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Text: Warner and Michael will discuss our earnings results and guidance as well as provide a business update.
Before we begin, let me cover a few administrative details.
Such statements include those about future expectations, beliefs, plans, projections, strategies, targets, estimates, objectives, events, conditions and financial performance.
Simply put, our team continues to effectively execute our strategic plan across all of our businesses, which includes making significant investments in our energy infrastructure to enhance the reliability and resiliency of the energy grid as well as transition to a cleaner energy future in a responsible fashion.
These investments, coupled with our continued focus on disciplined cost management delivering significant value to our customers, communities and shareholders.
Moving now to our second quarter earnings results, yesterday, we announced second quarter 2021 earnings of $0.80 per share.
Our earnings were down $0.18 per share from the same time period in 2020, primarily due to a change in the seasonal electric rate design at Ameren Missouri that reduced earnings $0.19 per share.
The impact of this change in rate design will reverse in the third quarter of 2021 and is not expected to impact full year results.
Michael will discuss the other key drivers of our strong quarter earnings results a bit later.
Due to the continued strong execution of our strategy, I am pleased to report that we remain on track to deliver within our 2021 earnings guidance range of $3.65 per share to $3.85 per share.
Speaking of the execution of our strategy, let's move to Page five, where we reiterate our strategic plan.
The first pillar of our strategy stresses investing in and operating our utilities in a manner consistent with existing regulatory frameworks.
This has driven our multiyear focus on investing in energy infrastructure with a long-term benefit of our customers.
As a result and as you can see on the right side of this page, during the first six months of this year, we invested significant capital in each of our business segments, including wind generation at Ameren Missouri, which I will discuss later.
These investments are delivering value to our customers.
As I said before, our energy grid is stronger, more resilient and more secure, because of the investments we are making in all four business segments.
Consistent with the Missouri Smart Energy Plan, we have made significant investments to harden energy grid, which has reduced outages and installed nearly 300,000 electric smart meters for customers.
These smart meters will help customers better manage their usage and control their overall energy costs.
In Illinois, we continue to execute on our electric distribution and gas modernization action plans.
The plans include investments to strengthen electric power poles.
We placed gas transmission pipelines and compression coupled steel mains as well as to implement new efficiency measures, including mobile enhanced communications and assessment capabilities for our careers.
These improvements, along with our investments in outage detection technology, were resulting in improvements in system reliability and millions of dollars in savings for customers.
Moving now to regulatory matters, in late March, Ameren Missouri filed a request for a $299 million increase in annual electric service revenues and a $9 million increase in annual natural gas revenues with the Missouri Public Service Commission.
In our Illinois Electric business, we requested a $60 million base rate increase in our required annual electric distribution rate filing.
These proceedings are all moving along on schedule.
We will be able to provide you information on these proceedings as they develop later this summer and into the fall.
Finally, we have remained relentlessly focused on continuous improvement and disciplined cost management, including retaining the cost savings that we realized in 2020 due to the actions we took to mitigate the impacts of COVID-19.
Moving to Page six and the second pillar of our strategy, enhancing regulatory frameworks and advocating for responsible energy and economic policies.
Starting in Missouri, in May, the Missouri legislator passed the bill, allowing for securitization in the state.
This constructive legislation which is trying by governance parsing in July give us another important regulatory tool to facilitate our transition to a cleaner energy future and a cost effective manner for our customers.
However, as we have stated in the past, a robust integrated resource plan does not rely on securitization to be successful.
Our flexible and responsible plan, which includes approximately $8 billion of investments in renewable energy through 2040, the retirement of all of our coal-fired energy centers and extending the life of our carbon-free Callaway nuclear energy center focuses on getting the energy we provide to our customers as clean as we can, as fast as we can without compromising from reliability, customer affordability and the evolution of new clean energy technologies.
And as I will touch on later, I am pleased to say that we are already taking steps to implement this important plan for our customers, the State of Missouri and our country.
