Slide 1: Purpose-Driven Performance
Purpose-Driven Performance Late May Investor Meetings May 21-23, 2018
Slide 2: Cautionary Statements
Cautionary Statements Use of Non-GAAP Financial Measures In this presentation, Ameren has presented core earnings per share, which is a non-GAAP measure and may not be comparable to those of other companies. A reconciliation of GAAP to non-GAAP information is included in this presentation. Generally
Slide 3: Company Description: Ameren Businesses
Company Description 2.4M electric Ameren Businesses customers Fully rate-regulated electric Ameren Missouri and gas utility • Electric generation, transmission and distribution business 0.9M gas and a natural gas distribution business in Missouri regulated Corporate Headquarters customers by MoPSC E
Slide 4: Solid Operating Performance
Solid Operating Performance Electric rates Delivery system reliability Generating plant Strong safety performance are low has improved performance remains solid Average Residential Safety Distribution System Baseload Energy Electricity Prices1 Performance Reliability2 Center Performance Recordable L
Slide 5: Our Value Proposition to Investors and Customers
Our Value Proposition to Investors and Customers Strong Attractive Attractive total return long-term growth outlook dividend potential • Expect 5% to 7% compound annual EPS • Annualized equivalent dividend rate of • Attractive combined earnings growth growth from 2017 through 20221,2 $1.83 per share
Slide 6: Our Strategic Plan
Our Strategic Plan • Investing in and operating our utilities in a manner consistent with existing regulatory frameworks • Enhancing regulatory frameworks and advocating for responsible energy and economic policies • Creating and capitalizing on opportunities for investment for the benefit of our cu
Slide 7: Our Regulatory Frameworks
Our Regulatory Frameworks FERC-regulated: Formula ratemaking • Allowed ROE is 10.82%, which includes the MISO participation adder of 50 basis points Ameren • Rates reset each Jan. 1 based on forward-looking calculation with annual reconciliation Transmission • Constructive rate treatment for ATXI’s
Slide 8: Executing Our Strategy: Rate Base Growth Plan 2017-2022
Executing Our Strategy Rate Base Growth Plan 2017-20221 Investing in and operating our utilities in a manner Regulated Five-Year Rate consistent with existing regulatory frameworks Infrastructure Rate Base2 Base CAGR • Expect strong ~7% compound annual rate base growth ($ Billions) from 2017 through
Slide 9: Ameren Natural Gas Distribution Systems
Ameren Natural Gas Distribution Systems • One of the nation’s larger natural gas distribution utilities – More than 0.9 million customers -- 0.8 million in Illinois and 0.1 million in Missouri – Nearly 22,000 miles of natural gas transmission and distribution mains – 12 underground natural gas stora
Slide 10: Executing Our Strategy – Pending Missouri Legislation
Executing Our Strategy – Pending Missouri Legislation Enhancing regulatory frameworks and advocating for responsible energy and economic policies • SB 564 approved by both Senate and House of Representatives; bill will be sent to Governor • SB 564 would significantly enhance Missouri electric regula
Slide 11: Executing Our Strategy – Proposed Wind Investment
Executing Our Strategy – Proposed Wind Investment Creating and capitalizing on opportunities for investment for the benefit of our customers and shareholders • Ameren Missouri pursuing ownership of at least 700 MWs, ~$1 billion investment, with multiple wind developers ─ Entered agreement to acquire
Slide 12: Capital Investment Plan and Expected Funding Plan 2018-2022
Capital Investment Plan 2018-2022 Expected Funding Plan 2018-20221 Excludes Ameren Missouri’s potential incremental grid modernization and proposed wind generation investments • Cash flows from operations ~$11 Billion of Regulated ─ Return on equity-financed portion of rate base Infrastructure Inves
Slide 13: Executing Our Strategy – Investing in Energy Grid
