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AMEREN CORP (AEE)

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Ameren Corp : Ameren (NYSE: AEE) Announces First Quarter 2012 Results; 2012 Core (Non-GAAP) Earnings Guidance Range Affirmed

05/04/2012 | 08:05am US/Eastern
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ST. LOUIS, May 4, 2012 /PRNewswire-FirstCall/ -- Ameren Corporation (NYSE: AEE) today announced a first quarter 2012 net loss in accordance with generally accepted accounting principles (GAAP) of $403 million, or $1.66 per share, compared to first quarter 2011 GAAP net income of $71 million, or 29 cents per share. The first quarter 2012 GAAP net loss included a noncash pretax asset impairment charge of $628 million. Excluding this charge and certain other items, Ameren recorded first quarter 2012 core (non-GAAP) net income of $53 million, or 22 cents per share, compared to first quarter 2011 core (non-GAAP) net income of $60 million, or 25 cents per share.

The decrease in first quarter 2012 core (non-GAAP) earnings, compared to first quarter 2011 core (non-GAAP) earnings, primarily reflected lower regulated utility electric and natural gas sales and decreased margins at the merchant generation segment. The decline in utility sales was due to first quarter winter temperatures that were among the warmest on record, compared to somewhat colder than normal temperatures in the first quarter of 2011. The decreased merchant generation margins reflected reduced generation due to lower market prices for electricity. The effects of the above factors were partially offset by increased electric utility rates in Missouri, increased natural gas delivery rates in Illinois and lower non-fuel operations and maintenance expenses, including reduced storm-related costs.

"While first quarter results were negatively affected by unusually warm winter weather, we continue to expect that core earnings will be in the range of $2.20 to $2.50 per share for the year," said Thomas R. Voss, chairman, president and CEO of Ameren Corporation.

"Our first quarter 2012 GAAP results included a noncash write down of our Duck Creek merchant generating energy center as a result of the sharp first quarter 2012 decline in market prices for electricity," added Voss.

The following items were excluded from first quarter 2012 and 2011 core (non-GAAP) earnings, as applicable:

    --  A noncash asset impairment charge related to AmerenEnergy Resources
        Generating Company's Duck Creek Energy Center, which decreased net
        income by $377 million in the first quarter of 2012.
    --  A noncash quarterly reduction in the income tax benefit, recognized in
        conjunction with the asset impairment discussed above, as a result of
        seasonally low first quarter earnings coupled with the requirement to
        recognize income tax expense using the annual estimated effective rate.
        This reduction in the recognized tax benefit decreased net income by $85
        million in the first quarter of 2012 and is projected to fully reverse
        over the balance of this year.
    --  The net effect of unrealized mark-to-market activity, which increased
        net income by $6 million and $11 million in the first quarters of 2012
        and 2011, respectively.

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

                                               First Quarter
                                               -------------
                                                   2012     2011
                                                   ----     ----
    GAAP (loss)/earnings per share               $(1.66)   $0.29
    Asset impairment charge                        1.55       --
    Reduction of tax benefit related to asset
     impairment                                    0.36       --
    and annual estimated effective income tax
     rate
    Gain on net unrealized mark-to-market
     activity                                     (0.03)   (0.04)
    Core (Non-GAAP) earnings per share            $0.22    $0.25

2012 Earnings Guidance

Ameren continues to expect 2012 core (non-GAAP) earnings to be in the range of $2.20 to $2.50 per share. GAAP 2012 earnings are now expected to be in the range of $0.65 to $0.95 per share, compared to the prior range of $2.20 to $2.50 per share, as a result of the previously discussed first quarter 2012 asset impairment charge. Any net unrealized mark-to-market gains or losses will impact GAAP earnings but are excluded from GAAP earnings guidance because the company is unable to reasonably estimate the impact of any such gains or losses. Core (non-GAAP) earnings and guidance also exclude any net unrealized mark-to-market gains or losses.

