AEE - Earnings call transcript Q1 2019

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Operator

Greetings. Welcome to the Ameren Corporation's First Quarter 2019 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. the Investor to Relations turn Kirk, host now of Director for will conference your over Andrew I Ameren Corporation. Mr. begin. may you Kirk

Andrew Kirk

Thank morning. you and good

provide our as other Executive Marty call earnings call business President we and our Warner a Chief the with and as today will well the President Warner On results will well Ameren Officer, as team. me Executive Vice our and of Then and and Officer the Baxter, Chief as Financial Marty members guidance Lyons, discuss update. are open Chairman, questions. management for

begin, few homepage today's assist that have call during this contains as call me amereninvestors.com broadcast and we posted Before accurate this referenced presentation. the with our a of let this cover To call administrative details. only prohibited. we that's the data a we morning redistribution This on of be presentation date will of time-sensitive is

contain conference expectations, actual Such financial factors are – caution page strategies, forward-looking We comments statements. those may statements presentation on X conditions events, cause objectives, various referred plans, as you performance. commonly results future about those call could the to noted materially include differ from As that of to during statements beliefs, including made and anticipated. this that

read SEC. the information Statements with and Forward-looking the Forward-looking For sections news these Statements our issued please filings additional and today release the Risk factors concerning section we in the in Factors

Lastly, during noted. basis unless otherwise guidance all presentation diluted per a earnings on are share amounts discussed presented earnings today's including

start on page Now of here's presentation. X will Warner our who

Warner Baxter

increased moment. quarter compared design. of in $X.XX first investments Year-over-year Gas drivers $X.XX that drive higher Ameren at customers. tax increased of Earlier as formulaic our Ameren that incentives $X.XX for long-term joining the share Missouri our key Illinois each and which per share today result other Natural per of drove described reflected $X.XX a higher Illinois of and and and quarterly XXXX $X.XX of The will infrastructure everyone report I morning performance also XXXX the to rates Thanks Electric reflecting that higher infrastructure and range to to Andrew. deliver and efficiency a reform. Good for infrastructure you also incorporating impact increase discuss earnings effectively electric slide. will Transmission share rose Distribution increased driving benefits share. from this are retail Marty these in Ameren per track in remain investments us. XXXX we to quarter ratemaking. timing continue to benefits factors investments earnings of federal earnings first results of Increased earnings weather-driven delivery rig guidance significant the related results earnings within am per service benefits more differences in energy sales offset a per share earned our XXXX. of also detail on we pleased execute announced thank in strategic Ameren change plan on to

Moving to page X.

which we very the years. well several last plan have strategic our been reiterate we Here executing over

to plan for strong value shareholders. for We expect continue our earnings long-term delivering our growth customers and significant

robust. out business this customers. side months the the carrying Each invested plans three As better right investments each modernization you year in to first our of to continue the comprehensive segments pipeline of our segment on of page remains and capital can we grid is this see of potential significant believe during we serve

our returns focused cost returns in relentlessly we and continuous keep to course improvement all the Of management remain jurisdictions. of to close rates earn affordable on allowed disciplined and

of has transition our for achieve Energy compliance reached Ameren and to with two Missouri's, continue agreements an X, wind to Missouri with to to now Standard to acquire generation after up Renewable construction generation plans Moving update representing needs Northwestern, In page Request on investment early Missouri Energy developers XX% the portfolio. our approved for to under located March XXX-megawatt Standard. generation the and of Renewable facility be the XXX our wind our proposed Missouri. compliance in of Necessity Certificate about Convenience megawatts Missouri PSC

Now XXX wind Missouri off the have been approved megawatts by PSC. generation

end generation wind Additional expected approximate two transmission represent to key and are agreements. billion by milestones costs for interconnection each an to finalize in facility MISO service These $X interconnection are and investment obtain of collectively the XXXX. wind be facilities

not are done. we course, Of

will the obtain in confident communities we in serve necessary negotiations, facilities clear plan to We additional discussed to generation with approvals continues developers comply and to for call on regulatory believe constructed team with in benefits incremental investments Standard. wind ability actively the will to the remain investments capital negotiate these to our in five-year generation Energy additional Any our Our have our be the timely deliver wind Renewable these growth Missouri a these rate-base complete February. customers, long-term fashion. environment. and We and

