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| RATE AND REGULATORY MATTERS | RATE AND REGULATORY MATTERS Below is a summary of updates to significant regulatory proceedings and related legal proceedings. See Note 2 – Rate and Regulatory Matters under Part II, Item 8, of the Form 10-K for additional information and a summary of our regulatory frameworks. We are unable to predict the ultimate outcome of these matters, the timing of final decisions of the various agencies and courts, or the impact on our results of operations, financial position, or liquidity. Missouri 2026 Electric Service Regulatory Rate Review In June 2026, Ameren Missouri filed a request with the MoPSC seeking approval to increase its annual revenues for electric service by $343 million. The electric rate request is based on a 10.25% return on common equity, a capital structure composed of 52% common equity, a rate base of $16.7 billion, and a test year ended March 31, 2026, with certain pro-forma adjustments expected through an anticipated true-up date of December 31, 2026. Ameren Missouri also requested the continued use of all of its existing riders and trackers. The electric rate request reflects the following: •increased transmission and distribution infrastructure investments to support system reliability and resiliency; •investments in existing generation resources and 400 MWs of new generation resources; and •the increase for the items above is partially offset by accelerating the return of investment tax credits to customers. The MoPSC proceeding relating to the proposed electric service rate changes will take place over a period of up to 11 months, with a decision by the MoPSC expected by May 2027 and new rates effective by June 2027. Ameren Missouri cannot predict the level of any electric service rate change the MoPSC may approve, whether the requested regulatory recovery mechanisms will be continued, or whether any rate change that may eventually be approved will be sufficient for Ameren Missouri to recover its costs and earn a reasonable return on its investments when the rate change goes into effect. Generation and Storage Facilities Ameren Missouri is party to agreements to acquire and/or construct various generation and storage facilities that are consistent with the 2025 Change to the 2023 PRP. The generation and storage facilities are eligible for recovery under the PISA. The following table provides information about each facility:
(a)Future in-service dates, which were included in each CCN filing, are dependent on the timing of regulatory approvals and construction completion, among other things. (b)These projects represent approximately $3.6 billion of capital expenditures. (c)In February 2026, Ameren Missouri acquired the Split Rail Solar Project for approximately $0.6 billion. Illinois MYRP In December 2024, the ICC issued an order in connection with a revised Grid Plan and a revised MYRP filed by Ameren Illinois in March 2024, approving revenue requirements for electric distribution services for 2024 through 2027 of $1,206 million, $1,287 million, $1,367 million, and $1,421 million, respectively. Using the 2023 revenue requirement as a starting point, the approved revenue requirements in the ICC’s December 2024 order represent a cumulative four-year increase of $308 million. Rate changes consistent with the December 2024 order became effective in December 2024. In May 2026, the Illinois Appellate Court for the Fifth Judicial District upheld the ICC’s December 2024 order and orders issued by the ICC in June 2024 and December 2023 following appeals by Ameren Illinois. 2024 Electric Distribution Service Revenue Requirement Reconciliation Adjustment Order In December 2025, the ICC issued an order approving Ameren Illinois’ 2024 electric distribution service revenue requirement reconciliation adjustment filing. In March 2026, Ameren Illinois filed an appeal of the December 2025 order with the Illinois Appellate Court for the Fifth Judicial District and withdrew the appeal in July 2026 as a result of the appellate court decision in the MYRP proceeding discussed above. 2025 Electric Distribution Service Revenue Requirement Reconciliation Adjustment Review In April 2026, Ameren Illinois filed a reconciliation adjustment to its 2025 electric distribution service revenue requirement with the ICC. In June 2026, the ICC staff filed its calculation of the reconciliation adjustment, recommending recovery of $31 million. In July 2026, Ameren Illinois filed a revised reconciliation adjustment consistent with the ICC staff's recommendation. The adjustment reflects Ameren Illinois’ actual 2025 recoverable costs, 2025 year-end rate base and a capital structure composed of 50% common equity. An ICC decision is required by December 2026, and any approved adjustment would be collected from customers in 2027. Electric Energy Efficiency Plan Pursuant to the CRGA, the annual spending cap for energy-efficiency investments increased for 2027, 2028, and 2029. As a result, in May 2026, Ameren Illinois filed an electric energy efficiency plan with the ICC, which includes annual investments in electric energy-efficiency programs up to $192 million, $239 million, and $276 million for 2027, 2028, and 2029, respectively. The ICC has the ability to reduce the amount of electric energy-efficiency savings goals in future program years if there are insufficient cost-effective programs available, which could reduce Ameren Illinois’ investments in electric energy-efficiency programs. A decision by the ICC in this proceeding is expected by November 2026. 