Commission
File
Number
|
Exact
name of registrant as specified in its charter;
State
of Incorporation;
Address and Telephone
Number
|
IRS
Employer
Identification
No.
|
1-14756
|
Ameren
Corporation
|
43-1723446
|
(Missouri
Corporation)
|
||
1901
Chouteau Avenue
|
||
|
St.
Louis, Missouri 63103
|
|
(314)
621-3222
|
||
1-2967
|
Union
Electric Company
|
43-0559760
|
(Missouri
Corporation)
|
||
1901
Chouteau Avenue
|
||
St.
Louis, Missouri 63103
|
||
(314)
621-3222
|
||
1-3672
|
Central
Illinois Public Service Company
|
37-0211380
|
(Illinois
Corporation)
|
||
607
East Adams Street
|
||
Springfield,
Illinois 62739
|
||
(888)
789-2477
|
||
333-56594
|
Ameren
Energy Generating Company
|
37-1395586
|
(Illinois
Corporation)
|
||
1901
Chouteau Avenue
|
||
St.
Louis, Missouri 63103
|
||
(314)
621-3222
|
||
2-95569
|
CILCORP
Inc.
|
37-1169387
|
(Illinois
Corporation)
|
||
300
Liberty Street
|
||
Peoria,
Illinois 61602
|
||
(309)
677-5271
|
||
1-2732
|
Central
Illinois Light Company
|
37-0211050
|
(Illinois
Corporation)
|
||
300
Liberty Street
|
||
Peoria,
Illinois 61602
|
||
(309)
677-5271
|
||
1-3004
|
Illinois
Power Company
|
37-0344645
|
(Illinois
Corporation)
|
||
370
South Main Street
|
||
Decatur,
Illinois 62523
|
||
(217)
424-6600
|
Large
Accelerated Filer
|
Accelerated
Filer
|
Non-Accelerated
Filer
|
Smaller
Reporting
Company
|
|
Ameren
Corporation
|
(X)
|
(
)
|
(
)
|
(
)
|
Union
Electric Company
|
(
)
|
(
)
|
(X)
|
(
)
|
Central
Illinois Public Service Company
|
(
)
|
(
)
|
(X)
|
(
)
|
Ameren
Energy Generating Company
|
(
)
|
(
)
|
(X)
|
(
)
|
CILCORP
Inc.
|
(
)
|
(
)
|
(X)
|
(
)
|
Central
Illinois Light Company
|
(
)
|
(
)
|
(X)
|
(
)
|
Illinois
Power Company
|
(
)
|
(
)
|
(X)
|
( )
|
Ameren
Corporation
|
Yes
|
( )
|
No
|
(X)
|
Union
Electric Company
|
Yes
|
( )
|
No
|
(X)
|
Central
Illinois Public Service Company
|
Yes
|
( )
|
No
|
(X)
|
Ameren
Energy Generating Company
|
Yes
|
( )
|
No
|
(X)
|
CILCORP
Inc.
|
Yes
|
( )
|
No
|
(X)
|
Central
Illinois Light Company
|
Yes
|
( )
|
No
|
(X)
|
Illinois
Power Company
|
Yes
|
( )
|
No
|
(X)
|
Ameren
Corporation
|
Common
stock, $.01 par value per share - 211,452,854
|
Union
Electric Company
|
Common
stock, $5 par value per share, held by Ameren
Corporation
(parent company of the registrant) - 102,123,834
|
Central
Illinois Public Service Company
|
Common
stock, no par value, held by Ameren
Corporation
(parent company of the registrant) - 25,452,373
|
Ameren
Energy Generating Company
|
Common
stock, no par value, held by Ameren Energy
Resources
Company, LLC (parent company of the
registrant
and subsidiary of Ameren
Corporation)
- 2,000
|
CILCORP
Inc.
|
Common
stock, no par value, held by Ameren
Corporation
(parent company of the registrant) - 1,000
|
Central
Illinois Light Company
|
Common
stock, no par value, held by CILCORP Inc.
(parent
company of the registrant and subsidiary of
Ameren
Corporation) - 13,563,871
|
Illinois
Power Company
|
Common
stock, no par value, held by Ameren
Corporation
(parent company of the registrant) -
23,000,000
|
|
Page
|
GLOSSARY
OF TERMS AND
ABBREVIATIONS..................................................................................................................................................................................................
|
5
|
Forward-looking
Statements.......................................................................................................................................................................................................................................
|
7
|
PART
I Financial Information
|
|
Item
1. Financial Statements
(Unaudited)
|
|
Ameren
Corporation
|
|
Consolidated
Statement of
Income...........................................................................................................................................................................................................
|
9
|
Consolidated
Balance
Sheet......................................................................................................................................................................................................................
|
10
|
Consolidated
Statement of Cash
Flows...................................................................................................................................................................................................
|
11
|
Union
Electric Company
|
|
Consolidated
Statement of
Income...........................................................................................................................................................................................................
|
12
|
Consolidated
Balance
Sheet......................................................................................................................................................................................................................
|
13
|
Consolidated
Statement of Cash
Flows...................................................................................................................................................................................................
|
14
|
Central
Illinois Public Service Company
|
|
Statement
of
Income...................................................................................................................................................................................................................................
|
15
|
Balance
Sheet..............................................................................................................................................................................................................................................
|
16
|
Statement
of Cash
Flows...........................................................................................................................................................................................................................
|
17
|
Ameren
Energy Generating Company
|
|
Consolidated
Statement of
Income..........................................................................................................................................................................................................
|
18
|
Consolidated
Balance
Sheet.....................................................................................................................................................................................................................
|
19
|
Consolidated
Statement of Cash
Flows..................................................................................................................................................................................................
|
20
|
CILCORP
Inc.
|
|
Consolidated
Statement of
Income..........................................................................................................................................................................................................
|
21
|
Consolidated
Balance
Sheet.....................................................................................................................................................................................................................
|
22
|
Consolidated
Statement of Cash
Flows..................................................................................................................................................................................................
|
23
|
Central
Illinois Light Company
|
|
Consolidated
Statement of
Income..........................................................................................................................................................................................................
|
24
|
Consolidated
Balance
Sheet.....................................................................................................................................................................................................................
|
25
|
Consolidated
Statement of Cash
Flows..................................................................................................................................................................................................
|
26
|
Illinois Power Company
|
|
Consolidated
Statement of
Income..........................................................................................................................................................................................................
|
27
|
Consolidated
Balance
Sheet.....................................................................................................................................................................................................................
|
28
|
Consolidated
Statement of Cash
Flows..................................................................................................................................................................................................
|
29
|
Combined
Notes to Financial
Statements....................................................................................................................................................................................................
|
30
|
Item
2. Management’s Discussion and Analysis of Financial
Condition and Results of
Operations............................................................................................................
|
65
|
Item
3. Quantitative and Qualitative Disclosures About Market
Risk.................................................................................................................................................................
|
94
|
Item
4 and
|
|
Item
4T. Controls and
Procedures...............................................................................................................................................................................................................................
|
99
|
PART
II Other Information
|
|
Item
1. Legal
Proceedings...........................................................................................................................................................................................................................................
|
100
|
Item
1A. Risk
Factors......................................................................................................................................................................................................................................................
|
100
|
Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds.................................................................................................................................................................
|
101
|
Item
6.
Exhibits..............................................................................................................................................................................................................................................................
|
101
|
Signatures.........................................................................................................................................................................................................................................................................
|
104
|
·
|
regulatory
or legislative actions, including changes in regulatory policies and
ratemaking determinations, such as the outcome of the pending UE rate
proceeding or future legislative actions that seek to limit or reverse
rate increases;
|
·
|
uncertainty
as to the effect of implementation of the Illinois electric settlement
agreement on Ameren, the Ameren Illinois Utilities, Genco and AERG,
including implementation of a new power procurement
process;
|
·
|
changes
in laws and other governmental actions, including monetary and fiscal
policies;
|
·
|
changes
in laws or regulations that adversely affect the ability of electric
distribution companies and other purchasers of wholesale electricity to
pay their suppliers, including UE and Marketing
Company;
|
·
|
enactment
of legislation taxing electric generators, in Illinois or
elsewhere;
|
·
|
the
effects of increased competition in the future due to, among other things,
deregulation of certain aspects of our business at both the state and
federal levels, and the implementation of deregulation, such as occurred
when the electric rate freeze and power supply contracts expired in
Illinois at the end of 2006;
|
·
|
the
effects of participation in the
MISO;
|
·
|
the
cost and availability of fuel such as coal, natural gas, and enriched
uranium used to produce electricity; the cost and availability of
purchased power and natural gas for distribution; and the level and
volatility of future market prices for such commodities, including the
ability to recover the costs for such
commodities;
|
·
|
the
effectiveness of our risk management strategies and the use of financial
and derivative instruments;
|
·
|
prices
for power in the Midwest, including forward
prices;
|
·
|
business
and economic conditions, including their impact on interest rates, bad
debt expense, and demand for our
products;
|
·
|
disruptions
of the capital markets or other events that make the Ameren Companies’
access to necessary capital, including short-term credit, more difficult
or costly;
|
·
|
our
assessment of our liquidity;
|
·
|
the
impact of the adoption of new accounting standards and the application of
appropriate technical accounting rules and
guidance;
|
·
|
actions
of credit rating agencies and the effects of such
actions;
|
·
|
weather
conditions and other natural
phenomena;
|
·
|
the
impact of system outages caused by severe weather conditions or other
events;
|
·
|
generation
plant construction, installation and performance, including costs
associated with UE’s Taum Sauk pumped-storage hydroelectric plant incident
and the plant’s future operation;
|
·
|
recoverability
through insurance of costs associated with UE’s Taum Sauk pumped-storage
hydroelectric plant incident;
|
·
|
operation
of UE’s nuclear power facility, including planned and unplanned outages,
and decommissioning costs;
|
·
|
the
effects of strategic initiatives, including acquisitions and
divestitures;
|
·
|
the
impact of current environmental regulations on utilities and power
generating companies and the expectation that more stringent requirements,
including those related to greenhouse gases, will be introduced over time,
which could have a negative financial
effect;
|
·
|
labor
disputes, future wage and employee benefits costs, including changes in
discount rates and returns on benefit plan
assets;
|
·
|
the
inability of our counterparties and affiliates to meet their obligations
with respect to contracts and financial
instruments;
|
·
|
the
cost and availability of transmission capacity for the energy generated by
the Ameren Companies’ facilities or required to satisfy energy sales made
by the Ameren Companies;
|
·
|
legal
and administrative proceedings; and
|
·
|
acts
of sabotage, war, terrorism or intentionally disruptive
acts.
|
AMEREN
CORPORATION
|
|||||||||||||||
CONSOLIDATED
STATEMENT OF INCOME
|
|||||||||||||||
(Unaudited)
(In millions, except per share amounts)
|
|||||||||||||||
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
||||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||||
Operating
Revenues:
|
|||||||||||||||
Electric
|
$ | 1,928 | $ | 1,872 | $ | 4,944 | $ | 4,855 | |||||||
Gas
|
132 | 125 | 987 | 895 | |||||||||||
Total
operating revenues
|
2,060 | 1,997 | 5,931 | 5,750 | |||||||||||
Operating
Expenses:
|
|||||||||||||||
Fuel
|
461 | 338 | 963 | 864 | |||||||||||
Coal
contract settlement
|
- | - | (60 | ) | - | ||||||||||
Purchased
power
|
371 | 419 | 964 | 1,106 | |||||||||||
Gas
purchased for resale
|
73 | 68 | 697 | 622 | |||||||||||
Other
operations and maintenance
|
449 | 417 | 1,340 | 1,230 | |||||||||||
Depreciation
and amortization
|
180 | 176 | 534 | 534 | |||||||||||
Taxes
other than income taxes
|
98 | 97 | 300 | 295 | |||||||||||
Total
operating expenses
|
1,632 | 1,515 | 4,738 | 4,651 | |||||||||||
Operating
Income
|
428 | 482 | 1,193 | 1,099 | |||||||||||
Other
Income and Expenses:
|
|||||||||||||||
Miscellaneous
income
|
23 | 20 | 61 | 53 | |||||||||||
Miscellaneous
expense
|
(10 | ) | (9 | ) | (23 | ) | (19 | ) | |||||||
Total
other income
|
13 | 11 | 38 | 34 | |||||||||||
Interest
Charges
|
113 | 110 | 331 | 316 | |||||||||||
Income
Before Income Taxes, Minority Interest
|
|||||||||||||||
and
Preferred Dividends of Subsidiaries
|
328 | 383 | 900 | 817 | |||||||||||
Income
Taxes
|
113 | 130 | 319 | 279 | |||||||||||
Income
Before Minority Interest and Preferred
|
|||||||||||||||
Dividends
of Subsidiaries
|
215 | 253 | 581 | 538 | |||||||||||
Minority
Interest and Preferred Dividends of Subsidiaries
|
11 | 9 | 33 | 28 | |||||||||||
Net
Income
|
$ | 204 | $ | 244 | $ | 548 | $ | 510 | |||||||
Earnings
per Common Share – Basic and Diluted
|
$ | 0.97 | $ | 1.18 | $ | 2.61 | $ | 2.46 | |||||||
Dividends
per Common Share
|
$ | 0.635 | $ | 0.635 | $ | 1.905 | $ | 1.905 | |||||||
Average
Common Shares Outstanding
|
210.3 | 207.6 | 209.5 | 207.1 |
AMEREN
CORPORATION
|
|||||||
CONSOLIDATED
BALANCE SHEET
|
|||||||
(Unaudited)
(In millions, except per share amounts)
|
|||||||
September
30,
|
December
31,
|
||||||
2008
|
2007
|
||||||
ASSETS
|
|||||||
Current
Assets:
|
|||||||
Cash
and cash equivalents
|
$ | 206 | $ | 355 | |||
Accounts
receivable – trade (less allowance for doubtful
|
|||||||
accounts
of $24 and $22, respectively)
|
506 | 570 | |||||
Unbilled
revenue
|
262 | 359 | |||||
Miscellaneous
accounts and notes receivable
|
291 | 280 | |||||
Materials
and supplies
|
956 | 735 | |||||
Other
current assets
|
326 | 181 | |||||
Total
current assets
|
2,547 | 2,480 | |||||
Property
and Plant, Net
|
15,977 | 15,069 | |||||
Investments
and Other Assets:
|
|||||||
Nuclear
decommissioning trust fund
|
269 | 307 | |||||
Goodwill
|
831 | 831 | |||||
Intangible
assets
|
167 | 198 | |||||
Regulatory
assets
|
1,122 | 1,158 | |||||
Other
assets
|
566 | 685 | |||||
Total
investments and other assets
|
2,955 | 3,179 | |||||
TOTAL
ASSETS
|
$ | 21,479 | $ | 20,728 | |||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
Current
Liabilities:
|
|||||||
Current
maturities of long-term debt
|
$ | 269 | $ | 221 | |||
Short-term
debt
|
1,407 | 1,472 | |||||
Accounts
and wages payable
|
509 | 687 | |||||
Taxes
accrued
|
128 | 84 | |||||
Other
current liabilities
|
605 | 438 | |||||
Total
current liabilities
|
2,918 | 2,902 | |||||
Long-term
Debt, Net
|
6,143 | 5,691 | |||||
Preferred
Stock of Subsidiary Subject to Mandatory Redemption
|
- | 16 | |||||
Deferred
Credits and Other Liabilities:
|
|||||||
Accumulated
deferred income taxes, net
|
2,072 | 2,046 | |||||
Accumulated
deferred investment tax credits
|
102 | 109 | |||||
Regulatory
liabilities
|
1,291 | 1,240 | |||||
Asset
retirement obligations
|
583 | 562 | |||||
Accrued
pension and other postretirement benefits
|
741 | 839 | |||||
Other
deferred credits and liabilities
|
367 | 354 | |||||
Total
deferred credits and other liabilities
|
5,156 | 5,150 | |||||
Preferred
Stock of Subsidiaries Not Subject to Mandatory Redemption
|
195 | 195 | |||||
Minority
Interest in Consolidated Subsidiaries
|
24 | 22 | |||||
Commitments
and Contingencies (Notes 2, 8, 9 and 10)
|
|||||||
Stockholders'
Equity:
|
|||||||
Common
stock, $.01 par value, 400.0 shares authorized –
|
|||||||
shares
outstanding of 210.9 and 208.3, respectively
|
2 | 2 | |||||
Other
paid-in capital, principally premium on common stock
|
4,731 | 4,604 | |||||
Retained
earnings
|
2,259 | 2,110 | |||||
Accumulated
other comprehensive income
|
51 | 36 | |||||
Total
stockholders’ equity
|
7,043 | 6,752 | |||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 21,479 | $ | 20,728 |
AMEREN
CORPORATION
|
|||||||
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
|||||||
(Unaudited)
(In millions)
|
|||||||
Nine
Months Ended
|
|||||||
September
30,
|
|||||||
2008
|
2007
|
||||||
Cash
Flows From Operating Activities:
|
|||||||
Net
income
|
$ | 548 | $ | 510 | |||
Adjustments
to reconcile net income to net cash
|
|||||||
provided
by operating activities:
|
|||||||
Gain
on sales of emission allowances
|
(2 | ) | (7 | ) | |||
Net
mark-to-market gain on derivatives
|
(42 | ) | (7 | ) | |||
Depreciation
and amortization
|
549 | 557 | |||||
Amortization
of nuclear fuel
|
31 | 26 | |||||
Amortization
of debt issuance costs and premium/discounts
|
14 | 14 | |||||
Deferred
income taxes and investment tax credits, net
|
130 | 18 | |||||
Minority
interest
|
25 | 20 | |||||
Other
|
(2 | ) | 10 | ||||
Changes
in assets and liabilities:
|
|||||||
Receivables
|
144 | (220 | ) | ||||
Materials
and supplies
|
(216 | ) | (110 | ) | |||
Accounts
and wages payable
|
(100 | ) | (113 | ) | |||
Taxes
accrued, net
|
44 | 75 | |||||
Assets,
other
|
46 | 58 | |||||
Liabilities,
other
|
142 | 151 | |||||
Pension
and other postretirement benefit obligations
|
2 | 67 | |||||
Counterparty
collateral asset
|
(2 | ) | (71 | ) | |||
Counterparty
collateral liability
|
2 | - | |||||
Taum
Sauk insurance receivable, net
|
(68 | ) | (58 | ) | |||
Net
cash provided by operating activities
|
1,245 | 920 | |||||
Cash
Flows From Investing Activities:
|
|||||||
Capital
expenditures
|
(1,316 | ) | (1,035 | ) | |||
Nuclear
fuel expenditures
|
(161 | ) | (39 | ) | |||
Purchases
of securities – nuclear decommissioning trust fund
|
(386 | ) | (110 | ) | |||
Sales
of securities – nuclear decommissioning trust fund
|
360 | 98 | |||||
Purchases
of emission allowances
|
(2 | ) | (12 | ) | |||
Sales
of emission allowances
|
2 | 5 | |||||
Other
|
2 | - | |||||
Net
cash used in investing activities
|
(1,501 | ) | (1,093 | ) | |||
Cash
Flows From Financing Activities:
|
|||||||
Dividends
on common stock
|
(399 | ) | (395 | ) | |||
Capital
issuance costs
|
(9 | ) | (3 | ) | |||
Short-term
debt, net
|
(65 | ) | 590 | ||||
Dividends
paid to minority interest holder
|
(23 | ) | (16 | ) | |||
Redemptions,
repurchases, and maturities:
|
|||||||
Long-term
debt
|
(823 | ) | (465 | ) | |||
Preferred
stock
|
(16 | ) | (1 | ) | |||
Issuances:
|
|||||||
Common
stock
|
107 | 71 | |||||
Long-term
debt
|
1,335 | 425 | |||||
Net
cash provided by financing activities
|
107 | 206 | |||||
Net
change in cash and cash equivalents
|
(149 | ) | 33 | ||||
Cash
and cash equivalents at beginning of year
|
355 | 137 | |||||
Cash
and cash equivalents at end of period
|
$ | 206 | $ | 170 |
UNION
ELECTRIC COMPANY
|
|||||||||||||||
CONSOLIDATED
STATEMENT OF INCOME
|
|||||||||||||||
(Unaudited)
(In millions)
|
|||||||||||||||
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
