Ameren Q2 2025 Earnings Report

Ameren EPS Results

• Actual EPS: $1.01
• Consensus EPS: $1.00
• Beat/Miss: Beat by +$0.01
• One Year Ago EPS: $0.97

Ameren Revenue Results

• Actual Revenue: $2.22 billion
• Expected Revenue: $1.82 billion
• Beat/Miss: Beat by +$398.26 million
• YoY Revenue Growth: +31.20%

Ameren Announcement Details

• Quarter: Q2 2025
• Date: 7/31/2025
• Time: After Market Closes
• Conference Call Date: Friday, August 1, 2025
• Conference Call Time: 10:00AM ET

Ameren (NYSE:AEE) (NYSE:AEE) is a regulated electric and natural gas utility holding company headquartered in St. Louis, Missouri. Through its operating companies, Ameren provides energy generation, transmission, distribution and related services to customers in Missouri and Illinois.

Ameren Missouri operates an integrated electric utility serving communities across Missouri and also provides natural gas distribution services in parts of the state. Ameren Illinois operates electric and natural gas distribution businesses serving customers throughout much of Illinois. The company also owns and operates electric transmission infrastructure and generation assets, including renewable and other power resources that support its regulated utility operations.

Ameren was formed in 1997 through the merger of Union Electric and Central Illinois Public Service Company. Martin J. Lyons Jr. serves as Ameren’s chairman, president and chief executive officer. The company’s operations are primarily focused on maintaining and modernizing its energy networks while supporting the transition toward lower-carbon electricity generation.

Ameren Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Ameren reported second quarter earnings of $1.01 per share versus $0.97 a year ago and reaffirmed its full-year 2025 guidance of $4.85–$5.05 per share.
• Positive Sentiment: The company invested over $2 billion in critical energy infrastructure in H1 and deployed 2,700 personnel to restore service to more than 290,000 customers after severe weather, highlighting grid resilience efforts.
• Positive Sentiment: Ameren executed construction agreements for 2.3 GW of future data center load with $28 million in nonrefundable payments and is studying expansions as customer interest grows.
• Neutral Sentiment: The company filed a proposed large load rate structure with the Missouri PSC—featuring competitive kilowatt-hour rates, long-term service terms, and clean energy options—with a decision expected by February 2026.
• Negative Sentiment: Five state commissions challenged MISO’s tranche 2.1 transmission benefit-cost ratios at FERC, potentially delaying approval of a $6.5 billion regional transmission portfolio.

Presentation

[Operator]

Welcome to Ameren Corporation second quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Andrew Kirk, Senior Director of Investor Relations for Ameren Corporation. Thank you, Mr. Kirk, you may begin.

[Andrew Kirk, Senior Director of Investor Relations at Ameren Corporation]

Thank you and good morning. On the call with me today are Marty Lyons, our Chairman, President, Chief Executive Officer, and Michael Moehn, our Senior Executive Vice President, Chief Financial Officer, as well as other members of the Ameren management team. This call contains time-sensitive data that is accurate only as of the date of today's live broadcast, and redistribution of this broadcast is prohibited. We have posted a presentation on the amereninvestors.com homepage that will be referenced by our speakers. As noted on page two of the presentation, comments made during this conference call may contain statements about future expectations, plans, projections, financial performance, and similar matters which are commonly referred to as forward-looking statements.

[Andrew Kirk, Senior Director of Investor Relations at Ameren Corporation]

Please refer to the forward-looking statements section in the news release we issued yesterday, as well as our SEC filings, for more information about the various factors that could cause actual results to differ materially from those anticipated. Now here's Marty, who will start on page four.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

Thanks, Andrew. Good morning, everyone. At Ameren, we power the quality of life for millions across Missouri and Illinois. Our strategic approach is built on three fundamentals: making prudent investments in rate-regulated energy infrastructure, advocating for responsible energy policies, and continuously optimizing our operations to create long-term sustainable value for our customers, communities, and shareholders. This strategy is not just about keeping the lights on. It is about paving the way for a cost-effective, more reliable, and resilient energy grid that meets our customers' growing needs and driving regional growth for decades to come.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

