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,
		2025		2024
Operating Revenues:
Electric		$	1,622	$	1,364
Natural gas		475		452
Total operating revenues		2,097		1,816
Operating Expenses:
Fuel and purchased power		502		328

Natural gas purchased for resale		169		151
Other operations and maintenance		485		470

Depreciation and amortization		367		361
Taxes other than income taxes		144		135
Total operating expenses		1,667		1,445
Operating Income		430		371



Other Income, Net		85		89
Interest Charges		175		154
Income Before Income Taxes		340		306
Income Taxes		50		44


Net Income		290		262
Less: Net Income Attributable to Noncontrolling Interests		1		1





Net Income Attributable to Ameren Common Shareholders		$	289	$	261


Net Income		$	290	$	262
Other Comprehensive Loss, Net of Taxes
Pension and other postretirement benefit plan activity, net of income taxes (benefit) of $— and $—, respectively		—		(1)
Unrealized net loss on derivative hedging instruments, net of income taxes (benefit) of $—, and $—, respectively		(4)		—
Comprehensive Income		286		261
Less: Comprehensive Income Attributable to Noncontrolling Interests		1		1
Comprehensive Income Attributable to Ameren Common Shareholders		$	285	$	260





Earnings per Common Share - Basic and Diluted		$	1.07	$	0.98






Weighted-average Common Shares Outstanding – Basic		270.0		266.4
Weighted-average Common Shares Outstanding – Diluted		271.4		266.8

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, 2025		December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	23	$	7
Accounts receivable – trade (less allowance for doubtful accounts of $41 and $30, respectively)	667		525
Unbilled revenue	253		346
Miscellaneous accounts receivable	327		96
Inventories	669		762


Current regulatory assets	340		366



Other current assets	176		162

Total current assets	2,455		2,264
Property, Plant, and Equipment, Net	37,010		36,304
Investments and Other Assets:
Nuclear decommissioning trust fund	1,312		1,342
Goodwill	411		411

Regulatory assets (includes $459 and $465 related to VIEs, respectively)	2,569		2,397
Pension and other postretirement benefits	765		757
Other assets	1,143		1,123

Total investments and other assets	6,200		6,030
TOTAL ASSETS	$	45,665	$	44,598
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt (includes $17 and $17 related to VIEs, respectively)	$	17	$	317
Short-term debt	1,252		1,143
Accounts and wages payable	702		1,059

Interest accrued	159		196
Customer deposits	223		223



Other current liabilities	510		475

Total current liabilities	2,863		3,413
Long-term Debt, Net (includes $449 and $448 related to VIEs, respectively)	18,354		17,262
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and tax credits, net	4,782		4,474

Regulatory liabilities	5,953		5,897
Asset retirement obligations	830		822

Other deferred credits and liabilities	535		487

Total deferred credits and other liabilities	12,100		11,680
Commitments and Contingencies (Notes 2, 9, and 10)
Shareholders’ Equity:
Common stock, $.01 par value, 400.0 shares authorized – shares outstanding of 270.3 and 269.9, respectively	3		3
Other paid-in capital, principally premium on common stock	7,524		7,513
Retained earnings	4,702		4,604
Accumulated other comprehensive loss	(10)		(6)

Total shareholders’ equity	12,219		12,114
Noncontrolling Interests	129		129
Total equity	12,348		12,243
TOTAL LIABILITIES AND EQUITY	$	45,665	$	44,598

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,
	2025		2024
Cash Flows From Operating Activities:
Net income	$	290	$	262

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






Depreciation and amortization	395		379
Amortization of nuclear fuel	20		18
Amortization of debt issuance costs and premium/discounts	5		5
Deferred income taxes and tax credits, net	116		44
Allowance for equity funds used during construction	(16)		(9)
Stock-based compensation costs	7		8
Other	7		16
Changes in assets and liabilities:
Receivables	(68)		52
Inventories	93		54
Accounts and wages payable	(291)		(284)
Taxes accrued	(8)		70
Regulatory assets and liabilities	(70)		(95)
Assets, other	—		15
Liabilities, other	(10)		13
Pension and other postretirement benefits	(39)		(56)





Net cash provided by operating activities	431		492
Cash Flows From Investing Activities:
Capital expenditures	(1,064)		(890)

Nuclear fuel expenditures	(18)		(12)
Purchases of securities – nuclear decommissioning trust fund	(107)		(70)
Sales and maturities of securities – nuclear decommissioning trust fund	93		66





Other	9		—


Net cash used in investing activities	(1,087)		(906)
Cash Flows From Financing Activities:
Dividends on common stock	(191)		(178)
Dividends paid to noncontrolling interest holders	(1)		(1)
Short-term debt, net	108		332
Maturities of long-term debt	(300)		—

Issuances of long-term debt	1,099		347
Issuances of common stock	13		10


Employee payroll taxes related to stock-based compensation	(13)		(8)
Debt issuance costs	(11)		(5)





Net cash provided by financing activities	704		497
Net change in cash, cash equivalents, and restricted cash	48		83
Cash, cash equivalents, and restricted cash at beginning of year	328		272


Cash, cash equivalents, and restricted cash at end of period	$	376	$	355

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,
		2025		2024

Common Stock		$	3	$	3




Other Paid-in Capital:
Beginning of year		7,513		7,216


Shares issued under the DRPlus and 401(k) plan		15		10
Stock-based compensation activity		(4)		2



Other paid-in capital, end of period		7,524		7,228

Retained Earnings:
Beginning of year		4,604		4,136
Net income attributable to Ameren common shareholders		289		261
Dividends on common stock		(191)		(178)

Retained earnings, end of period		4,702		4,219

Accumulated Other Comprehensive Loss:
Derivative financial instruments, beginning of year		3		—
Change in derivative financial instruments		(4)		—

Derivative financial instruments, end of period		(1)		—
Deferred retirement benefit costs, beginning of year		(9)		(6)

Change in deferred retirement benefit costs		—		(1)

Deferred retirement benefit costs, end of period		(9)		(7)
Total accumulated other comprehensive loss, end of period		(10)		(7)
Total Shareholders’ Equity		$	12,219	$	11,443

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		$	12,348	$	11,572


Common stock shares outstanding at beginning of year		269.9		266.3


Shares issued under the DRPlus and 401(k) plan		0.1		0.1
Shares issued for stock-based compensation		0.3		0.2
Common stock shares outstanding at end of period		270.3		266.6

Dividends per common share		$	0.71	$	0.67

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,
		2025		2024
Operating Revenues:
Electric		$	893	$	714
Natural gas		64		61

Total operating revenues		957		775
Operating Expenses:
Fuel and purchased power		330		166

Natural gas purchased for resale		30		28
Other operations and maintenance		250		254

Depreciation and amortization		194		195
Taxes other than income taxes		89		87
Total operating expenses		893		730
Operating Income		64		45



Other Income, Net		43		44
Interest Charges		60		62
Income Before Income Taxes		47		27
Income Taxes		4		1
Net Income		43		26





Preferred Stock Dividends		1		1
Net Income Available to Common Shareholder		$	42	$	25

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, 2025		December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	7	$	—
Advances to money pool	—		43
Accounts receivable – trade (less allowance for doubtful accounts of $12 and $12, respectively)	236		209
Accounts receivable – affiliates	44		40
Unbilled revenue	128		170
Miscellaneous accounts receivable	272		33
Inventories	472		514

Current regulatory assets	119		66


Other current assets	85		70
Total current assets	1,363		1,145
Property, Plant, and Equipment, Net	19,228		18,788
Investments and Other Assets:
Nuclear decommissioning trust fund	1,312		1,342

Regulatory assets (includes $459 and $465 related to VIEs, respectively)	1,401		1,366
Pension and other postretirement benefits	212		211
Other assets	239		254
Total investments and other assets	3,164		3,173
TOTAL ASSETS	$	23,755	$	23,106
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt (includes $17 and $17 related to VIEs, respectively)	$	17	$	17
Short-term debt	629		—

Accounts and wages payable	335		629
Accounts payable – affiliates	42		50
Taxes accrued	77		29
Interest accrued	70		88



Other current liabilities	199		206
Total current liabilities	1,369		1,019
Long-term Debt, Net (includes $449 and $448 related to VIEs, respectively)	7,672		7,671
Long-term Debt, Net - Related Parties	57		57
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and tax credits, net	2,488		2,217

Regulatory liabilities	3,177		3,176
Asset retirement obligations	826		818

Other deferred credits and liabilities	176		150
Total deferred credits and other liabilities	6,667		6,361
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	3,201		3,201
Preferred stock	80		80
Retained earnings	4,198		4,206
Total shareholders’ equity	7,990		7,998
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	23,755	$	23,106

