v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. See Note 8 – Fair Value Measurements under Part II, Item 8, of the Form 10-K for information related to hierarchy levels and valuation techniques.
We consider nonperformance risk in our valuation of derivative instruments by analyzing our own credit standing and the credit standing of our counterparties, and by considering any credit enhancements (e.g., collateral). Included in our valuation, and based on current market conditions, is a valuation adjustment for counterparty default derived from market data such as the price of credit default swaps, bond yields, and credit ratings. No material gains or losses related to valuation adjustments for counterparty default risk were recorded at Ameren, Ameren Missouri, or Ameren Illinois in the three and six months ended June 30, 2025 or 2024. At June 30, 2025, and December 31, 2024, the counterparty default risk valuation adjustment related to derivative contracts was immaterial for Ameren, Ameren Missouri, and Ameren Illinois.
The following table sets forth, by level within the fair value hierarchy, our assets and liabilities measured at fair value on a recurring basis as of June 30, 2025, and December 31, 2024:
June 30, 2025December 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Ameren Missouri
Derivative assets – commodity contracts:
Natural gas— 4 — 4 — 4 — 4 
Power— — 13 13 — — 6 6 
Total derivative assets – commodity contracts$— $4 $13 $17 $— $4 $6 $10 
Nuclear decommissioning trust fund:
Equity securities:
U.S. large capitalization$967 $— $— $967 $911 $— $— $911 
Debt securities:
U.S. Treasury and agency securities— 179 — 179 — 191 — 191 
Corporate bonds— 163 — 163 — 145 — 145 
Other— 97 — 97 — 86 — 86 
Total nuclear decommissioning trust fund$967 $439 $— $1,406 
(a) 
$911 $422 $— $1,333 
(a) 
Total Ameren Missouri$967 $443 $13 $1,423 $911 $426 $6 $1,343 
June 30, 2025December 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Ameren Illinois
Derivative assets – commodity contracts:
Natural gas$1 $6 $5 $12 $— $3 $3 $6 
Total Ameren Illinois$1 $6 $5 $12 $— $3 $3 $6 
Ameren
Derivative assets – commodity contracts(b)
$1 $10 $18 $29 $— $7 $9 $16 
Nuclear decommissioning trust fund(c)
967 439 — 1,406 
(a) 
911 422 — 1,333 
(a) 
Total Ameren$968 $449 $18 $1,435 $911 $429 $9 $1,349 
Liabilities:
Ameren Missouri
Derivative liabilities – commodity contracts:
Fuel oils$4 $— $— $4 $4 $— $— $4 
Natural gas— 8 1 9 — 11 — 11 
Total Ameren Missouri$4 $8 $1 $13 $4 $11 $— $15 
Ameren Illinois
Derivative liabilities – commodity contracts:
Natural gas$— $20 $4 $24 $1 $28 $6 $35 
Power— — 76 76 — — 53 53 
Total Ameren Illinois$— $20 $80 $100 $1 $28 $59 $88 
Ameren
Derivative liabilities – commodity contracts(b)
$4 $28 $81 $113 $5 $39 $59 $103 
(a)Balance excludes $8 million and $9 million of cash and cash equivalents, receivables, payables, and accrued income, net, for June 30, 2025, and December 31, 2024, respectively.
(b)See the Ameren Missouri and Ameren Illinois sections of the table for a breakout of the fair value of Ameren’s derivative assets and liabilities by type of commodity.
(c)See the Ameren Missouri section of the table for a breakout of the fair value of Ameren’s nuclear decommissioning trust fund by investment type.
