This document provides an overview of Ameren Corporation's December 2016 investor presentation. It discusses Ameren's strategic plan to invest in its utility infrastructure through 2020, focusing on electric and gas transmission and distribution. This is expected to drive regulated rate base growth of approximately 6.5% annually. It also outlines Ameren's regulatory frameworks and performance measures to demonstrate how it is operating its utilities in a sustainable manner for customers and shareholders.
This document provides an overview of Ameren Corporation's strategic plan for investing in regulated infrastructure from 2015 to 2020. Key points include:
- Ameren expects to invest $11.1 billion in regulated infrastructure during this period, with a projected compound annual growth rate of approximately 6.5% for regulated rate base.
- The largest areas of investment are expected to be FERC-regulated electric transmission and Ameren Illinois' electric and gas delivery systems.
- The strategic plan focuses investment on transmission and distribution infrastructure, with generation assets expected to decline as a percentage of total rate base.
- Ameren reported higher third quarter 2016 earnings compared to third quarter 2015, driven by higher electric sales from warmer summer temperatures and increased investment in electric infrastructure.
- For 2016, Ameren raised its diluted EPS guidance range to $2.65 to $2.75, up from $2.45 to $2.65.
- Ameren is executing its strategic plan of investing in its utility assets consistent with regulatory frameworks, including investments in electric transmission, Illinois electric and gas distribution, and pursuing an enhanced regulatory framework in Missouri to support additional investment.
SCE provided a business update for November 2016. The document discusses SCE's strategy to produce shareholder value through sustained earnings and dividend growth led by increasing SCE's rate base. SCE plans to invest $23 billion in capital projects from 2016-2020, including $2.3 billion for grid modernization. This capital investment is expected to drive SCE's average annual rate base growth of 8.5% over the period. Regulatory filings like the 2018 GRC seek approval for these planned expenditures and revenue requirements.
Southern Company reported its financial results for the fourth quarter and full year of 2008. For the full year, earnings were $1.74 billion compared to $1.73 billion in 2007. Kilowatt-hour sales to retail customers decreased 2.1% for the year. Revenues increased 11.6% for the full year to $17.13 billion due to higher retail rates and environmental cost recovery, but earnings were impacted by mild weather, a weak economy, and higher expenses. Looking ahead, economic challenges are expected to continue through 2009 but the long-term viability of the Southeast region remains strong.
InfraREIT provided its 2016 full year results and supplemental information. It reported solid Q4 2016 performance with an increase in lease revenue and net income in line with expectations. Key highlights included strong growth in Sharyland's service territory with peak load and distribution volume increases, as well as ongoing projects with Hunt. InfraREIT is focused on regulated transmission and distribution opportunities within its footprint, maintaining a strong financial profile to support growth, and growing dividends.
The document provides third quarter 2016 financial results for U.S. Cellular and TDS Telecom. Key highlights include:
- U.S. Cellular's postpaid net losses were 6,000 due to lower gross additions, but postpaid churn was low at 1.34%. Equipment sales revenues increased 38% year-over-year.
- TDS Telecom's wireline, cable, and hosted/managed services businesses saw stable to modest growth in operating revenues and adjusted EBITDA compared to the prior year.
- Guidance for full year 2016 remains unchanged with estimated total operating revenues of $3.9-4.1 billion for U.S. Cellular and $1
12 12-16 barclays beaver creek utilities conference finalAES_BigSky
The document provides an overview of AES Corporation's business operations and growth strategy:
- AES operates in key high-growth markets with scale and locational advantages as a low-cost provider.
- The company is pursuing a $6.4 billion construction program to capitalize on these positions, funded through debt and equity.
- AES aims to strengthen its balance sheet by growing free cash flow, reducing debt, and achieving investment grade credit ratings by 2020. This will support disciplined growth and dividend increases.
The document is the transcript from Integrys Energy Group's Third Quarter 2008 Earnings Conference Call on November 6, 2008. In the call, Integrys Energy Group discusses their third quarter 2008 financial results, revised guidance for 2008, liquidity and financing plans, and capital investment plans. Key highlights included a net loss for the quarter driven by large non-cash mark-to-market losses at Integrys Energy Services, revised 2008 EPS guidance lowered due to higher costs and losses, and planned capital expenditures of $1.7 billion through 2010 focused on utility infrastructure investments.
This document provides an overview of Ameren Corporation's strategic plan for investing in regulated infrastructure from 2015 to 2020. Key points include:
- Ameren expects to invest $11.1 billion in regulated infrastructure during this period, with a projected compound annual growth rate of approximately 6.5% for regulated rate base.
- The largest areas of investment are expected to be FERC-regulated electric transmission and Ameren Illinois' electric and gas delivery systems.
- The strategic plan focuses investment on transmission and distribution infrastructure, with generation assets expected to decline as a percentage of total rate base.
- Ameren reported higher third quarter 2016 earnings compared to third quarter 2015, driven by higher electric sales from warmer summer temperatures and increased investment in electric infrastructure.
- For 2016, Ameren raised its diluted EPS guidance range to $2.65 to $2.75, up from $2.45 to $2.65.
- Ameren is executing its strategic plan of investing in its utility assets consistent with regulatory frameworks, including investments in electric transmission, Illinois electric and gas distribution, and pursuing an enhanced regulatory framework in Missouri to support additional investment.
SCE provided a business update for November 2016. The document discusses SCE's strategy to produce shareholder value through sustained earnings and dividend growth led by increasing SCE's rate base. SCE plans to invest $23 billion in capital projects from 2016-2020, including $2.3 billion for grid modernization. This capital investment is expected to drive SCE's average annual rate base growth of 8.5% over the period. Regulatory filings like the 2018 GRC seek approval for these planned expenditures and revenue requirements.
Southern Company reported its financial results for the fourth quarter and full year of 2008. For the full year, earnings were $1.74 billion compared to $1.73 billion in 2007. Kilowatt-hour sales to retail customers decreased 2.1% for the year. Revenues increased 11.6% for the full year to $17.13 billion due to higher retail rates and environmental cost recovery, but earnings were impacted by mild weather, a weak economy, and higher expenses. Looking ahead, economic challenges are expected to continue through 2009 but the long-term viability of the Southeast region remains strong.
InfraREIT provided its 2016 full year results and supplemental information. It reported solid Q4 2016 performance with an increase in lease revenue and net income in line with expectations. Key highlights included strong growth in Sharyland's service territory with peak load and distribution volume increases, as well as ongoing projects with Hunt. InfraREIT is focused on regulated transmission and distribution opportunities within its footprint, maintaining a strong financial profile to support growth, and growing dividends.
The document provides third quarter 2016 financial results for U.S. Cellular and TDS Telecom. Key highlights include:
- U.S. Cellular's postpaid net losses were 6,000 due to lower gross additions, but postpaid churn was low at 1.34%. Equipment sales revenues increased 38% year-over-year.
- TDS Telecom's wireline, cable, and hosted/managed services businesses saw stable to modest growth in operating revenues and adjusted EBITDA compared to the prior year.
- Guidance for full year 2016 remains unchanged with estimated total operating revenues of $3.9-4.1 billion for U.S. Cellular and $1
12 12-16 barclays beaver creek utilities conference finalAES_BigSky
The document provides an overview of AES Corporation's business operations and growth strategy:
- AES operates in key high-growth markets with scale and locational advantages as a low-cost provider.
- The company is pursuing a $6.4 billion construction program to capitalize on these positions, funded through debt and equity.
- AES aims to strengthen its balance sheet by growing free cash flow, reducing debt, and achieving investment grade credit ratings by 2020. This will support disciplined growth and dividend increases.
