Ameren

Ameren’s pricing is set through rate cases and formula mechanisms rather than market power. True pricing power is limited, but frameworks like Missouri’s PISA and performance‑based rates in Illinois reduce regulatory lag and permit timely recovery of capital invested at allowed returns.

Recent outcomes include Missouri electric rates up 355 million effective June 1, 2025, Missouri natural gas rates up 31.5 million effective September 1, 2025, and Illinois multi‑year rates based on an 8.72 percent allowed ROE and 50 percent equity ratio. Transmission earns a 9.98 percent base ROE under FERC for MISO.

The company’s ability to propose special tariffs for very large customers may also facilitate load growth without burdening other classes.