AEE - Earnings call 3 2023 | Ameren Corporation

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Operator

Greetings, and welcome to Ameren Corporation's Third Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Andrew Kirk, Director of Investor Relations for Ameren Corporation. Thank you, Mr. Kirk.

begin. may You

Andrew Kirk

good and Thank morning. you,

Chief On the data of broadcast the our prohibited. Senior Ameren and are well that and Lyons, broadcast management date team. contains accurate me President, with Executive other Chief time-sensitive is of President our is today the Chairman, Moehn, Executive Marty Michael only today's this as of call call live Officer; members Officer; of Financial This redistribution Vice as and as

on amereninvestors.com homepage presentation be a by our will posted referenced have We the that speakers.

of news As Page future presentation, on performance this statements. are noted during the projections, release filings to those could materially refer in conference plans, may section anticipated. we our yesterday X cause differ and about the statements well various referred comments statements forward-looking which matters, forward-looking commonly contain more actual the made for factors as SEC from about similar financial call as as expectations, Please information the that to issued results to

here's Page who Now start X. will on Marty,

Martin Lyons

before update, Good to value on Over customers, you the with our energy leadership, by a today. strong begin shareholders. opportunity this for and a congratulate Ameren's executed career company, here X. investments had excited Ameren joining and Baxter, on Andrew. a developments. company morning, the quarterly positive like retired Warner driving thank we're industry, We energy recent with But focused policies share robust successfully XX-year and impact and had on Chairman strategy who has his Warner's November our strong constructive quarter, of on supported an Warner frankly, everyone, for has you I community Under to update communities Executive morning. would us infrastructure us Thanks, I each significant and to take as

I he and focus in wish on improving. Congratulations consistent his strong and focus that sustainability, Warner, continuously dedicated your to retirement. leaves maintaining a And you behind with team well

Page our now quarterly X Moving update. to and

all continues in to of team affordable dedicated across investing segments, customers. strategic deliver business to plan electric clean and infrastructure services our Our safe, reliable, and which to entails execute gas natural our our energy

Turning to X. Page

integrates environmental the positive sustainability proposition social balancing Our impact, stewardship, value strategic and of sustainable pillars strong X strong our governance plan growth.

support Here, integrating a summarized today, amereninvestors.com, doing And we things the some our which communities, our leading need sustainability of lines. Gap] sustainability a called cost-effective to have sustainable transmission legislation value we details coworkers of the projects updated we legislation available the future the August, transmission Such brought was investor was many in our for governor energy effectively MISO vetoed at how not shareholders. way by more we would to been to presentation ultimately Unfortunately, it [Audio and during detail planning transmission published other the construction the session. customers, the investments. vote and are timely long-range fully and

in key session. On will stakeholders we look support decade. the to Page to important legislation ahead XX, spring with work of piece legislative We continue this next the to

totaling our included opportunities does billion The Plan. billion deliver to reflect investment making filed value more significant stakeholders incremental not of that pipeline robust investment the all cleaner. Resource the $XX than grid a energy have We and smarter our opportunities Integrated recently $XX stronger, by will in

along with capital plan. updated the an new our X-year provide call will number We on February, next

and future a delivering expectations. customers' jobs energy our fashion investments economies. support thousands our local our to transition country's will Maintaining be in energy on to policies of energy to investment our cleaner in create for critical responsible a infrastructure and that meeting Of robust course, constructive needs

attractive This earnings growth XX. updated to earnings X% our rate that our return I'm regulated plans ability favorably peers. included our through expect to utility resulting which of expectation compares X-year earnings Page to and our compound strong our growth February, XXXX. team we strategies dividend us plan, across get annual deliver now Turning long-term X% confident In all from growth growth, XXXX constructive investment by all primarily to investment segments in Combined, growth experienced with our in to each segments total on annual compound our of base their strong done. it and X as X.X%, an operating we frameworks. an is Again, for have by based of allocation joining and you business supported dedicated driven infrastructure today. of to regulatory of rate we thank strategic execute

