UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q



ý	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended ~~September 30, 2015~~March 31, 2016



¨	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to



Commission File Number	Exact name of registrant as specified in its charter; State of Incorporation; Address and Telephone Number	IRS Employer Identification No.
1-14756	Ameren Corporation	43-1723446
	(Missouri Corporation)
	1901 Chouteau Avenue
	St. Louis, Missouri 63103
	(314) 621-3222

1-2967	Union Electric Company	43-0559760
	(Missouri Corporation)
	1901 Chouteau Avenue
	St. Louis, Missouri 63103
	(314) 621-3222

1-3672	Ameren Illinois Company	37-0211380
	(Illinois Corporation)
	6 Executive Drive
	Collinsville, Illinois 62234
	(618) 343-8150

Indicate by check mark whether the registrants: (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.



Ameren Corporation	Yes	ý	No	¨
Union Electric Company	Yes	ý	No	¨
Ameren Illinois Company	Yes	ý	No	¨

Indicate by check mark whether each registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).



Ameren Corporation	Yes	ý	No	¨
Union Electric Company	Yes	ý	No	¨
Ameren Illinois Company	Yes	ý	No	¨

Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.



	Large Accelerated Filer	Accelerated Filer	Non-Accelerated Filer	Smaller Reporting Company
Ameren Corporation	ý	¨	¨	¨
Union Electric Company	¨	¨	ý	¨
Ameren Illinois Company	¨	¨	ý	¨

Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).



Ameren Corporation	Yes	¨	No	ý
Union Electric Company	Yes	¨	No	ý
Ameren Illinois Company	Yes	¨	No	ý

The number of shares outstanding of each registrant’s classes of common stock as of ~~October 30, 2015,~~April 29, 2016, was as follows:



Ameren Corporation		Common stock, $0.01 par value per share - 242,634,798
Union Electric Company		Common stock, $5 par value per share, held by Ameren Corporation - 102,123,834
Ameren Illinois Company		Common stock, no par value, held by Ameren Corporation - 25,452,373

______________________________________________________________________________________________________

This combined Form 10-Q is separately filed by Ameren Corporation, Union Electric Company, and Ameren Illinois Company. Each registrant hereto is filing on its own behalf all of the information contained in this quarterly report that relates to such registrant. Each registrant hereto is not filing any information that does not relate to such registrant, and therefore makes no representation as to any such information.

TABLE OF CONTENTS



		Page
Glossary of Terms and Abbreviations		1

Forward-looking Statements		1

PART I Financial Information

Item 1.	Financial Statements (Unaudited)	3
	Ameren Corporation	3
	Consolidated Statement of Income	3
	Consolidated Statement of Comprehensive Income	4
	Consolidated Balance Sheet	5
	Consolidated Statement of Cash Flows	6
	Union Electric Company (d/b/a Ameren Missouri)	7
	Statement of Income and Comprehensive Income	7
	Balance Sheet	8
	Statement of Cash Flows	9
	Ameren Illinois Company (d/b/a Ameren Illinois)	10
	Statement of Income and Comprehensive Income	10
	Balance Sheet	11
	Statement of Cash Flows	12
	Combined Notes to Financial Statements	13
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4436
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	6552
Item 4.	Controls and Procedures	6653

PART II Other Information

Item 1.	Legal Proceedings	6654
Item 1A.	Risk Factors	6754
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	6754
Item 6.	Exhibits	6855

Signatures		6956

This report contains “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements should be read with the cautionary statements and important factors under the heading “Forward-looking Statements.” Forward-looking statements are all statements other than statements of historical fact, including those statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” and similar expressions.

GLOSSARY OF TERMS AND ABBREVIATIONS

We use the words “our,” “we” or “us” with respect to certain information that relates to Ameren, Ameren Missouri, and Ameren Illinois, collectively. When appropriate, subsidiaries of Ameren Corporation are named specifically as their various business activities are discussed. Refer to the Form 10-K for a complete listing of glossary terms and abbreviations. Only new or significantly changed terms and abbreviations are included below.

~~Clean Power Plan~~ - “Carbon Pollution Emission Guidelines for Existing Stationary Sources: Electric Utility Generating Units,” an EPA rule that establishes emission guidelines for states to follow in developing plans to reduce greenhouse gas emissions from existing fossil fuel-fired generating units.

~~FAC~~ - Fuel adjustment clause, a fuel and purchased power cost recovery mechanism that allows Ameren Missouri to recover or refund, through customer rates, 95% of changes in net energy costs greater or less than the amount set in base rates without a traditional rate proceeding, subject to MoPSC prudence reviews.

Form 10-K - The combined Annual Report on Form 10-K for the year ended December 31, ~~2014,~~2015, filed by the Ameren Companies with the SEC.

~~Net energy costs~~MEEIA 2013 - Net energy costs, as defined in the FAC, include fuel and purchased power costs, including transportation, net of off-system sales. As of May 30, 2015, transmission revenues and substantially all transmission charges are excluded from net energy costs as a result of the April 2015 MoPSC electric rate order.

~~Net shared benefits~~- Ameren Missouri’s ~~share~~portfolio of ~~the present value of lifetime energy savings, net of program costs, designed to offset sales volume reductions resulting from Ameren Missouri’s~~ customer energy efficiency ~~programs.~~programs, net shared benefits and performance incentive for 2013 through 2015, as approved by the MoPSC in August 2012.

MEEIA 2016 - Ameren Missouri’s portfolio of customer energy efficiency programs, throughput disincentive and performance incentive for March 2016 through February 2019, as approved by the MoPSC in February 2016.

FORWARD-LOOKING STATEMENTS

Statements in this report not based on historical facts are considered “forward-looking” and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, strategies, objectives, events, conditions, and financial performance. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed under Risk Factors in the Form 10-K, and elsewhere in this report and in our other filings with the SEC, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:

regulatory, judicial, or legislative actions, including changes in regulatory policies and ratemaking determinations, that may result from ~~Ameren Illinois’ April 2015 annual electric delivery service formula update filing under the IEIMA; Ameren Illinois' January 2015 natural gas delivery service rate case filing;~~ the complaint cases filed with the FERC seeking a reduction in the allowed base return on common equity under the MISO ~~tariff; the complaint case filed with the MoPSC regarding the~~tariff, Ameren Missouri's appeal of how an input used to calculate its performance incentive ~~for the~~under MEEIA 2013 ~~through 2015 MEEIA plan;~~is determined, Ameren Illinois’ April 2016 annual electric delivery service formula rate update filing, and future regulatory, judicial, or legislative actions that ~~seek to~~ change regulatory recovery mechanisms;

the effect of Ameren Illinois participating in a performance-based formula ratemaking process under the IEIMA, including the direct relationship between Ameren Illinois'

return on common equity and 30-year United States Treasury bond yields, the related financial commitments required by the IEIMA, and the resulting uncertain impact on ~~the financial condition,~~Ameren Illinois' results of operations, financial position, and ~~liquidity of Ameren Illinois;~~liquidity;

our ability to align our overall spending, both operating and capital, with regulatory frameworks established by our regulators in an attempt to earn our allowed return on equity;

the effects of ~~increased competition in the future due to, among other factors, deregulation of certain aspects of our business at either the state or federal level;~~

changes in laws and other governmental actions, including monetary, fiscal, tax, and energy policies;

the effects of changes in federal, state, or local tax laws, regulations, interpretations, or rates and any challenges to the tax positions taken by the Ameren Companies;

the effects on demand for our services resulting from technological advances, including advances in customer energy efficiency and distributed generation sources, which generate electricity at the site of consumption and are becoming more ~~cost competitive;~~cost-competitive;

the effectiveness of Ameren Missouri's customer energy efficiency programs and the related amount of any ~~net shared benefits~~revenues and performance incentive earned under ~~the current~~ MEEIA ~~plan~~2013, MEEIA 2016, and any future approved MEEIA plan;

the timing of increasing capital expenditure and operating expense requirements and our ability to recover these costs in a timely manner;

the cost and availability of fuel such as coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of purchased power and natural gas for distribution; and the level and volatility of future market prices for such commodities, including our ability to recover the costs for such commodities and our customers' tolerance for the related rate increases;

disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel, including ultra-low-sulfur coal used for Ameren Missouri’s compliance with environmental regulations;

the effectiveness of our risk management strategies and our use of financial and derivative instruments;

the ability to obtain sufficient insurance, including insurance relating to Ameren Missouri’s Callaway energy center and ~~to recover the costs of such~~ insurance for cyber attacks or, in the absence of insurance, the ability to recover uninsured ~~losses;~~losses from customers;

business and economic conditions, including their impact on key customers, interest rates, collection of our receivable balances, and demand for our products;

Noranda's bankruptcy filing, the ~~financial condition~~idling of ~~Noranda and any significant reductions in the sales volumes used by~~operations at its aluminum smelter located in southeast Missouri, ~~below~~and the ~~sales volumes assumed in determining Ameren Missouri’s electric rates;~~

~~revisions~~resulting impacts to Ameren ~~Missouri’s long-term power supply agreement with Noranda, including Ameren Missouri’s notification~~Missouri's ability to ~~terminate~~recover its revenue requirement until rates are adjusted by the ~~agreement effective June 1, 2020 and Ameren Missouri’s decision whether~~MoPSC in a future electric rate case to ~~seek MoPSC approval to cease providing electricity to Noranda thereafter;~~reflect Noranda’s actual sales volumes;

disruptions of the capital markets, deterioration in credit metrics of the Ameren Companies, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity;

the impact of the adoption of new accounting guidance and the application of appropriate ~~technical~~ accounting rules and guidance;

actions of credit rating agencies and the effects of such actions;

the impact of weather conditions and other natural phenomena on us and our customers, including the impact of system outages;

the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets;

the effects of breakdowns or failures of equipment in the operation of natural gas distribution and transmission systems and storage facilities, such as leaks, explosions and mechanical problems, and compliance with natural gas ~~distribution~~ safety regulations;

the effects of our increasing investment in electric transmission projects, our ability to obtain all of the necessary approvals to complete the projects, and the uncertainty as to whether we will achieve our expected returns in a timely ~~fashion, if at all;~~

the extent to which Ameren Missouri prevails in its claim against an insurer in connection with the December 2005 breach of the upper reservoir at the Taum Sauk pumped-storage hydroelectric energy center;manner;

operation of Ameren Missouri's Callaway energy center, including planned and unplanned outages, and decommissioning costs;

the effects of strategic initiatives, including mergers, acquisitions, and divestitures, and any related tax implications;

~~the impact of current environmental regulations and new, more stringent, or changing requirements, including those related to greenhouse gases,~~

•

the impact of current environmental regulations and new, more stringent, or changing requirements, including those related to CO₂, other emissions and discharges, cooling water intake structures, CCR, and energy efficiency, that are enacted over time and that could limit or terminate the operation of certain of our energy centers, increase our costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers' demand for electricity or natural gas, or otherwise have a negative financial effect;

the impact of complying with renewable energy portfolio requirements in Missouri;

labor disputes, work force reductions, future wage and employee benefits costs, including changes in discount rates, mortality tables, and returns on benefit plan assets;

the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments;

the cost and availability of transmission capacity for the energy generated by Ameren Missouri's energy centers or required to satisfy Ameren Missouri's energy sales;

~~the inability of Dynegy and IPH to satisfy their indemnity and other obligations to Ameren in connection with the divestiture of New AER to IPH;~~

legal and administrative proceedings;

the impact of cyber attacks, which could result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as utility customer data and account information; and

acts of sabotage, war, terrorism, ~~cyber attacks,~~ or other intentionally disruptive acts.

New factors emerge from time to time, and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any

forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

AMEREN CORPORATION

CONSOLIDATED STATEMENT OF INCOME

(Unaudited) (In millions, except per share amounts)


	Three Months Ended September 30,					Nine Months Ended September 30,					Three Months Ended March 31,
	2015		2014			2015		2014			2016		2015
Operating Revenues:
Electric	$	1,700	$	1,523		$	4,093	$	3,864		$	1,102	$	1,143
Gas	133		147			697		819			332		413
Total operating revenues	1,833		1,670			4,790		4,683			1,434		1,556
Operating Expenses:
Fuel	259		236			670		638			203		206
Purchased power	153		114			393		340			138		139
Gas purchased for resale	38		49			320		432			152		236
Other operations and maintenance	428		402			1,256		1,231			400		401
Provision for Callaway construction and operating license (Note 2)	—		—			69		—
Depreciation and amortization	201		187			594		551			207		193
Taxes other than income taxes	128		121			369		362			114		125
Total operating expenses	1,207		1,109			3,671		3,554			1,214		1,300
Operating Income	626		561			1,119		1,129			220		256
Other Income and Expense:
Miscellaneous income	19		21			54		60			20		19
Miscellaneous expense	5		7			22		20			7		11
Total other income	14		14			32		40			13		8
Interest Charges	87		85			264		266			95		88
Income Before Income Taxes	553		490			887		903			138		176
Income Taxes	208		194			333		357			31		66
Income from Continuing Operations	345		296			554		546			107		110
Income (Loss) from Discontinued Operations, Net of Taxes (Note 12)	—		(1		)	52		(3		)
Income from Discontinued Operations, Net of Taxes											—		—
Net Income	345		295			606		543			107		110
Less: Net Income from Continuing Operations Attributable to Noncontrolling Interests	2		2			5		5			2		2
Net Income (Loss) Attributable to Ameren Common Stockholders:
Net Income Attributable to Ameren Common Shareholders:
Continuing Operations	343		294			549		541			105		108
Discontinued Operations	—		(1		)	52		(3		)	—		—
Net Income Attributable to Ameren Common Stockholders	$	343	$	293		$	601	$	538
Net Income Attributable to Ameren Common Shareholders											$	105	$	108

Earnings (Loss) per Common Share – Basic:
Earnings per Common Share – Basic and Diluted:
Continuing Operations	$	1.42	$	1.21		$	2.27	$	2.23		$	0.43	$	0.45
Discontinued Operations	—		—			0.21		(0.01		)	—		—
Earnings per Common Share – Basic	$	1.42	$	1.21		$	2.48	$	2.22

Earnings (Loss) per Common Share – Diluted:
Continuing Operations	$	1.41	$	1.20		$	2.26	$	2.21
Discontinued Operations	—		—			0.21		(0.01		)
Earnings per Common Share – Diluted	$	1.41	$	1.20		$	2.47	$	2.20
Earnings per Common Share – Basic and Diluted											$	0.43	$	0.45

Dividends per Common Share	$	0.41	$	0.40		$	1.23	$	1.20		$	0.425	$	0.41
Average Common Shares Outstanding – Basic	242.6		242.6			242.6		242.6			242.6		242.6
Average Common Shares Outstanding – Diluted	243.9		244.3			243.8		244.3

The accompanying notes are an integral part of these consolidated financial statements.

AMEREN CORPORATION

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited) (In millions)

Three Months Ended September 30, Nine Months Ended September 30,
2015 2014 2015 2014
Income from Continuing Operations $ 345
$ 296
$ 554
$ 546
Other Comprehensive Income from Continuing Operations, Net of Taxes

Pension and other postretirement benefit plan activity, net of income taxes of $-, $-, $4 and $3, respectively —
—
4
3
Comprehensive Income from Continuing Operations 345
296
558
549
Less: Comprehensive Income from Continuing Operations Attributable to Noncontrolling Interests 2
2
5
5
Comprehensive Income from Continuing Operations Attributable to Ameren Common Stockholders 343
294
553
544

Income (Loss) from Discontinued Operations, Net of Taxes —
(1 ) 52
(3 )
Other Comprehensive Income from Discontinued Operations, Net of Taxes —
—
—
—
Comprehensive Income (Loss) from Discontinued Operations Attributable to Ameren Common Stockholders —
(1 ) 52
(3 )
Comprehensive Income Attributable to Ameren Common Stockholders $ 343
$ 293
$ 605
$ 541



	Three Months Ended March 31,
	2016			2015
Income from Continuing Operations	$	107		$	110
Other Comprehensive Income from Continuing Operations, Net of Taxes
Pension and other postretirement benefit plan activity, net of income taxes of $1 and $-, respectively	(2		)	—
Comprehensive Income from Continuing Operations	105			110
Less: Comprehensive Income from Continuing Operations Attributable to Noncontrolling Interests	2			2
Comprehensive Income Attributable to Ameren Common Shareholders	$	103		$	108

The accompanying notes are an integral part of these consolidated financial statements.

AMEREN CORPORATION

CONSOLIDATED BALANCE SHEET

(Unaudited) (In millions, except per share amounts)


	September 30, 2015			December 31, 2014			March 31, 2016			December 31, 2015
ASSETS
Current Assets:
Cash and cash equivalents	$	72		$	5		$	13		$	292
Accounts receivable – trade (less allowance for doubtful accounts of $20 and $21, respectively)	508			423
Accounts receivable – trade (less allowance for doubtful accounts of $21 and $19, respectively)							428			388
Unbilled revenue	234			265			186			239
Miscellaneous accounts and notes receivable	113			81			56			98
Materials and supplies	548			524			483			538
Current regulatory assets	163			295			215			260
Current accumulated deferred income taxes, net	225			352
Other current assets	103			86			63			88
Assets of discontinued operations (Note 12)	17			15
Assets of discontinued operations							14			14
Total current assets	1,983			2,046			1,458			1,917
Property and Plant, Net	18,307			17,424			19,000			18,799
Investments and Other Assets:
Nuclear decommissioning trust fund	534			549			567			556
Goodwill	411			411			411			411
Regulatory assets	1,578			1,582			1,376			1,382
Other assets	646			664			573			575
Total investments and other assets	3,169			3,206			2,927			2,924
TOTAL ASSETS	$	23,459		$	22,676		$	23,385		$	23,640
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt	$	395		$	120		$	135		$	395
Short-term debt	783			714			581			301
Accounts and wages payable	525			711			429			777
Taxes accrued	160			46			77			43
Interest accrued	103			85			99			89
Customer deposits							98			100
Current regulatory liabilities	89			106			87			80
Other current liabilities	404			434			305			279
Liabilities of discontinued operations (Note 12)	30			33
Liabilities of discontinued operations							28			29
Total current liabilities	2,489			2,249			1,839			2,093
Long-term Debt, Net	5,981			6,120			6,881			6,880
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net	4,084			3,923			3,928			3,885
Accumulated deferred investment tax credits	62			64			59			60
Regulatory liabilities	1,894			1,850			1,931			1,905
Asset retirement obligations	597			396			625			618
Pension and other postretirement benefits	666			705			581			580
Other deferred credits and liabilities	530			514			530			531
Total deferred credits and other liabilities	7,833			7,452			7,654			7,579
Commitments and Contingencies (Notes 2, 9, 10 and 12)
Ameren Corporation Stockholders’ Equity:
Commitments and Contingencies (Notes 2, 9, and 10)
Ameren Corporation Shareholders’ Equity:
Common stock, $.01 par value, 400.0 shares authorized – shares outstanding of 242.6	2			2			2			2
Other paid-in capital, principally premium on common stock	5,612			5,617			5,539			5,616
Retained earnings	1,405			1,103			1,333			1,331
Accumulated other comprehensive loss	(5		)	(9		)	(5		)	(3		)
Total Ameren Corporation stockholders’ equity	7,014			6,713
Total Ameren Corporation shareholders’ equity							6,869			6,946
Noncontrolling Interests	142			142			142			142
Total equity	7,156			6,855			7,011			7,088
TOTAL LIABILITIES AND EQUITY	$	23,459		$	22,676		$	23,385		$	23,640

The accompanying notes are an integral part of these consolidated financial statements.

													AMEREN CORPORATION	CONSOLIDATED STATEMENT OF CASH FLOWS	(Unaudited) (In millions)
	Nine Months Ended September 30,						Three Months Ended March 31,
	2015			2014			2016			2015
Cash Flows From Operating Activities:
Net income	$	606		$	543		$	107		$	110
(Income) loss from discontinued operations, net of taxes	(52		)	3
(Income) from discontinued operations, net of taxes							—			—
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for Callaway construction and operating license	69			—
Depreciation and amortization	582			526			210			195
Amortization of nuclear fuel	71			70			24			23
Amortization of debt issuance costs and premium/discounts	16			16			6			5
Deferred income taxes and investment tax credits, net	318			370			42			59
Allowance for equity funds used during construction	(19		)	(26		)	(8		)	(5		)
Stock-based compensation costs	20			20
Share-based compensation costs							6			8
Other	(8		)	(9		)	(3		)	(11		)
Changes in assets and liabilities:
Receivables	(71		)	16			55			(48		)
Materials and supplies	(23		)	(34		)	55			75
Accounts and wages payable	(172		)	(187		)	(246		)	(215		)
Taxes accrued	114			100			30			35
Regulatory assets and liabilities	74			(216		)	81			62
Assets, other	20			44			4			14
Liabilities, other	(41		)	(21		)	(25		)	(21		)
Pension and other postretirement benefits	29			(27		)	9			27
Counterparty collateral, net	—			20			3			(2		)
Net cash provided by operating activities – continuing operations	1,533			1,208			350			311
Net cash used in operating activities – discontinued operations	(5		)	(5		)
Net cash provided by (used in) operating activities – discontinued operations							(1		)	1
Net cash provided by operating activities	1,528			1,203			349			312
Cash Flows From Investing Activities:
Capital expenditures	(1,332		)	(1,310		)	(496		)	(417		)
Nuclear fuel expenditures	(30		)	(28		)	(21		)	(17		)
Purchases of securities – nuclear decommissioning trust fund	(301		)	(365		)	(130		)	(84		)
Sales and maturities of securities – nuclear decommissioning trust fund	290			354			125			79
Proceeds from note receivable – Marketing Company	12			79			—			5
Contributions to note receivable – Marketing Company	(8		)	(84		)	—			(5		)
Other	7			3			(2		)	—
Net cash used in investing activities – continuing operations	(1,362		)	(1,351		)	(524		)	(439		)
Net cash provided by investing activities – discontinued operations	—			139			14			—
Net cash used in investing activities	(1,362		)	(1,212		)	(510		)	(439		)
Cash Flows From Financing Activities:
Dividends on common stock	(298		)	(291		)	(103		)	(99		)
Dividends paid to noncontrolling interest holders	(5		)	(5		)	(2		)	(2		)
Short-term debt, net	69			385			280			241
Redemptions and maturities of long-term debt	(114		)	(692		)
Issuances of long-term debt	249			598
Capital issuance costs	(2		)	(4		)
Maturity of long-term debt							(260		)	—
Employee payroll taxes related to share-based payments							(32		)	(12		)
Other	2			1			(1		)	—
Net cash used in financing activities – continuing operations	(99		)	(8		)
Net cash used in financing activities – discontinued operations	—			—
Net cash used in financing activities	(99		)	(8		)
Net cash provided by (used in) financing activities – continuing operations							(118		)	128
Net change in cash and cash equivalents	67			(17		)	(279		)	1
Cash and cash equivalents at beginning of year	5			30			292			5
Cash and cash equivalents at end of period	$	72		$	13		$	13		$	6

The accompanying notes are an integral part of these consolidated financial statements.

UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)

STATEMENT OF INCOME AND COMPREHENSIVE INCOME

(Unaudited) (In millions)


	Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended March 31,
	2015		2014		2015		2014		2016		2015
Operating Revenues:
Electric	$	1,151	$	1,076	$	2,752	$	2,696	$	694	$	742
Gas	19		21		101		117		47		58
Other	1		—		2		1
Total operating revenues	1,171		1,097		2,855		2,814		741		800
Operating Expenses:
Fuel	259		236		670		638		203		206
Purchased power	29		27		87		91		42		39
Gas purchased for resale	5		7		43		58		21		31
Other operations and maintenance	233		226		673		672		212		211
Provision for Callaway construction and operating license (Note 2)	—		—		69		—
Depreciation and amortization	125		118		367		351		127		118
Taxes other than income taxes	97		89		262		248		73		80
Total operating expenses	748		703		2,171		2,058		678		685
Operating Income	423		394		684		756		63		115
Other Income and Expense:
Miscellaneous income	14		15		37		45		15		11
Miscellaneous expense	3		4		8		10		2		3
Total other income	11		11		29		35		13		8
Interest Charges	54		53		164		159		52		55
Income Before Income Taxes	380		352		549		632		24		68
Income Taxes	140		129		205		234		9		26
Net Income	240		223		344		398		15		42
Other Comprehensive Income	—		—		—		—		—		—
Comprehensive Income	$	240	$	223	$	344	$	398	$	15	$	42


Net Income	$	240	$	223	$	344	$	398	$	15	$	42
Preferred Stock Dividends	1		1		3		3		1		1
Net Income Available to Common Stockholder	$	239	$	222	$	341	$	395
Net Income Available to Common Shareholder									$	14	$	41

The accompanying notes as they relate to Ameren Missouri are an integral part of these financial statements.

UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)

BALANCE SHEET

(Unaudited) (In millions, except per share amounts)


	September 30, 2015		December 31, 2014		March 31, 2016		December 31, 2015
ASSETS
Current Assets:
Cash and cash equivalents	$	69	$	1	$	—	$	199
Advances to money pool	250		—		—		36
Accounts receivable – trade (less allowance for doubtful accounts of $7 and $8, respectively)	260		190
Accounts receivable – trade (less allowance for doubtful accounts of $6 and $7, respectively)					150		174
Accounts receivable – affiliates	8		65		16		54
Unbilled revenue	148		146		105		128
Miscellaneous accounts and notes receivable	62		35		44		78
Materials and supplies	374		347		389		387
Current regulatory assets	97		163		55		89
Other current assets	57		92		29		41
Total current assets	1,325		1,039		788		1,186
Property and Plant, Net	11,041		10,867		11,181		11,183
Investments and Other Assets:
Nuclear decommissioning trust fund	534		549		567		556
Regulatory assets	646		695		591		605
Other assets	395		391		316		321
Total investments and other assets	1,575		1,635		1,474		1,482
TOTAL ASSETS	$	13,941	$	13,541	$	13,443	$	13,851
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	266	$	120	$	6	$	266
Short-term debt	—		97		165		—
Accounts and wages payable	187		405		174		417
Accounts payable – affiliates	35		56		59		56
Taxes accrued	273		32		64		31
Interest accrued	66		58		50		59
Current regulatory liabilities	41		18		15		28
Other current liabilities	116		117		132		120
Total current liabilities	984		903		665		977
Long-term Debt, Net	3,869		3,879		3,845		3,844
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net	2,858		2,806		2,857		2,844
Accumulated deferred investment tax credits	59		61		57		58
Regulatory liabilities	1,166		1,147		1,181		1,172
Asset retirement obligations	590		389		619		612
Pension and other postretirement benefits	267		274		236		234
Other deferred credits and liabilities	30		30		27		28
Total deferred credits and other liabilities	4,970		4,707		4,977		4,948
Commitments and Contingencies (Notes 2, 8, 9 and 10)
Stockholders’ Equity:
Commitments and Contingencies (Notes 2, 8, 9, and 10)
Shareholders’ Equity:
Common stock, $5 par value, 150.0 shares authorized – 102.1 shares outstanding	511		511		511		511
Other paid-in capital, principally premium on common stock	1,784		1,569		1,822		1,822
Preferred stock	80		80		80		80
Retained earnings	1,743		1,892		1,543		1,669
Total stockholders’ equity	4,118		4,052
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	13,941	$	13,541
Total shareholders’ equity					3,956		4,082
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY					$	13,443	$	13,851

The accompanying notes as they relate to Ameren Missouri are an integral part of these financial statements.

UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)

STATEMENT OF CASH FLOWS

(Unaudited) (In millions)


	Nine Months Ended September 30,						Three Months Ended March 31,
	2015			2014			2016			2015
Cash Flows From Operating Activities:
Net income	$	344		$	398		$	15		$	42
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for Callaway construction and operating license	69			—
Depreciation and amortization	356			329			130			121
Amortization of nuclear fuel	71			70			24			23
Amortization of debt issuance costs and premium/discounts	5			5			2			2
Deferred income taxes and investment tax credits, net	88			139			9			21
Allowance for equity funds used during construction	(16		)	(24		)	(7		)	(4		)
Other	1			1
Changes in assets and liabilities:
Receivables	(51		)	(76		)	81			60
Materials and supplies	(26		)	3			(2		)	(14		)
Accounts and wages payable	(177		)	(151		)	(172		)	(171		)
Taxes accrued	243			(22		)	31			40
Regulatory assets and liabilities	101			(78		)	45			27
Assets, other	6			44			5			3
Liabilities, other	11			30			3			(5		)
Pension and other postretirement benefits	15			(8		)	5			12
Net cash provided by operating activities	1,040			660			169			157
Cash Flows From Investing Activities:
Capital expenditures	(444		)	(548		)	(178		)	(145		)
Nuclear fuel expenditures	(30		)	(28		)	(21		)	(17		)
Purchases of securities – nuclear decommissioning trust fund	(301		)	(365		)	(130		)	(84		)
Sales and maturities of securities – nuclear decommissioning trust fund	290			354			125			79
Money pool advances, net	(250		)	—			36			—
Other	(4		)	(6		)	(2		)	(2		)
Net cash used in investing activities	(739		)	(593		)	(170		)	(169		)
Cash Flows From Financing Activities:
Dividends on common stock	(490		)	(268		)	(140		)	(315		)
Dividends on preferred stock	(3		)	(3		)	(1		)	(1		)
Short-term debt, net	(97		)	65			165			43
Money pool borrowings, net	—			(105		)	—			61
Maturities of long-term debt	(114		)	(104		)
Issuances of long-term debt	249			350
Maturity of long-term debt							(260		)	—
Capital contribution from parent	224			—			38			224
Capital issuance cost	(2		)	(2		)
Net cash used in financing activities	(233		)	(67		)
Net cash (used in) provided by financing activities							(198		)	12
Net change in cash and cash equivalents	68			—			(199		)	—
Cash and cash equivalents at beginning of year	1			1			199			1
Cash and cash equivalents at end of period	$	69		$	1		$	—		$	1

The accompanying notes as they relate to Ameren Missouri are an integral part of these financial statements.

AMEREN ILLINOIS COMPANY (d/b/a AMEREN ILLINOIS)

STATEMENT OF INCOME AND COMPREHENSIVE INCOME

(Unaudited) (In millions)


	Three Months Ended September 30,				Nine Months Ended September 30,						Three Months Ended March 31,
	2015		2014		2015			2014			2016			2015
Operating Revenues:
Electric	$	540	$	445	$	1,316		$	1,162		$	392		$	390
Gas	115		127		597			703			285			355
Total operating revenues	655		572		1,913			1,865			677			745
Operating Expenses:
Purchased power	128		89		317			256			104			102
Gas purchased for resale	33		43		277			374			131			205
Other operations and maintenance	202		185		606			580			194			202
Depreciation and amortization	74		66		220			193			77			73
Taxes other than income taxes	29		31		101			109			38			43
Total operating expenses	466		414		1,521			1,512			544			625
Operating Income	189		158		392			353			133			120
Other Income and Expense:
Miscellaneous income	4		4		15			12			5			7
Miscellaneous expense	3		2		10			7			5			5
Total other income	1		2		5			5			—			2
Interest Charges	33		31		99			90			35			33
Income Before Income Taxes	157		129		298			268			98			89
Income Taxes	59		54		114			110			38			35
Net Income	98		75		184			158			60			54
Other Comprehensive Loss, Net of Taxes:
Pension and other postretirement benefit plan activity, net of income taxes (benefit) of $(1), $(1), $(2) and $(2), respectively	—		—		(2		)	(2		)
Pension and other postretirement benefit plan activity, net of income taxes (benefit) of $(1) and $(1), respectively											(1		)	(1		)
Comprehensive Income	$	98	$	75	$	182		$	156		$	59		$	53


Net Income	$	98	$	75	$	184		$	158		$	60		$	54
Preferred Stock Dividends	—		—		2			2			1			1
Net Income Available to Common Stockholder	$	98	$	75	$	182		$	156
Net Income Available to Common Shareholder											$	59		$	53

The accompanying notes as they relate to Ameren Illinois are an integral part of these financial statements.

AMEREN ILLINOIS COMPANY (d/b/a AMEREN ILLINOIS)

BALANCE SHEET

(Unaudited) (In millions)


	September 30, 2015		December 31, 2014		March 31, 2016		December 31, 2015
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	1	$	—	$	71
Accounts receivable – trade (less allowance for doubtful accounts of $13 and $13, respectively)	229		212
Advances to money pool					58		—
Accounts receivable – trade (less allowance for doubtful accounts of $15 and $12, respectively)					262		204
Accounts receivable – affiliates	1		22		10		22
Unbilled revenue	86		119		81		111
Miscellaneous accounts receivable	11		9		12		19
Materials and supplies	174		177		94		151
Current regulatory assets	65		129		156		167
Current accumulated deferred income taxes, net	50		160
Other current assets	16		15		13		15
Total current assets	632		844		686		760
Property and Plant, Net	6,615		6,165		6,956		6,848
Investments and Other Assets:
Goodwill	411		411		411		411
Regulatory assets	922		883		777		771
Other assets	76		78		114		113
Total investments and other assets	1,409		1,372		1,302		1,295
TOTAL ASSETS	$	8,656	$	8,381	$	8,944	$	8,903
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	129	$	—	$	129	$	129
Short-term debt	—		32
Borrowings from money pool	122		15
Accounts and wages payable	251		207		180		249
Accounts payable – affiliates	36		50		55		66
Taxes accrued	7		17		12		13
Interest accrued	39		24		44		28
Customer deposits	70		77		67		69
Mark-to-market derivative liabilities	38		42		51		45
Current environmental remediation	35		52		38		28
Current regulatory liabilities	37		84		55		39
Other current liabilities	90		100		82		86
Total current liabilities	854		700		713		752
Long-term Debt, Net	2,112		2,241		2,343		2,342
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net	1,412		1,408		1,518		1,480
Accumulated deferred investment tax credits					2		2
Regulatory liabilities	728		703		749		732
Pension and other postretirement benefits	282		277		271		271
Environmental remediation	203		199		187		205
Other deferred credits and liabilities	224		192		236		222
Total deferred credits and other liabilities	2,849		2,779		2,963		2,912
Commitments and Contingencies (Notes 2, 8 and 9)
Stockholders’ Equity:
Commitments and Contingencies (Notes 2, 8, and 9)
Shareholders’ Equity:
Common stock, no par value, 45.0 shares authorized – 25.5 shares outstanding	—		—		—		—
Other paid-in capital	1,980		1,980		2,005		2,005
Preferred stock	62		62		62		62
Retained earnings	793		611		854		825
Accumulated other comprehensive income	6		8		4		5
Total stockholders’ equity	2,841		2,661
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	8,656	$	8,381
Total shareholders’ equity					2,925		2,897
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY					$	8,944	$	8,903

The accompanying notes as they relate to Ameren Illinois are an integral part of these financial statements.

AMEREN ILLINOIS COMPANY (d/b/a AMEREN ILLINOIS)

STATEMENT OF CASH FLOWS

(Unaudited) (In millions)


	Nine Months Ended September 30,						Three Months Ended March 31,
	2015			2014			2016			2015
Cash Flows From Operating Activities:
Net income	$	184		$	158		$	60		$	54
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	218			190			77			72
Amortization of debt issuance costs and premium/discounts	11			10			4			4
Deferred income taxes and investment tax credits, net	108			136			37			13
Other	(7		)	(6		)	(3		)	(3		)
Changes in assets and liabilities:
Receivables	45			80			(22		)	(41		)
Materials and supplies	3			(37		)	57			89
Accounts and wages payable	11			1			(33		)	(11		)
Taxes accrued	(10		)	(5		)	(3		)	24
Regulatory assets and liabilities	(31		)	(135		)	32			33
Assets, other	7			6			7			5
Liabilities, other	(13		)	(4		)	12			4
Pension and other postretirement benefits	13			(12		)	4			11
Counterparty collateral, net	2			14
Net cash provided by operating activities	541			396			229			254
Cash Flows From Investing Activities:
Capital expenditures	(620		)	(633		)	(211		)	(174		)
Other	5			6
Money pool advances, net							(58		)	(33		)
Net cash used in investing activities	(615		)	(627		)	(269		)	(207		)
Cash Flows From Financing Activities:
Dividends on common stock							(30		)	—
Dividends on preferred stock	(2		)	(2		)	(1		)	(1		)
Short-term debt, net	(32		)	189			—			(32		)
Money pool borrowings, net	107			(40		)	—			(15		)
Redemptions of long-term debt	—			(163		)
Issuances of long-term debt	—			248
Capital issuance costs	—			(2		)
Advances received for construction	—			1
Net cash provided by financing activities	73			231
Net cash used in financing activities							(31		)	(48		)
Net change in cash and cash equivalents	(1		)	—			(71		)	(1		)
Cash and cash equivalents at beginning of year	1			1			71			1
Cash and cash equivalents at end of period	$	—		$	1		$	—		$	—

The accompanying notes as they relate to Ameren Illinois are an integral part of these financial statements.

AMEREN CORPORATION (Consolidated)

UNION ELECTRIC COMPANY (d/b/a Ameren Missouri)

AMEREN ILLINOIS COMPANY (d/b/a Ameren Illinois)

COMBINED NOTES TO FINANCIAL STATEMENTS

(Unaudited)

~~September 30, 2015~~March 31, 2016

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

Ameren, headquartered in St. Louis, Missouri, is a public utility holding company under PUHCA 2005. Ameren’s primary assets are its equity interests in its subsidiaries, including Ameren Missouri and Ameren Illinois. Ameren’s subsidiaries are separate, independent legal entities with separate businesses, assets, and liabilities. Dividends on Ameren’s common stock and the payment of expenses by Ameren depend on distributions made to it by its subsidiaries. Ameren’s principal subsidiaries are listed below. Also see the Glossary of Terms and Abbreviations at the front of this report and in the Form 10-K.

Union Electric Company, doing business as Ameren Missouri, operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas transmission and distribution business in Missouri.

Ameren Illinois Company, doing business as Ameren Illinois, operates rate-regulated electric and natural gas transmission and distribution businesses in Illinois.

Ameren has various other subsidiaries that conduct activities such as the provision of shared services. Ameren also has a subsidiary, ATXI, that operates a FERC rate-regulated electric transmission business. ATXI is developing MISO-approved electric transmission projects, including the Illinois Rivers, Spoon River, and Mark Twain projects. Ameren is also pursuing projects to improve electric transmission system reliability within Ameren Missouri's and Ameren Illinois' service territories as well as

competitive electric transmission investment opportunities outside of these territories, including investments outside of MISO.

The operating results, assets, and liabilities of the Elgin, Gibson City, Grand Tower, Meredosia, and Hutsonville energy centers have been presented separately as discontinued operations for all periods presented in this report. Unless otherwise stated, these notes to Ameren’s financial statements exclude discontinued operations for all periods presented. See Note 12 - ~~Divestiture Transactions and~~ Discontinued Operations in this report ~~for additional information regarding the discontinued operations presentation~~ and Note 16 - Divestiture Transactions and Discontinued Operations under Part II, Item 8, of the Form 10-K for additional ~~information regarding Ameren’s divestiture of New AER in December 2013.~~information.

Ameren’s financial statements are prepared on a consolidated basis and therefore include the accounts of its

majority-owned subsidiaries. All intercompany transactions have been eliminated. Ameren Missouri and Ameren Illinois have no subsidiaries, and therefore their financial statements are not prepared on a consolidated basis. All tabular dollar amounts are in millions, unless otherwise indicated.

Our accounting policies conform to GAAP. Our financial statements reflect all adjustments (which include normal, recurring adjustments) that are necessary, in our opinion, for a fair ~~presentation~~statement of our results. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. Such estimates and assumptions affect reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the dates of financial statements, and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates. The results of operations of an interim period may not give a true indication of results that may be expected for a full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K.

Asset Retirement Obligations

~~The following table provides a reconciliation~~AROs at Ameren, Ameren Missouri, and Ameren Illinois increased at March 31, 2016, compared to December 31, 2015, to reflect the accretion of ~~the beginning and ending carrying amount of AROs for the~~ ~~nine months ended September 30, 2015~~:obligations to their fair value, partially offset by immaterial settlements.

Ameren
Missouri

Ameren
Illinois^(a)
Ameren
Balance at December 31, 2014 $ 389
$ 7
$ 396

Liabilities incurred^(b)
3
—
3

Liabilities settled (1 ) (c)
(1 )
Accretion in 2015^(d)
17
(c)
17

Change in estimates^(e)
182
(c)
182

Balance at September 30, 2015 $ 590
$ 7
$ 597


~~(a)~~	~~Included in “Other deferred credits and liabilities” on the balance sheet.~~


~~(b)~~	~~Ameren and Ameren Missouri recorded a new ARO of $3 million related to the Callaway energy center’s dry spent fuel storage facility. See Note 10 - Callaway Energy Center for additional information.~~


~~(c)~~	~~Less than $1 million.~~


~~(d)~~	~~Accretion expense was recorded as an increase to regulatory assets.~~

~~(e)~~

The ARO increase resulted in a corresponding increase recorded to “Property and Plant, Net.” During 2015, Ameren and Ameren Missouri increased their AROs related to the decommissioning of the Callaway energy center by $99 million to reflect the 2015 cost study and funding analysis filed with the MoPSC, extension of the estimated operating life until 2044, and a reduction in the discount rate assumption. See Note 10 - Callaway Energy Center for additional information. In addition, as a result of new federal regulations, Ameren and Ameren Missouri recorded an increase of $79 million to their AROs associated with CCR storage facilities. See Note 9 - Commitments and Contingencies for additional information. Ameren and Ameren Missouri also increased their AROs by $4 million due to a change in the estimated retirement dates of the Meramec and Rush Island energy centers as a result of the MoPSC’s April 2015 electric rate order.

~~Stock-based~~Share-based Compensation

A summary of nonvested performance share units at ~~September 30, 2015~~March 31, 2016, and changes during the ~~nine~~three months ended ~~September 30, 2015~~March 31, 2016, under the 2006 Incentive Plan and the 2014 Incentive Plan are presented below:


	Number of Performance Share Units		Weighted-average Fair Value Per Performance Share Unit		Performance Share Units
Nonvested at January 1, 2015	1,162,377		$	35.35
					Share Units		Weighted-average Fair Value per Share Unit
Nonvested at January 1, 2016					1,024,870		$	46.08
Granted^(a)	569,892		52.88		580,737		44.13
Forfeitures	(1,944	)	34.75		(12,315	)	45.12
Vested^(b)	(92,892	)	45.97		(8,265	)	42.91
Nonvested at September 30, 2015	1,637,433		$	40.85
Nonvested at March 31, 2016					1,585,027		$	45.39


(a)	Performance share units granted to certain executive and nonexecutive officers and other eligible employees ~~in 2015~~ under the 2014 Incentive Plan.


(b)	Performance share units vested due to the attainment of retirement eligibility by certain employees. Actual shares issued for retirement-eligible employees will vary depending on actual performance over the three-year measurement period.

The fair value of each performance share unit awarded in ~~2015~~2016 under the 2014 Incentive Plan was determined to be

$~~52.88~~44.13, which was based on Ameren’s closing common share price of $~~46.13~~43.23 at December 31, ~~2014~~2015, and lattice simulations.

Lattice simulations are used to estimate expected share payout based on Ameren’s total ~~stockholder~~shareholder return for a three-year performance period relative to the designated peer group beginning January 1, ~~2015.~~2016. The simulations can produce a greater fair value for the performance share unit than the applicable closing common share price because they include the weighted payout scenarios in which an increase in the share price has occurred. The significant assumptions used to calculate fair value also included a three-year risk-free rate of ~~1.10%~~1.31%, volatility of ~~12%~~15% to ~~18%~~20% for the peer group, and Ameren’s attainment of a three-year average earnings per share threshold during the performance period.

Excise Taxes

Ameren Missouri and Ameren Illinois collect certain excise taxes from customers that are levied on the sale or distribution of natural gas and electricity. Excise taxes are levied on Ameren Missouri’s electric and natural gas businesses and on Ameren Illinois’ natural gas business and are recorded gross in “Operating Revenues - Electric,” “Operating Revenues - Gas” and “Operating Expenses - Taxes other than income taxes” on the statement of income or the statement of income and comprehensive income. Excise taxes for electric service in Illinois are levied on the customer and are therefore not included in Ameren Illinois’ revenues and expenses. The following table presents excise taxes recorded in “Operating Revenues - Electric,” “Operating Revenues - Gas” and “Operating Expenses - Taxes other than income taxes” for the three ~~and nine~~ months ended ~~September 30, 2015~~March 31, 2016 and ~~2014~~:

Three Months Nine Months
2015 2014 2015 2014
Ameren Missouri $ 52
$ 47
$ 127
$ 120
Ameren Illinois 9
9
42
46
Ameren $ 61
$ 56
$ 169
$ 166

~~Uncertain Tax Positions~~

~~The following table presents the total amount of reserves for unrecognized tax benefits (detriments) related to uncertain tax positions as of~~ ~~September 30,~~ 2015~~, and~~ ~~December 31, 2014~~:

September 30, 2015 December 31, 2014
Ameren $ —
$ 54
Ameren Missouri —
—
Ameren Illinois —
(1 )

The following table presents the amount of reserves for unrecognized tax benefits, included in the table above, related to uncertain tax positions that, if recognized, would have impacted results of operations as of December 31, ~~2014~~:

December 31, 2014
Ameren
$ 52
Ameren Missouri
—
Ameren Illinois
(1 )

In June 2015, a settlement was reached with the IRS for the 2013 tax year. This settlement resolved the uncertain tax position associated with the final tax basis of New AER and the related tax benefit resulting from the divested merchant generation business. The settlement resulted in a reduction of Ameren’s unrecognized tax benefits of $53 million and an increase to net income from discontinued operations.

State income tax returns are generally subject to examination for a period of three years after filing. We do not currently have material state income tax issues under examination, administrative appeal, or litigation. The state impact of any federal changes remains subject to examination by various states for up to one year after formal notification to the states.



	Three Months
	2016		2015
Ameren Missouri	$	30	$	34
Ameren Illinois	20		23
Ameren	$	50	$	57

Earnings Per Share

~~Basic~~There were no material differences between Ameren’s basic and diluted earnings per share ~~is computed by dividing net income attributable to Ameren common stockholders by~~amounts for the ~~weighted-average number~~three months ended March 31, 2016 and 2015. The assumed settlement of ~~common shares outstanding during the period. Earnings per diluted share is computed by dividing net~~

income attributable to Ameren common stockholders by the weighted-average number of diluted common shares outstanding during the period. Earnings per diluted share reflects the potential dilution that would occur if certain stock-baseddilutive performance share units ~~were settled. The number of performance share units assumed to be settled was 1.3 million and 1.2 million in the~~ ~~three and nine months ended September 30, 2015, respectively, and 1.7 million in both of the year-ago periods. There were no potentially dilutive securities excluded from the~~had an immaterial impact on earnings per share. The calculation of diluted earnings per share ~~calculations for~~reflected the ~~three and nine months ended September 30, 2015 and 2014.~~adoption of FASB guidance related to employee share-based payment accounting discussed below.

Accounting and Reporting Developments

Below is a summary of recently issued authoritative accounting standards relevant to the Ameren Companies.

Revenue from Contracts with Customers

In May 2014, the FASB issued authoritative accounting guidance ~~to clarify~~that changes the ~~principles~~criteria for recognizing revenue ~~and to develop~~from a ~~common revenue standard for GAAP.~~contract with a customer. The underlying principle of the guidance ~~requires~~is that an entity towill recognize ~~an amount of~~ revenue for the transfer of promised goods or services to customers at an amount that ~~reflects the consideration which~~ the entity expects to be entitled to in exchange for those goods or

services. The guidance also requires additional disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, FASB deferred the effective date of this revenue standard to the first quarter of 2018, with an option for entities to early adopt in the first quarter of 2017. The guidance allows entities to choose one of two transition methods, either by applyingEntities can apply the guidance retrospectively to each reporting period presented or retrospectively by recording a cumulative effect adjustment to retained earnings in the period of initial adoption. The Ameren Companies are currently assessing the impacts of this guidance on their results of operations, financial ~~positions~~position, and disclosures, including their accounting for contributions in aid of construction and similar arrangements, as well as the transition method that they will use to adopt the guidance. In August 2015, the FASB deferred the effective date of this revenue guidance to the first quarter of 2018, with an option for entities to early adopt in the first quarter of 2017. The Ameren Companies do not expect to early adopt this guidance.

~~Presentation of Debt Issuance Costs~~Amendments to the Consolidation Analysis

In ~~April~~February 2015, the FASB issued authoritative accounting guidance that amends the consolidation analysis for variable interest entities and voting interest entities. The new guidance affects (1) limited partnerships, similar legal entities, and certain investment funds, (2) the evaluation of fees paid to ~~simplify~~a decision maker or service provider as a variable interest, (3) how fee arrangements impact the ~~presentation~~primary beneficiary determination, and (4) the evaluation of ~~debt issuance costs.~~related party relationships on the primary beneficiary determination. The adoption of this guidance ~~requires debt issuance costs to be presented~~ in the ~~balance sheet as a reduction to the associated debt liability. Currently, debt issuance costs are presented as a component~~first quarter of ~~“Other assets” on~~2016 did not impact the Ameren Companies’ ~~balance sheets. As~~results of ~~September 30, 2015, Ameren, Ameren Missouri,~~operations, financial position, cash flows, or disclosures.

Leases

In February 2016, the FASB issued authoritative accounting guidance that will require an entity to recognize assets and ~~Ameren Illinois had debt issuance costs~~liabilities arising from a lease. Consistent with current GAAP, the recognition, measurement, and presentation of ~~$35 million, $15 million,~~expenses and ~~$19 million, respectively.~~cash flows arising from a lease will depend primarily on its classification as a finance or operating lease. The ~~Ameren Companies expect~~guidance also requires additional disclosures to ~~early adopt this standard in~~enable users of financial statements to understand the ~~fourth quarter~~amount, timing, and uncertainty of ~~2015.~~cash flows arising from leases. The guidance will be ~~applied retrospectively, and will not affect~~effective for the Ameren ~~Companies'~~Companies in the first quarter of 2019 with an option for entities to early adopt. Upon adoption, the Ameren Companies will recognize and measure operating leases on their respective balance sheets at the beginning of the earliest period presented. The Ameren Companies are currently assessing the impacts of this guidance on their results of operations, financial position, cash flows, and disclosures.

Improvements to Employee Share-Based Payment Accounting

In March 2016, the FASB issued authoritative accounting guidance that simplifies the accounting for share-based payment transactions, including the income tax consequences, the calculation of diluted earnings per share, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. Ameren determines for each performance share unit award whether the difference between

the deduction for tax purposes and the compensation cost recognized for financial reporting purposes results in either an excess tax benefit or an excess tax deficit. Previously, excess tax benefits were recognized in "Other paid-in capital" on Ameren’s consolidated balance sheet, and in certain cases, excess tax deficits were recognized in “Income taxes” on Ameren’s consolidated income statement. The new guidance increases income statement volatility by requiring all excess tax benefits and deficits to be recognized in “Income taxes,” and treated as discrete items in the period in which they occur. Ameren adopted this guidance in the first quarter of 2016, which resulted in recognition of a $21 million income tax benefit during the period. For the three months ended March 31, 2015, Ameren reclassified, for comparison purposes, $2 million of excess tax benefits on the statement of cash flows from financing to operating activity, and $12 million of employee payroll taxes related to share-based payments from operating to financing activity.

NOTE 2 - RATE AND REGULATORY MATTERS

Below is a summary of updates to significant regulatory proceedings and related lawsuits. See also Note 2 - Rate and

Regulatory Matters under Part II, Item 8, of the Form 10-K. We are unable to predict the ultimate outcome of these matters, the timing of the final decisions of the various agencies and courts, or the impact on our results of operations, financial position, or liquidity.

Missouri

~~2015 Electric Rate Order~~

In April 2015, the MoPSC issued an order approving an increase in Ameren Missouri’s annual revenues for electric service of $122 million, including $109 million related to the increase in net energy costs above those included in base rates previously authorized by the MoPSC. The revenue increase was based on a 9.53% return on common equity, a capital structure composed of 51.8% common equity, and a rate base of $7.0 billion to reflect investments through December 31, 2014. Rate changes consistent with the order became effective on May 30, 2015.

The order approved Ameren Missouri’s request for continued use of the FAC; however, it changed the FAC to exclude all transmission revenues and substantially all transmission charges. In addition, the order did not approve the continued use of the regulatory tracking mechanisms for storm costs and vegetation management and infrastructure inspection costs. These changes to Ameren Missouri’s recovery mechanisms are expected to contribute to regulatory lag. The order did approve the continued use of the regulatory tracking mechanisms for pension and other postretirement benefits, renewable energy standard costs, solar rebates, and uncertain tax positions that the MoPSC authorized in prior electric rate orders.

In addition, the order approved a reduction to Noranda’s electric rates with an offsetting increase in electric rates for Ameren Missouri’s other customers. The rate shift is revenue neutral to Ameren Missouri.

In June 2015, Ameren Missouri filed an appeal with the Missouri Court of Appeals, Western District, of the reduction to Noranda’s electric rates included in the MoPSC’s order. The outcome of this appeal is not expected to impact Ameren Missouri’s results of operations, financial position, or liquidity.

MEEIA ~~Filing~~2013

The MEEIA established a regulatory framework that, among other things, requires the MoPSC to ensure that a utility’s financial incentives are aligned to help customers use energy more efficiently, to provide timely cost recovery, and to provide earnings opportunities associated with cost-effective energy efficiency programs. Missouri does not have a law mandating energy efficiency programs.