As highlighted on page five, we made solid progress on our key strategic objectives in the first half of the year, which will help us deliver on these commitments to our customers and shareholders. During the first half of the year, we invested over $2 billion in critical infrastructure, advanced key regulatory proceedings, and delivered strong operational performance, all while keeping our average electric rates below the national and Midwest averages. In the second quarter, we experienced a high number of severe weather events, including an EF3 tornado on May 16 that spanned a mile wide and traveled 23 miles through central St. Louis County and northern parts of St. Louis City and into Illinois. This tornado caused extensive damage and widespread outages across Ameren Missouri and Ameren Illinois.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

We deployed more than 2,700 field personnel in the days following the tornado, including Ameren crews, contractors, and supporting resources from across the Midwest who responded swiftly and safely, rebuilding damaged infrastructure, replacing nearly 1,000 poles, and restoring service to more than 290,000 customers. Weather events like those experienced earlier this year underscore the importance of our ongoing investments in a more resilient energy grid. Enhancements like upgraded substations, composite poles designed to withstand high winds, and smart technologies that enable faster outage detection and automated grid self-healing are helping us restore power safely and more quickly when these serious storms strike. We remain focused on making these investments responsibly, balancing reliability and resilience with affordability. Now let's cover the financial results for the quarter as shown on page six.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

Yesterday we announced second quarter 2025 earnings of $1.01 per share compared to earnings of $0.97 per share in the second quarter of 2024. The key drivers of these results are outlined on this slide. We continue to expect 2025 diluted earnings per share to be in the range of $4.85 per share and $5.05 per share. Turning to page seven, I'll provide an update on economic development activities in our region and associated sales growth opportunities. We continue to expect approximately 5.5% compound annual sales growth from 2025 through 2029 in Missouri, primarily driven by increased data center demand. We remain engaged with potential data center customers and are building a robust pipeline of large load opportunities that extend well into the next decade.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

As discussed on our first quarter call in May, we've executed construction agreements with data center developers representing approximately 2.3 GW of future demand, with this load expected to begin ramp up in late 2026 and beyond. These developers have demonstrated their confidence in and commitment to their potential projects by submitting non-refundable payments totaling $28 million towards the cost of necessary transmission upgrades. We are actively engaged with potential customers to execute electric service agreements or ESAs that are aligned with our proposed Missouri large load rate structure and, among other things, would establish anticipated minimum ramp schedules. Like our proposed rate structure, which I'll talk about in a moment, these ESAs will be subject to Missouri PSC approval.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

In addition, data center developers with existing construction agreements have requested that we study expanding their data center projects given our competitive power rates and access to desirable construction sites with available transmission interconnection. In order to support economic opportunities as we outlined in our Preferred Resource Plan in February, we must quickly accelerate generation portfolio additions to provide the energy and capacity needed to serve these customers. On page eight, we provide an update on generation resources currently under development at Ameren Missouri and new Certificates of Convenience and Necessity, or CCNs, requested from the Missouri PSC. In June, we requested a CCN for the Big Hollow Energy Center, which as proposed will consist of an 800 MW simple cycle natural gas energy center and a 400 MW battery storage facility.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

Both of these facilities will be located at the site of Ameren's retired Rush Island Energy Center, which will reduce construction time and costs for our customers and keep jobs and tax base in the community, subject to commission approval. We expect the Big Hollow Energy Center will begin serving customers in 2028. Our generation development efforts remain on schedule as we work toward achieving targeted in-service dates to proactively manage supply chain risks. We've already secured key components with long lead times, such as turbines and transformers, for our energy centers with expected in-service dates through 2029, and we've begun equipment procurement activities for our first natural gas combined cycle energy center. We expect to have purchase commitments in place for turbines and related equipment by the end of this year and for the combined cycle energy center to be serving customers by 2031.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

It's important to note that the significant investment needed to construct data centers, as well as the energy infrastructure needed to support them, will create meaningful job growth and tax revenues to support our local economy in addition to the energy and capacity to serve these large load customers. To realize this opportunity, we must also offer attractive rates. On slide nine, we outline Ameren Missouri's proposed large load rate structure, which we filed with the Missouri PSC in May. Under the proposed large load rate structure, we would deliver service under our existing large primary service base rate, which is currently approximately $0.06 per kWh, and customers would agree to additional terms and conditions as part of an ESA.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

