Ameren (AEE) 8-K Ameren Announces First Quarter 2008 Earnings

Exhibit 99.2

AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF INCOME
(Unaudited, in millions, except per share amounts)
	Three Months Ended
	March 31,
	2008			2007
Operating Revenues:
Electric	$	1,467		$	1,463
Gas		612			561
Total operating revenues		2,079			2,024
Operating Expenses:
Fuel		302			263
Purchased power		287			373
Gas purchased for resale		459			421
Other operations and maintenance		423			389
Depreciation and amortization		176			183
Taxes other than income taxes		113			102
Total operating expenses		1,760			1,731
Operating Income		319			293
Other Income and Expenses:
Miscellaneous income		21			16
Miscellaneous expense		(4	)		(5	)
Total other income		17			11
Interest Charges		100			100
Income Before Income Taxes, Minority Interest and Preferred
Dividends of Subsidiaries		236			204
Income Taxes		87			71
Income Before Minority Interest and Preferred Dividends of Subsidiaries		149			133
Minority Interest and Preferred Dividends of Subsidiaries		11			10
Net Income	$	138		$	123
Earnings per Common Share - Basic and Diluted	$	0.66		$	0.59
Average Common Shares Outstanding		208.7			206.6

AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, in millions)
	Three Months Ended
	March 31,
	2008			2007
Cash Flows From Operating Activities:
Net income	$	138		$	123
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of emission allowances		(2	)		(4	)
Mark-to-market (gain) loss on derivatives		(16	)		4
Depreciation and amortization		180			182
Amortization of nuclear fuel		11			9
Amortization of debt issuance costs and premium/discounts		5			5
Deferred income taxes and investment tax credits, net		23			(12	)
Minority interest		8			7
Other		(1	)		6
Changes in assets and liabilities:
Receivables		(78	)		(193	)
Materials and supplies		179			158
Accounts and wages payable		(106	)		(81	)
Taxes accrued		4			77
Assets, other		(25	)		19
Liabilities, other		(16	)		37
Pension and other postretirement benefit obligations		22			21
Net cash provided by operating activities		326			358
Cash Flows From Investing Activities:
Capital expenditures		(420	)		(357	)
Nuclear fuel expenditures		(102	)		(23	)
Purchases of securities - nuclear decommissioning trust fund		(89	)		(47	)
Sales of securities - nuclear decommissioning trust fund		86			43
Purchases of emission allowances		(2	)		(5	)
Sales of emission allowances		-			2
Other		-			1
Net cash used in investing activities		(527	)		(386	)
Cash Flows From Financing Activities:
Dividends on common stock		(133	)		(131	)
Short-term debt, net		145			341
Dividends paid to minority interest holder		(7	)		(5	)
Redemptions, repurchases and maturities:
Long-term debt		(19	)		(174	)
Issuances:
Common stock		46			21
Net cash provided by financing activities		32			52
Net Change In Cash and Cash Equivalents		(169	)		24
Cash and Cash Equivalents at Beginning of Year		355			137
Cash and Cash Equivalents at End of Period	$	186		$	161

AMEREN CORPORATION (AEE)
CONSOLIDATED BALANCE SHEET
(Unaudited, in millions)
	March 31,			December 31,
	2008			2007
ASSETS
Current Assets:
Cash and cash equivalents	$	186		$	355
Accounts receivable - trade		656			570
Unbilled revenue		318			359
Miscellaneous accounts and notes receivable		315			280
Materials and supplies		556			735
Other current assets		272			181
Total current assets		2,303			2,480
Property and Plant, Net		15,294			15,069
Investments and Other Assets:
Nuclear decommissioning trust fund		291			307
Goodwill		831			831
Intangible assets		189			198
Regulatory assets		1,149			1,158
Other assets		701			685
Total investments and other assets		3,161			3,179
TOTAL ASSETS	$	20,758		$	20,728
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt	$	823		$	221
Short-term debt		1,617			1,472
Accounts and wages payable		443			687
Taxes accrued		88			84
Other current liabilities		539			438
Total current liabilities		3,510			2,902
Long-term Debt, Net		5,066			5,691
Preferred Stock of Subsidiary Subject to Mandatory Redemption		16			16
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net		1,989			2,046
Accumulated deferred investment tax credits		106			109
Regulatory liabilities		1,328			1,240
Asset retirement obligations		569			562
Accrued pension and other postretirement benefits		856			839
Other deferred credits and liabilities		346			354
Total deferred credits and other liabilities		5,194			5,150
Preferred Stock of Subsidiaries Not Subject to Mandatory Redemption		195			195
Minority Interest in Consolidated Subsidiaries		23			22
Stockholders' Equity:
Common stock		2			2
Other paid-in capital, principally premium on common stock		4,656			4,604
Retained earnings		2,115			2,110
Accumulated other comprehensive income (loss)		(19	)		36
Total stockholders' equity		6,754			6,752
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	20,758		$	20,728