1.60% 1992 Series bonds matured and were repaid with commercial paper borrowings.

In December 2022, Ameren Missouri repaid $8 million of the remaining principal amount of the financing obligation related to the Peno Creek CT Energy Center to a trustee, which is authorized to utilize the cash only to pay equal amounts due to Ameren Missouri under related bonds issued by the city of Bowling Green and held by Ameren Missouri. The timing and amounts of payments due from Ameren Missouri under the agreement were equal to the timing and amount of bond service payments due to Ameren Missouri, resulting in no net cash flow. Under the terms of this agreement, Ameren Missouri was responsible for all operation and maintenance for the energy center. Ownership of

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the energy center transferred to Ameren Missouri in December 2022, at which time the property, plant, and equipment became subject to the lien of the Ameren Missouri mortgage bond indenture.

In January 2023, Ameren Missouri and Audrain County mutually agreed to terminate a financing obligation agreement related to the CT energy center in Audrain County, which was scheduled to expire in December 2023. No cash was exchanged associated with the termination of the agreement as the $240 million principal amount of the financing obligation due from Ameren Missouri was equal to the amount of bond service payments due to Ameren Missouri. 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.

In June 2021, Ameren Missouri issued $525 million of 2.15% first mortgage bonds due March 2032, with interest payable semiannually on March 15 and September 15 of each year, beginning March 15, 2022. Ameren Missouri received net proceeds of $521 million, which were used to repay short-term debt and for near-term capital expenditures. Ameren Missouri intends to allocate an amount equal to the net proceeds to sustainability projects meeting certain eligibility criteria.

For information on Ameren Missouri’s capital contributions, refer to Capital Contributions in Note 13 – Related-party Transactions.

Ameren Illinois

In March 2021, Ameren Illinois redeemed its 6.625% and 7.75% series preferred stock at par for $12 million and $1 million, respectively. The preferred stock of Ameren Illinois is reflected in “Noncontrolling Interests” on Ameren’s consolidated balance sheet.

In August 2022, Ameren Illinois issued $500 million of 3.85% first mortgage bonds due September 2032, with interest payable semiannually on March 1 and September 1 of each year, beginning March 1, 2023. Ameren Illinois received net proceeds of $496 million, which were used to repay $400 million principal amount of its 2.70% senior secured notes that matured in September 2022 and short-term debt.

In November 2022, Ameren Illinois issued $350 million of 5.90% first mortgage bonds due December 2052, with interest payable semiannually on June 1 and December 1 of each year, beginning June 1, 2023. Ameren Illinois received net proceeds of $346 million, which were used to repay short-term debt. Ameren Illinois intends to allocate an amount equal to the net proceeds to sustainability projects meeting certain eligibility criteria.

In June 2021, Ameren Illinois issued $350 million of 2.90% first mortgage bonds due June 2051, with interest payable semiannually on June 15 and December 15 of each year, beginning December 15, 2021. Ameren Illinois received net proceeds of $345 million, which were used to repay short-term debt. Ameren Illinois intends to allocate an amount equal to the net proceeds to sustainability projects meeting certain eligibility criteria.

In June 2021, Ameren Illinois issued $100 million of 0.375% first mortgage bonds due June 2023, with interest payable semiannually on June 15 and December 15 of each year, beginning December 15, 2021. Ameren Illinois received net proceeds of $100 million, which were used to repay short-term debt.

For information on Ameren Illinois’ capital contributions, refer to Capital Contributions in Note 13 – Related-party Transactions.

ATXI

In November 2021, pursuant to a note purchase agreement, ATXI agreed to issue $95 million of its 2.96% senior unsecured notes due 2052, with interest payable semiannually on February 25 and August 25 of each year, beginning February 25, 2023, through a private placement offering exempt from registration under the Securities Act of 1933, as amended. In August 2022, ATXI issued the notes and received net proceeds of $95 million, which were used to refinance the remaining portion of an intercompany long-term note with Ameren (parent), repay a $50 million principal payment of its 3.43% senior unsecured notes in August 2022, and to repay short-term debt.

In November 2021, pursuant to a note purchase agreement, ATXI issued $75 million of its 2.45% senior unsecured notes due 2036, with interest payable semiannually on May 16 and November 16 of each year, beginning May 16, 2022, through a private placement offering exempt from registration under the Securities Act of 1933, as amended. ATXI received net proceeds of $75 million, which were used to refinance a portion of an intercompany long-term note with Ameren (parent) and to repay short-term debt.

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Indenture Provisions and Other Covenants

Ameren Missouri’s and Ameren Illinois’ indentures and articles of incorporation include covenants and provisions related to issuances of first mortgage bonds and preferred stock. Ameren Missouri and Ameren Illinois are required to meet certain ratios to issue additional first mortgage bonds and preferred stock. A failure to achieve these ratios would not result in a default under these covenants and provisions but would restrict the companies’ ability to issue bonds or preferred stock. The following table summarizes the required and actual interest coverage ratios for interest charges, dividend coverage ratios, and bonds and preferred stock issuable as of December 31, 2022, at an assumed interest rate of 6% and dividend rate of 7%.


	Required Interest Coverage Ratio(a)	Actual Interest Coverage Ratio	Bonds Issuable(b)	Required Dividend Coverage Ratio(c)	Actual Dividend Coverage Ratio	Preferred Stock Issuable
Ameren Missouri	>2.0	3.4	$4,461	>2.5	165.2	$3,179
Ameren Illinois	>2.0	6.9	8,237	>1.5	3.5	203	(d)

(a)Coverage required on the annual interest charges on first mortgage bonds outstanding and to be issued. Coverage is not required in certain cases when additional first mortgage bonds are issued on the basis of retired bonds.

(b)Amount of bonds issuable based either on required coverage ratios or unfunded property additions, whichever is more restrictive. The amounts shown also include bonds issuable based on retired bond capacity of $1,959 million and $1,043 million at Ameren Missouri and Ameren Illinois, respectively.

(c)Coverage required on the annual dividend on preferred stock outstanding and to be issued, as required in the respective company’s articles of incorporation.

(d)Preferred stock issuable is restricted by the amount of preferred stock that is currently authorized by Ameren Illinois’ articles of incorporation.

Ameren’s indenture does not require Ameren to comply with any quantitative financial covenants. The indenture does, however, include certain cross-default provisions. Specifically, either (1) the failure by Ameren to pay when due and upon expiration of any applicable grace period any portion of any Ameren indebtedness in excess of $25 million, or (2) the acceleration upon default of the maturity of any Ameren indebtedness in excess of $25 million under any indebtedness agreement, including borrowings under the Credit Agreements or the Ameren commercial paper program, constitutes a default under the indenture, unless such past due or accelerated debt is discharged or the acceleration is rescinded or annulled within a specified period.

Ameren Missouri and Ameren Illinois and certain other nonregistrant Ameren subsidiaries are subject to Section 305(a) of the Federal Power Act, which makes it unlawful for any officer or director of a public utility, as defined in the Federal Power Act, to participate in the making or paying of any dividend from any funds “properly included in capital account.” The FERC has consistently interpreted the provision to allow dividends to be paid as long as (1) the source of the dividends is clearly disclosed, (2) the dividends are not excessive, and (3) there is no self-dealing on the part of corporate officials. At a minimum, Ameren believes that dividends can be paid by its subsidiaries that are public utilities from net income and retained earnings. In addition, under Illinois law, Ameren Illinois and ATXI may not pay any dividend on their respective stock unless, among other things, their respective earnings and earned surplus are sufficient to declare and pay a dividend after provisions are made for reasonable and proper reserves, or unless Ameren Illinois or ATXI has specific authorization from the ICC.

Ameren Illinois’ articles of incorporation require dividend payments on its common stock to be based on ratios of common stock to total capitalization and other provisions related to certain operating expenses and accumulations of earned surplus. Ameren Illinois has made a commitment to the FERC to maintain a minimum 30% ratio of common stock equity to total capitalization. As of December 31, 2022, using the FERC-agreed upon calculation method, Ameren Illinois’ ratio of common stock equity to total capitalization was 54%.

ATXI’s note purchase agreements includes financial covenants that require ATXI not to permit at any time (1) debt to exceed 70% of total capitalization or (2) secured debt to exceed 10% of total assets.

At December 31, 2022, the Ameren Companies were in compliance with the provisions and covenants contained in their indentures and articles of incorporation, as applicable, and ATXI was in compliance with the provisions and covenants contained in its note purchase agreements. In order for the Ameren Companies to issue securities in the future, they will have to comply with all applicable requirements in effect at the time of any such issuances.

Off-Balance-Sheet Arrangements

At December 31, 2022, none of the Ameren Companies had any material off-balance-sheet financing arrangements, other than their investments in variable interest entities and the multiple forward sale agreements under the ATM program relating to common stock. See Note 1 – Summary of Significant Accounting Policies for further detail concerning variable interest entities.

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NOTE 6 – OTHER INCOME, NET

The following table presents the components of “Other Income, Net” in the Ameren Companies’ statements of income for the years ended December 31, 2022, 2021, and 2020:


	2022		2021		2020
Ameren:
Other Income, Net
Allowance for equity funds used during construction	$	43	$	43	$	32
Interest income on industrial development revenue bonds	24		25		25
Other interest income	11		2		4
Non-service cost components of net periodic benefit income(a)	184		136		116
Miscellaneous income	10		10		10
Earnings related to equity method investments	2		12		3
Donations	(26)		(9)		(25)		(b)
Miscellaneous expense	(22)		(17)		(14)
Total Other Income, Net	$	226	$	202	$	151
Ameren Missouri:
Other Income, Net
Allowance for equity funds used during construction	$	24	$	26	$	19
Interest income on industrial development revenue bonds	24		25		25
Other interest income	4		1		1
Non-service cost components of net periodic benefit income(a)	55		55		46
Miscellaneous income	4		3		4
Donations	(3)		(4)		(12)		(b)
Miscellaneous expense	(9)		(7)		(7)
Total Other Income, Net	$	99	$	99	$	76
Ameren Illinois:
Other Income, Net
Allowance for equity funds used during construction	$	18	$	17	$	13
Interest income	7		1		3
Non-service cost components of net periodic benefit income	84		55		48
Miscellaneous income	5		6		6
Donations	(8)		(5)		(5)
Miscellaneous expense	(10)		(8)		(6)
Total Other Income, Net	$	96	$	66	$	59

(a)For the years ended December 31, 2022, 2021, and 2020, the non-service cost components of net periodic benefit income were adjusted by amounts deferred of $22 million, $(7) million, and $(4) million, respectively, due to a regulatory tracking mechanism for the difference between the level of such costs incurred by Ameren Missouri under GAAP and the level of such costs included in rates.

(b)Includes $8 million pursuant to Ameren Missouri’s March 2020 electric rate order.

NOTE 7 – DERIVATIVE FINANCIAL INSTRUMENTS

We use derivatives to manage the risk of changes in market prices for natural gas, power, and uranium, as well as the risk of changes in rail transportation surcharges through fuel oil hedges. Such price fluctuations may cause the following:

an unrealized appreciation or depreciation of our contracted commitments to purchase or sell when purchase or sale prices under the commitments are compared with current commodity prices;
market values of natural gas and uranium inventories that differ from the cost of those commodities in inventory;
actual cash outlays for the purchase of these commodities that differ from anticipated cash outlays; and
actual off-system sales revenues that differ from anticipated revenues.

The derivatives that we use to hedge these risks are governed by our risk management policies for forward contracts, futures, options, and swaps. Our net positions are continually assessed within our structured hedging programs to determine whether new or offsetting transactions are required. The goal of the hedging program is generally to mitigate financial risks while ensuring that sufficient volumes are available to meet our requirements. Contracts we enter into as part of our risk management program may be settled financially, settled by physical delivery, or net settled with the counterparty.

All contracts considered to be derivative instruments are required to be recorded on the balance sheet at their fair values, unless the NPNS exception applies. See Note 8 – Fair Value Measurements for discussion of our methods of assessing the fair value of derivative

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instruments. Many of our physical contracts, such as our purchased power contracts, qualify for the NPNS exception to derivative accounting rules. The revenue or expense on NPNS contracts is recognized at the contract price upon physical delivery. The following disclosures exclude NPNS contracts and other non-derivative commodity contracts that are accounted for under the accrual method of accounting.

If we determine that a contract meets the definition of a derivative and is not eligible for the NPNS exception, we review the contract to determine whether the resulting gains or losses qualify for regulatory deferral. Derivative contracts that qualify for regulatory deferral are recorded at fair value, with changes in fair value recorded as regulatory assets or liabilities in the period in which the change occurs. We believe derivative losses and gains deferred as regulatory assets and liabilities are probable of recovery, or refund, through future rates charged to customers. Regulatory assets and liabilities are amortized to operating income as related losses and gains are reflected in rates charged to customers. Therefore, gains and losses on these derivatives have no effect on operating income. As of December 31, 2022 and 2021, all contracts that met the definition of a derivative and were not eligible for the NPNS exception received regulatory deferral. Cash flows for all derivative financial instruments are classified in cash flows from operating activities.

The following table presents open gross commodity contract volumes by commodity type for derivative assets and liabilities as of December 31, 2022 and 2021. As of December 31, 2022, these contracts extended through October 2024, March 2029, May 2032, and March 2024 for fuel oils, natural gas, power, and uranium, respectively.


	Quantity (in millions, except as indicated)
	2022			2021
Commodity	Ameren Missouri	Ameren Illinois	Ameren	Ameren Missouri	Ameren Illinois	Ameren
Fuel oils (in gallons)	18	—	18	30	—	30
Natural gas (in mmbtu)	48	157	205	35	144	179
Power (in MWhs)	1	6	7	6	6	12
Uranium (pounds in thousands)	514	—	514	586	—	586

The following table presents the carrying value and balance sheet location of all derivative commodity contracts, none of which were designated as hedging instruments, as of December 31, 2022 and 2021:


		2022						2021
Commodity	Balance Sheet Location	Ameren Missouri		Ameren Illinois		Ameren			Ameren Missouri		Ameren Illinois		Ameren
Fuel oils	Other current assets	$	13	$	—	$	13		$	8	$	—	$	8
	Other assets	3		—		3			5		—		5

Natural gas	Other current assets	7		23		30			7		28		35
	Other assets	9		11		20			5		13		18

Power	Other current assets	14		2		16			23		—		23
	Other assets	—		4		4			—		—		—
Uranium	Other current assets	2		—		2			—		—		—
	Other assets	1		—		1			1		—		1
	Total assets	$	49	$	40	$	89		$	49	$	41	$	90




Natural gas	Other current liabilities	7		20		27			2		6		8
	Other deferred credits and liabilities	2		9		11			1		2		3

Power	Other current liabilities	59		2		61			50		9		59
	Other deferred credits and liabilities	—		37		37			23		108		131

Uranium	Other current liabilities	—		—		—			1		—		1

	Total liabilities	$	68	$	68	$	136		$	77	$	125	$	202

We believe that entering into master netting arrangements or similar agreements mitigates the level of financial loss that could result from default by allowing net settlement of derivative assets and liabilities. These master netting arrangements allow the counterparties to net settle sale and purchase transactions. Further, collateral requirements are calculated at the master netting arrangement or similar agreement level by counterparty.

