Short-Term Debt And Liquidity

9 Months Ended

Sep. 30, 2025

The liquidity needs of the Ameren Companies are supported through the use of available cash, drawings under committed credit agreements, commercial paper issuances, and, in the case of Ameren Missouri and Ameren Illinois, short-term affiliate borrowings. See Note 4 – Short-term Debt and Liquidity under Part II, Item 8, of the Form 10-K for a description of our indebtedness provisions and other covenants as well as a description of money pool agreements.

Short-term Borrowings

The Missouri Credit Agreement and the Illinois Credit Agreement are available to support issuances under Ameren (parent)’s, Ameren Missouri’s, and Ameren Illinois’ commercial paper programs, respectively, subject to borrowing sublimits, and to support the issuance of letters of credit. As of September 30, 2025, based on commercial paper outstanding and letters of credit issued under the Credit Agreements, along with cash and cash equivalents, the net liquidity available to Ameren (parent), Ameren Missouri, and Ameren Illinois, collectively, was $1.6 billion. The Ameren Companies were in compliance with the covenants in their Credit Agreements as of September 30, 2025. As of September 30, 2025, the ratios of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the provisions of the Credit Agreements, were 61%, 49%, and 45% for Ameren, Ameren Missouri, and Ameren Illinois, respectively.

The following table presents commercial paper outstanding, net of issuance discounts, as of September 30, 2025, and December 31, 2024. There were no borrowings outstanding under the Credit Agreements as of September 30, 2025, or December 31, 2024.


	September 30, 2025		December 31, 2024
Ameren (parent)	$	644	$	1,055
Ameren Missouri	259		—
Ameren Illinois	—		88
Ameren consolidated	$	903	$	1,143

The following table summarizes the activity and relevant interest rates for Ameren (parent)’s, Ameren Missouri’s, and Ameren Illinois’ commercial paper issuances under the Credit Agreements for the nine months ended September 30, 2025 and 2024:


	Ameren (parent)			Ameren Missouri			Ameren Illinois			Ameren Consolidated
2025
Average daily amount outstanding	$	637		$	245		$	130		$	1,012

Weighted-average interest rate	4.60		%	4.58		%	4.55		%	4.59		%
Peak amount outstanding during period(a)	$	1,139		$	650		$	425		$	1,603
Peak interest rate	4.75		%	4.72		%	4.70		%	4.75		%
2024
Average daily amount outstanding	$	177		$	187		$	256		$	620

Weighted-average interest rate	5.46		%	5.52		%	5.57		%	5.53		%
Peak amount outstanding during period(a)	$	948		$	576		$	694		$	1,542
Peak interest rate	5.60		%	5.68		%	5.68		%	5.68		%

(a)The timing of peak outstanding commercial paper issuances under the Credit Agreements varies by company. Therefore, the sum of individual company peak amounts may not equal the Ameren consolidated peak amount for the period.

Money Pools

Ameren has money pool agreements with and among its subsidiaries to coordinate and provide for certain short-term cash and working capital requirements. The average interest rate for borrowings under the utility money pool for the three and nine months ended September 30, 2025, was 4.53% and 4.56%, respectively (2024 – 5.29% and 5.37%). See Note 8 – Related-party Transactions for the amount of interest income and expense from the utility money pool agreements recorded by Ameren Missouri and Ameren Illinois for the three and nine months ended September 30, 2025 and 2024.

AMEREN CORP 10-Q