- Earnings Decline on Milder Weather, Higher Fuel and Reliability Costs
- 2008 EPS Guidance Range Narrowed
- New Electric and Gas Distribution Rates Authorized in Illinois
- Available Liquidity Remains Solid
ST. LOUIS, Nov. 4 /PRNewswire-FirstCall/ -- Ameren Corporation (NYSE: AEE)
today reported third quarter 2008 net income in accordance with generally
accepted accounting principles (GAAP) of $204 million, or 97 cents per share,
compared to third quarter 2007 GAAP net income of $244 million, or $1.18 per
share. Excluding certain items in each year, Ameren recorded third quarter
2008 core (non-GAAP) net income of $246 million, or $1.17 per share, compared
to third quarter 2007 core (non-GAAP) net income of $277 million, or $1.33 per
share.
Core (non-GAAP) earnings per share in the third quarter of 2008 were lower
than core (non-GAAP) earnings per share in the same period in 2007. The
negative impacts of milder summer weather, higher fuel prices and increased
spending on utility distribution system reliability, among other things, more
than offset the positive impacts of higher electric margins from non-rate-
regulated generation operations and the timing benefit of seasonally
redesigned electric rates in Illinois.
The following items are excluded from third quarter 2008 and third quarter
2007 core (non-GAAP) earnings:
-- Net unrealized mark-to-market losses from nonqualifying hedges reduced
third quarter 2008 net income by $36 million as compared to net
unrealized gains of $5 million in the third quarter of 2007. These
unrealized gains and losses primarily related to financial instruments
that were acquired to mitigate the risk of rising diesel fuel price
adjustments embedded in coal transportation contracts for the period
2008 through 2012. The value of nonqualifying hedges will vary over
time based on then current market prices.
-- The net costs associated with the Illinois comprehensive electric rate
relief and customer assistance settlement agreement reached in 2007
reduced net income by $6 million in the third quarter of 2008 as
compared to a reduction of $38 million in the third quarter of 2007.
Net income in accordance with GAAP for the first nine months of 2008 was
$548 million, or $2.61 per share, compared to $510 million, or $2.46 per
share, for the first nine months of 2007. Excluding certain items in each
year, Ameren recorded core (non-GAAP) net income of $525 million, or $2.50 per
share for the first nine months of 2008, compared to core (non-GAAP) net
income of $560 million, or $2.70 per share for the first nine months of 2007.
A reconciliation of GAAP to core (non-GAAP) earnings per share is as follows:
Third Quarter Nine Months
2008 2007 2008 2007
GAAP earnings per share $0.97 $1.18 $2.61 $2.46
Net unrealized
mark-to-market
(gains)/losses 0.17 (0.03) (0.09) (0.03)
Coal contract
settlement
(2009 impact) - - (0.08) -
Severe storms &
accounting order - - (0.04) 0.09
Retroactive federal
regulatory order - - - 0.05
Illinois electric
rate relief
settlement, net 0.03 0.18 0.10 0.13
Core (non-GAAP)
earnings per share $1.17 $1.33 $2.50 $2.70
"As expected, our core earnings for both the third quarter and the first
nine months of 2008 were down from the prior year periods," said Gary L.
Rainwater, chairman, president and chief executive officer of Ameren
Corporation. "Milder summer weather reduced our third quarter 2008 earnings by
an estimated 18 cents per share as temperatures were less extreme than those
experienced during last year's very hot summer. During the third quarter of
2008, cooling degree-days across the Ameren system were 27% lower than during
the third quarter of 2007, leading to declines in weather-sensitive
residential and commercial electricity sales of 16% and 8%, respectively. In
addition, rising costs for fuel and expenditures to improve distribution
system reliability reduced core earnings for the third quarter and the first
nine months of 2008.
"Rising cost pressures, coupled with significant investments in our
utility infrastructure, have required us to seek rate increases for both our
Illinois and Missouri regulated operations. In September, the Illinois
Commerce Commission authorized much needed rate increases for our electric and
gas distribution businesses. The new rates became effective October 1, 2008.
In Missouri, our pending electric rate case is moving forward, and we expect a
decision from the Public Service Commission in late January or in February
2009 with new rates anticipated to be effective March 1, 2009. A constructive
outcome in the Missouri case is critical to our ability to continue to invest
in our infrastructure so that we will be able to meet our customers'
expectations for safe and reliable service, as well as have access to the
capital markets to finance our operations during this highly uncertain period
in the financial markets," added Rainwater.
