ST. LOUIS, Nov. 3, 2017 /PRNewswire/ -- Ameren Corporation
(NYSE: AEE) today announced third quarter 2017 net income
attributable to common shareholders in accordance with Generally
Accepted Accounting Principles (GAAP) of $288 million, or $1.18 per diluted share, compared to third
quarter 2016 net income attributable to common shareholders of
$369 million, or $1.52 per diluted share. The third quarter 2017
GAAP earnings included a non-cash charge that decreased net income
by $14 million, or 6 cents per diluted share, for the revaluation of
deferred taxes resulting from a July
2017 change in Illinois law
that increased the state's corporate income tax rate. Excluding
this item, Ameren recorded third quarter 2017 core earnings of
$302 million, or $1.24 per diluted share.
The decrease in year-over-year third quarter earnings was
largely due to a change in the timing of interim period revenue
recognition at Ameren Illinois Electric Distribution that reduced
results by 24 cents per diluted share
but will have no effect on full year earnings. The earnings
comparison was also negatively affected by lower electric retail
sales, primarily driven by milder summer temperatures, as well as
the absence of a 2016 performance incentive award related to Ameren
Missouri's 2013 through 2015 energy efficiency plan. These
unfavorable factors were partially offset by new Ameren Missouri
electric service rates effective April 1,
2017, which were driven, in part, by increased
infrastructure investments and removal of the negative effect of
lower sales to the New Madrid
aluminum smelter. In addition, the comparison benefited from
earnings on increased infrastructure investments made at Ameren
Transmission and Ameren Illinois Electric Distribution.
"As a result of continued solid execution of our strategy,
including disciplined cost management, we remain on track to
deliver strong earnings results this year," said Warner L. Baxter, chairman, president and chief
executive officer of Ameren Corporation. "Our team continues to
allocate capital to jurisdictions with modern, constructive
regulatory frameworks, including investments in key Illinois grid modernization and regional
electric transmission projects that provide significant customer
benefits. Further, in September, Ameren Missouri announced a
forward-thinking plan under which it expects to accelerate the
transition to a cleaner, more diversified energy portfolio with the
addition of at least 700 megawatts of wind generation by 2020 and
100 megawatts of solar generation over the next 10 years."
Ameren recorded GAAP net income attributable to common
shareholders for the nine months ended Sept.
30, 2017, of $583 million, or
$2.39 per diluted share, compared to
net income attributable to common shareholders for the nine months
ended Sept. 30, 2016, of $621 million, or $2.56 per diluted share. Excluding the third
quarter 2017 revaluation of deferred taxes resulting from an
increase in Illinois' corporate
income tax rate, Ameren recorded core net income for the nine
months ended Sept. 30, 2017, of
$597 million, or $2.45 per diluted share.
The decrease in year-over-year nine-month earnings reflected
lower electric retail sales driven by milder temperatures and a
change in the timing of interim period revenue recognition at
Ameren Illinois Electric Distribution that reduced results by
12 cents per diluted share but will
have no effect on full year earnings. The earnings comparison was
also negatively affected by lower tax benefits associated with
share-based compensation and, for Ameren Missouri, the absence of a
2016 performance incentive award for the 2013 through 2015 energy
efficiency plan, and higher depreciation expense. These unfavorable
factors were partially offset by new Ameren Missouri electric
service rates, the absence of a nuclear refueling and maintenance
outage at the Callaway Energy Center compared to the year-ago
period when there was such an outage, as well as earnings on
increased infrastructure investments made at Ameren Transmission
and Ameren Illinois Electric Distribution. The 2017 Callaway
refueling and maintenance outage began in October.
