n
    2008 a n n u a l r ep or t
On the Job 2               Financial Highlights 14
On Your Side 4             Officers and Directors 16
On Strategy 6     ...
n
    on the job
            on your side
     on strategy
on the job…

     throughout 2008, we remained focused on our customers. We made
     significant investments in our energ...
ensuring safe,
      reliable service
on your side…

                                                 environmental stewardship is a cornerstone of performance
...
providing energy savings options
      and protecting the environment
on strategy…

                                     even though the current economic environment has created
              ...
building long-term
       fundamental value
n
my fellow shareholders

                                  the theme of our 2008 report is simple: We are on the job,
     ...
as part of these efforts, ameren’s Board of Directors   companies, as compared to the 88 percent paid out
reduced the comm...
• A Commitment To Investing In Our Illinois             In 2008, we also worked to balance the need to
and Missouri Regula...
In 2008, Core earnIngs at
                                                         our non-rate-regulateD
• Optimizing Our...
In Missouri, amerenue plans to add at least                           growth target of at least 5 percent. Coupled with
10...
Financial Highlights
                                                                                      Year Ended Dece...
6,500
                                                                                                                    ...
Ameren Corporation and Subsidiaries Officers and Directors
exeCutIve leaDersHIp teaM
                                     ...
UNITED STATES
                        SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C. ...
Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934:
     The following securities are ...
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein,
...
DOCUMENTS INCORPORATED BY REFERENCE
    Portions of the definitive proxy statement of Ameren Corporation and portions of t...
TABLE OF CONTENTS

                                                                                                       ...
GLOSSARY OF TERMS AND ABBREVIATIONS
    We use the words “our,” “we” or “us” with respect to certain information that rela...
FIN – FASB Interpretation. A FIN statement is an                      IP SPT – Illinois Power Special Purpose Trust, which...
MW – Megawatt.                                                     IP were remitted to IP SPT. The designated funds were
N...
ameren  504F8548-9258-45F0-A9C6-A21009DDBD24_2008_SummaryAnnualReportFIN
ameren  504F8548-9258-45F0-A9C6-A21009DDBD24_2008_SummaryAnnualReportFIN
ameren  504F8548-9258-45F0-A9C6-A21009DDBD24_2008_SummaryAnnualReportFIN
ameren  504F8548-9258-45F0-A9C6-A21009DDBD24_2008_SummaryAnnualReportFIN
ameren  504F8548-9258-45F0-A9C6-A21009DDBD24_2008_SummaryAnnualReportFIN
ameren  504F8548-9258-45F0-A9C6-A21009DDBD24_2008_SummaryAnnualReportFIN
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ameren  504F8548-9258-45F0-A9C6-A21009DDBD24_2008_SummaryAnnualReportFIN
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ameren  504F8548-9258-45F0-A9C6-A21009DDBD24_2008_SummaryAnnualReportFIN
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ameren 504F8548-9258-45F0-A9C6-A21009DDBD24_2008_SummaryAnnualReportFIN

  1. 1. n 2008 a n n u a l r ep or t
  2. 2. On the Job 2 Financial Highlights 14 On Your Side 4 Officers and Directors 16 On Strategy 6 Form 10-K Letter to Shareholders 9 Investor Information Inside back cover
  3. 3. n on the job on your side on strategy
  4. 4. on the job… throughout 2008, we remained focused on our customers. We made significant investments in our energy infrastructure and forged strong partnerships with our customers and communities, improving overall reliability and customer satisfaction. through amerenue’s power on reliability program in Missouri, in 2008 we completed 250 undergrounding projects, burying more than 100 miles of electric line. We trimmed trees along more than 6,500 miles of overhead line, tested nearly 100,000 wood utility poles and inspected more than 8,000 miles of electric line – all to improve customer reliability. this initiative resulted in a much lower number of outages during 2008 weather events. In Illinois, targeting the worst-performing circuits and aggressively trimming trees also yielded significant reliability improvements. Illinois crews’ performance on gas leak calls – with an average response time of less than 23 minutes – placed ameren’s Illinois utilities among the leaders in industry rankings. In both states, ratings in surveys conducted with customers who had contact with ameren’s utility companies were among the highest ever experienced, and ratings of general satisfaction also improved. across Illinois and Missouri in 2008, our utility companies can be credited with distinguished performance, reducing the frequency of service interruptions and per-customer outages by n 15 percent since 2004 to earn a top-quartile industry ranking. 23
  5. 5. ensuring safe, reliable service
  6. 6. on your side… environmental stewardship is a cornerstone of performance leadership at ameren. over the years, our power plants have been industry leaders in reducing emissions by piloting new technologies and investing in research. In 2008, we began installing scrubbers – sophisticated emissions-reduction equipment – at three plants. these n new, state-of-the-art controls are expected to eliminate almost all sulfur dioxide emissions at these facilities. at amerenue, a comprehensive integrated resource planning process calls for the combination of energy efficiency initiatives and renewable resources as the best way to delay the need for building large generating plants. In executing this plan, we are launching aggressive initiatives to help customers use energy more efficiently. a range of customer programs are aimed at helping customers change their approach to using energy, with a goal of saving 540 megawatts of generation by 2025 – the equivalent of a mid-sized coal-fired plant. amerenue has also committed to add wind power to its generation portfolio and continues to sponsor and promote a voluntary renewable energy program for electric customers. Illinois law has set aggressive annual energy efficiency savings goals. In 2008, we began offering incentives on electric energy- efficient systems to our Illinois customers, and ameren’s Illinois (Photo at right) Jeremy Dyer, Director of Operations C-Store Division, Niemann utilities have also created actonenergy.com, a dynamic new Web Foods, right, discusses energy efficiency with Rusty Tribe, an Ameren Illinois site to provide energy-saving advice and program information. utilities’ ActOnEnergy™ representative. ameren’s purchase of renewable energy credits in Illinois also With a three-year electric and natural gas budget of $100 million, ActOnEnergy is demonstrates the company’s commitment. an incentive program for Ameren Illinois utilities’ electric and natural gas distribu- tion customers. Niemann Foods received more than $212,000 for projects that will make 27 Illinois grocery stores more energy efficient. 45
