15 unchanged sentences
• the discount rate applicable to AROs, goodwill, and defined pension and postretirement benefit plans.
−Removed: We manage our interest rate exposure by controlling the amount of debt instruments within our total capitalization portfolio and by monitoring the effects of market changes on interest rates.
+Added: We manage our interest rate exposure by controlling the amount of debt instruments within our total capitalization portfolio, by monitoring the effects of market changes on interest rates, and by entering into interest rate swaps to hedge a portion of our interest rate risk on cash flows related to forecasted debt issuances.
For defined pension and postretirement benefit plans, we control the duration and the portfolio mix of our plan assets.
2 unchanged sentences
The allowed ROE under Ameren Illinois’ electric energy-efficiency investments formula ratemaking recovery mechanisms is based on the annual average of the monthly yields of the 30-year United States Treasury bonds plus 580 basis points.
−Removed: Therefore, Ameren Illinois’
−Removed: Table of Conten t s
−Removed: annual ROE for its electric energy-efficiency investments is directly correlated to the yields on such bonds, which are outside of Ameren Illinois’ control.
+Added: Therefore, Ameren Illinois’ annual ROE for its electric energy-efficiency investments is directly correlated to the yields on such bonds, which are outside of Ameren Illinois’ control.
Interest rate levels also influence the ROE allowed by our regulators in our other ratemaking jurisdictions, as well as the carrying costs associated with certain regulatory assets and liabilities.
13 unchanged sentences
The risk associated with Ameren Illinois’ electric and natural gas trade receivables is also mitigated by a rider that allows Ameren Illinois to recover the difference between its actual net bad debt write-offs under GAAP and the amount of net bad debt write-offs included in its base rates.
−Removed: Ameren Missouri and Ameren Illinois continue to monitor the impact of economic conditions, including inflationary pressures, on customer collections and customer account balances.
+Added: Ameren Missouri and Ameren Illinois continue to monitor the impact of economic conditions, including inflationary pressures, on customer
+Added: collections and customer account balances.
Ameren Missouri and Ameren Illinois make adjustments to their respective allowance for doubtful accounts as deemed necessary to ensure that such allowances are adequate to cover estimated uncollectible customer account balances.
−Removed: See Note 15 – Supplemental Information under Part II, Item 8, of this report for more information on Ameren’s, Ameren Missouri’s, and Ameren Illinois’ accounts receivable balances that were 30 days or greater past due or that were a part of a deferred payment arrangement as of December 31, 2023.
Investment Price Risk
17 unchanged sentences
Ameren Missouri’s exposure to equity price market risk is in large part mitigated because Ameren Missouri is currently allowed to recover its decommissioning costs, which would include unfavorable investment results, through electric rates.
−Removed: Table of Conten t s
Additionally, Ameren and Ameren Illinois have COLI contracts with net cash surrender values of $150 million and $8 million, respectively, as of December 31, 2024.
3 unchanged sentences
Commodity Price Risk
−Removed: Ameren Missouri’s and Ameren Illinois’ electric and natural gas distribution businesses’ exposure to changing market prices for commodities is in large part mitigated by the fact that there are cost recovery mechanisms in place.
+Added: Ameren Missouri’s and Ameren Illinois’ electric and natural gas distribution businesses’ exposure to changing market prices for commodities is in large part mitigated because there are cost recovery mechanisms in place.
These cost recovery mechanisms allow Ameren Missouri and Ameren Illinois to pass on to retail customers prudently incurred costs for fuel, purchased power, and natural gas supply.
8 unchanged sentences
Ameren Illinois purchases energy and capacity through bilateral contracts resulting from IPA procurement events, with any remaining needs procured through the MISO marketplace.
−Removed: Ameren Illinois has purchased approximately 15% of its June 2024 to May 2025 capacity needs bilaterally, however, this percentage beyond May 2025 will be dependent on the results of future IPA procurement events.
+Added: Ameren Illinois has purchased approximately 14% of its summer 2025, 9% of its fall 2025, none of its winter 2025/26 and 2% of its spring 2026 capacity needs bilaterally, however, this percentage beyond May 2026 will be dependent on the results of future IPA procurement events.
Daily energy balancing is also handled through the MISO marketplace.
−Removed: The IPA has proposed and the ICC has approved multiple procurement events covering portions of years through 2027 for capacity and energy.
+Added: Through the IPA's
+Added: development and filing of the 2025 Electricity Procurement Plan, the ICC has approved the plan's proposal for multiple IPA procurement events over the following year.