2008 Earnings Guidance
Ameren also announced today that it has narrowed its expectations for 2008
core (non-GAAP) earnings to be in the range of $2.80 to $3.00 per share,
compared to the prior range of $2.80 to $3.20 per share, primarily because of
lower-than-expected power prices in the second half of the year and mild
summer weather.
Excluded from 2008 core (non-GAAP) earnings guidance is an estimated 12
cents per share negative impact of the Illinois comprehensive electric rate
relief and customer assistance settlement agreement, the 8 cents per share
benefit from a coal contract settlement related to expected 2009 costs, the 4
cents per share positive impact of a Missouri Public Service Commission
accounting order associated with 2007 storm costs and net mark-to-market gains
or losses from nonqualifying hedges.
Ameren also revised the range of contributions its business segments are
expected to provide to 2008 core (non-GAAP) earnings per share. The revised
expected contributions are as follows:
Missouri Regulated $1.17 - $1.25
Illinois Regulated 0.20 - 0.25
Non-rate-regulated Generation 1.43 - 1.50
2008 Core (Non-GAAP) Earnings Guidance Range $2.80 - $3.00
Further, Ameren adjusted its expectations for 2008 GAAP earnings to be in
the range of $2.80 to $3.00 per share versus the prior range of $2.80 to $3.20
per share. The change corresponds to the revised core (non-GAAP) earnings
guidance range. Any net unrealized mark-to-market gains or losses from
nonqualifying hedges 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 gains or losses due to the volatility of markets.
Ameren's guidance for 2008 assumes normal fourth quarter weather and is
subject to, among other things, regulatory decisions and legislative actions,
plant operations, energy and capital 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
Core (non-GAAP) earnings in the third quarter of 2008 were $141 million,
compared to $178 million in the third quarter of 2007. The decline in core
(non-GAAP) earnings was primarily due to much cooler summer weather in the
third quarter of 2008 compared to the very hot weather in the year ago period,
as well as due to higher fuel prices in the third quarter of 2008. GAAP
earnings in the third quarter of 2008 were $98 million, or $80 million lower
than in the third quarter of 2007. In addition to the items noted above, this
decrease was primarily due to net unrealized mark-to-market losses from
nonqualifying hedges of future fuel transportation costs. The value of the
nonqualifying hedges will fluctuate over time based on then current market
prices.
Illinois Regulated Operations
In the third quarter of 2008, Illinois regulated operations core (non-
GAAP) earnings were $17 million compared to $8 million in the third quarter of
2007. The increase reflects the earnings benefit of $23 million from
seasonally redesigned electric rates. Over the course of the full year, this
rate redesign is not expected to have any net impact on earnings. Third
quarter 2008 earnings were negatively impacted versus the year-ago period by
much cooler summer weather, increased distribution system reliability spending
and higher bad debt expenses, among other items. Illinois regulated operations
recorded GAAP earnings in the third quarter of 2008 of $13 million, compared
to a loss of $8 million in the third quarter of 2007. In addition to the items
noted above, this difference was driven primarily by the cost of the Illinois
comprehensive electric rate relief and customer assistance settlement
agreement, which reduced earnings in the third quarter of 2008 and 2007.
Non-rate-regulated Generation Operations
Core (non-GAAP) earnings in the second quarter of 2008 were $98 million,
or $8 million higher than in the third quarter of 2007. The increase in core
(non-GAAP) earnings was primarily driven by higher realized electric margins
due, in part, to improved plant operations. GAAP earnings in the third quarter
of 2008 were $108 million, compared with $71 million in the third quarter of
2007. In addition to the item noted above, this change was driven by net
unrealized mark-to-market gains primarily related to nonqualifying hedges of
changes in electricity prices in the third quarter of 2008, and the cost of
the Illinois comprehensive electric rate relief and customer assistance
settlement agreement in the third quarter of 2007.
Commentary on Available Liquidity and Capital and Credit Markets
"The global financial markets have experienced extreme volatility and
disruption in 2008, and, in particular, since early September. This disruption
has led to major financial institutions coming under financial duress,
significant strains in the credit markets, deteriorating economic conditions
and steep declines in stock prices. The United States government and
governments around the world have established programs to strengthen the
global financial system. We are encouraged by these efforts and believe that,
in time, these efforts will benefit the financial markets. However, in the
interim, these events have impacted our company and we believe they will
continue to impact us through 2009 and perhaps longer," said Rainwater.