  7. 7. providing energy savings options and protecting the environment
  8. 8. on strategy… even though the current economic environment has created challenges for our industry and our company, we have plans in place to stay on strategy. that strategy calls for investing in our Illinois and Missouri regulated businesses to deliver safe, reliable and affordable energy in an environmentally responsible manner. our strategy also calls for optimizing our existing non-rate-regulated generation assets. together, these initiatives should deliver solid, MeanIngFul long-term value to our shareholders. InvestMent In servIng CustoMers also key to our strategic plan is our concept of the cycle shown on this page: that cycle begins with prudent investments in HIgH infrastructure. Making these investments helps us improve service, FaIr QualIty return on which, in turn, leads to higher customer satisfaction. Improved servICe InvestMent service and satisfaction should translate into fair treatment by our regulators. Better regulatory treatment should result in improved returns on investment for our regulated electric and natural HIgH CustoMer gas operations – bringing returns to levels that are necessary to satIsFaCtIon cost-effectively fund further infrastructure investment. all this should lead to a continuation of this cycle and long-term benefits n to our shareholders. 67
  9. 9. building long-term fundamental value
  10. 10. n
  11. 11. my fellow shareholders the theme of our 2008 report is simple: We are on the job, on your side and focused on our strategy. the evidence of our progress on these initiatives is plentiful, from improved reliability statistics to higher customer satisfaction ratings, from strong power plant performance to much-needed rate increases for our regulated operations both in Illinois and Missouri. I will address these later, but one of our most critical 2008 accomplishments is that we acted strategically to respond to the dramatic economic downturn, volatile commodity markets and unprecedented strains in capital and credit markets. We took timely, prudent actions to increase our liquidity and enhance our financial flexibility, accessing the capital markets and significantly reducing our 2008 and projected 2009 spending. We put in place plans to slash projected capital and operating expenditures by approximately $800 million. We reduced executive management salaries and incentive compensation opportunities and established firm controls on headcount. We have always tightly managed our operations, maintenance and administrative expenses, but we are taking it to a new level. Ameren’s Executive Leadership Team: (From left) Adam C. Heflin, Senior Vice President and Chief Nuclear Officer, AmerenUE; Donna K. Martin, Senior Vice President and Chief Human Resources Officer; Daniel F. Cole, Senior Vice President, Administration and Technical Services, Ameren Services; Scott A. Cisel, President and Chief Executive Officer, AmerenCilCO, AmerenCiPS and AmereniP; Gary L. Rainwater, Chairman, President and Chief Executive Officer; Andrew M. Serri, President, Ameren Energy Marketing; Thomas R. Voss, Executive Vice President and Chief Operating Officer, President and Chief Executive Officer, AmerenUE; Charles D. Naslund, President and Chief Executive Officer, Ameren Energy Resources; Warner L. Baxter, Executive Vice President and Chief Financial Officer, President and Chief Executive Officer, Ameren Services; Richard J. Mark, Senior Vice President, Energy Delivery, AmerenUE; Martin J. Lyons, Jr., Senior Vice President and Chief Accounting Officer; Steven R. Sullivan, Senior Vice President, General Counsel and Secretary; and Michael L. Moehn, Senior Vice President, Corporate Planning and Risk Management, Ameren Services. 89
  12. 12. as part of these efforts, ameren’s Board of Directors companies, as compared to the 88 percent paid out reduced the common share dividend level by by ameren in 2008. 39 percent in early 2009. your board did not make By setting a new, more realistic level, we can retain this decision lightly. ameren’s directors realized approximately $215 million a year. this additional that the corporation was faced with the prospect of cash will help us enhance reliability, meet our abandoning a strategic plan that we firmly believe customers’ expectations and grow our regulated will deliver long-term value to you, our investors. businesses. It will also reduce our reliance on Had we not reduced the dividend, we would have dilutive equity financings, enhance our access to been forced to turn to high-cost financings to the capital and credit markets and drive solid, long- support the execution of that plan. n term earnings-per-share growth. AmerenUE is installing weather stations on existing AmerenUE poles in key locations throughout the region to measure temperature and wind speed, among other variables. AmerenUE joined Saint Louis University’s Department of Earth & Atmospheric Sciences to create Quantum Weather™, a highly precise weather monitoring, forecasting and response system that improves efficiency and speeds up power restoration. We are FoCuseD on DelIverIng some background on the dividend: the previous level was established at a time when ameren’s saFe, relIaBle anD aFForDaBle earnings were fully regulated and more predict- energy, WHIle aCHIevIng solID able. In 2008, almost 60 percent of ameren’s returns. groWIng our InvestMent earnings came from its non-rate-regulated genera- In our regulateD BusInesses WIll tion business. these earnings are subject to wide InCrease CustoMer satIsFaCtIon fluctuations based on market-driven power prices. tHrougH exCellent servICe. Continued dependence on this volatile earnings stream cannot support a large dividend, and our dividend was sizeable. In recent years, ameren’s In the end, this action will make ameren stronger annual dividend payout has totaled over half a and more nimble – able to access the capital billion dollars – a payout ratio that was among the markets on more favorable terms. highest in the industry and the nation. More importantly, we can use these incremental our adjusted dividend level provides us with a more funds to continue to pursue the following straightfor- sustainable payout ratio, based upon earnings ward, long-term business strategies to deliver solid, primarily from our regulated businesses. It also long-term value to you, our shareholders: puts our new dividend payout ratio squarely in line with ratios of 50 to 60 percent of earnings for peer
