REAFFIRMS 2009 EARNINGS GUIDANCE ST. LOUIS, Mo., Aug. 6
/PRNewswire-FirstCall/ -- Ameren Corporation (NYSE: AEE) today
announced second quarter 2009 net income in accordance with
generally accepted accounting principles (GAAP) of $165 million, or
77 cents per share, compared to second quarter 2008 GAAP net income
of $206 million, or 98 cents per share. Excluding certain items in
each year, Ameren recorded second quarter 2009 core (non-GAAP) net
income of $161 million, or 75 cents per share, compared to second
quarter 2008 core (non-GAAP) net income of $142 million, or 67
cents per share. The increase in core (non-GAAP) earnings per share
in the second quarter of 2009 over the same period in 2008 was
principally because of new utility service rates in Illinois,
effective October 1, 2008, and in Missouri, effective March 1,
2009, as well as lower plant operations and maintenance expenses
and warmer weather. The favorable earnings impact of the above
factors was reduced by higher net fuel costs and the absence this
year of the 2008 portion of a lump-sum payment from a coal supplier
received last year as a result of the premature closure of a mine
and the termination of a contract, among other items. "I am pleased
to report that our second quarter earnings were in line with our
expectations, and the company's strong operating performance allows
me to reaffirm our core 2009 earnings guidance of $2.70 to $3.05
per share," said Thomas R. Voss, president and chief executive
officer of Ameren Corporation. "Rate relief, cost control and
actions taken to reduce our exposure to price fluctuations in the
wholesale energy markets are helping us weather difficult economic
and market conditions in 2009. "We are realizing the benefits from
steps we took, beginning in late 2008, to reduce our planned
capital and operations and maintenance costs," Voss added. "As we
look ahead to 2010 and beyond, we are identifying further
opportunities to tighten our belt for the good of all stakeholders.
In total, we have identified approximately $2 billion of
opportunities to reduce capital expenditures for 2010 through 2013,
as compared to earlier plans. Notably, in our non-rate-regulated,
or merchant, generation business, we have eliminated approximately
$1 billion of planned capital expenditures from this period. In our
regulated businesses, we have also identified and are carefully
evaluating projects that may be eliminated or deferred to help our
customers manage their costs in these tough economic times and
further strengthen our financial profile. However, we will not
reduce costs to a level that would prevent us from providing safe
and reliable service. We are also looking carefully at planned
operations and maintenance expenditures across our organization,
but especially in our merchant generation business and business
support functions. We are aggressively managing power plant outage
and labor costs, among other things. Our objective is to
significantly lower 2010 non-fuel operations and maintenance costs,
relative to the 2008 level, in our merchant generation business."
In the second quarter of 2009, warmer weather contributed to a 4%
increase in kilowatthour sales to residential customers and a 1%
increase in kilowatthour sales to commercial customers, compared to
the year-ago quarter. On a weather-normalized basis, Ameren
estimates that second quarter 2009 residential and commercial
kilowatthour sales were virtually unchanged from the year-ago
period. The slowing economy continued to affect the level of
regulated electric sales to industrial customers, resulting in a
13% decline from the year-ago quarter, excluding the impact of
reduced demand from AmerenUE's largest customer, the Noranda
Aluminum, Inc., smelter plant in New Madrid, Missouri. Noranda's
plant sustained damage because of a power interruption on
non-Ameren-owned power lines during a severe January 2009 ice
storm. Including Noranda, regulated industrial electric sales
declined 17% in the second quarter of 2009, as compared to the
year-ago quarter. Despite solid operating performance, second
quarter 2009 merchant generation output declined 4%, compared to
the year-ago quarter, as lower power prices reduced the periods of
time when the plants could profitably sell power in the open
market. However, the segment's core earnings were not significantly
affected due to proactive forward hedges of 2009 generation in
prior years at higher-than-current market prices. The following