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,
	2025		2024
Cash Flows From Operating Activities:
Net income	$	43	$	26
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization	222		212
Amortization of nuclear fuel	20		18

Amortization of debt issuance costs and premium/discounts	2		2
Deferred income taxes and tax credits, net	104		27
Allowance for equity funds used during construction	(8)		(9)
Other	4		17
Changes in assets and liabilities:
Receivables	—		43
Inventories	42		9
Accounts and wages payable	(250)		(222)
Taxes accrued	(9)		92
Regulatory assets and liabilities	(81)		(24)
Assets, other	19		2
Liabilities, other	3		4
Pension and other postretirement benefits	(14)		(20)

Net cash provided by operating activities	97		177
Cash Flows From Investing Activities:
Capital expenditures	(658)		(466)

Nuclear fuel expenditures	(18)		(12)
Purchases of securities – nuclear decommissioning trust fund	(107)		(70)
Sales and maturities of securities – nuclear decommissioning trust fund	93		66


Money pool advances, net	43		—

Net cash used in investing activities	(647)		(482)
Cash Flows From Financing Activities:
Dividends on common stock	(50)		—
Dividends on preferred stock	(1)		(1)
Short-term debt, net	629		274
Money pool borrowings, net	—		(306)

Issuances of long-term debt	—		347

Debt issuance costs	—		(3)

Net cash provided by financing activities	578		311
Net change in cash, cash equivalents, and restricted cash	28		6
Cash, cash equivalents, and restricted cash at beginning of year	17		10
Cash, cash equivalents, and restricted cash at end of period	$	45	$	16

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,
		2025		2024
Common Stock		$	511	$	511

Other Paid-in Capital		3,201		2,725









Preferred Stock		80		80

Retained Earnings:
Beginning of year		4,206		3,647
Net income		43		26
Dividends on common stock		(50)		—
Dividends on preferred stock		(1)		(1)
Retained earnings, end of period		4,198		3,672

Total Shareholders’ Equity		$	7,990	$	6,988

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,
		2025		2024
Operating Revenues:
Electric		$	689	$	609
Natural gas		411		391
Total operating revenues		1,100		1,000
Operating Expenses:
Purchased power		175		164
Natural gas purchased for resale		139		123
Other operations and maintenance		236		210
Depreciation and amortization		159		153
Taxes other than income taxes		51		44
Total operating expenses		760		694
Operating Income		340		306



Other Income, Net		34		31
Interest Charges		62		55
Income Before Income Taxes		312		282
Income Taxes		76		67








Net Income Available to Common Shareholder		$	236	$	215

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, 2025		December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	4	$	—

Accounts receivable – trade (less allowance for doubtful accounts of $29 and $18, respectively)	415		300
Accounts receivable – affiliates	22		15
Unbilled revenue	125		175
Miscellaneous accounts receivable	21		28
Inventories	193		244
Prepaid assets	54		59

Current regulatory assets	208		281

Other current assets	16		8
Total current assets	1,058		1,110
Property, Plant, and Equipment, Net	15,772		15,530
Investments and Other Assets:
Goodwill	411		411
Regulatory assets	1,143		1,011
Pension and other postretirement benefits	478		471
Other assets	731		697
Total investments and other assets	2,763		2,590
TOTAL ASSETS	$	19,593	$	19,230
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	—	$	300
Short-term debt	189		88
Borrowings from money pool	—		37
Accounts and wages payable	293		324
Accounts payable – affiliates	71		74

Interest accrued	57		59
Customer deposits	187		185



Current regulatory liabilities	89		79
Other current liabilities	159		172
Total current liabilities	1,045		1,318
Long-term Debt, Net	5,897		5,549
Long-term Debt, Net – Related Parties	3		3
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and tax credits, net	2,193		2,143

Regulatory liabilities	2,625		2,573


Other deferred credits and liabilities	298		273
Total deferred credits and other liabilities	5,116		4,989
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	3,056		3,056
Preferred stock	49		49
Retained earnings	4,427		4,266

Total shareholders’ equity	7,532		7,371
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	19,593	$	19,230

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,
	2025		2024
Cash Flows From Operating Activities:
Net income	$	236	$	215
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	159		153
Amortization of debt issuance costs and premium/discounts	2		1
Deferred income taxes and tax credits, net	29		27

Allowance for equity funds used during construction	(7)		—
Other	3		5
Changes in assets and liabilities:
Receivables	(78)		1
Inventories	51		49
Accounts and wages payable	(34)		(31)
Taxes accrued	—		64
Regulatory assets and liabilities	8		(66)
Assets, other	(18)		11
Liabilities, other	8		8
Pension and other postretirement benefits	(17)		(22)


Net cash provided by operating activities	342		415
Cash Flows From Investing Activities:
Capital expenditures	(363)		(373)

Other	—		1
Net cash used in investing activities	(363)		(372)
Cash Flows From Financing Activities:
Dividends on common stock	(75)		—

Short-term debt, net	101		58
Money pool borrowings, net	(37)		(81)
Maturities of long-term debt	(300)		—
Issuances of long-term debt	350		—




Debt issuance costs	(4)		—

Net cash provided by (used in) financing activities	35		(23)
Net change in cash, cash equivalents, and restricted cash	14		20
Cash, cash equivalents and restricted cash at beginning of year	302		234
Cash, cash equivalents, and restricted cash at end of period	$	316	$	254

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,
		2025		2024
Common Stock		$	—	$	—

Other Paid-in Capital		3,056		3,020







Preferred Stock		49		49




Retained Earnings:
Beginning of year		4,266		3,756
Net income		236		215
Dividends on common stock		(75)		—


Retained earnings, end of period		4,427		3,971














Total Shareholders’ Equity		$	7,532	$	7,040

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, 2025

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

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

Union Electric Company, doing business as Ameren Missouri, operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri.
Ameren 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 within 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 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 statement of our results. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. Such estimates and assumptions affect reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the dates of financial statements, and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates. 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 contained in this Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in the Form 10-K.

Variable Interest Entities

Variable Interest Entities that are Consolidated

AMF was formed in 2024, for the purpose of issuing and servicing securitized utility tariff bonds related to costs for the accelerated retirement of the Rush Island Energy Center. Ameren Missouri is the primary beneficiary of this entity because it has the power to direct the activities that most significantly impact the economic performance of the company, as well as the obligation to absorb losses or the right to receive benefits from the company. The entity is considered a variable interest entity primarily because its equity capitalization is insufficient to support its operations. The entity’s primary assets and liabilities are comprised of regulatory assets related to the unrecovered net plant balance associated with the facility, among other costs, and long-term debt. Ameren and Ameren Missouri consolidate AMF, which Ameren Missouri wholly owns, and both manages and controls the entity’s operating activities. For additional information on the securitization of the Rush Island Energy Center costs, see Note 2 – Rate and Regulatory Matters under Part II, Item 8, of the Form 10-K. For additional information on the securitized tariff bond issuance, see Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, of the Form 10‑K.

The following table presents the carrying values of AMF’s assets and liabilities included on Ameren’s and Ameren Missouri’s consolidated balance sheets as of March 31, 2025 and December 31, 2024:


	2025		2024
Unbilled revenue(a)	$	2	$	—
Other current assets(a)	15		2

Noncurrent regulatory assets(a)	459		465
Current maturities of long-term debt(b)	17		17
Interest accrued (b)	6		1
Current regulatory liabilities(c)	5		—
Long-term debt, net(b)	449		448

(a)Assets may be used only to meet AMF’s obligations and commitments.

(b)The securitized tariff bondholders have no recourse to Ameren Missouri.

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

Variable Interest Entities that are Not Consolidated

As of March 31, 2025, and December 31, 2024, Ameren had unconsolidated variable interests in various equity method investments, primarily to advance clean and resilient energy technologies, totaling $71 million and $74 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, 2025, Ameren’s maximum exposure to loss related to these variable interest entities is limited to the investment in these partnerships of $71 million plus associated outstanding funding commitments of $34 million.

COLI

Ameren (parent) 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, 2025, the cash surrender value of COLI at Ameren and Ameren Illinois was $259 million (December 31, 2024 – $260 million) and $120 million (December 31, 2024 – $118 million), respectively, while total borrowings against the policies were $110 million (December 31, 2024 – $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

Missouri Senate Bill 4

In April 2025, Missouri Senate Bill 4 was enacted and will become effective in August 2025. The law includes certain provisions that affect the regulation of Ameren Missouri’s electric and natural gas businesses. These provisions create modifications to the PISA and integrated resource planning, allow the MoPSC to authorize inclusion of construction work in progress in rate base for new natural gas-fired generation facilities and new generation facilities approved through integrated resource planning, and allow natural gas utilities to file regulatory rate reviews using a future test year, among other things.

