Ameren (NYSE: AEE) Announces Second Quarter 2013 Results

Updates Guidance for 2013 Earnings from Continuing Operations

-- Second Quarter 2013 EPS from Continuing Operations Were $0.44

-- Guidance for 2013 EPS from Continuing Operations Updated to Range of $2.00 to $2.15, Compared to Prior $2.00 to $2.20, Reflecting $0.06 Missouri Fuel Adjustment Clause Charge

Aug 01, 2013, 08:16 ET from Ameren Corporation

ST. LOUIS, Aug. 1, 2013 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced second quarter 2013 net income from continuing operations of $105 million, or 44 cents per share, compared to second quarter 2012 net income from continuing operations of $161 million, or 66 cents per share. As a result of the March 2013 definitive agreement to divest its merchant generation business to an affiliate of Dynegy Inc. (NYSE: DYN), Ameren has classified the results of this business as discontinued operations in its financial statements.

The reduction in earnings from continuing operations for the second quarter 2013, compared to the second quarter of 2012, was the result of a planned nuclear refueling outage, impacts of a regulatory decision in 2012 and a court decision in 2013, as well as milder weather. Callaway Energy Center nuclear refueling and maintenance outage expenses reduced earnings by 8 cents per share, compared to the year-ago period when there was no refueling outage or expenses. The earnings decline also reflected the absence in 2013 of a 7 cent per share 2012 benefit from a Federal Energy Regulatory Commission (FERC) order related to a disputed Missouri purchased power agreement and a 6 cent per share charge resulting from a May 2013 Missouri Court of Appeals decision related to Missouri fuel adjustment clause (FAC) treatment of certain prior period wholesale sales. In addition, weather negatively impacted the comparison by approximately 5 cents per share. This year's early summer temperatures were cooler than last year's warmer-than-normal temperatures, reducing electric sales volumes to native load customers. The earnings comparison was favorably impacted by new rates for Missouri electric and Illinois transmission service, both effective in January 2013.

"Second quarter earnings from continuing operations were in line with our expectations excluding the charge related to the Missouri Court of Appeals FAC decision," said Thomas R. Voss, chairman, president and CEO of Ameren Corporation. "Reflecting this charge, we have updated our 2013 guidance for earnings from continuing operations to a range of $2.00 to $2.15 per share, compared to our prior range of $2.00 to $2.20 per share.

"We remain committed to closing the transaction to divest our merchant generation business and expect to do so in the fourth quarter of this year," Voss said. "Once completed, Ameren will be a purely rate-regulated business focused on growing our investments in utility infrastructure to benefit our customers, communities and investors. In this regard, we are pleased that recently enacted Illinois legislation improves the regulatory frameworks for investment in our electric and natural gas delivery businesses in that state."

Ameren recorded net income from continuing operations for the six months ended June 30, 2013 of $159 million, or 66 cents per share, compared to net income from continuing operations for the six months ended June 30, 2012 of $198 million, or 81 cents per share. This earnings decrease reflected 2013 Callaway refueling outage expenses, compared to none in the year-ago period, the absence in 2013 of the 2012 benefit from the FERC purchased power agreement order and a charge resulting from the May 2013 Missouri Court of Appeals FAC decision. The decline in earnings also reflected variation in the timing and amount of earnings recognized under Illinois electric formula ratemaking. The earnings comparison was favorably impacted by new rates for Missouri electric and Illinois transmission service.  Further, temperature variations positively impacted the first half 2013 earnings comparison reflecting the net impact of higher winter season and lower summer season energy sales volumes to native load customers resulting from cooler conditions in each 2013 season.

2013 Earnings Guidance

Ameren now expects 2013 earnings from continuing operations to be in a range of $2.00 to $2.15 per share, compared to the prior range of $2.00 to $2.20 per share. This reduced guidance reflects the second quarter 2013 charge resulting from the May 2013 Missouri Court of Appeals FAC decision. The updated guidance continues to incorporate approximately 20 cents per share of parent company and other costs, including certain costs which were previously allocated to the merchant generation business. Guidance is presented on a continuing operations basis reflecting classification of the merchant generation business as discontinued operations.

