- Third Quarter 2009 GAAP Earnings per Share $1.04 vs. Year-Ago
$0.97 - Third Quarter 2009 Core Earnings per Share $1.16 vs.
Year-Ago $1.17 - 2009 Core Earnings per Share Guidance Narrowed ST.
LOUIS, Oct. 30 /PRNewswire-FirstCall/ -- Ameren Corporation (NYSE:
AEE) today announced third quarter 2009 net income in accordance
with generally accepted accounting principles (GAAP) of $227
million, or $1.04 per share, compared to third quarter 2008 GAAP
net income of $204 million, or 97 cents per share. Excluding
certain items in each year, Ameren recorded third quarter 2009 core
(non-GAAP) net income of $255 million, or $1.16 per share, compared
to third quarter 2008 core (non-GAAP) net income of $246 million,
or $1.17 per share. Factors favorably affecting core (non-GAAP)
third quarter 2009 earnings per share, as compared to the same
period in 2008, included utility rate adjustments in Illinois and
Missouri, lower operations and maintenance expenses, as well as the
revenue-leveling effect of natural gas rate redesign in the
Illinois regulated utility segment. Offsetting factors included
lower electricity sales in the regulated utilities and lower
margins in the merchant generation segment, as a result of much
cooler summer weather and economic conditions. Higher interest
expense and increased average common shares outstanding also
impacted comparative results. "I am pleased to report that our
third quarter core earnings per share were just one cent less than
those of the year-ago quarter despite much cooler summer weather
and the weak economy," said Thomas R. Voss, president and chief
executive officer of Ameren Corporation. "Our entire management
team is keenly focused on laying a foundation on which we can build
and deliver shareholder value in the years to come. Key steps have
been taken in this direction over the past few months, including
reevaluating and reducing planned expenditures, further
strengthening our financial profile and right-sizing our
organization. We are also seeking to recover increased costs in our
regulated businesses and positioning our merchant generation
business to weather current power market conditions and benefit
from an expected eventual recovery. We intend to lead the way to a
secure energy future for our customers and our communities. "With
our most significant earnings' quarters behind us, we are narrowing
our 2009 core earnings per share guidance to a range of $2.70 to
$2.90 from our prior range of $2.70 to $3.05. Our new core guidance
range reflects reduced sales due to much cooler-than-normal third
quarter weather and continued weak economic conditions, as well as
dilution from our third quarter common equity offering. The impact
of these factors is partially offset by reduced operating and
interest expenses, as compared to our prior guidance." In the third
quarter of 2009, at Ameren's regulated utilities, much cooler
summer weather and the economic slowdown led to a 10% decrease in
kilowatthour sales to residential customers and a 3% decrease in
kilowatthour sales to commercial customers, compared to the
year-ago quarter. These sales changes were more modest on a
weather-normalized basis, with residential sales declining an
estimated 2% and commercial sales declining an estimated 1%.
Cooling degree-days in the 2009 third quarter were 18% below those
of the 2008 third quarter and 23% below normal. The weak economy
continued to affect kilowatthour sales by Ameren's regulated
utilities to their industrial customers. These sales declined 13%
from the year-ago quarter, excluding the impact of reduced sales to
AmerenUE's largest customer, the Noranda Aluminum, Inc., smelter
plant in New Madrid, Mo. 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, electric sales to
industrial customers declined 18% in the third quarter of 2009, as
compared to the year-ago quarter. The following items were excluded
from third quarter 2009 and third quarter 2008 core (non-GAAP)
earnings, as applicable: -- 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 third quarter of 2009 and by $6 million in the third
quarter of 2008. -- Net effects of mark-to-market activity
decreased net income by $11 million in the third quarter of 2009
and by $36 million in the third quarter of 2008. -- Employee
separation programs and the retirement of two generating units at
the merchant generation segment's Meredosia Power Plant reduced net
income by $13 million in the third quarter of 2009. Net income in