The document is the transcript from Integrys Energy Group's Third Quarter 2008 Earnings Conference Call on November 6, 2008. In the call, Integrys Energy Group discusses their third quarter 2008 financial results, revised guidance for 2008, liquidity and financing plans, and capital investment plans. Key highlights included a net loss for the quarter driven by large non-cash mark-to-market losses at Integrys Energy Services, revised 2008 EPS guidance lowered due to higher costs and losses, and planned capital expenditures of $1.7 billion through 2010 focused on utility infrastructure investments.
The document provides an overview of TRC Solutions' Q2 fiscal year 2016 financial results. Some key points:
- Net service revenue increased 12% year-over-year to $111.4 million, with growth in energy and infrastructure segments offsetting a decline in environmental.
- Adjusted operating income grew 16% to $7.9 million due to organic and acquisition growth.
- Organic backlog increased 23% to $313 million, with strong growth in infrastructure offsetting declines in energy and environmental.
- Integration of the Willbros acquisition is proceeding on track, with the pipeline services division now functionally integrated within TRC.
- TRR reported an 8% increase in net service revenue to $81.3M for Q1 2014 compared to Q1 2013, driven by growth across all three business segments. However, operating income decreased 8% to $4.3M due to a change in estimate for an insurance recovery.
- Backlog increased slightly to $239M, and the company aims to grow organically and through acquisitions focused on utility/power, oil & gas, and infrastructure markets.
- The outlook is solid for energy and environmental markets long-term due to aging infrastructure needing upgrades, new regulations, and increased capital spending. Infrastructure markets are also improving with more state funding.
The document provides an overview of TRC Solutions' Q3 2016 financial results. Key points include:
1) Net service revenue increased 20% year-over-year to $121.3 million, with growth in infrastructure and declines in energy and environmental.
2) Adjusted EBITDA was $7.9 million, excluding one-time acquisition and integration costs and a goodwill impairment.
3) A goodwill impairment charge of $24.5 million was recorded for the pipeline services segment due to challenges in the oil and gas market.
4) The company continues focusing on organic growth opportunities in strategic markets like utilities and transportation infrastructure.
TRC Solutions reported on its Q4 2016 financial results. Key highlights include:
- Net service revenue increased 16% year-over-year to $132.3 million.
- EBITDA increased 15% year-over-year to $14.8 million, a new quarterly record.
- Net income decreased 13% to $5.9 million due to increased amortization and interest expenses.
- Cash flow from operations was $17.7 million and days sales outstanding improved.
- Southern Company reported third quarter earnings of $780.4 million, or $1.01 per share, compared to $762 million, or $1.00 per share in the third quarter of 2007. Revenues increased 12.3% to $5.43 billion.
- Kilowatt-hour sales decreased 4.6% for the quarter and 1.7% for the first nine months of the year compared to the same periods in 2007, due primarily to milder weather.
- Earnings were positively impacted by increased retail rates and market-response rates for commercial and industrial customers, but offset by mild weather, asset depreciation, and a sluggish economy.
Exelon reported lower third quarter 2008 earnings compared to third quarter 2007. Earnings were impacted by higher operating expenses, unfavorable weather, and economic factors. However, Generation saw higher energy margins. Exelon expects full-year 2008 earnings near the bottom of its guidance range. It also announced a 5% increase to its fourth quarter common stock dividend and provided operating earnings outlooks for its subsidiaries in 2008.
Jp energy barclays mlp corporate access dayir_jpenergy
Barclays MLP Corporate Access Day presentation from March 2016 discusses JP Energy Partners' Q4 and full year 2015 performance and provides 2016 guidance. Key points include:
- Adjusted EBITDA grew 31% year-over-year in 2015 excluding corporate overhead.
- 2016 Adjusted EBITDA guidance of $50-56 million, representing 3-9% growth, driven by expense reductions and efficiency improvements.
- 2016 growth capital expenditures estimated at $25-35 million including $15 million for the Silver Dollar Pipeline.
The document provides an overview of AES Corporation's fourth quarter and full year 2016 financial results. Some key points:
- AES delivered on its 2016 guidance and made progress reducing costs and exiting non-core assets.
- It expects to complete $3.4 billion worth of power projects under construction by 2019.
- AES aims to achieve $350 million in annual cost savings by 2018 and an additional $50 million by 2020 through its Performance Excellence program.
- For 2017, AES expects to deliver 8-10% average annual growth in free cash flow, adjusted EPS, and shareholder dividends through 2020.
TRC reported financial results for Q2 FY2014, with net service revenue increasing 21% year-over-year to $91.1 million. EBITDA grew 24% to $7.4 million, while operating income rose 18% to $5.2 million. The company's backlog increased 4% to $233.9 million. TRC's diversified business model saw growth across all three segments - Environmental, Energy, and Infrastructure. The company will continue pursuing both organic growth opportunities and strategic acquisitions to expand its service offerings and geographic footprint.
This document provides Q3 2016 results and supplemental information for InfraREIT, Inc. It highlights solid Q3 2016 performance with increases in lease revenue, net income, Non-GAAP EPS, CAD, and Adjusted EBITDA. It also discusses InfraREIT's pending rate case and updates on its Hunt Projects, including the Southline and Verde Transmission projects. Financial summaries show increases in key metrics like lease revenue, net income, and Adjusted EBITDA for both Q3 2016 compared to Q3 2015 and year-to-date 2016 compared to the same period in 2015.
Southern Company reported first quarter 2008 earnings of $359.2 million, up from $338.7 million in the first quarter of 2007. Revenues increased 8% to $3.68 billion. Kilowatt-hour sales to retail customers increased 1.4% due to growth in residential and commercial customers. Earnings were positively impacted by increased revenue from market-response rates and regulatory actions supporting infrastructure investments, which were partially offset by higher operations and maintenance expenses.
Slides used during the Feb 13, 2015 analyst call for DTE Energy. Of interest to us is the discussion surrounding the Marcellus/Utica Shale and the big role it plays in the company's future. DTE projects impacted by northeast shale include the Millennium Pipeline, Bluestone Gathering System, NEXUS Pipeline and Vector Pipeline.
The document summarizes Integrys Energy Group's fourth quarter 2008 earnings conference call. Key points included a successful merger integration with Peoples Energy, placing the Weston 4 power plant into service, completing four rate cases with interim rates approved for a fifth, and initiatives for 2009 including divesting the nonregulated energy services business and reducing capital expenditures and pay increases. Financial results for the fourth quarter of 2008 were discussed along with liquidity, credit ratings impacts, capital investment plans, and regulatory updates.
TDS Telecom reported third quarter 2017 results with the following highlights:
- Total operating revenues were $285 million, down 1% year-over-year.
- Wireline revenues grew 2% driven by growth in IPTV and residential revenue per connection.
- Cable revenues increased 12% from broadband growth of 10%.
- Hosted and Managed Services revenues declined 18% from lower hardware installation spending.
- Adjusted EBITDA was $80 million, up 14% year-over-year, driven by growth in Wireline and Cable offset by declines in Hosted and Managed Services.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were down due to a decline in operating earnings at Detroit Edison, impacted by mild weather and loss of customers to electric choice programs. While non-regulated businesses performed well, regulatory uncertainties at the utilities impacted overall results. Management expects resolutions to rate cases and improvements to electric choice programs to strengthen earnings in 2005.
DTE Energy raised its 2008 earnings guidance based on strong expected performance across several business segments. It reported first quarter 2008 operating earnings of $128 million, up from $112 million in the first quarter of 2007, driven by higher earnings at its energy trading business. Several business segments experienced improved results compared to the prior year quarter. The company also advocated for comprehensive energy reform legislation in Michigan to secure clean energy supplies and jobs.
