Ameren Announces Third Quarter 2012 Results

2012 Earnings Guidance Range Narrowed

- Third Quarter 2012 Core (Non-GAAP) EPS were $1.33

- Third Quarter 2012 GAAP EPS were $1.54

- 2012 Core (Non-GAAP) EPS Guidance Range Narrowed to $2.35 to $2.45; GAAP Range Now $0.80 to $0.90

09 Nov, 2012, 08:11 ET from Ameren Corporation

ST. LOUIS, Nov. 9, 2012 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced third quarter 2012 net income in accordance with generally accepted accounting principles (GAAP) of $374 million, or $1.54 per share, compared to third quarter 2011 GAAP net income of $285 million, or $1.18 per share. Excluding certain items discussed below, Ameren recorded third quarter 2012 core (non-GAAP) net income of $323 million, or $1.33 per share, compared to third quarter 2011 core (non-GAAP) net income of $381 million, or $1.57 per share.

The decrease in third quarter 2012 core (non-GAAP) earnings, compared to third quarter 2011 core (non-GAAP) earnings, reflected a decline in earnings of each of Ameren's three business segments. Ameren Illinois' earnings were negatively impacted by its Sept. 2012 rate order for electric delivery service and a change in the quarterly distribution of revenues and earnings resulting from formula ratemaking. In addition, Ameren Missouri core (non-GAAP) earnings declined due to lower electric sales and a higher effective income tax rate partially offset by the benefit of a 2011 electric rate adjustment. Third quarter 2012 temperatures, while warmer-than-normal, were similar to those experienced in the third quarter of 2011. Merchant generation segment core (non-GAAP) earnings also declined, compared to the third quarter of 2011, reflecting lower power prices and higher fuel costs.

"The third quarter was solid from an operations perspective with our system and people performing very well under extended severe weather conditions. Overall, earnings were in line with our expectations despite a challenging Illinois electric delivery rate order," said Thomas R. Voss, chairman, president and CEO of Ameren Corporation. "Today, we have narrowed our 2012 core earnings guidance range to $2.35 to $2.45 per share from our prior range of $2.25 to $2.55 per share."

For the nine months ended Sept. 30, 2012, Ameren recorded GAAP net income of $182 million, or 75 cents per share, compared to GAAP net income of $494 million, or $2.05 per share, for the nine months ended Sept. 30, 2011. Excluding certain items that are discussed below, Ameren recorded core (non-GAAP) net income of $553 million, or $2.28 per share, for the first nine months of 2012, compared to core (non-GAAP) net income of $585 million, or $2.42 per share, for the first nine months of 2011.

The decrease in core (non-GAAP) earnings for the first nine months of 2012, compared to core (non-GAAP) earnings for the first nine months of 2011, reflected declines in Ameren Illinois and merchant generation segment earnings offset by increased Ameren Missouri earnings. Ameren Illinois' earnings were negatively impacted by a lower allowed return on equity (ROE), driven by lower Treasury bond yields  under formula ratemaking for 2012, and by the utility's Sept. 2012 rate order for electric delivery service. The impact of these negative factors on earnings was partially offset by a 2012 Illinois gas rate adjustment. Merchant generation segment core (non-GAAP) earnings declined reflecting lower power prices and higher fuel costs. The increase in Ameren Missouri earnings reflected a 2011 electric rate adjustment, a favorable Federal Energy Regulatory Commission order related to a disputed power purchase agreement that expired in 2009, the absence in 2012 of a 2011 charge to earnings related to the fuel adjustment clause, and lower operations and maintenance expenses reflecting disciplined cost management and reduced storm-related costs.

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

  • Asset impairment and other charges which decreased net income by $377 million in the first nine months of 2012, $76 million in the third quarter of 2011 and $77 million in the first nine months of 2011. The 2012 charge was a noncash asset impairment of the merchant generation segment's Duck Creek Energy Center. The 2011 charges were the result of the Missouri Public Service Commission's disallowance of costs of enhancements related to the rebuilding of the Taum Sauk Energy Center and the decision to cease operations at the merchant generation segment's Meredosia and Hutsonville energy centers.
  • A noncash change in income tax benefit, related to the 2012 asset impairment discussed above, resulting from the requirement to recognize interim period income tax expense using the annual estimated effective rate. This item increased net income by $43 million in the third quarter of 2012 but did not impact net income for the first nine months of 2012 and is not expected to impact full-year 2012 net income.
  • The net effect of unrealized mark-to-market activity, which increased net income by $8 million and $6 million in the third quarter and first nine months of 2012, respectively, and decreased net income by $20 million and $14 million in the third quarter and first nine months of 2011, respectively.