Ameren's 2013 earnings guidance for continuing operations assumes normal temperatures for the second half of the year. In addition, this guidance is subject to the effects of, among other things, completion of Ameren's announced divestiture of the merchant generation business; sale of the Elgin, Gibson City, and Grand Tower gas-fired energy centers; regulatory decisions and legislative actions; energy center operations; energy, economic, 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 second quarter 2013 earnings were $84 million, a decline from second quarter 2012 earnings of $143 million. The decrease in earnings reflected the following previously mentioned factors: the Callaway refueling outage expenses; the absence in 2013 of a 2012 benefit resulting from the FERC purchased power agreement order; and the charge resulting from the May 2013 Missouri Court of Appeals FAC decision. In addition, the earnings comparison was impacted by reduced electric sales volumes to native load customers primarily because this year's early summer temperatures were cooler than last year's warmer-than-normal temperatures. The earnings comparison was favorably impacted by new rates for electric service.

Ameren Illinois Segment Results

Ameren Illinois segment second quarter 2013 earnings of $31 million were comparable to second quarter 2012 earnings of $32 million.

Parent Company and Other

Parent company and other costs reduced Ameren's earnings from continuing operations by $10 million in the second quarter of 2013, compared to $14 million in the second quarter 2012. These parent company and other costs include interest expense and certain other costs which were previously allocated to the merchant generation business, as well as other costs historically not allocated to Ameren's business segments.

Discontinued Operations

Ameren's net loss from discontinued operations for the second quarter of 2013 was $10 million, or 5 cents per share, compared to earnings for the second quarter of 2012 of $50 million, or 21 cents per share. This net loss compared to earnings in the prior year period primarily reflected the absence in 2013 of a second quarter 2012 noncash income tax benefit of $42 million related to a first quarter 2012 asset impairment charge. This benefit resulted from the requirement to recognize interim period income tax expense using the annual estimated effective rate.  

Ameren's net loss from discontinued operations for the six months ended June 30, 2013 was $209 million, or 87 cents per share, compared to a net loss from discontinued operations for the six months ended June 30, 2012 of $390 million, or $1.60 per share. This reduced loss primarily reflected lower asset impairment charges.

Summary of Net Results  

Ameren recorded second quarter 2013 net income of $95 million, or 39 cents per share, compared to second quarter 2012 net income of $211 million, or 87 cents per share. The net loss for the six months ended June 30, 2013 was $50 million, or 21 cents per share, compared to a net loss for the six months ended June 30, 2012 of $192 million, or 79 cents per share.

Ameren's earnings or loss per share from continuing operations and discontinued operations as well as net income or loss per share is as follows:

Second Quarter

Six Months

2013

2012

2013

2012

Earnings per share from continuing operations

$ 0.44

$ 0.66

$0.66

$ 0.81

Earnings (loss) per share from discontinued operations

(0.05)

0.21

(0.87)

(1.60)

Net income (loss) per share

$ 0.39

$ 0.87

$(0.21)

$(0.79)

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Thursday, Aug. 1, to discuss second quarter 2013 earnings, 2013 guidance 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 "Q2 2013 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 Aug. 1 through Aug. 8, by dialing U.S. 877.660.6853 or international 201.612.7415, and entering ID number 418209.

About Ameren

St. Louis-based Ameren Corporation serves 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through our Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric and natural gas delivery service while Ameren Missouri provides vertically integrated electric service, with generating capacity of 10,300 megawatts, and natural gas delivery service. Ameren Transmission develops regional electric transmission projects. In March 2013, we entered into a definitive agreement to divest our Illinois-based merchant generation business. For more information, visit Ameren.com.              

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, 2012 and Ameren's Form 10-Q for the quarter ended March 31, 2013, 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:

  • completion of Ameren's divestiture of the merchant generation business and the sale of the Elgin, Gibson City, and Grand Tower gas-fired energy centers;
  • regulatory approvals, including from FERC, the Federal Communications Commission, and the Illinois Pollution Control Board relating to, and the satisfaction or waiver of the conditions to, the divestiture of the merchant generation business and regulatory approvals from FERC with respect to both the transfer to AmerenEnergy Medina Valley Cogen, LLC, and ultimate sale to a third-party of the Elgin, Gibson City and Grand Tower gas-fired energy centers;
  • Ameren's exit from the merchant generation business, which could result in additional impairments of long-lived assets, disposal-related losses, contingencies, reduction of existing deferred tax assets, or could have other adverse impacts on the financial condition, results of operations and liquidity of Ameren;
  • regulatory, judicial, or legislative actions, including changes in regulatory policies and ratemaking determinations, such as the outcome of Ameren Illinois' natural gas delivery service rate case filed in 2013; the court appeals of Ameren Missouri's and Ameren Illinois' electric rate orders issued in 2012; Ameren Missouri's current FAC prudence review by the Missouri Public Service Commission (MoPSC); Ameren Missouri's request with the MoPSC for an accounting authority order relating to the deferral of certain fixed costs; Ameren Illinois' request for rehearing of FERC's July 2012 and June 2013 orders regarding the alleged inclusion of acquisition premiums in Ameren Illinois transmission rates; and future regulatory, judicial, or legislative actions that seek to change regulatory recovery mechanisms;
  • the effect of Ameren Illinois participating in a performance-based formula ratemaking process under the Illinois Energy Infrastructure Modernization Act (IEIMA), including the direct relationship between Ameren Illinois' return on common equity and the 30-year United States Treasury bond yields, 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;
  • Ameren Illinois' decision of when to participate in the regulatory framework provided by the state of Illinois' recently-enacted Natural Gas Consumer, Safety and Reliability Act, which allows for the use of a rider to recover costs of certain infrastructure investments made between rate cases;
  • the effects of, or changes to, the Illinois power procurement process;
  • changes in laws and other governmental actions, including monetary, fiscal, and tax policies, such as changes that result in our being unable to claim all or a portion of the cash tax benefits that are expected to result from the divestiture of the merchant generation business;
  • 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, which may have a significant effect on the financial condition of Ameren's merchant generation segment;
  • 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, including liquidity concerns for Ameren's merchant generation business, and specifically for Ameren Energy Generating Company, whose ability to borrow additional funds from external third-party sources is restricted;
  • 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 investment and 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 additional nuclear generation at its Callaway Energy Center;
  • operation of Ameren Missouri's Callaway Energy Center, including planned, unplanned  and refueling outages, and future  decommissioning costs;
  • the effects of strategic initiatives, including mergers, acquisitions and divestitures, including the divestiture of the merchant generation business, 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 and discharges, 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 energy centers, increase our costs, result in an impairment of our assets, result in sales 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 agreements, and financial instruments;
  • the cost and availability of transmission capacity for the energy generated by Ameren's and Ameren Missouri's energy centers or required to satisfy energy sales made by Ameren or Ameren Missouri;
  • 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)

CONSOLIDATED STATEMENT OF INCOME (LOSS)

(Unaudited, in millions, except per share amounts)

Three Months Ended

Six Months Ended

June 30,

June 30,

2013

2012

2013

2012

Operating Revenues:

Electric

$    1,228

$    1,255

$    2,316

$    2,319

Gas

175

147

562

495

   Total operating revenues

1,403

1,402

2,878

2,814

Operating Expenses:

Fuel

213

175

426

356

Purchased power

121

161

272

370

Gas purchased for resale

72

49

302

264

Other operations and maintenance

447

395

846

764

Depreciation and amortization

178

168

353

335

Taxes other than income taxes

111

110

233

223

   Total operating expenses

1,142

1,058

2,432

2,312

Operating Income 

261

344

446

502

Other Income and Expenses:

Miscellaneous income

16

19

31

36

Miscellaneous expense

5

7

13

22

   Total other income

11

12

18

14

Interest Charges

100

98

201

196

Income Before Income Taxes

172

258

263

320

Income Taxes 

66

96

101

119

Income from Continuing Operations

106

162

162

201

Income (Loss) from Discontinued Operations, Net of Tax

(10)

48

(209)

(394)

Net Income (Loss)

96

210

(47)

(193)

Less:  Net Income (Loss) Attributable to Noncontrolling Interests:

   Continuing Operations

1

1

3

3

   Discontinued Operations

-

(2)

-

(4)

Net Income (Loss) Attributable to Ameren Corporation:

   Continuing Operations

105

161

159

198

   Discontinued Operations

(10)

50

(209)

(390)

Net Income (Loss) Attributable to Ameren Corporation

$        95

$      211

$       (50)

$     (192)

Earnings (Loss) per Common Share  – Basic and Diluted

Continuing Operations

$      0.44

$     0.66

$      0.66

$     0.81

Discontinued Operations

(0.05)

0.21

(0.87)

(1.60)

Net Income (Loss) per Common Share – Basic and Diluted

$      0.39

$     0.87

$     (0.21)

$    (0.79)

Average Common Shares Outstanding

242.6

242.6

242.6

242.6

AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET 

(Unaudited, in millions)