~~In August 2012, the MoPSC approved Ameren Missouri’s customer energy efficiency programs, net shared benefits, and~~2013 performance incentive ~~for 2013 through 2015. The 2013 through 2015 plan anticipated~~allowed Ameren Missouri ~~would invest up to $147~~

~~million in customer energy efficiency programs, realize $100 million of net shared benefits, and be eligible for a performance incentive that would allow it the potential~~an opportunity to earn additional revenues by achieving certain customer energy efficiency goals, including $19 million if 100% of the goals ~~are~~were achieved during the three-year period, with the potential to earn a larger performance incentive if Ameren Missouri’s energy savings ~~exceed~~exceeded those goals. ~~From January 2013 through September 2015, Ameren Missouri invested $110 million in customer energy efficiency programs and realized $134 million of net shared benefits.~~ In ~~June~~November 2015, the MoPSC ~~staff filed a complaint case with the MoPSC regarding the method and inputs~~issued an order that clarified how an input used in ~~calculating~~ the ~~performance incentive. If the MoPSC agrees with the MoPSC staff’s interpretation~~calculation of ~~the August 2012 MEEIA order,~~ the performance incentive ~~recognized in 2016~~ would be determined. Ameren Missouri filed an appeal of the order with the Missouri Court of Appeals, Western District. If the Missouri Court of Appeals upholds the MoPSC order, the MEEIA 2013 performance incentive will be significantly less than the performance incentive calculated using Ameren Missouri’s interpretation. A decision from the Missouri Court of Appeals is expected in 2016. Separately, an order from the MoPSC determining the MEEIA 2013 performance incentive is also expected in 2016. Ameren Missouri has not recorded any revenues associated with the MEEIA 2013 performance incentive. ~~However, regardless of the MoPSC’s decision in the complaint case,~~ Ameren Missouri believes it will ~~exceed~~ultimately be found to have exceeded 100% of the customer energy efficiency goals, ~~subject to MoPSC review,~~ and it therefore expects to recognize revenues relating to the MEEIA 2013 performance incentive of at least $19 million in 2016. ~~There is no date by which the MoPSC must issue a decision in this complaint case.~~

In October 2015, the MoPSC rejected Ameren Missouri’s MEEIA energy efficiency plan for 2016 through 2018, which included a portfolio of customer energy efficiency programs along with a rider to collect the program costs, net shared benefits, and a performance incentive from customers. Ameren Missouri is studying the MoPSC’s October 2015 order and evaluating whether to file another proposed energy efficiency plan with the MoPSC.

Noranda ~~Contract Notification~~

Ameren Missouri supplies electricity to Noranda’s aluminum smelter located in southeast Missouri under a long-term power supply agreement.

In ~~May 2015,~~the first quarter of 2016, Noranda idled production at its aluminum smelter. In addition, Noranda filed voluntary petitions for a court-supervised restructuring process under Chapter 11 of the United States Bankruptcy Code. Noranda stated it would maintain the flexibility to restart operations at the smelter should conditions allow. Ameren Missouri ~~notified~~has been working with Noranda, legislators, and other stakeholders on a potential legislative solution to support Noranda’s operations. For utility service through March 31, 2016, Noranda prepaid an amount to Ameren Missouri in excess of its ~~intent to terminate the agreement effective June 1, 2020. If~~utility service usage. Ameren Missouri ~~wanted~~expects to ~~cease providing electricity~~be paid in full for utility services provided to ~~Noranda, Ameren Missouri would also be required to obtain approval from~~Noranda.

In its April 2015 electric rate order, the ~~MoPSC. Sales to Noranda represented 5%~~MoPSC approved a rate design that established $78 million in annual revenues, net of fuel and purchased power costs, as Noranda’s portion of Ameren Missouri’s ~~total~~revenue requirement. The portion of Ameren Missouri’s annual revenue requirement reflected in Noranda’s electric rate is based on the smelter using approximately 4.2 million megawatthours annually, which is almost 100% of its operating capacity. Ameren Missouri’s rates, including those for Noranda, are seasonal. Noranda’s summer base rate (June through September) is $45.78 per megawatthour, and its winter base rate (October through May) is $31.11 per megawatthour.

In 2016, actual sales volumes to Noranda will be significantly below the sales volumes reflected in rates. As a result, Ameren Missouri will not fully recover its revenue requirement until rates are adjusted by the MoPSC in ~~2014.~~a future electric rate case to accurately reflect Noranda’s actual sales volumes. As a result of Noranda’s idled production described above, Ameren Missouri is applying a provision in its FAC tariff that, under certain circumstances, allows Ameren Missouri to retain a portion of the revenues from any off-system sales it makes as a result of reduced tariff sales to Noranda. The current market price of electricity is less than Noranda’s electric rate, and Ameren Missouri expects market prices to remain below Noranda’s electric rate during 2016. Accordingly, this FAC-tariff provision will not enable Ameren Missouri to fully recover its revenue requirement under current market conditions.

Ameren Missouri expects to file an electric rate case in 2016 to reflect additional infrastructure investments and rising costs, including depreciation, transmission service, and property tax expenses, and expects the resulting new rates to reflect Noranda’s actual sales volumes, which would prospectively eliminate the impact of the current revenue shortfall from Noranda sales levels. The rate case would take place over a period of up to 11 months from the date of filing. Ameren Missouri may seek recovery of lost revenues in a filing with the MoPSC to recover certain costs incurred but not contemporaneously recovered by rate revenues as a result of Noranda's reduced operations. Ameren Missouri will continue to monitor Noranda’s

sales volumes and to evaluate regulatory and legislative options that might mitigate adverse financial impacts. The reduction in Noranda’s sales volumes have adversely affected and will continue to adversely affect Ameren’s and Ameren Missouri’s results of operations, financial condition, and liquidity until customer rates are adjusted in a future rate case.

ATXI Transmission Projects

The Mark Twain project is a MISO-approved 95-mile transmission line located in northeast Missouri. In ~~May 2015,~~April 2016, the MoPSC granted ATXI a certificate of convenience and necessity for the ~~seven-mile portion of the Illinois Rivers project located in Missouri.~~

~~In June 2015, ATXI made a filing with the MoPSC requesting a certificate of convenience and necessity for the~~ Mark Twain project. Starting construction under the certificate is subject to ATXI obtaining assents from the five counties where the line will be constructed. The Mark Twain project is ~~a MISO-approved 100-mile transmission line located~~expected to be completed in ~~northeast Missouri. A decision is expected from~~2018. Extended difficulties in obtaining the ~~MoPSC in 2016.~~assents could delay the completion date.

Illinois

IEIMA

Under the provisions of the ~~IEIMA’s~~IEIMA's performance-based formula ~~rate~~rate-making framework, which currently extends through 2019, Ameren Illinois’ electric delivery service rates are subject to an annual revenue requirement reconciliation to its actual recoverable costs. Throughout each year, Ameren Illinois records a regulatory asset or a regulatory liability and a corresponding increase or decrease to operating revenues for any differences between the revenue requirement reflected in customer rates for that year and its estimate of the probable increase or decrease in the revenue requirement expected to ultimately be approved by the ICC based on that year's actual recoverable costs incurred. As of ~~September 30, 2015~~,March 31, 2016, Ameren Illinois had recorded regulatory assets of ~~$52~~$9 million, ~~$103~~$65 million, and ~~$14~~$82 million, to reflect its expected ~~2015, 2014,~~2016 and ~~2013~~2015 revenue requirement reconciliation adjustments ~~with interest, respectively. Ameren Illinois is collecting~~and the ~~2013~~approved 2014 revenue requirement reconciliation adjustment, ~~from customers during 2015.~~with interest, respectively.

In April 2016, Ameren ~~Illinois’~~Illinois filed with the ICC its annual electric delivery service formula rate update to establish ~~customer rates~~the revenue requirement used for ~~2016 is currently pending before the ICC. If the~~2017 rates. Pending ICC ~~approves as filed, the annual~~approval, Ameren Illinois’ update filing ~~would~~will result in a ~~$109~~$14 million ~~increase~~decrease in Ameren Illinois’ electric delivery service revenue requirement, beginning in January ~~2016.~~2017. This update reflects an increase to the annual formula rate based on ~~2014~~2015 actual ~~recoverable~~ costs and expected net plant additions for ~~2015,~~2016, an increase to include the ~~2014~~2015 revenue requirement reconciliation adjustment, and a decrease for the conclusion of the ~~2013~~2014 revenue requirement reconciliation adjustment, which will be fully collected from customers in ~~2015. In October~~2016, consistent with the ICC’s December 2015 the ICC staff submitted its calculation of Ameren Illinois’ revenue requirement. The ICC staff recommended adjustments that would result in a $107 million increase in Ameren Illinois’ electric delivery service revenue

~~requirement. An ICC decision on this~~annual update filing ~~is required by~~order. As of December ~~2015.~~

~~2015 Natural Gas Delivery Service Rate Case~~

~~In January~~31, 2015, Ameren Illinois filed a request with the ICC seeking approval to increase its annual revenues for natural gas delivery service. In an attempt to reduce regulatory lag, Ameren Illinois used a 2016 future test year in this proceeding. Additionally, the request included a proposal to implement a volume balancing adjustment for residential and small nonresidential customers. The volume balancing adjustment would increase or decrease revenues as weather deviates from normal conditions to ensure that weather-related changes in natural gas sales volumes do not result in an over or under collection of natural gas revenues for these rate classes. This case includes a capital structure composed of 50% common equity and a rate base of $1.2 billion. In July 2015, Ameren Illinois, the ICC staff, and certain other intervenors filed a stipulation and agreement with the ICC that would result in rates that are based on a return on common equity of 9.6%. The agreement does not address the positions of all of the parties in the rate case. Based on the terms in the agreement and the unresolved positions in the case, Ameren Illinois' request seeks an annual revenue increase of $45 million, which is consistent with the ICC staff’s recommendation and the administrative law judges' proposed order issued in November 2015. The administrative law judges' order also proposed the approval of the volume balancing adjustment.

A decision by the ICC in this proceeding is required by December 2015, with new rates expected to be effective in January 2016. Ameren Illinois cannot predict the level of any delivery service rate changes the ICC may approve, whether the ICC will approve the volume balancing adjustment, or if the ICC will approve the agreement between Ameren Illinois, the ICC staff, and certain other intervenors. In addition, Ameren Illinois cannot predict whether any rate changes that may eventually be approved will be sufficient to enable Ameren Illinois to recover its costs and to earn a reasonable return on investments when the rate changes go into effect.

~~2015 ICC Purchased Power Reconciliation~~

In January 2015, the ICC issued an order that approved Ameren Illinois' reconciliation of revenues collected under its purchased power rider mechanism and Ameren Illinois' related cumulative power usage cost. In the first quarter of 2015, based on the January 2015 order, both Ameren and Ameren Illinoishad recorded a ~~$15~~regulatory asset of $103 million ~~increase~~related to ~~electric revenues for~~ the ~~recovery of this cumulative power usage cost from electric customers.~~

~~ATXI Transmission Project~~

The Spoon River project is a MISO-approved 46-mile transmission line to be constructed in northwest Illinois. In September 2015, the ICC granted a certificate of public convenience and necessity and project approval for the Spoon River project.approved 2014 revenue requirement reconciliation adjustment.

Federal

~~Ameren Illinois Electric Transmission Rate Refund~~

In July 2012, the FERC issued an order concluding that Ameren Illinois improperly included acquisition premiums, including goodwill, in determining the common equity used in its electric transmission formula rate and thereby inappropriately recovered a higher amount from its electric transmission customers. The order required Ameren Illinois to make refunds to customers for such improperly included amounts.

In July 2015, the FERC approved a settlement agreement between Ameren Illinois and the affected customers. The settlement agreement required Ameren Illinois to make refunds and payments of $8 million to electric transmission customers, all of which was paid by September 30, 2015. The settlement agreement also requires Ameren Illinois to take other actions, such as reducing common equity for electric transmission ratemaking purposes on a prospective basis.

FERC Complaint Cases

In November 2013, a customer group filed a complaint case with the FERC seeking a reduction in the allowed base return on common equity for the FERC-regulated ~~MISO~~ transmission rate base under the MISO tariff from 12.38% to 9.15%. ~~Currently, the FERC-allowed base return on common equity for MISO transmission owners is 12.38%. The FERC scheduled the case for hearing proceedings, requiring a proposed order from its~~In December 2015, an administrative law judge ~~to be~~ issued ~~no later than~~an initial decision in the November ~~30, 2015, which will subsequently require FERC approval. The FERC has previously utilized a calculation to establish~~2013 complaint case that would lower the allowed base return on common equity ~~which requires multiple inputs~~to 10.32% and would require customer refunds to be issued for the 15-month period ending February 2015. The allowed base return on common equity in the initial decision was based on ~~observable market data specific to the utility industry and broader macroeconomic data spanning unique time periods for each return on equity complaint case. We expect~~ observable market data for the six months ended ~~February 11, 2015, will be used in~~June 30, 2015. The FERC is expected to issue a final order on the November 2013 complaint ~~case. As~~case in the fourth quarter of 2016.

Because the maximum FERC-allowed refund period for the November 2013 complaint case ended in February 2015, another customer complaint case was filed in February 2015. The February 2015 complaint case seeks a reduction in the allowed base return on common equity for the FERC-regulated ~~MISO~~ transmission rate base under the MISO tariff to 8.67%. The ~~FERC scheduled~~initial decision from an administrative law judge in the February 2015 complaint case, ~~for hearing proceedings, requiring a proposed order from its administrative law judge to be issued no later than June 30, 2016,~~ which will subsequently require FERC ~~approval. We expect observable market data for the six months ended December 31, 2015, will~~approval, is expected to be ~~used~~issued in the ~~February 2015 complaint case.~~

Assecond quarter of September 30, 2015, Ameren and Ameren Illinois had current regulatory liabilities of $36 million and $25 million, respectively, representing their estimates of the potential refunds from the November 12, 2013 refund effective date. Ameren’s and Ameren Illinois’ recorded liabilities reflect their interpretation of the method and inputs used in the FERC’s calculation to establish the allowed base return on common equity, based on observable market data for the six months ended February 11,

2015, with respect to the November 2013 complaint case refund period, and based on observable market data through September 30, 2015, with respect to the February 2015 complaint case refund period. Ameren’s and Ameren Illinois’ liabilities also reflect the incentive adder discussed below, which became effective in early January 2015. Ameren Missouri did not record a liability as of September 30, 2015, and does not expect that a reduction in the FERC-allowed base return on common equity for MISO transmission owners would be material to its results of operations, financial position, or liquidity. A 50 basis point reduction in the FERC-allowed return on common equity would reduce Ameren's and Ameren Illinois' annual earnings by an estimated $4 million and $2 million, respectively, based on 2015 projected rate base.2016.

On January 6, 2015, a FERC-approved incentive adder of up to 50 basis points on the allowed base return on common equity for our participation in an RTO became effective. ~~Upon the issuance of the final order addressing the initial MISO complaint case, beginning~~Beginning with its January 6, 2015 effective date, the incentive adder will reduce any refund to customers relating to a reduction of the allowed base return on common ~~equity.~~

equity from the complaint cases discussed above.

~~Combined Construction and Operating License~~

In 2008, Ameren Missouri filed an application with the NRC for a COL for a second nuclear unit at Ameren Missouri's existing Callaway County, Missouri, energy center site. In 2009, Ameren Missouri suspended its efforts to build a second nuclear unit at its existing Callaway site, and the NRC suspended reviewAs of the COL application. Prior to suspending its efforts, Ameren Missouri had capitalized $69 million related to the project. Due primarily to changes in vendor support for licensing efforts at the NRC, Ameren Missouri’s assessment of long-term capacity needs, declining costs of alternative generation technologies, and the regulatory framework in Missouri, Ameren Missouri discontinued its efforts to license and build a second nuclear unit at its existing Callaway site. As a result of this decision, in the second quarter of 2015,March 31, 2016, Ameren and Ameren ~~Missouri recognized a $69~~Illinois had current regulatory liabilities of $55 million ~~noncash pretax provision for all~~and $37 million, respectively, representing their estimates of the ~~previously capitalized costs of~~potential refunds from the ~~COL.~~November 12, 2013 refund effective date through March 31, 2016. Ameren and Ameren Illinois recorded liabilities to reflect the allowed base return on common equity in the initial decision for the November 2013 complaint case refund period and the observable market data for the six months ended December 31, 2015, for the February 2015 complaint case refund period. Ameren’s and Ameren Illinois’ liabilities also reflect the January 6, 2015 incentive adder discussed above. Ameren Missouri ~~has withdrawn~~did not record a liability as of March 31, 2016, and it does not expect that a reduction in the FERC-allowed base return on common equity for MISO transmission owners would be material to its ~~COL application with the NRC.~~results of operations, financial position, or liquidity.

NOTE 3 - SHORT-TERM DEBT AND LIQUIDITY

The liquidity needs of the Ameren Companies are typically supported through the use of available cash, drawings under committed credit agreements, commercial paper issuances, or, in the case of Ameren Missouri and Ameren Illinois, short-term intercompany borrowings.

The ~~2012~~ Missouri Credit Agreement and the ~~2012~~ Illinois Credit Agreement, both of which expire on December 11, 2019, were not utilized for direct borrowings during the ~~nine~~three months ended ~~September 30, 2015~~March 31, 2016, but were used to support commercial paper issuances and to issue letters of credit. Based on letters of credit issued under the ~~2012~~ Credit Agreements, as well as commercial paper outstanding, the aggregate amount of credit capacity available under the ~~2012~~ Credit Agreements to Ameren (parent), Ameren Missouri, and Ameren Illinois, collectively, at ~~September 30, 2015~~March 31, 2016, was $~~1.3~~1.5 billion.

Commercial Paper

The following table presents commercial paper outstanding at Ameren (parent), Ameren Missouri, and Ameren Illinois as of ~~September 30, 2015,~~March 31, 2016, and December 31, ~~2014:~~2015:


	September 30, 2015		December 31, 2014		March 31, 2016		December 31, 2015
Ameren (parent)	$	783	$	585	$	416	$	301
Ameren Missouri	—		97		165		—
Ameren Illinois	—		32		—		—
Ameren Consolidated	$	783	$	714	$	581	$	301

The following table summarizes the borrowing activity and relevant interest rates under Ameren’s (parent), Ameren Missouri’s, and Ameren Illinois’ commercial paper programs for the ~~nine~~three months ended ~~September 30, 2015~~March 31, 2016 and ~~2014:~~2015:


	Ameren (parent)			Ameren Missouri			Ameren Illinois			Ameren Consolidated			Ameren (parent)			Ameren Missouri			Ameren Illinois			Ameren Consolidated
2016
Average daily commercial paper outstanding													$	349		$	68		$	—		$	417
Weighted-average interest rate													0.82		%	0.80		%	—		%	0.81		%
Peak commercial paper during period^(a)													$	482		$	208		$	—		$	581
Peak interest rate													0.95		%	0.85		%	—		%	0.95		%
2015
Average daily commercial paper outstanding	$	770		$	56		$	6		$	832		$	691		$	151		$	10		$	852
Weighted-average interest rate	0.56		%	0.50		%	0.44		%	0.56		%	0.55		%	0.49		%	0.44		%	0.53		%
Peak commercial paper during period^(a)	$	874		$	294		$	48		$	1,108		$	815		$	243		$	39		$	955
Peak interest rate	0.70		%	0.60		%	0.60		%	0.70		%	0.70		%	0.60		%	0.60		%	0.70		%
2014
Average daily commercial paper outstanding	$	386		$	141		$	157		$	609
Weighted-average interest rate	0.36		%	0.38		%	0.31		%	0.35		%
Peak commercial paper during period^(a)	$	531		$	495		$	300		$	907
Peak interest rate	0.75		%	0.70		%	0.34		%	0.75		%


(a)	The timing of peak commercial paper issuances varies by company, and therefore the peak amounts presented by company might not equal the Ameren Consolidated peak commercial paper issuances for the period.

Indebtedness Provisions and Other Covenants

The information below is a summary of the Ameren Companies’ compliance with financial covenants in the ~~2012~~ Credit Agreements. See Note 4 - Short-term Debt and Liquidity under Part II, Item 8, in the Form 10-K for a detailed description of these provisions. The ~~2012~~ Credit Agreements also contain nonfinancial covenants, including restrictions on the ability to incur liens, to transact with affiliates, to dispose of assets, to make investments in or transfer assets to its affiliates, and to merge with other entities.

The ~~2012~~ Credit Agreements require ~~each of~~ Ameren, Ameren Missouri, and Ameren Illinois to each maintain consolidated indebtedness of not more than 65% of its consolidated total capitalization pursuant to a defined calculation set forth in the agreements. As of ~~September 30, 2015~~March 31, 2016, the ratios of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the ~~2012~~provisions of the Credit Agreements, were ~~50%~~52%, ~~48%~~49%, and 46%, for Ameren, Ameren Missouri, and Ameren Illinois, respectively. In addition, under the ~~2012 Illinois~~ Credit ~~Agreement and, by virtue~~Agreements, if Ameren does not have a senior long-term unsecured credit rating of ~~the cross-default provisions of the 2012 Missouri Credit Agreement, under the 2012 Missouri Credit Agreement,~~at least Baa3 from Moody’s or BBB- from S&P, Ameren is required to maintain a ratio of consolidated funds from operations plus interest expense to consolidated interest expense of at least 2.0

to 1.0. ~~However, the interest coverage requirement only applies at such times as Ameren does not have a~~As of March 31, 2016, Ameren’s senior long-term unsecured credit rating ~~of at least Baa3 from Moody’s or BBB- from S&P. As of September 30, 2015, Ameren~~ exceeded the minimum rating requirements; therefore, the interest coverage requirement was not applicable. Failure of a borrower to satisfy a financial covenant constitutes an immediate default under the applicable ~~2012~~ Credit Agreement.

The ~~2012~~ Credit Agreements contain default provisions that apply separately to each borrower; provided, however, that a default of Ameren Missouri or Ameren Illinois under the applicable ~~2012~~ Credit Agreement will also be deemed to constitute a default of Ameren under such agreement. Defaults include a cross-default resulting from a default of such borrower under any other agreement covering outstanding indebtedness of such borrower and certain subsidiaries (other than project finance subsidiaries and nonmaterial subsidiaries) in excess of $75 million in the aggregate (including under the other ~~2012~~ Credit Agreement). However, under the default provisions of the ~~2012~~ Credit Agreements, any default of Ameren under any ~~2012~~ Credit

Agreement that results solely from a default of Ameren Missouri or Ameren Illinois thereunder does not result in a cross-default of Ameren under the other ~~2012~~ Credit Agreement. Further, the ~~2012~~ Credit Agreement default provisions provide that an Ameren default under any of the ~~2012~~ Credit Agreements does not constitute a default by Ameren Missouri or Ameren Illinois.

None of the Ameren Companies' credit agreements or financing arrangements contain credit rating triggers that would cause a default or acceleration of repayment of outstanding balances. The Ameren Companies were in compliance with the covenants in their credit agreements at ~~September 30, 2015~~March 31, 2016.

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.

Ameren Missouri, Ameren Illinois, and ATXI may participate in the utility money pool as both lenders and borrowers. Ameren and Ameren Services may participate in the utility money pool only as lenders. Surplus internal funds are contributed to the utility money pool from participants. The primary sources of external funds for the utility money pool are the ~~2012~~ Credit Agreements and the commercial paper programs. The total

amount available to the pool participants from the utility money pool at any given time is reduced by the amount of borrowings made by participants, but is increased to the extent that the pool participants advance surplus funds to the utility money pool or remit funds from other external sources. The availability of funds is also determined by funding requirement limits established by regulatory authorizations. Participants receiving a loan under the utility money pool must repay the principal amount of such loan, together with accrued interest. The rate of interest depends on the composition of internal and external funds in the utility money pool. The average interest rate for borrowing ~~and lending~~ under the utility money pool for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2016 and 2015,, was ~~0.10%~~0.47% and ~~0.09%~~0.08%, ~~respectively (2014 - 0.10% and 0.23%, respectively).~~respectively.

See Note 8 - Related Party Transactions for the amount of interest income and expense from the money pool arrangements recorded by the Ameren Companies for the three ~~and nine~~ months ended ~~September 30, 2015~~March 31, 2016 and ~~2014~~2015.

NOTE 4 - LONG-TERM DEBT AND EQUITY FINANCINGS

Ameren Missouri

In ~~March 2015,~~February 2016, $260 million principal amount of Ameren ~~Missouri received cash capital contributions of $224 million from Ameren (parent).~~

~~In April 2015, Ameren Missouri issued $250 million of 3.65%~~Missouri's 5.40% senior secured notes ~~due April 15, 2045,~~matured and was repaid with ~~interest payable semiannually~~cash on ~~April 15~~hand and October 15 of each year, beginning October 15, 2015. Ameren Missouri received proceeds of $247 million, which were used to repay outstanding short-term debt, including short-term debt that Ameren Missouri incurred in connection with the repayment of $114 million of its 4.75% senior secured notes that matured on April 1, 2015.commercial paper borrowings.

Indenture Provisions and Other Covenants

Ameren Missouri’s and Ameren Illinois’ indentures, credit facilities, and articles of incorporation include covenants and provisions related to issuances of first mortgage bonds and preferred stock. Ameren Missouri and Ameren Illinois are required to meet certain ratios to issue additional first mortgage bonds and preferred stock. A failure to achieve these ratios would not result in a default under these covenants and provisions, but would restrict the companies’ ability to issue bonds or preferred stock. The following table summarizes the required and actual interest coverage ratios ~~and~~for interest charges, dividend coverage ratios, and bonds and preferred stock issuable as of ~~September 30, 2015~~March 31, 2016, at an assumed annual interest rate of 5% and dividend rate of 6%.


	Required Interest Coverage Ratio^(a)	Actual Interest Coverage Ratio		Bonds Issuable^(b)		Required Dividend Coverage Ratio^(c)	Actual Dividend Coverage Ratio		Preferred Stock Issuable		Required Interest Coverage Ratio^(a)	Actual Interest Coverage Ratio		Bonds Issuable^(b)		Required Dividend Coverage Ratio^(c)	Actual Dividend Coverage Ratio		Preferred Stock Issuable
Ameren Missouri	≥2.0	3.7	$	3,338		≥2.5	99.3	$	2,206		≥2.0	3.8	$	3,809		≥2.5	95.8	$	2,128
Ameren Illinois	≥2.0	7.0		3,659	^(d)	≥1.5	3.0		203	^(e)	≥2.0	6.4		3,642	^(d)	≥1.5	2.6		203	^(e)


(a)	Coverage required on the annual interest charges on first mortgage bonds outstanding and to be issued. Coverage is not required in certain cases when additional first mortgage bonds are issued on the basis of retired bonds.


(b)	Amount of bonds issuable based either on required coverage ratios or unfunded property additions, whichever is more restrictive. The amounts shown also include bonds issuable based on retired bond capacity of $~~946~~1,206 million and $204 million at Ameren Missouri and Ameren Illinois, respectively.


(c)	Coverage required on the annual dividend on preferred stock outstanding and to be issued, as required in the respective company’s articles of incorporation.


(d)	Amount of bonds issuable by Ameren Illinois based on unfunded property additions and retired bonds solely under the former IP mortgage indenture. The amount of bonds issuable by Ameren Illinois is also subject to the lien restrictions contained in the ~~2012~~ Illinois Credit Agreement.


