Item 1. FINANCIAL STATEMENTS.

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Item 1. FINANCIAL STATEMENTS.

AMEREN CORPORATION

CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME

(Unaudited) (In millions, except per share amounts)


	Three Months Ended March 31,
		2023		2022
Operating Revenues:
Electric		$	1,590	$	1,318
Natural gas		472		561
Total operating revenues		2,062		1,879
Operating Expenses:
Fuel		113		176
Purchased power		495		177
Natural gas purchased for resale		208		293
Other operations and maintenance		448		461

Depreciation and amortization		320		299
Taxes other than income taxes		127		142
Total operating expenses		1,711		1,548
Operating Income		351		331



Other Income, Net		78		60
Interest Charges		127		104
Income Before Income Taxes		302		287
Income Taxes		37		34


Net Income		265		253
Less: Net Income Attributable to Noncontrolling Interests		1		1





Net Income Attributable to Ameren Common Shareholders		$	264	$	252


Net Income		$	265	$	253
Other Comprehensive Income (Loss), Net of Taxes
Pension and other postretirement benefit plan activity, net of income taxes of $— and $—, respectively		(1)		1
Comprehensive Income		264		254
Less: Comprehensive Income Attributable to Noncontrolling Interests		1		1
Comprehensive Income Attributable to Ameren Common Shareholders		$	263	$	253





Earnings per Common Share – Basic		$	1.01	$	0.98




Earnings per Common Share – Diluted		$	1.00	$	0.97

Weighted-average Common Shares Outstanding – Basic		262.2		257.9
Weighted-average Common Shares Outstanding – Diluted		263.1		259.0

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

AMEREN CORPORATION

CONSOLIDATED BALANCE SHEET

(Unaudited) (In millions, except per share amounts)


	March 31, 2023		December 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents	$	10	$	10
Accounts receivable – trade (less allowance for doubtful accounts of $34 and $31, respectively)	625		600
Unbilled revenue	299		446
Miscellaneous accounts receivable	62		54
Inventories	630		667


Current regulatory assets	292		354

Investment in industrial development revenue bonds	—		240
Current collateral assets	29		142
Other current assets	115		155

Total current assets	2,062		2,668
Property, Plant, and Equipment, Net	31,735		31,262
Investments and Other Assets:
Nuclear decommissioning trust fund	1,019		958
Goodwill	411		411

Regulatory assets	1,599		1,426
Pension and other postretirement benefits	423		411
Other assets	815		768

Total investments and other assets	4,267		3,974
TOTAL ASSETS	$	38,064	$	37,904
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt	$	100	$	340
Short-term debt	1,248		1,070
Accounts and wages payable	664		1,159






Other current liabilities	745		797

Total current liabilities	2,757		3,366
Long-term Debt, Net	14,181		13,685
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and tax credits, net	3,856		3,804

Regulatory liabilities	5,395		5,309
Asset retirement obligations	769		763

Other deferred credits and liabilities	370		340

Total deferred credits and other liabilities	10,390		10,216
Commitments and Contingencies (Notes 2, 9, and 10)
Shareholders’ Equity:
Common stock, $.01 par value, 400.0 shares authorized – shares outstanding of 262.6 and 262.0, respectively	3		3
Other paid-in capital, principally premium on common stock	6,861		6,860
Retained earnings	3,745		3,646
Accumulated other comprehensive loss	(2)		(1)

Total shareholders’ equity	10,607		10,508
Noncontrolling Interests	129		129
Total equity	10,736		10,637
TOTAL LIABILITIES AND EQUITY	$	38,064	$	37,904

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


AMEREN CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (In millions)
	Three Months Ended March 31,
	2023		2022
Cash Flows From Operating Activities:
Net income	$	265	$	253

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






Depreciation and amortization	350		324
Amortization of nuclear fuel	19		22
Amortization of debt issuance costs and premium/discounts	3		4
Deferred income taxes and investment tax credits, net	35		31
Allowance for equity funds used during construction	(9)		(8)
Stock-based compensation costs	8		4
Other	(6)		11
Changes in assets and liabilities:
Receivables	112		(117)
Inventories	37		72
Accounts and wages payable	(362)		(235)
Taxes accrued	50		47
Regulatory assets and liabilities	(40)		75
Assets, other	(14)		(10)
Liabilities, other	(6)		(39)
Pension and other postretirement benefits	(58)		(15)
Counterparty collateral, net	112		(31)




Net cash provided by operating activities	496		388
Cash Flows From Investing Activities:
Capital expenditures	(931)		(774)

Nuclear fuel expenditures	(20)		(16)
Purchases of securities – nuclear decommissioning trust fund	(29)		(97)
Sales and maturities of securities – nuclear decommissioning trust fund	17		92





Other	(1)		15


Net cash used in investing activities	(964)		(780)
Cash Flows From Financing Activities:
Dividends on common stock	(165)		(152)
Dividends paid to noncontrolling interest holders	(1)		(1)
Short-term debt, net	179		555


Issuances of long-term debt	499		—
Issuances of common stock	5		5


Employee payroll taxes related to stock-based compensation	(20)		(16)
Debt issuance costs	(5)		—
Other	(3)		—




Net cash provided by financing activities	489		391
Net change in cash, cash equivalents, and restricted cash	21		(1)
Cash, cash equivalents, and restricted cash at beginning of year	216		155


Cash, cash equivalents, and restricted cash at end of period	$	237	$	154

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

AMEREN CORPORATION

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

(Unaudited) (In millions, except per share amounts)


	Three Months Ended March 31,
		2023		2022

Common Stock		$	3	$	3




Other Paid-in Capital:
Beginning of year		6,860		6,502


Shares issued under the DRPlus and 401(k) plan		12		13
Stock-based compensation activity		(11)		(8)



Other paid-in capital, end of period		6,861		6,507

Retained Earnings:
Beginning of year		3,646		3,182
Net income attributable to Ameren common shareholders		264		252
Dividends on common stock		(165)		(152)

Retained earnings, end of period		3,745		3,282

Accumulated Other Comprehensive Income (Loss):




Deferred retirement benefit costs, beginning of year		(1)		13

Change in deferred retirement benefit costs		(1)		1

Deferred retirement benefit costs, end of period		(2)		14
Total accumulated other comprehensive income (loss), end of period		(2)		14
Total Shareholders’ Equity		$	10,607	$	9,806

Noncontrolling Interests:
Beginning of year		129		129
Net income attributable to noncontrolling interest holders		1		1
Dividends paid to noncontrolling interest holders		(1)		(1)



Noncontrolling interests, end of period		129		129
Total Equity		$	10,736	$	9,935


Common stock shares outstanding at beginning of year		262.0		257.7


Shares issued under the DRPlus and 401(k) plan		0.1		0.1
Shares issued for stock-based compensation		0.5		0.4
Common stock shares outstanding at end of period		262.6		258.2

Dividends per common share		$	0.63	$	0.59

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

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

CONSOLIDATED STATEMENT OF INCOME

(Unaudited) (In millions)


	Three Months Ended March 31,
		2023		2022
Operating Revenues:
Electric		$	841	$	738
Natural gas		82		80

Total operating revenues		923		818
Operating Expenses:
Fuel		113		176
Purchased power		208		50
Natural gas purchased for resale		47		46
Other operations and maintenance		239		232

