Ameren (AEE) 7 Nov 242024 Q3 Earnings call transcript

Greetings, and welcome to the Ameren Corporation Third Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Andrew Kirk, Director of Investor Relations and Corporate Modeling for Ameren Corporation. Mr. Kirk, please proceed.

morning. good and you, Thank

as On and that the Chairman, Moehn, Marty our the today's call Financial today Senior the of members Ameren date management of accurate with and Chief only this me team. This broadcast Officer; Chief President and Michael time-sensitive Vice are as Executive is other Executive of redistribution data Lyons, prohibited. contains President call broadcast well is Officer; our of live and as

amereninvestors.com the our on that presentation will by a posted have referenced homepage speakers. be We

As yesterday during noted as to information our projections, filings which contain future results anticipated. to the forward-looking on the statements comments Page matters, X about to of referred section those plans, this statements forward-looking the in could well presentation, issued differ for SEC as cause statements. expectations, financial more made similar the factors commonly we various that may news performance Please and conference from refer actual materially call are about as release

Now here on Page Marty, start X. who is will

investing to strong excited average the to stakeholders. unfolding transform the we in growth enhance our low our future, as of reliability communities, frameworks value rate-regulated shareholders customers, Good policies, future and a to third benefit environment. Thanks, customer approach keep ourselves of have our national opportunities us as on joining today performance, decade. Thank By X. We and to advocating all begin energy strong through for on our to to you the cover We focused enhancing positioning operating communities. remain we the see delivering grid our regulatory comparison for for disciplined next are able infrastructure, in and long-term everyone. the optimizing we energy responsible take results. opportunities advantage to over Page XXXX we we and And today earnings provide quarter energy morning, been cleaner I'll for our rates Andrew.

Turning of per Page comparable XXXX compared with X. adjusted earnings quarter of to third in were earnings adjusted $X.XX of line These announced in share third share quarter per earnings $X.XX expectations. our the Yesterday, results we to XXXX.

and quarter to XXXX been exclude over had proceedings for ongoing related X separate decade. that charges a third The results year-to-date adjusted

was principle retroactively related within base to moment. New Rush Air Energy quarterly settle an the drivers the XXXX return first, second, The on order, more back proceeding; applied established agreement on for Source Independent to the Federal in discuss customer extending Midcontinent detail in by Energy equity in XXXX. results periods required to Michael Operator, Key certain the and to and Center refunds this driving Island Regulatory that a the Act MISO, Clean earnings factors or System the new highlighted will page. a FERC's, Commission's, are which October Review

fourth ranked weather-normalized Our to is seen serve. employment strong customer among growth economic earnings opportunities metro and region year-to-date pipeline growth sales we're some highest in country we strength Louis part retail employment investment region about And of in for large all growth. our August, growth, in was strong significant the growth communities better in Greater In in continues St. drive The the the the decades. in region classes reflected across areas Missouri. we've X the I'm of the the seeing experiencing excited

of final over our this our head foundation team's strong execution course X. Turning XXXX. a strategy we the the year, months of as into now Thanks to to Page we of have

adjusted over be range earnings with the expect share and a deliver X.X% midpoint XXXX We share. per the expect adjusted guidance our XXXX of to per the in representing within $X.XX our to and we range. our guidance range of $X.XX increase earnings $X.XX share per XXXX midpoint And of $X.XX

our historical earnings initial has to guidance been our to we're provide to call growth guidance issuing this practice reinforce earnings fourth per XXXX in share in expectations. now X% February, on guidance Our X% our our on confidence earnings quarter to ability deliver

provide financing call plans and advancements the earnings we to across long-term our growth objectives Page strategic guidance latest our February. On we and expect in Ameren the our We execute capital year-end year. highlight as X, on for

safety invested to on build improve energy the infrastructure aging the is investment new a infrastructure replace remain transition. as and meet focused resources. diverse needed reliable customers' with a plan efficiency we've growing of demand Our clean of designed mix and our we $X to billion reliability system our energy also infrastructure to resiliency, Year-to-date,

closed announced which are are last service the and generation, megawatts we centers undergoing Just XXX new of energy solar year, expected week, on the that testing in now by be of to we this final end X year. totaling have

This in convenience natural and Missouri October, CCN, XXX-megawatt $XXX the region Castle MISO region. additional post-construction MISO's bring support the $X.X planning approximately energy gas the dispatchable to year. in for and On of released we're transmission for X.X tax billion or onto of revenue will which service jobs territories approved details Missouri end cycle needed working construction Tranche energy and cost toward generation reliability portfolio new dispatchable approval grid. our simple Missouri, Tranche generation the Commission, Bluff. the several hundreds the the center, certificate is regulatory included progressing front, million September, permanent reliability of or investment the Ameren long-range more transmission to additional will our for Service necessity, Missouri Illinois process project by support In region. At Public deferral also a the investment PSC, In of in and of jobs, and create X.X

XXXX Department Energy an rate regarding XXXX finally, Review of we details or of in Illinois, through revised proceeding. in principle agreement with Judge, distribution proposed Act issued at Administrative settle our multiyear a October, Rush in a the addition, Law Justice Source Ameren U.S. the Air moment. And electric the ALJ, order reached the plan. In agreement Clean November, and I'll New in Island cover to the Center