As reflected in the table below, core earnings for the third
quarter and first nine months of 2017 excluded 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 net income by
$14 million in both periods. A
reconciliation of GAAP to core earnings in millions of dollars and
on a per share basis is as follows:
|
Three
Months
|
Nine
Months
|
|
2017
|
2016
|
2017
|
2016
|
GAAP Earnings /
Diluted EPS
|
$
|
288
|
|
$
|
1.18
|
|
$
|
369
|
|
$
|
1.52
|
|
$
|
583
|
|
$
|
2.39
|
|
$
|
621
|
|
$
|
2.56
|
|
Charge for
revaluation of deferred taxes
|
22
|
|
0.09
|
|
—
|
|
—
|
|
22
|
|
0.09
|
|
—
|
|
—
|
|
Less: Federal
income tax benefit
|
(8)
|
|
(0.03)
|
|
—
|
|
—
|
|
(8)
|
|
(0.03)
|
|
—
|
|
—
|
|
Charge, net of tax benefit
|
14
|
|
0.06
|
|
—
|
|
—
|
|
14
|
|
0.06
|
|
—
|
|
—
|
|
Core Earnings /
Diluted EPS
|
$
|
302
|
|
$
|
1.24
|
|
$
|
369
|
|
$
|
1.52
|
|
$
|
597
|
|
$
|
2.45
|
|
$
|
621
|
|
$
|
2.56
|
|
Earnings Guidance
Ameren narrowed its 2017 GAAP earnings guidance range to
$2.67 to $2.81 per diluted share,
compared to the prior range of $2.65 to
$2.85 per diluted share, and narrowed its 2017 core earnings
guidance range to $2.73 to $2.87 per
diluted share, compared to the prior range of $2.70 to $2.90 per diluted share. Core earnings
guidance excludes the previously discussed third quarter charge for
the revaluation of deferred taxes.
GAAP and core earnings guidance for 2017 assume normal
temperatures for the last three months of this year 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 weather; 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 third quarter 2017 earnings were $234 million, compared to third quarter 2016
earnings of $241 million. The
decrease in year-over-year earnings reflected lower electric retail
sales primarily driven by milder summer temperatures, the absence
of a performance incentive award for energy efficiency, and higher
depreciation expense. These unfavorable factors were mostly offset
by new electric service rates.
Ameren Illinois Electric Distribution Segment Results
Ameren Illinois Electric Distribution third quarter 2017
earnings were $31 million, compared
to third quarter 2016 earnings of $93
million. The year-over-year earnings decline was primarily
the result of a $57 million decrease
due to a change in the timing of interim period revenue recognition
reflecting the Illinois Future Energy Jobs Act enacted in late
2016, which decoupled revenues from sales volumes. This change
increases first, second and fourth quarter revenue while decreasing
third quarter revenue, compared to 2016, with no effect on
full-year earnings. In addition, the earnings comparison was
negatively affected by the absence of the 2016 benefit from
warmer-than-normal temperatures before the decoupling of electric
revenues began in 2017. These unfavorable factors were partially
offset by earnings on increased infrastructure investments, as well
as a higher allowed return on equity due to a higher average
30-year U.S. Treasury bond yield in 2017 compared to 2016.
Ameren Illinois Natural Gas Segment Results
Ameren Illinois Natural Gas third quarter 2017 earnings were
$2 million, equal to third quarter
2016 earnings of $2 million.
Ameren Transmission Segment Results
Ameren Transmission third quarter 2017 earnings were
$38 million, compared to third
quarter 2016 earnings of $39 million.
The comparable year-over-year earnings reflected increased
infrastructure investments offset by a lower allowed return on
equity.
Other Results
Other results, which includes items not reported in a business
segment, were a GAAP loss of $17
million for the third quarter of 2017, compared to a GAAP
loss of $6 million for the third
quarter of 2016. The larger year-over-year loss was due to the
$14 million charge for revaluation of
deferred taxes.
