Ameren is a regulated utility holding company serving Missouri and Illinois, delivering electricity and natural gas to approximately 2.5 million electric customers and 900,000 natural gas customers. Ameren operates as a regulated monopoly — customers have no choice of distributor — and earns revenue almost entirely through rates set by state and federal regulators, designed to allow Ameren to recover costs and earn a specified return on equity. The core earnings driver is rate base growth: as Ameren invests in infrastructure, those assets are added to rate base, and regulators allow Ameren to earn a return on them. Ameren Missouri is the only fully integrated subsidiary, owning generation, transmission, and distribution assets, while Ameren Illinois operates as a pure distributor with electricity supply handled by an independent power authority. Ameren's transmission business is regulated by FERC under an annually updated formula rate, giving it the least regulatory lag. Ameren's growth strategy centers on a $31.8B five-year capital plan targeting roughly 10.6% compound annual rate base growth through 2030, funded by equity issuances, debt, and operating cash flows. A key near-term growth driver is data center load in Missouri, where Ameren has executed agreements representing 2.2 GW of new demand, against a broader pipeline of 3.4 GW. Longer term, Ameren has identified over $70B of potential investment across its footprint over the next decade, including a major Missouri generation build-out and MISO transmission expansion.