call over to And Michael. the I now will turn

Michael Moehn

morning, everyone. and Marty, Thanks, good

third our in of XX summarizes Page infrastructure compared share, frameworks, constructive share in business our earnings increased page ago reported This per key drivers ______ segment. quarter. $X.XX segments. driven of earnings by to of at earnings presentation. we year XXXX our for Under regulatory investments Yesterday, now quarter each impacting Turning growth experienced _____we to $X.XX per all the

are February to strong considerations drivers our in the mix business and consistent out able of quarter see, management. the guidance the deliver largely on As provided and can supplemental and performance you diverse quarter during calls. the result first with laid a key were We quarterly disciplined considerations earnings second cost the earnings as

compared the Illinois decreased Electric anticipated I'll an year-to-date on last decrease weather-normalized and commercial for X.X%, sales X%, in residential, Year-to-date, Ameren customers X.X% to industrial people. on, respectively, moving office The to many and year. and residential sales Before to Distribution. trends touch sales back transition Missouri Missouri for kilowatt-hour reflects Ameren

little sales the demand higher In in a remain That levels. of was service quarter. XXXX over than from our severe as addition, energy X% our territory this experienced result weather pre-COVID a lower impacts said, residential

the do we plant revenue matter cope affect the customers have on company. Recall expect including full decline sales, we about cause, demand, not on. over strike electric Illinois earnings ends, Year-to-date, with compared course coupled Electric Motors average processing year-to-date last new kilowatt-hour increased the year. and of as since in remaining that UAW to X% to Illinois a weather-normalized the moderate to the from General to sales Industrial, declined changes a year graphics our -- For no have expansion

on briefly XXXX of We the year and finish would touch to Moving the strong like strong. to XXXX months guidance. Page positioned in our XX. X are earnings first well I to earnings now delivered

As in to range earnings earnings this as the to to be our in Marty XXXX $X.XX $X.XX stated, XXXX and fourth assumptions slight have quarter take we've On $X.XX for these guidance impacting for comparison the expectations encourage highlighted our share. original our I the we the share. in are These to earnings to of to range page, develop narrowed is of per results. of drivers your year. earnings remainder on $X.XX considerations per This our supplemental the guidance February. you call consideration you into key discussed guidance

Page XX. Ameren to now multiyear Illinois In Distribution MYRP its Electric first followed rate plan Turning January, the ICC. with or

key reliable objectives deploying designed energy time. customers, the to elements: energy over way is vehicles in X and metrics as clean and our our providing our MYRP performance included preparing climate transition around safe that and electric a to accept more capital to renewables the job in act fulfilling achieves and Our equitable system by

rate XX%. In revenue modernization basis reflecting electric increase distribution September, October, staff grid $XXX $XXX XXXX. return of recommending includes a in a X.XX% XX% This It administrative request planned reflect followed XXXX million revenues, an plan its also XXX increase annual the million equity a and our includes includes brief cumulative increase equity $XXX our the In supports the equity million ratio XX-year on recommended investments cumulative judges X.X%, Also treasury incorporating to details a average years. next of a that a and revenues, equity a Ameren ICC X cumulative in law request of of a equity MYRP of return XXXX and on plus reflect in for September, ratio. the XX% a increase return revenue a Illinois ratio. through points. on XX.X% equity updated of for of which The

of ratio and Our an brief return exceptions XX%. on a calls of Thursday, last equity X.XX% on equity filed for

January We with rates decision expect by ICC mid-December an affected by XXXX. new

year. customers common XXXX as decision the an Natural ICC distribution proposed compared ratio with to is required Earlier XX% also from rates and ICC that filed to base the year, XXXX. the a electric the compared saw million equity have for updated annual this million XXXX, The in of base our in difference [indiscernible]. future we Gas XX. actual recommended adjustment Ameren test $XXX Illinois increase. would using April, rate to increase Page XXXX August, increase by to rate reconciliation in the distribution requirements updated a recommended million to $X reconciliation our revenue cost. request a ICC staff collected annual In reconcile to ICC be Turning variance An December driven full In amount rate we the $XXX we a by is staff's

an equity a with in XX% filed request updated and October, and X.XX% we Order equity million return increase Proposed common consistent which XX% and billion recommended ratio for $XXX based a $X.X a ratio, on staff ROE the equity based $XXX October, In rate a base. ICC increase million issued on a the the XX.XX% September. In on is a common ALJ

decision be we XX, update. ICC a by an early provide effective December with rates to expected mid-November Page this expect year. On We financing in

consisting to share. our expect outlined sales page. in with were year, were initial per our end approximately of an successfully to Further, of shares to robust $XXX by These ATM forward issue $XX our this sheet ratings and credit continue this equity, we this maintain an of fund program execute order earlier good about million year. under X We approximately very financial able common shares a while the million We price issuances previously of position. balance you've sold plan, strong infrastructure to X.X feel average debt which on we forward