2025 Natural Gas Delivery Service Rate Order In November 2025, the ICC issued an order in Ameren Illinois’ January 2025 natural gas delivery service regulatory rate review, which resulted in an increase to Ameren Illinois’ annual revenues for natural gas delivery service of $79 million based on a 9.60% ROE, a capital structure composed of 50% common equity, a 2026 future test year, and a rate base of $3.2 billion. The order reflected a reduction of $75 million of planned distribution and transmission capital investments included in Ameren Illinois’ future test year request. The new rates became effective in December 2025. In January 2026, Ameren Illinois filed an appeal of the ICC’s November 2025 order to the Illinois Appellate Court for the Fifth Judicial District. The appeal challenged the inclusion of the non-service cost component of the net periodic benefit income related to other postretirement benefits in the annual revenue requirement and the $75 million reduction of planned capital investments, among other things. The court is under no deadline to address the appeal, and Ameren Illinois cannot predict the ultimate outcome of the appeal. QIP Reconciliation Hearing Pursuant to Illinois law, 2014 was the first year of the QIP. In 2021, Ameren Illinois filed a request with the ICC to initiate a reconciliation proceeding of natural gas capital investments recovered under the QIP rider during 2020. Ameren Illinois recovered similar investments in each of the 2014 to 2019 annual reconciliations. In September 2024, the Illinois Attorney General’s office challenged the recovery of capital investments that were made during 2020, alleging that the ICC should disallow $30 million in natural gas capital investments as imprudent, unsupported, or ineligible to be recovered through the QIP resulting in a potential over-recovery of an immaterial amount by Ameren Illinois in 2020. In 2023, and again in 2024, the ICC staff filed testimony that supports the prudence and reasonableness of the capital investments made during 2020. Ameren Illinois’ 2020 QIP rate recovery request under review by the ICC is within the rate increase limitations allowed by law. The ICC is under no deadline to issue an order in this proceeding. Ameren Illinois included $529 million of eligible natural gas capital investments in the QIP from 2021 to 2023. In addition, the 2021 through 2023 reconciliation proceedings are still ongoing. Ameren Illinois cannot predict the ultimate outcome of these regulatory proceedings. Federal Transmission Rate Incentives In 2024, the MISO approved a first set of second tranche projects related to its preliminary long-range transmission planning roadmap of projects through 2039. In May 2026, the MISO awarded two competitive bid projects to ATXI and other joint owners that represent a total estimated investment of approximately $700 million for ATXI, based on the MISO’s cost estimate. In June 2026, the MISO and Ameren Services, on behalf of ATXI, filed a request with the FERC to allow transmission rate incentives relating to these competitive bid projects awarded to ATXI. If approved by the FERC, the incentives would allow construction work in progress to be included in rate base, thereby improving the timeliness of cash recovery, and would allow recovery of prudently incurred costs, subject to FERC approval, for any portion of the projects if they are abandoned for reasons beyond the control of ATXI. If the incentive allowing construction work in progress to be included in rate base is approved by the FERC, ATXI would not capitalize allowance for funds used during construction on the related projects. A decision by the FERC is expected in August 2026. FERC ROE Complaint Cases Since November 2013, the allowed base ROE for FERC-regulated transmission rate base under the MISO tariff has been subject to customer complaint cases and has been changed by various FERC orders. In October 2024, the FERC issued an order, which decreased the allowed base ROE from 10.02% to 9.98% and required refunds, with interest, for the periods from November 2013 to February 2015 and from late September 2016 forward. In June 2026, the United States Court of Appeals for the District of Columbia Circuit dismissed and denied various appeals of the October 2024 FERC order.
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