items are excluded from second quarter 2009 and second quarter 2008
core (non-GAAP) earnings, as applicable: -- The net costs
associated with the Illinois comprehensive electric rate relief and
customer assistance settlement agreement reached in 2007 reduced
net income by $4 million in the second quarter of 2009 and by $8
million in the second quarter of 2008. -- The net effects of
mark-to-market activity increased net income by $8 million in the
second quarter of 2009 and by $48 million in the second quarter of
2008. -- The 2009 portion of a lump-sum payment in the second
quarter of 2008 from a coal supplier benefited second quarter 2008
net income by $16 million. This portion of the payment was related
to expected higher 2009 fuel costs for merchant generation as a
result of the premature closure of a mine and termination of a
contract. -- The estimated minimum benefit of an accounting order
from the Missouri Public Service Commission that gave AmerenUE the
ability to seek recovery in its then-pending electric rate case of
all, or a portion, of AmerenUE's 2007 severe storm costs benefited
second quarter 2008 net income by $8 million. Net income in
accordance with GAAP for the first six months of 2009 was $306
million, or $1.43 per share, compared to $344 million, or $1.64 per
share, in the first half of 2008. Excluding certain items in each
year, Ameren recorded first half 2009 core (non-GAAP) net income of
$275 million, or $1.29 per share, compared to first half 2008 core
(non-GAAP) net income of $276 million, or $1.31 per share. A
reconciliation of GAAP to core (non-GAAP) earnings per share is as
follows: Second Quarter Six Months -------------- ---------- 2009
2008 2009 2008 ---- ---- ---- ---- GAAP earnings per share $0.77
$0.98 $1.43 $1.64 Illinois electric rate relief settlement, net
0.02 0.04 0.04 0.07 Net unrealized mark-to-market activity (0.04)
(0.23) (0.18) (0.28) Coal contract settlement - 2009 portion -
(0.08) - (0.08) Accounting order for severe storms - (0.04) -
(0.04) Core (non-GAAP) earnings per share $0.75 $0.67 $1.29 $1.31
2009 Earnings Guidance Ameren also announced today that it has
reaffirmed its expectations for full-year 2009 GAAP and core
(non-GAAP) earnings. GAAP earnings for 2009 continue to be expected
in the range of $2.63 to $2.98 per share, and core (non-GAAP)
earnings continue to be expected in the range of $2.70 to $3.05 per
share. GAAP and core (non-GAAP) guidance includes the estimated
effect on earnings of cooler-than-normal July 2009 weather. An
estimated 7 cents per share negative impact in 2009 from the 2007
settlement agreement among parties in Illinois to provide
comprehensive electric rate relief and customer assistance is
excluded from core (non-GAAP) earnings guidance. Any net unrealized
mark-to-market gains or losses will affect GAAP earnings, but are
excluded from GAAP and core (non-GAAP) earnings guidance because
the company is unable to reasonably estimate the impact of any such
gains or losses. Ameren expects its business segments to provide
the following contributions to full year 2009 core (non-GAAP)
earnings per share: Missouri Regulated $1.05 - $1.15 Illinois
Regulated 0.45 - 0.55 Merchant Generation 1.20 - 1.35 ---- ----
2009 Core (Non-GAAP) Earnings Guidance Range $2.70 - $3.05 These
estimated segment contributions have been updated to reflect
revised load and revenue forecasts and July's mild weather, among
other things. Ameren's earnings guidance for 2009 assumes normal
weather for the balance of the year and is subject to, among other
things, regulatory decisions and legislative actions, plant
operations, energy and capital and credit market conditions,
economic 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. Missouri Regulated Segment Earnings Core (non-GAAP)
earnings in the second quarter of 2009 were $80 million, comparable
to year-ago results. The primary factors positively impacting
second quarter 2009 earnings as compared to the year-ago period
were higher electric rates, effective March 1, 2009, warmer 2009
weather and lower plant operations and maintenance costs. These
factors were offset by higher net fuel costs, lower electric
margins as a result of reduced industrial load, including lower
sales to the Noranda Aluminum smelter plant, and higher financing
and depreciation and amortization expenses. Missouri regulated
operations recorded GAAP earnings in the second quarter of 2009 of
$82 million, $40 million less than in the second quarter of 2008.
