Ameren Raises Investment Plan to $38.1 Billion for 2027–2031
Key Facts
Ameren announced a $38.1 billion capital spending plan for 2027–2031, an increase of more than 20% from the plan it issued last year. The company said on its third-quarter earnings call that the new investments include infrastructure upgrades and meeting growth in electricity demand. The new plan spans five years, one year longer than the previous 2026–2030 plan. Average expected spending under the previous plan was $31.8 billion. Ameren attributed the increase to the extended planning horizon, updated cost estimates and implementation schedules, and the addition of new investments.
Part of the expansion comes amid electric service agreements the company signed earlier this year, with a combined load of 2.8 gigawatts. Ameren said Google’s and Amazon’s projects in its Missouri service area are covered by these agreements. The two projects were announced during the second quarter of 2026, with a planned combined investment of $25 billion. The company describes this investment as shared between the two projects, while 2.8 gigawatts represents the total load associated with the electric service agreements. It said on the call: "The two projects represent part of the 2.8 gigawatts of electric service agreements we signed earlier this year."
The capital plan accompanies an expansion in reported earnings for the third quarter of 2026. Diluted earnings per share under generally accepted accounting principles were $2.42, compared with $2.35 in the third quarter of 2025. Adjusted earnings per share, which excludes items under a non-GAAP measure, were $2.42, compared with $2.17 a year earlier. Ameren also raised its 2026 earnings-per-share guidance range to $5.35–$5.55. It set a range of $5.70 to $5.90 per share for 2027.
The company expects the investments to support compound annual earnings-per-share growth of 8% to 10% during 2027–2031. It also expects its rate base to grow at a compound annual rate of about 13.3% between 2026 and 2031. Meanwhile, the chief financial officer said Ameren expects to issue about $5 billion in stock over the next five years to fund its plan. He said: "We expect about $5 billion of equity issuance over the next five years." The company listed this financing alongside the scale of its investments and its earnings and asset growth expectations.
Ameren is awaiting a regulatory process related to electricity rates in Missouri. The company expects an order from the state’s Public Service Commission on its rate review by May 2027. It said the new rates reflecting the approved adjustment will take effect by June 2027. The company said on the call: "We expect an order from the Missouri Public Service Commission by May 2027, with new rates reflecting the approved adjustment taking effect by June 2027." In trading before the third-quarter results announcement, AEE shares closed at $112.81 on November 5, 2026.