ý | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended March 31, 2015 |
¨ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to |
Commission File Number | Exact name of registrant as specified in its charter; State of Incorporation; Address and Telephone Number | IRS Employer Identification No. | ||
1-14756 | Ameren Corporation | 43-1723446 | ||
(Missouri Corporation) | ||||
1901 Chouteau Avenue | ||||
St. Louis, Missouri 63103 | ||||
(314) 621-3222 | ||||
1-2967 | Union Electric Company | 43-0559760 | ||
(Missouri Corporation) | ||||
1901 Chouteau Avenue | ||||
St. Louis, Missouri 63103 | ||||
(314) 621-3222 | ||||
1-3672 | Ameren Illinois Company | 37-0211380 | ||
(Illinois Corporation) | ||||
6 Executive Drive | ||||
Collinsville, Illinois 62234 | ||||
(618) 343-8150 |
Ameren Corporation | Yes | ý | No | ¨ | ||||
Union Electric Company | Yes | ý | No | ¨ | ||||
Ameren Illinois Company | Yes | ý | No | ¨ |
Ameren Corporation | Yes | ý | No | ¨ | ||||
Union Electric Company | Yes | ý | No | ¨ | ||||
Ameren Illinois Company | Yes | ý | No | ¨ |
Large Accelerated Filer | Accelerated Filer | Non-Accelerated Filer | Smaller Reporting Company | |||||
Ameren Corporation | ý | ¨ | ¨ | ¨ | ||||
Union Electric Company | ¨ | ¨ | ý | ¨ | ||||
Ameren Illinois Company | ¨ | ¨ | ý | ¨ |
Ameren Corporation | Yes | ¨ | No | ý | ||||
Union Electric Company | Yes | ¨ | No | ý | ||||
Ameren Illinois Company | Yes | ¨ | No | ý |
Ameren Corporation | Common stock, $0.01 par value per share - 242,634,798 | |
Union Electric Company | Common stock, $5 par value per share, held by Ameren Corporation - 102,123,834 | |
Ameren Illinois Company | Common stock, no par value, held by Ameren Corporation - 25,452,373 |
Page | ||
Item 1. | ||
Union Electric Company (d/b/a Ameren Missouri) | ||
Ameren Illinois Company (d/b/a Ameren Illinois) | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 6. | ||
• | regulatory, judicial, or legislative actions, including changes in regulatory policies and ratemaking determinations, such as the MoPSC’s April 2015 electric rate order; Ameren Missouri's December 2014 MEEIA filing; Ameren Illinois’ April 2015 annual electric delivery service formula update filing; Ameren Illinois' January 2015 natural gas delivery service rate case filing; a settlement agreement requiring FERC approval for an Ameren Illinois electric transmission rate refund and a prospective reduction to common equity for ratemaking purposes; the complaint cases filed with the FERC seeking a reduction in the allowed base return on common equity under the MISO tariff; and future regulatory, judicial, or legislative actions that seek to change regulatory recovery mechanisms; |
• | the effect of Ameren Illinois participating in a performance-based formula ratemaking process under the IEIMA, including the direct relationship between Ameren Illinois' return on common equity and 30-year United States Treasury bond yields, the related financial commitments |
• | our ability to align our overall spending, both operating and capital, with regulatory frameworks established by our regulators in an attempt to earn our allowed return on equity; |
• | the effects of increased competition in the future due to, among other factors, deregulation of certain aspects of our business at either the state or federal level; |
• | changes in laws and other governmental actions, including monetary, fiscal, tax, and energy policies; |
• | the effects on demand for our services resulting from technological advances, including advances in customer energy efficiency and distributed generation sources, which generate electricity at the site of consumption; |
• | the effectiveness of Ameren Missouri's customer energy efficiency programs, and the related amount of any net shared benefits and performance incentive earned under the current and proposed MEEIA plans; |
• | the timing of increasing capital expenditure and operating expense requirements and our ability to recover these costs in a timely manner; |
• | the cost and availability of fuel such as coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of purchased power and natural gas for distribution; and the level and volatility of future market prices for such commodities, including our ability to recover the costs for such commodities and our customers' tolerance for the related rate increases; |
• | the effectiveness of our risk management strategies and our use of financial and derivative instruments; |
• | business and economic conditions, including their impact on key customers, interest rates, collection of our receivable balances, and demand for our products; |
• | disruptions of the capital markets, deterioration in credit metrics of the Ameren Companies, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity; |
• | the impact of the adoption of new accounting guidance and the application of appropriate technical accounting rules and guidance; |
• | actions of credit rating agencies and the effects of such actions; |
• | the impact of weather conditions and other natural phenomena on us and our customers, including the impact of system outages; |
• | the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets; |
• | the effects of our increasing investment in electric transmission projects and uncertainty as to whether we will achieve our expected returns in a timely fashion, if at all; |
• | the extent to which Ameren Missouri prevails in its claim against an insurer in connection with the December 2005 breach of the upper reservoir at the Taum Sauk pumped-storage hydroelectric energy center; |
• | the extent to which Ameren Missouri is permitted by its regulators to recover in rates the investments it made in |
• | operation of Ameren Missouri's Callaway energy center, including planned and unplanned outages, and decommissioning costs; |
• | the effects of strategic initiatives, including mergers, acquisitions and divestitures, and any related tax implications; |
• | the resolution of tax positions for years under examination by the IRS; |
• | the impact of current environmental regulations and new, more stringent, or changing requirements, including those related to greenhouse gases, other emissions and discharges, cooling water intake structures, CCR, and energy efficiency, that are enacted over time and that could limit or terminate the operation of certain of our energy centers, increase our 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 portfolio requirements in Missouri; |
• | labor disputes, work force reductions, future wage and employee benefits costs, including changes in discount rates, mortality tables, and returns on benefit plan assets; |
• | the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments; |
• | 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 inability of Dynegy and IPH to satisfy their indemnity and other obligations to Ameren in connection with the divestiture of New AER to IPH; |
• | legal and administrative proceedings; and |
• | acts of sabotage, war, terrorism, cyber attacks, or other intentionally disruptive acts. |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Operating Revenues: | |||||||
Electric | $ | 1,143 | $ | 1,106 | |||
Gas | 413 | 488 | |||||
Total operating revenues | 1,556 | 1,594 | |||||
Operating Expenses: | |||||||
Fuel | 206 | 204 | |||||
Purchased power | 139 | 114 | |||||
Gas purchased for resale | 236 | 304 | |||||
Other operations and maintenance | 401 | 418 | |||||
Depreciation and amortization | 193 | 181 | |||||
Taxes other than income taxes | 125 | 127 | |||||
Total operating expenses | 1,300 | 1,348 | |||||
Operating Income | 256 | 246 | |||||
Other Income and Expense: | |||||||
Miscellaneous income | 19 | 18 | |||||
Miscellaneous expense | 11 | 9 | |||||
Total other income | 8 | 9 | |||||
Interest Charges | 88 | 92 | |||||
Income Before Income Taxes | 176 | 163 | |||||
Income Taxes | 66 | 64 | |||||
Income from Continuing Operations | 110 | 99 | |||||
Loss from Discontinued Operations, Net of Taxes (Note 12) | — | (1 | ) | ||||
Net Income | 110 | 98 | |||||
Less: Net Income from Continuing Operations Attributable to Noncontrolling Interests | 2 | 2 | |||||
Net Income (Loss) Attributable to Ameren Corporation: | |||||||
Continuing Operations | 108 | 97 | |||||
Discontinued Operations | — | (1 | ) | ||||
Net Income Attributable to Ameren Corporation | $ | 108 | $ | 96 | |||
Earnings per Common Share – Basic: | |||||||
Continuing Operations | $ | 0.45 | $ | 0.40 | |||
Discontinued Operations | — | — | |||||
Earnings per Common Share – Basic | $ | 0.45 | $ | 0.40 | |||
Dividends per Common Share | $ | 0.41 | $ | 0.40 | |||
Average Common Shares Outstanding – Basic | 242.6 | 242.6 |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Income from Continuing Operations | $ | 110 | $ | 99 | |||
Other Comprehensive Income from Continuing Operations, Net of Taxes | — | — | |||||
Comprehensive Income from Continuing Operations | 110 | 99 | |||||
Less: Comprehensive Income from Continuing Operations Attributable to Noncontrolling Interests | 2 | 2 | |||||
Comprehensive Income from Continuing Operations Attributable to Ameren Corporation | 108 | 97 | |||||
Loss from Discontinued Operations, Net of Taxes | — | (1 | ) | ||||
Other Comprehensive Loss from Discontinued Operations, Net of Taxes | — | — | |||||
Comprehensive Loss from Discontinued Operations Attributable to Ameren Corporation | — | (1 | ) | ||||
Comprehensive Income Attributable to Ameren Corporation | $ | 108 | $ | 96 |
March 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 6 | $ | 5 | |||
Accounts receivable – trade (less allowance for doubtful accounts of $23 and $21, respectively) | 524 | 423 | |||||
Unbilled revenue | 212 | 265 | |||||
Miscellaneous accounts and notes receivable | 100 | 81 | |||||
Materials and supplies | 449 | 524 | |||||
Current regulatory assets | 265 | 295 | |||||
Current accumulated deferred income taxes, net | 331 | 352 | |||||
Other current assets | 91 | 86 | |||||
Assets of discontinued operations (Note 12) | 15 | 15 | |||||
Total current assets | 1,993 | 2,046 | |||||
Property and Plant, Net | 17,700 | 17,424 | |||||
Investments and Other Assets: | |||||||
Nuclear decommissioning trust fund | 558 | 549 | |||||
Goodwill | 411 | 411 | |||||
Regulatory assets | 1,577 | 1,582 | |||||
Other assets | 645 | 664 | |||||
Total investments and other assets | 3,191 | 3,206 | |||||
TOTAL ASSETS | $ | 22,884 | $ | 22,676 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Current maturities of long-term debt | $ | 380 | $ | 120 | |||
Short-term debt | 955 | 714 | |||||
Accounts and wages payable | 434 | 711 | |||||
Taxes accrued | 79 | 46 | |||||
Interest accrued | 94 | 85 | |||||
Current regulatory liabilities | 107 | 106 | |||||
Other current liabilities | 437 | 434 | |||||
Liabilities of discontinued operations (Note 12) | 34 | 33 | |||||
Total current liabilities | 2,520 | 2,249 | |||||
Long-term Debt, Net | 5,860 | 6,120 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated deferred income taxes, net | 3,964 | 3,923 | |||||
Accumulated deferred investment tax credits | 65 | 64 | |||||
Regulatory liabilities | 1,897 | 1,850 | |||||
Asset retirement obligations | 500 | 396 | |||||
Pension and other postretirement benefits | 708 | 705 | |||||
Other deferred credits and liabilities | 524 | 514 | |||||
Total deferred credits and other liabilities | 7,658 | 7,452 | |||||
Commitments and Contingencies (Notes 2, 9, 10 and 12) | |||||||
Ameren Corporation Stockholders’ Equity: | |||||||
Common stock, $.01 par value, 400.0 shares authorized – shares outstanding of 242.6 | 2 | 2 | |||||
Other paid-in capital, principally premium on common stock | 5,600 | 5,617 | |||||
Retained earnings | 1,111 | 1,103 | |||||
Accumulated other comprehensive loss | (9 | ) | (9 | ) | |||
Total Ameren Corporation stockholders’ equity | 6,704 | 6,713 | |||||
Noncontrolling Interests | 142 | 142 | |||||
Total equity | 6,846 | 6,855 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 22,884 | $ | 22,676 |
AMEREN CORPORATION | |||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||
(Unaudited) (In millions) | |||||||
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 110 | $ | 98 | |||
Loss from discontinued operations, net of taxes | — | 1 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 195 | 176 | |||||
Amortization of nuclear fuel | 23 | 24 | |||||
Amortization of debt issuance costs and premium/discounts | 5 | 5 | |||||
Deferred income taxes and investment tax credits, net | 59 | 84 | |||||
Allowance for equity funds used during construction | (5 | ) | (7 | ) | |||
Stock-based compensation costs | 8 | 9 | |||||
Other | (11 | ) | (1 | ) | |||
Changes in assets and liabilities: | |||||||
Receivables | (48 | ) | (86 | ) | |||
Materials and supplies | 75 | 102 | |||||
Accounts and wages payable | (215 | ) | (183 | ) | |||
Taxes accrued | 33 | 18 | |||||
Regulatory assets and liabilities | 62 | (40 | ) | ||||
Assets, other | 14 | 10 | |||||
Liabilities, other | (33 | ) | (11 | ) | |||
Pension and other postretirement benefits | 27 | 30 | |||||
Counterparty collateral, net | (2 | ) | 10 | ||||
Net cash provided by operating activities – continuing operations | 297 | 239 | |||||
Net cash provided by operating activities – discontinued operations | 1 | — | |||||
Net cash provided by operating activities | 298 | 239 | |||||
Cash Flows From Investing Activities: | |||||||
Capital expenditures | (417 | ) | (442 | ) | |||
Nuclear fuel expenditures | (17 | ) | (10 | ) | |||
Purchases of securities – nuclear decommissioning trust fund | (84 | ) | (186 | ) | |||
Sales and maturities of securities – nuclear decommissioning trust fund | 79 | 182 | |||||
Proceeds from note receivable – Marketing Company | 5 | 56 | |||||
Contributions to note receivable – Marketing Company | (5 | ) | (65 | ) | |||
Net cash used in investing activities – continuing operations | (439 | ) | (465 | ) | |||
Net cash provided by investing activities – discontinued operations | — | 152 | |||||
Net cash used in investing activities | (439 | ) | (313 | ) | |||
Cash Flows From Financing Activities: | |||||||
Dividends on common stock | (99 | ) | (97 | ) | |||
