Slide 1: Purpose-Driven Performance
Purpose-Driven Performance Third Quarter 2018 Earnings Oct. 31, 2018
Slide 2: Cautionary Statements
Cautionary Statements Use of Non-GAAP Financial Measures In this presentation, Ameren has presented core earnings per share and core earnings per share guidance, which are non-GAAP measures and may not be comparable to those of other companies. A reconciliation of GAAP to non-GAAP information is inc
Slide 3: Business Update
Business Update Warner Baxter Chairman, President and Chief Executive Officer, Ameren Corp.
Slide 4: Earnings and Guidance Summary
Earnings and Guidance Summary • Expect to deliver 2018 core diluted EPS within a guidance range Core Diluted EPS1 of $3.35 to $3.45, an increase over our prior GAAP and core 2017 vs. 2018 guidance range of $3.15 to $3.351 $3.09 • Delivered strong Q3 core diluted EPS1 results Higher sales primarily d
Slide 5: Successfully Executing Our Strategic Plan in 2018
Successfully Executing Our Strategic Plan in 2018 Our Strategic Plan Capital Expenditures YTD Sept. 30, 2018 • Investing in and operating our utilities in a manner consistent with existing ($ Millions) regulatory frameworks • Enhancing regulatory frameworks and advocating for responsible energy and
Slide 6: Executing Our Strategy – Missouri Legislation Enacted
Executing Our Strategy – Missouri Legislation Enacted Enhancing regulatory frameworks and advocating for responsible energy and economic policies • Ameren Missouri elected to use PISA under SB 564 effective Sept. 1 • SB 564 significantly enhances Missouri electric regulatory framework to support inv
Slide 7: 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 of wind generation with multiple developers, ~$1 billion investment; filed CCN reques
Slide 8: Long-Term Total Return Outlook and Rate Base Growth Plan 2017-2022
Long-Term Total Return Outlook Rate Base Growth Plan 2017-20222 • Expect 5% to 7% compound annual EPS growth from 2017 through 20221,2 Regulated Rate Base3 Five-Year Rate ─ Primarily driven by strong rate base growth ($ Billions) Base CAGR • Expect ~7% compound annual rate base growth from 2017 thro
Slide 9: Financial Update
Financial Update Marty Lyons Executive Vice President and Chief Financial Officer, Ameren Corp.
Slide 10: GAAP to Core Earnings Reconciliation
GAAP to Core Earnings Reconciliation Three Months Ended Sept. 30, Nine Months Ended Sept. 30, (in millions, except per share amounts) 2017 2018 2017 2018 GAAP Earnings / Diluted EPS $ 288 $ 1.18 $ 357 $ 1.45 $ 583 $ 2.39 $ 747 $ 3.04 Charge for revaluation of deferred taxes resulting from 22 0.09 —
Slide 11: 2018 Third Quarter Earnings Analysis
2018 Third Quarter Earnings Analysis1 Key Earnings Variance Drivers: Core Diluted EPS2 Higher Ameren Missouri earnings Q3 2017 vs. Q3 2018 ─ Timing difference between income tax expense and revenue reductions related to $1.50 federal income tax reform: +$0.16 $0.20 • Not expected to impact full-year
Slide 12: 2018 EPS Guidance and Select Balance of Year Considerations
2018 EPS Guidance and Select Balance of Year Considerations • 2018 GAAP diluted EPS guidance range raised to $3.30 to $3.40 from $3.15 to $3.35 – Includes Q3 non-core, non-cash charge for a true-up to the revaluation of deferred taxes associated with federal 2018E Core income tax reform resulting pr
Slide 13: Select Regulatory Matters
Select Regulatory Matters Ameren Missouri • Use of PISA under Senate Bill 564 effective Sept. 1 ─ Allows for deferral and recovery of 85% of depreciation expense and return on rate base related to plant1 placed-in-service between regulatory rate reviews • Monthly depreciation expense deferral calcul