The additional terms would include a minimum service term of 15 years, a minimum demand charge of 70% of contracted capacity, customer exit provisions, and customer credit and collateral requirements. In addition, new customer programs would be available, allowing customers to advance their clean energy goals by supporting the carbon-free energy resource of their choice through incremental payments. In summary, this rate structure would offer a competitive rate designed to ensure large customers pay their fair share of the cost of service. We're actively engaging with key stakeholders as we seek Missouri PSC approval for our proposed large load rate structure and related customer programs. While no deadline exists for Missouri PSC approval, based on the existing procedural schedule, we would expect a decision by February 2026. Moving now to page 10 for an update on the long-range transmission planning process at MISO.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

Our focus remains on building the Tranche 1 and Tranche 2.1 Long Range Transmission Planning projects assigned to us and developing strong proposals for Tranche 2.1 Long Range Transmission Planning competitive projects. The bidding and selection process for the $6.5 billion portfolio of competitive projects will take place over this year and next. We are carefully evaluating each bidding opportunity and will submit bids for projects where we believe we offer a clear advantage on project design, cost, and execution to deliver value for customers in the MISO region as we have successfully done in the past. When it enhances the strength and competitiveness of our proposals, we expect to partner with other entities. Further, MISO continues its future scenario redesign efforts, which will incorporate significantly increasing energy demand and updated resource mix assumptions across the region.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

We expect this analysis to show the need for significant transmission investment in the region, which is expected to be incorporated into later project portfolios in MISO's Long Range Transmission Planning. MISO is now expected to issue its final report outlining four scenarios of possible future energy grid conditions in early 2026. We expect this will lead to identification of specific transmission infrastructure investment needs in our region late in 2026. Moving to page 11, looking ahead over the next decade, we have a robust pipeline of investment opportunities which stands today at more than $63 billion that will deliver significant value to all of our stakeholders by making our energy grid stronger, smarter, and cleaner, and powering economic growth in our communities.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

Turning to page 12, in February we updated our five-year growth plan which includes our expectation of a 6% to 8% compound annual earnings growth rate from 2025 through 2029, and we expect to be near the upper end of our guidance range in the mid to latter part of our five-year plan. This earnings growth expectation is primarily driven by our sales growth assumptions and strong anticipated compound annual rate base growth of 9.2%, reflecting strategic allocation of infrastructure investment to meet these demands and strengthen the grid in each of our business segments. Based on their regulatory frameworks, we expect to deliver strong long-term earnings and dividend growth resulting in an attractive total return. I'm confident in our ability to execute our investment plan and strategy across all four of our business segments as we have an experienced and dedicated team to achieve our growth objectives.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

Again, thank you all for joining us today and for your continued interest in Ameren. I will now turn the call over.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

To Michael.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

Thanks Marty and good morning everyone. Turning now to page 14 of our presentation, yesterday we reported second quarter 2025 earnings of $1.01 per share compared to earnings of $0.97 per share for the second quarter of 2024. The key factors that drove the increase are highlighted by segment on this page. Our investments to strengthen the energy grid and provide more energy resources to serve our customers continue to be the primary driver of earnings growth across the company. In addition, we continue to experience solid customer growth at Ameren Missouri where total normalized retail sales over the trailing twelve months through June increase across all customer classes with an overall increase of approximately 1%. Moving to page 15, due to strong year to date performance, we are well positioned to deliver earnings per share in the top half of our 2025 guidance range.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

Here we have outlined select earnings considerations for the remainder of the year, including the expected quarterly earnings impacts from the constructive resolution of Ameren Missouri's 2024 electric rate review. Further, I'd like to also highlight the Commission approved a unanimous settlement in our Ameren Missouri 2024 gas rate review last month. New rates for our natural gas customers will take effect on September 1. As mentioned, normalized sales in Missouri have remained strong. The strength is particularly evident in the industrial class with sales up more than 2.5% on a trailing twelve month basis through June. Growth in the sector has been supported primarily by ongoing manufacturing expansions and the continued growth of new digital and communication services firms. Looking ahead to the second half of the year, we expect sales growth from a few new small scale data centers along with continued strength in the manufacturing sector.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

