The paragraph is from a conference call introducing Andrew Kirk, Marty Lyons, and Michael Moehn from Ameren's management team. It mentions that the call includes forward-looking statements and advises listeners to refer to Ameren's SEC filings for details on potential risks affecting actual results. Marty Lyons then discusses Ameren's ongoing commitment to its strategic plan to deliver reliable and affordable energy through prudent investments in energy infrastructure. The focus is on improving reliability and resiliency for 2.5 million electric and 900,000 natural gas customers, supporting economic growth in the communities served by Ameren.

The paragraph provides an update on Ameren's first quarter 2025 performance, highlighting earnings per share of $1.07 compared to $1.02 in the first quarter of 2024, with expectations for 2025 earnings per share to range from $4.85 to $5.05. The company's strategic investments aim to improve service reliability and contribute to economic growth. Ameren has filed an analysis with the Missouri Public Service Commission to support plans for significant investments in natural gas, renewable resources, and battery storage. These efforts require collaboration with stakeholders, and recent regulatory and legislative actions in Missouri are seen as supportive of a favorable investment environment.

In April, the Missouri Commission approved a settlement supporting necessary grid reliability investments and keeping customer rates below national and Midwest averages. The Missouri General Assembly and Governor also enacted a comprehensive energy law to enhance utility infrastructure investment, fostering economic development and job creation. The company commended their team for ensuring reliable service amid severe weather and noted that recent smart technology investments have significantly reduced customer outages in 2025. Furthermore, Senate Bill 4, a wide-ranging energy bill, was signed into law in April, signaling strong legislative support for utility and infrastructure development in Missouri.

Senate Bill 4 introduces provisions to support business affordability and investment in Missouri’s energy sector. Key elements include extending and expanding plant-in-service accounting (PISA) to natural gas generation until 2035, and a revised integrated resource planning (IRP) process to speed up generation project reviews. The bill also enhances the Missouri Public Service Commission's authority over generation investments, with provisions for construction work in progress and using forward test years for natural gas businesses. These measures aim to improve investment certainty and deployment speed for energy resources. Additionally, Ameren Missouri is fostering economic growth by supporting energy needs for diverse industries, contributing to significant capital investments and job creation, with expectations of strong sales growth driven by data center demand between 2025 and 2029.

The paragraph discusses the company's growth opportunities through new construction agreements with data center developers for 2.3 gigawatts of future demand, which includes a $26 million investment for transmission upgrades. The company plans to file for rate structure approval with the MoPSC in the second quarter, aiming for a decision by year-end. An update on Ameren Missouri's 1,200 megawatts of new generation projects states they are on schedule and budget. Contracts have been secured for critical components for upcoming natural gas energy centers expected in 2027 and 2028. Additionally, solar energy projects have limited exposure to recent import tariffs, as most materials were already in the U.S. prior to the announcements.

The company is actively monitoring tariff developments to provide cost-effective energy resources and plans to file additional requests to invest in gas, solar, and battery storage. They are focused on competing for MISO's Tranche 2.1 long-range transmission projects worth $6.5 billion, collaborating on future scenario redesigns, and anticipating the identification of Tranche 2.2 projects by December 2025. Over the next decade, the company has investment opportunities exceeding $63 billion, aimed at enhancing the energy grid and stimulating local economic growth. Additionally, they foresee a 6% to 8% compound annual earnings growth from 2025 to 2029.

The paragraph discusses Ameren's strong earnings growth, attributed to a 9.2% compound annual rate base growth driven by strategic infrastructure investments across its business segments. The company anticipates long-term earnings and dividend growth, supported by its experienced team. First quarter 2025 earnings were reported at $1.07 per share, up from $1.02 per share in 2024, with infrastructure investments being a primary growth driver. The economic outlook in Ameren's service territories remains strong, with a 3% increase in weather-normalized retail sales in Missouri over the past year. Additionally, Boeing's new $20 billion government contract is expected to create significant jobs and manufacturing work in St. Louis, reinforcing Ameren’s service area's economic strength.

The paragraph discusses the regional economic growth in sectors like health care, education services, and mining alongside updates on Ameren Missouri’s 2024 rate review. It notes a $355 million annual revenue increase agreement approved by the Missouri PSC, marking the fifth consecutive settlement of electric revenue requirements. The new rates, effective June 1, will remain below national and Midwest averages. The company is confident in its 2025 earnings guidance, expecting $4.85 to $5.05 per share, and advises considering supplemental earnings drivers. Additionally, they are evaluating the impact of proposed trade tariffs on their capital budget while maintaining competitive sourcing practices.