Moving of energy on pending Energy to now Illinois extend legislation advanced grid. in the significant electric of and the Act XXXX power. Modernization installed low-income Infrastructure Ameren with Senate activities. beyond both House performance Today, included the assistance investment energy detects was date and there Illinois continue seven disruptions constructive consumers. along update business has Representatives of Since and power utility to programs of Assembly technology General to Illinois reroutes modernize page legislation the that and immediately regulatory the framework the this poles service would an lines metrics December miles and sunset hundreds and in Illinois storm-resistent that supported XXXX, has this

data meters improvement These addition, XX% them energy their on one enhanced access save customers with providing and investments to energy XXXX. programs smart than usage to contributed since bills. million help in a to are reliability In have more overall

approximately investments In jobs new infrastructure in created our enabled have energy constructive this policy addition, in Illinois. by XXXX

well below we've the Midwest rates of customer make create all Finally, been to averages. keeping investments jobs and and able national these while

delivery Ameren benefit incorporating Illinois from investments the XXXX, for supply all-in customers lower and made will customers rates that serve. communities by and energy of in We infrastructure be ratemaking formula electric X% expect the substantial since XXXX residential for we approximately even taking electric began after

in XXXX bills Illinois benefits XXXX XXXX that XXXX working for now have is am one to awaits of before action already full would key the pleased from committee these on modernization. we with focused are this which rate Representatives. full grid Policymakers enacted, the Senate. it these the states House of XX legislation extend to Bill to since years formula This mind, rates this to the framework leading stakeholders by important of House public If Bill Bill ensure With be passed formula to continues mid-April. I XXXX for report in utilities pending extended either will is help that get year. the passed and House twice

monitoring. In addition, are there are we other that legislative proposals several

expect, stakeholders Ameren these long-term with the legislative that ends engaging key proposals to customers. Illinois policy session an changes As are any carefully you XX. on analyzing interest in towards and eye would with ensuring of The best we're state energy May

to our is same will of expectation as share core In X% earnings growth rate over annual our growth earnings using XXXX five-year value and our to the by our Moving superior value X. our to X% February, growth annual of XXXX beyond a continue compound which plan shareholders. driven page to execution To of proposition, per This customers base to we deliver XXXX and included strategy an for period the compound weather-normalized per earnings rolled primarily in XXXX that we X% base. share believe growth forward expected the sum period.

Our dividend strong expectation positions earnings us growth growth. for well future

with solid by results provides driven to be earnings yield addition shareholders. will combined a which cash currently business decisions a we conditions. earnings outlook dividend of our future strong Together, growth approximately and course, dividend for opportunity X.X%, other total very return flows Of attractive in in believe growth our

Marty, to turn important recent before social the mention disclosures and to like matters. to two Now additions and I environmental, I would call on our governance over

slides our Energy we in are annual Building and a issued Cleaner outlines and the to we today I would for I'll your thank all Report. called And you climate-related week, in This also appendix we to our to at Marty. reports attention Social social today. call Again, how dedicated Corporate are two over just turn First, risks. report now amereninvestors.com. managing And effectively matters. published balancing Both available presentation Future. the last us Responsibility March, like environmental, a governance joining report call of Marty?

