Ameren reported third-quarter profits of $343 million ($1.41/share), a 17% increase over the St. Louis-based utility’s $293 million ($1.20/share) for the same period last year.
Ameren said warmer summer weather and a seasonal rate redesign helped boost revenue 9.8% to $1.83 billion. As a result, the company adjusted its guidance range to $2.58 to $2.68/share from $2.48 to $2.68, assuming normal temperatures for the remainder of the year. For the first nine months of 2015, Ameren reported net income of $601 million ($2.47/share), representing a $63 million year-over-year increase.
Ameren has made $886 million in capital expenditures in Ameren Illinois and Ameren Transmission Company of Illinois in the first three quarters, a 17% increase over the same period in 2014. Capital spending for Ameren Missouri dropped 19% to $444 million.
About $475 million in capital spending went to FERC-regulated electric transmission projects, including the construction of the $1.4 billion Illinois Rivers 345-kV transmission project that stretches 330 miles from Palmyra, Mo., to Sugar Creek, Ind.
“We continue to allocate significant amounts of capital to those businesses that are supported by modern, constructive regulatory frameworks to enhance good reliability and allow customers to better manage their energy usage, among other things,” CEO Warner L. Baxter said during a conference call.
— Amanda Durish Cook
