Below is a summary of updates to significant regulatory proceedings and related legal proceedings. See Note 2 – Rate and Regulatory Matters under Part II, Item 8, of the Form 10-K for additional information and a summary of our regulatory frameworks. We are unable to predict the ultimate outcome of these matters, the timing of final decisions of the various agencies and courts, or the impact on our results of operations, financial position, or liquidity.

In June 2023, the MoPSC issued an order in Ameren Missouri’s 2022 electric service regulatory rate review, approving a nonunanimous stipulation and agreement. The order resulted in an increase of $140 million to Ameren Missouri’s annual revenue requirement for electric retail service. The approved revenue requirement is based on infrastructure investments as of December 31, 2022, and included an extension of the depreciable lives of the Sioux Energy Center’s assets from 2028 to 2030. The order did not explicitly specify an ROE, capital structure, or rate base. The order provides for the continued use of the FAC and trackers for pension and postretirement benefits, uncertain income tax positions, certain excess deferred income taxes, and renewable energy standard compliance costs that the MoPSC previously authorized in earlier electric rate orders, as well as the use of an electric property tax tracker. It also includes a tracker for the utilization of production and investment tax credits or proceeds from the sale of certain tax credits allowed under the IRA. Production and investment tax credits produced by renewable energy centers that support compliance with the state of Missouri’s renewable energy standard, such as the High Prairie Renewable and Atchison Renewable energy centers, are not eligible for tracking under this mechanism as they are included in the RESRAM. For additional information regarding the property tax tracker and the IRA, see Note 2 – Rate and Regulatory Matters and Note 12 – Income Taxes under Part II, Item 8, in the Form 10-K. The order increased the annualized base level of net energy costs pursuant to the FAC by approximately $40 million from the base level established in the MoPSC’s December 2021 electric rate order. The order also changed annualized depreciation, regulatory asset and liability amortization amounts, and the base level of expenses for trackers. On an annualized basis, these changes reflect approximate increases in “Depreciation and amortization” of $90 million and “Other income, net”, of $100 million, related to non-service pension and postretirement benefit income, on Ameren’s and Ameren Missouri’s consolidated statements of income. The new rates became effective on July 9, 2023.

Boomtown

Solar Project(a)(b)

Huck Finn

Solar Project(b)(c)

Split Rail

Solar Project(d)

Cass County

Solar Project(d)

Vandalia

Solar Project(d)

Bowling Green

Solar Project(d)

Agreement type

Build-transfer

Build-transfer(e)

Development-transfer(e)(f)

Self-build(e)(g)

Facility size

150-MW

200-MW

300-MW

150-MW

50-MW

Status of MoPSC CCN

Approved April 2023

Approved February 2023

Filed June 2023(h)

Status of FERC approval of acquisition

Received October 2023

Received March 2023

Expect to request by mid-2024

Not applicable

Earliest completion date(i)

Fourth quarter 2024

Mid-2026

Fourth quarter 2024

Fourth quarter 2025

First quarter 2026

The April 2023 MoPSC order approving the CCN for the Boomtown Solar Project also approved Ameren Missouri’s Renewable Solutions Program and a tariff related to participation in the program. Collection under the tariff will not begin until the assets of the Boomtown Solar Project are placed in service. The program allows certain commercial, industrial, and governmental customers who enroll in the program to receive up to 100% of their energy from renewable resources.

In February 2022, the MoPSC issued an order directing the MoPSC staff to review Ameren Missouri’s planned accelerated retirement of the Rush Island Energy Center as a result of the NSR and Clean Air Act Litigation discussed in Note 9 – Commitments and Contingencies. The MoPSC staff’s review includes potential impacts on the reliability and cost of Ameren Missouri’s service to its customers; Ameren Missouri’s plans to mitigate the customer impacts of the accelerated retirement; and the prudence of Ameren Missouri’s actions and decisions with regard to the Rush Island Energy Center, among other things. In April 2022, the MoPSC staff filed an initial report with the MoPSC in which the staff concluded early retirement of the Rush Island Energy Center may cause reliability concerns. The MoPSC staff is under no deadline to complete this review. In Ameren Missouri’s electric service regulatory rate review discussed above, the MoPSC staff recommended a lower rate base for the Rush Island Energy Center claiming imprudent actions by Ameren Missouri. While the nonunanimous stipulation and agreement approved by the June 2023 MoPSC electric rate order did not specify any rate base disallowance, it did not preclude parties to the agreement from raising issues regarding the prudence of Ameren Missouri’s actions and decisions with regard to the energy center in future proceedings. Ameren Missouri is unable to predict the results of this matter. Results of the review could be used in other MoPSC proceedings, which could have a material adverse effect on the results of operations, financial position, and liquidity of Ameren and Ameren Missouri.

