State regulators approve Ameren Missouri's plan to reliably serve new large businesses, boosting state's economy while safeguarding consumers

Rhea-AI Summary

Ameren Missouri (NYSE: AEE) said the Missouri Public Service Commission approved a new large-load user rate structure on November 24, 2025 under the Powering Missouri Growth Plan. The approval requires new high-usage customers to pay 100% of direct interconnection costs and provide upfront collateral equal to two years of minimum monthly bills. Key rules include no rate discounts, a minimum monthly demand charge of 80% of requested demand, and required contracts of 12–17 years. The plan supports up to 2 GW of new demand by 2032 and includes revenue-sharing protections for other customers.

Positive

• PSC approval of large-load rate structure on Nov 24, 2025
• 100% upfront direct interconnection cost recovery
• Required 12–17 year contracts provide revenue certainty
• Plan accommodates up to 2 GW new demand by 2032

Negative

• Upfront collateral equal to 2 years of bills may deter deals
• Minimum monthly demand charge set at 80% could reduce flexibility
• Long contract terms (12–17 years) may limit customer exit options

Insights

Regulatory Analyst

Missouri PSC approval creates a framework that enables large-load customers while protecting ratepayers.

The approved structure makes large users bear direct interconnection costs and upfront financial security, with minimum-demand rules and long-term contracts. This aligns cost allocation so existing customers avoid cross-subsidizing new high-usage projects, while giving developers clear commercial terms to evaluate site decisions.

Key dependencies and risks include the strict upfront collateral and the 12–17 year contract lengths plus early-termination fees, which could limit some projects despite predictable obligations. Monitor contract take-up, any PSC rehearings, and announced project investments over the next 2032 horizon for evidence of job and investment delivery.

Utility Infrastructure Strategist

Approval accelerates grid investment planning and frames how Ameren will allocate costs for new large loads.

By requiring new large customers to fund 100% of direct interconnection costs and provide financial security, the plan reduces utility balance-sheet risk and signals readiness to serve significant incremental demand. The company cites a capacity planning target to support up to 2032 of roughly 2 gigawatts of new demand, which makes transmission and dispatchable resource expansion commercially meaningful.

Risks include project economics under the minimum monthly demand charge set at 80 and the absence of discounts, which may deter marginal prospects. Watch announced customer contracts, interconnection cost estimates, and the pace of transmission upgrades over the next 12–36 months to judge whether the stated billions in investment and job targets materialize.

ST. LOUIS, Nov. 24, 2025 /PRNewswire/ -- Today Ameren Missouri, a subsidiary of Ameren Corporation (NYSE: AEE), announced that the Missouri Public Service Commission (PSC) has approved a new large load user rate structure. The new structure is designed so that high-usage customers, such as data centers and advanced manufacturing businesses, pay their fair share of grid enhancements and energy costs. The PSC decision follows an agreement resolving all pending issues in the Powering Missouri Growth Plan proceeding, which was originally filed in May.

"Our plan is built on a simple principle: Missouri is an attractive state for economic development, and all customers deserve reliable service as well as just and reasonable rates," said Michael Moehn, interim chairman and president of Ameren Missouri. "We are committed to working in partnership with the local communities we serve to help them thrive."

The goals of the plan are:

• Job creation: The plan aims to create meaningful job growth by making Missouri even more attractive for new and existing businesses to develop or expand.
• Community betterment: The plan is an economic catalyst, bringing new revenue sources for essential community services such as schools, fire protection and other public infrastructure.
• Fair cost allocation: The plan reasonably ensures large electric load customers pay their fair share of service costs, protecting other customers from unjust or unreasonable charges.

The approved Ameren Missouri plan includes strict consumer protection measures, aligned with the new state law (Missouri Senate Bill 4), requiring new large load businesses to pay upfront 100% of direct interconnection costs and upfront financial security and collateral requirements equivalent to two years of minimum monthly bills. Other consumer protections in the approved agreement that apply to new large businesses include:

• No rate discounts or incentives for large load customers.
• Minimum monthly demand charge of 80% of the large load customer's maximum requested electric demand, even if they use less.
• Required long-term contracts of at least 12 and up to 17 years, with automatic extension and early termination fees if minimum obligations are not met.
• Sharing revenues with other customer classes, including income-eligible customers, when Ameren Missouri's profits exceed authorized levels.

Powering Investment, Jobs and Clean Energy  

The Powering Missouri Growth Plan offers competitive terms that protect existing customers and supports the state of Missouri in welcoming new and growing industries. Timely approval by the PSC helps position our communities to attract billions of dollars in investment and thousands of new jobs across the state, keeping Missouri at the forefront of economic growth.

"Availability, reliability and affordability of energy are among the top considerations for any business looking to locate in our state," said Rob Dixon, senior director of economic, community and business development for Ameren Missouri. "With our balanced energy mix, a robust and reliable transmission system and some of the lowest electric rates in the country, we're sending a clear message: Missouri is open for business."

The plan also provides options for industrial customers to meet their own clean energy targets. Ameren Missouri's Clean Energy Advancement programs, optional programs offered at a premium for those businesses that desire them, are available to eligible customers.

"Our plan is about powering growth, while also investing in enhancing grid resiliency in a sustainable manner," said Ajay Arora, senior vice president and chief development officer for Ameren Missouri. "We're accelerating investments in dispatchable energy generation, storage and electric infrastructure to ensure we can meet the needs of all of our customers at fair and reasonable rates."

Ameren Missouri is well positioned to serve new large load customers without compromising reliability and resiliency for other customers. In February 2025, the company announced significant changes to its generation strategy, aiming to accelerate generation investments to support robust economic expansion, bolster reliability and create jobs across Missouri. The revision to Ameren Missouri's Preferred Resource Plan is designed to provide for up to 2 gigawatts of new energy demand by 2032, with a balanced mix of generation resources to deliver reliable, affordable and cleaner energy for all customers.

For more information about the plan, visit Ameren.com/PoweringMissouriGrowth.

About Ameren Missouri
Ameren Missouri has been providing electric and gas service for more than 100 years, and the company's electric rates are among the lowest in the nation. Ameren Missouri's mission is to power the quality of life for its approximately 1.3 million electric and 135,000 natural gas customers in central and eastern Missouri. The company's service area covers approximately 60 counties and more than 500 communities, including the greater St. Louis area. For more information, visit Ameren.com/Missouri or follow us at @AmerenMissouri or Facebook.com/AmerenMissouri.

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SOURCE Ameren Missouri

FAQ

What did Ameren Missouri (AEE) get approved by the PSC on November 24, 2025?

The PSC approved a new large-load user rate structure including upfront cost and collateral rules.

How much upfront cost must new large businesses pay under Ameren Missouri's plan?

New large businesses must pay 100% of direct interconnection costs upfront.

What collateral does Ameren Missouri require for new large customers under the Powering Missouri Growth Plan?

Upfront financial security equal to two years of minimum monthly bills is required.

How long are the required contracts for large-load customers under the approved Ameren Missouri plan?

Contracts are required to be between 12 and 17 years, with automatic extensions and termination fees.

Will Ameren Missouri's plan support additional energy demand, and by when?

The plan is designed to provide for up to 2 GW of new energy demand by 2032.

Does the Ameren Missouri plan protect other customers from cost burden?

Yes; the plan includes fair cost allocation and revenue-sharing when profits exceed authorized levels.