Ameren Corporation, the parent company of Ameren Missouri and Ameren Illinois, reported a net income of $1.182 billion, or $4.42 per diluted share, for the year ended December 31, 2024, compared to $1.152 billion, or $4.38 per diluted share, in 2023. The increase in net income was primarily driven by increased infrastructure investments at Ameren Transmission and Ameren Missouri, higher base rate revenues resulting from rate orders in both Missouri and Illinois, and decreased other operations and maintenance expenses. These positive factors were partially offset by charges related to past litigation and a decrease in the allowed return on equity for Ameren Transmission.
Significant changes compared to the previous fiscal year included a $30 million increase in net income attributable to Ameren common shareholders, primarily due to net income increases in Ameren Transmission, Ameren Illinois Natural Gas, and Ameren Missouri. Offsetting this were decreases in net income at Ameren Illinois Electric Distribution and increased financing costs. Increased retail electric sales volumes at Ameren Missouri, primarily due to higher sales excluding customer energy-efficiency programs, also contributed to the overall increase.
During 2024, Ameren Missouri filed rate increase requests with the Missouri Public Service Commission (MoPSC) for both electric and natural gas services. The company also filed an updated electric rate increase request seeking approval to increase annual revenues by $446 million. Ameren Illinois filed a rate increase request with the Illinois Commerce Commission (ICC) for natural gas delivery service, seeking a $140 million increase in annual revenues. Additionally, Ameren Missouri acquired three solar projects, totaling $1 billion in assets, and received MoPSC approval for the Castle Bluff Natural Gas Project. Ameren Illinois experienced a decrease in the allowed base return on equity for its FERC-regulated transmission assets following a FERC order.
Key operational developments included Ameren Missouri's completion of its transition to smart meters for nearly all electric and natural gas customers. Ameren Missouri's electric supply is primarily generated from its energy centers, with factors such as energy center outages and renewable energy requirements influencing power purchases. Ameren Illinois procured power on behalf of its customers for 25% of its total kilowatt-hour sales in 2024. Ameren's total employee count was 8,981 as of December 31, 2024, with an average tenure of 13 years and an attrition rate of 7%.
Looking ahead, Ameren anticipates significant capital expenditures from 2025 through 2029, totaling between $25.2 billion and $27.4 billion. The company expects its dividend payout ratio to be between 55% and 65% of earnings over the next few years. Ameren's outlook acknowledges several uncertainties, including regulatory actions, cost control, the impact of multi-year rate plans, and the effects of changes in federal and state laws and energy policies. The company also notes risks related to commodity prices, cybersecurity, and the construction and operation of generation and transmission assets.
About Ameren Illinois Co
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