Dividends paid to noncontrolling interest holders | (2 | ) | (2 | ) | |||
Short-term debt, net | 241 | 332 | |||||
Redemptions of long-term debt | — | (163 | ) | ||||
Other | 2 | — | |||||
Net cash provided by financing activities – continuing operations | 142 | 70 | |||||
Net cash used in financing activities – discontinued operations | — | — | |||||
Net cash provided by financing activities | 142 | 70 | |||||
Net change in cash and cash equivalents | 1 | (4 | ) | ||||
Cash and cash equivalents at beginning of year | 5 | 30 | |||||
Cash and cash equivalents at end of period | $ | 6 | $ | 26 |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Operating Revenues: | |||||||
Electric | $ | 742 | $ | 749 | |||
Gas | 58 | 68 | |||||
Total operating revenues | 800 | 817 | |||||
Operating Expenses: | |||||||
Fuel | 206 | 204 | |||||
Purchased power | 39 | 35 | |||||
Gas purchased for resale | 31 | 40 | |||||
Other operations and maintenance | 211 | 225 | |||||
Depreciation and amortization | 118 | 116 | |||||
Taxes other than income taxes | 80 | 78 | |||||
Total operating expenses | 685 | 698 | |||||
Operating Income | 115 | 119 | |||||
Other Income and Expense: | |||||||
Miscellaneous income | 11 | 14 | |||||
Miscellaneous expense | 3 | 4 | |||||
Total other income | 8 | 10 | |||||
Interest Charges | 55 | 52 | |||||
Income Before Income Taxes | 68 | 77 | |||||
Income Taxes | 26 | 29 | |||||
Net Income | 42 | 48 | |||||
Other Comprehensive Income | — | — | |||||
Comprehensive Income | $ | 42 | $ | 48 | |||
Net Income | $ | 42 | $ | 48 | |||
Preferred Stock Dividends | 1 | 1 | |||||
Net Income Available to Common Stockholder | $ | 41 | $ | 47 |
March 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 1 | $ | 1 | |||
Accounts receivable – trade (less allowance for doubtful accounts of $8 and $8, respectively) | 202 | 190 | |||||
Accounts receivable – affiliates | 3 | 65 | |||||
Unbilled revenue | 120 | 146 | |||||
Miscellaneous accounts and notes receivable | 42 | 35 | |||||
Materials and supplies | 361 | 347 | |||||
Current regulatory assets | 158 | 163 | |||||
Other current assets | 77 | 92 | |||||
Total current assets | 964 | 1,039 | |||||
Property and Plant, Net | 10,959 | 10,867 | |||||
Investments and Other Assets: | |||||||
Nuclear decommissioning trust fund | 558 | 549 | |||||
Regulatory assets | 687 | 695 | |||||
Other assets | 387 | 391 | |||||
Total investments and other assets | 1,632 | 1,635 | |||||
TOTAL ASSETS | $ | 13,555 | $ | 13,541 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Current maturities of long-term debt | $ | 380 | $ | 120 | |||
Borrowings from money pool | 61 | — | |||||
Short-term debt | 140 | 97 | |||||
Accounts and wages payable | 182 | 405 | |||||
Accounts payable – affiliates | 59 | 56 | |||||
Taxes accrued | 69 | 32 | |||||
Interest accrued | 51 | 58 | |||||
Current regulatory liabilities | 32 | 18 | |||||
Other current liabilities | 114 | 117 | |||||
Total current liabilities | 1,088 | 903 | |||||
Long-term Debt, Net | 3,619 | 3,879 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated deferred income taxes, net | 2,821 | 2,806 | |||||
Accumulated deferred investment tax credits | 62 | 61 | |||||
Regulatory liabilities | 1,169 | 1,147 | |||||
Asset retirement obligations | 493 | 389 | |||||
Pension and other postretirement benefits | 277 | 274 | |||||
Other deferred credits and liabilities | 32 | 30 | |||||
Total deferred credits and other liabilities | 4,854 | 4,707 | |||||
Commitments and Contingencies (Notes 2, 8, 9 and 10) | |||||||
Stockholders’ Equity: | |||||||
Common stock, $5 par value, 150.0 shares authorized – 102.1 shares outstanding | 511 | 511 | |||||
Other paid-in capital, principally premium on common stock | 1,784 | 1,569 | |||||
Preferred stock | 80 | 80 | |||||
Retained earnings | 1,619 | 1,892 | |||||
Total stockholders’ equity | 3,994 | 4,052 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 13,555 | $ | 13,541 |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 42 | $ | 48 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 121 | 112 | |||||
Amortization of nuclear fuel | 23 | 24 | |||||
Amortization of debt issuance costs and premium/discounts | 2 | 2 | |||||
Deferred income taxes and investment tax credits, net | 21 | 30 | |||||
Allowance for equity funds used during construction | (4 | ) | (7 | ) | |||
Changes in assets and liabilities: | |||||||
Receivables | 60 | 2 | |||||
Materials and supplies | (14 | ) | 14 | ||||
Accounts and wages payable | (171 | ) | (153 | ) | |||
Taxes accrued | 40 | 30 | |||||
Regulatory assets and liabilities | 27 | (28 | ) | ||||
Assets, other | 3 | 5 | |||||
Liabilities, other | (5 | ) | 2 | ||||
Pension and other postretirement benefits | 12 | 15 | |||||
Net cash provided by operating activities | 157 | 96 | |||||
Cash Flows From Investing Activities: | |||||||
Capital expenditures | (145 | ) | (188 | ) | |||
Nuclear fuel expenditures | (17 | ) | (10 | ) | |||
Purchases of securities – nuclear decommissioning trust fund | (84 | ) | (186 | ) | |||
Sales and maturities of securities – nuclear decommissioning trust fund | 79 | 182 | |||||
Other | (2 | ) | (2 | ) | |||
Net cash used in investing activities | (169 | ) | (204 | ) | |||
Cash Flows From Financing Activities: | |||||||
Dividends on common stock | (315 | ) | (77 | ) | |||
Dividends on preferred stock | (1 | ) | (1 | ) | |||
Short-term debt, net | 43 | 290 | |||||
Money pool borrowings, net | 61 | (105 | ) | ||||
Capital contribution from parent | 224 | — | |||||
Net cash provided by financing activities | 12 | 107 | |||||
Net change in cash and cash equivalents | — | (1 | ) | ||||
Cash and cash equivalents at beginning of year | 1 | 1 | |||||
Cash and cash equivalents at end of period | $ | 1 | $ | — |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Operating Revenues: | |||||||
Electric | $ | 390 | $ | 353 | |||
Gas | 355 | 421 | |||||
Total operating revenues | 745 | 774 | |||||
Operating Expenses: | |||||||
Purchased power | 102 | 81 | |||||
Gas purchased for resale | 205 | 264 | |||||
Other operations and maintenance | 202 | 200 | |||||
Depreciation and amortization | 73 | 63 | |||||
Taxes other than income taxes | 43 | 46 | |||||
Total operating expenses | 625 | 654 | |||||
Operating Income | 120 | 120 | |||||
Other Income and Expense: | |||||||
Miscellaneous income | 7 | 3 | |||||
Miscellaneous expense | 5 | 4 | |||||
Total other income (expense) | 2 | (1 | ) | ||||
Interest Charges | 33 | 30 | |||||
Income Before Income Taxes | 89 | 89 | |||||
Income Taxes | 35 | 35 | |||||
Net Income | 54 | 54 | |||||
Other Comprehensive Loss, Net of Taxes: | |||||||
Pension and other postretirement benefit plan activity, net of income taxes (benefit) of $(1) and $(1), respectively | (1 | ) | (1 | ) | |||
Comprehensive Income | $ | 53 | $ | 53 | |||
Net Income | $ | 54 | $ | 54 | |||
Preferred Stock Dividends | 1 | 1 | |||||
Net Income Available to Common Stockholder | $ | 53 | $ | 53 |
March 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | — | $ | 1 | |||
Advances to money pool | 33 | — | |||||
Accounts receivable – trade (less allowance for doubtful accounts of $15 and $13, respectively) | 304 | 212 | |||||
Accounts receivable – affiliates | 5 | 22 | |||||
Unbilled revenue | 92 | 119 | |||||
Miscellaneous accounts receivable | 12 | 9 | |||||
Materials and supplies | 88 | 177 | |||||
Current regulatory assets | 105 | 129 | |||||
Current accumulated deferred income taxes, net | 159 | 160 | |||||
Other current assets | 13 | 15 | |||||
Total current assets | 811 | 844 | |||||
Property and Plant, Net | 6,272 | 6,165 | |||||
Investments and Other Assets: | |||||||
Goodwill | 411 | 411 | |||||
Regulatory assets | 883 | 883 | |||||
Other assets | 79 | 78 | |||||
Total investments and other assets | 1,373 | 1,372 | |||||
TOTAL ASSETS | $ | 8,456 | $ | 8,381 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Short-term debt | $ | — | $ | 32 | |||
Borrowings from money pool | — | 15 | |||||
Accounts and wages payable | 193 | 207 | |||||
Accounts payable – affiliates | 49 | 50 | |||||
Taxes accrued | 41 | 17 | |||||
Interest accrued | 43 | 24 | |||||
Customer deposits | 76 | 77 | |||||
Mark-to-market derivative liabilities | 43 | 42 | |||||
Current environmental remediation | 46 | 52 | |||||
Current regulatory liabilities | 69 | 84 | |||||
Other current liabilities | 100 | 100 | |||||
Total current liabilities | 660 | 700 | |||||
Long-term Debt, Net | 2,241 | 2,241 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated deferred income taxes, net | 1,421 | 1,408 | |||||
Regulatory liabilities | 727 | 703 | |||||
Pension and other postretirement benefits | 278 | 277 | |||||
Environmental remediation | 200 | 199 | |||||
Other deferred credits and liabilities | 216 | 192 | |||||
Total deferred credits and other liabilities | 2,842 | 2,779 | |||||
Commitments and Contingencies (Notes 2, 8 and 9) | |||||||
Stockholders’ Equity: | |||||||
Common stock, no par value, 45.0 shares authorized – 25.5 shares outstanding | — | — | |||||
Other paid-in capital | 1,980 | 1,980 | |||||
Preferred stock | 62 | 62 | |||||
Retained earnings | 664 | 611 | |||||
Accumulated other comprehensive income | 7 | 8 | |||||
Total stockholders’ equity | 2,713 | 2,661 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 8,456 | $ | 8,381 |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 54 | $ | 54 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 72 | 62 | |||||
Amortization of debt issuance costs and premium/discounts | 4 | 3 | |||||
Deferred income taxes and investment tax credits, net | 13 | 36 | |||||
Other | (3 | ) | (2 | ) | |||
Changes in assets and liabilities: | |||||||
Receivables | (41 | ) | (94 | ) | |||
Materials and supplies | 89 | 88 | |||||
Accounts and wages payable | (11 | ) | 14 | ||||
Taxes accrued | 24 | (1 | ) | ||||
Regulatory assets and liabilities | 33 | (11 | ) | ||||
Assets, other | 6 | 5 | |||||
Liabilities, other | 4 | 16 | |||||
Pension and other postretirement benefits | 11 | 10 | |||||
Counterparty collateral, net | (1 | ) | 12 | ||||
Net cash provided by operating activities | 254 | 192 | |||||
Cash Flows From Investing Activities: | |||||||
Capital expenditures | (174 | ) | (215 | ) | |||
Money pool advances, net | (33 | ) | — | ||||
Other | — | 1 | |||||
Net cash used in investing activities | (207 | ) | (214 | ) | |||
Cash Flows From Financing Activities: | |||||||
Dividends on preferred stock | (1 | ) | (1 | ) | |||
Short-term debt, net | (32 | ) | — | ||||
Money pool borrowings, net | (15 | ) | 186 | ||||
Redemptions of long-term debt | — | (163 | ) | ||||
Net cash provided by (used in) financing activities | (48 | ) | 22 | ||||
Net change in cash and cash equivalents | (1 | ) | — | ||||
Cash and cash equivalents at beginning of year | 1 | 1 | |||||
Cash and cash equivalents at end of period | $ | — | $ | 1 |
• | Union Electric Company, doing business as Ameren Missouri, operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas transmission and distribution business in Missouri. |
• | Ameren Illinois Company, doing business as Ameren Illinois, operates rate-regulated electric and natural gas transmission and distribution businesses in Illinois. |
Ameren Missouri | Ameren Illinois(a) | Ameren | ||||||||||
Balance at December 31, 2014 | $ | 389 | $ | 7 | $ | 396 | ||||||
Accretion in 2015(b) | 5 | (c) | 5 | |||||||||
Change in estimates(d) | 99 | (c) | 99 | |||||||||
Balance at March 31, 2015 | $ | 493 | $ | 7 | $ | 500 |
(a) | Included in “Other deferred credits and liabilities” on the balance sheet. |
(b) | Accretion expense was recorded as an increase to regulatory assets at Ameren Missouri and Ameren Illinois. |
(c) | Less than $1 million. |
(d) | The ARO increase also resulted in a corresponding increase recorded to “Property and Plant, Net.” Ameren Missouri’s estimates related to its Callaway energy center decommissioning costs changed to reflect increased costs from the 2015 cost study and funding analysis, extension of the estimated operating life until 2044, and a reduction in the discount rate assumption. See Note 10 - Callaway Energy Center for additional information. |
Number of Performance Share Units | Weighted-average Fair Value Per Performance Share Unit | ||||
Nonvested at January 1, 2015 | 1,162,377 | $ | 35.35 | ||
Granted(a) | 566,332 | 52.88 | |||
Forfeitures | (1,944 | ) | 34.75 | ||
Vested(b) | (68,411 | ) | 47.88 | ||
Nonvested at March 31, 2015 | 1,658,354 | $ | 40.82 |
(a) | Performance share units granted to certain executive and nonexecutive officers and other eligible employees in 2015 under the 2014 Incentive Plan. |
(b) | Performance share units vested due to the attainment of retirement eligibility by certain employees. Actual shares issued for retirement-eligible employees will vary depending on actual performance over the three-year measurement period. |
Three Months | |||||||
2015 | 2014 | ||||||
Ameren Missouri | $ | 34 | $ | 34 | |||
Ameren Illinois | 23 | 26 | |||||
Ameren | $ | 57 | $ | 60 |
March 31, 2015 | December 31, 2014 | ||||||
Ameren | $ | 53 | $ | 54 | |||
Ameren Missouri | (1 | ) | — | ||||
Ameren Illinois | (1 | ) | (1 | ) |
March 31, 2015 | December 31, 2014 | ||||||
Ameren | $ | 52 | $ | 52 | |||
Ameren Missouri | (1 | ) | — | ||||
Ameren Illinois | (1 | ) | (1 | ) |
March 31, 2015 | December 31, 2014 | ||||||
Ameren (parent) | $ | 815 | $ | 585 | |||
Ameren Missouri | 140 | 97 | |||||
Ameren Illinois | — | 32 | |||||
Ameren Consolidated | $ | 955 | $ | 714 |
Ameren (parent) | Ameren Missouri | Ameren Illinois | Ameren Consolidated | |||||||||||
2015 | ||||||||||||||
Average daily commercial paper outstanding | $ | 691 | $ | 151 | $ | 10 | $ | 852 | ||||||
Weighted-average interest rate | 0.55 | % | 0.49 | % | 0.44 | % | 0.53 | % | ||||||
Peak commercial paper during period(a) | $ | 815 | $ | 243 | $ | 39 | $ | 955 | ||||||
Peak interest rate | 0.70 | % | 0.60 | % | 0.60 | % | 0.70 | % | ||||||
2014 | ||||||||||||||
Average daily commercial paper outstanding | $ | 339 | $ | 200 | $ | — | $ | 539 | ||||||
Weighted-average interest rate | 0.45 | % | 0.45 | % | — | % | 0.45 | % | ||||||
Peak commercial paper during period(a) | $ | 452 | $ | 290 | $ | — | $ | 700 | ||||||
