Ameren Announces Second Quarter 2024 Results
-- Second quarter Diluted Earnings Per Share were $0.97 in 2024 vs. $0.90
in 2023
-- Guidance Range for 2024 Reaffirmed at $4.52 to $4.72 per Diluted Share
ST. LOUIS, Aug. 1, 2024 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced second quarter 2024 net income attributable to common shareholders of $258 million, or $0.97 cents per diluted share, compared to second quarter 2023 net income of $237 million, or $0.90 per diluted share.
Second quarter 2024 results reflected earnings on increased infrastructure investments driven by strong execution of the company's strategy. Earnings were positively impacted by higher Ameren Missouri electric retail sales that were primarily driven by warmer spring and early summer temperatures as compared to the year-ago-period. In addition, earnings benefited from new Ameren Missouri electric service rates. These positive factors were partially offset by higher interest expense Ameren Parent, higher operations and maintenance expenses primarily at Ameren Missouri and a lower return on equity at Ameren Illinois Electric Distribution under the new multi-year rate plan. Finally, the earnings comparison also reflected higher weighted-average basic common shares outstanding.
"We delivered strong second quarter earnings resulting from strategic infrastructure investments and disciplined cost control. We continue to see significant opportunity for earnings growth as we focus on meeting our customers' growing needs for safe, reliable, affordable and cleaner service. Through consistent execution of our long-term strategy, we expect to drive sustainable earnings and dividend growth for our shareholders," said Martin J. Lyons, Jr., chairman, president and chief executive officer of Ameren Corporation.
Ameren recorded net income attributable to common shareholders for the six months ended June 30, 2024, of $519 million, or $1.95 per diluted share, compared to net income attributable to common shareholders for the six months ended June 30, 2023, of $501 million, or $1.90 per diluted share.
The increase in year-over-year six month earnings reflected increased strategic infrastructure investments and disciplined cost control. Earnings were positively impacted by new Ameren Missouri electric service rates and higher electric retail sales that were driven by warmer spring and early summer temperatures and higher retail sales across all customer classes. In addition, earnings benefited from new Ameren Illinois Natural Gas service rates and rate design. These positive factors were partially offset by higher operations and maintenance expenses at Ameren Missouri driven largely by non-recurring items. Finally, the earnings comparison reflected increased interest expense at Ameren Missouri and Ameren Parent, a lower return on equity under the new multi-year rate plan at Ameren Illinois Electric Distribution and lower tax benefits at Ameren Parent.
Earnings Guidance
Today, Ameren reaffirmed its 2024 earnings guidance range of $4.52 to $4.72 per diluted share. Earnings guidance for 2024 assumes normal temperatures for the last six months of the year and is subject to the effects of, among other things: regulatory, judicial and legislative actions; energy center and energy distribution operations; energy, economic and capital market conditions; customer usage; severe storms; market returns on company-owned life insurance investments; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or referred to, in the Forward-looking Statements section of this press release.
Ameren Missouri Segment Results
Ameren Missouri second quarter 2024 earnings were $128 million, compared to second quarter 2023 earnings of $102 million. The year-over-year increase reflected earnings on increased infrastructure investments, higher electric retail sales that were primarily driven by warmer spring and early summer temperatures compared to the year-ago-period, and new electric service rates effective July 9, 2023. These positive factors were partially offset by higher operations and maintenance expenses, which reflected the absence in 2024 of the recovery in the year-ago period of previously expensed items approved as part of the June 2023 electric service rate order.
Ameren Transmission Segment Results
Ameren Transmission second quarter 2024 earnings were $79 million, compared to second quarter 2023 earnings of $72 million. The year-over-year increase reflected earnings on increased infrastructure investments.
Ameren Illinois Electric Distribution Segment Results
Ameren Illinois Electric Distribution second quarter 2024 earnings were $61 million, compared to second quarter 2023 earnings of $66 million. The year-over-year comparison reflected a lower allowed return on equity for 2024 under the new multi-year rate plan.