Moving now to Illinois, last month, the Illinois Commerce Commission approved Ameren Illinois electric vehicle charging program.
Under this program, we are able to support the development of a network of charging infrastructure in Central and Southern Illinois as well as implement special time-based delivery service rates and other incentives to help encourage the use of electric vehicles.
We are excited about this new program, because it will drive greater electrification of the transportation sector as well as help the state of Illinois move toward its clean energy goals.
Moving to legislative efforts, as many of you know, we have been working to enhance the regulatory framework for our Illinois Electric business.
The performance-based regulatory framework in place today has delivered strong value for customers and shareholders over the years.
However, the framework is scheduled to sunset in 2022.
As a result, we have been working with key stakeholders to develop constructive long-term regulatory policies that support important investments in energy infrastructure, while enabling us to earn fair returns on those investments.
As you know, throughout the regulator legislative session, which ended late May, we advocated for the Downstate Clean Energy Affordability Act which was largely extended the existing framework until 2032, while putting in place provisions that would set the Ameren Illinois electric distribution ROE at the national average.
At the same time, many other energy-related legislative proposals from other stakeholders were proposed during the legislative session, including proposals from Governor Pritzker, labor and environmental groups, to address the closure of nuclear plants in the states, Illinois clean energy transition and the electric distribution framework going forward.
For months, stakeholders have been in discussion seeking to find an appropriate compromise to all these proposals.
While progress is made in these issues, the regular legislative session ended on May 31 with no energy legislation being put before the Senate or House of Representatives for a vote.
A special session was called in mid-June to further discuss draft energy legislation, but no bill was filed nor action taken.
Needless to say, we will continue to work with key stakeholders to find a constructive solution to this important matter.
Turning to Page seven for an update on FERC regulatory matters, in April, FERC issued a supplemental notice of proposed rulemaking, or NOPR, on electric transmission return on equity incentive adder for participation in the regional transmission organization, or RTO.
As you may recall, under the NOPR, the RTO incentive adder would be removed from utilities that have been members of an RTO for three years or more, like the Ameren Illinois and ATXI.
We have been very clear that we disagreed with FERC proposed recommendation in this matter for a number of reasons and recently filed comments strongly posing the removal of the adder.
Of course, we are unable to predict the ultimate outcome or timing of this matter as the FERC is under no timeline to issue a decision.
In addition, in June, the FERC issued an order establishing a joint federal state task force and electric transmission.
This order establishes a first of its kind task force to respond with state commission's transmission-related issues including how to plan and pay for transmission facilities, recognizing that federal and state regulators share authority over different aspects of these transmission-related issues.
The task force will be comprised of the FERC commissioners and representatives nominated by the National Association of Regulatory Utility Commissioners from 10 state commissions.
The first public meeting is expected to be held this fall.
Also last month, the FERC issued an advanced notice of proposed rulemaking related to regional transmission planning and cost allocation processes, including critical long-term planning for anticipated future generation needs.
We continue to asses the managed rates in the advanced NOPR and expect to file comments with the FERC this fall.
Again, we are unable to predict the ultimate timing or outcome of this matter as FERC is under no timeline to issue a decision.
Speaking to plan for future transmissions, please turn to Page eight.
As I discussed on the call in May, MISO completed a study outlining a potential roadmap of transmission projects through 2039, taking into consideration the rapidly evolving generation mix that includes significant additions of renewable generation based on announced utility integrated resource plans, state mandates and goals for clean imaging or carbon emission reductions, among other things.
Under MISO's Future one scenario, which is the scenario that resulted in an approximate 60% carbon-emission reduction below 2005 levels by 2039 MISO estimates approximately $30 billion of future transmission investment in the MISO footprint.
Further, MISO's Future three scenario resulted in an 80% reduction in carbon emissions below 2005 levels by 2039.
Under this scenario, MISO estimates approximately $100 billion of transmission investment in the MISO footprint will be needed.
It is clear that investment in transmission is going to play a critical role in the clean energy transition and we are well-positioned to plan and execute potential projects in the future for the benefit of our customers and country.
