Short-Term Debt And Liquidity

9 Months Ended

Sep. 30, 2020

The liquidity needs of the Ameren Companies are typically supported through the use of available cash, drawings under committed credit agreements, commercial paper issuances, and, in the case of Ameren Missouri and Ameren Illinois, short-term affiliate borrowings. See Note 4 – Short-term Debt and Liquidity under Part II, Item 8, in the Form 10-K for a description of our indebtedness provisions and other covenants as well as a description of money pool arrangements.

Short-Term Borrowings

The Missouri Credit Agreement and the Illinois Credit Agreement are available to support issuances under Ameren (parent)’s, Ameren Missouri’s, and Ameren Illinois’ commercial paper programs, respectively, subject to borrowing sublimits, and the issuance of letters of credit. As of September 30, 2020, based on commercial paper outstanding and letters of credit issued under the Credit Agreements, along with cash and cash equivalents, the net liquidity available to Ameren (parent), Ameren Missouri, and Ameren Illinois, collectively, was $2.0 billion. The Ameren Companies were in compliance with the covenants in their Credit Agreements as of September 30, 2020. As of September 30, 2020, the ratios of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the provisions of the Credit Agreements, were 55%, 48%, and 45% for Ameren, Ameren Missouri, and Ameren Illinois, respectively.

The following table presents commercial paper outstanding, net of issuance discounts, as of September 30, 2020, and December 31, 2019. There were no borrowings outstanding under the Credit Agreements as of September 30, 2020, or December 31, 2019.


	September 30, 2020		December 31, 2019
Ameren (parent)	$	30	$	153
Ameren Missouri	—		234
Ameren Illinois	242		53
Ameren consolidated	$	272	$	440

The following table summarizes the activity and relevant interest rates for Ameren (parent)’s, Ameren Missouri’s, and Ameren Illinois’ commercial paper issuances and borrowings under the Credit Agreements in the aggregate for the nine months ended September 30, 2020 and 2019:


	Ameren (parent)			Ameren Missouri				Ameren Illinois				Ameren Consolidated
2020
Average daily amount outstanding	$	62		$	142			$	53			$	257

Weighted-average interest rate	2.04		%	1.76		%		1.10		%		1.70		%
Peak amount outstanding during period(a)	$	425		$	573			$	243			$	908
Peak interest rate	3.30		%	5.05		%	(b)	3.40		%		5.05		%	(b)
2019
Average daily amount outstanding	$	532		$	141			$	147			$	821

Weighted-average interest rate	2.70		%	2.73		%		2.58		%		2.68		%
Peak amount outstanding during period(a)	$	651		$	549			$	310			$	1,113
Peak interest rate	3.80		%	2.97		%		5.00		%	(c)	5.00		%	(c)

(a)The timing of peak outstanding commercial paper issuances and borrowings under the Credit Agreements varies by company. Therefore, the sum of individual company peak amounts may not equal the Ameren consolidated peak for the period.

(b)Ameren’s and Ameren Missouri’s peak interest rate was affected by temporary disruptions in the commercial paper market in the first quarter of 2020.

(c)Ameren’s and Ameren Illinois’ peak interest rate was affected by temporary disruptions in the commercial paper market in the third quarter of 2019.

Money Pools

Ameren has money pool agreements with and among its subsidiaries to coordinate and provide for certain short-term cash and working capital requirements. The average interest rate for borrowings under the utility money pool for the three and nine months ended September 30, 2020, was 0.10% and 0.81%, respectively (2019 – 2.40% and 2.67%, respectively). See Note 8 – Related-party Transactions for the amount of interest income and expense from the utility money pool arrangements recorded by Ameren Missouri and Ameren Illinois for the three and nine months ended September 30, 2020 and 2019.