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at
9 a.m. Central Time on Friday, Nov. 3, to discuss 2017 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 "Q3 2017
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 and core
earnings per share guidance, which are non-GAAP measures and may
not be comparable to those of other companies. A reconciliation of
non-GAAP information to 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. 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 consolidated 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, 2016, 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, including any
changes in regulatory policies and ratemaking determinations, such
as those that may result from the complaint case filed in
February 2015 with the Federal Energy
Regulatory Commission seeking a reduction in the allowed base
return on common equity under the Midcontinent Independent System
Operator tariff, Ameren Illinois' April
2017 annual electric distribution formula rate update
filing, and future regulatory, judicial, or legislative actions
that change regulatory recovery mechanisms;
- the effect of Ameren Illinois participating in a
performance-based formula ratemaking process under the Illinois
Energy Infrastructure Modernization Act, including the direct
relationship between Ameren Illinois' return on common equity and
30-year United States Treasury bond yields, and the related
financial commitments;
- 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, such as the July 2017 change in Illinois law that increased the state's
corporate income tax rate, or changes to federal tax laws as a
result of tax reform legislation currently being developed by
Congress, and any challenges to the tax positions we have
taken;
- the effects on demand for our services resulting from
technological advances, including advances in customer energy
efficiency 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 plans;
- Ameren Illinois' ability to achieve Future Energy Jobs Act
electric 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, including our ability to recover the
costs for such commodities and our customers' tolerance for the
related rate 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 Westinghouse Electric Company, LLC, the Callaway
Energy Center's only Nuclear Regulatory Commission-licensed
supplier of such assemblies, which is currently in bankruptcy
proceedings;
- 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;
- 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, 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 impact of adopting new accounting guidance and the
application of appropriate accounting rules and guidance;
- 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 our increasing investment in electric
transmission projects as well as potential wind and solar
generation projects, our ability to obtain all of the necessary
approvals to complete the projects, and the uncertainty as to
whether we will achieve our expected returns in a timely
manner;
- 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;
- the impact of current environmental regulations and new, more
stringent, or changing requirements, including those related to
carbon dioxide, other emissions and discharges, cooling water
intake structures, coal combustion residuals, and energy
efficiency, that are enacted over time and that could limit or