In August 2023, the MoPSC issued an order approving a nonunanimous stipulation and agreement to extend Ameren Missouri’s MEEIA 2019 program for an additional year through 2024. For the 2024 program year, the order approved the establishment of a portfolio of customer energy-efficiency programs and performance incentives that will provide Ameren Missouri an opportunity to earn revenues, including $12 million if Ameren Missouri achieves certain program spending goals. In 2024, Ameren Missouri expects to invest $76 million in energy-efficiency programs.

In January 2023, Ameren Illinois filed an MYRP with the ICC, which was subsequently revised in September 2023, to be used in setting electric distribution service rates for 2024 through 2027. Under the MYRP, the ICC would approve base rates for electric distribution service to be charged to customers for each calendar year of the four-year period. Related to this MYRP filing, the ICC staff submitted its recommendation and the administrative law judges issued a proposed order in September 2023 and October 2023, respectively. The following table includes the forecasted revenue requirement, the ROE, the capital structure common equity percentage, and the forecasted average annual rate base for 2024 through 2027, as reflected in Ameren Illinois’ revised MYRP filing, the ICC staff’s filing, and the administrative law judges’ proposed order:


	Ameren Illinois’ September 2023 Filing:				ICC Staff’s September 2023 Filing:				Administrative Law Judges’ October 2023 Proposed Order:
Year	2024	2025	2026	2027	2024	2025	2026	2027	2024	2025	2026	2027
Forecasted Revenue Requirement (in millions)(a)	$1,289	$1,385	$1,480	$1,556	$1,211	$1,295	$1,383	$1,435	$1,219	$1,306	$1,389	$1,450
ROE(b)(c)	10.5%	10.5%	10.5%	10.5%	8.9%	8.9%	8.9%	8.9%	9.24%	9.24%	9.24%	9.24%
Capital Structure Common Equity Percentage(c)(d)	53.99%	53.97%	54.02%	54.03%	50%	50%	50%	50%	50%	50%	50%	50%
Forecasted Average Annual Rate Base (in billions)	$4.3	$4.6	$4.9	$5.2	$4.1	$4.4	$4.6	$4.8	$4.1	$4.4	$4.6	$4.8

(b)The ICC staff filing recommended an ROE based on the annual average of the monthly yields of the 30-year United States Treasury bonds plus 580 basis points, to be updated annually for each applicable calendar year of the MYRP. An estimated ROE of 8.9% was used to calculate the forecasted revenue requirements in the ICC staff filing, which is based on the average monthly yields of the 30-year United States Treasury bonds for 2022. The ICC staff proposed that variances in the revenue requirement resulting from a change in the ROE would be excluded from the reconciliation cap discussed below.

Under an MYRP, the IETL permits any initial rate increase to be phased in, with at least 50% of the first annual period’s approved rate increase reflected in rates in the first annual period, with the remaining portion deferred as a regulatory asset that earns a return at the applicable WACC and is collected from customers over a period not to exceed two years beginning within one year after the second annual period’s rates are effective. Ameren Illinois’ revised MYRP filing utilizes this phase-in provision and proposes to defer 50% of the requested 2024 rate increase of $177 million as a regulatory asset to be collected from customers in 2026. Ameren Illinois recognizes revenues that have been authorized for rate recovery when amounts are expected to be collected from customers within two years from the end of an applicable year. The ICC staff’s filing and the administrative law judges’ proposed order do not utilize a phase-in provision. An ICC decision in this proceeding is required by December 2023, with new rates effective starting in January 2024. Ameren Illinois cannot predict the level of any electric distribution service rate change the ICC may approve, or whether any rate change that may eventually be approved will be sufficient for Ameren Illinois to recover its costs to the extent those costs are subject to and exceed the reconciliation cap discussed below and earn a reasonable return on its investments when the rate change goes into effect.