(e)	Preferred stock issuable is restricted by the amount of preferred stock that is currently authorized by Ameren Illinois’ articles of incorporation.

Ameren Missouri and Ameren Illinois and certain other Ameren subsidiaries are subject to Section 305(a) of the Federal Power Act, which makes it unlawful for any officer or director of a public utility, as defined in the Federal Power Act, to participate in the making or paying of any dividend from any funds “properly included in capital account.” The FERC has consistently interpreted the provision to allow dividends to be paid as long as (1) the source of the dividends is clearly disclosed, (2) the dividends are not excessive, and (3) there is no self-dealing on the part of corporate officials. At a minimum, Ameren believes that dividends can be paid by its subsidiaries that are public utilities from retained earnings. In addition, under Illinois law, Ameren Illinois may not pay any dividend on its stock, unless, among other things, its earnings and earned surplus are sufficient to declare and pay a dividend after provision is made for reasonable and proper reserves, or unless Ameren Illinois has specific authorization from the ICC.

Ameren Illinois’ articles of incorporation require dividend payments on its common stock to be based on ratios of common

stock to total capitalization and other provisions related to certain

operating expenses and accumulations of earned surplus. Ameren Illinois committed to the FERC to maintain a minimum of 30% equity in its capital structure. As of ~~September 30, 2015~~March 31, 2016, Ameren Illinois had ~~52%~~51% equity in its capital structure.

In order for the Ameren Companies to issue securities in the future, we have to comply with all applicable requirements in effect at the time of any such issuances.

Off-Balance-Sheet Arrangements

At ~~September 30, 2015~~March 31, 2016, none of the Ameren Companies had ~~any~~ off-balance-sheet financing arrangements, other than operating leases entered into in the ordinary course of ~~business.~~business, letters of credit, and Ameren parent guarantee arrangements on behalf of its subsidiaries. None of the Ameren Companies expect to engage in any significant off-balance-sheet financing arrangements in the near future. ~~See Note 12 - Divestiture Transactions and Discontinued Operations for Ameren (parent) guarantees and letters of credit issued to support New AER based on the transaction agreement with IPH.~~

NOTE 5 - OTHER INCOME AND EXPENSES

The following table presents the components of “Other Income and Expenses” in the Ameren Companies’ statements of income for the three ~~and nine~~ months ended ~~September 30, 2015~~March 31, 2016 and ~~2014~~2015:


	Three Months				Nine Months				Three Months
	2015		2014		2015		2014		2016		2015
Ameren:^(a)
Miscellaneous income:
Allowance for equity funds used during construction	$	8	$	10	$	19	$	26	$	8	$	5
Interest income on industrial development revenue bonds	7		6		20		20		7		7
Interest income	4		3		12		8		4		4
Other	—		2		3		6		1		3
Total miscellaneous income	$	19	$	21	$	54	$	60	$	20	$	19
Miscellaneous expense:
Donations	$	—	$	3	$	10	$	9	$	5	$	8
Other	5		4		12		11		2		3
Total miscellaneous expense	$	5	$	7	$	22	$	20	$	7	$	11
Ameren Missouri:
Miscellaneous income:
Allowance for equity funds used during construction	$	7	$	9	$	16	$	24	$	7	$	4
Interest income on industrial development revenue bonds	7		6		20		20		7		7
Interest income	—		—		1		1
Other									1		—
Total miscellaneous income	$	14	$	15	$	37	$	45	$	15	$	11
Miscellaneous expense:
Donations	$	—	$	2	$	3	$	5	$	1	$	2
Other	3		2		5		5		1		1
Total miscellaneous expense	$	3	$	4	$	8	$	10	$	2	$	3
Ameren Illinois:
Miscellaneous income:
Allowance for equity funds used during construction	$	1	$	1	$	3	$	2	$	1	$	1
Interest income	3		2		10		5		4		4
Other	—		1		2		5		—		2
Total miscellaneous income	$	4	$	4	$	15	$	12	$	5	$	7
Miscellaneous expense:
Donations	$	—	$	—	$	4	$	3	$	4	$	3
Other	3		2		6		4		1		2
Total miscellaneous expense	$	3	$	2	$	10	$	7	$	5	$	5


(a)	Includes amounts for Ameren registrant and nonregistrant subsidiaries and intercompany eliminations.

NOTE 6 - DERIVATIVE FINANCIAL INSTRUMENTS

We use derivatives to manage the risk of changes in market prices for natural gas, power, and uranium, as well as the risk of changes in rail transportation surcharges through fuel oil hedges. Such price fluctuations may cause the following:

an unrealized appreciation or depreciation of our contracted commitments to purchase or sell when purchase or sale prices under the commitments are compared with current commodity prices;

market values of natural gas and uranium inventories that differ from the cost of those commodities in inventory; and

actual cash outlays for the purchase of these commodities that differ from anticipated cash outlays.

The derivatives that we use to hedge these risks are governed by our risk management policies for forward contracts, futures, options, and swaps. Our net positions are continually assessed within our structured hedging programs to determine whether new or offsetting transactions are required. The goal of the hedging program is generally to mitigate financial risks while ensuring that sufficient volumes are available to meet our requirements. Contracts we enter into as part of our risk management program may be settled financially, settled by physical delivery, or net settled with the counterparty.

The following table presents open gross commodity contract volumes by commodity type for derivative assets and liabilities as of ~~September 30, 2015~~March 31, 2016, and December 31, ~~2014~~2015. As of ~~September 30, 2015~~March 31, 2016, these contracts ran through October ~~2017,~~2018, March 2021, May 2032, and ~~December 2016~~January 2019 for fuel oils, natural gas, power, and uranium, respectively.


	Quantity (in millions, except as indicated)						Quantity (in millions, except as indicated)
	2015			2014			2016			2015
Commodity	Ameren Missouri	Ameren Illinois	Ameren	Ameren Missouri	Ameren Illinois	Ameren	Ameren Missouri	Ameren Illinois	Ameren	Ameren Missouri	Ameren Illinois	Ameren
Fuel oils (in gallons)^(a)	33	(b)	33	50	(b)	50	29	(b)	29	35	(b)	35
Natural gas (in mmbtu)	30	152	182	28	108	136	29	150	179	30	151	181
Power (in megawatthours)	1	10	11	1	11	12	1	9	10	1	10	11
Uranium (pounds in thousands)	299	(b)	299	332	(b)	332	428	(b)	428	494	(b)	494


(a)	~~Fuel oils consist~~Consists of ~~heating oil and~~ ultra-low-sulfur ~~diesel.~~diesel products.


(b)	Not applicable.

Authoritative accounting guidance regarding derivative instruments requires that all contracts considered to be derivative instruments be recorded on the balance sheet at their fair values, unless the NPNS exception applies. See Note 7 - Fair Value Measurements for a discussion of our methods of assessing the fair value of derivative instruments. Many of our physical contracts, such as our purchased power contracts, qualify for the NPNS exception to derivative accounting rules. The revenue or expense on NPNS contracts is recognized at the contract price upon physical delivery.

If we determine that a contract meets the definition of a derivative and ~~does~~is not ~~qualify~~eligible for the NPNS exception, we review the contract to determine ~~if it qualifies for hedge accounting. We also consider~~ whether the resulting gains or losses ~~resulting from such derivatives~~ qualify for regulatory deferral. Derivative contracts that qualify for regulatory deferral are recorded at fair value, with changes in fair value recorded as regulatory assets or regulatory liabilities in the period in which the change occurs. We believe derivative losses

~~believe derivative losses~~ and gains deferred as regulatory assets and regulatory liabilities are probable of recovery or refund through future rates charged to customers. Regulatory assets and regulatory liabilities are amortized to operating income as related losses and gains are reflected in rates charged to customers. Therefore, gains and losses on these derivatives have no effect on operating income. As of ~~September 30, 2015,~~March 31, 2016, and December 31, ~~2014,~~2015, all contracts ~~that qualify for hedge accounting~~ received regulatory deferral.

Authoritative accounting guidance permits companies to offset fair value amounts recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a liability) against fair value amounts recognized for derivative instruments that are executed with the same counterparty under a master netting arrangement or similar agreement. The Ameren Companies did not elect to adopt this guidance for any eligible derivative instruments.

The following table presents the carrying value and balance sheet location of all derivative ~~instruments,~~commodity contracts, none of which were designated as hedging instruments, ~~under hedge accounting,~~ as of ~~September 30, 2015~~March 31, 2016, and December 31, ~~2014~~2015:


	Balance Sheet Location	Ameren Missouri		Ameren Illinois		Ameren		Balance Sheet Location	Ameren Missouri		Ameren Illinois		Ameren
2015
Natural gas	Other current assets	$	1	$	—	$	1
Power	Other current assets	22		—		22
	Other assets	1		—		1
	Total assets	$	24	$	—	$	24
Fuel oils	Other current liabilities	$	19	$	—	$	19
	Other deferred credits and liabilities	6		—		6
Natural gas	MTM derivative liabilities	(a)		26		(a)
	Other current liabilities	5		—		31
	Other deferred credits and liabilities	9		18		27
Power	MTM derivative liabilities	(a)		12		(a)
	Other current liabilities	1		—		13
	Other deferred credits and liabilities	—		158		158
Uranium	Other current liabilities	1		—		1
	Total liabilities	$	41	$	214	$	255
2014
Fuel oils	Other current assets	$	2	$	—	$	2
2016								2016
Natural gas	Other current assets	1		1		2		Other assets	$	—	$	1	$	1
Power	Other current assets	15		—		15		Other current assets	6		—		6
	Total assets	$	18	$	1	$	19	Total assets ^(a)	$	6	$	1	$	7
Fuel oils	Other current liabilities	$	22	$	—	$	22	Other current liabilities	$	19	$	—	$	19
	Other deferred credits and liabilities	7		—		7		Other deferred credits and liabilities	6		—		6
Natural gas	MTM derivative liabilities	(a)		31		(a)		MTM derivative liabilities	(b)		36		(b)
	Other current liabilities	6		—		37		Other current liabilities	7		—		43
	Other deferred credits and liabilities	6		13		19		Other deferred credits and liabilities	7		15		22
Power	MTM derivative liabilities	(a)		11		(a)		MTM derivative liabilities	(b)		15		(b)
	Other current liabilities	3		—		14		Other current liabilities	—		—		15
	Other deferred credits and liabilities	—		131		131		Other deferred credits and liabilities	—		172		172
Uranium	Other current liabilities	2		—		2		Other current liabilities	2		—		2
	Total liabilities	$	46	$	186	$	232	Other deferred credits and liabilities	2		—		2
								Total liabilities ^(c)	$	43	$	238	$	281
2015								2015
Natural gas								Other current assets	$	—	$	1	$	1
								Other assets	1		—		1
Power								Other current assets	16		—		16
								Total assets ^(a)	$	17	$	1	$	18
Fuel oils								Other current liabilities	$	22	$	—	$	22
								Other deferred credits and liabilities	7		—		7
Natural gas								MTM derivative liabilities	(b)		32		(b)
								Other current liabilities	6		—		38
								Other deferred credits and liabilities	8		18		26
Power								MTM derivative liabilities	(b)		13		(b)
								Other current liabilities	—		—		13
								Other deferred credits and liabilities	—		157		157
Uranium								Other current liabilities	1		—		1
								Total liabilities ^(c)	$	44	$	220	$	264


(a)	Because all contracts qualifying for hedge accounting receive regulatory deferral, the cumulative amount of pretax net gains on all derivative instruments is deferred as a regulatory liability.


(b)	Balance sheet line item not applicable to registrant.

~~The following table presents the cumulative amount of pretax net gains (losses) on all derivative instruments deferred in regulatory assets or regulatory liabilities as of~~ ~~September 30, 2015, and~~ ~~December 31, 2014~~:

Ameren
Missouri

Ameren
Illinois
Ameren
2015
Fuel oils derivative contracts^(a)
$ (25 ) $ —
$ (25 )
Natural gas derivative contracts^(b)
(13 ) (44 ) (57 )
Power derivative contracts^(c)
22
(170 ) (148 )
Uranium derivative contracts^(d)
(1 ) —
(1 )
2014
Fuel oils derivative contracts $ (29 ) $ —
$ (29 )
Natural gas derivative contracts (11 ) (43 ) (54 )
Power derivative contracts 12
(142 ) (130 )
Uranium derivative contracts (2 ) —
(2 )


~~(a)~~	Represents net losses associated with fuel oils derivative contracts at Ameren Missouri. These contracts are a partial hedge of Ameren Missouri’s rail transportation surcharges for coal through December 2017. Losses deferred as current regulatory assets include $19 million at Ameren and Ameren Missouri.

~~(b)~~

Represents net losses associated with natural gas derivative contracts. These contracts are a partial hedge of natural gas requirements through March 2021 at Ameren and Ameren Missouri and through October 2019 at Ameren Illinois. Gains deferred as current regulatory liabilities include $1 million at Ameren and Ameren Missouri. Losses deferred as current regulatory assets include ~~$31 million~~, ~~$5 million, and~~ ~~$26 million~~ ~~at Ameren, Ameren Missouri, and Ameren Illinois, respectively.~~

(c)

~~Represents net gains (losses) associated with power derivative contracts. These~~Because all contracts ~~are a partial~~qualifying for hedge accounting receive regulatory deferral, the cumulative amount of ~~power price requirements through May 2032 at Ameren and Ameren Illinois and through December 2016 at Ameren Missouri. Gains deferred as current regulatory liabilities include~~ ~~$22 million~~ ~~at Ameren and Ameren Missouri. Losses deferred as current regulatory assets include~~ ~~$13 million~~, ~~$1 million, and~~ ~~$12 million~~ ~~at Ameren, Ameren Missouri, and Ameren Illinois, respectively.~~


~~(d)~~	~~Represents~~pretax net losses on ~~uranium~~all derivative ~~contracts at Ameren Missouri. These contracts are a partial hedge of Ameren Missouri’s uranium requirements through January 2017. Losses~~instruments is deferred as ~~current~~a regulatory ~~assets include~~ ~~$1 million~~ ~~at Ameren and Ameren Missouri.~~ asset.

Derivative instruments are subject to various credit-related losses in the event of nonperformance by counterparties to the transaction. Exchange-traded contracts are supported by the financial and credit quality of the clearing members of the respective exchanges and have nominal credit risk. In all other transactions, we are exposed to credit risk. Our credit risk management program involves establishing credit limits and collateral requirements for counterparties, using master netting arrangements or similar agreements, and reporting daily exposure to senior management.

We believe that entering into master netting arrangements or similar agreements mitigates the level of financial loss that could result from default by allowing net settlement of derivative assets and liabilities. We generally enter into the following master netting arrangements: (1) the International Swaps and Derivatives Association Agreement, a standardized financial natural gas and electric contract; (2) the Master Power Purchase and Sale Agreement, created by the Edison Electric Institute and the National Energy Marketers Association, a standardized contract for the purchase and sale of wholesale power; and (3) the North American Energy Standards Board Inc. Agreement, a standardized contract for the purchase and sale of natural gas. These master netting arrangements allow the counterparties to net settle sale and purchase transactions. Further, collateral requirements are calculated at the master netting arrangement or similar agreement level by counterparty.

The following table provides the recognized gross derivative balances and the net amounts of those derivatives subject to an enforceable master netting arrangement or similar agreement as of ~~September 30, 2015~~March 31, 2016, and December 31, ~~2014~~2015:


			Gross Amounts Not Offset in the Balance Sheet								Gross Amounts Not Offset in the Balance Sheet
Commodity Contracts Eligible to be Offset	Gross Amounts Recognized in the Balance Sheet		Derivative Instruments		Cash Collateral Received/Posted^(a)		Net Amount		Gross Amounts Recognized in the Balance Sheet		Derivative Instruments		Cash Collateral Received/Posted^(a)		Net Amount
2016
Assets:
Ameren Missouri									$	6	$	2	$	—	$	4
Ameren Illinois									1		1		—		—
Ameren									$	7	$	3	$	—	$	4
Liabilities:
Ameren Missouri									$	43	$	2	$	8	$	33
Ameren Illinois									238		1		2		235
Ameren									$	281	$	3	$	10	$	268
2015
Assets:
Ameren Missouri	$	24	$	2	$	—	$	22	$	17	$	1	$	—	$	16
Ameren Illinois	—		—		—		—		1		—		—		1
Ameren	$	24	$	2	$	—	$	22	$	18	$	1	$	—	$	17
Liabilities:
Ameren Missouri	$	41	$	2	$	6	$	33	$	44	$	1	$	8	$	35
Ameren Illinois	214		—		1		213		220		—		3		217
Ameren	$	255	$	2	$	7	$	246	$	264	$	1	$	11	$	252
2014
Assets:
Ameren Missouri	$	18	$	5	$	—	$	13
Ameren Illinois	1		—		—		1
Ameren	$	19	$	5	$	—	$	14
Liabilities:
Ameren Missouri	$	46	$	5	$	5	$	36
Ameren Illinois	186		—		—		186
Ameren	$	232	$	5	$	5	$	222


(a)	Cash collateral received reduces gross asset balances and is included in “Other current liabilities” and “Other deferred credits and liabilities” on the balance sheet. Cash collateral posted reduces gross liability balances and is included in “Other current assets” and “Other assets” on the balance sheet.

Concentrations of Credit Risk

In determining our concentrations of credit risk related to derivative instruments, we review our individual counterparties and categorize each counterparty into groupings according to the primary business in which each engages. We calculate maximum exposures based on the gross fair value of financial instruments, including NPNS and other accrual contracts. These exposures are ~~presented~~calculated on a gross basis, which include affiliate exposure not eliminated at the consolidated Ameren level. As of September 30, 2015, if counterparty groups were to fail completely to perform on contracts, Ameren, Ameren Missouri, and Ameren Illinois' maximum exposures were $12 million, $12 million, and $- million, respectively. The potential loss on counterparty exposures may be reduced or eliminated by the application of master netting arrangements or similar agreements and collateral held. As of ~~September 30, 2015,~~March 31, 2016, if counterparty groups were to fail completely to perform on contracts, the ~~potential loss after~~Ameren Companies’ maximum exposure would have been immaterial with or without consideration of the application of master netting arrangements or similar agreements and collateral ~~held for Ameren, Ameren Missouri, and Ameren Illinois was $11 million, $11 million, and $- million, respectively.~~held.

Derivative Instruments with Credit Risk-Related Contingent Features

Our commodity contracts contain collateral provisions tied to the Ameren Companies’ credit ratings. If we were to experience an adverse change in our credit ratings, or if a counterparty with reasonable grounds for uncertainty regarding ~~performance of~~our ability to satisfy an obligation requested adequate assurance of performance, additional collateral postings might be required. The following table presents, as of ~~September 30, 2015~~March 31, 2016, the aggregate fair value of all derivative instruments with credit risk-related contingent features in a gross liability position, the cash collateral posted, and the aggregate amount of additional collateral that counterparties could ~~be required to be posted with counterparties.~~require. The additional collateral required is the net liability position allowed under the master netting arrangements or similar agreements, assuming (1) the credit risk-related contingent features underlying these arrangements were triggered on ~~September 30, 2015~~March 31, 2016, and (2) those counterparties with rights to do so requested collateral.


	Aggregate Fair Value of Derivative Liabilities^(a)		Cash Collateral Posted		Potential Aggregate Amount of Additional Collateral Required^(b)		Aggregate Fair Value of Derivative Liabilities^(a)		Cash Collateral Posted		Potential Aggregate Amount of Additional Collateral Required^(b)
2015
2016
Ameren Missouri	$	88	$	7	$	75	$	88	$	7	$	76
Ameren Illinois	82		1		75		77		2		71
Ameren	$	170	$	8	$	150	$	165	$	9	$	147


(a)	~~Prior to~~Before consideration of master netting arrangements or similar agreements and including NPNS and other accrual contract exposures.


(b)	As collateral requirements with certain counterparties are based on master netting arrangements or similar agreements, the aggregate amount of additional collateral required to be posted is determined after consideration of the effects of such arrangements.

NOTE 7 - FAIR VALUE MEASUREMENTS

Fair value is defined as the ~~exchange~~ price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We use various methods to determine fair value, including market, income, and cost approaches. With these approaches, we adopt certain assumptions that market participants would use in pricing the asset or liability, including assumptions about market risk or the risks inherent in the inputs to the valuation. Inputs to valuation can be readily observable, market-corroborated, or unobservable. We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Authoritative accounting

guidance established a fair value hierarchy that prioritizes the inputs used to measure fair value.

All financial assets and liabilities carried at fair value are classified and disclosed in one of three hierarchy levels. See

Note 8 - Fair Value Measurements under Part II, Item 8, of the Form 10-K for information related to hierarchy levels. We perform an analysis each quarter to determine the appropriate hierarchy level of the assets and liabilities subject to fair value measurements. Financial assets and liabilities are classified in their entirety according to the lowest level of input that is significant to the fair value measurement. All assets and liabilities whose fair value measurement is based on significant unobservable inputs are classified as Level 3.

The following table describes the valuation techniques and unobservable inputs utilized by the Ameren Companies for the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy ~~as of~~for the periods ended ~~September 30, 2015~~March 31, 2016:, and December 31, 2015:



		Fair Value								Weighted Average
		Assets		Liabilities			Valuation Technique(s)	Unobservable Input	Range	Weighted Average
Level 3 Derivative asset and liability - commodity contracts^(a):
2016
	Natural gas	$	—	$	(1	)	Discounted cash flow	Nodal basis($/mmbtu)^(b)	(0.60) - 0	(0.50)
								Counterparty credit risk(%)^(c)(d)	0.40 - 6	0.93
								Ameren Illinois credit risk(%)^(c)(d)	0.40	(e)
	Power^(f)	6		(187		)	Discounted cash flow	Average forward peak and off-peak pricing - forwards/swaps($/MWh)^(g)	18 - 37	27
								Estimated auction price for FTRs($/MW)^(b)	(818) - 1,062	67
								Nodal basis($/MWh)^(g)	(10) - (1)	(2)
								Counterparty credit risk(%)^(c)(d)	0.55	(e)
								Ameren Illinois credit risk(%)^(c)(d)	0.40	(e)
							Fundamental energy production model	Estimated future gas prices($/mmbtu)^(b)	3 - 5	4
								Escalation rate(%)^(b)(h)	4	(e)
							Contract price allocation	Estimated renewable energy credit costs($/credit)^(b)	5 - 7	6
	Uranium	—		(4		)	Option model	Volatilities(%)^(b)	20	(e)
							Discounted cash flow	Average forward uranium pricing($/pound)^(b)	28 - 33	31
								Ameren Missouri credit risk(%)^(c)(d)	0.40	(e)
2015
	Natural gas	$	1	$	(1	)	Option model	Volatilities(%)^(b)	35 – 55	45
								Nodal basis($/mmbtu)^(c)	(0.30) – 0	(0.20)
							Discounted cash flow	Nodal basis($/mmbtu)^(b)	(0.10) – 0	(0.10)
								Counterparty credit risk(%)^(c)(d)	0.40 – 12	7
								Ameren Missouri credit risk(%)^(c)(d)	0.40	(e)
	Power^(f)	16		(170		)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps($/MWh)^(g)	22 – 39	29
								Estimated auction price for FTRs($/MW)^(b)	(270) – 2,057	211
								Nodal basis($/MWh)^(g)	(10) – (1)	(3)
								Counterparty credit risk(%)^(c)(d)	0.86	(e)
								Ameren Illinois credit risk(%)^(c)(d)	0.40	(e)
							Fundamental energy production model	Estimated future gas prices($/mmbtu)^(b)	3 – 4	4
								Escalation rate(%)^(b)(h)	3	(e)
							Contract price allocation	Estimated renewable energy credit costs($/credit)^(b)	5 – 7	6
	Uranium	—		(1		)	Option model	Volatilities(%)^(b)	20	(e)
							Discounted cash flow	Average forward uranium pricing($/pound)^(b)	35 – 42	37
								Ameren Missouri credit risk(%)^(c)(d)	0.40	(e)

Fair Value Weighted Average
Assets Liabilities Valuation Technique(s) Unobservable Input Range
Level 3 Derivative asset and liability - commodity contracts^(a):

Ameren Fuel oils $ —
$ (1 ) Option model
Volatilities(%)^(e)
63 (d)
Discounted cash flow
Ameren Missouri credit risk(%)^(b)(c)
0.40 (d)
Natural gas —
(1 ) Option model
Volatilities(%)^(e)
20 - 44 33

Nodal basis($/mmbtu)^(b)
(0.30) - (0.10) (0.20)
Discounted cash flow
Nodal basis($/mmbtu)^(e)
(1.40) - 0.10 (0.20)

Counterparty credit risk(%)^(b)(c)
0.40 - 12.07 6.60

Ameren Missouri credit risk(%)^(b)(c)
0.40 (d)

Power^(f)
23
(171 ) Discounted cash flow
Average forward peak and off-peak pricing - forwards/swaps($/MWh)^(g)
26 - 40 29

Estimated auction price for FTRs($/MW)^(e)
(480) - 2,333 193

Nodal basis($/MWh)^(e)
(10) - (1) (3)

Counterparty credit risk(%)^(b)(c)
0.46 - 0.84 0.73

Ameren Illinois credit risk(%)^(b)(c)
0.40 (d)
Fundamental energy production model
Estimated future gas prices($/mmbtu)^(e)
3 - 4 4

Escalation rate(%)^(e)(h)
2 - 3 2
Contract price allocation
Estimated renewable energy credit costs($/credit)^(e)
5 - 7 6
Uranium —
(1 ) Discounted cash flow
Average forward uranium pricing($/pound)^(e)
37 - 39 37
Ameren Missouri Fuel oils $ —
$ (1 ) Option model
Volatilities(%)^(e)
63 (d)
Discounted cash flow
Ameren Missouri credit risk(%)^(b)(c)
0.40 (d)
Natural gas —
(1 ) Option model
Volatilities(%)^(e)
20 - 44 33

Nodal basis($/mmbtu)^(b)
(0.30) - (0.10) (0.20)
Discounted cash flow
Nodal basis($/mmbtu)^(e)
(1.40) - 0.10 (0.20)

Counterparty credit risk(%)^(b)(c)
0.40 - 12.07 6.60

Ameren Missouri credit risk(%)^(b)(c)
0.40 (d)

Power^(f)
23
(1 ) Discounted cash flow
Average forward peak and off-peak pricing - forwards/swaps($/MWh)^(b)
26 - 40 34

Estimated auction price for FTRs($/MW)^(e)
(480) - 2,333 193

Nodal basis($/MWh)^(b)
(10) - (5) (9)

Counterparty credit risk(%)^(b)(c)
0.46 - 0.84 0.73
Uranium —
(1 ) Discounted cash flow
Average forward uranium pricing($/pound)^(e)
37 - 39 37
Ameren Illinois
Power^(f)
$ —
$ (170 ) Discounted cash flow
Average forward peak and off-peak pricing - forwards/swaps($/MWh)^(e)
27 - 33 30

Nodal basis($/MWh)^(e)
(6) - (1) (3)

Ameren Illinois credit risk(%)^(b)(c)
0.40 (d)
Fundamental energy production model
Estimated future gas prices($/mmbtu)^(e)
3 - 4 4

Escalation rate(%)^(e)(h)
2 - 3 2
Contract price allocation
Estimated renewable energy credit costs($/credit)^(e)
5 - 7 6
6


(a)	The derivative asset and liability balances are presented net of counterparty credit considerations.


