Slide 1: Leading the Way to a Sustainable Energy Future
Leading the Way to a Sustainable Energy Future Third Quarter 2021 Earnings Nov. 4, 2021
Slide 2: Cautionary Statements
Cautionary Statements Forward-looking Statements Statements in this presentation not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking s
Slide 3: Business Update
Business Update Warner Baxter Chairman, President and Chief Executive Officer, Ameren Corp. Ameren Missouri’s 400 MW High Prairie Renewable Energy Center in service Dec. 2020
Slide 4: Earnings and Guidance Summary
Earnings and Guidance Summary • Continued strong execution of strategic plan Diluted EPS • Key Q3 earnings variance drivers 2020 vs. 2021 ↑ Earnings on increased infrastructure investments across all business segments $3.36 $3.04 ↑ Change in Ameren Missouri electric rate design; will not impact full
Slide 5: Executing Our Strategy
Executing Our Strategy Our Strategic Plan • Investing in and operating our utilities in a manner consistent with existing Capital Expenditures regulatory frameworks YTD Sep. 2021 • Enhancing regulatory frameworks and advocating for responsible energy and ($ millions) economic policies $2,624 • Creat
Slide 6: Illinois and Federal Energy Legislation
Illinois and Federal Energy Legislation Enhancing regulatory frameworks and advocating for responsible energy and economic policies Ameren Illinois Electric Distribution • Climate and Equitable Jobs Act passed by General Assembly; signed into law by Governor – Constructive legislation – Electric uti
Slide 7: MISO Long-Range Transmission Planning Roadmap
MISO Long-Range Transmission Planning Roadmap Creating and capitalizing on opportunities for investment for the benefit of our customers, shareholders and the environment Ameren Transmission • In Apr. 2021, MISO issued report outlining preliminary long-range transmission planning roadmap through 203
Slide 8: Rush Island Energy Center
Rush Island Energy Center Ameren Missouri • In Aug. 2021, US Court of Appeals affirmed the District Court’s Sep. 2019 order to install a flue gas desulfurization system at the Rush Island Energy Center – Reversed the District Court’s order to install a dry sorbent injection system at the Labadie Ene
Slide 9: Our Sustainability Value Proposition
Our Sustainability Value Proposition ENVIRONMENTAL STEWARDSHIP SOCIAL IMPACT • Accelerating transition to a cleaner and more diverse portfolio • Delivering value to customers in 2020 while focused on safety ‒ Target carbon reductions from 2005 levels: 50% by 2030; 85% by ‒ Improved reliability: 13%
Slide 10: Robust Investment Opportunities Across All Businesses Over Next Decade
Robust Investment Opportunities Across All Businesses Over Next Decade Modernizing the grid and investing in cleaner generation for the long-term benefit of customers, shareholders and the environment $40B+ Additional Investment Investment Plan Opportunities 2021-20251 2021-20301 ($ billions) $23+ S
Slide 11: Long-term Total Return Outlook
Long-term Total Return Outlook • Remain on track to deliver strong long-term earnings growth – Expect 6% to 8% EPS CAGR from 2021-20251 • Using 2021 original EPS guidance midpoint of $3.75 as the base 2020-2025E Regulated Five-Year Rate – Expect ~8% rate base CAGR from 2020-20251,2 Infrastructure Ra
Slide 12: Leadership Changes
Leadership Changes Effective Jan. 1, 2022 • Warner Baxter, currently • Marty Lyons, currently Chairman, President and President of Ameren Chief Executive Officer will Missouri, will become become Executive President and Chief Chairman of Ameren Executive Officer of Ameren and a member of the Board o
Slide 13: Financial Update
Financial Update Michael Moehn Executive Vice President and Chief Financial Officer, Ameren Corp.