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The following table provides the recognized gross derivative balances and the net amounts of those derivatives subject to an enforceable master netting arrangement or similar agreement as of December 31, 2022 and 2021:


			Gross Amounts Not Offset in the Balance Sheet
Commodity Contracts Eligible to be Offset	Gross Amounts Recognized in the Balance Sheet		Derivative Instruments		Cash Collateral Received/Posted(a)		Net Amount
2022
Assets:
Ameren Missouri	$	49	$	9	$	—	$	40
Ameren Illinois	40		20		—		20
Ameren	$	89	$	29	$	—	$	60
Liabilities:
Ameren Missouri	$	68	$	9	$	56	$	3
Ameren Illinois	68		20		—		48
Ameren	$	136	$	29	$	56	$	51
2021
Assets:
Ameren Missouri	$	49	$	15	$	—	$	34
Ameren Illinois	41		4		—		37
Ameren	$	90	$	19	$	—	$	71
Liabilities:
Ameren Missouri	$	77	$	15	$	47	$	15
Ameren Illinois	125		4		—		121
Ameren	$	202	$	19	$	47	$	136

(a)Cash collateral received reduces gross asset balances and is included in “Other current liabilities” and “Other deferred credits and liabilities” on the balance sheet. Cash collateral posted reduces gross liability balances and is included in “Current collateral assets” and “Other assets” on the balance sheet for Ameren and Ameren Missouri and “Other current assets” and “Other assets” for Ameren Illinois.

Credit Risk

In determining our concentrations of credit risk related to derivative instruments, we review our individual counterparties and categorize each counterparty into groupings according to the primary business in which each engages. As of December 31, 2022, if counterparty groups were to fail completely to perform on contracts, Ameren, Ameren Missouri, and Ameren Illinois’ maximum exposure related to derivative assets, predominantly from financial institutions, was $74 million, $36 million, and $38 million, respectively. The potential loss on counterparty exposures may be reduced or eliminated by the application of master netting arrangements or similar agreements and collateral held. As of December 31, 2022, the potential loss after consideration of the application of master netting arrangements or similar agreements and collateral held was immaterial for Ameren, Ameren Missouri, and Ameren Illinois.

Certain of our derivative instruments contain collateral provisions tied to the Ameren Companies’ credit ratings. If our credit ratings were downgraded below investment grade, or if a counterparty with reasonable grounds for uncertainty regarding our ability to satisfy an obligation requested adequate assurance of performance, additional collateral postings might be required. The additional collateral required is the net liability position allowed under the master netting arrangements or similar agreements, assuming (1) the credit risk-related contingent features underlying these arrangements were triggered and (2) those counterparties with rights to do so requested collateral. As of December 31, 2022, the aggregate fair value of derivative instruments with credit risk-related contingent features in a gross liability position, the cash collateral posted, and the aggregate amount of additional collateral that counterparties could require were each immaterial to Ameren, Ameren Missouri, and Ameren Illinois.

NOTE 8 – FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We use various methods to determine fair value, including market, income, and cost approaches. With these approaches, we adopt certain assumptions that market participants would use in pricing the asset or liability, including assumptions about market risk or the risks inherent in the inputs to the valuation. Inputs to valuation can be readily observable, market-corroborated, or unobservable. We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Authoritative accounting guidance established a fair value hierarchy that prioritizes the inputs used to measure fair value. All financial assets and liabilities carried at fair value are classified and disclosed in one of the following three hierarchy levels:

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Level 1 (quoted prices in active markets for identical assets or liabilities): Inputs based on quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities are primarily exchange-traded derivatives, cash and cash equivalents, and listed equity securities.

The market approach is used to measure the fair value of equity securities held in Ameren Missouri’s nuclear decommissioning trust fund. Equity securities in this fund are representative of the S&P 500 index, excluding securities of Ameren Corporation, owners and/or operators of nuclear power plants, and the trustee and investment managers. The S&P 500 index comprises stocks of large-capitalization companies.

Level 2 (significant other observable inputs): Market-based inputs corroborated by third-party brokers or exchanges based on transacted market data. Level 2 assets and liabilities include certain assets held in Ameren Missouri’s nuclear decommissioning trust fund, including United States Treasury and agency securities, corporate bonds and other fixed-income securities, and certain over-the-counter derivative instruments, including natural gas and financial power transactions.

Fixed income securities are valued by using prices from independent industry-recognized data vendors who provide values that are either exchange-based or matrix-based. The fair value measurements of fixed-income securities classified as Level 2 are based on inputs other than quoted prices that are observable for the asset or liability. Examples are matrix pricing, market corroborated pricing, and inputs such as yield curves and indices.

Derivative instruments classified as Level 2 are valued by corroborated observable inputs, such as pricing services or prices from similar instruments that trade in liquid markets. Our development and corroboration process entails obtaining multiple quotes or prices from outside sources. To derive our forward view to price our derivative instruments at fair value, we average the bid/ask spreads to the midpoints. Additionally, a review of all sources is performed to identify any anomalies or potential errors. Further, we consider the volume of transactions on certain trading platforms in our reasonableness assessment of the averaged midpoints. The value of natural gas derivative contracts is based upon exchange closing prices without significant unobservable adjustments. The value of power derivative contracts is based upon exchange closing prices or the use of multiple forward prices provided by third parties.

Level 3 (significant other unobservable inputs): Unobservable inputs that are not corroborated by market data. Level 3 assets and liabilities are valued by internally developed models and assumptions or methodologies that use significant unobservable inputs. Level 3 assets and liabilities include derivative instruments that trade in less liquid markets, where pricing is largely unobservable. We value Level 3 instruments by using pricing models with inputs that are often unobservable in the market, such as certain internal assumptions, quotes or prices from outside sources not supported by a liquid market, or trend rates.

We perform an analysis each quarter to determine the appropriate hierarchy level of the assets and liabilities subject to fair value measurements. Financial assets and liabilities are classified in their entirety according to the lowest level of input that is significant to the fair value measurement. All assets and liabilities whose fair value measurement is based on significant unobservable inputs are classified as Level 3.

We consider nonperformance risk in our valuation of derivative instruments by analyzing our own credit standing and the credit standing of our counterparties, and by considering any credit enhancements (e.g., collateral). Included in our valuation, and based on current market conditions, is a valuation adjustment for counterparty default derived from market data such as the price of credit default swaps, bond yields, and credit ratings. No material gains or losses related to valuation adjustments for counterparty default risk were recorded at Ameren, Ameren Missouri, or Ameren Illinois in 2022, 2021, or 2020. At December 31, 2022 and 2021, the counterparty default risk valuation adjustment related to derivative contracts was immaterial for Ameren, Ameren Missouri, and Ameren Illinois.

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The following table sets forth, by level within the fair value hierarchy, our assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021:


		December 31, 2022									December 31, 2021
		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
Assets:
Ameren Missouri
	Derivative assets – commodity contracts:
	Fuel oils	$	16	$	—	$	—	$	16		$	13	$	—	$	—	$	13
	Natural gas	1		15		—		16			—		12		—		12
	Power	—		—		14		14			10		—		13		23
	Uranium	—		—		3		3			—		—		1		1
	Total derivative assets – commodity contracts	$	17	$	15	$	17	$	49		$	23	$	12	$	14	$	49
	Nuclear decommissioning trust fund:

	Equity securities:
	U.S. large capitalization	$	618	$	—	$	—	$	618		$	824	$	—	$	—	$	824
	Debt securities:
	U.S. Treasury and agency securities	—		137		—		137			—		141		—		141
	Corporate bonds	—		122		—		122			—		131		—		131


	Other	—		70		—		70			—		56		—		56
	Total nuclear decommissioning trust fund	$	618	$	329	$	—	$	947	(a)	$	824	$	328	$	—	$	1,152	(a)
	Total Ameren Missouri	$	635	$	344	$	17	$	996		$	847	$	340	$	14	$	1,201
Ameren Illinois
	Derivative assets – commodity contracts:
	Natural gas	$	1	$	28	$	5	$	34		$	1	$	33	$	7	$	41
	Power	—		—		6		6			—		—		—		—
	Total Ameren Illinois	$	1	$	28	$	11	$	40		$	1	$	33	$	7	$	41
Ameren
	Derivative assets – commodity contracts(b)	$	18	$	43	$	28	$	89		$	24	$	45	$	21	$	90
	Nuclear decommissioning trust fund(c)	618		329		—		947		(a)	824		328		—		1,152		(a)
	Total Ameren	$	636	$	372	$	28	$	1,036		$	848	$	373	$	21	$	1,242
Liabilities:
Ameren Missouri
	Derivative liabilities – commodity contracts:

	Natural gas	$	—	$	6	$	3	$	9		$	—	$	2	$	1	$	3
	Power	57		—		2		59			45		—		28		73
	Uranium	—		—		—		—			—		—		1		1
	Total Ameren Missouri	$	57	$	6	$	5	$	68		$	45	$	2	$	30	$	77
Ameren Illinois
	Derivative liabilities – commodity contracts:
	Natural gas	$	—	$	19	$	10	$	29		$	—	$	5	$	3	$	8
	Power	—		—		39		39			—		—		117		117
	Total Ameren Illinois	$	—	$	19	$	49	$	68		$	—	$	5	$	120	$	125
Ameren
	Derivative liabilities – commodity contracts(b)	$	57	$	25	$	54	$	136		$	45	$	7	$	150	$	202

(a)Balance excludes $11 million and $7 million of cash and cash equivalents, receivables, payables, and accrued income, net for December 31, 2022 and 2021, respectively.

(b)See the Ameren Missouri and Ameren Illinois sections of the table for a breakout of the fair value of Ameren’s derivative assets and liabilities by type of commodity.

(c)See the Ameren Missouri section of the table for a breakout of Ameren’s nuclear decommissioning trust fund by investment type.

See Note 10 – Retirement Benefits for tables that set forth, by level within the fair value hierarchy, Ameren’s pension and postretirement plan assets as of December 31, 2022 and 2021.

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Level 3 fuel oils, natural gas and uranium derivative contract assets and liabilities measured at fair value on a recurring basis were immaterial for all periods presented. The following table presents the fair value reconciliation of Level 3 power derivative contract assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2022 and 2021:


	2022						2021
	Ameren Missouri		Ameren Illinois		Ameren		Ameren Missouri		Ameren Illinois		Ameren





















Beginning balance at January 1	$	(15)	$	(117)	$	(132)	$	2	$	(198)	$	(196)
Realized and unrealized gains (losses) included in regulatory assets/liabilities	(45)		92		47		(1)		70		69


Settlements	72		(8)		64		(16)		11		(5)


Ending balance at December 31	$	12	$	(33)	$	(21)	$	(15)	$	(117)	$	(132)
Change in unrealized gains (losses) related to assets/liabilities held at December 31	$	12	$	75	$	87	$	(14)	$	65	$	51

All gains or losses related to our Level 3 derivative commodity contracts are expected to be recovered or returned through customer rates; therefore, there is no impact to either net income or other comprehensive income resulting from changes in the fair value of these instruments.

The following table describes the valuation techniques and significant unobservable inputs utilized for the fair value of our Level 3 power derivative contract assets and liabilities as of December 31, 2022 and 2021:


		Fair Value							Weighted Average(b)
	Commodity	Assets		Liabilities		Valuation Technique(s)	Unobservable Input(a)	Range









2022	Power(c)	$	20	$	(41)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps ($/MWh)	38 – 89	51

							Nodal basis ($/MWh)	(10) – (1)	(4)


							Trend rate (%)	0 – 1	0











































2021	Power(d)	$	13	$	(145)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps ($/MWh)	32 – 55	40
							Nodal basis ($/MWh)	(14) – 0	(2)


							Trend rate (%)	(e)	0

(a)Generally, significant increases (decreases) in these inputs in isolation would result in a significantly higher (lower) fair value measurement.

(b)Unobservable inputs were weighted by relative fair value.

(c)Valuations through 2031 use visible forward prices adjusted for nodal-to-hub basis differentials. Valuations beyond 2031 use a trend rate factor and are similarly adjusted for nodal-to-hub basis differentials.

(d)Valuations through 2029 use visible forward prices adjusted for nodal-to-hub basis differentials. Valuations beyond 2029 use a trend rate factor and are similarly adjusted for nodal-to-hub basis differentials.

(e)No meaningful range around weighted average.

