This document provides an overview of Ameren Corporation's investor meetings in March 2008. It discusses Ameren's financial outlook, including targets of 4-6% average EPS growth from 2007-2010 driven primarily by regulated business growth. It outlines Ameren's regulated and non-regulated generation businesses and investment plans to increase rate base and regulated returns. The presentation also reviews Illinois and Missouri rate case filings and the company's hedging strategies for its non-regulated generation business.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
2. Warner Baxter
Executive Vice President & Chief Financial Officer
Bruce Steinke
Vice President and Controller
investing for our future.
2
3. Cautionary Statements
All forecasted numbers in this presentation are issued and effective as of January 17, 2008
Regulation G Statement
Ameren has presented certain information in this presentation on a diluted cents per share basis. These diluted per
share amounts reflect certain factors that directly impact Ameren’s total earnings per share. The non-GAAP earnings
per share and non-GAAP earnings per share guidance excludes one or more of the following: costs related to severe
January 2007 storms, abnormal weather, the earnings impact of the settlement agreement among parties in Illinois for
comprehensive electric rate relief and customer assistance, the reversal of accruals made in 2006 for low-income
energy assistance and energy efficiency program funding commitments in Illinois and a March 2007 FERC order, which
retroactively adjusted prior years’ regional transmission organization costs. Ameren believes this information is useful
because it enables readers to better understand the impact of these factors on Ameren’s results of operations and
earnings per share.
In providing non-GAAP earnings guidance and a non-GAAP earnings growth forecast, there could be differences
between non-GAAP earnings and earnings prepared in accordance with Generally Accepted Accounting Principles
(GAAP) for unusual items, such as the 2007 Illinois electric settlement and the impact of abnormal weather. Except for
the Illinois settlement, Ameren is not able to estimate the impact, if any, on future GAAP earnings of these items.
Therefore, Ameren is not able to provide a corresponding GAAP equivalent for its earnings growth rate forecast.
Forward-looking Statements
Ameren’s consolidated and segment earnings guidance excludes one or more of the following: costs related to severe
January 2007 storms, abnormal weather, the earnings impact of the settlement agreement among parties in Illinois for
comprehensive electric rate relief and customer assistance, the reversal of accruals made in 2006 for low-income
energy assistance and energy efficiency program funding commitments in Illinois and a March 2007 FERC order, which
retroactively adjusted prior years’ regional transmission organization costs. Ameren’s earnings guidance assumes
normal weather and is subject to, among other things, regulatory and legislative decisions, plant operations, energy
market and economic conditions, severe storms, unusual or otherwise unexpected gains or losses and other risks and
uncertainties outlined in Ameren’s Forward-looking Statements in its news release issued today and in the Forward-
looking Statements and Risk Factors sections in its periodic filings with the Securities and Exchange Commission.
investing for our future.
3
4. Ameren Introduction
● Focused on the Basics
● Regional electric and gas utility
• Missouri regulated generation,
transmission and
CILCO
delivery business
• Illinois regulated transmission and
CIPS
delivery businesses
UE
IP
• Non-rate-regulated
generation business
● NYSE-listed under AEE
• Market cap. ~ $9 billion
• Component of the S&P 500
investing for our future.
4
5. Ameren’s Business Plan
● Achieve operational excellence in all Meaningful
aspects of our business investment
in serving
● Improve our customer service, customers
satisfaction and image
● Demonstrate environmental Fair
leadership return High quality
on service
● Improve regulatory frameworks and investment
returns
● Optimize non-rate-regulated
generation business High
customer
● Maximize the value of our satisfaction
shareholders’ investment
investing for our future.
5
6. Financial Outlook
● Near-term regulatory lag
• Rising cost environment (O&M and capital)
• Fuel
• Reliability projects
• Environmental projects
• Depreciation
• Finance costs
• No significant rate adjustments until late 2008 and early 2009
● Significant longer-term earnings growth opportunities
investing for our future.
6
7. Financial Outlook Opportunities
● Regulated rates reflecting more current costs
● Increasing rate base investment
● Earning fair returns in regulated operations
● Position non-rate-regulated business for earnings growth
• Improved plant performance
• Effective marketing, trading and hedging
• EPS contribution expected to be relatively flat through 2010
• Expectations could change meaningfully depending upon future
power, capacity and fuel prices
• Greater prospects for tightening power markets
• Ancillary and capacity market development
Bottom line: strong underlying value
Straight-forward strategy to deliver value
investing for our future.