Pursuant to the law, the PISA has been modified to include new natural gas generating units placed in service after the effective date of the law as qualifying property, plant, and equipment eligible for deferral and recovery of 85% of the related depreciation expense. These new natural gas generating units will also be included in the 85% of rate base allowed to earn a return at the applicable WACC under the PISA. The law also reduced the annual limit on increases to the electric service revenue requirement used to set customer rates, compared to the revenue requirement established in the immediately preceding rate order, due to the inclusion of incremental PISA deferrals in the revenue requirement. The annual limit currently in effect is 2.5% and will change to 2.25%, prorated monthly, for revenue requirements approved by

the MoPSC after August 2025. Furthermore, the PISA's effective date has been extended through 2035, unless Ameren Missouri requests and receives MoPSC approval of an extension through 2040.

In addition, the law also made modifications to integrated resource planning, which requires Missouri electric utilities to file plans for meeting their customers' long-term energy needs. By August 2027, the MoPSC will publish a schedule for Missouri electric utilities to file integrated resource plans every four years. The MoPSC will be required to issue an order on the plans and shall determine whether the electric utility has submitted sufficient documentation and selected preferred resource plans representing a reasonable and prudent means of the utility's load serving obligations at just and reasonable rates. In making this determination, the MoPSC shall consider whether the plans appropriately balance specific factors described in the law. If the MoPSC approves the plans, requests for CCNs for new generation facilities to be constructed or acquired as a part of the approved plans shall be deemed necessary and convenient and the scope of the CCN proceedings to review projects will be limited. The approved generation facilities will also be eligible to include construction work in progress in rate base, subject to MoPSC approval, which would improve the timeliness of cash recovery. Utilities are not allowed to capitalize allowance for funds used during construction on amounts included in rate base under this provision. The amount of construction work in progress to be included in rate base is limited to prudently incurred expenditures made within the construction period for the facility.

Further, outside of the integrated resource planning process discussed above, the law allows a Missouri electric utility to request that the MoPSC authorize the inclusion of construction work in progress for new natural gas-fired generation facilities in rate base. Under this provision, utilities are not allowed to capitalize allowance for funds used during construction on projects approved to include construction work in progress in rate base. The amount of construction work in progress to be included in rate base is limited to prudently incurred expenditures made within the construction period for the facility. The provisions allowing for the inclusion of construction work in progress on natural gas-fired generation in rate base expire in December 2035, unless Ameren Missouri requests and receives MoPSC approval of an extension through 2045.

Also, beginning in July 2026 the law allows natural gas utilities to file regulatory rate reviews using a future test year, subject to MoPSC approval. If a natural gas utility is allowed to use a future test year, a reconciliation of the actual rate base and certain forecasted costs will be performed 45 days after the end of the test year. If a given year’s actual revenue requirement is less than the revenue requirement approved by the MoPSC due to changes in rate base or certain other costs, an adjustment is made to reduce natural gas operating revenues with an offset to a regulatory liability to reflect that test year’s amounts. The regulatory liability will then be refunded to customers in the next regulatory rate review and will accrue carrying costs at the applicable WACC.

April 2025 MoPSC Electric Rate Order

In April 2025, the MoPSC issued an order in Ameren Missouri’s 2024 electric service regulatory rate review, approving nonunanimous stipulations and agreements. The order authorizes an increase of $355 million to Ameren Missouri’s annual revenue requirement for electric retail service, effective June 1, 2025. The approved revenue requirement was based on infrastructure investments as of December 31, 2024. The order did not explicitly specify an ROE, capital structure, rate base, or any rate base disallowances. The order provides for the continued use of all existing riders and trackers. The order also changed annualized depreciation, regulatory asset and liability amortization amounts, and the base level of expenses for trackers. On an annualized basis, these changes reflect an increase in “Depreciation and amortization” of approximately $70 million, among other expense changes, on Ameren’s and Ameren Missouri’s consolidated statements of income.

2024 Natural Gas Delivery Service Regulatory Rate Review

In September 2024, Ameren Missouri filed a request with the MoPSC seeking approval to increase its annual revenues for natural gas delivery service. In May 2025, Ameren Missouri filed an updated request seeking approval to increase its annual revenues for natural gas delivery service by $38 million. The natural gas rate increase request is based on a 10.25% ROE, a capital structure composed of 52% common equity, a rate base of $525 million, and a test year ended March 31, 2024, with certain pro-forma adjustments allowed through the true-up date of December 31, 2024. The request includes the continued use of all of Ameren Missouri’s existing riders and trackers. The natural gas rate increase request reflects investments in infrastructure to ensure the safe delivery of natural gas.

In May 2025, the MoPSC staff recommended an increase to Ameren Missouri’s annual revenues for natural gas delivery service of $32 million based on a 9.64% ROE, a capital structure composed of 52% common equity as of the true-up date of December 31, 2024, and a rate base of $482 million. The MoPSC staff supported the continued use of all of Ameren Missouri’s existing riders and trackers.

The MoPSC proceeding relating to the proposed natural gas delivery service rate changes will take place over 11 months, with a decision by the MoPSC expected by August 2025 and new rates effective by September 2025. Ameren Missouri cannot predict the level of any natural gas delivery service rate change the MoPSC may approve, whether the requested regulatory recovery mechanisms will be continued, 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.

Generation Facilities

Ameren Missouri, and certain subsidiaries of Ameren Missouri, are parties to agreements to acquire and/or construct various generation facilities. The solar generation facilities are eligible for recovery under the PISA. The Castle Bluff Natural Gas Project is also eligible for recovery under the PISA pursuant to Missouri Senate Bill 4 discussed above. The following table provides information with respect to each agreement:


	Agreement type	Facility size	Status of MoPSC CCN	Status of FERC approval of acquisition	In-service date(a)
Vandalia Solar Project(b)(c)	Self-build	50-MW	Approved March 2024	Not applicable	Fourth quarter 2025
Bowling Green Solar Project(b)(c)	Self-build	50-MW	Approved March 2024	Not applicable	First quarter 2026
Split Rail Solar Project(b)(c)	Build-transfer	300-MW	Approved March 2024	Received November 2024	Mid-2026
Castle Bluff Natural Gas Project(b)	Self-build	800-MW	Approved October 2024	Not applicable	Fourth quarter 2027

(a)In-service dates are dependent on the timing of construction completion, among other things.

(b)These projects collectively represent approximately $1.7 billion of capital expenditures.

(c)These solar projects are expected to support Ameren Missouri’s transition to renewable energy generation.

MISO Long-Range Transmission Projects CCN

In 2022, the MISO approved the first tranche of projects related to a preliminary long-range transmission planning roadmap of projects through 2039. A portion of these projects were assigned or awarded via a competitive bid process to various utilities, including Ameren. In 2024, ATXI filed requests for CCNs, among other things, with the MoPSC related to the MISO long-range transmission projects that it expects to construct within the MoPSC’s jurisdiction. Decisions by the MoPSC are expected in 2025.

Illinois

MYRP

In December 2024, the ICC issued an order in connection with a revised Grid Plan and a revised MYRP filed by Ameren Illinois in March 2024, approving revenue requirements for electric distribution services for 2024 through 2027 of $1,206 million, $1,287 million, $1,367 million, and $1,421 million, respectively. Using the 2023 revenue requirement as a starting point, the approved revenue requirements in the ICC’s December 2024 order represent a cumulative four-year increase of $308 million. Rate changes consistent with the December 2024 order became effective in December 2024. In January 2025, Ameren Illinois filed a request for rehearing of the ICC’s December 2024 order to revise the allowed ROE and to include an asset associated with other postretirement benefits in the rate base, among other things. Subsequently, in February 2025, the ICC denied the rehearing request. In March 2025, Ameren Illinois filed an appeal of the ICC’s December 2024 order to the Illinois Appellate Court for the Fifth Judicial District. In addition, Ameren Illinois filed an appeal related to orders issued by the ICC in December 2023 and June 2024 related to the MYRP proceeding. The appellate court is under no deadline to address the appeals, and Ameren Illinois cannot predict the ultimate outcome of the appeals.

2024 Electric Distribution Service Revenue Requirement Reconciliation Adjustment

In April 2025, Ameren Illinois filed a reconciliation adjustment to its 2024 electric distribution service revenue requirement with the ICC, requesting recovery of $61 million. The adjustment reflects Ameren Illinois’ actual 2024 recoverable costs, 2024 year-end rate base, and a capital structure composed of 50% common equity. An ICC decision in this proceeding is required by December 2025, and any approved adjustment would be collected from customers in 2026.

Electric Energy Efficiency Plan

In February 2025, Ameren Illinois filed an energy-efficiency plan with the ICC, which includes annual investments in electric energy-efficiency programs up to $126 million per year from 2026 through 2029. The ICC has the ability to reduce the amount of electric energy-efficiency savings goals in future program years if there are insufficient cost-effective programs available, which could reduce the investments in electric energy-efficiency programs. A decision by the ICC in this proceeding is expected by September 2025.