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

Third Quarter

Nine Months

2012

2011

2012

2011

GAAP earnings per share

$ 1.54

$ 1.18

$ 0.75

$ 2.05

Asset impairment and other charges

--

0.32

1.55

0.32

Increase in tax benefit related to asset impairment and annual estimated effective income tax rate

(0.18)

--

--

--

Net unrealized mark-to-market activity, (gain) loss

(0.03)

0.07

(0.02)

0.05

Core (non-GAAP) earnings per share

$ 1.33

$ 1.57

$ 2.28

$ 2.42

2012 Earnings Guidance

Ameren narrowed its guidance for 2012 core (non-GAAP) earnings to a range of $2.35 to $2.45 per share, compared to the prior range of $2.25 to $2.55 per share. Core (non-GAAP) earnings guidance excludes the Duck Creek asset impairment charge of $1.55 per share discussed above. GAAP 2012 earnings are now expected to be in the range of $0.80 to $0.90 per share, compared to the prior range of $0.70 to $1.00 per share. Any net unrealized mark-to-market gains or losses will impact GAAP and core (non-GAAP) earnings but are excluded from earnings guidance because the company is unable to reasonably estimate the impact of any such gains or losses.

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

Regulated Utilities Earnings Guidance Midpoint

$2.30

Merchant Generation Earnings Guidance Midpoint

$0.10

2012 Core (Non-GAAP) Earnings Guidance Range

$2.35 - $2.45

Ameren's earnings guidance for 2012 assumes normal temperatures for the fourth quarter 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 GAAP earnings were $236 million for the third quarter of 2012, compared to $190 million for the third quarter of 2011. Third quarter 2012 core (non-GAAP) earnings were $235 million, compared to third quarter 2011 core (non-GAAP) earnings of $248 million. The decrease in core (non-GAAP) earnings reflected lower electric sales and a higher effective income tax rate partially offset by the benefits of a 2011 electric rate adjustment. Third quarter 2012 temperatures, while warmer-than-normal, were similar to those experienced in the third quarter of 2011. The GAAP earnings comparison was affected by the factors mentioned above as well as a $55 million charge in the third quarter of 2011 related to the previously-mentioned Taum Sauk disallowance and a $1 million gain in the third quarter of 2012 as opposed to a $3 million loss in the third quarter of 2011 from net unrealized mark-to-market activity.

Ameren Illinois Segment Results

Ameren Illinois segment third quarter 2012 GAAP earnings were $71 million, compared to third quarter 2011 GAAP earnings of $98 million. Third quarter 2012 core (non-GAAP) earnings were $70 million, compared to third quarter 2011 core (non-GAAP) earnings of $99 million. This decline in earnings reflected the utility's Sept. 2012 rate order for electric delivery service and a change in the quarterly distribution of revenues and earnings resulting from formula ratemaking. The GAAP earnings comparison was affected by the factors mentioned above as well as a $1 million gain in the third quarter of 2012 as opposed to a $1 million loss in the third quarter of 2011 from net unrealized mark-to-market activity.

Merchant Generation Segment Results

Merchant generation segment third quarter 2012 GAAP earnings were $20 million, compared to a third quarter 2011 GAAP loss of $9 million. Third quarter 2012 core (non-GAAP) earnings were $22 million, compared to third quarter 2011 core (non-GAAP) earnings of $24 million. The decrease in core earnings reflected the impact on margins of lower power prices and higher fuel costs partially offset by lower depreciation and operations and maintenance expenses. The GAAP earnings comparison was affected by the factors mentioned above as well as a third quarter 2012 noncash $4 million reduction in the income tax benefit related to the first quarter 2012 Duck Creek Energy Center asset impairment charge. This reduction in income tax benefit resulted from the requirement to recognize interim period income tax expense using the annual estimated effective rate. GAAP earnings also included asset impairment and other charges of $21 million in the third quarter of 2011 related to the decision to cease operations at the Meredosia and Hutsonville energy centers as well as a $2 million gain in the third quarter of 2012 as opposed to a $12 million loss in the third quarter of 2011 from net unrealized mark-to-market activity.

Ameren Other

In addition to the factors noted in the above segment discussions, third quarter 2012 GAAP earnings for Ameren were increased by a third quarter 2012 noncash income tax benefit of $47 million related to the first quarter 2012 Duck Creek Energy Center asset impairment charge. This income tax benefit resulted from the requirement to recognize interim period income tax expense using the annual estimated effective rate. This item is not expected to impact full-year 2012 earnings.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Friday, Nov. 9, to discuss third 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 "Q3 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 Nov. 9 through Nov. 16, by dialing U.S. 877.660.6853 or international 201.612.7415, and entering ID number 402074.