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The following table sets forth, by level within the fair value hierarchy, the carrying amount and fair value of financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2022 and 2021:


	Carrying Amount			Fair Value
			Level 1			Level 2			Level 3			Total
	December 31, 2022
Ameren:
Cash, cash equivalents, and restricted cash	$	216		$	216		$	—		$	—		$	216
Investments in industrial development revenue bonds(a)	240			—			240			—			240
Short-term debt	1,070			—			1,070			—			1,070
Long-term debt (including current portion)(a)	14,025		(b)	—			11,989			464		(c)	12,453
Ameren Missouri:
Cash, cash equivalents, and restricted cash	$	13		$	13		$	—		$	—		$	13

Investments in industrial development revenue bonds(a)	240			—			240			—			240
Short-term debt	329			—			329			—			329

Long-term debt (including current portion)(a)	6,086		(b)	—			5,365			—			5,365
Ameren Illinois:
Cash, cash equivalents, and restricted cash	$	191		$	191		$	—		$	—		$	191

Short-term debt	264			—			264			—			264

Long-term debt (including current portion)	4,835		(b)	—			4,320			—			4,320
	December 31, 2021
Ameren:
Cash, cash equivalents, and restricted cash	$	155		$	155		$	—		$	—		$	155
Investments in industrial development revenue bonds(a)	248			—			248			—			248
Short-term debt	545			—			545			—			545
Long-term debt (including current portion)(a)	13,067		(b)	—			13,930			591		(c)	14,521
Ameren Missouri:
Cash, cash equivalents, and restricted cash	$	8		$	8		$	—		$	—		$	8

Investments in industrial development revenue bonds(a)	248			—			248			—			248
Short-term debt	165			—			165			—			165

Long-term debt (including current portion)(a)	5,619		(b)	—			6,321			—			6,321
Ameren Illinois:
Cash, cash equivalents, and restricted cash	$	133		$	133		$	—		$	—		$	133

Short-term debt	103			—			103			—			103

Long-term debt (including current portion)	4,392		(b)	—			4,971			—			4,971

(a)Ameren and Ameren Missouri had investments in industrial development revenue bonds, classified as held-to-maturity and recorded in “Investments in industrial development revenue bonds,” and primarily in “Other assets,” as of December 31, 2022 and 2021, respectively, that were equal to the finance obligations for the Peno Creek and Audrain CT energy centers. As of December 31, 2022 and 2021, the carrying amount of the investments in industrial development revenue bonds and the finance obligations approximated fair value. The financing obligation for the Peno Creek CT Energy Center was settled in December 2022, while the financing obligation for the Audrain CT Energy Center was settled in January 2023. See Note 5 – Long-term Debt and Equity Financings for additional information on these agreements.

(b)Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $99 million, $41 million, and $44 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of December 31, 2022. Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $94 million, $38 million, and $39 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of December 31, 2021.

(c)The Level 3 fair value amount consists of ATXI’s senior unsecured notes.

NOTE 9 – CALLAWAY ENERGY CENTER

Maintenance Outage

During its return to full power after the completion of a 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 April 2021, Ameren Missouri’s insurance claims were accepted by NEIL, which covered a significant portion of the capital expenditures and covered lost sales of up to $4.5 million weekly after March 17, 2021. Insurance recoveries related to lost sales were reflected in electric operating revenues and included in net energy costs under the FAC. Insurance recoveries related to the capital expenditures were reflected as a reduction to property, plant, and equipment. Ameren Missouri has received all insurance recoveries related to lost sales and the capital expenditures insurance claims.

Spent Nuclear Fuel

Under the Nuclear Waste Policy Act of 1982, as amended, the DOE is responsible for disposing of spent nuclear fuel from the Callaway

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Energy Center and other commercial nuclear energy centers. As required by the act, Ameren Missouri and other utilities have entered into standard contracts with the DOE, which stated that the DOE would begin to dispose of spent nuclear fuel by 1998. However, the DOE failed to fulfill its disposal obligations, and Ameren Missouri and other nuclear energy center owners sued the DOE to recover costs incurred for ongoing storage of their spent fuel. Ameren Missouri’s lawsuit against the DOE resulted in a settlement agreement that provides for annual reimbursement of additional spent fuel storage and related costs. Ameren Missouri received immaterial reimbursements from the DOE in the years ended December 31, 2022, 2021, and 2020. Ameren Missouri will continue to apply for reimbursement from the DOE for allowable costs associated with the ongoing storage of spent fuel. The DOE’s delay in carrying out its obligation to dispose of spent nuclear fuel from the Callaway Energy Center is not expected to adversely affect the continued operations of the energy center.

Decommissioning

Electric rates charged to customers provide for the recovery of the Callaway Energy Center’s decommissioning costs, which include decontamination, dismantling, and site restoration costs, over the expected life of the nuclear energy center. Amounts collected from customers are deposited into the external nuclear decommissioning trust fund to provide for the Callaway Energy Center’s decommissioning. It is assumed that the Callaway Energy Center site will be decommissioned after its retirement through the immediate dismantlement method and removed from service. The Callaway Energy Center’s operating license expires in 2044. Ameren and Ameren Missouri have recorded an ARO for the Callaway Energy Center decommissioning costs at fair value. Annual decommissioning costs of $7 million are included in the costs used to establish electric rates for Ameren Missouri’s customers. Every three years, the MoPSC requires Ameren Missouri to file an updated cost study and funding analysis for decommissioning its Callaway Energy Center. An updated cost study and funding analysis was filed with the MoPSC in November 2020 and reflected within the ARO. In February 2021, the MoPSC approved no change in electric rates for decommissioning costs consistent with Ameren Missouri’s updated cost study and funding analysis.

Ameren and Ameren Missouri have classified the investments in debt and equity securities that are held in the nuclear decommissioning trust fund as available for sale, and have recorded all such investments at their fair market value at December 31, 2022 and 2021. Investments in the nuclear decommissioning trust fund have a target allocation of 60% to 70% in equity securities, with the balance invested in debt securities.

The fair value of the trust fund for Ameren Missouri’s Callaway Energy Center is reported as “Nuclear decommissioning trust fund” in Ameren’s and Ameren Missouri’s balance sheets. This amount is legally restricted and may be used only to fund the costs of nuclear decommissioning. Changes in the fair value of the trust fund are recorded as an increase or decrease to the nuclear decommissioning trust fund, with an offsetting adjustment to the regulatory liability related to AROs. This reporting is consistent with the method used to account for the decommissioning costs recovered in rates. See Note 2 – Rate and Regulatory Matters for the regulatory liability recorded at December 31, 2022. If the assumed return on trust assets is not earned, Ameren Missouri believes that it is probable that any additional funding requirements resulting from such earnings deficiency will be recovered in customer rates.

The following table presents proceeds from the sales and maturities of investments in Ameren Missouri’s nuclear decommissioning trust fund and the gross realized gains and losses resulting from those sales for the years ended December 31, 2022, 2021, and 2020:


	2022		2021		2020
Proceeds from sales and maturities	$	216	$	439	$	183
Gross realized gains	40		32		10
Gross realized losses	10		6		3

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The following table presents the cost and fair value of investments in debt and equity securities in Ameren’s and Ameren Missouri’s nuclear decommissioning trust fund at December 31, 2022 and 2021:


Security Type	Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
2022
Debt securities	$	374	$	—	$	45	$	329
Equity securities	177		455		14		618
Cash and cash equivalents	8		—		—		8
Other(a)	3		—		—		3
Total	$	562	$	455	$	59	$	958
2021
Debt securities	$	320	$	10	$	2	$	328
Equity securities	188		640		4		824
Cash and cash equivalents	4		—		—		4
Other(a)	3		—		—		3
Total	$	515	$	650	$	6	$	1,159

(a)Represents net receivables and payables relating to pending securities sales, interest, and securities purchases.

The following table presents the costs and fair values of investments in debt securities in Ameren’s and Ameren Missouri’s nuclear decommissioning trust fund according to their contractual maturities at December 31, 2022:


	Cost		Fair Value
Less than 5 years	$	154	$	146
5 years to 10 years	92		80
Due after 10 years	128		103
Total	$	374	$	329

Insurance

The following table presents insurance coverage at Ameren Missouri’s Callaway Energy Center at January 1, 2023:


Type and Source of Coverage	Most Recent Renewal Date	Maximum Coverages			Maximum Assessments for Single Incidents
Public liability and nuclear worker liability:
American Nuclear Insurers	January 1, 2023	$	450		$	—
Pool participation	(a)	13,210		(a)	138		(b)
		$	13,660	(c)	$	138
Property damage:
NEIL and EMANI	April 1, 2022	$	3,200	(d)	$	26	(e)
Accidental outage:
NEIL	April 1, 2022	$	490	(f)	$	7	(e)

(a)Provided through mandatory participation in an industrywide retrospective premium assessment program. The maximum coverage available is dependent on the number of United States commercial reactors participating in the program.

(b)Retrospective premium under the Price-Anderson Act. This is subject to retrospective assessment with respect to a covered loss in excess of $450 million in the event of an incident at any licensed United States commercial reactor, payable at $21 million per year.

(c)Limit of liability for each incident under the Price-Anderson liability provisions of the Atomic Energy Act of 1954, as amended. This limit is subject to change to account for the effects of inflation and changes in the number of licensed power reactors.

(d)NEIL provides $2.7 billion in property damage, stabilization, decontamination, and premature decommissioning insurance for radiation events and $2.3 billion in property damage insurance for nonradiation events. EMANI provides $490 million in property damage insurance for both radiation and nonradiation events.

(e)All NEIL-insured plants could be subject to assessments should losses exceed the accumulated funds from NEIL.

(f)Accidental outage insurance provides for lost sales in the event of a prolonged accidental outage. Weekly indemnity up to $4.5 million for 52 weeks, which commences after the first 12 weeks of an outage, plus up to $3.6 million per week for a minimum of 71 weeks thereafter for a total not exceeding the policy limit of $490 million. Nonradiation events are limited to $328 million.

The Price-Anderson Act is a federal law that limits the liability for claims from an incident involving any licensed United States commercial nuclear energy center. The limit is based on the number of licensed reactors. The limit of liability and the maximum potential annual payments are adjusted at least every five years for inflation to reflect changes in the Consumer Price Index. The most recent five-year inflationary adjustment became effective in November 2018. Owners of a nuclear reactor cover this exposure through a combination of private insurance and mandatory participation in a financial protection pool, as established by the Price-Anderson Act.

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Losses resulting from terrorist attacks on nuclear facilities insured by NEIL are subject to industrywide aggregates, such that terrorist acts against one or more commercial nuclear power plants within a stated time period would be treated as a single event, and the owners of the nuclear power plants would share the limit of liability. NEIL policies have an aggregate limit of $3.2 billion within a 12-month period for radiation events, or $1.8 billion for events not involving radiation contamination, resulting from terrorist attacks. The EMANI policies are not subject to industrywide aggregates in the event of terrorist attacks on nuclear facilities.

If losses from a nuclear incident at the Callaway Energy Center exceed the limits of, or are not covered by insurance, or if coverage is unavailable, Ameren Missouri is at risk for any uninsured losses. If a serious nuclear incident were to occur, it could have a material adverse effect on Ameren’s and Ameren Missouri’s results of operations, financial position, or liquidity.

NOTE 10 – RETIREMENT BENEFITS

The primary objective of the Ameren pension and postretirement benefit plans is to provide eligible employees with pension and postretirement health care and life insurance benefits. Ameren has defined benefit pension plans covering substantially all of its employees and has a postretirement benefit plan covering non-union employees hired before October 2015 and union employees hired before January 2020. Ameren Missouri and Ameren Illinois each participate in Ameren’s single-employer pension and other postretirement plans. All non-union employees participate in a cash balance pension plan. Ameren Missouri union employees hired after June 2013, and Ameren Illinois union employees hired after mid-October 2012, participate in a cash balance pension plan. Ameren uses a measurement date of December 31 for its pension and postretirement benefit plans. Ameren’s qualified pension plan is the Ameren Retirement Plan. Ameren’s other postretirement plan is the Ameren Retiree Welfare Benefit Plan. Ameren also has an unfunded nonqualified pension plan, the Ameren Supplemental Retirement Plan, which is available to provide certain management employees and retirees with a supplemental benefit when their qualified pension plan benefits are capped in compliance with Internal Revenue Code limitations. Only Ameren subsidiaries participate in the plans listed above.

Ameren’s pension and other postretirement benefit plans were overfunded by $377 million and $717 million in the aggregate as of December 31, 2022 and 2021, respectively. These net assets are recorded in “Pension and other postretirement benefits,” “Other current liabilities,” and “Other deferred credits and liabilities” on Ameren’s consolidated balance sheet. The decrease in the overfunded pension and postretirement benefit plans during 2022 was primarily the result of losses on plan assets of the pension and postretirement trusts during 2022 offset by a 255 basis point increase in the pension and other postretirement benefit plan discount rates used to determine the present value of the obligation. The overfunded pension and other postretirement benefit plans also resulted in regulatory liabilities on Ameren’s, Ameren Missouri’s, and Ameren Illinois’ balance sheets.

The following table presents the net benefit liability/(asset) recorded on the balance sheets as of December 31, 2022 and 2021:


	2022		2021
Ameren(a)	$	(377)	$	(717)
Ameren Missouri(a)	(84)		(189)
Ameren Illinois(a)	(263)		(416)

(a)Liabilities associated with pension and other postretirement benefits are recorded in “Other current liabilities” and “Other deferred credits and liabilities” on Ameren’s, Ameren Missouri’s, and Ameren Illinois’ balance sheets.

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Ameren recognizes the overfunded and underfunded status of its pension and postretirement plans as an asset or a liability on its consolidated balance sheet, with offsetting entries to accumulated OCI and regulatory assets or liabilities. The following table presents the funded status of Ameren’s pension and postretirement benefit plans as of December 31, 2022 and 2021. It also provides the amounts included in regulatory assets or liabilities and accumulated OCI at December 31, 2022 and 2021, that have not been recognized in net periodic benefit costs.


	2022				2021
	Pension Benefits			Postretirement Benefits	Pension Benefits			Postretirement Benefits
Accumulated benefit obligation at end of year	$	3,911	$	(a)	$	5,174	$	(a)
Change in benefit obligation:
Net benefit obligation at beginning of year	$	5,457	$	1,129	$	5,510	$	1,204
Service cost	128			20	134			23
Interest cost	163			34	152			33

Participant contributions	—			8	—			9
Actuarial gain	(1,425)			(289)	(82)			(80)

Benefits paid	(262)			(64)	(257)			(60)


Net benefit obligation at end of year	4,061			838	5,457			1,129
Change in plan assets:
Fair value of plan assets at beginning of year	5,745			1,558	5,510			1,453
Actual return on plan assets	(1,461)			(255)	432			154
Employer contributions	5			2	60			2


Participant contributions	—			8	—			9


Benefits paid	(262)			(64)	(257)			(60)
Fair value of plan assets at end of year	4,027			1,249	5,745			1,558
Funded status – deficiency (surplus)	34			(411)	(288)			(429)
Accrued benefit cost (asset) at December 31	$	34	$	(411)	$	(288)	$	(429)
Amounts recognized in the balance sheet consist of:
Noncurrent asset	$	—	$	(411)	$	(327)	$	(429)
Current liability(b)	3			—	2			—
Noncurrent liability(c)	31			—	37			—
Net liability (asset) recognized	$	34	$	(411)	$	(288)	$	(429)
Amounts recognized in regulatory assets or liabilities consist of:
Net actuarial gain	$	(107)	$	(268)	$	(415)	$	(343)
Prior service credit	—			(29)	—			(33)

Amounts recognized in accumulated OCI (pretax) consist of:
Net actuarial (gain) loss	15			(4)	(8)			1

Total	$	(92)	$	(301)	$	(423)	$	(375)

(a)Not applicable.