  13. 13. • A Commitment To Investing In Our Illinois In 2008, we also worked to balance the need to and Missouri Regulated Businesses. We are invest in regulated delivery and generation infra- focused on delivering safe, reliable and affordable structure with the need to provide reasonable rates. energy, while achieving solid returns. growing In addition, we aggressively sought recovery of our investment in our regulated businesses these prudent investments to improve our returns. will increase customer satisfaction through • Building Constructive Regulatory Frame- excellent service. works. Being “on” means recognizing the impact In 2008, we succeeded in doing just that. on the regulatory decisions have on earnings and credit delivery side of our business, reliability improved, ratings that affect our ability to cost effectively raise and customer satisfaction survey ratings rose. capital and invest in our businesses. In both Illinois For generating stations across Ameren’s service territory, the Performance Monitoring Center continuously monitors plant equipment performance through pattern recognition software tools and real-time support. The center provides early stage notification of any equipment degradation or pending equipment failure to avoid extended outages that could hurt power plant availability. amerenue’s power on reliability program and Missouri, we have worked hard to achieve contributed to a much lower number of outages constructive regulatory outcomes, given our need during storms. Both the Illinois and Missouri to update rates to levels that reflect today’s much delivery companies earned top-quartile industry higher costs. our three Illinois electric and natural rankings by reducing service interruption frequency gas delivery companies were authorized to raise – a key reliability measure. rates by $161 million, effective october 1, 2008. amerenue received a $162 million electric rate our focus on achieving operational excellence at increase in Missouri, which took effect March 1, 2009. our regulated generating plants has also yielded However, even with this recent increase, amerenue strong results – with our Callaway nuclear plant rates remain well below the national average. leading the way. In 2008, Callaway completed a record run of 520 consecutive days – and its the most recent Missouri rate case also granted shortest refueling and maintenance outage ever. approval for recovering fuel and purchased power our coal-fired plants also performed well, with costs on a timely basis. By offering greater stability another year of solid availability. one notable mile- of earnings and cash flows, this provision bolsters stone: labadie power plant in Missouri generated our ability to continue to raise capital and invest in more than a half-billion-megawatthours – one of our utility infrastructure. only a few coal-fired plants in the nation to achieve that level. 10 11
  14. 14. In 2008, Core earnIngs at our non-rate-regulateD • Optimizing Our Existing non-Rate-Regulated generatIon operatIons rose Generation Assets. In 2008, core earnings at alMost 11 perCent BeCause tHe our non-rate-regulated generation operations rose plants stayeD On – IMprovIng almost 11 percent because the plants stayed output anD MargIns. on – improving output and margins. unfortunately, power and fuel markets have recently For all these reasons, we are focused on this issue. exhibited extreme price volatility. However, our We have been actively working to frame reasonable prudent hedging policies are expected to preserve legislation and regulation, while we have acted to value in 2009 and beyond. as we manage our address climate change. our efforts range from investment in non-rate-regulated generation participating in research projects on clean coal and A new scrubber (left) is being installed at our Duck Creek Power Plant in Canton, near Peoria, Ill. (above). Slated for completion in 2009, the scrubber operates like a chemical plant and, along with an existing selective catalytic reduction system, will dramatically reduce sulfur dioxide and mercury emissions, positioning this non- rate-regulated generating plant to comply with state and federal clean air regulations. operations, we will continue to closely monitor carbon capture storage technologies to increasing market movements and the regulatory landscape. operating efficiencies at our nuclear and hydro- In 2008, we began to install state-of-the-art environ- electric plants. mental controls at some of our non-rate-regulated ameren is also “on” when it comes to encouraging coal-fired plants to extend their lives in the face of energy efficiency. In early 2008, amerenue filed increasingly stringent federal and state emissions an integrated resource plan with the Missouri public reduction regulations. service Commission detailing how the company • Demonstrating Environmental Leadership. expects to supply electricity in coming years. after We continue to maintain an active presence in a year-long process involving dozens of meetings discussions related to the need to address climate with stakeholders and intensive analysis, the change by reducing greenhouse gas emissions company filed a preferred plan that calls for from our coal-fired plants. our current analysis increasing efficiency initiatives and renewable of various policy scenarios now being debated in energy development. Both in Illinois and Missouri, Washington shows that, if implemented, they could we are launching a number of programs aimed at cause household costs and rates for electricity helping customers reduce energy use. the ameren to rise significantly. the Midwest economy is Illinois utilities have raised customer energy aware- especially vulnerable to economic dislocation given ness with an award-winning actonenergy Web site its reliance on coal-fired power. (www.actonenergy.com).