"Our management team remains sharply focused on providing our customers
with safe and reliable electric and gas service, as well as complying with
federal and state environmental, reliability, and other regulations. We are
balancing these operational objectives with the need to proactively manage our
finances in these highly volatile and uncertain markets.
"At October 31, 2008, our available liquidity, which represents our cash
on hand and amounts available under our credit facilities, stood at
approximately $1.45 billion, up about $550 million from this same time last
year. Despite this solid liquidity position, we are reducing 2009 operating
and capital expenditures in our non-rate regulated generation business by a
total of $400 million to $500 million. Operating and capital expenditures in
2009 for this business will be approximately $300 million to $400 million
below 2008 levels. Other meaningful capital expenditure deferral and
reduction opportunities are also under review throughout the rest of our
business.
"Looking ahead, we will remain focused on prudently managing our
operations and maintaining strong overall liquidity to meet our operating,
capital and financing needs, as well as executing our long-term strategic
plans to enhance shareholder value above current depressed levels, which I
believe do not reflect the strong underlying value of our company," added
Rainwater.
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at 9:00 a.m.
Central Time on Tuesday, Nov. 4, to discuss 2008 third quarter 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 "Q3 2008
Ameren Corporation Earnings Conference Call," then the appropriate audio link.
An accompanying slide presentation will also 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. Telephone playback of the conference call will
also be available beginning at approximately noon Central Time, from Nov. 4
through Nov. 11, by dialing, U.S. (800) 405-2236; international (303) 590-3000
and entering the number: 11121637#.
About Ameren
With assets of approximately $21 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: costs related to severe January 2007 storms, the
earnings impact of the settlement agreement among parties in Illinois for
comprehensive electric rate relief and customer assistance, the reversal of
accruals made in 2006 for low-income energy assistance and energy efficiency
program funding commitments in Illinois, a March 2007 Federal Energy
Regulatory Commission order, which retroactively adjusted prior years'
regional transmission organization costs, net mark-to-market gains or losses
from nonqualifying hedges, the estimated minimum benefit of an accounting
order from the Missouri Public Service Commission associated with 2007 storm
costs and the 2008 lump-sum payment from a coal supplier for expected higher
fuel costs in 2009 as a result of the premature closure of a mine and
termination of a contract. 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 certain items, such as the ultimate earnings impact of the
Missouri Public Service Commission storm cost-related order, or net mark-to-
market gains or losses from nonqualifying hedges.
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, such as the outcome of the
pending Union Electric Company rate proceeding or future legislative
actions that seek to limit or reverse rate increases;
-- uncertainty as to the effect of implementation of the Illinois
comprehensive electric rate relief and customer assistance settlement
agreement on Ameren, Central Illinois Public Service Company, Central
Illinois Light Company and Illinois Power Company (the Ameren Illinois
Utilities), Ameren Energy Generating Company and AmerenEnergy
Resources Generating Company, including implementation of a new 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 Union Electric Company
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;
-- 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, more difficult or 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;
-- the impact of system outages caused by severe weather conditions or
other events;
-- generation plant construction, installation and performance, including
costs associated with Union Electric Company's Taum Sauk pumped-
storage hydroelectric plant incident and the plant's future operation;
