Ameren Corp (AEE)

2025 Earnings Guidance
Q: How confident are you in 2025 growth guidance?
A: We have strong conviction in our ability to grow long term, aiming to deliver within the 6% to 8% EPS CAGR target for 2024 to 2028. Despite regulatory proceedings, we are confident we can adjust our plans to hit our guidance and deliver at or above the midpoint - ,. -

Load Growth Opportunities
Q: Can you elaborate on potential large load customer agreements?
A: We have significant interest from potential customers, particularly data centers, representing tens of thousands of megawatts of new demand. We're working methodically with parties representing 7 gigawatts of demand. As load forecasts grow, we'll consider additional resources in our upcoming Integrated Resource Plan update in February - , - ,. -

Transmission Project Acceleration
Q: Can you discuss acceleration of MISO transmission projects?
A: Our MISO Tranche 1 projects will see construction between 2026 and 2030, and Tranche 2.1 projects are slated for 2032 to 2034. We aim to accelerate these where possible. These projects offer customer benefits ranging from 1.3 to 5.6 times the portfolio cost, reducing customer costs over time - ,. -

Capital Expenditure and Financing
Q: How does increased capital impact your equity needs?
A: We continue to focus on our $21.9 billion capital plan, updating for various factors. Our financing plan remains consistent, with a focus on the $300 million equity program, largely done for 2024. We maintain our ratings and consolidated equity ratio around 40%. -

Legislative Priorities
Q: What are your priorities for the 2025 Missouri legislative session?
A: We're considering expanding PISA to cover generation assets, extending its sunset date, and advocating for a right of first refusal on transmission. These policies support infrastructure investments, reliability, and affordability as we meet the needs of prospective customers. -

Operating Cost Reductions
Q: What efficiencies are you pursuing to reduce O&M?
A: We're implementing cost reductions totaling $0.05, expecting $0.03 in Missouri and $0.01 in Illinois Natural Gas in Q4. We're focusing on headcount, discretionary spend, spans and layers, and simplification to drive efficiencies and reduce overhead costs. -

Impact of Election Results
Q: How does the recent election affect your plans?
A: Our strategy remains unchanged. We foresee less likelihood of corporate tax increases, which is positive for customers. We'll engage with policymakers regarding clean energy tax provisions in the IRA, emphasizing the importance of tax credits valued at about $1.5 billion for our customers in Missouri over the next 10 years. -

Earnings Growth Basis
Q: Will EPS growth be based on 2025 guidance?
A: Yes, our historical practice is to update based on the midpoint of the 2025 guidance, which is $4.95. That would be our expectation. -

Service Territory Interest
Q: Is one territory more attractive to new customers?
A: We have data center interest in both states, with about 65% in Missouri and 35% in Illinois. Earnings impact differs due to regulatory structures; in Missouri, we also earn on incremental generation, while in Illinois, earnings come from transmission or distribution investments. -

Regulatory Proceedings
Q: Any thoughts on scheduled oral arguments for the grid plan?
A: It's normal to have oral arguments over remaining differences. The Administrative Law Judge's proposed order gives us confidence in where the commission may land in December. -