AEE · 10-Q · 2026Q3 · Full report
Capital Expenditure Program
AMEREN CORP · 2026-11-06 · Importance 64 · Surprise 42 · In source text
Ameren estimates capital expenditures of up to $46.0 billion from 2026 through 2031: up to $31.3 billion at Ameren Missouri, $10.5 billion at Ameren Illinois, and $4.2 billion at ATXI. The program targets electric and natural-gas infrastructure, particularly transmission and distribution systems, generation, and battery storage, and includes investment to address the 2.8 gigawatts of contracted large-load demand. Ameren Missouri’s 2026 preferred resource plan includes 2,100 MW of combined-cycle gas generation by 2031, 1,900 MW of simple-cycle gas generation by 2029, and 1,300 MW of solar by 2030. Ameren Missouri also plans 2,400 MW of battery storage by 2030 and 1,200 MW of nuclear generation by 2040, while its plan calls for retiring all coal-fired energy centers by 2042.
Key facts
- Ameren estimates capital expenditures of up to $46.0 billion from 2026 through 2031: up to $31.3 billion for Ameren Missouri, $10.5 billion for Ameren Illinois, and $4.2 billion for ATXI.
- In 2026, ATXI was awarded three competitive second-tranche MISO projects with other joint owners, representing estimated investment of approximately $1.2 billion for ATXI.
- Ameren’s assigned second-tranche MISO projects are estimated to cost approximately $1.3 billion, with construction expected to begin in mid-2028 and completion forecast early in the next decade.
- Ameren was awarded first-tranche MISO transmission projects estimated to cost approximately $1.8 billion; construction began in 2024, with completion forecast near the end of the decade.
- ATXI’s three first-tranche competitive MISO bid projects represent estimated investment of approximately $250 million for ATXI.
- Ameren’s capital expenditures for 2026–2030 increased significantly from the estimates in its Form 10-K to better align with Ameren Missouri’s 2026 PRP filed in September 2026 and to include a portion of MISO long-range transmission competitive bid projects awarded to ATXI in 2026.
- Ameren Missouri’s 2026 preferred resource plan calls for 2,100 MW of natural-gas combined-cycle generation by 2031, an additional 2,800 MW by 2035, and an additional 1,400 MW by 2042.
- Ameren Missouri’s 2026 preferred resource plan calls for 1,900 MW of natural-gas simple-cycle generation by 2029 and an additional 2,400 MW by 2045.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | committed | -37.0% | Ameren estimates capital expenditures of up to $46.0 billion from 2026 through 2031: up to $31.3 billion for Ameren Missouri, $10.5… |
| assets | positive | committed | +37.0% | Ameren estimates capital expenditures of up to $46.0 billion from 2026 through 2031: up to $31.3 billion for Ameren Missouri, $10.5… |
| cash | negative | realized | -7.8% | Ameren invested $4.1 billion in its rate-regulated businesses in the nine months ended September 30, 2026. |
| assets | positive | realized | +7.8% | Ameren invested $4.1 billion in its rate-regulated businesses in the nine months ended September 30, 2026. |
| cash | negative | committed | -2.1% | Ameren’s assigned second-tranche MISO projects are estimated to cost approximately $1.3 billion, with construction expected to begin in… |
| assets | positive | committed | +2.1% | Ameren’s assigned second-tranche MISO projects are estimated to cost approximately $1.3 billion, with construction expected to begin in… |
| cash | negative | committed | — | Ameren was awarded first-tranche MISO transmission projects estimated to cost approximately $1.8 billion; construction began in 2024, with… |
| assets | positive | committed | — | Ameren was awarded first-tranche MISO transmission projects estimated to cost approximately $1.8 billion; construction began in 2024, with… |
| cash | negative | probable | — | Ameren’s capital expenditures for 2026–2030 increased significantly from the estimates in its Form 10-K to better align with Ameren… |