Depreciation and amortization		176		164
Taxes other than income taxes		80		85
Total operating expenses		863		753
Operating Income		60		65



Other Income, Net		19		23
Interest Charges		51		39
Income Before Income Taxes		28		49
Income Taxes Benefit		(1)		(2)
Net Income		29		51





Preferred Stock Dividends		1		1
Net Income Available to Common Shareholder		$	28	$	50

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

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

CONSOLIDATED BALANCE SHEET

(Unaudited) (In millions, except per share amounts)


	March 31, 2023		December 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents	$	3	$	—

Accounts receivable – trade (less allowance for doubtful accounts of $12 and $13, respectively)	205		244
Accounts receivable – affiliates	70		51
Unbilled revenue	148		184
Miscellaneous accounts receivable	18		18
Inventories	475		434

Current regulatory assets	194		254
Investment in industrial development revenue bonds	—		240
Current collateral assets	29		101
Other current assets	40		66
Total current assets	1,182		1,592
Property, Plant, and Equipment, Net	16,326		16,124
Investments and Other Assets:
Nuclear decommissioning trust fund	1,019		958

Regulatory assets	628		594
Pension and other postretirement benefits	102		98
Other assets	136		140
Total investments and other assets	1,885		1,790
TOTAL ASSETS	$	19,393	$	19,506
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	—	$	240
Short-term debt	197		329

Accounts and wages payable	294		606
Accounts payable – affiliates	36		43
Taxes accrued	76		29
Interest accrued	50		63



Other current liabilities	187		260
Total current liabilities	840		1,570
Long-term Debt, Net	6,341		5,846
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and tax credits, net	2,003		1,982

Regulatory liabilities	2,934		2,871
Asset retirement obligations	765		759

Other deferred credits and liabilities	55		51
Total deferred credits and other liabilities	5,757		5,663
Commitments and Contingencies (Notes 2, 8, 9, and 10)
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	3,139		3,111
Total shareholders’ equity	6,455		6,427
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	19,393	$	19,506

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

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

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited) (In millions)


	Three Months Ended March 31,
	2023		2022
Cash Flows From Operating Activities:
Net income	$	29	$	51
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization	205		189
Amortization of nuclear fuel	19		22

Amortization of debt issuance costs and premium/discounts	2		1
Deferred income taxes and investment tax credits, net	15		4
Allowance for equity funds used during construction	(4)		(4)
Other	(3)		—
Changes in assets and liabilities:
Receivables	74		7
Inventories	(41)		5
Accounts and wages payable	(238)		(201)
Taxes accrued	38		41
Regulatory assets and liabilities	14		(3)
Assets, other	2		10
Liabilities, other	(11)		(23)
Pension and other postretirement benefits	(21)		(4)
Counterparty collateral, net	73		(39)
Net cash provided by operating activities	153		56
Cash Flows From Investing Activities:
Capital expenditures	(481)		(414)

Nuclear fuel expenditures	(20)		(16)
Purchases of securities – nuclear decommissioning trust fund	(29)		(97)
Sales and maturities of securities – nuclear decommissioning trust fund	17		92



Other	—		18
Net cash used in investing activities	(513)		(417)
Cash Flows From Financing Activities:

Dividends on preferred stock	(1)		(1)
Short-term debt, net	(132)		363


Issuances of long-term debt	499		—

Debt issuance costs	(5)		—
Other	(3)		—
Net cash provided by financing activities	358		362
Net change in cash, cash equivalents, and restricted cash	(2)		1
Cash, cash equivalents, and restricted cash at beginning of year	13		8
Cash, cash equivalents, and restricted cash at end of period	$	11	$	9

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

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

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

(Unaudited) (In millions)


	Three Months Ended March 31,
		2023		2022
Common Stock		$	511	$	511

Other Paid-in Capital		2,725		2,725








Preferred Stock		80		80

Retained Earnings:
Beginning of year		3,111		2,595
Net income		29		51

Dividends on preferred stock		(1)		(1)
Retained earnings, end of period		3,139		2,645

Total Shareholders’ Equity		$	6,455	$	5,961

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

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

STATEMENT OF INCOME

(Unaudited) (In millions)


	Three Months Ended March 31,
		2023		2022
Operating Revenues:
Electric		$	710	$	543
Natural gas		391		481
Total operating revenues		1,101		1,024
Operating Expenses:
Purchased power		287		131
Natural gas purchased for resale		161		247
Other operations and maintenance		202		223
Depreciation and amortization		133		124
Taxes other than income taxes		42		53
Total operating expenses		825		778
Operating Income		276		246



Other Income, Net		37		24
Interest Charges		47		42
Income Before Income Taxes		266		228
Income Taxes		68		59








Net Income Available to Common Shareholder		$	198	$	169

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

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

BALANCE SHEET

(Unaudited) (In millions)


	March 31, 2023		December 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	—

Accounts receivable – trade (less allowance for doubtful accounts of $22 and $18, respectively)	406		341
Accounts receivable – affiliates	14		12
Unbilled revenue	151		262
Miscellaneous accounts receivable	32		23
Inventories	155		233


Current regulatory assets	89		87

Other current assets	36		98
Total current assets	883		1,056
Property, Plant, and Equipment, Net	13,602		13,353
Investments and Other Assets:
Goodwill	411		411
Regulatory assets	954		821
Pension and other postretirement benefits	324		318
Other assets	510		482
Total investments and other assets	2,199		2,032
TOTAL ASSETS	$	16,684	$	16,441
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	100	$	100
Short-term debt	324		264

Accounts and wages payable	304		451
Accounts payable – affiliates	117		93






Other current liabilities	398		383
Total current liabilities	1,243		1,291
Long-term Debt, Net	4,736		4,735
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and investment tax credits, net	1,744		1,699

Regulatory liabilities	2,334		2,313


Other deferred credits and liabilities	261		235
Total deferred credits and other liabilities	4,339		4,247
Commitments and Contingencies (Notes 2, 8, and 9)
Shareholders’ Equity:
Common stock, no par value, 45.0 shares authorized – 25.5 shares outstanding	—		—
Other paid-in capital	2,929		2,929
Preferred stock	49		49
Retained earnings	3,388		3,190

Total shareholders’ equity	6,366		6,168
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	16,684	$	16,441

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

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

STATEMENT OF CASH FLOWS

(Unaudited) (In millions)


	Three Months Ended March 31,
	2023		2022
Cash Flows From Operating Activities:
Net income	$	198	$	169
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	133		124
Amortization of debt issuance costs and premium/discounts	1		3
Deferred income taxes and investment tax credits, net	37		27

Allowance for equity funds used during construction	(4)		(4)
Other	6		2
Changes in assets and liabilities:
Receivables	26		(126)
Inventories	78		67
Accounts and wages payable	(112)		(18)
Taxes accrued	25		32
Regulatory assets and liabilities	(52)		79
Assets, other	(8)		(18)
Liabilities, other	30		5
Pension and other postretirement benefits	(24)		(8)
Counterparty collateral, net	39		8

Net cash provided by operating activities	373		342
Cash Flows From Investing Activities:
Capital expenditures	(407)		(342)


Net cash used in investing activities	(407)		(342)
Cash Flows From Financing Activities:


Short-term debt, net	60		4









Net cash provided by financing activities	60		4
Net change in cash, cash equivalents, and restricted cash	26		4
Cash, cash equivalents and restricted cash at beginning of year	191		133
Cash, cash equivalents, and restricted cash at end of period	$	217	$	137

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

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

STATEMENT OF SHAREHOLDERS’ EQUITY

(Unaudited) (In millions)


	Three Months Ended March 31,
		2023		2022
Common Stock		$	—	$	—

Other Paid-in Capital		2,929		2,914







Preferred Stock		49		49




Retained Earnings:
Beginning of year		3,190		2,677
Net income		198		169



Retained earnings, end of period		3,388		2,846














Total Shareholders’ Equity		$	6,366	$	5,809

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

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

(Unaudited)

March 31, 2023

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 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 Illinois Company, doing business as Ameren Illinois, operates rate-regulated electric transmission, electric distribution, and natural gas distribution businesses in Illinois.
ATXI operates a FERC rate-regulated electric transmission business in the MISO.

