Ameren Corporation

Ameren spent the past year turning data center interest into signed contracts: 2.8 gigawatts of agreements, with Google and Amazon now breaking ground. The sales start in late 2027, but the poles, plants and stock sales that pay for them land now. How much of Ameren's capex is aimed at serving data centers?

• Data center interest turned into signed contracts and groundbreakings.

  Signed agreements reached 2.8 gigawatts as Google and Amazon announced their Missouri projects and broke ground. Sales begin in late 2027, so what Ameren is booking today is spending, not the demand it is building for. How much of the 4 gigawatts under study has reached a signed agreement?

• Ameren spends for years before it earns anything back.

  Management says most of the gap between rate base growth and earnings growth is the stock it sells to fund the build: $4 billion through 2030. The share count keeps climbing, so the build costs owners a slice of the company each year.

• Reliability work is soaking up this year's earnings growth.

  Both Q1 and Q2 FY2026 named higher tree trimming and energy center maintenance as the cost offsetting earnings, and management held 2026 guidance steady rather than raising it. Spending on reliability now pushes the payoff out. How much of the higher tree trimming and maintenance spending repeats next year?