||||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||||
Operating
Revenues:
|
|||||||||||||||
Electric
- excluding off-system
|
$ | 742 | $ | 835 | $ | 1,821 | $ | 1,865 | |||||||
Electric
- off-system
|
111 | 92 | 409 | 303 | |||||||||||
Gas
|
21 | 18 | 139 | 123 | |||||||||||
Other
|
1 | - | 1 | 1 | |||||||||||
Total
operating revenues
|
875 | 945 | 2,370 | 2,292 | |||||||||||
Operating
Expenses:
|
|||||||||||||||
Fuel
|
238 | 179 | 489 | 447 | |||||||||||
Purchased
power
|
45 | 71 | 135 | 140 | |||||||||||
Gas
purchased for resale
|
11 | 9 | 84 | 73 | |||||||||||
Other
operations and maintenance
|
234 | 218 | 689 | 667 | |||||||||||
Depreciation
and amortization
|
83 | 81 | 246 | 252 | |||||||||||
Taxes
other than income taxes
|
69 | 70 | 189 | 187 | |||||||||||
Total
operating expenses
|
680 | 628 | 1,832 | 1,766 | |||||||||||
Operating
Income
|
195 | 317 | 538 | 526 | |||||||||||
Other
Income and Expenses:
|
|||||||||||||||
Miscellaneous
income
|
17 | 9 | 46 | 28 | |||||||||||
Miscellaneous
expense
|
(2 | ) | (5 | ) | (6 | ) | (9 | ) | |||||||
Total
other income
|
15 | 4 | 40 | 19 | |||||||||||
Interest
Charges
|
51 | 49 | 142 | 146 | |||||||||||
Income
Before Income Taxes and Equity
|
|||||||||||||||
in
Income of Unconsolidated Investment
|
159 | 272 | 436 | 399 | |||||||||||
Income
Taxes
|
60 | 93 | 160 | 132 | |||||||||||
Income
Before Equity in Income
|
|||||||||||||||
of
Unconsolidated Investment
|
99 | 179 | 276 | 267 | |||||||||||
Equity
in Income of Unconsolidated Investment, Net of Taxes
|
- | 14 | 11 | 40 | |||||||||||
Net
Income
|
99 | 193 | 287 | 307 | |||||||||||
Preferred
Stock Dividends
|
1 | 1 | 4 | 4 | |||||||||||
Net
Income Available to Common Stockholder
|
$ | 98 | $ | 192 | $ | 283 | $ | 303 |
UNION
ELECTRIC COMPANY
|
|||||||
CONSOLIDATED
BALANCE SHEET
|
|||||||
(Unaudited)
(In millions, except per share amounts)
|
|||||||
September
30,
|
December
31,
|
||||||
2008
|
2007
|
||||||
ASSETS
|
|||||||
Current
Assets:
|
|||||||
Cash
and cash equivalents
|
$ | - | $ | 185 | |||
Accounts
receivable – trade (less allowance for doubtful
|
|||||||
accounts
of $7 and $6, respectively)
|
193 | 191 | |||||
Unbilled
revenue
|
102 | 118 | |||||
Miscellaneous
accounts and notes receivable
|
228 | 213 | |||||
Advances
to money pool
|
- | 15 | |||||
Accounts
receivable – affiliates
|
6 | 90 | |||||
Materials
and supplies
|
351 | 301 | |||||
Other
current assets
|
76 | 50 | |||||
Total
current assets
|
956 | 1,163 | |||||
Property
and Plant, Net
|
8,682 | 8,189 | |||||
Investments
and Other Assets:
|
|||||||
Nuclear
decommissioning trust fund
|
269 | 307 | |||||
Intercompany
note receivable – affiliate
|
30 | - | |||||
Intangible
assets
|
50 | 56 | |||||
Regulatory
assets
|
696 | 697 | |||||
Other
assets
|
354 | 491 | |||||
Total
investments and other assets
|
1,399 | 1,551 | |||||
TOTAL
ASSETS
|
$ | 11,037 | $ | 10,903 | |||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
Current
Liabilities:
|
|||||||
Current
maturities of long-term debt
|
$ | 4 | $ | 152 | |||
Short-term
debt
|
- | 82 | |||||
Intercompany
note payable – Ameren
|
17 | - | |||||
Accounts
and wages payable
|
160 | 315 | |||||
Accounts
payable – affiliates
|
104 | 212 | |||||
Taxes
accrued
|
138 | 78 | |||||
Accrued
interest
|
75 | 47 | |||||
Taum
Sauk pumped-storage hydroelectric facility liability
|
28 | 103 | |||||
Other
current liabilities
|
79 | 59 | |||||
Total
current liabilities
|
605 | 1,048 | |||||
Long-term
Debt, Net
|
3,677 | 3,208 | |||||
Deferred
Credits and Other Liabilities:
|
|||||||
Accumulated
deferred income taxes, net
|
1,336 | 1,273 | |||||
Accumulated
deferred investment tax credits
|
81 | 85 | |||||
Regulatory
liabilities
|
903 | 865 | |||||
Asset
retirement obligations
|
495 | 476 | |||||
Accrued
pension and other postretirement benefits
|
229 | 297 | |||||
Other
deferred credits and liabilities
|
46 | 50 | |||||
Total
deferred credits and other liabilities
|
3,090 | 3,046 | |||||
Commitments
and Contingencies (Notes 2, 8, 9 and 10)
|
|||||||
Stockholders'
Equity:
|
|||||||
Common
stock, $5 par value, 150.0 shares authorized – 102.1 shares
outstanding
|
511 | 511 | |||||
Preferred
stock not subject to mandatory redemption
|
113 | 113 | |||||
Other
paid-in capital, principally premium on common stock
|
1,119 | 1,119 | |||||
Retained
earnings
|
1,903 | 1,855 | |||||
Accumulated
other comprehensive income
|
19 | 3 | |||||
Total
stockholders' equity
|
3,665 | 3,601 | |||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 11,037 | $ | 10,903 |
UNION
ELECTRIC COMPANY
|
|||||||
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
|||||||
(Unaudited)
(In millions)
|
|||||||
Nine
Months Ended
|
|||||||
September
30,
|
|||||||
2008
|
2007
|
||||||
Cash
Flows From Operating Activities:
|
|||||||
Net
income
|
$ | 287 | $ | 307 | |||
Adjustments
to reconcile net income to net cash
|
|||||||
provided
by operating activities:
|
|||||||
Gain
on sales of emission allowances
|
(1 | ) | (5 | ) | |||
Net
mark-to-market gain on derivatives
|
(10 | ) | (1 | ) | |||
Depreciation
and amortization
|
246 | 252 | |||||
Amortization
of nuclear fuel
|
31 | 26 | |||||
Amortization
of debt issuance costs and premium/discounts
|
5 | 4 | |||||
Deferred
income taxes and investment tax credits, net
|
57 | 19 | |||||
Other
|
(19 | ) | 1 | ||||
Changes
in assets and liabilities:
|
|||||||
Receivables
|
79 | (82 | ) | ||||
Materials
and supplies
|
(45 | ) | (49 | ) | |||
Accounts
and wages payable
|
(226 | ) | (97 | ) | |||
Taxes
accrued, net
|
57 | 140 | |||||
Assets,
other
|
97 | 61 | |||||
Liabilities,
other
|
55 | (26 | ) | ||||
Pension
and other postretirement benefit obligations
|
10 | 27 | |||||
Taum
Sauk insurance receivable, net
|
(68 | ) | (58 | ) | |||
Net
cash provided by operating activities
|
555 | 519 | |||||
Cash
Flows From Investing Activities:
|
|||||||
Capital
expenditures
|
(614 | ) | (493 | ) | |||
Nuclear
fuel expenditures
|
(161 | ) | (39 | ) | |||
Changes
in money pool advances
|
- | 5 | |||||
Proceeds
from intercompany note receivable
|
6 | - | |||||
Purchases
of securities – nuclear decommissioning trust fund
|
(386 | ) | (110 | ) | |||
Sales
of securities – nuclear decommissioning trust fund
|
360 | 98 | |||||
Sales
of emission allowances
|
1 | 4 | |||||
Net
cash used in investing activities
|
(794 | ) | (535 | ) | |||
Cash
Flows From Financing Activities:
|
|||||||
Dividends
on common stock
|
(193 | ) | (246 | ) | |||
Dividends
on preferred stock
|
(4 | ) | (4 | ) | |||
Capital
issuance costs
|
(5 | ) | (3 | ) | |||
Short-term
debt, net
|
(82 | ) | (142 | ) | |||
Intercompany
note payable – Ameren, net
|
17 | (20 | ) | ||||
Redemptions,
repurchases, and maturities of long-term debt
|
(378 | ) | - | ||||
Issuances
of long-term debt
|
699 | 425 | |||||
Capital
contribution from parent
|
- | 5 | |||||
Net
cash provided by financing activities
|
54 | 15 | |||||
Net
change in cash and cash equivalents
|
(185 | ) | (1 | ) | |||
Cash
and cash equivalents at beginning of year
|
185 | 1 | |||||
Cash
and cash equivalents at end of period
|
$ | - | $ | - | |||
CENTRAL
ILLINOIS PUBLIC SERVICE COMPANY
|
|||||||||||||||
STATEMENT
OF INCOME
|
|||||||||||||||
(Unaudited)
(In millions)
|
|||||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||||
September
30,
|
September
30,
|
||||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||||
Operating
Revenues:
|
|||||||||||||||
Electric
|
$ | 190 | $ | 201 | $ | 539 | $ | 605 | |||||||
Gas
|
25 | 22 | 173 | 159 | |||||||||||
Other
|
2 | 1 | 2 | 3 | |||||||||||
Total
operating revenues
|
217 | 224 | 714 | 767 | |||||||||||
Operating
Expenses:
|
|||||||||||||||
Purchased
power
|
117 | 142 | 348 | 416 | |||||||||||
Gas
purchased for resale
|
13 | 12 | 117 | 107 | |||||||||||
Other
operations and maintenance
|
49 | 40 | 147 | 124 | |||||||||||
Depreciation
and amortization
|
16 | 16 | 50 | 49 | |||||||||||
Taxes
other than income taxes
|
8 | 6 | 27 | 24 | |||||||||||
Total
operating expenses
|
203 | 216 | 689 | 720 | |||||||||||
Operating
Income
|
14 | 8 | 25 | 47 | |||||||||||
Other
Income and Expenses:
|
|||||||||||||||
Miscellaneous
income
|
3 | 5 | 9 | 13 | |||||||||||
Miscellaneous
expense
|
- | (1 | ) | (2 | ) | (2 | ) | ||||||||
Total
other income
|
3 | 4 | 7 | 11 | |||||||||||
Interest
Charges
|
8 | 10 | 23 | 28 | |||||||||||
Income
Before Income Taxes
|
9 | 2 | 9 | 30 | |||||||||||
Income
Taxes
|
2 | 1 | 2 | 11 | |||||||||||
Net
Income
|
7 | 1 | 7 | 19 | |||||||||||
Preferred
Stock Dividends
|
1 | 1 | 2 | 2 | |||||||||||
Net
Income Available to Common Stockholder
|
$ | 6 | $ | - | $ | 5 | $ | 17 |
CENTRAL
ILLINOIS PUBLIC SERVICE COMPANY
|
|||||||
BALANCE
SHEET
|
|||||||
(Unaudited)
(In millions)
|
|||||||
September
30,
|
December
31,
|
||||||
2008
|
2007
|
||||||
ASSETS
|
|||||||
Current
Assets:
|
|||||||
Cash
and cash equivalents
|
$ | 14 | $ | 26 | |||
Accounts
receivable – trade (less allowance for doubtful
|
|||||||
accounts
of $5 and $5, respectively)
|
64 | 62 | |||||
Unbilled
revenue
|
30 | 66 | |||||
Miscellaneous
accounts and notes receivable
|
19 | 19 | |||||
Accounts
receivable – affiliates
|
19 | 9 | |||||
Current
portion of intercompany note receivable – Genco
|
42 | 39 | |||||
Current
portion of intercompany tax receivable – Genco
|
9 | 9 | |||||
Materials
and supplies
|
91 | 66 | |||||
Other
current assets
|
32 | 16 | |||||
Total
current assets
|
320 | 312 | |||||
Property
and Plant, Net
|
1,194 | 1,174 | |||||
Investments
and Other Assets:
|
|||||||
Intercompany
note receivable – Genco
|
45 | 87 | |||||
Intercompany
tax receivable – Genco
|
97 | 105 | |||||
Regulatory
assets
|
92 | 113 | |||||
Other
assets
|
12 | 69 | |||||
Total
investments and other assets
|
246 | 374 | |||||
TOTAL
ASSETS
|
$ | 1,760 | $ | 1,860 | |||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
Current
Liabilities:
|
|||||||
Current
maturities of long-term debt
|
$ | 15 | $ | 15 | |||
Short-term
debt
|
96 | 125 | |||||
Accounts
and wages payable
|
39 | 44 | |||||
Accounts
payable – affiliates
|
19 | 19 | |||||
Taxes
accrued
|
11 | 8 | |||||
Customer
deposits
|
16 | 16 | |||||
Mark-to-market
derivative liability
|
9 | 1 | |||||
Mark-to-market
derivative liability with affiliate
|
10 | - | |||||
Other
current liabilities
|
39 | 30 | |||||
Total
current liabilities
|
254 | 258 | |||||
Long-term
Debt, Net
|
421 | 456 | |||||
Deferred
Credits and Other Liabilities:
|
|||||||
Accumulated
deferred income taxes and investment tax credits, net
|
260 | 269 | |||||
Regulatory
liabilities
|
238 | 265 | |||||
Accrued
pension and other postretirement benefits
|
37 | 67 | |||||
Other
deferred credits and liabilities
|
28 | 28 | |||||
Total
deferred credits and other liabilities
|
563 | 629 | |||||
Commitments
and Contingencies (Notes 2, 8, and 9)
|
|||||||
Stockholders'
Equity:
|
|||||||
Common
stock, no par value, 45.0 shares authorized – 25.5 shares
outstanding
|
- | - | |||||
Other
paid-in capital
|
191 | 191 | |||||
Preferred
stock not subject to mandatory redemption
|
50 | 50 | |||||
Retained
earnings
|
281 | 276 | |||||
Total
stockholders' equity
|
522 | 517 | |||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 1,760 | $ | 1,860 |
CENTRAL
ILLINOIS PUBLIC SERVICE COMPANY
|
|||||||
STATEMENT
OF CASH FLOWS
|
|||||||
(Unaudited)
(In millions)
|
|||||||
Nine
Months Ended
|
|||||||
September
30,
|
|||||||
2008
|
2007
|
||||||
Cash
Flows From Operating Activities:
|
|||||||
Net
income
|
$ | 7 | $ | 19 | |||
Adjustments
to reconcile net income to net cash
|
|||||||
provided
by operating activities:
|
|||||||
Depreciation
and amortization
|
50 | 49 | |||||
Amortization
of debt issuance costs and premium/discounts
|
1 | 1 | |||||
Deferred
income taxes and investment tax credits, net
|
(2 | ) | (13 | ) | |||
Changes
in assets and liabilities:
|
|||||||
Receivables
|
32 | (36 | ) | ||||
Materials
and supplies
|
(25 | ) | (7 | ) | |||
Accounts
and wages payable
|
(6 | ) | (27 | ) | |||
Taxes
accrued, net
|
3 | (6 | ) | ||||
Assets,
other
|
19 | (8 | ) | ||||
Liabilities,
other
|
- | 34 | |||||
Pension
and other postretirement benefit obligations
|
1 | 5 | |||||
Net
cash provided by operating activities
|
80 | 11 | |||||
Cash
Flows From Investing Activities:
|
|||||||
Capital
expenditures
|
(65 | ) | (58 | ) | |||
Proceeds
from intercompany note receivable – Genco
|
39 | 37 | |||||
Changes
in money pool advances
|
- | (94 | ) | ||||
Net
cash used in investing activities
|
(26 | ) | (115 | ) | |||
Cash
Flows From Financing Activities:
|
|||||||
Dividends
on preferred stock
|
(2 | ) | (2 | ) | |||
Short-term
debt, net
|
(29 | ) | 100 | ||||
Redemptions,
repurchases, and maturities of long-term debt
|
(35 | ) | - | ||||
Capital
contribution from parent
|
- | 1 | |||||
Net
cash provided by (used in) financing activities
|
(66 | ) | 99 | ||||
Net
change in cash and cash equivalents
|
(12 | ) | (5 | ) | |||
Cash
and cash equivalents at beginning of year
|
26 | 6 | |||||
Cash
and cash equivalents at end of period
|
$ | 14 | $ | 1 |
AMEREN
ENERGY GENERATING COMPANY
|
|||||||||||||||
CONSOLIDATED
STATEMENT OF INCOME
|
|||||||||||||||
(Unaudited)
(In millions)
|
|||||||||||||||
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
||||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||||
Operating
Revenues
|
$ | 238 | $ | 221 | $ | 667 | $ | 652 | |||||||
Operating
Expenses:
|
|||||||||||||||
Fuel
|
131 | 102 | 268 | 257 | |||||||||||
Coal
contract settlement
|
- | - | (60 | ) | - | ||||||||||
Purchased
power
|
- | 1 | - | 25 | |||||||||||
Other
operations and maintenance
|
40 | 39 | 133 | 122 | |||||||||||
Depreciation
and amortization
|
16 | 18 | 48 | 54 | |||||||||||
Taxes
other than income taxes
|
5 | 5 | 16 | 15 | |||||||||||
Total
operating expenses
|
192 | 165 | 405 | 473 | |||||||||||
Operating
Income
|
46 | 56 | 262 | 177 | |||||||||||
Other
Income and Expenses:
|
|||||||||||||||
Miscellaneous
income
|
- | - | 1 | - | |||||||||||
Miscellaneous
expense
|
(1 | ) | - | (1 | ) | - | |||||||||
Total
other expenses
|
(1 | ) | - | - | - | ||||||||||
Interest
Charges
|
14 | 15 | 40 | 43 | |||||||||||
Income
Before Income Taxes
|
31 | 41 | 222 | 136 | |||||||||||
Income
Taxes
|
11 | 16 | 82 | 52 | |||||||||||
Net
Income
|
$ | 20 | $ | 25 | $ | 140 | $ | 84 |
AMEREN
ENERGY GENERATING COMPANY
|
|||||||
CONSOLIDATED
BALANCE SHEET
|
|||||||
(Unaudited)
(In millions, except shares)
|
|||||||
September
30,
|
December
31,
|
||||||
2008
|
2007
|
||||||
ASSETS
|
|||||||
Current
Assets:
|
|||||||
Cash
and cash equivalents
|
$ | 2 | $ | 2 | |||
Accounts
receivable – affiliates
|
82 | 93 | |||||
Miscellaneous
accounts and notes receivable
|
8 | 12 | |||||
Advances
to money pool
|
13 | - | |||||
Materials
and supplies
|
122 | 93 | |||||
Other
current assets
|
6 | 4 | |||||
Total
current assets
|
233 | 204 | |||||
Property
and Plant, Net
|
1,830 | 1,683 | |||||
Intangible
Assets
|
45 | 63 | |||||
Other
Assets
|
8 | 18 | |||||
TOTAL
ASSETS
|
$ | 2,116 | $ | 1,968 | |||
LIABILITIES
AND STOCKHOLDER'S EQUITY
|
|||||||
Current
Liabilities:
|
|||||||
Short-term
debt
|
$ | - | $ | 100 | |||
Current
portion of intercompany note payable – CIPS
|
42 | 39 | |||||
Borrowings
from money pool
|
- | 54 | |||||
Accounts
and wages payable
|
35 | 61 | |||||
Accounts
payable – affiliates
|
55 | 57 | |||||
Current
portion of intercompany tax payable – CIPS
|
9 | 9 | |||||
Taxes
accrued
|
13 | 15 | |||||
Accrued
interest
|
27 | 5 | |||||
Deferred
taxes – current
|
14 | 7 | |||||
Other
current liabilities
|
15 | 18 | |||||
Total
current liabilities
|
210 | 365 | |||||
Long-term
Debt, Net
|
774 | 474 | |||||
Intercompany
Note Payable – CIPS
|
45 | 87 | |||||
Deferred
Credits and Other Liabilities:
|
|||||||
Accumulated
deferred income taxes, net
|
157 | 161 | |||||
Accumulated
deferred investment tax credits
|
7 | 7 | |||||
Intercompany
tax payable – CIPS
|
97 | 105 | |||||
Asset
retirement obligations
|
48 | 47 | |||||
Accrued
pension and other postretirement benefits
|
31 | 32 | |||||
Other
deferred credits and liabilities
|
45 | 42 | |||||
Total
deferred credits and other liabilities
|
385 | 394 | |||||
Commitments
and Contingencies (Notes 2, 8 and 9)
|
|||||||
Stockholder's
Equity:
|
|||||||
Common
stock, no par value, 10,000 shares authorized – 2,000 shares
outstanding
|
- | - | |||||
Other
paid-in capital
|
503 | 503 | |||||
Retained
earnings
|
223 | 167 | |||||
Accumulated
other comprehensive loss
|
(24 | ) | (22 | ) | |||
Total
stockholder's equity
|
702 | 648 | |||||
TOTAL
LIABILITIES AND STOCKHOLDER'S EQUITY
|
$ | 2,116 | $ | 1,968 |
AMEREN
ENERGY GENERATING COMPANY
|
|||||||
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
|||||||
(Unaudited)
(In millions)
|
|||||||
Nine
Months Ended
|
|||||||
September
30,
|
|||||||
2008
|
2007
|
||||||
Cash
Flows From Operating Activities:
|
|||||||
Net
income
|
$ | 140 | $ | 84 | |||
Adjustments
to reconcile net income to net cash
|
|||||||
provided
by operating activities:
|
|||||||
Gain
on sales of emission allowances
|
(1 | ) | (1 | ) | |||
Net
mark-to-market (gain) loss on derivatives
|
1 | (1 | ) | ||||
Depreciation
and amortization
|
68 | 79 | |||||
Deferred
income taxes and investment tax credits, net
|
14 | 28 | |||||
Other
|
- | (1 | ) | ||||
Changes
in assets and liabilities:
|
|||||||
Receivables
|
15 | (14 | ) | ||||
Materials
and supplies
|
(29 | ) | (1 | ) | |||
Accounts
and wages payable
|
(18 | ) | (12 | ) | |||
Taxes
accrued, net
|
(5 | ) | (7 | ) | |||
Assets,
other
|
12 | (11 | ) | ||||
Liabilities,
other
|
11 | 5 | |||||
Pension
and other postretirement obligations
|
1 | 5 | |||||
Net
cash provided by operating activities
|
209 | 153 | |||||
Cash
Flows From Investing Activities:
|
|||||||
Capital
expenditures
|
(216 | ) | (131 | ) | |||
Changes
in money pool advances
|
(13 | ) | - | ||||
Purchases
of emission allowances
|
(2 | ) | (7 | ) | |||
Sales
of emission allowances
|
1 | 1 | |||||
Net
cash used in investing activities
|
(230 | ) | (137 | ) | |||
Cash
Flows From Financing Activities:
|
|||||||
Dividends
on common stock
|
(84 | ) | (113 | ) | |||
Debt
issuance costs
|
(2 | ) | - | ||||
Short-term
debt, net
|
(100 | ) | 75 | ||||
Changes
in money pool borrowings
|
(54 | ) | (15 | ) | |||
Intercompany
note payable – CIPS
|
(39 | ) | (37 | ) | |||
Issuances
of long-term debt
|
300 | - | |||||
Capital
contribution from parent
|
- | 75 | |||||
Net
cash provided by (used in) financing activities
|
21 | (15 | ) | ||||
Net
change in cash and cash equivalents
|
- | 1 | |||||
Cash
and cash equivalents at beginning of year
|
2 | 1 | |||||
Cash
and cash equivalents at end of period
|
$ | 2 | $ | 2 |
CILCORP
INC.
|
|||||||||||||||
CONSOLIDATED
STATEMENT OF INCOME
|
|||||||||||||||
(Unaudited)
(In millions)
|
|||||||||||||||
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
||||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||||
Operating
Revenues:
|
|||||||||||||||
Electric
|
$ | 227 | $ | 175 | $ | 584 | $ | 520 | |||||||
Gas
|
37 | 36 | 257 | 231 | |||||||||||
Other
|
- | - | 1 | 1 | |||||||||||
Total
operating revenues
|
264 | 211 | 842 | 752 | |||||||||||
Operating
Expenses:
|
|||||||||||||||
Fuel
|
40 | 21 | 93 | 58 | |||||||||||
Purchased
power
|
84 | 80 | 225 | 221 | |||||||||||
Gas
purchased for resale
|
25 | 21 | 190 | 166 | |||||||||||
Other
operations and maintenance
|
47 | 46 | 140 | 130 | |||||||||||
Depreciation
and amortization
|
24 | 22 | 70 | 63 | |||||||||||
Taxes
other than income taxes
|
4 | 3 | 18 | 17 | |||||||||||
Total
operating expenses
|
224 | 193 | 736 | 655 | |||||||||||
Operating
Income
|
40 | 18 | 106 | 97 | |||||||||||
Other
Income and Expenses:
|
|||||||||||||||
Miscellaneous
income
|
1 | 2 | 2 | 4 | |||||||||||
Miscellaneous
expense
|
(2 | ) | (1 | ) | (4 | ) | (3 | ) | |||||||
Total
other income (expenses)
|
(1 | ) | 1 | (2 | ) | 1 | |||||||||
Interest
Charges
|
13 | 17 | 41 | 46 | |||||||||||
Income
Before Income Taxes and Preferred
|
|||||||||||||||
Dividends
of Subsidiaries
|
26 | 2 | 63 | 52 | |||||||||||
Income
Taxes
|
8 | 1 | 20 | 17 | |||||||||||
Income
Before Preferred Dividends of Subsidiaries
|
18 | 1 | 43 | 35 | |||||||||||
Preferred
Dividends of Subsidiaries
|
- | - | 1 | 1 | |||||||||||
Net
Income
|
$ | 18 | $ | 1 | $ | 42 | $ | 34 |
CILCORP
INC.
|
|||||||
CONSOLIDATED
BALANCE SHEET
|
|||||||
(Unaudited)
(In millions, except shares)
|
|||||||
September
30,
|
December
31,
|
||||||
2008
|
2007
|
||||||
ASSETS
|
|||||||
Current
Assets:
|
|||||||
Cash
and cash equivalents
|
$ | - | $ | 6 | |||
Accounts
receivable – trade (less allowance for doubtful
|
|||||||
accounts
of $2 and $2, respectively)
|
43 | 52 | |||||
Unbilled
revenue
|
26 | 54 | |||||
Accounts
receivable – affiliates
|
88 | 47 | |||||
Advances
to money pool
|
2 | 1 | |||||
Note
receivable – affiliates
|
1 | 1 | |||||
Materials
and supplies
|
156 | 110 | |||||
Income
tax receivable
|
- | 16 | |||||
Other
current assets
|
34 | 24 | |||||
Total
current assets
|
350 | 311 | |||||
Property
and Plant, Net
|
1,639 | 1,494 | |||||
Investments
and Other Assets:
|
|||||||
Goodwill
|
542 | 542 | |||||
Intangible
assets
|
36 | 41 | |||||
Regulatory
assets
|
39 | 32 | |||||
Other
assets
|
21 | 39 | |||||
Total
investments and other assets
|
638 | 654 | |||||
TOTAL
ASSETS
|
$ | 2,627 | $ | 2,459 | |||
LIABILITIES
AND STOCKHOLDER'S EQUITY
|
|||||||
Current
Liabilities:
|
|||||||
Short-term
debt
|
$ | 432 | $ | 520 | |||
Borrowings
from money pool, net
|
171 | - | |||||
Intercompany
note payable – Ameren
|
63 | 2 | |||||
Accounts
and wages payable
|
68 | 75 | |||||
Accounts
payable – affiliates
|
38 | 34 | |||||
Taxes
accrued
|
5 | 3 | |||||
Other
current liabilities
|
79 | 54 | |||||
Total
current liabilities
|
856 | 688 | |||||
Long-term
Debt, Net
|
513 | 537 | |||||
Preferred
Stock of Subsidiary Subject to Mandatory Redemption
|
- | 16 | |||||
Deferred
Credits and Other Liabilities:
|
|||||||
Accumulated
deferred income taxes, net
|
203 | 193 | |||||
Accumulated
deferred investment tax credits
|
5 | 6 | |||||
Regulatory
liabilities
|
86 | 92 | |||||
Accrued
pension and other postretirement benefits
|
112 | 127 | |||||
Other
deferred credits and liabilities
|
74 | 66 | |||||
Total
deferred credits and other liabilities
|
480 | 484 | |||||
Preferred
Stock of Subsidiary Not Subject to Mandatory Redemption
|
19 | 19 | |||||
Commitments
and Contingencies (Notes 2, 8 and 9)
|
|||||||
Stockholder's
Equity:
|
|||||||
Common
stock, no par value, 10,000 shares authorized – 1,000 shares
outstanding
|
- | - | |||||
Other
paid-in capital
|
627 | 627 | |||||
Retained
earnings
|
100 | 58 | |||||
Accumulated
other comprehensive income
|
32 | 30 | |||||
Total
stockholder's equity
|
759 | 715 | |||||
TOTAL
LIABILITIES AND STOCKHOLDER'S EQUITY
|
$ | 2,627 | $ | 2,459 |
CILCORP
INC.