  15. 15. In Missouri, amerenue plans to add at least growth target of at least 5 percent. Coupled with 100 megawatts of wind power by 2010 and antici- the new common dividend rate, this would provide pates up to an additional 225 megawatts by 2020. competitive, long-term total return potential. even- the company is working to supply electric genera- tually, our goal would be to grow the dividend level tion from wind and landfill gas, while participating in as our earnings from rate-regulated operations studies on potential biomass fuel sources, looking increase and our overall cash profile improves. into hydroelectric generation facilities on local rivers We are confident that execution of this plan will and investigating development of solar generation. deliver solid, long-term returns for our shareholders amerenue has also launched a voluntary renew- as the economy and energy markets recover. We able energy credit customer program, which in n understand that you – our owners – depend on us 2008, was named the new green power program Shown here are the cooling tower and a simulated control room used for training at AmerenUE’s Callaway Nuclear Plant, where in October 2008, employees completed a record run of 520 consecutive days, which began in May 2007. Callaway is one of only 26 of the nation’s 104 nuclear plants to achieve a record run of more than 500 days. of the year by the u.s. Department of energy, the to turn challenges into opportunities for sustained u.s. environmental protection agency and the growth. We have the strategies, the people and the Center for resource solutions. In Illinois, we are assets to do just that. We are “on” it. purchasing renewable energy credits. We want to thank you for your continued support However, we know this will not be enough. during this difficult period, and we thank our amerenue expects to need new generation by employees for their dedication and for incorporating the 2018 to 2020 timeframe. that’s why in 2008 our values in everything they do. amerenue moved to preserve the option for a I hope you can attend this year’s annual share- possible second nuclear unit at its existing Callaway holders’ Meeting on april 28 at the Chase park plant site. no decision on building a unit has been plaza Hotel in st. louis. made. But by applying for a license to possibly build a unit, we began the regulatory process and made the unit eligible for billions of dollars in federal incen- tives established by the energy policy act of 2005. gary l. raInWater CHaIrMan, presIDent anD ameren is on the path to earnings growth. We CHIeF exeCutIve oFFICer expect execution of our strategy to enable us to aMeren CorporatIon March 2, 2009 achieve a long-term, annual earnings-per-share 12 13
  16. 16. Financial Highlights Year Ended December 31, aMeren ConsolIDateD (In millions, except per share amounts and as noted) 2007 2006 2008 results oF operatIons $7,839 operating revenues $7,562 $6,895 $6,477 operating expenses $6,203 $5,707 $1,362 operating income $1,359 $1,188 $605 net income $618 $547 CoMMon stoCk Data $2.88 earnings per basic and diluted share $2.98 $2.66 $2.54 Dividends per common share $2.54 $2.54 7.6% Dividend yield (year-end) 4.7% 4.7% $33.26 Market price per common share (year-end closing) $54.21 $53.73 210.1 shares outstanding (weighted average) 207.4 205.6 $7,062 total market value of common shares (year-end) $11,294 $11,099 $32.80 Book value per common share $32.41 $31.87 BalanCe sHeet Data $16,567 property and plant, net $15,069 $14,286 $22,657 total assets $20,728 $19,635 $6,554 long-term debt obligations, excluding current maturities $5,689 $5,285 Capitalization ratios 45.9% Common equity 48.2% 50.6% 1.3% preferred stock, not subject to mandatory redemption 1.4% 1.5% 52.8% Debt and preferred stock subject to mandatory redemption, net of cash 50.4% 47.9% operatIng Data 107,754 total electric sales (kilowatthours) 107,486 101,015 119,712 native natural gas sales (decatherms in thousands) 107,871 108,682 80,859 total generation output (kilowatthours) 81,367 81,485 2.4 electric customers 2.4 2.4 1.0 natural gas customers 1.0 1.0
  17. 17. 6,500 megawatts generating capacity in Illinois 3,400,000 ameren employees, numbering approximately 9,500, serve approximately 2.4 million electric electric and natural gas customers and nearly one million natural gas customers over Peoria 64,000 square miles in Illinois and Missouri. the company’s service territory includes a diverse Springfield base of residential, commercial and large industrial customers in both urban and rural areas. In Decatur Missouri, we operate primarily as a traditional, rate-regulated utility with about 10,000 megawatts St. Louis of generating capacity. our Illinois operations 10,000 include rate-regulated electric and natural gas transmission and distribution businesses, as well megawatts generating capacity in Missouri as a non-rate-regulated generating business with a capacity of approximately 6,500 megawatts of generation. today, ameren’s Missouri company, Company and Subsidiary Headquarters amerenue, is the largest electric utility in the state, Electric Service Territory while the Illinois operations make ameren the Electric and Natural Gas second largest electric distribution company and Service Territory one of the largest distributors of natural gas in that state. total natIve total CapItal eleCtrIC natural generatIon InvestMents sales gas sales output 119,712 $1,896 108,682 107,871 107,486 107,754 101,015 81,485 81,367 80,859 $1, 381 (Decatherms in thousands) $1,284 (kilowatthours in millions) (kilowatthours in millions) (In millions) 06 07 08 06 07 08 06 07 08 06 07 08 14 15
  18. 18. Ameren Corporation and Subsidiaries Officers and Directors exeCutIve leaDersHIp teaM Michael L. Moehn* Scott A. Cisel* Daniel F. Cole* Gary L. Rainwater Senior Vice President, Chairman, President President and Chief Senior Vice President, Corporate Planning and Risk and Chief Executive Officer Executive Officer, Administration and Technical Management, AmerenCILCO, AmerenCIPS, Services, Ameren Services Warner L. Baxter Ameren Services AmerenIP Adam C. Heflin* Executive Vice President Charles D. Naslund* and Chief Financial Officer; Senior Vice President and Donna K. Martin President and Chief Executive President and Chief Executive Senior Vice President Chief Nuclear Officer, Officer, Ameren Energy Resources; Officer, Ameren Services and Chief Human AmerenUE President, Ameren Energy Resources Officer Thomas R. Voss Martin J. Lyons, Jr. Generating Company Executive Vice President Senior Vice President Steven R. Sullivan Andrew M. Serri* and Chief Operating Officer; Senior Vice President, and Chief Accounting Officer President, President and Chief Executive General Counsel and Richard J. Mark* Ameren Energy Marketing Officer, AmerenUE Secretary Senior Vice President, Energy Delivery, AmerenUE John R. Fey* Michael L. Menne* Joseph M. Power* otHer oFFICers Vice President, Human Vice President, Vice President, Federal Barnes* Lynn M. Resources, Business Services, Environmental Safety and Health, Legislative and Regulatory Vice President, Business Planning Ameren Services Ameren Services Affairs, Ameren Services and Controller, AmerenUE Donald M. Mosier* William J. Prebil* Karen C. Foss* Jerre E. Birdsong Vice President, Public Relations, Vice President, Vice President, Vice President and Treasurer AmerenUE Ameren Energy Marketing Regional Operations, Mark C. Birk* AmerenCILCO, AmerenCIPS, Michael J. Getz* Michael G. Mueller* Vice President, AmerenIP Controller, President, Ameren Energy Power Operations, AmerenUE David J. Schepers* AmerenCILCO, AmerenCIPS, Fuels and Services