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2009 EARNINGS GUIDANCE UPDATED

ST. LOUIS, Mo., May 1 /PRNewswire-FirstCall/ -- Ameren Corporation (NYSE: AEE) today announced first quarter 2009 net income in accordance with generally accepted accounting principles (GAAP) of $141 million, or 66 cents per share, compared to first quarter 2008 GAAP net income of $138 million, or 66 cents per share. Excluding the effects of mark-to-market activity and the 2007 Illinois electric rate relief settlement in each year, Ameren recorded first quarter 2009 core (non-GAAP) net income of $114 million, or 54 cents per share, compared to first quarter 2008 core (non-GAAP) net income of $134 million, or 64 cents per share.

    A reconciliation of GAAP to core (non-GAAP) earnings per share is as
follows:



                                                               First Quarter
                                                               2009     2008
    GAAP earnings per share                                   $0.66    $0.66
          Illinois electric rate relief settlement, net        0.02     0.03
          Mark-to-market activity, net                        (0.14)   (0.05)
    Core (non-GAAP) earnings per share                        $0.54    $0.64

The decline in core (non-GAAP) earnings per share in the first quarter of 2009, versus the same period in 2008, was principally due to lower electric and gas sales volumes, higher fuel and related transportation prices, the impact of a severe winter ice storm and the effect of gas rate redesign in the Illinois regulated utility segment. The items noted above more than offset the benefit to earnings of new utility service rates in Illinois, effective October 1, 2008, and in Missouri, effective March 1, 2009, among other factors.

"Despite the challenges of the current economic downturn, we remain focused on executing our strategy," said Thomas R. Voss, president and chief executive officer of Ameren Corporation. "That strategy calls for prudently investing in our regulated businesses to meet our customers' needs and expectations, achieving constructive regulatory frameworks and returns and optimizing our non-rate-regulated generating assets. I expect execution of this strategy will position us to deliver solid, long-term shareholder value."

In the first quarter of 2009, milder weather and the absence of a leap day contributed to a 6% decline in kilowatthour sales to residential customers and a 2% sales decline to commercial customers, compared to the year-ago quarter. Absent these factors, Ameren estimates that first quarter 2009 residential and commercial kilowatthour sales each declined a more modest 1%, versus the year-ago period. The weak economy significantly impacted industrial electric sales. They declined 13% from the year-ago quarter, excluding the impact of reduced demand from AmerenUE's largest customer, the Noranda Aluminum, Inc., smelter plant in New Madrid, Missouri. Noranda's plant sustained damage because of a power interruption on non-Ameren-owned power lines during a severe January ice storm. This loss of operating capacity at Noranda is expected to last through much of 2009.

At the non-rate-regulated generation segment, first quarter 2009 earnings were relatively flat, with those of the year-ago quarter. These 2009 results reflected proactive forward sales of 2009 generation in prior years at higher-than-current market prices.

2009 Earnings Guidance

Ameren also announced today that it updated its expectations for full-year 2009 earnings. GAAP earnings for 2009 are now expected to be in the range of $2.63 to $2.98 per share, down from the prior $2.68 to $3.08, and core (non-GAAP) earnings are now expected to be in the range of $2.70 to $3.05 per share, down from the prior $2.75 to $3.15 per share. An estimated 7 cents per share negative impact in 2009 from the 2007 settlement agreement among parties in Illinois to provide comprehensive electric rate relief and customer assistance is excluded from core (non-GAAP) earnings guidance. Any net unrealized mark-to-market gains or losses will impact 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. The updated GAAP and core (non-GAAP) guidance include the effects of a severe January 2009 winter storm, including an estimate of the related full-year impact of reduced electric margins due to the loss of operating capacity at the Noranda Aluminum smelter plant. The prior earnings guidance, which was issued in mid-February, had excluded these storm-related impacts.

In addition to incorporating the severe storm costs and the estimated impact on electric margins of the related Noranda outage, the revised earnings guidance is also based on higher expected financing costs for new credit facilities and lower expected sales to industrial customers than had been included in the prior guidance. These negatives are offset, in part, by higher expected long-term sales for resale.