ALJ the benefits impacts rate other base order of XX% of the our Importantly, or when supports OPED. proposed requested post-employment excluding

we automation, the with a year, which plan engagement stakeholders, reliable energy to to by hardening, all the affordable Commission, key limited extensive plans safer, of be consistent our ICC with more team's February. Last, ICC's our approval Illinois revised expect an the or on [ end multiyear of with in forward interveners and this remains across capital with performance ] support delivering look grid Following standardization. and operational through adjustments. enhanced optimization issued decision grid strong. We a we company focus Commerce

generation update for X Page Missouri's projects. to Turning an on new Ameren

Missouri Resource Plan, IRP, serve diverse a a customers' and which our generation ensure Ameren energy We maintaining and to our focuses or reliable cleaner on mix execute resources Integrated continue of to to building needs. portfolio low-cost

an to the XXX-megawatt staff settlement defer be the simple across us following CCN which a mentioned, this XXXX Center a mentioned, base in by be towards capital projects reduce in Bluff of X the the XXXX. Further, XXX I incorporated when cost expect end stages X investment also is costs in serve we of Missouri other rates. average will projects, and from return that into cycle the the the for service We're additional with construction to it recover As the ready to placed depreciation intervenors. Castle also time expense of Energy expected later on weighted Castle constructive to the megawatts from testing late customers to and allowing natural working gas unrecovered PSC commission and in center, Bluff, service another cost have generation includes order dispatchable I The by adjusted energy successful it we commissioning solar in deferral and are year. October, approved and the of is solar post-construction of and as

work on customers. allowing existing by falls Bluff, grid As Bluff retired Center, Prep Center it Energy then expected in key generation as with predictably customers the for is or begun us have an to effectively vital solar of including to the be every to to all for looking center businesses The of our service in construction to to quickly which be customers energy site bring to XXXX. look additional site meet rises place. cost relocate the by online work continuing expedite reliability needs with of infrastructure has on bolster possible and Energy leveraging to is the will our Meramec as day, expand Castle Missouri. located Castle our end to We forward stakeholders energy in

through service includes address of the provided billion. MISO in Tranche and We opportunity Midwest projects Tranche by in X.X competitive territories and directly the now or XXXX investment which transmission on in will Page almost portfolio will the this determination approximately region. be capacity of project The portfolio for to an go significant approve In transmission Illinois underlying detail on further MISO drive year. Once benefits to of Moving bidding assigned the expects MISO approved, a projects additional to which Tranche September, X.X $X.X individual and cost long-range portfolio plans represent MISO end our commence process. North work Missouri projects is the regions. MISO's billion await that X which needs X.X expected reliability and collectively the to $XX X update estimates an projects. for the to

to whether long-range will to continue transmission scenarios transmission load current see substantial be owners growth energy sufficient across future country, the in our support region's needs years As we the will continue MISO assess and to the ahead.

now expanding on growth customer opportunities. an XX our Page Moving to update for

including territories name a across to a sectors, manufacturing which food have aerospace, Our few. variety expand to of agriculture and economy, service processing, continues a broad-based diverse

in this centers, XXX or commitments So new Missouri. located megawatts we've and industries, than X,XXX is jobs. data other manufacturing far which new load to These more of create year, for of projects contracts XX% received expansion approximately expected executed are from

excited expanding of additional next and new expect jobs local We're local a interest. tax these for continue these XXXX. opportunities we data and communities. Through to bring and growth the attract up opportunities state to with collaboration over and to fully to benefit state X see stakeholders, We center which additional years, and variety new about tremendous by will X customers base ongoing ramped business be our and

people, studies are few further ultimate rate they reliable to partnerships and progress evaluate months, demand reviews transmission factors, interest be any well coming several evaluating will potential XXXX. size and upon potential The load as generation by the finding service our growth These the in will engineering the economic additional representing opportunities pipeline IRP significant needed, rates of for variety of our financial whether a agreements. We're we customers. expect customers. solutions several additional an process time, construction tariff these load development months, investments dependent exciting with needed forward carefully the would of To completed and net Over our competitive last will generation as needs making This new ramp-up locations and of is incremental have of and the grid doubled over and and deliver with site has of in move portfolio update impact time customer of our are each to forward potential these structures. expertise we timing and pleased meaningful to or potential and customers resources, gigawatts look end, customers. that offer in determine industry, for we associated to February including

After our on Rush Center energy almost cost-effective to October Energy XX. of XX XX. Page to retired then Island providing years safely our was customers, Turning

talented tariff and to we our related every planning and the approximately ensure opportunity reliable We resources next our transition retaining made a securitized for thoughtfully for the are Careful to employee source the Island years retirement through we recovery of decades. utility as authorized plan energy of with had of enabled by to generation retirement Rush our several PSC coworkers issuance million Island the are execute impacted of working continue grateful that workforce. The Rush costs steps us to to of while issuance. has low-cost Missouri that an our company $XXX through customers bonds, over who many this

for Missouri for agreement in addition, to and of provide November, in The settlement programs requiring U.S. Ameren reached school and end cost purifiers which these to of earnings of residential ] charges Ameren year energy in Missouri center. electrification the ligation principle customers between the will a relief air to Ameren and results. fund are the XX the period Justice by related is X-year this adjusted the agreement X And [ U.S. from District buses Department million. months, the $XX District excluded the of Missouri, the In Missouri retiring totaled over eligible expected programs, a addition Ameren recorded our agreement to year. Missouri of this over is approval subject for Court Eastern DOJ the by The which