Ameren Illinois Natural Gas Segment Results
Ameren Illinois Natural Gas second quarter 2024 earnings were $6 million, compared to second quarter 2023 earnings of $11 million. The year-over-year comparison reflected rate design impacts from new delivery service rates effective November 28, 2023, which are not expected to materially impact full year results.
Ameren Parent Results (includes items not reported in a business segment)
Ameren Parent second quarter 2024 reflected a loss of $16 million, compared to second quarter 2023 loss of $14 million. The year-over-year comparison reflected higher interest expense.
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Friday, August 2, 2024 to discuss 2024 earnings, earnings guidance and other matters. Investors, the news media and the public may listen to a live broadcast of the call at AmerenInvestors.com by clicking on "Webcast" under "Latest Quarterly Results," where an accompanying slide presentation will also be available. The conference call and presentation will be archived in the "Investors" section of the website under "Quarterly Earnings."
About Ameren
St. Louis-based Ameren Corporation powers the quality of life for 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution service, as well as natural gas distribution service. Ameren Transmission Company of Illinois develops, owns and operates rate-regulated regional electric transmission projects in the Midcontinent Independent System Operator, Inc. For more information, visit Ameren.com, or follow us on X at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn/company/Ameren.
Forward-looking Statements
Statements in this release 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 statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, projections, strategies, targets, estimates, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed under Risk Factors in Ameren's Annual Report on Form 10-K for the year ended December 31, 2023, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:
-- regulatory, judicial, or legislative actions, and any changes in
regulatory policies and ratemaking determinations, that may change
regulatory recovery mechanisms, such as those that may result from any
additional mitigation relief related to the operation of the Rush Island
Energy Center that may be ordered by the United States District Court
for the Eastern District of Missouri, the Missouri Office of Public
Counsel's request for rehearing of the Missouri Public Service
Commission's (MoPSC) June 2024 financing order to authorize the issuance
of securitized utility tariff bonds to finance the cost of the planned
accelerated retirement of the Rush Island Energy Center, Ameren
Missouri's electric service regulatory rate review filed with the MoPSC
in June 2024, Ameren Missouri's proposed customer energy-efficiency plan
under the Missouri Energy Efficiency Investment Act (MEEIA) filed with
the MoPSC in January 2024, Ameren Illinois' December 2023 Illinois
Commerce Commission (ICC) order for the Multi-Year Rate Plan (MYRP)
electric distribution service regulatory rate review that directed
Ameren Illinois to file a revised Grid Plan and a request to update the
associated MYRP revenue requirements for 2024 through 2027, both
subsequently filed in March 2024, and appeal of the December 2023 order
to the Illinois Appellate Court for the Fifth Judicial District, Ameren
Illinois' electric distribution service revenue requirement
reconciliation adjustment request filed with the ICC in April 2024,
Ameren Illinois' appeal of the November 2023 ICC natural gas delivery
service rate order to the Illinois Appellate Court for the Fifth
Judicial District, and the August 2022 United States Court of Appeals
for the District of Columbia Circuit ruling that vacated the Federal
Energy Regulatory Commission's (FERC) Midcontinent Independent System
Operator, Inc. (MISO) return on equity (ROE)-determining orders and
remanded the proceedings to the FERC;
-- our ability to control costs and make substantial investments in our
businesses, including our ability to recover costs and investments, and
to earn our allowed ROEs, within frameworks established by our
regulators, while maintaining affordability of services for our
customers;
-- the effect and duration of Ameren Illinois' election to utilize MYRPs
for electric distribution service ratemaking effective for rates
beginning in 2024, including the effect of the reconciliation cap on the
electric distribution revenue requirement;
-- the effect of Ameren Illinois' use of the performance-based formula
ratemaking framework for its participation in electric energy-efficiency
programs, and the related impact of the direct relationship between
Ameren Illinois' ROE and the 30-year United States Treasury bond yields;
-- the effect on Ameren Missouri of any customer rate caps or limitations
on increasing the electric service revenue requirement pursuant to