The document summarizes an investor meeting hosted by Bank of America Securities. It provides an agenda of the meeting and details on Ameren attendees. It also includes regulatory statements, an overview of Ameren as a regional electric and gas utility, highlights of their regulated and non-regulated operations, details of a comprehensive settlement in Illinois, and environmental and financial profiles.
Southern Company reported solid fourth quarter and full year 2005 earnings. Fourth quarter earnings were $158.9 million compared to $204.5 million in 2004, while full year 2005 earnings were $1.59 billion compared to $1.53 billion in 2004. The positive results were driven by continued economic strength in the Southeast region and customer growth. However, earnings were partially offset by increased operating and maintenance expenses to serve growing energy demand. Looking ahead, Southern Company expects earnings per share growth of 5% annually through 2008 and will focus on its regulated retail business and growing its competitive wholesale generation business.
Morgan Stanley Winter MLP & Diversified Natural Gas Bus TourEnLinkMidstreamLLC
This document discusses Morgan Stanley's winter MLP & diversified natural gas bus tour in January 2015. It provides an overview of EnLink Midstream, including its strategy, assets, structure as a master limited partnership with Devon Energy as a sponsor, and avenues for future growth. Specifically, EnLink aims to provide stability through 95% fee-based contracts and growth through dropdown acquisitions from Devon, organic expansion projects, and potential mergers and acquisitions. Recent growth initiatives include projects in West Texas, Ohio River Valley, and Louisiana.
The document discusses Morgan Stanley's MLP Bus Tour and provides an overview of EnLink Midstream. It notes that EnLink has stable cash flows from long-term fee-based contracts, including a significant portion from its sponsor Devon Energy. It is focused on executing in its core areas of Oklahoma, Permian Basin, and Louisiana. EnLink has a strong financial position as an investment grade company with a $1.5 billion credit facility and high-quality customers.
EnLink Midstream / Tall Oak Midstream Acquisition Investor CallEnLinkMidstreamLLC
Tall Oak Midstream is acquiring assets in Oklahoma that will expand EnLink Midstream's presence in the core of the STACK and CNOW plays. The acquisition aligns with Devon Energy, who will be the largest customer on the system. It provides EnLink with long-term, fee-based contracts averaging 15 years. The financing structure is expected to be accretive to EnLink's distributions and maintain its investment grade credit rating. The transaction strengthens the relationship between EnLink and Devon while diversifying their businesses and further aligning their growth plans.
This document provides an overview of JP Morgan's Energy Oklahoma City SCOOP/STACK & Houston Bus Tour on May 17, 2016. It includes forward-looking statements about future financial and operating results with various risk factors that could impact projections. It also contains non-GAAP financial measures and definitions. The presentation shows stable financial results for ENLK in Q1 2016 with adjusted EBITDA of $195 million, distribution coverage of 1.09x, and leverage of 3.8x debt to EBITDA. It highlights EnLink's premier positions in top U.S. oil and gas basins as well as its focus on execution and stability.
The document provides an overview of TRC Solutions' Q2 fiscal year 2016 financial results. Some key points:
- Net service revenue increased 12% year-over-year to $111.4 million, with growth in energy and infrastructure segments offsetting a decline in environmental.
- Adjusted operating income grew 16% to $7.9 million due to organic and acquisition growth.
- Organic backlog increased 23% to $313 million, with strong growth in infrastructure offsetting declines in energy and environmental.
- Integration of the Willbros acquisition is proceeding on track, with the pipeline services division now functionally integrated within TRC.
- TRR reported an 8% increase in net service revenue to $81.3M for Q1 2014 compared to Q1 2013, driven by growth across all three business segments. However, operating income decreased 8% to $4.3M due to a change in estimate for an insurance recovery.
- Backlog increased slightly to $239M, and the company aims to grow organically and through acquisitions focused on utility/power, oil & gas, and infrastructure markets.
- The outlook is solid for energy and environmental markets long-term due to aging infrastructure needing upgrades, new regulations, and increased capital spending. Infrastructure markets are also improving with more state funding.
The document provides an overview of TRC Solutions' Q3 2016 financial results. Key points include:
1) Net service revenue increased 20% year-over-year to $121.3 million, with growth in infrastructure and declines in energy and environmental.
2) Adjusted EBITDA was $7.9 million, excluding one-time acquisition and integration costs and a goodwill impairment.
3) A goodwill impairment charge of $24.5 million was recorded for the pipeline services segment due to challenges in the oil and gas market.
4) The company continues focusing on organic growth opportunities in strategic markets like utilities and transportation infrastructure.
TRC Solutions reported on its Q4 2016 financial results. Key highlights include:
- Net service revenue increased 16% year-over-year to $132.3 million.
- EBITDA increased 15% year-over-year to $14.8 million, a new quarterly record.
- Net income decreased 13% to $5.9 million due to increased amortization and interest expenses.
- Cash flow from operations was $17.7 million and days sales outstanding improved.
- Southern Company reported third quarter earnings of $780.4 million, or $1.01 per share, compared to $762 million, or $1.00 per share in the third quarter of 2007. Revenues increased 12.3% to $5.43 billion.
- Kilowatt-hour sales decreased 4.6% for the quarter and 1.7% for the first nine months of the year compared to the same periods in 2007, due primarily to milder weather.
- Earnings were positively impacted by increased retail rates and market-response rates for commercial and industrial customers, but offset by mild weather, asset depreciation, and a sluggish economy.
Exelon reported lower third quarter 2008 earnings compared to third quarter 2007. Earnings were impacted by higher operating expenses, unfavorable weather, and economic factors. However, Generation saw higher energy margins. Exelon expects full-year 2008 earnings near the bottom of its guidance range. It also announced a 5% increase to its fourth quarter common stock dividend and provided operating earnings outlooks for its subsidiaries in 2008.
Jp energy barclays mlp corporate access dayir_jpenergy
Barclays MLP Corporate Access Day presentation from March 2016 discusses JP Energy Partners' Q4 and full year 2015 performance and provides 2016 guidance. Key points include:
- Adjusted EBITDA grew 31% year-over-year in 2015 excluding corporate overhead.
- 2016 Adjusted EBITDA guidance of $50-56 million, representing 3-9% growth, driven by expense reductions and efficiency improvements.
- 2016 growth capital expenditures estimated at $25-35 million including $15 million for the Silver Dollar Pipeline.
The document provides an overview of AES Corporation's fourth quarter and full year 2016 financial results. Some key points:
- AES delivered on its 2016 guidance and made progress reducing costs and exiting non-core assets.
- It expects to complete $3.4 billion worth of power projects under construction by 2019.
- AES aims to achieve $350 million in annual cost savings by 2018 and an additional $50 million by 2020 through its Performance Excellence program.
- For 2017, AES expects to deliver 8-10% average annual growth in free cash flow, adjusted EPS, and shareholder dividends through 2020.
TRC reported financial results for Q2 FY2014, with net service revenue increasing 21% year-over-year to $91.1 million. EBITDA grew 24% to $7.4 million, while operating income rose 18% to $5.2 million. The company's backlog increased 4% to $233.9 million. TRC's diversified business model saw growth across all three segments - Environmental, Energy, and Infrastructure. The company will continue pursuing both organic growth opportunities and strategic acquisitions to expand its service offerings and geographic footprint.
This document provides Q3 2016 results and supplemental information for InfraREIT, Inc. It highlights solid Q3 2016 performance with increases in lease revenue, net income, Non-GAAP EPS, CAD, and Adjusted EBITDA. It also discusses InfraREIT's pending rate case and updates on its Hunt Projects, including the Southline and Verde Transmission projects. Financial summaries show increases in key metrics like lease revenue, net income, and Adjusted EBITDA for both Q3 2016 compared to Q3 2015 and year-to-date 2016 compared to the same period in 2015.