We continue to maintain disciplined cost management throughout the company. In the second half of the year, we plan to increase vegetation management in targeted operating regions to support system reliability and grid resiliency. This is in response to more robust vegetation growth driven by wet weather conditions experienced this spring and early summer. I encourage you to take these supplemental earnings drivers into consideration as you develop your expectations for quarterly earnings results for the balance of the year. Now turning to our financing plan on page 16 to support our credit ratings and maintain a strong balance sheet while we fund our investment plan. In February, we outlined a plan to issue approximately $600 million of common equity each year through 2029. We've effectively fulfilled our equity needs for 2025 and 2026 through forward sales agreements.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

We feel very good about our financial position and the progress we've made in our equity financing planning. Having utilized most of the capacity available under our existing equity sales distribution program, we expect to increase the program capacity to enable additional sales to support equity needs in 2027 and beyond. On the balance sheet front, Moody’s and S&P affirmed our Baa1 and BBB+ issuer credit ratings respectively in their annual credit opinions issued in the second quarter, a signal of our ongoing financial strength and stability. On page 17 we provide an update on federal tax and energy policy enacted in July. Significant advocacy from across the industry helped ensure that federal policies continue to support investment in energy resources nationwide to meet rising energy needs as we work to provide the substantial generation required to serve growing demand.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

Energy-related tax credits help to reduce the cost of these resources for our customers. We expect these credits to provide approximately $1.5 billion of cost savings for our customers from 2025 through 2029 under the One Big Beautiful Bill Act. We are well positioned to realize all the energy tax credits reflected in our current five-year plan. Approximately $750 million of the credits are expected to be generated by wind and solar projects either already in service or planned to be in service by 2027. We also expect to begin construction before the end of the year on battery storage projects which we anticipate will generate $250 million of credits. Finally, we expect to begin construction on additional solar projects this year and meet in-service dates for safe harbor to generate the remaining $500 million credits. On page 18 we provide a brief update on ongoing regulatory proceedings in Illinois.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

Our 2024 annual reconciliation proceeding under the electric Multi-Year Rate Plan continues to progress. In July, the Illinois Commerce Commission or ICC staff recommended a reconciliation adjustment of $49 million compared to our updated request of $60 million, with the variance primarily driven by treatment of other post-employment benefits. An ICC decision is expected by mid-December, and rates reflecting the approved reconciliation adjustment will be effective by January 2026. Turning to page 19, in July the ICC staff recommended a $103 million annual base rate increase in Ameren Illinois natural gas distribution rate review. The variance from our request for a $135 million increase is primarily driven by staff's recommendation of a 9.93% return on equity and a 50% common equity ratio. An ICC decision is expected by early December, with new rates effective later that month.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

We also saw regulatory progress in transmission development in July for both Missouri and Illinois, as the Missouri PSC and the Illinois Commerce Commission approved CCNs for Tranche 1 Long-Range Transmission projects. These approvals will allow the construction to begin on schedule in 2026. In summary, turning to page 20, our strong performance in the first half of the year has positioned us well to continue executing our strategic plan, which will drive superior value for all of our stakeholders. We continue to expect strong earnings per share growth to be driven by robust rate base growth, disciplined cost management, and a strong customer growth pipeline. Our strategy and team are well aligned to capitalize on these opportunities for our customers and shareholders. We believe our growth will compare favorably with the growth of our peers. Further, Ameren continues to offer investors an attractive dividend.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

In total, we have a track to total shareholder return story. That concludes our prepared remarks. We now invite your questions.

[Operator]

Thank you, ladies and gentlemen. The floor is now open for questions. If you would like to ask a question, please press star one on your telephone keypad at this time. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys again. That is star one to register a question at this time. Our first question is coming from Jeremy Tonet of JPMorgan. Please go ahead.

[Jeremy Tonet, Research Analyst and Managing Director at JPMorgan]

Hi, good morning.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

Morning, Jeremy.

[Jeremy Tonet, Research Analyst and Managing Director at JPMorgan]

Just wanted to touch base on data center load if I could here. We've seen enough peers lift their pipeline this quarter. I was just wondering if you could talk a bit more about what Ameren sees here with regards to economic development coming to the service territory in outlook.