XX. Page to Moving

a of growth the in than significant jobs, $XX local deliver investment we ahead tax opportunities will economic our value to our robust continue have decade, thousands coming of billion stakeholders, revenue more over our for Looking create economies support of region. generate pipeline that and to

does growth. our pipeline Importantly, to as to in Any pipeline our evaluate investment update. call load our generation not earnings additional reflected reflect investment XX-year needs February additional XX-year our serve will potential changes we be such possible

to XX. Page Moving

opportunity Our our February X-year strategic annual is XXXX growth and earnings annual to seeking compound included from plan rate utility earnings growth driven X% growth and through to return today X.X% by frameworks. Investment growing X.X% of total on their of and allocation attractive compound This result strong which of dividend, attractive XXXX. a our infrastructure of each for an released business in earnings story. rate X% segments growth last in strong expectation Combined, those our investment an long-term growth Ameren high-quality story. X% X% presents compelling a a to based growth yields regulatory base

plans of and I'm business all confident to for track X management across I'll an investment execution, call thank in our ability our balance and of strategy strong now a have execute sheet record strong and We segments. Again, all the to today, elements our of team. other you turn joining us over Michael. a experienced our

XX last X included XXXX a Center I'll adjustments charge these October to with Rush earnings related reported which begin that and mentioned ROE. quarter Page ] the for outstanding Island matters of earnings the for allowed first Marty, and an additional the MISO's mitigation earnings Marty good third related to Both base Thanks, GAAP per XXXX [ morning, for we $X.XX Energy quarter for the share, presentation of reconciliation earlier. Yesterday, our everyone. on charges a charge decade. on of

] Justice. of after-tax the share per related charge proceeding total [ cost these Island Rush $X.XX relief new District Ameren in reported resolve Clean of $X.XX third estimated earnings earnings the Center compared Excluding quarter mitigation ago year adjusted related our of of the The for charges, X to This agreed Energy $X.XX $X.XX of first XXXX firm with per the share the reflects share per to provisions agreement to the Subject Air by Act. to share the of review Court, the U.S. we the quarter approval includes in recorded XXXX. Department source expect settlement charge the per of the to to quarter.

$X.XX FERC September November the order. review. the XX.XX%, the has subject of on MISO to and new February expect per ], equity FERC-related to the of basis ROE In from XXXX, XX basis in FERC's earnings decrease within have impact the XXXX ROE base base pulling a ROE the Turning XX.XX% going projects October material decreased been established base for now forward, for allowed with impact for on require [ rate including which Recall, XXXX The expectations period from since allowed adder, X share. point rule is charge it the XXXX periods, not of MISO X.XX% will we after-tax for through point do these interest November and and a base an to forward. a refunds transmission ROE XXXX return

detailed third results earnings for quarter. XX Turning Page to for the

Ameren performance disciplined by design earnings offset cost strategic were rate Illinois adjusted changes in infrastructure return Distribution during primarily Gas. and equity by Our management. Electric Ameren quarter for and Illinois the on Natural driven at investments

page. on XX outlined of per Year-to-date factors are earnings results on are presentation. to results share contributed that today's Additional this Page the highlighted year-over-year

sales Electric Ameren trends touch on Illinois I'll Distribution. and on, Ameren Missouri for moving Before

in additions in approximately X%, the created customers ] and service sales While Year-to-date, an new plan territory. the were by X%, Illinois hour ago of X% reflect last year Missouri quarter compared additional [ [ summarized at revenue shift to in period. models the earnings third not sales We driven we customers increased full production changes quarter to ] do to cause, XX, are electric the ago weather-normalized Year-to-date flat for this kilowatt affect select sales weather-normalized since earnings electric, and balance sales to to saw and hour we retail industrial the work earnings industrial year kilowatt lower residential, period decoupling. Page some weather-normalized overall matter last have strong year. Year-to-date to compared compared X.X% compared industrial no approximately On considerations year. growth the our sales respectively, year. increase commercial drag, increase remained our of

period. contributions noted the the adjusted as XXXX a settlement primarily per develop be slide compared $X.XX expect year-over-year the our to the infrastructure in strategic the lower earnings expect consideration we encourage remainder take programs in earnings driven positive trust of Notably, ] earnings and fourth year to shareable expectations cost you of to impact you investments, management range I share. to by ago into We on for strong [ year. $X.XX your as the earnings the driver quarter,

to we provide Turning XX, on detail our XXXX per where expectations Page share. for earnings

adjusted primarily service expected us $X.XX this into our investment to we eligible our are earnings that earnings and confident of XXXX are As This X% as above with growth we expectations effective benefit in expected and Missouri, retail share plant earnings detail benefit strong expect commercial on of of from growth which range. segment we and driven guidance by and are mind, Missouri's XXXX this of higher respectively, range XXXX from and existing Earnings sales midpoint head our per to accounting. for highlighted earnings primarily range compared are weather-normalized page. Beginning higher increase to June the also represents XXXX feel that customers. growth. compared expected the will long-term in service by strategic X% be the expected from deliver our to electric new earnings Expected per XXXX, by industrial little $X.XX. by midpoint expansion With a plan earnings customers, our to year rates Ameren share on to to X%, and position to this XXXX execution