|
|||||||
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
|||||||
(Unaudited)
(In millions)
|
|||||||
Nine
Months Ended
|
|||||||
September
30,
|
|||||||
2008
|
2007
|
||||||
Cash
Flows From Operating Activities:
|
|||||||
Net
income
|
$ | 42 | $ | 34 | |||
Adjustments
to reconcile net income to net cash
|
|||||||
provided
by operating activities:
|
|||||||
Net
mark-to-market loss on derivatives
|
3 | - | |||||
Depreciation
and amortization
|
71 | 65 | |||||
Amortization
of debt issuance costs and premium/discounts
|
- | 1 | |||||
Deferred
income taxes and investment tax credits
|
30 | 2 | |||||
Changes
in assets and liabilities:
|
|||||||
Receivables
|
(3 | ) | (38 | ) | |||
Materials
and supplies
|
(46 | ) | (18 | ) | |||
Accounts
and wages payable
|
16 | (29 | ) | ||||
Taxes
accrued, net
|
11 | (3 | ) | ||||
Assets,
other
|
(14 | ) | (16 | ) | |||
Liabilities,
other
|
6 | 22 | |||||
Pension
and postretirement benefit obligations
|
(9 | ) | - | ||||
Net
cash provided by operating activities
|
107 | 20 | |||||
Cash
Flows From Investing Activities:
|
|||||||
Capital
expenditures
|
(223 | ) | (183 | ) | |||
Changes
in money pool advances
|
(1 | ) | 42 | ||||
Other
|
2 | - | |||||
Net
cash used in investing activities
|
(222 | ) | (141 | ) | |||
Cash
Flows From Financing Activities:
|
|||||||
Short-term
debt, net
|
(88 | ) | 325 | ||||
Changes
in money pool borrowings
|
171 | - | |||||
Intercompany
note payable – Ameren, net
|
61 | (73 | ) | ||||
Redemptions,
repurchases, and maturities of:
|
|||||||
Long-term
debt
|
(19 | ) | (50 | ) | |||
Preferred
stock
|
(16 | ) | (1 | ) | |||
Net
cash provided by financing activities
|
109 | 201 | |||||
Net
change in cash and cash equivalents
|
(6 | ) | 80 | ||||
Cash
and cash equivalents at beginning of year
|
6 | 4 | |||||
Cash
and cash equivalents at end of period
|
$ | - | $ | 84 |
CENTRAL
ILLINOIS LIGHT COMPANY
|
|||||||||||||||
CONSOLIDATED
STATEMENT OF INCOME
|
|||||||||||||||
(Unaudited)
(In millions)
|
|||||||||||||||
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
||||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||||
Operating
Revenues:
|
|||||||||||||||
Electric
|
$ | 227 | $ | 175 | $ | 584 | $ | 520 | |||||||
Gas
|
37 | 36 | 257 | 231 | |||||||||||
Other
|
- | - | 1 | 1 | |||||||||||
Total
operating revenues
|
264 | 211 | 842 | 752 | |||||||||||
Operating
Expenses:
|
|||||||||||||||
Fuel
|
39 | 18 | 89 | 52 | |||||||||||
Purchased
power
|
84 | 80 | 225 | 221 | |||||||||||
Gas
purchased for resale
|
25 | 21 | 190 | 166 | |||||||||||
Other
operations and maintenance
|
48 | 46 | 145 | 133 | |||||||||||
Depreciation
and amortization
|
21 | 18 | 62 | 54 | |||||||||||
Taxes
other than income taxes
|
4 | 4 | 18 | 17 | |||||||||||
Total
operating expenses
|
221 | 187 | 729 | 643 | |||||||||||
Operating
Income
|
43 | 24 | 113 | 109 | |||||||||||
Other
Income and Expenses:
|
|||||||||||||||
Miscellaneous
income
|
1 | 2 | 2 | 4 | |||||||||||
Miscellaneous
expense
|
(2 | ) | (1 | ) | (3 | ) | (3 | ) | |||||||
Total
other income (expenses)
|
(1 | ) | 1 | (1 | ) | 1 | |||||||||
Interest
Charges
|
5 | 8 | 16 | 19 | |||||||||||
Income
Before Income Taxes
|
37 | 17 | 96 | 91 | |||||||||||
Income
Taxes
|
13 | 7 | 34 | 33 | |||||||||||
Net
Income
|
24 | 10 | 62 | 58 | |||||||||||
Preferred
Stock Dividends
|
- | - | 1 | 1 | |||||||||||
Net
Income Available To Common Stockholder
|
$ | 24 | $ | 10 | $ | 61 | $ | 57 |
CENTRAL
ILLINOIS LIGHT COMPANY
|
|||||||
CONSOLIDATED
BALANCE SHEET
|
|||||||
(Unaudited)
(In millions)
|
|||||||
September
30,
|
December
31
|
||||||
2008
|
2007
|
||||||
ASSETS
|
|||||||
Current
Assets:
|
|||||||
Cash
and cash equivalents
|
$ | - | $ | 6 | |||
Accounts
receivable – trade (less allowance for doubtful
|
|||||||
accounts
of $2 and $2, respectively)
|
43 | 52 | |||||
Unbilled
revenue
|
26 | 54 | |||||
Accounts
receivable – affiliates
|
86 | 45 | |||||
Materials
and supplies
|
156 | 110 | |||||
Other
current assets
|
34 | 27 | |||||
Total
current assets
|
345 | 294 | |||||
Property
and Plant, Net
|
1,638 | 1,492 | |||||
Investments
and Other Assets:
|
|||||||
Intangible
assets
|
1 | 1 | |||||
Regulatory
assets
|
39 | 32 | |||||
Other
assets
|
25 | 43 | |||||
Total
investments and other assets
|
65 | 76 | |||||
TOTAL
ASSETS
|
$ | 2,048 | $ | 1,862 | |||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
Current
Liabilities:
|
|||||||
Short-term
debt
|
$ | 305 | $ | 345 | |||
Borrowings
from money pool
|
171 | - | |||||
Accounts
and wages payable
|
68 | 75 | |||||
Accounts
payable – affiliates
|
37 | 34 | |||||
Taxes
accrued
|
10 | 3 | |||||
Other
current liabilities
|
62 | 45 | |||||
Total
current liabilities
|
653 | 502 | |||||
Long-term
Debt, Net
|
129 | 148 | |||||
Preferred
Stock Subject to Mandatory Redemption
|
- | 16 | |||||
Deferred
Credits and Other Liabilities:
|
|||||||
Accumulated
deferred income taxes, net
|
176 | 155 | |||||
Accumulated
deferred investment tax credits
|
5 | 6 | |||||
Regulatory
liabilities
|
212 | 220 | |||||
Accrued
pension and other postretirement benefits
|
112 | 127 | |||||
Other
deferred credits and liabilities
|
74 | 66 | |||||
Total
deferred credits and other liabilities
|
579 | 574 | |||||
Commitments
and Contingencies (Notes 2, 8 and 9)
|
|||||||
Stockholders'
Equity:
|
|||||||
Common
stock, no par value, 20.0 shares authorized – 13.6 shares
outstanding
|
- | - | |||||
Preferred
stock not subject to mandatory redemption
|
19 | 19 | |||||
Other
paid-in capital
|
429 | 429 | |||||
Retained
earnings
|
233 | 172 | |||||
Accumulated
other comprehensive income
|
6 | 2 | |||||
Total
stockholders' equity
|
687 | 622 | |||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 2,048 | $ | 1,862 |
CENTRAL
ILLINOIS LIGHT COMPANY
|
|||||||
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
|||||||
(Unaudited)
(In millions)
|
|||||||
Nine
Months Ended
|
|||||||
September
30,
|
|||||||
2008
|
2007
|
||||||
Cash
Flows From Operating Activities:
|
|||||||
Net
income
|
$ | 62 | $ | 58 | |||
Adjustments
to reconcile net income to net cash
|
|||||||
provided
by operating activities:
|
|||||||
Net
mark-to-market loss on derivatives
|
3 | - | |||||
Depreciation
and amortization
|
62 | 55 | |||||
Amortization
of debt issuance costs and premium/discounts
|
- | 1 | |||||
Deferred
income taxes and investment tax credits, net
|
30 | 4 | |||||
Changes
in assets and liabilities:
|
|||||||
Receivables
|
(3 | ) | (32 | ) | |||
Materials
and supplies
|
(46 | ) | (18 | ) | |||
Accounts
and wages payable
|
15 | (17 | ) | ||||
Taxes
accrued, net
|
14 | (3 | ) | ||||
Assets,
other
|
(16 | ) | (21 | ) | |||
Liabilities,
other
|
(2 | ) | 16 | ||||
Pension
and postretirement benefit obligations
|
1 | 5 | |||||
Net
cash provided by operating activities
|
120 | 48 | |||||
Cash
Flows From Investing Activities:
|
|||||||
Capital
expenditures
|
(223 | ) | (183 | ) | |||
Changes
in money pool advances
|
- | 42 | |||||
Other
|
2 | - | |||||
Net
cash used in investing activities
|
(221 | ) | (141 | ) | |||
Cash
Flows From Financing Activities:
|
|||||||
Dividends
on preferred stock
|
(1 | ) | (1 | ) | |||
Short-term
debt, net
|
(40 | ) | 200 | ||||
Changes
in money pool borrowings
|
171 | - | |||||
Redemptions,
repurchases, and maturities of:
|
|||||||
Long-term
debt
|
(19 | ) | (50 | ) | |||
Preferred
stock
|
(16 | ) | (1 | ) | |||
Capital
contribution from parent
|
- | 14 | |||||
Net
cash provided by financing activities
|
95 | 162 | |||||
Net
change in cash and cash equivalents
|
(6 | ) | 69 | ||||
Cash
and cash equivalents at beginning of year
|
6 | 3 | |||||
Cash
and cash equivalents at end of period
|
$ | - | $ | 72 |
ILLINOIS
POWER COMPANY
|
|||||||||||||||
CONSOLIDATED
STATEMENT OF INCOME
|
|||||||||||||||
(Unaudited)
(In millions)
|
|||||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||||
September
30,
|
September
30,
|
||||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||||
Operating
Revenues:
|
|||||||||||||||
Electric
|
$ | 303 | $ | 307 | $ | 799 | $ | 859 | |||||||
Gas
|
49 | 49 | 414 | 375 | |||||||||||
Other
|
1 | - | 3 | 2 | |||||||||||
Total
operating revenues
|
353 | 356 | 1,216 | 1,236 | |||||||||||
Operating
Expenses:
|
|||||||||||||||
Purchased
power
|
185 | 211 | 499 | 573 | |||||||||||
Gas
purchased for resale
|
22 | 26 | 298 | 267 | |||||||||||
Other
operations and maintenance
|
74 | 69 | 217 | 182 | |||||||||||
Depreciation
and amortization
|
26 | 25 | 77 | 75 | |||||||||||
Amortization
of regulatory assets
|
5 | 4 | 13 | 12 | |||||||||||
Taxes
other than income taxes
|
12 | 13 | 48 | 50 | |||||||||||
Total
operating expenses
|
324 | 348 | 1,152 | 1,159 | |||||||||||
Operating
Income
|
29 | 8 | 64 | 77 | |||||||||||
Other
Income and Expenses:
|
|||||||||||||||
Miscellaneous
income
|
3 | 4 | 9 | 9 | |||||||||||
Miscellaneous
expense
|
(2 | ) | (2 | ) | (5 | ) | (3 | ) | |||||||
Total
other income
|
1 | 2 | 4 | 6 | |||||||||||
Interest
Charges
|
22 | 19 | 72 | 55 | |||||||||||
Income
(Loss) Before Income Taxes (Benefit)
|
8 | (9 | ) | (4 | ) | 28 | |||||||||
Income
Taxes (Benefit)
|
3 | (5 | ) | (2 | ) | 10 | |||||||||
Net
Income (Loss)
|
5 | (4 | ) | (2 | ) | 18 | |||||||||
Preferred
Stock Dividends
|
1 | 1 | 2 | 2 | |||||||||||
Net
Income (Loss) Available to Common Stockholder
|
$ | 4 | $ | (5 | ) | $ | (4 | ) | $ | 16 |
ILLINOIS
POWER COMPANY
|
|||||||
CONSOLIDATED
BALANCE SHEET
|
|||||||
(Unaudited)
(In millions)
|
|||||||
September
30,
|
December
31,
|
||||||
2008
|
2007
|
||||||
ASSETS
|
|||||||
Current
Assets:
|
|||||||
Cash
and cash equivalents
|
$ | 12 | $ | 6 | |||
Accounts
receivable - trade (less allowance for doubtful
|
|||||||
accounts
of $9 and $9, respectively)
|
122 | 137 | |||||
Unbilled
revenue
|
59 | 118 | |||||
Accounts
receivable – affiliates
|
39 | 17 | |||||
Advances
to money pool
|
9 | - | |||||
Materials
and supplies
|
202 | 134 | |||||
Other
current assets
|
74 | 38 | |||||
Total
current assets
|
517 | 450 | |||||
Property
and Plant, Net
|
2,285 | 2,220 | |||||
Investments
and Other Assets:
|
|||||||
Investment
in IP SPT
|
11 | 10 | |||||
Goodwill
|
214 | 214 | |||||
Regulatory
assets
|
305 | 316 | |||||
Other
assets
|
46 | 109 | |||||
Total
investments and other assets
|
576 | 649 | |||||
TOTAL
ASSETS
|
$ | 3,378 | $ | 3,319 | |||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Current
Liabilities:
|
|||||||
Current
maturities of long-term debt
|
$ | 251 | $ | - | |||
Current
maturities of long-term debt payable to IP SPT
|
- | 54 | |||||
Short-term
debt
|
304 | 175 | |||||
Accounts
and wages payable
|
96 | 85 | |||||
Accounts
payable – affiliates
|
38 | 36 | |||||
Taxes
accrued
|
10 | 7 | |||||
Customer
deposits
|
49 | 40 | |||||
Other
current liabilities
|
109 | 40 | |||||
Total
current liabilities
|
857 | 437 | |||||
Long-term
Debt, Net
|
757 | 1,014 | |||||
Long-term
Debt to IP SPT
|
- | 2 | |||||
Deferred
Credits and Other Liabilities:
|
|||||||
Regulatory
liabilities
|
86 | 129 | |||||
Accrued
pension and other postretirement benefits
|
185 | 189 | |||||
Accumulated
deferred income taxes
|
137 | 148 | |||||
Other
deferred credits and liabilities
|
98 | 92 | |||||
Total
deferred credits and other liabilities
|
506 | 558 | |||||
Commitments
and Contingencies (Notes 2, 8 and 9)
|
|||||||
Stockholders'
Equity:
|
|||||||
Common
stock, no par value, 100.0 shares authorized – 23.0 shares
outstanding
|
- | - | |||||
Other
paid-in-capital
|
1,194 | 1,194 | |||||
Preferred
stock not subject to mandatory redemption
|
46 | 46 | |||||
Retained
earnings
|
14 | 64 | |||||
Accumulated
other comprehensive income
|
4 | 4 | |||||
Total
stockholders' equity
|
1,258 | 1,308 | |||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 3,378 | $ | 3,319 | |||
ILLINOIS
POWER COMPANY
|
|||||||
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
|||||||
(Unaudited)
(In millions)
|
|||||||
Nine
Months Ended
|
|||||||
September
30,
|
|||||||
2008
|
2007
|
||||||
Cash
Flows From Operating Activities:
|
|||||||
Net
income (loss)
|
$ | (2 | ) | $ | 18 | ||
Adjustments
to reconcile net income (loss) to net cash
|
|||||||
provided
by operating activities:
|
|||||||
Depreciation
and amortization
|
83 | 78 | |||||
Amortization
of debt issuance costs and premium/discounts
|
7 | 6 | |||||
Deferred
income taxes
|
23 | 8 | |||||
Other
|
- | (1 | ) | ||||
Changes
in assets and liabilities:
|
|||||||
Receivables
|
52 | (50 | ) | ||||
Materials
and supplies
|
(68 | ) | (34 | ) | |||
Accounts
and wages payable
|
13 | (45 | ) | ||||
Taxes
accrued, net
|
5 | - | |||||
Assets,
other
|
(14 | ) | (16 | ) | |||
Liabilities,
other
|
31 | 54 | |||||
Pension
and other postretirement benefit obligations
|
(10 | ) | 5 | ||||
Net
cash provided by operating activities
|
120 | 23 | |||||
Cash
Flows From Investing Activities:
|
|||||||
Capital
expenditures
|
(128 | ) | (132 | ) | |||
Changes
in money pool advances
|
(9 | ) | - | ||||
Other
|
(2 | ) | (1 | ) | |||
Net
cash used in investing activities
|
(139 | ) | (133 | ) | |||
Cash
Flows From Financing Activities:
|
|||||||
Dividends
on common stock
|
(45 | ) | - | ||||
Dividends
on preferred stock
|
(2 | ) | (2 | ) | |||
Capital
issuance costs
|
(2 | ) | - | ||||
Short-term
debt, net
|
129 | 125 | |||||
Changes
in money pool borrowings, net
|
- | 52 | |||||
Redemptions,
repurchases and maturities of long-term debt
|
(337 | ) | - | ||||
Issuance
of long-term debt
|
336 | - | |||||
IP
SPT maturities
|
(54 | ) | (65 | ) | |||
Net
cash provided by financing activities
|
25 | 110 | |||||
Net
change in cash and cash equivalents
|
6 | - | |||||
Cash
and cash equivalents at beginning of year
|
6 | - | |||||
Cash
and cash equivalents at end of period
|
$ | 12 | $ | - | |||
·
|
UE,
or Union Electric Company, also known as AmerenUE, operates a
rate-regulated electric generation, transmission and distribution
business, and a rate-regulated natural gas transmission and distribution
business in Missouri.
|
·
|
CIPS,
or Central Illinois Public Service Company, also known as AmerenCIPS,
operates a rate-regulated electric and natural gas transmission and
distribution business in Illinois.
|
·
|
Genco,
or Ameren Energy Generating Company, operates a non-rate-regulated
electric generation business in Illinois and
Missouri.
|
·
|
CILCO,
or Central Illinois Light Company, also known as AmerenCILCO, is a
subsidiary of CILCORP (a holding company). It operates a rate-regulated
electric transmission and distribution business, a non-rate-regulated
electric generation business (through its subsidiary, AERG) and a
rate-regulated natural gas transmission and distribution business in
Illinois.
|
·
|
IP,
or Illinois Power Company, also known as AmerenIP, operates a
rate-regulated electric and natural gas transmission and distribution
business in Illinois.
|
Three
Months
|
Nine
Months
|
||||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||||
Operating
revenues
|
$ | 183 | $ | 117 | $ | 430 | $ | 324 | |||||||
Operating
income
|
64 | 53 | 196 | 158 | |||||||||||
Net
income
|
41 | 34 | 123 | 99 |
Performance
Share Units
|
Restricted
Shares
|
|||
Shares
|
Weighted-average
Fair
Value Per Unit
|
Shares
|
Weighted-average
Fair
Value Per Share
|
|
Nonvested
at January 1,
2008
|
669,403
|
$
57.88
|
316,768
|
$ 46.23
|
Granted(a)
|
495,847
|
47.57
|
-
|
-
|
Dividends
|
-
|
-
|
9,319
|
41.51
|
Forfeitures
|
(7,747)
|
54.39
|
(2,163)
|
48.19
|
Vested(b)
|
(236,811)
|
53.50
|
(114,286)
|
44.05
|
Nonvested
at September 30,
2008
|
920,692
|
$
53.48
|
209,638
|
$
47.46
|
(a)
|
Includes
performance share units (share units) granted to certain executive and
nonexecutive officers and other eligible employees in February 2008 under
the 2006 Plan.
|
(b)
|
Share
units vested due to attainment of retirement eligibility by certain
employees. Actual shares issued for retirement-eligible employees will
vary depending on actual performance over the three-year measurement
period.
|
SO2
(a)
|
NOx
(b)
|
Book
Value(c)
|
|
Ameren(d)
|
3.067
|
15,834
|
$ 167(e)
|
UE
|
1.678
|
5,610
|
50
|
Genco
|
0.723
|
8,928
|
45
|
CILCORP(f)
|
0.342
|
135
|
36
|
CILCO
(AERG)
|
0.342
|
135
|
1
|
EEI
|
0.324
|
1,161
|
9
|
(a)
|
Vintages
are from 2008 to 2018. Each company possesses additional allowances for
use in periods beyond 2018. Units are in millions of SO2
allowances (currently one allowance equals one ton
emitted).
|
(b)
|
Vintage
is 2008. Units are in NOx
allowances (one allowance equals one ton
emitted).
|
(c)
|
The
book value represents SO2 and
NOx
emission allowances for use in periods through
2031.
|
(d)
|
Includes
amounts for Ameren registrant and nonregistrant subsidiaries and
intercompany eliminations.
|
(e)
|
Includes
$27 million assigned to EEI allowances as a result of purchase
accounting.
|
(f)
|
Includes
fair market value adjustments recorded in connection with Ameren’s
acquisition of CILCORP.
|
Three
Months
|
Nine
Months
|
||||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||||
Ameren(a)
|
$ | 9 | $ | 7 | $ | 25 | $ | 27 | |||||||
UE
|
- | (5 | ) | (1 | ) | (5 | ) | ||||||||
Genco
|
7 | 8 | 20 | 23 | |||||||||||
CILCORP(b)
|
2 | 3 | 5 | 6 |
(a)
|
Includes
amounts for Ameren registrant and nonregistrant subsidiaries and
intercompany eliminations.
|
(b)
|
Includes
allowances consumed that were recorded through purchase
accounting.
|
Three
Months
|
Nine
Months
|
||||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||||
Ameren
|
$ | 43 | $ | 46 | $ | 130 | $ | 128 | |||||||
UE
|
36 | 38 | 88 | 88 | |||||||||||
CIPS
|
2 | 2 | 11 | 11 | |||||||||||
CILCORP
|
1 | 2 | 8 | 8 | |||||||||||
CILCO
|
1 | 2 | 8 | 8 | |||||||||||
IP
|
4 | 4 | 23 | 21 |
$1.15
Billion Credit Facility
|
Ameren
(Parent)
|
UE
|
Genco
|
Total
|
|||||||||||
September
30, 2008:
|
|||||||||||||||
Average
daily borrowings outstanding during 2008
|
$ | 424 | $ | 169 | $ | 54 | $ | 647 | |||||||
Outstanding
short-term debt at period end
|
275 | - | - | 275 | |||||||||||
Weighted-average
interest rate during 2008
|
3.69 | % | 3.42 | % | 3.97 | % | 3.64 | % | |||||||
Peak
short-term borrowings during 2008(a)
|
$ | 675 | $ | 493 | $ | 150 | $ | 1,068 | |||||||
Peak
interest rate during 2008
|
7.25 | % | 5.65 | % | 5.53 | % | 7.25 | % |
2007
$500 Million Credit Facility
|
CIPS
|
CILCORP
(Parent)
|
CILCO
(Parent)
|
IP
|
AERG
|
Total
|
||||||||||||||||||
September
30, 2008:
|
||||||||||||||||||||||||
Average
daily borrowings outstanding during 2008
|
$ | - | $ | 125 | $ | 56 | $ | 161 | $ | 94 | $ | 436 | ||||||||||||
Outstanding
short-term debt at period end
|
- | 77 | 75 | 175 | 100 | 427 | ||||||||||||||||||
Weighted-average
interest rate during 2008
|
- | 4.57 | % | 4.11 | % | 4.24 | % | 3.98 | % | 4.26 | % | |||||||||||||
Peak
short-term borrowings during 2008(a)
|
$ | - | $ | 125 | $ | 75 | $ | 200 | $ | 105 | $ | 500 | ||||||||||||
Peak
interest rate during 2008
|
- | 6.66 | % | 6.47 | % | 6.15 | % | 6.22 | % | 6.66 | % | |||||||||||||
2006
$500 Million Credit Facility
|
||||||||||||||||||||||||
September
30, 2008:
|
||||||||||||||||||||||||
Average
daily borrowings outstanding during 2008
|
$ | 68 | $ | 50 | $ | 30 | $ | 25 | $ | 172 | $ | 345 | ||||||||||||
Outstanding
short-term debt at period end
|
96 | 50 | 75 | 129 | 55 | 405 | ||||||||||||||||||
Weighted-average
interest rate during 2008
|
4.31 | % | 4.55 | % | 3.86 | % | 3.88 | % | 4.10 | % | 4.17 | % | ||||||||||||
Peak
short-term borrowings during 2008(a)
|
$ | 135 | $ | 50 | $ | 75 | $ | 150 | $ | 200 | $ | 465 | ||||||||||||
Peak
interest rate during 2008
|
6.31 | % | 7.01 | % | 5.98 | % | 6.50 | % | 7.01 | % | 7.01 | % |
Required
Interest Coverage Ratio(a)
|
Actual
Interest
Coverage
Ratio
|
Bonds
Issuable(b)
|
Required
Dividend Coverage Ratio(c)
|
Actual
Dividend
Coverage
Ratio
|
Preferred
Stock
Issuable
|
|
UE
|
≥
2.0
|
3.3
|
$
1,703
|
≥
2.5
|
49.6
|
$
1,400
|
CIPS
|
≥
2.0
|
1.2
|
38
|
≥
1.5
|
1.0
|
-
|
CILCO
|
≥
2.0(d)
|
15.3
|
331
|
≥
2.5
|
49.7
|
376(e)
|
IP
|
≥
2.0
|
2.5
|
873
|
≥
1.5
|
0.9
|
-
|
(a)
|
Coverage
required on the annual interest charges on first mortgage bonds
outstanding and to be issued. Coverage is not required in certain cases
when additional first mortgage bonds are issued on the basis of retired
bonds.
|
(b)
|
Amount
of bonds issuable based on either meeting required coverage ratios or
unfunded property additions, whichever is more restrictive. In addition to
these tests, UE, CIPS, CILCO and IP have the ability to issue bonds based
upon retired bond capacity of $161 million, $38 million, $194 million
and $686 million, respectively, which are included in the amounts
above. No earnings coverage test is required for bonds issuable on the
basis of retired bond capacity.
|
(c)
|
Coverage
required on the annual interest charges on all long-term debt (CIPS only)
and the annual dividend on preferred stock outstanding and to be issued,
as required in the respective company’s articles of incorporation. For
CILCO, this ratio must be met for a period of 12 consecutive calendar
months within the 15 months immediately preceding the
issuance.
|
(d)
|
In
lieu of meeting the interest coverage ratio requirement, CILCO may attempt
to meet an earnings requirement of at least 12% of the principal amount of
all mortgage bonds outstanding and to be issued. For the nine months ended
September 30, 2008, CILCO had earnings equivalent to at least 48% of the
principal amount of all mortgage bonds
outstanding.
|
(e)
|
See
Note 4 - Credit Facilities and Liquidity in the Form 10-K for a discussion
regarding a restriction on the issuance of preferred stock by CILCO under
the 2006 $500 million credit facility and the 2007 $500 million credit
facility.