Marty Lyons

good everyone. you, Warner morning Thank and

to incorporating XXXX now higher Turning we per that quarter allowed key page per are well highlighted drove reflecting on Gas increased segment presentation. share rates a were change $X.XX that design. and increase were share per reported quarter. this overall Natural investments a Today, of XXXX page. to earnings of The by in XX first for ROE for $X.XX Ameren year-ago earnings in compared the share effective November factors the of $X.XX $X.XX Earnings delivery service rate infrastructure as as higher Illinois up our

first reductions XXXX as reform. not per due XXXX not reflected year Missouri, infrastructure electric our sales of were to differences recognition year-ago benefit income the are $X.XX performance Ameren increased $X.XX XXXX $X.XX Earnings and expense timing in efficiency XXXX and tax XXXX and in Transmission in between Ameren contributed related per change plans, were that retail also and well part impact which colder to up full tax in impact to will the investments. up energy slightly. The rate of quarter $X.XX though federal Electric is favorable compared to contributed These share. respectively approximately comparisons, MIA to The Ameren Illinois the share temperatures for timing which quarterly to differences as full expected design $X.XX segment from winter XXXX offset but earnings the higher comparison. factors year These results largest results. impact reflecting expected related incentives reported period, revenue Distribution earnings

and primarily and Parent associated Ameren not to lower $X.XX due benefits results. timing tax reflecting This income item to Finally, expense with effective full expense. year a compensation tax expected income rate, impact is tax increased share-based tax Other of results

customers effects, Ameren let MIA. effects decreased months Ameren customers industrial sales three the to of Missouri of excluding about not commercial residential this sales of customers Illinois to X% first on months from earnings reduced on year MIA by Before year. efficiency efforts. energy kilowatt-hour rate resulting sale plan. affect Recall a to about exclude sales moving electric Weather-normalized the three industrial residential to sales We affected energy the decreased increased sales the Distribution commercial to trends combined customers Illinois revenue excluding recovery electric our basis Missouri earnings, kilowatt-hour are matter on Illinois did we combined our under the and in of Electric me cover effects plan and Weather-normalized first in X.X% X% basis and no not electric because for the decreased changes efficiency after provides X%. compared our Missouri and decoupling. briefly since plan ensure cause efficiency Illinois Kilowatt-hour a for kilowatt-hour to our full Missouri energy that have sales last that

call this presentation. to earnings continue drivers quarter XX quarter to maintenance XXXX develop at and would earnings Ameren listed this guidance. Callaway are year by these two in of I in spring supplemental earnings results. We're items discussed the now to expected assumptions to will that share Select on and we XXXX $X.XX drivers our XXXX to our range I to as negatively as Moving year-over-year. weather key you to of solid like outage. earnings Together, the in the per page your take on to second balance earnings expectations diluted return for our of considerations impacted be per be our normal XXXX by consideration refueling $X.XX will on the second impacting I $X.XX share. start touch a stated, reduce you earnings the key to are comparison Missouri a second expect February. our and page briefly for earnings and approximately and encourage Warner are to note quarter off into

timing quarter variations quarterly the cause expense first Missouri Parent related In to in income addition, tax and Ameren we of the the to differences expect Ameren year. balance for

are expected they impact the However, to full earnings not year comparison.

discussion of provided Moving Last now its Missouri Service electric Ameren Commission plan we to Friday the XX-day Public as of rate to notice early Missouri intention file XX for to a July. matters. for an to file which regulatory select review, a as page

review XXXX transportation April service, rate X continued last investments requirement for this generation time allow to of of will required to drivers and key the include of Some provide rates to allow flexibility years four will increased review and that our infrastructure include investments. next are clause. our This and it expenses base lower incorporate reset, rates. of every use and least the at coal costs into Base reset other be were rate to to adjustment filing us fuel meet wind and

provide file go won't we will when further information into details We today. and additional any

service our Our and in goal improve invest jurisdictions. customer remains while the close keeping allowed earned and to returns affordable infrastructure satisfaction all of to keeping in returns rates to energy

in ahead Ameren to new matters, the and recovery last Ameren of costs. to cost and to rate or of updates effective Moving adjust to month ICC Illinois' a December update next review made such systematically decision matter a required Illinois in annual months over $X expected electric will formula in early changes to any decrease. our Distribution flows we rates under for million base year service file The rate Electric rate time over true-up regulatory distribution required ratemaking, period with this Under filing, prior annual the Illinois year. is requesting cash

