Ameren Corp

Ameren Corp operates regulated electric and natural gas utilities across Missouri and Illinois, serving over 2.4 million electric and 900,000 gas customers. Its nuclear operations center on the Callaway Energy Center in Missouri, the state's sole nuclear plant with two pressurized water reactors generating about 1,200 MW—roughly 10% of Ameren's electricity mix and a baseload source for its Ameren Missouri subsidiary. Amid the nuclear renaissance driven by rising demand for reliable, low-carbon power from data centers and electrification, Callaway positions Ameren as a key player in the Midwest, leveraging its long-term fuel contracts and operational stability to meet clean energy mandates without the intermittency risks of renewables.

In the past 12 months, Ameren filed for a 20-year license renewal for Callaway's Unit 1 with the NRC in March 2024, targeting operations through 2048, and completed its 2023 integrated resource plan emphasizing nuclear alongside 3 GW of new solar and storage by 2036. It also advanced small modular reactor studies under Missouri's nuclear roadmap. Key risks include regulatory hurdles for relicensing, potential uprates or refurbishments costing hundreds of millions amid supply chain issues for nuclear-grade components, rising interest rates pressuring its $38 billion debt load, and exposure to wholesale power volatility in Illinois.

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