-- recoverability through insurance of costs associated with Union
Electric Company's Taum Sauk pumped-storage hydroelectric plant
incident;
-- operation of Union Electric Company'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
introduced 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 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)
September 30, December 31,
2008 2007
ASSETS
Current Assets:
Cash and cash equivalents $206 $355
Accounts receivable - trade, net 506 570
Unbilled revenue 262 359
Miscellaneous accounts and notes receivable 291 280
Materials and supplies 956 735
Other current assets 326 181
Total current assets 2,547 2,480
Property and Plant, Net 15,977 15,069
Investments and Other Assets:
Nuclear decommissioning trust fund 269 307
Goodwill 831 831
Intangible assets 167 198
Regulatory assets 1,122 1,158
Other assets 566 685
Total investments and other assets 2,955 3,179
TOTAL ASSETS $21,479 $20,728
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt $269 $221
Short-term debt 1,407 1,472
Accounts and wages payable 509 687
Taxes accrued 128 84
Other current liabilities 605 438
Total current liabilities 2,918 2,902
Long-term Debt, Net 6,143 5,691
Preferred Stock of Subsidiary Subject
to Mandatory Redemption - 16
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net 2,072 2,046
Accumulated deferred investment tax credits 102 109
Regulatory liabilities 1,291 1,240
Asset retirement obligations 583 562
Accrued pension and other postretirement
benefits 741 839
Other deferred credits and liabilities 367 354
Total deferred credits and other
liabilities 5,156 5,150
Preferred Stock of Subsidiaries Not
Subject to Mandatory Redemption 195 195
Minority Interest in Consolidated Subsidiaries 24 22
Stockholders' Equity:
Common stock 2 2
Other paid-in capital, principally
premium on common stock 4,731 4,604
Retained earnings 2,259 2,110
Accumulated other comprehensive income (loss) 51 36
Total stockholders' equity 7,043 6,752
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $21,479 $20,728
AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF INCOME
(Unaudited, in millions, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
Operating Revenues:
Electric $1,928 $1,872 $4,944 $4,855
Gas 132 125 987 895
Total operating revenues 2,060 1,997 5,931 5,750
Operating Expenses:
Fuel 461 338 963 864
Coal contract settlement - - (60) -
Purchased power 371 419 964 1,106
Gas purchased for resale 73 68 697 622
Other operations and maintenance 449 417 1,340 1,230
Depreciation and amortization 180 176 534 534
Taxes other than income taxes 98 97 300 295
Total operating expenses 1,632 1,515 4,738 4,651
Operating Income 428 482 1,193 1,099
Other Income and Expenses:
Miscellaneous income 23 20 61 53
Miscellaneous expense (10) (9) (23) (19)
Total other income 13 11 38 34
Interest Charges 113 110 331 316
Income Before Income Taxes, Minority
Interest and Preferred
Dividends of Subsidiaries 328 383 900 817
Income Taxes 113 130 319 279
Income Before Minority Interest and
Preferred Dividends of Subsidiaries 215 253 581 538
Minority Interest and Preferred
Dividends of Subsidiaries 11 9 33 28
Net Income $204 $244 $548 $510
Earnings per Common Share - Basic and
Diluted $0.97 $1.18 $2.61 $2.46
Average Common Shares Outstanding 210.3 207.6 209.5 207.1
AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, in millions)
Nine Months Ended
September 30,
2008 2007
Cash Flows From Operating Activities:
Net income $548 $510
Adjustments to reconcile net income
to net cash provided by operating
activities:
Gain on sales of emission allowances (2) (7)
Net mark-to-market gain on derivatives (42) (7)
Depreciation and amortization 549 557
Amortization of nuclear fuel 31 26
Amortization of debt issuance costs
and premium/discounts 14 14
Deferred income taxes and investment
tax credits, net 130 18
Minority interest 25 20
Other (2) 10
Changes in assets and liabilities:
Receivables 144 (220)
Materials and supplies (216) (110)
Accounts and wages payable (100) (113)
Taxes accrued, net 44 75
Assets, other 46 58
Liabilities, other 142 151
Pension and other postretirement
benefit obligations 2 67
Counterparty collateral asset (2) (71)
Counterparty collateral liability 2 -
Taum Sauk insurance receivable, net (68) (58)
Net cash provided by operating activities 1,245 920