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 reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for an interim period may not give a true indication of results that may be expected for a full year. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the Form 10-K.

Variable Interest Entities

As of March 31, 2023, and December 31, 2022, Ameren had unconsolidated variable interests as a limited partner in various equity method investments, primarily to advance clean and resilient energy technologies, totaling $72 million and $68 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 March 31, 2023, the maximum exposure to loss related to these variable interests is limited to the investment in these partnerships of $72 million plus associated outstanding funding commitments of $17 million.

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 March 31, 2023, the cash surrender value of COLI at Ameren and Ameren Illinois was $254 million (December 31, 2022 – $246 million) and $120 million (December 31, 2022 – $118 million), respectively, while total borrowings against the policies were $110 million (December 31, 2022 – $110 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.

NOTE 2 – RATE AND REGULATORY MATTERS

Below is a summary of updates to significant regulatory proceedings and related legal proceedings. See Note 2 – Rate and Regulatory Matters under Part II, Item 8, of the Form 10-K for additional information and a summary of our regulatory frameworks. We are unable to

predict the ultimate outcome of these matters, the timing of final decisions of the various agencies and courts, or the impact on our results of operations, financial position, or liquidity.

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. In April 2023, Ameren Missouri, the MoPSC staff, the MoOPC, and certain intervenors filed a nonunanimous stipulation and agreement with the MoPSC to increase Ameren Missouri’s annual revenues for electric service by $140 million. The remaining intervenors did not object to the agreement. The stipulation and agreement, which is subject to MoPSC approval, did not specify an allowed ROE, capital structure, rate base, or any rate base disallowances. The stipulation and agreement 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. It also includes a tracker for future production and investment tax credits and proceeds from the sale of tax credits allowed under the IRA. For additional information regarding the property tax tracker and the IRA, see Note 2 – Rate and Regulatory Matters and Note 12 – Income Taxes under Part II, Item 8, in the Form 10-K.

A decision by the MoPSC on the nonunanimous stipulation and agreement is expected by June 2023, with new rates expected to take effect on July 1, 2023. Ameren Missouri cannot predict whether the MoPSC will approve the stipulation and agreement, or, if approved, whether any application for rehearing or appeal will be filed, or the outcome if so filed. In addition, if the MoPSC does not approve the stipulation and agreement, 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.

Solar Generation Facilities

In 2022, Ameren Missouri, through its subsidiaries, entered into build-transfer agreements to acquire, after construction, the solar facilities below. The following table provides information with respect to each build-transfer agreement:


	Boomtown Solar Project(a)	Huck Finn Solar Project(b)
Agreement date	February 2022	June 2022

Developer	Invenergy Renewables, LLC	EDF Renewables, Inc.
Facility size	150-MW	200-MW
Location	Southeastern Illinois	Central Missouri
Status of MoPSC CCN	Approved April 2023	Approved February 2023
Status of FERC approval of acquisition	Expect to request by mid-2023	Received March 2023
Expected completion date(c)	As early as fourth quarter 2024	As early as fourth quarter 2024

(a)The Boomtown Solar Project is expected to support Ameren Missouri’s transition to renewable energy generation and serve customers under the Renewable Solutions Program discussed below.

(b)The Huck Finn Solar Project represents approximately $0.35 billion of capital expenditures and 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.

(c)The expected completion dates may be impacted by the timing of FERC approval for the Boomtown Solar Project 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 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

The April 2023 MoPSC order approving the CCN for the Boomtown Solar Project also approved Ameren Missouri’s Renewable Solutions Program and a tariff related to participation in the program. The program will allow certain commercial, industrial, and governmental customers who enroll in the program to receive up to 100% of their energy from renewable resources.

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 9 – 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 March 2023, Ameren Missouri filed a proposed customer energy-efficiency plan with the MoPSC under the MEEIA. This filing proposed a three-year plan, which includes a portfolio of customer energy-efficiency programs, along with the continued use of the MEEIA rider, which allows Ameren Missouri to collect from, or refund to, customers any difference in actual MEEIA program costs and related lost electric margins and the amounts collected from customers. If the plan is approved, Ameren Missouri intends to invest $122 million annually in the proposed customer energy-efficiency programs from 2024 to 2026. In addition, Ameren Missouri requested performance incentives applicable to each plan year to earn additional revenues by achieving certain customer energy-efficiency and target spending goals. If 100% of the goals are achieved, Ameren Missouri would earn additional revenues totaling $55 million over the three-year plan. Ameren Missouri also requested additional performance incentives applicable to each plan year totaling up to $14 million over the three-year plan, if Ameren Missouri exceeds 100% of the goals. The MoPSC is under no deadline to issue an order in this proceeding.

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 $171 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 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 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.

2022 Electric Distribution Revenue Requirement Reconciliation Adjustment Request

In April 2023, Ameren Illinois filed for a reconciliation adjustment to its 2022 electric distribution service revenue requirement with the ICC, requesting recovery of $127 million. The reconciliation adjustment reflects Ameren Illinois’ actual 2022 recoverable costs, year-end rate base, and capital structure, which was composed of 53.99% common equity. An ICC decision in this proceeding is required by December 2023, and any approved adjustment would be collected from customers in 2024.

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.

Federal

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 elected not to rule on the issues raised by Ameren Missouri, Ameren Illinois, and ATXI; however, they may raise the issues again in the future. The currently allowed base ROE of 10.02% will remain effective for customer billings, but is 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.

NOTE 3 – 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, in the case of Ameren Missouri and Ameren Illinois, short-term affiliate borrowings. See Note 4 – Short-term Debt and Liquidity under Part II, Item 8, in the Form 10-K for a description of our indebtedness provisions and other covenants as well as a description of money pool arrangements.

Short-term Borrowings

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, and the issuance of letters of credit. As of March 31, 2023, based on commercial paper outstanding and letters of credit issued under the Credit Agreements, along with cash and cash equivalents, the net liquidity available to Ameren (parent), Ameren Missouri, and Ameren Illinois, collectively, was $1.4 billion. The Ameren Companies were in compliance with the covenants in their Credit Agreements as of March 31, 2023. As of March 31, 2023, the ratios of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the provisions of the Credit Agreements, were 59%, 51%, and 45% for Ameren, Ameren Missouri, and Ameren Illinois, respectively.