7
8. Financial Objectives
● Targeting 4% to 6% average non-GAAP EPS growth from
normalized 2007 base to 2010
• Driven primarily by regulated business growth
• Goal of ~$4 per share by 2011 and higher in 2012
● Overall percentage of earnings contribution by regulated business
segments forecasted to increase and approximate current annual
dividend by the end of 2010
● Focused on providing a strong, sustainable dividend
• Current yield of ~6%
• Cash flows do not support near-term change
• Focus on future dividend growth
● Targeting long-term total annual shareholder return of ~10%
● Proven and lower-risk strategies to achieve these results
investing for our future.
8
9. Long-Range EPS Expectations
2007 to 2010 CAGR of 4% to 6%, continued growth thereafter
>$4.00
~$3.70
Non-GAAP
Non-GAAP
$3.25 - $3.35
$2.80 - $3.20
Weather-Normalized
$3.24
GAAP
$2.90 - $3.00 GAAP
$2.68 - $3.08
2007 2008 2009 2010 2011 2012
GAAP Non-GAAP
investing for our future.
9
10. Current Regulated Returns
Support Earnings Growth
● Missouri Regulated Operations(a)
2007 non-GAAP ROE = 9%
Estimated 2008 non-GAAP ROE = 7%
• Allowed return in last rate case was 10.2%. Every 1% equals
approximately $50 million of revenues
● Illinois Regulated Operations(b)
2007 non-GAAP ROE = 5%
Estimated 2008 non-GAAP ROE = 5%
• Allowed return in last rate case was 10%. Every 1% equals
approximately $27 million of revenues
Based on actual and projected financial results excluding non-GAAP items
(a)
Based on actual and projected financial results excluding non-GAAP items and
(b)
impact of goodwill associated with CILCORP and Illinois Power acquisitions
investing for our future.
10
11. Regulated Investment Plans
Support Earnings Growth
Rate Base Growth
($ in Millions)
$9,000
Missouri
Rate Base $8,000
$7,000
Missouri(a) $6,000
Electric $5,744 $5,000
Gas 218 $4,000
Subtotal $5,962 $3,000
$2,000
$1,000
Illinois(b) $0
Distribution $2,120 2006 2007 2008 2009 2010 2011 2012
$4,500
Transmission 245 Illinois
$4,000
Gas 928 $3,500
Subtotal $3,293 $3,000
$2,500
$2,000
TOTAL $9,255
$1,500
$1,000
(a)
At December 31, 2007 $500
(b)
At December 31, 2006, $0
as submitted in current rate case filings 2006 2007 2008 2009 2010 2011 2012
investing for our future.
11
12. Illinois Rate Filings
● Illinois electric and gas delivery service rate cases filed November 2,
2007
• Decision by end of September 2008
● Requested revenue increase of $247 million
($180 million electric, $67 million gas)
• Electric: 11% ROE; 51% to 53% equity;
rate base = $2.1 billion
• IP residential increase capped at 9.9% in year 1
• Gas 11% ROE; 51% to 53% equity;
rate base = $0.9 billion
● Increase driven by higher costs and increased investment
● Requested rider rate-making mechanisms for electric infrastructure
investment, gas decoupling and bad debt expenses
investing for our future.
12
13. Missouri Rate Case Filing
● Expect to file next electric rate case in Q2 2008
• Rate case process in Missouri is typically an 11-month process, but
can be settled earlier
● Increase driven by higher costs and increased investment
● Expect to seek implementation of fuel and environmental cost
recovery mechanisms in next rate case
● Gas infrastructure cost recovery mechanism currently in place
investing for our future.
13
15. Solid Market Fundamentals
Hedged Power Sales
● Generation hedging policy (excludes capacity-only revenues)
designed to reduce risk, but allow
86% Tar
for market upside get
● Energy prices 60% Ran
ge
• ATC forward curve for 2008 to 45%
2010 ranged from $48/MWh to $54
$52
$50 MWh
$54/MWh at time of guidance MWh
MWh
• Fundamentals support energy 2008 2009 2010
prices strengthening
Hedged Capacity Sales
● Expect continued development
and tightening of MISO capacity 28%
market
18%
• Targeting to sell ~75% 37% 10%
22%
of capacity through 2010 10%
• MISO prices are well below PJM 2008 2009 2010
Embedded in Full Requirements Contract Capacity Only
investing for our future.