(b)	Generally, significant increases (decreases) in this input in isolation would result in a significantly higher (lower) fair value measurement.


(c)	Generally, significant increases (decreases) in this input in isolation would result in a significantly lower (higher) fair value measurement.


~~(c)~~(d)	Counterparty credit risk is applied only to counterparties with derivative asset balances. Ameren Missouri and Ameren Illinois credit risk is applied only to counterparties with derivative liability balances.


~~(d)~~(e)	Not applicable.


~~(e)~~	~~Generally, significant increases (decreases) in this input in isolation would result in a significantly higher (lower) fair value measurement.~~


(f)	Power valuations use visible third-party pricing evaluated by month for peak and off-peak demand through ~~2019.~~2020. Valuations beyond ~~2019~~2020 use fundamentally modeled pricing by month for peak and off-peak demand.


(g)	The balance at Ameren is comprised of Ameren Missouri and Ameren Illinois power contracts, which respond differently to unobservable input changes due to their opposing positions. ~~As such, refer to the power sensitivity analysis for each company above.~~


(h)	Escalation rate applies to power prices ~~2026~~2031 and ~~beyond.~~

~~The following table describes the valuation techniques~~beyond for March 31, 2016 and ~~unobservable inputs for the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy as of~~ ~~December 31, 2014~~:

Fair Value Weighted
Assets Liabilities Valuation Technique(s) Unobservable Input Range Average
Level 3 Derivative asset and liability – commodity contracts^(a):

Ameren Fuel oils $ 2
$ (8 ) Option model
Volatilities(%)^(b)
3 - 39 32
Discounted cash flow
Ameren Missouri credit risk(%)^(b)(c)
0.43 (d)

Escalation rate(%)^(e)(f)
5 (d)
Natural Gas 1
(2 ) Option model
Volatilities(%)^(b)
31 - 144 63

Nodal basis($/mmbtu)^(e)
(0.40) - 0 (0.20)
Discounted cash flow
Nodal basis($/mmbtu)^(e)
(0.40) - 0.10 (0.20)

Counterparty credit risk(%)^(b)(c)
0.43 - 13 3

Ameren Missouri and Ameren Illinois credit risk(%)^(b)(c)
0.43 (d)

Power^(g)
11
(144 ) Discounted cash flow
Average forward peak and off-peak pricing – forwards/swaps($/MWh)^(h)
27 - 50 32

Estimated auction price for FTRs($/MW)^(e)
(1,833) - 2,743 171

Nodal basis($/MWh)^(e)
(6) - 0 (2)

Counterparty credit risk(%)^(b)(c)
0.26 (d)

Ameren Missouri and Ameren Illinois credit risk(%)^(b)(c)
0.43 (d)
Fundamental energy production model
Estimated future gas prices($/mmbtu)^(e)
4 - 5 4

Escalation rate(%)^(e)(i)
0 - 1 1
Contract price allocation
Estimated renewable energy credit costs($/credit)^(e)
5 - 7 6
Uranium —
(2 ) Discounted cash flow
Average forward uranium pricing($/pound)^(e)
35 - 40 36
Ameren Missouri Fuel oils $ 2
$ (8 ) Option model
Volatilities(%)^(b)
3 - 39 32
Discounted cash flow
Ameren Missouri credit risk(%)^(b)(c)
0.43 (d)

Escalation rate(%)^(e)(f)
5 (d)
Natural Gas —
(1 ) Option model
Volatilities(%)^(b)
31 - 144 53

Nodal basis($/mmbtu)^(e)
(0.40) - 0 (0.30)
Discounted cash flow
Nodal basis($/mmbtu)^(e)
(0.10) (d)

Counterparty credit risk(%)^(b)(c)
0.57 - 13 5

Ameren Missouri credit risk(%)^(b)(c)
0.43 (d)

Power^(g)
11
(2 ) Discounted cash flow
Average forward peak and off-peak pricing – forwards/swaps($/MWh)^(b)
27 - 50 32

Estimated auction price for FTRs($/MW)^(e)
(1,833) - 2,743 171

Counterparty credit risk(%)^(b)(c)
0.26 (d)

Ameren Missouri credit risk(%)^(b)(c)
0.43 (d)
Uranium —
(2 ) Discounted cash flow
Average forward uranium pricing($/pound)^(e)
35 - 40 36
Ameren Illinois Natural Gas $ 1
$ (1 ) Option model
Volatilities(%)^(b)
50 - 144 94

Nodal basis($/mmbtu)^(e)
(0.10) - 0 (0.10)
Discounted cash flow
Nodal basis($/mmbtu)^(e)
(0.40) - 0.10 (0.20)

Counterparty credit risk(%)^(b)(c)
0.43 - 2 0.83

Ameren Illinois credit risk(%)^(b)(c)
0.43 (d)

Power^(g)
—
(142 ) Discounted cash flow
Average forward peak and off-peak pricing – forwards/swaps($/MWh)^(e)
27 - 38 32

Nodal basis($/MWh)^(e)
(6) - 0 (2)

Ameren Illinois credit risk(%)^(b)(c)
0.43 (d)
Fundamental energy production model
Estimated future gas prices($/mmbtu)^(e)
4 - 5 4

Escalation rate(%)^(e)(i)
0 - 1 1
Contract price allocation
Estimated renewable energy credit costs($/credit)^(e)
5 - 7 6


~~(a)~~	~~The derivative asset and liability balances are presented net of counterparty credit considerations.~~


~~(b)~~	~~Generally, significant increases (decreases) in this input in isolation would result in a significantly lower (higher) fair value measurement.~~


~~(c)~~	Counterparty credit risk is applied only to counterparties with derivative asset balances. Ameren Missouri and Ameren Illinois credit risk is applied only to counterparties with derivative liability balances.


~~(d)~~	~~Not applicable.~~


~~(e)~~	~~Generally, significant increases (decreases) in this input in isolation would result in a significantly higher (lower) fair value measurement.~~


~~(f)~~	~~Escalation rate applies to fuel oil prices 2017 and beyond.~~


~~(g)~~	Power valuations use visible third-party pricing evaluated by month for peak and off-peak demand through 2018. Valuations beyond 2018 use fundamentally modeled pricing by month for peak and off-peak demand.


~~(h)~~	The balance at Ameren is comprised of Ameren Missouri and Ameren Illinois power contracts, which respond differently to unobservable input changes due to their opposing positions. As such, refer to the power sensitivity analysis for each company above.


~~(i)~~	~~Escalation rate applies~~ to power prices 2026 and ~~beyond.~~beyond for December 31, 2015.

In accordance with applicable authoritative accounting guidance, we consider nonperformance risk in our valuation of derivative instruments by analyzing the credit standing of our counterparties and considering any counterparty credit enhancements (e.g., collateral). The guidance also requires that the fair value measurement of liabilities reflect the nonperformance risk of the reporting entity, as applicable. Therefore, we have factored the impact of our credit standing, as well as any potential credit enhancements, into the fair value measurement of both derivative assets and derivative liabilities. Included in our valuation, and based on current market conditions, is a valuation adjustment

for counterparty default derived from market data such as the price of credit default swaps, bond yields, and credit ratings. No gains or losses related to valuation adjustments for counterparty default risk were recorded at Ameren, Ameren Missouri, or Ameren Illinois in the first ~~nine months~~quarter of ~~2015~~2016 or ~~2014~~2015. At ~~September 30, 2015~~March 31, 2016, and December 31, 2015, the counterparty default risk ~~liability~~ valuation adjustment related to derivative contracts ~~totaled~~ ~~$1 million, less than~~ ~~$1 million, and~~ ~~$1 million~~was immaterial for Ameren, Ameren Missouri, and Ameren ~~Illinois, respectively. At~~ ~~December 31, 2014, the counterparty default risk liability valuation adjustment related to derivative contracts totaled~~ ~~$1 million, less than~~ ~~$1 million, and~~ ~~$1 million~~ ~~for Ameren, Ameren Missouri, and Ameren Illinois, respectively.~~Illinois.

The following table sets forth, by level within the fair value hierarchy, our assets and liabilities measured at fair value on a recurring basis as of ~~September 30, 2015~~March 31, 2016:


		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total				Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Ameren	Derivative assets - commodity contracts^(a):										Derivative assets - commodity contracts^(a):
	Natural gas	—		1		—		1			Natural gas	$	—	$	1	$	—	$	1
	Power	—		—		23		23			Power	—		—		6		6
	Total derivative assets - commodity contracts	$	—	$	1	$	23	$	24		Total derivative assets - commodity contracts	$	—	$	1	$	6	$	7
	Nuclear decommissioning trust fund:										Nuclear decommissioning trust fund:
	Cash and cash equivalents	$	3	$	—	$	—	$	3		Cash and cash equivalents	$	2	$	—	$	—	$	2
	Equity securities:										Equity securities:
	U.S. large capitalization	338		—		—		338			U.S. large capitalization	369		—		—		369
	Debt securities:										Debt securities:
	Corporate bonds	—		61		—		61			U.S. treasury and agency securities	—		121		—		121
	U.S. treasury and agency securities	—		109		—		109			Corporate bonds	—		56		—		56
	Other	—		24		—		24			Other	—		18		—		18
	Total nuclear decommissioning trust fund	$	341	$	194	$	—	$	535	^(b)	Total nuclear decommissioning trust fund	$	371	$	195	$	—	$	566	^(b)
	Total Ameren	$	341	$	195	$	23	$	559		Total Ameren	$	371	$	196	$	6	$	573
Ameren	Derivative assets - commodity contracts^(a):										Derivative assets - commodity contracts^(a):
Missouri	Natural gas	—		1		—		1			Power	$	—	$	—	$	6	$	6
	Power	—		—		23		23			Nuclear decommissioning trust fund:
	Total derivative assets - commodity contracts	$	—	$	1	$	23	$	24		Cash and cash equivalents	$	2	$	—	$	—	$	2
	Nuclear decommissioning trust fund:										Equity securities:
	Cash and cash equivalents	$	3	$	—	$	—	$	3		U.S. large capitalization	369		—		—		369
	Equity securities:										Debt securities:
	U.S. large capitalization	338		—		—		338			U.S. treasury and agency securities	—		121		—		121
	Debt securities:										Corporate bonds	—		56		—		56
	Corporate bonds	—		61		—		61			Other	—		18		—		18
	U.S. treasury and agency securities	—		109		—		109			Total nuclear decommissioning trust fund	$	371	$	195	$	—	$	566	^(b)
	Other	—		24		—		24			Total Ameren Missouri	$	371	$	195	$	6	$	572
	Total nuclear decommissioning trust fund	$	341	$	194	$	—	$	535	^(b)
	Total Ameren Missouri	$	341	$	195	$	23	$	559
Ameren											Derivative assets - commodity contracts^(a):
Illinois											Natural gas	$	—	$	1	$	—	$	1
Liabilities:
Ameren	Derivative liabilities - commodity contracts^(a):										Derivative liabilities - commodity contracts^(a):
	Fuel oils	$	24	$	—	$	1	$	25		Fuel oils	$	25	$	—	$	—	$	25
	Natural gas	1		56		1		58			Natural gas	1		63		1		65
	Power	—		—		171		171			Power	—		—		187		187
	Uranium	—		—		1		1			Uranium	—		—		4		4
	Total Ameren	$	25	$	56	$	174	$	255		Total Ameren	$	26	$	63	$	192	$	281
Ameren	Derivative liabilities - commodity contracts^(a):										Derivative liabilities - commodity contracts^(a):
Missouri	Fuel oils	$	24	$	—	$	1	$	25		Fuel oils	$	25	$	—	$	—	$	25
	Natural gas	1		12		1		14			Natural gas	1		13		—		14
	Power	—		—		1		1			Uranium	—		—		4		4
	Uranium	—		—		1		1			Total Ameren Missouri	$	26	$	13	$	4	$	43
	Total Ameren Missouri	$	25	$	12	$	4	$	41
Ameren	Derivative liabilities - commodity contracts^(a):										Derivative liabilities - commodity contracts^(a):
Illinois	Natural gas	$	—	$	44	$	—	$	44		Natural gas	$	—	$	50	$	1	$	51
	Power	—		—		170		170			Power	—		—		187		187
	Total Ameren Illinois	$	—	$	44	$	170	$	214		Total Ameren Illinois	$	—	$	50	$	188	$	238


(a)	The derivative asset and liability balances are presented net of counterparty credit considerations.


(b)	Balance excludes $~~(1)~~$1 million of receivables, payables, and accrued income, net.

The following table sets forth, by level within the fair value hierarchy, our assets and liabilities measured at fair value on a recurring basis as of December 31, ~~2014~~2015:


		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total				Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Ameren	Derivative assets - commodity contracts^(a):										Derivative assets - commodity contracts^(a):
	Fuel oils	$	—	$	—	$	2	$	2
	Natural gas	—		1		1		2			Natural gas	$	—	$	1	$	1	$	2
	Power	—		4		11		15			Power	—		—		16		16
	Total derivative assets - commodity contracts	$	—	$	5	$	14	$	19		Total derivative assets - commodity contracts	$	—	$	1	$	17	$	18
	Nuclear decommissioning trust fund:										Nuclear decommissioning trust fund:
	Cash and cash equivalents	$	1	$	—	$	—	$	1		Cash and cash equivalents	$	4	$	—	$	—	$	4
	Equity securities:										Equity securities:
	U.S. large capitalization	364		—		—		364			U.S. large capitalization	364		—		—		364
	Debt securities:										Debt securities:
	Corporate bonds	—		63		—		63			U.S. treasury and agency securities	—		109		—		109
	U.S. treasury and agency securities	—		102		—		102			Corporate bonds	—		58		—		58
	Other	—		17		—		17			Other	—		22		—		22
	Total nuclear decommissioning trust fund	$	365	$	182	$	—	$	547	^(b)	Total nuclear decommissioning trust fund	$	368	$	189	$	—	$	557	^(b)
	Total Ameren	$	365	$	187	$	14	$	566		Total Ameren	$	368	$	190	$	17	$	575
Ameren	Derivative assets - commodity contracts^(a):										Derivative assets - commodity contracts^(a):
Missouri	Fuel oils	$	—	$	—	$	2	$	2		Natural gas	$	—	$	—	$	1	$	1
	Natural gas	—		1		—		1			Power	—		—		16		16
	Power	—		4		11		15			Total derivative assets - commodity contracts	$	—	$	—	$	17	$	17
	Total derivative assets - commodity contracts	$	—	$	5	$	13	$	18		Nuclear decommissioning trust fund:
	Nuclear decommissioning trust fund:										Cash and cash equivalents	$	4	$	—	$	—	$	4
	Cash and cash equivalents	$	1	$	—	$	—	$	1		Equity securities:
	Equity securities:										U.S. large capitalization	364		—		—		364
	U.S. large capitalization	364		—		—		364			Debt securities:
	Debt securities:										U.S. treasury and agency securities	—		109		—		109
	Corporate bonds	—		63		—		63			Corporate bonds	—		58		—		58
	U.S. treasury and agency securities	—		102		—		102			Other	—		22		—		22
	Other	—		17		—		17			Total nuclear decommissioning trust fund	$	368	$	189	$	—	$	557	^(b)
	Total nuclear decommissioning trust fund	$	365	$	182	$	—	$	547	^(b)	Total Ameren Missouri	$	368	$	189	$	17	$	574
	Total Ameren Missouri	$	365	$	187	$	13	$	565
Ameren	Derivative assets - commodity contracts^(a):										Derivative assets - commodity contracts^(a):
Illinois	Natural gas	$	—	$	—	$	1	$	1		Natural gas	$	—	$	1	$	—	$	1
Liabilities:
Ameren	Derivative liabilities - commodity contracts^(a):										Derivative liabilities - commodity contracts^(a):
	Fuel oils	$	21	$	—	$	8	$	29		Fuel oils	$	29	$	—	$	—	$	29
	Natural gas	1		53		2		56			Natural gas	1		62		1		64
	Power	—		1		144		145			Power	—		—		170		170
	Uranium	—		—		2		2			Uranium	—		—		1		1
	Total Ameren	$	22	$	54	$	156	$	232		Total Ameren	$	30	$	62	$	172	$	264
Ameren	Derivative liabilities - commodity contracts^(a):										Derivative liabilities - commodity contracts^(a):
Missouri	Fuel oils	$	21	$	—	$	8	$	29		Fuel oils	$	29	$	—	$	—	$	29
	Natural gas	1		10		1		12			Natural gas	—		13		1		14
	Power	—		1		2		3			Uranium	—		—		1		1
	Uranium	—		—		2		2			Total Ameren Missouri	$	29	$	13	$	2	$	44
	Total Ameren Missouri	$	22	$	11	$	13	$	46
Ameren	Derivative liabilities - commodity contracts^(a):										Derivative liabilities - commodity contracts^(a):
Illinois	Natural gas	$	—	$	43	$	1	$	44		Natural gas	$	1	$	49	$	—	$	50
	Power	—		—		142		142			Power	—		—		170		170
	Total Ameren Illinois	$	—	$	43	$	143	$	186		Total Ameren Illinois	$	1	$	49	$	170	$	220


(a)	The derivative asset and liability balances are presented net of counterparty credit considerations.


(b)	Balance excludes $2$(1) million of receivables, payables, and accrued income, net.

The following table summarizes the changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the three months ended ~~September 30, 2015~~March 31, 2016:

Net derivative commodity contracts

Ameren
Missouri

Ameren
Illinois
Ameren
Fuel oils:
Beginning balance at July 1, 2015 $ (1 ) $ (a)
$ (1 )
Realized and unrealized gains (losses) included in regulatory assets/liabilities (1 ) (a)
(1 )
Settlements 1
(a)
1
Ending balance at September 30, 2015 $ (1 ) $ (a)
$ (1 )
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2015 $ —
$ (a)
$ —
Natural gas:
Beginning balance at July 1, 2015 $ —
$ (1 ) $ (1 )
Realized and unrealized gains (losses) included in regulatory assets/liabilities (1 ) 1
—
Ending balance at September 30, 2015 $ (1 ) $ —
$ (1 )
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2015 $ —
$ —
$ —
Power:
Beginning balance at July 1, 2015 $ 27
$ (165 ) $ (138 )
Realized and unrealized gains (losses) included in regulatory assets/liabilities 2
(8 ) (6 )
Settlements (7 ) 3
(4 )
Ending balance at September 30, 2015 $ 22
$ (170 ) $ (148 )
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2015 $ 1
$ (7 ) $ (6 )
Uranium:
Beginning balance at July 1, 2015 $ (2 ) $ (a)
$ (2 )
Settlements 1
(a)
1
Ending balance at September 30, 2015 $ (1 ) $ (a)
$ (1 )
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2015 $ —
$ (a)
$ —



		Net derivative commodity contracts
		Ameren Missouri			Ameren Illinois			Ameren
Natural gas:
Beginning balance at January 1, 2016	$	—		$	—		$	—
Settlements		—			(1	)		(1	)
Ending balance at March 31, 2016	$	—		$	(1	)	$	(1	)
Change in unrealized gains (losses) related to assets/liabilities held at March 31, 2016	$	—		$	—		$	—
Power:
Beginning balance at January 1, 2016	$	16		$	(170	)	$	(154	)
Realized and unrealized gains (losses) included in regulatory assets/liabilities		(3	)		(21	)		(24	)
Settlements		(7	)		4			(3	)
Ending balance at March 31, 2016	$	6		$	(187	)	$	(181	)
Change in unrealized gains (losses) related to assets/liabilities held at March 31, 2016	$	—		$	(19	)	$	(19	)
Uranium:
Beginning balance at January 1, 2016	$	(1	)	$	(a)		$	(1	)
Realized and unrealized gains (losses) included in regulatory assets/liabilities		(3	)		(a)			(3	)
Ending balance at March 31, 2016	$	(4	)	$	(a)		$	(4	)
Change in unrealized gains (losses) related to assets/liabilities held at March 31, 2016	$	(3	)	$	(a)		$	(3	)


(a)	Not applicable.

Net derivative commodity contracts

Ameren
Missouri

Ameren
Illinois
Ameren
Fuel oils:
Beginning balance at July 1, 2014 $ 2
$ (a)
$ 2
Realized and unrealized gains (losses) included in regulatory assets/liabilities (2 ) (a)
(2 )
Ending balance at September 30, 2014 $ —
$ (a)
$ —
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2014 $ (2 ) $ (a)
$ (2 )
Natural gas:
Beginning balance at July 1, 2014 $ —
$ —
$ —
Realized and unrealized gains (losses) included in regulatory assets/liabilities —
1
1
Ending balance at September 30, 2014 $ —
$ 1
$ 1
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2014 $ —
$ —
$ —
Power:
Beginning balance at July 1, 2014 $ 15
$ (103 ) $ (88 )
Realized and unrealized gains (losses) included in regulatory assets/liabilities (5 ) (23 ) (28 )
Settlements (5 ) 2
(3 )
Ending balance at September 30, 2014 $ 5
$ (124 ) $ (119 )
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2014 $ (6 ) $ (22 ) $ (28 )
Uranium:
Beginning balance at July 1, 2014 $ (7 ) $ (a)
$ (7 )
Realized and unrealized gains (losses) included in regulatory assets/liabilities 3
(a)
3
Settlements 1
(a)
1
Ending balance at September 30, 2014 $ (3 ) $ (a)
$ (3 )
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2014 $ 3
$ (a)
$ 3



		Net derivative commodity contracts
		Ameren Missouri			Ameren Illinois			Ameren
Fuel oils:
Beginning balance at January 1, 2015	$	(6	)	$	(a)		$	(6	)
Realized and unrealized gains (losses) included in regulatory assets/liabilities		(1	)		(a)			(1	)
Settlements		1			(a)			1
Ending balance at March 31, 2015	$	(6	)	$	(a)		$	(6	)
Change in unrealized gains (losses) related to assets/liabilities held at March 31, 2015	$	(3	)	$	(a)		$	(3	)
Natural gas:
Beginning balance at January 1, 2015	$	(1	)	$	—		$	(1	)
Purchases		—			1			1
Ending balance at March 31, 2015	$	(1	)	$	1		$	—
Change in unrealized gains (losses) related to assets/liabilities held at March 31, 2015	$	—		$	—		$	—
Power:
Beginning balance at January 1, 2015	$	9		$	(142	)	$	(133	)
Realized and unrealized gains (losses) included in regulatory assets/liabilities		(2	)		(25	)		(27	)
Settlements		(3	)		3			—
Ending balance at March 31, 2015	$	4		$	(164	)	$	(160	)
Change in unrealized gains (losses) related to assets/liabilities held at March 31, 2015	$	—		$	(24	)	$	(24	)
Uranium:
Beginning balance at January 1, 2015	$	(2	)	$	(a)		$	(2	)
Realized and unrealized gains (losses) included in regulatory assets/liabilities		1			(a)			1
Ending balance at March 31, 2015	$	(1	)	$	(a)		$	(1	)
Change in unrealized gains (losses) related to assets/liabilities held at March 31, 2015	$	1		$	(a)		$	1


(a)	Not applicable.

~~The following table summarizes the changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the nine months ended September 30, 2015:~~

Net derivative commodity contracts

Ameren
Missouri

Ameren
Illinois
Ameren
Fuel oils:
Beginning balance at January 1, 2015 $ (6 ) $ (a)
$ (6 )
Realized and unrealized gains (losses) included in regulatory assets/liabilities (1 ) (a)
(1 )
Settlements 4
(a)
4
Transfers out of Level 3 2
(a)
2
Ending balance at September 30, 2015 $ (1 ) $ (a)
$ (1 )
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2015 $ —
$ (a)
$ —
Natural gas:
Beginning balance at January 1, 2015 $ (1 ) $ —
$ (1 )
Realized and unrealized gains (losses) included in regulatory assets/liabilities (1 ) 1
—
Settlements 1
(1 ) —
Ending balance at September 30, 2015 $ (1 ) $ —
$ (1 )
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2015 $ —
$ —
$ —
Power:
Beginning balance at January 1, 2015 $ 9
$ (142 ) $ (133 )
Realized and unrealized gains (losses) included in regulatory assets/liabilities —
(37 ) (37 )
Purchases 29
—
29
Settlements (16 ) 9
(7 )
Ending balance at September 30, 2015 $ 22
$ (170 ) $ (148 )
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2015 $ 1
$ (35 ) $ (34 )
Uranium:
Beginning balance at January 1, 2015 $ (2 ) $ (a)
$ (2 )
Settlements 1
(a)
1
Ending balance at September 30, 2015 $ (1 ) $ (a)
$ (1 )
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2015 $ —
$ (a)
$ —


~~(a)~~	~~Not applicable.~~

~~The following table summarizes the changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the nine months ended September 30, 2014:~~

Net derivative commodity contracts

Ameren
Missouri

Ameren
Illinois
Ameren
Fuel oils:
Beginning balance at January 1, 2014 $ 5
$ (a)
$ 5
Realized and unrealized gains (losses) included in regulatory assets/liabilities (3 ) (a)
(3 )
Settlements (2 ) (a)
(2 )
Ending balance at September 30, 2014 $ —
$ (a)
$ —
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2014 $ (2 ) $ (a)
$ (2 )
Natural gas:
Beginning balance at January 1, 2014 $ —
$ —
$ —
Realized and unrealized gains (losses) included in regulatory assets/liabilities —
1
1
Purchases —
(1 ) (1 )
Settlements —
1
1
Ending balance at September 30, 2014 $ —
$ 1
$ 1
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2014 $ —
$ —
$ —
Power:
Beginning balance at January 1, 2014 $ 19
$ (108 ) $ (89 )
Realized and unrealized gains (losses) included in regulatory assets/liabilities (23 ) (19 ) (42 )
Purchases 34
—
34
Settlements (25 ) 3
(22 )
Ending balance at September 30, 2014 $ 5
$ (124 ) $ (119 )
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2014 $ (3 ) $ (21 ) $ (24 )
Uranium:
Beginning balance at January 1, 2014 $ (6 ) $ (a)
$ (6 )
Realized and unrealized gains (losses) included in regulatory assets/liabilities (1 ) (a)
(1 )
Settlements 4
(a)
4
Ending balance at September 30, 2014 $ (3 ) $ (a)
$ (3 )
Change in unrealized gains (losses) related to assets/liabilities held at September 30, 2014 $ —
$ (a)
$ —


~~(a)~~	~~Not applicable.~~

Transfers in or out of Level 3 represent either (1) existing assets and liabilities that were previously categorized as a higher level, but were recategorized to Level 3 because the inputs to the model became unobservable during the period or (2) existing assets and liabilities that were previously classified as Level 3, but were recategorized to a higher level because the lowest significant input became observable during the period. Transfers between Level 1 and Level 3 for fuel oils were primarily caused by changes in availability of similar financial trades observable on electronic exchanges between the periods. Any reclassifications are reported as transfers out of Level 3 at the fair value measurement reported at the beginning of the period in which the changes occur. For the three and nine months ended ~~September 30, 2015, and~~ ~~2014~~, there were no transfers between Level 1, Level 2, and Level 3 related to derivative commodity contracts, with the exception of $2 million of transfers out of Level 3 into Level 1 related to fuel oil contracts at Ameren and Ameren Missouri for the nine months ended September 30, 2015.

