Ameren (NYSE: UELMO) unit seeks $343M Missouri electric revenue increase

Q: What return on equity and capital structure underpin Ameren Missouri’s new rate request?

The rate request is based on a 10.25% return on common equity and a capital structure with 52% common equity . These assumptions help determine allowed earnings and overall rates if the Missouri Public Service Commission approves them.

Q: What rate base and test year did Ameren Missouri use in its $343 million request?

Ameren Missouri’s request uses a $16.7 billion rate base and a test year ended March 31, 2026 . The filing includes pro-forma adjustments expected through an anticipated true-up date of December 31, 2026 to better reflect conditions when rates take effect.

Q: Which regulatory mechanisms is Ameren Missouri asking to continue in this UELMO 8-K?

Ameren Missouri seeks continued use of its fuel adjustment clause and several trackers. These include trackers for pension and postretirement benefits, certain excess deferred income taxes, and production and investment tax credits or proceeds from selling those tax credits.

Q: Can Ameren Missouri predict the outcome of its $343 million rate increase request?

Ameren Missouri states it cannot predict the level of any rate change the Missouri Public Service Commission may approve. It also cannot predict whether requested recovery mechanisms will continue or whether any approved rates will fully cover costs and provide a reasonable return.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Ameren Missouri, the electric utility operated by Union Electric Company, has asked the Missouri Public Service Commission for approval to increase its annual electric service revenues by $343 million. The request is built on a 10.25% return on common equity, a capital structure with 52% common equity, and a $16.7 billion rate base using a test year ended March 31, 2026, adjusted through an anticipated true-up date of December 31, 2026.

The company also seeks continued use of several regulatory mechanisms, including a fuel adjustment clause and trackers for pension and postretirement benefits, certain excess deferred income taxes, and production and investment tax credits or sale proceeds of such credits. The regulatory proceeding may run up to 11 months, with a commission decision expected by May 2027 and new rates effective by June 2027, but the company notes it cannot predict the level or structure of any eventual rate change.

Insights

Ameren Missouri files a sizable, multi-year electric rate case built on a 10.25% ROE.

Ameren Missouri is seeking a $343 million annual electric revenue increase based on a $16.7 billion rate base, 10.25% allowed return on equity, and a capital structure with 52% common equity. These parameters shape the utility’s future earnings potential if approved.

The filing also asks to continue key mechanisms such as the fuel adjustment clause and trackers tied to pensions, postretirement benefits, excess deferred income taxes, and production and investment tax credits. Such tools can reduce earnings volatility by aligning cost recovery with actual expenses.

The commission process may last up to 11 months, with a decision targeted by May 2027 and new rates effective by June 2027. Actual financial impact will depend on the final revenue award, approved capital structure, and which regulatory mechanisms the Missouri regulator chooses to continue.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Key Figures

Requested annual electric revenue increase: $343 million Requested return on common equity: 10.25% Common equity portion of capital structure: 52% +5 more

8 metrics

Requested annual electric revenue increase $343 million Ameren Missouri electric service rate case request

Requested return on common equity 10.25% Assumed ROE in Missouri electric rate filing

Common equity portion of capital structure 52% Capital structure underpinning rate request

Rate base $16.7 billion Ameren Missouri electric rate case

Test year end March 31, 2026 Test year for revenue requirement

Anticipated true-up date December 31, 2026 Pro-forma adjustment period

Proceeding length Up to 11 months Missouri Public Service Commission review

Target decision and rate effective dates Decision by May 2027; rates June 2027 Expected timing of final order and new rates

Key Terms

Missouri Public Service Commission, fuel adjustment clause, rate base, test year, +2 more

6 terms

Missouri Public Service Commission regulatory

"filed a request with the Missouri Public Service Commission (“MoPSC”)"

fuel adjustment clause financial

"requested continued use of the fuel adjustment clause and trackers"

rate base financial

"a rate base of $16.7 billion, and a test year"

Rate base is the dollar value of the physical assets and capital a regulated utility uses to deliver its service — things like power plants, pipes, or equipment. Regulators use that value as the starting point to set prices the utility can charge by allowing a specific percentage return on that base, so a larger or higher-valued rate base usually means higher permitted revenues and therefore directly affects investor earnings and the company's ability to raise capital.

test year financial

"a test year ended March 31, 2026, with certain pro-forma"

A test year is a specific 12-month period regulators or companies use as the baseline to evaluate financial performance, set prices, or approve budgets. Think of it like a photo of one year used to judge how much money a business needs or earns; it matters to investors because decisions based on that snapshot can change approved revenues, tariffs or allowed profits and may not reflect longer-term trends.

true-up date financial

"pro-forma adjustments expected through an anticipated true-up date of December 31, 2026"

excess deferred income taxes financial

"trackers for pension and postretirement benefits, certain excess deferred income taxes"

FAQ

What electric rate increase has Ameren Missouri requested in this 8-K filing for UELMO?

Ameren Missouri requested approval to raise annual electric service revenues by $343 million. This proposed increase is subject to review and approval by the Missouri Public Service Commission, which will determine the final authorized amount and terms after a regulatory proceeding.

