Ameren is a regulated electric and natural gas utility serving customers in Missouri and Illinois. Ameren operates through three main subsidiaries: Ameren Missouri, which generates, transmits, and distributes electricity and distributes natural gas in Missouri; Ameren Illinois, which transmits and distributes electricity and distributes natural gas in Illinois without owning significant generation assets; and ATXI, which owns and operates electric transmission infrastructure in the MISO region. Electric operations account for roughly 85% of total revenues. As a regulated monopoly, Ameren's financial results are primarily determined by rates set by the MoPSC, ICC, and FERC, which allow Ameren to recover costs and earn an allowed ROE on its rate base. Rate base growth — driven by capital investment in infrastructure — is the primary earnings driver, with Ameren's total rate base at approximately $29.8B at year-end 2025. Ameren's growth strategy centers on transmission expansion, grid modernization in Illinois, and a major generation transition in Missouri that includes new natural gas, renewable, and nuclear capacity, while retiring all coal generation by 2042. A growing driver of this investment is data center and industrial load growth, with Ameren Missouri expecting load to grow by 2.5 GW by 2040. Natural gas supply costs and Illinois purchased power costs are passed through to customers, so Ameren does not take commodity price risk on these inputs.