(b)Included in “Other current liabilities” on Ameren’s consolidated balance sheet.

(c)Included in “Other deferred credits and liabilities” on Ameren’s consolidated balance sheet.

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The following table presents the assumptions used to determine our benefit obligations at December 31, 2022 and 2021:


	Pension Benefits					Postretirement Benefits
	2022			2021		2022			2021
Discount rate at measurement date	5.55	%		3.00	%	5.55	%		3.00	%
Increase in future compensation	3.50		(a)	3.50		3.50		(a)	3.50
Cash balance pension plan interest crediting rate	5.00		(b)	5.00		(c)			(c)
Medical cost trend rate (initial)(d)	(c)			(c)		(e)			5.00
Medical cost trend rate (ultimate)(d)	(c)			(c)		5.00			5.00

(a)Increase in future compensation is 4.50% for 2023, 4.00% in 2024, and 3.50% thereafter.

(b)Cash balance pension plan interest crediting rate is 5.50% for 2023 and 2024, and 5.00% thereafter.

(c)Not applicable.

(d)Initial and ultimate medical cost trend rate for certain Medicare-eligible participants was 2.50% at December 31, 2022 and 2021.

(e)Initial medical cost trend rates of 7.25% for pre-Medicare plan participants and 6.75% for post-Medicare plan participants trend down to the ultimate rate by 2030, with a 3.00% upward adjustment to the post-Medicare trend rate in 2025.

Ameren determines discount rate assumptions by identifying a theoretical settlement portfolio of high-quality corporate bonds sufficient to provide for a plan’s projected benefit payments. The settlement portfolio of bonds is selected from a pool of approximately 850 high-quality corporate bonds. A single discount rate is then determined; that rate results in a discounted value of the plan’s benefit payments that equates to the market value of the selected bonds. In 2022, Ameren elected to continue to use the Society of Actuaries mortality table and the Society of Actuaries 2020 Mortality Improvement Scale.

Funding

Pension benefits are based on the employees’ years of service, age, and compensation. Ameren’s pension plans are funded in compliance with income tax regulations, federal funding requirements, and other regulatory requirements. As a result, Ameren expects to fund its pension plans at a level equal to the greater of the pension cost or the legally required minimum contribution. Based on its assumptions at December 31, 2022, its investment performance in 2022, and its pension funding policy, Ameren does not expect to make material contributions in 2023 through 2025, and expects to make aggregate contributions of $170 million in 2026 and 2027. Ameren Missouri and Ameren Illinois estimate that their portion of the future funding requirements will be 40% and 50%, respectively. These estimated contributions may change based on actual investment performance, changes in interest rates, changes in our assumptions, changes in government regulations, and any voluntary contributions. Our funding policy for postretirement benefits is primarily to fund the Voluntary Employee Beneficiary Association (VEBA) trusts to match the annual postretirement expense.

The following table presents the cash contributions made to our defined benefit retirement plans and to our postretirement plan during 2022, 2021, and 2020:


	Pension Benefits						Postretirement Benefits
	2022		2021		2020		2022		2021		2020
Ameren Missouri	$	1	$	22	$	17	$	1	$	1	$	1
Ameren Illinois	3		28		27		1		1		1
Ameren Services	1		10		8		—		—		—
Ameren	$	5	$	60	$	52	$	2	$	2	$	2

Investment Strategy and Policies

Ameren manages plan assets in accordance with the “prudent investor” guidelines contained in ERISA. The investment committee, which includes members of senior management, approves and implements investment strategy and asset allocation guidelines for the plan assets. The investment committee’s goals are twofold: first, to ensure that sufficient funds are available to provide the benefits at the time they are payable; and second, to maximize total return on plan assets and to minimize expense volatility consistent with its tolerance for risk. Ameren delegates the task of investment management to specialists in each asset class. As appropriate, Ameren provides each investment manager with guidelines that specify allowable and prohibited investment types. The investment committee regularly monitors manager performance and compliance with investment guidelines.

The expected return on plan assets assumption is based on historical and projected rates of return for current and planned asset classes in the investment portfolio. Projected rates of return for each asset class were estimated after an analysis of historical experience, future expectations, and the volatility of the various asset classes. After considering the target asset allocation for each asset class, we reviewed the overall expected rate of return for the portfolio for historical and expected experience of active portfolio management results compared with benchmark returns and for the effect of expenses paid from plan assets. Ameren will use an expected return on plan assets for its pension and postretirement plan assets of 6.75% in 2023.

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Ameren’s investment committee strives to assemble a portfolio of diversified assets that does not create a significant concentration of risks. The investment committee develops asset allocation guidelines between asset classes, and it creates diversification through investments in assets that differ by type (equity, debt, real estate), duration, market capitalization, country, style (growth or value), and industry, among other factors. The diversification of assets is displayed in the target allocation table below. The investment committee also routinely rebalances the plan assets to adhere to the diversification goals. The investment committee’s strategy reduces the concentration of investment risk; however, Ameren is still subject to overall market risk.

Effective January 2020, Ameren’s investment committee developed and implemented a liability hedging investment strategy for its qualified pension plans designed to reduce interest rate risk as part of an objective for its long-term investment strategy. The plan invests in derivative instruments mainly consisting of interest rate futures intended to extend the duration of the pension plan assets so that the assets are more closely aligned with the duration of the liabilities. In addition, part of Ameren’s investment strategy includes participation in a securities lending program, which allows it to lend eligible securities to third party borrowers. All loans are collateralized by at least 103% of the loaned asset’s market value and the collateral is invested in the form of cash, government obligations, and U.S. agency obligations. Ameren’s fair value of securities loaned was $239 million and $374 million as of December 31, 2022 and 2021, respectively. Cash and securities obtained as collateral exceeded the fair value of the securities loaned as of December 31, 2022 and 2021.

The following table presents our target allocations and our pension and postretirement plans’ asset categories as of December 31, 2022 and 2021:


Asset Category	Target Allocation 2022(a)		Percentage of Plan Assets at December 31,
2022		2021
Pension Plan:
Cash and cash equivalents	0% – 5%		1	%	3	%
Equity securities:
U.S. large-capitalization	11% – 21%		15	%	23	%
U.S. small- and mid-capitalization	3% – 13%		8	%	9	%
International	9% – 19%		16	%	15	%
Global	7% – 17%		12	%	11	%
Total equity	45% – 55%		51	%	58	%
Debt securities	35% – 45%		35	%	35	%
Diversified credit	0% – 10%		7	%	(b)
Real estate	0% – 10%		6	%	4	%
Private equity	0% – 5%		(b)		(b)
Total			100	%	100	%
Postretirement Plans:
Cash and cash equivalents	0% – 7%		2	%	3	%
Equity securities:
U.S. large-capitalization	23% – 33%		29	%	30	%
U.S. small- and mid-capitalization	3% – 13%		8	%	9	%
International	9% – 19%		13	%	13	%
Global	5% – 15%		10	%	10	%
Total equity	55% – 65%		60	%	62	%
Debt securities	33% – 43%		38	%	35	%
Total			100	%	100	%

(a)These target allocations reflect targets that were approved in 2022 to take effect in the subsequent year.

(b)Less than 1% of plan assets.

In general, the United States large-capitalization equity investments are passively managed or indexed, whereas the international, global, United States small-capitalization, and United States mid-capitalization equity investments are actively managed by investment managers. Debt securities include a broad range of fixed-income vehicles. Debt security investments in high-yield securities and non-United-States-dollar-denominated securities are owned by the plans, but in limited quantities to reduce risk. Most of the debt security investments are under active management by investment managers. Diversified credit investments include but are not limited to, sub-investment grade rated bonds and loans, securitized credit, and emerging market debt. Real estate investments include private real estate vehicles; however, Ameren does not, by policy, hold direct investments in real estate property. In addition to the derivative investments included in the liability hedging investment strategy described above, Ameren’s investment committee also allows investment managers to use derivatives, such as index futures, foreign exchange futures, and options, in certain situations to increase or to reduce market exposure in an efficient and timely manner.

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Fair Value Measurements of Plan Assets

Investments in the pension and postretirement benefit plans were stated at fair value as of December 31, 2022. Fair value is defined as the price that would be received for an asset in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date. Cash and cash equivalents have initial maturities of three months or less and are recorded at cost plus accrued interest. Investments traded in active markets on national or international securities exchanges are valued at closing prices on the measurement date or, if that is not a business day, on the last business day before that date. Securities traded in over-the-counter markets are valued by quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Investments measured under NAV as a practical expedient are based on the fair values of the underlying assets provided by the funds and their administrators. The fair value of real estate investments is based on NAV; it is determined by annual appraisal reports prepared by an independent real estate appraiser. Investments measured at NAV often provide for daily, monthly, or quarterly redemptions with 60 or less days of notice depending on the fund. For some funds, redemption may also require approval from the fund’s board of directors. Derivative contracts are valued at fair value, as determined by the investment managers (or independent third parties on behalf of the investment managers), who use proprietary models and take into consideration exchange quotations on underlying instruments, dealer quotations, and other market information.

The following table sets forth, by level within the fair value hierarchy discussed in Note 8 – Fair Value Measurements, the pension plans’ assets measured at fair value and NAV as of December 31, 2022 and 2021:


	December 31, 2022								December 31, 2021
	Level 1		Level 2		NAV		Total			Level 1		Level 2		NAV		Total
Cash and cash equivalents	$	—	$	—	$	172	$	172		$	—	$	—	$	116	$	116
Equity securities:
U.S. large-capitalization	—		—		658		658			—		—		1,381		1,381
U.S. small- and mid-capitalization	321		—		—		321			558		—		—		558
International	266		—		395		661			372		—		531		903
Global	—		—		493		493			—		—		621		621
Debt securities:
Corporate bonds	—		397		—		397			—		545		27		572
Municipal bonds	—		41		—		41			—		50		—		50
U.S. Treasury and agency securities	—		859		—		859			—		1,450		—		1,450
Diversified credit	—		—		281		281			—		—		—		—
Other	(3)		7		—		4			17		11		—		28
Real estate	—		—		271		271			—		—		228		228
Private equity	—		—		1		1			—		—		1		1
Total	$	584	$	1,304	$	2,271	$	4,159		$	947	$	2,056	$	2,905	$	5,908
Less: Medical benefit assets(a)							(172)									(234)
Plus: Net receivables(b)							40									71
Fair value of pension plans’ assets							$	4,027								$	5,745

(a)Medical benefit (health and welfare) component for accounts maintained in accordance with Section 401(h) of the Internal Revenue Code to fund a portion of the postretirement obligation.

(b)Receivables related to pending securities sales, offset by payables related to pending securities purchases.

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The following table sets forth, by level within the fair value hierarchy discussed in Note 8 – Fair Value Measurements, the postretirement benefit plans’ assets measured at fair value and NAV as of December 31, 2022 and 2021:


	December 31, 2022								December 31, 2021
	Level 1		Level 2		NAV		Total			Level 1		Level 2		NAV		Total
Cash and cash equivalents	$	14	$	—	$	—	$	14		$	24	$	—	$	—	$	24
Equity securities:
U.S. large-capitalization	221		—		87		308			283		—		115		398
U.S. small- and mid-capitalization	92		—		—		92			113		—		—		113
International	43		—		98		141			60		—		117		177
Global	—		—		110		110			—		—		132		132

Debt securities:

Municipal bonds	—		123		—		123			—		133		—		133


Other	—		—		287		287			—		—		335		335
Total	$	370	$	123	$	582	$	1,075		$	480	$	133	$	699	$	1,312
Plus: Medical benefit assets(a)							172									234
Plus: Net receivables(b)							2									12
Fair value of postretirement benefit plans’ assets							$	1,249								$	1,558

(a)Medical benefit (health and welfare) component for accounts maintained in accordance with Section 401(h) of the Internal Revenue Code to fund a portion of the postretirement obligation. These 401(h) assets are included in the pension plan assets shown above.

(b)Receivables related to pending securities sales, offset by payables related to pending securities purchases.

Net Periodic Benefit Cost

The following table presents the components of the net periodic benefit cost (income) of Ameren’s pension and postretirement benefit plans during 2022, 2021, and 2020:


	Pension Benefits						Postretirement Benefits
	2022		2021		2020		2022		2021		2020
Service cost(a)	$	128	$	134	$	110	$	20	$	23	$	19
Non-service cost components:
Interest cost	163		152		174		34		33		39
Expected return on plan assets(b)	(320)		(297)		(291)		(85)		(80)		(80)
Amortization of(b):

Prior service credit	—		—		(1)		(4)		(4)		(4)
Actuarial (gain) loss	25		73		60		(19)		(6)		(9)


Total non-service cost components(c)	$	(132)	$	(72)	$	(58)	$	(74)	$	(57)	$	(54)
Net periodic benefit cost (income)(d)	$	(4)	$	62	$	52	$	(54)	$	(34)	$	(35)

(a)Service cost, net of capitalization, is reflected in “Operating Expenses - Other operations and maintenance” on Ameren’s statement of income.

(b)Prior service cost is amortized on a straight-line basis over the average future service of active participants benefiting under the plan amendment. Net actuarial gains or losses related to the net benefit obligation subject to amortization are amortized on a straight-line basis over 10 years. The difference between the actual and expected return on plan assets is amortized over 4 years.

(c)Non-service cost components are reflected in “Other Income, Net” on Ameren’s consolidated statement of income. See Note 6 – Other Income, Net for additional information.

(d)Does not include the impact of the tracker for the difference between the level of pension and postretirement benefit costs (income) incurred by Ameren Missouri under GAAP and the level of such costs included in rates.

