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Ameren (NYSE: AEE) Announces 2018 Results and Issues Guidance

02/14/2019
- 2018 GAAP Diluted Earnings Per Share were $3.32, Compared to $2.14 in 2017
- 2018 Core (Non-GAAP) Diluted EPS were $3.37, Compared to $2.83 in 2017, Excluding Certain Non-Cash, Tax-Related Charges
- 2019 Diluted EPS Guidance Range Established at $3.15 to $3.35
- 2018 through 2023 Growth Rate Guidance Established

ST. LOUIS, Feb. 14, 2019 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced 2018 net income attributable to common shareholders in accordance with Generally Accepted Accounting Principles (GAAP) of $815 million, or $3.32 per diluted share, compared to 2017 GAAP net income attributable to common shareholders of $523 million, or $2.14 per diluted share. Excluding certain tax-related items reflected below, Ameren recorded 2018 core earnings of $828 million, or $3.37 per diluted share, compared to 2017 core earnings of $691 million, or $2.83 per diluted share.

Ameren Logo (PRNewsfoto/Ameren Corporation)

The year-over-year increase in 2018 core earnings reflected higher Ameren Missouri electric retail sales primarily due to warmer summer and colder winter temperatures, as well as earnings on increased infrastructure investments made at Ameren Transmission, Ameren Illinois Electric Distribution, and Ameren Illinois Natural Gas. The comparison also benefited from the absence, in 2018, of a nuclear refueling and maintenance outage at Ameren Missouri's Callaway Energy Center and higher Ameren Missouri electric service rates, effective April 1, 2017. These favorable factors were partially offset by increased Ameren Missouri other operations and maintenance expenses, primarily reflecting higher-than-normal scheduled non-nuclear energy center outages, increased routine maintenance, and more distribution reliability projects. The comparison also reflected higher charitable donations in 2018.

"In 2018, we again delivered strong earnings growth," said Warner L. Baxter, chairman, president and chief executive officer of Ameren Corporation. "Our team continues to successfully execute all elements of our strategy across our businesses. We made meaningful progress on the proposed ownership of at least 700 megawatts of wind generation by Ameren Missouri to better serve our customers, transition to a cleaner, more diverse generation portfolio and comply with the Missouri Renewable Energy Standard."

"I am also pleased to report that today, Ameren Missouri filed its Smart Energy Plan with the Missouri Public Service Commission. Driven by the passage of constructive legislation in 2018, this five-year plan includes significant incremental investments to modernize the electric grid for the benefit of our customers and the state while keeping rates stable and predictable," Baxter said. "Constructive energy policies have driven similar investments at our Ameren Illinois electric distribution business and have delivered significant customer benefits and added new jobs to the state's economy while keeping customer rates affordable."

Ameren recorded GAAP and core net income attributable to common shareholders for the three months ended Dec. 31, 2018, of $68 million, or 28 cents per diluted share, compared to a GAAP net loss attributable to common shareholders of $60 million, or 24 cents per diluted share, for the same period in 2017. Excluding a tax-related item reflected below, Ameren recorded core earnings for the three months ended Dec. 31, 2017, of $94 million, or 39 cents per diluted share.

The year-over-year decrease in fourth quarter 2018 core earnings reflected a 12 cent per diluted share timing difference between income tax expense and revenue reductions at Ameren Missouri related to the Tax Cuts and Jobs Act (TCJA) that had no effect on full-year earnings. In addition, Ameren Missouri had increased other operations and maintenance expenses, primarily reflecting higher non-nuclear energy center maintenance and more distribution reliability projects. The comparison also reflected higher charitable donations in 2018. These factors were partially offset by earnings on increased infrastructure investments made at Ameren Transmission, Ameren Illinois Electric Distribution, and Ameren Illinois Natural Gas, as well as from the absence, in 2018, of a nuclear refueling and maintenance outage at Ameren Missouri's Callaway Energy Center that increased operations and maintenance expenses in the year-ago period. The comparison also benefited from higher Ameren Missouri electric retail sales primarily due to colder winter temperatures compared to near-normal temperatures in the year-ago period.

