AMEREN CORP 8-K

What Happened
On June 26, 2026, Union Electric Company, doing business as Ameren Missouri (part of Ameren Corp, ticker AEE), filed a request with the Missouri Public Service Commission (MoPSC) seeking approval to increase its annual electric revenues by $343 million. The request uses a test year ended March 31, 2026 (with pro‑forma adjustments through an anticipated true‑up date of December 31, 2026), assumes a 10.25% return on common equity, a capital structure of 52% common equity, and a $16.7 billion rate base. Ameren Missouri also asked to continue existing regulatory mechanisms such as the fuel adjustment clause and various trackers (pension/postretirement benefits, certain excess deferred income taxes, and use or sale of production/investment tax credits).

Key Details

• $343 million requested annual electric revenue increase; filing date: June 26, 2026.
• Requested ROE: 10.25%; assumed common equity ratio: 52%; rate base: $16.7 billion.
• Test year ended March 31, 2026; anticipated true‑up date: December 31, 2026.
• MoPSC proceeding may last up to 11 months; decision expected by May 2027 with new rates effective June 2027.

Why It Matters
This filing seeks regulatory approval that, if granted, would raise Ameren Missouri’s allowed revenue and could affect Ameren Corp’s regulated earnings beginning when new rates take effect. The request is tied to infrastructure and generation investments (including 400 MW of new capacity) and changes in tax‑credit returns to customers. However, the MoPSC must approve any change — Ameren Missouri cannot predict the level of any approved increase, whether requested trackers will be continued, or whether approved rates will fully recover costs and allow a reasonable return. Investors should note the timeline and regulatory risk: a decision is expected by May 2027, but outcome and magnitude remain uncertain.