Ameren Missouri's election to use the plant-in-service accounting
regulatory mechanism (PISA);
-- Ameren Missouri's ability to construct and/or acquire wind, solar, and
other renewable energy generation facilities and battery storage, as
well as natural gas-fired energy centers, extend the operating license
for the Callaway Energy Center, retire fossil fuel-fired energy centers,
and implement new or existing customer energy-efficiency programs,
including any such construction, acquisition, retirement, or
implementation in connection with its Smart Energy Plan, integrated
resource plan, or emissions reduction goals, and to recover its cost of
investment, a related return, and, in the case of customer
energy-efficiency programs, any lost electric revenues in a timely
manner, each of which is affected by the ability to obtain all necessary
regulatory and project approvals, including certificates of convenience
and necessity (CCNs) from the MoPSC or any other required approvals for
the addition of renewable resources and natural gas-fired energy
centers;
-- Ameren Missouri's ability to use or transfer federal production and
investment tax credits related to renewable energy projects; the cost of
wind, solar, and other renewable generation and battery storage
technologies; and our ability to obtain timely interconnection
agreements with the MISO or other regional transmission organizations at
an acceptable cost for each facility;
-- the outcome of competitive bids related to requests for proposals and
project approvals, including CCNs from the MoPSC and the ICC or any
other required approvals, associated with the MISO's long-range
transmission planning;
-- the inability of our counterparties to meet their obligations with
respect to contracts, credit agreements, and financial instruments,
including as they relate to the construction and acquisition of electric
and natural gas utility infrastructure and the ability of counterparties
to complete projects, which is dependent upon the availability of
necessary materials and equipment, including those obligations that are
affected by supply chain disruptions;
-- advancements in energy technologies, including carbon capture,
utilization, and sequestration, hydrogen fuel for electric production
and energy storage, next generation nuclear, and large-scale long-cycle
battery energy storage, and the impact of federal and state energy and
economic policies with respect to those technologies;
-- the effects of changes in federal, state, or local laws and other
governmental actions, including monetary, fiscal, foreign trade, and
energy policies;
-- the effects of changes in federal, state, or local tax laws or rates,
including the effects of the Inflation Reduction Act of 2022 (IRA) and
the 15% minimum tax on adjusted financial statement income, as well as
additional regulations, interpretations, amendments, or technical
corrections to or in connection with the IRA, and challenges to the tax
positions we have taken, if any, as well as resulting effects on
customer rates and the recoverability of the minimum tax imposed under
the IRA;
-- the effects on energy prices and demand for our services resulting from
technological advances, including advances in customer energy
efficiency, electric vehicles, electrification of various industries,
energy storage, and private generation sources, which generate
electricity at the site of consumption and are becoming more
cost-competitive;
-- the cost and availability of fuel, such as low-sulfur coal, natural gas,
and enriched uranium used to produce electricity; the cost and
availability of natural gas for distribution and the cost and
availability of purchased power, including capacity, zero emission
credits, renewable energy credits, and emission allowances; and the
level and volatility of future market prices for such commodities and
credits;
-- disruptions in the delivery of fuel, failure of our fuel suppliers to
provide adequate quantities or quality of fuel, or lack of adequate
inventories of fuel, including nuclear fuel assemblies primarily from
the one Nuclear Regulatory Commission-licensed supplier of assemblies
for Ameren Missouri's Callaway Energy Center;
-- the cost and availability of transmission capacity for the energy
generated by Ameren Missouri's energy centers or required to satisfy
Ameren Missouri's energy sales;
-- the effectiveness of our risk management strategies and our use of
financial and derivative instruments;
-- the ability to obtain sufficient insurance, or, in the absence of
insurance, the ability to timely recover uninsured losses from our
customers;
-- the impact of cyberattacks and data security risks on us, our suppliers,
or other entities on the grid, which could, among other things, result
in the loss of operational control of energy centers and electric and
natural gas transmission and distribution systems and/or the loss of
data, such as customer, employee, financial, and operating system