terminate the operation of certain of Ameren Missouri's 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;
- legal and administrative proceedings;
- the impact of cyber-attacks, 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; 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
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Operating
Revenues:
|
|
|
|
|
|
|
|
Electric
|
$
|
1,594
|
|
|
$
|
1,725
|
|
|
$
|
4,183
|
|
|
$
|
4,101
|
|
Natural
gas
|
129
|
|
|
134
|
|
|
592
|
|
|
619
|
|
Total operating
revenues
|
1,723
|
|
|
1,859
|
|
|
4,775
|
|
|
4,720
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
Fuel
|
199
|
|
|
205
|
|
|
594
|
|
|
574
|
|
Purchased
power
|
162
|
|
|
178
|
|
|
491
|
|
|
451
|
|
Natural gas purchased
for resale
|
25
|
|
|
34
|
|
|
196
|
|
|
227
|
|
Other operations and
maintenance
|
402
|
|
|
411
|
|
|
1,229
|
|
|
1,246
|
|
Depreciation and
amortization
|
225
|
|
|
211
|
|
|
668
|
|
|
628
|
|
Taxes other than
income taxes
|
129
|
|
|
129
|
|
|
364
|
|
|
358
|
|
Total operating
expenses
|
1,142
|
|
|
1,168
|
|
|
3,542
|
|
|
3,484
|
|
Operating
Income
|
581
|
|
|
691
|
|
|
1,233
|
|
|
1,236
|
|
Other Income and
Expenses:
|
|
|
|
|
|
|
|
Miscellaneous
income
|
13
|
|
|
18
|
|
|
42
|
|
|
54
|
|
Miscellaneous
expense
|
2
|
|
|
8
|
|
|
16
|
|
|
21
|
|
Total other
income
|
11
|
|
|
10
|
|
|
26
|
|
|
33
|
|
Interest
Charges
|
97
|
|
|
97
|
|
|
295
|
|
|
287
|
|
Income Before
Income Taxes
|
495
|
|
|
604
|
|
|
964
|
|
|
982
|
|
Income
Taxes
|
205
|
|
|
233
|
|
|
376
|
|
|
356
|
|
Net
Income
|
290
|
|
|
371
|
|
|
588
|
|
|
626
|
|
Less: Net Income
Attributable to Noncontrolling Interests
|
2
|
|
|
2
|
|
|
5
|
|
|
5
|
|
Net Income
Attributable to Ameren Common Shareholders
|
$
|
288
|
|
|
$
|
369
|
|
|
$
|
583
|
|
|
$
|
621
|
|
|
|
|
|
|
|
|
|
Earnings per
Common Share – Basic
|
$
|
1.19
|
|
|
$
|
1.52
|
|
|
$
|
2.40
|
|
|
$
|
2.56
|
|
|
|
|
|
|
|
|
|
Earnings per
Common Share – Diluted
|
$
|
1.18
|
|
|
$
|
1.52
|
|
|
$
|
2.39
|
|
|
$
|
2.56
|
|
|
|
|
|
|
|
|
|
Average Common
Shares Outstanding – Basic
|
242.6
|
|
|
242.6
|
|
|
242.6
|
|
|
242.6
|
|
Average Common
Shares Outstanding – Diluted
|
244.7
|
|
|
242.9
|
|
|
244.0
|
|
|
243.0
|
|
AMEREN CORPORATION
(AEE)
|
CONSOLIDATED
BALANCE SHEET
|
(Unaudited, in
millions)
|
|
|
September 30,
2017
|
|
December 31,
2016
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
9
|
|
|
$
|
9
|
|
Accounts receivable -
trade (less allowance for doubtful accounts)
|
507
|
|
|
437
|
|
Unbilled
revenue
|
262
|
|
|
295
|
|
Miscellaneous
accounts receivable
|
85
|
|
|
63
|
|
Inventories
|
547
|
|
|
527
|
|
Current regulatory
assets
|
75
|
|
|
149
|
|
Other current
assets
|
96
|
|
|
113
|
|
Total current
assets
|
1,581
|
|
|
1,593
|
|
Property, Plant,
and Equipment, Net
|
20,906
|
|
|
20,113
|
|
Investments and
Other Assets:
|
|
|
|
Nuclear
decommissioning trust fund
|
672
|
|
|
607
|
|
Goodwill
|
411
|
|
|
411
|
|
Regulatory
assets
|
1,509
|
|
|
1,437
|
|
Other
assets
|
538
|
|
|
538
|
|
Total investments and
other assets
|
3,130
|
|
|
2,993
|
|
TOTAL
ASSETS
|
$
|
25,617
|
|
|
$
|
24,699
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Current maturities of
long-term debt
|
$
|
777
|
|
|
$
|
681
|
|
Short-term
debt
|
446
|
|
|
558
|
|
Accounts and wages
payable
|
548
|
|
|
805
|
|
Taxes
accrued
|
159
|
|
|
46
|
|
Interest
accrued
|
106
|
|
|
93
|