+Added: These events will procure portions of Ameren Illinois' energy and capacity forecasted requirements for forward delivery years through May 2028.
Ameren Illinois has also entered into ICC-approved contracts for zero emission credits through May 2027 and for renewable energy credits with various terms, including contracts with 20-year terms ending 2032, and contracts entered into beginning in 2018 through 2024 with 15- to 20-year terms.
6 unchanged sentences
Coal transportation (a)
−Removed: Nuclear fuel (b) 100 100
−Removed: Natural gas for distribution (c)
−Removed: Purchased power for Ameren Illinois (d)
+Added: Nuclear fuel 100 100 100
+Added: Natural gas for distribution (b)
+Added: Purchased power for Ameren Illinois (c)
Ameren Missouri:
1 unchanged sentence
Coal transportation (a)
−Removed: Nuclear fuel (b) 100 100
−Removed: Natural gas for distribution (c)
+Added: Nuclear fuel 100 100 100
+Added: Natural gas for distribution (b)
Ameren Illinois:
−Removed: Natural gas for distribution (c)
+Added: Natural gas for distribution (b)
100 % 49 % 27 %
−Removed: Purchased power (d)
+Added: Purchased power (c)
(a) Ameren Missouri has agreements in place to purchase and transport coal to its energy centers.
While Ameren Missouri has minimum purchase obligations associated with these agreements, the majority of these agreements are not associated with any specific coal-fired energy center.
−Removed: Table of Conten t s
−Removed: (b) The Callaway Energy Center requires refueling at 18-month intervals.
−Removed: As there is no refueling and maintenance outage scheduled to occur during 2024, there are also no nuclear fuel deliveries anticipated to occur in 2024.
−Removed: (c) Represents the percentage of natural gas price-hedged for peak winter season of November through March.
+Added: (b) Represents the percentage of natural gas price-hedged for peak winter season of November through March.
The year 2025 represents January 2025 through March 2025.
1 unchanged sentence
This continues each successive year through March 2029.
−Removed: (d) Represents the percentage of purchased power price-hedged for fixed-price residential and nonresidential customers with less than 150 kilowatts of demand.
+Added: (c) Represents the percentage of purchased power price-hedged for fixed-price residential and nonresidential customers with less than 150 kilowatts of demand.
Our exposure to commodity price risk for construction and maintenance activities is related to changes in market prices for metal commodities and to labor availability.
7 unchanged sentences
Ameren Missouri would then need to purchase power necessary to meet demand.
−Removed: Currently, the Callaway Energy Center has a single NRC-licensed supplier able to provide fuel assemblies to the Callaway Energy Center.
−Removed: Ameren Missouri is pursuing a program to qualify an alternate NRC-licensed supplier for contingency purposes.
−Removed: Ameren Missouri is awaiting approval from the NRC, which is under no deadline to issue the approval.
−Removed: Ameren Missouri received a planned delivery of enriched uranium from a Russian supplier in the spring of 2023.
−Removed: The planned delivery concluded the nuclear fuel supply agreement with this Russian supplier with no future deliveries planned with any Russian suppliers.
−Removed: Ameren Missouri has sufficient inventory and supply contracts with non-Russian suppliers that adequately meet all of the nuclear fuel needs of the Callaway Energy Center through the spring 2028 refueling.
−Removed: Ameren Missouri's 2023 IRP targets cleaner and more diverse sources of energy generation, including solar generation.
−Removed: While rights to acquire build-transfer solar facilities and supplies for development-transfer and self-build solar facilities totaling 900 MWs were secured through agreements, supply chain disruptions, including solar panel shortages and increasing material costs as a result of government tariffs and other factors, could affect the costs, as well as the timing, of these projects and other solar generation projects.
−Removed: See Note 2 – Rate and Regulatory Matters under Part II, Item 8, of this report for additional information on the solar facilities.
−Removed: See Outlook under Part II, Item 7, of this report for additional information on the United States Department of Commerce investigation into the supply of solar panels and the actions taken by the United States Customs and Border Protection Agency to detain certain solar panel shipments from China.
−Removed: Any future tariffs or actions by the United States Customs and Border Protection Agency could affect the cost and the availability of solar panel components and the timing and amount of Ameren Missouri's estimated capital expenditures associated with solar generation investments.
−Removed: Table of Conten t s
+Added: Currently, the Callaway Energy Center has one NRC-licensed supplier able to provide fuel assemblies to the Callaway Energy Center.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.