Southern Company reported first quarter 2008 earnings of $359.2 million, up from $338.7 million in the first quarter of 2007. Revenues increased 8% to $3.68 billion. Kilowatt-hour sales to retail customers increased 1.4% due to growth in residential and commercial customers. Earnings were positively impacted by increased revenue from market-response rates and regulatory actions supporting infrastructure investments, which were partially offset by higher operations and maintenance expenses.
Slides used during the Feb 13, 2015 analyst call for DTE Energy. Of interest to us is the discussion surrounding the Marcellus/Utica Shale and the big role it plays in the company's future. DTE projects impacted by northeast shale include the Millennium Pipeline, Bluestone Gathering System, NEXUS Pipeline and Vector Pipeline.
The document summarizes Integrys Energy Group's fourth quarter 2008 earnings conference call. Key points included a successful merger integration with Peoples Energy, placing the Weston 4 power plant into service, completing four rate cases with interim rates approved for a fifth, and initiatives for 2009 including divesting the nonregulated energy services business and reducing capital expenditures and pay increases. Financial results for the fourth quarter of 2008 were discussed along with liquidity, credit ratings impacts, capital investment plans, and regulatory updates.
TDS Telecom reported third quarter 2017 results with the following highlights:
- Total operating revenues were $285 million, down 1% year-over-year.
- Wireline revenues grew 2% driven by growth in IPTV and residential revenue per connection.
- Cable revenues increased 12% from broadband growth of 10%.
- Hosted and Managed Services revenues declined 18% from lower hardware installation spending.
- Adjusted EBITDA was $80 million, up 14% year-over-year, driven by growth in Wireline and Cable offset by declines in Hosted and Managed Services.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were down due to a decline in operating earnings at Detroit Edison, impacted by mild weather and loss of customers to electric choice programs. While non-regulated businesses performed well, regulatory uncertainties at the utilities impacted overall results. Management expects resolutions to rate cases and improvements to electric choice programs to strengthen earnings in 2005.
DTE Energy raised its 2008 earnings guidance based on strong expected performance across several business segments. It reported first quarter 2008 operating earnings of $128 million, up from $112 million in the first quarter of 2007, driven by higher earnings at its energy trading business. Several business segments experienced improved results compared to the prior year quarter. The company also advocated for comprehensive energy reform legislation in Michigan to secure clean energy supplies and jobs.
The document summarizes an investor meeting hosted by Bank of America Securities. It provides an agenda of the meeting and details on Ameren attendees. It also includes regulatory statements, an overview of Ameren as a regional electric and gas utility, highlights of their regulated and non-regulated operations, details of a comprehensive settlement in Illinois, and environmental and financial profiles.
Southern Company reported solid fourth quarter and full year 2005 earnings. Fourth quarter earnings were $158.9 million compared to $204.5 million in 2004, while full year 2005 earnings were $1.59 billion compared to $1.53 billion in 2004. The positive results were driven by continued economic strength in the Southeast region and customer growth. However, earnings were partially offset by increased operating and maintenance expenses to serve growing energy demand. Looking ahead, Southern Company expects earnings per share growth of 5% annually through 2008 and will focus on its regulated retail business and growing its competitive wholesale generation business.
Morgan Stanley Winter MLP & Diversified Natural Gas Bus TourEnLinkMidstreamLLC
This document discusses Morgan Stanley's winter MLP & diversified natural gas bus tour in January 2015. It provides an overview of EnLink Midstream, including its strategy, assets, structure as a master limited partnership with Devon Energy as a sponsor, and avenues for future growth. Specifically, EnLink aims to provide stability through 95% fee-based contracts and growth through dropdown acquisitions from Devon, organic expansion projects, and potential mergers and acquisitions. Recent growth initiatives include projects in West Texas, Ohio River Valley, and Louisiana.
The document discusses Morgan Stanley's MLP Bus Tour and provides an overview of EnLink Midstream. It notes that EnLink has stable cash flows from long-term fee-based contracts, including a significant portion from its sponsor Devon Energy. It is focused on executing in its core areas of Oklahoma, Permian Basin, and Louisiana. EnLink has a strong financial position as an investment grade company with a $1.5 billion credit facility and high-quality customers.
EnLink Midstream / Tall Oak Midstream Acquisition Investor CallEnLinkMidstreamLLC
Tall Oak Midstream is acquiring assets in Oklahoma that will expand EnLink Midstream's presence in the core of the STACK and CNOW plays. The acquisition aligns with Devon Energy, who will be the largest customer on the system. It provides EnLink with long-term, fee-based contracts averaging 15 years. The financing structure is expected to be accretive to EnLink's distributions and maintain its investment grade credit rating. The transaction strengthens the relationship between EnLink and Devon while diversifying their businesses and further aligning their growth plans.
This document provides an overview of JP Morgan's Energy Oklahoma City SCOOP/STACK & Houston Bus Tour on May 17, 2016. It includes forward-looking statements about future financial and operating results with various risk factors that could impact projections. It also contains non-GAAP financial measures and definitions. The presentation shows stable financial results for ENLK in Q1 2016 with adjusted EBITDA of $195 million, distribution coverage of 1.09x, and leverage of 3.8x debt to EBITDA. It highlights EnLink's premier positions in top U.S. oil and gas basins as well as its focus on execution and stability.
Owens Corning presented at the Zelman Housing Summit on September 23, 2016. The presentation discussed Owens Corning's focus on shareholder value and Q3 2016 results. It highlighted the company's three market-leading businesses in roofing, insulation, and composites which have strong market positions in attractive industries. The presentation provided financial highlights for Q2 2016 and an outlook expecting continued growth in areas like housing starts and industrial production.
Owens Corning presented information on its Q2 2017 performance focused on shareholder value. It operates three strong businesses: Insulation, Roofing, and Composites. The presentation discussed OC's investment thesis of having market leading businesses, improved portfolio performance and earnings, and attractive macroeconomic drivers. It also provided an overview of each business segment and their financial profiles.
- Owens Corning presented at a Goldman Sachs roadshow in November 2016 to discuss its businesses and financial performance.
- The presentation discussed Owens Corning's three market-leading businesses: insulation, roofing, and composites. It provided an overview of each business and highlights from Q3 2016 financial results.
- The presentation also addressed industry dynamics and trends for each business, including expectations for market growth and capacity utilization rates that would drive Owens Corning's profitability going forward.
- Owens Corning presented at investor events in May 2017 to discuss its Q2 2017 performance and focus on shareholder value.
- The presentation discussed Owens Corning's three business segments: Insulation, Roofing, and Composites, and emphasized its leadership positions, attractive end markets, and focus on improving margins, earnings, cash flow, and return on capital through portfolio improvements.
- Owens Corning has demonstrated significant improvement in its financial profile and cash flow generation over the past several years through repositioning its business portfolio.
EnLink Midstream provides a strong operations report for May 3, 2016. The report discusses solid execution of their 2016 plan including meeting guidance targets and stable cash flows. It highlights their premier positions in key basins with high growth demand and confidence in their business model with quality customers and contracts. Segment performance showed growth in the Oklahoma segment from the Tall Oak acquisition and continued growth in the Permian region through expanding infrastructure.
Iron Mountain reported second quarter 2016 financial results. Total reported revenues increased compared to the prior year period, driven primarily by the acquisition of Recall which closed in May 2016. Operating income and net income declined due to costs associated with integrating Recall. Adjusted OIBDA increased reflecting the Recall acquisition and benefits from transformation initiatives. Storage and service revenue growth was in line with Iron Mountain's strategic plan targets. The company tightened full year Adjusted OIBDA guidance and updated FFO per share to reflect the impact of the Recall acquisition.
