Ameren
37 named things its latest annual report says its results depend on, each in the company's own words. 23 of them are also named by other companies we've read.
Customers
Data center large load customers
earns from · 2.2 gigawatts of demandnamed as a riskIn addition, in February 2026, Ameren Missouri executed electric service agreements with large load customers under its large load customer rate plan, representing 2.2 gigawatts of demand.Risk factors (Item 1A)
Suppliers
Callaway Energy Center nuclear fuel assembly supplier
depends on · one NRC-licensed suppliernamed as a riskCurrently, the Callaway Energy Center has one NRC-licensed supplier able to provide fuel assemblies to the Callaway Energy Center.Market risk (Item 7A)
Panhandle Eastern Pipe Line Company
depends onAmeren Missouri and Ameren Illinois primarily use Panhandle Eastern Pipe Line Company, Trunkline Gas Company, Natural Gas Pipeline Company of America, Mississippi River Transmission Corporation, Northern Border Pipeline Company, Spire MoGas Pipeline, and Texas Eastern Transmission Corporation interstate pipeline systems to transport natural gas to their systems.Business (Item 1)
Partners and platforms
Illinois Power Agency (IPA)
depends on · 28%The IPA administers an RFP process through which Ameren Illinois procures its expected supply.Business (Item 1)
Other companies
International Brotherhood of Electrical Workers
depends on · 46%named as a riskWe are also party to collective bargaining agreements that collectively represent about 46%, 58%, and 54% of Ameren’s, Ameren Missouri’s and Ameren Illinois’ total employees, respectively.Risk factors (Item 1A)
Also named by EIX, ES, EVRG, FE, MYRG, NEE, PNW, SO and 2 more
Callaway Energy Center
operates innamed as a riskThe license for the Callaway Energy Center is currently set to expire in 2044.Business (Item 1)
Places
Wyoming
concentrated in · Approximately 96%named as a riskApproximately 96% of Ameren Missouri’s coal is purchased from the Powder River Basin in Wyoming, which has a limited number of suppliers.Business (Item 1)
Illinois
concentrated inOur revenues are primarily derived from sales or delivery of electricity and natural gas to customers in Missouri and Illinois.Market risk (Item 7A)
Also named by ALL, AWK, CASY, CINF, DRVN, FPI, NNN, NRP and 4 more
Missouri
concentrated inOur revenues are primarily derived from sales or delivery of electricity and natural gas to customers in Missouri and Illinois.Market risk (Item 7A)
Hazards
Earthquake (fault line near Callaway)
operates innamed as a riskWhile the Callaway Energy Center is in compliance with the current NRC standards relating to seismic design and risk, these standards also require Ameren Missouri to address periodic changes to seismic hazard data and evaluation methods for the impact of an earthquake on its Callaway Energy Center due to its proximity to a fault line, which could require seismic risk evaluation updates and installation of additional capital equipment.Risk factors (Item 1A)
Also named by A, ADBE, ARE, ARES, BLK, CDNA, CRC, DOCU and 11 more
Commodities and inputs
Coal
exposed to its price · approximately 12.0 million tonsnamed as a riskAmeren Missouri burned approximately 12.0 million tons of coal in 2025.Business (Item 1)
Also named by AA, AEP, AES, ARLP, BKH, BRK/B, CNP, CSX and 19 more
Powder River Basin coal
depends on · Approximately 96%named as a riskApproximately 96% of Ameren Missouri’s coal is purchased from the Powder River Basin in Wyoming, which has a limited number of suppliers.Risk factors (Item 1A)
30-year U.S. Treasury bonds
exposed to its price · plus 580 basis pointsnamed as a riskTherefore, Ameren Illinois’ annual ROE for its electric energy-efficiency investments is directly correlated to the yields on such bonds, which are outside of Ameren Illinois’ control.Market risk (Item 7A)
Low-sulfur coal
depends onnamed as a riskDisruptions to the deliveries of low-sulfur coal from a supplier could compromise Ameren Missouri’s ability to operate in compliance with emission standards.Market risk (Item 7A)
Natural gas
exposed to its priceNatural gas supply costs are passed on to customers of Ameren Missouri and Ameren Illinois under PGA clauses, subject to prudence reviews by the MoPSC and the ICC.Business (Item 1)
Also named by AA, ADM, AEP, AES, AESI, AGX, ALB, AMRC and 132 more
Uranium
depends onAmeren Missouri has inventories and supply contracts sufficient to meet all of its uranium (concentrate and hexafluoride), conversion, enrichment, and fabrication requirements at least through the fall 2029 refueling.Business (Item 1)
Also named by AEP, CEG, DTE, DUK, ETR, EVRG, LEU, PNW and 2 more
Regulators
Federal Energy Regulatory Commission (FERC)
subject to · approximately $1.6 million per violation per daynamed as a riskThe FERC can impose civil penalties of approximately $1.6 million per violation per day for violation of its regulations, rules, and orders, including mandatory NERC reliability standards.Risk factors (Item 1A)