Cash Flows From Investing Activities:
Capital expenditures (1,316) (1,035)
Nuclear fuel expenditures (161) (39)
Purchases of securities - nuclear
decommissioning trust fund (386) (110)
Sales of securities - nuclear
decommissioning trust fund 360 98
Purchases of emission allowances (2) (12)
Sales of emission allowances 2 5
Other 2 -
Net cash used in investing activities (1,501) (1,093)
Cash Flows From Financing Activities:
Dividends on common stock (399) (395)
Capital issuance costs (9) (3)
Short-term debt, net (65) 590
Dividends paid to minority interest holder (23) (16)
Redemptions, repurchases, and maturities:
Long-term debt (823) (465)
Preferred stock (16) (1)
Issuances:
Common stock 107 71
Long-term debt 1,335 425
Net cash provided by financing activities 107 206
Net change in cash and cash equivalents (149) 33
Cash and cash equivalents at beginning of year 355 137
Cash and cash equivalents at end of period $206 $170
AMEREN CORPORATION (AEE)
CONSOLIDATED OPERATING STATISTICS
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
Electric Sales - kilowatt-hour (in
millions):
Missouri Regulated
Residential 3,708 4,409 10,567 11,123
Commercial 4,020 4,407 11,205 11,280
Industrial 2,502 2,617 6,990 7,244
Other 210 219 606 577
Native 10,440 11,652 29,368 30,224
Non-affiliate interchange sales 2,490 2,219 8,531 7,186
Subtotal 12,930 13,871 37,899 37,410
Illinois Regulated
Residential
Generation and delivery service 3,063 3,624 8,718 9,137
Commercial
Generation and delivery service 1,527 1,839 4,486 5,652
Delivery service only 1,704 1,609 4,555 3,924
Industrial
Generation and delivery service 352 147 1,091 1,383
Delivery service only 2,960 3,317 8,567 8,752
Other 132 140 406 431
Subtotal 9,738 10,676 27,823 29,279
Non-rate-regulated Generation
Non-affiliate energy sales 7,245 6,710 19,560 18,439
Affiliate energy sales 1,441 2,086 4,639 5,663
Subtotal 8,686 8,796 24,199 24,102
Eliminate affiliate sales (1,441) (2,086) (4,639) (5,663)
Eliminate Illinois Regulated/Non-
rate-regulated Generation common
customers (1,278) (1,444) (3,656) (4,488)
Ameren Total 28,635 29,813 81,626 80,640
Electric Revenues (in millions):
Missouri Regulated
Residential $311 $366 $756 $801
Commercial 278 302 673 674
Industrial 125 129 295 308
Other 28 37 97 81
Native 742 834 1,821 1,864
Non-affiliate interchange sales 111 92 409 303
Subtotal 853 926 2,230 2,167
Illinois Regulated
Residential
Generation and delivery service 312 217 825 808
Commercial
Generation and delivery service 177 171 462 532
Delivery service only 22 18 56 37
Industrial
Generation and delivery service 28 23 77 98
Delivery service only 8 7 22 17
Other 73 187 230 285
Subtotal 620 623 1,672 1,777
Non-rate-regulated Generation
Non-affiliate energy sales 460 364 1,057 971
Affiliate native energy sales 99 111 309 351
Other 36 26 84 44
Subtotal 595 501 1,450 1,366
Eliminate affiliate and common
customer sales (140) (178) (408) (455)
Ameren Total $1,928 $1,872 $4,944 $4,855
AMEREN CORPORATION (AEE)
CONSOLIDATED OPERATING STATISTICS
Three Months Nine Months
Ended Ended
September 30, September 30,
2008 2007 2008 2007
Electric Generation - megawatt-hour
(in millions):
Missouri Regulated 13.0 13.6 38.1 37.4
Non-rate-regulated Generation
Ameren Energy Generating Company
(Genco) 4.3 4.7 12.2 12.8
AmerenEnergy Resources Generating
Company (AERG) 1.8 1.3 5.1 3.9
Electric Energy, Inc. (EEI) 2.1 2.0 5.9 5.9
AmerenEnergy Medina Valley Cogen
L.L.C. 0.1 0.1 0.2 0.2
Subtotal 8.3 8.1 23.4 22.8
Ameren Total 21.3 21.7 61.5 60.2
Fuel Cost per kilowatt-hour (cents)
Missouri Regulated 1.378 1.372 1.297 1.245
Non-rate-regulated Generation 1.982 1.810 1.913 1.711
Gas Sales - decatherms (in thousands)
Missouri Regulated 750 862 8,522 7,986
Illinois Regulated 4,662 6,331 69,122 64,857
Other 196 162 1,122 1,598
Ameren Total 5,608 7,355 78,766 74,441
Net Income (Loss) by Segment (in
millions):
Missouri Regulated $98 $178 $272 $263
Illinois Regulated 13 (8) 15 45
Non-rate-regulated Generation 108 71 284 197
Other (15) 3 (23) 5
Ameren Total $204 $244 $548 $510
September 30, December 31,
2008 2007
Common Stock:
Shares outstanding (in millions) 210.9 208.3
Book value per share $33.40 $32.41
Capitalization Ratios:
Common equity 47.4% 48.3%
Preferred stock 1.3% 1.4%
Debt, net of cash 51.3% 50.3%
/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/