The following table presents commercial paper outstanding, net of issuance discounts, as of March 31, 2023, and December 31, 2022. There were no borrowings outstanding under the Credit Agreements as of March 31, 2023, or December 31, 2022.


	March 31, 2023		December 31, 2022
Ameren (parent)	$	727	$	477
Ameren Missouri	197		329
Ameren Illinois	324		264
Ameren consolidated	$	1,248	$	1,070

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 three months ended March 31, 2023 and 2022:


	Ameren (parent)			Ameren Missouri			Ameren Illinois			Ameren Consolidated
2023
Average daily amount outstanding	$	506		$	436		$	233		$	1,175

Weighted-average interest rate	4.89		%	4.86		%	4.89		%	4.88		%
Peak amount outstanding during period(a)	$	728		$	592		$	325		$	1,381
Peak interest rate	5.55		%	5.55		%	5.60		%	5.60		%
2022
Average daily amount outstanding	$	282		$	408		$	99		$	789

Weighted-average interest rate	0.41		%	0.44		%	0.33		%	0.41		%
Peak amount outstanding during period(a)	$	466		$	539		$	142		$	1,101
Peak interest rate	1.05		%	1.06		%	1.15		%	1.15		%

(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 for the period.

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. The average interest rate for borrowings under the utility money pool for the three months ended March 31, 2023, was 4.80% (2022 – 0.39%). See Note 8 – Related-party Transactions for the amount of interest income and expense from the utility money pool arrangements recorded by Ameren Missouri and Ameren Illinois for the three months ended March 31, 2023 and 2022.

NOTE 4 – LONG-TERM DEBT AND EQUITY FINANCINGS

Ameren

For the three months ended March 31, 2023, Ameren issued a total of 0.1 million shares of common stock under its DRPlus and 401(k) plan, and received proceeds of $5 million and had a receivable of $7 million. In addition, in the first quarter of 2023, Ameren issued 0.5 million shares of common stock valued at $37 million upon the settlement of stock-based compensation awards.

There were no shares issued under the ATM program for the three months ended March 31, 2023. As of March 31, 2023, Ameren had approximately $980 million of common stock available for sale under the ATM program, which takes into account the forward sale agreements in effect as of March 31, 2023, discussed below. As of April 30, 2023, Ameren had multiple forward sale agreements that could be settled under the ATM program with various counterparties relating to 3.8 million shares of common stock.

The forward sale agreements outstanding as of March 31, 2023, can be settled at Ameren’s discretion on or prior to dates ranging from January 10, 2024 to October 3, 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 $89.31 to $94.80, with an average initial forward sale price of $92.66. Each initial 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 March 31, 2023, Ameren could have settled the forward sale agreements with physical delivery of 3.4 million shares of common stock to the respective counterparties in exchange for cash of $317 million. Alternatively, the forward sale agreements could have also been settled at March 31, 2023, with the counterparties delivering approximately $21 million of cash or approximately 0.2 million shares of common stock to Ameren. In connection with the forward sale agreements, the various counterparties, or their affiliates, borrowed from third parties and sold 3.4 million shares of common stock. The gross sales price of these

shares totaled $321 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 April 2023, Ameren entered into a forward sale agreement under the ATM program relating to 0.4 million shares of common stock. The April 2023 forward sale agreement can be settled at Ameren’s discretion on or prior to January 14, 2025. The initial forward sale price was $89.11.

Ameren Missouri

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 in connection 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 March 2023, Ameren Missouri issued $500 million of 5.45% first mortgage bonds due March 2053, with interest payable semiannually on March 15 and September 15 of each year, beginning September 15, 2023. Ameren Missouri received net proceeds of $495 million, which were used for capital expenditures and to repay short-term debt.

Indenture Provisions and Other Covenants

See Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, in the Form 10-K for a description of our indenture provisions and other covenants, as well as restrictions on the payment of dividends. At March 31, 2023, 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.

Off-balance-sheet Arrangements

At March 31, 2023, none of the Ameren Companies had any material off-balance-sheet financing arrangements, other than Ameren’s investment 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.

NOTE 5 – OTHER INCOME, NET

The following table presents the components of “Other Income, Net” in the Ameren Companies’ statements of income for the three months ended March 31, 2023 and 2022:


	Three Months
		2023		2022
Ameren:

Allowance for equity funds used during construction		$	9	$	8
Interest income on industrial development revenue bonds		1		6


Non-service cost components of net periodic benefit income(a)		64		46
Miscellaneous income		9		4
Earnings related to equity method investments		2		3
Donations		(2)		(2)
Miscellaneous expense		(5)		(5)
Total Other Income, Net		$	78	$	60
Ameren Missouri:

Allowance for equity funds used during construction		$	4	$	4
Interest income on industrial development revenue bonds		1		6

Non-service cost components of net periodic benefit income(a)		14		14
Miscellaneous income		4		2
Donations		(1)		(1)
Miscellaneous expense		(3)		(2)
Total Other Income, Net		$	19	$	23
Ameren Illinois:

Allowance for equity funds used during construction		$	4	$	4


Non-service cost components of net periodic benefit income		31		21
Miscellaneous income		5		2
Donations		(1)		(1)
Miscellaneous expense		(2)		(2)
Total Other Income, Net		$	37	$	24

(a)For the three months ended March 31, 2023 and 2022, the non-service cost components of net periodic benefit income were adjusted by amounts deferred of $17 million and $6 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. See Note 11– Retirement Benefits for additional information.

NOTE 6 – 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. 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 March 31, 2023, and December 31, 2022, 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 March 31, 2023, and December 31, 2022. As of March 31, 2023, these contracts extended through October 2025, October 2029, May 2032 and March 2024 for fuel oils, natural gas, power and uranium, respectively.


	Quantity (in millions)
	March 31, 2023			December 31, 2022
Commodity	Ameren Missouri	Ameren Illinois	Ameren	Ameren Missouri	Ameren Illinois	Ameren
Fuel oils (in gallons)	18	—	18	18	—	18
Natural gas (in mmbtu)	60	185	245	48	157	205
Power (in MWhs)	1	6	7	1	6	7
Uranium (pounds in thousands)	186	—	186	514	—	514

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 March 31, 2023, and December 31, 2022:


			March 31, 2023					December 31, 2022
	Balance Sheet Location		Ameren Missouri		Ameren Illinois		Ameren			Ameren Missouri		Ameren Illinois		Ameren







Fuel oils	Other current assets	$	8	$	—	$	8		$	13	$	—	$	13
	Other assets		2		—		2			3		—		3


Natural gas	Other current assets		1		5		6			7		23		30
	Other assets		8		8		16			9		11		20


Power	Other current assets		5		—		5			14		2		16
	Other assets		—		1		1			—		4		4


Uranium	Other current assets		1		—		1			2		—		2
	Other assets		—		—		—			1		—		1
	Total assets	$	25	$	14	$	39		$	49	$	40	$	89



Fuel oils	Other deferred credits and liabilities	$	1	$	—	$	1		$	—	$	—	$	—


Natural gas	Other current liabilities		9		33		42			7		20		27
	Other deferred credits and liabilities		5		12		17			2		9		11


Power	Other current liabilities		17		10		27			59		2		61
	Other deferred credits and liabilities		—		43		43			—		37		37




	Total liabilities	$	32	$	98	$	130		$	68	$	68	$	136

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.