Peak interest rate | 0.75 | % | 0.70 | % | — | % | 0.75 | % |
(a) | The timing of peak commercial paper issuances varies by company, and therefore the peak amounts presented by company might not equal the Ameren Consolidated peak commercial paper issuances for the period. |
Required Interest Coverage Ratio(a) | Actual Interest Coverage Ratio | Bonds Issuable(b) | Required Dividend Coverage Ratio(c) | Actual Dividend Coverage Ratio | Preferred Stock Issuable | ||||||||
Ameren Missouri | ≥2.0 | 4.6 | $ | 3,386 | ≥2.5 | 113.4 | $ | 2,530 | |||||
Ameren Illinois | ≥2.0 | 6.6 | 3,423 | (d) | ≥1.5 | 2.8 | 203 | (e) |
(a) | Coverage required on the annual interest charges on first mortgage bonds outstanding and to be issued. Coverage is not required in certain cases when additional first mortgage bonds are issued on the basis of retired bonds. |
(b) | Amount of bonds issuable based either on required coverage ratios or unfunded property additions, whichever is more restrictive. The amounts shown also include bonds issuable based on retired bond capacity of $832 million and $204 million at Ameren Missouri and Ameren Illinois, respectively. |
(c) | Coverage required on the annual dividend on preferred stock outstanding and to be issued, as required in the respective company’s articles of incorporation. |
(d) | Amount of bonds issuable by Ameren Illinois based on unfunded property additions and retired bonds solely under the former IP mortgage indenture. The amount of bonds issuable by Ameren Illinois is also subject to the lien restrictions contained in the 2012 Illinois Credit Agreement. |
(e) | Preferred stock issuable is restricted by the amount of preferred stock that is currently authorized by Ameren Illinois’ articles of incorporation. |
Three Months | ||||||||
2015 | 2014 | |||||||
Ameren:(a) | ||||||||
Miscellaneous income: | ||||||||
Allowance for equity funds used during construction | $ | 5 | $ | 7 | ||||
Interest income on industrial development revenue bonds | 7 | 7 | ||||||
Interest income | 4 | 2 | ||||||
Other | 3 | 2 | ||||||
Total miscellaneous income | $ | 19 | $ | 18 | ||||
Miscellaneous expense: | ||||||||
Donations | $ | 8 | $ | 5 | ||||
Other | 3 | 4 | ||||||
Total miscellaneous expense | $ | 11 | $ | 9 | ||||
Ameren Missouri: | ||||||||
Miscellaneous income: | ||||||||
Allowance for equity funds used during construction | $ | 4 | $ | 7 | ||||
Interest income on industrial development revenue bonds | 7 | 7 | ||||||
Total miscellaneous income | $ | 11 | $ | 14 | ||||
Miscellaneous expense: | ||||||||
Donations | $ | 2 | $ | 2 | ||||
Other | 1 | 2 | ||||||
Total miscellaneous expense | $ | 3 | $ | 4 | ||||
Ameren Illinois: | ||||||||
Miscellaneous income: | ||||||||
Allowance for equity funds used during construction | $ | 1 | $ | — | ||||
Interest income | 4 | 2 | ||||||
Other | 2 | 1 | ||||||
Total miscellaneous income | $ | 7 | $ | 3 | ||||
Miscellaneous expense: | ||||||||
Donations | $ | 3 | $ | 3 | ||||
Other | 2 | 1 | ||||||
Total miscellaneous expense | $ | 5 | $ | 4 |
(a) | Includes amounts for Ameren registrant and nonregistrant subsidiaries and intercompany eliminations. |
• | an unrealized appreciation or depreciation of our contracted commitments to purchase or sell when purchase or sale prices under the commitments are compared with current commodity prices; |
• | market values of natural gas and uranium inventories that differ from the cost of those commodities in inventory; and |
• | actual cash outlays for the purchase of these commodities that differ from anticipated cash outlays. |
Quantity (in millions, except as indicated) | ||||||||||||
2015 | 2014 | |||||||||||
Commodity | Ameren Missouri | Ameren Illinois | Ameren | Ameren Missouri | Ameren Illinois | Ameren | ||||||
Fuel oils (in gallons)(a) | 40 | (b) | 40 | 50 | (b) | 50 | ||||||
Natural gas (in mmbtu) | 29 | 121 | 150 | 28 | 108 | 136 | ||||||
Power (in megawatthours) | 1 | 10 | 11 | 1 | 11 | 12 | ||||||
Uranium (pounds in thousands) | 349 | (b) | 349 | 332 | (b) | 332 |
(a) | Fuel oils consist of heating oil and ultra-low-sulfur diesel. |
(b) | Not applicable. |
Balance Sheet Location | Ameren Missouri | Ameren Illinois | Ameren | ||||||||||
2015 | |||||||||||||
Fuel oils | Other current assets | $ | 1 | $ | — | $ | 1 | ||||||
Natural gas | Other current assets | — | 1 | 1 | |||||||||
Power | Other current assets | 7 | — | 7 | |||||||||
Total assets | $ | 8 | $ | 1 | $ | 9 | |||||||
Fuel oils | Other current liabilities | $ | 21 | $ | — | $ | 21 | ||||||
Other deferred credits and liabilities | 7 | — | 7 | ||||||||||
Natural gas | MTM derivative liabilities | (a) | 32 | (a) | |||||||||
Other current liabilities | 6 | — | 38 | ||||||||||
Other deferred credits and liabilities | 8 | 18 | 26 | ||||||||||
Power | MTM derivative liabilities | (a) | 11 | (a) | |||||||||
Other current liabilities | 1 | — | 12 | ||||||||||
Other deferred credits and liabilities | — | 153 | 153 | ||||||||||
Uranium | Other current liabilities | 1 | — | 1 | |||||||||
Total liabilities | $ | 44 | $ | 214 | $ | 258 | |||||||
2014 | |||||||||||||
Fuel oils | Other current assets | $ | 2 | $ | — | $ | 2 | ||||||
Natural gas | Other current assets | 1 | 1 | 2 | |||||||||
Power | Other current assets | 15 | — | 15 | |||||||||
Total assets | $ | 18 | $ | 1 | $ | 19 | |||||||
Fuel oils | Other current liabilities | $ | 22 | $ | — | $ | 22 | ||||||
Other deferred credits and liabilities | 7 | — | 7 | ||||||||||
Natural gas | MTM derivative liabilities | (a) | 31 | (a) | |||||||||
Other current liabilities | 6 | — | 37 | ||||||||||
Other deferred credits and liabilities | 6 | 13 | 19 | ||||||||||
Power | MTM derivative liabilities | (a) | 11 | (a) | |||||||||
Other current liabilities | 3 | — | 14 | ||||||||||
Other deferred credits and liabilities | — | 131 | 131 | ||||||||||
Uranium | Other current liabilities | 2 | — | 2 | |||||||||
Total liabilities | $ | 46 | $ | 186 | $ | 232 |
(a) | Balance sheet line item not applicable to registrant. |
Ameren Missouri | Ameren Illinois | Ameren | |||||||||
2015 | |||||||||||
Fuel oils derivative contracts(a) | $ | (27 | ) | $ | — | $ | (27 | ) | |||
Natural gas derivative contracts(b) | (14 | ) | (49 | ) | (63 | ) | |||||
Power derivative contracts(c) | 6 | (164 | ) | (158 | ) | ||||||
Uranium derivative contracts(d) | (1 | ) | — | (1 | ) | ||||||
2014 | |||||||||||
Fuel oils derivative contracts | $ | (29 | ) | $ | — | $ | (29 | ) | |||
Natural gas derivative contracts | (11 | ) | (43 | ) | (54 | ) | |||||
Power derivative contracts | 12 | (142 | ) | (130 | ) | ||||||
Uranium derivative contracts | (2 | ) | — | (2 | ) |
(a) | Represents net losses associated with fuel oils derivative contracts at Ameren Missouri. These contracts are a partial hedge of Ameren Missouri’s rail transportation surcharges for coal through December 2017. Current losses deferred as regulatory assets include $20 million at Ameren and Ameren Missouri. |
(b) | Represents net losses associated with natural gas derivative contracts. These contracts are a partial hedge of natural gas requirements through October 2019 at Ameren and Ameren Missouri and through October 2018 at Ameren Illinois. Current gains deferred as regulatory liabilities include $1 million at Ameren and Ameren Illinois, respectively. Current losses deferred as regulatory assets include $38 million, $6 million, and $32 million at Ameren, Ameren Missouri, and Ameren Illinois, respectively. |
(c) | Represents net gains (losses) associated with power derivative contracts. These contracts are a partial hedge of power price requirements through May 2032 at Ameren and Ameren Illinois and through December 2016 at Ameren Missouri. Current gains deferred as regulatory liabilities include $7 million at Ameren and Ameren Missouri. Current losses deferred as regulatory assets include $12 million, $1 million, and $11 million at Ameren, Ameren Missouri, and Ameren Illinois, respectively. |
(d) | Represents net losses on uranium derivative contracts at Ameren Missouri. These contracts are a partial hedge of Ameren Missouri’s uranium requirements through December 2016. Current losses deferred as regulatory assets include $1 million at Ameren and Ameren Missouri. |
Gross Amounts Not Offset in the Balance Sheet | ||||||||||||||||
Commodity Contracts Eligible to be Offset | Gross Amounts Recognized in the Balance Sheet | Derivative Instruments | Cash Collateral Received/Posted(a) | Net Amount | ||||||||||||
2015 | ||||||||||||||||
Assets: | ||||||||||||||||
Ameren Missouri | $ | 8 | $ | 4 | $ | — | $ | 4 | ||||||||
Ameren Illinois | 1 | — | — | 1 | ||||||||||||
Ameren | $ | 9 | $ | 4 | $ | — | $ | 5 | ||||||||
Liabilities: | ||||||||||||||||
Ameren Missouri | $ | 44 | $ | 4 | $ | 4 | $ | 36 | ||||||||
Ameren Illinois | 214 | — | 2 | 212 | ||||||||||||
Ameren | $ | 258 | $ | 4 | $ | 6 | $ | 248 | ||||||||
2014 | ||||||||||||||||
Assets: | ||||||||||||||||
Ameren Missouri | $ | 18 | $ | 5 | $ | — | $ | 13 | ||||||||
Ameren Illinois | 1 | — | — | 1 | ||||||||||||
Ameren | $ | 19 | $ | 5 | $ | — | $ | 14 | ||||||||
Liabilities: | ||||||||||||||||
Ameren Missouri | $ | 46 | $ | 5 | $ | 5 | $ | 36 | ||||||||
Ameren Illinois | 186 | — | — | 186 | ||||||||||||
Ameren | $ | 232 | $ | 5 | $ | 5 | $ | 222 |
(a) | Cash collateral received reduces gross asset balances and is included in “Other current liabilities” and “Other deferred credits and liabilities” on the balance sheet. Cash collateral posted reduces gross liability balances and is included in “Other current assets” and “Other assets” on the balance sheet. |
Aggregate Fair Value of Derivative Liabilities(a) | Cash Collateral Posted | Potential Aggregate Amount of Additional Collateral Required(b) | |||||||||
2015 | |||||||||||
Ameren Missouri | $ | 87 | $ | 6 | $ | 83 | |||||
Ameren Illinois | 80 | 2 | 74 | ||||||||
Ameren | $ | 167 | $ | 8 | $ | 157 |
(a) | Prior to consideration of master netting arrangements and including NPNS and other accrual contract exposures. |
(b) | As collateral requirements with certain counterparties are based on master netting arrangements, the aggregate amount of additional collateral required to be posted is determined after consideration of the effects of such arrangements. |
Fair Value | Weighted Average | ||||||||||
Assets | Liabilities | Valuation Technique(s) | Unobservable Input | Range | |||||||
Level 3 Derivative asset and liability - commodity contracts(a): | |||||||||||
Ameren | Fuel oils | $ | 1 | $ | (7 | ) | Option model | Volatilities(%)(b) | 33 - 80 | 42 | |
Discounted cash flow | Ameren Missouri credit risk(%)(b)(c) | 0.40 | (d) | ||||||||
Natural gas | 1 | (1 | ) | Option model | Volatilities(%)(e) | 6 - 39 | 33 | ||||
Nodal basis($/mmbtu)(e) | (0.40) - (0.20) | (0.30) | |||||||||
Discounted cash flow | Nodal basis($/mmbtu)(e) | (0.40) - (0.10) | (0.30) | ||||||||
Counterparty credit risk(%)(b)(c) | 0.31 - 12.07 | 2.47 | |||||||||
Ameren Missouri and Ameren Illinois credit risk(%)(b)(c) | 0.40 | (d) | |||||||||
Power(f) | 5 | (165 | ) | Discounted cash flow | Average forward peak and off-peak pricing - forwards/swaps($/MWh)(g) | 22 - 46 | 32 | ||||
Estimated auction price for FTRs($/MW)(e) | (597) - 1,922 | 153 | |||||||||
Nodal basis($/MWh)(e) | (11) - 0 | (3) | |||||||||
Counterparty credit risk(%)(b)(c) | 0.29 - 10.98 | 5.84 | |||||||||
Ameren Missouri and Ameren Illinois credit risk(%)(b)(c) | 0.40 | (d) | |||||||||
Fundamental energy production model | Estimated future gas prices($/mmbtu)(e) | 3 - 5 | 4 | ||||||||
Escalation rate(%)(e)(h) | 1 | (d) | |||||||||
Contract price allocation | Estimated renewable energy credit costs($/credit)(e) | 5 - 7 | 6 | ||||||||
Uranium | — | (1 | ) | Discounted cash flow | Average forward uranium pricing($/pound)(e) | 40 - 43 | 40 | ||||
Ameren Missouri | Fuel oils | $ | 1 | $ | (7 | ) | Option model | Volatilities(%)(b) | 33 - 80 | 42 | |
Discounted cash flow | Ameren Missouri credit risk(%)(b)(c) | 0.40 | (d) | ||||||||
Natural gas | — | (1 | ) | Option model | Volatilities(%)(e) | 6 - 39 | 33 | ||||
Nodal basis($/mmbtu)(e) | (0.40) - (0.20) | (0.30) | |||||||||
Discounted cash flow | Nodal basis($/mmbtu)(e) | (0.10) | (d) | ||||||||
Counterparty credit risk(%)(b)(c) | 0.54 - 12.07 | 5 | |||||||||
Ameren Missouri credit risk(%)(b)(c) | 0.40 | (d) | |||||||||
Power(f) | 5 | (1 | ) | Discounted cash flow | Average forward peak and off-peak pricing - forwards/swaps($/MWh)(b) | 24 - 46 | 36 | ||||
Estimated auction price for FTRs($/MW)(e) | (597) - 1,922 | 153 | |||||||||
Nodal basis($/MWh)(b) | (11) - (4) | (8) | |||||||||
Counterparty credit risk(%)(b)(c) | 0.29 - 10.98 | 5.84 | |||||||||
Uranium | — | (1 | ) | Discounted cash flow | Average forward uranium pricing($/pound)(e) | 40 - 43 | 40 | ||||
Ameren Illinois | Natural gas | $ | 1 | $ | — | Discounted cash flow | Nodal basis($/mmbtu)(e) | (0.40) - (0.10) | (0.30) | ||
Counterparty credit risk(%)(b)(c) | 0.31 - 2.28 | 1.28 | |||||||||
Ameren Illinois credit risk(%)(b)(c) | 0.40 | (d) | |||||||||
Power(f) | — | (164 | ) | Discounted cash flow | Average forward peak and off-peak pricing - forwards/swaps($/MWh)(e) | 22 - 38 | 31 | ||||
Nodal basis($/MWh)(e) | (6) - 0 | (3) | |||||||||
Ameren Illinois credit risk(%)(b)(c) | 0.40 | (d) | |||||||||
Fundamental energy production model | Estimated future gas prices($/mmbtu)(e) | 3 - 5 | 4 | ||||||||
Escalation rate(%)(e)(h) | 1 | (d) | |||||||||
Contract price allocation | Estimated renewable energy credit costs($/credit)(e) | 5 - 7 | 6 |
(a) | The derivative asset and liability balances are presented net of counterparty credit considerations. |
(b) | Generally, significant increases (decreases) in this input in isolation would result in a significantly lower (higher) fair value measurement. |
(c) | Counterparty credit risk is applied only to counterparties with derivative asset balances. Ameren Missouri and Ameren Illinois credit risk is applied only to counterparties with derivative liability balances. |
(d) | Not applicable. |
(e) | Generally, significant increases (decreases) in this input in isolation would result in a significantly higher (lower) fair value measurement. |
(f) | Power valuations use visible third-party pricing evaluated by month for peak and off-peak demand through 2018. Valuations beyond 2018 use fundamentally modeled pricing by month for peak and off-peak demand. |