[Jeremy Tonet, Research Analyst and Managing Director at JPMorgan]

For future growth here.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

Yeah, you bet, Jeremy. I'll tell you, we remain really excited about the opportunities we have ahead of us. We continue to see really robust interest and really strong momentum in the second quarter and here into the third with the data center developers and the hyperscalers. Earlier this year we bumped up the data centers in our pipeline with signed construction agreements, as you know, to 2.3 GW of signed construction agreements. I'd say in Q2 and in Q3, as we've gotten through July, we're right where we expected to be. We filed our tariff, our proposed rate structure, if you will, in Q2. Now we're actively engaged with hyperscalers negotiating ESAs aligned with that tariff that we proposed to the Missouri Public Service Commission. We feel good about the tariff that we filed and we're working through that.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

In the meantime, I can tell you that developers and hyperscalers are asking us to study expansion relative to the existing sites where we have construction agreement. That simply adds to our excitement because I think it extends the pipeline of investments and in jobs and economic development for our region. Of course, the sales growth opportunities we have beyond 2032, which we've outlined our expectations for that on slide seven. Conversations and the work we're doing continues to progress as expected and we're real excited about the outlook.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

Hey Jeremy, it's Michael here and you know, beyond agree with everything Marty said there on the data center side. As I indicated in my talking points, I mean I think just foundationally, the overall economy just remains very strong in our service territory here. In that trailing 12 months we said we saw 1% growth overall. It was in every class, residential, 1% commercial, 1% industrial, in particular about 2.5%. I know there's a lot of focus on the data center stuff, rightly so, but I mean there is some really good momentum just from a manufacturing perspective which obviously has jobs associated with it. We talked about this air dominance contract that was awarded to Boeing. It's probably a $20 billion plus investment over time. On the F47.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

Unilever had some nice expansions, GM, et cetera. There are smaller data centers that are going, I know they don't get quite the same attention, but these are kind of starting out at 5 MW, ramping to 25 MW over the course of the next couple of years. It does provide, I think, just a nice backdrop into the overall economic development opportunity.

[Jeremy Tonet, Research Analyst and Managing Director at JPMorgan]

Got it. Nothing to read into the unchanged pipeline here. These things are lumpy and happen when they happen.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

I would say the pipeline is. This is Marty, by the way, Jeremy. The pipeline remains extremely strong both in Missouri and Illinois. No change in the number of construction agreements signed, but the pipeline of opportunity is still very large, folks looking at data center development in both Illinois and Missouri in the near term. I want to highlight again, we're seeing some extension of that pipeline as well as some of these developers and hyperscalers are really asking about expansion opportunities beyond the current data centers that have been identified and looking at expansion opportunities which we're studying along with them. The pipeline remains really strong and feel really good about the data center construction agreements that we have.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

As you know, that 2.3 GW of signed construction agreements really marries up very well with the sales expectations that we've outlined previously. We have sort of a midpoint of expected growth in Missouri of about a gig and a half of sales out through 2032, aligns with that 5.5% sales growth. As outlined in our Integrated Resource Plan we filed earlier this year in Missouri, we're investing in generation that could serve up to 2 GW by 2032 and even more beyond that. We think that marries up real well with that 2.3 GW of signed construction agreements and just very happy with the progress we're making with the end use customers, with the hyperscalers in terms of negotiation of energy service agreements that would allow us to serve them as they move into these data centers and ramp up load.

[Jeremy Tonet, Research Analyst and Managing Director at JPMorgan]

Got it. That's very helpful there, thanks.

[Jeremy Tonet, Research Analyst and Managing Director at JPMorgan]

Maybe continuing with the thought, we've seen a number of peers firming spots in the turbine slot queue. If higher growth does materialize, does Ameren look to de-risk turbine slots needed here for any growth beyond the Preferred Resource Plan?