About Ameren

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 and other charges including the Taum Sauk regulatory disallowance, changes in the income tax benefit recognized in conjunction with asset impairment and other charges and the annual estimated effective income tax rate, 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; Ameren Missouri's fuel adjustment clause prudence review and the related request for an accounting authority order; Ameren Illinois' request for rehearing of a July 2012 Federal Energy Regulatory Commission order regarding the inclusion of acquisition premiums in Ameren Illinois' transmission rates; and future regulatory, judicial, or legislative actions that seek to change regulatory recovery mechanisms, such as the Illinois Energy Infrastructure Modernization Act (IEIMA), which provides for formula ratemaking in Illinois;
  • the effect of Ameren Illinois participating in a new performance-based formula ratemaking process under the 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;
  • impairments of long-lived assets, intangible assets, or goodwill, including the merchant generation segment and Ameren Energy Generating Company energy centers, which had carrying values that exceeded their estimated fair values by an amount significantly in excess of $1 billion after the impairment of the Duck Creek energy center in the first quarter of 2012;
  • 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 multi-year capacity market within the Midwest Independent Transmission System Operator, Inc. (MISO) and the outcomes of MISO's inaugural annual capacity auction in 2013;
  • 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, including the impacts of droughts which may cause lower river levels and could limit our energy centers' ability to generate power;
  • 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;
  • operation of Ameren Missouri's Callaway Energy Center, including planned and unplanned outages, decommissioning costs, and potential increased costs because of Nuclear Regulatory Commission orders to address nuclear plant readiness 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)

Reconciliation of GAAP to Core (Non-GAAP) Earnings (Loss) Attributable to Ameren Corporation

(Unaudited, in millions, except per share amounts)

Other / 

Ameren Corp.

Ameren Missouri

Ameren Illinois

Merchant Generation

Intersegment Eliminations

Earnings (Loss)

Per Share

Three Months Ended September 30,

2012 GAAP earnings

$   236

$    71

$        20

$            47

$   374

$    1.54

(Increase) decrease in tax benefit related to asset impairment   

and annual estimated effective income tax rate   

-

-

4

(47)

(43)

(0.18)

Net unrealized mark-to-market activity, (gain)

(1)

(1)

(2)

(4)

(8)

(0.03)

2012 Core (non-GAAP) earnings (loss)

$   235

$    70

$        22

$             (4)

$   323

$    1.33

2011 GAAP earnings (loss)

$   190

$    98

$         (9)

$              6

$   285

$    1.18

Asset impairment and other charges

55

-

21

-

76

0.32

Net unrealized mark-to-market activity, loss

3

1

12

4

20

0.07

2011 Core (non-GAAP) earnings

$   248

$    99

$        24

$            10

$   381

$    1.57

Nine Months Ended September 30,

2012 GAAP earnings (loss)

$   400

$  130

$     (348)

$             -

$   182

$    0.75

Asset impairment charge

-

-

377

-

377

1.55

Net unrealized mark-to-market activity, (gain) loss

(2)

(1)

3

(6)

(6)

(0.02)

(Increase) decrease in tax benefit related to asset impairment   

and annual estimated effective income tax rate   

-

-

2

(2)

-

-

2012 Core (non-GAAP) earnings (loss)

$   398

$  129

$        34

$             (8)

$   553

$    2.28

2011 GAAP earnings (loss)

$   301

$  168

$        26

$             (1)

$   494

$    2.05

Asset impairment and other charges

55

-

22

-

77

0.32

Net unrealized mark-to-market activity, loss

3

1

8

2

14

0.05

2011 Core (non-GAAP) earnings 

$   359

$  169

$        56

$              1

$   585

$    2.42

 

AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF INCOME

(Unaudited, in millions, except per share amounts)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2012

2011

2012

2011

Operating Revenues:

Electric

$ 1,871

$ 2,138

$ 4,694

$ 5,222

Gas

130

130

625

731

Total operating revenues

2,001

2,268

5,319

5,953

Operating Expenses:

Fuel

359

467

1,032

1,217

Purchased power

236

332

532

796

Gas purchased for resale

40

46

304

413

Other operations and maintenance

424

432

1,309

1,368

Asset impairments and other charges

-

124

628

126

Depreciation and amortization

188

196

582

585

Taxes other than income taxes

119

121

356

355

Total operating expenses

1,366

1,718

4,743

4,860

Operating Income

635

550

576

1,093

Other Income and Expenses:

Miscellaneous income

17

18

54

51

Miscellaneous expense

7

5

29

15

Total other income

10

13

25

36

Interest Charges

113

113

338

336

Income Before Income Taxes

532

450

263

793

Income Taxes

158

163

82

293

Net Income

374

287

181

500

Less:  Net Income (Loss) Attributable to Noncontrolling Interests

-

2

(1)

6

Net Income Attributable to Ameren Corporation

$   374

$   285

$   182

$   494

Earnings per Common Share - Basic and Diluted

$  1.54

$  1.18

$  0.75

$  2.05

Average Common Shares Outstanding

242.6

241.7

242.6

241.2

AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET 

(Unaudited, in millions)

September 30,

December 31,

2012

2011

ASSETS

Current Assets:

Cash and cash equivalents

$                298

$            255

Accounts receivable - trade, net 

523

473

Unbilled revenue

265

324

Miscellaneous accounts and notes receivable

82

69

Materials and supplies

756

712

Mark-to-market derivative assets

134

115

Current regulatory assets

250

215

Other current assets

98

132

Total current assets

2,406

2,295

Property and Plant, Net

17,833

18,127

Investments and Other Assets:

Nuclear decommissioning trust fund

407

357

Goodwill 

411

411

Intangible assets

14

7

Regulatory assets

1,655

1,603

Other assets

772

845

Total investments and other assets

3,259

3,223

TOTAL ASSETS

$           23,498

$       23,645

LIABILITIES AND EQUITY

Current Liabilities:

Current maturities of long-term debt

$                206

$            179

Short-term debt

5

148

Accounts and wages payable

458

693

Taxes accrued

163

65

Interest accrued

145

101

Customer deposits

96

98

Mark-to-market derivative liabilities

155

161

Current regulatory liabilities

125

133

Other current liabilities

193

207

Total current liabilities

1,546

1,785

Long-term Debt, Net

6,781

6,677

Deferred Credits and Other Liabilities:

Accumulated deferred income taxes, net

3,385

3,315

Accumulated deferred investment tax credits

74

79

Regulatory liabilities

1,542

1,502

Asset retirement obligations

429

428

Pension and other postretirement benefits

1,152

1,344

Other deferred credits and liabilities

563

447

Total deferred credits and other liabilities

7,145

7,115

Ameren Corporation Stockholders' Equity:

Common stock

2

2

Other paid-in capital, principally premium on common stock

5,611

5,598

Retained earnings

2,259

2,369

Accumulated other comprehensive gain (loss)

2

(50)

Total Ameren Corporation stockholders' equity

7,874

7,919

Noncontrolling Interests

152

149

Total equity

8,026

8,068

TOTAL LIABILITIES AND EQUITY

$           23,498

$       23,645

 

 

AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF CASH FLOWS 

(Unaudited, in millions)

Nine Months Ended

September 30,

2012

2011

Cash Flows From Operating Activities:

Net income

$  181

$ 500

Adjustments to reconcile net income to net cash provided by operating activities:

Loss on asset impairments and other charges

628

126

Net gain on sales of properties

(11)

(12)

Net mark-to-market loss on derivatives

6

15

Depreciation and amortization

552

558

Amortization of nuclear fuel

63

51

Amortization of debt issuance costs and premium/discounts

17

17

Deferred income taxes and investment tax credits, net

40

302

Allowance for equity funds used during construction

(26)

(25)

Other 

22

2

Changes in assets and liabilities:

Receivables

(19)

130

Materials and supplies

(44)

(34)

Accounts and wages payable

(157)

(192)

Taxes accrued

97

94

Assets, other 

(29)

96

Liabilities, other

137

(2)

Pension and other postretirement benefits

19

(98)

Counterparty collateral, net

23

37

Premiums paid on long-term debt repurchases

(138)

-

Net cash provided by operating activities

1,361

1,565

Cash Flows From Investing Activities:

Capital expenditures

(905)

(758)

Nuclear fuel expenditures

(56)

(45)

Purchases of securities - nuclear decommissioning trust fund

(341)

(163)

Sales of securities - nuclear decommissioning trust fund

277

147

Proceeds from sales of properties

22

50

Other

(8)

18

Net cash used in investing activities

(1,011)

(751)

Cash Flows From Financing Activities:

Dividends on common stock

(284)

(279)

Dividends paid to noncontrolling interest holders

(5)

(5)

Short-term debt and credit facility repayments, net

(143)

(379)

Redemptions, repurchases, and maturities of long-term debt

(754)

(150)

Issuances:

Long-term debt

882

-

Common stock

-

49

Capital issuance costs

(7)

