阿曼瑞恩 2024年度报告

TO MY FELLOWTO MY FELLOWSHAREHOLDERS:SHAREHOLDERS: It continues to be an exciting time in our industry.Energy is the backbone of our nation’s infrastructure,and Ameren plays a critical role in the Midwest.Throughout Missouri and Illinois, we see significanteconomic development potential driven by growingindustries whose meaningful investments create jobs,increase tax base and foster community development.Reliable energy is a key factor in attracting businessesthat ultimately strengthen our communities. More thanthat, it is what our customers expect and deserve fromus every day. In 2024, we made great progress in advancing ourstrategy to invest in rate-regulated energy infrastructure,enhance regulatory frameworks and advocate for respon-sibleenergy policies while optimizing our operatingperformance. This strategy is key to delivering on ourmissionTo Power the Quality of Lifefor our customersand communities. Overthe past decade,we have made substantialinvestments in energy delivery, transmission and cleanerenergy. In 2024, that amounted to more than $4 billionto modernize our electric, natural gas and transmissioninfrastructure to enhance the resilience of our grid whileexpanding our generation portfolio to meet customers’energy needs. This work has produced great results, and we’re planningto build on this momentum in the years to come. WEHAVEAROBUSTINVESTMENT PIPELINE OFMORE THAN $63 BILLIONOVERTHE NEXT DECADETOBOLSTER THE GRID,EXPAND OUR GENERATIONPORTFOLIO AND SUPPORTGROWING DEMAND. and strengthen our energy resource mix andreinforce our dedication to providing dependablepower for our customers. Our Ameren Transmission team is executingseveralMidcontinent Independent SystemOperator (MISO) projects as part of a Long-RangeTransmission Plan to enhance grid infrastructure and improve service reliability and efficiency. In January2025, MISO selected Ameren to build multiple additionalenergy infrastructure projects that will carry energy todistribution grids in Missouri, Illinois and several otherMidwest states. These projects represent a total invest-ment of approximately $1.3 billion, based on MISO’s costestimates. In total we expect to invest an estimated $4.6billion in Federal Energy Regulatory Commission (FERC)regulated projects between 2025 and 2029. And we plantosubmit proposals on other regionally beneficialtransmission projects over the course of the next year. We have a robust investment pipeline of more than$63 billion over the next decade to bolster the grid, expandour generation portfolio and support growing demand.The following paragraphs highlight a sampling of theseexciting opportunities. In February 2025, Ameren Missouri revised the preferredplan in its Integrated Resource Plan (IRP), our guide forgeneration infrastructure investments in the state. Thisupdate lays the groundwork for deploying a balanced mixof energy resources to reliably and affordably serve ourcustomers’ and communities’ growing energy needs andenable economic development. At the end of 2024, the Illinois Commerce Commission (ICC)approved Ameren Illinois’ revised multiyear integrated gridplan, which focuses on maintaining the safety, securityandreliability of the electric delivery system whilepreparing the grid for future energy needs. This was asignificant milestone, providing clarity into the authorizedinfrastructure investment ahead. We plan to invest anestimated $4.9 billion between 2025 and 2029 in Illinoiselectric and gas infrastructure. Ameren Missouri’s near-term investments of approximately$16.8 billion between 2025 and 2029 underscore this com-mitment with significant investments of over $7.5 billion innew dispatchable and renewable energy centers, includingbattery storage, to serve our customers growing needs. Thisincludes two 800-megawatt natural gas energy centers setto boost reliability by the end of 2028. These moves expand RELIABLERELIABLELONG-TERMLONG-TERMVALUEVALUE WEATHER-NORMALIZEDADJUSTED DILUTED EARNINGS PER SHAREWEATHER-NORMALIZEDWEATHER-NORMALIZEDADJUSTED DILUTED EARNINGS PER SHAREADJUSTED DILUTED EARNINGS PER SHARE See inside back cover for GAAP to adjusted and weather-normalizedearnings per share reconciliations. AMEREN TEAM MEMBERS AREAT THE HEART OF OUR SUCCESS.THEIR PASSION SHOWS UP INEVERYTHING THEY DO, BRINGINGASPIRIT OF COLLABORATION,CONTINUOUSIMPROVEMENTAND EXCELLENCE TO THE JOB. INVEST in rate-regulated energy infrastructureENHANCE regulatory frameworks and advocate for responsible policiesOPTIMIZE operating performance 2024adjustedearningsof$4.63per share,above themidpointof our adjusted earn-ingsguidance range.Earningsper share and dividend growthhavenow driven total share-holderreturn of 248%since2013,which was significantlyabove utility index averages. And Forward-thinking, large-scale investments require con-structive regulatory and legislative frameworks at thelocal, state and federal levels. An ongoing dialogue withelected officials and regulators, including the Misso