The GAAP earnings decrease was the result of reduced income from
net mark-to-market activity, which in the prior-year period
included gains on non-qualifying hedges of transportation costs,
and the previously-mentioned benefit, in the second quarter of
2008, of the accounting order from the Missouri Public Service
Commission related to 2007 severe storm costs. Illinois Regulated
Segment Earnings Core (non-GAAP) earnings in the second quarter of
2009 were $17 million versus a loss of $9 million in the second
quarter of 2008. This earnings improvement was primarily due to
higher electric and natural gas delivery service rates, effective
October 1, 2008. The increase was offset by higher storm
restoration, financing and depreciation and amortization expenses,
among other things. Illinois regulated operations recorded GAAP
earnings in the second quarter of 2009 of $15 million versus a loss
of $14 million in the second quarter of 2008. In addition to the
items noted above, this GAAP earnings increase was primarily due to
lower costs in 2009 related to the 2007 Illinois electric
settlement agreement. Merchant Generation Segment Earnings Core
(non-GAAP) earnings in the second quarter of 2009 were $73 million,
down from $77 million earned in the second quarter of 2008. This
decline reflected the absence this year of the previously mentioned
2008 portion of a lump-sum payment from a coal supplier, which
increased the year-ago period core earnings by $21 million. In
addition, merchant generation operations incurred higher financing
and depreciation and amortization expenses, which were only partly
offset by lower plant operations and maintenance costs. While
market prices for power were substantially lower in the second
quarter of 2009, as compared to the year-ago period, the segment's
core earnings were not significantly affected because of proactive
forward physical and financial hedges of 2009 generation in prior
years at higher-than-current market prices. GAAP earnings from
merchant generation operations in the second quarter of 2009 were
$75 million, down from $98 million in the second quarter of 2008.
In addition to the items noted above, this decline in GAAP earnings
was driven by the absence of the previously-mentioned 2009 portion
of a lump-sum payment from a coal supplier recorded in 2008 and
reduced income from net mark-to-market activity, partially offset
by lower costs related to the 2007 Illinois electric settlement
agreement. Analyst Conference Call Ameren will conduct a conference
call for financial analysts at 9:00 a.m. Central Time on Thursday,
August 6, to discuss second quarter 2009 earnings and other
matters. Investors, the news media and the public may listen to a
live Internet broadcast of the call at http://www.ameren.com/ by
clicking on "Q2 2009 Ameren Corporation Earnings Conference Call,"
followed by the appropriate audio link. An accompanying slide
presentation will be available on Ameren's Web site. This
presentation will be posted in the "Investors" section of the Web
site under "Presentations." The analyst call will also be available
for replay on the Internet for one year. In addition, a telephone
playback of the conference call will be available beginning at
approximately noon Central Time, from August 6 through August 13,
by dialing, U.S. (877) 660-6853 or international (201) 612-7415,
and entering account number 352 and ID number 328249. About Ameren
With assets of $23 billion, Ameren serves approximately 2.4 million
electric customers and almost one million natural gas customers in
a 64,000-square-mile area of Missouri and Illinois. Ameren owns a
diverse mix of electric generating plants strategically located in
its Midwest market with a generating capacity of more than 16,400
megawatts. Regulation G Statement Ameren has presented certain
information in this release on a diluted cents per share basis.
