AEE · 10-Q · 2026Q3 · Full report

Fuel and Purchased Power Costs

AMEREN CORP · 2026-11-06 · Importance 42 · Surprise 40 · In source text

Ameren electric fuel and purchased power expenses decreased $315 million, or 15%, in the nine months ended September 30, 2026, compared with the year-ago period. Ameren Missouri expenses declined $390 million, or 27%, as energy costs fell $514 million, primarily reflecting lower MISO spring and summer capacity prices. Capacity prices decreased from $720 and $667 per MW-day in 2025 to $70 and $424 per MW-day in 2026, respectively. Ameren Illinois Electric Distribution purchased power expenses increased $99 million, or 13%, year to date because of higher energy prices, transmission charges, and volumes; the related cost-recovery revenue offsets the increase.

Key facts

• Ameren Missouri energy costs decreased $36 million and $514 million in the three and nine months ended September 30, 2026, respectively, primarily because MISO spring and summer capacity prices fell from $720 and $667 per MW-day in 2025 to $70 and $424 per MW-day in 2026.
• Ameren Missouri fuel and purchased power expenses increased $22 million (5%) in the three months and decreased $390 million (27%) in the nine months ended September 30, 2026.
• Ameren’s electric fuel and purchased power expenses increased $41 million (5%) in the three months and decreased $315 million (15%) in the nine months ended September 30, 2026, compared with 2025.
• Ameren Missouri’s Callaway Energy Center refueling and maintenance outage began in late September 2026 and was expected to return to service in November 2026; the next outage is scheduled for spring 2028.
• Ameren Illinois Electric Distribution purchased power expenses increased $30 million (9%) and $99 million (13%) in the three and nine months ended September 30, 2026, respectively, primarily due to increased energy prices, transmission service charges, and volumes.
• Ameren Missouri’s FAC recovers or refunds 95% of the variance between net energy costs and the amount set in base rates.
• Ameren Missouri’s 5% exposure to net energy cost variances under the FAC increased $1 million in the three and nine months ended September 30, 2026.

Impact estimates