September program XXXX $XX issuance needs $XX sales our with DRIP under under support forward our Additionally, to forward price approximately our into plus average of our equity equity an is and share. we've Together XX, support the entered million with ATM program sales for XXXX equity in and programs, initial per agreements to expected an ATM XXX(k) on needs approximately beyond.

about strategic thoughtful our plan. and financing our capital be and to continue robust We

to and on and volumetrically sales Turning see commodity on XX% of as to XX. on decreases sales. prices gas prices, to say, Missouri in months. like gas and are business gas total based hedged we Page natural season. residential XX% approximately the light Illinois XXX% winter the natural customers in I'd Ameren XX%, natural compared and briefly XXXX are Missouri edged Ameren the of gas our to seasonal natural in Both approximately winter normal based pleased price into touch seasonal XXXX, I'm drop head maximum expected bill Illinois to respectively,

as guidance plan when provide XXXX earnings select listed We in year. results next to page a to for quarter point, XX. Page we've XXXX reference earnings when Using this outlook fourth to year. our about items you guidance Turning on release we consider February next our think

earnings Missouri, in new be July rates to with to are XXXX. compared due higher when XXXX XXXX effective Beginning expected electric in to service

investments normal quarter of weather We positively $X.XX increased and XXXX year. the also service normal accounting, in in to by Ameren's XXXX eligible impact to date, expect weather compared earnings in for approximately but Return assuming results increase infrastructure last earnings. to plant would the

Ameren be at earnings are plan additional from place. investments. in ratemaking. investments will Distribution, The to the yield forward-looking ROE XXXX is pending currently benefit part are in by allowed from XXXX compared rate the earnings which beginning expected the determined compared of additional our average ICC benefit Next, Illinois to to new expected transmission electric the projects effective Illinois Ameren review plus infrastructure XXXX made under From in FERC-regulated treasury XX-year the X.X%, activities under from XXXX to formula as rate of multiyear Electric

Natural to a higher Gas XXXX based earnings test benefit year. rates Illinois expected are delivery service from future Ameren on

considerations. wide Ameren to now Moving

higher outstanding unfavorably expect expense in We to [indiscernible] XXXX. earnings to increased and Ameren XXXX interest at common impact shares compared

practice, or I consistent would now no expectation gains losses. past Finally, COLI XXXX earnings include our with of guidance will

well We're executing continue our turning XX. positioned Page plan. And to to

offer driven term, believe deliver this to XXXX compare in shareholder attractive growth Further, growth long we dividend our favorably over expect and an growth total shares Ameren earnings base We story. to robust peers. of management. and and rate by will disciplined with cost the continue growth return investors strong the

your We That concludes our invite remarks. now prepared questions.

Operator

question comes Campanella Barclays. from first Our Nicholas with

Unknown Analyst

Nick. It's Nathan for on Richardson

Martin Lyons

Marty is Nathan, this Lyons.

possible the will replay remarks the think entire Before following conference many of soon I just not experienced portion participants Q&A because question, that the reassure you but webcast session. prepared I I this, may -- want our you of missed your call our get of a as systems just as our participating on to everybody, but the end issue, we post to have of of were

your on So with that, carry question. with please

Unknown Analyst

$XX want about you mind about thinking if I maybe year $XXX equity this would And million. would And talking I of still ATM versus would to but the million block sorry per be in I'm September to? to slide, you needs you. missed how just what needs Got And talk $XX needs and first. case? you're open the be equity from about about this, million talked you