Maureen A. Borkowski* AmerenIP Vice President, Energy Robert K. Neff* Vice President, Transmission, Delivery Technical Services, Scott A. Glaeser* Vice President, Coal Supply Ameren Services Ameren Services Vice President, Gas Supply and Transportation, S. Mark Brawley* Shawn E. Schukar* and System Control, Ameren Energy Fuels and Vice President, Internal Audit, Ameren Energy Fuels Services Vice President, Strategic Ameren Services and Services Initiatives, Ameren Services Craig D. Nelson* Charles A. Bremer* Timothy E. Herrmann* Vice President, Regulatory Affairs Jerry L. Simpson* Vice President, Information Vice President, Engineering, and Financial Services, Ameren- Vice President, Business Technology and Ameren Callaway Nuclear Plant, CILCO, AmerenCIPS, AmerenIP Services, Ameren Energy Services Center, Ameren Services AmerenUE Resources Gregory L. Nelson* Richard C. Cissell* Christopher A. Iselin* James A. Sobule* Vice President and Tax Counsel, Vice President, Operations, Vice President, Generation Ameren Services Vice President and Ameren Energy Generating Technical Services, Deputy General Counsel, Stan E. Ogden* Ameren Energy Resources Ameren Services Kevin DeGraw* Vice President, Customer Vice President, Stephen M. Kidwell* Service and Public Relations, Bruce A. Steinke Corporate Project Risk Vice President, AmerenCILCO, AmerenCIPS, Vice President and Controller Management, Ameren Services Regulatory Affairs, AmerenUE AmerenIP Dennis W. Weisenborn* Fadi Diya* Mark C. Lindgren* Ronald D. Pate* Vice President, Vice President, Vice President, Corporate Vice President, Regional Supply Services, Ameren Nuclear Operations, AmerenUE Human Resources, Operations, AmerenCILCO, Services Ameren Services AmerenCIPS, AmerenIP Ronald K. Evans* Ronald C. Zdellar* Vice President and Vice President, Energy Deputy General Counsel, Delivery Distribution Services, Ameren Services AmerenUE BoarD oF DIreCtors Dr. Gayle P. W. Jackson 5, 6 Gary L. Rainwater 1 Member of Finance Committee President, Energy Global, Inc. Chairman, President 2 Member of Audit and Risk Committee Stephen F. Brauer 1, 2 and Chief Executive Officer, 3 Member of Human Resources James C. Johnson 3, 4 Chairman and Chief Ameren Corporation Committee Vice President and Executive Officer, Hunter 4 Member of Nominating and Corporate Assistant General Counsel, Harvey Saligman 3, 4 Engineering Company Governance Committee Commercial Airplanes, Partner, Cynwyd Investments Susan S. Elliott 2, 6 5 Member of Public Policy Committee The Boeing Company Patrick T. Stokes 3, 4, 7 Chairman and Chief Executive 6 Member of Nuclear Oversight Former Chairman, Charles W. Mueller 1, 5, 6 Officer, Systems Service Committee Retired Chairman and Anheuser-Busch Enterprises, Inc. 7 Lead Director Chief Executive Officer, Companies, Inc. Walter J. Galvin 1, 3 Ameren Corporation Jack D. Woodard 5, 6 Senior Executive Vice Retired Executive Vice Douglas R. Oberhelman 2, 4 President and Chief Group President, Caterpillar Inc. President and Chief Nuclear Financial Officer, Officer, Southern Nuclear Emerson Electric Co. Operating Company, Inc. As of March 2, 2009 16 * Officer of an Ameren Corporation subsidiary only
  19. 19. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (X) Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2008 OR ( ) Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to . Exact name of registrant as specified in its charter; Commission State of Incorporation; IRS Employer File Number Address and Telephone Number Identification No. 1-14756 Ameren Corporation 43-1723446 (Missouri Corporation) 1901 Chouteau Avenue St. Louis, Missouri 63103 (314) 621-3222 1-2967 Union Electric Company 43-0559760 (Missouri Corporation) 1901 Chouteau Avenue St. Louis, Missouri 63103 (314) 621-3222 1-3672 Central Illinois Public Service Company 37-0211380 (Illinois Corporation) 607 East Adams Street Springfield, Illinois 62739 (888) 789-2477 333-56594 Ameren Energy Generating Company 37-1395586 (Illinois Corporation) 1901 Chouteau Avenue St. Louis, Missouri 63103 (314) 621-3222 2-95569 CILCORP Inc. 37-1169387 (Illinois Corporation) 300 Liberty Street Peoria, Illinois 61602 (309) 677-5271 1-2732 Central Illinois Light Company 37-0211050 (Illinois Corporation) 300 Liberty Street Peoria, Illinois 61602 (309) 677-5271 1-3004 Illinois Power Company 37-0344645 (Illinois Corporation) 370 South Main Street Decatur, Illinois 62523 (217) 424-6600
  20. 20. Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934: The following securities are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 and are listed on the New York Stock Exchange: Registrant Title of each class Ameren Corporation Common Stock, $0.01 par value per share Securities Registered Pursuant to Section 12(g) of the Securities Exchange Act of 1934: Registrant Title of each class Union Electric Company Preferred Stock, cumulative, no par value, stated value $100 per share – $4.56 Series $4.50 Series $4.00 Series $3.50 Series Central Illinois Public Service Company Preferred Stock, cumulative, $100 par value per share – 6.625% Series 4.90% Series 5.16% Series 4.25% Series 4.92% Series 4.00% Series Depository Shares, each representing one-fourth of a share of 6.625% Preferred Stock, cumulative, $100 par value per share Central Illinois Light Company Preferred Stock, cumulative, $100 par value per share – 4.50% Series Ameren Energy Generating Company, CILCORP Inc., and Illinois Power Company do not have securities registered under either Section 12(b) or 12(g) of the Securities Exchange Act of 1934. Indicate by check mark if each registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act of 1933. Ameren Corporation Yes (X) No () Union Electric Company Yes (X) No () Central Illinois Public Service Company Yes () No (X) Ameren Energy Generating Company Yes () No (X) CILCORP Inc. Yes () No (X) Central Illinois Light Company Yes () No (X) Illinois Power Company Yes () No (X) Indicate by check mark if each registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934. Ameren Corporation No (X) Yes ( ) Union Electric Company No (X) Yes ( ) Central Illinois Public Service Company No (X) Yes ( ) Ameren Energy Generating Company No (X) Yes ( ) CILCORP Inc. (X) No Yes () Central Illinois Light Company No (X) Yes () Illinois Power Company No (X) Yes () Indicate by check mark whether the registrants: (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Ameren Corporation Yes (X) No ( ) Union Electric Company Yes (X) No ( ) Central Illinois Public Service Company Yes (X) No ( ) Ameren Energy Generating Company Yes (X) No ( ) Central Illinois Light Company Yes (X) No ( ) Illinois Power Company Yes (X) No ( ) CILCORP has voluntarily filed all reports that it would have been required to file if it had been subject to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.