Ameren expects its businesses to provide the following contributions to 2012 core (non-GAAP) earnings per share:

    Regulated Utilities               $2.15   -  $2.35
    Merchant Generation              0.05   -    0.15
    2012 Core (Non-GAAP)
     Earnings Guidance Range          $2.20   -  $2.50

Ameren's earnings guidance for 2012 assumes normal temperatures for the remaining three quarters of the year. In addition, Ameren's future results are subject to the effects of, among other things, regulatory decisions and legislative actions; energy center operations; energy, economic, and capital and credit market 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.

Ameren Missouri Segment Results

Ameren Missouri segment first quarter 2012 GAAP earnings were $21 million, unchanged from first quarter 2011 GAAP earnings. First quarter 2012 core (non-GAAP) earnings were $20 million, compared to first quarter 2011 core (non-GAAP) earnings of $21 million. The decrease in core (non-GAAP) earnings reflected an 8 percent decline in electric sales to native load customers. These lower sales were due to near record warm winter temperatures, compared to somewhat colder than normal temperatures in the first quarter of 2011. The negative effect of warmer temperatures in the first quarter of 2012 was partially offset by increased electric rates, effective in late July 2011, and lower non-fuel operations and maintenance expenses, including reduced storm-related costs. The GAAP earnings comparison was impacted by the factors mentioned above and a gain from net unrealized mark-to-market activity in the first quarter of 2012.

Ameren Illinois Segment Results

Ameren Illinois segment first quarter 2012 GAAP earnings were $27 million, compared to first quarter 2011 GAAP earnings of $33 million. First quarter 2012 core (non-GAAP) earnings were $26 million, compared to first quarter 2011 core (non-GAAP) earnings of $33 million. The decrease in core (non-GAAP) earnings reflected a 2 percent decrease in electric sales and a 20 percent decrease in natural gas sales due to near record warm winter temperatures, compared to somewhat colder than normal temperatures in the first quarter of 2011. The earnings decrease also reflected a one-time pretax $7.5 million contribution to the Illinois Science & Energy Innovation Trust related to participation in the state's electric delivery formula ratemaking framework. This contribution is not recoverable in rates. The negative effects of these factors were partially offset by the recognition of revenue related to Illinois electric delivery formula ratemaking as well as increased natural gas delivery rates, effective in January 2012. The GAAP earnings comparison was impacted by a gain from net unrealized mark-to-market activity in the first quarter of 2012.

Merchant Generation Segment Results

Merchant generation segment first quarter 2012 GAAP losses were $363 million, compared to first quarter 2011 GAAP earnings of $20 million. Core (non-GAAP) earnings for the first quarter of 2012 were $14 million, compared to first quarter 2011 core (non-GAAP) earnings of $11 million. The increase in core (non-GAAP) earnings reflected a lower effective core income tax rate as a result of lower projected full-year 2012 core earnings, compared to 2011 core earnings. The positive effect of this factor was partially offset by decreased merchant generation margins. These lower margins reflected reduced generation due to lower market prices for electricity. The GAAP earnings comparison was affected by the factors mentioned above and the previously discussed first quarter 2012 asset impairment related to the Duck Creek Energy Center. In addition, net unrealized mark-to-market activity resulted in a lesser gain in the first quarter of 2012, compared to the first quarter of 2011.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Friday, May 4, to discuss first quarter 2012 earnings and other matters. Investors, the news media and the public may listen to a live Internet broadcast of the call at Ameren.com by clicking on "Q1 2012 Ameren Corporation Earnings Conference Call," followed by the appropriate audio link. An accompanying slide presentation will be available on Ameren's website. This presentation will be posted in the "Investors" section of the website under "Webcasts & 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 4 through May 11, by dialing U.S. 877.660.6853 or international 201.612.7415, and entering account number 352 and ID number 392703.

With assets of $23 billion, St. Louis-based Ameren Corporation owns a diverse mix of electric energy centers strategically located in our Midwest market, with a generating capacity of 15,900 megawatts. Through our Missouri and Illinois subsidiaries, we serve 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area. Our mission is to meet our customers' energy needs in a safe, reliable, efficient and environmentally-responsible manner. For more information, visit Ameren.com.