The document discusses delivering superior shareholder value through operational excellence, leveraging Arizona's economic recovery, proactively addressing rate design, and executing a long-term investment plan. It provides an overview of Pinnacle West's financial metrics and Arizona Public Service, discusses Arizona's economic indicators and growth outlook, and outlines capital expenditure plans and expected rate base growth through 2018. Key environmental regulations and their projected costs are also summarized.
- Owens Corning presented at an investor event on February 22, 2017 to discuss its Q1 2017 performance and outlook.
- The presentation highlighted Owens Corning's focus on shareholder value and discussed its three strong business segments: Insulation, Roofing, and Composites.
- Owens Corning has improved its portfolio and financial profile through cost reductions, acquisitions, investing in premium products, and improving capital efficiency. This has increased margins, return on capital, and free cash flow.
Owens Corning provides concise summaries of its quarterly performance and outlook. The summary focused on its three businesses: Insulation, Roofing, and Composites. It discussed financial results including EBIT margins and free cash flow generation. It also outlined drivers of future growth across end markets and an acquisition that strengthens its Insulation segment.
Owens Corning presented at various investor events in Q1 2017 to discuss their focus on shareholder value. The presentation included information on their three business segments (insulation, roofing, composites), financial results for 2016, and their investment thesis of having market leading businesses, improved portfolio/earnings/cash flow, and attractive macroeconomic drivers. It also included details on strategies around capital allocation, portfolio improvement enhancing margins, and financial profiles of the business segments.
The document is Southern California Edison Company's 2003 Annual Report. It discusses SCE focusing in 2003 on restoring financial health by completing recovery of power procurement costs from the 2000-2002 energy crisis, rebalancing its capital structure, and achieving an investment grade credit rating. It also outlines SCE's objectives for 2004 of achieving fair regulatory outcomes, developing new resources, and investing in capital projects. The report provides an overview of key issues facing SCE regarding increased capital expenditures, new generation and transmission needs, and ensuring recovery of costs through the regulatory framework.
edison international 2003_annual_sce_1166finance21
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This document summarizes Owens Corning's performance in Q2 2015. It discusses highlights from each of Owens Corning's three business segments: Insulation delivered its 15th consecutive quarter of EBIT growth; Composites grew EBIT by $33 million for its 7th consecutive improvement; and Roofing saw lower volumes in Q1 but is positioned for stronger performance for the remainder of the year. It also outlines drivers for expected growth across each business and in their end markets in 2015 and beyond.
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2. 2
Cautionary Statements
Use of Non-GAAP Financial Measures
In this presentation, Ameren has presented core earnings, which is a non-GAAP measure and may not be comparable to those of other companies. A reconciliation of GAAP
to non-GAAP results is included either on the slide where the non-GAAP measure appears or on another slide referenced in this presentation. Generally, core earnings or
losses include earnings or losses attributable to Ameren common shareholders and exclude income or loss from discontinued operations and income or loss from significant
discrete items that management does not consider representative of ongoing earnings, such as the second quarter 2015 provision for discontinuing pursuit of a construction
and operating license for a second nuclear unit at the Callaway Energy Center. Ameren uses core earnings internally for financial planning and for analysis of performance.
Ameren also uses core earnings as the primary performance measurement when communicating with analysts and investors regarding our earnings results and outlook, as
the company believes that core earnings allow the company to more accurately compare its ongoing performance across periods. In providing core earnings guidance, there
could be differences between core earnings and earnings prepared in accordance with GAAP as a result of our treatment of certain items, such as those described above.
Ameren is unable to estimate the impact, if any, on GAAP earnings of any such future items.
Forward-looking Statements
Statements in this presentation not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results
to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no
assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, strategies, objectives,
events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Ameren is providing this
cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. In addition to factors discussed in this
presentation, Ameren’s Annual Report on Form 10-K for the year ended December 31, 2015, and its other reports filed with the SEC under the Securities Exchange Act of
1934 contain a list of factors and a discussion of risks which could cause actual results to differ materially from management expectations suggested in such “forward-
looking” statements. All “forward-looking” statements included in this presentation are based upon information presently available, and Ameren, except to the extent required
by the federal securities laws, undertakes no obligation to update or revise publicly any “forward-looking” statements to reflect new information or current events.
Earnings Guidance and Growth Expectations
In this presentation, Ameren has presented 2016 earnings guidance that was issued and effective as of November 4, 2016, and growth expectations that were issued and
effective as of February 19, 2016. The 2016 earnings guidance assumes normal temperatures for the last three months of this year and is subject to the effects of, among
other things, changes in 30-year U.S. Treasury bond yields; regulatory, judicial and legislative actions; energy center and energy distribution operations; energy, economic,
capital and credit market conditions; severe storms; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or referred to, in the
Forward-looking Statements section of this presentation and in Ameren’s periodic reports filed with the SEC.
3. 3
Company Description
Fully rate-regulated electric and gas utility
• 2.4 million electric and 0.9 million gas customers
• 10,200 MW of regulated electric generation capability
• 4,600 circuit miles of FERC-regulated electric transmission
• Electric generation, transmission and
distribution and gas distribution
business
• Serves 1.2 million electric and 0.1
million gas customers
• 10,200 MW of total generation capability
• Regulated by MoPSC
Ameren Missouri Ameren Illinois
• Electric and gas distribution business
regulated by ICC
• Serves 1.2 million electric and 0.8
million gas customers
• Electric transmission business
regulated by FERC
Electric Transmission
• ATXI invests in regional multi-value
projects
• Ameren Illinois invests in local
reliability projects
• Regulated by FERC
Ameren Corporation
4. 4
Our Value Proposition to Investors
Strong long-term growth outlook
• Expect ~6.5% compound annual rate base growth from 2015 through 20201
– Sustainable infrastructure investment pipeline
• Expect 5% to 8% compound annual EPS growth from 2016 through 20201
– Based on Feb. 2016 adjusted 2016 EPS guidance of $2.632
Attractive dividend
• Recently increased quarterly dividend to annualized equivalent rate of $1.76 per share
– Reflects confidence in long-term strategy
– Expect payout ratio to range between 55% to 70% of annual earnings
• Recently increased dividend rate provides 3.5%3 yield
– Above average yield compared to regulated utility peers
Attractive total return potential
• Superior combined earnings growth outlook and yield compared with regulated utility peers
• Committed to executing our strategy that we believe will deliver superior long-term value to
both customers and shareholders
1 Issued and effective as of Feb. 19, 2016 Earnings Conference Call. 2 Which was Feb. 19, 2016 guidance mid-point of $2.50 excluding then-
estimated $0.13 temporary net effect of lower sales to New Madrid smelter. 3 Based on Dec. 8, 2016 closing share price.
5. Solid Operating Performance
#
Average Residential Electricity Prices1
Electric rates are low Safety has improved
Delivery system reliability
has improved
Generating plant
performance remains strong
BETTER
BETTER
BETTER
BETTER
BETTER
0
50
100
150
0
200
400
600
LostWorkday
Cases
RecordableCases
Recordable Cases Lost Workday Away Cases
60
120
180
0.6
1.0
1.4
1.8
Outageduration
(min.)
Outagefrequency
(year)
SAIFI SAIDI
0%
20%
40%
60%
80%
100%
Net Capacity Factor Equivalent Availability Factor
Distribution System Reliability2 Baseload Energy Center Performance
Safety Performance
5
1 Source: EEI Typical Bills and Average Rates Report for the twelve month period ending June 30, 2016. Includes major U.S. metropolitan areas for which EEI data is available.