The paragraph provides an update on the company's financial strategy and performance. It mentions the issuance of various bonds and notes totaling $1.6 billion and highlights that over 80% of the year's debt financings have been completed. To maintain a strong balance sheet and support credit ratings while funding infrastructure plans, the company plans to issue approximately $600 million in common equity in 2025, primarily through ATM programs and other equity plans. The paragraph also notes S&P's affirmation of a BBB+ credit rating, with Moody’s expected to update its credit opinion soon. The company aims to increase its equity sales capacity to meet future needs.

The paragraph discusses Ameren Illinois' request for a $61 million revenue adjustment under the electric multiyear rate plan, with a decision from the Illinois Commerce Commission expected by mid-December. The paragraph also highlights the results of the recent MISO planning resource auction, noting an increase in capacity prices due to insufficient new capacity additions despite adequate resources maintaining reliability. This underscores the need for investment in regional generation capacity as demand grows and existing generation retires. The paragraph further mentions that changes in energy and capacity prices do not significantly impact earnings for Ameren Missouri or Ameren Illinois, as such costs are passed on to customers without a markup.

In Zone 4, Ameren Illinois customers may see increases in their energy supply bills during the summer, depending on their supplier agreements. However, prices are expected to return to pre-auction levels by October. Ameren Illinois is actively working with stakeholders to ensure reliability, promote regional energy development, and maintain affordability, supporting a shift to cleaner energy. They also offer bill assistance resources. Their Illinois natural gas rate review is ongoing, with a decision expected by December. Ameren is confident in their 2025 outlook, anticipating strong earnings growth through strategic execution, cost management, and customer growth, and they continue to offer attractive dividends to investors. They invite questions from the audience.

In the conversation, Jeremy Tonet clarifies the details regarding a $350 million reference and its relation to a 2.3 gigawatt figure. Michael Moehn explains that an additional 500 megawatts have been added to data center construction agreements, leading to an incremental increase from 1.8 gigawatts to 2.3 gigawatts for current projects. Marty Lyons discusses the implications of this growth on sales estimates, specifically a 5.5% compound annual growth in Missouri, which aligns with the resource plan filed to accommodate up to 2 gigawatts of load growth by 2030.

The paragraph discusses a company's plans to manage data center construction and sales growth. They have agreements for 2.3 gigawatts of data center construction, which boosts their confidence in future sales growth. They plan to file a rate construct for large load customers and develop service agreements with hyperscalers. These agreements would outline ramp-up schedules and load obligations. Despite having 2.3 gigawatts in construction agreements, actual sales by 2032 could be less than 2 gigawatts, depending on the ramp-up. They believe their current integrated resource plan (IRP) can handle the load. The discussion then shifts to concerns about the Inflation Reduction Act (IRA) and uncertainties regarding market effects on transferability and potential impacts on their plans.

The paragraph discusses the anticipated legislative developments regarding tax credits aimed at making energy generation more affordable for customers. The speaker highlights the importance of these credits, which are expected to save customers over $2 billion in the next decade. The transferability of these credits is emphasized as crucial for maintaining affordability. The speaker notes advocacy efforts in Washington, D.C., to preserve these credits, even as congressional negotiations and compromises unfold in the coming weeks.

The paragraph expresses optimism about reaching a satisfactory resolution related to energy reliability, dominance, and prices for customers. Michael Moehn supports this optimism, highlighting the company's strong financial position and flexibility. He mentions that the company is averaging $300 million per year in credits as part of a five-year plan, with a significant portion of 2025 credits already realized. Despite potential challenges, including higher rates for customers and the need for careful cash flow management, Moehn believes that financial goals are manageable through 2027, keeping the company above downgrade thresholds.

The paragraph discusses a recent review with S&P, where the company's BBB+ rating was reaffirmed, indicating a strong financial position with a cushion above the downgrade threshold of 13%. Despite potential challenges, the company feels it has flexibility and manageability without needing to issue additional equity. An unidentified analyst, filling in for Julien Dumoulin-Smith from Jefferies, inquires about offsetting the $300 million per year tax credit monetization within the company's 17% FFO to debt target. Michael Moehn expresses confidence in managing the situation, even if some credits are lost, suggesting this can be achieved without issuing additional equity over a three-year period while maintaining the downgrade threshold.