|
Required
Interest
Coverage Ratio
|
Actual
Interest
Coverage Ratio
|
Required
Debt-to-Capital
Ratio
|
Actual
Debt-to-Capital
Ratio
|
|
Genco
(a)
|
≥1.75(b)
|
9.3
|
≤60%
|
49%
|
CILCORP(c)
|
≥2.2
|
3.8
|
≤67%
|
24%
|
(a)
|
Interest
coverage ratio relates to covenants regarding certain dividends, principal
and interest payments on certain subordinated intercompany borrowings and
certain investments (collectively, restricted payments). The
debt-to-capital ratio relates to a debt incurrence covenant, which also
requires an interest coverage ratio of 2.5 for the most recently ended
four fiscal quarters.
|
(b)
|
Ratio
excludes amounts payable under Genco’s intercompany note to CIPS and must
be met for both the prior four fiscal quarters and as projected for the
succeeding four six-month periods.
|
(c)
|
CILCORP
must maintain the required interest coverage ratio and debt-to-capital
ratio in order to make any payment of dividends or intercompany loans to
affiliates other than to its direct or indirect
subsidiaries.
|
Three
Months
|
Nine
Months
|
||||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||||
Ameren:(a)
|
|||||||||||||||
Miscellaneous
income:
|
|||||||||||||||
Interest and dividend
income
|
$ | 10 | $ | 16 | $ | 35 | $ | 41 | |||||||
Allowance for equity funds used
during construction
|
8 | 2 | 19 | 2 | |||||||||||
Other
|
5 | 2 | 7 | 10 | |||||||||||
Total miscellaneous
income
|
$ | 23 | $ | 20 | $ | 61 | $ | 53 | |||||||
Miscellaneous
expense:
|
|||||||||||||||
Other
|
$ | (10 | ) | $ | (9 | ) | $ | (23 | ) | $ | (19 | ) | |||
Total miscellaneous
expense
|
$ | (10 | ) | $ | (9 | ) | $ | (23 | ) | $ | (19 | ) | |||
UE:
|
|||||||||||||||
Miscellaneous
income:
|
|||||||||||||||
Interest and dividend
income
|
$ | 8 | $ | 8 | $ | 26 | $ | 24 | |||||||
Allowance for equity funds used
during construction
|
8 | 1 | 19 | 1 | |||||||||||
Other
|
1 | - | 1 | 3 | |||||||||||
Total miscellaneous
income
|
$ | 17 | $ | 9 | $ | 46 | $ | 28 | |||||||
Miscellaneous
expense:
|
|||||||||||||||
Other
|
$ | (2 | ) | $ | (5 | ) | $ | (6 | ) | $ | (9 | ) | |||
Total miscellaneous
expense
|
$ | (2 | ) | $ | (5 | ) | $ | (6 | ) | $ | (9 | ) | |||
CIPS:
|
|||||||||||||||
Miscellaneous
income:
|
|||||||||||||||
Interest and dividend
income
|
$ | 2 | $ | 4 | $ | 7 | $ | 12 | |||||||
Other
|
1 | 1 | 2 | 1 | |||||||||||
Total miscellaneous
income
|
$ | 3 | $ | 5 | $ | 9 | $ | 13 | |||||||
Miscellaneous
expense:
|
|||||||||||||||
Other
|
$ | - | $ | (1 | ) | $ | (2 | ) | $ | (2 | ) | ||||
Total miscellaneous
expense
|
$ | - | $ | (1 | ) | $ | (2 | ) | $ | (2 | ) | ||||
Genco:
|
|||||||||||||||
Miscellaneous
income:
|
|||||||||||||||
Interest and dividend
income
|
$ | - | $ | - | $ | 1 | $ | - | |||||||
Total miscellaneous
income
|
$ | - | $ | - | $ | 1 | $ | - | |||||||
Miscellaneous
expense:
|
|||||||||||||||
Other
|
$ | (1 | ) | $ | - | $ | (1 | ) | $ | - | |||||
Total miscellaneous
expense
|
$ | (1 | ) | $ | - | $ | (1 | ) | $ | - | |||||
CILCORP:
|
|||||||||||||||
Miscellaneous
income:
|
|||||||||||||||
Interest and dividend
income
|
$ | 1 | $ | 1 | $ | 2 | $ | 3 | |||||||
Other
|
- | 1 | - | 1 | |||||||||||
Total miscellaneous
income
|
$ | 1 | $ | 2 | $ | 2 | $ | 4 | |||||||
Miscellaneous
expense:
|
|||||||||||||||
Other
|
$ | (2 | ) | $ | (1 | ) | $ | (4 | ) | $ | (3 | ) | |||
Total miscellaneous
expense
|
$ | (2 | ) | $ | (1 | ) | $ | (4 | ) | $ | (3 | ) | |||
CILCO:
|
|||||||||||||||
Miscellaneous
income:
|
|||||||||||||||
Interest and dividend
income
|
$ | 1 | $ | 1 | $ | 2 | $ | 3 | |||||||
Other
|
- | 1 | - | 1 | |||||||||||
Total miscellaneous
income
|
$ | 1 | $ | 2 | $ | 2 | $ | 4 |
Miscellaneous
expense:
|
|||||||||||||||
Other
|
$ | (2 | ) | $ | (1 | ) | $ | (3 | ) | $ | (3 | ) | |||
Total miscellaneous
expense
|
$ | (2 | ) | $ | (1 | ) | $ | (3 | ) | $ | (3 | ) |
Three
Months
|
Nine
Months
|
||||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||||
IP:
|
|||||||||||||||
Miscellaneous
income:
|
|||||||||||||||
Interest and dividend
income
|
$ | - | $ | 2 | $ | 4 | $ | 5 | |||||||
Other
|
3 | 2 | 5 | 4 | |||||||||||
Total miscellaneous
income
|
$ | 3 | $ | 4 | $ | 9 | $ | 9 | |||||||
Miscellaneous
expense:
|
|||||||||||||||
Other
|
$ | (2 | ) | $ | (2 | ) | $ | (5 | ) | $ | (3 | ) | |||
Total miscellaneous
expense
|
$ | (2 | ) | $ | (2 | ) | $ | (5 | ) | $ | (3 | ) |
(a)
|
Includes
amounts for Ameren registrant and nonregistrant subsidiaries and
intercompany eliminations.
|
Three
Months
|
Nine
Months
|
||||||||||||||
Gains
(Losses)
|
2008
|
2007
|
2008
|
2007
|
|||||||||||
Power
hedges:
|
|||||||||||||||
Ameren
|
$ | 77 | $ | 22 | $ | 47 | $ | 35 | |||||||
UE
|
10 | 2 | 5 | - | |||||||||||
SO2
options and swaps:
|
|||||||||||||||
Ameren
|
(1 | ) | - | (1 | ) | 6 | |||||||||
UE
|
- | - | - | 5 | |||||||||||
Genco
|
(1 | ) | - | (1 | ) | 1 | |||||||||
Coal
options:
|
|||||||||||||||
Ameren
|
- | - | - | 2 | |||||||||||
UE
|
- | - | - | 2 | |||||||||||
Heating
oil options:
|
|||||||||||||||
Ameren
|
(105 | ) | - | 4 | 3 | ||||||||||
UE
|
(55 | ) | - | 5 | - | ||||||||||
Genco
|
(29 | ) | - | - | - | ||||||||||
CILCORP/CILCO
|
(7 | ) | - | - | - | ||||||||||
FTRs:
|
|||||||||||||||
Ameren
|
(10 | ) | - | 4 | - | ||||||||||
UE
|
(9 | ) | - | 3 | - | ||||||||||
Nonhedge
power swaps and forwards:
|
|||||||||||||||
Ameren
|
8 | 3 | 8 | (2 | ) | ||||||||||
UE
|
(1 | ) | 2 | 1 | (2 | ) | |||||||||
Gas
forwards and swaps:
|
|||||||||||||||
Ameren
|
(6 | ) | (2 | ) | (4 | ) | - | ||||||||
UE
|
(4 | ) | (2 | ) | (1 | ) | - | ||||||||
CILCORP/CILCO
|
(3 | ) | - | (3 | ) | - |
Ameren(a)
|
UE
|
CIPS
|
Genco
|
CILCORP/
CILCO
|
IP
|
||||||||||||||||||
Derivative
instruments carrying value:
|
|||||||||||||||||||||||
Current assets
|
$ | 120 | $ | 49 | $ | 3 | $ | 1 | $ | 2 | $ | 5 | |||||||||||
Other assets
|
34 | 5 | 8 | - | 5 | 14 | |||||||||||||||||
Current
liabilities
|
92 | 20 | 19 | 2 | 16 | 33 | |||||||||||||||||
Other deferred credits and
liabilities(b)
|
7 | 3 | 4 | - | 2 | 5 | |||||||||||||||||
Gains
(losses) deferred in accumulated OCI:
|
|||||||||||||||||||||||
Power forwards(c)
|
46 | 23 | - | - | - | - | |||||||||||||||||
Interest rate swaps(d)(e)
|
(11 | ) | - | - | (11 | ) | - | - |
Ameren(a)
|
UE
|
CIPS
|
Genco
|
CILCORP/
CILCO
|
IP
|
Gas swaps and futures
contracts(f)
|
(2 | ) | - | - | - | - | - | ||||||||||||||||
Coal options and
swaps
|
7 | 8 | - | - | - | - | |||||||||||||||||
Gains
(losses) deferred in regulatory assets or liabilities
|
|||||||||||||||||||||||
Gas
swaps and futures contracts(f)
|
(37 | ) | (3 | ) | (10 | ) | - | (9 | ) | (15 | ) | ||||||||||||
Financial
contracts(g)
|
- | - | (2 | ) | - | (1 | ) | (3 | ) |
(a)
|
Includes
amounts for Ameren registrant and nonregistrant subsidiaries and
intercompany eliminations.
|
(b)
|
Includes
Ameren and UE’s carrying value of fair value foreign currency forward
contracts.
|
(c)
|
Represents
the mark-to-market value for the hedged portion of electricity price
exposure for periods of up to three years, including gains of $59 million
and $21 million over the next 12 months at Ameren and UE,
respectively.
|
(d)
|
Includes
a gain associated with interest rate swaps at Genco that were a partial
hedge of the interest rate on debt issued in June 2002. The swaps cover
the first 10 years of debt that has a 30-year maturity, and the gain in
OCI is amortized over a 10-year period that began in June 2002. The
carrying value at September 30, 2008, was $2
million.
|
(e)
|
Includes
a loss associated with interest rate swaps at Genco. The swaps were
executed during the fourth quarter of 2007 as a partial hedge of interest
rate risks associated with Genco’s April 2008 debt issuance. The
cumulative loss on the interest rate swaps is being amortized over a
10-year period that began in April 2008. The carrying value at September
30, 2008 was a loss of $13 million.
|
(f)
|
Represents
losses associated with natural gas swaps and futures contracts. The swaps
and futures contracts are a partial hedge of our natural gas requirements
through 2012 at Ameren, UE, and CIPS, and through 2011 at CILCORP, CILCO
and IP.
|
(g)
|
Current
gains deferred as regulatory liabilities include $3 million at CIPS, $2
million at CILCO, and $5 million at IP that were recorded in other current
liabilities at September 30, 2008. Current losses deferred as regulatory
assets include $(10) million at CIPS, $(5) million at CILCO, and $(15)
million at IP that were recorded in other current assets at September 30,
2008.
|
Quoted
Prices in
Active
Markets for
Identified
Assets
(Level
1)
|
Significant
Other
Observable
Inputs
(Level
2)
|
Significant
Other
Unobservable
Inputs
(Level
3)
|
Total
|
||||||||||||||
Assets:
|
|||||||||||||||||
Ameren(a)
|
Other
current
assets
|
$ | - | $ | - | $ | 16 | $ | 16 | ||||||||
Derivative
assets(b)
|
- | 41 | 113 | 154 | |||||||||||||
Nuclear
Decommissioning
|
|||||||||||||||||
Trust
Fund(c)
|
200 | 83 | 1 | 284 | |||||||||||||
UE
|
Derivative
assets
|
- | 24 | 30 | 54 | ||||||||||||
Nuclear
Decommissioning
|
|||||||||||||||||
Trust
Fund(c)
|
200 | 83 | 1 | 284 | |||||||||||||
CIPS
|
Derivative
assets(b)
|
- | - | 11 | 11 | ||||||||||||
Genco
|
Derivative
assets(b)
|
- | - | 1 | 1 | ||||||||||||
CILCORP/CILCO
|
Derivative
assets(b)
|
- | - | 7 | 7 | ||||||||||||
IP
|
Derivative
assets(b)
|
- | - | 19 | 19 | ||||||||||||
Liabilities:
|
|||||||||||||||||
Ameren(a)
|
Derivative
liabilities(b)
|
$ | 6 | $ | 21 | $ | 72 | $ | 99 | ||||||||
UE
|
Derivative
liabilities(b)
|
- | 14 | 9 | 23 | ||||||||||||
CIPS
|
Derivative
liabilities(b)
|
- | - | 23 | 23 | ||||||||||||
Genco
|
Derivative
liabilities(b)
|
- | - | 2 | 2 | ||||||||||||
CILCORP/CILCO
|
Derivative
liabilities(b)
|
3 | - | 15 | 18 | ||||||||||||
IP
|
Derivative
liabilities(b)
|
- | - | 38 | 38 |
(a)
|
Includes
amounts for Ameren registrant and nonregistrant subsidiaries and
intercompany eliminations.
|
(b)
|
The
derivative asset and liability balances are presented net of counterparty
credit considerations.
|
(c)
|
Balance
excludes $(15) million of receivables, payables, and accrued income,
net.
|
Change
in
|
||||||||||||||||||||||||||||||||||
Total
|
Unrealized
|
|||||||||||||||||||||||||||||||||
Realized and Unrealized Gains
(Losses)
|
Realized
|
Purchases,
|
Gains
(Losses)
|
|||||||||||||||||||||||||||||||
Beginning
|
Included
in
|
and
|
Issuances,
|
Net
|
Ending
|
Related
to
|
||||||||||||||||||||||||||||
Balance
at
|
Regulatory |
Unrealized
|
and
Other
|
Transfers
In
|
Balance
at
|
Assets/Liabilities
|
||||||||||||||||||||||||||||
July
1,
|
Included
in
|
Included
|
Assets/
|
Gains
|
Settlements,
|
and/or
(Out)
|
September
30,
|
Still
Held at
|
||||||||||||||||||||||||||
2008
|
Earnings(a)
|
In
OCI
|
Liabilities
|
(Losses)
|
Net
|
of
Level 3
|
2008
|
September 30, 2008 | ||||||||||||||||||||||||||
Other
current
assets
|
Ameren
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 16 | $ | 16 | $ | - | |||||||||||||||
Net
derivative
|
Ameren
|
$ | 202 | $ | (66 | ) | $ | 64 | $ | (161 | ) | $ | (163 | ) | $ | (33 | ) | $ | 35 | $ | 41 | $ | (252 | ) | ||||||||||
contracts
|
UE
|
40 | (4 | ) | 2 | (2 | ) | (4 | ) | (26 | ) | 11 | 21 | 6 | ||||||||||||||||||||
CIPS
|
112 | (1 | ) | - | (115 | ) | (116 | ) | (8 | ) | - | (12 | ) | (31 | ) | |||||||||||||||||||
Genco
|
4 | (5 | ) | - | - | (5 | ) | - | - | (1 | ) | (4 | ) | |||||||||||||||||||||
CILCORP/CILCO
|
77 | (6 | ) | - | (72 | ) | (78 | ) | (7 | ) | - | (8 | ) | (34 | ) | |||||||||||||||||||
IP
|
195 | (1 | ) | - | (208 | ) | (209 | ) | (5 | ) | - | (19 | ) | (77 | ) | |||||||||||||||||||
Nuclear
|
Ameren
|
$ | 1 | $ | - | $ | - | $ | - | $ | - | $ | (b | ) | $ | - | $ | 1 | $ | - | ||||||||||||||
Decommissioning
|
UE
|
1 | - | - | - | - |
(b
|
) | - | 1 | - | |||||||||||||||||||||||
Trust
Fund
|
(a)
|
Net
gains and losses on power options are recorded in Operating Revenues -
Electric, while net gains and losses on coal, heating oil, and SO2
options and swaps are recorded as Operating Expenses -
Fuel.
|
(b)
|
Less
than $1 million.
|
Change
in
|
||||||||||||||||||||||||||||||
Total
|
Unrealized
|
|||||||||||||||||||||||||||||
Realized and Unrealized Gains
(Losses)
|
Realized
|
Purchases,
|
Gains
(Losses)
|
|||||||||||||||||||||||||||
Beginning
|
Included
in
|
and
|
Issuances,
|
Net
|
Ending
|
Related
to
|
||||||||||||||||||||||||
Balance
at
|
Regulatory
|
Unrealized
|
and
Other
|
Transfers
In
|
Balance
at
|
Assets/Liabilities
|
||||||||||||||||||||||||
January
1,
|
Included
in
|
Included
|
Assets/
|
Gains
|
Settlements,
|
and/or
(Out)
|
September
30,
|
Still
Held at
|
||||||||||||||||||||||
2008
|
Earnings(a)
|
In
OCI
|
Liabilities
|
(Losses)
|
Net
|
of
Level 3
|
2008
|
September 30, 2008 | ||||||||||||||||||||||
Other
current
assets
|
Ameren
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 16 | $ | 16 | $ | - | |||||||||||
Net
derivative
|
Ameren
|
$ | 19 | $ | 26 | $ | 5 | $ | 17 | $ | 48 | $ | (50 | ) | $ | 24 | $ | 41 | $ | 10 | ||||||||||
contracts
|
UE
|
3 | 7 | 12 | 17 | 36 | (30 | ) | 12 | 21 | 10 | |||||||||||||||||||
CIPS
|
38 | - | - | (41 | ) | (41 | ) | (9 | ) | - | (12 | ) | (36 | ) | ||||||||||||||||
Genco
|
1 | (1 | ) | - | - | (1 | ) | (1 | ) | - | (1 | ) | - | |||||||||||||||||
CILCORP/CILCO
|
21 | (7 | ) | - | (10 | ) | (17 | ) | (12 | ) | - | (8 | ) | (21 | ) | |||||||||||||||
IP
|
55 | (1 | ) | - | (67 | ) | (68 | ) | (6 | ) | - | (19 | ) | (59 | ) | |||||||||||||||
Nuclear
|
Ameren
|
$ | 5 | $ | - | $ | - | $ | - | $ | - | $ | (4 | ) | $ | - | $ | 1 | $ | - | ||||||||||
Decommissioning
|
UE
|
5 | - | - | - | - | (4 | ) | - | 1 | - | |||||||||||||||||||
Trust
Fund
|
(a)
|
Net
gains and losses on power options are recorded in Operating Revenues -
Electric, while net gains and losses on coal, heating oil, and SO2
options and swaps are recorded as Operating Expenses -
Fuel.
|
Three
Months
|
Nine
Months
|
|||
2008
|
2007
|
2008
|
2007
|
|
Genco
sales to
Marketing
Company
|
4,276
|
4,754
|
12,217
|
12,711
|
AERG
sales to
Marketing
Company
|
1,794
|
1,270
|
5,107
|
3,912
|
Marketing
Company
sales
to CIPS
|
463
|
671
|
1,557
|
1,852
|
Marketing
Company
sales
to CILCO
|
222
|
349
|
702
|
922
|
Marketing
Company
sales
to IP
|
715
|
1,016
|
2,217
|
2,716
|
Three
Months
|
Nine
Months
|
|||||||||||||||||||||||||||||||||||||||
Agreement
|
UE
|
CIPS
|
Genco
|
CILCORP(a)
|
IP
|
UE
|
CIPS
|
Genco
|
CILCORP(a)
|
IP
|
||||||||||||||||||||||||||||||
Operating
Revenues:
|
||||||||||||||||||||||||||||||||||||||||
Genco
and AERG power supply
|
2008
|
$ | (b) | $ | (b) | $ | 233 | $ | 99 | $ | (b) | $ | (b) | $ | (b) | $ | 658 | $ | 252 | $ | (b) | |||||||||||||||||||
agreements
with Marketing Company
|
2007
|
(b)
|
(b)
|
222 | 73 |
(b)
|
(b)
|
(b)
|
615 | 207 |
(b)
|
|||||||||||||||||||||||||||||
Ancillary
service agreement
|
2008
|
3 |
(b)
|
(b)
|
(b)
|
(b)
|
9 |
(b)
|
(b)
|
(b)
|
(b)
|
|||||||||||||||||||||||||||||
with
CIPS, CILCO and IP
|
2007
|
5 |
(b)
|
(b)
|
(b)
|
(b)
|
13 |
(b)
|
(b)
|
(b)
|
(b)
|
|||||||||||||||||||||||||||||
Genco
gas sales to CILCO
|
2008
|
(b)
|
(b)
|
(c)
|
(b)
|
(b)
|
(b)
|
(b)
|
6 |
(b)
|
(b)
|
|||||||||||||||||||||||||||||
2007
|
(b)
|
(b)
|
- |
(b)
|
(b)
|
(b)
|
(b)
|
- |
(b)
|
(b)
|
||||||||||||||||||||||||||||||
UE
and Genco gas transportation
|
2008
|
1 |
(b)
|
(b)
|
(b)
|
(b)
|
1 |
(b)
|
(b)
|
(b)
|
(b)
|
|||||||||||||||||||||||||||||
agreement
|
2007
|
(c)
|
(b)
|
(b)
|
(b)
|
(b)
|
(c)
|
(b)
|
(b)
|
(b)
|
(b)
|
|||||||||||||||||||||||||||||
Total
Operating Revenues
|
2008
|
$ | 4 | $ | (b) | $ | 233 | $ | 99 | $ | (b) | $ | 10 | $ | (b) | $ | 664 | $ | 252 | $ |
(b)
|
|||||||||||||||||||
|
2007
|
5 |
(b)
|
222 | 73 |
(b)
|
13 |
(b)
|
615 | 207 |
(b)
|
|||||||||||||||||||||||||||||
Fuel
and Purchased Power:
|
||||||||||||||||||||||||||||||||||||||||
CIPS,
CILCO and IP agreements with
|
2008
|
$ | (b) | $ | 32 | $ | (b) | $ | 15 | $ | 49 | $ | (b) | $ | 104 | $ | (b) | $ | 47 | $ | 148 | |||||||||||||||||||
Marketing
Company (2006 auction
|
2007
|
(b)
|
42 |
(b)
|
22 | 64 |
(b)
|
120 |
(b)
|
60 | 176 | |||||||||||||||||||||||||||||
and energy and capacity agreements) | ||||||||||||||||||||||||||||||||||||||||
Ancillary
service agreement with UE
|
2008
|
(b)
|
1 |
(b)
|
1 | 1 |
(b)
|
3 |
(b)
|
1 | 5 | |||||||||||||||||||||||||||||
2007
|
(b)
|
2 |
(b)
|
1 | 2 |
(b)
|
5 |
(b)
|
2 | 6 | ||||||||||||||||||||||||||||||
Ancillary
service agreement with
|
2008
|
(b)
|
1 |
(b)
|
1 | 2 |
(b)
|
5 |
(b)
|
3 | 8 | |||||||||||||||||||||||||||||
Marketing
Company
|
2007
|
(b)
|
1 |
(b)
|
- | 2 |
(b)
|
3 |
(b)
|
1 | 4 | |||||||||||||||||||||||||||||
Executory
tolling agreement with
|
2008
|
(b)
|
(b)
|
(b)
|
8 |
(b)
|
(b)
|
(b)
|
(b)
|
30 |
(b)
|
|||||||||||||||||||||||||||||
Medina
Valley
|
2007
|
(b)
|
(b)
|
(b)
|
8 |
(b)
|
(b)
|
(b)
|
(b)
|
28 |
(b)
|
|||||||||||||||||||||||||||||
UE
and Genco gas transportation
|
2008
|
(b)
|
(b)
|
1 |
(b)
|
(b)
|
(b)
|
(b)
|
1 |
(b)
|
(b)
|
|||||||||||||||||||||||||||||
agreement
|
2007
|
(b)
|
(b)
|
(c)
|
(b)
|
(b)
|
(b)
|
(b)
|
(c)
|
(b)
|
(b)
|
|||||||||||||||||||||||||||||
Total
Fuel and Purchased Power
|
2008
|
$ | (b) | $ | 34 | $ | 1 | $ | 25 | $ | 52 | $ | (b) | $ | 112 | $ | 1 | $ | 82 | $ | 161 | |||||||||||||||||||
2007
|
(b)
|
45 |
(c)
|
31 | 68 |
(b)
|
128 |
(c)
|
91 | 186 | ||||||||||||||||||||||||||||||
Gas
Purchased for Resale
|
||||||||||||||||||||||||||||||||||||||||
CILCO
gas purchases from Genco
|
2008
|
$ | (b) | $ | (b) | $ | (b) | $ | (c) | $ | (b) | $ | (b) | $ | (b) | $ | (b) | $ | 6 | $ | (b) | |||||||||||||||||||
2007
|
(b)
|
(b)
|
(b)
|
- |
(b)
|
(b)
|
(b)
|
(b)
|
- |
(b)
|
||||||||||||||||||||||||||||||
Other
Operations and Maintenance Expense:
|
||||||||||||||||||||||||||||||||||||||||
Ameren
Services support services
|
2008
|
$ | 36 | $ | 14 | $ | 7 | $ | 14 | $ | 21 | $ | 110 | $ | 43 | $ | 22 | $ | 43 | $ | 65 | |||||||||||||||||||
agreement
|
2007
|
37 | 14 | 6 | 13 | 21 | 113 | 41 | 19 | 41 | 63 | |||||||||||||||||||||||||||||
Ameren
Energy, Inc. support
|
2008
|
(e)
|
(e)
|
(e)
|
(e)
|
(e)
|
(e)
|
(e)
|
(e)
|
(e)
|
(e)
|
|||||||||||||||||||||||||||||
services
agreement
|
2007
|
2 |
(b)
|
(c)
|
(b)
|
(b)
|
7 |
(b)
|
(c)
|
(b)
|
(b)
|
|||||||||||||||||||||||||||||
AFS
support services agreement
|
2008
|
2 | - | 1 | 1 | - | 5 | 1 | 2 | 2 | 1 | |||||||||||||||||||||||||||||
2007
|
2 | - | 1 | 1 | - | 5 | 1 | 2 | 2 | 1 | ||||||||||||||||||||||||||||||
Insurance
premiums(d)
|
2008
|
2 |
(b)
|
1 | 1 |
(b)
|
7 |
(b)
|
3 | 3 |
(b)
|
|||||||||||||||||||||||||||||
2007
|
7 |
(b)
|
1 | - |
(b)
|
16 |
(b)
|
3 | 1 |
(b)
|
||||||||||||||||||||||||||||||
Total Other Operations
and
|
2008
|
$ | 40 | $ | 14 | $ | 9 | $ | 16 | $ | 21 | $ | 122 | $ | 44 | $ | 27 | $ | 48 | $ | 66 | |||||||||||||||||||
Maintenance
Expenses
|
2007
|
48 | 14 | 8 | 14 | 21 | 141 | 42 | 24 | 44 | 64 | |||||||||||||||||||||||||||||
Interest
expense on commercial
|
2008
|
$ | - | $ | (b) | $ | (b) | $ | (b) | $ | (b) | $ | 1 | $ | (b) | $ | (b) | $ | (b) | $ | (b) | |||||||||||||||||||
paper
held by affiliate
|
2007
|
1 |
(b)
|
(b)
|
(b)
|
(b)
|
3 |
(b)
|
(b)
|
(b)
|
(b)
|
|||||||||||||||||||||||||||||
Interest
expense (income) from
|
2008
|
- |
(c)
|
(c)
|
1 |
(c)
|
- |
(c)
|
(c)
|
1 |
(c)
|
|||||||||||||||||||||||||||||
money
pool borrowings (advances)
|
2007
|
- |
(c)
|
3 |
(c)
|
(c)
|
- |
(c)
|
7 |
(c)
|
(c)
|
(a)
|
Amounts
represent CILCORP and CILCO
activity.