What return on equity and capital structure underpin Ameren Missouri’s new rate request?

The rate request is based on a 10.25% return on common equity and a capital structure with 52% common equity. These assumptions help determine allowed earnings and overall rates if the Missouri Public Service Commission approves them.

What rate base and test year did Ameren Missouri use in its $343 million request?

Ameren Missouri’s request uses a $16.7 billion rate base and a test year ended March 31, 2026. The filing includes pro-forma adjustments expected through an anticipated true-up date of December 31, 2026 to better reflect conditions when rates take effect.

Which regulatory mechanisms is Ameren Missouri asking to continue in this UELMO 8-K?

Ameren Missouri seeks continued use of its fuel adjustment clause and several trackers. These include trackers for pension and postretirement benefits, certain excess deferred income taxes, and production and investment tax credits or proceeds from selling those tax credits.

When could Ameren Missouri’s new electric rates from this request take effect?

The regulatory proceeding may run up to 11 months, with a decision expected by May 2027. If approved, new electric service rates are anticipated to become effective by June 2027, depending on the Missouri Public Service Commission’s final order.

Can Ameren Missouri predict the outcome of its $343 million rate increase request?

Ameren Missouri states it cannot predict the level of any rate change the Missouri Public Service Commission may approve. It also cannot predict whether requested recovery mechanisms will continue or whether any approved rates will fully cover costs and provide a reasonable return.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Available on EDGAR 06/26/2026 - 05:02 PM Accepted by SEC EDGAR 06/26/2026 - 05:00 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): June 26, 2026

Commission File Number

Exact Name of Registrant as
Specified in Charter;

State of Incorporation;

Address and Telephone Number

IRS Employer

Identification Number

1-14756

Ameren Corporation

(Missouri Corporation)

1901 Chouteau Avenue

St. Louis, Missouri 63103

(314) 621-3222

43-1723446

1-2967

Union Electric Company

(Missouri Corporation)

1901 Chouteau Avenue

St. Louis, Missouri 63103

(314) 621-3222

43-0559760

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value per share		AEE		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

	Emerging growth company
Ameren Corporation	¨
Union Electric Company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Ameren Corporation	¨
Union Electric Company	¨

ITEM 8.01

Other Events.

On June 26, 2026, Union Electric Company, doing business as Ameren Missouri (“Ameren Missouri”), filed a request with the Missouri Public Service Commission (“MoPSC”) seeking approval to increase its annual revenues for electric service by $343 million. The electric rate request is based on a 10.25% return on common equity, a capital structure composed of 52% common equity, a rate base of $16.7 billion, and a test year ended March 31, 2026, with certain pro-forma adjustments expected through an anticipated true-up date of December 31, 2026. Ameren Missouri also requested continued use of the fuel adjustment clause and trackers, including trackers for pension and postretirement benefits, certain excess deferred income taxes, and the utilization of production and investment tax credits or proceeds from the sale of tax credits, which the MoPSC previously authorized in earlier electric rate orders. The electric rate request reflects the following:

increased transmission and distribution infrastructure investments to ensure system reliability and resiliency;

investments in existing generation resources and 400 megawatts of new generation resources; and

decreased costs related to accelerating the return to customers of investment tax credits.

The MoPSC proceeding relating to the proposed electric service rate changes will take place over a period of up to 11 months, with a decision by the MoPSC expected by May 2027 and new rates effective by June 2027. Ameren Missouri cannot predict the level of any electric service rate change the MoPSC may approve, whether the requested regulatory recovery mechanisms will be continued, or whether any rate change that may eventually be approved will be sufficient for Ameren Missouri to recover its costs and earn a reasonable return on its investments when any rate change goes into effect.

This combined Form 8-K is being filed separately by Ameren Corporation and Union Electric Company (each a “registrant”). Information contained herein relating to any individual registrant has been filed by such registrant on its own behalf. No registrant makes any representation as to information relating to any other registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature for each undersigned company shall be deemed to relate only to matters having reference to such company or its subsidiaries.

	AMEREN CORPORATION
	(Registrant)

	By:	/s/ Leonard P. Singh
	Name:	Leonard P. Singh
	Title:	Executive Vice President and Chief Financial Officer

	UNION ELECTRIC COMPANY
	(Registrant)

	By:	/s/ Aaron P. Melda
	Name:	Aaron P. Melda
	Title:	Chairman and President

Date: June 26, 2026

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents

Co-Registrant CIK	0000100826
Co-Registrant Amendment Flag	false
Co-Registrant Form Type	8-K
Co-Registrant DocumentperiodEndDate	2026-02-27
Co-Registrant Written Commuunications	false
Co-Registrant Solicitating Materials	false
Co-Registrant PreCommencement Tender Offer	false
Co-Registrant PreCommencement Tender Offer	false
Co-Registrant Entity PreCommencement Issuer Tender Offer	false

Ameren (NYSE: UELMO) unit seeks $343M Missouri electric revenue increase

Rhea-AI Filing Summary

Positive

Negative