accordance with GAAP for the nine months ended Sept. 30, 2009, was
$533 million, or $2.48 per share, compared to $548 million, or
$2.61 per share, for the same period in 2008. Excluding certain
items in each year, Ameren recorded nine-month 2009 core (non-GAAP)
net income of $530 million, or $2.46 per share, compared to
nine-month 2008 core (non-GAAP) net income of $525 million, or
$2.50 per share. A reconciliation of GAAP to core (non-GAAP)
earnings per share is as follows: Third Quarter Nine Months
------------- ----------- 2009 2008 2009 2008 ---- ---- ---- ----
GAAP earnings per share $1.04 $0.97 $2.48 $2.61 Illinois electric
rate relief settlement, net 0.02 0.03 0.06 0.10 Net unrealized
mark-to-market activity 0.04 0.17 (0.14) (0.09) Coal contract
settlement - 2009 portion - - - (0.08) Accounting order for 2007
severe storms - - - (0.04) Employee separation & generating
unit retirements 0.06 - 0.06 - Core (non-GAAP) earnings per share
$1.16 $1.17 $2.46 $2.50 2009 Earnings Guidance As previously
mentioned, Ameren has updated its expectations for full-year 2009
earnings. GAAP earnings for 2009 are now expected to be in the
range of $2.57 to $2.77 per share, compared to the prior range of
$2.63 to $2.98 per share. Core (non-GAAP) earnings are now expected
to be in the range of $2.70 to $2.90 per share, compared to the
prior range of $2.70 to $3.05. The 2009 core (non-GAAP) earnings
guidance excludes an estimated 7 cents per share negative impact
from the 2007 settlement agreement among parties in Illinois to
provide comprehensive electric rate relief and customer assistance
and an estimated 6 cents per share negative impact from the costs
of employee separation programs and generating unit retirements.
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 -
$1.10 Illinois Regulated 0.50 - 0.55 Merchant Generation 1.15 -
1.25 -------------- 2009 Core (Non-GAAP) Earnings Guidance Range
$2.70 - $2.90 These estimated segment contributions have been
updated to reflect the narrowed core (non-GAAP) earnings guidance.
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
third quarter of 2009 were $145 million versus $141 million in the
prior-year period. The earnings improvement was primarily a result
of electric rates, which took effect March 1, 2009, and cost
control efforts. Offsets included reduced electric sales due to
much cooler summer weather, the weak economy and lower sales to the
Noranda Aluminum smelter plant, as previously discussed, as well as
higher financing costs. Missouri regulated operations recorded GAAP
earnings in the 2009 third quarter of $141 million versus $98
million in the 2008 third quarter. In addition to the factors
mentioned above, the increase in GAAP earnings was the result of a
gain from net mark-to-market activity in the third quarter of 2009
as opposed to a loss in the year-ago quarter, partially offset by
third quarter 2009 expenses for employee separation programs.
Illinois Regulated Segment Earnings Core (non-GAAP) earnings in the
third quarter of 2009 were $60 million as compared to $17 million
in the third quarter of 2008. This earnings improvement was
primarily due to electric and natural gas delivery service rates
that took effect Oct. 1, 2008, lower bad debt expense, a seasonal
natural gas rate redesign and cost control efforts. Effective Oct.
1, 2008, the Illinois Commerce Commission authorized a change in
the way natural gas distribution costs are recovered from
residential and commercial customers. This rate redesign shifts
revenues from the first quarter to the second and third quarters
with no expected impact on full-year earnings. These positives were
partially offset by lower electric sales due to much cooler summer
weather and the weak economy, higher financing costs and increased
pension and benefit expenses, among other factors. Illinois
regulated operations recorded GAAP earnings in the third quarter of
2009 of $57 million versus $13 million in the third quarter of
2008. In addition to the items noted above, this GAAP earnings
increase resulted from the absence of a year-ago loss from net
mark-to-market activity, partially offset by third quarter 2009
expenses for employee separation programs. Merchant Generation
Segment Earnings Core (non-GAAP) earnings in the third quarter of
2009 were $62 million, down from $98 million earned in the third
quarter of 2008. This decline was due to weaker power prices and
higher fuel and related transportation and financing costs.