Michael Moehn

the said of Yes. to needs sales, we've We've taken Perfect. have an done beginning ATM million the $XXX those million bring Those about 'XX then we'll we issued This of through our sold balance so $XXX in this we've unchanged We $XXX 'XX. sales. forward the Michael. been year, were talked year. I they end million. per at million of think forward those at to Happy some needed million from for really for Yes, of our before, equity guidance. $XXX that needs down here are beginning need forward X-year through million equity the equity the $XX and care under report, we about the 'XX of is year, do 'XX where of

needs. here sit ATM we efficient. evaluate effective, We'll find to continue to As very today, our to we continue the be

Our comes ratably. capital pretty in

from So well the perspective. ATM works that

better And if take there so to always -- to but open of. to, continue we're are advantage mechanisms

Unknown Analyst

then And last you. one. Got one

So sticking with financing.

lot on of cash think help that? something a Can maybe flow you whether would robust IRP transferability you me position and You have time your is a about utilize and that line a with for renewables.

Michael Moehn

I -- starting deals great. evolve mean get I bet. you some transferability we to as Yes, like to mean, see it there, the continues looks which nicely, to market get here Yes. it, done just to. necessarily continue could back kind of time those ourselves it's of we need tax because we avail all don't when think we about and appetite use something certainly over have the step to is

but a And we be so financing which providing perspective, I be ultimately, mean, could positive, customers, just you're -- think to end because right, slight those from those financing it makes is going a lowering of about from what up there some which we want. could be lag forward, cost may experience temporary I replacement any time the back a as going huge, to could ends time? positive we to there is all sense. great regulatory I But time, over renewables, that mean it up that of needs not think, if sort

Operator

Our Partners. next question Shar with Guggenheim comes from Pourreza

Shahriar Pourreza

mean, mean, Chicago you Let balance me outlook was the for the with in with I here the a just dissatisfied your on starting multiyear. Illinois. obviously, ALJ. process just talk neighbor about bit the I the of maybe very can little

to expectation step, at the out for to what's briefs next decision. look you your kind curious consider filing just is? as the what's of depart the an redeploy if I you rehearing have You stands ALJ would from Would could there. the get next of guess step you point? right? what for ALJ And be ICC adverse So defer a the this I'm CapEx?

Martin Lyons

think overall. Yes. questions Look, I Shar, great

you captured First the reply Clean of all, and is supports And Illinois that we Energy referred to, filed state in Jobs filed there Act. believe brief we as September. in goals of what really we achievement best the of our

we the state. customers where would the really that's best that, state served and be at look you the if so And believe that of

as next that planned to pleased supported nearly X look, investments we've over now think XX% years. the the the and of both they've as our So been about capital the would say, I I staff process well, ALJ frankly, date,

stated November the and equity We, for concerns to exceptions the commission. return Like really the as last from a where as are ALJ seeking you we I'd the we with reply that's I positive of think recommended and structure remarks, that's week, articulated by asset. our We that expect occurred that's brief due our say mid-December. then filed from But on on capital the well reasons commission prepared isn't as better on over. disappointed on through outcome and steps, this So next XX, in a exceptions. I decision or And process. case we'll brief the our get the a came OPEB the treatment said,

alternative alternative as in prepared of averages As cap the our and at a or equity of those, XX% we X.XX% we at support cap utilities asks structure. ROE in arrive equity. to comparable suggests the commission at data initial looked said alternative XX% And our that our -- and our did to of ROE it brief we remarks, the an again, continue we record in structure But XX.X% up structure. coming an looked equity reply in the could related with in

fair I'd from that for and make again, may remain to on action meet I Michael, we _____ on the wouldn't those. take more So the outcome further what hopeful at we ALJ. reach a But details ruling. post this going will that filing commission And our you refer point, point want to constructive to? ____ is commission comment this at then it came the to you --

Michael Moehn

the this. we I got today. comments. Shar, again, look And rate all Yes, next billion you agree and over overall the mean, of I with out at know our and billion years just over might just sort plan, next about I as it's step XX. $XX.X remind of there $XX base those you, the capital XX% our X And think we back

about continue really be allocate have We'll thoughtful think to I constructive to we continue that. jurisdictions that. to

so. is process a Marty needed. where and base some pivot if positive flexibility rate are capital a at and I we have think we rate from review or XX% As But to that standpoint said, addition