2 As measured by System Average Interruption Frequency Index (SAIFI), which measures total number of interruptions per customer served and System Average Interruption
Duration Index (SAIDI), which measures the average outage duration for each customer served.
0
5
10
15
20
25
30
¢/KWh
6. 6
Our Strategic Plan
• Investing in and operating our utilities in a manner
consistent with existing regulatory frameworks
• Enhancing regulatory frameworks and advocating for
responsible energy policies
• Creating and capitalizing on opportunities for
investment for the benefit of our customers and
shareholders
7. 7
Our Regulatory Frameworks1
FERC-regulated electric transmission service
• Formula ratemaking; nearly eliminates regulatory lag
– Current allowed ROE is 10.82%, which includes the 50 basis points adder for MISO participation
– Rates reset each Jan. 1 based on forward-looking calculation with annual reconciliation
– Constructive rate treatment for ATXI’s three MISO-approved multi-value projects, including construction
work in progress in rate base and 56% hypothetical equity ratio during development
Illinois electric delivery service
• Formula ratemaking currently extends through 2019; nearly eliminates regulatory lag
– Allowed ROE is 580 basis points above annual average yield of 30-year U.S. Treasury
– Provides recovery of prudently incurred actual costs; based on year-end rate base
Illinois gas delivery service
• Future test year ratemaking with infrastructure rider; minimizes regulatory lag
– Allowed ROE is 9.6%
– Volume balancing adjustment for residential and small nonresidential customers
Missouri electric service
• Historical test year ratemaking; results in regulatory lag
– Allowed ROE is 9.53%
– Fuel adjustment clause recovery mechanism; pension and other postretirement benefits cost tracking
mechanism; constructive energy efficiency framework
1 See updates on pending developments for FERC on page 26, Illinois on page 12, and Missouri on pages 13 and 14.
8. Investing Strategically, Consistent with Regulatory Frameworks1
8
1 Issued and effective as of Feb. 19, 2016 Earnings Conference Call. 2 Reflects year-end rate base except for FERC-regulated transmission, which is average rate base. Includes
construction work in progress for ATXI multi-value projects. 3 Ameren Illinois and ATXI. Excludes Ameren Missouri transmission, which is included in bundled Missouri rates.
2015 to 2020E Regulated
Infrastructure Rate Base2
'15-'20E
20%
11%
6%
2%
~6.5%
5-Yr Rate
Base CAGR
Ameren
Missouri
$4.1 B
37%
Ameren
Illinois Gas
Delivery
$1.4 B
13%
Ameren
Illinois
Electric
Delivery
$2.6 B
23%
Ameren
Illinois
Transmission
$2.0 B
18%
ATXI
$1.0 B
9%
$11.1 Billion of Regulated Infrastructure
Investment 2016-2020
$7.1 $7.9
$2.4
$3.3$1.2
$2.0
$12.1
$16.7
2015 2020E
($Billions)
FERC-Regulated Transmission
Ameren Illinois Gas Delivery
Ameren Illinois Electric Delivery
Ameren Missouri
$3.5
$1.4
% of
Total
3
53%
41%
47%59%
9. Investing Strategically, with Focus on Transmission and Distribution
9
2015 to 2020E Regulated
Infrastructure Rate Base1
66% 73%
14%
12%4%
2%
16% 13%
100% 100%
2015 2020E
Coal Generation
Gas Generation
Nuclear and Renewables Generation
Electric and Gas Transmission and Distribution
• We will continue to be strategic and disciplined in our
investment approach
• Investing to modernize the grid to make it smarter and
to meet our customers’ future energy needs and
expectations
– Electric and gas transmission and distribution investments
are expected to comprise nearly 75% of total rate base by
the end of 2020
• Disciplined investment enables transition of generation
to a cleaner, more diverse portfolio
– Total rate base investment in coal and gas-fired generation is
expected to decline to 15% by 2020
– Meramec coal- and gas-fired energy center scheduled to
close in 2022
– New 20-year Missouri Integrated Resource Plan, to be filed
with MoPSC in Oct. 2017
1 Reflects year-end rate base except for FERC-regulated transmission, which is average rate base.
10. 1010
2016-2020 Capital Expenditure Funding Plan1
• Return of capital through depreciation in rates
• Retained earnings
• ~$2.5-$2.6 billion of income tax deferrals and assets
– Income tax deferrals driven primarily by capital expenditures
• ~$930 million due to extension of bonus tax depreciation
– Includes ~$680 million of tax assets at Sept. 30, 2016
• Net operating losses, tax credit carryforwards, expected tax refunds and state over-
payments
• Parent company portion of tax assets was ~$420 million
• Expected to be realized into 2021
• No equity issuances expected
• Debt financing
• Capitalization target: ~50% equity
1 Issued and effective as of Feb. 19, 2016 Earnings Conference Call unless otherwise noted.
11. 11
Creating and Capitalizing on Opportunities beyond 2020
Illinois Electric and Natural Gas Delivery
• System modernization projects including replacement of aging substations and electric distribution
and gas distribution infrastructure, including expected new federal safety regulations for gas systems
FERC-Regulated Electric Transmission
• Local reliability projects in our service territory, including NERC compliance, replacement of aging
infrastructure and modernization of grid
• Pursue opportunities to upgrade grid to maintain system voltages and reliability as generation closes
• FERC Order 1000 opportunities focusing on MISO, PJM and SPP regions
Missouri
• Replacement of aging transmission and distribution infrastructure
• Clean Power Plan opportunities including installation of renewable energy sources and transmission
projects
• Incremental investments enabled by supportive energy policies including smart meters, substations
and other equipment, underground grid, transmission and renewables
Company Wide
• Information technology and cybersecurity
Customer and Community Benefits
Improved reliability and safety, greater control of energy usage and costs, market efficiency, a cleaner,
more diverse energy portfolio, enhanced cybersecurity and significant job creation
12. 1212
• General Assembly passed Future Energy Jobs Bill, SB 2814, Dec. 1
– Governor Rauner signed bill on Dec. 7; becomes effective June 1, 2017
• Enhances and extends Ameren Illinois’ electric distribution framework
– Extends constructive formula ratemaking through 2022
• Enables continuation of Ameren Illinois’ strong rate base growth plan
– Allows capitalization of and ability to earn return on energy efficiency spend
• Previously expensed as incurred; expect spend to average ~$110 million/year
– Provides revenue decoupling
• Eliminates margin erosion due to, among other things, energy efficiency
• Ensures consistent ability to earn allowed return on equity
– Deems common equity ratio of up to and including 50% as prudent
Illinois Energy Legislation
Customer and Community Benefits
Strong customer rate impact protections; enables greater investment, incl. in energy efficiency; creates
more reliable, smarter grid; retains cleaner energy sources; and preserves jobs
13. 13
Efforts to Enhance Missouri Regulatory Framework
• MoPSC - opened case to consider policies to improve way it regulates electric utilities
– Ameren Missouri and other electric investor-owned utilities identified several approaches to enhance
regulatory framework to support investment
– In Sept. 23 filing, Ameren Missouri outlined potential incremental investments in detail
• $1 billion over five years ending 2022, with more than $4 billion over ten years
• Smart meters, aging substations and other equipment, underground grid, transmission and renewables
– In Oct. 17 report, MoPSC Staff stated it was not opposed to several approaches for supporting
targeted investments which would continue to include strong MoPSC oversight
– In Dec. 6 report, MoPSC stated it generally agreed with and supported the Oct. Staff report and
recommended General Assembly consider certain principles in drafting any legislation that encourages
