Union Electric Company

What they do

Union Electric Co operates as Ameren Missouri, a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri. It is one of the principal subsidiaries of Ameren, a public utility holding company headquartered in St. Louis, Missouri. Its rates are regulated by the Missouri Public Service Commission (MoPSC).

Revenue drivers

• Electric generation and distribution — Primary revenue source, selling electricity to retail customers in Missouri under MoPSC-approved rates.
• Electric transmission — FERC-regulated wholesale transmission services, contributing to the Ameren Transmission segment, which also includes ATXI and Ameren Illinois Transmission.
• Natural gas distribution — Rate-regulated natural gas distribution to Missouri customers, a smaller but distinct revenue stream.

Recent performance

The latest quarterly report filed August 3, 2026, does not provide specific financial figures in the excerpts. The 10-K for fiscal year 2025 was filed February 18, 2026, but the provided excerpts do not include quantitative results. Revenue and earnings data are not available from the source material.

Strategy

Management focuses on making substantial investments in its businesses, including renewable energy generation (wind, solar), battery storage, natural gas-fired and nuclear energy centers, and extending the operating license for the Callaway Energy Center. It also plans to retire fossil fuel-fired plants and implement customer energy-efficiency programs under its Smart Energy Plan and preferred resource plan. The strategy relies on regulatory frameworks, including Ameren Missouri's use of the PISA and regulatory rate reviews, to recover costs and earn allowed returns.

Risks

• Regulatory rate actions — MoPSC decisions on rate reviews, including the June 2026 electric service rate review, could affect cost recovery and returns.
• Regulatory lag — Delays in obtaining new customer rates can adversely affect results, though mitigated by mechanisms like trackers and riders.
• Project execution and approvals — Construction of renewable and other generation facilities requires timely regulatory approvals (CCNs, permits) and interconnection agreements; delays could increase costs.
• Customer demand uncertainty — Forecasted demand growth depends on new large customers, including data centers; failure to realize this growth could affect revenues.

Outlook

Management expects to continue investing in its businesses and recovering costs through regulatory processes. Forward-looking statements mention the June 2026 electric service rate review with the MoPSC and the impact of customer rate caps under the PISA. The outlook also includes potential demand growth from new data centers and large load customers, but this is subject to regulatory and market uncertainties.