We continue to work with MISO and other key stakeholders and believe certain projects outlined in Future one are likely to be included in this year's MISO's transmission planning process, which is currently scheduled to be completed in the fourth quarter of 2021.
However, it is possible the process could go into the first quarter of 2022.
Moving now to Page nine for an update on our $1.1 billion wind generation investment related to the acquisition of 700 megawatts of new wind generation at two sites in Missouri.
Ameren Missouri closed on the acquisition of its first wind energy center, a 400 megawatt project in Northeast Missouri in December.
In January, Ameren Missouri acquired a second wind generation project, the 300 megawatt Atchison Renewable Energy Center located in Northwest Missouri.
I am pleased to report that as of the end of the second quarter, the Atchison Renewable Energy Center is now in service.
With both facilities now operating, it marks a key milestone as we continue to transition our energy portfolio toward a cleaner energy future.
Turning now to Page 10 and an update on Missouri's Callaway energy center.
As we have previously discussed, during its return to full power, as part of its 24th refueling and maintenance outage in late December 2020, Callaway experienced a non-nuclear operating issue related to its generator.
A thorough investigation of this matter was conducted and a decision was made to rewind the generator stator and rotor in order to safely and sustainably return to energy center to service.
I am pleased to report that the generator project was executed very well and that the energy center returned to service on August 4.
The completion of this project positions Callaway for a sustainable long-term future.
The cost of the capital project was approximately $60 million.
As we have said previously, the insurance claims for the capital project and replacement power have been accepted by our insurance carrier, which will mitigate the impacts of this outage for our customers.
In addition, we do not expect this matter to have a significant impact on Ameren's financial results.
Turning to Page 11, we remain focused on delivering a sustainable energy future for our customers, communities and our country.
This page summarizes our strong sustainability value proposition for environmental, social and governance matters and is consistent with our vision, leading the way to a sustainable energy future.
Beginning with environmental stewardship, last September, Ameren announced its transformational plan to achieve net-zero carbon emissions by 2050 across all of our operations in Missouri and Illinois.
This plan includes interim carbon-emission reduction targets of 50% and 85% below 2005 levels in 2030 and 2040 respectively and is consistent with the objectives of the Paris agreement and limiting global temperature rise to 1.5 degrees Celsius.
We also have a strong long-term commitment to our customers and communities to be socially responsible and economically impactful.
Finally, our strong corporate covenants is led by a diverse Board of Directors focused on strong oversight that's aligned with ESG matters.
And our executive compensation practices include performance metrics that are tied to sustainable long-term performance, diversity, equity and inclusion and progress toward a cleaner, sustainable energy future.
I encourage you to take some time to read more about our strong sustainability value proposition.
You can find all of our ESG-related reports at amereninvestors.com.
Turning now to Page 12, looking ahead, we have a strong sustainable growth proposition, which will be driven by a robust pipeline of investment opportunities of over $40 billion over the next decade that will deliver significant value to all our stakeholders in making the energy grid stronger, smarter and cleaner.
Importantly, these investment opportunities exclude any new vehemently better special transmission projects, including the potential road map of MISO transmission projects I discussed earlier, all of which would increase the reliability and resiliency of the energy grid as well as enable our country's transition to a cleaner energy future.
In addition, we expect to see greater focus from a policy perspective and infrastructure investments to support the electrification of the transportation sector.
Our outlook through 2030 does not include significant event structure investments for electrification at this time.
Of course, our investment opportunities will not only create stronger and cleaner energy grid to meet our customers' needs and exceed their expectations, but they would also create thousands of jobs for our local economies.
Maintaining constructive energy policies that support robust investment in energy infrastructure and a transition to a cleaner energy future and is safe, reliable and affordable fashion will be critical to meeting our country's future energy needs and delivering on our customers' expectations.
Moving to Page 13, to sum up our value proposition, we remain firmly convinced that the execution of our strategy in 2021 and beyond will deliver superior value to our customers, shareholders and the environment.
