Ameren (AEE) Investor presentation summary

Load growth and sales assumptions

• Anticipates 2.8 GW of signed electric service agreements starting in 2027, reaching full capacity by 2029.

• Pipeline includes 0.6 GW of construction agreements and 5 GW of proposed projects with completed interconnection studies.

• Large load agreements are structured so customers pay 100% of power and infrastructure costs.

• Preferred plan assumes 2.9 GW load growth by 2030 and 5 GW by 2035; high scenario projects up to 6 GW by 2035.

Resource plan and generation portfolio

• Plans to add 1.9 GW natural gas, 0.5 GW fuel cell, 1.3 GW solar, and 2.4 GW battery storage by 2030.

• Additional 4.9 GW natural gas, 1.05 GW solar, 1.5 GW wind, and 1.2 GW nuclear by 2040.

• Seeks extension of Callaway nuclear license beyond 2044.

• Coal retirements include Sioux (~1,000 MW by 2035) and Labadie (2,400 MW by 2042).

Changes from previous resource plan

• Overall increase of 1.2 GW through 2030 and 3.2 GW for 2031-2035 compared to 2025 plan.

• Two Labadie units extended to 2042; Illinois CTGs retired by 2040 as required by CEJA.

• Accelerated blend of simple and combined cycle natural gas resources, designed for hydrogen compatibility.

• Expanded and accelerated battery storage investment; reduced near-term wind additions.