The Ameren Companies are responsible for their share of the pension and postretirement benefit costs (income). The following table presents the pension and postretirement benefit costs (income) incurred for the years ended December 31, 2022, 2021, and 2020:


	Pension Costs						Postretirement Costs
	2022		2021		2020		2022		2021		2020
Ameren Missouri(a)	$	(3)	$	29	$	22	$	(14)	$	(4)	$	(5)
Ameren Illinois	3		34		32		(41)		(31)		(31)
Other	(4)		(1)		(2)		1		1		1
Ameren	$	(4)	$	62	$	52	$	(54)	$	(34)	$	(35)

(a)Does not include the impact of the tracker for the difference between the level of pension and postretirement benefit costs (income) incurred by Ameren Missouri under GAAP and the level of such costs included in customer rates.

Table of Contents

The expected pension and postretirement benefit payments from qualified trust and company funds, which reflect expected future service, as of December 31, 2022, are as follows:


	Pension Benefits				Postretirement Benefits
	Paid from Qualified Trust Funds		Paid from Company Funds		Paid from Qualified Trust Funds		Paid from Company Funds
2023	$	273	$	3	$	58	$	2
2024	278		3		60		2
2025	282		3		60		2
2026	286		3		60		2
2027	290		3		60		2
2028 – 2032	1,473		13		294		11

The following table presents the assumptions used to determine net periodic benefit cost for our pension and postretirement benefit plans for the years ended December 31, 2022, 2021, and 2020:


	Pension Benefits						Postretirement Benefits
	2022		2021		2020		2022		2021		2020
Discount rate at measurement date	3.00	%	2.75	%	3.50	%	3.00	%	2.75	%	3.50	%
Expected return on plan assets	6.50		6.50		7.00		6.50		6.50		7.00
Increase in future compensation	3.50		3.50		3.50		3.50		3.50		3.50
Cash balance pension plan interest crediting rate	5.00		5.00		5.00		(a)		(a)		(a)
Medical cost trend rate (initial)(b)	(a)		(a)		(a)		5.00		5.00		5.00
Medical cost trend rate (ultimate)(b)	(a)		(a)		(a)		5.00		5.00		5.00

(a)Not applicable.

(b)Initial and ultimate medical cost trend rate for certain Medicare-eligible participants is 3.00%.

Other

Ameren sponsors a 401(k) plan for eligible employees. The Ameren 401(k) plan covered all eligible Ameren employees at December 31, 2022. The plan allows employees to contribute a portion of their compensation in accordance with specific guidelines. Ameren matches a percentage of the employee contributions up to certain limits. The following table presents the portion of the matching contribution to the Ameren 401(k) plan attributable to each of the Ameren Companies for the years ended December 31, 2022, 2021, and 2020:


	2022		2021		2020
Ameren Missouri	$	23	$	21	$	20
Ameren Illinois	19		16		17
Other	1		1		1
Ameren	$	43	$	38	$	38

NOTE 11 – STOCK-BASED COMPENSATION

Ameren’s long-term incentive plan available for eligible employees and directors, the 2014 Omnibus Incentive Compensation Plan (2014 Plan), was replaced prospectively by the 2022 Omnibus Incentive Compensation Plan (2022 Plan) effective May 12, 2022. The 2022 Plan provides for a maximum of 8.8 million common shares to be available for grant to eligible employees and directors, and retains many of the features of the 2014 Plan. At December 31, 2022, there were 8.6 million common shares remaining for grant. The 2022 Plan permits the grant of restricted stock, restricted stock units, stock options (incentive stock options and nonqualified stock options), stock appreciation rights, performance awards, cash-based awards and other stock-based awards. Ameren used newly issued shares to fulfill its stock-based compensation obligations for 2022, 2021, and 2020, and intends to use newly issued shares to fulfill its stock-based compensation obligations for 2023.

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The following table summarizes Ameren’s outstanding performance share unit and restricted stock unit activity for the year ended December 31, 2022:


	Performance Share Units – Market Condition(a)			Performance Share Units – Performance Condition(b)			Restricted Stock Units
	Share Units	Weighted-average Fair Value per Share Unit		Shares	Weighted-average Fair Value per Share Unit		Stock Units	Weighted-average Fair Value per Stock Unit
Outstanding at January 1, 2022(c)	828,551	$	78.53	85,096	$	77.39	433,249	$	73.98
Granted	245,475	92.75		39,771	87.83		146,955	88.27
Forfeitures	(49,629)	88.51		(8,134)	81.78		(24,386)	81.78
Dividend equivalent(d)	19,314	87.19		3,131	81.00		11,126	80.84
Vested and distributed	(299,438)	67.47		(127)	78.67		(130,132)	65.87

Outstanding at December 31, 2022(c)	744,273	$	87.23	119,737	$	80.65	436,812	$	80.94

(a)The exact number of shares issued pursuant to a share unit varies from 0% to 200% of the target award, depending on actual company performance relative to the specified market conditions. Compensation cost on nonforfeited awards is recognized regardless of whether Ameren achieves the specified market conditions.

(b)The exact number of shares issued pursuant to a share unit varies from 0% to 200% of the target award, depending on actual company performance relative to the performance goals. Compensation cost is recognized ratably over the requisite service period only for awards for which it is probable that the performance condition will be satisfied.

(c)Outstanding awards include awards that vest on a pro-rata basis due to attainment of retirement eligibility by certain employees, but have not yet been distributed. In these cases, the pro-rata basis awards have not yet been distributed as the entire performance period has not been completed. The number of shares issued for retirement-eligible employees will vary depending on actual performance over the three-year performance period.

(d)Dividend equivalents represent the right to receive shares measured by the dividend payable with respect to the corresponding number of outstanding share units. Dividend equivalents will accrue and be reinvested in additional share units throughout the performance period.

Performance Share Units – Market Condition

A market condition performance share unit vests and entitles an employee to receive shares of Ameren common stock (plus accumulated dividends) if, at the end of the three-year performance period, certain specified market conditions have been met and if the individual remains employed by Ameren through the required vesting period. The vesting period for share units awarded extends beyond the three-year performance period to the payout date, which is approximately 37 to 38 months after the grant date. In the event of a participant’s death or retirement at age 55 or older with five years or more of service, awards vest on a pro-rata basis over the three-year performance period. The exact number of shares issued pursuant to a share unit varies from 0% to 200% of the target award, depending on actual company performance relative to the specified market conditions.

The fair value of each share unit is based on Ameren’s closing common share price at December 31 of the year prior to the award year and a Monte Carlo simulation. The Monte Carlo simulation is used to estimate expected share payout based on Ameren’s TSR for a three-year performance period relative to the designated peer group beginning January 1st of the award year. The simulation can produce a greater fair value for the share unit than the applicable closing common share price because it includes the weighted payout scenarios in which an increase in the share price has occurred and/or in which the payout is above 100% due to Ameren’s projected TSR performance. The significant assumptions used to calculate fair value also include a three-year risk-free rate, Ameren’s common stock volatility, and volatility for the peer group. The following table presents the fair value of each share unit along with the significant assumptions used to calculate the fair value of each share unit for the years ended December 31, 2022, 2021, and 2020:


	2022	2021	2020
Fair value of share units awarded	$92.75	$87.11	$82.49

Three-year risk-free rate	1.80%	0.17%	1.62%
Ameren’s common stock volatility(a)	29%	28%	15%
Volatility range for the peer group(a)	26% – 35%	26% – 36%	14% – 28%

(a)Based on a historical period that is equal to the remaining term of the performance period as of the grant date.

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Performance Share Units – Performance Condition

A performance condition share unit vests and entitles an employee to receive shares of Ameren common stock (plus accumulated dividends) if, at the end of the three-year performance period, Ameren has met the specified performance condition and if the individual remains employed by Ameren through the required vesting period. The vesting period for share units awarded extends beyond the three-year performance period to the payout date, which is approximately 37 to 38 months after the grant date. In the event of a participant’s death or retirement at age 55 or older with five years or more of service, awards vest on a pro-rata basis over the three-year performance period. The exact number of shares issued pursuant to a share unit varies from 0% to 200% of the target award, depending on actual performance conditions achieved. The specified performance condition in each award year is based on Ameren’s clean energy transition. The grant-date fair value for an individual outcome of a performance condition is determined by Ameren’s closing common share price on the grant date.

Restricted Stock Units

Restricted stock units vest and entitle an employee to receive shares of Ameren common stock (plus accumulated dividends) if the individual remains employed with Ameren through the payment date of the awards. Generally, in the event of a participant’s death or retirement at age 55 or older with five years or more of service, awards vest on a pro-rata basis. The payout date of the awards is approximately 37 to 38 months after the grant date. The fair value of each restricted stock unit is determined by Ameren’s closing common share price on the grant date.

Stock-Based Compensation Expense

The following table presents the stock-based compensation expense for the years ended December 31, 2022, 2021, and 2020:


	2022		2021		2020
Ameren Missouri	$	4	$	5	$	5
Ameren Illinois	2		3		3
Other(a)	18		14		13
Ameren	24		22		21
Less: Income tax benefit	6		6		6
Stock-based compensation expense, net	$	18	$	16	$	15

(a)Represents compensation expense for employees of Ameren Services. These amounts are not included in the Ameren Missouri and Ameren Illinois amounts above.

Ameren settled performance share units and restricted stock units of $47 million, $50 million, and $58 million for the years ended December 31, 2022, 2021, and 2020. There were no significant stock-based compensation costs capitalized during the years ended December 31, 2022, 2021, and 2020. As of December 31, 2022, total compensation cost of $38 million related to outstanding awards not yet recognized is expected to be recognized over a weighted-average period of 21 months.

For the years ended December 31, 2022, 2021, and 2020, excess tax benefits associated with the settlement of stock-based compensation awards reduced income tax expense by $5 million, $5 million, and $8 million, respectively.

NOTE 12 – INCOME TAXES

IRA

The IRA was enacted in August 2022, and includes various income tax provisions, among other things. The law extends federal production and investment tax credits for projects beginning construction through 2024 and allows for a 10% adder to the production and investment tax credits for siting projects at existing energy communities as defined in the law, which includes sites previously used for coal-fired generation. The law also creates new federal production and investment tax credits for projects placed in service after 2024. The federal production and investment tax credits will apply to renewable energy production and investments, along with certain nuclear energy production, and will be phased out beginning in 2033, at the earliest. The phase-out is triggered when greenhouse gas emissions from the electric generation industry are reduced by at least 75% from the annual 2022 emission rate or at the beginning of 2033, whichever is later. The law allows for transferability to an unrelated party for cash of certain tax credits generated after 2022. In addition, the new law imposes a 15% minimum tax on adjusted financial statement income, as defined in the law, assessed against corporations whose average annual adjusted financial statement income exceeds $1 billion for three consecutive preceding tax years, effective for tax years beginning after December 31, 2022. Once a corporation exceeds this three-year average annual adjusted financial statement income threshold, it will be subject to the minimum tax for all future tax years. Ameren is currently evaluating the IRA and guidance issued in connection with the IRA and does not expect to be subject to the minimum tax imposed by the IRA in 2023 and 2024. Implementation of the IRA provisions are subject to additional regulations, interpretations, amendments, or technical corrections that may be issued by the IRS or United States Department of Treasury.

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The following table presents the principal reasons for the difference between the effective income tax rate and the federal statutory corporate income tax rate for the years ended December 31, 2022, 2021, and 2020:


	Ameren Missouri		Ameren Illinois		Ameren
2022
Federal statutory corporate income tax rate	21	%	21	%	21	%
Increases (decreases) from:
Amortization of excess deferred income taxes(a)	(15)		(2)		(8)

Amortization of deferred investment tax credit	(1)		—		—
Production and other tax credits(b)	(10)		—		(4)
State tax	3		7		5


Effective income tax rate	(2)	%	26	%	14	%
2021
Federal statutory corporate income tax rate	21	%	21	%	21	%
Increases (decreases) from:
Amortization of excess deferred income taxes(a)	(15)		(3)		(8)

Amortization of deferred investment tax credit	(1)		—		—
Production and other tax credits(b)	(7)		—		(3)
State tax	3		7		5
Stock-based compensation	—		—		(1)

Effective income tax rate	1	%	25	%	14	%
2020
Federal statutory corporate income tax rate	21	%	21	%	21	%
Increases (decreases) from:
Amortization of excess deferred income taxes(a)	(16)		(3)		(9)

Amortization of deferred investment tax credit	(1)		(1)		(1)
State tax	3		7		5
Stock-based compensation	—		—		(1)

Effective income tax rate	7	%	24	%	15	%

(a)Reflects the amortization of amounts resulting from the revaluation of deferred income taxes subject to regulatory ratemaking, which are being refunded to customers. Deferred income taxes are revalued when federal or state income tax rates change, and the offset to the revaluation of deferred income taxes subject to regulatory ratemaking is recorded to a regulatory asset or liability.

(b)Includes credits associated with the High Prairie Renewable and Atchison Renewable energy centers. Ameren Missouri placed the High Prairie Renewable Energy Center in service in December 2020. Additionally, Ameren Missouri placed in service the wind turbines at its Atchison Renewable Energy Center throughout the first half of 2021. The benefit of the credits associated with Missouri renewable energy standard compliance is refunded to customers through the RESRAM.