2025 Natural Gas Delivery Service Rate Review

In January 2025, Ameren Illinois filed a request with the ICC seeking approval to increase its annual revenues for natural gas delivery service by $140 million. The request is based on a 10.7% ROE, a capital structure composed of 52% common equity, and a rate base of $3.3 billion. Ameren Illinois used a 2026 future test year in this proceeding. A decision by the ICC in this proceeding is required by early

December 2025, with new rates expected to be effective in December 2025. 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.

MISO Long-Range Transmission Projects CCN

In 2022, the MISO approved the first tranche of projects related to a preliminary long-range transmission planning roadmap of projects through 2039. A portion of these projects were assigned or awarded via a competitive bidding process to various utilities, including Ameren. In 2024, Ameren Illinois and ATXI filed a request for a CCN, among other things, with the ICC related to the portion of the MISO long-range transmission projects they will construct within the ICC’s jurisdiction. A decision by the ICC is expected by mid-2025.

Federal

MISO Transmission Rate Incentives

In 2024, the MISO approved a first set of second tranche projects related to its preliminary long-range transmission planning roadmap of projects through 2039. A portion of these projects were assigned to Ameren and are estimated to cost approximately $1.3 billion, based on the MISO’s cost estimate. In May 2025, the MISO and Ameren Services, on behalf of Ameren Missouri, Ameren Illinois, and ATXI, filed a request with the FERC to allow transmission rate incentives relating to the second tranche projects assigned to Ameren. If approved by the FERC, the incentives would allow construction work in progress to be included in rate base for projects constructed by ATXI, thereby improving the timeliness of cash recovery, and would allow recovery of prudently incurred costs, subject to FERC approval, for any portion of the projects if they are abandoned for reasons beyond the control of Ameren. If approved, ATXI would not capitalize allowance for funds used during construction on the related projects. A decision by the FERC is expected by the end of 2025.

FERC ROE 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 October 2024, the FERC issued an order, which decreased the allowed base ROE from 10.02% to 9.98% and required refunds, with interest, for the periods from November 2013 to February 2015 and from late September 2016 forward. In November 2024, the MISO transmission owners, including Ameren Missouri, Ameren Illinois, and ATXI, filed a request for rehearing with the FERC, arguing, among other things, the FERC should not have ordered refunds back to September 2016 or imposed interest on those refunds. Also in November 2024, another intervenor filed a request for rehearing with the FERC, requesting the FERC correct aspects of the ROE methodology used in the October 2024 order and reconsider its decision in a February 2015 complaint case to deny refunds for the period from February 2015 to May 2016. In January 2025, the MISO transmission owners, including Ameren Missouri, Ameren Illinois, and ATXI, filed an appeal of the October 2024 order to the United States Court of Appeals for the District of Columbia Circuit. In March 2025, the FERC issued an order rejecting all rehearing requests. In April 2025, the MISO transmission owners, including Ameren Missouri, Ameren Illinois, and ATXI, filed an appeal of the March 2025 order to the United States Court of Appeals for the District of Columbia Circuit.

As of March 31, 2025, Ameren and Ameren Illinois had recorded liabilities in "Current regulatory liabilities" on their balance sheets of $11 million and $7 million, respectively, to reflect the expected refunds, including interest, associated with the allowed base ROE set by the October 2024 order.

NOTE 3 – SHORT-TERM DEBT AND LIQUIDITY

The liquidity needs of the Ameren Companies are 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, of the Form 10-K for a description of our indebtedness provisions and other covenants as well as a description of money pool agreements.

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 to support the issuance of letters of credit. As of March 31, 2025, 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 $1.3 billion. The Ameren Companies were in compliance with the covenants in their Credit Agreements as of March 31, 2025. As of March 31, 2025, the ratios of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the provisions of the Credit Agreements, were 61%, 50%, 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, 2025, and December 31, 2024. There were no borrowings outstanding under the Credit Agreements as of March 31, 2025, or December 31, 2024.


	March 31, 2025		December 31, 2024
Ameren (parent)	$	434	$	1,055
Ameren Missouri	629		—
Ameren Illinois	189		88
Ameren consolidated	$	1,252	$	1,143

The following table summarizes the activity and relevant interest rates for Ameren (parent)’s, Ameren Missouri’s, and Ameren Illinois’ commercial paper issuances under the Credit Agreements for the three months ended March 31, 2025 and 2024:


	Ameren (parent)			Ameren Missouri			Ameren Illinois			Ameren Consolidated
2025
Average daily amount outstanding	$	898		$	313		$	82		$	1,293

Weighted-average interest rate	4.61		%	4.59		%	4.56		%	4.60		%
Peak amount outstanding during period(a)	$	1,139		$	630		$	189		$	1,603
Peak interest rate	4.75		%	4.70		%	4.69		%	4.75		%
2024
Average daily amount outstanding	$	—		$	135		$	336		$	471

Weighted-average interest rate	—		%	5.53		%	5.58		%	5.57		%
Peak amount outstanding during period(a)	$	—		$	444		$	425		$	869
Peak interest rate	—		%	5.68		%	5.68		%	5.68		%

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

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, 2025, was 4.52% (2024 – 5.32%). See Note 8 – Related-party Transactions for the amount of interest income and expense from the utility money pool agreements recorded by Ameren Missouri and Ameren Illinois for the three months ended March 31, 2025 and 2024.

NOTE 4 – LONG-TERM DEBT AND EQUITY FINANCINGS

Ameren

For the three months ended March 31, 2025, Ameren issued a total of 0.1 million shares of common stock, under its DRPlus and 401(k) plan, and received proceeds of $6 million. As of March 31, 2025, Ameren had a receivable of $9 million related to issuances of common stock under its DRPlus and 401(k) plan. In addition, in the first quarter of 2025, Ameren issued 0.3 million shares of common stock valued at $25 million upon the settlement of stock-based compensation awards.

There were no shares issued under the ATM program during the three months ended March 31, 2025. As of March 31, 2025, Ameren had approximately $230 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, 2025, discussed below.

The forward sale agreements outstanding as of March 31, 2025, can be settled at Ameren’s discretion on or prior to dates ranging from January 23, 2026 to March 6, 2026. 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 $81.00 to $98.66, with an average initial forward sale price of $91.02. 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 or more than the spread on any day, the interest rate factor will result in a reduction or an increase, respectively, 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, 2025, Ameren could have settled the forward sale agreements with physical delivery of 5.8 million shares of common stock to the respective counterparties in exchange for cash of $530 million. Alternatively, the forward sale agreements could have also been settled at March 31, 2025, with delivery of approximately $55 million of cash or approximately 0.6 million shares of common stock to the counterparties. In connection with the forward sale agreements outstanding at March 31, 2025, the various counterparties, or their affiliates, borrowed from third parties and sold 5.8 million shares of common stock. The gross sales price of these shares totaled $535 million. Ameren does not receive any proceeds from such sales of borrowed shares. The forward sale agreements have been classified as equity transactions.

In March 2025, Ameren (parent) issued $750 million of 5.375% senior unsecured notes due March 2035, with interest payable semiannually on March 15 and September 15 of each year, beginning September 15, 2025. Net proceeds from this issuance were used for general corporate purposes, including the repayment of short-term debt.

Ameren Missouri

In April 2025, Ameren Missouri issued $500 million of 5.25% first mortgage bonds due April 2035, with interest payable semiannually on April 15 and October 15 of each year, beginning October 15, 2025. Net proceeds from this issuance were used to repay short-term debt.

Ameren Illinois

In March 2025, Ameren Illinois issued $350 million of 5.625% first mortgage bonds due March 2055, with interest payable semiannually on March 1 and September 1 of each year, beginning September 1, 2025. Net proceeds from this issuance were used to repay $300 million principal amount of its 3.25% senior secured notes that matured in March 2025 and short-term debt.

