AEE · 10-Q · 2026Q3 · Full report
Liquidity and Cash Position
AMEREN CORP · 2026-11-06 · Importance 50 · Surprise 24
The Ameren Companies’ multiyear credit agreements provide a combined $3.2 billion of credit through December 2030, with an option to increase the total to $4.0 billion. Ameren had a working-capital deficit at September 30, 2026, as operating cash and short-term borrowings are used to fund capital expenditures and other long-term investments. Ameren, Ameren Missouri, and Ameren Illinois stated that liquidity was adequate in view of expected operating cash flows, capital expenditures, and financing plans, and expected continued access to capital and credit markets on reasonable terms. Ameren expects planned capital expenditures and dividends to exceed operating cash provided over the next several years.
Key facts
- Ameren’s consolidated net available liquidity was $2.710 billion as of September 30, 2026.
- Ameren expects cash used for planned capital expenditures and dividends to exceed cash provided by operating activities over the next several years.
- Ameren expects annual federal income-tax payments to be immaterial through 2031.
- A sub-investment-grade rating at September 30, 2026, could have required Ameren to post $120 million of additional collateral or other assurances for certain trade and contractual obligations.
- If commodity prices are 15% above or below September 30, 2026 levels during the next 12 months, and 20% above or below thereafter through the end of the commodity contracts, Ameren and Ameren Missouri could be required to post $47 million of collateral or other assurances.
- Ameren’s cash collateral postings and prepayments with external parties were $70 million at September 30, 2026.
- Ameren’s cash provided by operating activities decreased $204 million in the first nine months of 2026 compared with the year-ago period.
- As of September 30, 2026, Ameren had $339 million of federal and state income-tax-credit carryforwards and $115 million of federal and state net-operating-loss carryforwards.