The MYRP also allows Ameren Illinois to reconcile its actual revenue requirement, as adjusted for certain cost variations, to ICC-approved electric distribution service rates on an annual basis, subject to a reconciliation cap. The reconciliation cap limits the annual adjustment to 105% of the annual revenue requirement approved by the ICC. Certain variations from forecasted costs would be excluded from the reconciliation cap, including those associated with major storms; new business and facility relocations; changes in the timing of certain expenditures or investments into or out of the applicable calendar year; and changes in interest rates, income taxes, taxes other than income taxes, pension and other post-retirement benefits costs, and amortization of certain assets. The reconciliation cap also excludes costs recovered through riders outside of base rates, such as riders for electric energy-efficiency investments, power procurement and transmission services, renewable energy credits, zero emission credits, certain environmental costs, and bad debt write-offs, among others. Ameren Illinois’ existing riders will remain effective and electric distribution service revenues will continue to be decoupled from sales volumes under the MYRP. The actual revenue requirement for a particular year would incorporate Ameren Illinois’ year-end rate base and actual capital structure for such year, provided that the common equity ratio in such capital structure may not exceed that approved by the ICC in the MYRP. Excluding the proposed phase-in of the initial rate increase discussed above, and subject to the reconciliation cap, if a given year’s revenue amount collected from customers varies from the approved revenue requirement, an adjustment would be made to electric operating revenues with an offset to a regulatory asset or liability to reflect that year’s actual revenue requirement, independent of actual sales volumes. The regulatory balance would then be collected from, or refunded to, customers within two years from the end of the applicable annual period.

Under the MYRP, the ROE approved by the ICC will be subject to annual adjustments based on performance metrics. In 2022, the ICC issued an order approving total ROE incentives and penalties of 24 basis points, allocated among seven performance metrics. These performance metrics include improvements in service reliability in both the frequency and duration of outages, a reduction in peak loads, an increased percentage of spend with diverse suppliers, a reduction in disconnections for certain customers, and improved timeliness in response to customer requests for interconnection of distributed energy resources. These performance metrics will apply annually from 2024 through 2027 under the MYRP, and the impact of any incentives and penalties will be excluded from the reconciliation cap described above.

In April 2023, Ameren Illinois filed for a reconciliation adjustment to its 2022 electric distribution service revenue requirement with the ICC. In November 2023, Ameren Illinois filed a revised reconciliation adjustment, requesting recovery of $117 million. The reconciliation adjustment reflects Ameren Illinois’ actual 2022 recoverable costs, year-end rate base, and capital structure, which was composed of 52% common equity. In August 2023, the ICC staff submitted its calculation of the reconciliation adjustment, recommending recovery of $110 million, which is based on a capital structure composed of 50% common equity. In October 2023, the administrative law judges issued a proposed order consistent with the ICC staff’s recommendation. An ICC decision in this proceeding is required by December 2023, and any approved adjustment would be collected from customers in 2024.

ROE, a capital structure composed of 52% common equity, and a rate base of $2.9 billion. In an attempt to reduce regulatory lag, Ameren Illinois used a 2024 future test year in this proceeding. In October 2023, the ICC staff recommended an increase to annual revenues for natural gas delivery service of $127 million, which includes an estimated $77 million of annual revenues that would otherwise be recovered under riders. The recommendation is based on a 9.89% ROE, a capital structure composed of 50% common equity, and a rate base of $2.9 billion. In July 2023, other intervenors recommended an increase to annual revenues ranging from $98 million to $106 million, which were based on varying rate base amounts, a 9.5% ROE, and a capital structure composed of 52% common equity. In September 2023, the administrative law judge issued a proposed order consistent with the ICC staff’s recommendation. In October 2023, the other intervenors revised their recommendation to include a capital structure composed of 50% common equity, but did not revise their recommended revenue requirement. A decision by the ICC in this proceeding is required by late November 2023, with new rates expected to be effective by early December 2023. Ameren Illinois cannot predict the level of any delivery service rate change the ICC may approve, nor whether any rate change that may eventually be approved will be sufficient to enable Ameren Illinois to recover its costs and to earn a reasonable return on investments when the rate changes go into effect.