Ameren expects its business segments to provide the following contributions to full year 2009 core (non-GAAP) earnings per share:

    Missouri Regulated                                        $1.15 - $1.25
    Illinois Regulated                                         0.40 -  0.50
    Non-rate-regulated Generation                              1.15 -  1.30
    2009 Core (Non-GAAP) Earnings Guidance Range              $2.70 - $3.05

Ameren's earnings guidance for 2009 assumes normal weather 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 Operations Earnings

Core (non-GAAP) earnings in the first quarter of 2009 were $6 million, down from $45 million in the first quarter of 2008. This decline was primarily due to lower native load electric sales reflecting the weak economy, milder weather, the outage at the Noranda Aluminum smelter, as well as lower margins on electric off-system sales. In addition, there were higher distribution system reliability expenses, including storm costs, higher fuel and related transportation costs and a 12-day unscheduled outage at the Callaway Nuclear Plant. The above negatives were offset, in part, by new, higher electric rates, effective March 1, 2009. Missouri regulated operations recorded GAAP earnings in the first quarter of 2009 of $23 million, $29 million less than in the first quarter of 2008. In addition to the items noted above, this GAAP earnings decrease was reduced by net unrealized mark-to-market activity.

Illinois Regulated Operations Earnings

Core (non-GAAP) earnings in the first quarter of 2009 were $25 million, up from $18 million in the first quarter of 2008. This increase was primarily due to new, higher electric and natural gas delivery service rates, effective October 1, 2008. The increase was offset, in part, by lower electric and natural gas sales, reflecting the weak economy and milder weather and the previously discussed seasonal gas rate redesign. Effective October 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 some revenues from the first quarter to other quarters with no expected impact on full-year earnings. Illinois regulated operations recorded GAAP earnings in the first quarter of 2009 of $25 million, up $9 million from the first quarter of 2008. In addition to the items noted above, this GAAP earnings increase was primarily due to lower costs in 2009 related to the 2007 Illinois electric settlement agreement.

Non-rate-regulated Generation Operations Earnings

Core (non-GAAP) earnings in the first quarter of 2009 were $85 million, versus $80 million in the first quarter of 2008. This increase in earnings was mainly driven by higher realized margins reflecting proactive forward sales of 2009 generation in prior years and lower plant operations and maintenance expenses. These positives were partly offset by higher fuel and related transportation prices, among other things. GAAP earnings from non-rate-regulated generation operations in the first quarter of 2009 were $93 million, compared to $78 million in the first quarter of 2008. In addition to the items noted above, this increase in GAAP earnings was driven by higher net unrealized mark-to-market gains and lower costs related to the 2007 Illinois electric settlement agreement.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9:00 a.m. Central Time on Friday, May 1, to discuss first quarter 2009 earnings and other matters. Investors, the news media and the public may listen to a live Internet broadcast of the call at www.ameren.com by clicking on "Q1 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 May 1 through May 7, by dialing, U.S. (800) 406-7325; international (303) 590-3030 and entering the number: 4053513#.

About Ameren

With assets of $23 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 16,400 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 and net mark-to-market gains or losses. 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 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;
    --  weather conditions and other natural phenomena, including impacts on
        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;
    --  recoverability through insurance of costs associated with AmerenUE's
        Taum Sauk pumped-storage hydroelectric plant incident;
    --  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 have a negative financial effect;
    --  labor disputes, 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)

                                                       March 31,  December 31,
                                                         2009         2008

                         ASSETS
    Current Assets:
              Cash and cash equivalents                   $304          $92
              Accounts receivable - trade, net             554          502
              Unbilled revenue                             247          427
              Miscellaneous accounts and notes
               receivable                                  318          292
              Materials and supplies                       657          842
              Mark-to-market derivative assets             324          207
              Current portion of regulatory assets         159           79
              Other current assets                         194          153
                  Total current assets                   2,757        2,594
    Property and Plant, Net                             16,781       16,567
    Investments and Other Assets:
              Nuclear decommissioning trust fund           223          239
              Goodwill                                     831          831
              Intangible assets                            160          167
              Regulatory assets                          1,682        1,653
              Other assets                                 637          606
                  Total investments and other assets     3,533        3,496
    TOTAL ASSETS                                       $23,071      $22,657