We we in Natural between to expect wide, Ameren expense Earnings be Ameren are our In Parent. shares by Illinois to forecast economic due impacts in and sales impact in with in Gas earnings weighted driven we to higher per in cost higher common growth expected update expected opportunities, in expect investment gives identified grow infrastructure rate strategic Ameren interest our to opportunities Missouri and recovery investments. the Electric infrastructure to reviews. Illinois Ameren are and Transmission expect ahead. years lower coupled Earnings February. Further, rise, Ameren outstanding Distribution to Ameren XXXX business process optimization increased and focus strong confidence average continued and share. unfavorably Robust ability long-term

new remain investments upgrades this would Energy that Missouri with procedural early ongoing and XXXX the testimony well [ below Turning system newer on May Missouri Smart is approved, averages. rates to Ameren for is in a XX% December, as Intervenor due matters. requested, rates investments the by major Missouri our by by decision driven electric [ Recall schedule effective approximately ] national request update center ambulatory and in by grid set is including PSC midwest XX If In brief and service commission to for Page expect generation. ], electric review. regulatory [ Plant ] August, the the the we electric June. and of

formed service over was at updates in Illinois regulatory Illinois recovery Under to adjust time rate of flows up to to Turning such ratemaking, any expired the Ameren period annual under the or end on file [ of required which XX. Ameren changes cost true Illinois and the to for prior in of systematically over cash Page costs. ] matters XXXX,

our $XX result a in reconciliation XXXX, million in full will rates adjustment. customer collected XXXX. $XXX by August, reconciliation amount approval of being total For adjustment The cash collected requirement, million or bill. X.X% increase reconciliation of new proposed in is ICC $XXX decision recommended in electric customers staff An will prior expected average XXXX. This in effective the distribution net approximately from final million during in replacing the be of is revenue the flow that December increase ICC of with XXXX's residential

an based a by XXXX. revenue XXXX XX through to for ALJ In on on rate $XXX Turning recommended $X.X October, covering [ Page million rate update base increase soon. multiyear the billion of the of cumulative an average ] XXXX plan

proposed to our day-to-day that grid our supports invest issue, This progress us OPED reliability the in also Excluding making to an operations system affordable clean point. rate in multiyear energy equitable the energy order the allows revised the XX% were base the rate of while requested of transition. maintain safety, towards on ALJ

in to with engagement proposals multiyear a with narrow that is will the interveners laid remaining constructive largely grid issues, plan guidance latest Following February. our reflect the out consistent

an revenues rate We provided the decision January of do based exceed annual ] by year-end equity plan certain requirement revenue XXX% framework, a approved ICC expect and Under December rate actual the rates with X, recoverable not after they on exclusions. [ effective costs, new return on base will multiyear XXXX. be

to Moving update. We XX. financing a provide Page

continue feel We position. about financial our very to good

the X.X we million the to total ] expected us or approximately and of entering of expect year. balance in with shares, credit program, fill through XXX(k) S&P, common credit settle equity fund equity while of we financial respectively, the flexibility. compared infrastructure and we issue needs. issuance equity of BaaX at-the-market end to to plan, expect the which and XXXX our ATM million our DRPlus programs, approximately is by ATM Together our XXXX. By providing and in Our program issuer approximately we ratings [ at million million Moody's favorably the parent average, of with our XXXX, the robust long-term maintain sold sheet ratings forward end $XXX $XXX our this peer to BBB+ $XXX of strong consisting To expected

sales under our $XXX share. equity ATM approximately sales of XXXX we've with an to approximately XX, price per September of support average initial as million program into $XX agreements entered forward needs, for our forward Additionally,

be As robust capital. continue financing our always, to strategically about we thoughtful

we Turning in long-term to stakeholders. expect Page consistent of all for continue drive which our to to XX. We superior strategy, value remain confident our

today, resolving and towards progress we legal highlighted several have As made regulatory significant proceedings.

and investment opportunities continue infrastructure rates strong of development our signs and the employment solid regional interest have to growth, to earnings we economic businesses, attractive economy, XXXX. an customers new Louis see growth will in benefit We deliver inflation pipeline retail attract region, strong that and and St. growth robust a sales including strong moderating allow us to in

beyond, strong growth growth expect consistent and earnings share cost of Looking [ a driven growth by management customer rate sight disciplined ]. base we robust robust line

capitalize now continue will peers, invite our In questions. the this said remarks. the have story. That right we [ your growth compare before, and for our customers We and value on We and to opportunities concludes attractive prepared total an shares we As favorably investors shareholder return dividend. believe to culture total offer our an strategy, of team we shareholders. create with to have attractive ], growth