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 March 31, 2023, and December 31, 2022:


			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
March 31, 2023
Assets:
Ameren Missouri	$	25	$	9	$	—	$	16
Ameren Illinois	14		11		—		3
Ameren	$	39	$	20	$	—	$	19
Liabilities:
Ameren Missouri	$	32	$	9	$	16	$	7
Ameren Illinois	98		11		—		87
Ameren	$	130	$	20	$	16	$	94
December 31, 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

(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 March 31, 2023, if counterparty groups were to fail completely to perform on contracts, the Ameren Companies’ maximum exposure related to derivative assets, predominantly from financial institutions, would have been immaterial with or without consideration of the application of master netting arrangements or similar agreements and collateral held.

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 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. The following table presents, as of March 31, 2023, the aggregate fair value of all 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:



	Aggregate Fair Value of Derivative Liabilities(a)		Cash Collateral Posted		Potential Aggregate Amount of Additional Collateral Required(b)
Ameren Missouri	$	16	$	—	$	7
Ameren Illinois	45		—		36
Ameren	$	61	$	—	$	43

(a)Before consideration of master netting arrangements or similar agreements.

(b)As collateral requirements with certain counterparties are based on master netting arrangements or similar agreements, the aggregate amount of additional collateral required to be posted is determined after consideration of the effects of such arrangements.

NOTE 7 – 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. Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. See Note 8 – Fair Value Measurements under Part II, Item 8, of the Form 10-K for information related to hierarchy levels and valuation techniques.

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 the three months ended March 31, 2023 or 2022. At March 31, 2023, and December 31, 2022, the counterparty default risk valuation adjustment related to derivative contracts was immaterial for Ameren, Ameren Missouri, and Ameren Illinois.

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 March 31, 2023, and December 31, 2022:


		March 31, 2023									December 31, 2022
		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
Assets:
Ameren Missouri
	Derivative assets – commodity contracts:
	Fuel oils	$	10	$	—	$	—	$	10		$	16	$	—	$	—	$	16
	Natural gas	—		9		—		9			1		15		—		16
	Power	—		—		5		5			—		—		14		14
	Uranium	—		—		1		1			—		—		3		3
	Total derivative assets – commodity contracts	$	10	$	9	$	6	$	25		$	17	$	15	$	17	$	49
	Nuclear decommissioning trust fund:

	Equity securities:
	U.S. large capitalization	$	668	$	—	$	—	$	668		$	618	$	—	$	—	$	618
	Debt securities:
	U.S. Treasury and agency securities	—		149		—		149			—		137		—		137
	Corporate bonds	—		123		—		123			—		122		—		122


	Other	—		74		—		74			—		70		—		70
	Total nuclear decommissioning trust fund	$	668	$	346	$	—	$	1,014	(a)	$	618	$	329	$	—	$	947	(a)
	Total Ameren Missouri	$	678	$	355	$	6	$	1,039		$	635	$	344	$	17	$	996
Ameren Illinois
	Derivative assets – commodity contracts:
	Natural gas	$	—	$	10	$	3	$	13		$	1	$	28	$	5	$	34
	Power	—		—		1		1			—		—		6		6
	Total Ameren Illinois	$	—	$	10	$	4	$	14		$	1	$	28	$	11	$	40
Ameren
	Derivative assets – commodity contracts(b)	$	10	$	19	$	10	$	39		$	18	$	43	$	28	$	89
	Nuclear decommissioning trust fund(c)	668		346		—		1,014		(a)	618		329		—		947		(a)
	Total Ameren	$	678	$	365	$	10	$	1,053		$	636	$	372	$	28	$	1,036
Liabilities:
Ameren Missouri
	Derivative liabilities – commodity contracts:
	Fuel oils	$	1	$	—	$	—	$	1		$	—	$	—	$	—	$	—
	Natural gas	—		11		3		14			—		6		3		9
	Power	17		—		—		17			57		—		2		59

	Total Ameren Missouri	$	18	$	11	$	3	$	32		$	57	$	6	$	5	$	68
Ameren Illinois
	Derivative liabilities – commodity contracts:
	Natural gas	$	1	$	36	$	8	$	45		$	—	$	19	$	10	$	29
	Power	—		—		53		53			—		—		39		39
	Total Ameren Illinois	$	1	$	36	$	61	$	98		$	—	$	19	$	49	$	68
Ameren
	Derivative liabilities – commodity contracts(b)	$	19	$	47	$	64	$	130		$	57	$	25	$	54	$	136

(a)Balance excludes $5 million and $11 million of cash and cash equivalents, receivables, payables, and accrued income, net, for March 31, 2023, and December 31, 2022, 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 the fair value of Ameren’s nuclear decommissioning trust fund by investment type.

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 three months ended March 31, 2023 and 2022:


	2023						2022
	Ameren Missouri		Ameren Illinois		Ameren			Ameren Missouri		Ameren Illinois		Ameren










For the three months ended March 31:
Beginning balance at January 1	$	12	$	(33)	$	(21)		$	(15)	$	(117)	$	(132)
Realized and unrealized gains/(losses) included in regulatory assets/liabilities	(6)		(20)		(26)			(41)		42		1


Settlements	(1)		1		—			3		1		4


Ending balance at March 31	$	5	$	(52)	$	(47)		$	(53)	$	(74)	$	(127)
Change in unrealized gains/(losses) related to assets/liabilities held at March 31	$	(2)	$	(18)	$	(20)		$	(38)	$	42	$	4

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 March 31, 2023, and December 31, 2022:


			Fair Value						Weighted Average(b)
	Commodity		Assets		Liabilities	Valuation Technique(s)	Unobservable Input(a)	Range
2023	Power(c)	$	6	$	(53)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps ($/MWh)	22 – 74	46

							Nodal basis ($/MWh)	(9) – (1)	(4)


2022	Power(d)	$	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

(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 use visible forward prices adjusted for nodal-to-hub basis differentials.

(d)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.

The following table sets forth the carrying amount and, by level within the fair value hierarchy, the fair value of financial assets and liabilities disclosed, but not recorded, at fair value as of March 31, 2023, and December 31, 2022:


	Carrying Amount			Fair Value
			Level 1			Level 2			Level 3			Total
	March 31, 2023
Ameren:
Cash, cash equivalents, and restricted cash	$	237		$	237		$	—		$	—		$	237

Short-term debt	1,248			—			1,248			—			1,248
Long-term debt (including current portion)	14,281		(a)	—			12,408			473		(b)	12,881
Ameren Missouri:
Cash, cash equivalents, and restricted cash	$	11		$	11		$	—		$	—		$	11


Short-term debt	197			—			197			—			197

Long-term debt (including current portion)	6,341		(a)	—			5,706			—			5,706
Ameren Illinois:
Cash, cash equivalents, and restricted cash	$	217		$	217		$	—		$	—		$	217

Short-term debt	324			—			324			—			324

Long-term debt (including current portion)	4,836		(a)	—			4,368			—			4,368
	December 31, 2022
Ameren:
Cash, cash equivalents, and restricted cash	$	216		$	216		$	—		$	—		$	216
Investment in industrial development revenue bonds(c)	240			—			240			—			240
Short-term debt	1,070			—			1,070			—			1,070
Long-term debt (including current portion)(c)	14,025		(a)	—			11,989			464		(b)	12,453
Ameren Missouri:
Cash, cash equivalents, and restricted cash	$	13		$	13		$	—		$	—		$	13

Investment in industrial development revenue bonds(c)	240			—			240			—			240
Short-term debt	329			—			329			—			329
Long-term debt (including current portion)(c)	6,086		(a)	—			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		(a)	—			4,320			—			4,320

(a)Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $103 million, $45 million, and $44 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of March 31, 2023. 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.