These diluted per share amounts reflect certain factors that
directly impact Ameren's total earnings per share. The core
(non-GAAP) earnings per share and core (non-GAAP) earnings per
share guidance excludes one or more of the following: the earnings
impact of the settlement agreement among parties in Illinois for
comprehensive electric rate relief and customer assistance, net
mark-to-market gains or losses, the 2009 portion of a 2008 lump-sum
payment from a coal supplier for expected higher fuel costs in 2009
as a result of the premature closure of a mine and termination of a
contract, and the estimated minimum benefit of an accounting order
from the Missouri Public Service Commission associated with the
2007 storm costs. Ameren uses core (non-GAAP) earnings internally
for financial planning and for analysis of performance. Ameren also
uses core (non-GAAP) earnings as primary performance measurements
when communicating with analysts and investors regarding our
earnings results and outlook, as the company believes it allows it
to more accurately compare the company's ongoing performance across
periods. In providing consolidated and segment core (non-GAAP)
earnings guidance, there could be differences between core
(non-GAAP) earnings and earnings prepared in accordance with GAAP
for certain items, such as those listed above. Ameren is unable to
estimate the impact, if any, on future GAAP earnings of such 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 elsewhere in
this release and in our filings with the Securities and Exchange
Commission, could cause actual results to differ materially from
management expectations suggested in such forward-looking
statements: -- regulatory or legislative actions, including changes
in regulatory policies and ratemaking determinations such as the
outcome of pending AmerenUE, AmerenCIPS, AmerenCILCO and AmerenIP
rate proceedings, and future rate proceedings or future legislative
actions that seek to limit or reverse rate increases; --
uncertainty as to the continued effectiveness of the Illinois power
procurement process; -- changes in laws and other governmental
actions, including monetary and fiscal policies; -- changes in laws
or regulations that adversely affect the ability of electric
distribution companies and other purchasers of wholesale
electricity to pay their suppliers, including AmerenUE and Ameren
Energy Marketing Company; -- enactment of legislation taxing
electric generators, in Illinois or elsewhere; -- the effects of
increased competition in the future due to, among other things,
deregulation of certain aspects of our business at both the state
and federal levels, and the implementation of deregulation, such as
occurred when the electric rate freeze and power supply contracts
expired in Illinois at the end of 2006; -- increasing capital
expenditure and operating expense requirements and our ability to
recover these costs in a timely fashion in light of regulatory lag;
-- the effects of participation in the Midwest Independent
Transmission System Operator, Inc.; -- the cost and availability of
fuel such as coal, natural gas, and enriched uranium used to
produce electricity; the cost and availability of purchased power
and natural gas for distribution; and the level and volatility of
future market prices for such commodities, including the ability to
recover the costs for such commodities; -- the effectiveness of our
risk management strategies and the use of financial and derivative
instruments; -- prices for power in the Midwest, including forward
prices; -- business and economic conditions, including their impact
on interest rates, bad debt expense, and demand for our products;
-- disruptions of the capital markets or other events that make the
Ameren companies' access to necessary capital, including short-term
credit and liquidity, impossible, more difficult or more costly; --
our assessment of our liquidity; -- the impact of the adoption of