including determining the to new there have proposed proposed new with complaint from impact Ameren Turning Ameren the ROE. order issued over the for base in MISO We owners, approach. the ROE may XX, ROE been FERC The an methodology. for modifications, allowed a transmission MISO XXXX, page the improvement believe briefs owners. reply initial methodology developments and FERC proposing transmission would briefs November the allowed MISO the In regarding Transmission an be existing cases certain recent base filed that methodology

seeks FERC FERC's the inquiry electric base incentives. broadens of inquiry stakeholder March notice The input transmission notices to The In of parties transmission incentives transmission beyond regarding two inquiry of addition, policy. the incentives comments and cases. issued ROEs in complaint ROE on ongoing notice

We methodology or of and ultimate cases are unable on ROE the inquiry the of to time. complaint at notices predict proposed the impact the timing this

I summarize. XX page to will turning Finally,

growth deliver expect in to We strong strategy. as successfully we XXXX earnings execute our

term, earnings to growth and compare growth longer the growth to of we with continue rate strong driven look to we Further, expect regulated peers. base management. this financial we As by per favorably our share disciplined growth the utility expect

return very Ameren In shareholder concludes continue an We prepared our investors attractive remarks. now addition, we total attractive shares story offer have peers. compares your total, to we our to an dividend. favorably That that In believe questions. invite

Operator

from from comes question. the Please line America. question Bank proceed Julien first Our of Dumoulin-Smith your of Instructions] [Operator with

Warner Baxter

Julien. morning, Good

Nick Campanella

Julien Hey. Good morning. This today. is actually Nick Campanella on for

Warner Baxter

Hey, doing? are Nick. you How

Nick Campanella

are good well doing I too. and Hey, you guys hope

Warner Baxter

are. Thank We you.

Nick Campanella

of it why in the the tracker, then the wind Missouri to also guys here. but know Just implies renewed kick PISA, that I given is off doesn't whatnot, you guess review investments the that the rate fact question be I until mentioned the these of timing your prepared it need and for some XXXX. just and have there fuel RESRAM and the it that is now? you remarks, to

Marty Lyons

for Thanks This sure, the Marty. question. is Nick. Yeah,

the XXXX about early we file rate we've to of and to clause. order rate been between to saying when you about file XXXX. only really as for of XX So our and six post-filing. before it, a as case adjustment that in the as plan expected Recall electric have Missouri May rate to fuel X, true-ups X months for date May typically of July. to while allows course, XXXX months we we for X takes a think base And, keep file this case We year said do on call, May an that

the completed or about So think wind and late those in assets timing these the are you when you some considerations constraints being of cases think about XXXX.

in the rates past coal as flexibility infrastructure to for July years of have the the event these cost of said then the us investments timing changed and over few to rates; that the lower other base things a to X/XX/XX note transportation do made in that number of to rate to mean, next it few didn't XX/XX/XX and incorporate two, It and has And, last been again any to review so us XXXX, allows I base began we service update rate true-up our of was call, updates infrastructure couple file before date. was couple any that apply of the April year your that on things; late and a to based in with A question. investments a use course, PISA wind. test rate So costs in years. provides into we on related include around the it XXXX.

that rate sure investors mean up this The of PISA wind assets, With picked types make on be not base to regard a you review. will both recognition recognized But those rate your RESRAM allow So might to in of return the the cash return in right. I as things recall prospective equity and wind. would until on they're will you're and question the full whole terms increase. after the subsequent of the a be

assets important wind those review will including So in regard. a that in be rate

Nick Campanella

That very appreciate financing I the clear. guess was on plan. just it. I

with everyone a need CapEx the this target lower wind in mind? come saw parent. think I Has out floated all debt your Moody's at your equity the for changed at

Marty Lyons

Yeah. Nick the thanks for again question.