Shahriar Pourreza

into ratio equity. it, confirm, block And then to just the no just going equity

juicing we about how think just I that? guess So of do

Michael Moehn

Yes. as comment here I I by sit stand mean today, as ATM kind the itself. really I again, just we just think about the made of

deal flexibility. we being pretty way it do great we say It's laid wouldn't needed provides to. time, it. a to capital cost-effective. been that I of But us the to effective in think is that just way again, entertain it's a something It's not if over

Martin Lyons

on Yes. think all we and of today make plan, capital the expenditures gave, mentioned robust relates ability the terms I our I our it grow obviously And to overall our portfolio here as answers of and X% Michael we that confident build this. to Michael I we feel Shar, sit across sort in have as just mean, X% and of continued we that to very can really And our of segments. EPS at CAGR. to gave

plus ability we've $XX laid as remain to overall company. got of confident As a XXXX. infrastructure before, in out through pipeline And our out we billion we've very execute

Operator

Our America. Dumoulin-Smith next from Bank with comes of question Julien

Unknown Analyst

cases, you a just Darius out on basis don't still X% for in both is start comment appreciate I the this, X% basis? This to formal Julian. But the year-over-year in you alluded Maybe shaping Illinois up and you can maybe the drivers have 'XX have on ALJ to to hit you now of the that rex how give with see known that the to that sort range of visibility and ALJ a just with, on 'XX? and guidance there. that Does you you the

Michael Moehn

about February, we about into the that incremental of about again released We right, and an good we of obviously growth what that have. that feel Darius, as about to We select feel us terms situation of $X.X that updated we here. X%, the base we time of But gave IRP that XXX. again come see good you in Thanks impacting here midpoint kind and X.X% we updated that of guidance rate plan We've that's Look, for here, in over capital provided about sit had good the we Michael and we we feel sort today September. thinking in year-over-year. there. that billion talked the drivers some question. again, X% again, could

good feel So very X% that to here share today, again, as per sit earnings growth. we about X%

Unknown Analyst

on the I Excellent. ask projects. Okay. competitive if maybe can one transmission And

the slightly the your overall and estimates, maybe it MISO's -- estimates. Just at was looking like previous but billion, opportunity these there little appreciate but looks content, updated at unchanged $X under I slide, within previous including is like our bit that, the lower than are -- Orient-Denny-Fairport the was -- competitive or in looks it a in

as comment competitive within other the curious projects maybe of for any get opportunities? refined. Do anything you just So can on that -- you up moving guys if see down the the estimates set or

Martin Lyons

to happy that This is again. Yes, Marty question. answer

that the about billion, those, with So as us signed $X.X the as the Tranche that And again, bidder project. is in the first to were the million competitive we're were bid were on Orient-Denny-Fairport then winning projects was which that with one And respect pleased to we're fantastic. $XXX we of getting And X, there projects. underway project. on selected that very we

those that kind we than area lower you vendors a with and really do As the is the to deliver whether price bid project. munis the mentioned, bid the And I indicative low-cost others, was of to ultimate or in estimate. planning co-ops our of think work MISO's original be partner we

that as I provide. acquisition going Each goes to much is that its necessarily land too mentioned, estimates where into we MISO's routing have requirements, MISO's issues, And estimates. I the project relative bids planning to and has that formal came different. rigor own read project partnering be are wouldn't cetera. et out project into the Each But don't numbers opportunities,

entirety. very think I But again, where really you we the that to outcome extrapolate with can't are. pleased So we're

on Denny-Zachary-Thomas winning were that that the well the plan are bid River-Ipava. very project, Skunk we've another as on more And project. submitted We got on to project, we another we that bid the one and bidder Hill-Maywood pleased we selected as

Operator

with is Tonet Our Jeremy question from JPMorgan. next

Jeremy Tonet

ROEs here. to ROEs to maybe see specifics that see been of asked, that just could, than they this if the you have you questions the or came electric in I Illinois do a but on Electric, come justifying view justifies why point put finer proposal? kind to back your want less the the ROEs, Or any as are questions difference out think than delta? ALJ's ALJ Just realized some so the of Why this filing gas different there you