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

Yeah, Jeremy, it's Michael here.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

Look, we feel good about, you know, the near-term prospects and we've talked about this with respect to, you know, the two simple cycles that we have coming online here in 2027, 2028. Teams, you know, actively got in front of the queue there. Long lead time material, as Marty talked about, got shovels in the ground, a lot of work to be done there. Feeling good about meeting those in-service dates for 2027 and 2028. We have that combined cycle which is out there in 2031. Some active conversations going on at this point. I think I may have indicated at one point we were in the process of going through an RFP. I think over the course of the next 60, 90 days we'll have locked that in. The preliminary discussions are the team's feeling good about that timeline, that 2031, and that's obviously a big project.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

Beyond that we continue to stay flexible and agile. That's what we got going on at the moment.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

Yeah, Jeremy. Marty, just to add to what Michael said, he's absolutely right. Our focus is on making sure we shore up the resources to be able to execute the preferred resource plan that we've got out there, marries up very well again with the load growth opportunities we're seeing. As I said on one of our prior calls, to the extent that the load growth ultimately looks like it may exceed some of what we've outlined in our Integrated Resource Plan and what we've got on slide seven, we're certainly exploring other opportunities to enhance our generation portfolio to be able to serve that incremental sales growth. As Michael said, our focus right now is really bringing this 1.5 to 2 GW of sales growth by 2032 to fruition and building the resources to serve it. At the same time, to your point, exploring opportunities to expand beyond that.

[Jeremy Tonet, Research Analyst and Managing Director at JPMorgan]

Got it. That's helpful. If I could just round out.

[Jeremy Tonet, Research Analyst and Managing Director at JPMorgan]

The thought quickly here.

[Jeremy Tonet, Research Analyst and Managing Director at JPMorgan]

Just wondering, as far as access to gas needed for the plans as you outlined here, have you signed up for sufficient gas transmission today, and is there need for any new pipeline, or can this all be satisfied with existing pipe?

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

Yeah, we feel pretty good about our position today there, Jeremy. Again, this is Michael. You know the Meramec facility that we're repowering, it obviously had gas at it already. You know, we had some peaking units there. Rush Island will have to do some work on repurposing that site, but feel good about what we need to get done there. For the combined site, there's also a transmission line that's very, very close to that plant, so we'd be able to tap into that and feel good about the work that needs to get done between now and then as well.

[Jeremy Tonet, Research Analyst and Managing Director at JPMorgan]

Got it.

[Jeremy Tonet, Research Analyst and Managing Director at JPMorgan]

I'll leave it there.

[Jeremy Tonet, Research Analyst and Managing Director at JPMorgan]

Thank you very much.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

Thank you.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

Thanks Jeremy.

[Operator]

Thank you. Our next question is coming from Julien Dumoulin Smith of Jefferies. Please go ahead.

[Brian Russo, Analyst at Jefferies]

Good morning, it's Brian J. Russo on for Julien.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

Hey, Brian.

[Brian Russo, Analyst at Jefferies]

Hey, just to follow up on some of your existing large load customers requesting studies for, I guess, expansions.

[Brian Russo, Analyst at Jefferies]

How meaningful is that? Is there any sort of timeline? Maybe just put it in the context.

[Brian Russo, Analyst at Jefferies]

With that, the 2.3 GW you're referencing?

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

It is meaningful for the reasons I stated. I think that the opportunity for economic growth and development in the region, even beyond the 2.3 GW that have been signed as construction agreements, is exciting for our communities because of the jobs it brings, long-lasting jobs, the tax base it brings, etc. I think that's all good. It's hard to say right now what the timing of that would be. Right now we think about it as additive to the length of, say, the pipeline of growth that we've got. We'll know more, Brian, as we sign some of these ESAs and we get deeper into the analysis of those growth opportunities. We really see the ESAs, these energy service agreements, as outlining the ramp rates for the load that we would expect associated with the 2.3 GW of signed construction agreements.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

We've outlined on slide seven what we anticipate that ramp rate to be based upon conversations we've had with the hyperscalers, the ultimate customers. Ultimately, the ESAs will outline the minimum expected ramp rate over this period. I think that'll even better firm up the load growth expectations that we've got. We see the conversations we're having as very positive and would provide incremental growth. Right now, we're thinking beyond that 2032 time frame, but we'll see based on the discussions that we have.

[Brian Russo, Analyst at Jefferies]

Okay, great.

[Brian Russo, Analyst at Jefferies]

Thank you very much.