Proactive forward hedges of 2009 generation, executed in prior
years at higher-than-current market prices, have shielded merchant
generation earnings from the full impact of falling market power
prices. GAAP earnings from merchant generation operations in the
third quarter of 2009 were $37 million, down from $108 million in
the third quarter of 2008. In addition to the items noted above, a
third quarter 2009 loss as opposed to a third quarter 2008 gain
from net mark-to-market activity was the primary factor behind the
decline in GAAP earnings. Third quarter 2009 charges related to
employee separation programs and generating unit retirements also
decreased GAAP earnings for the merchant generation segment.
Analyst Conference Call Ameren will conduct a conference call for
financial analysts at 9:00 a.m. Central Time on Friday, Oct. 30, to
discuss third 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 "Q3
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 Oct. 30 through Nov. 6, by dialing, U.S. (877) 660-6853 or
international (201) 612-7415, and entering account number 352 and
ID number 334766. About Ameren With assets of $24 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 16,300 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, the estimated
minimum benefit of an accounting order from the Missouri Public
Service Commission associated with the 2007 storm costs, and the
costs of employee separation programs and generating unit
retirements. 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, increase our costs, or otherwise have a
negative financial effect; -- labor disputes, workforce reductions,
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) September 30, December 31, 2009 2008 ----
---- ASSETS Current Assets: Cash and cash equivalents $563 $92
Accounts receivable - trade, net 416 502 Unbilled revenue 250 427
Miscellaneous accounts and notes receivable 182 292 Materials and
supplies 857 842 Mark-to-market derivative assets 239 207 Other
current assets 273 232 --- --- Total current assets 2,780 2,594
----- ----- Property and Plant, Net 17,272 16,567 Investments and
Other Assets: Nuclear decommissioning trust fund 280 239 Goodwill
831 831 Intangible assets 138 167 Regulatory assets 1,661 1,653
Other assets 632 606 --- --- Total investments and other assets
3,542 3,496 --------------------------- ----- ----- TOTAL ASSETS
$23,594 $22,657 ------------ ------- ------- LIABILITIES AND EQUITY
Current Liabilities: Current maturities of long-term debt $128 $380
Short-term debt 435 1,174 Accounts and wages payable 443 813 Taxes
accrued 135 54 Interest accrued 183 107 Customer deposits 107 126
Mark-to-market derivative liabilities 197 155 Other current
liabilities 298 254 --- --- Total current liabilities 1,926 3,063
----- ----- Long-term Debt, Net 7,321 6,554 Deferred Credits and
Other Liabilities: Accumulated deferred income taxes, net 2,431
2,131 Accumulated deferred investment tax credits 93 100 Regulatory
liabilities 1,322 1,291 Asset retirement obligations 423 406
Pension and other postretirement benefits 1,477 1,495 Other
deferred credits and liabilities 555 438 --- --- Total deferred
credits and other liabilities 6,301 5,861 ----- ----- Ameren
Corporation Stockholders' Equity: Common stock 2 2 Other paid-in
capital, principally premium on common stock 5,392 4,780 Retained
earnings 2,467 2,181 Accumulated other comprehensive loss (21) -
--- --- Total Ameren Corporation stockholders' equity 7,840 6,963
Noncontrolling Interests 206 216 --- --- Total equity 8,046 7,179
------------ ----- ----- TOTAL LIABILITIES AND EQUITY $23,594
$22,657 ---------------------------- ------- ------- AMEREN
CORPORATION (AEE) CONSOLIDATED STATEMENT OF INCOME (Unaudited, in
millions, except per share amounts) Three Months Nine Months Ended
Ended September 30, September 30, ------------- ------------- 2009