As reflected in the table below, the following items were excluded from the prior year fourth quarter and full-year 2017 and 2018 core earnings:

  • A non-cash charge for a true-up to the revaluation of deferred taxes associated with the TCJA resulting primarily from proposed regulations related to bonus depreciation issued in August 2018, which decreased 2018 earnings by $13 million.
  • A non-cash charge, primarily at the parent company, for the revaluation of deferred taxes resulting from a December 2017 change in federal law (TCJA) that decreased the federal corporate income tax rate, which decreased 2017 earnings by $154 million.
  • A non-cash charge at the parent company for the revaluation of deferred taxes resulting from a July 2017 change in Illinois law that increased the state's corporate income tax rate, which decreased 2017 earnings by $14 million.

A reconciliation of GAAP to core earnings for the three months and years ended Dec. 31, 2018 and 2017, in millions of dollars and per share is as follows:


Three Months Ended

Year Ended


Dec. 31,

Dec. 31,


2018

2017

2018

2017

GAAP Earnings (Loss) / Diluted EPS

$

68


$

0.28


$

(60)


$

(0.24)


$

815


$

3.32


$

523


$

2.14


  Charge for revaluation of deferred taxes            from increased Illinois state income tax rate







22


0.09


  Less: Federal income tax benefit







(8)


(0.03)


     Charge, net of tax benefit







14


0.06











  Charge for revaluation of deferred taxes from decreased federal income tax rate



162


0.66


13


0.05


162


0.66


  Less: State income tax benefit



(8)


(0.03)




(8)


(0.03)


     Charge, net of tax benefit



154


0.63


13


0.05


154


0.63


Core Earnings / Diluted EPS

$

68


$

0.28


$

94


$

0.39


$

828


$

3.37


$

691


$

2.83


Earnings Guidance

Ameren expects diluted earnings per share to be in a range of $3.15 to $3.35 for 2019 and to grow at a 6% to 8% compound annual rate from 2018 through 2023, using 2018 core diluted earnings per share, less the 2018 Ameren Missouri estimated favorable weather impact of 32 cents per diluted share, as the base. This multi-year earnings growth is expected to be driven by projected rate base growth of approximately 8% compounded annually from 2018 through 2023. Earnings growth in any individual year will be impacted by the timing of capital expenditures, regulatory rate reviews, Callaway refueling and maintenance outages, and weather, among other factors.

"Looking ahead, we plan to continue to deliver strong long-term earnings per share growth reflecting a robust pipeline of investments in critical energy infrastructure that will deliver long-term benefits to our customers and the communities we serve, while keeping customer rates competitive and affordable," Baxter said.

Ameren's earnings guidance for 2019 and multi-year growth expectations assume normal temperatures and are subject to the effects of, among other things: 30-year U.S. Treasury bond yields; regulatory, judicial and legislative actions; energy center and energy distribution operations; energy, economic, capital and credit market conditions; severe storms; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or referred to, in the Forward-looking Statements section of this press release.

Ameren Missouri Segment Results

Ameren Missouri 2018 GAAP and core earnings were $478 million and $482 million, respectively, compared to 2017 GAAP and core earnings of $323 million and $359 million, respectively. Core earnings for 2018 and 2017 excluded non-cash charges associated with the revaluation of deferred taxes that decreased earnings by $4 million and $36 million, respectively. Year-over-year core earnings benefited from higher electric retail sales, primarily due to warmer summer and colder winter temperatures, which increased earnings by an estimated $102 million, as well as the absence, in 2018, of a nuclear refueling and maintenance outage at the Callaway Energy Center, which favorably affected the comparison by $21 million. The comparison also benefited from higher electric service rates, effective April 1, 2017. These favorable factors were partially offset by increased other operations and maintenance expenses, primarily reflecting higher-than-normal scheduled non-nuclear plant outages, increased routine maintenance work, and more distribution reliability projects.

Ameren Illinois Electric Distribution Segment Results

Ameren Illinois Electric Distribution 2018 GAAP and core earnings were $136 million and $139 million, respectively, compared to 2017 earnings of $131 million. Core earnings in 2018 excluded a $3 million non-cash charge for the revaluation of deferred taxes. The year-over-year improvement reflected increased earnings on infrastructure investments, as well as a higher allowed return on equity due to a higher average 30-year U.S. Treasury bond yield in 2018 compared to 2017.