Indenture Provisions and Other Covenants

See Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, of 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, 2025, 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, 2025, none of the Ameren Companies had any material off-balance-sheet financing arrangements, other than their investment in unconsolidated variable interest entities, letters of credit, 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, 2025 and 2024:


	Three Months
		2025		2024
Ameren:

Allowance for equity funds used during construction		$	16	$	9
Other interest income		11		8

Non-service cost components of net periodic benefit income(a)		66		76
Miscellaneous income		3		2
Earnings (losses) related to equity method investments		(4)		—
Donations		(2)		(2)
Miscellaneous expense		(5)		(4)
Total Other Income, Net		$	85	$	89
Ameren Missouri:

Allowance for equity funds used during construction		$	8	$	9
Other interest income		2		2
Non-service cost components of net periodic benefit income(a)		35		35
Miscellaneous income		1		1
Donations		(1)		(1)
Miscellaneous expense		(2)		(2)
Total Other Income, Net		$	43	$	44
Ameren Illinois:

Allowance for equity funds used during construction		$	7	$	—
Other interest income		9		6

Non-service cost components of net periodic benefit income		20		27
Miscellaneous income		2		1
Donations		(1)		(1)
Miscellaneous expense		(3)		(2)
Total Other Income, Net		$	34	$	31

(a)For the three months ended March 31, 2025 and 2024, the non-service cost components of net periodic benefit income were adjusted by amounts deferred of $(16) million and $(9) 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 interest rates, 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 inventories that differ from the cost of this commodity in inventory;
actual cash outlays for interest expense and the purchase of 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, 2025, and December 31, 2024, all commodity contracts that met the definition of a derivative and were not eligible for the NPNS exception received regulatory deferral. Interest rate hedges discussed below do not receive regulatory deferral and were included in accumulated OCI. The cash flows from our derivative financial instruments follow the cash flow classification of the hedged item.

Starting in 2024, Ameren (parent) entered into interest rate swaps to hedge a portion of its interest rate risk on cash flows related to forecasted debt issuances through 2026. The interest rate swaps are designated as cash flow hedges and the corresponding changes in fair value each period are initially recorded on the balance sheet in “Accumulated other comprehensive loss” and reclassified into earnings when the debt is issued and the corresponding interest payments affect earnings during the debt term. As of March 31, 2025, and December 31, 2024, Ameren had interest rate swaps with notional amounts of $280 million and $140 million respectively. Ameren recorded an unrealized net loss on the change in fair value of interest rate swaps of $4 million to "Accumulated other comprehensive loss" for the period ending March 31, 2025.

The following table presents open gross commodity contract volumes by commodity type for derivative assets and liabilities as of March 31, 2025, and December 31, 2024. As of March 31, 2025, these contracts extended through October 2028, October 2030 and May 2032 for fuel oils, natural gas, and power, respectively.


	Quantity (in millions, except as indicated)
	March 31, 2025			December 31, 2024
Commodity	Ameren Missouri	Ameren Illinois	Ameren	Ameren Missouri	Ameren Illinois	Ameren
Fuel oils (in gallons)	24	—	24	23	—	23
Natural gas (in mmbtu)	47	221	268	45	213	258
Power (in MWhs)	—	4	4	—	4	4

The following table presents the carrying value and balance sheet location of all derivative commodity contracts, none of which were designated as hedging instruments because all qualify for regulatory deferral, as of March 31, 2025, and December 31, 2024:


		March 31, 2025						December 31, 2024
	Balance Sheet Location	Ameren Missouri		Ameren Illinois		Ameren			Ameren Missouri		Ameren Illinois		Ameren











Natural gas	Other current assets	4		11		15			2		2		4
	Other assets	2		5		7			2		4		6


Power	Other current assets	5		—		5			6		—		6





	Total assets	$	11	$	16	$	27		$	10	$	6	$	16


Fuel oils	Other current liabilities	$	2	$	—	$	2		$	2	$	—	$	2
	Other deferred credits and liabilities	1		—		1			2		—		2


Natural gas	Other current liabilities	2		6		8			5		22		27
	Other deferred credits and liabilities	7		14		21			6		13		19


Power	Other current liabilities	—		7		7			—		10		10
	Other deferred credits and liabilities	—		60		60			—		43		43




	Total liabilities	$	12	$	87	$	99		$	15	$	88	$	103

The Ameren Companies elect to present the fair value amounts of derivative assets and derivative liabilities subject to an enforceable master netting arrangement or similar agreement at the gross amounts on the balance sheet. However, if the gross amounts recognized on the balance sheet were netted with derivative instruments and cash collateral received or posted, the net amounts would not be materially different from the gross amounts at March 31, 2025, and December 31, 2024.

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, 2025, 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. As of March 31, 2025, the aggregate fair value of derivative instruments with credit risk-related contingent features in a gross liability position, the cash collateral posted, and the aggregate amount of additional collateral that counterparties could require were each immaterial to Ameren, Ameren Missouri, and Ameren Illinois.

NOTE 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, 2025 or 2024. At March 31, 2025, and December 31, 2024, 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, 2025, and December 31, 2024:


		March 31, 2025									December 31, 2024
		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
Assets:
Ameren Missouri
	Derivative assets – commodity contracts:

	Natural gas	—		5		1		6			—		4		—		4
	Power	—		—		5		5			—		—		6		6

	Total derivative assets – commodity contracts	$	—	$	5	$	6	$	11		$	—	$	4	$	6	$	10
	Nuclear decommissioning trust fund:

	Equity securities:
	U.S. large capitalization	$	868	$	—	$	—	$	868		$	911	$	—	$	—	$	911
	Debt securities:
	U.S. Treasury and agency securities	—		188		—		188			—		191		—		191
	Corporate bonds	—		156		—		156			—		145		—		145


	Other	—		92		—		92			—		86		—		86
	Total nuclear decommissioning trust fund	$	868	$	436	$	—	$	1,304	(a)	$	911	$	422	$	—	$	1,333	(a)
	Total Ameren Missouri	$	868	$	441	$	6	$	1,315		$	911	$	426	$	6	$	1,343
Ameren Illinois
	Derivative assets – commodity contracts:
	Natural gas	$	2	$	9	$	5	$	16		$	—	$	3	$	3	$	6

	Total Ameren Illinois	$	2	$	9	$	5	$	16		$	—	$	3	$	3	$	6
Ameren
	Derivative assets – commodity contracts(b)	$	2	$	14	$	11	$	27		$	—	$	7	$	9	$	16
	Nuclear decommissioning trust fund(c)	868		436		—		1,304		(a)	911		422		—		1,333		(a)
	Total Ameren	$	870	$	450	$	11	$	1,331		$	911	$	429	$	9	$	1,349
Liabilities:
Ameren Missouri
	Derivative liabilities – commodity contracts:
	Fuel oils	$	3	$	—	$	—	$	3		$	4	$	—	$	—	$	4
	Natural gas	—		8		1		9			—		11		—		11


	Total Ameren Missouri	$	3	$	8	$	1	$	12		$	4	$	11	$	—	$	15


		March 31, 2025								December 31, 2024
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Ameren Illinois
	Derivative liabilities – commodity contracts:
	Natural gas	$	—	$	17	$	3	$	20	$	1	$	28	$	6	$	35
	Power	—		—		67		67		—		—		53		53
	Total Ameren Illinois	$	—	$	17	$	70	$	87	$	1	$	28	$	59	$	88
Ameren
	Derivative liabilities – commodity contracts(b)	$	3	$	25	$	71	$	99	$	5	$	39	$	59	$	103

(a)Balance excludes $8 million and $9 million of cash and cash equivalents, receivables, payables, and accrued income, net, for March 31, 2025, and December 31, 2024, 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 and natural gas 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, 2025 and 2024:


	2025						2024
	Ameren Missouri		Ameren Illinois		Ameren			Ameren Missouri		Ameren Illinois		Ameren










For the three months ended March 31:
Beginning balance at January 1	$	6	$	(53)	$	(47)		$	4	$	(68)	$	(64)
Realized and unrealized gains/(losses) included in regulatory assets/liabilities	2		(16)		(14)			(1)		10		9


Settlements	(3)		2		(1)			(1)		4		3


Ending balance at March 31	$	5	$	(67)	$	(62)		$	2	$	(54)	$	(52)
Change in unrealized gains/(losses) related to assets/liabilities held at March 31	$	2	$	(16)	$	(14)		$	—	$	11	$	11

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, 2025, and December 31, 2024:


			Fair Value						Weighted Average(b)
	Commodity		Assets		Liabilities	Valuation Technique(s)	Unobservable Input(a)	Range
2025	Power(c)	$	5	$	(67)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps ($/MWh)	32 – 65	41

							Nodal basis ($/MWh)	(8) – (2)	(5)


2024	Power(c)	$	6	$	(53)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps ($/MWh)	32 – 69	45

							Nodal basis ($/MWh)	(8) – (2)	(5)

(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.

The following table sets forth the carrying amount and, by level within the fair value hierarchy, the fair value of long-term debt (including current portion) disclosed, but not recorded, at fair value as of March 31, 2025, and December 31, 2024:


Long-Term Debt (Including Current Portion):	Carrying Amount(a)			Fair Value
			Level 2	Level 3		Total
	March 31, 2025




Ameren(b)	$	18,371		$	16,277	$	547	(c)	$	16,824






Ameren Missouri(d)	7,746			6,963		—			6,963





Ameren Illinois(d)	5,900			5,310		—			5,310
	December 31, 2024



Ameren(b)	$	17,579		$	15,395	$	538	(c)	$	15,933






Ameren Missouri(d)	7,745			6,926		—			6,926




Ameren Illinois(d)	5,852			5,243		—			5,243

(a)Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $133 million, $61 million, and $54 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of March 31, 2025. Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $129 million, $62 million, and $51 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of December 31, 2024.