information;
-- acts of sabotage, which have increased in frequency and severity within
the utility industry, war, terrorism, or other intentionally disruptive
acts;
-- business, economic, and capital market conditions, including the impact
of such conditions on interest rates, inflation, and investments;
-- the impact of inflation or a recession on our customers and the related
impact on our results of operations, financial position, and liquidity;
-- disruptions of the capital and credit markets, deterioration in our
credit metrics, or other events that may have an adverse effect on the
cost or availability of capital, including short-term credit and
liquidity, and our ability to access the capital and credit markets on
reasonable terms when needed;
-- the actions of credit rating agencies and the effects of such actions;
-- the impact of weather conditions and other natural conditions on us and
our customers, including the impact of system outages and the level of
wind and solar resources;
-- the construction, installation, performance, and cost recovery of
generation, transmission, and distribution assets;
-- the ability to maintain system reliability during the transition to
clean energy generation by Ameren Missouri and the electric utility
industry, as well as our ability to meet generation capacity
obligations;
-- the effects of failures of electric generation, electric and natural gas
transmission or distribution, or natural gas storage facilities systems
and equipment, which could result in unanticipated liabilities or
unplanned outages;
-- the operation of Ameren Missouri's Callaway Energy Center, including
planned and unplanned outages, as well as the ability to recover costs
associated with such outages and the impact of such outages on
off-system sales and purchased power, among other things;
-- Ameren Missouri's ability to recover the remaining investment and
decommissioning costs associated with the retirement of an energy
center, as well as the ability to earn a return on that remaining
investment and those decommissioning costs;
-- the impact of current environmental laws and new, more stringent, or
changing requirements, including those related to New Source Review
provisions of the Clean Air Act, carbon dioxide, nitrogen oxides and
other emissions and discharges, Illinois emission standards, cooling
water intake structures, coal combustion residuals, energy efficiency,
and wildlife protection, that could limit or terminate the operation of
certain of Ameren Missouri's energy centers, increase our operating
costs or investment requirements, result in an impairment of our assets,
cause us to sell our assets, reduce our customers' demand for
electricity or natural gas, or otherwise have a negative financial
effect;
-- the impact of complying with renewable energy standards in Missouri and
Illinois and with the zero emission standard in Illinois;
-- the effectiveness of Ameren Missouri's customer energy-efficiency
programs and the related revenues and performance incentives earned
under its MEEIA programs;
-- Ameren Illinois' ability to achieve the performance standards applicable
to its electric distribution business and electric customer
energy-efficiency goals and the resulting impact on its allowed ROE;
-- labor disputes, work force reductions, our ability to retain
professional and skilled-craft employees, changes in future wage and
employee benefits costs, including those resulting from changes in
discount rates, mortality tables, returns on benefit plan assets, and
other assumptions;
-- the impact of negative opinions of us or our utility services that our
customers, investors, legislators, regulators, creditors, or other
stakeholders may have or develop, which could result from a variety of
factors, including failures in system reliability, failure to implement
our investment plans or to protect sensitive customer information,
increases in rates, negative media coverage, or concerns about
environmental, social, and governance practices;
-- the impact of adopting new accounting and reporting guidance;
-- the effects of strategic initiatives, including mergers, acquisitions,
and divestitures;
-- legal and administrative proceedings;
-- pandemics or other significant global health events, and their impacts
on our results of operations, financial position, and liquidity; and
-- the impacts of the Russian invasion of Ukraine and conflicts in the
Middle East, related sanctions imposed by the U.S. and other
governments, and any broadening of these or other global conflicts,
including potential impacts on the cost and availability of fuel,
natural gas, enriched uranium, and other commodities, materials, and
services, the inability of our counterparties to perform their
obligations, disruptions in the capital and credit markets, acts of
sabotage or terrorism, including cyberattacks, and other impacts on
business, economic, and geopolitical conditions, including inflation.