(g) | The balance at Ameren is comprised of Ameren Missouri and Ameren Illinois power contracts, which respond differently to unobservable input changes due to their opposing positions. As such, refer to the power sensitivity analysis for each company above. |
(h) | Escalation rate applies to power prices 2026 and beyond. |
Fair Value | Weighted | |||||||||||
Assets | Liabilities | Valuation Technique(s) | Unobservable Input | Range | Average | |||||||
Level 3 Derivative asset and liability – commodity contracts(a): | ||||||||||||
Ameren | Fuel oils | $ | 2 | $ | (8 | ) | Option model | Volatilities(%)(b) | 3 - 39 | 32 | ||
Discounted cash flow | Ameren Missouri credit risk(%)(b)(c) | 0.43 | (d) | |||||||||
Escalation rate(%)(e)(f) | 5 | (d) | ||||||||||
Natural Gas | 1 | (2 | ) | Option model | Volatilities(%)(b) | 31 - 144 | 63 | |||||
Nodal basis($/mmbtu)(e) | (0.40) - 0 | (0.20) | ||||||||||
Discounted cash flow | Nodal basis($/mmbtu)(e) | (0.40) - 0.10 | (0.20) | |||||||||
Counterparty credit risk(%)(b)(c) | 0.43 - 13 | 3 | ||||||||||
Ameren Missouri and Ameren Illinois credit risk(%)(b)(c) | 0.43 | (d) | ||||||||||
Power(g) | 11 | (144 | ) | Discounted cash flow | Average forward peak and off-peak pricing – forwards/swaps($/MWh)(h) | 27 - 50 | 32 | |||||
Estimated auction price for FTRs($/MW)(e) | (1,833) - 2,743 | 171 | ||||||||||
Nodal basis($/MWh)(e) | (6) - 0 | (2) | ||||||||||
Counterparty credit risk(%)(b)(c) | 0.26 | (d) | ||||||||||
Ameren Missouri and Ameren Illinois credit risk(%)(b)(c) | 0.43 | (d) | ||||||||||
Fundamental energy production model | Estimated future gas prices($/mmbtu)(e) | 4 - 5 | 4 | |||||||||
Escalation rate(%)(e)(i) | 0 - 1 | 1 | ||||||||||
Contract price allocation | Estimated renewable energy credit costs($/credit)(e) | 5 - 7 | 6 | |||||||||
Uranium | — | (2 | ) | Discounted cash flow | Average forward uranium pricing($/pound)(e) | 35 - 40 | 36 | |||||
Ameren Missouri | Fuel oils | $ | 2 | $ | (8 | ) | Option model | Volatilities(%)(b) | 3 - 39 | 32 | ||
Discounted cash flow | Ameren Missouri credit risk(%)(b)(c) | 0.43 | (d) | |||||||||
Escalation rate(%)(e)(f) | 5 | (d) | ||||||||||
Natural Gas | — | (1 | ) | Option model | Volatilities(%)(b) | 31 - 144 | 53 | |||||
Nodal basis($/mmbtu)(e) | (0.40) - 0 | (0.30) | ||||||||||
Discounted cash flow | Nodal basis($/mmbtu)(e) | (0.10) | (d) | |||||||||
Counterparty credit risk(%)(b)(c) | 0.57 - 13 | 5 | ||||||||||
Ameren Missouri credit risk(%)(b)(c) | 0.43 | (d) | ||||||||||
Power(g) | 11 | (2 | ) | Discounted cash flow | Average forward peak and off-peak pricing – forwards/swaps($/MWh)(b) | 27 - 50 | 32 | |||||
Estimated auction price for FTRs($/MW)(e) | (1,833) - 2,743 | 171 | ||||||||||
Counterparty credit risk(%)(b)(c) | 0.26 | (d) | ||||||||||
Ameren Missouri credit risk(%)(b)(c) | 0.43 | (d) | ||||||||||
Uranium | — | (2 | ) | Discounted cash flow | Average forward uranium pricing($/pound)(e) | 35 - 40 | 36 | |||||
Ameren Illinois | Natural Gas | $ | 1 | $ | (1 | ) | Option model | Volatilities(%)(b) | 50 - 144 | 94 | ||
Nodal basis($/mmbtu)(e) | (0.10) - 0 | (0.10) | ||||||||||
Discounted cash flow | Nodal basis($/mmbtu)(e) | (0.40) - 0.10 | (0.20) | |||||||||
Counterparty credit risk(%)(b)(c) | 0.43 - 2 | 0.83 | ||||||||||
Ameren Illinois credit risk(%)(b)(c) | 0.43 | (d) | ||||||||||
Power(g) | — | (142 | ) | Discounted cash flow | Average forward peak and off-peak pricing – forwards/swaps($/MWh)(e) | 27 - 38 | 32 | |||||
Nodal basis($/MWh)(e) | (6) - 0 | (2) | ||||||||||
Ameren Illinois credit risk(%)(b)(c) | 0.43 | (d) | ||||||||||
Fundamental energy production model | Estimated future gas prices($/mmbtu)(e) | 4 - 5 | 4 | |||||||||
Escalation rate(%)(e)(i) | 0 - 1 | 1 | ||||||||||
Contract price allocation | Estimated renewable energy credit costs($/credit)(e) | 5 - 7 | 6 |
(a) | The derivative asset and liability balances are presented net of counterparty credit considerations. |
(b) | Generally, significant increases (decreases) in this input in isolation would result in a significantly lower (higher) fair value measurement. |
(c) | Counterparty credit risk is applied only to counterparties with derivative asset balances. Ameren Missouri and Ameren Illinois credit risk is applied only to counterparties with derivative liability balances. |
(d) | Not applicable. |
(e) | Generally, significant increases (decreases) in this input in isolation would result in a significantly higher (lower) fair value measurement. |
(f) | Escalation rate applies to fuel oil prices 2017 and beyond. |
(g) | Power valuations use visible third-party pricing evaluated by month for peak and off-peak demand through 2018. Valuations beyond 2018 use fundamentally modeled pricing by month for peak and off-peak demand. |
(h) | The balance at Ameren is comprised of Ameren Missouri and Ameren Illinois power contracts, which respond differently to unobservable input changes due to their opposing positions. As such, refer to the power sensitivity analysis for each company above. |
(i) | Escalation rate applies to power prices 2026 and beyond. |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Total | |||||||||||||||
Assets: | ||||||||||||||||||
Ameren | Derivative assets - commodity contracts(a): | |||||||||||||||||
Fuel oils | $ | — | $ | — | $ | 1 | $ | 1 | ||||||||||
Natural gas | — | — | 1 | 1 | ||||||||||||||
Power | — | 2 | 5 | 7 | ||||||||||||||
Total derivative assets - commodity contracts | $ | — | $ | 2 | $ | 7 | $ | 9 | ||||||||||
Nuclear decommissioning trust fund: | ||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | — | $ | — | $ | 2 | ||||||||||
Equity securities: | ||||||||||||||||||
U.S. large capitalization | 368 | — | — | 368 | ||||||||||||||
Debt securities: | ||||||||||||||||||
Corporate bonds | — | 65 | — | 65 | ||||||||||||||
U.S. treasury and agency securities | — | 101 | — | 101 | ||||||||||||||
Other | — | 20 | — | 20 | ||||||||||||||
Total nuclear decommissioning trust fund | $ | 370 | $ | 186 | $ | — | $ | 556 | (b) | |||||||||
Total Ameren | $ | 370 | $ | 188 | $ | 7 | $ | 565 | ||||||||||
Ameren | Derivative assets - commodity contracts(a): | |||||||||||||||||
Missouri | Fuel oils | $ | — | $ | — | $ | 1 | $ | 1 | |||||||||
Power | — | 2 | 5 | 7 | ||||||||||||||
Total derivative assets - commodity contracts | $ | — | $ | 2 | $ | 6 | $ | 8 | ||||||||||
Nuclear decommissioning trust fund: | ||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | — | $ | — | $ | 2 | ||||||||||
Equity securities: | ||||||||||||||||||
U.S. large capitalization | 368 | — | — | 368 | ||||||||||||||
Debt securities: | ||||||||||||||||||
Corporate bonds | — | 65 | — | 65 | ||||||||||||||
U.S. treasury and agency securities | — | 101 | — | 101 | ||||||||||||||
Other | — | 20 | — | 20 | ||||||||||||||
Total nuclear decommissioning trust fund | $ | 370 | $ | 186 | $ | — | $ | 556 | (b) | |||||||||
Total Ameren Missouri | $ | 370 | $ | 188 | $ | 6 | $ | 564 | ||||||||||
Ameren | Derivative assets - commodity contracts(a): | |||||||||||||||||
Illinois | Natural gas | $ | — | $ | — | $ | 1 | $ | 1 | |||||||||
Liabilities: | ||||||||||||||||||
Ameren | Derivative liabilities - commodity contracts(a): | |||||||||||||||||
Fuel oils | $ | 21 | $ | — | $ | 7 | $ | 28 | ||||||||||
Natural gas | — | 63 | 1 | 64 | ||||||||||||||
Power | — | — | 165 | 165 | ||||||||||||||
Uranium | — | — | 1 | 1 | ||||||||||||||
Total Ameren | $ | 21 | $ | 63 | $ | 174 | $ | 258 | ||||||||||
Ameren | Derivative liabilities - commodity contracts(a): | |||||||||||||||||
Missouri | Fuel oils | $ | 21 | $ | — | $ | 7 | $ | 28 | |||||||||
Natural gas | — | 13 | 1 | 14 | ||||||||||||||
Power | — | — | 1 | 1 | ||||||||||||||
Uranium | — | — | 1 | 1 | ||||||||||||||
Total Ameren Missouri | $ | 21 | $ | 13 | $ | 10 | $ | 44 | ||||||||||
Ameren | Derivative liabilities - commodity contracts(a): | |||||||||||||||||
Illinois | Natural gas | $ | — | $ | 50 | $ | — | $ | 50 | |||||||||
Power | — | — | 164 | 164 | ||||||||||||||
Total Ameren Illinois | $ | — | $ | 50 | $ | 164 | $ | 214 |
(a) | The derivative asset and liability balances are presented net of counterparty credit considerations. |
(b) | Balance excludes $2 million of receivables, payables, and accrued income, net. |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Total | |||||||||||||||
Assets: | ||||||||||||||||||
Ameren | Derivative assets - commodity contracts(a): | |||||||||||||||||
Fuel oils | $ | — | $ | — | $ | 2 | $ | 2 | ||||||||||
Natural gas | — | 1 | 1 | 2 | ||||||||||||||
Power | — | 4 | 11 | 15 | ||||||||||||||
Total derivative assets - commodity contracts | $ | — | $ | 5 | $ | 14 | $ | 19 | ||||||||||
Nuclear decommissioning trust fund: | ||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | — | $ | 1 | ||||||||||
Equity securities: | ||||||||||||||||||
U.S. large capitalization | 364 | — | — | 364 | ||||||||||||||
Debt securities: | ||||||||||||||||||
Corporate bonds | — | 63 | — | 63 | ||||||||||||||
U.S. treasury and agency securities | — | 102 | — | 102 | ||||||||||||||
Other | — | 17 | — | 17 | ||||||||||||||
Total nuclear decommissioning trust fund | $ | 365 | $ | 182 | $ | — | $ | 547 | (b) | |||||||||
Total Ameren | $ | 365 | $ | 187 | $ | 14 | $ | 566 | ||||||||||
Ameren | Derivative assets - commodity contracts(a): | |||||||||||||||||
Missouri | Fuel oils | $ | — | $ | — | $ | 2 | $ | 2 | |||||||||
Natural gas | — | 1 | — | 1 | ||||||||||||||
Power | — | 4 | 11 | 15 | ||||||||||||||
Total derivative assets - commodity contracts | $ | — | $ | 5 | $ | 13 | $ | 18 | ||||||||||
Nuclear decommissioning trust fund: | ||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | — | $ | 1 | ||||||||||
Equity securities: | ||||||||||||||||||
U.S. large capitalization | 364 | — | — | 364 | ||||||||||||||
Debt securities: | ||||||||||||||||||
Corporate bonds | — | 63 | — | 63 | ||||||||||||||
U.S. treasury and agency securities | — | 102 | — | 102 | ||||||||||||||
Other | — | 17 | — | 17 | ||||||||||||||
Total nuclear decommissioning trust fund | $ | 365 | $ | 182 | $ | — | $ | 547 | (b) | |||||||||
Total Ameren Missouri | $ | 365 | $ | 187 | $ | 13 | $ | 565 | ||||||||||
Ameren | Derivative assets - commodity contracts(a): | |||||||||||||||||
Illinois | Natural gas | $ | — | $ | — | $ | 1 | $ | 1 | |||||||||
Liabilities: | ||||||||||||||||||
Ameren | Derivative liabilities - commodity contracts(a): | |||||||||||||||||
Fuel oils | $ | 21 | $ | — | $ | 8 | $ | 29 | ||||||||||
Natural gas | 1 | 53 | 2 | 56 | ||||||||||||||
Power | — | 1 | 144 | 145 | ||||||||||||||
Uranium | — | — | 2 | 2 | ||||||||||||||
Total Ameren | $ | 22 | $ | 54 | $ | 156 | $ | 232 | ||||||||||
Ameren | Derivative liabilities - commodity contracts(a): | |||||||||||||||||
Missouri | Fuel oils | $ | 21 | $ | — | $ | 8 | $ | 29 | |||||||||
Natural gas | 1 | 10 | 1 | 12 | ||||||||||||||
Power | — | 1 | 2 | 3 | ||||||||||||||
Uranium | — | — | 2 | 2 | ||||||||||||||
Total Ameren Missouri | $ | 22 | $ | 11 | $ | 13 | $ | 46 | ||||||||||
Ameren | Derivative liabilities - commodity contracts(a): | |||||||||||||||||
Illinois | Natural gas | $ | — | $ | 43 | $ | 1 | $ | 44 | |||||||||
Power | — | — | 142 | 142 | ||||||||||||||
Total Ameren Illinois | $ | — | $ | 43 | $ | 143 | $ | 186 |
(a) | The derivative asset and liability balances are presented net of counterparty credit considerations. |
(b) | Balance excludes $2 million of receivables, payables, and accrued income, net. |
Net derivative commodity contracts | |||||||||
Ameren Missouri | Ameren Illinois | Ameren | |||||||
Fuel oils: | |||||||||
Beginning balance at January 1, 2015 | $ | (6 | ) | $ | (a) | $ | (6 | ) | |
Realized and unrealized gains (losses) included in regulatory assets/liabilities | (1 | ) | (a) | (1 | ) | ||||
Settlements | 1 | (a) | 1 | ||||||
Ending balance at March 31, 2015 | $ | (6 | ) | $ | (a) | $ | (6 | ) | |
Change in unrealized gains (losses) related to assets/liabilities held at March 31, 2015 | $ | (3 | ) | $ | (a) | $ | (3 | ) | |
Natural gas: | |||||||||
Beginning balance at January 1, 2015 | $ | (1 | ) | $ | — | $ | (1 | ) | |
Purchases | — | 1 | 1 | ||||||
Ending balance at March 31, 2015 | $ | (1 | ) | $ | 1 | $ | — | ||
Change in unrealized gains (losses) related to assets/liabilities held at March 31, 2015 | $ | — | $ | — | $ | — | |||
Power: | |||||||||
Beginning balance at January 1, 2015 | $ | 9 | $ | (142 | ) | $ | (133 | ) | |
Realized and unrealized gains (losses) included in regulatory assets/liabilities | (2 | ) | (25 | ) | (27 | ) | |||
Settlements | (3 | ) | 3 | — | |||||
Ending balance at March 31, 2015 | $ | 4 | $ | (164 | ) | $ | (160 | ) | |
Change in unrealized gains (losses) related to assets/liabilities held at March 31, 2015 | $ | — | $ | (24 | ) | $ | (24 | ) | |
Uranium: | |||||||||
Beginning balance at January 1, 2015 | $ | (2 | ) | $ | (a) | $ | (2 | ) | |
Realized and unrealized gains (losses) included in regulatory assets/liabilities | 1 | (a) | 1 | ||||||
Ending balance at March 31, 2015 | $ | (1 | ) | $ | (a) | $ | (1 | ) | |
Change in unrealized gains (losses) related to assets/liabilities held at March 31, 2015 | $ | 1 | $ | (a) | $ | 1 |
(a) | Not applicable. |
Net derivative commodity contracts | |||||||||
Ameren Missouri | Ameren Illinois | Ameren | |||||||
Fuel oils: | |||||||||
Beginning balance at January 1, 2014 | $ | 5 | $ | (a) | $ | 5 | |||
Realized and unrealized gains (losses) included in regulatory assets/liabilities | (2 | ) | (a) | (2 | ) | ||||
Settlements | (2 | ) | (a) | (2 | ) | ||||
Ending balance at March 31, 2014 | $ | 1 | $ | (a) | $ | 1 | |||
Change in unrealized gains (losses) related to assets/liabilities held at March 31, 2014 | $ | (1 | ) | $ | (a) | $ | (1 | ) | |
Natural gas: | |||||||||
Beginning balance at January 1, 2014 | $ | — | $ | — | $ | — | |||
Purchases | — | (2 | ) | (2 | ) | ||||
Settlements | — | 2 | 2 | ||||||
Ending balance at March 31, 2014 | $ | — | $ | — | $ | — | |||
Change in unrealized gains (losses) related to assets/liabilities held at March 31, 2014 | $ | — | $ | — | $ | — | |||
Power: | |||||||||
Beginning balance at January 1, 2014 | $ | 19 | $ | (108 | ) | $ | (89 | ) | |