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 exclude one or more of the following: asset impairment charges, reduction of income tax benefit and net unrealized 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 that core (non-GAAP) earnings allow the company to more accurately compare its 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 as a result of our treatment of 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 under Risk Factors in Ameren's Form 10-K for the year ended December 31, 2011, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:

    --  regulatory, judicial, or legislative actions, including changes in
        regulatory policies and ratemaking determinations, such as the outcome
        of Ameren Missouri's and Ameren Illinois' electric rate cases filed in
        2012; the court appeals related to Ameren Missouri's 2010 and 2011
        electric rate orders; Ameren Missouri's fuel and purchased power cost
        recovery mechanism prudence review; and future regulatory, judicial, or
        legislative actions that seek to change regulatory recovery mechanisms,
        such as the recent passage of legislation providing for formula
        ratemaking in Illinois;
    --  the effect of Ameren Illinois participating in a new performance-based
        formula ratemaking process under the Illinois Energy Infrastructure
        Modernization Act (IEIMA), the related financial commitments required by
        the IEIMA and the resulting uncertain impact on the financial condition,
        results of operations and liquidity of Ameren Illinois;
    --  the effects of, or changes to, the Illinois power procurement process;
    --  changes in laws and other governmental actions, including monetary,
        fiscal, and tax 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 Ameren Missouri and Ameren
        Energy Marketing Company;
    --  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;
    --  the effects on demand for our services resulting from technological
        advances, including advances in energy efficiency and distributed
        generation sources, which generate electricity at the site of
        consumption;
    --  increasing capital expenditure and operating expense requirements and
        our ability to recover these costs;
    --  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;
    --  the level and volatility of future prices for power in the Midwest;
    --  the development of a capacity market within the Midwest Independent
        Transmission System Operator, Inc.;
    --  business and economic conditions, including their impact on interest
        rates, bad debt expense, and demand for our products;
    --  disruptions of the capital markets, deterioration in our credit metrics,
        or other events that make our 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 guidance and the
        application of appropriate technical accounting rules and guidance;
    --  actions of credit rating agencies and the effects of such actions;
    --  the impact of weather conditions and other natural phenomena on us and
        our customers;
    --  the impact of system outages;
    --  generation, transmission and distribution asset construction,
        installation, performance, and cost recovery;
    --  the effects of our increasing investment in electric transmission
        projects and uncertainty as to whether we will achieve our expected
        returns in a timely fashion, if at all;
    --  the extent to which Ameren Missouri prevails in its claims against
        insurers in connection with its Taum Sauk pumped-storage hydroelectric
        energy center incident;
    --  the extent to which Ameren Missouri is permitted by its regulators to
        recover in rates the investments it made in connection with a proposed
        second unit at its Callaway Energy Center;
    --  impairments of long-lived assets, intangible assets, or goodwill;
    --  operation of Ameren Missouri's Callaway Energy Center, including planned
        and unplanned outages, decommissioning costs and potential increased
        costs as a result of nuclear-related developments in Japan in 2011;
    --  the effects of strategic initiatives, including mergers, acquisitions
        and divestitures and any related tax implications;
    --  the impact of current environmental regulations on utilities and power
        generating companies and new, more stringent or changing requirements,
        including those related to greenhouse gases, other emissions, cooling
        water intake structures, coal combustion residuals, and energy
        efficiency, that are enacted over time and that could limit or terminate
        the operation of certain of our generating units, increase our costs,
        result in an impairment of our assets, reduce our customers' demand for
        electricity or natural gas, or otherwise have a negative financial
        effect;
    --  the impact of complying with renewable energy portfolio requirements in
        Missouri;
    --  labor disputes, workforce reductions, 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 our energy centers or required to satisfy energy sales made
        by us;
    --  legal and administrative proceedings; and
    --  acts of sabotage, war, terrorism, cybersecurity attacks 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 STATEMENT OF INCOME (LOSS)
                                    (Unaudited, in millions, except per share amounts)