|
(b)
|
Not
applicable.
|
(c)
|
Amount less than $1 million. |
(d)
|
Represents insurance expense on affiliate policies for replacement power, property damage and terrorism coverage. |
(e)
|
Ameren Energy, Inc. was eliminated December 31, 2007 through an internal reorganization. |
Type
and Source of Coverage
|
Maximum
Coverages
|
Maximum
Assessments for Single Incidents
|
||||||
Public
liability and nuclear worker liability:
|
||||||||
American Nuclear
Insurers
|
$ | 300 | (a) |
$
|
- | |||
Pool participation
|
10,461 | 117.5 | (b) | |||||
$ | 10,761 | (c) |
$
|
117.5 | ||||
Property
damage:
|
||||||||
Nuclear Electric Insurance
Ltd.
|
$ | 2,750 | (d) |
$
|
24 | |||
Replacement
power:
|
||||||||
Nuclear Electric Insurance
Ltd.
|
$ | 490 | (e) |
$
|
9 | |||
Energy Risk Assurance
Company
|
$ | 64 | (f) |
$
|
- |
(a)
|
Provided
through mandatory participation in an industry-wide retrospective premium
assessment program.
|
(b)
|
Retrospective
premium under the Price-Anderson liability provisions of the Atomic Energy
Act of 1954, as amended. This is subject to retrospective assessment
with respect to a covered loss in excess of $300 million from an incident
at any licensed U.S. commercial reactor, payable at $17.5 million per
year.
|
(c)
|
Limit
of liability for each incident under Price-Anderson. This limit is subject
to change to account for the effects of inflation and changes in the
number of licensed reactors.
|
(d)
|
Provides
for $500 million in property damage and decontamination, excess property
insurance, and premature decommissioning coverage up to $2.25 billion
for losses in excess of the $500 million primary
coverage.
|
(e)
|
Provides
the replacement power cost insurance in the event of a prolonged
accidental outage at a nuclear plant. Weekly indemnity of $4.5 million for
52 weeks, which commences after the first eight weeks of an outage,
plus $3.6 million per week for 71.1 weeks
thereafter.
|
(f)
|
Provides
the replacement power cost insurance in the event of a prolonged
accidental outage at a nuclear plant. The coverage commences after the
first 52 weeks of insurance coverage from Nuclear Electric Insurance Ltd.
and is for a weekly indemnity of $900,000 for 71 weeks in excess of the
$3.6 million per week set forth above. Energy Risk Assurance Company is an
affiliate and has reinsured this coverage with third-party insurance
companies. See Note 8 - Related Party Transactions for more
information on this affiliate
transaction.
|
2008
|
2009
|
2010
|
2011
|
2012
|
Thereafter
|
|||||||||||||||||||
Ameren(a)
|
$ | 126 | $ | 498 | $ | 294 | $ | 148 | $ | 17 | $ | - | ||||||||||||
UE
|
72 | 293 | 181 | 80 | - | - | ||||||||||||||||||
Genco
|
25 | 111 | 44 | 24 | - | - | ||||||||||||||||||
CILCORP/CILCO
|
14 | 42 | 36 | 27 | 17 | - |
2008
|
2009
|
2010
|
2011
|
2012
|
Thereafter
|
|||||||||||||||||||
Ameren(a)
|
$ | 178 | $ | 524 | $ | 399 | $ | 249 | $ | 135 | $ | 138 | ||||||||||||
UE
|
21 | 86 | 59 | 41 | 27 | 43 | ||||||||||||||||||
CIPS
|
37 | 112 | 70 | 63 | 45 | 60 | ||||||||||||||||||
Genco
|
7 | 10 | 8 | 8 | 5 | 8 | ||||||||||||||||||
CILCORP/CILCO
|
43 | 136 | 101 | 52 | 30 | 19 | ||||||||||||||||||
IP
|
67 | 173 | 160 | 85 | 27 | 8 |
2008
|
2009
|
2010
|
2011
|
2012
|
Thereafter
|
|||||||||||||||||||
Ameren
|
$ | 3 | $ | 68 | $ | 74 | $ | 52 | $ | 67 | $ | 232 | ||||||||||||
UE
|
3 | 68 | 74 | 52 | 67 | 232 |
2008
|
2009
|
2010
|
2011
|
2012
|
Thereafter
|
|||||||||||||||||||
Ameren
|
$ | - | $ | 10 | $ | 35 | $ | 23 | $ | 23 | $ | - | ||||||||||||
UE
|
- | 10 | 35 | 23 | 23 | - |
Ameren
|
CIPS
|
CILCO
(Illinois
Regulated)
|
IP
|
Genco
|
CILCO
(AERG)
|
|||||||||||||||||||
2008(a)
|
$ | 12.2 | $ | 1.9 | $ | 0.9 | $ | 2.7 | $ | 4.6 | $ | 2.1 | ||||||||||||
2009(a)
|
25.4 | 3.6 | 1.8 | 4.8 | 10.5 | 4.7 | ||||||||||||||||||
2010(a)
|
2.0 | 0.3 | 0.1 | 0.4 | 0.8 | 0.4 | ||||||||||||||||||
Total
|
$ | 39.6 | $ | 5.8 | $ | 2.8 | $ | 7.9 | $ | 15.9 | $ | 7.2 |
2008
|
2009
- 2012
|
2013
- 2017
|
Total
|
|
UE(a)
|
$ 255
|
$
215- $ 295
|
$
1,300-$1,700
|
$
1,770- $ 2,250
|
Genco
|
300
|
955- 1,210
|
45-
70
|
1,300-
1,580
|
CILCO
|
170
|
380- 500
|
70-
90
|
620- 760
|
EEI
|
30
|
260- 350
|
20-
30
|
310- 410
|
Ameren
|
$ 755
|
$
1,810- $2,355
|
$
1,435-$1,890
|
$
4,000- $ 5,000
|
(a)
|
UE’s
expenditures are expected to be recoverable in rates over
time.
|
·
|
seeking
partners to develop wind energy for our generation
portfolio;
|
·
|
participating
in DOE-sponsored research into the feasibility of sequestering CO2
underground in the Illinois basin, the Plains sequestration partnership,
and a Missouri sequestration project to be conducted in Southwest
Missouri;
|
·
|
increasing
the operating efficiency and capacity of our nuclear and hydroelectric
plants to provide more energy to offset fossil
generation;
|
·
|
participating
in the PowerTree Carbon Company, LLC, whose purpose is to reforest acreage
in the lower Mississippi valley to sequester
carbon;
|
·
|
using
coal combustion by-products as a direct replacement for cement, thereby
reducing carbon emissions at cement
kilns;
|
·
|
participating
in a DOE and state of Missouri Department of Natural Resources project
evaluating Missouri wind resources for the next generation of wind
turbines;
|
·
|
funding
a project investigating opportunities to reduce nitrous oxide (N2O), a
potent greenhouse gas from agricultural usage and tracking those
reductions;
|
·
|
participating
in “Illinois Clean Energy Community Foundation”, a program that supports
energy efficiency, promotes renewable energy, and provides educational
opportunities;
|
·
|
establishing
Pure Power, UE’s voluntary renewable energy program that allows UE’s
electric customers to support development of wind farms and other
renewable energy facilities in the Midwest;
and
|
·
|
purchasing
Renewable Energy Credits - the Ameren Illinois Utilities purchased 415,000
renewable energy credits in April
2008.
|
Specifically
Named as Defendant
|
|||||||
Total(a)
|
Ameren
|
UE
|
CIPS
|
Genco
|
CILCO
|
IP
|
|
Filed
|
367
|
33
|
202
|
152
|
2
|
50
|
182
|
Settled
|
131
|
-
|
68
|
60
|
-
|
20
|
66
|
Dismissed
|
171
|
30
|
112
|
61
|
2
|
19
|
82
|
Pending
|
65
|
3
|
22
|
31
|
-
|
11
|
34
|
(a)
|
Totals
do not equal to the sum of the subsidiary unit lawsuits because some of
the lawsuits name multiple Ameren entities as
defendants.
|
Three
Months
|
Nine
Months
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Ameren:(a)
|
||||||||||||||||
Net
income
|
$ | 204 | $ | 244 | $ | 548 | $ | 510 | ||||||||
Unrealized
net gain on derivative hedging instruments, net of taxes of $89, $8, $26
and
$6, respectively
|
157 | 15 | 46 | 10 | ||||||||||||
Reclassification
adjustments for derivative (gain) included in net income, net of taxes of
$23,
$9, $17 and $19, respectively
|
(40 | ) | (17 | ) | (29 | ) | (33 | ) | ||||||||
Adjustment
to pension and benefit obligation, net of taxes (benefit) of $-, $1, $1
and $(2), respectively
|
- | 1 | (2 | ) | 2 | |||||||||||
Total
comprehensive income, net of taxes
|
$ | 321 | $ | 243 | $ | 563 | $ | 489 |
Three
Months
|
Nine
Months
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
UE:
|
||||||||||||||||
Net
income
|
$ | 99 | $ | 193 | $ | 287 | $ | 307 | ||||||||
Unrealized
net gain on derivative hedging instruments, net of taxes of $23, $3, $12
and $3, respectively
|
38 | 5 | 21 | 4 | ||||||||||||
Reclassification
adjustments for derivative (gain) included in net income, net of taxes of
$2, $1,
$3
and $2, respectively
|
(4 | ) | (1 | ) | (5 | ) | (3 | ) | ||||||||
Total
comprehensive income, net of taxes
|
$ | 133 | $ | 197 | $ | 303 | $ | 308 | ||||||||
CIPS:
|
||||||||||||||||
Net
income
|
$ | 7 | $ | 1 | $ | 7 | $ | 19 | ||||||||
Reclassification
adjustments for derivative (gain) included in net income, net of taxes of
$-, $-,
$-
and $1,
respectively
|
- | (1 | ) | - | (1 | ) | ||||||||||
Total
comprehensive income, net of taxes
|
$ | 7 | $ | - | $ | 7 | $ | 18 | ||||||||
Genco:
|
||||||||||||||||
Net
income
|
$ | 20 | $ | 25 | $ | 140 | $ | 84 | ||||||||
Unrealized
net (loss) on derivative hedging instruments, net of taxes (benefit) of
$-, $-, $- and
$(1),
respectively
|
- | - | - | (2 | ) | |||||||||||
Reclassification
adjustments for derivative (gain) included in net income, net of taxes of
$-, $-,
$4
and $-, respectively
|
- | - | (5 | ) | - | |||||||||||
Adjustment
to pension and benefit obligation, net of taxes (benefit) of $-, $1, $(2)
and $(1), respectively
|
- | 1 | 3 | (1 | ) | |||||||||||
Total
comprehensive income, net of taxes
|
$ | 20 | $ | 26 | $ | 138 | $ | 81 | ||||||||
CILCORP:
|
||||||||||||||||
Net
income
|
$ | 18 | $ | 1 | $ | 42 | $ | 34 | ||||||||
Unrealized
net (loss) on derivative hedging instruments, net of taxes (benefit) of
$-, $(1), $- and
$-,
respectively
|
- | (1 | ) | - | (1 | ) | ||||||||||
Reclassification
adjustments for derivative (gain) included in net income, net of taxes of
$-, $-,
$1
and $1, respectively
|
- | - | (1 | ) | (2 | ) | ||||||||||
Adjustment
to pension and benefit obligation, net of taxes of $-, $-, $1 and $-,
respectively
|
- | - | 3 | 1 | ||||||||||||
Total
comprehensive income, net of taxes
|
$ | 18 | $ | - | $ | 44 | $ | 32 | ||||||||
CILCO:
|
||||||||||||||||
Net
income
|
$ | 24 | $ | 10 | $ | 62 | $ | 58 | ||||||||
Reclassification
adjustments for derivative (gain) included in net income, net of taxes of
$-, $-,
$-
and $1, respectively
|
- | - | - | (2 | ) | |||||||||||
Adjustment
to pension and benefit obligation, net of taxes of $-, $-, $3 and $-,
respectively
|
- | - | 4 | - | ||||||||||||
Total
comprehensive income, net of taxes
|
$ | 24 | $ | 10 | $ | 66 | $ | 56 | ||||||||
IP:
|
||||||||||||||||
Net
income (loss)
|
$ | 5 | $ | (4 | ) | $ | (2 | ) | $ | 18 | ||||||
Total
comprehensive income (loss), net of taxes
|
$ | 5 | $ | (4 | ) | $ | (2 | ) | $ | 18 |
(a)
|
Includes
amounts for Ameren registrant and nonregistrant subsidiaries and
intercompany eliminations.
|
Pension
Benefits(a)
|
Postretirement
Benefits(a)
|
|||||||||||||||||||||||||||||||
Three
Months
|
Nine
Months
|
Three
Months
|
Nine
Months
|
|||||||||||||||||||||||||||||
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||||||||||||||
Service
cost
|
$ | 15 | $ | 16 | $ | 44 | $ | 47 | $ | 5 | $ | 5 | $ | 14 | $ | 15 | ||||||||||||||||
Interest
cost
|
46 | 45 | 139 | 135 | 17 | 18 | 52 | 54 | ||||||||||||||||||||||||
Expected
return on plan assets
|
(53 | ) | (51 | ) | (159 | ) | (154 | ) | (14 | ) | (13 | ) | (43 | ) | (39 | ) | ||||||||||||||||
Amortization
of:
|
||||||||||||||||||||||||||||||||
Transition
obligation
|
- | - | - | - | 1 | 1 | 2 | 2 | ||||||||||||||||||||||||
Prior service cost
(benefit)
|
3 | 3 | 9 | 9 | (2 | ) | (2 | ) | (6 | ) | (6 | ) | ||||||||||||||||||||
Actuarial
loss
|
1 | 5 | 2 | 16 | 2 | 6 | 6 | 18 | ||||||||||||||||||||||||
Net
periodic benefit cost
|
$ | 12 | $ | 18 | $ | 35 | $ | 53 | $ | 9 | $ | 15 | $ | 25 | $ | 44 |
(a)
|
Includes
amounts for Ameren registrant and nonregistrant
subsidiaries.
|
Pension
Costs
|
Postretirement
Costs
|
|||||||||||||||||||||||||||||||
Three
Months
|
Nine
Months
|
Three
Months
|
Nine
Months
|
|||||||||||||||||||||||||||||
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||||||||||||||
Ameren(a)
|
$ | 12 | $ | 18 | $ | 35 | $ | 53 | $ | 9 | $ | 15 | $ | 25 | $ | 44 | ||||||||||||||||
UE
|
8 | 10 | 27 | 30 | 4 | 7 | 10 | 22 | ||||||||||||||||||||||||
CIPS
|
2 | 2 | 5 | 6 | - | 2 | 2 | 5 | ||||||||||||||||||||||||
Genco
|
1 | 2 | 4 | 4 | - | 1 | 1 | 3 | ||||||||||||||||||||||||
CILCORP
|
- | 2 | (2 | ) | 7 | 2 | 2 | 2 | 5 | |||||||||||||||||||||||
CILCO
|
1 | 2 | 3 | 7 | 3 | 3 | 5 | 8 | ||||||||||||||||||||||||
IP
|
- | 1 | (2 | ) | 4 | 3 | 2 | 10 | 8 |
(a)
|
Includes
amounts for Ameren registrant and nonregistrant
subsidiaries.
|
Three
Months
|
Missouri
Regulated
|
Illinois
Regulated
|
Non-rate-
regulated
Generation
|
Other
|
Intersegment
Eliminations
|
Consolidated
|
||||||||||||||||||
2008:
|
||||||||||||||||||||||||
External
revenues
|
$ | 865 | $ | 724 | $ | 478 | $ | (7 | ) | $ | - | $ | 2,060 | |||||||||||
Intersegment
revenues
|
10 | 7 | 114 | 3 | (134 | ) | - | |||||||||||||||||
Net
income (loss)(a)
|
98 | 13 | 108 | (15 | ) | - | 204 | |||||||||||||||||
2007:
|
||||||||||||||||||||||||
External
revenues
|
$ | 934 | $ | 704 | $ | 372 | $ | (13 | ) | $ | - | $ | 1,997 | |||||||||||
Intersegment
revenues
|
11 | 21 | 125 | 10 | (167 | ) | - | |||||||||||||||||
Net
income (loss)(a)
|
178 | (8 | ) | 71 | 3 | - | 244 | |||||||||||||||||
Nine
Months
|
||||||||||||||||||||||||
2008:
|
||||||||||||||||||||||||
External
revenues
|
$ | 2,340 | $ | 2,487 | $ | 1,110 | $ | (6 | ) | $ | - | $ | 5,931 | |||||||||||
Intersegment
revenues
|
30 | 30 | 341 | 11 | (412 | ) | - | |||||||||||||||||
Net
income (loss)(a)
|
272 | 15 | 284 | (23 | ) | - | 548 | |||||||||||||||||
2007:
|
||||||||||||||||||||||||
External
revenues
|
$ | 2,258 | $ | 2,513 | $ | 980 | $ | (1 | ) | $ | - | $ | 5,750 | |||||||||||
Intersegment
revenues
|
34 | 34 | 386 | 30 | (484 | ) | - | |||||||||||||||||
Net
income(a)
|
263 | 45 | 197 | 5 | - | 510 | ||||||||||||||||||
As
of September 30, 2008:
|
||||||||||||||||||||||||
Total
assets
|
$ | 11,037 | $ | 6,363 | $ | 4,269 | $ | 1,037 | $ | (1,227 | ) | $ | 21,479 | |||||||||||
As
of December 31, 2007:
|
||||||||||||||||||||||||
Total
assets
|
$ | 10,852 | $ | 6,385 | $ | 4,027 | $ | 965 | $ | (1,501 | ) | $ | 20,728 |
(a)
|
Represents
net income available to common shareholders; 100% of CILCO’s preferred
stock dividends are included in the Illinois Regulated
segment.
|
Three
Months
|
Missouri
Regulated
|
Other
(a)
|
Consolidated
UE
|
|||||||||
2008:
|
||||||||||||
Revenues
|
$ | 875 | $ | - | $ | 875 | ||||||
Net
income(b)
|
98 | - | 98 | |||||||||
2007:
|
||||||||||||
Revenues
|
$ | 945 | $ | - | $ | 945 | ||||||
Net
income(b)
|
178 | 14 | 192 | |||||||||
Nine
Months
|
||||||||||||
2008:
|
||||||||||||
Revenues
|
$ | 2,370 | $ | - | $ | 2,370 | ||||||
Net
income(b)
|
272 | 11 | 283 | |||||||||
2007:
|
||||||||||||
Revenues
|
$ | 2,292 | $ | - | $ | 2,292 | ||||||
Net
income(b)
|
263 | 40 | 303 | |||||||||
As
of September 30, 2008:
|
||||||||||||
Total
assets
|
$ | 11,037 | $ | - | $ | 11,037 | ||||||
As
of December 31, 2007:
|
||||||||||||
Total
assets
|
$ | 10,852 | $ | 51 | $ | 10,903 |
(a)
|
Included
40% interest in EEI through February 29,
2008.
|
(b)
|
Represents
net income available to the common shareholder
(Ameren).
|
Three
Months
|
Illinois
Regulated
|
Non-rate-
regulated
Generation
|
CILCORP
Other
|
Intersegment
Eliminations
|
Consolidated
CILCORP
|
|||||||||||||||
2008:
|
||||||||||||||||||||
External
revenues
|
$ | 162 | $ | 102 | $ | - | $ | - | $ | 264 | ||||||||||
Intersegment
revenues
|
1 | - | - | (1 | ) | - | ||||||||||||||
Net
income(a)
|
4 | 14 | - | - | 18 |
2007:
|
||||||||||||||||||||
External
revenues
|
$ | 144 | $ | 67 | $ | - | $ | - | $ | 211 | ||||||||||
Intersegment
revenues
|
- | 1 | - | (1 | ) | - | ||||||||||||||
Net
income (loss)(a)
|
(4 | ) | 5 | - | - | 1 | ||||||||||||||
Nine
Months
|
||||||||||||||||||||
2008:
|
||||||||||||||||||||
External
revenues
|
$ | 590 | $ | 252 | $ | - | $ | - | $ | 842 | ||||||||||
Intersegment
revenues
|
3 | - | - | (3 | ) | - | ||||||||||||||
Net
income(a)
|
15 | 27 | - | - | 42 | |||||||||||||||
2007:
|
||||||||||||||||||||
External
revenues
|
$ | 547 | $ | 205 | $ | - | $ | - | $ | 752 | ||||||||||
Intersegment
revenues
|
- | 3 | - | (3 | ) | - | ||||||||||||||
Net
income(a)
|
11 | 23 | - | - | 34 | |||||||||||||||
As
of September 30, 2008:
|
||||||||||||||||||||
Total
assets(b)
|
$ | 1,231 | $ | 1,616 | $ | 2 | $ | (222 | ) | $ | 2,627 | |||||||||
As
of December 31, 2007:
|
||||||||||||||||||||
Total
assets(b)
|
$ | 1,202 | $ | 1,455 | $ | 1 | $ | (199 | ) | $ | 2,459 |
(a)
|
Represents
net income available to the common shareholder (Ameren); 100% of CILCO’s
preferred stock dividends are included in the Illinois Regulated
segment.
|
(b)
|
Total
assets for Illinois Regulated and Non-rate-regulated Generation include an
allocation of goodwill and other purchase accounting amounts related to
CILCO that are recorded at CILCORP (parent
company).
|
Three
Months
|
Illinois
Regulated
|
Non-rate-
regulated
Generation
|
CILCO
Other
|
Intersegment
Eliminations
|
Consolidated
CILCO
|
|||||||||||||||
2008:
|
||||||||||||||||||||
External
revenues
|
$ | 162 | $ | 102 | $ | - | $ | - | $ | 264 | ||||||||||
Intersegment
revenues
|
1 | - | - | (1 | ) | - | ||||||||||||||
Net
income(a)
|
4 | 20 | - | - | 24 | |||||||||||||||
2007:
|
||||||||||||||||||||
External
revenues
|
$ | 144 | $ | 67 | $ | - | $ | - | $ | 211 | ||||||||||
Intersegment
revenues
|
- | 1 | - | (1 | ) | - | ||||||||||||||
Net
income (loss)(a)
|
(4 | ) | 14 | - | - | 10 | ||||||||||||||
Nine
Months
|
||||||||||||||||||||
2008:
|
||||||||||||||||||||
External
revenues
|
$ | 590 | $ | 252 | $ | - | $ | - | $ | 842 | ||||||||||
Intersegment
revenues
|
3 | - | - | (3 | ) | - | ||||||||||||||
Net
income(a)
|
15 | 46 | - | - | 61 | |||||||||||||||
2007:
|
||||||||||||||||||||
External
revenues
|
$ | 547 | $ | 205 | $ | - | $ | - | $ | 752 | ||||||||||
Intersegment
revenues
|
- | 3 | - | (3 | ) | - | ||||||||||||||
Net
income(a)
|
11 | 46 | - | - | 57 | |||||||||||||||
As
of September 30, 2008:
|
||||||||||||||||||||
Total
assets
|
$ | 1,042 | $ | 1,007 | $ | - | $ | (1 | ) | $ | 2,048 | |||||||||
As
of December 31, 2007:
|
||||||||||||||||||||
Total
assets
|
$ | 1,012 | $ | 859 | $ | - | $ | (9 | ) | $ | 1,862 |
(a)
|
Represents
net income available to the common shareholder (CILCORP); 100% of CILCO’s
preferred stock dividends are included in the Illinois Regulated
segment.
