Ameren (AEE) risk factors, FY2024 10-K

REGULATORY AND LEGISLATIVE RISKS

1. 01We are subject to extensive regulation of our businesses
2. 02As a result of the election to use the PISA, Ameren Missouri’s electric service business is subject to a limitation on increasing the annual revenue requirement due to the inclusion of incremental PISA deferrals in the revenue requirement
3. 03We are subject to business and financial risks related to the impact of climate change legislation, regulation, and emission reduction initiatives
4. 04We are subject to regulatory compliance and proceedings, which could result in increasing costs, regulatory penalties, and/or other sanctions

OPERATIONAL RISKS

1. 05The construction and acquisition of, and capital improvements to, electric and natural gas utility infrastructure, along with Ameren Missouri’s ability to implement its Smart Energy Plan and its 2025 Change to the 2023 PRP, involve substantial risks
2. 06Our electric generation and electric and natural gas transmission and distribution facilities, including natural gas storage facilities, are subject to operational risks
3. 07Ameren Missouri’s ability to obtain an adequate supply of coal could limit operation of its coal-fired energy centers
4. 08Ameren Missouri’s ownership and operation of a nuclear energy center creates business, financial, and waste disposal risks
5. 09Forecasted energy demand from potential new customers and electrification might not be realized. Energy conservation, energy efficiency, distributed generation, energy storage, technological advances, and other factors could reduce energy demand from our existing customers

FINANCIAL, ECONOMIC, AND MARKET RISKS

1. 10Ameren’s holding company structure could limit its ability to pay common stock dividends and to service its debt obligations
2. 11Significant increases in prices of labor, services, materials and supplies and other costs, including costs associated with our defined benefit retirement and postretirement plans, health care plans, and other employee benefits, could adversely affect our results of operations, financial position, or liquidity

GENERAL RISKS

1. 12We are subject to employee workforce factors that could adversely affect our operations
2. 13Our operations are subject to acts of sabotage, terrorism, cyber attacks, and other disruptive acts
3. 14Our businesses are dependent on our ability to access the capital and credit markets successfully. We might not have access to sufficient capital on reasonable terms, and in the amounts and at the times needed