[Operator]

Thank you. Once again, ladies and gentlemen, if you do have a question, please press star one on your telephone keypad at this time. Our next question is coming from Paul Patterson of Glenrock Associates. Please go ahead.

[Paul Patterson, Analyst at Glenrock Associates]

Hey, good morning.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

Good morning, Paul.

[Paul Patterson, Analyst at Glenrock Associates]

On the $2.1 billion MISO awards, there has been a complaint that was filed on Wednesday, which you guys are probably very familiar with from a different bunch of state commissions, not your state commissions, but, you know, Arkansas, Louisiana, Mississippi, North Dakota, Montana, I think. What do you, how do you. There's that and there's also been this IMM case with the IMM potentially reviewing transmission plans and what have you.

[Paul Patterson, Analyst at Glenrock Associates]

Just.

[Paul Patterson, Analyst at Glenrock Associates]

Could you comment on that, what you think about what's going on there?

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

I guess Paul commented on it briefly. I mean, you're right. For others on the call, two days ago, on July 30, the five state commissions that Paul referenced alleged that MISO violated its tariff when it developed its benefit to cost ratios for the Tranche 2.1 portfolio. They asked FERC to declassify the Tranche 2.1 projects as multivalue projects. Obviously, based on the recency, we're still assessing that filing and what our response might be. Paul, we all know that load's growing in the region. We just talked about that. The mix of generation resources has certainly been shifting over time and capacity prices have been rising. All of that suggests to us that more transmission investment is needed. We look back, MISO went through a very lengthy and consistent process of scenario planning and modeling which ultimately led to the identification of these projects.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

We support the need for the projects and the value of the project. We're disappointed to see the filing and we certainly hope that it doesn't delay the needed investments that we believe we need to make. Again, we're in the early stages of assessing. It was just filed on July 30, and we'll be thoughtful about our response.

[Paul Patterson, Analyst at Glenrock Associates]

Okay, good. Great. The second thing is, as I'm sure you guys are aware, the Trump administration doesn't seem to be as excited about renewables as perhaps the previous one. They put out their executive order. He put out an executive order regarding treasury guidance and what have you. I know that you guys don't know what's going to, I mean, I assume you guys don't know what's going to be in it, but I guess my question sort of is, to your point, sort of what you were making earlier, obviously there's a need for new generation. The tax credits basically accrue to ratepayers. If there was any disruption from this guidance in which the safe harbors or something would be. I know this is kind of hypothetical, but I'm just sort of thinking ahead here.

[Paul Patterson, Analyst at Glenrock Associates]

If there was a potential issue in which sand was sort of thrown in the gear, so to speak, and some tax credits were made ineligible, what would be the process to deal with that? Obviously, again, to what you were sort of saying, there's a need for this generation, there's a need for some generation, whatever it may be. The tax credits are really not something that, it's really something that accrues to ratepayers. Right. I'm just sort of wondering, do you have any thoughts about what the process might be or what the flexibility you guys might have in terms of how we would approach a situation like that for which to develop?

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

Yeah. You know, Paul, maybe Michael and I will kind of tag team this a little bit. First of all, not sure I can comment on what the process might be on that hypothetical. Hopefully the hypothetical doesn't come to pass. I think, you know, we and the industry obviously, we were very active on the Hill as the OBBBA was negotiated and finalized. One of the things that we really lobbied for was business certainty with respect to near term planned projects and that if the tax credits were going to be phased out, that they were done and that was done in a sort of a sensible way that gave us the ability to move forward with planned projects and with some certainty.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

At the end of the day, historical Treasury guidance with respect to when does construction begin along with continuity, safe harbor, some of these provisions go back more than a decade. It's our belief that legislative intent was to rely on that decade's worth of precedent and codify it actually in the legislation in the OBBBA. We feel good about what's in the law and that it should stick and is again, consistent with past Treasury practice. We feel good about all of that and that's what we're going to continue to support. Michael can talk to you a little bit now about what we had in our slides with respect to the actual credits and why we feel good about the credits that we have in our five year plan.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

Yeah, you bet.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

I'll start where you kind of left off, Paul, which is we need every bit of this though, right? We need the solar, the wind, the battery. We need to continue to get every single megawatt we can out of our fossil generation, our nuclear plants as well. All of these tax credits do go back to customers.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