In February, we issued our five-year growth outlook, which included a 6% to 8% compound annual earnings growth rate from 2021 to 2025.
This earnings growth is primarily driven by strong rate base growth and compares very favorably with our regulated utility peers.
Importantly, our five-year earnings and rate base growth projections do not include 1,200 megawatts of incremental renewable investment opportunities outlined in Ameren Missouri's and greater resource plan.
Our team continues to assess several renewable generation proposals from developers.
We expect to file this year with the Missouri PSC for certificates of convenience and necessity for a portion of these planned renewable investments.
I am confident in our ability to execute our investment plans and strategies across all four of our business segments, which we have an experienced and dedicated team to get it done.
That fact, coupled with our sustained past execution and our strategy on many fronts has positioned us well for future success.
Further, our shares continue to offer the investors a solid dividend, which we expect to grow in line with our long-term earnings-per-share growth guidance.
Simply put, we believe our strong earnings and dividend growth outlook results in a very attractive total return opportunity for shareholders.
I will now turn to Michael.
Earnings in Ameren Missouri, our largest segment, decreased $0.18 per share, driven primarily by a change in seasonal electric rate design, resulting from the March 2020 rate order, which provided for winter rates in May and summer rates in September rather than the blended rates used in both months in 2020.
The rate design change decrease earnings $0.19 per share and is not expected to impact full year results.
Earnings were also impacted by the timing of income tax expense, which decreased earnings $0.03 per share and is not expected to impact full year results.
As Warner mentioned, during the quarter, we remain relentlessly focused on continuous improvement and discipline cost management and have been able to largely maintained the level of operations and maintenance savings this quarter that we experienced during the year-ago period, which was significantly affected COVID-19.
The increase in other operations and maintenance expenses, which decreased earnings $0.02 per share, was primarily due to more favorable market returns on the cash surrender value of company-owned life insurance in the year-ago period.
As you can see, we have worked hard this year to control costs where we can.
The amortization of deferred expenses related to the fall 2020 Callaway Energy Center scheduled refueling and maintenance outage and higher interest expense primarily due to higher long-term debt balances outstanding also decreased earnings $0.02 per share.
These factors were partially offset by an increase in earnings of $0.05 per share due to increased investments in infrastructure and wind generation, eligible for plant and service accounting and the Renewable Energy Standard Rate Adjustment Mechanism, or RESRAM.
Higher electric retail sales also increased earnings by approximately $0.04 per share, largely due to continued economic recovery in this year's second quarter compared to the unfavorable impacts of COVID-19 in the year-ago period.
We've included on this page the year-over-year weather-normalized sales variances for the quarter.
Overall weather-normalized sales are largely consistent with our expectations outlined in our call in February as we still expect total sales to be up approximately 2% in 2021 compared to 2020.
Moving to other segments, Ameren Transmission earnings declined $0.03 per share over year, which reflected the absence of the prior year benefit from the May 2020 FERC order addressing the allowed base return on equity, which more than offset earnings on increased infrastructure investment.
Earnings for Ameren oil natural gas decreased $0.01 per share.
Increased delivery service rates that became effective in late January 2021 were offset by a change in rate design, which is not expected to impact full year results.
Ameren Illinois electric distribution earnings increased $0.02 per share, which reflected increased infrastructure investments and a higher allowed ROE under performance-based rate making.
Ameren parent and other results were also up $0.02 per share compared to the second quarter of 2020 primarily due to the timing of income tax expense, which is not expected to impact full year results.
And finally, 2021 earnings per share reflected higher weighted average shares outstanding.
Before moving on, I will touch on year-to-date sales trends for Illinois Electric distribution.
Weather normalized kilowatt hour sales to Illinois residential customers decreased 1%.
And weather normalized kilowatt hour sales to Illinois commercial and industrial customers increased 2.5% and 2% respectively.
Recall that changes in electric sales in Illinois, no matter the cause, do not affect our earnings since we have full revenue decoupling.