utility investment in grid modernization
• Senate Interim Committee - evaluating ways to modernize utility regulatory process
– Public hearings provided forum for stakeholders and outside experts to provide perspectives
– Committee to issue report no later than Dec. 31, 2016
• The Missouri Economic Development and Infrastructure Investment Act
(Senate Bill 190) was pre-filed Dec. 7
– Would promote economic development by modernizing electric utility regulatory framework and
supporting incremental investment in grid modernization
Customer and Community Benefits
Enhanced regulatory framework would enable greater investment to create more reliable, smarter grid;
facilitate transition to cleaner, more diverse energy portfolio; help protect against physical and cyber security
attacks; better position Missouri for future; and create significant jobs
14. 1414
• The Missouri Economic Development and Infrastructure Investment Act
(Senate Bill 190) was pre-filed Dec. 7
• Act would promote economic development by modernizing electric utility
regulatory framework and supporting incremental investment in grid
modernization
– Deferral between rate cases of depreciation on capital projects placed in-service and of
return on incremental rate base
• Deferrals added to rate base and recovered over 20 years, subject to revenue requirement
cap of 0.75% for every 12 months between rate cases
– Inclusion of transmission charges and revenues in fuel adjustment clause
– Property tax, cyber and physical security cost trackers
– MoPSC authority to utilize certain rate adjustment mechanisms to promote modernization
and replacement of infrastructure
– Economic development riders to benefit large customers who increase load and jobs
– Continued strong MoPSC oversight and consumer protections
Missouri Energy Legislation
Customer and Community Benefits
Enhanced regulatory framework would enable greater investment to create more reliable, smarter grid;
facilitate transition to cleaner, more diverse energy portfolio; help protect against physical and cyber
security attacks; better position Missouri for future; and create significant jobs
15. 15
Select Regulatory Proceedings and Potential Tax Reform
Illinois electric delivery service
• On Dec. 6, the ICC approved a $14 million net annual decrease in electric delivery formula rates
effective Jan. 2017, in line with Ameren Illinois’ request
– Each year’s electric distribution service earnings are a function of the rate formula and are not directly determined
by that year’s rate update filing
Missouri electric service
• $206 million annual electric revenue increase request filed July 1 with MoPSC
– Includes recovery of, and return on, new infrastructure investments
– Removes prospectively the negative earnings effects of lower sales to New Madrid smelter
– Seeks implementation of a new transmission cost tracker
– MoPSC order expected in late Apr. 2017 with new rates effective in late May 2017
FERC-regulated electric transmission service
• Second MISO ROE complaint case seeks to reduce Ameren Illinois’ and ATXI’s transmission service
allowed base ROE, which is now 10.32%
– FERC final order on first complaint case adopted ALJ’s recommended 10.32% base ROE
– FERC final order on second complaint case expected in Q2 2017; ALJ recommended 9.70% base ROE
– Ameren Illinois and ATXI transmission service receive FERC-approved adder of up to 50 basis points to base
ROE for MISO participation, resulting in current FERC allowed ROE of 10.82%
Potential federal corporate tax reform
• Ameren working with utility industry to analyze and shape reform proposals
– Areas of focus include: tax rate, key deductions and return of excess deferred taxes to customers
16. 16
Our Value Proposition to Investors
Strong long-term growth outlook
• Expect ~6.5% compound annual rate base growth from 2015 through 20201
– Sustainable infrastructure investment pipeline
• Expect 5% to 8% compound annual EPS growth from 2016 through 20201
– Based on Feb. 2016 adjusted 2016 EPS guidance of $2.632
Attractive dividend
• Recently increased quarterly dividend to annualized equivalent rate of $1.76 per share
– Reflects confidence in long-term strategy
– Expect payout ratio to range between 55% to 70% of annual earnings
• Recently increased dividend rate provides 3.5%3 yield
– Above average yield compared to regulated utility peers
Attractive total return potential
• Superior combined earnings growth outlook and yield compared with regulated utility peers
• Committed to executing our strategy that we believe will deliver superior long-term value to
both customers and shareholders
1 Issued and effective as of Feb. 19, 2016 Earnings Conference Call. 2 Which was Feb. 19, 2016 guidance mid-point of $2.50 excluding then-
estimated $0.13 temporary net effect of lower sales to New Madrid smelter. 3 Based on Dec. 8, 2016 closing share price.
18. 18
Earnings Analysis for Nine Months Ended Sept. 30
Key Core Earnings Variance Drivers
Increased electric transmission and distribution infrastructure investments
by ATXI and Ameren Illinois, including changes in allowed ROEs: +$0.17
Higher Illinois natural gas distribution service rates incorporating
increased infrastructure investments and allowed ROE: +$0.09
Warmer summer temperatures partially offset by milder winter
temperatures: ~+$0.09
– ~+$0.11 vs. normal temperatures
Q1 2016 tax benefits associated with share-based compensation: +$0.09
Net effect of lower sales to New Madrid smelter: $(0.13)
Callaway nuclear refueling and maintenance outage vs. none in 2015:
$(0.08)
Carryover effect of Missouri 2013-2015 energy efficiency plan, net of
performance incentive award: $(0.07)
– Performance incentive award: +$0.05
Absence of 2015 recovery of certain cumulative Ameren Illinois power
usage costs: $(0.04)
Core Diluted EPS1
YTD 2015 vs. YTD 2016
$2.44
$2.56
2015 2016
1 Core (non-GAAP) earnings per share exclude 2015 results of discontinued operations and a 2015 provision for discontinuing pursuit of a license for a second nuclear unit at the
Callaway Energy Center. See page 19 for GAAP to core results reconciliation.
19. 19
GAAP to Core Earnings Reconciliation
(In millions, except per share
amounts)
Nine Months Ended Sept. 30,
2015 2016
GAAP Earnings / Diluted EPS $ 601 $ 2.47 $ 621 $ 2.56
Results from discontinued operations
Operating income before income tax (3) (0.01) — —
Income tax benefit (49) (0.20) — —
Income from discontinued operations, net of taxes (52) (0.21) — —
Provision for discontinuing pursuit of license for
second nuclear unit at Callaway Energy Center
Provision before income tax 69 0.29 — —
Income tax expense (26) (0.11) — —
Provision, net of taxes 43 0.18 — —
Core Earnings / Diluted EPS $ 592 $ 2.44 $ 621 $ 2.56
20. 20
2016 EPS Guidance1: Select Balance of Year Considerations
Q4 2016E compared to Q4 2015:
Return to normal temperatures: ~+$0.08
Increased electric transmission and distribution service infrastructure
investments by ATXI and Ameren Illinois partially offset by lower Illinois
electric delivery service allowed ROE
Higher Illinois natural gas distribution service rates incorporating
increased rate base and allowed ROE
Unfavorable carryover impacts of Missouri 2015 energy efficiency plan
partially offset by additional performance incentive award recognition:
~$(0.08)
Lower Missouri electric sales to New Madrid smelter: ~$(0.02)
Increased Missouri depreciation and transmission expenses
2016E Diluted EPS
$2.65
$2.75
1 Issued and effective as of Nov. 4, 2016 Earnings Conference Call.
21. 21
Select 2017 Earnings Considerations1
1 Issued and effective as of Nov. 4, 2016 Earnings Conference Call. 2 Estimated FERC-regulated average rate base for Ameren Illinois and ATXI are $1.4 billion and $1.1 billion for
2017, respectively, compared to $1.2 billion and $0.9 billion for 2016, respectively.