|
·
|
UE
operates a rate-regulated electric generation, transmission and
distribution business, and a rate-regulated natural gas transmission and
distribution business in Missouri.
|
·
|
CIPS
operates a rate-regulated electric and natural gas transmission and
distribution business in Illinois.
|
·
|
Genco
operates a non-rate-regulated electric generation business in Illinois and
Missouri.
|
·
|
CILCO,
a subsidiary of CILCORP (a holding company), operates a rate-regulated
electric and natural gas transmission and distribution business and a
non-rate-regulated electric generation business (through its subsidiary,
AERG) in Illinois.
|
·
|
IP
operates a rate-regulated electric and natural gas transmission and
distribution business in Illinois.
|
·
|
the
reduced impact in 2008 of the electric rate relief and customer assistance
programs provided to certain Ameren Illinois Utilities electric customers
under the Illinois electric settlement agreement (15 cents per share and 8
cents per share, respectively);
|
·
|
the
implementation of redesigned seasonal electric delivery service rates at
the Ameren Illinois Utilities, which impacts quarterly earnings
comparisons in 2008 but is not expected to have an impact on annual
margins (11 cents per share and 5 cents per share, respectively);
and
|
·
|
higher
realized electric margins in the Non-rate-regulated Generation
segment.
|
·
|
higher
fuel and related transportation prices, excluding net mark-to-market
losses on fuel-related transactions, (8 cents per share and 25 cents
per share, respectively);
|
·
|
unfavorable
weather conditions (estimated at 18 cents per share in both
periods);
|
·
|
increased
distribution system reliability expenditures (6 cents per share and 20
cents per share, respectively);
|
·
|
higher
plant operations and maintenance expense (2 cents per share and 10
cents per share, respectively);
|
·
|
higher
labor and employee benefit costs (3 cents per share and 9 cents per share,
respectively);
|
·
|
higher
bad debt expenses (2 cents per share and 5 cents per share,
respectively);
|
·
|
increased
depreciation and amortization expense (2 cents per share and 5 cents
per share, respectively); and
|
·
|
higher
financing costs (1 cent per share and 7 cents per share,
respectively).
|
·
|
a
settlement agreement with a coal mine owner reached in June 2008 that
reimbursed Genco, in the form of a lump-sum payment of $60 million, for
increased costs for coal and transportation that it is incurring in
2008 ($33 million) and expects to incur in 2009 ($27 million) due to
the premature closure of an Illinois mine at the end of 2007 (18 cents per
share);
|
·
|
the
absence of costs in 2008 that were incurred in 2007 relating to a
refueling and maintenance outage at UE’s Callaway nuclear plant (16 cents
per share);
|
·
|
net
unrealized mark-to-market gains primarily related to
energy-related transactions (6 cents per
share);
|
·
|
the
absence of costs in 2008 that were incurred in January 2007 associated
with electric outages caused by severe ice storms (9 cents per
share);
|
·
|
the
minimum amount of January 2007 storm costs that UE expects to recover, as
a result of an accounting order issued by the MoPSC, which was recorded as
a regulatory asset (4
cents per share);
|
·
|
higher
electric rates, lower depreciation expense and decreased income tax
expense in the Missouri Regulated segment pursuant to the MoPSC electric
rate order for UE issued in May 2007 (8 cents per share);
and
|
·
|
a
March 2007 FERC order that resettled costs among market participants
retroactive to 2005 (5 cents per
share).
|
Three
Months
|
Nine
Months
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Net
income (loss):
|
||||||||||||||||
UE(a)
|
$ | 98 | $ | 192 | $ | 283 | $ | 303 | ||||||||
CIPS
|
6 | - | 5 | 17 | ||||||||||||
Genco
|
20 | 25 | 140 | 84 | ||||||||||||
CILCORP
|
18 | 1 | 42 | 34 | ||||||||||||
IP
|
4 | (5 | ) | (4 | ) | 16 | ||||||||||
Other(b)
|
58 | 31 | 82 | 56 | ||||||||||||
Ameren
net income
|
$ | 204 | $ | 244 | $ | 548 | $ | 510 |
(a)
|
Includes
earnings from a non-rate-regulated 40% interest in EEI through February
29, 2008.
|
(b)
|
Includes
earnings from non-rate-regulated operations and an 80% interest in EEI
held by Resources Company since February 29, 2008, as well as corporate
general and administrative expenses, and intercompany eliminations. Prior
to February 29, 2008, included a 40% interest in EEI held by Development
Company, as well as corporate general and administrative expenses and
intercompany eliminations.
|
Missouri
Regulated
|
Illinois
Regulated
|
Non-rate-
regulated
Generation
|
Other
/
Intersegment
Eliminations
|
Total
|
||||||||||||||||
Three
Months 2008:
|
||||||||||||||||||||
Electric
margin
|
$ | 570 | $ | 234 | $ | 315 | $ | (23 | ) | $ | 1,096 | |||||||||
Gas
margin
|
10 | 50 | - | (1 | ) | 59 | ||||||||||||||
Other
revenues
|
1 | - | - | (1 | ) | - | ||||||||||||||
Other
operations and
maintenance
|
(234 | ) | (149 | ) | (77 | ) | 11 | (449 | ) | |||||||||||
Depreciation
and
amortization
|
(83 | ) | (60 | ) | (29 | ) | (8 | ) | (180 | ) | ||||||||||
Taxes
other than income
taxes
|
(69 | ) | (24 | ) | (6 | ) | 1 | (98 | ) | |||||||||||
Other
income and
(expenses)
|
15 | 3 | (1 | ) | (4 | ) | 13 | |||||||||||||
Interest
expense
|
(51 | ) | (34 | ) | (24 | ) | (4 | ) | (113 | ) | ||||||||||
Income
taxes
|
(60 | ) | (5 | ) | (61 | ) | 13 | (113 | ) | |||||||||||
Minority
interest and preferred dividends
|
(1 | ) | (2 | ) | (9 | ) | 1 | (11 | ) | |||||||||||
Net
income
(loss)
|
$ | 98 | $ | 13 | $ | 108 | $ | (15 | ) | $ | 204 | |||||||||
Three
Months 2007:
|
||||||||||||||||||||
Electric
margin
|
$ | 677 | $ | 186 | $ | 265 | $ | (13 | ) | $ | 1,115 | |||||||||
Gas
margin
|
9 | 49 | - | (1 | ) | 57 | ||||||||||||||
Other
revenues
|
1 | 1 | - | (2 | ) | - | ||||||||||||||
Other
operations and
maintenance
|
(222 | ) | (138 | ) | (77 | ) | 20 | (417 | ) | |||||||||||
Depreciation
and
amortization
|
(81 | ) | (59 | ) | (28 | ) | (8 | ) | (176 | ) | ||||||||||
Taxes
other than income
taxes
|
(70 | ) | (23 | ) | (6 | ) | 2 | (97 | ) | |||||||||||
Other
income and
(expenses)
|
8 | 6 | 1 | (4 | ) | 11 | ||||||||||||||
Interest
expense
|
(49 | ) | (35 | ) | (28 | ) | 2 | (110 | ) | |||||||||||
Income
taxes
|
(94 | ) | 7 | (49 | ) | 6 | (130 | ) | ||||||||||||
Minority
interest and preferred dividends
|
(1 | ) | (2 | ) | (7 | ) | 1 | (9 | ) | |||||||||||
Net
income
(loss)
|
$ | 178 | $ | (8 | ) | $ | 71 | $ | 3 | $ | 244 | |||||||||
Nine
Months 2008:
|
||||||||||||||||||||
Electric
margin
|
$ | 1,606 | $ | 600 | $ | 911 | $ | (40 | ) | $ | 3,077 | |||||||||
Gas
margin
|
55 | 239 | - | (4 | ) | 290 | ||||||||||||||
Other
revenues
|
1 | - | - | (1 | ) | - | ||||||||||||||
Other
operations and
maintenance
|
(689 | ) | (446 | ) | (245 | ) | 40 | (1,340 | ) | |||||||||||
Depreciation
and
amortization
|
(246 | ) | (181 | ) | (86 | ) | (21 | ) | (534 | ) | ||||||||||
Taxes
other than income
taxes
|
(189 | ) | (91 | ) | (20 | ) | - | (300 | ) | |||||||||||
Other
income and
(expenses)
|
40 | 10 | - | (12 | ) | 38 | ||||||||||||||
Interest
expense
|
(142 | ) | (106 | ) | (74 | ) | (9 | ) | (331 | ) | ||||||||||
Income
taxes
|
(160 | ) | (5 | ) | (177 | ) | 23 | (319 | ) | |||||||||||
Minority
interest and preferred dividends
|
(4 | ) | (5 | ) | (25 | ) | 1 | (33 | ) | |||||||||||
Net
income
(loss)
|
$ | 272 | $ | 15 | $ | 284 | $ | (23 | ) | $ | 548 | |||||||||
Nine
Months 2007:
|
||||||||||||||||||||
Electric
margin
|
$ | 1,579 | $ | 572 | $ | 766 | $ | (32 | ) | $ | 2,885 | |||||||||
Gas
margin
|
50 | 227 | - | (4 | ) | 273 | ||||||||||||||
Other
revenues
|
2 | 3 | - | (5 | ) | - | ||||||||||||||
Other
operations and
maintenance
|
(668 | ) | (383 | ) | (234 | ) | 55 | (1,230 | ) | |||||||||||
Depreciation
and
amortization
|
(252 | ) | (177 | ) | (85 | ) | (20 | ) | (534 | ) |
Missouri
Regulated
|
Illinois
Regulated
|
Non-rate-
regulated
Generation
|
Other
/
Intersegment
Eliminations
|
Total
|
||||||||||||||||
Taxes
other than income
taxes
|
(187 | ) | (89 | ) | (20 | ) | 1 | (295 | ) | |||||||||||
Other
income and
(expenses)
|
24 | 16 | 3 | (9 | ) | 34 | ||||||||||||||
Interest
expense
|
(146 | ) | (97 | ) | (81 | ) | 8 | (316 | ) | |||||||||||
Income
taxes
|
(135 | ) | (22 | ) | (132 | ) | 10 | (279 | ) | |||||||||||
Minority
interest and preferred dividends
|
(4 | ) | (5 | ) | (20 | ) | 1 | (28 | ) | |||||||||||
Net
income
|
$ | 263 | $ | 45 | $ | 197 | $ | 5 | $ | 510 |
Three
Months
|
Ameren(a)
|
UE
|
CIPS
|
Genco
|
CILCORP
|
CILCO
|
IP
|
|||||||||||||||||||||
Electric
revenue change:
|
||||||||||||||||||||||||||||
Effect
of weather (estimate)
|
$ | (76 | ) | $ | (30 | ) | $ | (13 | ) | $ | - | $ | (8 | ) | $ | (8 | ) | $ | (25 | ) | ||||||||
Interchange
revenues, excluding estimate
weather
impact of $44 million
|
(33 | ) | (33 | ) | - | - | - | - | - | |||||||||||||||||||
Illinois
electric settlement agreement,
net
of
reimbursement
|
43 | - | 7 |
17
|
12 | 12 | 10 | |||||||||||||||||||||
Illinois
rate redesign
|
46 | - | 15 | - | 7 | 7 | 24 | |||||||||||||||||||||
Net
mark-to-market gains (losses) on
energy
contracts
|
55 | (5 | ) | - | - | - | - | - | ||||||||||||||||||||
Other,
including growth and Illinois
customer
switching
|
21 | (6 | ) | (20 | ) | - | 41 | 41 | (13 | ) | ||||||||||||||||||
Total
electric revenue change
|
$ | 56 | $ | (74 | ) | $ | (11 | ) | $ | 17 | $ | 52 | $ | 52 | $ | (4 | ) | |||||||||||
Fuel
and purchased power change:
|
||||||||||||||||||||||||||||
Fuel:
|
||||||||||||||||||||||||||||
Generation
and other
|
$ | 18 | $ | 13 | $ | - | $ | 12 | $ | (7 | ) | $ | (9 | ) | $ | - | ||||||||||||
Emission
allowance sales (costs)
|
(1 | ) | (5 | ) | - | 3 | - | - | - | |||||||||||||||||||
Net
mark-to-market (losses) on fuel
contracts
|
(111 | ) | (59 | ) | - | (30 | ) | (8 | ) | (8 | ) | - | ||||||||||||||||
Price
|
(29 | ) | (8 | ) | - | (14 | ) | (4 | ) | (4 | ) | - | ||||||||||||||||
Purchased
power
|
57 | 26 | 28 | 1 | (3 | ) | (3 | ) | 31 | |||||||||||||||||||
Illinois
rate redesign
|
(9 | ) | - | (3 | ) | - | (1 | ) | (1 | ) | (5 | ) | ||||||||||||||||
Total
fuel and purchased power change
|
$ | (75 | ) | $ | (33 | ) | $ | 25 | $ | (28 | ) | $ | (23 | ) | $ | (25 | ) | $ | 26 | |||||||||
Net
change in electric margins
|
$ | (19 | ) | $ | (107 | ) | $ | 14 | $ | (11 | ) | $ | 29 | $ | 27 | $ | 22 | |||||||||||
Net
change in gas margins
|
$ | 2 | $ | 1 | $ | 2 | $ | - | $ | (3 | ) | $ | (3 | ) | $ | 4 | ||||||||||||
Nine
Months
|
||||||||||||||||||||||||||||
Electric
revenue change:
|
||||||||||||||||||||||||||||
Effect
of weather (estimate)
|
$ | (100 | ) | $ | (35 | ) | $ | (20 | ) | $ | - | $ | (11 | ) | $ | (11 | ) | $ | (34 | ) | ||||||||
UE
electric rate increase
|
16 | 16 | - | - | - | - | - | |||||||||||||||||||||
Interchange
revenues, excluding estimated
weather
impact of $54 million
|
41 | 41 | - | - | - | - | - | |||||||||||||||||||||
Illinois
electric settlement agreement, net
of
reimbursement
|
24 | - | 4 | 8 | 6 | 6 | 6 | |||||||||||||||||||||
FERC-ordered
MISO resettlements -
March
2007
|
(16 | ) | - | - | (12 | ) | (4 | ) | (4 | ) | - | |||||||||||||||||
Illinois
rate redesign
|
16 | - | 5 | - | 2 | 2 | 9 | |||||||||||||||||||||
Net
mark-to-market gains on
energy
contracts
|
48 | 13 | - | - | - | - | - | |||||||||||||||||||||
Other,
including growth and Illinois
customer
switching
|
60 | 27 | (55 | ) | 19 | 71 | 71 | (41 | ) | |||||||||||||||||||
Total
electric revenue change
|
$ | 89 | $ | 62 | $ | (66 | ) | $ | 15 | $ | 64 | $ | 64 | $ | (60 | ) | ||||||||||||
Fuel
and purchased power change:
|
||||||||||||||||||||||||||||
Fuel:
|
||||||||||||||||||||||||||||
Generation
and other
|
$ | (1 | ) | $ | 7 | $ | - | $ | 17 | $ | (26 | ) | $ | (28 | ) | $ | - |
Nine
Months
|
Ameren(a)
|
UE
|
CIPS
|
Genco
|
CILCORP
|
CILCO
|
IP
|
|||||||||||||||||||||
Emission
allowance sales
|
2 | (4 | ) | - | 5 | - | - | - | ||||||||||||||||||||
Net
mark-to-market (losses) on fuel
contracts
|
(12 | ) | (5 | ) | - | (2 | ) | - | - | - | ||||||||||||||||||
Price
|
(88 | ) | (40 | ) | - | (31 | ) | (9 | ) | (9 | ) | - | ||||||||||||||||
Coal
contract settlement
|
60 | - | - | 60 | - | - | - | |||||||||||||||||||||
Purchased
power
|
108 | (6 | ) | 60 | 25 | (8 | ) | (8 | ) | 63 | ||||||||||||||||||
Illinois
rate redesign
|
2 | - | 1 | - | 1 | 1 | - | |||||||||||||||||||||
FERC-ordered
MISO resettlements -
March
2007
|
32 | 11 | 7 | - | 3 | 3 | 11 | |||||||||||||||||||||
Total
fuel and purchased power change
|
$ | 103 | $ | (37 | ) | $ | 68 | $ | 74 | $ | (39 | ) | $ | (41 | ) | $ | 74 | |||||||||||
Net
change in electric margins
|
$ | 192 | $ | 25 | $ | 2 | $ | 89 | $ | 25 | $ | 23 | $ | 14 | ||||||||||||||
Net
change in gas margins
|
$ | 17 | $ | 5 | $ | 4 | $ | - | $ | 2 | $ | 2 | $ | 8 |
(a)
|
Includes
amounts for Ameren registrant and nonregistrant subsidiaries and
intercompany eliminations.
|
·
|
Net
mark-to-market gains on energy transactions of $55 million and $48 million
for the third quarter and nine months ended September 30, 2008,
respectively. These net unrealized gains were primarily related to
nonqualifying hedges of changes in market prices for
electricity.
|
·
|
Implementation
of redesigned seasonal electric delivery service rates at the Ameren
Illinois Utilities, effective January 1, 2008, increased electric margin
by $37 million and $18 million for the three and nine months ended
September 30, 2008, respectively. These redesigned seasonal delivery
service rates have an impact on quarterly earnings comparisons but are not
expected to impact annual margins.
|
·
|
The
reduced impact of the Illinois electric settlement agreement increased
electric margin by $43 million and $24 million for the three and nine
months ended September 30, 2008,
respectively.
|
·
|
Reduced
net MISO purchased power costs of $16 million for the nine months ended
September 30, 2008, due to the absence of the March 2007 FERC order that
resettled costs in 2007 among market participants retroactive to
2005.
|
·
|
Other
MISO net purchased power costs, excluding the effect of the March 2007
FERC order, decreased by $17 million and $9 million for the three and nine
months ended September 30, 2008,
respectively.
|
·
|
An
increase in margin on interchange sales of $4 million for the nine months
ended September 30, 2008, due to a 13%
increase in realized sales prices and increased hydroelectric generation
due to improved water levels. Interchange margin decreased $2 million
during the third quarter of 2008 due primarily to lower overnight market
prices.
|
·
|
Lower
fuel expense as a result of Genco’s June 2008 agreement with a coal mine
owner to receive a lump-sum payment of $60 million for the early
termination of a contract. Genco is incurring incremental fuel costs in
2008 and in 2009 to replace coal from an Illinois mine that was
prematurely closed by its owner at the end of
2007.
|
·
|
A
38-day planned refueling and maintenance outage at UE’s Callaway nuclear
plant in the second quarter of 2007 that did not recur in the nine months
ended September 30, 2008.
|
·
|
UE’s
electric rate increase that went into effect June 4, 2007, which increased
electric margin by an estimated $16 million for the nine months ended
September 30, 2008.
|
·
|
Net
mark-to-market losses on fuel-related transactions of $111 million and $12
million for the third quarter and the nine months ended September 30,
2008, respectively. These net unrealized losses were primarily related to
financial instruments that were acquired to mitigate the risk of rising
diesel fuel price adjustments embedded in coal transportation contracts
for the period 2008 through 2012.
|
·
|
Unfavorable
weather conditions, as evidenced by a 27% reduction in cooling degree-days
for the third quarter and nine months ended September 30, 2008, decreased
electric margin by an estimated $54 million and $63 million for the
three and nine months ended September 30, 2008,
respectively.
|
·
|
Excluding
the impact of the agreement between Genco and a coal mine owner discussed
above, fuel prices
|
·
|
A
September 24, 2008, ICC rate order concluded that a portion of
non-recoverable purchased gas costs should be capitalized, resulting in a
one-time increase in margin of $5 million for the third quarter and nine
months ended September 30, 2008.
|
·
|
Favorable
weather conditions, as evidenced by a 12% increase in heating degree-days,
increased margin an estimated $8 million for the nine months ended
September 30, 2008.
|
·
|
UE’s
gas rate increase that went into effect April 1, 2007, increased margin by
$1 million for the nine months ended September 30,
2008.
|
·
|
An
increase in margin on interchange sales of $4 million for the nine months
ended September 30, 2008, due to a 13% increase in realized sales prices
and increased hydroelectric generation due to improved water levels.
Interchange margin decreased $2 million during the third quarter of 2008
due primarily to lower overnight market
prices.
|
·
|
Reduced
MISO purchased power costs of $11 million for the nine months ended
September 30, 2008, due to the absence of the March 2007 FERC
order.
|
·
|
Other
MISO net purchased power costs, excluding the effect of the March 2007
FERC order, decreased by $13 million and $7 million for the three and
nine months ended September 30, 2008,
respectively.
|
·
|
A
38-day planned refueling and maintenance outage at Callaway nuclear plant
in the second quarter of 2007 that did not recur in the first nine months
of 2008.
|
·
|
UE’s
electric rate increase that went into effect June 4, 2007, which increased
electric margin by an estimated $16 million for the nine months ended
September 30, 2008.
|
·
|
Net
mark-to-market gains on energy transactions of $13 million for the
nine months ended September 30, 2008. These unrealized gains primarily
related to nonqualifying hedges of changes in market prices for
electricity.
|
·
|
A
7% and 11% increase in fuel prices for the third quarter and first nine
months of 2008, respectively.
|
·
|
Unfavorable
weather conditions, as evidenced by a 25% and 27% reduction in cooling
degree-days for the third quarter and nine months ended September 30,
2008, decreased electric margin by an estimated $38 million and $41
million for the three and nine months ended September 30, 2008,
respectively.
|
·
|
Net
mark-to-market losses on fuel-related transactions of $59 million and $5
million for the third quarter and the nine months ended September 30,
2008, respectively. These unrealized losses related to financial
instruments that were acquired to mitigate the risk of rising diesel fuel
price adjustments embedded in coal transportation contracts for the period
2008 through 2012.
|
·
|
Net
mark-to-market losses on energy transactions of $5 million for the
three months ended September 30, 2008. These unrealized losses related to
nonqualifying hedges of changes in market prices for
electricity.
|
·
|
The
implementation of redesigned seasonal electric delivery service rates
increased electric margin by $12 million and $6 million for the three
and nine months ended September 30, 2008, respectively. These redesigned
seasonal delivery service rates have an impact on quarterly earnings
comparisons but are not expected to impact annual
margins.
|
·
|
The
reduced impact of the Illinois electric settlement agreement increased
electric margin by $7 million and $4 million for the three and nine
months ended September 30, 2008,
respectively.
|
·
|
Reduced
MISO purchased power costs of $7 million for the nine months ended
September 30, 2008, due to the absence of the March 2007 FERC order that
resettled costs in 2007 among market participants retroactive to
2005.
|
·
|
Other
MISO net purchased power costs, excluding the effect of the March 2007
FERC order, decreased by $5 million and $6 million for the three and
nine months ended September 30, 2008,
respectively.
|
·
|
Unfavorable
weather conditions, as evidenced by a 27% and 28% reduction in cooling
degree-days for the third quarter and nine months ended September 30,
2008, respectively, which decreased electric margin by an estimated $5
million and $6 million for the three and nine months ended September 30,
2008, respectively.
|
·
|
Decreased
delivery service margin of $5 million and $4 million for the three
and nine months ended September 30, 2008, respectively, due to ongoing
MISO resettlements.
|
Three
Months
|
Nine
Months
|
|||||||
CILCO
(Illinois Regulated)
|
$ | 14 | $ | 13 | ||||
CILCO
(AERG)
|
13 | 10 | ||||||
Total
change in electric margin
|
$ | 27 | $ | 23 |
·
|
The
implementation of redesigned seasonal electric delivery service rates
increased electric margin by $6 million and $3 million for the three
and nine months ended September 30, 2008, respectively. These redesigned
seasonal delivery service rates have an impact on quarterly earnings
comparisons but are not expected to impact annual
margins.
|
·
|
The
reduced impact of the Illinois electric settlement agreement increased
electric margin by $4 million and $2 million for the three and nine
months ended September 30, 2008,
respectively.
|
·
|
Reduced
MISO purchased power costs of $3 million for the nine months ended
September 30, 2008, due to the absence of the March 2007 FERC order that
resettled costs in 2007 among market participants retroactive to
2005.
|
·
|
Increased
delivery service margin of $2 million and $4 million for the three
and nine months ended September 30, 2008, respectively, due to the reduced
impact of MISO settlements that occurred last year. In addition,
generation service margins increased $5 million and $3 million for the
three and nine months ended September 30, 2008, respectively. These
generation service margins are derived from rate riders, which are
designed to offset certain operating
expenses.
|
·
|
The
implementation of redesigned seasonal electric delivery service rates
increased electric margin by $19 million and $9 million for the three
and nine months ended September 30, 2008, respectively. These redesigned
seasonal delivery service rates will impact quarterly earnings comparisons
but are not expected to impact annual
margins.
|
·
|
The
reduced impact of the Illinois electric settlement agreement, increased
electric margin by $10 million and $6 million for the three and nine
months ended September 30, 2008,
respectively.
|
·
|
Reduced
MISO purchased power costs of $11 million for the nine months ended
September 30, 2008, due to the absence of the March 2007 FERC order that
resettled costs in 2007 among market participants retroactive to
2005.