The Ameren Companies’ carrying amounts of cash and cash equivalents approximate fair value because of the short-term nature of these instruments. They are considered to be Level 1 in the fair value hierarchy. The Ameren Companies' short-term borrowings also approximate fair value because of their short-term nature. Short-term borrowings are considered to be Level 2 in the fair value hierarchy as they are valued based on market rates for similar market transactions. The estimated fair value of long-term debt and preferred stock is

based on the quoted market prices for same or similar issuances for companies with similar credit profiles or on the current rates offered to the Ameren Companies for similar financial instruments, which fair value measurement is considered to be Level 2 in the fair value hierarchy.

The following table presents the carrying amounts and estimated fair values of our long-term debt, capital lease obligations and preferred stock at ~~September 30, 2015~~March 31, 2016, and December 31, ~~2014~~2015:


	September 30, 2015				December 31, 2014				March 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Ameren:^(a)
Long-term debt and capital lease obligations (including current portion)	$	6,376	$	6,916	$	6,240	$	7,135	$	7,016	$	7,744	$	7,275	$	7,814
Preferred stock	142		124		142		122
Preferred stock^(a)									142		126		142		125
Ameren Missouri:
Long-term debt and capital lease obligations (including current portion)	$	4,135	$	4,488	$	3,999	$	4,518	$	3,851	$	4,280	$	4,110	$	4,449
Preferred stock	80		75		80		73		80		75		80		75
Ameren Illinois:
Long-term debt	$	2,241	$	2,428	$	2,241	$	2,517
Long-term debt (including current portion)									$	2,472	$	2,744	$	2,471	$	2,665
Preferred stock	62		49		62		49		62		51		62		50


(a)	Preferred stock is recorded in “Noncontrolling Interests” on the consolidated balance sheet.

NOTE 8 - RELATED PARTY TRANSACTIONS

Ameren (parent) and its subsidiaries have engaged in, and may in the future engage in, affiliate transactions in the normal course of business. These transactions primarily consist of power purchases and sales, services received or rendered, and borrowings and lendings.

Transactions between affiliates are reported as intercompany transactions on their respective financial statements but are eliminated in consolidation for Ameren’s financial statements. For a discussion of our material related party agreements, see Note 14 - Related Party Transactions under Part II, Item 8, of the Form 10-K and the money pool

arrangements discussed in Note 3 - Short-term Debt and Liquidity of this report.

Electric Power Supply ~~Agreements~~Agreement

In April ~~and September 2015,~~2016, Ameren Illinois conducted a procurement ~~events,~~event, administered by the IPA, to purchase energy products through May 31, ~~2018.~~2019. Ameren Missouri was among the winning suppliers in ~~these events.~~this event. As a result ~~in April 2015,~~ Ameren Missouri and Ameren Illinois entered into an energy product ~~agreements~~agreement by which Ameren Missouri agreed to sell and Ameren Illinois agreed to purchase ~~667,000~~375,200 megawatthours at an average price of ~~$36~~$34.71 per megawatthour during the period of June 1, ~~2015,~~2017, through ~~June~~September 30, 2017. In September 2015, Ameren Missouri and Ameren Illinois entered into energy product agreements by which Ameren Missouri agreed to sell and Ameren Illinois agreed to purchase 339,000 megawatthours at an average price of $38 per megawatthour during the period of November 1, 2015 through May 31, 2018.

The following table presents the impact on Ameren Missouri and Ameren Illinois of related party transactions for the three ~~and nine~~ months ended ~~September 30, 2015~~March 31, 2016 and ~~2014~~2015.:


				Three Months				Nine Months						Three Months
Agreement	Income Statement Line Item			Ameren Missouri		Ameren Illinois		Ameren Missouri		Ameren Illinois	Income Statement Line Item			Ameren Missouri		Ameren Illinois
Ameren Missouri power supply	Operating Revenues	2015	$	4	$	(a)	$	9	$	(a)	Operating Revenues	2016	$	9	$	(a)
agreements with Ameren Illinois		2014		2		(a)		5		(a)		2015		1		(a)
Ameren Missouri and Ameren Illinois	Operating Revenues	2015		6		1		19		3	Operating Revenues	2016		6		1
rent and facility services		2014		6		(b)		15		1		2015		6		1
Ameren Missouri and Ameren Illinois	Operating Revenues	2015		1		(b)		2		(b)	Operating Revenues	2016		(b)		(b)
miscellaneous support services		2014		(b)		(b)		1		(b)		2015		(b)		(b)
Total Operating Revenues		2015	$	11	$	1	$	30	$	3		2016	$	15	$	1
		2014		8		(b)		21		1		2015		7		1
Ameren Illinois power supply	Purchased Power	2015	$	(a)	$	4	$	(a)	$	9	Purchased Power	2016	$	(a)	$	9
agreements with Ameren Missouri		2014		(a)		2		(a)		5		2015		(a)		1
Ameren Illinois transmission	Purchased Power	2015		(a)		1		(a)		2	Purchased Power	2016		(a)		(b)
services with ATXI		2014		(a)		1		(a)		2		2015		(a)		1
Total Purchased Power		2015	$	(a)	$	5	$	(a)	$	11		2016	$	(a)	$	9
		2014		(a)		3		(a)		7		2015		(a)		2
Ameren Services support services	Other Operations and Maintenance	2015	$	30	$	28	$	96	$	87	Other Operations and Maintenance	2016	$	34	$	31
agreement		2014		25		26		90		80		2015		34		29
Money pool borrowings (advances)	Interest Charges/ Miscellaneous Income	2015	$	(b)	$	(b)	$	(b)	$	(b)	Interest Charges/ Miscellaneous Income	2016	$	(b)	$	(b)
		2014		(b)		(b)		(b)		(b)		2015		(b)		(b)


(a)	Not applicable.


(b)	Amount less than $1 million.

NOTE 9 - COMMITMENTS AND CONTINGENCIES

We are involved in legal, tax and regulatory proceedings before various courts, regulatory commissions, authorities and governmental agencies with respect to matters that arise in the ordinary course of business, some of which involve substantial amounts of money. We believe that the final disposition of these proceedings, except as otherwise disclosed in the notes to our financial statements in this report and in our Form 10-K, will not have a material adverse effect on our results of operations, financial position, or liquidity.

Reference is made to Note 1 - Summary of Significant Accounting Policies, Note 2 - Rate and Regulatory Matters, Note 14 - Related Party Transactions, Note 15 - Commitments and Contingencies, and Note 16 - Divestiture Transactions and Discontinued Operations under Part II, Item 8, of the Form 10-K. See also Note ~~1 - Summary of Significant Accounting Policies, Note~~ 2 - Rate and Regulatory Matters, Note 8 - Related Party Transactions, and Note 10 - Callaway Energy ~~Center, and Note 12 - Divestiture Transactions and Discontinued Operations in this report.~~Center.

Callaway Energy Center

The following table presents insurance coverage at Ameren Missouri’s Callaway energy center at ~~September 30, 2015~~March 31, 2016. The property coverage and the nuclear liability coverage must be renewed on April 1 and January 1, respectively, of each year. Both coverages were renewed in ~~2015.~~2016.


Type and Source of Coverage	Maximum Coverages			Maximum Assessments for Single Incidents			Maximum Coverages			Maximum Assessments for Single Incidents
Public liability and nuclear worker liability:
American Nuclear Insurers	$	375		$	—		$	375		$	—
Pool participation	12,986		^(a)	127		^(b)	13,114		^(a)	127		^(b)
	$	13,361	^(c)	$	127		$	13,489	^(c)	$	127
Property damage:
NEIL	$	2,750	^(d)	$	27	^(e)	$	2,750	^(d)	$	30	^(e)
European Mutual Association for Nuclear Insurance	500		^(f)	—			450		^(f)	—
	$	3,250		$	27		$	3,200		$	30
Replacement power:
NEIL	$	490	^(g)	$	10	^(e)	$	490	^(g)	$	7	^(e)


(a)	Provided through mandatory participation in an industrywide retrospective premium assessment program.


(b)	Retrospective premium under the Price-Anderson Act. This is subject to retrospective assessment with respect to a covered loss in excess of $375 million in the event of an incident at any licensed United States commercial reactor, payable at $19 million per year.

(c)

Limit of liability for each incident under the Price-Anderson liability provisions of the Atomic Energy Act of 1954, as amended. A company could be assessed up to $127 million per incident for each licensed reactor it operates with a maximum of $19 million per incident to be paid in a calendar year for each reactor. This limit is subject to change to account for the effects of inflation and changes in the number of licensed reactors.

(d)

NEIL provides $2.25 billion in property damage, decontamination, and premature decommissioning insurance for ~~both~~ radiation ~~and~~events. NEIL provides $2.3 billion in property damage for nonradiation events. An additional $500 million is provided for radiation events ~~only~~only. The total provided by NEIL for ~~a total of~~radiation and nonradiation events is $2.75 ~~billion.~~billion and $2.3 billion, respectively.


(e)	All NEIL insured plants could be subject to assessments should losses exceed the accumulated funds from NEIL.


(f)	European Mutual Association for Nuclear Insurance provides $~~500~~450 million in excess of the $2.75 billion and ~~$2.25~~$2.3 billion property coverage for radiation and nonradiation events, respectively, provided by NEIL.


(g)	Provides replacement power cost insurance in the event of a prolonged accidental outage. Weekly indemnity up to $4.5 million for 52 weeks, which commences after the first twelve weeks of an outage, plus up to $3.6 million per week for a minimum of 71 weeks thereafter for a total not exceeding the policy limit of $490 million. Nonradiation events are sub-limited to $328 million.

The Price-Anderson Act is a federal law that limits the liability for claims from an incident involving any licensed United States commercial nuclear energy center. The limit is based on the number of licensed reactors. The limit of liability and the maximum potential annual payments are adjusted at least every five years for inflation to reflect changes in the Consumer Price Index. The most recent five-year inflationary adjustment became effective in September 2013. Owners of a nuclear reactor cover this exposure through a combination of private insurance and mandatory participation in a financial protection pool, as established by the Price-Anderson Act.

Losses resulting from terrorist attacks on nuclear facilities are covered under NEIL’s policies, subject to an industrywide aggregate policy limit of $3.24 billion within a 12-month period, or $1.83 billion for events not involving radiation contamination.

If losses from a nuclear incident at the Callaway energy center exceed the limits of, or are not covered by insurance, or if coverage is unavailable, Ameren Missouri is at risk for any uninsured losses. If a serious nuclear incident were to occur, it could have a material adverse effect on Ameren’s and Ameren Missouri’s results of operations, financial position, or liquidity.

Other Obligations

To supply a portion of the fuel requirements of Ameren Missouri’s energy centers, Ameren Missouri has entered into various long-term commitments for the procurement of coal, natural gas, nuclear fuel, and methane gas. Additionally, Ameren Missouri and Ameren Illinois have entered into various long-term commitments for purchased power and natural gas for distribution. ~~For a complete listing of our obligations and commitments, see Note 15 - Commitments and Contingencies under Part II, Item 8 of the Form 10-K.~~

At ~~September 30, 2015,~~March 31, 2016, total ~~other~~ obligations related to commitments for coal, natural gas, nuclear fuel, purchased power, methane gas, equipment, and meter reading services, among other agreements, at Ameren, Ameren Missouri, and Ameren Illinois were ~~$4,832~~$4,566 million, ~~$2,913~~$2,786 million, and ~~$1,888~~$1,729 million, respectively. For additional information regarding our obligations and commitments at December 31, 2015, see Note 15 - Commitments and Contingencies under Part II, Item 8 of the Form 10-K.

In April ~~and September 2015,~~2016, Ameren Illinois conducted a procurement ~~events,~~event, administered by the IPA, to purchase energy products through May 31, ~~2018.~~2019. In ~~the April procurement~~this event, Ameren Illinois contracted to purchase approximately ~~5,526,000~~3,609,800 megawatthours of energy products for ~~$185~~$105 million, from June 1, ~~2015,~~2016, through May 31, 2018. In the September procurement event, Ameren Illinois contracted to purchase approximately 2,592,000 megawatt hours of energy products for $83 million from November 1, 2015, through May 31, 2018. The results of both procurement events are included in Ameren’s and Ameren Illinois’ obligations discussed above.2019. See Note 8 - Related Party Transactions in this report for additional information regarding the energy product ~~agreements~~agreement between Ameren Missouri and Ameren Illinois as a result of ~~these~~this procurement ~~events.~~event.

Environmental Matters

We are subject to various environmental laws and regulations enforced by federal, state, and local authorities. ~~From~~Such requirements can impact the ~~beginning phases of~~ siting, ~~and~~ development ~~to the~~and operation of ~~existing or~~ new ~~electric~~and existing generation, transmission, ~~and~~ distribution ~~facilities~~ and natural gas storage ~~transmission and distribution facilities, our activities involve compliance with diverse environmental laws and regulations. These laws and regulations address~~facilities. Such requirements can encompass emissions, discharges to water, water usage, impacts to air, land,

and water, and chemical and waste handling. Complex and lengthy approval processes are required to obtain, ~~and~~modify or renew ~~approvals,~~ permits orand licenses for new ~~existing~~ or ~~modified~~existing facilities. Additionally, the use and handling of various chemicals or hazardous materials at some of our facilities require release prevention plans and emergency response procedures.

The EPA ~~is developing and implementing~~has promulgated several environmental regulations that will have a significant impact on the electric utility industry. Over time, compliance with these regulations could be costly for ~~certain companies, including~~ Ameren Missouri, ~~that operate~~which operates coal-fired power plants. Significant new rules ~~proposed or promulgated~~ include the regulation of CO₂ emissions from existing power plants through the Clean Power Plan and from new power plants through the revised NSPS; the CSAPR, which requires further reductions of SO₂ emissions and NO_x emissions

from power plants; a regulation governing management and storage of ~~CCR and CCR landfills and impoundments;~~CCR; the MATS, which require reduction of emissions of mercury, toxic metals, and acid gases from power plants; revised NSPS for particulate matter, SO₂, and NO_x emissions from new sources; new effluent standards applicable to ~~waste water~~wastewater discharges from power ~~plants~~plants; and new regulations under the Clean Water Act that could require significant capital expenditures, such as modifications to water intake structures or new cooling towers at Ameren Missouri’s energy centers. The EPA also periodically reviews and revises national ambient air quality standards, including those standards associated with emissions from power plants, such as particulate matter, ozone, SO₂and NO_x. ~~The EPA issued a more stringent national ambient air quality standard for ozone on October 1, 2015.~~ Certain of these new regulations are being or are likely to be challenged through litigation, so their ultimate implementation, as well as the timing of any such implementation, is uncertain. Although many details of future regulations are unknown, the individual or combined effects of new environmental regulations could result in significant capital expenditures and increased operating costs for Ameren and Ameren Missouri. Compliance with all of these environmental laws and regulations could be prohibitively expensive, result in

the closure or alteration of the operation of some of Ameren Missouri’s energy centers, or require capital investment. Ameren and Ameren Missouri expect that these costs would be recoverable through rates, subject to MoPSC prudence review, but the nature and timing of costs ~~as well as the applicable regulatory framework,~~and their recovery could result in regulatory lag.

Ameren Missouri's current plan for compliance with existing environmental regulations for air emissions includes burning ultra-low-sulfur coal and installing new or optimizing existing pollution control equipment. Ameren and Ameren Missouri estimate that they will need to make capital expenditures of ~~$350~~$600 million to ~~$400~~$700 million in the aggregate from ~~2015~~2016 through ~~2019~~2020 in order to comply with existing environmental regulations. Ameren Missouri may be required to install additional ~~pollution~~air emissions controls within the next six to 10 years. This estimate includes ~~our~~ capital expenditures required for the CCR regulations, ~~that were published in 2015, compliance with the MATS, and~~ the rule applicable to cooling water intake structures at existing power plants under the Clean Water Act, ~~all of which are discussed below. This estimate does not include the impacts of the Clean Power Plan~~ and the ~~new~~ effluent limitation guidelines applicable to steam electric generating units under the Clean Water Act, ~~both~~all of which are discussed below. These estimates do not include the impacts of the Clean Power Plan discussed below. Considerable uncertainty remains in ~~this estimate.~~these estimates. The actual amount of capital expenditures required to comply with existing environmental regulations may vary substantially from the above estimate due to uncertainty as to the precise compliance strategies that will be used and their ultimate cost, among other things.

The following sections describe the more significant new environmental laws and rules and environmental enforcement and remediation matters that affect or could affect our operations.

Clean Air Act

Federal and state laws require significant reductions in SO₂and NO_x through either emission source reductions or the use and retirement of emission allowances. The CSAPR became effective ~~on January 1, 2015, for SO~~₂ ~~and annual NO~~_x~~reductions, and on May 1, 2015, for ozone season NO~~_x ~~reductions.~~in 2015. There will be further emission reduction requirements in 2017 and potentially more in subsequent years. ~~Ameren Missouri expects to have sufficiently reduced emissions and have sufficient allowances to avoid purchasing allowances to comply with CSAPR for 2015.~~ To achieve compliance with CSAPR, Ameren Missouri burns ultra-low-sulfur coal, operates two scrubbers at its Sioux energy center, and ~~burns ultra-low sulfur coal.~~optimizes other existing pollution control equipment. Ameren Missouri does not expect to make additional capital investments to comply with the current CSAPR requirements. However, Ameren Missouri expects to incur additional ~~operations and maintenance~~ costs to lower its emissions at one or more of its energy centers ~~for compliance~~to comply with the CSAPR in future years. These higher ~~operations and maintenance~~ costs are expected to be ~~collected~~recovered from customers through the FAC or higher base rates.

In December 2011, the EPA issued the MATS under the Clean Air Act, which requires reductions in emissions of mercury and other hazardous air pollutants, such as acid gases, trace metals, and hydrogen chloride. The MATS do not require a specific control technology to achieve the emission reductions. The MATS apply to each unit at a coal-fired power plant. However, in certain cases, compliance can be achieved by averaging emissions from similar units at the same power plant. Compliance was required by April 2015 or, with a case-by-case extension, by April 2016. Ameren Missouri's Labadie and Meramec energy centers were granted extensions. In June 2015, the United States Supreme Court remanded a case challenging the MATS to the United States Court of Appeals for the District of Columbia Circuit for further consideration and ruled that the EPA was required to consider costs before deciding whether regulation of emissions of mercury and other hazardous air pollutants from power plants was appropriate and necessary. Ameren Missouri expects to make additional capital investments at its Labadie and Meramec energy centers to comply with the MATS by April 2016. These capital expenditure investments are included in Ameren's and Ameren Missouri's estimate of capital expenditures to comply with existing environmental regulations discussed above. In addition, Ameren Missouri is incurring additional operations and maintenance costs to lower its emissions at its energy centers in compliance with the MATS. These higher operations and maintenance costs are being collected from customers through the FAC or higher base rates.

~~Greenhouse Gas Regulation~~CO₂ Emissions Standards

The ~~finalized version of the~~ Clean Power Plan, which sets forth CO₂emissions standards ~~that will be~~ applicable to existing power plants, was ~~published in the Federal Register in October 2015 and will become effective in December 2015. The finalized regulations differ significantly from the proposed rule that~~issued by the EPA ~~issued~~ in ~~June 2014.~~August 2015 but stayed by the United States Supreme Court in February 2016 pending the outcome of various appeals, as discussed below.

~~Under~~If upheld, the Clean Power Plan Ameren Missouri expects to incur increased net fuel and operating costs, and new or accelerated capital expenditures, in addition to making modifications to existing operations in order to achieve compliance.would require Missouri and Illinois ~~are each required~~ to reduce CO₂ emissions from power plants within their ~~greenhouse gas emissions~~states significantly below 2005 levels by 2030. ~~States are required to submit preliminary compliance plans to the EPA as early as 2016, although extensions until 2018 are available.~~ The rule contains interim compliance periods commencing in 2022 that would require each state to demonstrate progress in achieving its ~~greenhouse gas~~CO₂ reduction target. Ameren ~~Missouri~~ is evaluating the Clean Power ~~Plan and its potential implementation by Missouri and Illinois. This assessment includes the~~Plan's potential impacts to its operations, including those related to electric system reliability, and to its level of investment in customer energy efficiency programs, renewable energy, and other forms of generation investment. Significant uncertainty exists regarding the impact of the Clean Power Plan, as ~~the finalized rule is different from the proposed rule and~~ its implementation will depend upon plans to be developed by the states. Numerous legal challenges are pending, which could result in the rule being declared invalid or the nature and timing of CO₂ emissions reductions being revised. In February 2016, the United States Supreme Court stayed the Clean Power Plan and all implementation requirements until such time as legal appeals are concluded. The District of Columbia Circuit Court of Appeals has scheduled hearings for June 2016 on the legality of the rule. A decision by the District of Columbia Circuit Court of Appeals is expected to be issued in 2016 and subsequent appeals to the United States Supreme Court are likely. Appeals are expected to take several years to conclude. We cannot predict the outcome of ~~the~~such legal challenges or their impact on our results of operations, financial position, or liquidity. ~~Compliance~~If the rule is ultimately upheld and implemented in substantially similar form to the rule when issued, compliance measures could result in the closure or alteration of the operation of some of Ameren Missouri’s coal and ~~natural gas-fired~~natural-gas-fired energy centers, which could result in increased operating ~~costs.~~costs and require Ameren Missouri to make new or accelerated capital expenditures. Ameren Missouri expects substantially all of these increased costs to be recoverable, subject to MoPSC prudence review, through higher rates to customers, which could be significant.

Also, in ~~August~~ 2015, the EPA issued final regulations that set CO₂ emissions standards for new power plants. These new standards establish separate emissions limits for new ~~natural gas-fired~~natural-gas-fired combined cycle plants and new coal-fired plants.

Federal and state legislation or regulations that mandate limits on the emission of ~~greenhouse gases~~CO₂ may result in significant increases in capital expenditures and operating costs, which could lead to increased liquidity needs and higher financing costs. Mandatory limits on the emission of ~~greenhouse gases~~CO₂ could increase costs for Ameren Missouri’s customers or have a material adverse effect on Ameren's and Ameren Missouri's results of operations, financial position, and liquidity if regulators delay or deny recovery in rates of these compliance costs. The cost of Ameren Illinois’ purchased power and gas purchased for resale could ~~increase; however,~~increase. However, Ameren Illinois expects these costs would be recovered from customers with no material adverse effect on its results of operations, financial position, or liquidity. Ameren's and Ameren Missouri's earnings might benefit from increased investment to comply with ~~greenhouse gas~~CO₂ emission limitations to the extent that the investments are reflected and recovered on a timely basis in rates charged to customers.

NSR and Clean Air Litigation

In January 2011, the Department of Justice, on behalf of the EPA, filed a complaint against Ameren Missouri in the United

States District Court for the Eastern District of Missouri. The EPA's complaint, as amended in October 2013, alleges that in performing projects at its Rush Island coal-fired energy center in 2007 and 2010, Ameren Missouri violated provisions of the Clean Air Act and Missouri law. Ameren Missouri anticipates that a trial of this case will occur in 2016. Ameren Missouri believes its defenses are meritorious and is defending itself vigorously. However, there can be no assurances that it will be successful in its efforts.

The ultimate resolution of this matter could have a material adverse effect on the ~~future~~ results of operations, financial position, and liquidity of Ameren and Ameren Missouri. A resolution of this matter could result in increased capital expenditures for the installation of pollution control equipment and increased operations and maintenance ~~expenses, and penalties.~~expenses. We are unable to predict the ultimate resolution of these matters or the costs that might be incurred.

Clean Water Act

In ~~August~~ 2014, the EPA ~~published the~~issued its final rule applicable to cooling water intake structures at existing power plants. The rule requires a case-by-case evaluation and plan for reducing aquatic organisms impinged on the facility’s intake screens or entrained through the plant's cooling water system. ~~Implementation of this rule will be administered through each power plant’s water discharge permitting process.~~ All of Ameren Missouri’s coal-fired and nuclear energy centers are subject to this rule. Each of Ameren Missouri’s affected energy centers will become subject to the revised limitations when the energy center renews its water discharge permit. These permits are scheduled to be renewed between 2018 and 2023. The rule could have an adverse effect on Ameren’s and Ameren Missouri’s results of operations, financial position, and liquidity if its implementation requires the installation of cooling towers or extensive modifications to the cooling water systems at our energy centers and if those investments are not recovered on a timely basis in electric rates charged to ~~its~~Ameren Missouri's customers.

In ~~September~~ 2015, the EPA issued its final rule under the Clean Water Act to revise the effluent limitation guidelines applicable to steam electric generating units. Effluent limitation guidelines are national standards for ~~wastewater~~water discharges that are based on the effectiveness of available control technology. The EPA's rule prohibits effluent discharges of certain ~~but not all,~~ waste streams and imposes more stringent limitations on certain components in ~~wastewater~~water discharges from power plants. All of Ameren Missouri’s coal-fired energy centers are subject to this ~~rule. Each of Ameren Missouri’s~~rule, which will be applied when each energy ~~centers will become subject to the revised limitations when it~~center renews its ~~wastewater~~water discharge ~~permit. These permits are scheduled to be renewed between 2018 and 2023.~~permit beginning as early as 2018. Ameren Missouri is evaluating the final rule, which ~~will become~~became effective in January 2016, and the possible effects on its operations. The rule could have an adverse effect on Ameren’s and Ameren Missouri’s results of operations, financial position, and liquidity if its implementation requires extensive changes in the water discharge systems at Ameren Missouri’s energy centers and if these investments are not

recovered on a timely basis through electric rates charged to Ameren Missouri’s customers.

Ash Management

~~The~~In 2015, the EPA issued regulations ~~in 2015~~ regarding the management and disposal of ~~CCR, which~~CCR. These regulations will affect ~~future~~ CCR disposal and handling costs at Ameren Missouri's energy centers. The regulations allow for the management of CCR as a solid waste, as well as for its continued beneficial uses, such as recycling, which could reduce the amount to be disposed. The

regulations also establish criteria regarding the structural integrity, location, and operation of CCR impoundments and landfills. They require groundwater monitoring, and closure of impoundments if the groundwater standards are not achieved. During the second quarter of 2015, Ameren and Ameren Missouri recorded an increase to their AROs associated with CCR storage facilities as a result of the new regulations. See Note 1 - Summary of Significant Accounting Policies in this report for additional information. Ameren Missouri's capital expenditure plan includes the cost of constructing landfills as part of its environmental compliance ~~plan, with expenditures beginning in 2015. Ameren Missouri expects certain of its ash ponds could be closed within the next five years.~~plan.

The new regulations do not apply to ~~inactive~~ ash ponds at plants no longer in operation, such as Ameren’s Meredosia and Hutsonville energy centers.