Realized and unrealized gains (losses) included in regulatory assets/liabilities | (5 | ) | (12 | ) | (17 | ) | |||
Settlements | (5 | ) | — | (5 | ) | ||||
Transfers out of Level 3 | 1 | — | 1 | ||||||
Ending balance at March 31, 2014 | $ | 10 | $ | (120 | ) | $ | (110 | ) | |
Change in unrealized gains (losses) related to assets/liabilities held at March 31, 2014 | $ | (1 | ) | $ | (14 | ) | $ | (15 | ) |
Uranium: | |||||||||
Beginning balance at January 1, 2014 | $ | (6 | ) | $ | (a) | $ | (6 | ) | |
Settlements | 1 | (a) | 1 | ||||||
Ending balance at March 31, 2014 | $ | (5 | ) | $ | (a) | $ | (5 | ) | |
Change in unrealized gains (losses) related to assets/liabilities held at March 31, 2014 | $ | — | $ | (a) | $ | — |
(a) | Not applicable. |
March 31, 2015 | December 31, 2014 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Ameren:(a) | |||||||||||||||
Long-term debt and capital lease obligations (including current portion) | $ | 6,240 | $ | 7,127 | $ | 6,240 | $ | 7,135 | |||||||
Preferred stock | 142 | 123 | 142 | 122 | |||||||||||
Ameren Missouri: | |||||||||||||||
Long-term debt and capital lease obligations (including current portion) | $ | 3,999 | $ | 4,574 | $ | 3,999 | $ | 4,518 | |||||||
Preferred stock | 80 | 74 | 80 | 73 | |||||||||||
Ameren Illinois: | |||||||||||||||
Long-term debt | $ | 2,241 | $ | 2,553 | $ | 2,241 | $ | 2,517 | |||||||
Preferred stock | 62 | 49 | 62 | 49 |
(a) | Preferred stock is recorded in “Noncontrolling Interests” on the consolidated balance sheet. |
Three Months | |||||||||
Agreement | Income Statement Line Item | Ameren Missouri | Ameren Illinois | ||||||
Ameren Missouri power supply | Operating Revenues | 2015 | $ | 1 | $ | (a) | |||
agreements with Ameren Illinois | 2014 | (b) | (a) | ||||||
Ameren Missouri and Ameren Illinois | Operating Revenues | 2015 | 6 | 1 | |||||
rent and facility services | 2014 | 5 | (b) | ||||||
Ameren Missouri and Ameren Illinois | Operating Revenues | 2015 | (b) | (b) | |||||
miscellaneous support services | 2014 | (b) | (b) | ||||||
Total Operating Revenues | 2015 | $ | 7 | $ | 1 | ||||
2014 | 5 | (b) | |||||||
Ameren Illinois power supply | Purchased Power | 2015 | $ | (a) | $ | 1 | |||
agreements with Ameren Missouri | 2014 | (a) | (b) | ||||||
Ameren Illinois transmission | Purchased Power | 2015 | (a) | 1 | |||||
services with ATXI | 2014 | (a) | 1 | ||||||
Total Purchased Power | 2015 | $ | (a) | $ | 2 | ||||
2014 | (a) | 1 | |||||||
Ameren Services support services | Other Operations and Maintenance | 2015 | $ | 34 | $ | 29 | |||
agreement | 2014 | 33 | 27 | ||||||
Total Other Operations and | 2015 | $ | 34 | $ | 29 | ||||
Maintenance Expenses | 2014 | 33 | 27 | ||||||
Money pool borrowings (advances) | Interest Charges/ Miscellaneous | 2015 | $ | (b) | $ | (b) | |||
Income | 2014 | (b) | (b) |
(a) | Not applicable. |
(b) | Amount less than $1 million. |
Type and Source of Coverage | Maximum Coverages | Maximum Assessments for Single Incidents | ||||||
Public liability and nuclear worker liability: | ||||||||
American Nuclear Insurers | $ | 375 | $ | — | ||||
Pool participation | 13,241 | (a) | 128 | (b) | ||||
$ | 13,616 | (c) | $ | 128 | ||||
Property damage: | ||||||||
NEIL | $ | 2,750 | (d) | $ | 26 | (e) | ||
European Mutual Association for Nuclear Insurance | 500 | (f) | — | |||||
$ | 3,250 | $ | 26 | |||||
Replacement power: | ||||||||
NEIL | $ | 490 | (g) | $ | 9 | (e) |
(a) | Provided through mandatory participation in an industrywide retrospective premium assessment program. |
(b) | Retrospective premium under the Price-Anderson Act. This is subject to retrospective assessment with respect to a covered loss in excess of $375 million in the event of an incident at any licensed United States commercial reactor, payable at $19 million per year. |
(c) | Limit of liability for each incident under the Price-Anderson liability provisions of the Atomic Energy Act of 1954, as amended. A company could be assessed up to $128 million per incident for each licensed reactor it operates with a maximum of $19 million per incident to be paid in a calendar year for each reactor. This limit is subject to change to account for the effects of inflation and changes in the number of licensed reactors. |
(d) | NEIL provides $2.25 billion in property damage, decontamination, and premature decommissioning insurance for both radiation and nonradiation events. An additional $500 million is provided for radiation events only for a total of $2.75 billion. |
(e) | All NEIL insured plants could be subject to assessments should losses exceed the accumulated funds from NEIL. |
(f) | European Mutual Association for Nuclear Insurance provides $500 million in excess of the $2.75 billion and $2.25 billion property coverage for radiation and nonradiation events, respectively, provided by NEIL. |
(g) | Provides replacement power cost insurance in the event of a prolonged accidental outage. Weekly indemnity up to $4.5 million for 52 weeks, which commences after the first twelve weeks of an outage, plus up to $3.6 million per week for a minimum of 71 weeks thereafter for a total not exceeding the policy limit of $490 million. Nonradiation events are sub-limited to $328 million. |
Ameren | Ameren Missouri | Ameren Illinois | Total(a) | |||
1 | 42 | 53 | 65 |
(a) | Total does not equal the sum of the subsidiary unit lawsuits because some of the lawsuits name multiple Ameren entities as defendants. |
Pension Benefits | Postretirement Benefits | |||||||||||||||
Three Months | Three Months | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Service cost | $ | 24 | $ | 21 | $ | 5 | $ | 5 | ||||||||
Interest cost | 44 | 49 | 12 | 13 | ||||||||||||
Expected return on plan assets | (62 | ) | (57 | ) | (17 | ) | (16 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service benefit | — | — | (1 | ) | (1 | ) | ||||||||||
Actuarial loss (gain) | 18 | 12 | 1 | (1 | ) | |||||||||||
Net periodic benefit cost | $ | 24 | $ | 25 | $ | — | $ | — |
Pension Benefits | Postretirement Benefits | |||||||||||||||
Three Months | Three Months | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Ameren Missouri | $ | 15 | $ | 17 | $ | 1 | $ | 1 | ||||||||
Ameren Illinois | 9 | 8 | (1 | ) | (1 | ) | ||||||||||
Ameren(a) | $ | 24 | $ | 25 | $ | — | $ | — |
(a) | Includes amounts for Ameren registrants and nonregistrant subsidiaries. |
• | $103 million related to guarantees supporting Marketing Company for physically and financially settled power transactions with its counterparties that were in place at the December 2, 2013 closing of the divestiture, as well as for Marketing Company's clearing broker and other service agreements. If Marketing Company did not fulfill its obligations to these counterparties who had active open positions as of March 31, 2015, Ameren would have been required under its guarantees to provide $10 million to the counterparties. |
• | $2 million related to requirements for lease agreements and potential environmental obligations. If New AER had not fulfilled its lease obligation as of March 31, 2015, Ameren would have been required to provide $1 million to the lease counterparty. |
Three Months | Ameren Missouri | Ameren Illinois | Other | Intersegment Eliminations | Ameren | |||||||||||||||
2015 | ||||||||||||||||||||
External revenues | $ | 793 | $ | 744 | $ | 19 | $ | — | $ | 1,556 | ||||||||||
Intersegment revenues | 7 | 1 | 1 | (9 | ) | — | ||||||||||||||
Net income attributable to Ameren Corporation from continuing operations | 41 | 53 | 14 | — | 108 | |||||||||||||||
2014 | ||||||||||||||||||||
External revenues | $ | 811 | $ | 774 | $ | 9 | $ | — | $ | 1,594 | ||||||||||
Intersegment revenues | 6 | — | 1 | (7 | ) | — | ||||||||||||||
Net income (loss) attributable to Ameren Corporation from continuing operations | 47 | 53 | (3 | ) | — | 97 | ||||||||||||||
As of March 31, 2015: | ||||||||||||||||||||
Total assets | $ | 13,555 | $ | 8,456 | $ | 1,082 | $ | (224 | ) | $ | 22,869 | (a) | ||||||||
As of December 31, 2014: | ||||||||||||||||||||
Total assets | $ | 13,541 | $ | 8,381 | $ | 942 | $ | (203 | ) | $ | 22,661 | (a) |
• | Union Electric Company, doing business as Ameren Missouri, operates a rate-regulated electric generation, transmission and distribution business and a rate-regulated natural gas transmission and distribution business in Missouri. |
• | Ameren Illinois Company, doing business as Ameren Illinois, operates rate-regulated electric and natural gas transmission and distribution businesses in Illinois. |
Three Months | ||||||||
2015 | 2014 | |||||||
Net income attributable to Ameren Corporation - continuing operations | $ | 108 | $ | 97 | ||||
Earnings per common share - basic - continuing operations | 0.45 | 0.40 |
• | increased Ameren Illinois and ATXI electric transmission service and Ameren Illinois electric service delivery earnings under formula ratemaking due to additional rate base investment (5 cents per share); |
• | decreased other operations and maintenance expenses for those businesses not operating under formula rates, primarily at Ameren Missouri due, in part, to a reduction in low-level radioactive nuclear waste disposal costs, and at nonregistrant subsidiaries (5 cents per share); |
• | increased Ameren Illinois earnings resulting from a January 2015 ICC order regarding Ameren Illinois’ cumulative power usage cost and its purchased power rider mechanism (4 cents per share); and |
• | decreased interest expense at Ameren (parent) primarily due to higher-cost debt being replaced with lower-cost debt (3 cents per share). |
• | decreased electric and natural gas demand from milder winter temperatures in 2015 (estimated at 3 cents per share) as well as decreased Ameren Missouri electric demand, excluding the effects of weather, primarily due to the effects of the MEEIA customer energy efficiency programs (estimated at 2 cents per share); |
• | decreased Ameren Illinois and ATXI electric transmission service and Ameren Illinois electric delivery service earnings under formula ratemaking due to a lower recognized return on equity in each jurisdiction. The FERC-allowed return on equity was reduced by the recognition of a liability for a potential refund to customers based on the pending complaint cases and the recognized return on equity related to Ameren Illinois electric delivery service was reduced due to lower 30-year United States Treasury bond yields (2 cents per share); |
• | increased depreciation and amortization expenses for those businesses not operating under formula rates, primarily resulting from electric capital additions at Ameren Missouri and amortization of natural gas software at Ameren Illinois (2 cents per share); and |
• | increased financing costs at Ameren Missouri, primarily due to increased interest expense and decreased allowance for equity funds used during construction (2 cents per share). |
Ameren Missouri | Ameren Illinois | Other / Intersegment Eliminations | Ameren | ||||||||||||
Three Months 2015: | |||||||||||||||
Electric margins | $ | 497 | $ | 288 | $ | 13 | $ | 798 | |||||||
Natural gas margins | 27 | 150 | — | 177 | |||||||||||
Other operations and maintenance | (211 | ) | (202 | ) | 12 | (401 | ) | ||||||||
Depreciation and amortization | (118 | ) | (73 | ) | (2 | ) | (193 | ) | |||||||
Taxes other than income taxes | (80 | ) | (43 | ) | (2 | ) | (125 | ) | |||||||
Other income (expense) | 8 | 2 | (2 | ) | 8 | ||||||||||
Interest charges | (55 | ) | (33 | ) | — | (88 | ) | ||||||||
Income (taxes) benefit | (26 | ) | (35 | ) | (5 | ) | (66 | ) | |||||||
Income from continuing operations | 42 | 54 | 14 | 110 | |||||||||||
Loss from discontinued operations, net of tax | — | — | — | — | |||||||||||
Net income | 42 | 54 | 14 | 110 | |||||||||||
Preferred dividends | (1 | ) | (1 | ) | — | (2 | ) | ||||||||
Net income attributable to Ameren Corporation | $ | 41 | $ | 53 | $ | 14 | $ | 108 | |||||||
Three Months 2014: | |||||||||||||||
Electric margins | $ | 510 | $ | 272 | $ | 6 | $ | 788 | |||||||
Natural gas margins | 28 | 157 | (1 | ) | 184 | ||||||||||
Other operations and maintenance | (225 | ) | (200 | ) | 7 | (418 | ) | ||||||||
Depreciation and amortization | (116 | ) | (63 | ) | (2 | ) | (181 | ) | |||||||
Taxes other than income taxes | (78 | ) | (46 | ) | (3 | ) | (127 | ) | |||||||
Other income (expense) | 10 | (1 | ) | — | 9 | ||||||||||
Interest charges | (52 | ) | (30 | ) | (10 | ) | (92 | ) | |||||||
Income (taxes) benefit | (29 | ) | (35 | ) | — | (64 | ) | ||||||||
Income (loss) from continuing operations | 48 | 54 | (3 | ) | 99 | ||||||||||
Loss from discontinued operations, net of tax | — | — | (1 | ) | (1 | ) | |||||||||
Net income (loss) | 48 | 54 | (4 | ) | 98 | ||||||||||
Noncontrolling interests and preferred dividends | (1 | ) | (1 | ) | — | (2 | ) | ||||||||
Net income (loss) attributable to Ameren Corporation | $ | 47 | $ | 53 | $ | (4 | ) | $ | 96 |
Ameren Missouri | Ameren Illinois | Other(a) | Ameren | ||||||||||||
Electric revenue change: | |||||||||||||||
Effect of weather (estimate)(b) | $ | (9 | ) | $ | (5 | ) | $ | — | $ | (14 | ) | ||||
Base rates (estimate) | — | 15 | — | 15 | |||||||||||
IEIMA revenue requirement reconciliation | — | (15 | ) | — | (15 | ) | |||||||||
Sales volume (excluding the estimated effect of weather) | (8 | ) | (1 | ) | — | (9 | ) | ||||||||
Recovery of FAC under-recovery(c) | 5 | — | — | 5 | |||||||||||
Off-system sales and transmission services revenues | 8 | — | — | 8 | |||||||||||
MEEIA (energy efficiency) recovery mechanisms | (1 | ) | — | — | (1 | ) | |||||||||
Transmission services revenues | — | 7 | 10 | 17 | |||||||||||
Illinois pass-through power supply costs | — | 18 | — | 18 | |||||||||||
Bad debt, energy efficiency programs and environmental remediation cost riders | — | 4 | — | 4 | |||||||||||
Purchased power rider order | — | 15 | — | 15 | |||||||||||
Other | (2 | ) | (1 | ) | (3 | ) | (6 | ) | |||||||
Total electric revenue change | $ | (7 | ) | $ | 37 | $ | 7 | $ | 37 | ||||||
Fuel and purchased power change: | |||||||||||||||
Energy costs | $ | (5 | ) | $ | — | $ | — | $ | (5 | ) | |||||
Effect of weather (estimate)(b) | 4 | 3 | — | 7 | |||||||||||