In July 2022, an Illinois law prohibiting the state’s oversight of certain electric utilities’ choice of RTO membership ceased to be effective. Given the change in law and the high prices resulting from MISO’s April 2022 capacity auction, the ICC issued an order requiring Ameren Illinois to perform a cost-benefit study of continued participation in the MISO compared to participation in PJM Interconnection LLC, another RTO. In July 2023, Ameren Illinois filed its cost-benefit study with the ICC. The cost-benefit study examined the impacts of participation in each RTO, including reliability, resiliency, affordability, and environmental impacts, among other things, for a period of five to 10 years, beginning June 2024. The study concluded that continued participation in the MISO was prudent and more cost-beneficial than participation in PJM Interconnection LLC. Intervenor comments on the study were filed in October 2023. The ICC is under no obligation to issue an order related to the cost-benefit study.

In March 2021, Ameren Illinois filed a request with the ICC for a reconciliation hearing to determine the accuracy and prudence of natural gas capital investments recovered under the QIP rider during 2020. In October 2023, the Illinois Attorney General’s office challenged the recovery of capital investments that were made during 2020, alleging that the ICC should disallow approximately $53 million in natural gas capital investments as improper and imprudent, providing a potential over-recovery of approximately $3 million in 2020. In October 2023, the ICC staff filed testimony that supports the prudence and reasonableness of the capital investments made during 2020. Ameren Illinois’ 2020 QIP rate recovery request under review by the ICC is within the rate increase limitations allowed by law. The ICC is under no deadline to issue an order in this proceeding. Ameren Illinois cannot predict the ultimate outcome of this regulatory proceeding.

In July 2022, the MISO approved the first tranche of projects related to a preliminary long-range transmission planning roadmap of projects through 2039. A portion of these projects were assigned to various utilities, including Ameren. In October 2023, the FERC approved transmission rate incentives relating to the projects assigned to Ameren. The incentives will allow construction work in progress to be included in rate base for projects constructed by ATXI, thereby improving the timeliness of cash recovery, and would allow recovery of prudently incurred costs, subject to FERC approval, for any portion of the projects if they are abandoned for reasons beyond the control of Ameren.

Since November 2013, the allowed base ROE for FERC-regulated transmission rate base under the MISO tariff has been subject to customer complaint cases and has been changed by various FERC orders. In May 2020, the FERC issued an order, which set the allowed base ROE to 10.02%, and required refunds, with interest, for the periods November 2013 to February 2015 and from late September 2016 forward. Ameren and Ameren Illinois paid these refunds, including interest, by March 31, 2022. In June and July 2020, Ameren Missouri, Ameren Illinois, and ATXI, as well as various customers, petitioned the United States Court of Appeals for the District of Columbia Circuit for review of the May 2020 order, challenging certain aspects of the new ROE methodology established. The petition filed by Ameren Missouri, Ameren Illinois, and ATXI challenged the refunds required for the period from September 2016 to May 2020. In August 2022, the court issued a ruling that granted the customers’ petition for review, vacated the FERC’s previous MISO ROE-determining orders, and remanded the proceedings to the FERC. The court elected not to rule on the issues raised by Ameren Missouri, Ameren Illinois, and ATXI. The currently allowed base ROE of 10.02% will remain effective for customer billings, but the transmission rates charged during previous periods and the currently effective rates may be subject to refund if the base ROE is changed by the FERC in a future order. The FERC is under no deadline to issue an order related to these proceedings. A 50-basis-point change in the FERC-allowed ROE would affect Ameren’s and Ameren Illinois’ annual revenue by an estimated $19 million and $13 million, respectively, based on each company’s 2023 projected rate base.