15
16. Investment Highlights
● Focused on the Basics - the generation of electricity,
and the delivery of electricity and natural gas
● Strong EPS growth prospects through 2010 – continued growth
thereafter (goal of ~$4 per share by 2011 and higher in 2012)
• 4% - 6% CAGR
• Driven primarily by regulated business growth
• Optimization of existing non-rate-regulated generation/potential tightening
of power markets
● Strong, sustainable dividend
• Current yield of ~6%
• Focused on future dividend growth
● Commitment to conservative financial management
● Attractive, risk-adjusted long-term total return potential
● Strong underlying value/straight-forward strategy to deliver
shareholder value
investing for our future.
16
19. Missouri Regulated
Electric Revenue Mix
● 1.2 million electric and (LTM September 30, 2007)
127,000 gas customers
18%
• Diverse electric revenue mix
44%
● 10,000 MW generation 38%
• Low-cost 7,000 MW baseload
coal-fired and nuclear fleet Residential Commercial Industrial
● 24,000 square miles Average Residential Electricity
• 2,900 miles of electric Prices (2006)
0.19
19¢
transmission lines 0.17
17¢
15¢
0.15
• 32,000 miles of electric
13¢
0.13
distribution lines 11¢
0.11
● 3,300 employees 9¢
0.09
San Francisco
New York City
7¢
Los Angeles
● Residential rates approximately 40% 0.07
Philadelphia
Cleveland
Wash DC
St.Louis*
Houston
Chicago
5¢
Boston
Seattle
Atlanta
Detroit
0.05
Dallas
Miami
below national average 3¢
0.03
Source: Bureau of Labor statistics
Assumes UE’s 2007 rate increase was in effect in 2006
investing for our future.
19
20. Ameren Illinois Utilities
Margin Mix (LTM September 30, 2007)
● Regulated transmission and
distribution company 30%
Electric
• Owns no generation
Gas
70%
● 1.2 million electric and
830,000 gas customers
● 44,000 square miles
• 4,490 miles of electric transmission lines
• 45,000 miles of electric distribution lines
CILCO
• 17,900 miles of natural gas mains
● 2,300 employees
CIPS
● Current bundled electric rates approximate
IP
national average
investing for our future.
20
21. Non-Rate-Regulated Generation
● Operate power plants
Edwards
CTGs
• Three legal entities 745 MW
1,140 MW
Coal – 1960
Gas – 2000-01
● Market power and Hutsonville
Duck Creek
related products 150 MW
330 MW
Coal – 1953
Coal – 1976
● 6,300 MW generation
• Low-cost 4,500 MW baseload
coal-fired fleet Coffeen
Meredosia
900 MW
445 MW
● 1,100 employees Coal – 1965
Coal/Oil – 1948
Newton
1,210 MW
Grand Tower CTG
Coal – 1977
510 MW
Gas – 2001
Joppa – 80%
1,000 MW
Coal – 1953
investing for our future.
21
23. Major 2008 Assumptions
Missouri Regulated Segment
● Electric rate case expected to be filed Q2-2008
• No impact on 2008 earnings/regulatory lag
● Rising cost environment continues
• Labor, materials, etc.
• Fuel
• Depreciation and financing costs
● Increased investment in rate base and operating expenses to
improve reliability and environmental compliance
● Generation output of 51 million MWh (capacity factor ~83%)
● Callaway nuclear plant refueling in Fall 2008 (25-30 days)
● Normal weather and organic growth
investing for our future.
23
24. Major 2008 Assumptions
Illinois Regulated Segment
● Electric and gas rate orders effective October 2008
• Requested 11% ROE
• Bad debt expense, electric infrastructure investment and gas decoupling rate
mechanisms approved
● Rising cost environment continues
• Labor, materials, etc.
• Depreciation and financing costs
● Increased investment in rate base and operating expenses to improve
reliability
● Impact of Illinois electric settlement (5 cents per share) excluded from
guidance
● Normal weather and organic growth
investing for our future.
24
25. Major 2008 Assumptions
Non-Rate-Regulated Generation
● Improved plant operations
• Generation output of 33 million MWh vs. 31 million MWh in 2007
• Generation capacity factor of 79% vs. 74% in 2007
● Hedged approximately 86% of output at December 31, 2007
• Expected realized prices of $53.50/MWh vs. $54.50/MWh in 2007
(including energy and capacity sales)
● Ancillary services market revenues of approximately $15 million
(vs. ~$5 million in 2007)
● Capacity market revenues of approximately $40 million
(vs. ~$25 million in 2007)
● Rising cost environment
• Labor, materials, etc.