Slide 14: Select Regulatory Matters, Cont’d
Select Regulatory Matters, Cont’d Ameren Transmission • Second complaint case to reduce MISO’s FERC-allowed base ROE pending ─ In June 2016, ALJ recommended a 9.70% base ROE • If approved by FERC, would result in total allowed ROE of 10.20% vs. current 10.82%, both include 50 basis point adder for M
Slide 15: Select Regulatory Matters, Cont’d
Select Regulatory Matters, Cont’d Ameren Illinois Electric Distribution • Requested $72 million base rate increase from ICC in annual formula update ─ Aug. ICC Staff recommendation in agreement with Ameren Illinois’ request ─ Expect ICC decision by Dec. 2018, with new rates effective by Jan. 2019 ─
Slide 16: Select 2019 Earnings Considerations Compared to 2018
Select 2019 Earnings Considerations Compared to 2018 Return to normal weather: ~$(0.27) ─ Assumes normal weather for Q4 2018 Ameren Callaway refueling and maintenance outage scheduled for spring 2019: ~$(0.10) Missouri Full year application of SB 564 to a higher level of infrastructure investments L
Slide 17: Summary
Summary Expect to deliver strong earnings growth in 2018 with core guidance in a range of $3.35 to $3.45 per diluted share1 Successfully executing our strategy Strong long-term growth outlook • Expect 5% to 7% compound annual EPS growth from 2017 through 2022 2,3 • Expect ~7% compound annual rate ba
Slide 18: Appendix
_ Appendix
Slide 19: Constructive Regulatory Frameworks
Constructive 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 fo
Slide 20: 2018 Earnings Analysis for Nine Months Ended Sept. 30
2018 Earnings Analysis for Nine Months Ended Core Diluted EPS2 Sept. 30 1 Nine Months Ended Sept. 30 Key Earnings Variance Drivers: Higher Ameren Missouri earnings $3.09 ─ Higher electric retail sales primarily due to colder winter and warmer summer temperatures: ~+$0.39 $0.50 • Temperatures vs. pri
Slide 21: Impacts of Federal Income Tax Reform
Impacts of Federal Income Tax Reform 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; ex
Slide 22: Long-Term Debt Financings and Maturities; Credit Ratings
Long-Term Debt Financings and Ameren Credit Ratings and Maturities External Debt Balances1 2018 As of Sept. 30, 2018 $ in • On Apr. 6, Ameren Missouri issued $425 million of 4.00% first Moody's S&P millions mortgage bonds due 2048 Ameren Corporation (Issuer: Baa1/BBB+) – Proceeds used to repay short
Slide 23: Select Regulatory Matters
Select Regulatory Matters Missouri Public Service Commission • Senate Bill 564: http://www.senate.mo.gov/18info/pdf-bill/perf/SB564.pdf • Order passing savings from federal income tax reform to customers: Docket No. ER-2018-0362 • Order approving Renewable Choice Program agreement: Docket No. ET-201
Slide 24: Investor Relations Calendar
Investor Relations Calendar LATE OCTOBER/NOVEMBER 2018 SUN. MON. TUES. WED. THUR. FRI. SAT. Oct. 28 29 30 31 Nov. 1 2 3 Q3 Quiet Q3 2018 Period, Earnings Continued Release 4 5 6 7 8 9 10 11 12 13 14 15 16 17 EEI Conf. EEI Conf. 18 19 20 21 22 23 24 25 26 27 28 29 30 Oct. 28 Q3 2018 quiet period cont
Slide 25: Glossary of Terms and Abbreviations
Glossary of Terms and Abbreviations ALJ – Administrative Law Judge MoPSC – Missouri Public Service Commission ATXI – Ameren Transmission Company of Illinois MW – Megawatt CAGR – Compound annual growth rate QIP – Qualifying Infrastructure Plant CCN – Certificate of Convenience and Necessity OPC – Off