|
Customer
deposits
|
108
|
|
|
107
|
|
Current regulatory
liabilities
|
119
|
|
|
110
|
|
Other current
liabilities
|
318
|
|
|
274
|
|
Total current
liabilities
|
2,581
|
|
|
2,674
|
|
Long-term Debt,
Net
|
6,922
|
|
|
6,595
|
|
Deferred Credits
and Other Liabilities:
|
|
|
|
Accumulated deferred
income taxes, net
|
4,721
|
|
|
4,264
|
|
Accumulated deferred
investment tax credits
|
50
|
|
|
55
|
|
Regulatory
liabilities
|
2,045
|
|
|
1,985
|
|
Asset retirement
obligations
|
631
|
|
|
635
|
|
Pension and other
postretirement benefits
|
711
|
|
|
769
|
|
Other deferred
credits and liabilities
|
469
|
|
|
477
|
|
Total deferred
credits and other liabilities
|
8,627
|
|
|
8,185
|
|
Ameren Corporation
Shareholders' Equity:
|
|
|
|
Common
stock
|
2
|
|
|
2
|
|
Other paid-in
capital, principally premium on common stock
|
5,534
|
|
|
5,556
|
|
Retained
earnings
|
1,830
|
|
|
1,568
|
|
Accumulated other
comprehensive loss
|
(21)
|
|
|
(23)
|
|
Total Ameren
Corporation shareholders' equity
|
7,345
|
|
|
7,103
|
|
Noncontrolling
Interests
|
142
|
|
|
142
|
|
Total
equity
|
7,487
|
|
|
7,245
|
|
TOTAL LIABILITIES
AND EQUITY
|
$
|
25,617
|
|
|
$
|
24,699
|
|
AMEREN CORPORATION
(AEE)
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
(Unaudited, in
millions)
|
|
|
Nine Months Ended
September 30,
|
|
2017
|
|
2016
|
Cash Flows From
Operating Activities:
|
|
|
|
Net income
|
$
|
588
|
|
|
$
|
626
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
653
|
|
|
625
|
|
Amortization of
nuclear fuel
|
71
|
|
|
63
|
|
Amortization of debt
issuance costs and premium/discounts
|
16
|
|
|
17
|
|
Deferred income taxes
and investment tax credits, net
|
366
|
|
|
364
|
|
Allowance for equity
funds used during construction
|
(16)
|
|
|
(20)
|
|
Share-based
compensation costs
|
12
|
|
|
17
|
|
Other
|
(7)
|
|
|
(9)
|
|
Changes in assets and
liabilities
|
(40)
|
|
|
(124)
|
|
Net cash provided
by operating activities
|
1,643
|
|
|
1,559
|
|
Cash Flows From
Investing Activities:
|
|
|
|
Capital
expenditures
|
(1,523)
|
|
|
(1,496)
|
|
Nuclear fuel
expenditures
|
(52)
|
|
|
(41)
|
|
Purchases of
securities – nuclear decommissioning trust fund
|
(248)
|
|
|
(310)
|
|
Sales and maturities
of securities – nuclear decommissioning trust fund
|
235
|
|
|
297
|
|
Other
|
3
|
|
|
(1)
|
|
Net cash used in
investing activities
|
(1,585)
|
|
|
(1,551)
|
|
Cash Flows From
Financing Activities:
|
|
|
|
Dividends on common
stock
|
(320)
|
|
|
(309)
|
|
Dividends paid to
noncontrolling interest holders
|
(5)
|
|
|
(5)
|
|
Short-term debt,
net
|
(112)
|
|
|
307
|
|
Maturities of
long-term debt
|
(425)
|
|
|
(389)
|
|
Issuances of
long-term debt
|
849
|
|
|
149
|
|
Share-based
payments
|
(39)
|
|
|
(32)
|
|
Debt issuance
costs
|
(5)
|
|
|
(1)
|
|
Other
|
(1)
|
|
|
(2)
|
|
Net cash used in
financing activities
|
(58)
|
|
|
(282)
|
|
Net change in cash
and cash equivalents
|
—
|
|
|
(274)
|
|
Cash and cash
equivalents at beginning of year
|
9
|
|
|
292
|
|
Cash and cash
equivalents at end of period
|
$
|
9
|
|
|
$
|
18
|
|
AMEREN CORPORATION
(AEE)
|
OPERATING
STATISTICS
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Electric Sales -
kilowatthours (in millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
|
|
|
|
|
|
|
Residential
|
3,667
|
|
|
3,867
|
|
|
9,589
|
|
|
10,243
|
|
Commercial
|
4,065
|
|
|
4,190
|
|
|
10,953
|
|
|
11,269
|
|
Industrial
|
1,197
|
|
|
1,239
|
|
|
3,368