June 30,

December 31,

2013

2012

ASSETS

Current Assets:

Cash and cash equivalents

$                150

$           184

Accounts receivable - trade, net 

425

354

Unbilled revenue

308

291

Miscellaneous accounts and notes receivable

75

71

Materials and supplies

511

570

Current regulatory assets

192

247

Current accumulated deferred income taxes, net

157

160

Other current assets

104

98

Current assets of discontinued operations

1,486

1,600

   Total current assets

3,408

3,575

Property and Plant, Net

15,601

15,348

Investments and Other Assets:

Nuclear decommissioning trust fund

442

408

Goodwill 

411

411

Intangible assets

18

14

Regulatory assets

1,742

1,786

Other assets

654

667

   Total investments and other assets

3,267

3,286

TOTAL ASSETS

$           22,276

$       22,209

LIABILITIES AND EQUITY

Current Liabilities:

Current maturities of long-term debt

$                884

$           355

Short-term debt

25

-

Accounts and wages payable

428

533

Taxes accrued

123

50

Interest accrued

100

89

Customer deposits

110

107

Mark-to-market derivative liabilities

75

92

Current regulatory liabilities

180

100

Other current liabilities

178

168

Current liabilities of discontinued operations

1,183

1,166

   Total current liabilities

3,286

2,660

Long-term Debt, Net

5,274

5,802

Deferred Credits and Other Liabilities:

Accumulated deferred income taxes, net

3,348

3,166

Accumulated deferred investment tax credits

67

70

Regulatory liabilities

1,666

1,589

Asset retirement obligations

385

375

Pension and other postretirement benefits

1,140

1,138

Other deferred credits and liabilities

585

642

   Total deferred credits and other liabilities

7,191

6,980

Ameren Corporation Stockholders' Equity:

Common stock

2

2

Other paid-in capital, principally premium on common stock

5,619

5,616

Retained earnings

762

1,006

Accumulated other comprehensive loss

(9)

(8)

   Total Ameren Corporation stockholders' equity

6,374

6,616

Noncontrolling Interests

151

151

   Total equity

6,525

6,767

TOTAL LIABILITIES AND EQUITY

$           22,276

$       22,209

AMEREN CORPORATION (AEE)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 

(Unaudited, in millions)

Six Months Ended

June 30,

2013

2012

Cash Flows From Operating Activities:

Net loss

$       (47)

$     (193)

Loss from discontinued operations, net of tax

209

394

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

   Depreciation and amortization

334

314

   Amortization of nuclear fuel

29

41

   Amortization of debt issuance costs and premium/discounts

12

8

   Deferred income taxes and investment tax credits, net

70

110

   Allowance for equity funds used during construction

(16)

(17)

   Stock-based compensation costs

14

12

   Other 

18

(6)

   Changes in assets and liabilities

106

1

Net cash provided by operating activities - continuing operations

729

664

Net cash provided by operating activities - discontinued operations

39

97

Net cash provided by operating activities

768

761

Cash Flows From Investing Activities:

Capital expenditures

(575)

(485)

Nuclear fuel expenditures

(25)

(52)

Purchases of securities - nuclear decommissioning trust fund

(97)

(206)

Sales and maturities of securities - nuclear decommissioning trust fund

89

195

Other

2

(1)

Net cash used in investing activities - continuing operations

(606)

(549)

Net cash used in investing activities - discontinued operations

(31)

(64)

Net cash used in investing activities

(637)

(613)

Cash Flows From Financing Activities:

Dividends on common stock

(194)

(187)

Dividends paid to noncontrolling interest holders

(3)

(3)

Short-term debt, net

25

(118)

Advances received for construction

7

3

Net cash used in financing activities - continuing operations

(165)

(305)

Net cash used in financing activities - discontinued operations

-

-

Net cash used in financing activities 

(165)

(305)

Net change in cash and cash equivalents

(34)

(157)

Cash and cash equivalents at beginning of year

184

248

Cash and cash equivalents at end of period

$      150

$        91

Noncash financing activity - dividends on common stock

$           -

$        (7)

AMEREN CORPORATION (AEE)

OPERATING STATISTICS FROM CONTINUING OPERATIONS

Three Months Ended

Six Months Ended

June 30,

June 30,

2013

2012

2013

2012

Electric Sales - kilowatthours (in millions):