Ameren Illinois Natural Gas Segment Results

Ameren Illinois Natural Gas 2018 GAAP and core earnings were $70 million and $71 million, respectively, compared to 2017 earnings of $60 million. Core earnings in 2018 excluded a $1 million non-cash charge for the revaluation of deferred taxes. The year-over-year improvement reflected increased earnings on infrastructure investments and new service rates effective Nov. 9, 2018.

Ameren Transmission Segment Results

Ameren Transmission 2018 earnings were $164 million, compared to 2017 earnings of $140 million. The year-over-year improvement reflected increased earnings on infrastructure investments.

Other Results (includes items not reported in a business segment)

Other results for 2018 were a GAAP and core loss of $33 million and $28 million, respectively, compared to a 2017 GAAP loss of $131 million and core earnings of $1 million. Core results for 2018 and 2017 excluded non-cash charges that decreased earnings by $5 million and $132 million, respectively, reflecting the revaluation of deferred taxes. The decrease in year-over-year core results primarily reflected higher charitable donations and lower net state and federal income tax benefits.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Thursday, Feb. 14, to discuss 2018 earnings, earnings guidance and other matters. Investors, the news media and the public may listen to a live broadcast of the call at AmerenInvestors.com by clicking on "Webcast" under "Q4 2018 Earnings Conference Call," where an accompanying slide presentation will also be available. The conference call and presentation will be archived for one year in the "Investor News and Events" section of the website under "Events and Presentations."

About Ameren

St. Louis-based Ameren Corporation powers the quality of life for 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric and natural gas transmission and distribution service while Ameren Missouri provides vertically integrated electric service, with generating capacity of over 10,200 megawatts, and natural gas distribution service. Ameren Transmission Company of Illinois develops regional electric transmission projects. For more information, visit Ameren.com, or follow us at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn/company/Ameren.

Use of Non-GAAP Financial Measures
In this release, Ameren has presented core earnings per share, which is a non-GAAP measure and may not be comparable to those of other companies. A reconciliation of GAAP information to non-GAAP information has been included in this release. Generally, core earnings or losses  include earnings or losses attributable to common shareholders and exclude income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as the third quarter 2017 non-cash charge for the revaluation of deferred taxes resulting from a July 2017 change in Illinois law that increased the state's corporate income tax rate, the fourth quarter 2017 non-cash charge for the revaluation of deferred taxes resulting from a December 2017 change in federal law that decreased the federal corporate income tax rate, and the third quarter 2018 non-cash charge for a true-up to the revaluation of deferred taxes associated with the TCJA resulting primarily from regulations related to bonus depreciation issued in August 2018. Ameren uses core earnings internally for financial planning and for analysis of performance. Ameren also uses core earnings as the primary performance measurement when communicating with analysts and investors regarding our earnings results and outlook, as the company believes that core earnings allow the company to more accurately compare its ongoing performance across periods. In providing core earnings guidance, there could be differences between core earnings and earnings prepared in accordance with GAAP as a result of our treatment of certain items, such as that described above. Ameren is unable to estimate the impact, if any, on future GAAP earnings of such future items.

Forward-looking Statements

Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, strategies, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed under Risk Factors in Ameren's Annual Report on Form 10-K for the year ended December 31, 2017, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:

  • regulatory, judicial, or legislative actions, and any changes in regulatory policies and ratemaking determinations, such as those that may result from a potential change in the allowed base return on common equity under the Midcontinent Independent System Operator (MISO) tariff from either the complaint case filed in February 2015 with the Federal Energy Regulatory Commission (FERC) or a new methodology proposed by the FERC in November 2018, Ameren Missouri's requested certificate of convenience and necessity for a wind generation facility filed with the Missouri Public Service Commission (MoPSC) in October 2018, Ameren Missouri's natural gas regulatory rate review filed with the MoPSC in December 2018, the appeal filed by the Missouri Office of Public Counsel in January 2019 in Ameren Missouri's Renewable Energy Standard Rate Adjustment Mechanism (RESRAM) case, and future regulatory, judicial, or legislative actions that change regulatory recovery mechanisms;
  • the effect of Ameren Illinois' participation in performance-based formula ratemaking frameworks under the Illinois Energy Infrastructure Modernization and the Future Energy Jobs Acts (FEJA), including the direct relationship between Ameren Illinois' return on common equity and the 30-year United States Treasury bond yields, and the related financial commitments;
  • the effect of Missouri Senate Bill 564 on Ameren Missouri, including as a result of Ameren Missouri's election to use plant-in-service accounting and the resulting customer rate caps;
  • the effects of changes in federal, state, or local laws and other governmental actions, including monetary, fiscal, and energy policies;
  • the effects of changes in federal, state, or local tax laws, regulations, interpretations, or rates, amendments or technical corrections to the TCJA, and challenges to the tax positions we have taken, if any;
  • the effects on demand for our services resulting from technological advances, including advances in customer energy efficiency, energy storage, and private generation sources, which generate electricity at the site of consumption and are becoming more cost-competitive;
  • the effectiveness of Ameren Missouri's customer energy-efficiency programs and the related revenues and performance incentives earned under its Missouri Energy Efficiency Investment Act programs;
  • Ameren Illinois' ability to achieve the FEJA electric customer energy-efficiency goals and the resulting impact on its allowed return on program investments;
  • our ability to align overall spending, both operating and capital, with frameworks established by our regulators and to recover these costs in a timely manner in our attempt to earn our allowed returns on equity;
  • the cost and availability of fuel, such as ultra-low-sulfur coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of purchased power, zero emission credits, renewable energy credits, and natural gas for distribution; and the level and volatility of future market prices for such commodities and credits, including our ability to recover the costs for such commodities and credits and our customers' tolerance for any related price increases;
  • disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel, including nuclear fuel assemblies from the one Nuclear Regulatory Commission-licensed supplier of Ameren Missouri's Callaway Energy Center's assemblies;
  • 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 effectiveness of our risk management strategies and our use of financial and derivative instruments;
  • the ability to obtain sufficient insurance, including insurance for Ameren Missouri's Callaway Energy Center, or, in the absence of insurance, the ability to recover uninsured losses from our customers;
  • the impact of cyberattacks on us or our suppliers, which could, among other things, result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as customer, employee, financial, and operating system information;
  • business and economic conditions, including their impact on interest rates, collection of our receivable balances, and demand for our products;
  • disruptions of the capital markets, deterioration in our credit metrics, including as a result of the implementation of the TCJA, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity;
  • the actions of credit rating agencies and the effects of such actions;
  • the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments;
  • 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 breakdowns or failures of equipment in the operation of natural gas transmission and distribution systems and storage facilities, such as leaks, explosions, and mechanical problems, and compliance with natural gas safety regulations;
  • the effects of breakdowns or failures of electric generation, transmission, or distribution equipment or facilities, which could cause unplanned liabilities or outages;
  • the operation of Ameren Missouri's Callaway Energy Center, including planned and unplanned outages, and decommissioning costs;
  • the impact of current environmental laws and new, more stringent, or changing requirements, including those related to carbon dioxide, and the proposed repeal and replacement of the Clean Power Plan and potential adoption and implementation of the Affordable Clean Energy rule, other emissions and discharges, cooling water intake structures, coal combustion residuals, and energy efficiency, that could limit or terminate the operation of certain of Ameren Missouri's energy centers, increase our operating 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 requirements in Missouri and Illinois and with the zero emission standard in Illinois;
  • Ameren Missouri's ability to acquire wind and other renewable generation facilities and recover its cost of investment and related return in a timely manner, which is affected by the ability to obtain all necessary project approvals; the availability of federal production and investment tax credits related to renewable energy and Ameren Missouri's ability to use such credits; the cost of wind and solar generation technologies; and Ameren Missouri's ability to obtain timely interconnection agreements with MISO or other regional transmission organizations, including the costs of such interconnections;
  • labor disputes, work force reductions, changes in future wage and employee benefits costs, including those resulting from changes in discount rates, mortality tables, returns on benefit plan assets, and other assumptions;
  • the impact of negative opinions of us or our utility services that our customers, legislators, or regulators may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or to protect sensitive customer information, increases in rates, or negative media coverage;
  • the impact of adopting new accounting guidance;
  • the effects of strategic initiatives, including mergers, acquisitions, and divestitures;
  • legal and administrative proceedings; and
  • acts of sabotage, war, terrorism, or other intentionally disruptive acts.