new accounting standards and the application of appropriate
technical accounting rules and guidance; -- actions of credit
rating agencies and the effects of such actions; -- the impact of
weather conditions and other natural phenomena on us and our
customers; -- the impact of system outages caused by severe weather
conditions or other events; -- generation plant construction,
installation and performance, including costs associated with
AmerenUE's Taum Sauk pumped-storage hydroelectric plant incident
and the plant's future operation; -- impairments of long-lived
assets or goodwill; -- the recovery of costs associated with
AmerenUE's Taum Sauk pumped-storage hydroelectric plant incident
and investment in a combined nuclear plant construction and
operating licensing application for a second unit at its Callaway
nuclear plant; -- operation of AmerenUE's nuclear power facility,
including planned and unplanned outages, and decommissioning costs;
-- the effects of strategic initiatives, including acquisitions and
divestitures; -- the impact of current environmental regulations on
utilities and power generating companies and the expectation that
more stringent requirements, including those related to greenhouse
gases, will be enacted over time, which could limit the operation
of our generating units or otherwise have a negative financial
effect; -- labor disputes, future wage and employee benefits costs,
including changes in discount rates and returns on benefit plan
assets; -- the inability of our counterparties and affiliates to
meet their obligations with respect to contracts, credit facilities
and financial instruments; -- the cost and availability of
transmission capacity for the energy generated by the Ameren
companies' facilities or required to satisfy energy sales made by
the Ameren companies; -- legal and administrative proceedings; and
-- acts of sabotage, war, terrorism or intentionally disruptive
acts. 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 BALANCE SHEET (Unaudited, in millions) June 30,
December 31, 2009 2008 ---- ---- ASSETS Current Assets: Cash and
cash equivalents $251 $92 Accounts receivable - trade, net 450 502
Unbilled revenue 365 427 Miscellaneous accounts and notes
receivable 337 292 Materials and supplies 733 842 Mark-to-market
derivative assets 277 207 Other current assets 251 232 --- ---
Total current assets 2,664 2,594 ----- ----- Property and Plant,
Net 17,006 16,567 Investments and Other Assets: Nuclear
decommissioning trust fund 249 239 Goodwill 831 831 Intangible
assets 150 167 Regulatory assets 1,616 1,653 Other assets 674 606
--- --- Total investments and other assets 3,520 3,496
---------------------------------- ----- ----- TOTAL ASSETS $23,190
$22,657 ------------ ------- ------- LIABILITIES AND EQUITY Current
Liabilities: Current maturities of long-term debt $129 $380
Short-term debt 965 1,174 Accounts and wages payable 523 813 Taxes
accrued 131 54 Interest accrued 126 107 Mark-to-market derivative
liabilities 234 155 Other current liabilities 437 380 --- --- Total
current liabilities 2,545 3,063 ----- ----- Long-term Debt, Net
7,321 6,554 Deferred Credits and Other Liabilities: Accumulated
deferred income taxes, net 2,194 2,131 Accumulated deferred
investment tax credits 95 100 Regulatory liabilities 1,307 1,291
Asset retirement obligations 418 406 Pension and other
postretirement benefits 1,486 1,495 Other deferred credits and
liabilities 470 438 --- --- Total deferred credits and other
liabilities 5,970 5,861 ----- ----- Ameren Corporation
Stockholders' Equity: Common stock 2 2 Other paid-in capital,
principally premium on common stock 4,835 4,780 Retained earnings
2,323 2,181 Accumulated other comprehensive income (loss) (13) -
--- --- Total Ameren Corporation stockholders' equity 7,147 6,963
Noncontrolling Interests 207 216 --- --- Total equity 7,354 7,179
------------ ----- ----- TOTAL LIABILITIES AND EQUITY $23,190
$22,657 ---------------------------- ------- ------- AMEREN