[Operator Instructions] first question of JPMorgan. comes with Tonet And from line the Jeremy our

for This Jeremy. Robin on is

a up. So maybe just follow

outcomes? providing confidence that relative strategy XQ XXXX you regulatory potential regulatory specifically, think trajectory. elaborate range your mentioned several ongoing about XXXX understood proceedings? the at how amid guidance You your to should we on in Could to And earnings

long a Well, sure. on all, the history X% above. we of the of back Yes, look growing some at second comments we you or of have made as first quarter, at

at midpoint go goal, of or even deliver to higher range. into Our within the course, year, is this we our as

that improving, great last respect talked got do that balance things generation, of pointed transmission just the we with investments conviction this customer a operations, with long-term on even us things across about all local giving And we've opportunities some course, and of distribution, we've quarter to some are call strong to our sheet. inflation have and it's economy, to cooling, demand that whether growth of more strong

we the that unfolds next have conviction in the and confidence in we ability our deliver it in have ability in range plan And our able today. look whatever to term. strong to at delivered. we the have this to to have we months, our in And pointed of guidance over typically, So ahead we terms do now within look out We're be months the believe certainly we hit we February. the as confidence, grow strong long we delivering as XXXX, we'll delivered adjust guidance that that ahead few that because mark to we

a economic And development maybe the Great. then just mentioned on follow-up opportunities.

You gotten some an opportunities. mentioned you've from of gigawatts interest several impressive potential

Just any in thoughts to how inbounds you on those submitting if factor say, territories? or service counting, utilities also like other like, high-level are customers those double potential

I Yes, right. of slide think megawatts sure. absolutely tens of And out look, you're pointed thousands We additional of demand. we on have our that new

got but that folks We as amount. we counting, of significant and call lot a So at as well double it if you've certainly hyperscalers. a developers expect these are looking the properties same

duplication certainly in there's so there. And yes,

we're with counterparties in methodical of So through way. each a working really doing is what those

potential ] It's get we we're be of been generation the that them one to had sites, mentioned representing the a on cautious serve with progress about of agreement. [ might coming might be the the we visibility, progress demand. greater load of until needed gigawatts incorporate that Another get the what have generation. eventually, better a be evaluating working as announcing through we'll and counterparties for to agreement with because expect down. sense able access, have conversations that even We we the narrowed really to these X And not transmission expect the we over months, to coming we in have years to mentioned remarks, prepared incremental that and we'll construction demand into plans our in keep have point we our a over the thing where why any reasons that be this them. construction mind, we of to that

if a in IRP. put to the stake we believe a some a ground, will, February, in be -- when you greater we'll sales update is different forecasts to expect position our stake So which -- and those a update in of

with And Paul the of line from question next Glenrock the Patterson Associates. comes

quick few a just questions. So

guess, I they're that? [ mean refill On date that? about doing looks arguments, Any based to guess, this at on ] going the I at the looking late I wanted. AG thoughts oral have they're group it like, what that plan,

there Yes. read anything I'd we've work that have teams, folks these Paul, stakeholders into down which of hard argued cases, in for. I don't narrowed various differences, are our Obviously, really with think some because the potential along adjustments that. think of I the

Slide parties. been have rate potential on taken XX various that base materials, you advocated into proposed If look our would we out by consideration where laid in be the adjustments

see normal You But over proposed order, oral this terms commission December. I'd with it's in they where the the point the that decide again, of when think gives to arguments staff the ALJ out. the which certainly ultimately where differences. is ALJ's you and land confidence I came in have us remaining where may But

Yes. Michael. to is Paul, Paul. add, was just going I this

think these being actually time. a arguments oral scheduled for have held I they're November XX. fairly long and been It's typical

So constructive as I what said, Marty data have we point ALJ. from today a is think the

take and see all this recommending arguments where just think I the the grid intervenors the plan us. at point, approval of are we'll

because just on side, little cost ahead, lowering I projects like on and wondering X, Great. Go then this see reliability could mean the and was we mentioned customer transmission bit might if more Okay. don't customers costs. to sorry. you the a customer what you And Slide elaborate the I'm also them. the

the a portfolio range X.Xx in and haven't of the that's we customer in terms I we're Paul. in past, okay, No, really the cost. we added benefits which to referring of mean bullet Yes. had X.X to a

billion relates of that the to and -- approximately projects. So $XX overall

what is over customers the the they of that MISO assessment and the going be through an for projects that as estimate at will those each benefits below. territory to projects of when to of in projects, these in So cost it, one various I these of least result customers' listed to projects, if time are which relation But And they do positive of service lower also things cost the a math the these be will, investments. mean we've do behind has our these propose you suggests costs. goes obviously they down these

point really trying out. we're So that's what to

it's mean, cost, of is guess, stuff in? dramatic new I going it -- when I'm I'm not Or all quantification lines take comes some there's there's any sort and going these of for of just is up it's to -- up if sort I up But it some Okay. rate show kind Or time of impact? all show be wondering -- on thing? and mixed it to together sort to just cheaper a

will Yes. to show have over time. up don't I any exact point it impact I think rate to. mean I

the finally, And then new Okay. on customers.