FERC-Regulated
Electric Transmission
Higher average estimated rate base: ~$2.52 billion compared to estimated ~$2.12 billion in 2016
reflecting infrastructure investments made under formula ratemaking
• Expect lower projected weighted average allowed ROE vs. 2016
Ameren Illinois
Electric and Gas
Delivery
Higher year-end rate base for electric delivery reflecting infrastructure investments made under
formula ratemaking
• Allowed ROE will be 2017 average 30-year Treasury yield plus 5.8%
Gas distribution infrastructure investments qualifying for rider treatment
Ameren Missouri
Increased electric service rates expected in late May 2017
• Reflecting new infrastructure investments, as well as more recent sales and cost levels
• Removal of negative effect of lower sales to New Madrid smelter: ~+$0.12
Increased depreciation, transmission and property tax expenses
Absence of 2016 performance incentive award related to 2013-2015 energy efficiency plan: $(0.07)
▬ Callaway refueling and maintenance outage scheduled for fall 2017 vs. spring 2016
Parent and Other Lower tax benefits associated with share-based compensation
Return to normal temperatures:
~($0.11) through Sept. 30, 2016
23. Significant FERC-Regulated Transmission Investment
Planned $3.0 billion investment – 2016-20201
• $1.0 billion of regional multi-value projects at ATXI
• $2.0 billion of local reliability and connecting portions of regional multi-
value projects at Ameren Illinois
Total Multi-Value Project Costs2
• Illinois Rivers Project - $1.4 billion
– ATXI ~$1.3 billion; Ameren Illinois ~$100 million
– Under construction; expect to complete in 2019
• Spoon River Project - $150 million
– ATXI ~$145 million; Ameren Illinois ~$5 million
– ICC issued CPCN in Sept. 2015; line clearing has begun and significant line
construction expected to begin in Jan. 2017 with completion in 2018
• Mark Twain Project - $225 million
– 100% ATXI project
• CCN for Mark Twain approved by MoPSC; pursuing county assents for
road crossings
– Anticipate construction to begin in 2017 with completion in 2018/2019
Regional
Multi-Value Projects
23
1 Issued and effective as of Feb. 19, 2016 Earnings Conference Call. 2 Includes pre-2016 expenditures.
24. 24
Pending 2016 Missouri Electric Rate Case Filing
PROCEDURAL SCHEDULE
KEY DATES:
Dec. 9, 2016
Revenue requirement testimony
of MoPSC Staff and intervenors
due
Feb. 24, 2017
MoPSC Staff reconciliation of
parties’ positions due
Feb. 27, 2017
Evidentiary hearings begin
Late April 2017
MoPSC order expected
May 28, 2017
New rates effective by this date
• $206 million annual electric revenue increase request filed July 1, 2016
with MoPSC, which would result in an average 7.8% increase in base
rates
– ROE: 9.9% vs. 9.53% in April 2015 order
– Equity ratio: 51.8% (Dec. 31, 2016 estimate) vs. same ratio in April 2015 order
– Rate base: $7.2 billion (Dec. 31, 2016 estimate) vs. $7.0 billion in April 2015 order
– Test year ended Mar. 31, 2016, with certain pro-forma adjustments through Dec. 31,
20161
• Continuation of fuel adjustment clause
– Continued 95%/5% sharing of variances from net energy costs included in base rates
• Cost tracking mechanisms
– Continuation of pension and OPEB tracker
– Continuation of uncertain income tax positions tracker
– Implementation of a new transmission tracker
1 Through Jan. 1, 2017 for fuel, transportation, MISO multi-value transmission project expenses and payroll costs.
25. 2525
Pending 2016 Missouri Electric Rate Case Filing, cont’d
• Key drivers of requested $206 million annual revenue increase
– New electric infrastructure investments: +$74 million
• Depreciation: $39 million; return on rate base: $25 million; and property taxes1: $10 million
– Reduced customer sales, less related net energy costs2: +$51 million
• Removes prospectively the negative earnings effects of lower sales to New Madrid smelter
– Recovery of increased transmission expenses: +$34 million
• Includes Jan. 1, 2017 rates for MISO multi-value projects
– Changes to tracked pension/OPEB and solar rebate expenses: $(24) million and
$(15) million, respectively
– Increased net energy costs, excluding reduced New Madrid smelter and other sales:
+$23 million
– Increased income taxes: +$15 million
– Amortization over 10 years of estimated $81 million of lost fixed costs due to lower sales
to New Madrid smelter: +$8 million
– Other, net - largely to recover increased expenses: +$40 million
1 On new investments and from higher property tax rates.
2 Net energy costs, as defined in the FAC, include fuel and purchased power costs, including transportation but excluding transmission
revenues and substantially all transmission charges, net of off-system sales revenues.
26. 2626
• Cases sought to reduce Ameren Illinois’ and ATXI’s transmission service allowed
base ROE
– In first case, FERC final order issued Sept. 28, 2016 confirmed ALJ initial
recommendation of a 10.32% base ROE
• Maximum ROE including incentives not to exceed 11.35%
– In second case, ALJ initial decision issued June 30, 2016 recommended a 9.70%
base ROE
• FERC final order expected in Q2 2017
• Reserve for potential refunds
• FERC approved adder of up to 50 basis points to base ROE, effective Jan. 6, 2015,
for MISO participation
– Subject to “zone of reasonableness”
– Results in current FERC allowed ROE of 10.82%
FERC MISO Complaint Cases Regarding MISO base ROE
27. 27
Select Regulatory and Legislative Matters
Illinois Commerce Commission
• Electric distribution rate update: Docket No. 16-0262
• Website: http://www.icc.illinois.gov
Missouri General Assembly / Missouri Public Service Commission
• Senate Bill 190: http://www.senate.mo.gov/17info/BTS_Web/Bill.aspx?SessionType=R&BillID=57121066
• 2016 electric rate case: Docket No. ER-2016-0179
• Order granting CCN for ATXI’s Mark Twain transmission project: Docket No. EA-2015-0146
• Working case to consider policies to improve electric utility regulation: Docket No. EW-2016-0313
• Website: https://www.efis.psc.mo.gov/mpsc/DocketSheet.html
Federal Energy Regulatory Commission
• Complaint challenging MISO base ROE: Docket No. EL15-45
• Website: http://elibrary.ferc.gov/idmws/search/fercadvsearch.asp
Other Filings
• Ameren Illinois & ATXI 2016 Projected Attachment O: http://www.oasis.oati.com/AMRN/. Includes effect of
Dec. 2015 federal legislation extending bonus tax depreciation.
29. 29
Glossary of Terms and Abbreviations
ALJ – Administrative Law Judge.
AMI – Automated Meter Infrastructure.
ATXI – Ameren Transmission Company of Illinois.
B – Billion.
CAGR – Compound annual growth rate.
CCN – Certificate of Convenience and Necessity.
Core – (Non-GAAP) earnings exclude income or loss from
discontinued operations and income or loss from significant
discrete items that management does not consider
representative of ongoing earnings. See page 19 for GAAP to
core results reconciliations for the nine months ended
September 30, 2015.
CPCN – Certificate of Public Convenience and Necessity.
E – Estimated.
EPS – Earnings per share.
FAC – Fuel adjustment clause.
FERC – Federal Energy Regulatory Commission.
GAAP – Generally Accepted Accounting Principles.
ICC – Illinois Commerce Commission.
M – Million.
MISO – Midcontinent Independent System Operator, Inc.
MoPSC – Missouri Public Service Commission.
MWh – Megawatthour.
NERC – North American Electricity Reliability Corporation.
New Madrid smelter – New Madrid, Missouri aluminum smelter,
(formerly owned by Noranda).
Noranda – Noranda Aluminum, Inc.
OPEB – Other Post-Employment Benefits.
PJM – PJM Interconnection.
ROE – Return on Equity.
SEC – U.S. Securities and Exchange Commission.
SPP – Southwest Power Pool.