Slide 14: 2021 Third Quarter Earnings Analysis – Key Drivers
2021 Third Quarter Earnings Analysis – Key Drivers1 ↑ Ameren Missouri earnings — Change in electric rate design; will not impact full-year results: $0.19 — Higher electric retail sales: ~+$0.10 • Weather vs. 2020: ~+$0.03; vs. normal ~+$0.02 Diluted EPS • WN sales vs. 2020 (excl. MEEIA): Res.: ~+4.5
Slide 15: 2021 EPS Guidance and Select Balance of the Year Considerations
2021 EPS Guidance and Select Balance of the Year Considerations • 2021 diluted EPS guidance range raised to $3.75 to $3.95 2021E • Select considerations for Q4 2021 EPS compared to Q4 2020 EPS Diluted EPS – Ameren Illinois Natural Gas delivery service rates and rate design: +$0.03 $3.95 – Parent tim
Slide 16: Select Regulatory Items - Ameren Missouri
Select Regulatory Items - Ameren Missouri Electric Rate Review Procedural Schedule (Docket No. ER-2021- • In Mar. 2021, filed $299 million annual revenue increase request with MoPSC 0240): • In Oct. 2021, MoPSC Staff recommended $188 million annual revenue increase1 Nov. 5, 2021 – ROE and equity rat
Slide 17: Select Regulatory Items - Ameren Missouri, Cont'd
Select Regulatory Items - Ameren Missouri, Cont’d Natural Gas Rate Review Procedural Schedule (Docket No. GR-2021- • In Mar. 2021, filed $9 million annual revenue increase request with MoPSC 0241): • In Oct. 2021, MoPSC Staff recommended $4 million annual revenue increase1 Nov. 5, 2021 Surrebuttal T
Slide 18: Select Regulatory Items – Ameren Illinois
Select Regulatory Items – Ameren Illinois Electric Distribution • Requesting $59 million base rate increase from ICC in annual update – In Aug., ICC Staff recommended $58 million base rate increase – Expect ICC decision by Dec. 2021, with new rates effective in Jan. 2022 – Each year’s electric distr
Slide 19: Illinois Energy Legislation
Illinois Energy Legislation Ameren Illinois Electric Distribution • Climate and Equitable Jobs Act (SB 2408) passed by General Assembly; signed into law by Governor – May opt-in to four-year plan (Multi-Year Rate Plan) for rates effective beginning in 2024 • If not opt-in, defaults to future test ye
Slide 20: Financing Update
Financing Update Debt Financing • On Mar. 5, Ameren Corp. issued $450 million of 1.75% senior unsecured notes Ameren Credit Ratings and due 2028 External Debt Balances2 – Proceeds used for general corporate purposes and to repay short-term debt $ in As of Sep. 30, 2021 Moody's S&P • On June 22, Amer
Slide 21: 2021-2022 Winter Season and Rising Natural Gas Prices
2021-2022 Winter Season and Rising Natural Gas Prices Ameren Illinois and Ameren Missouri Natural Gas • ~75-85% price hedged based on normal seasonal sales • 100% volumetrically hedged based on maximum seasonal sales • ~60% of Ameren Illinois' winter supply of natural gas was bought this summer, at
Slide 22: Select 2022 Earnings Considerations Compared to 2021
Select 2022 Earnings Considerations Compared to 2021 ↑ New electric service rates expected to be effective by late Feb. 2022 — Reflecting new infrastructure and wind generation investments Ameren ↑ Higher investments in infrastructure and wind generation eligible for PISA and RESRAM in Jan. and Feb.
Slide 23: Summary
Summary Expect to deliver strong earnings growth in 2021 with guidance in a range of $3.75 to $3.95 per diluted share Successfully executing our strategy; well-positioned for future growth • Focused on delivering a cleaner and sustainable energy future in a responsible manner Strong long-term growth
Slide 24: Appendix
APPENDIX
Slide 25: Four Constructive Regulatory Frameworks
Four Constructive Regulatory Frameworks FERC-regulated: Formula ratemaking Ameren • Allowed ROE is 10.52%, includes MISO participation adder of 50 basis points; ~54% average equity ratio Transmission • Rates reset each Jan. 1 based on forward-looking calculation with annual reconciliation ICC-regula
Slide 26: 2021 Earnings Analysis for Nine Months Ended Sep. 30
2021 Earnings Analysis for Nine Months Ended Sep. 301 Key Earnings Variance Drivers ↑ Ameren Missouri earnings — Higher electric retail sales: ~+$0.18 Diluted EPS • Weather vs. 2020: ~+$0.08; vs. normal ~+$0.04 • WN sales vs. 2020 (excl. MEEIA): Res.: ~+1.5%, Com.: ~+3.5%, Ind.: ~+1%, Total: ~+2% YT
Slide 27: Improved ESG Ratings
Improved ESG Ratings A AAA 0 Feb. 2021 Apr. 2021 May 2021 A- Water 29.1 A Medium Risk Climate B Range: A-F Range: Range: (A is best) AAA-CCC 0-100 (AAA is best) (Lower is better) F CCC 100 Third Quarter 2021 Earnings | Nov. 4, 2021 27