-- guess is having, is I wondering, to there attractive one in there you're as service that? interest I when there's that with people looking one Missouri the all tranche is, discussions versus the with flavor And that mentioned XX% there customers was versus in -- territory if was I Or You of these another? to are might Illinois, more driving guess. or that's more be what new

the Yes. Look, we have of data in center each really interest states.

it and what's XX% down. we've Missouri of potential is our of of various of is XX% breaks new you I that thousands look And center right, talked the and megawatts how if that. today, in other it's our say, got, that elements centers, And XX% demand. about pipeline, ], of manufacturing tens probably over see in to So [ XX interest terms today XX% of it about that would of XX% in Within is about that we you on Illinois data pipeline. data Slide

variety reasons. we is is megawatts announced of XX% data so different we is demand, left, But agreements, clearly for is megawatts happens actually it these what of center in with that reasons and and And XX% where each in in from Illinois about each attractive there's have of sources, which on the XXX additional center that respect of the of more have a to construction So cases, the over of in to states. date that data those states Missouri various load today interest just XXX of in place. of terms agreements we have that some

impact the any which growth, get or is an from earnings look opportunity integrated, be X have certainly, to in have that In the to on also is supports to incremental impact perspective that of the load generation. we we as Illinois, we going earn Now impact distribution Obviously, differentiated of earnings vertically us we if ahead, the that the investment transmission Missouri, states. in

no fell -- there's way it [ But I Okay. guess. that's the out ],

Davenport from Goldman with Sachs. The of the Carly line next question comes

earlier follow to just an earnings up the guidance Maybe on on question range.

at As the forward? growth range potential if of you've the the Can opportunities incremental taking 'XX. midpoint of see going there's you thoughts consideration to us give And into upside just 'XX range yourself that just about to some highlighted? think your relative X% forward you over any you just on looking in where

look XXXX mean, Yes. I our is Carly, above goals our look when X% above. and period of got that deliver we're a delivering to mentioned above midpoint, we our for terms earlier, targeting or X% track we've XXXX is we to I of the record at X% look, said back, the we've strong CAGR EPS range, as in to as ahead

some have hard growth. I is one communities, which benefit points potential the things our we're do that. we're growth, our As to you positive load work said, talked and Again, load bring working today. about seeing We're going for of to mean, of we data some fruition just hard customers, that this to the to we

point, at at. we're I'd where But this that's say

above of load any forward, midpoint. anything come growth February. or we'll our our good out implications that add? provide note our feel the And perspectives guidance. X%. We'll our again, Now to and to on plans, update about potential investment in hitting at Michael, X% But going target on we'll

Michael. it's Carly,

$XX We is again, billion point only The to. I overall backlog the this investment to said. about think might got just, it's the one Marty I that we continue thing well of earlier. add talked opportunities

could remains additional opportunity pipeline that that centers We drive potentially about with think robust. the this just talked capital. I some data

what your So the take specifically of you upside question that. I to mean, was could

investment over opportunities I those additional think it's time.

I today. think from underlying within very there's but is also economic the not Missouri opportunities, territory only data certainly -- the in data just strong Marty as center, said, the

Just customer we to, seeing how alluded which I we're going rate, growth, we just we're of looking And think, the forward. to this things, optimize think then those financing backdrop. all great a are just the about seeing of continue we do overall customer employment, at EDP the count growth, growth, population

So I'd that's point. where at this it leave probably

helpful. That's super Got then maybe And just another it. quick Great. one.

you year. about all the You've in of year-over-year, at inclusive some but coming still O&M second of color able out then you're ]? looking XQ. called the Looks some some like Are of efficiencies what there? reductions you on them previously for talked up slides XQ in to driver programs you're sort the [ was half called on the of you've give slides what pursuing if is what types And out on earning

up headcount, programs been new we consistent we to certainly coming the for some in year-over-year, of show out year $X.XX Yes, beginning you're in discretionary towards year, around of us. right, the We've we're Natural as And opening spend you the past. look I the bet. was back things expecting half. to $X.XX decision. the in to mean And about the again, of and that And specifically a is Beginning with these some some Illinois Missouri we this talked been you're just talked being in said things this thoughtful the -- after Gas, time. you fourth specifically and I were with you it in respect where of long doing pointing seeing have that $X.XX, at of look Illinois about some to quarter not just the respectively. I've think

lean I that. think into we've continued to

to -- efficiencies at to just continue et which more looking at just mean, costs, consistent be drives for opportunities, overhead spans of simplification. I find across us more opportunity have our we platform, we layers, cetera. and reduction We back-end an looking

but we in and have of opportunities. we lot we benchmark, do see benchmarking of -- that so and areas public a you And as some benchmark well,

a we're this, wherever think we exhausted have benchmarking, at we're do team opportunities the how not this up I quartile. and absolutely move committed we looking so at And the all is point. And to constantly

the Instructions] question Jefferies. next Dumoulin-Smith line from comes And Julien with [Operator the of