In the paragraph, a discussion takes place regarding the company's advocacy with Moody's to reconsider their downgrade threshold due to regulatory and legislative progress made in Missouri and Illinois. Despite this, the company feels confident about its current financing plan. An unidentified analyst inquires about the timeline and cost of the $16.2 billion PRP with Smart Plan, which includes a diverse mix of energy sources. Michael Moehn responds, expressing confidence in the plan and stating that they have secured contracts for two gas turbines by making substantial payments to suppliers to account for market tightness, with construction already underway. The company is shifting their focus towards a combined cycle project targeted for 2032.

The paragraph discusses the progress of renewable energy projects, specifically 400 megawatts of solar energy, which are advancing well and avoiding tariff issues. Construction is on schedule, and the company is optimistic about the next few years. An unidentified analyst inquires about the company's regulatory strategy in Missouri, specifically regarding rate case filings and expected returns. Michael Moehn responds, emphasizing that recent regulatory settlements have been constructive and beneficial for both customers and shareholders. He mentions progress made through legislative and regulatory efforts in Missouri and highlights Senate Bill 4 as a positive development in addressing regulatory lag, with the company's focus on earning close to the allowed rate of return.

In the paragraph, the discussion focuses on managing costs and regulatory cycles in the context of capital investments, noting a typical two-year cycle for refreshing rates. Despite challenges, the speaker expresses a commitment to evaluate opportunities, such as data centers, to enhance flexibility. They mention variability in cycle time due to factors like Missouri's FAC, aiming for somewhere between a two- and four-year cycle. An unidentified analyst thanks Michael Moehn for the insights. Carly Davenport from Goldman Sachs then questions the macro environment's effect on commercial or industrial customers, specifically any signs of slowdown. Moehn responds that they haven't observed any indications of slowdown, emphasizing strong overall growth of 3% across all classes over the past 12 months.

The paragraph discusses growth across residential, commercial, and industrial sectors, highlighting a 1% increase in residential and slightly less in commercial, with a strong 2% growth in industrial. It references a successful 2024 and the benefits of the Boeing F-47 project in St. Louis. Marty Lyons and Carly Davenport discuss future sales growth opportunities, particularly driven by data center demand and hyperscaler interest. Despite a brief technical difficulty interrupting the call, it is emphasized that positive discussions and agreements, including 500 megawatts of additional construction, continue in the data center sector, which is expected to contribute significantly to future economic growth.

In the discussion, Michael Moehn addresses concerns regarding the exposure of a $26 billion capital plan to tariffs. He highlights that 65% of the plan is related to labor, which is unaffected by tariffs, and 35% is for materials, with 85% of these being domestically sourced. The exposure to tariffs is estimated to be around 2% of the total plan, primarily associated with unresolved decisions on battery projects. Moehn expresses confidence in the company's ability to mitigate this through supply chain adjustments and emphasizes the overall manageability of the tariff exposure.

The paragraph is a dialogue from a conference call where Paul Fremont from Ladenburg Thalmann asks about cost estimates for the Castle Bluff 800-megawatt plant after procuring the turbines. Michael Moehn confirms that the cost is estimated at $900 million and feels confident about that number. Fremont further inquires about future gas-fired generation projects. Moehn responds that there is another 800-megawatt gas plant planned for the following year, and costs are slightly higher but still within a manageable range. He also mentions an ongoing request for proposals (RFP) process to secure turbine vendors for a future combined cycle plant, with expectations to finalize by the end of the year.

The paragraph features a discussion about market conditions and expected earnings growth. Michael Moehn and Marty Lyons express confidence in achieving earnings per share (EPS) growth of 6% to 8% from 2025 to 2029. They anticipate being at or above the midpoint for the short term, with more significant growth expected in 2026 and 2027, driven by increased load and capital expenditure projects going into service. Marty Lyons highlights the company's successful performance in the first quarter and the additional agreements for data centers, which contribute to optimistic expectations for load growth.

The Ameren team made significant progress on strategic goals in Q1, performed well operationally despite weather challenges, and achieved solid earnings and growth compared to last year. Key accomplishments include the IRP filing, a constructive rate review settlement in Missouri, Senate Bill 4, successful debt and equity financings, data center construction agreements, cost management, and business process improvements. Marty Lyons expressed optimism about future investments and growth, feeling confident in the guidance provided earlier in the year. The call concluded with an invitation to the upcoming AGA Financial Forum and appreciation for the participants' involvement.

This summary was generated with AI and may contain some inaccuracies.