Watch Live

Tweet TWEET

Ameren Announces Third Quarter 2012 Results

                 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

PR Newswire

ST. LOUIS, Nov. 9, 2012

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:

  oAsset 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.
  oA 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.
  oThe 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   (0.18) --     --     --
tax rate
Net unrealized mark-to-market activity, (gain)     (0.03) 0.07   (0.02) 0.05
loss
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:

  oregulatory, 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;
  othe 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;
  oimpairments 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;
  othe effects of, or changes to, the Illinois power procurement process;
  ochanges in laws and other governmental actions, including monetary,
    fiscal, and tax policies;
  ochanges 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;
  othe 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;
  othe 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;
  oincreasing capital expenditure and operating expense requirements and our
    ability to recover these costs;
  othe 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;
  othe effectiveness of our risk management strategies and the use of
    financial and derivative instruments;
  othe level and volatility of future prices for power in the Midwest;
  othe 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;
  obusiness and economic conditions, including their impact on interest
    rates, bad debt expense, and demand for our products;
  odisruptions 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;
  oour assessment of our liquidity;
  othe impact of the adoption of new accounting guidance and the application
    of appropriate technical accounting rules and guidance;
  oactions of credit rating agencies and the effects of such actions;
  othe 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;
  othe impact of system outages;
  ogeneration, transmission, and distribution asset construction,
    installation, performance, and cost recovery;
  othe 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;
  othe extent to which Ameren Missouri prevails in its claims against
    insurers in connection with its Taum Sauk pumped-storage hydroelectric
    energy center incident;
  othe 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;
  ooperation 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;
  othe effects of strategic initiatives, including mergers, acquisitions and
    divestitures, and any related tax implications;
  othe 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;
  othe impact of complying with renewable energy portfolio requirements in
    Missouri;
  olabor disputes, workforce reductions, future wage and employee benefits
    costs, including changes in discount rates and returns on benefit plan
    assets;
  othe inability of our counterparties and affiliates to meet their
    obligations with respect to contracts, credit facilities, and financial
    instruments;
  othe cost and availability of transmission capacity for the energy
    generated by our energy centers or required to satisfy energy sales made
    by us;
  olegal and administrative proceedings; and
  oacts 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    Ameren    Merchant    Intersegment  Earnings   Per
               Missouri  Illinois  Generation  Eliminations  (Loss)     Share
Three Months
Ended
September 30,
2012 GAAP      $  236   $  71   $        $        $  374    $ 
earnings                           20         47                      1.54
(Increase)
decrease in
tax benefit
related to
asset
impairment
and annual
estimated
effective      -         -         4           (47)          (43)       (0.18)
income tax
rate
Net unrealized
mark-to-market (1)       (1)       (2)         (4)           (8)        (0.03)
activity,
(gain)
2012 Core
(non-GAAP)     $  235   $  70   $        $        $  323    $ 
earnings                           22          (4)                    1.33
(loss)
2011 GAAP                          $       $                   $ 
earnings       $  190   $  98   (9)          6          $  285    1.18
(loss)
Asset
impairment and 55        -         21          -             76         0.32
other charges
Net unrealized
mark-to-market 3         1         12          4             20         0.07
activity, loss
2011 Core                          $        $                   $ 
(non-GAAP)     $  248   $  99   24         10           $  381    1.57
earnings
Nine Months
Ended
September 30,
2012 GAAP                          $         $                   $ 
earnings       $  400   $ 130    (348)        -           $  182    0.75
(loss)
Asset
impairment     -         -         377         -             377        1.55
charge
Net unrealized
mark-to-market (2)       (1)       3           (6)           (6)        (0.02)
activity,
(gain) loss
(Increase)
decrease in
tax benefit
related to
asset
impairment
and annual
estimated
effective      -         -         2           (2)           -          -
income tax
rate
2012 Core
(non-GAAP)     $  398   $ 129    $        $        $  553    $ 
earnings                           34          (8)                    2.28
(loss)
2011 GAAP                          $        $                   $ 
earnings       $  301   $ 168    26          (1)         $  494    2.05
(loss)
Asset
impairment and 55        -         22          -             77         0.32
other charges
Net unrealized
mark-to-market 3         1         8           2             14         0.05
activity, loss
2011 Core                          $        $                   $ 
(non-GAAP)     $  359   $ 169    56          1          $  585    2.42
earnings



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 -          2        (1)       6
Noncontrolling Interests
Net Income Attributable to Ameren        $  374    $  285  $  182   $  494
Corporation
Earnings per Common Share - Basic and    $ 1.54    $ 1.18  $ 0.75   $ 2.05
Diluted
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        82                    69
receivable
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     74                    79
credits
Regulatory liabilities                  1,542                 1,502
Asset retirement obligations            429                   428
Pension and other postretirement        1,152                 1,344
benefits
Other deferred credits and liabilities  563                   447
Total deferred credits and other        7,145                 7,115
liabilities
Ameren Corporation Stockholders'
Equity:
Common stock                            2                     2
Other paid-in capital, principally      5,611                 5,598
premium on common stock
Retained earnings                       2,259                 2,369
Accumulated other comprehensive gain    2                     (50)
(loss)
Total Ameren Corporation stockholders'  7,874                 7,919
equity
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   2,720     3,641          7,735     9,361
   service
   Delivery service only       910       13             1,281     14
   Commercial
   Power supply and delivery   889       1,030          2,396     2,874
   service
   Delivery service only       2,754     2,582          6,939     6,507
   Industrial
   Power supply and delivery   385       393            1,167     1,112
   service
   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     653       434            1,447     523
   sales
   Subtotal                    7,276     9,542          20,237    24,524
Eliminate affiliate sales      (653)     (434)          (1,447)   (523)
Eliminate Ameren
Illinois/Merchant Generation   (2,307)   (1,549)        (5,291)   (4,108)
common customers
   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   $  281  $ 379         $ 813    $ 959
   service
   Delivery service only       43        -              57        -
   Commercial
   Power supply and delivery   79        119            217       287
   service
   Delivery service only       61        54             136       119
   Industrial
   Power supply and delivery   14        19             42        51
   service
   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     84        66             243       160
   sales
   Other                       4         (1)            20        6
   Subtotal                    $ 382    $ 481         $ 1,051   $ 1,254
Eliminate affiliate revenues   (93)      (73)           (265)     (180)
and other
   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    5.0       6.3            13.6      16.5
   Company (Genco)
   AmerenEnergy Resources      1.8       2.0            5.4       5.3
   Generating Company (AERG)
   AmerenEnergy Medina Valley  -         -              -         0.1
   Cogen, L.L.C.
   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                242.6                    242.6
   millions)
   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

Website: http://www.ameren.com
Contact: Media, Brian Bretsch, +1-314-554-4135, bbretsch@ameren.com, Analysts,
Doug Fischer, +1-314-554-4859, dfischer@ameren.com, Matt Thayer,
+1-314-554-3151, mthayer@ameren.com, Investors, Investor Services,
+1-800-255-2237, invest@ameren.com
 
Press spacebar to pause and continue. Press esc to stop.