Russo actually Julien. for Brian It's ] [ on

on 'XX CAGR. the tranche double-digit term to of the move Is any approved forward 'XX, in the near and and then been is developing? as which seems that really And overall Just just X%, through 'XX, pulled target like we Ameren looks it the is being and to that in just rate these versus the I tranche projects you're possibility up assumption have there prior the growth projects mid-XXXXs MISO like 'XX pushing it growth looks dates? early growth base X follow X-year versus is guess, right, rate there plan, Transmission, in accelerating, base the it in, that the

of and go no the communities be to tell accelerate once customers As we then most those construction And to in those Tranche X the these expenditures is of those timeframe. it once transmission the for the looking take outside service of bring projects our MISO will think if certainly have and going the although probably I'd and Tranche are MISO work work fruition processes. to XXXX the you, Tranche relates of MISO X otherwise, then in to assigned those project reason projection XXXX can our to And and projects, one possible. they're are as or tranche that to for that there There's part XXXX the Tranche we us. projects, they're we'll space period, project annual of between really they're Tranche soon are are X.X today. once so one X of in be the current is place as to the that can't projects, ongoing approved overlap, always XXXX We X-year looking that we'll through benefit approved some those, outside

space. in spending transmission and in And so continue those be growth to the overall foundational our

respect it, I talked only about The pipeline, the projects, might this, you to with Brian if to the LRTP $XX I billion think billion mean, there about we've in about ]. thing add is $X [

X, tranche. out. projects. there of we the this ] eligible competitive to ended about going this obviously then [ you assigned $X.X $X.X they're $XXX we'll which roll were on those gets But million And the think [ X.X variation but had ultimately what ] Tranche up some So see into have if was where billion Tranche will, there's X.X, you settling billion Alta assigned, projects. they then the again, competitive,

math, pretty there with you And see just $X to the mean, easily. I'm you kind that associated if think about so the I of getting you want billion, can giving pipeline

And XXXX any the bills just involved as or towards in will update. Great. posed as this Ameren I any need might as legislative how also think to tie IRP proposed into I December, generation the review, you look generation, session, that maybe it's Okay. we expediting ROFR be your XXXX or, be Missouri whether gas-fired active or February expanding for which would, guess, I PISA, think, early

advocating the are covered to assets, session, we extending which those the are PISA to did of Look, done to of expansion Yes. able an to along generation get rather to later on refusal just lines, again, projects continue transmission key sure benefit about we've Last reliable in very cover logical. here date to all were those it course, as IRP. We think right and our well was to included making sunset considerations got assets first our that legislation cost because, things power date for low-cost in some than for be advocate ratios, and transmission incremental that they're great power, potential building and a overlapped PISA make on sure later, as think of generation region. that of the a are got we critical duration the sooner these I -- talk to they've

affordable, economic to going meet able is resources we've creation things be things of got be key reliable, prospective and could portfolio job focus strong, making on. And state focus of variety a as then to that to sure on the sense customers. needs energy development, that balanced we my be we are other that considered that those a as on So be there'll of

towards So certainly that move all legislative next as considering we session. be things those of

from The line next of the David comes with Research. Wolfe question Paz

a if ask just cover how customers on elaborate may customer large policymakers and potential then potential of the transpire. helps maybe it this, entail directly, they [ that of facilitating Could some You maybe just generation ] discussions [ I regulators load are hit differently. and let but how little like those are? agreements they type with these me on ]

Yes. Yes. Good question.

serve We where that integrated we incremental think vertically thoughtful of what the of we're at needed We've to last to be additional with specifically look respect some XXX to construction these consider this going generation. as to be load. resources announced the the them. But with forecasts to as I grow, our of resources. additional agreements, potential load on the load been call load we mentioned we available and serve might in be incremental Missouri, some have need got own able megawatts that's to about to we're resources growth,

the integrated to there. And parties our terms investments with plan customers, it's under when we'll yes, ] as cost, to I through thoughts And to consideration incremental need to think our be that's incremental what going clarity these in our all costs That's think we [ appropriate all so fairly. are now. will additional about we need customers that we apportion more we year. just be that be of the through resource think as that of including made updating about the treated to early so respect of serve And think to plan trying something work then think file, will that next through it deliver

consideration, an the months. are that's think coming the ongoing with So some ongoing expand of I over some that here. those entities dialogue conversations And looking of to the will continue

Yes, David, it's Manuel.

talked that to the And of were mean, step really these that adding part additional opportunities need Marty some right in what a generation going that's scenarios I top again need on whether load is we began obvious, that we certainly that's file we're about we of evaluating bit that some take is various this to these that. Castle have generation to team this Obviously, evaluation to today. our if long, we closing. and as growth to under the earlier, add transition in see less exactly against IRP trying pointing of and out match then Bluff up we And link plants direction. right? Just had historically obviously, And

cycle, mean battery IRP, can we're said, the Can forward be we've when pull we'll see we and look, in looking might forward. gas-fired the about say IRP. renewable you Can would As mean generation. technology? I we pull we need forward? evaluating. this, to updating there we just that yes, look I that resources additional these elements at storage cycle move some some got you our add those combined at we as I that simple Michael think elements are we had

based guidance? were on anticipate to you then quickly, consistent you 'XX of February gave That Okay. growth you sense. 'XX EPS be makes that just And do in off

we'll sort our whatever midpoint I is [ case, that 'XX that's update of $X.XX this in historical that practice, for on it's mean David, that that based ]. or been

would that So the be expectation.