  21. 21. Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of each registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Ameren Corporation () Union Electric Company (X) Central Illinois Public Service Company (X) Ameren Energy Generating Company (X) CILCORP Inc. (X) Central Illinois Light Company (X) Illinois Power Company (X) Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Securities Exchange Act of 1934. Large Smaller Accelerated Accelerated Non-accelerated Reporting Filer Filer Filer Company Ameren Corporation (X) () () () Union Electric Company () () (X) () Central Illinois Public Service Company () () (X) () Ameren Energy Generating Company () () (X) () CILCORP Inc. () () (X) () Central Illinois Light Company () () (X) () Illinois Power Company () () (X) () Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Ameren Corporation Yes ( ) No (X) Union Electric Company Yes ( ) No (X) Central Illinois Public Service Company Yes ( ) No (X) Ameren Energy Generating Company Yes ( ) No (X) CILCORP Inc. Yes ( ) No (X) Central Illinois Light Company Yes ( ) No (X) Illinois Power Company Yes ( ) No (X) As of June 30, 2008, Ameren Corporation had 210,050,075 shares of its $0.01 par value common stock outstanding. The aggregate market value of these shares of common stock (based upon the closing price of these shares on the New York Stock Exchange on that date) held by nonaffiliates was $8,870,414,667. The shares of common stock of the other registrants were held by affiliates as of June 30, 2008. The number of shares outstanding of each registrant’s classes of common stock as of January 30, 2009, was as follows: Ameren Corporation Common stock, $0.01 par value per share: 212,519,772 Union Electric Company Common stock, $5 par value per share, held by Ameren Corporation (parent company of the registrant): 102,123,834 Central Illinois Public Service Company Common stock, no par value, held by Ameren Corporation (parent company of the registrant): 25,452,373 Ameren Energy Generating Company Common stock, no par value, held by Ameren Energy Resources Company, LLC (parent company of the registrant and subsidiary of Ameren Corporation): 2,000 CILCORP Inc. Common stock, no par value, held by Ameren Corporation (parent company of the registrant): 1,000 Central Illinois Light Company Common stock, no par value, held by CILCORP Inc. (parent company of the registrant and subsidiary of Ameren Corporation): 13,563,871 Illinois Power Company Common stock, no par value, held by Ameren Corporation (parent company of the registrant): 23,000,000
  22. 22. DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive proxy statement of Ameren Corporation and portions of the definitive information statements of Union Electric Company, Central Illinois Public Service Company, and Central Illinois Light Company for the 2009 annual meetings of shareholders are incorporated by reference into Part III of this Form 10-K. OMISSION OF CERTAIN INFORMATION Ameren Energy Generating Company and CILCORP Inc. meet the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and are therefore filing this form with the reduced disclosure format allowed under that General Instruction. This combined Form 10-K is separately filed by Ameren Corporation, Union Electric Company, Central Illinois Public Service Company, Ameren Energy Generating Company, CILCORP Inc., Central Illinois Light Company, and Illinois Power Company. Each registrant hereto is filing on its own behalf all of the information contained in this annual report that relates to such registrant. Each registrant hereto is not filing any information that does not relate to such registrant, and therefore makes no representation as to any such information.
  23. 23. TABLE OF CONTENTS Page GLOSSARY OF TERMS AND ABBREVIATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Forward-looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 PART I Item 1. Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Business Segments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Rates and Regulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Supply for Electric Power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Natural Gas Supply for Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Industry Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Operating Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Available Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Item 1A. Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Item 1B. Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Item 2. Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Item 3. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Item 4. Submission of Matters to a Vote of Security Holders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Executive Officers of the Registrants (Item 401(b) of Regulation S-K) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 PART II Item 5. Market for Registrants’ Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Item 6. Selected Financial Data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . 29 Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Results of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Liquidity and Capital Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Regulatory Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 Accounting Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 Effects of Inflation and Changing Prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 Item 7A. Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 Item 8. Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . . . . . . . . . 177 Item 9A and Item 9A(T). Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177 Item 9B. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178 PART III Item 10. Directors, Executive Officers, and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178 Item 11. Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179 Item 13. Certain Relationships and Related Transactions and Director Independence . . . . . . . . . . . . . . . . . . . . . 179 Item 14. Principal Accountant Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179 PART IV Item 15. Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184 EXHIBIT INDEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191 This Form 10-K contains “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements should be read with the cautionary statements and important factors included on page 3 of this Form 10-K under the heading “Forward-looking Statements.” Forward-looking statements are all statements other than statements of historical fact, including those statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” and similar expressions.