So, we the the We your are bottom is, answer appropriate. about to still look like second the no. quarter financing question on plans call talked line feel

it includes total of a common that incremental then of ultimate million reinvestment dividend wind issuing about benefit per the our investment. fund years, to that it's equity course relates equity issuance also through And plans portion employee recall next You over equity year. as $XXX five our to the

appreciate stick the those. Moody's we're are to though. action I question the so and And plans with about those have going that your we

Moody's we forward, consideration were our about when amongst number with the going pleased one think action the Just financing took. business we

that with have at There stable cash pre-working threshold from an that Moody's Nick to -- the where operations BAAX And is out, a have BBB+ XX%. a of S&P to issuer rating on At threshold the you'll with issuer also flows XX%. recall there's They points capital FFO-to-debt outlook. the Corp. debt. lowered our we stable those as threshold a call, lowered outlook. with rating For on from a we Ameren Moody's XX% total

that February are more business. maintain to our to regard expectations line XX. We've our our it's does us one again in to look call one was and be we us at structures we of said, able just as about On brings that with financing consideration strong that financing that including to that proceedings seek maintain range. peers. years those within we we the out to in So certainly similar follow. that took balance existed the And we threshold success existed looked think wind pleased investments we with March for over sure believe that make And five We regulatory some provide when year-end those that to carry always sheets. in the action. we next flexibility as it that capitalization infrastructure Moody's the closer But it at very these position

that in bottom out plan are lot into the to February is we things laid take we but be financing of expect there line going we our plan So consideration continue forward. to

Nick Campanella

I’ll Hey, a on there. Congrats it thanks quarter. a lot. leave strong

Marty Lyons

Thanks, Nick.

Warner Baxter

day. good a Have

Operator

line Please Kim Our of comes from your proceed question. next Goldman from question with Sachs. the Insoo

Insoo Kim

morning. good Hey,

your end on planning or quick Just by one horizon? the just of question a wind the incremental update XXX outlook megawatts Maybe XXXX changed that on the to strategy the through you Have beyond have plan guys on megawatts XXXX. the investments.

Warner Baxter

you are How Insoo. morning, doing? Good

Insoo Kim

Good.

Warner Baxter

question. appreciate I line No, the Warner. This is, is bottom the no.

said focused the as that wind for additional before on to negotiate said on ago, of moment megawatts ability the with XXX to we are we at wind not a get obtaining a least call confident I generation. developers, additional to developers And continue we with in also fashion. facilities And approval only but remain the we successfully those through regulatory constructed negotiate and move our process timely generation. in As

XXX So have the Missouri sit megawatts fact we're while here by we Commission. very we point not only pleased megawatts, approved as XXX with Public we negotiated, to but today mean to that like Service the I

deals and effectively Michael the stakeholders finish to line across an get So from those team approval his perspective. Moehn have with worked

fit forward to sure in projects of look more megawatts projects understand come don't nicely as the find to Public into because just not just Commission Missouri Service sort we XXX Keeping byte so to the bringing in likely future. just that And you I'm mind is sizes. that in that trying

we'll in done timely look the and forward deal get And fashion so to as we finish across to next line. get the look a it forward

Insoo Kim

Yes, that's case clear. then filing. in of the terms rate And

different Beyond to case every that? in two filing rate mechanisms to and should this rate is down the requirement? Or be have -- to meet timing we could place the like least you case cycle expect of at and a RESRAM X-year PISA line see next Missouri sooner the it the do than potential three years the given we

Marty Lyons

again. we'd Marty between like possible is filings. time much This as rate to case Yes. Look, as have

review I by and the plan would mentioned, driven the mentioned last of one next infrastructure it's the in represent three also July this as we and to driven is prior this this somewhat earlier PISA, I file our As and being wind case. one rate next the between of the next rate investments timing investments one timing made by expected but years to

between cycles rate many to clause I cases. read reviews So years. laid times does what periods said every require that four at that time for the Again of out future than terms other of least we anything file we've or fuel in adjustment wouldn't us into

frankly. four period say possible or but would great I make So as less, the as to years we'd like

Insoo Kim

you much. Thank very Understood.