                 LIABILITIES AND EQUITY
    Current Liabilities:
              Current maturities of long-term debt        $380         $380
              Short-term debt                              997        1,174
              Accounts and wages payable                   519          813
              Taxes accrued                                 83           54
              Interest accrued                             167          107
              Mark-to-market derivative liabilities        273          155
              Other current liabilities                    462          380
                  Total current liabilities              2,881        3,063
    Long-term Debt, Net                                  6,900        6,554
    Deferred Credits and Other Liabilities:
              Accumulated deferred income taxes, net     2,159        2,131
              Accumulated deferred investment tax
               credits                                      97          100
              Regulatory liabilities                     1,296        1,291
              Asset retirement obligations                 412          406
              Pension and other postretirement
               benefits                                  1,514        1,495
              Other deferred credits and liabilities       539          438
                  Total deferred credits and other
                   liabilities                           6,017        5,861
    Ameren Corporation Stockholders'
     Equity:
              Common stock                                   2            2
              Other paid-in capital, principally
               premium on common stock                   4,812        4,780
              Retained earnings                          2,241        2,181
              Accumulated other comprehensive income         6            -
                  Total Ameren Corporation
                   stockholders' equity                  7,061        6,963
    Noncontrolling Interests                               212          216
                  Total equity                           7,273        7,179

    TOTAL LIABILITIES AND EQUITY                       $23,071      $22,657



                             AMEREN CORPORATION (AEE)
                        CONSOLIDATED STATEMENT OF INCOME
                (Unaudited, in millions, except per share amounts)

                                                                Three Months
                                                                   Ended
                                                                  March 31,
                                                                2009    2008

    Operating Revenues:
              Electric                                        $1,395  $1,469
              Gas                                                521     612
                  Total operating revenues                     1,916   2,081

    Operating Expenses:
              Fuel                                               274     302
              Purchased power                                    233     287
              Gas purchased for resale                           383     459
              Other operations and maintenance                   421     430
              Depreciation and amortization                      174     169
              Taxes other than income taxes                      110     113
                  Total operating expenses                     1,595   1,760
    Operating Income                                             321     321

    Other Income and Expenses:
              Miscellaneous income                                16      19
              Miscellaneous expense                               (4)     (4)
                  Total other income                              12      15

    Interest Charges                                             118     100

    Income Before Income Taxes                                   215     236

    Income Taxes                                                  70      87

    Net Income                                                   145     149

      Less:  Net Income Attributable to Noncontrolling
       Interests                                                   4      11

    Net Income Attributable to Ameren Corporation               $141    $138

    Earnings per Common Share - Basic and Diluted              $0.66   $0.66


    Average Common Shares Outstanding                          212.7   208.7



                             AMEREN CORPORATION (AEE)
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                             (Unaudited, in millions)
                                                                 Three Months
                                                                    Ended
                                                                   March 31,
                                                                  2009  2008
    Cash Flows From Operating Activities:
        Net income                                                $145  $149
        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                 (51)  (16)
            Depreciation and amortization                          176   180
            Amortization of nuclear fuel                            12    11
            Amortization of debt issuance costs and premium/
             discounts                                               4     5
            Deferred income taxes and investment tax credits, net   32    23
            Other                                                   (1)   (1)
            Changes in assets and liabilities:
                Receivables                                        119   (52)
                Materials and supplies                             185   179
                Accounts and wages payable                        (245)  (80)
                Taxes accrued, net                                  29     4
                Assets, other                                       45    63
                Liabilities, other                                 128    44
                Pension and other postretirement benefits           36    22
                Counterparty collateral, net                       (53)  (88)
                Taum Sauk costs, net of insurance recoveries       (24) (112)
    Net cash provided by operating activities                      537   329

    Cash Flows From Investing Activities:
        Capital expenditures                                      (424) (420)
        Nuclear fuel expenditures                                   (3) (102)
        Purchases of securities - nuclear decommissioning
         trust fund                                               (203)  (89)
        Sales of securities - nuclear decommissioning
         trust fund                                                200    86
        Purchases of emission allowances                            (2)   (2)
    Net cash used in investing activities                         (432) (527)

    Cash Flows From Financing Activities:
        Dividends on common stock                                  (82) (133)
        Capital issuance costs                                      (3)    -
        Dividends paid to noncontrolling interest holders           (8)  (10)
        Short-term debt, net                                      (177)  145
        Redemptions, repurchases, and maturities of long-
         term debt                                                   -   (19)
        Issuances:
            Common stock                                            28    46
            Long-term debt                                         349     -
    Net cash provided by financing activities                      107    29

    Net change in cash and cash equivalents                        212  (169)
    Cash and cash equivalents at beginning of year                  92   355