Slide 28: Our Focus on Delivering a Cleaner Energy Future Responsibly
Our Focus on Delivering a Cleaner Energy Future Responsibly While providing safe, reliable and affordable energy to customers • Climate risk management and mitigation – Targeting significant reductions in greenhouse gases – Implementing robust customer energy efficiency programs – Investing to moder
Slide 29: Ameren Missouri Generation Transformation
Ameren Missouri Generation Transformation Transition to a cleaner and more diverse portfolio in a responsible fashion 1 50% CARBON EMISSIONS 85% CARBON EMISSIONS NET-ZERO CARBON REDUCTION2 REDUCTION2 EMISSIONS2 • Ameren Missouri filed its preferred Integrated Resource Plan with the MoPSC in Sep. 202
Slide 30: Missouri Renewable Energy Investments
Missouri Renewable Energy Investments Creating and capitalizing on opportunities for investment for the benefit of our customers, shareholders and the environment 400 MW High Prairie Renewable Energy 300 MW Atchison Renewable Energy Center located in northeast Missouri Center located in northwest Mi
Slide 31: Building a Brighter and Cleaner Energy Future
Building a Brighter and Cleaner Energy Future Innovative Programs to Meet Customer Needs and Rising Expectations Utility-owned solar Subscription program generation facilities for MO available to MO residential non-residential customer Neighborhood Community and small business parking lots, open lan
Slide 32: FERC Regulatory Matters
FERC Regulatory Matters Enhancing regulatory frameworks and advocating for responsible energy and economic policies Ameren Transmission • In Apr. 2021, FERC issued supplemental NOPR that would remove incentive adder for utilities that have been members of an RTO for three years or more – Current all
Slide 33: Investing in the Energy Grid
Investing in the Energy Grid • Investing to modernize energy grid, making it cleaner, safer, more reliable, resilient and secure – Expect greater transmission investments to support additional renewable generation 2020-2025E Regulated – Provide customers with greater tools to manage energy usage Inf
Slide 34: Working to Keep Missouri Customer Rates Low
Working to Keep Missouri Customer Rates Low • Ameren Missouri has kept rates stable and affordable for Ameren Missouri customers, with residential rates ~25% below national and Electric Rates3 Midwest averages1 – Expect to remain well below the Midwest average after the completion ¢/KWh of pending e
Slide 35: Working to Keep Illinois Customer Rates Low
Working to Keep Illinois Customer Rates Low • Ameren Illinois has kept rates stable and affordable for Ameren Illinois Electric Distribution customers, with residential rates ~25% below Midwest and Rates2 national averages1 ¢/KWh • Apr. 2021 rate update filing is only the second requested increase i
Slide 36: Illinois Energy Legislation
Illinois Energy Legislation Enhancing regulatory frameworks and advocating for responsible energy and economic policies Current Performance- Traditional Framework Multi-Year Plan Based Rates (Future Test Year) (Legislation) 5.80% + average of 30-year ROE treasury rate each calendar year ICC determin
Slide 37: Ameren's Estimated Coal-Related Revenues in 2020
Ameren’s Estimated Coal-Related Revenues in 2020 Return on Investment Revenues Cost Recovery3 Revenues $2.1B1 x $2.1B1 x ($103M $423M + 52% x 48% x x 25%) / $161M x $147M + (1 - 25%) 26%1 = $154M = 16% 9.53%2 = 4.5% = $103M $45M $34M $42M $724M $5,794M Return on Interest Tax Expense Property Fuel, o
Slide 38: Investor Relations Calendar
Investor Relations Calendar NOVEMBER 2021 JANUARY 2022 SUN. MON. TUES. WED. THUR. FRI. SAT. SUN. MON. TUES. WED. THUR. FRI. SAT. 1 2 3 4 5 6 2 3 4 5 6 7 1/8 Q3 Quiet Q3 Period, Earnings cont’d Conf. Call 7 8 9 10 11 12 13 9 10 11 12 13 14 15 EEI EEI Q4 Quiet Evercore Evercore Financial Financial Per
Slide 39: Select Regulatory and Legislative Matters
Select Regulatory and Legislative Matters Missouri Public Service Commission • Pending electric rate review filling: Docket No. ER-2021-0240 • Pending natural gas rate review filing: Docket No. GR-2021-0241 • Smart Energy Plan filing: Docket No. EO-2019-0044 • 2020 Integrated Resource Plan: Docket N
Slide 40: Glossary of Terms and Abbreviations
Glossary of Terms and Abbreviations AFUDC – Allowance for funds used during construction IRP – Integrated resource plan ATXI – Ameren Transmission Company of Illinois ISRS – Infrastructure System Replacement Surcharge B – Billion M – Million bps – Basis points MEEIA – Missouri Energy Efficiency Inve