Martin Lyons

we really our kind the I and flow comment again, in that of that will, was But used to got on discounted calculations if record. capital They pricing asset used cash data can't some they why, you that. model some data use XX%. calculations briefs, certain up in in reply of staff those our little came And note they a used should alternatively that in calculations over be were similar and with used. if view, course,

So feel say briefs addressed, we calculations. used why, again, data which, our thoughts points calculations, can't our I in but those there terms again in and like you terms were in we of refer inappropriate those again, in reply of I'd

Jeremy Tonet

Understood. towards stakeholders the to it. here? and reaction IRP, IRP what here been over trending Got proposed pivoting has time? have How Missouri been what -- the with Maybe conversations Missouri the

Martin Lyons

Yes.

the the balanced think a conversation one. I that's been state had very within much is

megawatts push to we years. battery of push out years out I then combined we couple And center gas by this into the it of we prior also as X,XXX-megawatt the technology opposed plant. put we cycle was that the of couple of to our first one of XXX I the one And a timing of planned storage made with some simple cycle think of things a some for forward to, all, X say move adjustments addition had about can planned energy of coal-fired that IRP that and XXXX. in a

what cost energy good that, importantly, plan in emission is to customers that stressing of think we're represents this, bolster really the fact balanced XXXX, net being been our zero. approach ultimately, XX% the really putting still by making -- believe to we resources the what that that discussed the XXXX time XX% We're add centers reliability reliability environmental that stores. previously over to we able integrated doing hitting expect by our do reduction conversation and lowest targets as we've those sure be doing to while I transitioning maintain And and our we're has resource portfolio of that because and carbon

So again, of environmental conversation balanced of reliability our hitting targets been on I has terms because still focus believe that, the on stewardship. in really our focus while our affordability,

Operator

Morgan from comes Arcaro Stanley. with David question next Our

David Arcaro

Wondering terms contracting? little related to the your -- if competitive in Missouri? to compete How what's of in company-owned generation CCNs just to currently? you And renewables could for how bit speak and versus a you're are positioned latest renewables just

Martin Lyons

earlier Public about And megawatts Service With had Huck are will those will the Finn to Yes. Boomtown Projects. on the are expect Missouri proposed, Missouri that X Commission projects that closing and solar we both respect renewables, approved year, there and this the XXX the we Solar XXXX. QX of those be projects investment. and to own, of we that date constructed we be Together,

our a in terms approval of step with of and So good ownership. our commission forward projects consistent IRP

be for year additional We proceeding. in CCNs this also to going solar filed megawatts for XXX an of projects, projects X that's total. And

we again, associated customers renewables our constructed it's IRP, with term decision We increase. amount of communities our change didn't those we the early versus costs for projects of overall we these do believe next best that In our an that in And Plan, include interest for expect did anticipated would the ownership. Integrated Resource and renewables and the our on our planned a be year. expectation long prior commission to

However, those impact costs under are higher the Inflation are and Reduction credits of being tax available offset by investment tax Act. the production the that credits

assets at we balance a to ensure gas Slide continue renewable but provided. of that some battery see also is ago, on you that really good going I combined the go as preserve So What look when investments mentioned in there system. line we growth the storage projects, cycle, we reliable that the laid second both technology will in a which cycle, you that's the reliability, to a the when of simple IRP, XX gas -- the time out we to really have

energy this of again, cost the ensuring that of retirement, our to really reliability nuclear that a important believe both coal preserving along providing assets assets, existing our the this resources, combination well through investment, dispatchable as they continued that the the represents plan we thing and Callaway But is expect. in Missouri reliability least as with for customers our our plant

for that CCNs execution proposing with renewables the again, really IRP. the So fit this we're of

your And to with question. then respect last

really the While you cost of PPAs, term approved renewable really for believe we've do have customers. we've portfolio what commission, if projects long the our in had our and the can't long-term possibility the our time, demonstrated provides that lowest of by ownership into look the over at is and that put operation we rule that assets these out some you of