(b)Amount excludes Ameren (parent)’s repurchase of Ameren Missouri’s senior secured notes and first mortgage bonds and Ameren Illinois’ first mortgage bonds in 2024.

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

(d)Amount includes Ameren Missouri’s senior secured notes and first mortgage bonds and Ameren Illinois’ first mortgage bonds that were repurchased by Ameren (parent) in 2024.

The Ameren Companies’ carrying amounts of cash, cash equivalents, and restricted cash approximate fair value and are considered Level 1 in the fair value hierarchy. The Ameren Companies’ short-term borrowings approximate fair value because of the short-term nature of these instruments and are considered Level 2 in the fair value hierarchy.

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 agreements, 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 $27 million and $30 million, respectively, as of March 31, 2025, and $29 million and $32 million, respectively, as of December 31, 2024, 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, 2025, and December 31, 2024:


	March 31, 2025				December 31, 2024
	Ameren Missouri		Ameren Illinois		Ameren Missouri		Ameren Illinois
Income taxes payable to parent(a)	$	—	$	32	$	—	$	32
Income taxes receivable from parent(b)	29		—		28		—

(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, 2025 and 2024:


			Three Months
Agreement	Income Statement Line Item				Ameren Missouri		Ameren Illinois
Ameren Missouri power supply	Operating Revenues	2025		$	(a)	$	(a)
agreements with Ameren Illinois		2024			(b)		(a)
Ameren Missouri and Ameren Illinois	Operating Revenues	2025		$	7	$	(b)
rent and facility services		2024			7		(b)
Ameren Missouri and Ameren Illinois miscellaneous	Operating Revenues	2025		$	(b)	$	2
support services		2024			(b)		1
Total Operating Revenues		2025		$	7	$	2
		2024			7		1
Ameren Illinois power supply	Purchased Power	2025		$	(a)	$	(a)
agreements with Ameren Missouri		2024			(a)		(b)
Ameren Missouri and Ameren Illinois	Purchased Power	2025		$	3	$	(b)
transmission services from ATXI		2024			2		(b)
Total Purchased Power		2025		$	3	$	(b)
		2024			2		(b)
Ameren Missouri and Ameren Illinois	Other Operations and Maintenance	2025		$	(b)	$	1
rent and facility services		2024			(b)		(b)
Ameren Services support services	Other Operations and Maintenance	2025		$	44	$	40
agreement		2024			38		37
Total Other Operations and		2025		$	44	$	41
Maintenance		2024			38		37
Money pool interest	(Interest Charges)/Other Income, Net	2025		$	(b)	$	(b)
		2024			(3)		(2)
Long-term debt, net - related parties	(Interest Charges)	2025			(b)		(b)
		2024			—		—

(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 regulate air emissions; protect water bodies; manage the 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 energy-related facilities. Additionally, the use and handling of various chemicals or hazardous materials require release prevention plans and emergency response procedures.

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 and natural gas-fired energy centers. Compliance obligations under the Clean Air Act include

the NSPS, the MATS, emission allowance programs and the CSAPR, 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 potential impacts from our operations on water bodies including wetlands subject to the Act, as well as evaluation of the ecological and biological impact of those operations. Implementation of the Clean Air Act and the Clean Water Act requirements typically occurs through the issuance of permits by state regulators or resource agencies, and capital expenditures associated with compliance could be significant. Coal-fired energy centers must comply with management and disposal requirements for coal ash under the Resource Conservation and Recovery Act and federal regulations known as the CCR Rule. Surface impoundments at Ameren Missouri’s coal-fired energy centers are subject to closure and groundwater monitoring requirements and the implementations of corrective measures if necessary. 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. Since 2021, Ameren Missouri’s High Prairie Energy Center curtailed nighttime operations from April through October to limit impacts on protected species during the critical biological season. The extent and duration of future curtailments are currently unknown as assessment of mitigation technologies is ongoing. Ameren Missouri does not anticipate these operating curtailments will have a material impact on its results of operations, financial position, or liquidity.

Ameren and Ameren Missouri estimate that they may need to make capital expenditures of $900 million to $1 billion from 2025 through 2029 to comply with environmental regulations and additional capital expenditures beyond 2029 could be required. These estimates include capital expenditures that may be necessary to comply with regulations issued by the EPA in 2024 relating to CO2 emissions and MATS discussed below, assuming these regulations are not revised. This estimate of capital expenditures also includes surface impoundment closure and corrective action measures required by the 2015 CCR Rule and modifications to cooling water intake structures at existing power plants under Clean Water Act rules in place prior to 2024, all of which are discussed below. Congress and the EPA could review and revise compliance requirements. In addition to planned retirements of coal-fired energy centers that were included in Ameren Missouri’s 2025 Change to the 2023 PRP and with respect to the Illinois emissions standards discussed in Note 14 – Commitments and Contingencies under Part II, Item 8, of the Form 10-K, 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. Accordingly, 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 their timing, and varying cost of potential compliance strategies, among other things.

The following sections describe the significant environmental statutes and regulations and environmental enforcement and remediation matters that affect or could affect our operations. The EPA could ultimately revise all or part of such regulations.

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 available for state budgets. In April 2022, the EPA proposed the Good Neighbor Rule, which includes additional NOx emission reductions from power plants through revisions to the CSAPR and in January 2023, the EPA rejected Missouri’s proposed state implementation plan for addressing the transport of ozone under that rule. The EPA’s disapproval of states’ implementation plans and adoption of a federal implementation plan resulted in litigation in multiple appellate courts including the United States Court of Appeals for the Eighth Circuit and the United States Supreme Court. In February 2025, the EPA requested that the appellate courts suspend the Good Neighbor Rule cases indefinitely and indicated it was reviewing the basis for the disapproval of the state implementation plans, including Missouri’s. In February and April 2025, the appellate courts granted the EPA’s requests to suspend the Good Neighbor Rule cases. Ameren Missouri complies with the current CSAPR requirements by minimizing emissions with low-sulfur coal, operation of two scrubbers at its Sioux Energy Center, and optimization of existing NOx air pollution control equipment. Reducing the amount of state budget NOx allowances for compliance with NOx emission limits could result in the need for additional controls on Ameren Missouri’s generating units and/or the reduction of operations. Any 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 April 2024, the EPA issued a final rule that sets CO2 emission standards for existing coal-fired and new natural gas-fired power plants based on the emissions expected from adoption of carbon capture technology and/or natural gas co-firing for coal-fired power plants and carbon capture technology for new natural gas-fired power plants. Affected power plants are required to comply with the rule through a phased-in approach or retire. Compliance with the new rule could be required as early as 2030 for certain existing coal-fired power plants and

2032 for certain new natural gas-fired power plants. Litigation regarding the rule has been stayed, and the EPA has indicated it intends to reconsider the rule and issue a proposed rule by mid-2025, followed by a final rule by the end of 2025. Ameren and Ameren Missouri estimate capital expenditures of approximately $580 million may be necessary to comply with the final rule assuming it is not revised or overturned. Ameren and Ameren Missouri are monitoring the ongoing legal challenges and regulatory developments but, at this time, cannot predict the final impacts of the final rule on their results of operations, financial position, and liquidity.

MATS

In April 2024, the EPA revised the MATS by establishing a more stringent standard for emissions of particulate matter, as well as requiring the use of continuous emissions monitoring systems. In April 2025, the EPA granted Ameren Missouri a two-year extension of the compliance deadline for the Labadie and Sioux energy centers, which is now set for July 2029. Litigation regarding the revised rule has been stayed, and the EPA has indicated it intends to reconsider the revised rule. Ameren and Ameren Missouri estimate capital expenditures of approximately $320 million may be necessary to comply with the April 2024 rule assuming it is not revised. Ameren and Ameren Missouri are monitoring the ongoing legal challenges and regulatory developments but, at this time, cannot predict the final impacts of the final rule on their results of operations, financial position, and liquidity.

NSPS

In November 2024, the EPA issued a proposed rule revising the NSPS to limit emissions of NOx from natural gas-fired stationary CTs. If adopted as proposed, the rule would require such natural gas facilities which began construction after December 13, 2024, to install certain pollution control equipment to limit emissions of NOx. In addition, the EPA proposed to maintain the current limits for SO2 at such natural gas facilities. Ameren and Ameren Missouri cannot predict the potential impacts of any such rule on their results of operations, financial position, and liquidity until a final rule is adopted.

