AEE · 10-Q · 2026Q3 · Full report

Tax Credit Transfers

AMEREN CORP · 2026-11-06 · Importance 44 · Surprise 24

Ameren Missouri expects to transfer approximately $2.9 billion of production and investment tax credits to unrelated parties from 2026 through 2031 under the IRA and OBBBA. Transfer proceeds are included in Ameren Missouri’s tax-credit tracker or RESRAM and are ultimately refunded to customers. At September 30, 2026, Ameren reported $339 million of federal and state income-tax-credit carryforwards, $115 million of net-operating-loss carryforwards, and $47 million of receivables related to tax credits to be transferred. Ameren expects annual federal income-tax payments to be immaterial through 2031.

Key facts

• Ameren Missouri expects to transfer approximately $2.9 billion of production and investment tax credits to unrelated parties from 2026 through 2031; proceeds are ultimately refunded to customers.
• Ameren Missouri received $223 million less in proceeds from transferred production and investment tax credits in the first nine months of 2026 than in the year-ago period, decreasing Ameren’s operating cash flow.
• Ameren Missouri received $223 million less in proceeds from transferred production and investment tax credits in the first nine months of 2026 than in the year-ago period.
• As of September 30, 2026, Ameren had $20 million in tax receivables and $47 million in receivables related to production and investment tax credits to be transferred to third parties.