David Arcaro

you all your wondering load most settle for of loads that give could for expectations down your when to still forward. and outlook going within industrial that? could normal growth I'm trending perspective helpful. on Thanks down sales also if touch Great. might seen the on year. color, here through very if I that And for wondering you We've was weather

Michael Moehn

obviously a you Yes. has bet is Michael. David, This Yes, interesting. this year been little

You see residential. in some of the decreases

them attribute home working we also, had I couple contributed back that. still through, that the storms, into the summer we from things. We working think, then a to of And just think bit at office. this of some over to going number certainly I significant that a

think possible. there, basis, some around obviously, it transition And of extreme get bit. a well. the to try it as this always kind continues We weather -- as close and so you which we've factors you're normalized on certainly And as here into to how number had seeing you that throw a but about

forward. look seeing year-to-date, things, growth pointed side as you of kind customer I other too. positive I level the do if to our pre-pandemic. residential is we to I of we we of where look at have I about mean, it again, were I you're think beginning out, is relative X% growth actually mean, And think kind out

believe you sales ultimately, to that's growth. to So into some transition going continue

mean concluding. to commercial think seems noted I at on we obviously by that continue actually That the the side, I some positives. line see occurred some to we are There's period going was the GM there. be expansion has that impacted an that time. for on of industrial obviously strike

element So we should going fourth see remainder into that, quarter. be the the positive of a

growth. are we're similar industrial just then broadly I some as that there's developments positive And on well that think side seeing adding the

the over I kind load in still future, think time. out So growth stick of I this we mean as by we about look X.X%

of to that's we hopefully, today, think that David. ability, continues to this the I are as but evolve, move industrial up has some where

Operator

Patterson with next Our is from Associates. Paul Glenrock question

Paul Patterson

the have guys what Just was did because provided just or returns to about in kind I -- the you're this the versus competitive of and kind tech wanted of you have if problems. asking do Darius bid, seeing you on provide and I missed -- competitive general? transmission I I But was data some apologize in wondering, that can any guys

Martin Lyons

for you don't difficulty again Yes. Paul, to I that and experienced, others inconvenience. technical the we apologize I we terms apologize the and point could do anything first think for of all, in projects, we that our think mean, I is capital of I these this. appropriate we are these cognizant of say cost on would bid and what what when return. expectations for of very we're projects. return have

into making that's bid. consideration any taken certainly So when

fair we return to the expect So I assumption earn winning project project. bidder a that this is on the of think that should be a

Paul Patterson

Sure.

maybe competitive it's Okay. guess that can that be? Or to what Is might you? right? us I tell But

Martin Lyons

the could to consideration that so. something think I point call I can we I mean, to today. we there's anything some think give point to. whether yes, that I think not post Yes, But probably we'll

Paul Patterson

Okay. Cool.

to The I wondering seems second according guys stuff. the which the lake plan pursuing spring, in slides about I'm and ROFR perhaps legislation, we the the is you have on on need. it question

If that we I'm case think What at it not. should Court doesn't generally I about case think situation, sure that's following to I mean, Supreme speaking, the get may the Court that? may the the respect guys in the mean ROFR that Texas [indiscernible], are with how does Supreme case. ROFR that's you or

Martin Lyons

to Texas. the as relates ROFRs -- think, we as Well, Paul, states. seen both into problems cases the We've court seen the run Texas states. as around seen cases as watch court We've them country, other in a we've it couple of I in other upheld well in

then able proposed rights they're that make do legal watch hold across forward, we up. both refusal, bring that to in year, to sure whatever So of we cases. and developments we're plan of going and to appropriate the legislation bring adjustments the ensure withstand continue to challenges make to forward first next Missouri which we and Illinois these all these that to

refusal today, first in that Missouri Illinois sit customers refusal through forward courts, our really we If for and both would of first believe through move some of here reason they'd the of we going and lawful. we as or things believe affect But beneficial not. do Obviously, with we these process that rights seeking rights whether are that communities. these the don't very to these be

tech goes Orient-Denny-Fairport it this that a I And we just are I just show won, was talked think we this constructor. think low-cost project. that we which to about

to operator. these X. And come value Tranche MISO these customers in years projects do forward have low-cost by a incumbent them assigning benefit or And good those so. by we are the very good not for delaying what's for very projects X to Tranche And These customers. to out believe transmission bid, ratios. X, We you're that puts when to by operator benefits putting cost have those