                                                                 Three Months Ended
                                                                      March 31,
                                                                      ---------
                                                                                2012     2011
                                                                                ----     ----

    Operating Revenues:
    Electric                                                                  $1,310   $1,470
    Gas                                                                          348      434
                                                                                 ---      ---
    Total operating revenues                                                   1,658    1,904
                                                                               -----    -----

    Operating Expenses:
    Fuel                                                                         327      379
    Purchased power                                                              163      227
    Gas purchased for resale                                                     215      288
    Other operations and maintenance                                             427      463
    Asset impairment                                                             628        -
    Depreciation and amortization                                                199      195
    Taxes other than income taxes                                                121      125
                                                                                 ---      ---
    Total operating expenses                                                   2,080    1,677
                                                                               -----    -----
    Operating Income (Loss)                                                     (422)     227

    Other Income and Expenses:
    Miscellaneous income                                                          17       16
    Miscellaneous expense                                                         15        5
                                                                                 ---      ---
    Total other income                                                             2       11

    Interest Charges                                                             113      119
                                                                                 ---      ---

    Income (Loss) Before Income Taxes
     (Benefit)                                                                  (533)     119

    Income Taxes (Benefit)                                                      (130)      45
                                                                                ----      ---

    Net Income (Loss)                                                           (403)      74

    Less:  Net Income Attributable to
     Noncontrolling Interests                                                      -        3
                                                                                 ---      ---

    Net Income (Loss) Attributable to
     Ameren Corporation                                                        $(403)     $71
    ---------------------------------                                          -----      ---

    Earnings (Loss) per Common Share -
     Basic and Diluted                                                        $(1.66)   $0.29


    Average Common Shares Outstanding                                          242.6    240.6
    ---------------------------------                                          -----    -----

                                                   AMEREN CORPORATION (AEE)
                                                  CONSOLIDATED BALANCE SHEET
                                                   (Unaudited, in millions)

                                                                        March 31,        December 31,
                                                                                   2012                 2011
                                                                                   ----                 ----

                                  ASSETS
    Current Assets:
    Cash and cash equivalents                                                      $208                 $255
    Accounts receivable - trade, net                                                446                  473
    Unbilled revenue                                                                232                  324
    Miscellaneous accounts and notes receivable                                      65                   69
    Materials and supplies                                                          625                  712
    Mark-to-market derivative assets                                                167                  115
    Current regulatory assets                                                       247                  215
    Other current assets                                                            134                  132
                                                                                    ---                  ---
    Total current assets                                                          2,124                2,295
                                                                                  -----                -----
    Property and Plant, Net                                                      17,535               18,127
    Investments and Other Assets:
    Nuclear decommissioning trust fund                                              390                  357
    Goodwill                                                                        411                  411
    Intangible assets                                                                 9                    7
    Regulatory assets                                                             1,657                1,603
    Other assets                                                                    773                  845
                                                                                    ---                  ---
    Total investments and other assets                                            3,240                3,223
    ----------------------------------                                            -----                -----
    TOTAL ASSETS                                                                $22,899              $23,645
    ------------                                                                -------              -------

                          LIABILITIES AND EQUITY
    Current Liabilities:
    Current maturities of long-term debt                                           $179                 $179
    Short-term debt                                                                 126                  148
    Accounts and wages payable                                                      366                  693
    Taxes accrued                                                                   101                   65
    Interest accrued                                                                149                  101
    Customer deposits                                                                98                   98
    Mark-to-market derivative liabilities                                           220                  161
    Current regulatory liabilities                                                  138                  133
    Other current liabilities                                                       237                  207
    Total current liabilities                                                     1,614                1,785
                                                                                  -----                -----
    Long-term Debt, Net                                                           6,677                6,677
    Deferred Credits and Other Liabilities:
    Accumulated deferred income taxes, net                                        3,111                3,315
    Accumulated deferred investment tax credits                                      77                   79
    Regulatory liabilities                                                        1,483                1,502
    Asset retirement obligations                                                    434                  428
    Pension and other postretirement benefits                                     1,357                1,344
    Other deferred credits and liabilities                                          567                  447
    Total deferred credits and other liabilities                                  7,029                7,115
                                                                                  -----                -----
    Ameren Corporation Stockholders' Equity:
    Common stock                                                                      2                    2
    Other paid-in capital, principally premium on
     common stock                                                                 5,596                5,598
    Retained earnings                                                             1,869                2,369
    Accumulated other comprehensive loss                                            (35)                 (50)
                                                                                    ---                  ---
    Total Ameren Corporation stockholders' equity                                 7,432                7,919
    Noncontrolling Interests                                                        147                  149
                                                                                    ---                  ---
    Total equity                                                                  7,579                8,068
    ------------                                                                  -----                -----
    TOTAL LIABILITIES AND EQUITY                                                $22,899              $23,645
    ----------------------------                                                -------              -------

