Ameren (NYSE:AEE) reported second-quarter 2026 earnings of $1.13 per share, up from $1.01 per share a year earlier, as returns on infrastructure investments more than offset higher spending on tree trimming and energy-center maintenance.
Chairman, President and Chief Executive Officer Marty Lyons said the company reaffirmed its 2026 earnings guidance of $5.25 to $5.45 per share and expects results for the full year to be at or above the midpoint of that range. Ameren attributed its year-over-year earnings growth primarily to investments intended to strengthen the grid and expand generation resources.
Large-load pipeline expands
Ameren highlighted continued growth in its economic-development pipeline, particularly from large-load customers in Missouri. The company said it has executed 3.4 gigawatts of construction agreements in the state, including 2.8 gigawatts of projects with signed electric service agreements, or ESAs. An additional 4 gigawatts of projects have completed interconnection studies.
Google and Amazon announced projects in Ameren Missouri’s service territory during the quarter representing a combined planned investment of $25 billion. Lyons said the projects are included in the previously disclosed 2.8 gigawatts of signed ESAs, and both companies have held groundbreaking ceremonies and begun construction.
Under Missouri Senate Bill 4, the large-load customers will pay 100% of the power and infrastructure costs driven by their operations, according to Lyons. He said the customers are also expected to contribute toward the grid’s fixed costs once operational, which could provide long-term benefits for other customers.
Ameren expects the signed ESAs to begin generating material sales in the second half of 2027. The company expects annual electricity sales to increase 60% from 2025 levels by the end of 2029. Lyons said the 2.8 gigawatts of signed agreements represent upside to the company’s prior planning assumptions, which had contemplated 1.2 gigawatts of additional sales by 2030 and a 6.2% compound annual sales growth rate from 2026 through 2030.
The company plans to file an updated Missouri Integrated Resource Plan in late September. Ameren said it will provide updated sales, capital-investment, financing and long-term earnings-growth forecasts during its third-quarter earnings call.
Generation and transmission investments
Ameren placed 350 megawatts of solar generation into service this year, including the 300-megawatt Split Rail Renewable Energy Center, which began operating in June, one month ahead of schedule. Another 2,250 megawatts of simple-cycle natural gas, solar and battery-storage resources have been approved, are under construction and are expected to enter service in 2027 and 2028.
In May, the company filed certificate-of-convenience-and-necessity requests for nearly 1,000 additional megawatts of solar and storage projects planned for service in 2028 and 2029. This month, Ameren filed for its proposed 2.1-gigawatt West Alton Natural Gas Combined Cycle facility, which is expected to enter service in 2031.
Group President of Ameren Utilities Michael Moehn said the company has obtained turbines for its three gas projects and secured critical long-lead components for the resource additions discussed on the call. He said the West Alton project will use a structure other than a traditional engineering, procurement and construction contract, reflecting current market conditions, and that the company expects to provide more details after completing negotiations.
Ameren also said it won the opportunity to develop all competitive long-range transmission projects in its Illinois service territory from the first two MISO Long-Range Transmission Planning tranches. During the second quarter, MISO selected Ameren’s joint proposals for the WIIL and STIW Tranche 2 projects. The company has submitted joint bids for two remaining Tranche 2.1 projects in Iowa, with selections expected by November.
The company’s investment pipeline now totals more than $71 billion through 2035, subject to changes expected later this year following the updated Missouri resource plan.
Rate cases and financing plans
Chief Financial Officer Lenny Singh discussed Ameren Missouri’s request for a $343 million electric revenue increase, filed with the Missouri Public Service Commission in late June. The request seeks recovery of grid reliability and resiliency investments and includes projected data-center revenue savings for retail customers, along with a proposed income-eligible discount rate.
Ameren said the projected revenues from new large-load customers would reduce customer bills by an estimated $21 million over the two years following the rate review compared with what customers otherwise would have paid. Moehn said the savings reflect data-center revenues expected to begin ramping modestly in the first half of 2027 and could increase as projects scale through 2028 and 2029.
The company expects a Missouri PSC order by May 2027, with new rates effective in June 2027. Ameren Illinois separately requested a $31 million revenue adjustment under its electric multiyear rate plan, with an Illinois Commerce Commission decision expected in December and rates effective in January 2027 if approved.
To fund its infrastructure program, Ameren expects approximately $4 billion of equity needs from 2026 through 2030. Singh said the company sold forward about $600 million of equity in 2025 for expected issuance near the end of 2026, and it has sold forward approximately $1.2 billion of common stock this year through its at-the-market program. S&P Global Ratings and Moody’s reaffirmed the company’s stable outlooks and BBB+ and Baa1 ratings, respectively.
About Ameren (NYSE:AEE)
Ameren Corporation (NYSE: AEE) is an integrated energy company headquartered in St. Louis, Missouri, that provides electric and natural gas delivery and related services in portions of Missouri and Illinois. The company operates regulated utility businesses that serve a broad mix of residential, commercial and industrial customers, and it participates in wholesale energy markets and transmission operations that support reliable service across its service territories.
Ameren’s core activities include generation, transmission and distribution of electricity, distribution of natural gas, and the provision of customer energy solutions such as demand-side management and energy efficiency programs.