|
·
|
Unfavorable
weather conditions, as evidenced by a 33% and 32% reduction in cooling
degree-days for the third quarter and nine months ended September 30,
2008, respectively, which decreased electric margin by an estimated $8
million and $12 million for the three and nine months ended September 30,
2008, respectively.
|
·
|
Other
MISO net purchased power costs, excluding the effect of the March 2007
FERC order, increased by $7 million for the nine months ended
September 30, 2008.
|
·
|
The
reduced impact of the Illinois electric settlement agreement, increased
electric margin by $17 million and $8 million for the three and nine
months ended September 30, 2008,
respectively.
|
·
|
Gain
on the sale of oil and off-system natural gas increased electric
margin by $2 million and $6 million for the three and nine months ended
September 30, 2008, respectively.
|
·
|
Reduced
purchased power costs of $17 for the nine months ended September 30, 2008,
due to the absence of MISO resettlement costs experienced in early
2007.
|
·
|
Increased
revenues allocated to Genco under its power supply agreement (Genco PSA)
with Marketing Company for the nine months ended September 30, 2008,
compared to the year-ago period. Marketing Company’s average revenue
per megawatt hour sold under the Genco PSA increased 9% and 5% for the
three and nine months ended September 30, 2008, respectively, compared to
the year-ago periods due primarily to re-pricing of wholesale and retail
electric power supply agreements. Genco’s allocated revenues also
increased 5% for the nine months ended September 30, 2008, compared with
the same period in 2007 due to an increase in reimbursable expenses
in accordance with the Genco PSA. Genco’s allocated revenues for the
third quarter were comparable to the year-ago
period.
|
·
|
Excluding
the impact of the agreement between Genco and a coal mine owner discussed
above, fuel prices increased 19% and 16% for the third quarter and the
first nine months of 2008,
respectively.
|
·
|
Net
mark-to-market losses on fuel-related transactions of $30 million and $2
million for the third quarter and nine months ended September 30, 2008,
respectively. These unrealized losses related to financial instruments
that were acquired to mitigate the risk of rising diesel fuel price
adjustments embedded in coal transportation contracts for the period 2008
through 2012.
|
·
|
Reduced
MISO-related revenues of $12 million for the nine months ended September
30, 2008, due to the absence of the March 2007 FERC
order.
|
·
|
Decreased
baseload coal-fired plant availability during the third quarter of 2008
compared to the same period last year primarily due to an outage caused by
a transformer fire at one of Genco’s power plants. Genco’s generating
plants’ average capacity and equivalent availability factors for the three
months ended September 30, 2008, were 75% and 87%,
respectively, compared with 80% and 92%, respectively, in the same period
in 2007. Genco’s generating plants’ average capacity and equivalent
availability factors for the nine months ended September 30, 2008, were
comparable with the same periods in
2007.
|
·
|
The
reduced impact of the Illinois electric settlement agreement increased
electric margin by $8 million and $4 million for the three and nine
months ended September 30, 2008,
respectively.
|
·
|
Increased
baseload coal-fired plant availability due to the lack of an extended
plant outage this year. AERG’s generating plants’ average capacity and
equivalent availability factors for the nine months ended September 30,
2008, were 72% and 79%, respectively, in 2008, compared with 54% and 60%,
respectively, in 2007.
|
·
|
A
27% and 19% increase in coal prices for the third quarter and the nine
months ended September 30, 2008, respectively, due to a greater percentage
of higher-cost Illinois coal burned this year. In addition, oil consumed
during plant startups increased $4 million for the nine months ended
September 30, 2008.
|
·
|
A
2% and a 7% decrease in average sales price per megawatt hour allocated to
AERG under its power supply agreement (AERG PSA) with Marketing Company
for the three and nine months ended September 30, 2008, respectively, due
primarily to a reduction in reimbursable expenses in accordance with the
AERG PSA.
|
·
|
Net
mark-to-market losses on fuel-related transactions of $8 million for the
three months ended September 30, 2008. These unrealized losses primarily
related to financial instruments that were acquired to mitigate the risk
of rising diesel fuel price adjustments embedded in coal transportation
contracts for the period 2008 through
2012.
|
·
|
Reduced
MISO-related revenues of $4 million for the nine months ended September
30, 2008, due to the absence of the March 2007 FERC
order.
|
·
|
Net
mark-to-market losses on fuel-related transactions of $6 million for the
third quarter and net mark-to-market gains on fuel-related transactions of
$2 million for the nine months ended September 30, 2008.
These
|
·
|
A
20% increase in the average sales price for power during the nine months
ended September 30, 2008.
|
Net
Cash Provided By
Operating
Activities
|
Net
Cash Used In
Investing
Activities
|
Net
Cash Provided By
(Used
In) Financing Activities
|
||||||||||||||||||||||||||||||||||
2008
|
2007
|
Variance
|
2008
|
2007
|
Variance
|
2008
|
2007
|
Variance
|
||||||||||||||||||||||||||||
Ameren (a)
|
$ | 1,245 | $ | 920 | $ | 325 | $ | (1,501 | ) | $ | (1,093 | ) | $ | (408 | ) | $ | 107 | $ | 206 | $ | (99 | ) | ||||||||||||||
UE
|
555 | 519 | 36 | (794 | ) | (535 | ) | (259 | ) | 54 | 15 | 39 | ||||||||||||||||||||||||
CIPS
|
80 | 11 | 69 | (26 | ) | (115 | ) | 89 | (66 | ) | 99 | (165 | ) | |||||||||||||||||||||||
Genco
|
209 | 153 | 56 | (230 | ) | (137 | ) | (93 | ) | 21 | (15 | ) | 36 | |||||||||||||||||||||||
CILCORP
|
107 | 20 | 87 | (222 | ) | (141 | ) | (81 | ) | 109 | 201 | (92 | ) | |||||||||||||||||||||||
CILCO
|
120 | 48 | 72 | (221 | ) | (141 | ) | (80 | ) | 95 | 162 | (67 | ) | |||||||||||||||||||||||
IP
|
120 | 23 | 97 | (139 | ) | (133 | ) | (6 | ) | 25 | 110 | (85 | ) |
(a)
|
Includes
amounts for Ameren registrant and nonregistrant subsidiaries and
intercompany eliminations.
|
Credit
Facility
|
Expiration
|
Amount
Committed
|
Amount
Available(a)
|
Ameren,
UE and Genco:
|
|||
Multiyear revolving(b)
|
July
2010
|
1,150
|
791(f)
|
CIPS,
CILCORP, CILCO, IP and AERG:
|
|||
2007 Multiyear revolving(c)(d)
|
January
2010
|
500
|
73
|
2006 Multiyear revolving(c)(e)
|
January
2010
|
500
|
81
|
(a)
|
After
excluding unfunded Lehman Brothers Bank, FSB participations, under the
$1.15 billion and 2006 $500 million credit
facilities.
|
(b)
|
Ameren
Companies may access this credit facility through intercompany borrowing
arrangements.
|
(c)
|
See
Note 3 - Short-term Borrowings and Liquidity to our financial statements
under Part I, Item 1, of this report for discussion of the amendments to
these facilities.
|
(d)
|
The
maximum amount available to each borrower under this facility at September
30, 2008, including for the issuance of letters of credit, was limited as
follows: CILCORP - $125
million, CILCO - $75 million, IP - $200 million and AERG - $100 million.
CIPS and CILCO have the option of permanently reducing their ability to
borrow under the 2006 $500 million credit facility and shifting such
capacity, up to the same limits, to the 2007 $500 million credit facility.
In July 2007, CILCO shifted $75 million of its sublimit under the 2006
$500 million credit facility to this
facility.
|
(e)
|
The
maximum amount available to each borrower under this facility at September
30, 2008, including for issuance of letters of credit, was limited as
follows: CIPS - $135 million, CILCORP - $50 million, CILCO - $75 million,
IP - $150 million and AERG - $200 million. In July 2007, CILCO shifted $75
million of its capacity under this facility to the 2007 $500 million
credit facility. Accordingly, as of September 30, 2008, CILCO had a
sublimit of $75 million under this facility and a $75 million sublimit
under the 2007 credit facility.
|
(f)
|
In
addition to amounts drawn on this facility, the amount available is
further reduced by standby letters of credit, which have been issued. The
amount of such letters of credit at September 30, 2008, was $9
million.
|
Month
Issued, Redeemed,
|
Nine
Months
|
||||||||
Repurchased
or Matured
|
2008
|
2007
|
|||||||
Issuances
|
|||||||||
Long-term
debt
|
|||||||||
UE:
|
|||||||||
6.00% Senior secured notes due
2018
|
April
|
$ | 250 | $ | - | ||||
6.40% Senior secured notes due
2017
|
June
|
- | 425 | ||||||
6.70% Senior secured notes due
2019
|
June
|
449 | - | ||||||
Genco:
|
|||||||||
7.00% Senior unsecured notes
due 2018
|
April
|
300 | - | ||||||
IP:
|
|||||||||
6.25% Senior secured notes due
2018
|
April
|
336 | - | ||||||
Total
Ameren long-term debt issuances
|
$ | 1,335 | $ | 425 | |||||
Common
stock
|
|||||||||
Ameren:
|
|||||||||
DRPlus and
401(k)
|
Various
|
$ | 107 | $ | 71 | ||||
Total
common stock issuances
|
$ | 107 | $ | 71 | |||||
Total
Ameren long-term debt and common stock issuances
|
$ | 1,442 | $ | 496 | |||||
Redemptions,
Repurchases and Maturities
|
|||||||||
Long-term
debt
|
|||||||||
Ameren:
|
|||||||||
2002 5.70% notes due
2007
|
February
|
$ | - | $ | 100 | ||||
Senior notes due
2007
|
May
|
- | 250 | ||||||
UE:
|
|||||||||
2000 Series B environmental
improvement bonds due 2035
|
April
|
63 | - | ||||||
2000 Series A environmental
improvement bonds due 2035
|
May
|
64 | - | ||||||
2000 Series C environmental
improvement bonds due 2035
|
May
|
60 | - | ||||||
1991 Series environmental
improvement bonds due 2020
|
May
|
43 | - | ||||||
6.75% Series first mortgage
bonds due 2008
|
May
|
148 | - | ||||||
CIPS:
|
|||||||||
2004 Series pollution control
bonds due 2025
|
April
|
35 | - | ||||||
CILCO:
|
|||||||||
7.50% First mortgage bonds due
2007
|
January
|
- | 50 | ||||||
Series 2004 pollution control
bonds due 2039
|
April
|
19 | - | ||||||
IP:
|
|||||||||
Series 2001 Non-AMT bonds due
2028
|
May
|
112 | - | ||||||
Series 2001 AMT bonds due
2017
|
May
|
75 | - | ||||||
1997 Series A pollution control
bonds due 2032
|
May
|
70 | - | ||||||
1997 Series B pollution control
bonds due 2032
|
May
|
45 | - | ||||||
1997 Series C pollution control
bonds due 2032
|
June
|
35 | - | ||||||
Note payable to IP
SPT:
|
|||||||||
5.65% Series due
2008
|
Various
|
54 | 65 | ||||||
Preferred
Stock
|
|||||||||
CILCO:
|
|||||||||
5.85% Series
|
July
|
16 | 1 | ||||||
Total
Ameren long-term debt and preferred stock redemptions, repurchases
and
maturities
|
$ | 839 | $ | 466 |
Effective
Date
|
Authorized
Amount
|
Issued
|
Available
|
|
Ameren
|
June
2004
|
$ 2,000
|
$ 459
|
$
1,541
|
UE(a)
|
June
2008
|
Not
limited
|
450
|
Not limited
|
CIPS
|
May
2001
|
250
|
211
|
39
|
(a)
|
In
June 2008, UE, as a well-known seasoned issuer, filed a Form S-3 shelf
registration statement registering the issuance of an indeterminate amount
of certain types of securities, which expires in June 2011. In June 2008,
UE issued $450 million principal amount of senior secured notes pursuant
to this shelf registration
statement.
|
Nine
Months
|
||||||||
2008
|
2007
|
|||||||
UE
|
$ | 193 | $ | 246 | ||||
Genco
|
84 | 113 | ||||||
IP
|
45 | - | ||||||
Nonregistrants
|
77 | 36 | ||||||
Dividends
paid by Ameren
|
$ | 399 | $ | 395 |
Moody’s
|
S&P
|
Fitch
|
|
Ameren:
|
|||
Issuer/corporate
credit rating
|
Baa3
|
BBB-
|
BBB+
|
Senior
unsecured debt
|
Baa3
|
BB+
|
BBB+
|
Commercial
paper
|
P-3
|
A-3
|
F2
|
UE:
|
|||
Issuer/corporate
credit rating
|
Baa2
|
BBB-
|
A-
|
Secured
debt
|
Baa1
|
BBB
|
A+
|
Commercial
paper
|
P-3
|
A-3
|
F2
|
CIPS:
|
|||
Issuer/corporate
credit rating
|
Ba1
|
BBB-
|
BBB-
|
Secured
debt
|
Baa3
|
BBB+
|
BBB+
|
Senior
unsecured debt
|
Ba1
|
BBB-
|
BBB
|
Genco:
|
|||
Issuer/corporate
credit rating
|
-
|
BBB-
|
BBB+
|
Senior
unsecured debt
|
Baa3
|
BBB-
|
BBB+
|
CILCORP:
|
|||
Issuer/corporate
credit rating
|
-
|
BBB-
|
BBB-
|
Senior
unsecured debt
|
Ba2
|
BB+
|
BBB-
|
CILCO:
|
|||
Issuer/corporate
credit rating
|
Ba1
|
BBB-
|
BBB
|
Secured
debt
|
Baa2
|
BBB+
|
A-
|
IP:
|
|||
Issuer/corporate
credit rating
|
Ba1
|
BBB-
|
BBB-
|
Secured
debt
|
Baa3
|
BBB
|
BBB+
|
·
|
Access to Capital
Markets - The extreme disruption in the capital markets has limited
companies’, including the Ameren Companies’, ability to freely access the
capital and credit markets to support their operations and refinance debt.
We are unable to predict how long these conditions will persist, but we
expect the capital markets to remain uncertain throughout 2009 and
potentially longer. However, we believe we will continue to have access to
the capital markets on terms commercially acceptable to us, as evidenced
by IP's recent sale of $400 million in senior secured notes in October
2008.
|
·
|
Cost of Capital
- The disruption in the capital and credit markets has led to higher
financing costs compared to recent years. We expect this trend to continue
while the current level of uncertainty in the financial markets
persists.
|
·
|
Credit
Facilities - At September 30, 2008, the Ameren Companies had in
place revolving bank credit facilities aggregating $2.15 billion. In
total, eighteen banks participate in these credit facilities. In January
2010, $1 billion of these facilities expire, and $1.15 billion expire in
July 2010. Due to the Lehman bankruptcy filing, the size of our
facilities was effectively reduced by up to $121 million. We cannot
predict whether other banks that are currently participating in our credit
facilities will declare bankruptcy or otherwise fail to honor their
commitments thereunder, and thus reduce the level of access we have to our
credit facilities. However, as stated previously, governments around the
world have taken aggressive actions to provide incremental capital and
other assurances to improve the financial condition of, and confidence in,
financial institutions, individually and as a whole, including the
participants in our credit facilities. We are actively developing plans
and strategies to renew these facilities prior to their expiration dates.
We are unable to predict whether the size and terms of any new credit
facilities will be comparable to the existing
facilities.
|
·
|
Economic
Conditions - We believe that the disruption in the capital and
credit markets will also further weaken global economic conditions as the
limited access to capital and higher cost of capital for businesses and
consumers will reduce spending, result in job losses, and pressure
economic growth for the foreseeable future. These weak economic
conditions will likely result in volatility in the power and commodity
markets, greater risk of defaults by our counterparties, weaker customer
sales growth, higher bad debt expense, and possible impairment of goodwill
and long-lived assets, among other things. To date, the level of defaults
by counterparties, lower sales growth, and bad debt expense resulting from
the weak economy have not significantly impacted the Ameren Companies;
however, we are unable to predict the ultimate impact of these weak
economic conditions on our results of operations, financial position, or
liquidity.
|
·
|
Investment
Returns - The disruption in the capital markets, coupled with weak
global economic conditions, has adversely affected financial markets. As a
result, we expect to experience lower than assumed investment returns in
2008 in our pension and postretirement benefit funds. These lower returns
could increase our pension and postretirement expenses,
pension funding levels and charges to OCI. Our future expenses and
funding levels will also be impacted by future discount rate levels. We
are unable to predict what our future returns will be on our investments,
as well as future discount rate levels and the resulting impact on our
pension and postretirement benefit expense levels and
funding.
|
·
|
Operating and Capital
Expenditures - The Ameren Companies will continue to make
significant levels of investments and incur expenditures for their
electric and gas utility infrastructure to improve overall system
reliability, comply with environmental regulations and improve plant
performance. However, due to the significant recent level of disruption
and uncertainties in the capital and credit markets, we are actively
evaluating opportunities to defer or reduce planned capital spending and
operating expenses to mitigate the risks associated with accessing these
uncertain markets. We have already taken actions in this regard by
reducing expected 2009 operating and capital expenditures in Ameren’s
Non-rate-regulated Generation segment by $400 million to $500 million.
Other cost deferral and reduction opportunities have been identified in
our regulated businesses and administrative support functions that we will
execute in the event of continued disruption of the capital and
credit markets. In our regulated businesses and administrative support
functions, we have identified $400 million to $500 million
|
·
|
At
October 31, 2008, Ameren had available liquidity, which represented
its cash on hand and amounts available under its existing credit
facilities of approximately $1.45 billion, excluding unfunded Lehman bank
facility participation commitments, which was $550 million higher than
this same time last year. We expect our available liquidity to
remain solid through the end of 2008 and throughout 2009 as we
strategically access the capital markets and execute the expenditure
control initiatives discussed above. However, we are unable to predict
whether significant changes in economic conditions, further disruption in
the capital and credit markets or other unforeseen events may occur, which
could materially impact our
estimate.
|
·
|
Between
2008 and 2017, Ameren estimated that certain Ameren Companies would be
required to invest between $4 billion and $5 billion to
retrofit their coal-fired power plants with pollution control equipment.
Costs for these types of projects continue to escalate. However, because
of the 2008 U.S. Court of Appeals for the District of Columbia decisions
to vacate the Clean Air Interstate Rule and the Clean Air Mercury Rule,
the timing and ultimate amount of these capital costs are under review at
this time. Any pollution control investments will result in decreased
plant availability during construction and significantly higher ongoing
operating expenses. Approximately 45% of this investment was expected to
be in our Regulated Missouri operations, and therefore was expected to be
recoverable from ratepayers. The recoverability of amounts expended in
Non-rate-regulated Generation operations will depend on whether market
prices for power adjust as a result of market conditions reflecting
increased environmental costs for
generators.
|
·
|
Future
federal and state legislation or regulations that mandate limits on the
emission of greenhouse gases would result in significant increases in
capital expenditures and operating costs. Excessive costs to comply with
future legislation or regulations might force Ameren and other
similarly-situated electric power generators to close some coal-fired
facilities. Investments to control carbon emissions at Ameren’s coal-fired
power plants would significantly increase future capital expenditures and
operation and maintenance expenses.
|
·
|
UE
continues to evaluate its longer-term needs for new baseload and peaking
electric generation capacity. At this time, UE does not expect to require
new baseload generation capacity until 2018 to 2020. However, due to the
significant time required to plan, acquire permits for, and build a
baseload power plant, UE is actively studying future plant alternatives,
including those that would use coal or nuclear fuel. In July 2008, UE
filed a COLA with the NRC for a potential new nuclear plant at UE’s
existing Callaway County, Missouri nuclear plant site. UE has also signed
contracts for certain long lead-time nuclear-plant related equipment. The
filing of the COLA and entering into these contracts does not mean a
decision has been made to build a nuclear plant. These are only the first
steps in the regulatory licensing and procurement process and are
necessary actions to preserve the option to develop a new nuclear
plant.
|
·
|
UE
intends to submit a license extension application with the NRC to extend
its Callaway nuclear plant’s operating license by twenty years so that the
operating license will expire in 2044. UE cannot predict whether or when
the NRC will approve the license
extension.
|
·
|
Over
the next few years, we expect to make significant investments in our
electric and gas infrastructure and to incur increased operations and
maintenance expenses to improve overall system reliability. We are
projecting higher labor and material costs for these capital expenditures.
We would expect these costs or investments at our rate-regulated
businesses to be ultimately recovered in
rates.
|
·
|
Increased
investments for environmental compliance, reliability improvement, and new
baseload capacity will result in higher depreciation and financing
costs.
|
·
|
The
earnings of UE, CIPS, CILCO and IP are largely determined by the
regulation of their rates by state agencies. With rising costs, including
fuel and related transportation, purchased power, labor, material,
depreciation and financing costs, coupled with increased capital and
operations and maintenance expenditures targeted at enhanced distribution
system reliability and environmental compliance, Ameren, UE, CIPS, CILCO
and IP expect to experience regulatory lag until requests to increase
rates to recover such costs are granted by state regulators. Ameren, UE,
CIPS, CILCO and IP expect more frequent rate cases will be necessary in
the future. UE agreed not to file a natural gas delivery rate case before
March 15, 2010.
|
·
|
The
ICC issued a consolidated order in September 2008 approving a net increase
in annual revenues for electric delivery service of $123 million in the
aggregate (CIPS - $22 million increase, CILCO - $3 million decrease
and IP - $104 million increase) and a net increase in
annual revenues for natural gas delivery service of $38 million in the
aggregate (CIPS - $7
million increase, CILCO - $9 million decrease, and IP - $40 million
increase), based on a 10.65% return on equity with respect to electric
delivery service and 10.68% return on equity with respect to natural gas
delivery service. These rate changes were effective on October 1, 2008.
Because of the Ameren Illinois Utilities’ pledge to keep the overall
residential electric bill increase resulting from these rate changes to
less than 10% for each utility, IP will not recover approximately $10
million in revenue in the first year electric delivery service rates are
in effect. Thereafter, residential electric delivery service rates will be
adjusted to recover the full increase. In addition, the ICC changed the
depreciable lives used in calculating depreciation expense for the Ameren
Illinois Utilities’ electric and natural gas rates. As a result, annual
depreciation expense for the Ameren Illinois Utilities will be reduced for
financial reporting purposes by a net $13 million in the aggregate (CIPS -
$4 million reduction, CILCO - $26 million reduction, and IP - $17
million increase). The Ameren Illinois Utilities and some parties to the
rate case have requested that the ICC rehear certain aspects of the
order.
|
·
|
UE
filed an electric rate case with the MoPSC in April 2008 in order to
recover rising costs and to earn a reasonable return on its investments.
UE’s return on equity was 9% in 2007 and is expected to decrease to 7% in
2008. UE requested to increase its annual electric revenues by $251
million. The electric rate increase is based on a 10.9% return on equity,
a capital structure composed of 51% common equity, a rate base
of $5.9 billion and a test year ended March 31, 2008, with
updates for known and measurable changes through September 30, 2008. In
August 2008, the MoPSC staff filed a report and direct testimony with the
MoPSC recommending an increase in annual revenues for electric service for
UE of $51 million based on a 9.5% return on equity. The Office of Public
Counsel and intervenors also filed testimony with the MoPSC in August 2008
opposing certain aspects of UE’s April 2008 request. The MoPSC has until
March 2009 to render a decision in this rate
case.
|
·
|
In
current and future rate cases, UE, CIPS, CILCO and IP will also seek cost
recovery mechanisms from their state regulators to reduce regulatory lag.
In the ICC consolidated electric and natural gas rate order issued in
September 2008, the ICC rejected the Ameren Illinois Utilities’ requested
rate adjustment mechanisms for electric infrastructure investments. As an
alternative to the Ameren Illinois Utilities’ requested decoupling of
natural gas revenues from sales volumes, the ICC order approved an
increase in the percentage of costs to be recovered through fixed
non-volumetric residential and commercial customer charges to 80% from
53%. The ICC
also approved an increase in the Supply Cost Adjustment (SCA) factors for
the Ameren Illinois Utilities. The SCA is a charge applied only to the
bills of customers who take their power supply from the Ameren Illinois
Utilities. The change in the SCA factors is expected to result in
increased electric revenues of $9.5
million per year in the aggregate (CIPS - $2.6 million, CILCO -
$1.6 million, and IP - $5.3 million) covering the increased cost of
administering the Ameren Illinois Utilities’ power supply
responsibilities. In its pending electric rate case, UE is requesting the
MoPSC approve implementation of a fuel and purchased power cost
recovery mechanism and a mechanism that would permit timely cost recovery
of vegetation management and infrastructure inspection and repair costs.