2008 2009 2008 ---- ---- ---- ---- Operating Revenues: Electric
$1,679 $1,928 $4,589 $4,944 Gas 136 132 826 987 --- --- --- ---
Total operating revenues 1,815 2,060 5,415 5,931 ----- ----- -----
----- Operating Expenses: Fuel 306 461 867 963 Coal contract
settlement - - - (60) Purchased power 256 371 708 964 Gas purchased
for resale 57 73 523 697 Other operations and maintenance 422 456
1,294 1,361 Depreciation and amortization 185 173 541 513 Taxes
other than income taxes 104 98 311 300 --- -- --- --- Total
operating expenses 1,330 1,632 4,244 4,738 ----- ----- ----- -----
Operating Income 485 428 1,171 1,193 Other Income and Expenses:
Miscellaneous income 16 23 49 61 Miscellaneous expense (3) (10)
(14) (23) --- --- --- --- Total other income 13 13 35 38 --- ---
--- --- Interest Charges 134 113 376 331 --- --- --- --- Income
Before Income Taxes 364 328 830 900 Income Taxes 135 113 288 319
--- --- --- --- Net Income 229 215 542 581 Less: Net Income
Attributable to Noncontrolling Interests 2 11 9 33 --- --- --- ---
Net Income Attributable to Ameren Corporation $227 $204 $533 $548
-------------------------- ---- ---- ---- ---- Earnings per Common
Share - Basic and Diluted $1.04 $0.97 $2.48 $2.61 Average Common
Shares Outstanding 218.2 210.3 214.9 209.5
--------------------------------- ----- ----- ----- ----- AMEREN
CORPORATION (AEE) CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited,
in millions) Nine Months Ended September 30, ------------- 2009
2008 ---- ---- Cash Flows From Operating Activities: Net income
$542 $581 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 (26) (42) Depreciation and
amortization 557 528 Amortization of nuclear fuel 40 31
Amortization of debt issuance costs and premium/discounts 16 14
Deferred income taxes and investment tax credits, net 301 130 Other
4 (2) Changes in assets and liabilities: Receivables 239 144
Materials and supplies (11) (216) Accounts and wages payable (241)
(74) Taxes accrued 81 44 Assets, other (116) 46 Liabilities, other
134 142 Pension and other postretirement benefits 30 23
Counterparty collateral, net 66 - Taum Sauk costs, net of insurance
recoveries 110 (94) --- --- Net cash provided by operating
activities 1,726 1,253 -----------------------------------------
----- ----- Cash Flows From Investing Activities: Capital
expenditures (1,295) (1,316) Nuclear fuel expenditures (47) (161)
Purchases of securities - nuclear decommissioning trust fund (315)
(386) Sales of securities - nuclear decommissioning trust fund 315
360 Purchases of emission allowances (4) (2) Sales of emission
allowances - 2 Other 1 2 --- --- Net cash used in investing
activities (1,345) (1,501) -------------------------------------
------ ------ Cash Flows From Financing Activities: Dividends on
common stock (247) (399) Debt issuance costs (64) (9) Dividends
paid to noncontrolling interest holders (19) (31) Short-term debt,
net (739) (65) Redemptions, repurchases, and maturities: Long-term
debt (250) (823) Preferred stock - (16) Issuances: Common stock 617
107 Long-term debt 772 1,335 --- ----- Net cash provided by
financing activities 70 99
----------------------------------------- --- --- Net change in
cash and cash equivalents 451 (149) Cash and cash equivalents at
beginning of year 92 355
---------------------------------------------- --- --- Cash and
cash equivalents at end of period $543 $206
------------------------------------------ ---- ---- AMEREN
CORPORATION (AEE) CONSOLIDATED OPERATING STATISTICS Three Months
Ended Nine Months Ended September 30, September 30, -------------
------------- 2009 2008 2009 2008 ---- ---- ---- ---- Electric
Sales - kilowatthours (in millions): Missouri Regulated Residential
3,392 3,708 10,134 10,567 Commercial 3,932 4,020 11,026 11,205
Industrial 1,862 2,502 5,222 6,990 Other 497 210 1,119 606 --- ---