Clean Water Act

All of Ameren Missouri’s coal-fired and nuclear energy centers are subject to Clean Water Act requirements to 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. Cooling water intake requirements 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.

CCR Management

The EPA’s 2015 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, with closures of surface impoundments in process at its Sioux Energy Center and retired Meramec Energy Center. Ameren Missouri plans to substantially complete the closures of remaining surface impoundments by the end of 2026. Ameren Missouri’s CCR management compliance plan includes installation of groundwater monitoring equipment and groundwater treatment facilities. In April 2024, the EPA revised the CCR Rule to impose groundwater monitoring, and corrective action, closure, and post-closure requirements on certain active and inactive CCR surface impoundments and disposal units not previously included in the 2015 CCR Rule. Ameren and Ameren Missouri have AROs of $46 million associated with CCR storage facilities recorded on their respective balance sheets as of March 31, 2025. This amount includes an immaterial incremental ARO related to the 2024 CCR Rule, which may be revised as additional site studies are performed. The EPA could reconsider aspects of the 2015 and 2024 CCR rules. Ameren and Ameren Missouri are monitoring the ongoing legal challenges and regulatory developments but, at this time, cannot predict the final impacts of the 2024 CCR Rule on their results of operations, financial position, and liquidity.

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, 2025, Ameren Illinois has remediated the majority of the 44 former MGP sites in Illinois with an estimated remaining obligation primarily related to three of these former MGP sites at $47 million to $91 million. Ameren and Ameren Illinois recorded a liability of $47 million to represent the estimated minimum obligation for these sites, as no other amount within the range was a better estimate. Ameren and Ameren Illinois cannot estimate the completion dates of the estimated remaining obligation due to site accessibility, among other things.

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 impacted, regulatory changes, local ordinances, and site accessibility. The actual costs and timing of completion may vary substantially from these estimates.

The ICC allows Ameren Illinois to recover MGP 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.

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. Such historical practices may result in future environmental commitments, including additional or more stringent cleanup standards. We are unable to determine whether such historical practices 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 December 2023 and is reflected within the ARO. In February 2025, Ameren Missouri and the MoPSC Staff entered into a non-unanimous stipulation and agreement to reduce annual customer contributions for funding the Callaway Energy Center decommissioning costs from $7 million to zero, as the trust fund level exceeded the estimated future decommissioning costs at the time of the agreement. The remaining intervenors did not object to reducing the customer contributions to zero. A decision by the MoPSC on the stipulation and agreement is expected in May 2025. 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, 2025:


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, 2025	$	500		$	—
Pool participation	(a)	15,763		(a)	166		(b)
		$	16,263	(c)	$	166
Property damage:
NEIL and EMANI	April 1, 2025	$	3,200	(d)	$	22	(e)
Accidental outage:
NEIL	April 1, 2025	$	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 $500 million in the event of an incident at any licensed United States commercial reactor, payable at $25 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 $0.7 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 retrospective 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 $291 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 October 2023. 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, 2025 and 2024:


		Pension Benefits					Postretirement Benefits
	Three Months					Three Months
		2025		2024			2025		2024
Service cost(a)		$	21	$	21		$	2	$	3
Non-service cost components:
Interest cost		58		55			11		11
Expected return on plan assets(b)		(76)		(82)			(23)		(23)
Amortization of(b):

Prior service cost (credit)		—		—			(1)		(1)
Actuarial (gain)		(10)		(17)			(9)		(10)
Total non-service cost components(c)		$	(28)	$	(44)		$	(22)	$	(23)

Net periodic benefit income(d)		$	(7)	$	(23)		$	(20)	$	(20)

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

(b)Prior service cost (credit) 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 customer 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, 2025 and 2024:


		Pension Benefits					Postretirement Benefits
	Three Months					Three Months
		2025		2024			2025		2024
Ameren Missouri(a)		$	(4)	$	(12)		$	(7)	$	(7)
Ameren Illinois		(2)		(9)			(13)		(13)
Other		(1)		(2)			—		—
Ameren(a)		$	(7)	$	(23)		$	(20)	$	(20)

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

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, 2025 and 2024:


	Ameren				Ameren Missouri				Ameren Illinois
	2025		2024		2025		2024		2025		2024












Three Months
Federal statutory corporate income tax rate	21	%	21	%	21	%	21	%	21	%	21	%
Increases (decreases) from:
Amortization of excess deferred taxes(a)	(7)		(8)		(8)		(12)		(3)		(4)
Amortization of deferred investment tax credit	(1)		—		(1)		—		—		—
Renewable and other tax credits(b)	(4)		(4)		(7)		(8)		—		—
State tax	6		6		4		4		7		7
Depreciation differences	(1)		(1)		(1)		(1)		(1)		—
Stock-based compensation	—		1		—		—		—		—
Other permanent items	—		(1)		—		—		—		—

Effective income tax rate	14	%	14	%	8	%	4	%	24	%	24	%

(a)Reflects the amortization of amounts resulting from the revaluation of deferred income taxes subject to regulatory ratemaking, which are being refunded to customers.

(b)The benefit of the credits associated with Missouri renewable energy standard compliance is refunded to customers through the RESRAM. The benefit of the credits associated with the production and investment tax credit tracker will be refunded to customers based on MoPSC approval in a regulatory rate review.

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, 2025, and December 31, 2024:


	March 31, 2025									December 31, 2024
Ameren			Ameren Missouri			Ameren Illinois			Ameren			Ameren Missouri			Ameren Illinois
“Cash and cash equivalents”	$	23		$	7		$	4		$	7		$	—		$	—

Restricted cash included in “Other current assets”	40			32			5			15			7			6
Restricted cash included in “Other assets”	307			—			307			296			—			296
Restricted cash included in “Nuclear decommissioning trust fund”	6			6			—			10			10			—
Total cash, cash equivalents, and restricted cash	$	376		$	45		$	316		$	328		$	17		$	302

Restricted cash included in “Other current assets” represents funds held by an irrevocable Voluntary Employee Beneficiary Association (VEBA) trust, which provides health care benefits for active employees on Ameren’s, Ameren Missouri’s, and Ameren Illinois’ balance sheets, funds held in an escrow account for programs established as a result of a 2024 court order resolving outstanding claims in the NSR and Clean Air Act litigation on Ameren’s and Ameren Missouri’s balance sheets, and AMF’s restricted cash for payments for securitized utility tariff bonds on Ameren’s and Ameren Missouri’s balance sheets. 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, 2025, and December 31, 2024, “Other current liabilities” on Ameren’s and Ameren Illinois’ balance sheets included payables for purchased receivables of $47 million and $43 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, 2025 and 2024:


	Three Months
		2025		2024
Ameren:
Beginning of period		$	30	$	30
Bad debt expense		16		10
Charged to other accounts(a)		1		3
Net write-offs		(6)		(6)
End of period		$	41	$	37
Ameren Missouri:
Beginning of period		$	12	$	12
Bad debt expense		2		1
Net write-offs		(2)		(2)
End of period		$	12	$	11
Ameren Illinois:(b)
Beginning of period		$	18	$	18
Bad debt expense		14		9
Charged to other accounts(a)		1		3
Net write-offs		(4)		(4)
End of period		$	29	$	26

(a)Amounts associated with the allowance for doubtful accounts related to receivables purchased by Ameren Illinois from alternative retail electric suppliers, as required by the Illinois Public Utilities Act.

(b)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. The table above does not include the impact related to the riders.

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, 2025 and 2024:


	March 31, 2025							March 31, 2024
Ameren	Ameren Missouri				Ameren Illinois	Ameren		Ameren Missouri	Ameren Illinois
Investing:
Accrued capital expenditures, including nuclear fuel expenditures	$	381	$	214		$	159		$	310	$	169	$	122

Net realized and unrealized gain/(loss) – nuclear decommissioning trust fund	(40)		(40)			—			74		74		—

Financing:
Issuance of common stock for stock-based compensation	$	25	$	—		$	—		$	16	$	—	$	—
Issuance of common stock under the DRPlus	9		—			—			7		—		—

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, 2025:


	Ameren Missouri			Ameren Illinois			Ameren
Balance at December 31, 2024	$	823	(a)	$	4	(b)	$	827	(a)

Liabilities settled	(1)			—			(1)
Accretion	9		(c)	—			9		(c)

Balance at March 31, 2025	$	831	(a)	$	4	(b)	$	835	(a)

(a)Balance included $5 million in “Other current liabilities” on the balance sheet as of both March 31, 2025, and December 31, 2024.

(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 2025, Ameren granted 275,869 performance share units with a grant date fair value of $33 million and 118,213 restricted share units with a grant date fair value of $11 million. Awards vest approximately 3 years after the grant date based on continued employment 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 (236,448 performance share units) or clean energy transition targets (39,421 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, 2025 and 2024, excess tax benefits (deficiencies) associated with the settlement of stock-based compensation awards decreased income tax expense by $1 million and increased income tax expense by $1 million, respectively.