Remediation

The Ameren Companies are involved in a number of remediation actions to clean up sites ~~affected by~~impacted from the use or disposal of materials containing hazardous ~~substances, as required by federal~~substances. Federal and state ~~law. Such~~ laws can require ~~that~~ responsible parties to fund remediation actions regardless of their degree of fault, the legality of original disposal, or the ownership of a disposal site. Ameren Missouri and Ameren Illinois have each been identified by federal or state governments as a potentially responsible party at several contaminated sites.

As of ~~September 30, 2015~~,March 31, 2016, Ameren Illinois owned or was otherwise responsible for 44 former MGP sites in Illinois, which are in various stages of investigation, evaluation, remediation, and closure. Ameren Illinois estimates it could substantially conclude remediation efforts by 2025. The ICC allows Ameren Illinois to recover remediation and litigation costs associated with its former MGP sites from its electric and natural gas utility customers through environmental adjustment rate riders. ~~To be recoverable, such costs must be prudently incurred.~~ Costs are subject to annual review by the ICC. As of ~~September 30, 2015~~,March 31, 2016, Ameren Illinois estimated the obligation related to these former MGP sites at ~~$237~~$224 million to ~~$309~~$313 million. Ameren and Ameren Illinois recorded a liability of ~~$237~~$224 million to represent the estimated minimum obligation for these sites, as no other amount within the range was a better estimate.

The scope and extent to which these former MGP sites are remediated may increase as remediation efforts continue. Considerable uncertainty remains in these estimates asbecause many site specific factors can influence the ultimate actual costs, including ~~site specific~~ unanticipated underground structures, the degree to which groundwater is encountered, regulatory changes, local ordinances, and site accessibility. The actual costs may vary substantially from these estimates.

Ameren Illinois formerly used ~~an off-site~~a third-party owned landfill ~~which Ameren Illinois did not own,~~ in connection with the operation of a previously-owned energy

center. While no litigation is pending, Ameren Illinois could be required to perform certain maintenance activities at that landfill, which is now closed. As of ~~September 30, 2015~~,March 31, 2016, Ameren Illinois estimated the obligation related to ~~the landfill~~this site at ~~$0.5~~$0.5 million to $6

~~million~~.$6 million. Ameren Illinois recorded a liability of ~~$0.5~~$0.5 million to represent its estimated minimum obligation for this site, as no other amount within the range was a better estimate. Ameren Illinois is also responsible for the cleanup of some underground storage tanks and a water treatment plant in Illinois. As of ~~September 30, 2015~~,March 31, 2016, Ameren Illinois recorded a liability of ~~$0.7~~$0.7 million to represent its best estimate of the obligation for these sites.

In 2008, the EPA issued an administrative order to three companies including Ameren Missouri pertaining to a former coal tar distillery in St. Louis, Missouri operated by Koppers Company or its predecessor and successor companies. While Ameren Missouri is the current owner of the site, it did not conduct any of the manufacturing operations involving coal tar or its byproducts. ~~Ameren Missouri, along with two other potentially responsible parties, have completed site~~Site investigation activities have been concluded and reports have been submitted ~~their findings~~ to the ~~EPA.~~EPA for review and approval. As of ~~September 30, 2015~~,March 31, 2016, Ameren Missouri estimated its obligation at $2$2 million to ~~$5 million~~.$5 million. Ameren Missouri recorded a liability of $2$2 million to represent its estimated minimum obligation for this site, as no other amount within the range was a better estimate.

Ameren Missouri also participated in the investigation of various sites known as Sauget Area 2 located in Sauget, Illinois. In 2000, the EPA notified Ameren Missouri and numerous other companies, including Solutia, Inc., that former landfills and lagoons at those sites may contain soil and groundwater contamination. ~~These sites are known as Sauget Area 2.~~ From about 1926 until 1976, Ameren Missouri operated an energy center adjacent to Sauget Area 2. Ameren Missouri currently owns a parcel of property at Sauget Area 2 that was once used by others as a landfill.

In December 2013, the EPA issued its record of decision for Sauget Area 2 approving the investigation and the remediation alternatives recommended by the potentially responsible parties. Further negotiation among the potentially responsible parties will determine how to fund the implementation of the EPA-approved cleanup remedies. As of ~~September 30, 2015~~,March 31, 2016, Ameren Missouri estimated its obligation related to Sauget Area 2 at $1$1 million to ~~$2.5 million~~.$2.5 million. Ameren Missouri recorded a liability of $1$1 million to represent its estimated minimum obligation for this site, as no other amount within the range was a better estimate.

In December 2012, Ameren Missouri signed an administrative order with the EPA and agreed to investigate soil and groundwater conditions at an Ameren Missouri-owned substation in St. Charles, Missouri. As of ~~September 30, 2015~~,March 31, 2016, Ameren Missouri estimated and recorded a ~~$0.8~~$0.6 million liability related to the ~~remaining cleanup of the~~ site. Although monitoring will continue for some time, no significant remediation measures are anticipated.

Our operations or those of our predecessor companies involve the use of, disposal of, and in appropriate circumstances, the cleanup of substances regulated under environmental laws. We are unable to determine whether such practices will result in

future environmental commitments or will affect our results of operations, financial position, or liquidity.

Ameren Missouri Municipal Taxes

~~Pumped-storage Hydroelectric Facility Breach~~

~~In December 2005, there was~~The cities of Creve Coeur and Winchester, Missouri, on behalf of themselves and other municipalities in Ameren Missouri’s service area, filed a ~~breach of the upper reservoir at~~class action lawsuit in November 2011, against Ameren ~~Missouri's Taum Sauk pumped-storage hydroelectric energy center. The breach resulted in significant flooding~~Missouri in the ~~local area, which damaged a state park.~~Circuit Court of St. Louis County, Missouri. The lawsuit alleges that Ameren Missouri ~~had liability insurance coverage for the Taum Sauk incident, subject~~failed to collect and pay gross receipts taxes or license fees on certain ~~limits~~revenues. Ameren and ~~deductibles.~~

~~In 2010,~~ Ameren Missouri ~~sued an insurance company that was providing Ameren Missouri with liability coverage~~recorded immaterial liabilities on the date of the Taum Sauk incident. In the litigation, which is pending in the United States District Court for the Southern District of New York, Ameren Missouri claims that the insurance company breached its duty to indemnify Ameren Missouri for losses resulting from the incident.

As of September 30, 2015, Ameren Missouri had a net insurance receivable balance of $41 million. The insurance claim was $54 million as of September 30, 2015. Ameren Missouri expects to collect this receivable from the insurance company in the pending litigation described above. This receivable is included in “Other assets” on Ameren’s and Ameren Missouri’stheir respective balance sheets as of ~~September 30,~~March 31, 2016 and December 31, 2015,~~. Ameren's~~ representing their estimate of taxes and fees due as a result of this lawsuit. Ameren ~~Missouri's~~Missouri believes its defenses are meritorious and is defending itself vigorously; however, there can be no assurances that Ameren Missouri will be successful in its efforts. The ultimate resolution of any unpaid municipal tax or fees could have a material adverse effect on the results of operations, financial position, and liquidity ~~could be adversely affected if~~of Ameren ~~Missouri's insurance receivable balance is not collected.~~

~~Asbestos-related Litigation~~

~~Ameren, Ameren Missouri,~~ and Ameren Illinois have been named, along with numerous other parties, in a number of lawsuits filed by plaintiffs claiming varying degrees of injury from asbestos exposure at our current and former energy centers. Most have been filed in the Circuit Court of Madison County, Illinois. The total number of defendants named in each case varies, with 73 ~~as the average number of parties as of~~ ~~September 30, 2015. Each lawsuit seeks unspecified damages that, if awarded at trial, typically would be shared among the various defendants.~~Missouri.

~~The following table presents the pending asbestos-related lawsuits filed against the Ameren Companies as of~~ ~~September 30, 2015~~:

Ameren
Ameren
Missouri

Ameren
Illinois

Total^(a)
1 27 40 53


~~(a)~~	~~Total does not equal the sum of the subsidiary unit lawsuits because some of the lawsuits name multiple Ameren entities as defendants.~~

~~As of~~ ~~September 30, 2015, Ameren, Ameren Missouri, and Ameren Illinois had “Other current liabilities” of~~ ~~$8 million~~, ~~$3 million, and~~ ~~$5 million, respectively, recorded to represent their best estimate of their obligations related to asbestos claims.~~

~~Ameren Illinois has a tariff rider to recover the costs of IP asbestos-related litigation claims, subject to the following terms:~~ ~~90%~~ ~~of cash expenditures in excess of the amount included in base electric rates are to be recovered from a trust fund that was~~

~~established when Ameren acquired IP. At~~ ~~September 30, 2015, the trust fund balance was~~ ~~$22 million, including accumulated interest. If cash expenditures are less than the amount in base rates, Ameren Illinois will contribute~~ ~~90%~~ ~~of the difference to the trust fund. Once the trust fund is depleted,~~ ~~90%~~ of allowed cash expenditures in excess of base rates will be recovered through charges assessed to customers under the tariff rider. The rider will permit recovery from customers within IP’s historical service territory.

NOTE 10 - CALLAWAY ENERGY CENTER

Under the NWPA, the DOE is responsible for disposing of spent nuclear fuel from the Callaway energy center and other commercial nuclear energy centers. Under the NWPA, Ameren and other utilities that own and operate those energy centers are responsible for paying the disposal costs. The NWPA established the fee that these utilities pay the federal government for disposing of the spent nuclear fuel at one mill, or one-tenth of one cent, for each kilowatthour generated and sold by those plants. The NWPA also requires the DOE ~~annually~~ to review the nuclear waste fee annually against the cost of the nuclear waste disposal program and to propose to the United States Congress any fee adjustment necessary to offset the costs of the program. As required by the NWPA, Ameren Missouri and other utilities have entered into standard contracts with the DOE. Consistent with the NWPA and its standard contract, Ameren Missouri had historically collected one mill from its electric customers for each kilowatthour of electricity that it generated and sold from its Callaway energy center. Because the federal government is not meeting its disposal obligation, the collection of this fee is currently suspended.

Although both the NWPA and the standard contract stated that the DOE would begin to dispose of spent nuclear fuel by 1998, the DOE is not meeting its disposal obligation. The DOE's delay in carrying out its obligation to dispose of spent nuclear fuel from the Callaway energy center is not expected to adversely affect the continued operations of the energy center. ~~Ameren Missouri has sufficient installed capacity at the Callaway energy center to store its spent nuclear fuel generated through the end of the energy center’s operating license in 2044.~~

As a result of the DOE's failure to begin to dispose of spent nuclear fuel from commercial nuclear energy centers and fulfill its contractual obligations, Ameren Missouri and other nuclear energy center owners sued the DOE to recover costs, such as certain NRC fees and Missouri ad valorem taxes, incurred for

ongoing storage of their spent fuel. The lawsuit resulted in a settlement agreement that provides for annual recovery of additional spent fuel storage and related costs incurred from 2010 through 2016, with the ability to extend the recovery period as mutually agreed upon by the parties. Included in these reimbursements are costs related to the dry spent fuel storage facility at the Callaway energy center, to whichcosts. Ameren Missouri ~~began transferring spent fuel assemblies in 2015. Ameren Missouri~~

will continue to apply for reimbursement from the DOE for allowable costs associated with the ~~dry~~ongoing storage of spent ~~fuel storage facility.~~fuel.

Electric utility rates charged to customers provide for the recovery of the Callaway energy center's decommissioning costs, which include decontamination, dismantling, and site restoration costs, over the expected life of the nuclear energy center. Amounts collected from customers are deposited into the external nuclear decommissioning trust fund to provide for the Callaway energy center’s decommissioning. It is assumed that the Callaway energy center site will be decommissioned through the immediate dismantlement method and removed from service. Ameren and Ameren Missouri have recorded an ARO for the Callaway energy center decommissioning costs at fair value, which represents the present value of estimated future cash outflows. Annual decommissioning costs of $7 million are included in the costs used to establish electric rates for Ameren Missouri's customers. Every three years, the MoPSC requires Ameren Missouri to file an updated cost study and funding

analysis for decommissioning its Callaway energy center. ~~Following the NRC’s decision in March 2015 to extend the Callaway energy center’s operating license from 2024 to 2044, an updated cost study and a revised funding analysis were filed with~~In April 2016, the MoPSC ~~in April 2015. Ameren Missouri’s April 2015 filing supported~~approved no change in electric service ~~rates. There is no time requirement by which the MoPSC must issue an order regarding the~~rates for decommissioning ~~cost included in~~costs based on Ameren Missouri’s ~~electric service rates. If the assumed return on trust assets is not earned, we believe that it is probable that any such earnings deficiency will be recovered~~updated cost study and funding analysis filed in ~~rates.~~ April 2015.

The fair value of the trust fund for Ameren Missouri's Callaway energy center is reported as "Nuclear decommissioning trust fund" in Ameren's and Ameren Missouri's balance sheets. This amount is legally restricted and may be used only to fund the costs of nuclear decommissioning. Changes in the fair value of the trust fund are recorded as an increase or decrease to the nuclear decommissioning trust fund, with an offsetting adjustment to the related regulatory liability. If the assumed return on trust assets is not earned, Ameren Missouri believes that it is probable that any such earnings deficiency will be recovered in rates.

NOTE 11 - RETIREMENT BENEFITS

Ameren’s pension plans are funded in compliance with income tax regulations and to meet federal funding or regulatory requirements. As a result, Ameren expects to fund its pension plans at a level equal to the greater of the pension expense or the legally required minimum contribution. Considering Ameren’s assumptions at ~~September 30, 2015~~March 31, 2016, the plan’s estimated investment performance through ~~September 30, 2015~~March 31, 2016, and Ameren’s pension funding policy, Ameren expects to make annual contributions of $5040 million to $~~110~~70 million through ~~2019,~~2020, with aggregate estimated contributions of $~~350~~280 million. These amounts are estimates which may change with actual investment performance, changes in interest rates, any pertinent changes in government regulations, and any voluntary contributions. Separately, our policy for postretirement benefits is primarily to fund the voluntary employees’ beneficiary association trusts to match the annual postretirement expense.

The following table presents the components of the net periodic benefit cost (benefit) incurred for Ameren’s pension and postretirement benefit plans for the three ~~and nine~~ months ended ~~September 30, 2015~~March 31, 2016 and ~~2014~~2015:


	Pension Benefits												Postretirement Benefits												Pension Benefits						Postretirement Benefits
	Three Months						Nine Months						Three Months						Nine Months						Three Months						Three Months
	2015			2014			2015			2014			2015			2014			2015			2014			2016			2015			2016			2015
Service cost	$	23		$	20		$	69		$	60		$	6		$	5		$	17		$	14		$	20		$	24		$	5		$	5
Interest cost	43			46			130			137			12			12			36			37			47			44			12			12
Expected return on plan assets	(62		)	(58		)	(186		)	(172		)	(17		)	(16		)	(51		)	(48		)	(63		)	(62		)	(18		)	(17		)
Amortization of:
Prior service benefit	—			(1		)	—			(1		)	(1		)	(2		)	(3		)	(4		)	—			—			(1		)	(1		)
Actuarial loss (gain)	19			13			56			37			1			(2		)	4			(5		)	9			18			(3		)	1
Settlement loss	—			—			1			—			—			—			—			—
Net periodic benefit cost (benefit)	$	23		$	20		$	70		$	61		$	1		$	(3	)	$	3		$	(6	)	$	13		$	24		$	(5	)	$	—

Ameren Missouri and Ameren Illinois are responsible for their respective shares of Ameren’s pension and postretirement costs. The following table presents the pension costs and the postretirement benefit costs (benefit) incurred for the three ~~and nine~~ months ended ~~September 30, 2015~~March 31, 2016 and ~~2014~~2015:


	Pension Benefits								Postretirement Benefits												Pension Benefits				Postretirement Benefits
	Three Months				Nine Months				Three Months						Nine Months						Three Months				Three Months
	2015		2014		2015		2014		2015			2014			2015			2014			2016		2015		2016			2015
Ameren Missouri^(a)	$	14	$	13	$	42	$	38	$	2		$	—		$	6		$	2		$	8	$	15	$	(1	)	$	1
Ameren Illinois	9		7		28		22		—			(3		)	(2		)	(7		)	5		9		(4		)	(1		)
Other	—		—		—		1		(1		)	—			(1		)	(1		)
Ameren^(a)(b)	$	23	$	20	$	70	$	61	$	1		$	(3	)	$	3		$	(6	)	$	13	$	24	$	(5	)	$	—


(a)	~~The amounts above do~~Does not include the impact of the regulatory tracking mechanism for the difference between the level of pension and postretirement benefit costs incurred by Ameren Missouri under GAAP and the level of such costs ~~built into~~included in rates.


(b)	Includes amounts for Ameren registrants and nonregistrant subsidiaries.

NOTE 12 - ~~DIVESTITURE TRANSACTIONS AND~~ DISCONTINUED OPERATIONS

On December 2, 2013, Ameren completed the divestiture of New AER to IPH in accordance with the transaction agreement between Ameren and IPH dated March 14, 2013, as amended by a letter agreement dated December 2, 2013. The transaction agreement with IPH, as amended, provided that if the Elgin, Gibson City, and Grand Tower gas-fired energy centers were subsequently sold by Medina Valley and if Medina Valley received additional proceeds from such sale, Medina Valley would pay Genco any proceeds from such sale, net of taxes and other expenses, in excess of the $137.5 million previously paid to Genco.

On January 31, 2014, Medina Valley completed the sale of the Elgin, Gibson City, and Grand Tower gas-fired energy centers to Rockland Capital for a total purchase price of $168 million. The agreement with Rockland Capital ~~requires~~required a portion of the purchase price to be held in escrow until January 31, 2016, to fund certain indemnity obligations, if any, of Medina Valley. ~~The~~Medina Valley received the amount held in escrow from Rockland Capital ~~escrow receivable balance~~in the first quarter of 2016 and ~~the corresponding payable due to~~paid Genco both totaling $14 million, are reflected on Ameren's September 30, 2015 consolidated balance sheet in "Other current assets" and in "Other current liabilities," respectively. Medina Valley expects to pay Genco any amount it receives fromits portion of the escrow ~~on January 31,~~amount in April 2016. ~~Ameren did not record a gain from its sale of the Elgin, Gibson City, and Grand Tower gas-fired energy centers.~~

~~Discontinued Operations Presentation~~

See Note 16 - Divestiture Transactions and Discontinued Operations under Part II, Item 8, of the Form 10-K for additional information related to disposal groups. All matters related to the final tax basis of New AER and the related tax benefit resulting from the divested merchant generation business have been resolved with the completion of the IRS’ audit for 2013. During the second quarter of 2015, based on the completion of the IRS audit, Ameren removed a reserve for unrecognized tax benefits recorded in 2013 and recognized a tax benefit from discontinued operations. ~~See Note 1 - Summary of Significant Accounting Policies for additional information regarding the Ameren Companies’ uncertain tax positions.~~

~~The following table presents the components of discontinued operations in Ameren's consolidated statement of income for the~~ ~~three and nine months ended September 30, 2015~~ ~~and 2014:~~

Three Months Nine Months
2015 2014 2015 2014
Operating revenues $ —
$ —
$ —
$ 1
Operating benefits (expenses) (1 ) (1 ) 2
(4 )
Operating income (loss) before income tax (1 ) (1 ) 2
(3 )
Income tax benefit 1
—
50
—
Income (loss) from discontinued operations, net of taxes $ —
$ (1 ) $ 52
$ (3 )

The following table presents the carrying amounts of the components of assets and liabilities of Ameren’s discontinued operations, which consist primarily of AROs and related deferred income tax assets associated with the abandoned Meredosia and Hutsonville energy centers, at September 30, 2015, and December 31, 2014:

September 30, 2015 December 31, 2014
Assets of discontinued operations
Accumulated deferred income taxes, net $ 17
$ 15
Total assets of discontinued operations $ 17
$ 15
Liabilities of discontinued operations
Accounts payable and other current obligations $ 1
$ 1
Asset retirement obligations 29
32
Total liabilities of discontinued operations $ 30
$ 33

~~Pursuant to the IPH transaction agreement, as amended, Ameren is obligated to pay up to $25 million for certain liabilities, which were included in "Other current liabilities" on Ameren's~~ ~~September 30, 2015~~ ~~consolidated balance sheet as the payment is expected to be made by the end of 2015.~~

Included in “Miscellaneous accounts and notes receivable” on Ameren’s consolidated balance sheet is a note receivable from Marketing Company related to the cash collateral support provided to New AER. The note receivable balance was $8 million and $12 million at September 30, 2015, and December 31, 2014, respectively. This note receivable is due to Ameren, with interest, on December 2, 2015, or sooner as cash collateral requirements are reduced. In addition, as of September 30, 2015, if Ameren’s credit ratings had been below investment grade, Ameren could have been required to post additional cash collateral in support of New AER in the amount of $21 million, which includes $6 million currently covered by Ameren guarantees discussed below. This cash collateral support is part of Ameren’s obligation to provide certain limited credit support to New AER until December 2, 2015, as discussed below.

~~Ameren Guarantees and Letters of Credit~~

~~The IPH transaction agreement, as amended, requires Ameren to maintain its financial obligations with respect to all~~

credit support provided to New AER as of the December 2, 2013 closing date of the divestiture. Ameren must also provide such additional credit support as required by contracts entered into prior to the closing date, in each case until December 2, 2015. IPH shall indemnify Ameren for any payments Ameren makes pursuant to these credit support obligations if the counterparty does not return the posted collateral to Ameren. IPH's indemnification obligation is secured by certain AERG and Genco assets. In addition, Dynegy has provided a limited guarantee of $25 million to Ameren pursuant to which Dynegy will, among other things, guarantee IPH's indemnification obligations until December 2, 2015.

~~In addition to the $25 million of liabilities recorded on Ameren’s~~ ~~September 30, 2015~~ ~~consolidated balance sheet, Ameren had a total of $74 million in guarantees outstanding for New AER that were not recorded on Ameren’s~~ ~~September 30, 2015~~ consolidated balance sheet. Almost all of these guarantees support Marketing Company for physically and financially settled power transactions with its counterparties that were in place at the December 2, 2013 closing of the divestiture, as well as for Marketing Company's clearing broker and other service agreements. If Marketing Company did not fulfill its obligations to these counterparties who had active open positions as of ~~September 30, 2015, Ameren would have been required under its~~

~~guarantees to provide $6 million to the counterparties. Also, at~~ ~~September 30, 2015, Ameren had issued letters of credit totaling $9 million as credit support on behalf of New AER. Ameren has not recorded a liability for these contingent obligations because it~~

~~does not believe a payment with respect to any of these guarantees or letters of credit was probable as of~~ ~~September 30, 2015~~.

NOTE 13 - SEGMENT INFORMATION

Ameren has two reportable segments: Ameren Missouri and Ameren Illinois. Ameren Missouri and Ameren Illinois each have one reportable segment. The Ameren Missouri segment for both Ameren and Ameren Missouri includes all of the operations of Ameren Missouri’s business as described in Note 1 - Summary of Significant Accounting Policies. The Ameren Illinois segment for both Ameren and Ameren Illinois includes all of the operations of Ameren Illinois’ business as described in Note 1 - Summary of Significant Accounting Policies. The category called Other primarily includes Ameren parent company activities, Ameren Services, and ATXI.

The following table presents information about the reported revenues and net income attributable to Ameren common ~~stockholders~~shareholders from continuing operations for the three ~~and nine~~ months ended ~~September 30, 2015~~March 31, 2016 and ~~2014~~2015, and total assets of continuing operations as of ~~September 30, 2015~~March 31, 2016, and December 31, ~~2014~~2015:


Three Months	Ameren Missouri		Ameren Illinois		Other			Intersegment Eliminations			Ameren			Ameren Missouri		Ameren Illinois		Other		Intersegment Eliminations			Ameren
2016
External revenues														$	726	$	676	$	32	$	—		$	1,434
Intersegment revenues														15		1		—		(16		)	—
Net income attributable to Ameren common shareholders from continuing operations														14		59		32		—			105
2015
External revenues	$	1,160	$	654	$	19		$	—		$	1,833		$	793	$	744	$	19	$	—		$	1,556
Intersegment revenues	11		1		1			(13		)	—			7		1		1		(9		)	—
Net income attributable to Ameren common stockholders from continuing operations	239		98		6			—			343
2014
External revenues	$	1,089	$	572	$	9		$	—		$	1,670
Intersegment revenues	8		—		2			(10		)	—
Net income (loss) attributable to Ameren common stockholders from continuing operations	222		75		(3		)	—			294
Nine Months
2015
External revenues	$	2,825	$	1,910	$	55		$	—		$	4,790
Intersegment revenues	30		3		2			(35		)	—
Net income attributable to Ameren common stockholders from continuing operations	341		182		26			—			549
2014
External revenues	$	2,793	$	1,864	$	26		$	—		$	4,683
Intersegment revenues	21		1		3			(25		)	—
Net income (loss) attributable to Ameren common stockholders from continuing operations	395		156		(10		)	—			541
As of September 30, 2015:
Net income attributable to Ameren common shareholders from continuing operations														41		53		14		—			108
As of March 31, 2016:
Total assets	$	13,941	$	8,656	$	1,358		$	(513	)	$	23,442	^(a)	$	13,443	$	8,944	$	1,214	$	(230	)	$	23,371	^(a)
As of December 31, 2014:
As of December 31, 2015:
Total assets	$	13,541	$	8,381	$	942		$	(203	)	$	22,661	^(a)	$	13,851	$	8,903	$	1,139	$	(267	)	$	23,626	^(a)

(a) Excludes total assets from discontinued operations of ~~$17 million and $15~~$14 million as of ~~September 30, 2015~~March 31, 2016, and December 31, ~~2014, respectively.~~2015.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion should be read in conjunction with the financial statements contained in this Form 10-Q as well as Management’s Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors contained in the Form 10-K. We intend for this discussion to provide the reader with information that will assist in understanding our financial statements, the changes in certain key items in those financial statements, and the primary factors that accounted for those changes, as well as how certain accounting principles affect our financial statements. The discussion also provides information about the financial results of our business segments to provide a better understanding of how those segments and their results affect the financial condition and results of operations of Ameren as a whole. Also see the Glossary of Terms and Abbreviations at the front of this report and in the Form 10-K.

Union Electric Company, doing business as Ameren Missouri, operates a rate-regulated electric generation, transmission and distribution business and a rate-regulated natural gas transmission and distribution business in Missouri.

Ameren Illinois Company, doing business as Ameren Illinois, operates rate-regulated electric and natural gas transmission and distribution businesses in Illinois.

Ameren has various other subsidiaries that conduct activities such as the provision of shared services. Ameren also has a subsidiary, ATXI, that operates a FERC rate-regulated electric transmission business. ATXI is developing MISO-approved electric transmission projects, including the Illinois Rivers, Spoon River, and Mark Twain projects. Ameren is also pursuing projects to improve electric transmission system reliability within Ameren Missouri’s and Ameren Illinois’ service territories as well as competitive electric transmission investment opportunities outside of these territories, including investments outside of MISO.