Recovery of FAC under-recovery(c) | (5 | ) | — | — | (5 | ) | |||||||||
Transmission services expenses | — | (6 | ) | — | (6 | ) | |||||||||
Illinois pass-through power supply costs | — | (18 | ) | — | (18 | ) | |||||||||
Total fuel and purchased power change | $ | (6 | ) | $ | (21 | ) | $ | — | $ | (27 | ) | ||||
Net change in electric margins | $ | (13 | ) | $ | 16 | $ | 7 | $ | 10 | ||||||
Natural gas revenue change: | |||||||||||||||
Effect of weather (estimate)(b) | $ | (6 | ) | $ | (21 | ) | $ | — | $ | (27 | ) | ||||
Bad debt, energy efficiency programs and environmental remediation cost riders | — | 1 | — | 1 | |||||||||||
Gross receipts tax | — | (3 | ) | — | (3 | ) | |||||||||
Pass-through purchased gas costs | (4 | ) | (40 | ) | — | (44 | ) | ||||||||
Sales volume (excluding the estimated effect of weather) and other | — | (3 | ) | 1 | (2 | ) | |||||||||
Total natural gas revenue change | $ | (10 | ) | $ | (66 | ) | $ | 1 | $ | (75 | ) | ||||
Gas purchased for resale change: | |||||||||||||||
Effect of weather (estimate)(b) | $ | 5 | $ | 19 | $ | — | $ | 24 | |||||||
Pass-through purchased gas costs | 4 | 40 | — | 44 | |||||||||||
Total gas purchased for resale change | $ | 9 | $ | 59 | $ | — | $ | 68 | |||||||
Net change in natural gas margins | $ | (1 | ) | $ | (7 | ) | $ | 1 | $ | (7 | ) |
(a) | Primarily includes amounts for ATXI and intercompany eliminations. |
(b) | Represents the estimated variation resulting primarily from changes in cooling and heating degree-days on electric and natural gas demand compared with the prior-year period; this is based on temperature readings from the National Oceanic and Atmospheric Administration weather stations at local airports in our service territories. |
(c) | Represents the change in the net energy costs recovered under the FAC through customer rates, with corresponding offsets to fuel expense due to amortization of a previously recorded regulatory asset. |
• | Lower sales volumes primarily caused by the MEEIA programs. Excluding the estimated effect of weather, total retail sales volumes decreased 2%, which decreased revenues an estimated $8 million. Lower sales volumes led to a decrease in net energy costs of $3 million. The change in net energy costs is the sum of the change in off-system sales and transmission services revenues (+$8 million) and the change in energy costs (-$5 million) in the above table. |
• | Winter temperatures in 2015 were milder compared to 2014 as heating degree-days decreased 10%, which resulted in lower sales volumes and an estimated $5 million decrease in margins. The change in weather margin is the sum of the effect of weather on electric revenues (-$9 million) and the effect of weather on fuel and purchased power (+$4 million) in the above table. |
• | Higher base rates resulting in a $15 million increase to revenues under the formula rate framework as a result of the ICC’s December 2014 IEIMA rate order. |
• | In January 2015, the ICC issued an order regarding Ameren Illinois’ cumulative power usage cost and its purchased power rider mechanism. Based on this January 2015 order, Ameren Illinois recorded a $15 million increase to electric revenues. |
• | A net increase in recovery of bad debt charge-offs, customer energy efficiency program costs and environmental remediation costs through rate-adjustment mechanisms, which increased revenues $4 million. See Other Operations and Maintenance Expenses in this section for information on a related offsetting net increase in bad debt, customer energy efficiency, and environmental remediation costs. |
• | Transmission services margins increased $1 million, largely due to a higher transmission services revenue requirement driven primarily by increased rate base investment. The change in transmission services margins is the sum of the change in transmission services revenues (+$7 million) and the change in transmission services expenses (-$6 million) in the above table. |
• | A $15 million reduction in revenues recorded pursuant to the IEIMA's revenue requirement reconciliation in response to a lower recognized return on equity as a result of lower United States Treasury bond yields and less of an increase of recoverable costs in 2015 compared to 2014. |
• | Winter temperatures in 2015 were milder compared to 2014 as heating degree-days decreased 10%, which resulted in lower sales volumes and an estimated $2 million decrease in margins. The change in weather margin is the sum of the effect of weather on electric revenues (-$5 million) and the effect of weather on fuel and purchased power (+$3 million) in the above table. |
• | Decreased gross receipts taxes due primarily to lower sales volumes as a result of milder winter temperatures in 2015, which decreased revenues $3 million. See Taxes Other Than Income Taxes in this section for information on a related offsetting decrease to gross receipts taxes. |
• | Excluding the estimated effect of weather, total retail sales volumes decreased 6%, which decreased revenues an estimated $3 million. |
• | Winter temperatures in 2015 were milder compared to 2014 as heating degree-days decreased 10%, which decreased margins an estimated $2 million. The change in weather margin is the sum of the effect of weather on gas revenues (-$21 million) and the effect of weather on gas purchased for resale (+$19 million) in the above table. |
• | An $8 million reduction in disposal costs of low-level radioactive nuclear waste. |
• | A $2 million decrease in customer energy efficiency program costs due to the timing of MEEIA spending. Electric revenues from customer billings decreased by a corresponding amount, with no overall effect on net income. |
• | A $2 million decrease in energy center maintenance costs, primarily due to fewer major outages at coal-fired energy centers. |
Three Months(a) | ||||||
2015 | 2014 | |||||
Ameren | 38 | % | 39 | % | ||
Ameren Missouri | 38 | % | 38 | % | ||
Ameren Illinois | 39 | % | 39 | % |
(a) | Based on the current estimate of the annual effective tax rate adjusted to reflect the tax effect of items discrete to the relevant period. |
Net Cash Provided By Operating Activities | Net Cash Provided by (Used In) Investing Activities | Net Cash Provided by (Used In) Financing Activities | |||||||||||||||||||||||||||||||||
2015 | 2014 | Variance | 2015 | 2014 | Variance | 2015 | 2014 | Variance | |||||||||||||||||||||||||||
Ameren(a) - continuing operations | $ | 297 | $ | 239 | $ | 58 | $ | (439 | ) | $ | (465 | ) | $ | 26 | $ | 142 | $ | 70 | $ | 72 | |||||||||||||||
Ameren(a) - discontinued operations | 1 | — | 1 | — | 152 | (152 | ) | — | — | — | |||||||||||||||||||||||||
Ameren Missouri | 157 | 96 | 61 | (169 | ) | (204 | ) | 35 | 12 | 107 | (95 | ) | |||||||||||||||||||||||
Ameren Illinois | 254 | 192 | 62 | (207 | ) | (214 | ) | 7 | (48 | ) | 22 | (70 | ) |
(a) | Includes amounts for Ameren registrant and nonregistrant subsidiaries and intercompany eliminations. |
• | A $40 million increase in natural gas commodity costs collected from customers under the PGAs, primarily related to Ameren Illinois. |
• | A $37 million increase in the collection of customer receivable balances driven by the timing and amount of revenues in each period. |
• | A $30 million increase in net energy costs collected from Ameren Missouri customers under the FAC. |
• | A $29 million increase in cash associated with Ameren Illinois' IEIMA revenue requirement reconciliation adjustments as Ameren Illinois collected $15 million from customers in 2015 and refunded $14 million to customers in 2014. |
• | Electric and natural gas margins, as discussed in Results of Operations excluding certain noncash items, increased $12 million. |
• | A $9 million decrease in Ameren Missouri rebate payments provided for customer-installed solar generation. |
• | A $6 million decrease associated with stock-based compensation awards. |
• | A $28 million difference in purchased power commodity costs incurred compared with amounts collected from Ameren Illinois customers. |
• | A $26 million increase in coal purchases at Ameren Missouri caused by increased volumes and prices. |
• | A $26 million increase in Ameren Illinois payments to natural gas suppliers caused by increased prices and timing of purchases. |
• | A net $12 million decrease in returns of collateral posted with counterparties, primarily resulting from changes in the market prices of power and natural gas and in contracted |
• | An $8 million difference in expenditures for customer energy efficiency programs compared with amounts collected from Ameren Illinois customers. |
• | A $7 million increase in property tax payments at Ameren Missouri caused by both higher assessed property tax values and tax rates. |
• | A $7 million reduction in income tax refunds due to the absence in 2015 of 2014 tax credit sales. |
• | Income tax refunds of $47 million in 2015, compared with income tax payments of $1 million in 2014, pursuant to the tax allocation agreement with Ameren (parent) resulting in refunds related to accelerated depreciation deductions and an income tax refund from the settlement of the 2007 IRS audit. |
• | A $30 million increase in net energy costs collected from customers under the FAC. |
• | A $9 million decrease in rebate payments provided for customer-installed solar generation. |
• | A $4 million increase in natural gas commodity costs collected from customers under the PGA. |
• | A $26 million increase in coal purchases caused by increased volumes and prices. |
• | Electric and natural gas margins, as discussed in Results of Operations excluding certain noncash items, decreased $11 million. |
• | A $7 million increase in property tax payments caused by both higher assessed property tax values and tax rates. |
• | A $38 million increase in the collection of customer receivable balances, driven by the timing and amount of revenues in each period. |
• | A $36 million increase in natural gas commodity costs collected from customers under the PGA. |
• | A $29 million increase in cash associated with IEIMA revenue requirement reconciliation adjustments as $15 million was collected from customers in 2015 and $14 million was refunded to customers in 2014. |
• | A $19 million increase in income tax refunds received from Ameren (parent) pursuant to the tax allocation agreement resulting in refunds related to accelerated depreciation deductions and an income tax refund from the settlement of the 2007 IRS audit. |
• | Electric and natural gas margins, as discussed in Results of Operations excluding certain noncash items, increased $13 million. |
• | A $28 million difference in purchased power commodity costs incurred compared with amounts collected from customers. |
• | A $26 million increase in payments to natural gas suppliers caused by increased prices and timing of purchases. |
• | A net $13 million decrease in returns of collateral posted with counterparties, primarily resulting from changes in the market prices of power and natural gas and in contracted commodity volumes, partially offset by the effect of credit rating upgrades. |
• | An $8 million difference in expenditures for customer energy efficiency programs compared with amounts collected from customers. |
Expiration | Borrowing Capacity | Credit Available | |||||||
Ameren and Ameren Missouri: | |||||||||
2012 Missouri Credit Agreement | December 2019 | $ | 1,000 | $ | 1,000 | ||||
Less: Ameren (parent) commercial paper outstanding | (a) | 475 | |||||||
Less: Ameren Missouri commercial paper outstanding | (a) | 140 | |||||||
Subtotal | 385 | ||||||||
Ameren and Ameren Illinois: | |||||||||
2012 Illinois Credit Agreement | December 2019 | 1,100 | 1,100 | ||||||
Less: Ameren (parent) commercial paper outstanding | (a) | 340 | |||||||
Less: Letters of credit (b) | (a) | 13 | |||||||
Subtotal | 747 | ||||||||
Ameren Total | $ | 2,100 | $ | 1,132 |
(a) | Not applicable. |
(b) | As of March 31, 2015, $9 million of the letters of credit related to Ameren's credit support obligations to New AER. See Note 12 - Divestiture Transactions and Discontinued Operations under Part I, Item 1, of this report for additional information. |
Three Months | |||||||||
Month Redeemed | 2015 | 2014 | |||||||
Ameren Illinois: | |||||||||
5.90% Series 1993 due 2023(a) | January | $ | — | $ | 32 | ||||
5.70% 1994A Series due 2024(a) | January | — | 36 | ||||||
5.95% 1993 Series C-1 due 2026 | January | — | 35 | ||||||
5.70% 1993 Series C-2 due 2026 | January | — | 8 | ||||||
5.40% 1998A Series due 2028 | January | — | 19 | ||||||
5.40% 1998B Series due 2028 | January | — | 33 | ||||||
Total Ameren long-term debt redemptions | $ | — | $ | 163 |
Three Months | |||||||
2015 | 2014 | ||||||
Ameren Missouri | $ | 315 | $ | 77 | |||
Ameren Illinois | — | — | |||||
Ameren | 99 | 97 |
Moody’s | S&P | Fitch | ||||
Ameren: | ||||||
Issuer/corporate credit rating | Baa1 | BBB+ | BBB+ | |||
Senior unsecured debt | Baa1 | BBB | BBB+ | |||
Commercial paper | P-2 | A-2 | F2 | |||
Ameren Missouri: | ||||||
Issuer/corporate credit rating | Baa1 | BBB+ | BBB+ | |||
Secured debt | A2 | A | A | |||
Senior unsecured debt | Baa1 | BBB+ | A- | |||
Commercial paper | P-2 | A-2 | F2 | |||
Ameren Illinois: | ||||||
Issuer/corporate credit rating | A3 | BBB+ | BBB+ | |||
Secured debt | A1 | A | A | |||
Senior unsecured debt | A3 | BBB+ | A- | |||
Commercial paper | P-2 | A-2 | F2 |
• | Our strategy for earning competitive returns on our investments involves meeting customer energy needs in an efficient fashion, working to enhance regulatory frameworks, making timely and well-supported rate case filings, and aligning overall spending with those rate case outcomes, economic conditions, and return opportunities. |
• | Ameren continues to pursue its plans to invest in FERC-regulated electric transmission. MISO has approved three electric transmission projects to be developed by ATXI. The first project, Illinois Rivers, involves the construction of a 345-kilovolt line from western Indiana across the state of Illinois to eastern Missouri. The first sections of the Illinois Rivers project are expected to be completed in 2016. The last section of this project is expected to be completed by 2019. The Spoon River project in northwest Illinois and the Mark Twain project in northeast Missouri are the other two |
