Detailed Narrative
Economic Development and Large Load Growth
Ameren is actively engaged in economic development, particularly with data center customers, building a robust pipeline of opportunities extending into the next decade. Ameren Missouri has expanded executed construction agreements with data center developers to 3 gigawatts, up from 2.3 gigawatts, with nonrefundable payments totaling $38 million received for transmission upgrades. The company expects 1 gigawatt of new data center load by 2029 and 1.5 gigawatts by 2032, representing approximately 5.5% compound annual Missouri sales growth from 2025. In Illinois, developers are advancing data center projects with 850 megawatts of expected incremental energy demand, also with signed construction agreements and payments received for interconnections.
Missouri Preferred Resource Plan and Generation Strategy
Ameren Missouri's updated preferred resource plan calls for adding approximately 10 gigawatts of generation capacity by 2035, including 3.7 GW of natural gas, 4.2 GW of renewables, and 1.4 GW of battery storage. The company has invested over $825 million in new or existing generation resources through September 2025 and requested CCNs for 1.45 gigawatts of additional resources. A key target is to maintain a balanced energy mix of 70% on-demand and 30% intermittent resources by 2040, with planned generation expected to provide $1.5 billion in customer savings from tax credits through 2029.
Regulatory Framework for Large Load Customers
Ameren Missouri filed a proposed large load rate structure with the Missouri PSC in May, updated in surrebuttal testimony, designed to ensure new large load customers pay for their cost of service and connection. The proposal includes service under the existing large primary service base rate (approximately $0.06 per kWh), a 12-year service commitment after ramp, an 80% minimum demand charge of contracted capacity, and exit provisions. A decision from the Missouri PSC is expected by February 2026, aiming to offer competitive rates while protecting existing customers.
Illinois Regulatory Updates
In Illinois, Ameren's natural gas distribution rate review is pending with the ICC, with an ALJ recommendation of a $91 million annual base rate increase (vs. $135 million requested) based on a 9.93% ROE and 50% equity ratio. A decision is expected in November 2025, with rates effective in December. For the electric multiyear rate plan, the ICC staff revised its reconciliation adjustment recommendation to a $47 million increase (vs. $60 million requested), with an ALJ recommendation expected soon and an ICC decision by mid-December, effective January 2026.
Leadership Transition
Effective January 1, Michael Moehn will transition to Group President of Ameren Utilities, overseeing all business segments. Lenny Singh, currently Chairman and President of Ameren Illinois, will succeed Michael as Executive Vice President and Chief Financial Officer. These changes are intended to leverage deep financial and operational expertise to continue delivering value for customers and shareholders, ensuring financial discipline aligned with regulatory frameworks.