from comes with Nick line question next the of Barclays. Campanella And the

guide that? off solid up. versus a up which earlier ATM? kind I'll in term But the Or [ into programmatically is try would impact going of going your to next financial mechanisms then you near you that And the going of kind your on equity ] is you the little confidence late, just still I long kind other How do repeat. a term got around of here, 'XX plan? needs, year, of lean much capital not as contemplate gave capital clearly, is

spent And we're I there, this so about just perspective, a that time continue Nick, of of a number just in mean, to factors terms think for Michael IRP. we've mean, and about billion capital here. $XX.X I right? some I out talking the Yes, talked updating from that's

planning $XXX and financing million that to focused piece. here there with put And largely And we come ] speak, we'll $XXX we're we're out plan done. as and for the going that perspective, that's that's through got done of so that capital in out XXXX, today, the on process we last about final starting process, what on February. From touches I million going [ still the our that. to 'XX $XXX in stands Got the that putting through that February a typical lean million.

a for talked on the us financing we've about We of In S&P, XX. bit metric margin at downgrade the they assumptions, are, BaaX, of is our S&P, threshold this. threshold we've terms of ongoing where there. BBB+, XX like got quite ratings

you one would a financing we And assumption -- want sort of put assume should that's out continue point. so standpoint, at we'll from I what to there the this

so of equity consolidated maintaining where and is XX%, ratio that which today. those is it around And

happened. that there that with in I the appreciate today. some is considerations plant just election investments maybe I some that. believe And EPA-driven then just

Just around transferability kind of you any do how can your -- if the of have cash quantify And that think then clarify new you of you also kind would could candidate? and positioning the of change you flow plan?

-- I Yes. Well, think the election the happened. obviously, just

things great about to keep don't the for I our all benefit the for focus didn't maximize going sure probably you be we to as of in rates. priorities significant election most our area company working of through the on customers as development to Well, company, that focus and of policy. the certainly of you policies of those know, seeking mean, our making that flow think that, is the I increases of out investments in with is and maximize directly and this. when advocating strategy I for decreases And before, make as to ask federal one of infrastructure communities. taxes election our look, tax benefit going I policymakers mentioned fully a is to in And rate-regulated be around customers' we coming the our the communities mind change. we're our and overall, great value. And the course, energy economic opportunities think about think

tax things rates. customer that tax value effects things So rate, income credits, have meaningful the the pretty corporate of like those are on our

that do is an positive expect sense build a it's to leadership, tax a be IRA. in these with customers from think less going conversation clean going I that's there's I And to be see And around So perspective. be we likely my in for Republican energy a of corporate taxes. our increase provisions certainly some the

think the take I with we, expectation our benefits. the and approach is customer surgical engage considerations on to policymakers probably of to that some direct IRA industry, adjustments a given in Republicans the all so my we'll will And

say tax I'd specifically, the around nuclear and benefits wind. the battery meaningful storage, credits solar, us, For most of

of And thinking are be the those about. some things so we'll

to value those important we our mentioned all importance and billion of we'll those of of have we $X.X of transferability, make those, a IRP on about record, are policymakers the of credits sure tax too. Frankly, us, is filed, tax our certainly on based in to You customers aware transferability value have of alone. that credits positive things that Missouri

that's period, XX-year So XX-year a about benefit, and in significant it's over IRP. a next period our the

in that with that sure So to and benefits that that end ] policymakers, let's that engage technologies whatever some facts make our you have And continue have know should least we appropriate those and of we [ embedment adopt our whatever from at are reliability of a we expect as as there. make for the of they customers. are they're to they aware at decide system that we're the those we or the day, and affordability perspective going we're new the out to think

So I think election. of the those the points are biggest

rules. EPA You mentioned

respect are rules, those proposed stand rules natural as as administration change plans some But that they it EPA are EPA's be in we will CapEx the them gas. what storage rules through with rules carbon those we'll in happens the mind, through of working rules see I courts. the personally And I I do given the and as provisions with of think that other don't those way I on and go legislature. have capture and my today. with change that we with see to to in think respect expect the a to are their those gas changing. co-firing stayed in our hand, sort and respect flawed greenhouse The that today, ultimately in

would So other comments. those Any my be you? from questions

See say you Florida. in And would answered I that you it. appreciate question the X-part well. thanks. I very

You bet.

and Ladies Marty question-and-answer remarks. call this Lyons our concludes for turn gentlemen, back I'll closing the session. to

Terrific.

for joining us you Thank today. Okay. all

year can forward As focused strong, many very week. look remain closing we conference tell, you on you the and seeing at the of next we to absolutely

day. much, thank you great very everybody, again, have So a and

This concludes today's conference.

time. this rest at lines your disconnect the may Enjoy day. You of your