• | Both Ameren Illinois and ATXI use a forward-looking rate calculation with an annual revenue requirement reconciliation for each company’s electric transmission business. Using the rates that became effective on January 1, 2015, and the currently allowed 12.38% return on equity, the 2015 revenue requirement for Ameren Illinois’ electric transmission business would be $199 million, which represents a $40 million increase over the 2014 revenue requirement due to rate base growth. These rates also reflect a capital structure composed of approximately 54% common equity and a rate base of $890 million. Using the rates that became effective on January 1, 2015, and the currently allowed 12.38% return on equity, the 2015 revenue requirement for ATXI’s electric transmission business would be $80 million, which represents a $46 million increase over the 2014 revenue requirement due to rate base growth, primarily as a result of the Illinois Rivers project. These rates also reflect a capital structure composed of approximately 56% common equity and a rate base of $536 million. |
• | The 12.38% return is the subject of two FERC complaint proceedings that challenge the allowed return on common equity for MISO transmission owners. In January 2015, the FERC scheduled the initial case for hearing proceedings, requiring an initial decision to be issued no later than November 30, 2015. Ameren and Ameren Illinois recorded current liabilities on their respective balance sheets as of March 31, 2015, and December 31, 2014, representing their estimate of the refunds from the refund effective date of November 12, 2013, through the respective balance sheet date. A 50 basis point reduction in the FERC-allowed return on common equity would reduce Ameren's and Ameren Illinois' 2015 earnings by an estimated $4 million and $2 million, respectively, based on 2015 projected rate base. |
• | In January 2015, the FERC approved our request to implement an incentive adder of up to 50 basis points on the allowed base return on common equity prospectively from January 6, 2015, and to defer collection of the incentive adder until the issuance of the final order addressing the initial MISO complaint case discussed above. |
• | In April 2015, the MoPSC issued an order approving an increase in Ameren Missouri’s annual revenues for electric service of $122 million, including $109 million related to the increase in net energy costs above the net energy costs included in base rates previously authorized by the MoPSC. The remaining increase of $13 million approved by the order was for non-energy costs. The revenue increase was based on a 9.53% return on common equity, a capital structure composed of 51.8% common equity, and a rate base of $7.0 billion to reflect investments through December 31, 2014. |
• | Ameren Missouri's current MEEIA plan provides for a cumulative investment in customer energy efficiency programs of $147 million during 2013 through 2015. Additionally, the plan provides for a performance incentive that would allow Ameren Missouri to earn additional revenues based on achievement of certain energy efficiency goals, including $19 million if 100% of its energy efficiency goals are achieved during the three-year period, with the potential to earn more if Ameren Missouri’s energy savings exceed those goals. Ameren Missouri expects to achieve the energy efficiency goals and will recognize revenues associated with the performance incentive within the next two years. Ameren Missouri records revenues based on the net shared benefits associated with the reduction in customer energy usage that results from its energy efficiency programs. From January 2013 through March 2015, Ameren Missouri has recorded revenues of $100 million associated with the net shared benefits based on the megawatthour reductions provided by the MEEIA customer energy efficiency programs both in the program period and in the future. |
• | In December 2014, Ameren Missouri filed a proposed energy efficiency plan for 2016 through 2018 with the MoPSC under the MEEIA. The amount of investment, net shared benefits, and performance incentive under this proposed plan are lower than the 2013 through 2015 plan. The terms of any new plan are subject to MoPSC approval and are currently uncertain. |
• | The IEIMA provides for an annual reconciliation of the revenue requirement necessary to reflect the actual costs incurred in a given year with the revenue requirement that was reflected in customer rates for that year. Consequently, Ameren Illinois' 2015 electric delivery service revenues will be based on its 2015 actual recoverable costs, rate base, |
• | In December 2014, the ICC approved a $204 million increase in Ameren Illinois’ electric delivery service revenue requirement, beginning in January 2015. These rates have affected and will continue to affect Ameren Illinois' cash receipts during 2015, but will not be the sole determinant of its electric delivery service operating revenues, which will instead be largely determined by the IEIMA's 2015 revenue requirement reconciliation. The 2015 revenue requirement reconciliation is expected to result in a regulatory asset that will be collected from customers in 2017. |
• | In April 2015, Ameren Illinois filed with the ICC its annual electric delivery service formula rate update to establish the revenue requirement used to set rates for 2016. Pending ICC approval, Ameren Illinois’ update filing will result in a $110 million increase in Ameren Illinois’ electric delivery service revenue requirement beginning in January 2016. This update reflects an increase to the annual formula rate based on 2014 actual costs and expected net plant additions for 2015 and an increase to include the 2014 revenue requirement reconciliation adjustment. |
• | In January 2015, Ameren Illinois filed a request with the ICC seeking approval to increase its annual revenues for natural gas delivery service by $53 million. A decision by the ICC in this proceeding is required by December 2015, and new rates are expected to be effective in January 2016. |
• | Ameren Missouri's next scheduled refueling and maintenance outage at its Callaway energy center will be in the spring of 2016. During the 2014 refueling, Ameren Missouri incurred maintenance expenses of $36 million. During a scheduled outage, which occurs every 18 months, maintenance expenses increase relative to non-outage years. Additionally, depending on the availability of its other generation sources and the market prices for power, Ameren Missouri's purchased power costs may increase and the amount of excess power available for sale may decrease versus non-outage years. Changes in purchased power costs and excess power available for sale are included in the FAC, resulting in limited impacts to earnings. |
• | As of March 31, 2015, Ameren Missouri had capitalized $69 million of costs incurred to license additional nuclear generation at its Callaway energy site. In 2009, Ameren Missouri suspended its efforts to build a new nuclear unit at the Callaway site, and the NRC suspended review of the COL application. The suspended status of the COL application currently extends through the end of 2015. If efforts to license additional nuclear generation are abandoned, the NRC does not extend the COL application suspended status, or if management concludes that it is |
• | Ameren Missouri is engaged in litigation with an insurer to recover an unpaid liability insurance claim for the December 2005 breach of the upper reservoir at Ameren Missouri's Taum Sauk pumped-storage hydroelectric energy center. Ameren’s and Ameren Missouri’s results of operations, financial position, and liquidity could be adversely affected if Ameren Missouri’s insurance receivable of $41 million as of March 31, 2015, is not paid by the insurer. |
• | Under the provisions of the CSRA, Ameren Illinois received ICC approval for its QIP rider in January 2015 and subsequently began including qualified investments and recording revenue under this regulatory framework. Ameren Illinois started recovering costs from these investments in March 2015. |
• | As we continue to experience cost increases and to make infrastructure investments, Ameren Missouri and Ameren Illinois expect to seek regular electric and natural gas rate increases and timely cost recovery and tracking mechanisms from their regulators. Ameren Missouri and Ameren Illinois will also seek, as necessary, legislative solutions to address cost recovery pressures and to support investment in their energy infrastructure. These pressures include limited economic growth in their service territories, customer conservation efforts, the impacts of additional customer energy efficiency programs, increased use of distributed generation, increased investments and expected future investments for environmental compliance, system reliability improvements, and new generation capacity, including renewable energy requirements. Increased investments also result in higher depreciation and financing costs. Increased costs are also expected from rising employee benefit costs and higher property and income taxes, among others. |
• | We expect to incur significant capital expenditures in order to make investments to improve our electric and natural gas utility infrastructure and to comply with existing environmental regulations. We estimate that we will incur up to $9.3 billion (Ameren Missouri - up to $3.9 billion; Ameren Illinois - up to $4.0 billion; ATXI - up to $1.4 billion) of capital expenditures during the period from 2015 through 2019. |
• | Existing and future environmental regulations, including those related to greenhouse gas emissions, or other actions taken by the EPA, could result in significant increases in capital expenditures and operating costs. These costs could be prohibitive at some of Ameren Missouri's coal-fired |
• | Ameren Missouri continues to evaluate its longer-term needs for new baseload and peaking electric generation capacity. Ameren Missouri files a non-binding integrated resource plan with the MoPSC every three years. Ameren Missouri’s integrated resource plan filed with the MoPSC in October 2014 is a 20-year plan that supports a more fuel-diverse energy portfolio in Missouri, including coal, solar, wind, natural gas and nuclear power. The plan includes expanding renewable generation, retiring coal-fired generation as energy centers reach the end of their useful lives, and adding natural-gas-fired combined cycle generation. Ameren Missouri continues to study future alternatives, including additional customer energy efficiency programs, that could help defer new energy center construction. Ameren Missouri’s integrated resource plan is projected to achieve the final carbon emissions reduction targets proposed in the EPA’s Clean Power Plan by 2035, rather than the EPA’s final target date of 2030 or its interim target dates beginning in 2020. The EPA expects the proposed rule will be finalized in 2015. |
• | Ameren Missouri continues to evaluate its potential compliance plans for the proposed Clean Power Plan. If the proposed Clean Power Plan were to be implemented in its current form, Ameren Missouri may need to incur new or accelerated capital expenditures and increased fuel costs in order to achieve compliance. As proposed, the Clean Power Plan would require states, including Missouri and Illinois, to submit compliance plans as early as 2016. Compliance plans might require Ameren Missouri to construct natural-gas-fired combined cycle generation and renewable generation, currently estimated to cost approximately $2 billion by 2020, that Ameren Missouri believes would otherwise not be necessary to meet the energy needs of its customers. Additionally, Missouri’s implementation of the proposed rules, if adopted, could result in the closure or alteration of the operation of some of Ameren Missouri’s coal and natural gas-fired energy centers, which could result in increased operating costs or impairment of assets. |
• | To fund investment requirements of our businesses, we seek to maintain access to the capital markets at commercially attractive rates. We seek to enhance regulatory frameworks and returns in order to improve liquidity, credit metrics, and access to capital. |
• | The Ameren Companies have multiyear credit agreements that cumulatively provide $2.1 billion of credit through December 11, 2019, subject to a 364-day repayment term in the case of Ameren Missouri and Ameren Illinois. See Note 3 - Short-term Debt and Liquidity under Part I, Item 1, of this report for additional information regarding the 2012 Credit Agreements. Ameren, Ameren Missouri, and Ameren Illinois believe that their liquidity is adequate given their expected operating cash flows, capital expenditures, and related financing plans. However, there can be no assurance that significant changes in economic conditions, disruptions in the capital and credit markets, or other unforeseen events will not materially affect their ability to execute their expected operating, capital, or financing plans. |
• | As of March 31, 2015, Ameren had $511 million in tax benefits from federal and state net operating loss carryforwards (Ameren Missouri - $74 million and Ameren Illinois - $134 million) and $134 million in federal and state income tax credit carryforwards (Ameren Missouri - $24 million and Ameren Illinois - $1 million). These tax benefits are subject to audits and examinations by taxing authorities for years 2013 and 2014. The amount of these tax benefits has not been reduced by any unrecognized tax benefits. Consistent with the tax allocation agreement between Ameren and its subsidiaries, these carryforwards are expected to partially offset income tax liabilities for Ameren Missouri and Ameren Illinois during 2015 and 2016, while Ameren does not expect to make material federal income tax payments until 2017. In addition, Ameren has $55 million of expected income tax refunds and state overpayments that would offset income tax liabilities into 2017. These tax benefits, primarily at the Ameren (parent) level, when realized, would be available to fund electric transmission investments, specifically ATXI's Illinois Rivers project. |