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The following table presents the components of income tax expense (benefit) for the years ended December 31, 2022, 2021, and 2020:


	Ameren Missouri		Ameren Illinois		Other		Ameren
2022
Current taxes:
Federal	$	(26)	$	46	$	(15)	$	5
State	(5)		16		(10)		1
Deferred taxes:
Federal	93		82		19		194
State	18		48		14		80
Amortization of excess deferred income taxes	(86)		(13)		(1)		(100)
Amortization of deferred investment tax credits	(4)		—		—		(4)
Total income tax expense (benefit)	$	(10)	$	179	$	7	$	176
2021
Current taxes:
Federal	$	—	$	(15)	$	22	$	7
State	—		(7)		1		(6)
Deferred taxes:
Federal	65		120		(15)		170
State	23		59		4		86
Amortization of excess deferred income taxes	(81)		(14)		(1)		(96)
Amortization of deferred investment tax credits	(4)		—		—		(4)
Total income tax expense	$	3	$	143	$	11	$	157
2020
Current taxes:
Federal	$	14	$	12	$	(24)	$	2
State	3		(6)		8		5
Deferred taxes:
Federal	82		81		24		187
State	15		52		(10)		57
Amortization of excess deferred income taxes	(75)		(15)		(1)		(91)
Amortization of deferred investment tax credits	(5)		—		—		(5)
Total income tax expense (benefit)	$	34	$	124	$	(3)	$	155

The following table presents the accumulated deferred income tax assets and liabilities recorded as a result of temporary differences and accumulated deferred investment tax credits at December 31, 2022 and 2021:


	Ameren Missouri		Ameren Illinois		Other		Ameren
2022
Accumulated deferred income taxes, net liability (asset):
Plant-related	$	2,297	$	1,880	$	239	$	4,416
Regulatory assets and liabilities, net	(233)		(193)		(23)		(449)
Deferred employee benefit costs	(55)		28		(43)		(70)
Tax carryforwards	(122)		(34)		(72)		(228)
Other	70		18		22		110
Total net accumulated deferred income tax liabilities (assets)	1,957		1,699		123		3,779
Accumulated deferred investment tax credits	25		—		—		25
Accumulated deferred income taxes and investment tax credits	$	1,982	$	1,699	$	123	$	3,804
2021
Accumulated deferred income taxes, net liability (asset):
Plant-related	$	2,188	$	1,715	$	226	$	4,129
Regulatory assets and liabilities, net	(259)		(199)		(25)		(483)
Deferred employee benefit costs	(52)		17		(53)		(88)
Tax carryforwards	(68)		(46)		(84)		(198)
Other	13		71		25		109
Total net accumulated deferred income tax liabilities (assets)	1,822		1,558		89		3,469
Accumulated deferred investment tax credits	30		—		—		30
Accumulated deferred income taxes and investment tax credits	$	1,852	$	1,558	$	89	$	3,499

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The following table presents the components of accumulated deferred income tax assets relating to net operating loss carryforwards and tax credit carryforwards at December 31, 2022 and 2021:


	Ameren Missouri		Ameren Illinois		Other		Ameren
2022
Net operating loss carryforwards:
Federal(a)	$	3	$	4	$	4	$	11
State(b)	1		26		9		36
Total net operating loss carryforwards	$	4	$	30	$	13	$	47
Tax credit carryforwards:
Federal(c)	$	118	$	3	$	55	$	176
State(d)	—		1		4		5

Total tax credit carryforwards	$	118	$	4	$	59	$	181



2021
Net operating loss carryforwards:
Federal	$	2	$	17	$	15	$	34
State	1		25		5		31
Total net operating loss carryforwards	$	3	$	42	$	20	$	65
Tax credit carryforwards:
Federal	$	65	$	3	$	58	$	126
State	—		1		6		7

Total tax credit carryforwards	$	65	$	4	$	64	$	133

(a)Will not expire.

(b)Will expire between 2032 and 2041.

(c)Will expire between 2030 and 2042.

(d)Will expire between 2023 and 2027.

Uncertain Tax Positions

As of December 31, 2022 and 2021, the Ameren Companies did not record any uncertain tax positions.

Ameren is a part of the IRS’s compliance assurance process program, which involves real-time review of compliance with federal income tax law. State income tax returns are generally subject to examination for a period of three years after filing. The state impact of any federal changes remains subject to examination by various states for up to one year after formal notification to the states. Ameren’s federal tax returns for the 2019, 2020, 2021, and 2022 tax years are open, but, at the time of this filing, the Ameren Companies do not have material income tax issues under examination, administrative appeals, or litigation.

Ameren Missouri has an uncertain tax position tracker. Under Ameren Missouri’s regulatory framework, uncertain tax positions do not reduce Ameren Missouri’s electric rate base. When an uncertain income tax position liability is resolved, the MoPSC requires, through the uncertain tax position tracker, the creation of a regulatory asset or regulatory liability to reflect the time value, with a return at the applicable WACC included in each of the electric rate orders in effect before the tax position was resolved, of the difference between the uncertain tax position liability that was excluded from rate base and the final tax liability. The resulting regulatory asset or liability will affect earnings in the year it is created. It will then be amortized over three years, beginning on the effective date of new rates established in the next electric service regulatory rate review.

NOTE 13 – RELATED-PARTY TRANSACTIONS

In the normal course of business, Ameren Missouri and Ameren Illinois engage in affiliate transactions. These transactions primarily consist of natural gas and power purchases and sales, services received or rendered, and borrowings and lendings. Transactions between Ameren’s subsidiaries are reported as affiliate transactions on their individual financial statements, but those transactions are eliminated in consolidation for Ameren’s consolidated financial statements. Below are the material related-party agreements.

Electric Power Supply Agreements

Ameren Illinois must acquire capacity and energy sufficient to meet its obligations to customers. Ameren Illinois uses periodic RFP processes, administered by the IPA and approved by the ICC, to contract capacity and energy on behalf of its customers. Ameren Missouri participates in the RFP process and has been a winning supplier for certain periods.

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Capacity Supply Agreements

In procurement events in 2021, Ameren Missouri contracted to supply a portion of Ameren Illinois’ capacity requirements for $2 million from June 2022 through May 2023.

Energy Product Agreements

Based on the outcome of IPA-administered procurement events, Ameren Missouri and Ameren Illinois have entered into energy product agreements by which Ameren Missouri agreed to sell, and Ameren Illinois agreed to purchase, a set amount of MWhs at a predetermined price over a specified period of time. The following table presents the specified performance period, average price per MWh, and amount of MWhs included in the agreements:


IPA Procurement Event	Performance Period	MWhs	Average Price per MWh
April 2019	January 2020 – December 2021	288,000	$	35
September 2019	April 2020 – November 2021	170,800	29
September 2020	September 2021 – November 2022	204,800	31
April 2021	July 2022 – November 2022	33,600	34
September 2021	January 2022 – September 2023	136,000	37

Collateral Postings

Under the terms of the Illinois energy product agreements entered into through RFP processes administered by the IPA, suppliers must post collateral under certain market conditions to protect Ameren Illinois in the event of nonperformance. The collateral postings are unilateral, which means that only the suppliers can be required to post collateral. Therefore, Ameren Missouri, as a winning supplier in the RFP process, may be required to post collateral. As of December 31, 2022 and 2021, there were no collateral postings required of Ameren Missouri related to the Illinois energy product agreements.

Interconnection Agreements

Ameren Missouri and Ameren Illinois are parties to an interconnection agreement that governs the connection of their respective transmission lines and other facilities used for the distribution of power. These agreements have no contractual expiration date, but may be terminated by either party with three years’ notice.

Ameren Missouri and ATXI are parties to an interconnection agreement that governs the connection of the High Prairie Renewable Energy Center to an ATXI transmission line that allows Ameren Missouri to distribute power generated from the High Prairie Renewable Energy Center.

Support Services Agreements

Ameren Services provides support services to its affiliates. The costs of support services including wages, employee benefits, professional services, and other expenses, are based on, or are an allocation of, actual costs incurred. The support services agreement can be terminated at any time by the mutual agreement of Ameren Services and that affiliate or by either party with 60 days’ notice before the end of a calendar year.

In addition, Ameren Missouri and Ameren Illinois provide affiliates with access to their facilities for administrative purposes and with use of other assets. The costs of the rent and facility services and other assets are based on, or are an allocation of, actual costs incurred.

Ameren Missouri and Ameren Illinois also provide storm-related and miscellaneous support services to each other on an as-needed basis.

Ameren Missouri and Ameren Illinois had long-term receivables included in “Other assets” from Ameren Services of $41 million and $43 million, respectively, as of December 31, 2022, and $77 million and $80 million, respectively, as of December 31, 2021, related to Ameren Services’ allocated portion of Ameren’s pension and postretirement benefit plans.

Transmission Services

Ameren Missouri and Ameren Illinois each receives transmission services from ATXI for their respective retail loads.

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Electric Transmission Maintenance and Construction Agreements

ATXI entered into separate agreements with Ameren Missouri and Ameren Illinois in which Ameren Missouri or Ameren Illinois, as applicable, may perform certain maintenance and construction services related to ATXI’s electric transmission assets.

Money Pool

See Note 4 – Short-term Debt and Liquidity for a discussion of affiliate borrowing arrangements.

Tax Allocation Agreement

See Note 1 – Summary of Significant Accounting Policies for a discussion of the tax allocation agreement. The following table presents the affiliate balances related to income taxes for Ameren Missouri and Ameren Illinois as of December 31, 2022 and 2021:


	2022				2021
	Ameren Missouri		Ameren Illinois		Ameren Missouri		Ameren Illinois
Income taxes payable to parent(a)	$	—	$	50	$	—	$	8
Income taxes receivable from parent(b)	39		—		27		18

(a)Included in “Accounts payable – affiliates” on the balance sheet.

(b)Included in “Accounts receivable – affiliates” on the balance sheet.

Capital Contributions

The following table presents cash capital contributions received from Ameren (parent) by Ameren Missouri and Ameren Illinois for the years ended December 31, 2022, 2021, and 2020:


	2022		2021		2020
Ameren Missouri(a)	$	—	$	207	$	491
Ameren Illinois(a)	15		262		464

(a)Includes capital contributions made as a result of the tax allocation agreement.

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Effects of Related-party Transactions on the Statement of Income

The following table presents the impact on Ameren Missouri and Ameren Illinois of related-party transactions for the years ended December 31, 2022, 2021, and 2020. It is based primarily on the agreements discussed above and the money pool arrangements discussed in Note 4 – Short-term Debt and Liquidity.


Agreement	Income Statement Line Item			Ameren Missouri		Ameren Illinois
Ameren Missouri power supply agreements	Operating Revenues	2022	$	9	$	(a)
with Ameren Illinois		2021		16		(a)
		2020		11		(a)
Ameren Missouri and Ameren Illinois	Operating Revenues	2022		25		(b)
rent and facility services		2021		26		1
		2020		26		1
Ameren Missouri and Ameren Illinois	Operating Revenues	2022		(b)		2
miscellaneous support services		2021		(b)		5
		2020		3		1



Total Operating Revenues		2022	$	34	$	2
		2021		42		6
		2020		40		2
Ameren Illinois power supply	Purchased Power	2022	$	(a)	$	9
agreements with Ameren Missouri		2021		(a)		16
		2020		(a)		11
Ameren Missouri and Ameren Illinois	Purchased Power	2022		1		(b)
transmission services from ATXI		2021		4		1
		2020		(a)		2
Total Purchased Power		2022	$	1	$	9
		2021		4		17
		2020		(a)		13
Ameren Missouri and Ameren Illinois	Other Operations and	2022	$	(b)	$	3
rent and facility services	Maintenance	2021		1		4
		2020		(b)		4
Ameren Services support services	Other Operations and	2022		150		141
agreement	Maintenance	2021		147		137
		2020		140		133
Total Other Operations and		2022	$	150	$	144
Maintenance Expenses		2021		148		141
		2020		140		137
Money pool borrowings (advances)	(Interest Charges)	2022	$	(b)	$	(b)
	Other Income, Net	2021		(b)		(b)
		2020		(b)		(b)

(a)Not applicable.

(b)Amount less than $1 million.

NOTE 14 – COMMITMENTS AND CONTINGENCIES

We are involved in legal, tax, and regulatory proceedings before various courts, regulatory commissions, authorities, and governmental agencies with respect to matters that arise in the ordinary course of business, some of which involve substantial amounts of money. We believe that the final disposition of these proceedings, except as otherwise disclosed in the notes to our financial statements, will not have a material adverse effect on our results of operations, financial position, or liquidity.

See also Note 1 – Summary of Significant Accounting Policies, Note 2 – Rate and Regulatory Matters, Note 9 – Callaway Energy Center, Note 13 – Related-party Transactions, and Note 15 – Supplemental Information in this report.

Environmental Matters

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 by federal, state, and local authorities. Such environmental laws address air emissions; discharges to water bodies; the storage, handling and disposal of hazardous substances and waste materials; siting and land use requirements; and potential ecological impacts.

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Complex and lengthy processes are required to obtain and renew approvals, permits, and licenses for new, existing, or modified facilities. Additionally, the use and handling of various chemicals or hazardous materials require release prevention plans and emergency response procedures. We employ dedicated personnel knowledgeable in environmental matters to oversee our business activities’ compliance with regulatory requirements.

Environmental regulations have a significant impact on the electric utility industry and compliance with these regulations could be costly for Ameren Missouri, which operates coal-fired power plants. Regulations under the Clean Air Act 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. Collectively, these regulations cover a variety of pollutants, such as SO2, particulate matter, NOx, mercury, toxic metals, and acid gases, and CO2 emissions from new power plants. Regulations implementing the Clean Water Act govern both intake and discharges of 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, capital expenditures associated with these modifications could be significant. The management and disposal of coal ash is regulated under the Resource Conservation and Recovery Act and the CCR Rule, which require the closure of our surface impoundments at Ameren Missouri’s coal-fired energy centers. The individual or combined effects of 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. Ameren and Ameren Missouri expect that such compliance costs would be recoverable through rates, subject to MoPSC prudence review, but the timing of costs and their recovery could be subject to regulatory lag.

Additionally, Ameren Missouri’s wind generation facilities may be subject to operating restrictions to limit the impact on protected species. From April through October, in both 2021 and 2022, Ameren Missouri's High Prairie Renewable Energy Center curtailed nighttime operations to limit impacts on protected species. Ameren Missouri resumed nighttime operations in November 2022 as the critical biological season had ended. Seasonal nighttime curtailment will begin again by April 2023, but the extent and duration of the curtailment is unknown at this time as assessment of mitigation technologies is ongoing. In the 2022 electric service regulatory rate review, the MoPSC staff and the MoOPC have recommended reductions to the revenue requirement associated with the curtailment of the High Prairie Renewable Energy Center. See Note 2 – Rate and Regulatory Matters for additional information.

Ameren and Ameren Missouri estimate that they will need to make capital expenditures of $90 million to $120 million from 2023 through 2027 in order to comply with existing environmental regulations. Additional environmental controls beyond 2027 could be required. This estimate of capital expenditures includes ash pond closure and corrective action measures required by the CCR Rule and potential modifications to cooling water intake structures at existing power plants under Clean Water Act rules, all of which are discussed below. In addition to planned retirements of coal-fired energy centers as set forth in the 2022 Change to the 2020 IRP filed with the MoPSC in June 2022 and as noted in the NSR and Clean Air Act litigation and Illinois emissions standards discussed below, Ameren Missouri’s current plan for compliance with existing air emission regulations includes burning low-sulfur coal and installing new or optimizing existing air pollution control equipment. The actual amount of capital expenditures required to comply with existing environmental regulations may vary substantially from the above estimates because of uncertainty as to future permitting requirements by state regulators and the EPA, revisions to regulatory obligations, and varying cost of potential compliance strategies, among other things.