______ And we're a demonstrated again, certainly we've low-cost provider.

value, legislative only work pass, and really any we are _____ can coalition and of understand refusal of put best challenges. states stronger the we'll pass, Missouri. these session should to look to the think that we legislation to all build towards we and we both not And people forward our the citizens next interest of sure working customers. stakeholders think stakeholders So make rights it really of with in core a that move Illinois do The as can with withstand forward but the first

cases your as these to continue question, So have Paul, we and we'll adjust back as monitor to needed.

Paul Patterson

to -- stand. guess if follow I I or out [indiscernible] from? stuff. own edification But is the I for saying demonstrate -- And just if understand absolutely, and your if what your is -- [indiscernible] sort about it I'm what do you that ROFR wondering guess would ROFRs? would I'm specific asking the do saying would And competitiveness follow mean you figure what ability that what coming the I'm I'm what like Okay. Supreme hear -- how being think guess to on the I question, happens Fifth [indiscernible] case, is, I about to this we I'm guess, industry across that of you I don't as country? where guess Do them my I invalidate Court, Or I'm see Circuit I trying the you to me mean -- what

Martin Lyons

to Well, this we when we'd thought at at when I courts. really in refusal with to ROFRs Texas, aligned about see what how situation call. crafting have applicable the I have little in was guess whereas the more say. putting do. looked But been a it where we rights When of been we first And Texas bit -- last we on more the the forward looked we've Supreme states the rules, the they Court talked upheld

have look I Supreme at ultimate really at its further decision ultimately we'd But time, Paul. this I the think I comment and applicability. the Court So to can't -- guess

Operator

comes Crowdell Our final Mizuho. Anthony question from with

Anthony Crowdell

Just an easy hopefully one.

have? part You the seems the of think talked like play lot A do wondering that what about most opportunities, intact. lot you financing challenging plan. a rate you is I'm opportunities. of It it's just capital base the

Michael Moehn

them ago. sure noted, rate I couple continued growth, of It's to with continue associated think were execution financing today robust projects, them. get X.X%, as around service, of a billion Look, years plans. make these it's got we into capital to benefits you base Michael. Yes. just got environment well, realize I different the in we We just a I execute right? mean these $XX think about we're all all Obviously, we than some

But day, the mechanisms can you've we down rate affordability costs ultimately, mean to possibly needed those past. an pretty But always to -- reviews a through side. we that I opportunities the think comes customers as Missouri We we to that recover talked incredibly Marty, to it's we creates really to some the got important this cost end this just transition. rapidly we side. Illinois think energy continue as I about that the got We've sure that? work both of on some I just add low So keep in through making to back this number on work of anything through. at can financing to headwinds as the for clean accelerate

Martin Lyons

other well that's think I covered. any questions? Anthony, No,

Operator

Mr. the turn Lyons, there no floor are like I'd for back at questions comments. further to closing to you time. over this

Martin Lyons

we'll of Well, all possible. some thank for Once the a of quickly today. as replay and call that as mentioned, us joining make I technical for this experienced, apologize again, I sure difficulties, your post you as we

left, have start goals earnings to year really these ability XXXX. strong outlined And summer in I per just very think months. our confident for share range we've a that of achieve a remain earnings this gotten what important you just -- our growth had we heard We've per months to today. through with couple today is and share

well deliver We make customers, for for on our continuing strong shareholders. sure that we're both as value, our our to focused communities as

It's to by we from today, growth rate-regulated expect in XXXX. for continue rate per ] share compound 'XX. infrastructure earnings X% underscore and to strong 'XX we to investment XX.X% of XXXX As annually base to [ supported X% growth

I day. So a all look us, we you feel all seeing joining to you soon. very and great execution forward and thank we good about plan, Have our for our of

Operator

This concludes today's teleconference.

your disconnect for you may lines your participation. at thank we and You this time,

Ameren (AEE) 9 Nov 232023 Q3 Earnings call transcript