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

(c)Ameren and Ameren Missouri had an investment in industrial development revenue bonds, classified as held-to-maturity and recorded in “Other Assets,” that were equal to the finance obligation for the Audrain CT energy center. As of December 31, 2022, the carrying amount of the investment in industrial development revenue bonds and the finance obligation approximated fair value.

NOTE 8 – RELATED-PARTY TRANSACTIONS

In the ordinary course of business, Ameren Missouri and Ameren Illinois have engaged in, and may in the future 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. For a discussion of material related-party agreements and money pool arrangements, see Note 13 – Related-party Transactions and Note 4 – Short-term Debt and Liquidity under Part II, Item 8, of the Form 10-K.

Support Services Agreements

Ameren Missouri and Ameren Illinois had long-term receivables included in “Other assets” from Ameren Services of $36 million and $39 million, respectively, as of March 31, 2023, and $41 million and $43 million, respectively, as of December 31, 2022, related to Ameren Services’ allocated portion of Ameren’s pension and postretirement benefit plans.

Tax Allocation Agreement

See Note 1 – Summary of Significant Accounting Policies under Part II, Item 8, of the Form 10-K 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 March 31, 2023, and December 31, 2022:


	March 31, 2023				December 31, 2022
	Ameren Missouri		Ameren Illinois		Ameren Missouri		Ameren Illinois
Income taxes payable to parent(a)	$	—	$	80	$	—	$	50
Income taxes receivable from parent(b)	54		—		39		—

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

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

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 three months ended March 31, 2023 and 2022:


			Three Months
Agreement	Income Statement Line Item				Ameren Missouri		Ameren Illinois
Ameren Missouri power supply	Operating Revenues	2023		$	(b)	$	(a)
agreements with Ameren Illinois		2022			4		(a)
Ameren Missouri and Ameren Illinois	Operating Revenues	2023		$	10	$	(b)
rent and facility services		2022			6		(b)
Ameren Missouri and Ameren Illinois miscellaneous	Operating Revenues	2023		$	(b)	$	(b)
support services		2022			(b)		1
Total Operating Revenues		2023		$	10	$	(b)
		2022			10		1
Ameren Illinois power supply	Purchased Power	2023		$	(a)	$	(b)
agreements with Ameren Missouri		2022			(a)		4
Ameren Missouri and Ameren Illinois	Purchased Power	2023		$	(b)	$	(b)
transmission services from ATXI		2022			(b)		(b)
Total Purchased Power		2023		$	(b)	$	(b)
		2022			(b)		4
Ameren Missouri and Ameren Illinois	Other Operations and Maintenance	2023		$	(b)	$	2
rent and facility services		2022			(b)		1
Ameren Services support services	Other Operations and Maintenance	2023		$	35	$	35
agreement		2022			38		35
Total Other Operations and		2023		$	35	$	37
Maintenance		2022			38		36
Money pool borrowings (advances)	(Interest Charges)/Other Income, Net	2023		$	(b)	$	(b)
		2022			(b)		(b)

(a)Not applicable.

(b)Amount less than $1 million.

NOTE 9 – 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 in this report and in the Form 10-K, will not have a material adverse effect on our results of operations, financial position, or liquidity.

Reference is made to 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 14 – Commitments and Contingencies under Part II, Item 8, of the Form 10-K. See also Note 1 – Summary of Significant Accounting Policies, Note 2 – Rate and Regulatory Matters, Note 8 – Related-party Transactions, and Note 10 – Callaway Energy Center of 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. 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 of environmental laws.

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. 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 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. Seasonal nighttime curtailment began again in April 2023 as the critical biological season resumed, but the extent and duration of the curtailment is unknown at this time as assessment of mitigation technologies is ongoing. Ameren Missouri does not anticipate these operating curtailments to have a material impact on its results of operations, financial position, or liquidity.

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 surface impoundment 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 periodically amends and revises its regulations and proposes amendments to regulations and guidelines, which could ultimately result in the revision of all or part of such rules.

Clean Air Act

Federal and state laws, including the CSAPR, regulate emissions of SO2 and NOx through the reduction of emissions at their source and the use and retirement of emission allowances. The 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 NOx emission reductions from power plants in Missouri, Illinois, and other states through revisions to the CSAPR. In January 2023, the EPA issued its final disapproval of Missouri’s proposed state implementation plan for addressing the transport of ozone under the Good Neighbor Plan of the Clean Air Act. The disapproval of the state plan allows the EPA to implement revisions to the CSAPR through a federal implementation plan. In March 2023, the EPA announced federal implementation plan requirements for Missouri, Illinois, and other states under the Good Neighbor Plan of the Clean Air Act. In April 2023, the Missouri Attorney General and Ameren Missouri separately filed lawsuits in the Eighth Circuit Court of Appeals challenging the EPA’s disapproval of the Missouri state plan. Unless stayed by a judicial action, in mid-2023, the EPA is expected 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 has complied with the 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 NOx air pollution control equipment. Restrictions on state budget NOx allowances could result in additional controls on Ameren Missouri’s generating units and/or the reduction of operations. Ameren Missouri is evaluating potential options to comply with the federal implementation plan. Any additional costs for compliance are expected to be recovered from customers, subject to MoPSC prudence review, 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 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 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 2022, the FERC approved a system support resource agreement, which became effective 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 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 of March 31, 2023, 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 under Part II, Item 8, of the Form 10-K for additional information regarding plant to be abandoned, net.

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 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. To comply with these guidelines, Ameren Missouri installed dry ash handling systems and wastewater treatment facilities at its coal-fired energy centers.

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 plans to substantially complete the closures of the remaining surface impoundments at its Sioux Energy Center and retired Meramec Energy Center as required by the CCR Rule by the end of 2024. Ameren Missouri’s CCR management compliance plan includes installation of groundwater monitoring equipment and groundwater treatment facilities. Ameren and Ameren Missouri have AROs of $48 million recorded on their respective balance sheets as of March 31, 2023, associated with CCR storage 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 March 31, 2023, Ameren Illinois has remediated the majority of the 44 former MGP sites in Illinois and could substantially conclude remediation efforts at the remaining sites in 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 March 31, 2023, Ameren Illinois estimated the remaining obligation related to these former MGP sites at $58 million to $108 million. Ameren and Ameren Illinois recorded a liability of $58 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, including additional or more stringent cleanup standards, or will affect our results of operations, financial position, or liquidity.

