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AMEREN CORP (AEE)
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Ameren : Missouri rejects Grain Belt Express

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08/18/2017 | 07:24am CEST

Aug. 17--Despite high praise for the Grain Belt Express Clean Line, a wind-generated power line that would run from Kansas to Indiana through Shelby and Cumberland counties, the Missouri Public Service Commission this week unanimously denied an application for the project.

The commission said it had no choice but to follow precedent set in a recent and similar case with Ameren.

In that case, the commission approved Ameren's request for an interstate electric transmission line. But in Missouri's Western District Court of Appeals, the commission's ruling was reversed because the court said Ameren needed consents from each county the line would pass through.

"That Western District opinion is binding on the Commission, and gave the Commission no choice but to deny the [Grain Belt Express] application," a separate concurring opinion read.

With the denial, Clean Line Energy Partners, the company seeking to build the power line, will have to delay its energy transmission project. It has approval from Illinois, Indiana and Kansas, but still lacks Missouri's consent.

"We will certainly review the order in detail to determine next steps for the project," Michael Skelly, president of Clean Line Energy, said in a press release. "We are currently assessing all existing authorities available to move the Grain Belt Express project forward, including but not limited to legal appeals."

While Clean Line has said that its project would bring 1,500 jobs and $700 million in infrastructure investment to Illinois, property owners have been upset over the prospect of transmission towers being built on their land.

The line would run through Shelby and Cumberland counties. Company officials said counties and property owners would be compensated for the intrusion.

___

(c)2017 the Effingham Daily News (Effingham, Ill.)

Visit the Effingham Daily News (Effingham, Ill.) at www.effinghamdailynews.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ($)
Sales 2017 6 305 M
EBIT 2017 1 467 M
Net income 2017 682 M
Debt 2017 8 650 M
Yield 2017 2,99%
P/E ratio 2017 21,16
P/E ratio 2018 19,80
EV / Sales 2017 3,65x
EV / Sales 2018 3,65x
Capitalization 14 379 M
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 57,4 $
Spread / Average Target -3,2%
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Managers
NameTitle
Warner L. Baxter Chairman, President & Chief Executive Officer
Martin J. Lyons Chief Financial Officer & Executive Vice President
James Clarence Johnson Independent Director
Gayle P. W. Jackson Independent Director
Walter J. Galvin Lead Independent Director
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