Also named by AA, AEP, AM, AMRC, AR, ARES, ATO, BKH and 62 more
Illinois Commerce Commission (ICC)
subject to · 26%named as a riskThe ICC regulates rates and other matters for Ameren Illinois.Business (Item 1)
Missouri Public Service Commission (MoPSC)
subject to · 52%named as a riskThe MoPSC regulates rates and other matters for Ameren Missouri.Business (Item 1)
Also named by EVRG
Nuclear Regulatory Commission (NRC)
subject tonamed as a riskIn the event of noncompliance, the NRC has the authority to impose fines or to shut down a unit, or both, depending upon its assessment of the severity of the situation, until compliance is achieved.Risk factors (Item 1A)
Also named by AEP, BRK/B, BWXT, CAH, CDRE, CEG, CW, D and 20 more
NERC
subject tonamed as a riskAs owners and operators of bulk power transmission systems and electric energy centers, we are subject to mandatory NERC reliability standards, including cybersecurity standards.Risk factors (Item 1A)
Laws and programs
Inflation Reduction Act (IRA)
subject to · 15% minimum taxnamed as a riskUnder the IRA, a 15% minimum tax on adjusted financial statement income, as defined in the law, is assessed against corporations whose average annual adjusted financial statement income exceeds $1 billion for three consecutive preceding tax years.Risk factors (Item 1A)
Also named by AMGN, ARWR, BIIB, BKNG, BMY, CAH, CI, CNC and 26 more
Clean Air Act
subject to · 5% and 11%named as a riskCompliance obligations under the Clean Air Act stem from a variety of programs including the NSPS, the MATS, emission allowance programs, the CSAPR, and the National Ambient Air Quality Standards, which are subject to periodic review for certain pollutants.Risk factors (Item 1A)
Also named by CTAS, CWST, EMN, FIX, HESM, KGS, NOC, NRP and 6 more
Missouri Plant-in-Service Accounting (PISA)
subject to · 2.25%named as a riskIncreased capital expenditures could cause incremental PISA deferrals to exceed the 2.25% limitation, and such amounts exceeding the 2.25% limitation would be excluded from recovery under future revenue requirements.Risk factors (Item 1A)
Also named by EVRG
Ameren Illinois Multi-Year Rate Plan (MYRP)
subject to · 105% of the annual revenue requirementnamed as a riskThe reconciliation cap limits the annual adjustment to 105% of the annual revenue requirement approved by the ICC.Risk factors (Item 1A)
Ameren Missouri Fuel Adjustment Clause (FAC)
exposed to its price · remaining 5%named as a riskAmeren Missouri remains exposed to the remaining 5% of such changes.Market risk (Item 7A)
Illinois Public Utilities Act
subject to · $47 millionnamed as a riskAs of December 31, 2025, Ameren Illinois’ balance of purchased accounts receivable associated with the utility consolidated billing and purchase of receivables services was $47 million.Market risk (Item 7A)
Illinois zero emission standard
subject to · approximately 16%Illinois law also required Ameren Illinois to enter into contracts to purchase zero emission credits in an amount equal to approximately 16% of the actual amount of electricity delivered to retail customers during calendar year 2014, pursuant to Illinois’ zero emission standard.Business (Item 1)
Also named by CEG
Missouri Energy Efficiency Investment Act (MEEIA)
subject to · $51 million in 2026Ameren Missouri intends to invest $51 million in 2026 and $22 million in 2027 for customer energy-efficiency and demand response programs.Business (Item 1)
Also named by EVRG
Missouri renewable energy standard
subject to · at least 15% of native load salesIn Missouri, utilities are required to purchase or generate electricity equal to at least 15% of native load sales from renewable energy sources, with at least 2% of the requirement derived from solar energy.Business (Item 1)
Illinois Climate and Equitable Jobs Act (CEJA)
subject tonamed as a riskFurther reductions to emissions limits will become effective between 2030 and 2040, resulting in the possible closure of the Venice Energy Center by the end of 2029.Risk factors (Item 1A)
Also named by EXC
CCR Rule
subject tonamed as a riskThe management and disposal of coal ash from our coal-fired energy centers must comply with federal regulations known as the CCR Rule issued under the Resource Conservation and Recovery Act and require the closure of surface impoundments at our coal-fired energy centers along with groundwater monitoring requirements and the implementations of corrective measures if necessary.Risk factors (Item 1A)
Missouri PPRA
subject toPursuant to the PPRA, Ameren Missouri’s PISA election was extended through 2035 and an additional extension through 2040 is allowed if requested by Ameren Missouri and approved by the MoPSC.Risk factors (Item 1A)
Illinois CRGA
subject toPursuant to the CRGA, beginning in 2027, the ROE for electric energy-efficiency investments will be based on the most recently approved Ameren Illinois electric distribution ROE.Business (Item 1)