• | Ameren expects its cash used for capital expenditures and dividends to exceed cash provided by operating activities over the next several years. Ameren does not expect the need for public equity issuances to fund such cash shortfalls, but may consider issuing stock through its DRPlus and its 401(k) plans. |
• | The use of cash from operating activities and short-term borrowings to fund capital expenditures and other long-term investments may periodically result in a working capital deficit, defined by current liabilities exceeding current assets, as was the case at March 31, 2015. The working capital deficit as of March 31, 2015, was primarily the result of increased commercial paper issuances. The Ameren Companies had $955 million of commercial paper issuances outstanding as of March 31, 2015. With the 2012 Credit Agreements, the Ameren Companies have access to $2.1 billion of credit capacity, of which $1.1 billion was available |
Ameren Missouri | Ameren Illinois | Ameren | |||||||||
Fair value of contracts at beginning of year, net | $ | (28 | ) | $ | (185 | ) | $ | (213 | ) | ||
Contracts realized or otherwise settled during the period | — | 11 | 11 | ||||||||
Fair value of new contracts entered into during the period | — | (3 | ) | (3 | ) | ||||||
Other changes in fair value | (8 | ) | (36 | ) | (44 | ) | |||||
Fair value of contracts outstanding at end of period, net | $ | (36 | ) | $ | (213 | ) | $ | (249 | ) |
Sources of Fair Value | Maturity Less than 1 Year | Maturity 1-3 Years | Maturity 3-5 Years | Maturity in Excess of 5 Years | Total Fair Value | ||||||||||||||
Ameren Missouri: | |||||||||||||||||||
Level 1 | $ | (15 | ) | $ | (6 | ) | $ | — | $ | — | $ | (21 | ) | ||||||
Level 2(a) | (4 | ) | (5 | ) | (2 | ) | — | (11 | ) | ||||||||||
Level 3(b) | (2 | ) | (2 | ) | — | — | (4 | ) | |||||||||||
Total | $ | (21 | ) | $ | (13 | ) | $ | (2 | ) | $ | — | $ | (36 | ) | |||||
Ameren Illinois: | |||||||||||||||||||
Level 1 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Level 2(a) | (32 | ) | (17 | ) | (1 | ) | — | (50 | ) | ||||||||||
Level 3(b) | (10 | ) | (20 | ) | (19 | ) | (114 | ) | (163 | ) | |||||||||
Total | $ | (42 | ) | $ | (37 | ) | $ | (20 | ) | $ | (114 | ) | $ | (213 | ) | ||||
Ameren: | |||||||||||||||||||
Level 1 | $ | (15 | ) | $ | (6 | ) | $ | — | $ | — | $ | (21 | ) | ||||||
Level 2(a) | (36 | ) | (22 | ) | (3 | ) | — | (61 | ) | ||||||||||
Level 3(b) | (12 | ) | (22 | ) | (19 | ) | (114 | ) | (167 | ) | |||||||||
Total | $ | (63 | ) | $ | (50 | ) | $ | (22 | ) | $ | (114 | ) | $ | (249 | ) |
(a) | Principally fixed-price vs. floating over-the-counter power swaps, power forwards, and fixed-price vs. floating over-the-counter natural gas swaps. |
(b) | Principally power forward contract values based on information from external sources, historical results, and our estimates. Level 3 also includes option contract values based on a Black-Scholes model. |
(a) | Evaluation of Disclosure Controls and Procedures |
(b) | Changes in Internal Controls over Financial Reporting |
• | the MoPSC’s April 2015 electric rate order; |
• | Ameren Missouri’s MEEIA filing with the MoPSC in December 2014; |
• | Ameren Illinois’ annual electric delivery service formula rate update filed with the ICC in April 2015; |
• | Ameren Illinois' appeal of the ICC's December 2013 natural gas rate order; |
• | Ameren Illinois’ natural gas rate case filed with the ICC in January 2015; |
• | ATXI’s request for a certificate of public convenience and necessity and project approval from the ICC for the Spoon River project; |
• | Ameren Illinois' settlement agreement regarding an electric transmission rate refund pending FERC approval; |
• | the complaint cases filed with the FERC seeking a reduction in the allowed base return on common equity under the MISO tariff; |
• | the EPA's Clean Air Act-related litigation against Ameren Missouri; |
• | remediation matters associated with former MGP and waste disposal sites of the Ameren Companies; |
• | litigation associated with Ameren Missouri's liability insurance claim for the breach of the upper reservoir of its Taum Sauk pumped-storage hydroelectric energy center in December 2005; and |
• | asbestos-related litigation associated with the Ameren Companies. |
Period | (a) Total Number of Shares (or Units) Purchased(a) | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||
January 1 - January 31, 2015 | 14,092 | $ | 46.14 | — | — | |||||||
February 1 - February 28, 2015 | 2,400 | 41.94 | — | — | ||||||||
March 1 - March 31, 2015 | 377,369 | 42.07 | — | — | ||||||||
Total | 393,861 | $ | 42.21 | — | — |
(a) | Included in January and February were 16,492 shares of Ameren common stock purchased in open-market transactions pursuant to Ameren’s 2014 Omnibus Incentive Compensation Plan in satisfaction of Ameren’s obligations for Ameren board of directors’ compensation awards. The remaining shares of Ameren common stock were purchased in open-market transactions pursuant to Ameren’s 2014 Omnibus Incentive Compensation Plan in satisfaction of Ameren’s obligation to distribute shares of common stock for vested performance units. Ameren does not have any publicly announced equity securities repurchase plans or programs. |
Exhibit Designation | Registrant(s) | Nature of Exhibit | Previously Filed as Exhibit to: | |||
Material Contracts | ||||||
10.1 | Ameren | Consulting Agreement between Charles D. Naslund and Ameren Services Company, dated March 2, 2015 | ||||
Statement re: Computation of Ratios | ||||||
12.1 | Ameren | Ameren's Statement of Computation of Ratio of Earnings to Fixed Charges | ||||
12.2 | Ameren Missouri | Ameren Missouri's Statement of Computation of Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Stock Dividend Requirements | ||||
12.3 | Ameren Illinois | Ameren Illinois’ Statement of Computation of Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Stock Dividend Requirements | ||||
Rule 13a-14(a) / 15d-14(a) Certifications | ||||||
31.1 | Ameren | Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer of Ameren | ||||
31.2 | Ameren | Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer of Ameren | ||||
31.3 | Ameren Missouri | Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer of Ameren Missouri | ||||
31.4 | Ameren Missouri | Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer of Ameren Missouri | ||||
31.5 | Ameren Illinois | Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer of Ameren Illinois | ||||
31.6 | Ameren Illinois | Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer of Ameren Illinois | ||||
Section 1350 Certifications | ||||||
32.1 | Ameren | Section 1350 Certification of Principal Executive Officer and Principal Financial Officer of Ameren | ||||
32.2 | Ameren Missouri | Section 1350 Certification of Principal Executive Officer and Principal Financial Officer of Ameren Missouri | ||||
32.3 | Ameren Illinois | Section 1350 Certification of Principal Executive Officer and Principal Financial Officer of Ameren Illinois | ||||
Interactive Data Files | ||||||
101.INS | Ameren Companies | XBRL Instance Document | ||||
101.SCH | Ameren Companies | XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Ameren Companies | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.LAB | Ameren Companies | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Ameren Companies | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
101.DEF | Ameren Companies | XBRL Taxonomy Extension Definition Document |
AMEREN CORPORATION (Registrant) |
/s/ Martin J. Lyons, Jr. |
Martin J. Lyons, Jr. Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
UNION ELECTRIC COMPANY (Registrant) |
/s/ Martin J. Lyons, Jr. |
Martin J. Lyons, Jr. Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
AMEREN ILLINOIS COMPANY (Registrant) |
/s/ Martin J. Lyons, Jr. |
Martin J. Lyons, Jr. Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
Charles D. Naslund /s/ Charles D. Naslund | Ameren Services Company /s/ Mark C. Lindgren Mark C. Lindgren, Vice President and Chief Human Resources Officer, Ameren Services Company |
Dated: 3/2/15 | Dated: 3/2/2015 |
Three Months Ended March 31, | |||
2015 | |||
Earnings available for fixed charges, as defined: | |||
Net income from continuing operations attributable to Ameren Corporation | $ | 107,954 | |
Income from equity investee | (88 | ) | |
Tax expense based on income | 65,804 | ||
Fixed charges excluding subsidiary preferred stock dividends tax adjustment (a) | 94,366 | ||
Earnings available for fixed charges, as defined | $ | 268,036 | |
Fixed charges, as defined: | |||
Interest expense on short-term and long-term debt (a) | $ | 85,366 | |
Estimated interest cost within rental expense | 1,901 | ||
Amortization of net debt premium, discount, and expenses | 5,488 | ||
Subsidiary preferred stock dividends | 1,611 | ||
Adjust subsidiary preferred stock dividends to pretax basis | 1,004 | ||
Total fixed charges, as defined | $ | 95,370 | |
Consolidated ratio of earnings to fixed charges | 2.81 |
(a) | Includes net interest related to uncertain tax positions. |
Three Months Ended March 31, | |||
2015 | |||
Earnings available for fixed charges, as defined: | |||
Net income | $ | 42,353 | |
Tax expense based on income | 25,838 | ||
Fixed charges (a) | 58,399 | ||
Earnings available for fixed charges, as defined | $ | 126,590 | |
Fixed charges, as defined: | |||
Interest expense on short-term and long-term debt (a) | $ | 55,810 | |
Estimated interest cost within rental expense | 930 | ||
Amortization of net debt premium, discount, and expenses | 1,659 | ||
Total fixed charges, as defined | $ | 58,399 | |
Ratio of earnings to fixed charges | 2.17 | ||
Earnings required for combined fixed charges and preferred stock dividends: | |||
Preferred stock dividends | $ | 855 | |
Adjustment to pretax basis | 522 | ||
$ | 1,377 | ||
Combined fixed charges and preferred stock dividend requirements | $ | 59,776 | |
Ratio of earnings to combined fixed charges and preferred stock dividend requirements | 2.12 |
(a) | Includes net interest related to uncertain tax positions. |
Three Months Ended March 31, | |||
2015 | |||
Earnings available for fixed charges, as defined: | |||
Net income | $ | 54,230 | |
Tax expense based on income | 34,598 | ||
Fixed charges (a) | 34,939 | ||
Earnings available for fixed charges, as defined | $ | 123,767 | |
Fixed charges, as defined: | |||
Interest expense on short-term and long-term debt (a) | $ | 30,426 | |
Estimated interest cost within rental expense | 961 | ||
Amortization of net debt premium, discount, and expenses | 3,552 | ||
Total fixed charges, as defined | $ | 34,939 | |
Ratio of earnings to fixed charges | 3.54 | ||
Earnings required for combined fixed charges and preferred stock dividends: | |||
Preferred stock dividends | $ | 756 | |
Adjustment to pretax basis | 482 | ||
$ | 1,238 | ||
Combined fixed charges and preferred stock dividend requirements | $ | 36,177 | |
Ratio of earnings to combined fixed charges and preferred stock dividend requirements | 3.42 |
(a) | Includes net interest related to uncertain tax positions. |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Warner L. Baxter |
Warner L. Baxter Chairman, President and Chief Executive Officer (Principal Executive Officer) |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Martin J. Lyons, Jr. |
Martin J. Lyons, Jr. Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Michael L. Moehn |
Michael L. Moehn Chairman and President (Principal Executive Officer) |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Martin J. Lyons, Jr. |
Martin J. Lyons, Jr. Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Richard J. Mark |
Richard J. Mark Chairman and President (Principal Executive Officer) |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Martin J. Lyons, Jr. |
Martin J. Lyons, Jr. Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
(1) | The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(2) | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
/s/ Warner L. Baxter |
Warner L. Baxter Chairman, President and Chief Executive Officer (Principal Executive Officer) |
/s/ Martin J. Lyons, Jr. |
Martin J. Lyons, Jr. Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
(1) | The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(2) | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
/s/ Michael L. Moehn |
Michael L. Moehn Chairman and President (Principal Executive Officer) |
/s/ Martin J. Lyons, Jr. |
Martin J. Lyons, Jr. Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
(1) | The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(2) | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
/s/ Richard J. Mark |
Richard J. Mark Chairman and President (Principal Executive Officer) |
/s/ Martin J. Lyons, Jr. |
Martin J. Lyons, Jr. Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies (Schedule of Unrecognized Tax Benefits (Detriments) That Would Impact the Effective Tax Rate) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2015
|
Dec. 31, 2014
|
---|---|---|
Schedule of Unrecognized Tax Benefits (Detriments) That Would Impact Effective Tax Rate [Line Items] | ||
Unrecognized tax benefits (detriments) that would impact effective tax rate | $ 52 | $ 52 |
Union Electric Company | ||
Schedule of Unrecognized Tax Benefits (Detriments) That Would Impact Effective Tax Rate [Line Items] | ||
Unrecognized tax benefits (detriments) that would impact effective tax rate | (1) | 0 |
Ameren Illinois Company | ||
Schedule of Unrecognized Tax Benefits (Detriments) That Would Impact Effective Tax Rate [Line Items] | ||
Unrecognized tax benefits (detriments) that would impact effective tax rate | $ (1) | $ (1) |
Derivative Financial Instruments (Potential Loss On Counterparty Exposures) (Detail) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2015
|
---|---|
Concentration Risk [Line Items] | |
Potential loss on counterparty exposures related to derivative contracts | $ 5 |
Union Electric Company | |
Concentration Risk [Line Items] | |
Potential loss on counterparty exposures related to derivative contracts | $ 5 |