  24. 24. GLOSSARY OF TERMS AND ABBREVIATIONS We use the words “our,” “we” or “us” with respect to certain information that relates to all Ameren Companies, as defined below. When appropriate, subsidiaries of Ameren are named specifically as we discuss their various business activities. AERG – AmerenEnergy Resources Generating Company, a COLA – Combined construction and operating license CILCO subsidiary that operates a non-rate-regulated electric application. generation business in Illinois. Cooling degree-days – The summation of positive AFS – Ameren Energy Fuels and Services Company, a differences between the mean daily temperature and a Resources Company subsidiary that procures fuel and 65-degree Fahrenheit base. This statistic is useful for natural gas and manages the related risks for the Ameren estimating electricity demand by residential and commercial Companies. customers for summer cooling. AITC – Ameren Illinois Transmission Company, a wholly CT – Combustion turbine electric generation equipment owned subsidiary of Ameren Corporation that is engaged in used primarily for peaking capacity. the construction and operation of transmission assets in Development Company – Ameren Energy Development Illinois and is regulated by the ICC. Company, which was an Ameren Energy Resources Ameren – Ameren Corporation and its subsidiaries on a Company subsidiary and parent of Genco, Marketing consolidated basis. In references to financing activities, Company, AFS, and Medina Valley. It was eliminated in an acquisition activities, or liquidity arrangements, Ameren is internal reorganization in February 2008. defined as Ameren Corporation, the parent. DOE – Department of Energy, a U.S. government agency. Ameren Companies – The individual registrants within the DRPlus – Ameren Corporation’s dividend reinvestment and Ameren consolidated group. direct stock purchase plan. Ameren Illinois Utilities – CIPS, IP and the rate-regulated Dth (dekatherm) – one million Btus of natural gas. electric and gas utility operations of CILCO. EEI – Electric Energy, Inc., an 80%-owned Ameren Ameren Services – Ameren Services Company, an Ameren Corporation subsidiary that operates non-rate-regulated Corporation subsidiary that provides support services to electric generation facilities and FERC-regulated Ameren and its subsidiaries. transmission facilities in Illinois. Prior to February 29, 2008, AMIL – The balancing authority area operated by Ameren, EEI was 40% owned by UE and 40% owned by which includes the load of the Ameren Illinois Utilities and Development Company. On February 29, 2008, UE’s 40% the generating assets of AERG and Genco. ownership interest and Development Company’s 40% AMMO – The balancing authority area operated by Ameren, ownership interest were transferred to Resources which includes the load and generating assets of UE. Company. The remaining 20% is owned by Kentucky AMT – Alternative minimum tax. Utilities Company. ARB – Accounting Research Bulletin. EITF – Emerging Issues Task Force, an organization ARO – Asset retirement obligations. designed to assist the FASB in improving financial reporting Baseload – The minimum amount of electric power through the identification, discussion and resolution of delivered or required over a given period of time at a financial issues in keeping with existing authoritative steady rate. literature. Btu – British thermal unit, a standard unit for measuring the ELPC – Environmental Law and Policy Center. quantity of heat energy required to raise the temperature of EPA – Environmental Protection Agency, a U.S. one pound of water by one degree Fahrenheit. government agency. Capacity factor – A percentage measure that indicates how Equivalent availability factor – A measure that indicates much of an electric power generating unit’s capacity was the percentage of time an electric power generating unit used during a specific period. was available for service during a period. CILCO – Central Illinois Light Company, a CILCORP ERISA – Employee Retirement Income Security Act of subsidiary that operates a rate-regulated electric 1974, as amended. transmission and distribution business, a non-rate- Exchange Act – Securities Exchange Act of 1934, as regulated electric generation business through AERG, and a amended. rate-regulated natural gas transmission and distribution FAC – A fuel and purchased power cost recovery business, all in Illinois, as AmerenCILCO. CILCO owns all of mechanism that allows UE to recover through customer the common stock of AERG. rates 95% of changes in fuel (coal, coal transportation, CILCORP – CILCORP Inc., an Ameren Corporation natural gas for generation and nuclear) and purchased subsidiary that operates as a holding company for CILCO power costs, net of off-system revenues, including MISO and a non-rate-regulated subsidiary. costs and revenues, above or below the amount set in base CIPS – Central Illinois Public Service Company, an Ameren rates. Corporation subsidiary that operates a rate-regulated FASB – Financial Accounting Standards Board, a electric and natural gas transmission and distribution rulemaking organization that establishes financial business in Illinois as AmerenCIPS. accounting and reporting standards in the United States. CIPSCO – CIPSCO Inc., the former parent of CIPS. FERC – The Federal Energy Regulatory Commission, a U.S. CO2 – Carbon dioxide. government agency. 1
  25. 25. FIN – FASB Interpretation. A FIN statement is an IP SPT – Illinois Power Special Purpose Trust, which was explanation intended to clarify accounting pronouncements created as a subsidiary of IP LLC to issue TFNs as allowed previously issued by the FASB. under the Illinois Customer Choice Law. It was dissolved in Fitch – Fitch Ratings, a credit rating agency. February 2009 because the remaining TFNs were redeemed FSP – FASB Staff Position, a publication that provides by IP in September 2008. application guidance on FASB literature. IPA – Illinois Power Agency, a state government agency FTRs – Financial transmission rights, financial instruments that has broad authority to assist in the procurement of that entitle the holder to pay or receive compensation for electric power for residential and nonresidential customers certain congestion-related transmission charges between beginning in June 2009. two designated points. ISRS – Infrastructure system replacement surcharge. A Fuelco – Fuelco LLC, a limited-liability company that cost recovery mechanism in Missouri that allows UE to provides nuclear fuel management and services to its recover gas infrastructure replacement costs from utility members. The members are UE, Luminant, and Pacific Gas customers without a traditional rate case. and Electric Company. IUOE – International Union of Operating Engineers, a labor GAAP – Generally accepted accounting principles in the union. United States of America. JDA – The joint dispatch agreement among UE, CIPS, and Genco – Ameren Energy Generating Company, a Resources Genco under which UE and Genco jointly dispatched electric Company subsidiary that operates a non-rate-regulated generation prior to its termination on December 31, 2006. electric generation business in Illinois and Missouri. Kilowatthour – A measure of electricity consumption Gigawatthour – One thousand megawatthours. equivalent to the use of 1,000 watts of power over a period Heating degree-days – The summation of negative of one hour. differences between the mean daily temperature and a 65- Lehman – Lehman Brothers Holdings, Inc. degree Fahrenheit base. This statistic is useful as an MACT – Maximum Achievable Control Technology. indicator of demand for electricity and natural gas for winter Marketing Company – Ameren Energy Marketing Company, space heating for residential and commercial customers. a Resources Company subsidiary that markets power for IBEW – International Brotherhood of Electrical Workers, a Genco, AERG and EEI. labor union. Medina Valley – AmerenEnergy Medina Valley Cogen ICC – Illinois Commerce Commission, a state agency that L.L.C., a Resources Company subsidiary, which owns a regulates Illinois utility businesses, including the rate- 40-megawatt gas-fired electric generation plant. regulated operations of CIPS, CILCO and IP. Megawatthour – One thousand kilowatthours. Illinois Customer Choice Law – Illinois Electric Service MGP – Manufactured gas plant. Customer Choice and Rate Relief Law of 1997, which MISO – Midwest Independent Transmission System provided for electric utility restructuring and was designed Operator, Inc. to introduce competition into the retail supply of electric MISO Day Two Energy Market – A market that uses energy in Illinois. market-based pricing, incorporating transmission Illinois