The following sections describe the more significant environmental laws and rules and environmental enforcement and remediation matters that affect or could affect our operations. The EPA has initiated an administrative review of several regulations and proposed amendments to regulations and guidelines, including to the CSAPR, which could ultimately result in the revision of all or part of such rules.

Clean Air Act

Federal and state laws, including CSAPR, regulate emissions of SO2 and NOx through the reduction of emissions at their source and the use and retirement of emission allowances. CSAPR is implemented through a series of phases, and the second phase became effective in 2017. In April 2022, the EPA proposed plans for additional emission reductions from power plants in Missouri, Illinois, and other states through revisions to the CSAPR; and additional emission reduction requirements may apply in subsequent years. In January 2023, the EPA issued its final disapproval of Missouri’s state implementation plan for addressing the transport of ozone and is expected by May 2023 to finalize a federal implementation plan reducing the amount of NOx allowances available for state budgets and imposing NOx emission limits on electric generating units. Ameren Missouri complies with current CSAPR requirements by minimizing emissions through the use of low-sulfur coal, operation of two scrubbers at its Sioux Energy Center, and optimization of other existing air pollution control equipment, including those designed to reduce NOx emissions. Ameren Missouri could incur additional costs to lower its emissions at one or more of its energy centers to comply with these additional CSAPR requirements. These additional costs for compliance are expected to be recovered from customers through the FAC or higher base rates.

CO**2 Emissions Standards

In June 2022, the United States Supreme Court issued its decision in West Virginia v. EPA, clarifying that there are limits on how the EPA may regulate greenhouse gases absent further direction from the United States Congress. The court concluded that emission caps

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designed to shift generation from fossil-fuel-fired power plants to renewable energy facilities would require specific congressional authorization and that such authorization had not been given under the Clean Air Act. The decision by the United States Supreme Court may affect the EPA’s development of any new regulations to address CO2 emissions from coal- and natural gas-fired 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.

NSR and Clean Air Act Litigation

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 projects performed in 2007 and 2010 at the coal-fired Rush Island Energy Center violated provisions of the Clean Air Act and Missouri law. In January 2017, the district court issued a liability ruling against Ameren Missouri and, in September 2019, entered a remedy order that required Ameren Missouri to install a flue gas desulfurization system at the Rush Island Energy Center and a dry sorbent injection system at the Labadie Energy Center. Following an appeal from Ameren Missouri in August 2021, the United States Court of Appeals for the Eighth Circuit affirmed the liability ruling and the district court’s 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 re-consideration sought by both Ameren Missouri and the United States Department of Justice.

Based on its assessment of available legal, operational and regulatory alternatives, Ameren Missouri filed a motion 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 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 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. The district court is under no deadline to issue a ruling modifying the remedy order. Related to this matter, in February 2022, the MoPSC issued an order directing the MoPSC staff to review the planned accelerated retirement of the Rush Island Energy Center. See Note 2 – Rate and Regulatory Matters for additional information.

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 Missouri’s securitization statute. As such, Ameren Missouri did not request a change in the depreciation rates related to the Rush Island Energy Center in the electric regulatory rate review filed in August 2022. See Note 2 – Rate and Regulatory Matters for additional information on the August 2022 electric regulatory rate review. As of December 31, 2022 and 2021, the Rush Island Energy Center had a net plant balance of approximately $0.6 billion included in plant to be abandoned, net, within “Property, Plant, and Equipment, Net” and a rate base of approximately $0.4 billion. See Note 1 – Summary of Significant Accounting Policies for additional information regarding plant to be abandoned, net. In addition, Ameren Missouri filed a 2022 Change to the 2020 IRP with the MoPSC in June 2022 to reflect, among other things, 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.

Ameren Missouri is unable to predict the ultimate resolution of this matter; however, such resolution could have a material adverse effect on the results of operations, financial position, and liquidity of Ameren and Ameren Missouri.

Clean Water Act

The EPA’s regulations implementing Section 316(b) of the Clean Water Act require power plant operators to evaluate cooling water intake structures and identify measures for reducing the number of aquatic organisms impinged on a power plant’s cooling water intake screens or entrained through the plant’s cooling water system. All of Ameren Missouri’s coal-fired and nuclear energy centers are subject to the cooling water intake structures rule. Requirements of the rule are implemented by state regulators through the permit renewal process of

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each power plant’s water discharge permit. Permits for Ameren Missouri’s coal-fired and nuclear energy centers have been issued or are in the process of renewal.

In 2015, the EPA issued a rule to revise the effluent limitation guidelines applicable to steam electric generating units. These guidelines established national standards for water discharges, prohibit effluent discharges of certain waste streams, and impose more stringent limitations on certain water discharges from power plants by 2025. Pursuant to the guidelines, Ameren Missouri installed dry ash handling systems and in 2020 completed construction of wastewater treatment facilities at three of its four coal-fired energy centers. The fourth energy center, the Meramec Energy Center, was retired in 2022 and, as a result, does not require new wastewater and dry ash handling systems.

CCR Management

The EPA’s CCR Rule establishes requirements for the management and disposal of CCR from coal-fired power plants and has resulted in the closure of surface impoundments at Ameren Missouri’s energy centers. Ameren Missouri completed the closure of all surface impoundments at its Labadie and Rush Island energy centers in 2021, and has closed several surface impoundments at its Sioux and Meramec energy centers. Ameren Missouri plans to complete the closures of the remaining surface impoundments as required by the CCR Rule in 2024. Ameren Missouri does not expect that this matter will have a material adverse effect on its results of operations, financial position, or liquidity.

Ameren and Ameren Missouri have AROs of $49 million recorded on their respective balance sheets as of December 31, 2022, associated with CCR storage facilities. Ameren Missouri estimates it will need to make capital expenditures of $30 million to $50 million from 2023 through 2024 to implement its CCR management compliance plan, which includes installation of groundwater monitoring equipment and groundwater treatment facilities.

Remediation

The Ameren Companies are involved in a number of remediation actions to clean up sites impacted by the use or disposal of materials containing hazardous substances. Federal and state laws can require responsible parties to fund remediation regardless of their degree of fault, the legality of original disposal, or the ownership of a disposal site.

As of December 31, 2022, Ameren Illinois has remediated the majority of the 44 former MGP sites in Illinois and could substantially conclude remediation efforts at the remaining sites by 2023. The ICC allows Ameren Illinois to recover such remediation and related litigation costs from its electric and natural gas utility customers through environmental cost riders that are subject to annual prudence reviews by the ICC. As of December 31, 2022, Ameren Illinois estimated the remaining obligation related to these former MGP sites at $63 million to $145 million. Ameren and Ameren Illinois recorded a liability of $63 million to represent the estimated minimum obligation for these sites, as no other amount within the range was a better estimate. About half of the remaining liability recorded relates to remediation activities that are expected to be completed after 2023.

The scope of the remediation activities at these former MGP sites may increase as remediation efforts continue. Considerable uncertainty remains in these estimates because many site-specific factors can influence the actual costs, including unanticipated underground structures, the degree to which groundwater is encountered, regulatory changes, local ordinances, and site accessibility. The actual costs and timing of completion may vary substantially from these estimates.

Our operations or those of our predecessor companies involve the use of, disposal of, and, in appropriate circumstances, the cleanup of substances regulated under environmental laws. We are unable to determine whether such historical practices will result in future environmental commitments or will affect our results of operations, financial position, or liquidity.

Illinois Emission Standards

The IETL established emission standards that became effective in September 2021. Ameren Missouri's natural gas-fired energy centers in Illinois will be subject to limits on emissions, including CO2 and NOx, equal to their unit-specific average annual emissions from 2018 through 2020, for any rolling twelve-month period beginning October 1, 2021, through 2029. Further reductions to emissions limits will become effective between 2030 and 2040, resulting in the closure of the Venice Energy Center by 2029. The reductions could also limit the operations of Ameren Missouri's four natural gas-fired energy centers located in the state of Illinois, and will result in their closure by 2040. These energy centers are utilized to support peak loads. Subject to conditions in the IETL, these energy centers may be allowed to exceed the emissions limits in order to maintain reliability of electric utility service. Ameren Missouri filed a 2022 Change to the 2020 IRP with the MoPSC in June 2022 to reflect, among other things, the updated scheduled retirement dates of the natural gas-fired energy centers located in the state of Illinois.

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NOTE 15 – SUPPLEMENTAL INFORMATION

Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets and the statements of cash flows as of December 31, 2022 and 2021:


	December 31, 2022							December 31, 2021
Ameren	Ameren Missouri		Ameren Illinois				Ameren	Ameren Missouri		Ameren Illinois
Cash and cash equivalents	$	10	$	—	$	—		$	8	$	—	$	—
Restricted cash included in “Other current assets”	13		5		6			16		4		6
Restricted cash included in “Other assets”	185		—		185			127		—		127
Restricted cash included in “Nuclear decommissioning trust fund”	8		8		—			4		4		—
Total cash, cash equivalents, and restricted cash	$	216	$	13	$	191		$	155	$	8	$	133

Restricted cash included in “Other current assets” primarily represents funds held by an irrevocable Voluntary Employee Beneficiary Association (VEBA) trust, which provides health care benefits for active employees. Restricted cash included in “Other assets” on Ameren’s and Ameren Illinois’ balance sheets primarily represents amounts collected under a cost recovery rider restricted for use in the procurement of renewable energy credits and amounts in a trust fund restricted for the use of funding certain asbestos-related claims.

Accounts Receivable

“Accounts receivable – trade” on Ameren’s and Ameren Illinois’ balance sheets include certain receivables purchased at a discount from alternative retail electric suppliers that elect to participate in the utility consolidated billing program. At December 31, 2022 and 2021, “Other current liabilities” on Ameren’s and Ameren Illinois’ balance sheets included payables for purchased receivables of $31 million and $27 million, respectively.

The following table provides a reconciliation of the beginning and ending amount of the allowance for doubtful accounts for the years ended December 31, 2022 and 2021:


	December 31, 2022						December 31, 2021
	Ameren Missouri		Ameren Illinois(a)		Ameren			Ameren Missouri		Ameren Illinois(a)			Ameren
Beginning balance at January 1	$	13	$	16	$	29		$	16	$	34		$	50
Bad debt expense	9		29		38			5		4		(b)	9
Net write-offs	(9)		(27)		(36)			(8)		(22)			(30)
Ending balance at December 31	$	13	$	18	$	31		$	13	$	16		$	29

(a)Ameren Illinois has rate-adjustment mechanisms that allow it to recover the difference between its actual net bad debt write-offs under GAAP, including those associated with receivables purchased from alternative retail electric suppliers, and the amount of net bad debt write-offs included in its base rates.

(b)In 2021, Ameren Illinois’ bad debt expense was reduced as a result of state funding received for customer bill assistance.

As of December 31, 2022, accounts receivable balances that were 30 days or greater past due or that were a part of a deferred payment arrangement represented 17%, 14%, and 20%, or $107 million, $35 million, and $71 million, of Ameren’s, Ameren Missouri’s, and Ameren Illinois’ customer trade receivables before allowance for doubtful accounts, respectively. In comparison, as of December 31, 2021, these percentages were 20%, 17%, and 24%, or $94 million, $34 million, and $60 million, for Ameren, Ameren Missouri, and Ameren Illinois, respectively.

Inventories

The following table presents the components of inventories for each of the Ameren Companies at December 31, 2022 and 2021:


	December 31, 2022						December 31, 2021
	Ameren Missouri		Ameren Illinois		Ameren		Ameren Missouri		Ameren Illinois		Ameren
Fuel(a)	$	79	$	—	$	79	$	118	$	—	$	118
Natural gas stored underground	10		120		130		9		90		99
Materials, supplies, and other	345		113		458		292		83		375
Total inventories	$	434	$	233	$	667	$	419	$	173	$	592

(a)Consists of coal, oil, and propane.

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Asset Retirement Obligations

The following table provides a reconciliation of the beginning and ending carrying amount of AROs for the years ended December 31, 2022 and 2021:


	December 31, 2022									December 31, 2021
	Ameren Missouri			Ameren Illinois			Ameren			Ameren Missouri			Ameren Illinois			Ameren
Beginning balance at January 1	$	760	(a)	$	4	(b)	$	764	(a)	$	751		$	5		$	756
Liabilities incurred	1			—			1			18		(c)	—			18		(c)
Liabilities settled	(4)			—			(4)			(36)			(1)			(37)
Accretion(d)	32			—			32			31			—			31
Change in estimates	(7)			—			(7)			(4)			—			(4)
Ending balance at December 31	$	782	(a)(e)	$	4	(b)	$	786	(a)(e)	$	760	(a)	$	4	(b)	$	764	(a)

(a)Balance included $23 million and $7 million in “Other current liabilities” on the balance sheet as of December 31, 2022 and 2021, respectively.

(b)Included in “Other deferred credits and liabilities” on the balance sheet.

(c)Ameren Missouri recorded an ARO related to the decommissioning of the Atchison Renewable Energy Center in 2021.

(d)Accretion expense attributable to Ameren Missouri was recorded as a decrease to regulatory liabilities.

(e)The balance as of December 31, 2022, included an ARO related to the decommissioning of the Callaway Enter Center of $601 million.

Noncontrolling Interests

As of December 31, 2022 and 2021, Ameren’s noncontrolling interests included the preferred stock of Ameren Missouri and Ameren Illinois.

Deferred Compensation

As of December 31, 2022, and 2021, the present value of benefits to be paid for deferred compensation obligations was $87 million and $91 million, respectively, which was primarily reflected in “Other deferred credits and liabilities” on Ameren’s consolidated balance sheet.