Operator

comes question from next line Glenrock the of Paul Patterson Our from Associates.

Paul Patterson

guys. morning Good

Just on Illinois.

see budgetary legislative -- look guess others? just Illinois, you EIMA like of just politics or potential unfolding? if know own of how a the you that working how bill legislation non-utilities or but sort wrapped of of issues. in opine and procurement the Or I at it just of kind the with might As you get vis-à-vis And all whether of might you there procedurally? the And utilities sort that with the not just your how or going there's on both there wondering you I influence sort how guys stuff I'm sort you'd to on activity in thoughts on related know -- sort of you extension in general there's legislation generation capacity see just And don't just lot that?

Warner Baxter

to offer and Sure of about Mark Paul. This I about is or invite we've I EIMA these add act talking some the been I weeks. legislation it provision Look Warner the in referred comments. my that to significant Richard certainly here talking But after the anything all what several we that talking modernization -- we produced that, Look predict next can't only benefits points. thing the happens over for that can stakeholders. say is about has

Our customers and those creation in Illinois. affordability, the of more of in benefits a grid I've driving certainly terms Illinois state and modernized job reliability, shareholders and really our outlined

So for here this good as We in what puts the fact that that a next been over us about that happen or twice strong we believe is several might that policy to extended that position. has that a has notice want think when something to legislators result the continue. legislation so weeks, been take and we

so think forward. stakeholders in bills, why one in position one this I job And the the to with House Rich the team and has votes and you a strong many move other in to the committee saw is two Senate done great and his

will here continue several They stand. we will the right hopefully next them. over And way predict now it stand that certainly on else -- nothing they we will -- with where So weeks. the can't

relate right. what There legislative I is I that in would said call Illinois impact And our those look before, could the to energy are our proposals on in several what be think you bills customers. As vested of interest policy. all you're

interest make stakeholders that are sure for. looked with at being table working customer’s we best so And out the to our are

several Now the related going to this or point. out capacity and/or -- legislation exactly at not may to session. but to they a on it's where to the may just comment here over be too there there weeks Exelon, just any uncertain principally related see not is particular it's certainly next of markets, piece in I'm legislation Yes veto

like that So at I there Richard very you else high to level. highlighted a would Is add? anything

Richard Mark

thought seen the Thanks, creation you twice. covered the the to They've good, that this have legislation state that rates Warner. add of Many of would it. but job just I twice. and voted it it on the as value formula really you have of policymakers seen them extending have I brought said Illinois

at and it going familiar look that's So they as I think it forward. they're a benefit with

Warner Baxter

agree. I you. Thank

Paul Patterson

just let's reason there if of it the the whatever don't I may for going because -- reason are But for that get be legislation just say or merits it mean lots whatever they that beyond not of shocking does veto about it goes to we next this that to session is issue if it be I legislation? the this session there past or doesn't should could mean concerned it this timing any -- addressed get be if session.

Warner Baxter

Yes, Paul.

this May XX. on legislative So think session said, I as look ends I

passed it Illinois can the so is as know that be session. in during legislation veto possible you And

case the you focused that's this not his legislative session tell on And getting veto legislation important the and this that passed so I'll are Rich while look team session.

veto the bridge reasons session now gets we XX. that that all look we're cross before focused come line but this if just to by the so hopeful it if session And And May happen. to very will when this we it we'll veto on that getting right and across for were the

Paul Patterson

us months you couple that? sort there a us what give going It's full be is details just just any have how I before Great. mean, case. rough Okay. to but want on to it's on the the early – as guys as And you get but or to seeking to impact any noticed. give going we're might can filed sense you of Can Missouri much to be rough you be know the of rate sense to then

Marty Lyons

lower outline gave filing is we is speak it that for in infrastructure the broad also and we've the Marty. base coal I which past rates few some make in also I rate but which of cost realize noted changes the years and No. let this what service, and will it year. incorporate past include We'll over the the Paul, it itself. the you think only and to mean of begun costs that will of not investments over increased transportation base

will And of the some broad so no those but be that specificity included at things are this further time.

