ITEM 8.01 Other Events.
Reference is made to Note 2 - Rate and Regulatory Matters to the financial
statements under Part II, Item 8. Financial Statements and to Overview and
Outlook under Part II, Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations, each in the Annual Report on Form 10-K for
the year ended December 31, 2022 ("Form 10-K"), of registrants Ameren
Corporation and Union Electric Company, doing business as Ameren Missouri
("Ameren Missouri"), for a discussion of Ameren Missouri's electric service
regulatory rate review filed with the Missouri Public Service Commission
("MoPSC") in August 2022.
On April 7, 2023, Ameren Missouri, the staff of the MoPSC, the Missouri Office
of Public Counsel, and certain other intervenors filed a nonunanimous
stipulation and agreement with the MoPSC. The stipulation and agreement, which
is subject to MoPSC approval, would result in a $140 million increase to Ameren
Missouri's annual revenue requirement for electric service compared to its prior
revenue requirement established in the MoPSC's December 2021 electric rate
order. The stipulation and agreement did not specify an allowed return on equity
or common equity ratio. The stipulation and agreement also did not specify a
rate base amount or any rate base disallowances.
The stipulation and agreement includes the continued use of the fuel adjustment
clause and the regulatory tracking mechanisms for pension and postretirement
benefits, uncertain income tax positions, certain excess deferred income taxes,
and renewable energy standard costs that the MoPSC previously authorized in
earlier electric rate orders. These regulatory tracking mechanisms provide for a
base level of expense to be reflected in Ameren Missouri's base electric rates
with differences in the actual expenses incurred recorded as a regulatory asset
or liability.
New rates reflecting the stipulation and agreement are expected to become
effective on July 1, 2023. Ameren Missouri cannot predict whether the MoPSC will
approve the stipulation and agreement or, if approved, whether any application
for rehearing or appeal will be filed or the outcome if so filed.
This combined Form 8-K is being filed separately by Ameren Corporation and Union
Electric Company. Information contained herein relating to any individual
registrant has been filed by such registrant on its own behalf. No registrant
makes any representation as to information relating to any other registrant.
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