Excise Taxes

Ameren Missouri and Ameren Illinois collect from their customers excise taxes, including municipal and state excise taxes and gross receipts taxes, that are levied on the sale or distribution of natural gas and electricity. The following table presents the excise taxes recorded on a gross basis in “Operating Revenues – Electric,” “Operating Revenues – Natural gas” and “Operating Expenses – Taxes other than income taxes” on the statements of income for the years ended December 31, 2022, 2021, and 2020:


	2022		2021		2020
Ameren Missouri	$	162	$	150	$	139
Ameren Illinois	133		125		115
Ameren	$	295	$	275	$	254

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Allowance for Funds Used During Construction

The following table presents the average rate that was applied to eligible construction work in progress and the amounts of allowance for funds used during construction capitalized in 2022, 2021, and 2020:


	2022			2021			2020
Average rate:
Ameren Missouri	5		%	6		%	5		%
Ameren Illinois	5		%	5		%	5		%
Ameren:
Allowance for equity funds used during construction	$	43		$	43		$	32
Allowance for borrowed funds used during construction	26			17			16
Total Ameren	$	69		$	60		$	48
Ameren Missouri:
Allowance for equity funds used during construction	$	24		$	26		$	19
Allowance for borrowed funds used during construction	13			10			10
Total Ameren Missouri	$	37		$	36		$	29
Ameren Illinois:
Allowance for equity funds used during construction	$	18		$	17		$	13
Allowance for borrowed funds used during construction	12			7			6
Total Ameren Illinois	$	30		$	24		$	19

Earnings per Share

Earnings per basic and diluted share are computed by dividing “Net Income Attributable to Ameren Common Shareholders” by the weighted-average number of basic and diluted common shares outstanding, respectively, during the applicable period. The weighted-average shares outstanding for earnings per diluted share includes the incremental effects resulting from performance share units, restricted stock units, and forward sale agreements relating to common stock when the impact would be dilutive, as calculated using the treasury stock method. For information regarding performance share units and restricted stock units, see Note 11 – Stock-based Compensation. For information regarding forward sale agreements, see Note 5 – Long-term Debt and Equity Financings.

The following table reconciles the weighted-average number of common shares outstanding to the diluted weighted-average number of common shares outstanding for the years ended December 31, 2022, 2021, and 2020:


	2022	2021	2020


Weighted-average Common Shares Outstanding – Basic	258.4	256.3	247.0
Assumed settlement of performance share units and restricted stock units	1.0	1.3	1.2
Dilutive effect of forward sale agreements	0.1	—	0.5
Weighted-average Common Shares Outstanding – Diluted(a)	259.5	257.6	248.7

(a)There was an immaterial number of anti-dilutive securities excluded from the earnings per diluted share calculations for the years ended December 31, 2022 and 2021. There were no potentially dilutive securities excluded from the earnings per diluted share calculations for the year ended December 31, 2020.

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Supplemental Cash Flow Information

Capital expenditures at Ameren and Ameren Missouri included wind generation expenditures of $525 million and $564 million for the years ended December 31, 2021 and 2020, respectively.

The following table provides noncash financing and investing activity excluded from the statements of cash flows for the years ended December 31, 2022, 2021, and 2020:


	December 31, 2022							December 31, 2021							December 31, 2020
Ameren	Ameren Missouri				Ameren Illinois			Ameren	Ameren Missouri		Ameren Illinois				Ameren	Ameren Missouri		Ameren Illinois
Investing
Accrued capital expenditures, including nuclear fuel expenditures	$	441	$	243		$	181		$	524	$	301	$	215		$	446	$	229	$	218


Net realized and unrealized gain (loss) – nuclear decommissioning trust fund	(218)		(218)			—			163		163		—			116		116		—
Financing
Issuance of common stock for stock-based compensation	$	31	$	—		$	—		$	33	$	—	$	—		$	38	$	—	$	—
Issuance of common stock under the DRPlus	8		—			—			—		—		—			—		—		—

NOTE 16 – SEGMENT INFORMATION

Ameren has four segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission. The Ameren Missouri segment includes all of the operations of Ameren Missouri. Ameren Illinois Electric Distribution consists of the electric distribution business of Ameren Illinois. Ameren Illinois Natural Gas consists of the natural gas business of Ameren Illinois. Ameren Transmission primarily consists of the aggregated electric transmission businesses of Ameren Illinois and ATXI. The category called Other primarily includes Ameren (parent) activities and Ameren Services.

Ameren Missouri has one segment. Ameren Illinois has three segments: Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Illinois Transmission. See Note 1 – Summary of Significant Accounting Policies for additional information regarding the operations of Ameren Missouri, Ameren Illinois, and ATXI.

Segment operating revenues and a majority of operating expenses are directly recognized and incurred by Ameren Illinois to each Ameren Illinois segment. Common operating expenses, miscellaneous income and expenses, interest charges, and income tax expense are allocated by Ameren Illinois to each Ameren Illinois segment based on certain factors, which primarily relate to the nature of the cost. Additionally, Ameren Illinois Transmission earns revenue from transmission service provided to Ameren Illinois Electric Distribution, other retail electric suppliers, and wholesale customers. The transmission expense for Illinois customers who have elected to purchase their power from Ameren Illinois is recovered through a cost recovery mechanism with no net effect on Ameren Illinois Electric Distribution earnings, as costs are offset by corresponding revenues. Transmission revenues from these transactions are reflected in Ameren Transmission’s and Ameren Illinois Transmission’s operating revenues. An intersegment elimination at Ameren and Ameren Illinois occurs to eliminate these transmission revenues and expenses.

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The following tables present information about the reported revenue and specified items reflected in net income attributable to common shareholders and capital expenditures by segment at Ameren and Ameren Illinois for the years ended December 31, 2022, 2021, and 2020. Ameren, Ameren Missouri, and Ameren Illinois management review segment capital expenditure information rather than any individual or total asset amount.

Ameren


	Ameren Missouri			Ameren Illinois Electric Distribution		Ameren Illinois Natural Gas		Ameren Transmission			Other		Intersegment Eliminations		Ameren
2022
External revenues	$	4,012		$	2,255	$	1,180	$	510		$	—	$	—	$	7,957
Intersegment revenues	34			1		—		105			—		(140)		—
Depreciation and amortization	732			332		98		123			4		—		1,289
Interest income	28			7		—		—			1		(1)		35
Interest charges	213			74		44		84		(a)	72		(1)		486
Income taxes (benefit)	(10)			68		46		92			(20)		—		176
Net income (loss) attributable to Ameren common shareholders	562			202		123		263			(76)		—		1,074
Capital expenditures	1,690			621		308		741			7		(16)		3,351

2021
External revenues	$	3,311		$	1,635	$	957	$	491		$	—	$	—	$	6,394
Intersegment revenues	42			4		—		71			—		(117)		—
Depreciation and amortization	632			309		90		111			4		—		1,146
Interest income	26			1		—		—			3		(3)		27
Interest charges	137			74		42		83		(a)	50		(3)		383
Income taxes (benefit)	3			53		39		82			(20)		—		157
Net income (loss) attributable to Ameren common shareholders	518			165		108		230			(31)		—		990
Capital expenditures	2,015		(b)	579		278		616			4		(13)		3,479		(b)

2020
External revenues	$	3,069		$	1,496	$	760	$	469		$	—	$	—	$	5,794
Intersegment revenues	40			2		—		54			—		(96)		—
Depreciation and amortization	604			288		81		98			4		—		1,075
Interest income	26			2		—		1			4		(4)		29
Interest charges	190			72		41		78		(a)	42		(4)		419
Income taxes (benefit)	34			42		36		78			(35)		—		155
Net income (loss) attributable to Ameren common shareholders	436			143		99		216			(23)		—		871
Capital expenditures	1,666		(b)	543		301		716			5		2		3,233		(b)

(a)Ameren Transmission interest charges include an allocation of financing costs from Ameren (parent).

(b)Includes $525 million and $564 million at Ameren and Ameren Missouri for wind generation expenditures for the year ended December 31, 2021 and 2020, respectively.

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Ameren Illinois


	Ameren Illinois Electric Distribution		Ameren Illinois Natural Gas		Ameren Illinois Transmission		Intersegment Eliminations		Ameren Illinois
2022
External revenues	$	2,256	$	1,180	$	320	$	—	$	3,756
Intersegment revenues	—		—		104		(104)		—
Depreciation and amortization	332		98		84		—		514
Interest income	7		—		—		—		7
Interest charges	74		44		50		—		168
Income taxes	68		46		65		—		179
Net income available to common shareholder	202		123		188		—		513
Capital expenditures	621		308		672		—		1,601

2021
External revenues	$	1,639	$	957	$	299	$	—	$	2,895
Intersegment revenues	—		—		66		(66)		—
Depreciation and amortization	309		90		73		—		472
Interest income	1		—		—		—		1
Interest charges	74		42		48		—		164
Income taxes	53		39		51		—		143
Net income available to common shareholder	165		108		152		—		425
Capital expenditures	579		278		575		—		1,432

2020
External revenues	$	1,498	$	760	$	277	$	—	$	2,535
Intersegment revenues	—		—		52		(52)		—
Depreciation and amortization	288		81		65		—		434
Interest income	2		—		1		—		3
Interest charges	72		41		42		—		155
Income taxes	42		36		46		—		124
Net income available to common shareholder	143		99		137		—		379
Capital expenditures	543		301		603		—		1,447

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The following tables present disaggregated revenues by segment at Ameren and Ameren Illinois for the years ended December 31, 2022, 2021, and 2020. Economic factors affect the nature, timing, amount, and uncertainty of revenues and cash flows in a similar manner across customer classes. Revenues from alternative revenue programs have a similar distribution among customer classes as revenues from contracts with customers. Other revenues not associated with contracts with customers are presented in the Other customer classification, along with electric transmission and off-system sales and capacity revenues.

Ameren


	Ameren Missouri		Ameren Illinois Electric Distribution		Ameren Illinois Natural Gas		Ameren Transmission		Intersegment Eliminations		Ameren
2022
Residential	$	1,578	$	1,325	$	—	$	—	$	—	$	2,903
Commercial	1,219		768		—		—		—		1,987
Industrial	290		199		—		—		—		489
Other	762		(36)		—		615		(139)		1,202
Total electric revenues	$	3,849	$	2,256	$	—	$	615	$	(139)	$	6,581
Residential	$	119	$	—	$	846	$	—	$	—	$	965
Commercial	56		—		221		—		—		277
Industrial	7		—		41		—		—		48
Other	15		—		72		—		(1)		86
Total gas revenues	$	197	$	—	$	1,180	$	—	$	(1)	$	1,376
Total revenues(a)	$	4,046	$	2,256	$	1,180	$	615	$	(140)	$	7,957
2021
Residential	$	1,445	$	933	$	—	$	—	$	—	$	2,378
Commercial	1,126		545		—		—		—		1,671
Industrial	280		135		—		—		—		415
Other	361		26		—		562		(116)		833
Total electric revenues	$	3,212	$	1,639	$	—	$	562	$	(116)	$	5,297
Residential	$	79	$	—	$	657	$	—	$	—	$	736
Commercial	34		—		172		—		—		206
Industrial	4		—		35		—		—		39
Other	24		—		93		—		(1)		116
Total gas revenues	$	141	$	—	$	957	$	—	$	(1)	$	1,097
Total revenues(a)	$	3,353	$	1,639	$	957	$	562	$	(117)	$	6,394
2020
Residential	$	1,373	$	867	$	—	$	—	$	—	$	2,240
Commercial	1,025		486		—		—		—		1,511
Industrial	261		124		—		—		—		385
Other	325		21		—		523		(94)		775
Total electric revenues	$	2,984	$	1,498	$	—	$	523	$	(94)	$	4,911
Residential	$	76	$	—	$	541	$	—	$	—	$	617
Commercial	29		—		136		—		—		165
Industrial	4		—		14		—		—		18
Other	16		—		69		—		(2)		83
Total gas revenues	$	125	$	—	$	760	$	—	$	(2)	$	883
Total revenues(a)	$	3,109	$	1,498	$	760	$	523	$	(96)	$	5,794

(a)The following table presents increases/(decreases) in revenues from alternative revenue programs and other revenues not from contracts with customers for the years ended December 31, 2022, 2021, and 2020:

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	Ameren Missouri			Ameren Illinois Electric Distribution		Ameren Illinois Natural Gas		Ameren Transmission		Ameren
2022
Revenues from alternative revenue programs	$	17		$	89	$	(19)	$	(9)	$	78
Other revenues not from contracts with customers	(103)		(a)(b)	6		3		—		(94)		(a)(b)
2021
Revenues from alternative revenue programs	$	(16)		$	77	$	5	$	11	$	77
Other revenues not from contracts with customers	56		(a)(b)	10		2		—		68		(a)(b)
2020
Revenues from alternative revenue programs	$	(14)		$	(20)	$	20	$	50	$	36
Other revenues not from contracts with customers	25		(b)	8		2		1		36		(b)

(a)Includes insurance recoveries related to lost sales associated with the Callaway Energy Center maintenance outage. See Note 9 – Callaway Energy Center for additional information.

(b)Includes net realized gains and losses on derivative power contracts.

Ameren Illinois


	Ameren Illinois Electric Distribution		Ameren Illinois Natural Gas		Ameren Illinois Transmission		Intersegment Eliminations		Ameren Illinois
2022
Residential	$	1,325	$	846	$	—	$	—	$	2,171
Commercial	768		221		—		—		989
Industrial	199		41		—		—		240
Other	(36)		72		424		(104)		356
Total revenues(a)	$	2,256	$	1,180	$	424	$	(104)	$	3,756
2021
Residential	$	933	$	657	$	—	$	—	$	1,590
Commercial	545		172		—		—		717
Industrial	135		35		—		—		170
Other	26		93		365		(66)		418
Total revenues(a)	$	1,639	$	957	$	365	$	(66)	$	2,895
2020
Residential	$	867	$	541	$	—	$	—	$	1,408
Commercial	486		136		—		—		622
Industrial	124		14		—		—		138
Other	21		69		329		(52)		367
Total revenues(a)	$	1,498	$	760	$	329	$	(52)	$	2,535

(a)The following table presents increases/(decreases) in revenues from alternative revenue programs and other revenues not from contracts with customers for the Ameren Illinois segments for the years ended December 31, 2022, 2021, and 2020:


	Ameren Illinois Electric Distribution		Ameren Illinois Natural Gas		Ameren Illinois Transmission		Ameren Illinois
2022
Revenues from alternative revenue programs	$	89	$	(19)	$	(7)	$	63
Other revenues not from contracts with customers	6		3		—		9
2021
Revenues from alternative revenue programs	$	77	$	5	$	9	$	91
Other revenues not from contracts with customers	10		2		—		12
2020
Revenues from alternative revenue programs	$	(20)	$	20	$	42	$	42
Other revenues not from contracts with customers	8		2		—		10

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