                                 AMEREN CORPORATION (AEE)
                           CONSOLIDATED STATEMENT OF CASH FLOWS
                                 (Unaudited, in millions)

                                                                  Three Months
                                                                     Ended
                                                                   March 31,
                                                                   ---------
                                                                 2012            2011
                                                                 ----            ----
    Cash Flows From Operating Activities:
    Net income (loss)                                           $(403)            $74
    Adjustments to reconcile net income (loss) to net
     cash provided by operating activities:
    Loss on asset impairment                                      628               -
    Net mark-to-market gain on
     derivatives                                                   (3)            (16)
    Depreciation and amortization                                 188             187
    Amortization of nuclear fuel                                   21              17
    Amortization of debt issuance
     costs and premium/discounts                                    5               5
    Deferred income taxes and
     investment tax credits, net                                 (142)            (16)
    Allowance for equity funds used
     during construction                                           (9)             (6)
    Other                                                          (5)              -
    Changes in assets and liabilities:
    Receivables                                                   109              94
    Materials and supplies                                         80             135
    Accounts and wages payable                                   (220)           (213)
    Taxes accrued                                                  35              71
    Assets, other                                                  14              50
    Liabilities, other                                             64              80
    Pension and other postretirement
     benefits                                                      41              28
    Counterparty collateral, net                                  (11)             70
    Net cash provided by operating
     activities                                                   392             560
    ------------------------------                                ---             ---

    Cash Flows From Investing Activities:
    Capital expenditures                                         (282)           (231)
    Nuclear fuel expenditures                                     (38)            (22)
    Purchases of securities -
     nuclear decommissioning trust
     fund                                                        (109)            (91)
    Sales of securities -nuclear
     decommissioning trust fund                                    88              87
    Proceeds from sale of property                                 16               -
    Other                                                          (1)              1
    Net cash used in investing
     activities                                                  (326)           (256)
    --------------------------                                   ----            ----

    Cash Flows From Financing Activities:
    Dividends on common stock                                     (90)            (93)
    Dividends paid to noncontrolling
     interest holders                                              (2)             (2)
    Short-term debt and credit
     facility borrowings, net                                     (22)           (125)
    Generator advances received for
     construction                                                   1               -
    Repayments of generator advances
     received for construction                                      -             (73)
    Issuances of common stock                                       -              17
    Net cash used in financing
     activities                                                  (113)           (276)
    --------------------------                                   ----            ----

    Net change in cash and cash
     equivalents                                                  (47)             28
    Cash and cash equivalents at
     beginning of year                                            255             545
    ----------------------------                                  ---             ---

    Cash and cash equivalents at end
     of period                                                   $208            $573
    --------------------------------                             ----            ----

    Noncash financing activity -
     dividends on common stock                                    $(7)         $    -

                                             AMEREN CORPORATION (AEE)
                                        CONSOLIDATED OPERATING STATISTICS

                                                                                      Three Months Ended
                                                                                           March 31,
                                                                                           ---------
                                                                                         2012                 2011
                                                                                         ----                 ----

    Electric Sales -kilowatthours (in
     millions):
    Ameren Missouri
                                         Residential                                    3,273                3,849
                                         Commercial                                     3,352                3,525
                                         Industrial                                     2,080                2,067
                                         Other                                             33                   36