Executing Our Strategy – Investing in Energy Grid Creating and capitalizing on opportunities for investment for the benefit of our customers and shareholders • Expect energy grid will be increasingly more important and valuable to our customers, communities we serve and our shareholders ─ Investing
Slide 14: Summary
Summary Expect to deliver strong earnings growth in 2018 with guidance in a range of $2.95 to $3.15 per diluted share Successfully executing our strategy Strong long-term growth outlook • Expect 5% to 7% compound annual EPS growth from 2017 through 20221,2 • Expect ~7% compound annual rate base grow
Slide 15: 2018 Detailed Strategic Focus and Guidance
2018 Detailed Strategic Focus and Guidance
Slide 16: 2018 First Quarter Earnings Analysis
2018 First Quarter Earnings Analysis1 Key Earnings Variance Drivers: Diluted EPS Higher Ameren Missouri earnings Q1 2017 vs. Q1 2018 ─ Higher electric rates effective April 1, 2017: +$0.09 ─ Higher electric retail sales primarily due to colder winter temperatures compared to very $0.62 mild temperat
Slide 17: 2018 EPS Guidance and Select Balance of Year Considerations
2018 EPS Guidance and Select Balance of Year Considerations1 • Affirm 2018 diluted EPS guidance range of $2.95 to $3.15 2018E • Q2-Q4 2018 EPS compared to Q2-Q4 2017 core2 EPS3 Diluted EPS Ameren Missouri absence of Callaway refueling and maintenance outage: ~+$0.11 primarily in Q4 Increased transmi
Slide 18: Select Regulatory Matters
Select Regulatory Matters Ameren Transmission • In Mar. 2018, FERC approved MISO transmission owners request to pass savings from lower federal income tax rate to customers retroactive to Jan. 1, 2018: ~$27 million and ~$23 million for Ameren Illinois and ATXI, respectively, for 2018 • Second compla
Slide 19: Select Regulatory Matters, Cont’d
Select Regulatory Matters, Cont’d Ameren Illinois Natural Gas • Requesting $44 million annual natural gas distribution rate increase from ICC; includes ~$42 million that would otherwise be recovered in 2019 under qualifying infrastructure plant (QIP) rider – Incorporates agreements with ICC Staff fo
Slide 20: Appendix
Appendix
Slide 21: 2017 GAAP to Core Earnings Reconciliation
2017 GAAP to Core Earnings Reconciliation Three-Months Ended Year-Ended (in millions, except per share amounts) Sept. 30, 2017 Dec. 31, 2017 Dec. 31, 2017 GAAP Earnings / Diluted EPS $ 288 $ 1.18 $ (60) $ (0.24) $ 523 $ 2.14 Charge for revaluation of deferred taxes resulting 22 0.09 — — 22 0.09 from
Slide 22: 2018 Long-Term Debt Financings and Maturities; Credit Ratings
2018 Long-Term Debt Financings Ameren Credit Ratings and and Maturities External Debt Balances1 • On Apr. 6, Ameren Missouri issued $425 million of As of March 31, 2018 $ in 4.00% first mortgage bonds due 2048 millions Moody's S&P – Proceeds used to repay short-term debt, including short-term Ameren
Slide 23: Missouri 20-year Integrated Resource Plan Filed with MoPSC
Missouri 20-year Integrated Resource Plan Filed with MoPSC • Transitioning generation to a cleaner, more diverse portfolio in a responsible fashion ─ Preferred plan includes addition of at least 700 MWs of wind generation by 2020, representing potential ~$1 billion wind investment1 ─ Preferred plan
Slide 24: Select Regulatory Matters
Select Regulatory Matters Missouri Public Service Commission • Senate Bill 564: http://www.senate.mo.gov/18info/pdf-bill/perf/SB564.pdf • Proceeding regarding effects of federal tax reform on customer rates: Docket No. ER-2018-0226 • Website: https://www.efis.psc.mo.gov/mpsc/DocketSheet.html Illinoi
Slide 25: Investor Relations Calendar
Investor Relations Calendar MAY 2018 SUN. MON. TUES. WED. THUR. FRI. SAT. 1 2 3 4 5 Q1 Quiet Annual Period, Shareholder Cont’d Meeting 6 7 8 9 10 11 12 Q1 New York UBS Utility Earnings Investor Conference Call Meetings 13 14 15 16 17 18 19 W. Fargo / Ed. Jones Mtg. 20 21 22 23 24 25 26 Los Los AGA A
Slide 26: Glossary of Terms and Abbreviations
Glossary of Terms and Abbreviations ALJ – Administrative Law Judge IRP – Integrated Resource Plan ATXI – Ameren Transmission Company of Illinois kW - Kilowatt B – Billion M – Million CAGR – Compound annual growth rate MEEIA – Missouri Energy Efficiency Investment Act CCN – Certificate of Convenience