Deferred Compensation

At March 31, 2025, and December 31, 2024, the present value of benefits to be paid for deferred compensation obligations was $79 million and $79 million, respectively, which was primarily reflected in “Other deferred credits and liabilities” on Ameren’s consolidated balance sheet.

Operating Revenues

As of March 31, 2025 and 2024, 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, 2025 and 2024:


	Three Months
		2025		2024
Ameren Missouri		$	38	$	35
Ameren Illinois		43		37
Ameren		$	81	$	72

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, 2025 and 2024:


	Three Months
		2025	2024


Weighted-average Common Shares Outstanding – Basic		270.0	266.4
Assumed settlement of performance share units and restricted stock units		1.0	0.4
Dilutive effect of forward sale agreements		0.4	—
Weighted-average Common Shares Outstanding – Diluted(a)		271.4	266.8

(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, 2025 and 2024. There were no anti-dilutive shares related to the outstanding forward sale agreements as of March 31, 2025 excluded from earnings per diluted share calculations for three months ended March 31, 2025. The outstanding forward sale agreements as of March 31, 2024 were anti-dilutive for the three months ended March 31, 2024, and were excluded from the earnings per diluted share calculation as calculated using the treasury stock method. For additional information about the outstanding forward sale agreements, see Note 4 – Long-term Debt and Equity Financings.

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, 2025 and 2024. 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 2025:
External revenues	$	950	$	570	$	411	$	166		$	—	$	—	$	2,097
Intersegment revenues	7		2		—		44			—		(53)		—
Revenue	957		572		411		210			—		(53)		2,097
Fuel and purchased power(a)	(330)		(212)		—		—			—		40		(502)
Natural gas purchased for resale(a)	(30)		—		(139)		—			—		—		(169)
Other operations and maintenance expenses(a)	(250)		(166)		(55)		(19)			(8)		13		(485)
Other segment items
Depreciation and amortization	(194)		(91)		(32)		(48)			(2)		—		(367)
Taxes other than income taxes	(89)		(21)		(29)		(1)			(4)		—		(144)
Other income, net	43		23		5		7			8		(1)		85
Interest charges	(60)		(26)		(15)		(29)			(46)		1		(175)
Income (taxes) benefit	(4)		(16)		(38)		(31)			39		—		(50)
Noncontrolling interests – preferred stock dividends	(1)		—		—		—			—		—		(1)
Net income (loss) attributable to Ameren common shareholders	42		63		108		89		(b)	(13)		—		289

Interest income	2		8		—		1			1		(1)		11
Capital expenditures	658		167		59		173			2		5		1,064
Three Months 2024:
External revenues	$	768	$	506	$	391	$	151		$	—	$	—	$	1,816
Intersegment revenues	7		—		—		34			—		(41)		—
Revenue	775		506		391		185			—		(41)		1,816
Fuel and purchased power(a)	(166)		(192)		—		—			—		30		(328)
Natural gas purchased for resale(a)	(28)		—		(123)		—			—		—		(151)
Other operations and maintenance expenses(a)	(254)		(136)		(58)		(19)			(14)		11		(470)
Other segment items
Depreciation and amortization	(195)		(93)		(33)		(39)			(1)		—		(361)
Taxes other than income taxes	(87)		(17)		(26)		(2)			(3)		—		(135)
Other income, net	44		22		7		2			20		(6)		89
Interest charges	(62)		(22)		(15)		(29)			(32)		6		(154)
Income (taxes) benefit	(1)		(12)		(37)		(26)			32		—		(44)
Noncontrolling interests – preferred stock dividends	(1)		—		—		—			—		—		(1)
Net income attributable to Ameren common shareholders	25		56		106		72		(b)	2		—		261

Interest income	2		6		—		—			6		(6)		8
Capital expenditures	466		184		60		166			2		12		890

(a)Significant segment expense that is regularly provided to the CODMs. Intersegment expenses are included within the amounts shown.

(b)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 2025:
External revenues	$	572	$	411	$	117	$	—	$	1,100
Intersegment revenues	—		—		37		(37)		—
Revenue	572		411		154		(37)		1,100
Purchased power(a)	(212)		—		—		37		(175)
Natural gas purchased for resale(a)	—		(139)		—		—		(139)
Other operations and maintenance expenses(a)	(166)		(55)		(15)		—		(236)
Other segment items
Depreciation and amortization	(91)		(32)		(36)		—		(159)
Taxes other than income taxes	(21)		(29)		(1)		—		(51)
Other income, net	23		5		6		—		34
Interest charges	(26)		(15)		(21)		—		(62)
Income taxes	(16)		(38)		(22)		—		(76)

Net income available to common shareholder	63		108		65		—		236

Interest income	8		—		1		—		9
Capital expenditures	167		59		137		—		363
Three Months 2024:
External revenues	$	506	$	391	$	103	$	—	$	1,000
Intersegment revenues	—		—		28		(28)		—
Revenue	506		391		131		(28)		1,000
Purchased power(a)	(192)		—		—		28		(164)
Natural gas purchased for resale(a)	—		(123)		—		—		(123)
Other operations and maintenance expenses(a)	(136)		(58)		(16)		—		(210)
Other segment items
Depreciation and amortization	(93)		(33)		(27)		—		(153)
Taxes other than income taxes	(17)		(26)		(1)		—		(44)
Other income, net	22		7		2		—		31
Interest charges	(22)		(15)		(18)		—		(55)
Income taxes	(12)		(37)		(18)		—		(67)

Net income available to common shareholder	56		106		53		—		215

Interest income	6		—		—		—		6
Capital expenditures	184		60		129		—		373

(a)Significant segment expense that is regularly provided to the CODMs. Intersegment expenses are included within the amounts shown.

The following tables present disaggregated revenues by segment at Ameren and Ameren Illinois for the three months ended March 31, 2025 and 2024. 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 2025:
Residential	$	376	$	342		$	—	$	—	$	—	$	718
Commercial	273		180			—		—		—		453
Industrial	66		50			—		—		—		116
Other	178		—			—		210		(53)		335
Total electric revenues	$	893	$	572		$	—	$	210	$	(53)	$	1,622
Residential	$	43	$	—		$	309	$	—	$	—	$	352
Commercial	19		—			77		—		—		96
Industrial	2		—			4		—		—		6
Other	—		—			21		—		—		21
Total natural gas revenues	$	64	$	—		$	411	$	—	$	—	$	475
Total revenues(a)	$	957	$	572		$	411	$	210	$	(53)	$	2,097
Three Months 2024:
Residential	$	341	$	297		$	—	$	—	$	—	$	638
Commercial	259		165			—		—		—		424
Industrial	61		45			—		—		—		106
Other	53		(1)		(b)	—		185		(41)		196
Total electric revenues	$	714	$	506		$	—	$	185	$	(41)	$	1,364
Residential	$	40	$	—		$	287	$	—	$	—	$	327
Commercial	16		—			68		—		—		84
Industrial	2		—			4		—		—		6
Other	3		—			32		—		—		35
Total natural gas revenues	$	61	$	—		$	391	$	—	$	—	$	452
Total revenues(a)	$	775	$	506		$	391	$	185	$	(41)	$	1,816

(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, 2025 and 2024:


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






Three Months 2025:
Revenues from alternative revenue programs	$	(5)	$	21	$	3	$	(1)	$	18
Other revenues not from contracts with customers	1		3		1		—		5
Three Months 2024:
Revenues from alternative revenue programs	$	(6)	$	39	$	19	$	9	$	61
Other revenues not from contracts with customers	1		2		1		—		4

(b)Includes over-recoveries of various riders.

Ameren Illinois


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












Three Months 2025:
Residential	$	342		$	309	$	—	$	—	$	651
Commercial	180			77		—		—		257
Industrial	50			4		—		—		54
Other	—			21		154		(37)		138
Total revenues(a)	$	572		$	411	$	154	$	(37)	$	1,100
Three Months 2024:
Residential	$	297		$	287	$	—	$	—	$	584
Commercial	165			68		—		—		233
Industrial	45			4		—		—		49
Other	(1)		(b)	32		131		(28)		134
Total revenues(a)	$	506		$	391	$	131	$	(28)	$	1,000

(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, 2025 and 2024:


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






Three Months 2025:
Revenues from alternative revenue programs	$	21	$	3	$	(1)	$	23
Other revenues not from contracts with customers	3		1		—		4
Three Months 2024:
Revenues from alternative revenue programs	$	39	$	19	$	8	$	66
Other revenues not from contracts with customers	2		1		—		3

(b)Includes over-recoveries of various riders.

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