Paul Patterson

so Great. guys. Thanks Okay. much,

Marty Lyons

Thanks, Paul.

Operator

comes question the question. [ph]. Please Suntenise with Greg next Rice your of from Our line from proceed

Unidentified Analyst

a call. Hi, answered. guys. of on my good been Most have questions Congrats

include this the quickly case it the rate really is going megawatts? to Just XXX wind

- Martin Lyons

it Marty. review I included mentioned the it's won't. not. in mean again it's service. it as this I actually wind be in until rate because consideration that's key No, in Greg, would it case -- the The won't

a it's consideration expect on up in of pick again we service to to key once it's which XXXX. to so filing able to rate visibility in in provide investment be why late we're wind be review And next the that placed terms now

Michael Moehn

just XXXX. I this would July filed Moehn. -- would be the mean likely I end to assuming true-up in respect this is most period with Michael Yes. note of case through the it's

Unidentified Analyst

And Gotcha. then on are wind? just any kind the of Perfect. update incremental going on how negotiations

Warner Baxter

that noted point little bit you in offer this with we're Michael, to want And developers. time? noted before So, I -- any negotiating I insights a Warner, particular this is at

Marty Lyons

it, done. by that we on that very progress confident to sure get XXXX. standard of making I'll the what focused We're said and remain is focused making just meet that this good No. echo going on we're end you renewable we the very

Warner Baxter

the his sure This best to hard want to been your we deal for to we're have very get it. point, team is our we Mike think right? about look, sure thoughtful make why customers, working I and make And

that's our XXXX of get we're what course, confident want so customers doing. exactly done. We Of getting mindful we're the we're deal to best for that and and

Unidentified Analyst

you. Thank Perfect.

Warner Baxter

Thank you.

Operator

Verition. Ashar Please [Operator Khan proceed comes of the from question Instructions] from question. with Our line your next

Warner Baxter

Good morning, Mr.

Ashar.

Ashar Khan

are Good How Warner? you earnings. doing, Hi.

Warner Baxter

Thank you. Thank you.

Ashar Khan

wanted factors the ask down laid just -- remaining you the to -- I just three Can quarters. you for

So, of talk O&M about to are wanted year, versus quarter? you first to Marty, can little quarters? going those three just the bit that a in come most check a the last bit lower be this little went I and O&M? how Or was the to savings

Marty Lyons

Yeah.

Ashar, the thanks question. for

right. absolutely You're

maintenance tracking and the expenses of outage at from talked And impacts XXXX. guided expectation. that the XXXX we that against the XXXX maintenance we're and Callaway lower $X.XX the expected year-over-year of that we operations when So refueling beginning Ashar, we well about about to excluding year

the that other those outages costs higher of non-nuclear as some did some recall will plants come at part of the as well associated in You O&M last latter with costs. year year

are recollection kind to were back-end last but year that my is of we achieve So loaded those $X.XX year-over-year on improvement. track

Ashar Khan

Okay.

Okay. Thank Thank much. you. so you

Warner Baxter

Ashar. you, Thank

Marty Lyons

Ashar. Thank you,

Operator

reached of have closing call back the the and for end turn now the to management I will question-and-answer session remarks. We

Andrew Kirk

participating for this for replay call Thank call. our year will one be on you the website. A of in available

call may our day. release. inquiries you call on me, Media for questions, have listed Kirk. great interest thank earnings be a directed your Have Financial should contacts you Davis. in to Ameren. should Andrew you If Again, Erin

Operator

This may your you for conference and time. lines participation. this you concludes Thank today's your disconnect at

Ameren (AEE) 9 May 192019 Q1 Earnings call transcript