• Fuel
• Depreciation and financing costs
● Impact of Illinois electric settlement (7 cents per share)
excluded from guidance
● Illinois Monterey coal mine closure
investing for our future.
25
26. Major 2008 Assumptions
Corporate
● No new equity issuances planned outside of
DRIP/401k plans (hybrids under consideration)
● Significant levels of debt financings
● No increase in dividend
investing for our future.
26
27. 2008 Non-GAAP Earnings Guidance
2007 GAAP Earnings per Share Guidance $2.98
2007 Severe storm-related costs 0.09
IL electric rate relief settlement, net 0.21
FERC order – MISO charges 0.06
2007 Non-GAAP Earnings per Share Guidance $3.34
Missouri 2007 rate case (margin and expense) 0.09
Other electric and gas margins 0.69
Weather (estimate) (0.10)
Fuel prices (0.40)
Callaway refueling and maintenance outage 0.06
Plant operations and maintenance (0.19)
Distribution system reliability (0.22)
Other labor and employee benefits (0.06)
Depreciation and amortization (0.03)
Dilution and financing, net (0.06)
Other taxes (0.05)
Other, net (0.07)
2008 Non-GAAP EPS Guidance Range $2.80 – $3.20
Illinois electric rate relief settlement (0.12)
2008 GAAP EPS Guidance Range $2.68 – $3.08
investing for our future.
27
28. 2008 Non-GAAP Segment Guidance
Contribution to Earnings per Share
2007 2008
Missouri Regulated $1.47 $1.20 – $1.30
Illinois Regulated 0.38 0.35 – 0.45
Non-Rate-Regulated Generation 1.45 1.25 – 1.45
Other 0.04 –
Non-GAAP EPS Guidance Range(a) $3.34 $2.80 – $3.20
(a) The 12 cents per share earnings impact of the settlement agreement among parties in Illinois for comprehensive electric rate relief and customer assistance are
excluded from non-GAAP guidance.
investing for our future.
28
29. Capital Expenditure Summary
($ in Millions)
Capital Expenditures
● 65% to 70% of total
capital expenditures in the $2,235
regulated business
segments Target Range:
735
● Approximately 70% of $1,600 to $2,100 per year
non-rate-regulated $1,395
generation capital
400
expenditures due to 425 Non-Rate-Regulated Generation
environmental
Illinois Regulated
compliance 310
● Does not include any Missouri Regulated
1030
potential expenditures
Other/Corporate
related to climate 620
legislation
70
40
2007 2008 2009 2010 2011 2012
investing for our future.
29
30. Expected Cash Flow
($ in Millions)
2008
Funds From Operations $1,340
Capital Expenditures (2,235)
Dividends (530)
EEI Dividends (30)
Free Cash Flow ($1,455)
● Negative free cash flow for foreseeable future, an industry-wide
phenomenon
● Cash flow needs expected to be primarily financed with debt and
proceeds from DRIP/401k plan issuances
investing for our future.
30
31. 2008 Illinois Electric Rate Redesign
● Illinois electric rate
redesign will result
in quarterly changes 18¢
in earnings per
share, but no annual
change
2¢
7¢
13¢
Q1 Q2 Q3 Q4
investing for our future.
31
32. Post-2008 Commentary
● Rising cost environment continues (e.g. labor, materials, fuel,
depreciation, financing)
● Regulatory lag will persist, but will be less significant over time
● Rate cases
• Will be more frequent
• Proposed recovery mechanisms will be granted
• Granted fair ROEs
● No Callaway refueling in 2009 and 2012
● New baseload plant decision for Missouri regulated operations
will need to be made
• Constructive regulatory framework will need to be in place
investing for our future.
32
33. Fuel Costs
Fuel Costs per MWh(a)
● Fuel costs expected to continue
to increase
$23
● Estimates include all fuel costs $21
$19
$17
$15
$14
(coal, nuclear, natural gas,
diesel, emission allowances and
transportation)
2008 2009 2010
Estimated Costs Hedged
● Regulated costs are assumed to
be recoverable through a cost
recovery mechanism beginning
in 2009
94% 98%
86%
72%
54%
16%
2008 2009 2010
(a)
Includes contracted and estimated cost increase Regulated Missouri Non-Rate-Regulated
investing for our future.
