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Ameren Corporation reports developments for a rate-regulated electric and natural gas utility holding company serving customers through Ameren Missouri and Ameren Illinois. Ameren Missouri provides electric generation, transmission and distribution service and natural gas distribution, while Ameren Illinois provides electric transmission and distribution and natural gas distribution. Ameren Transmission Company of Illinois develops, owns and operates rate-regulated regional electric transmission projects in the Midcontinent Independent System Operator.
Recurring news includes earnings results and guidance, infrastructure investment in regulated energy networks, Smart Energy Plan grid upgrades, resource planning, regulatory approvals, severe-weather reliability and restoration, customer usage and weather effects, financing and capital-structure actions, and board and governance updates.
On February 18, 2022, Ameren Missouri, a subsidiary of Ameren Corporation (NYSE: AEE), submitted its updated Smart Energy Plan to the Missouri Public Service Commission, planning to invest $8.4 billion over five years for grid modernization. This initiative aims to enhance reliability, reduce outages, and facilitate renewable energy generation. The plan has already resulted in a 40% improvement in reliability in smart technology areas. Additionally, the plan has supported local economies with $438 million spent on Missouri vendors and 4,600 new jobs created since 2019.
Ameren Corporation (NYSE: AEE) reported a 2021 net income of $990 million, or $3.84 per diluted share, up from $871 million, or $3.50 per share in 2020. The increase was driven by higher infrastructure investments and improved electric retail sales due to economic recovery. Fourth quarter net income rose to $125 million, or 48 cents per share, reflecting similar trends. For 2022, earnings guidance is set at $3.95 to $4.15 per share, with a long-term growth projection of 6% to 8%. These figures are subject to various market conditions.
On February 16, 2022, Ameren Missouri, a subsidiary of Ameren Corporation (NYSE: AEE), announced an agreement to acquire a 150-megawatt solar facility project in southeastern Illinois from Invenergy. The acquisition is subject to regulatory approvals and aims to support Ameren's commitment to net-zero carbon emissions by 2050.
The project aligns with the company's 2020 Integrated Resource Plan and is expected to generate clean energy as soon as 2024, enhancing sustainable energy solutions for customers.
Ameren Corporation (NYSE: AEE) has declared a quarterly cash dividend of 59 cents per share, representing a 7.3% increase from the previous dividend of 55 cents. This marks the ninth consecutive year of dividend growth, leading to an annualized rate of $2.36 per share. The dividend is payable on March 31, 2022, to shareholders of record as of March 9, 2022. CEO Martin J. Lyons, Jr. expressed confidence in Ameren's long-term sustainable growth strategy, anticipating future dividend growth aligned with earnings-per-share growth expectations.
Ameren Illinois has received approval from the Illinois Commerce Commission to proceed with the Logan County Connector Project, a significant step towards enhancing energy reliability for customers. The project involves the construction of a 9-mile, 138,000-volt transmission line and is estimated to cost over $24 million. Construction is slated to start in fall 2022 with an expected completion date of December 2023. This initiative is aligned with Ameren's goals to improve infrastructure and support growth in the Lincoln and Logan County area.
Ameren Transmission Company of Illinois (ATXI), a subsidiary of Ameren Corporation (NYSE: AEE), has received approval from the Missouri Public Service Commission (PSC) for its Limestone Ridge Project. This initiative includes the construction of a 15-mile, 138,000-volt transmission line and substation in southeast Missouri, connecting substations in Perry and Cape Girardeau counties. The project aims to enhance energy reliability and economic growth in the region, with an investment of $40 million and a proposed completion date of December 2023.
Ameren Corp. (NYSE:AEE) will hold a conference call on February 18, 2022, at 9 a.m. Central Time to discuss its fourth quarter 2021 earnings and guidance. The call will feature executives including Warner L. Baxter, Martin J. Lyons Jr., and Michael L. Moehn, and will be streamed live on AmerenInvestors.com. Supporting materials will be available in the "Investor News and Events" section. The event aims to provide insights into Ameren's operations serving over 2.4 million electric and 900,000 natural gas customers.
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Ameren Corporation (NYSE: AEE) announced the promotion of Mark Birk to chairman and president of Ameren Missouri effective January 1, 2022. He succeeds Marty Lyons, who will become Ameren's CEO on the same date. Birk, a 35-year veteran of the company, previously served as senior vice president for customer and power operations. Throughout his career, he has held numerous leadership roles focusing on operational excellence and customer service for over 1 million customers in Missouri.
Ameren Corporation (NYSE: AEE) has announced the public offering of $500 million in senior notes at a 1.95% interest rate, due in 2027. The offering is priced at 99.981% of its principal amount and is set to close on November 18, 2021, pending customary conditions. The net proceeds will be utilized for general corporate purposes, primarily to repay short-term debt. Joint book-running managers for the offering include Goldman Sachs, Mizuho Securities, Morgan Stanley, and TD Securities.