NOTE 10 – CALLAWAY ENERGY CENTER

See Note 9 – Callaway Energy Center under Part II, Item 8, of the Form 10-K for information regarding spent nuclear fuel recovery, recovery of decommissioning costs, and the nuclear decommissioning trust fund. 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 related regulatory liability. Ameren and Ameren Missouri have recorded an ARO for the Callaway Energy Center decommissioning costs at fair value, which represents the present value of estimated future cash outflows. 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 based on Ameren Missouri’s updated cost study funding analysis. See Note 13 – Supplemental Information for more information on Ameren Missouri’s AROs.

Insurance

The following table presents insurance coverage at Ameren Missouri’s Callaway Energy Center at April 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, 2023	$	3,200	(d)	$	28	(e)
Accidental outage:
NEIL	April 1, 2023	$	490	(f)	$	9	(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.

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 insurance limits, 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 11 – RETIREMENT BENEFITS

The following table presents the components of the net periodic benefit cost (income) incurred for Ameren’s pension and postretirement benefit plans for the three months ended March 31, 2023 and 2022:


		Pension Benefits					Postretirement Benefits
	Three Months					Three Months
		2023		2022			2023		2022
Service cost(a)		$	23	$	33		$	3	$	5
Non-service cost components:
Interest cost		55		40			11		8
Expected return on plan assets(b)		(83)		(80)			(23)		(21)
Amortization of(b):

Prior service benefit		—		—			(1)		(1)
Actuarial loss (gain)		(29)		6			(11)		(4)
Total non-service cost components(c)		$	(57)	$	(34)		$	(24)	$	(18)

Net periodic benefit income(d)		$	(34)	$	(1)		$	(21)	$	(13)

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

(b)Prior service benefit is amortized on a straight-line basis over the average future service of active participants benefiting under a 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 5 – 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.

Ameren Missouri and Ameren Illinois are responsible for their respective share of Ameren’s pension and other postretirement costs. The following table presents the respective share of net periodic pension and other postretirement benefit costs (income) incurred for the three months ended March 31, 2023 and 2022:


		Pension Benefits					Postretirement Benefits
	Three Months					Three Months
		2023		2022			2023		2022
Ameren Missouri(a)		$	(18)	$	(1)		$	(8)	$	(3)
Ameren Illinois		(14)		1			(13)		(10)
Other		(2)		(1)			—		—
Ameren(a)		$	(34)	$	(1)		$	(21)	$	(13)

(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 rates.

NOTE 12 – INCOME TAXES

The following table presents a reconciliation of the federal statutory corporate income tax rate to the effective income tax rate for the three months ended March 31, 2023 and 2022:


	Ameren				Ameren Missouri				Ameren Illinois
	2023		2022		2023		2022		2023		2022












Three Months
Federal statutory corporate income tax rate	21	%	21	%	21	%	21	%	21	%	21	%
Increases (decreases) from:
Amortization of deferred investment tax credit	—		—		—		(1)		—		—
Amortization of excess deferred taxes(a)	(8)		(8)		(16)		(16)		(2)		(2)

Renewable and other tax credits(b)	(5)		(5)		(10)		(11)		—		—
State tax	6		5		4		3		7		7
Stock-based compensation	(1)		(1)		—		—		—		—
Other permanent items	(1)		—		(3)		—		(1)		—
Effective income tax rate	12	%	12	%	(4)	%	(4)	%	25	%	26	%

(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)The benefit of the credits associated with Missouri renewable energy standard compliance is refunded to customers through the RESRAM.

NOTE 13 – 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 at March 31, 2023, and December 31, 2022:


	March 31, 2023									December 31, 2022
Ameren			Ameren Missouri			Ameren Illinois			Ameren			Ameren Missouri			Ameren Illinois
“Cash and cash equivalents”	$	10		$	3		$	—		$	10		$	—		$	—

Restricted cash included in “Other current assets”	13			5			6			13			5			6
Restricted cash included in “Other assets”	211			—			211			185			—			185
Restricted cash included in “Nuclear decommissioning trust fund”	3			3			—			8			8			—
Total cash, cash equivalents, and restricted cash	$	237		$	11		$	217		$	216		$	13		$	191

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 March 31, 2023, and December 31, 2022, “Other current liabilities” on Ameren’s and Ameren Illinois’ balance sheets included payables for purchased receivables of $35 million and $31 million, respectively.

The following table provides a reconciliation of the beginning and ending amount of the allowance for doubtful accounts for the three months ended March 31, 2023 and 2022:


	Three Months
		2023		2022
Ameren:
Beginning of period		$	31	$	29
Bad debt expense		10		4
Net write-offs		(7)		(5)
End of period		$	34	$	28
Ameren Missouri:
Beginning of period		$	13	$	13
Bad debt expense		2		1
Net write-offs		(3)		(3)
End of period		$	12	$	11
Ameren Illinois:(a)
Beginning of period		$	18	$	16
Bad debt expense		8		3
Net write-offs		(4)		(2)
End of period		$	22	$	17

(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.

As of March 31, 2023, accounts receivable balances that were 30 days or greater past due or that were a part of a deferred payment arrangement represented 23%, 15%, and 28%, or $153 million, $33 million, and $120 million, of Ameren’s, Ameren Missouri’s, and Ameren Illinois’ customer trade receivables before allowance for doubtful accounts, respectively. In comparison, as of March 31, 2022, these percentages were 20%, 15%, and 23%, or $116 million, $31 million, and $85 million, for Ameren, Ameren Missouri, and Ameren Illinois, respectively.

Supplemental Cash Flow Information

The following table provides noncash financing and investing activity excluded from the statements of cash flows for the three months ended March 31, 2023 and 2022:


	March 31, 2023							March 31, 2022
Ameren	Ameren Missouri				Ameren Illinois	Ameren		Ameren Missouri	Ameren Illinois
Investing:
Accrued capital expenditures	$	298	$	153		$	138		$	345	$	194	$	147

Net realized and unrealized gain/(loss) – nuclear decommissioning trust fund	54		54			—			(71)		(71)		—
Return of investment in industrial development revenue bonds(a)	240		240			—			—		—		—
Financing:
Issuance of common stock for stock-based compensation	$	37	$	—		$	—		$	31	$	—	$	—
Issuance of common stock under the DRPlus	7		—			—			8		—		—
Termination of a financing obligation(a)	240		240			—			—		—		—

(a)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 in connection 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.

Asset Retirement Obligations

The following table provides a reconciliation of the beginning and ending carrying amount of AROs for the three months ended March 31, 2023:


	Ameren Missouri			Ameren Illinois			Ameren
Balance at December 31, 2022	$	782	(a)	$	4	(b)	$	786	(a)

Liabilities settled	(2)			—			(2)
Accretion	8		(c)	—			8		(c)

Balance at March 31, 2023	$	788	(a)	$	4	(b)	$	792	(a)

(a)Balance included $23 million in “Other current liabilities” on the balance sheet as of both March 31, 2023, and December 31, 2022.

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

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

Stock-based Compensation

In the first quarter of 2023, Ameren granted 265,422 performance share units with a grant date fair value of $24 million and 116,701 restricted share units with a grant date fair value of $10 million. Awards vest approximately 3 years after the grant date or on a pro-rata basis upon death or eligible retirement. The performance share units vest based on the achievement of certain specified market performance measures (227,494 performance share units) or clean energy transition targets (37,928 performance share units). The exact number of shares issued pursuant to a performance share unit varies from 0% to 200% of the target award, depending on actual company performance relative to the performance goals.