33
34. Post-2008 Commentary
● Improved non-rate-regulated generation plant performance
● 2 million MWhs of below-market wholesale contracts at ~$33/MWh
expire in late 2008
● Fundamentals point to more robust energy and capacity prices
compared to current forward curves
● No impact from climate legislation
● No new equity issuances currently planned through 2010, excluding
DRIP/401k plans (hybrids under consideration)
● Focused on strong, sustainable dividend and growing dividend in
the future
investing for our future.
34
36. Illinois Electric Settlement
● Constructively resolved significant legislative, regulatory and legal
uncertainties
• All major parties participated in settlement
● Provides stability to Illinois electric market and provides agreed path for
power procurement
● Significant disincentives for additional legislative action
• Rate relief programs would terminate
• Financial swap agreements could be terminated or renegotiated
• Strong legal position
● No prohibition on ability to file for delivery service
rate increases
investing for our future.
36
37. Illinois Electric Settlement Costs
($ in Millions, Except Per Share Amounts)
2007 2008 2009 2010 Total
Ameren Illinois Customers’ Benefit $231.6 $150.4 $100.5 $5.5 $488.0
Contributions of Ameren Companies
Non-rate-regulated Generation 48.2 24.9 15.8 1.1 90.0
Illinois Regulated 30.7 17.9 10.7 0.7 60.0
Total Funding $78.9 $42.8 $26.5 $1.8 $150.0
EPS impact $0.25 $0.12 $0.07 $0.01 $0.45
investing for our future.
37
38. Illinois Electric Settlement - Swap
● Ameren Illinois utilities entered into swap agreements with an affiliate to lock-in prices
for a portion of power requirements from 2008 through 2012 at relevant market prices
Period Volume Price per MWh
6/1/08 to 12/31/08 400 MW $47.45
1/1/09 to 05/31/09 400 MW $49.47
6/1/09 to 12/31/09 800 MW $49.47
1/1/10 to 5/31/10 800 MW $51.09
6/1/10 to 12/31/10 1,000 MW $51.09
1/1/11 to 12/31/11 1,000 MW $52.06
1/1/12 to 12/31/12 1,000 MW $53.08
● If any of the following events occur, negotiations may be undertaken so as to preserve
the economic benefits of the swap agreements. If unable to negotiate a settlement, the
swap agreements may be terminated in 60 to 90 days after the event occurs
• A state tax is enacted on electric generation
• A state or federal tax is enacted on or regulation is imposed on greenhouse
gas emissions
• A state law is enacted that eliminates retail electric supplier choice for residential
and small commercial customers
investing for our future.
38
39. Power Procurement
● Procurement plan approved ● New Illinois Power Agency (IPA)
by Illinois Commerce to procure power for Illinois utilities
Commission (ICC) for June beginning June 2009
2008 to May 2009 • Process based on acquiring
20
standard market products
Contracted Power Supply
18
(e.g., 7x24 and 5x16 blocks
16
of energy)
MWh (in millions)
14
• RFP process with benchmarks
12
• Third party administrator hired
10
8
by IPA
6
• ICC review and approval
4
• Results of IPA procurement
2
process deemed prudent
0
2008 2009 2010 2011 2012
Auction Financial Swap Contracts
investing for our future.
39
41. Ameren Calendar
Illinois
ICC Staff and intervenor testimony filed March 14, 2008
Ameren rebuttal filed April 14, 2008
ICC Staff and intervenor rebuttal May 13, 2008
Ameren surrebuttal May 27, 2008
Written prehearing motions May 29, 2008
Evidentiary hearings June 9-13, 2008
Briefs July 2008
Proposed delivery service order August 2008 (estimate)
Final delivery service order issued September 2008
Missouri
Final environmental rider rules Q2 2008
File electric rate case Q2 2008
Investor Relations
Q1 2008 quiet period Begins April 7, 2008
Q2 2008 quiet period Begins July 7, 2008
Q3 2008 quiet period Begins October 7, 2008
investing for our future.
41
42. Major Regulatory Proceedings
Illinois
Web site www.icc.illinois.gov/e-docket
Case # 07-0527
– Interim procurement plan
Case # 07-0585, 07-0586, 07-0587
– Electric delivery services rate cases
Case #07-0588, 07-0589, 07-0590
– Gas delivery services rate cases
Missouri
Web site www.efis.psc.mo.gov/mpsc/DocketSheet.html
Case # ER-2007-0002 – Electric rate case (Order issued)
Case # GR-2007-0003 – Gas rate case (Order issued)
Case # ES-2007-0474 – Taum Sauk incident investigation
investing for our future.
42