New factors emerge from time to time, and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.

AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF INCOME

(Unaudited, in millions, except per share amounts)



Three Months Ended
December 31,


Year Ended
December 31,


2018


2017


2018


2017

Operating Revenues:








Electric

$

1,130



$

1,124



$

5,339



$

5,307


Natural gas

289



275



952



867


Total operating revenues

1,419



1,399



6,291



6,174


Operating Expenses:








Fuel

179



143



769



737


Purchased power

128



145



581



638


Natural gas purchased for resale

122



115



374



311


Other operations and maintenance

473



443



1,772



1,705


Depreciation and amortization

242



228



955



896


Taxes other than income taxes

109



113



483



477


Total operating expenses

1,253



1,187



4,934



4,764


Operating Income

166



212



1,357



1,410


Other Income, Net

18



25



102



86


Interest Charges

99



96



401



391


Income Before Income Taxes

85



141



1,058



1,105


Income Taxes

16



200



237



576


Net Income (Loss)

69



(59)



821



529


Less: Net Income Attributable to Noncontrolling Interests

1



1



6



6


Net Income (Loss) Attributable to Ameren Common Shareholders

$

68



$

(60)



$

815



$

523










Earnings (Loss) per Common Share – Basic

$

0.28



$

(0.24)



$

3.34



$

2.16










Earnings (Loss) per Common Share – Diluted

$

0.28



$

(0.24)



$

3.32



$

2.14










Weighted-average Common Shares Outstanding – Basic

244.3



242.6



243.8



242.6


Weighted-average Common Shares Outstanding – Diluted

246.8



244.7



245.8



244.2


 


AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET

(Unaudited, in millions)



December 31,
2018


December 31,
2017

ASSETS




Current Assets:




Cash and cash equivalents

$

16



$

10


Accounts receivable - trade (less allowance for doubtful accounts)

463



445


Unbilled revenue

295



323


Miscellaneous accounts receivable

79



70


Inventories

483



522


Current regulatory assets

134



144


Other current assets

63



98


Total current assets

1,533



1,612


Property, Plant, and Equipment, Net

22,810



21,466


Investments and Other Assets:




Nuclear decommissioning trust fund

684



704


Goodwill

411



411


Regulatory assets

1,127



1,230


Other assets

650



522


Total investments and other assets

2,872



2,867


TOTAL ASSETS

$

27,215



$

25,945


LIABILITIES AND EQUITY




Current Liabilities:




Current maturities of long-term debt

$

580



$

841


Short-term debt

597



484


Accounts and wages payable

817



902


Taxes accrued

53



52


Interest accrued

93



99


Customer deposits

116



108


Current regulatory liabilities

149



128


Other current liabilities

282



326


Total current liabilities

2,687



2,940


Long-term Debt, Net

7,859



7,094


Deferred Credits and Other Liabilities:




Accumulated deferred income taxes, net

2,623



2,506


Accumulated deferred investment tax credits

43



49


Regulatory liabilities

4,637



4,387


Asset retirement obligations

627



638


Pension and other postretirement benefits

558



545


Other deferred credits and liabilities

408



460


Total deferred credits and other liabilities

8,896



8,585


Ameren Corporation Shareholders' Equity:




Common stock

2



2


Other paid-in capital, principally premium on common stock

5,627



5,540


Retained earnings

2,024



1,660


Accumulated other comprehensive loss

(22)



(18)


Total Ameren Corporation shareholders' equity

7,631



7,184


Noncontrolling Interests

142



142


Total equity

7,773



7,326


TOTAL LIABILITIES AND EQUITY

$

27,215



$

25,945



 

AMEREN CORPORATION (AEE)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)



Year Ended December 31,


2018


2017

Cash Flows From Operating Activities:




Net income

$

821



$

529


Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

938



876


Amortization of nuclear fuel

95



76


Amortization of debt issuance costs and premium/discounts

20



22


Deferred income taxes and investment tax credits, net

224



539


Allowance for equity funds used during construction

(36)



(24)


Stock-based compensation costs

20



17


Other

44



(10)


Changes in assets and liabilities

44



93


Net cash provided by operating activities

2,170



2,118


Cash Flows From Investing Activities:




Capital expenditures

(2,286)