-

Generator advances received for construction

4

-

Repayments of generator advances received for construction

-

(73)

Net cash used in financing activities

(307)

(837)

Net change in cash and cash equivalents

43

(23)

Cash and cash equivalents at beginning of year

255

545

Cash and cash equivalents at end of period

$  298

$ 522

AMEREN CORPORATION (AEE)

CONSOLIDATED OPERATING STATISTICS

Three Months Ended

Nine Months Ended

September 30,

September 30,

2012

2011

2012

2011

Electric Sales - kilowatthours (in millions):

Ameren Missouri

Residential

4,031

4,144

10,352

10,935

Commercial

4,128

4,184

11,195

11,333

Industrial

2,268

2,294

6,533

6,542

Other

28

29

89

91

Native load subtotal

10,455

10,651

28,169

28,901

Off-system and wholesale

1,696

2,514

5,483

8,410

Subtotal

12,151

13,165

33,652

37,311

Ameren Illinois

Residential

Power supply and delivery service

2,720

3,641

7,735

9,361

Delivery service only

910

13

1,281

14

Commercial

Power supply and delivery service

889

1,030

2,396

2,874

Delivery service only

2,754

2,582

6,939

6,507

Industrial

Power supply and delivery service

385

393

1,167

1,112

Delivery service only

3,245

3,088

8,954

8,637

Other

139

136

400

402

Native load subtotal

11,042

10,883

28,872

28,907

Merchant Generation 

Energy sales

6,623

9,108

18,790

24,001

Affiliate native energy sales

653

434

1,447

523

Subtotal

7,276

9,542

20,237

24,524

Eliminate affiliate sales

(653)

(434)

(1,447)

(523)

Eliminate Ameren Illinois/Merchant Generation common customers

(2,307)

(1,549)

(5,291)

(4,108)

Ameren Total 

27,509

31,607

76,023

86,111

Electric Revenues (in millions):

Ameren Missouri

Residential

$  463

$  466

$ 1,055

$ 1,041

Commercial

367

373

874

874

Industrial

142

145

343

347

Other

25

25

72

49

Native load subtotal

997

1,009

2,344

2,311

Off-system and wholesale

49

90

160

281

Subtotal

$ 1,046

$ 1,099

$  2,504

$          2,592

Ameren Illinois

Residential

Power supply and delivery service

$    281

$  379

$  813

$  959

Delivery service only

43

-

57

-

Commercial

Power supply and delivery service

79

119

217

287

Delivery service only

61

54

136

119

Industrial

Power supply and delivery service

14

19

42

51

Delivery service only

13

13

34

33

Other

45

47

105

107

Native load subtotal

$  536

$  631

$ 1,404

$ 1,556

Merchant Generation 

Non-affiliate energy sales

$  294

$  416

$  788

$ 1,088

Affiliate native energy sales

84

66

243

160

Other

4

(1)

20

6

Subtotal

$  382

$  481

$ 1,051

$  1,254

Eliminate affiliate revenues and other

(93)

(73)

(265)

(180)

Ameren Total

$  1,871

$  2,138

$  4,694

$  5,222

AMEREN CORPORATION (AEE)

CONSOLIDATED OPERATING STATISTICS

Three Months Ended

Nine Months Ended

September 30,

September 30,

2012

2011

2012

2011

Electric Generation - megawatthours (in millions):

Ameren Missouri

12.2

13.4

34.2

37.8

Merchant Generation 

Ameren Energy Generating Company (Genco)

5.0

6.3

13.6

16.5

AmerenEnergy Resources Generating Company (AERG)

1.8

2.0

5.4

5.3

AmerenEnergy Medina Valley Cogen, L.L.C.

-

-

-

0.1

Subtotal

6.8

8.3

19.0

21.9

Ameren Total

19.0

21.7

53.2

59.7

Fuel Cost per kilowatthour (cents):

Ameren Missouri

1.852

1.705

1.709

1.571

Merchant Generation

2.496

2.486

2.474

2.430

Gas Sales - decatherms (in thousands):

Ameren Missouri

948

823

6,084

8,067

Ameren Illinois

6,179

5,862

48,443

57,789

Ameren Total

7,127

6,685

54,527

65,856

September 30,

December 31,

2012

2011

Common Stock:

Shares outstanding (in millions)

242.6

242.6

Book value per share

$32.45

$32.64

Capitalization Ratios:

Common equity

53.5%

53.4%

Preferred stock

1.0%

1.0%

Debt, net of cash

45.5%

45.6%

 

 

 

 

 

SOURCE Ameren Corporation



RELATED LINKS

http://www.ameren.com