Ameren net income $871 million
Earnings results for 2020 were driven by strong operating performance and execution of the company's strategy despite the challenges associated with COVID-19.
Higher earnings were the result of increased infrastructure investments across all business segments.
Earnings were positively impacted by new Ameren Missouri electric service rates effective April 1, 2020, driven in part by earnings on infrastructure investments.
In addition, Ameren Missouri's operations and maintenance expenses were lower due to a Missouri Public Service Commission (MoPSC) approved change in the timing of expense recognition for the Callaway Energy Center scheduled nuclear refueling and maintenance outage, as well as from disciplined cost management.
Earnings also benefited from the impact of the May 2020 Federal Energy Regulatory Commission (FERC) order addressing the Midcontinent Independent System Operator (MISO) allowed base return on equity at Ameren Transmission.
These favorable factors were partially offset by lower Ameren Missouri electric retail sales due to the impact of COVID-19 and weather, as well as lower energy efficiency performance incentives compared to 2019.
Finally, the earnings comparison reflected increased interest expense primarily due to higher long-term debt outstanding at Ameren Missouri and Ameren Parent, as well as a lower allowed return on equity at Ameren Illinois Electric Distribution. ■