CORPORATION (AEE) CONSOLIDATED STATEMENT OF INCOME (Unaudited, in
millions, except per share amounts) Three Months Six Months Ended
Ended June 30, June 30, -------- -------- 2009 2008 2009 2008 ----
---- ---- ---- Operating Revenues: Electric $1,515 $1,547 $2,910
$3,016 Gas 169 243 690 855 --- --- --- --- Total operating revenues
1,684 1,790 3,600 3,871 ----- ----- ----- ----- Operating Expenses:
Fuel 287 200 561 502 Coal contract settlement - (60) - (60)
Purchased power 219 306 452 593 Gas purchased for resale 83 165 466
624 Other operations and maintenance 451 476 872 905 Depreciation
and amortization 182 171 356 340 Taxes other than income taxes 97
89 207 202 --- --- --- --- Total operating expenses 1,319 1,347
2,914 3,106 ----- ----- ----- ----- Operating Income 365 443 686
765 Other Income and Expenses: Miscellaneous income 17 19 33 38
Miscellaneous expense (7) (8) (11) (13) --- --- --- --- Total other
income 10 11 22 25 --- --- --- --- Interest Charges 124 118 242 218
--- --- --- --- Income Before Income Taxes 251 336 466 572 Income
Taxes 83 119 153 206 -- --- --- --- Net Income 168 217 313 366
Less: Net Income Attributable to Noncontrolling Interests 3 11 7 22
--- --- --- --- Net Income Attributable to Ameren Corporation $165
$206 $306 $344 --------------------------------- ---- ---- ----
---- Earnings per Common Share - Basic and Diluted $0.77 $0.98
$1.43 $1.64 Average Common Shares Outstanding 213.6 209.5 213.1
209.1 --------------------------------- ----- ----- ----- -----
AMEREN CORPORATION (AEE) CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, in millions) Six Months Ended June 30, -------- 2009
2008 ------------------------------------- ---- ---- Cash Flows
From Operating Activities: Net income $313 $366 Adjustments to
reconcile net income to net cash provided by operating activities:
Gain on sales of emission allowances - (2) Net mark-to-market gain
on derivatives (56) (94) Coal contract settlement - (60)
Depreciation and amortization 364 350 Amortization of nuclear fuel
25 20 Amortization of debt issuance costs and premium/discounts 7 8
Deferred income taxes and investment tax credits, net 77 107 Other
11 4 Changes in assets and liabilities: Receivables 93 15 Materials
and supplies 109 16 Accounts and wages payable (204) (38) Taxes
accrued 77 (58) Assets, other 53 32 Liabilities, other 68 65
Pension and other postretirement benefits 23 29 Counterparty
collateral, net (4) (126) Taum Sauk costs, net of insurance
recoveries (48) (133) --- ---- Net cash provided by operating
activities 908 501 ----------------------------------------- ---
--- Cash Flows From Investing Activities: Capital expenditures
(846) (798) Nuclear fuel expenditures (35) (123) Purchases of
securities - nuclear decommissioning trust fund (288) (247) Sales
of securities - nuclear decommissioning trust fund 291 231
Purchases of emission allowances (4) (2) Sales of emission
allowances - 2 Other - 2 --- --- Net cash used in investing
activities (882) (935) ------------------------------------- ----
---- Cash Flows From Financing Activities: Dividends on common
stock (164) (266) Debt issuance costs (47) (9) Dividends paid to
noncontrolling interest holders (16) (21) Short-term debt, net
(209) (22) Redemptions, repurchases, and maturities of long-term
debt (250) (808) Issuances: Common stock 47 75 Long-term debt 772
1,335 --- ----- Net cash provided by financing activities 133 284
----------------------------------------- --- --- Net change in
cash and cash equivalents 159 (150) Cash and cash equivalents at
beginning of year 92 355
---------------------------------------------- --- --- Cash and
cash equivalents at end of period $251 $205
------------------------------------------ ---- ---- AMEREN
CORPORATION (AEE) CONSOLIDATED OPERATING STATISTICS Three Months
Six Months Ended Ended June 30, June 30, -------- -------- 2009
2008 2009 2008 ---- ---- ---- ---- Electric Sales - kilowatthours
(in millions): Missouri Regulated Residential 3,045 2,881 6,742