Ameren Missouri

Residential

2,863

3,048

6,665

6,321

Commercial

3,545

3,715

7,063

7,067

Industrial

2,170

2,185

4,249

4,265

Other

27

28

61

61

Native load subtotal

8,605

8,976

18,038

17,714

Off-system and wholesale

2,180

1,663

3,668

3,787

Subtotal

10,785

10,639

21,706

21,501

Ameren Illinois

Residential

Power supply and delivery service

1,171

2,367

3,145

5,015

Delivery service only

1,364

229

2,497

371

Commercial

Power supply and delivery service

584

726

1,280

1,507

Delivery service only

2,326

2,246

4,433

4,185

Industrial

Power supply and delivery service

428

375

856

782

Delivery service only

2,737

2,793

5,406

5,709

Other

126

123

265

261

Native load subtotal

8,736

8,859

17,882

17,830

Eliminate affiliate sales

-

-

(41)

-

Ameren Total from Continuing Operations

19,521

19,498

39,547

39,331

Electric Revenues (in millions):

Ameren Missouri

Residential

$           339

$           337

$           671

$           592

Commercial

322

301

566

507

Industrial

128

115

227

201

Other

4

19

18

47

Native load subtotal

$           793

$           772

$        1,482

$        1,347

Off-system and wholesale

67

50

110

111

Subtotal

$           860

$           822

$        1,592

$        1,458

Ameren Illinois

Residential

Power supply and delivery service

$           125

$           260

$           290

$           529

Delivery service only

66

11

108

17

Commercial

Power supply and delivery service

54

67

108

137

Delivery service only

46

42

80

76

Industrial

Power supply and delivery service

20

13

36

26

Delivery service only

12

11

23

23

Other

45

33

83

60

Native load subtotal

$           368

$           437

$           728

$           868

Eliminate affiliate revenues and other

-

(4)

(4)

(7)

Ameren Total from Continuing Operations

$        1,228

$        1,255

$        2,316

$        2,319

AMEREN CORPORATION (AEE)

OPERATING STATISTICS FROM CONTINUING OPERATIONS, CONT'D

Three Months Ended

Six Months Ended

June 30,

June 30,

2013

2012

2013

2012

Electric Generation - megawatthours (in millions):

Ameren Missouri

10.5

10.8

21.5

22.0

Fuel Cost per kilowatthour (cents):

Ameren Missouri

1.907

1.632

1.817

1.630

Gas Sales - decatherms (in thousands):

Ameren Missouri

1,519

1,071

7,265

5,136

Ameren Illinois

10,508

8,173

51,967

42,264

Ameren Total

12,027

9,244

59,232

47,400

AMEREN CORPORATION (AEE)

OPERATING STATISTICS FROM DISCONTINUED OPERATIONS

Three Months Ended

Six Months Ended

June 30,

June 30,

2013

2012

2013

2012

Electric Sales - kilowatthours (in millions):

Energy sales

5,700

6,299

13,035

12,167

Affiliate native energy sales

623

260

1,246

794

Subtotal

6,323

6,559

14,281

12,961

Eliminate affiliate sales

(623)

(260)

(1,246)

(794)

Total from Discontinued Operations

5,700

6,299

13,035

12,167

Electric Revenues (in millions):

Nonaffiliate energy sales

$           271

$           251

$           561

$           494

Affiliate native energy sales

22

72

48

159

Other

38

4

19

10

Subtotal

$           331

$           327

$           628

$           663

Eliminate affiliate revenues and other

(28)

(69)

(61)

(159)

Total from Discontinued Operations

$           303

$           258

$           567

$           504

Electric Generation - megawatthours (in millions):

Ameren Energy Generating Company (Genco)

3.8

4.3

9.1

8.6

AmerenEnergy Resources Generating Company (AERG)

1.5

1.8

3.5

3.6

Total from Discontinued Operations

5.3

6.1

12.6

12.2

Fuel Cost per kilowatthour (cents):

2.561

2.485

2.478

2.462

AMEREN CORPORATION (AEE)

CONSOLIDATED FINANCIAL STATISTICS 

June 30,

December 31, 

2013

2012

Common Stock:

Shares outstanding (in millions)

242.6

242.6

Book value per share

$        26.27

$        27.27

Capitalization Ratios:

Common equity

50.8%

52.0%

Preferred stock

1.1%

1.1%

Debt, net of cash(a)

48.1%

46.9%

(a)  Excludes cash and debt of discontinued operations.

 

SOURCE Ameren Corporation



RELATED LINKS

http://www.ameren.com