That's why we advocated so hard for it.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

I think we actually landed in a good spot. Marty's right. I mean, look, we have a time-tested approach here. We've had IRS guidance here for the better part of a decade under the start of construction. We've done a lot of safe harboring, typically for us under the physical work test. As I indicated in the talking points, this $1.5 billion over the next five years is really broken down to $750 million under projects that are already in service or going to be in service by the end of 2027. If you recall, we had 700 MW of wind that we put in service a number of years ago. That's throwing off PTCs, other things. We have about 4 MW of batteries that we have CCNs on that we're going to be deploying here and safe harboring by the end of 2025.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

The remaining piece is associated with the solar buildout. The team has worked really hard to make sure that we put ourselves in a position to have that physical work test. That's been well established under IRS guidance, completely safe harbor over the next, I'd say, 30 to 60 days. I feel really good about the visibility we have. Difficult to speculate where this executive order is going to go, but we got heads down and focused on getting this generation built.

[Paul Patterson, Analyst at Glenrock Associates]

Awesome. Great questions.

[Paul Patterson, Analyst at Glenrock Associates]

Sorry.

[Paul Patterson, Analyst at Glenrock Associates]

Great answers, guys. Appreciate it.

[Operator]

Thank you. Our next question is coming from Carly Davenport of Goldman Sachs. Please go ahead.

[Carly Davenport, VP of Equity Research at Goldman Sachs]

Hey, good morning. Thanks so much for taking my question. Maybe just to follow up on the previous one as we think like post OBBBA. I know you had mentioned earlier that everything in the current plan is safe harbored, but I guess to the extent that we do get a constructive outcome on these executive orders, is there any potential to pull forward incremental projects or accelerate plans to be able to take advantage of those credits for customers?

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

Yeah, I mean the team has been actively looking at that. Carly, good morning. By the way, this is Michael. They've been going through and looking at transformers and acquiring transformers to put us in a position not only to, you know, I focused on kind of this five-year plan, but to see what else that we could potentially pull for it and make sure that we take care of these credits too. Obviously, they're extremely helpful from an affordability perspective.

[Carly Davenport, VP of Equity Research at Goldman Sachs]

Great, thanks Michael. Super helpful. Maybe just a quick update on the data center growth opportunities. I guess any just shifts in your conversations with customers or incremental potential customers in terms of what they're looking for. The priorities are all sort of in line with previous discussions.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

I think the priorities remain in line with previous discussions. I think our sites here in Missouri are attractive for a number of reasons. Key is that we have good sites with good transmission access where you have affordable power, we have available power. I think we have good state support for these economic development opportunities. The state is very aligned in wanting to bring these development opportunities to fruition. I think there's a good fit between what the hyperscalers, the data center developers, and the state are all looking for with respect to this development.

[Carly Davenport, VP of Equity Research at Goldman Sachs]

Thank you so much for the color.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

Thank you for your question.

[Michael Moehn, Senior EVP and CFO at Ameren Corporation]

Thanks, Carla.

[Operator]

Thank you. At this time, I'd like to turn the floor back over to Marty Lyons for closing comments.

[Marty Lyons, Chairman, President and CEO at Ameren Corporation]

Terrific. Thank you for your interest in Ameren. We really appreciate each of you being on the call today. As you can tell, we remain absolutely focused on strong execution of our plan. We've had a very strong start to the year. I feel really good about what we've accomplished strategically and financially. We're going to be very focused on executing our plans for the remainder of the year and work diligently to deliver safe, reliable, and affordable energy to our customers and communities. Thank you all for joining us today. I hope to see many of you in the coming weeks.

[Operator]

Thank you. Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

Participants

Executives

• Marty Lyons, Chairman, President and CEO
• Andrew Kirk, Senior Director of Investor Relations
• Michael Moehn, Senior EVP and CFO

Analysts

• Carly Davenport, VP of Equity Research at Goldman Sachs
• Brian Russo, Analyst at Jefferies
• Paul Patterson, Analyst at Glenrock Associates
• Jeremy Tonet, Research Analyst and Managing Director at JPMorgan