New factors emerge from time to time, and it is not possible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.
AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF INCOME
(Unaudited, in millions, except per share amounts)
Three Months Ended June Six Months Ended June
30, 30,
2024 2023 2024 2023
Operating Revenues:
Electric $1,521 $1,585 $2,885 $3,175
Natural gas 172 175 624 647
Total operating revenues 1,693 1,760 3,509 3,822
Operating Expenses:
Fuel and purchased power 327 480 655 1,088
Natural gas purchased for resale 33 42 184 250
Other operations and maintenance 465 450 935 898
Depreciation and amortization 376 335 737 655
Taxes other than income taxes 131 124 266 251
Total operating expenses 1,332 1,431 2,777 3,142
Operating Income 361 329 732 680
Other Income, Net 103 82 192 160
Interest Charges 165 134 319 261
Income Before Income Taxes 299 277 605 579
Income Taxes 39 38 83 75
Net Income 260 239 522 504
Less: Net Income Attributable to Noncontrolling Interests 2 2 3 3
Net Income Attributable to Ameren Common Shareholders $258 $237 $519 $501
Earnings per Common Share - Basic $0.97 $0.90 $1.95 $1.91
Earnings per Common Share - Diluted $0.97 $0.90 $1.95 $1.90
Weighted-average Common Shares Outstanding - Basic 266.7 262.6 266.5 262.4
Weighted-average Common Shares Outstanding - Diluted 266.8 263.2 266.8 263.2
AMEREN CORPORATION (AEE)
CONSOLIDATED BALANCE SHEET
(Unaudited, in millions)
June 30,
2024 December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents $19 $25
Accounts receivable - trade (less allowance for doubtful accounts) 514 494
Unbilled revenue 407 319
Miscellaneous accounts receivable 62 106
Inventories 740 733
Current regulatory assets 345 365
Other current assets 130 139
Total current assets 2,217 2,181
Property, Plant, and Equipment, Net 34,873 33,776
Investments and Other Assets:
Nuclear decommissioning trust fund 1,266 1,150
Goodwill 411 411
Regulatory assets 1,952 1,810
Pension and other postretirement benefits 566 581
Other assets 1,049 921
Total investments and other assets 5,244 4,873
TOTAL ASSETS $42,334 $40,830
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt $799 $849
Short-term debt 691 536
Accounts and wages payable 774 1,136
Interest accrued 177 147
Customer deposits 197 176
Other current liabilities 655 501
Total current liabilities 3,293 3,345
Long-term Debt, Net 16,280 15,121
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and tax credits, net 4,325 4,176
Regulatory liabilities 5,531 5,512
Asset retirement obligations 791 772
Other deferred credits and liabilities 446 426
Total deferred credits and other liabilities 11,093 10,886
Shareholders' Equity:
Common stock 3 3
Other paid-in capital, principally premium on common stock 7,246 7,216
Retained earnings 4,299 4,136
Accumulated other comprehensive loss (9) (6)
Total shareholders' equity 11,539 11,349
Noncontrolling Interests 129 129
Total equity 11,668 11,478
TOTAL LIABILITIES AND EQUITY $42,334 $40,830
AMEREN CORPORATION (AEE)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, in millions)
Six Months Ended June 30,
2024 2023
Cash Flows From Operating Activities:
Net income $522 $504
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 760 703
Amortization of nuclear fuel 38 36
Amortization of debt issuance costs and premium/discounts 9 8
Deferred income taxes and investment tax credits, net 76 66
Allowance for equity funds used during construction (25) (23)
Stock-based compensation costs 14 14
Other 13 (19)
Changes in assets and liabilities (358) (178)
Net cash provided by operating activities 1,049 1,111
Cash Flows From Investing Activities:
Capital expenditures (1,892) (1,822)
Nuclear fuel expenditures (37) (50)
Purchases of securities - nuclear decommissioning trust fund (323) (81)
Sales and maturities of securities - nuclear decommissioning trust fund 309 65
Other 11 (1)
Net cash used in investing activities (1,932) (1,889)
Cash Flows From Financing Activities:
Dividends on common stock (356) (330)
Dividends paid to noncontrolling interest holders (3) (3)
Short-term debt, net 156 260
Maturities of long-term debt (350) (100)
Issuances of long-term debt 1,470 997
Issuances of common stock 21 16
Employee payroll taxes related to stock-based compensation (8) (20)
Debt issuance costs (18) (9)
Other - (3)
Net cash provided by financing activities 912 808
Net change in cash, cash equivalents, and restricted cash 29 30
Cash, cash equivalents, and restricted cash at beginning of year(a) 272 216
Cash, cash equivalents, and restricted cash at end of period(b) $301 $246
(a) Includes $25 million of cash and cash equivalents and $247 million of restricted cash as
of December 31, 2023.