For the three months ended March 31, 2023 and 2022, excess tax benefits associated with the settlement of stock-based compensation awards reduced income tax expense by $6 million and $5 million, respectively.

Deferred Compensation

At March 31, 2023, and December 31, 2022, the present value of benefits to be paid for deferred compensation obligations was $85 million and $87 million, respectively, which was primarily reflected in “Other deferred credits and liabilities” on Ameren’s consolidated balance sheet.

Operating Revenues

As of March 31, 2023 and 2022, our remaining performance obligations for contracts with a term greater than one year 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.

See Note 14 – Segment Information for disaggregated revenue information.

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 three months ended March 31, 2023 and 2022:


	Three Months
		2023		2022
Ameren Missouri		$	34	$	34
Ameren Illinois		37		45
Ameren		$	71	$	79

Earnings per Share

The following table reconciles the basic weighted-average number of common shares outstanding to the diluted weighted-average number of common shares outstanding for the three months ended March 31, 2023 and 2022:


	Three Months
		2023	2022


Weighted-average Common Shares Outstanding – Basic		262.2	257.9
Assumed settlement of performance share units and restricted stock units		0.9	1.1

Weighted-average Common Shares Outstanding – Diluted(a)		263.1	259.0

(a)There was an immaterial number of anti-dilutive performance share units excluded from the earnings per diluted share calculations for the three months ended March 31, 2023 and 2022. The outstanding forward sale agreements as of March 31, 2023, were anti-dilutive and excluded from the earnings per diluted share calculation as calculated using the treasury stock method.

NOTE 14 – SEGMENT INFORMATION

The following tables present revenues, net income attributable to common shareholders, and capital expenditures by segment at Ameren and Ameren Illinois for the three months ended March 31, 2023 and 2022. Ameren, Ameren Missouri, and Ameren Illinois management review segment capital expenditure information rather than any individual or total asset amount. For additional information about our segments, see Note 16 – Segment Information under Part II, Item 8, of the Form 10-K.

Ameren


	Ameren Missouri		Ameren Illinois Electric Distribution		Ameren Illinois Natural Gas		Ameren Transmission			Other		Intersegment Eliminations		Ameren










Three Months 2023:
External revenues	$	913	$	624	$	391	$	134		$	—	$	—	$	2,062
Intersegment revenues	10		—		—		29			—		(39)		—
Net income attributable to Ameren common shareholders	28		61		87		71		(a)	17		—		264
Capital expenditures	481		170		51		213			3		13		931
Three Months 2022:
External revenues	$	808	$	464	$	481	$	126		$	—	$	—	$	1,879
Intersegment revenues	10		1		—		20			—		(31)		—
Net income attributable to Ameren common shareholders	50		49		80		58		(a)	15		—		252
Capital expenditures	414		138		49		172			2		(1)		774

(a)Ameren Transmission earnings reflect an allocation of financing costs from Ameren (parent).

Ameren Illinois


	Ameren Illinois Electric Distribution		Ameren Illinois Natural Gas		Ameren Illinois Transmission		Intersegment Eliminations		Ameren Illinois










Three Months 2023:
External revenues	$	624	$	391	$	86	$	—	$	1,101
Intersegment revenues	—		—		28		(28)		—
Net income available to common shareholder	61		87		50		—		198
Capital expenditures	170		51		186		—		407
Three Months 2022:
External revenues	$	465	$	481	$	78	$	—	$	1,024
Intersegment revenues	—		—		20		(20)		—
Net income available to common shareholder	49		80		40		—		169
Capital expenditures	138		49		155		—		342

The following tables present disaggregated revenues by segment at Ameren and Ameren Illinois for the three months ended March 31, 2023 and 2022. 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, off-system sales, and capacity revenues.

Ameren


	Ameren Missouri		Ameren Illinois Electric Distribution		Ameren Illinois Natural Gas		Ameren Transmission		Intersegment Eliminations		Ameren
























Three Months 2023:
Residential	$	324	$	382	$	—	$	—	$	—	$	706
Commercial	247		200		—		—		—		447
Industrial	61		48		—		—		—		109
Other	209		(6)		—		163		(38)		328
Total electric revenues	$	841	$	624	$	—	$	163	$	(38)	$	1,590
Residential	$	52	$	—	$	296	$	—	$	—	$	348
Commercial	23		—		77		—		—		100
Industrial	2		—		7		—		—		9
Other	5		—		11		—		(1)		15
Total natural gas revenues	$	82	$	—	$	391	$	—	$	(1)	$	472
Total revenues(a)	$	923	$	624	$	391	$	163	$	(39)	$	2,062
Three Months 2022:
Residential	$	332	$	263	$	—	$	—	$	—	$	595
Commercial	240		158		—		—		—		398
Industrial	57		45		—		—		—		102
Other	109		(1)		—		146		(31)		223
Total electric revenues	$	738	$	465	$	—	$	146	$	(31)	$	1,318
Residential	$	51	$	—	$	369	$	—	$	—	$	420
Commercial	22		—		97		—		—		119
Industrial	2		—		17		—		—		19
Other	5		—		(2)		—		—		3
Total natural gas revenues	$	80	$	—	$	481	$	—	$	—	$	561
Total revenues(a)	$	818	$	465	$	481	$	146	$	(31)	$	1,879

(a)The following table presents increases/(decreases) in revenues from alternative revenue programs and other revenues not from contracts with customers for the three months ended March 31, 2023 and 2022:


	Ameren Missouri			Ameren Illinois Electric Distribution		Ameren Illinois Natural Gas		Ameren Transmission		Ameren






Three Months 2023:
Revenues from alternative revenue programs	$	(2)		$	64	$	28	$	8	$	98
Other revenues not from contracts with customers	(6)		(a)	2		1		—		(3)		(a)
Three Months 2022:
Revenues from alternative revenue programs	$	(6)		$	55	$	(5)	$	1	$	45
Other revenues not from contracts with customers	—		(a)	2		1		—		3		(a)

(a)Includes net realized losses on derivative power contracts.

Ameren Illinois


	Ameren Illinois Electric Distribution		Ameren Illinois Natural Gas		Ameren Illinois Transmission		Intersegment Eliminations		Ameren Illinois












Three Months 2023:
Residential	$	382	$	296	$	—	$	—	$	678
Commercial	200		77		—		—		277
Industrial	48		7		—		—		55
Other	(6)		11		114		(28)		91
Total revenues(a)	$	624	$	391	$	114	$	(28)	$	1,101
Three Months 2022:
Residential	$	263	$	369	$	—	$	—	$	632
Commercial	158		97		—		—		255
Industrial	45		17		—		—		62
Other	(1)		(2)		98		(20)		75
Total revenues(a)	$	465	$	481	$	98	$	(20)	$	1,024

(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 three months ended March 31, 2023 and 2022:


	Ameren Illinois Electric Distribution		Ameren Illinois Natural Gas		Ameren Illinois Transmission		Ameren Illinois








Three Months 2023:
Revenues from alternative revenue programs	$	64	$	28	$	7	$	99
Other revenues not from contracts with customers	2		1		—		3

Three Months 2022:
Revenues from alternative revenue programs	$	55	$	(5)	$	1	$	51
Other revenues not from contracts with customers	2		1		—		3

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