Ameren (AEE) Risk Factor Changes

instability, war, terrorism, and extreme volatility in the debt, equity, or credit markets.

We rely on the issuance of short-term and long-term debt and equity as significant sources of liquidity and funding for capital requirements not satisfied by our operating cash flow, as well as to refinance existing l…

Our businesses depend upon our ability to employ and retain key officers and other skilled professional and technical employees.

If customers, investors, legislators, regulators, creditors or rating agencies have or develop a negative opinion of us and our utility services, this could result in increased costs associated with regulatory oversig…

Our results are influenced by the expectations of our customers, investors, legislators, regulators, creditors and ratings agencies.

Related to benefits, Ameren has defined benefit pension plans covering substantially all of its employees and has postretirement benefit plans covering non-union employees hired before October 2015 and union employees…

Ameren is a holding company; therefore, its primary assets are its investments in the common stock of its subsidiaries, including Ameren Missouri, Ameren Illinois, and ATXI.

Energy conservation, energy efficiency, distributed generation, energy storage, technological advances, and other factors could reduce energy demand from our existing customers.

Our aging infrastructure may pose risks to system reliability and expose us to expedited or unplanned significant capital expenditures and operating costs.

Ameren Missouri owns and operates coal-fired energy centers.

•failure to keep pace with and the ability to adapt to rapid technological change, including generative and agentic artificial intelligence; and

•disruptions to the global supply chain as a result of shortages for labor, materials, or equipment, tariffs and international trade relations, geopolitical conflict, delivery delays, and economic pressures, among oth…

•inability to maintain reliability of our electric utility services as coal-fired energy centers are retired and renewable energy generation is placed in service, as well as our ability to meet generation capacity obl…

With respect to the transition of Ameren Missouri’s generation fleet included in its 2025 Change to the 2023 PRP and carbon emission reduction targets, factors also include Ameren Missouri’s ability to obtain CCNs fro…

We expect to make significant capital expenditures to maintain and improve our electric and natural gas utility infrastructure and to comply with existing environmental regulations.

Ameren is targeting net-zero carbon emissions by 2045, as well as a 60% reduction by 2030 and an 85% reduction by 2040 based on 2005 levels in a safe, reliable, and affordable manner.

There is concern and activism among various external stakeholders, both nationally and internationally, about climate-related risks, including public concerns about the potential environmental impacts from the combust…

Environmental regulations impact the electric utility industry, and compliance obligations could be costly for Ameren Missouri, which operates coal-fired and natural gas-fired energy centers.

Pursuant to the PPRA, Ameren Missouri’s PISA election was extended through 2035 and an additional extension through 2040 is allowed if requested by Ameren Missouri and approved by the MoPSC.

Beginning in 2024 through at least 2027, electric distribution rates for Ameren Illinois are established through an MYRP, which are subject to ongoing regulatory and judicial proceedings and associated risks, and are…

Rates include an allowed return on investments established by the regulator, including a return at the applicable WACC on rate base, and an amount for income taxes based on the currently applicable statutory income ta…

Ameren Missouri’s electric and natural gas utility rates and Ameren Illinois’ natural gas utility rates are typically established in regulatory proceedings that take up to 11 months to complete.

The rates that we are allowed to charge for our utility services significantly influence our results of operations, financial position, and liquidity.

increased use of distributed generation by our customers.

Missouri, Ameren Illinois, and ATXI are expected to be recovered, subject to approval by their respective regulators.

The Ameren Companies have experienced minimal growth in energy demand for the past two decades.

Our aging infrastructure may pose risks to system reliability and expose us to expedited or unplanned significant capital expenditures and operating costs.

•inability to operate wind generation facilities at full capacity resulting from requirements to protect natural resources, including wildlife, or other conditions limiting full capacity, such as the 2024 collapse of…

carbon capture technology for new natural gas-fired power plants.

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…

spend with diverse suppliers, a reduction in disconnections for certain customers, and improved timeliness in response to customer requests for interconnection of distributed energy resources.

Ameren Illinois’ electric distribution service business is also subject to performance metrics.

In addition, in June 2024, the MoPSC issued a financing order authorizing the issuance of securitized utility tariff bonds by a wholly owned, special purpose subsidiary of Ameren Missouri to finance approximately $476…

•technological advancements that reduce energy consumption and demand;

are not supported by local communities or do not receive necessary approvals by local municipalities.

The Ameren Companies have historically experienced minimal growth in energy demand for the past two decades.

Realized energy demand from current and potential new customers may differ significantly from forecasts.

•increased regulatory scrutiny and oversight resulting from more frequent outages;

•inability to operate wind generation facilities at full capacity resulting from requirements to protect natural resources, including wildlife, or other conditions limiting full capacity;

charge for our services.