(b) Includes $19 million of cash and cash equivalents and $282 million of restricted cash as
of June 30, 2024.
AMEREN CORPORATION (AEE)
OPERATING STATISTICS
Three Months Ended Six Months Ended
June 30, June 30,
2024 2023 2024 2023
Electric Sales - kilowatthours (in millions):
Ameren Missouri
Residential 2,995 2,838 6,472 6,251
Commercial 3,386 3,302 6,657 6,504
Industrial 1,046 1,003 2,005 1,939
Street lighting and public authority 14 15 33 35
Ameren Missouri retail load subtotal 7,441 7,158 15,167 14,729
Off-system 1,484 1,217 2,615 2,271
Ameren Missouri total 8,925 8,375 17,782 17,000
Ameren Illinois Electric Distribution
Residential 2,582 2,367 5,333 5,063
Commercial 2,791 2,744 5,547 5,570
Industrial 2,712 2,668 5,390 5,279
Street lighting and public authority 100 92 198 199
Ameren Illinois Electric Distribution total 8,185 7,871 16,468 16,111
Ameren Total 17,110 16,246 34,250 33,111
Electric Revenues (in millions):
Ameren Missouri
Residential $395 $360 $736 $684
Commercial 324 311 583 558
Industrial 77 75 138 136
Other, including street lighting and public authority 21 27 45 57
Ameren Missouri retail load subtotal $817 $773 $1,502 $1,435
Off-system sales and capacity 47 145 76 324
Ameren Missouri total $864 $918 $1,578 $1,759
Ameren Illinois Electric Distribution
Residential $311 $337 $608 $719
Commercial 163 193 328 393
Industrial 47 48 92 96
Other, including street lighting and public authority (12) (38) (13) (44)
Ameren Illinois Electric Distribution total $509 $540 $1,015 $1,164
Ameren Transmission
Ameren Illinois Transmission(a) $136 $113 $267 $227
ATXI 55 48 110 97
Eliminate affiliate revenues - (1)
Ameren Transmission total $191 $161 $376 $324
Other and intersegment eliminations(a) (43) (34) (84) (72)
Ameren Total $1,521 $1,585 $2,885 $3,175
(a) Includes $27 million, $26 million, $55 million, and $54 million, respectively, of electric operating revenues from transmission services provided to the
Ameren Illinois Electric Distribution segment.
AMEREN CORPORATION (AEE)
OPERATING STATISTICS
Three Months Ended Six Months Ended
June 30, June 30,
2024 2023 2024 2023
Gas Sales - dekatherms (in millions):
Ameren Missouri 3 3 11 11
Ameren Illinois Natural Gas 28 30 88 90
Ameren Total 31 33 99 101
Gas Revenues (in millions):
Ameren Missouri $24 $23 $85 $105
Ameren Illinois Natural Gas 148 152 539 543
Eliminate affiliate revenues - (1)
Ameren Total $172 $175 $624 $647
June 30, December 31,
2024 2023
Common Stock:
Shares outstanding (in millions) 266.8 266.3
Book value per share $43.25 $42.62
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SOURCE Ameren Corporation