(2,132)


Nuclear fuel expenditures

(52)



(63)


Purchases of securities – nuclear decommissioning trust fund

(315)



(321)


Sales and maturities of securities – nuclear decommissioning trust fund

299



305


Other

18



7


Net cash used in investing activities

(2,336)



(2,204)


Cash Flows From Financing Activities:




Dividends on common stock

(451)



(431)


Dividends paid to noncontrolling interest holders

(6)



(6)


Short-term debt, net

112



(74)


Maturities of long-term debt

(841)



(681)


Issuances of long-term debt

1,352



1,345


Issuances of common stock

74




Debt issuance costs

(14)



(11)


Repurchases of common stock for stock-based compensation



(24)


Employee payroll taxes related to stock-based compensation

(19)



(15)


Other

(2)



(1)


Net cash provided by financing activities

205



102


Net change in cash, cash equivalents, and restricted cash

39



16


Cash, cash equivalents, and restricted cash at beginning of year

68



52


Cash, cash equivalents, and restricted cash at end of year

$

107



$

68


 


AMEREN CORPORATION (AEE)

OPERATING STATISTICS



Three Months Ended


Twelve Months Ended


December 31,


December 31,


2018


2017


2018


2017

Electric Sales - kilowatthours (in millions):








Ameren Missouri








Residential

3,319



3,064



14,320



12,653


Commercial

3,439



3,431



14,791



14,384


Industrial

1,098



1,101



4,499



4,469


Street lighting and public authority

30



32



108



117


Ameren Missouri retail load subtotal

7,886



7,628



33,718



31,623


Off-system

2,758



1,518



10,036



10,640


Ameren Missouri total

10,644



9,146



43,754



42,263


Ameren Illinois Electric Distribution








Residential

2,716



2,680



12,099



10,985


Commercial

3,149



3,111



12,717



12,382


Industrial

2,903



2,867



11,673



11,436


Street lighting and public authority

125



127



513



515


Ameren Illinois Electric Distribution total

8,893



8,785



37,002



35,318


Eliminate affiliate sales



(58)



(288)



(440)


Ameren total

19,537



17,873



80,468



77,141


Electric Revenues (in millions):








Ameren Missouri








Residential

$

288



$

282



$

1,560



$

1,417


Commercial

238



237



1,271



1,208


Industrial

63



63



312



305


Other, including street lighting and public authority

5



31



30



111


Ameren Missouri retail load subtotal

$

594



$

613



$

3,173



$

3,041


Off-system

75



40



278



370


Ameren Missouri total

$

669



$

653



$

3,451



$

3,411


Ameren Illinois Electric Distribution








Residential

$

204



$

219



$

867



$

870


Commercial

130



132



511



527


Industrial

34



30



130



113


Other, including street lighting and public authority



9



39



58


Ameren Illinois Electric Distribution total

$

368



$

390



$

1,547



$

1,568


Ameren Transmission








Ameren Illinois Transmission(a)

$

72



$

61



$

267



$

258


ATXI

41



39



166



168


Ameren Transmission total

$

113



$

100



$

433



$

426


Other and intersegment eliminations

(20)



(19)



(92)



(98)


Ameren total

$

1,130



$

1,124



$

5,339



$

5,307




(a)   

Includes $12 million, $10 million, $53 million and $42 million, respectively, of electric operating revenues from transmission services provided to the Ameren Illinois Electric Distribution segment.

 

AMEREN CORPORATION (AEE)

OPERATING STATISTICS



Three Months Ended


Twelve Months Ended


December 31,


December 31,


2018


2017


2018


2017

Gas Sales - dekatherms (in millions):








Ameren Missouri

6



6



21



18


Ameren Illinois Natural Gas

55



53



182



166


Ameren total

61



59



203



184


Gas Revenues (in millions):








Ameren Missouri

$

44



$

43



$

138



$

126


Ameren Illinois Natural Gas

246



233



815



743


Eliminate affiliate revenues

(1)



(1)



(1)



(2)


Ameren total

$

289



$

275



$

952



$

867





December 31,
2018




December 31,
2017

Common Stock:








Shares outstanding (in millions)



244.5





242.6


Book value per share



$

31.21





$

29.61










 

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SOURCE Ameren Corporation