The MoPSC staff opposed UE’s request to implement a fuel and
purchased power cost recovery mechanism in direct testimony filed in
August 2008.
|
·
|
Average
residential electric rates for CIPS, CILCO and IP increased significantly
following the expiration of a rate freeze at the end of 2006. Electric
rates rose because of the increased cost of power purchased on behalf of
the Ameren Illinois Utilities’ customers and an increase
in
|
Ameren
|
CIPS
|
CILCO
(Illinois
Regulated)
|
IP
|
Genco
|
CILCO
(AERG)
|
|||||||||||||||||||
2008(a)
|
$ | 12.2 | $ | 1.9 | $ | 0.9 | $ | 2.7 | $ | 4.6 | $ | 2.1 | ||||||||||||
2009(a)
|
25.4 | 3.6 | 1.8 | 4.8 | 10.5 | 4.7 | ||||||||||||||||||
2010(a)
|
2.0 | 0.3 | 0.1 | 0.4 | 0.8 | 0.4 | ||||||||||||||||||
Total
|
$ | 39.6 | $ | 5.8 | $ | 2.8 | $ | 7.9 | $ | 15.9 | $ | 7.2 |
·
|
In
September 2008, the IPA filed an electric power procurement plan with the
ICC for both the Ameren Illinois Utilities and Commonwealth Edison. The
plan, which requires the approval of the ICC, outlines the wholesale
products (capacity, energy swaps and renewable energy credits) that the
IPA will procure on behalf of the Ameren Illinois Utilities for the period
of June 1, 2009 through May 30, 2014. The products will be procured
through a RFP process, which is expected to begin in February 2009, if the
plan is approved. A decision is required by the ICC no later than January
2009. The impact of the new procurement process in Illinois is
uncertain.
|
·
|
As
part of the Illinois electric settlement agreement, the Ameren Illinois
Utilities entered into financial contracts with Marketing Company (for the
benefit of Genco and AERG), to lock-in energy prices for 400 to 1,000
megawatts annually of their around-the-clock power requirements during the
period June 1, 2008 to December 31, 2012, at then relevant market prices.
These financial contracts do not include capacity, are not load-following
products and do not involve the physical delivery of
energy.
|
·
|
Volatile
power prices in the Midwest affect the amount of revenues Ameren, UE,
Genco, CILCO (through AERG) and EEI can generate by marketing power into
the wholesale and spot markets and influence the cost of power purchased
in the spot markets.
|
·
|
The
availability and performance of UE’s, Genco’s, AERG’s and EEI’s electric
generation fleet can materially impact their revenues. Genco and AERG are
seeking to raise the equivalent availability and capacity factors of their
power plants over the long-term through greater investments and a process
improvement program. The Non-rate-regulated Generation segment expects to
generate 31 million megawatthours of baseload power in 2008 (Genco - 16
million, AERG - 7 million, EEI - 8 million), 33 million megawatthours
in 2009 (Genco - 17 million, AERG - 8 million, EEI - 8 million)
and 30 million megawatthours in 2010 (Genco - 15 million, AERG - 7
million, EEI - 8 million).
|
·
|
All
but 5 million megawatthours of Genco’s and AERG’s pre-2006 wholesale and
retail electric power supply agreements expired during 2006. In 2007, 1
million megawatthours of these agreements, which had an average embedded
selling price of $35 per megawatthour, expired. Another 2 million
contracted megawatthours will expire by the end of 2008, which have an
average embedded selling price of $33 per megawatthour. These agreements
are being replaced with market-based
sales.
|
·
|
The
marketing strategy for the Non-rate-regulated Generation segment is to
optimize generation output in a low risk manner to minimize volatility of
earnings and cash flow, while seeking to capitalize on its low-cost
generation fleet to provide solid, sustainable returns. To accomplish this
strategy, the Non-rate-regulated Generation segment has established hedge
targets for near-term years. Through a mix of physical and financial sales
contracts, Marketing Company targets to hedge Non-rate-regulated
Generation’s expected output by 80% to 90% for the following year, 50% to
70% for two years out, and 30% to 50% for three years
out.
|
·
|
As
of October 31, 2008, Marketing Company had sold approximately 98%, 85%,
and 50% of Non-rate regulated Generation’s expected generation in 2008,
2009, and 2010, respectively.
|
·
|
The
future development of ancillary services and capacity markets in MISO
could increase the electric margins of UE, Genco, AERG and EEI. Ancillary
services are services necessary to support the transmission of energy from
generation resources to loads while maintaining reliable operation of the
transmission provider’s system. MISO is currently in the process of
developing a centralized regional wholesale ancillary services market,
which is expected to begin in January 2009. We expect Non-rate-regulated
Generation’s ancillary services market revenues to increase to $15
million in 2008 from $5 million realized in 2007. Ancillary services
market revenues are allocated to Genco and AERG in accordance with their
power supply agreements with Marketing
Company.
|
·
|
We
expect MISO will begin development of a capacity market once its ancillary
services market is in place. A capacity market allows participants to
purchase or sell capacity products that meet reliability requirements. We
expect demand for capacity to strengthen from current levels because of
improving market liquidity and decreasing actual reserve margins in MISO.
Non-rate-regulated Generation’s capacity revenues are expected
|
·
|
Future
energy efficiency programs developed by UE, CIPS, CILCO and IP and others
could also result in reduced demand for our electric generation and our
electric and gas transmission and distribution
services.
|
·
|
In
2007, 84% of Ameren’s electric generation (UE - 76%, Genco - 96%, AERG -
99%, EEI - 100%) was supplied by coal-fired power plants. About 94% of the
coal used by these plants (UE - 97%, Genco - 88%, AERG - 92%, EEI - 100%)
was delivered by railroads from the Powder River Basin in Wyoming. In the
past, deliveries from the Powder River Basin have been restricted because
of rail maintenance, weather, and derailments. In June and early July
2008, severe Midwest flooding disrupted rail deliveries. However, as of
September 30, 2008, coal inventories for UE, Genco, AERG and EEI were
adequate and in excess of historical levels. Disruptions in coal
deliveries could cause UE, Genco, AERG and EEI to pursue a strategy that
could include reducing sales of power during low-margin periods, buying
higher-cost fuels to generate required electricity, and purchasing power
from other sources.
|
·
|
Genco
is incurring incremental fuel costs in 2008 and 2009 to replace coal from
an Illinois mine that was prematurely closed by its owner at the end of
2007. A settlement agreement with the coal mine owner was reached in June
2008 that fully reimbursed Genco, in the form of a lump-sum payment of $60
million, for increased costs for coal and transportation that it is
incurring in 2008 ($33 million) and expects to incur in 2009 ($27
million). Since the entire settlement was recorded in 2008 earnings,
Ameren’s and Genco’s earnings in 2009 will be lower than they otherwise
would have been.
|
·
|
Ameren’s
fuel costs (including transportation) are expected to increase in 2008 and
beyond. See Item 3 - Quantitative and Qualitative Disclosures about Market
Risk of this report for additional information about the percentage of
fuel and transportation requirements that are price-hedged for 2008
through 2012.
|
·
|
In
December 2005, there was a breach of the upper reservoir at UE’s Taum Sauk
pumped-storage hydroelectric facility. This resulted in significant
flooding in the local area, which damaged a state park. UE has settled all
state and federal issues associated with the December 2005 Taum Sauk
incident. In addition, UE received approval from FERC to rebuild the upper
reservoir at its Taum Sauk plant and is in the process of rebuilding the
facility. The estimated cost to rebuild the upper reservoir is in the
range of $480 million. UE expects the Taum Sauk plant to be out of service
through early 2010. UE believes that substantially all damages and
liabilities caused by the breach, including costs related to the
settlement agreement with the state of Missouri, the cost of rebuilding
the plant, and the cost of replacement power, up to $8 million annually,
will be covered by insurance. Insurance will not cover lost electric
margins and penalties paid to FERC. Under UE’s insurance policies, all
claims by or against UE are subject to review by its insurance carriers.
As a result of this breach, UE is engaged in litigation initiated by
certain private parties. We are unable to predict the timing or outcomes
of this litigation, or its possible effect on UE’s results of operation,
financial position, or liquidity. See Note 2 - Rate and Regulatory Matters
and Note 9 - Commitments and Contingencies to our financial statements
under Part I, Item 1, of this report for a further discussion of Taum Sauk
matters.
|
·
|
UE's
Callaway nuclear plant had a 28 day scheduled refueling and maintenance
outage during the fourth quarter of 2008. UE’s Callaway nuclear
plant’s next scheduled refueling and maintenance outage is in the spring
of 2010. During a scheduled outage, which occurs every 18 months,
maintenance and purchased power costs increase, and the amount of excess
power available for sale decreases, versus non-outage
years.
|
·
|
Over
the next few years, we expect rising employee benefit costs as well as
higher insurance and security costs associated with additional measures we
have taken, or may need to take, at UE’s Callaway nuclear plant and at our
other facilities. Insurance premiums may also increase as a result of
insurance market conditions and loss experience, among other
things.
|
·
|
As
required by the MoPSC, UE filed a study in November 2007 with the MoPSC
evaluating the costs and benefits of
UE’s participation in MISO. UE’s filing noted that there were a number of
uncertainties associated with the cost-benefit study, including issues
associated with the UE-MISO service agreement. In June 2008, a stipulation
and agreement among UE, the MoPSC staff, MISO and other parties to the
proceeding was filed with the MoPSC, which provides for UE’s continued,
conditional MISO participation through April 30, 2012. The stipulation and
agreement provides UE the right to seek permission from the MoPSC for
early withdrawal from MISO if UE determines that sufficient progress
toward mitigating some of the continuing uncertainties respecting its MISO
participation is not being made. In September 2008, the MoPSC issued
an order approving the stipulation and
agreement.
|
·
|
A
ballot initiative was passed by Missouri voters in November 2008 that
created a renewable energy portfolio requirement. UE and other
Missouri investor-owned utilities will be required to purchase or generate
electricity from renewable energy sources equaling at least 2% of native
load sales by 2011, with that percentage increasing in subsequent years to
at least 15% by 2021, subject to a 1% limit on customer rate impacts. At
least 2% of each portfolio requirement must be derived from solar
energy. Detailed rules will need to be issued by the MoPSC. UE has
and is continuing to study the possible impacts of this renewable
energy requirement, but we expect that any related costs or investments
would ultimately be recovered in
rates.
|
Interest
Expense
|
Net
Income(a)
|
|||||||
Ameren
|
$ | 16 | $ | (10 | ) | |||
UE
|
2 | (1 | ) | |||||
CIPS
|
1 |
(b
|
) | |||||
Genco
|
- | - | ||||||
CILCORP
|
7 | (4 | ) | |||||
CILCO
|
5 | (3 | ) | |||||
IP
|
3 | (2 | ) |
(a)
|
Calculations
are based on an effective tax rate of
38%.
|
(b)
|
Less
than $1 million
|
Net Income(a)
|
|
Ameren(b)
|
$ (12)
|
UE
|
(5)
|
Genco
|
(3)
|
CILCO
(AERG)
|
(1)
|
EEI
|
(5)
|
(a)
|
Calculations
are based on an effective tax rate of
38%.
|
(b)
|
Includes
amounts for Ameren registrant and nonregistrant subsidiaries and
intercompany eliminations.
|
2008
|
2009
|
2010 - 2012 | ||||||
Ameren:
|
||||||||
Coal
|
100 | % | 98 | % | 47 | % | ||
Coal
transportation
|
100 | 94 | 28 | |||||
Nuclear
fuel
|
100 | 100 | 88 | |||||
Natural
gas for
generation
|
84 | 14 | 1 | |||||
Natural
gas for
distribution(a)
|
75 | 22 | 7 | |||||
Purchased
power for Illinois
Regulated(b)
|
97 | 80 | 51 | |||||
UE:
|
||||||||
Coal
|
100 | % | 99 | % | 50 | % | ||
Coal
transportation
|
100 | 96 | 31 | |||||
Nuclear
fuel
|
100 | 100 | 88 | |||||
Natural
gas for
generation
|
79 | 16 | 1 | |||||
Natural
gas for
distribution(a)
|
73 | 30 | 9 | |||||
CIPS:
|
||||||||
Natural
gas for
distribution(a)
|
82 | % | 24 | % | 9 | % | ||
Purchased
power(b)
|
97 | 80 | 51 | |||||
Genco:
|
||||||||
Coal
|
99 | % | 97 | % | 42 | % | ||
Coal
transportation
|
100 | 98 | - | |||||
Natural
gas for
generation
|
100 | - | - | |||||
CILCORP/CILCO:
|
||||||||
Coal
(AERG)
|
99 | % | 91 | % | 41 | % | ||
Coal
transportation
(AERG)
|
100 | 70 | - | |||||
Natural
gas for
distribution(a)
|
80 | 20 | 5 | |||||
Purchased
power(b)
|
97 | 80 | 51 | |||||
IP:
|
||||||||
Natural
gas for
distribution(a)
|
69 | % | 21 | % | 6 | % | ||
Purchased
power(b)
|
97 | 80 | 51 | |||||
EEI:
|
||||||||
Coal
|
100 | % | 99 | % | 49 | % | ||
Coal
transportation
|
100 | 100 | 100 |
(a)
|
Represents
the percentage of natural gas price hedged for peak winter season of
November through March. The year 2008 represents November 2008 through
March 2009. The year 2009 represents November 2009 through March 2010.
This continues each successive year through March
2013.
|
(b)
|
Represents
the percentage of purchased power price-hedged for fixed-price residential
and small commercial customers with less than 1 megawatt of demand.
Includes the financial contracts that the Ameren Illinois Utilities
entered into with Marketing Company, effective August 28, 2007, and
additional financial contracts entered into with Marketing Company and
other suppliers, effective March 20, 2008, as part of the Illinois
electric settlement agreement. Larger customers are purchasing power from
the competitive markets. See Note 2 - Rate and Regulatory Matters and Note
9 - Commitments and Contingencies under Part I, Item 1, of this report for
a discussion of these financial contracts and the new power procurement
process pursuant to the Illinois electric settlement
agreement.
|
Coal
|
Transportation
|
|||||||||||||||
Fuel
Expense
|
Net
Income(a)
|
Fuel
Expense
|
Net
Income(a)
|
|||||||||||||
Ameren(b)
|
$ | 31 | $ | (19 | ) | $ | 18 | $ | (11 | ) | ||||||
UE
|
12 | (7 | ) | 10 | (6 | ) | ||||||||||
Genco
|
12 | (7 | ) | 6 | (4 | ) | ||||||||||
CILCORP
|
5 | (3 | ) | 2 | (1 | ) | ||||||||||
CILCO
(AERG)
|
5 | (3 | ) | 2 | (1 | ) | ||||||||||
EEI
|
2 | (1 | ) |
(c
|
) |
(c
|
) |
(a)
|
Calculations
are based on an effective tax rate of
38%.
|
(b)
|
Includes
amounts for Ameren registrant and nonregistrant
subsidiaries.
|
(c)
|
Amount
less than $1 million.
|
Ameren(a)
|
UE
|
CIPS
|
Genco
|
CILCORP/
CILCO
|
IP
|
|||||||||||||||||||
Three
Months
|
||||||||||||||||||||||||
Fair
value of contracts at beginning of period, net
|
$ | 123 | $ | 11 | $ | 112 | $ | 4 | $ | 77 | $ | 195 | ||||||||||||
Contracts
realized or otherwise settled during the period
|
(13 | ) | (6 | ) | (1 | ) | (1 | ) | 2 | - | ||||||||||||||
Changes
in fair values attributable to changes in valuation
technique
and assumptions
|
- | - | - | - | - | - | ||||||||||||||||||
Fair value of new
contracts entered into during the period
|
2 | 24 | (17 | ) | (2 | ) | (12 | ) | (18 | ) | ||||||||||||||
Other
changes in fair value
|
(57 | ) | 2 | (106 | ) | (2 | ) | (78 | ) | (196 | ) | |||||||||||||
Fair
value of contracts outstanding at end of period,
net
|
$ | 55 | $ | 31 | $ | (12 | ) | $ | (1 | ) | $ | (11 | ) | $ | (19 | ) | ||||||||
Nine
Months
|
||||||||||||||||||||||||
Fair
value of contracts at beginning of period, net
|
$ | 13 | $ | 7 | $ | 38 | $ | (4 | ) | $ | 21 | $ | 55 | |||||||||||
Contracts
realized or otherwise settled during the
period
|
(45 | ) | (12 | ) | (4 | ) | 4 | (5 | ) | (4 | ) | |||||||||||||
Changes
in fair values attributable to changes in valuation
technique
and assumptions
|
- | - | - | - | - | - | ||||||||||||||||||
Fair value of new
contracts entered into during the period
|
38 | 21 | (10 | ) | (1 | ) | (10 | ) | (15 | ) | ||||||||||||||
Other
changes in fair value
|
49 | 15 | (36 | ) | - | (17 | ) | (55 | ) | |||||||||||||||
Fair
value of contracts outstanding at end of period,
net
|
$ | 55 | $ | 31 | $ | (12 | ) | $ | (1 | ) | $ | (11 | ) | $ | (19 | ) |
(a)
|
Includes
amounts for Ameren registrant and nonregistrant subsidiaries and
intercompany eliminations.
|
Sources
of Fair Value
|
Maturity
Less
than
1
Year
|
Maturity
1-3
Years
|
Maturity
4-5
Years
|
Maturity
in
Excess
of
5
Years
|
Total
Fair
Value
|
|||||||||||||||
Ameren:
|
||||||||||||||||||||
Level
1
|
$ | (6 | ) | $ | - | $ | - | $ | - | $ | (6 | ) | ||||||||
Level
2(a)
|
20 | - | - | - | 20 | |||||||||||||||
Level
3(b)
|
14 | 27 | - | - | 41 | |||||||||||||||
Total
|
$ | 28 | $ | 27 | $ | - | $ | - | $ | 55 | ||||||||||
UE:
|
||||||||||||||||||||
Level
1
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Level
2(a)
|
10 | - | - | - | 10 | |||||||||||||||
Level
3(b)
|
18 | 3 | - | - | 21 | |||||||||||||||
Total
|
$ | 28 | $ | 3 | $ | - | $ | - | $ | 31 | ||||||||||
CIPS:
|
||||||||||||||||||||
Level
1
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Level
2(a)
|
- | - | - | - | - | |||||||||||||||
Level
3(b)
|
(16 | ) | 4 | - | - | (12 | ) | |||||||||||||
Total
|
$ | (16 | ) | $ | 4 | $ | - | $ | - | $ | (12 | ) | ||||||||
Genco:
|
||||||||||||||||||||
Level
1
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Level
2(a)
|
- | - | - | - | - | |||||||||||||||
Level
3(b)
|
(1 | ) | - | - | - | (1 | ) | |||||||||||||
Total
|
$ | (1 | ) | $ | - | $ | - | $ | - | $ | (1 | ) |
CILCORP/CILCO:
|
||||||||||||||||||||
Level
1
|
$ | (3 | ) | $ | - | $ | - | $ | - | $ | (3 | ) | ||||||||
Level
2(a)
|
- | - | - | - | - | |||||||||||||||
Level
3(b)
|
(11 | ) | 3 | - | - | (8 | ) | |||||||||||||
Total
|
$ | (14 | ) | $ | 3 | $ | - | $ | - | $ | (11 | ) | ||||||||
IP:
|
||||||||||||||||||||
Level
1
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Level
2(a)
|
- | - | - | - | - | |||||||||||||||
Level
3(b)
|
(28 | ) | 8 | 1 | - | (19 | ) | |||||||||||||
Total
|
$ | (28 | ) | $ | 8 | $ | 1 | $ | - | $ | (19 | ) |
(a)
|
Principally
fixed price for floating over-the-counter power swaps, power forwards and
fixed price for floating over-the-counter natural gas
swaps.
|
(b)
|
Principally
coal and SO2
option values based on a Black-Scholes model that includes information
from external sources and our estimates. Also includes interruptible power
forward and option contract values based on our
estimates.
|
(a)
|
Evaluation
of Disclosure Controls and
Procedures
|
(b)
|
Change
in Internal Controls
|
Period
|
(a)
Total Number
of
Shares
(or
Units)
Purchased(a)
|
(b)
Average Price
Paid
per Share
(or
Unit)
|
(c)
Total Number of Shares
(or
Units) Purchased as Part
of
Publicly Announced Plans
or
Programs
|
(d)
Maximum Number (or
Approximate
Dollar Value) of
Shares
(or Units) that May Yet
Be
Purchased Under the Plans
or
Programs
|
July
1 - July 31,
2008
|
165,000
|
$ 100.00
|
-
|
-
|
August
1 - August 31,
2008
|
-
|
-
|
-
|
-
|
September
1 - September 30, 2008
|
-
|
-
|
-
|
-
|
Total
|
165,000
|
$ 100.00
|
-
|
-
|
Exhibit
Designation
|
Registrant(s)
|
Nature
of Exhibit
|
Previously
Filed as Exhibit to:
|
|
By-Laws
|
||||
3.1(ii)
|
Ameren
|
By-Laws
of Ameren as amended October 10, 2008
|
October
14, 2008 Form 8-K, Exhibit 3.1(ii), File No. 1-14756
|
|
Instruments
Defining Rights of Securities Holders, Including
Indentures
|
||||
4.1
|
Ameren
IP
|
IP
Company Order dated October 23, 2008, establishing the 9.75% Senior
Secured Notes due 2018 (including forms of global and definitive
notes)
|
October
23, 2008 Form 8-K, Exhibit 4.2, File No. 1-3004
|
|
4.2
|
Ameren
IP
|
Supplemental
Indenture dated as of October 1, 2008 by and between IP and The Bank of
New York Mellon Trust Company, N.A., as Trustee under The General Mortgage
Indenture and Deed of Trust dated as of November 1, 1992, related to IP
Mortgage Bonds, Senior Notes Series DD securing IP 9.75% Senior Secured
Notes due 2018.
|
October
23, 2008 Form 8-K, Exhibit 4.4, File No. 1-3004
|
|
Material
Contracts
|
||||
10.1
|
Ameren
|
*
Summary Sheet of Ameren Corporation Non-Management Director Compensation
revised on August 8, 2008
|
||
Statement
re: Computation of Ratios
|
||||
12.1
|
Ameren
|
Ameren’s
Statement of Computation of Ratio of Earnings to Fixed
Charges
|
||
12.2
|
UE
|
UE’s
Statement of Computation of Ratio of Earnings to Fixed Charges and
Combined Fixed Charges and Preferred Stock Dividend
Requirements
|
||
12.3
|
CIPS
|
CIPS’
Statement of Computation of Ratio of Earnings to Fixed Charges and
Combined Fixed Charges and Preferred Stock Dividend
Requirements
|
Exhibit
Designation
|
Registrant(s)
|
Nature
of Exhibit
|
Previously
Filed as Exhibit to:
|
12.4
|
Genco
|
Genco’s
Statement of Computation of Ratio of Earnings to Fixed
Charges
|
||
12.5
|
CILCORP
|
CILCORP’s
Statement of Computation of Ratio of Earnings to Fixed
Charges
|
||
12.6
|
CILCO
|
CILCO’s
Statement of Computation of Ratio of Earnings to Fixed Charges and
Combined Fixed Charges and Preferred Stock Dividend
Requirements
|
||
12.7
|
IP
|
IP’s
Statement of Computation of Ratio of Earnings to Fixed Charges and
Combined Fixed Charges and Preferred Stock Dividend
Requirements
|
||
Rule 13a-14(a) / 15d-14(a) Certifications | ||||
31.1 |
Ameren |
Rule
13a-14(a)/15d-14(a) Certification of Principal Executive Officer of
Ameren
|
||
31.2 |
Ameren |
Rule
13a-14(a)/15d-14(a) Certification of Principal Financial Officer of
Ameren
|
31.3
|
UE
|
Rule
13a-14(a)/15d-14(a) Certification of Principal Executive Officer of
UE
|
|
31.4
|
UE
|
Rule
13a-14(a)/15d-14(a) Certification of Principal Financial Officer of
UE
|
|
31.5
|
CIPS
|
Rule
13a-14(a)/15d-14(a) Certification of Principal Executive Officer of
CIPS
|
|
31.6
|
CIPS
|
Rule
13a-14(a)/15d-14(a) Certification of Principal Financial Officer of
CIPS
|
|
31.7
|
Genco
|
Rule
13a-14(a)/15d-14(a) Certification of Principal Executive Officer of
Genco
|
|
31.8
|
Genco
|
Rule
13a-14(a)/15d-14(a) Certification of Principal Financial Officer of
Genco
|
|
31.9
|
CILCORP
|
Rule
13a-14(a)/15d-14(a) Certification of Principal Executive Officer of
CILCORP
|
|
31.10
|
CILCORP
|
Rule
13a-14(a)/15d-14(a) Certification of Principal Financial Officer of
CILCORP
|
|
31.11
|
CILCO
|
Rule
13a-14(a)/15d-14(a) Certification of Principal Executive Officer of
CILCO
|
|
31.12
|
CILCO
|
Rule
13a-14(a)/15d-14(a) Certification of Principal Financial Officer of
CILCO
|
|
31.13
|
IP
|
Rule
13a-14(a)/15d-14(a) Certification of Principal Executive Officer of
IP
|
|
31.14
|
IP
|
Rule
13a-14(a)/15d-14(a) Certification of Principal Financial Officer of
IP
|
|
Section
1350 Certifications
|
|||
32.1
|
Ameren
|
Section
1350 Certification of Principal Executive Officer and Principal Financial
Officer of Ameren
|
|
32.2
|
UE
|
Section
1350 Certification of Principal Executive Officer and Principal Financial
Officer of UE
|
|
32.3
|
CIPS
|
Section
1350 Certification of Principal Executive Officer and Principal Financial
Officer of CIPS
|
|
32.4
|
Genco
|
Section
1350 Certification of Principal Executive Officer and Principal Financial
Officer of Genco
|
Exhibit
Designation
|
Registrant(s)
|
Nature
of Exhibit
|
Previously
Filed as Exhibit to:
|
32.5
|
CILCORP
|
Section
1350 Certification of Principal Executive Officer and Principal Financial
Officer of CILCORP
|
|
32.6
|
CILCO
|
Section
1350 Certification of Principal Executive Officer and Principal Financial
Officer of CILCO
|
|
32.7
|
IP
|
Section
1350 Certification of Principal Executive Officer and Principal Financial
Officer of IP
|
*
|
Management
compensatory plan or
arrangement.
|