6,859 Commercial 3,621 3,662 7,094 7,185 Industrial 1,731 2,210
3,360 4,488 Other 446 212 622 396 --- --- --- --- Native load
subtotal 8,843 8,965 17,818 18,928 Off-system sales 3,051 2,930
6,301 6,041 ----- ----- ----- ----- Subtotal 11,894 11,895 24,119
24,969 ------ ------ ------ ------ Illinois Regulated Residential
Generation and delivery service 2,646 2,573 5,594 5,655 Commercial
Generation and delivery service 1,426 1,517 2,795 2,959 Delivery
service only 1,561 1,336 3,051 2,851 Industrial Generation and
delivery service 126 404 239 739 Delivery service only 2,581 2,740
5,185 5,607 Other 141 128 278 274 --- --- --- --- Native load
subtotal 8,481 8,698 17,142 18,085 ----- ----- ------ ------
Non-rate-regulated Generation Non-affiliate energy sales 6,168
5,928 11,713 12,315 Affiliate native energy sales 1,032 1,437 2,307
3,198 ----- ----- ----- ----- Subtotal 7,200 7,365 14,020 15,513
----- ----- ------ ------ Eliminate affiliate sales (1,032) (1,437)
(2,307) (3,198) Eliminate Illinois Regulated/ Non-rate-regulated
Generation common customers (1,356) (1,128) (2,661) (2,378) ------
------ ------ ------ Ameren Total 25,187 25,393 50,313 52,991
------------ ------ ------ ------ ------ Electric Revenues (in
millions): Missouri Regulated Residential $261 $227 $470 $445
Commercial 244 230 411 395 Industrial 84 94 143 170 Other 45 35 56
63 --- --- --- --- Native load subtotal 634 586 1,080 1,073
Off-system sales 91 150 224 304 --- --- --- --- Subtotal 725 736
1,304 1,377 --- --- ----- ----- Illinois Regulated Residential
Generation and delivery service 288 255 567 513 Commercial
Generation and delivery service 141 151 275 285 Delivery service
only 22 17 43 34 Industrial Generation and delivery service 7 22 8
49 Delivery service only 9 7 17 14 Other 16 69 67 157 --- --- ---
--- Native load subtotal 483 521 977 1,052 --- --- --- -----
Non-rate-regulated Generation Non-affiliate energy sales 322 289
626 606 Affiliate native energy sales 103 92 219 210 Other (5) 29
27 44 --- --- --- --- Subtotal 420 410 872 860 --- --- --- ---
Eliminate affiliate revenues (113) (120) (243) (273) ---- ---- ----
---- Ameren Total $1,515 $1,547 $2,910 $3,016 ------------ ------
------ ------ ------ AMEREN CORPORATION (AEE) CONSOLIDATED
OPERATING STATISTICS Three Months Six Months Ended Ended June 30,
June 30, -------- -------- 2009 2008 2009 2008 ---- ---- ---- ----
Electric Generation - megawatthours (in millions): Missouri
Regulated 11.7 12.2 24.0 25.1 Non-rate-regulated Generation Ameren
Energy Generating Company (Genco) 3.5 3.5 6.9 7.9 AmerenEnergy
Resources Generating Company (AERG) 1.6 1.6 3.0 3.3 Electric
Energy, Inc. (EEI) 1.5 1.8 3.4 3.8 AmerenEnergy Medina Valley
Cogen, L.L.C. - - 0.1 0.1 --- --- --- --- Subtotal 6.6 6.9 13.4
15.1 --- --- ---- ---- Ameren Total 18.3 19.1 37.4 40.2
------------ ---- ---- ---- ---- Fuel Cost per kilowatthour (cents)
Missouri Regulated 1.387 1.279 1.355 1.254 Non-rate-regulated
Generation 2.010 1.846 1.983 1.875 Gas Sales - decatherms (in
thousands) Missouri Regulated 1,446 1,564 6,883 7,772 Illinois
Regulated 11,030 13,677 54,171 64,460 Other 1,164 288 3,257 926
----- --- ----- --- Ameren Total 13,640 15,529 64,311 73,158
------------ ------ ------ ------ ------ Net Income (Loss) by
Segment (in millions): Missouri Regulated $82 $122 $103 $174
Illinois Regulated 15 (14) 40 2 Non-rate-regulated Generation 75 98
168 176 Other (7) - (5) (8) --- --- --- --- Ameren Total $165 $206
$306 $344 ------------ ---- ---- ---- ---- June 30, December 31,
2009 2008 ---- ---- Common Stock: Shares outstanding (in millions)
214.2 212.3 Book value per share $33.36 $32.80 Capitalization
Ratios: Common equity 46.1% 45.9% Preferred stock 1.3% 1.3% Debt,
net of cash 52.6% 52.8% DATASOURCE: Ameren Corporation CONTACT:
Media, Susan Gallagher, +1-314-554-2175, , or Analysts, Doug
Fischer, +1-314-554-4859, , or Investor Services, 1-800-255-2237, ,
all of Ameren Corporation Web Site: http://www.ameren.com/
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