                                         Native load subtotal                           8,738                9,477
                                         Off-system and wholesale                       2,124                2,946
                                         Subtotal                                      10,862               12,423


    Ameren Illinois
                                         Residential
                                         Power supply and delivery service              2,648                3,143
                                         Delivery service only                            142                    -
                                         Commercial
                                         Power supply and delivery service                781                  959
                                         Delivery service only                          1,939                1,873
                                         Industrial
                                         Power supply and delivery service                407                  359
                                         Delivery service only                          2,916                2,728
                                         Other                                            138                  138
                                         Native load subtotal                           8,971                9,200


    Merchant Generation
                                         Energy sales                                   6,402                7,435


    Eliminate Ameren Illinois/Merchant
     Generation common customers                                                       (1,971)              (1,243)
                                                                                       ------               ------

                                         Ameren Total                                  24,264               27,815
                                         ------------                                  ------               ------

    Electric Revenues (in millions):
    Ameren Missouri
                                         Residential                                     $255                 $279
                                         Commercial                                       206                  216
                                         Industrial                                        86                   88
                                         Other                                             28                   18

                                         Native load subtotal                             575                  601
                                         Off-system and wholesale                          61                  101
                                         Subtotal                                        $636                 $702


    Ameren Illinois
                                         Residential
                                         Power supply and delivery service               $270                 $295
                                         Delivery service only                              5                    -
                                         Commercial
                                         Power supply and delivery service                 69                   80
                                         Delivery service only                             35                   31
                                         Industrial
                                         Power supply and delivery service                 15                   16
                                         Delivery service only                             10                   10
                                         Other                                             27                   10
                                         Native load subtotal                            $431                 $442


    Merchant Generation
                                         Non-affiliate energy sales                      $243                 $328
                                         Affiliate native energy sales                     87                   46
                                         Other                                              6                    4

                                         Subtotal                                        $336                 $378


    Eliminate affiliate revenues and
     other                                                                                (93)                 (52)
                                                                                          ---                  ---
                                         Ameren Total                                  $1,310               $1,470
                                         ------------                                  ------               ------

                                             AMEREN CORPORATION (AEE)
                                        CONSOLIDATED OPERATING STATISTICS

                                                                                       Three Months Ended
                                                                                           March 31,
                                                                                           ---------
                                                                                         2012                 2011
                                                                                         ----                 ----

    Electric Generation -megawatthours
     (in millions):
    Ameren Missouri                                                                      11.2                 12.7
    Merchant Generation
                                          Ameren Energy Generating Company
                                          (Genco)                                         4.3                  5.2
                                          AmerenEnergy Resources Generating
                                          Company (AERG)                                  1.8                  1.8
                                          AmerenEnergy Medina Valley Cogen,
                                          L.L.C.                                            -                  0.1

                                         Subtotal                                         6.1                  7.1

                                         Ameren Total                                    17.3                 19.8
                                         ------------                                    ----                 ----

    Fuel Cost per kilowatthour (cents):
                                         Ameren Missouri                                1.627                1.501
                                         Merchant Generation                            2.439                2.379

    Gas Sales -decatherms (in
     thousands):
                                         Ameren Missouri                                4,065                5,863
                                         Ameren Illinois                               34,091               42,442

                                         Ameren Total                                  38,156               48,305
                                         ------------                                  ------               ------

    Net Income (Loss) by Segment (in
     millions):
                                         Ameren Missouri                                  $21                  $21
                                         Ameren Illinois                                   27                   33
                                         Merchant Generation                             (363)                  20
                                         Other                                            (88)                  (3)

                                         Ameren Total                                   $(403)                 $71
                                         ------------                                   -----                  ---

                                                                            March 31,          December 31,
                                                                                         2012                 2011
                                                                                         ----                 ----
    Common Stock:
                                         Shares outstanding (in millions)               242.6                242.6
                                         Book value per share                          $30.63               $32.64

SOURCE Ameren Corporation

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