electric settlement agreement – A comprehensive congestion and line losses, to compensate market settlement of issues in Illinois arising out of the end of ten participants for power. years of frozen electric rates, effective January 2, 2007. The Missouri Environmental Authority – Environmental Illinois electric settlement agreement, which became Improvement and Energy Resources Authority of the state effective on August 28, 2007, was designed to avoid new of Missouri, a governmental body authorized to finance rate rollback and freeze legislation and legislation that would environmental projects by issuing tax-exempt bonds and impose a tax on electric generation in Illinois. The notes. settlement addresses the issue of power procurement, and Missouri Regulated – A financial reporting segment it includes a comprehensive rate relief and customer consisting of UE’s rate-regulated businesses. assistance program. Money pool – Borrowing agreements among Ameren and Illinois EPA – Illinois Environmental Protection Agency, a its subsidiaries to coordinate and provide for certain short- state government agency. term cash and working capital requirements. Separate Illinois Regulated – A financial reporting segment money pools maintained for rate-regulated and non-rate- consisting of the regulated electric and natural gas regulated business are referred to as the utility money pool transmission and distribution businesses of CIPS, CILCO, and the non-state-regulated subsidiary money pool, IP and AITC. respectively. IP – Illinois Power Company, an Ameren Corporation Moody’s – Moody’s Investors Service Inc., a credit rating subsidiary. IP operates a rate-regulated electric and natural agency. gas transmission and distribution business in Illinois as MoPSC – Missouri Public Service Commission, a state AmerenIP. agency that regulates Missouri utility businesses, including IP LLC – Illinois Power Securitization Limited Liability the rate-regulated operations of UE. Company, which was a special-purpose Delaware limited- MPS – Multi-Pollutant Standard, an agreement reached in liability company. It was dissolved in February 2009 because 2006 among Genco, CILCO (AERG), EEI and the Illinois the remaining TFNs, with respect to which this entity was EPA, which was codified in Illinois environmental created, were redeemed by IP in September 2008. regulations. 2
  26. 26. MW – Megawatt. IP were remitted to IP SPT. The designated funds were Native load – Wholesale customers and end-use retail restricted for the sole purpose of making payments of customers, whom we are obligated to serve by statute, principal and interest on, and paying other fees and franchise, contract, or other regulatory requirement. expenses related to, the TFNs. Since the application of FIN NCF&O – National Congress of Firemen and Oilers, a labor 46R, IP did not consolidate IP SPT. Therefore, the union. obligation to IP SPT appears on IP’s balance sheet as of Non-rate-regulated Generation – A financial reporting December 31, 2007. In September 2008, IP redeemed the segment consisting of the operations or activities of Genco, remaining TFNs. the CILCORP parent company, AERG, EEI, Medina Valley, TVA – Tennessee Valley Authority, a public power and Marketing Company. authority. NOx – Nitrogen oxide. UE – Union Electric Company, an Ameren Corporation Noranda – Noranda Aluminum, Inc. subsidiary that operates a rate-regulated electric generation, NRC – Nuclear Regulatory Commission, a U.S. government transmission and distribution business, and a rate-regulated agency. natural gas transmission and distribution business in NYMEX – New York Mercantile Exchange. Missouri as AmerenUE. NYSE – New York Stock Exchange, Inc. OATT – Open Access Transmission Tariff. FORWARD-LOOKING STATEMENTS OCI – Other comprehensive income (loss) as defined by GAAP. Statements in this report not based on historical facts Off-system revenues – Revenues from other than native are considered “forward-looking” and, accordingly, involve load sales. risks and uncertainties that could cause actual results to OTC – Over-the-counter. differ materially from those discussed. Although such PGA – Purchased Gas Adjustment tariffs, which allow the forward-looking statements have been made in good faith passing through of the actual cost of natural gas to utility and are based on reasonable assumptions, there is no customers. assurance that the expected results will be achieved. These PJM – PJM Interconnection LLC. statements include (without limitation) statements as to PUHCA 2005 – The Public Utility Holding Company Act of future expectations, beliefs, plans, strategies, objectives, 2005, enacted as part of the Energy Policy Act of 2005, events, conditions, and financial performance. In effective February 8, 2006. connection with the “safe harbor” provisions of the Private Regulatory lag – Adjustments to retail electric and natural Securities Litigation Reform Act of 1995, we are providing gas rates are based on historic cost levels. Rate increase this cautionary statement to identify important factors that requests can take up to 11 months to be acted upon by the could cause actual results to differ materially from those MoPSC and the ICC. As a result, revenue increases anticipated. The following factors, in addition to those authorized by regulators will lag behind changing costs. discussed under Risk Factors and elsewhere in this report Resources Company – Ameren Energy Resources Company, and in our other filings with the SEC, could cause actual LLC, an Ameren Corporation subsidiary that consists of results to differ materially from management expectations non-rate-regulated operations, including Genco, Marketing suggested in such forward-looking statements: Company, EEI, AFS, and Medina Valley. It is the successor to ‰ regulatory or legislative actions, including changes in Ameren Energy Resources Company, which was eliminated regulatory policies and ratemaking determinations and in an internal reorganization in February 2008. future rate proceedings or future legislative actions that RFP – Request for proposal. seek to limit or reverse rate increases; RTO – Regional Transmission Organization. ‰ uncertainty as to the continued effectiveness of the S&P – Standard & Poor’s Ratings Services, a credit rating Illinois power procurement process; agency that is a division of The McGraw-Hill Companies, ‰ changes in laws and other governmental actions, Inc. including monetary and fiscal policies; SEC – Securities and Exchange Commission, a U.S. ‰ changes in laws or regulations that adversely affect the government agency. ability of electric distribution companies and other SERC – SERC Reliability Corporation, one of the regional purchasers of wholesale electricity to pay their electric reliability councils organized for coordinating the suppliers, including UE and Marketing Company; planning and operation of the nation’s bulk power supply. ‰ enactment of legislation taxing electric generators, in SFAS – Statement of Financial Accounting Standards, the Illinois or elsewhere; accounting and financial reporting rules issued by the ‰ the effects of increased competition in the future due FASB. to, among other things, deregulation of certain aspects SO2 – Sulfur dioxide. of our business at both the state and federal levels, and TFN – Transitional Funding Trust Notes issued by IP SPT as the implementation of deregulation, such as occurred allowed under the Illinois Customer Choice Law. IP when the electric rate freeze and power supply designated a portion of cash received from customer contracts expired in Illinois at the end of 2006; billings to pay the TFNs. The designated funds received by 3

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