----- --- Native load subtotal 9,683 10,440 27,501 29,368
Off-system sales 2,718 2,490 9,019 8,531 ----- ----- ----- -----
Subtotal 12,401 12,930 36,520 37,899 ------ ------ ------ ------
Illinois Regulated Residential Generation and delivery service
2,731 3,063 8,325 8,718 Commercial Generation and delivery service
1,246 1,527 4,041 4,486 Delivery service only 1,884 1,704 4,935
4,555 Industrial Generation and delivery service 121 352 360 1,091
Delivery service only 2,804 2,960 7,989 8,567 Other 122 132 400 406
--- --- --- --- Native load subtotal 8,908 9,738 26,050 27,823
----- ----- ------ ------ Merchant Generation Non-affiliate energy
sales 7,277 7,245 18,990 19,560 Affiliate native energy sales 602
1,441 2,909 4,639 --- ----- ----- ----- Subtotal 7,879 8,686 21,899
24,199 ----- ----- ------ ------ Eliminate affiliate sales (602)
(1,441) (2,909) (4,639) Eliminate Illinois Regulated/Merchant
Generation common customers (1,394) (1,278) (4,055) (3,656) ------
------ ------ ------ Ameren Total 27,192 28,635 77,505 81,626
------------- ------ ------ ------ ------ Electric Revenues (in
millions): Missouri Regulated Residential $311 $311 $781 $756
Commercial 293 278 704 673 Industrial 104 125 247 295 Other 30 25
86 88 --- --- --- --- Native load subtotal 738 739 1,818 1,812
Off-system sales 78 114 302 418 --- --- --- --- Subtotal 816 853
2,120 2,230 --- --- ----- ----- Illinois Regulated Residential
Generation and delivery service 271 312 838 825 Commercial
Generation and delivery service 141 177 416 462 Delivery service
only 32 22 75 56 Industrial Generation and delivery service 7 28 15
77 Delivery service only 9 8 26 22 Other 68 73 135 230 --- --- ---
--- Native load subtotal 528 620 1,505 1,672 --- --- ----- -----
Merchant Generation Non-affiliate energy sales 369 451 995 1,057
Affiliate native energy sales 90 99 309 309 Other (25) 40 2 84 ---
--- --- --- Subtotal 434 590 1,306 1,450 --- --- ----- -----
Eliminate affiliate revenues (99) (135) (342) (408) --- ---- ----
---- Ameren Total $1,679 $1,928 $4,589 $4,944 ------------ ------
------ ------ ------ AMEREN CORPORATION (AEE) CONSOLIDATED
OPERATING STATISTICS Three Months Ended Nine Months Ended September
30, September 30, ------------- ------------- 2009 2008 2009 2008
---- ---- ---- ---- Electric Generation - megawatthours (in
millions): Missouri Regulated 12.3 13.0 36.3 38.1 Merchant
Generation Ameren Energy Generating Company (Genco) 3.5 4.3 10.4
12.2 AmerenEnergy Resources Generating Company (AERG) 1.9 1.8 4.9
5.1 Electric Energy, Inc. (EEI) 1.6 2.1 5.0 5.9 AmerenEnergy Medina
Valley Cogen, L.L.C. - 0.1 0.1 0.2 --- --- --- --- Subtotal 7.0 8.3
20.4 23.4 --- --- ---- ---- Ameren Total 19.3 21.3 56.7 61.5
------------ ---- ---- ---- ---- Fuel Cost per kilowatthour (cents)
Missouri Regulated 1.412 1.378 1.374 1.297 Merchant Generation
2.050 1.982 2.005 1.913 Gas Sales - decatherms (in thousands)
Missouri Regulated 829 750 7,712 8,522 Illinois Regulated 6,327
4,662 60,498 69,122 Other 43 196 3,300 1,122 --- --- ----- -----
Ameren Total 7,199 5,608 71,510 78,766 ------------ ----- -----
------ ------ Net Income (Loss) by Segment (in millions): Missouri
Regulated $141 $98 $244 $272 Illinois Regulated 57 13 97 15
Merchant Generation 37 108 205 284 Other (8) (15) (13) (23) --- ---
--- --- Ameren Total $227 $204 $533 $548 ------------ ---- ----
---- ---- September 30, December 31, 2009 2008 ---- ---- Common
Stock: Shares outstanding (in millions) 236.8 212.3 Book value per
share $33.11 $32.80 Capitalization Ratios: Common equity 51.0%
45.9% Preferred stock 1.3% 1.3% Debt, net of cash 47.7% 52.8%
DATASOURCE: Ameren Corporation CONTACT: Media, Susan Gallagher,
+1-314-554-2175, , or Analysts, Doug Fischer, +1-314-554-4859, , or
Investors, Investor Services, 1-800-255-2237, , all of Ameren
Corporation Web Site: http://www.ameren.com/
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