Level 3 fuel oils and natural gas derivative contract assets and liabilities measured at fair value on a recurring basis were immaterial for all periods presented. The following table presents the fair value reconciliation of Level 3 power derivative contract assets and liabilities measured at fair value on a recurring basis for the three and six months ended June 30, 2025 and 2024:
20252024
Ameren MissouriAmeren IllinoisAmerenAmeren MissouriAmeren IllinoisAmeren
For the three months ended June 30:
Beginning balance at April 1
$5 $(67)$(62)$2 $(54)$(52)
Realized and unrealized gains/(losses) included in regulatory assets/liabilities13 (13)— 15 (12)3 
Settlements(5)4 (1)(3)5 2 
Ending balance at June 30
$13 $(76)$(63)$14 $(61)$(47)
Change in unrealized gains/(losses) related to assets/liabilities held at June 30
$13 $(11)$2 $14 $(12)$2 
For the six months ended June 30:
Beginning balance at January 1$6 $(53)$(47)$4 $(68)$(64)
Realized and unrealized gains/(losses) included in regulatory assets/liabilities15 (29)(14)14 (2)12 
Settlements(8)6 (2)(4)9 5 
Ending balance at June 30
$13 $(76)$(63)$14 $(61)$(47)
Change in unrealized gains/(losses) related to assets/liabilities held at June 30
$13 $(28)$(15)$14 $— $14 
All gains or losses related to our Level 3 derivative commodity contracts are expected to be recovered or returned through customer rates; therefore, there is no impact to either net income or other comprehensive income resulting from changes in the fair value of these instruments.
The following table describes the valuation techniques and significant unobservable inputs utilized for the fair value of our Level 3 power derivative contract assets and liabilities as of June 30, 2025, and December 31, 2024:
Fair Value
Weighted Average(b)
CommodityAssetsLiabilitiesValuation Technique(s)
Unobservable Input(a)
Range
2025
Power(c)
$13$(76)Discounted cash flow
Average forward peak and off-peak pricing – forwards/swaps ($/MWh)
30 – 65
41
Nodal basis ($/MWh)
(10) – (2)
(5)
2024
Power(c)
$6$(53)Discounted cash flowAverage forward peak and off-peak pricing – forwards/swaps ($/MWh)
32 – 69
45
Nodal basis ($/MWh)
(8) – (2)
(5)
(a)Generally, significant increases (decreases) in these inputs in isolation would result in a significantly higher (lower) fair value measurement.
(b)Unobservable inputs were weighted by relative fair value.
(c)Valuations use visible forward prices adjusted for nodal-to-hub basis differentials.
The following table sets forth the carrying amount and, by level within the fair value hierarchy, the fair value of long-term debt (including current portion) disclosed, but not recorded, at fair value as of June 30, 2025, and December 31, 2024:
Long-Term Debt (Including Current Portion):
Carrying
Amount(a)
Fair Value
Level 2Level 3Total
June 30, 2025
Ameren(b)
$18,840 $16,792 $546 
(c) 
$17,338 
Ameren Missouri(d)
8,244 7,483 — 7,483 
Ameren Illinois(d)
5,900 5,296 — 5,296 
December 31, 2024
Ameren(b)
$17,579 $15,395 $538 
(c) 
$15,933 
Ameren Missouri(d)
7,745 6,926 — 6,926 
Ameren Illinois(d)
5,852 5,243 — 5,243 
(a)Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $138 million, $64 million, and $53 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of June 30, 2025. Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $129 million, $62 million, and $51 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of December 31, 2024.
(b)Amount excludes Ameren (parent)’s repurchase of Ameren Missouri’s senior secured notes and first mortgage bonds and Ameren Illinois’ first mortgage bonds.
(c)The Level 3 fair value amount consists of ATXI’s senior unsecured notes.
(d)Amount includes Ameren Missouri’s senior secured notes and first mortgage bonds and Ameren Illinois’ first mortgage bonds that were repurchased by Ameren (parent).
The Ameren Companies’ carrying amounts of cash, cash equivalents, and restricted cash approximate fair value and are considered Level 1 in the fair value hierarchy. The Ameren Companies’ short-term borrowings approximate fair value because of the short-term nature of these instruments and are considered Level 2 in the fair value hierarchy.