    Cash and cash equivalents at end of period                    $304  $186



                             AMEREN CORPORATION (AEE)
                         CONSOLIDATED OPERATING STATISTICS

                                                           Three Months Ended
                                                                March 31,
                                                           2009          2008

    Electric Sales - kilowatthours (in millions):
    Missouri Regulated
      Residential                                         3,697         3,978
      Commercial                                          3,473         3,523
      Industrial                                          1,629         2,278
      Other                                                 176           184
        Native load subtotal                              8,975         9,963
      Off-system sales                                    3,250         3,111
        Subtotal                                         12,225        13,074

    Illinois Regulated
      Residential
        Generation and delivery
         service                                          2,948         3,082
      Commercial
        Generation and delivery
         service                                          1,369         1,442
        Delivery service only                             1,490         1,515
      Industrial
        Generation and delivery
         service                                            113           335
        Delivery service only                             2,604         2,867
      Other                                                 137           146
        Native load subtotal                              8,661         9,387

    Non-rate-regulated Generation
      Non-affiliate energy sales                          5,545         6,387
      Affiliate native energy sales                       1,275         1,761
        Subtotal                                          6,820         8,148

    Eliminate affiliate sales                            (1,275)       (1,761)
    Eliminate Illinois Regulated/Non-rate-regulated
     Generation common customers                         (1,305)       (1,250)

        Ameren Total                                     25,126        27,598

    Electric Revenues (in millions):
    Missouri Regulated
      Residential                                          $209          $218
      Commercial                                            167           165
      Industrial                                             59            76
      Other                                                  11            28
        Native load subtotal                                446           487
      Off-system sales                                      133           154
        Subtotal                                            579           641

    Illinois Regulated
      Residential
        Generation and delivery
         service                                            279           258
      Commercial
        Generation and delivery
         service                                            134           134
        Delivery service only                                21            17
      Industrial
        Generation and delivery
         service                                              1            27
        Delivery service only                                 8             7
      Other                                                  51            88
        Native load subtotal                                494           531

    Non-rate-regulated
     Generation
      Non-affiliate energy sales                            304           317
      Affiliate native energy sales                         116           118
      Other                                                  32            15
        Subtotal                                            452           450

    Eliminate affiliate revenues                           (130)         (153)
        Ameren Total                                     $1,395        $1,469



                             AMEREN CORPORATION (AEE)
                         CONSOLIDATED OPERATING STATISTICS

                                                           Three Months Ended
                                                                March 31,
                                                           2009          2008

    Electric Generation - megawatthours
     (in millions):
    Missouri Regulated                                     12.3          12.9
    Non-rate-regulated Generation
      Ameren Energy Generating
       Company (Genco)                                      3.4           4.4
      AmerenEnergy Resources Generating
       Company (AERG)                                       1.4           1.7
      Electric Energy, Inc. (EEI)                           1.9           2.0
      AmerenEnergy Medina Valley
       Cogen, L.L.C.                                        0.1           0.1
        Subtotal                                            6.8           8.2
        Ameren Total                                       19.1          21.1

    Fuel Cost per kilowatthour (cents)
      Missouri Regulated                                  1.328         1.231
      Non-rate-regulated Generation                       1.957         1.900

    Gas Sales - decatherms (in thousands)
      Missouri Regulated                                  5,437         6,208
      Illinois Regulated                                 43,141        50,783
      Other                                               2,093           638
        Ameren Total                                     50,671        57,629

    Net Income (Loss) by Segment (in
     millions):
      Missouri Regulated                                    $23           $52
      Illinois Regulated                                     25            16
      Non-rate-regulated Generation                          93            78
      Other                                                   -            (8)
        Ameren Total                                       $141          $138

                                                        March 31, December 31,
                                                          2009         2008
    Common Stock:
      Shares outstanding (in millions)                    213.4         212.3
      Book value per share                               $33.08        $32.80

    Capitalization Ratios:
      Common equity                                        46.3%         45.9%
      Preferred stock of subsidiaries                       1.3%          1.3%
      Debt, net of cash                                    52.4%         52.8%

SOURCE Ameren Corporation
CONTACT:
media, Susan Gallagher, +1-314-554-2175, sgallagher@ameren.com
or analysts, Doug Fischer, +1-314-554-4859, dfischer@ameren.com
or investors, Investor Services, 1-800-255-2237, invest@ameren.com, all of Ameren Corporation
Web Site: http://www.ameren.com