Turning to Page 16, now I'd like to briefly touch on key drivers impacting our 2021 earnings guidance.
We're off to a strong first half in 2021.
And as Warner stated, we continue to expect 2021 diluted earnings to be in the range of $3.65 to $3.85 per share.
Select earnings considerations for the balance of the year are listed on this page and are supplemental to the key drivers and assumptions discussed on our earnings call in February.
I will note that our third quarter earnings comparison will be positively impacted by approximately $0.19 per share due to the seasonal electric rate design change effective in 2021 at Ameren Missouri that we discussed earlier.
Moving now to Page 17 for an update on our regulatory matters.
Starting with Ameren Missouri, as you recall, on March 31, we filed for a $299 million electric revenue increase with the Missouri Public Service Commission.
The request includes a 9.9% return on equity, a 51.9% equity ratio and a September 30, 2021 estimated rate base of $10 billion.
[Indecipherable] will be filed in early September with the bottle testing by October 15.
Evidence hearings are scheduled to begin in late November.
In addition, on March 31, we filed for a $9 million natural gas revenue increase with the Missouri PSC.
The request includes a 9.8% return on equity, a 51.9% equity ratio and a September 30, 2021, estimated rate base of $310 million.
A Missouri PSC decision in both rate reviews is expected by early February, with new rates expected to be effective by late February.
Moving down renewal -- Illinois regulatory matters, in April, we made our required annual electric distribution rate update filing.
Under Illinois performance-based ratemaking, these annual rate updates systematically adjust cash flows over time for changes in cost of service and true up any prior period over or under recovery of such costs.
In late June, the ICC staff recommended a $54 million base rate increase compared to our request of a $60 million base rate increase.
An ICC decision is expected in December with new rates expected to be effective in January 2022.
Moving to Page 18.
In early June, Ameren published a sustainability financing framework, becoming one of the first utilities in the nation to do so.
Under this framework, Ameren and its issuing subsidiaries may elect to finance or refinance new and existing projects that have an environmental or social benefit through green bonds, social bonds, sustainability bonds, green loans or other financial instruments.
Given the amount of investment activity at Ameren and the utility subsidiaries are pursuing, that have environmental or social benefits, we expect to be a relatively frequent issuer under our sustainability financing framework.
In June, both Ameren Missouri and Ameren Illinois issued green bonds consistent with this new financing framework.
More information about this framework is available at amereninvestors.com.
Turning to Page 19 for a financing and liquidity update, we continue to feel very good about our liquidity and financial position.
As I just mentioned in June, Ameren Missouri and Ameren Illinois issued green bonds with the net proceeds to be allocated to sustainable projects, meeting certain eligibility requirements under the sustainability financing framework.
Additional debt issuances are outlined on this page.
Further, earlier this year, we physically settled the remaining shares under our forward equity sale agree for proceeds of approximately $115 million.
In order for us to maintain our credit ratings and a strong balance sheet while we found our robust infrastructure plan, we expected to issue a total of approximately $150 million of common equity in 2021 under the at-the-market or ATM program established in May.
This is consistent with prior guidance provided in February and May.
And to date, approximately $122 million of equity has been issued through this program.
Our $750 million ATM equity program is expected to support our equity needs through 2023.
Finally, Ameren's available liquidity as of July 30 was approximately $1.8 billion.
Lastly, turning to Page 20, we are well positioned to continue to execute on our plan.
We continue to expect to deliver strong earnings growth in 2021 as we successfully execute our strategy.
And as we look to the longer term, we expect strong earnings-per-share growth driven by a robust rate base growth and disciplined cost management.
Further, we believe this growth will compare favorably with the growth of our regulated peers.
Ameren shares continue to offer investors an attractive dividend.
In total, we have a strong total shareholder return story that compares very favorably to our peers.

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ameren q2 earnings per share $0.80.
q2 earnings per share $0.80.
guidance range for 2021 reaffirmed at $3.65 to $3.85 per diluted share.

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