Ameren Corp Q3 2024 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Paul Patterson - Glenrock Associates LLC - Analyst : Hey, good morning.

Question: Paul Patterson - Glenrock Associates LLC - Analyst : So just a few quick questions. On the refiled Grid Plan, it looks like, I guess, they're going to have oral arguments, I guess, based on what the AG wanted. Any thoughts about that? I mean at this late date that they're looking at doing that.

Question: Paul Patterson - Glenrock Associates LLC - Analyst : Okay. Great. And then on Slide 9, you mentioned the transmission projects and the reliability and also the lowering customer costs. I was wondering if you just could elaborate a little bit more on the customer cost side, like what this might mean to customers because we don't see them. Go ahead, I'm sorry.

Question: Paul Patterson - Glenrock Associates LLC - Analyst : Okay. But there's not going to be some dramatic costs, I guess, when these new lines show up and cheaper stuff comes in? Or is it -- I mean, I'm just sort of -- I'm wondering if there's any quantification on a rate impact? Or is it sort of just -- it's sort of all mixed up together and it's going to take some time for it all to show up, kind of thing?

Question: Paul Patterson - Glenrock Associates LLC - Analyst : Okay. And then finally, on the new customers. You mentioned with one tranche of the new customers that there was 90% Missouri versus Illinois, I guess. And I guess I was wondering, when people are looking to -- with all these robust discussions that you're having, is there one service territory that's more attractive or there's more interest in versus another? Or is there any flavor as to -- if there is, what might be driving that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 07, 2024 / 3:00PM, AEE.N - Q3 2024 Ameren Corp Earnings Call

Question: Paul Patterson - Glenrock Associates LLC - Analyst : Okay. But there's no -- that's the way it fell out, I guess. Okay. I appreciate it. Thanks so much and have a great one.

Question: Carly Davenport - Goldman Sachs Group, Inc. - Analyst : Hey, good morning. Thanks so much for taking my question. Maybe just to follow up on an earlier question on the earnings guidance range. As you think about '25 growth at just over 7% relative to the midpoint of '24, can you just give us your thoughts on looking forward where you see yourself in the range, just taking into consideration some of the incremental opportunities as you've highlighted? And if there's any potential upside to that range going forward?

Question: Carly Davenport - Goldman Sachs Group, Inc. - Analyst : Got it. Great. That's super helpful. And then maybe just another quick one. You've previously talked about some O&M reductions coming in the second half of the year. Looks like 3Q was still up year-over-year but then you called out some efficiencies in the earning driver slides for 4Q. Are you able to give some color on what types of programs you're sort of pursuing there? And if what you've called out on the slides is all inclusive of what you're looking at on O&M?

Question: Carly Davenport - Goldman Sachs Group, Inc. - Analyst : Got it. Great. Thanks so much.

Question: Brian Russo - Jefferies LLC - Analyst : Yeah, hi, good morning. It's actually Brian Russo on for Julien. Alright. Just to follow up on Ameren Transmission, it looks like just the assumption in the '25 versus '24, it looks like growth in rate base is pushing 9% and it seems that the growth there is accelerating for it, as we move through the five year plan approaching, I guess, the double-digit overall rate base growth CAGR. Is the near term in '25 and '26, really just the prior MISO tranche projects that have been approved and that you're developing? And then is there any possibility of these Tranche 2 projects being pulled forward versus the early to mid-2030s target dates?

Question: Brian Russo - Jefferies LLC - Analyst : Okay. Great. And just as we look towards the 2025 Missouri legislative session, how active will Ameren be or involved in any posed bills that I think might need to be proposed as early as this December, whether it's PISA for fossil fuel or gas-fired generation, any ROFR or I guess, expanding -- expediting the generation review, which would, I think, tie into maybe your February 2025 IRP update.

Question: Brian Russo - Jefferies LLC - Analyst : Great. Thank you very much.

Question: David Paz - Wolfe Research, LLC. - Analyst : Good morning.

Question: David Paz - Wolfe Research, LLC. - Analyst : You may have just hit on this but let me ask it a little differently. Can you maybe elaborate on how some of these potential agreements with large load customers may transpire? Could they entail like potential new generation that the customer helps cover directly? And then just how are regulators and policymakers facilitating those type of discussions, if they are?

Question: David Paz - Wolfe Research, LLC. - Analyst : Okay. That makes sense. And then just on '25 quickly, do you anticipate your consistent EPS growth that you gave us in February to be based off of '25 guidance?

Question: David Paz - Wolfe Research, LLC. - Analyst : Okay. Great. Thank you.