|
|
|
3,683
|
|
Off-system and
other
|
2,491
|
|
|
1,823
|
|
|
9,207
|
|
|
5,149
|
|
Ameren Missouri
total
|
11,420
|
|
|
11,119
|
|
|
33,117
|
|
|
30,344
|
|
Ameren Illinois
Electric Distribution
|
|
|
|
|
|
|
|
Residential
|
3,172
|
|
|
3,457
|
|
|
8,305
|
|
|
8,901
|
|
Commercial
|
3,420
|
|
|
3,624
|
|
|
9,271
|
|
|
9,460
|
|
Industrial
|
2,983
|
|
|
3,188
|
|
|
8,511
|
|
|
8,895
|
|
Street
Lighting/Public Authority
|
131
|
|
|
127
|
|
|
388
|
|
|
390
|
|
Ameren Illinois
Electric Distribution total
|
9,706
|
|
|
10,396
|
|
|
26,475
|
|
|
27,646
|
|
Eliminate affiliate
sales
|
(117)
|
|
|
(117)
|
|
|
(382)
|
|
|
(394)
|
|
Ameren
Total
|
21,009
|
|
|
21,398
|
|
|
59,210
|
|
|
57,596
|
|
Electric Revenues
(in millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
|
|
|
|
|
|
|
Residential
|
$
|
491
|
|
|
$
|
499
|
|
|
$
|
1,134
|
|
|
$
|
1,153
|
|
Commercial
|
408
|
|
|
416
|
|
|
971
|
|
|
982
|
|
Industrial
|
101
|
|
|
101
|
|
|
242
|
|
|
251
|
|
Off-system and
other
|
98
|
|
|
128
|
|
|
410
|
|
|
296
|
|
Ameren Missouri
total
|
$
|
1,098
|
|
|
$
|
1,144
|
|
|
$
|
2,757
|
|
|
$
|
2,682
|
|
Ameren Illinois
Electric Distribution
|
|
|
|
|
|
|
|
Residential
|
|
|
|
|
|
|
|
Delivery
service
|
$
|
143
|
|
|
$
|
204
|
|
|
$
|
425
|
|
|
$
|
455
|
|
Power supply and
other cost recovery
|
81
|
|
|
94
|
|
|
226
|
|
|
253
|
|
Commercial
|
|
|
|
|
|
|
|
Delivery
service
|
84
|
|
|
110
|
|
|
246
|
|
|
241
|
|
Power supply and
other cost recovery
|
49
|
|
|
59
|
|
|
147
|
|
|
159
|
|
Industrial
|
|
|
|
|
|
|
|
Delivery
service
|
10
|
|
|
14
|
|
|
42
|
|
|
40
|
|
Power supply and
other cost recovery
|
15
|
|
|
11
|
|
|
38
|
|
|
29
|
|
Street
Lighting/Public Authority
|
|
|
|
|
|
|
|
Delivery
service
|
6
|
|
|
9
|
|
|
21
|
|
|
22
|
|
Power supply and
other cost recovery
|
2
|
|
|
2
|
|
|
8
|
|
|
8
|
|
Other
|
15
|
|
|
—
|
|
|
25
|
|
|
6
|
|
Ameren Illinois
Electric Distribution total
|
$
|
405
|
|
|
$
|
503
|
|
|
$
|
1,178
|
|
|
$
|
1,213
|
|
Ameren
Transmission
|
|
|
|
|
|
|
|
Ameren Illinois
Transmission(a)
|
$
|
72
|
|
|
$
|
73
|
|
|
$
|
197
|
|
|
$
|
187
|
|
ATXI
|
|
47
|
|
|
|
35
|
|
|
|
129
|
|
|
|
96
|
|
Ameren Transmission
total
|
$
|
119
|
|
|
$
|
108
|
|
|
$
|
326
|
|
|
$
|
283
|
|
Other and
intersegment eliminations
|
(28)
|
|
|
(30)
|
|
|
(78)
|
|
|
(77)
|
|
Ameren
Total
|
$
|
1,594
|
|
|
$
|
1,725
|
|
|
$
|
4,183
|
|
|
$
|
4,101
|
|
|
|
(a)
|
Includes $14 million,
$14 million, $32 million and $35 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
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Gas Sales -
dekatherms (in millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
3
|
|
|
3
|
|
|
12
|
|
|
13
|
|
Ameren Illinois
Natural Gas
|
26
|
|
|
26
|
|
|
113
|
|
|
118
|
|
Ameren
Total
|
29
|
|
|
29
|
|
|
125
|
|
|
131
|
|
Gas Revenues (in
millions):
|
|
|
|
|
|
|
Ameren
Missouri
|
$
|
17
|
|
|
$
|
20
|
|
|
$
|
83
|
|
|
$
|
90
|
|
Ameren Illinois
Natural Gas
|
112
|
|
|
114
|
|
|
510
|
|
|
530
|
|
Eliminate affiliate
revenues
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(1)
|
|
Ameren
Total
|
$
|
129
|
|
|
$
|
134
|
|
|
$
|
592
|
|
|
$
|
619
|
|
|
|
|
September 30,
2017
|
|
|
|
December 31,
2016
|
Common
Stock:
|
|
|
|
|
|
|
|
Shares outstanding
(in millions)
|
|
|
242.6
|
|
|
|
|
242.6
|
|
Book value per
share
|
|
|
$
|
30.28
|
|
|
|
|
$
|
29.28
|
|
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SOURCE Ameren Corporation