AEE · 10-Q · 2026Q3 · Full report

Revenue Performance and Mix

AMEREN CORP · 2026-11-06 · Importance 31 · Surprise 32

Ameren electric revenues increased $159 million, or 6%, in the third quarter of 2026 to $2.722 billion, while nine-month electric revenues increased $47 million, or 1%, to $6.270 billion. Natural gas revenues increased $24 million, or 18%, in the quarter and $86 million, or 11%, year to date, reflecting higher revenues at Ameren Illinois Natural Gas and Ameren Missouri. Ameren Illinois Electric Distribution revenue increased 11% in both periods, by $78 million quarterly and $205 million year to date; higher base rates and recoverable costs contributed to the increase. Ameren Transmission revenue rose 11% in the quarter and 10% year to date, supported by higher recoverable expenses and returns on higher rate base.

Key facts

• MISO spring and summer capacity prices decreased from $720 and $667 per MW-day in 2025 to $70 and $424 per MW-day in 2026, contributing to lower Ameren Missouri off-system sales, capacity, transmission, and FAC revenues.
• Ameren Missouri’s electric revenues increased $72 million (4%) in the three months and decreased $191 million (5%) in the nine months ended September 30, 2026, compared with 2025.
• Ameren Missouri electric revenues increased an estimated $17 million and $29 million in the three and nine months ended September 30, 2026, respectively, excluding weather and MEEIA effects, primarily due to increased weather-normalized commercial and residential retail sales.
• Ameren Missouri’s electric revenues increased an estimated $39 million and $9 million in the three and nine months ended September 30, 2026, respectively, due to weather, primarily warmer summer temperatures.