The operating results, assets, and liabilities of the Elgin, Gibson City, Grand Tower, Meredosia, and Hutsonville energy centers have been presented separately as discontinued operations for all periods presented in this report. Unless otherwise stated, the following sections of Management’s Discussion and Analysis of Financial Condition and Results of Operations exclude discontinued operations for all periods presented. See Note 12 - ~~Divestiture Transactions and~~ Discontinued Operations under Part I, Item 1, of this report ~~for additional information regarding the discontinued operations presentation. See~~and Note 16 - Divestiture Transactions and

Discontinued Operations under Part II, Item 8, of the Form 10-K for additional information regarding the divestiture ~~transactions.~~transactions and discontinued operations presentation.

Ameren’s financial statements are prepared on a consolidated basis, and therefore include the accounts of its

In addition to presenting results of operations and earnings amounts in total, we present certain information in cents per share. These amounts reflect factors that directly affect Ameren’s earnings. We believe this per share information helps readers to understand the impact of these factors on Ameren’s earnings per share.

OVERVIEW

Net income attributable to Ameren common ~~stockholders~~shareholders from continuing operations was ~~$343 million in the third quarter of 2015, compared with $294 million in the third quarter of 2014. Net income attributable to Ameren common stockholders from continuing operations was $549~~$105 million in the first ~~nine months~~quarter of ~~2015,~~2016, compared with ~~$541~~$108 million in the first ~~nine months~~quarter of ~~2014.~~

2015. Net income ~~from continuing operations~~was unfavorably affected by decreased electric sales volumes primarily due to milder winter temperatures and the reduction in Noranda sales volumes at Ameren ~~was~~Missouri. The absence in 2016 of a January 2015 ICC order regarding Ameren Illinois’ cumulative power usage cost and its purchased power mechanism also unfavorably affected earnings. Earnings also decreased as a result of the absence of net shared benefits and the carryover effect from MEEIA 2013 at Ameren Missouri. Earnings were favorably affected inby an income tax benefit recorded at Ameren (parent) pursuant to the ~~third quarter and the first nine months~~adoption of ~~2015, compared with the year-ago periods, by~~new accounting guidance related to share-based compensation; increased Ameren Illinois and ATXI electric transmission service and Ameren Illinois electric delivery service earnings, reflecting Ameren’s strategy to allocate incremental capital to those ~~businesses, as well as a lower effective income tax rate. Increased electric sales volumes, primarily due to warmer summer temperatures, also contributed to the increase in earnings. Additionally,~~businesses; and increased rates for Ameren ~~Illinois electric~~Illinois’ natural gas delivery service ~~earnings increased due~~pursuant to ~~the timing of earnings under formula ratemaking and, in the third quarter of~~a December 2015 seasonal rate redesign. The increase in Ameren’s net income from continuing operations for the first nine months of 2015 was partially offset by a provision recognized as a result of Ameren Missouri’s discontinued efforts to license and build a second nuclear unit at its existing Callaway energy center site and a reduction in the recognized return on equity related to businesses that operate under formula rates.order.

Ameren remains focused on executing its strategy of investing in and operating its utilities in a manner consistent with existing regulatory frameworks, enhancing those frameworks and advocating for responsible energy policies, as well as creating and capitalizing on opportunities for investment for the benefit of its customers and shareholders. Ameren continues to allocate significant amounts of capital to those businesses that are supported by ~~modern, constructive~~ regulatory ~~frameworks.~~frameworks that provide predictable and timely cost-recovery. Ameren invested ~~$886~~approximately $300 million of its ~~$1.3 billion~~$496 million in capital expenditures during the first ~~nine~~three months of ~~2015~~2016 in ~~FERC-~~

~~regulated~~FERC-regulated electric transmission projects and Ameren Illinois electric and natural gas delivery service infrastructure.

Construction continues on ATXI’s $1.4 billion Illinois Rivers transmission project. In September 2015, the ICC granted a certificate of public convenience and necessity and project approval for the approximately $150 million Spoon River project. Line construction on this project is expected to begin in late 2016. In June 2015, ATXI made a filing with the MoPSC requesting a certificate of convenience and necessity for the approximately $225 million Mark Twain transmission project. A decision is expected from the MoPSC in 2016. Regarding the complaint cases filed with the FERC seeking a reduction in the allowed base return on common equity under the MISO tariff, a proposed order in the first complaint case from the FERC’s administrative law judge is required to be issued no later than November 30, 2015, which will subsequently require FERC approval. Final FERC orders are not expected until 2016 in the first complaint case and 2017 in the second complaint case.

Ameren Illinois has invested approximately $410 million in electric and natural gas delivery infrastructure projects in the first nine months of 2015, including those that are part of its modernization action plan. It remains on track to meet its investment, reliability, advanced metering, and job creation goals under the IEIMA. Additionally, Ameren Illinois has been focused on achieving positive resolutions of its pending electric delivery service formula rate update proceeding and natural gas delivery service rate case. ICC decisions in both cases are required by December 2015.

Consistent with its strategic plan, one of ~~Ameren’s~~Ameren’s goals is to earn at or close to the allowed return on common equity in each of its jurisdictions. ~~This objective~~Ameren remains focused on improving operating performance, disciplined cost management, and strategic capital allocation.

Construction continues on ATXI’s $1.4 billion Illinois Rivers transmission project, and ATXI anticipates line construction to begin on the Spoon River project in late 2016. In April 2016, the MoPSC granted ATXI a certificate of convenience and necessity for the Mark Twain project. Starting construction under the

certificate is ~~more challenging in Missouri given~~subject to ATXI obtaining assents from the ~~use~~five counties where the line will be constructed.

With respect to the FERC-regulated electric transmission businesses, Ameren and Ameren Illinois transmission earnings continued to be reduced by the recognition of a ~~historical test year and~~liability for a ~~lengthy regulatory~~potential refund to customers based on the pending FERC complaint cases regarding the allowed base return on common equity. The FERC is expected to issue a final order on the November 2013 complaint case in the fourth quarter of 2016. The initial decision from an administrative law judge in the February 2015 complaint case, which will subsequently require FERC approval, ~~process, among other things. Ameren Missouri attempts~~is expected to mitigate this regulatory lag through continuous improvement efforts and by pursuing cost reductions through its operating and support organization as well as by seeking rate adjustments. Additionally, it continues its advocacy efforts with Missouri’s policymakers and key stakeholders to modernizebe issued in the state’s regulatory framework. Since 2013, Ameren Missouri has been executing on a comprehensive three-year energy efficiency plan under the MEEIA, which has been more successful than anticipated resulting in substantial benefits to Ameren Missouri’s customers. Seeking to extend these energy efficiency programs, Ameren Missouri filed a proposed MEEIA plan for 2016 through 2018, which the MoPSC rejected in October 2015. Ameren Missouri is studying the MoPSC’s October 2015 order and evaluating whether to file another proposed energy efficiency plan with the MoPSC.second quarter of 2016.

Ameren ~~estimates its capital expenditures from 2015 through 2019 will be $8.6 billion to $9.3 billion, with $2.0 billion expected~~Illinois has invested approximately $145 million in 2015. Ameren is currently evaluating potential capital expenditures at Ameren Illinois of an estimated $500 million to $1 billion that are incremental to the estimates above. Ameren will continue to evaluate these investment opportunities as a part of its normal annual planning process. These incremental

~~investments would primarily be for the replacement of aging~~ electric and natural gas delivery infrastructure projects in the first three months of 2016, including those that are part of its modernization action plan. It remains on track to ~~sustain~~meet its remaining investment, reliability, and ~~improve reliability~~advanced metering goals under the IEIMA. In April 2016, Ameren Illinois filed with the ICC its annual electric delivery service formula rate update to establish the revenue requirement used for 2017 rates. Pending ICC approval, Ameren Illinois’ update filing will result in a $14 million decrease in Ameren Illinois’ electric delivery service revenue requirement, beginning in January 2017. This update reflects an increase to the annual formula rate based on 2015 actual costs and expected net plant additions for 2016, an increase to include the 2015 revenue requirement reconciliation adjustment, and a decrease for the conclusion of the 2014 revenue requirement reconciliation adjustment, which will be fully collected from customers ~~and would occur after~~in 2016.

~~The~~Ameren Missouri continues to pursue a modernized regulatory framework that supports investment to upgrade aging electric infrastructure and reduces regulatory lag. Ameren Missouri’s MEEIA 2016 provides for timely recovery of both energy efficiency program costs and revenue losses resulting from these programs as well as the potential to earn a performance incentive. Ameren Missouri expects to recognize revenues relating to the MEEIA 2013 performance incentive of at least $19 million in 2016, subject to MoPSC approval.

In the first quarter of 2016, Noranda, historically Ameren Missouri’s largest customer, idled production at its aluminum smelter. In addition, Noranda filed voluntary petitions for a court-supervised restructuring process under Chapter 11 of the United States Bankruptcy Code. Ameren Missouri expects to be paid in full for utility services provided to Noranda. Ameren Missouri expects to file an electric rate case in 2016 to reflect additional infrastructure investments and rising costs, including depreciation, transmission service, and property tax expenses, and expects the resulting new rates to reflect Noranda’s actual sales volumes, which would prospectively eliminate the impact of the Clean Power Plan on Ameren’s operations, infrastructure investment plans, and customers’ rates in Missouri and Illinois will be driven by those states’ implementation plans, which may not be finalized until 2018.current revenue shortfall from Noranda sales levels. Ameren Missouri ~~expects its compliance plan for~~may seek recovery of lost revenues in a filing with the ~~Clean Power Plan~~MoPSC to recover certain costs incurred but not contemporaneously recovered by rate revenues as a result of Noranda's reduced operations. Ameren Missouri will ~~provide incremental investment opportunities, including those for renewable energy~~continue to

monitor Noranda’s sales volumes and ~~natural gas-fired generation.~~to evaluate regulatory and legislative options that might mitigate adverse financial impacts.

Reflecting confidence in Ameren’s long-term strategy and outlook, Ameren’s board of directors increased the quarterly common stock dividend to 42.5 cents per share in October 2015, resulting in an annualized equivalent dividend rate of $1.70 per share.

RESULTS OF OPERATIONS

Our results of operations and financial position are affected by many factors. Weather, economic conditions, energy efficiency investments by our customers and us, and the actions of key customers can significantly affect the demand for our services. Our results are also affected by seasonal fluctuations in winter heating and summer cooling demands. We are also affected by nuclear refueling and other energy center maintenance outages at Ameren Missouri. Additionally, fluctuations in interest rates and conditions in the capital and credit markets affect our cost of borrowing and our pension and postretirement benefits costs. Almost all of Ameren’s revenues are subject to state or federal regulation. This regulation has a material impact on the prices we charge for our services. Our results of operations, financial position, and liquidity are affected by our ability to align our overall spending, both operating and capital, with regulatory frameworks established by our regulators.

Ameren Missouri principally uses coal, nuclear fuel, and natural gas for fuel in its electric operations and purchases natural gas for its customers. Ameren Illinois purchases power and natural gas for its customers. The prices for these commodities can fluctuate significantly because of the global economic and political environment, weather, supply and demand, and many other factors. We have natural gas cost recovery mechanisms for our Illinois and Missouri natural gas delivery service businesses, a purchased power cost recovery mechanism for Ameren Illinois' electric delivery service business, and a FAC for Ameren Missouri's electric utility business.

Ameren Illinois' electric delivery service utility business, pursuant to the IEIMA, conducts an annual reconciliation of the revenue requirement necessary to reflect the actual costs incurred in a given year with the revenue requirement included in customer rates for that year, with recoveries from, or refunds to, customers made in a subsequent year. Included in Ameren Illinois' revenue requirement reconciliation is a formula for the return on equity, which is equal to the average of the monthly yields of 30-year United States Treasury bonds plus 580 basis points. Therefore, Ameren Illinois' annual return on equity is

directly correlated to yields on United States Treasury bonds. Ameren Illinois and ATXI use a company-specific, forward-looking rate formula framework in setting their transmission rates. These forward-looking rates are updated each January with forecasted information. A reconciliation during the year, which adjusts for the actual revenue requirement and actual sales volumes, is used to adjust billing rates in a subsequent year.

Ameren Illinois’ and ATXI’s electric transmission service businesses and Ameren Illinois’ electric delivery service business operate under formula ratemaking, designed to provide for the recovery of actual costs of service that are prudently incurred as well as a return on equity. While rate-regulated, Ameren Illinois’

natural gas business and Ameren Missouri do not operate under formula ratemaking. ~~Additionally,~~ Ameren (parent) ~~does~~is not ~~operate under formula ratemaking.~~rate-regulated.

We employ various risk management strategies to reduce our exposure to commodity risk and other risks inherent in our business. The reliability of Ameren Missouri's energy centers and our transmission and distribution systems and the level of purchased power costs, operations and maintenance costs, and capital investment are key factors that we seek to manage in order to optimize our results of operations, financial position, and liquidity.

Earnings Summary

The following table presents a summary of Ameren's earnings for the three ~~and nine~~ months ended ~~September 30, 2015~~March 31, 2016 and ~~2014:~~2015:

Three Months Nine Months
2015 2014 2015 2014
Net income attributable to Ameren common stockholders $ 343
$ 293
$ 601
$ 538

Earnings per common share - diluted 1.41
1.20
2.47
2.20

Net income attributable to Ameren common stockholders - continuing operations $ 343
$ 294
$ 549
$ 541

Earnings per common share - diluted - continuing operations 1.41
1.20
2.26
2.21



	Three Months
	2016		2015
Net income attributable to Ameren common shareholders - continuing operations	$	105	$	108
Earnings per common share - basic and diluted - continuing operations	0.43		0.45

Net income attributable to Ameren common ~~stockholders~~shareholders from continuing operations ~~increased~~ ~~$49~~decreased $3 million,, or 212 cents per diluted share, in the ~~third~~first quarter of ~~2015~~2016 compared with the same period in ~~2014.~~2015. The ~~increase~~decrease between periods was due to a ~~$17~~$27 million ~~increase~~decrease in net income from the Ameren Missouri segment partially offset by an $18 million increase in net income from Ameren (parent) and nonregistrant subsidiaries, which included an increase in ATXI’s net income of $5 million, as well as a ~~$23~~$6 million increase in net income from the Ameren Illinois segment. ~~Additionally, Ameren (parent) and nonregistrant subsidiaries had net income of $6 million in the~~ ~~third quarter~~ of

Compared with 2015, ~~compared with a $3 million loss in the same period in 2014, which included net income from ATXI of $9 million and $5 million, respectively.~~

~~Net income attributable to Ameren common stockholders~~2016 earnings per diluted share from continuing operations ~~increased $8 million, or 5~~were unfavorably affected by:

decreased demand primarily due to milder winter temperatures in 2016 (estimated at 10 cents per ~~diluted share, in the first nine months of 2015 compared with the same period in 2014. The increase between periods was due, in part, to net income from~~share);

decreased Ameren (parent) and nonregistrant subsidiaries of $26 million in the first nine months of 2015 compared with a $10 million net loss in the same period in 2014, which included net income from ATXI of $26 million and $13 million, respectively. Additionally, net incomeIllinois earnings resulting from the absence in 2016 of a January 2015 ICC order regarding Ameren ~~Illinois segment increased $26 million compared to 2014. Partially offsetting the increase was a $54 million decrease in net income from the Ameren Missouri segment compared to 2014.~~

~~Net income attributable to Ameren common stockholders from discontinued operations was $- million~~Illinois’ cumulative power usage cost and $52 million, in the third quarter and the first nine months of 2015, respectively, compared with a net loss of $1 million and $3 million, respectively, in the year-ago periods. During the second quarter of 2015, based on the completion of the IRS audit of Ameren’s 2013 tax year, Ameren removed a reserve for unrecognized tax benefits of $53 million recorded in 2013, related to the divestitureits purchased power rider mechanism (4 cents per share);

decreased Ameren Missouri earnings resulting from the absence in 2016 of ~~New AER,~~MEEIA net shared benefits due to the expiration of MEEIA 2013 (3 cents per share); and ~~recognized~~

excluding the estimated effects of weather, a ~~tax benefit from discontinued operations.~~decrease in electric demand at Ameren Missouri, primarily as a result of a reduction in Noranda sales volumes and the carryover effect of MEEIA 2013 partially offset by the additional day in 2016 as a result of the leap year and growth (estimated at 2 cents per share).

~~Earnings~~Compared with 2015, 2016 earnings per diluted share from continuing operations were favorably affected by:

a decrease in the ~~third quarter and~~effective tax rate primarily due to an income tax benefit recorded at Ameren (parent) pursuant to the ~~first nine months~~adoption of ~~2015, respectively, compared with the year-ago periods (except where a specific period is referenced), by:~~new accounting guidance related to share-based compensation (8 cents per share);

increased Ameren Illinois and ATXI electric transmission service and Ameren Illinois electric delivery service earnings under formula ratemaking primarily due to additional rate base investment ~~as well as interest earned on revenue requirement reconciliation adjustment regulatory assets~~ (5 ~~cent per share and 15~~ cents per ~~share, respectively)~~share). These earnings were reduced by the recognition of a liability for a potential refund to customers based on the pending FERC complaint cases regarding the allowed base return on common equity ~~as well as a lower return on equity related to~~(1 cent per share);

higher natural gas distribution rates at Ameren Illinois ~~electric delivery service investments due~~pursuant to a ~~reduction in the 30-year United States Treasury bond yields (3~~December 2015 order (4 cents per ~~share~~share); and ~~7 cents per share, respectively);~~

a decrease in the effective tax rate primarily due to a decrease in Ameren (parent)’s tax expense related to stock-based compensation and a reduced Illinois state statutory tax rate for Ameren Illinois’ natural gas business (2 cents per share and 6 cents per share, respectively);

increased Ameren Illinois earnings resulting from a January 2015 ICC order regarding Ameren Illinois’ cumulative power usage cost and its purchased power rider mechanism (4 cents per share for the nine months ended September 30, 2015);

~~increased electric demand primarily~~natural gas distribution rates due to ~~warmer summer temperatures in 2015, which, in the first nine months of 2015, was partially offset by decreased weather-related~~

~~natural gas demand (estimated at 9 cents per share and 3 cents per share, respectively);~~

decreased other operations and maintenance expenses for those businesses not operating under formula rates, excluding increases related to Ameren Missouri’s April 2015 MoPSC electric rate order (3 cents per share for the nine months ended September 30, 2015). Other operations and maintenance expenses decreased due to a reduction in Ameren Missouri low-level radioactive nuclear waste disposal costs and in its bad debt expense, decreased Ameren Illinois natural gas maintenance expenditures, and lower costs at nonregistrant subsidiaries;

~~decreased interest expense at Ameren (parent) primarily due to higher-cost debt being replaced with lower-cost debt (3 cents per share for the nine months ended September 30, 2015);~~

~~increased Ameren Illinois electric delivery service earnings due to timing of earnings under formula ratemaking and, in the third quarter of 2015,~~ seasonal rate redesign, ~~(6 cents per share and 2 cents per share, respectively); and~~

~~increased net shared benefits realized under the MEEIA at Ameren Missouri (1 cent per share and 2 cents per share, respectively).~~

Earnings per share from continuing operations were unfavorably affected in the third quarter and the first nine months of 2015, respectively, compared with the year-ago periods (except where a specific periodwhich is ~~referenced), by:~~

~~a provision recognized in the second quarter of 2015 as a result of Ameren Missouri’s discontinued efforts~~not expected to ~~license and build a second nuclear unit at its existing Callaway energy center site (18 cents per share for the nine months ended September 30, 2015);~~

~~increased net financing costs at Ameren Missouri, primarily due to a reduction in allowance for funds used during construction as multiple significant electric capital projects were completed in 2014~~materially affect earnings comparisons on an annual basis (2 cents per ~~share and 5 cents per share, respectively);~~

increased depreciation and amortization expenses for those businesses not operating under formula rates, primarily resulting from electric capital additions at Ameren Missouri, which were not reflected in customer rates until May 30, 2015, and amortization of natural gas software at Ameren Illinois (1 cent per share and 4 cents per share, respectively); and

Excluding the estimated effects of weather, earnings were unfavorably affected by a decrease in electric demand at Ameren Missouri, primarily as a result of non-MEEIA related customer energy efficiency measures and a reduction in Noranda sales volumes, partially offset by an increase in residential and commercial sales volumes at Ameren Illinois (estimated at 4 cents per share for nine months ended September 30, 2015)share).

The cents per share information presented in the explanations above is based on the average diluted ~~average~~ shares outstanding in the ~~third~~first quarter ~~and first nine months~~ of ~~2014.~~2015. For additional details regarding the Ameren Companies’ results of operations, including explanations of Margins, Other Operations and Maintenance Expenses, ~~Provision for Callaway Construction and Operating License,~~ Depreciation and Amortization, Taxes Other Than Income Taxes, Other Income and Expenses, Interest Charges, ~~Income Taxes~~ and Income ~~(Loss) from Discontinued Operations, Net of~~ Taxes, see the major headings below.

Below is a table of income statement components by segment for the ~~three and~~ ~~nine~~three months ended ~~September 30, 2015~~March 31, 2016 and ~~2014:~~2015:


	Ameren Missouri			Ameren Illinois			Other / Intersegment Eliminations				Ameren			Ameren Missouri			Ameren Illinois			Other / Intersegment Eliminations			Ameren
Three Months 2015:
Electric margins	$	863		$	412		$	13			$	1,288
Natural gas margins	14			82			(1		)		95
Other revenues	1			—			(1		)		—
Other operations and maintenance	(233		)	(202		)	7				(428		)
Depreciation and amortization	(125		)	(74		)	(2		)		(201		)
Taxes other than income taxes	(97		)	(29		)	(2		)		(128		)
Other income (expense)	11			1			2				14
Interest charges	(54		)	(33		)	—				(87		)
Income taxes	(140		)	(59		)	(9		)		(208		)
Income from continuing operations	240			98			7				345
Loss from discontinued operations, net of tax	—			—			—				—
Net income	240			98			7				345
Noncontrolling interests - preferred dividends	(1		)	—			(1		)		(2		)
Net income attributable to Ameren common stockholders	$	239		$	98		$	6			$	343
Three Months 2014:
Three Months 2016:
Electric margins	$	813		$	356		$	4			$	1,173		$	449		$	288		$	24		$	761
Natural gas margins	14			84			—				98			26			154			—			180
Other operations and maintenance	(226		)	(185		)	9				(402		)	(212		)	(194		)	6			(400		)
Depreciation and amortization	(118		)	(66		)	(3		)		(187		)	(127		)	(77		)	(3		)	(207		)
Taxes other than income taxes	(89		)	(31		)	(1		)		(121		)	(73		)	(38		)	(3		)	(114		)
Other income (expense)	11			2			1				14
Other income														13			—			—			13
Interest charges	(53		)	(31		)	(1		)	��	(85		)	(52		)	(35		)	(8		)	(95		)
Income taxes	(129		)	(54		)	(11		)		(194		)	(9		)	(38		)	16			(31		)
Income (loss) from continuing operations	223			75			(2		)		296
Loss from discontinued operations, net of tax	—			—			(1		)		(1		)
Net income (loss)	223			75			(3		)		295
Income from continuing operations														15			60			32			107
Income from discontinued operations, net of tax														—			—			—			—
Net income														15			60			32			107
Noncontrolling interests - preferred dividends	(1		)	—			(1		)		(2		)	(1		)	(1		)	—			(2		)
Net income (loss) attributable to Ameren common stockholders	$	222		$	75		$	(4	)		$	293
Nine Months 2015:
Net income attributable to Ameren common shareholders														$	14		$	59		$	32		$	105
Three Months 2015:
Electric margins	$	1,995		$	999		$	36			$	3,030		$	497		$	288		$	13		$	798
Natural gas margins	58			320			(1		)		377			27			150			—			177
Other revenues	2			—			(2		)		—
Other operations and maintenance	(673		)	(606		)	23				(1,256		)	(211		)	(202		)	12			(401		)
Provision for Callaway construction and operating license	(69		)	—			—				(69		)
Depreciation and amortization	(367		)	(220		)	(7		)		(594		)	(118		)	(73		)	(2		)	(193		)
Taxes other than income taxes	(262		)	(101		)	(6		)		(369		)	(80		)	(43		)	(2		)	(125		)
Other income (expense)	29			5			(2		)		32			8			2			(2		)	8
Interest charges	(164		)	(99		)	(1		)		(264		)	(55		)	(33		)	—			(88		)
Income taxes	(205		)	(114		)	(14		)		(333		)	(26		)	(35		)	(5		)	(66		)
Income from continuing operations	344			184			26				554			42			54			14			110
Income from discontinued operations, net of tax	—			—			52				52			—			—			—			—
Net income	344			184			78				606			42			54			14			110
Noncontrolling interests - preferred dividends	(3		)	(2		)	—				(5		)	(1		)	(1		)	—			(2		)
Net income attributable to Ameren common stockholders	$	341		$	182		$	78			$	601
Nine Months 2014:
Electric margins	$	1,967		$	906		$	13			$	2,886
Natural gas margins	59			329			(1		)		387
Other revenues	1			—			(1		)		—
Other operations and maintenance	(672		)	(580		)	21				(1,231		)
Depreciation and amortization	(351		)	(193		)	(7		)		(551		)
Taxes other than income taxes	(248		)	(109		)	(5		)		(362		)
Other income (expense)	35			5			—				40
Interest charges	(159		)	(90		)	(17		)		(266		)
Income taxes	(234		)	(110		)	(13		)		(357		)
Income (loss) from continuing operations	398			158			(10		)		546
Loss from discontinued operations, net of tax	—			—			(3		)		(3		)
Net income (loss)	398			158			(13		)		543
Noncontrolling interests - preferred dividends	(3		)	(2		)	—				(5		)
Net income (loss) attributable to Ameren common stockholders	$	395		$	156		$	(13	)		$	538
Net income attributable to Ameren common shareholders														$	41		$	53		$	14		$	108

Margins

The following table presents the favorable (unfavorable) variations by segment for electric and natural gas margins in the ~~three and~~ ~~nine months ended September 30, 2015~~,first quarter of 2016, compared with the ~~year-ago periods.~~first quarter of 2015. Electric margins are defined as electric revenues less fuel and purchased power costs. Natural gas margins are defined as gas revenues less gas purchased for resale. We consider electric and natural gas margins useful measures to analyze the change in profitability of our electric and natural gas operations between periods. We have included the analysis below as a complement to the financial information we provide in accordance with GAAP. However, these margins may not be a presentation defined under GAAP and may not be comparable to other companies' presentations or more useful than the GAAP information we provide elsewhere in this report.

Three Months
Ameren
Missouri

Ameren
Illinois

Other^(a)
Ameren
Electric revenue change:
Effect of weather (estimate)^(b)
$ 34
$ 8
$ —
$ 42
Base rates (estimate) 42
20
—
62
Sales volume (excluding the estimated effect of weather) (10 ) 6
—
(4 )
Off-system sales and transmission services revenues (1 ) —
—
(1 )
MEEIA (energy efficiency) recovery mechanisms 8
—
—
8
Transmission services revenues^(c)
1
2
9
12
Bad debt, energy efficiency programs, and environmental remediation cost riders —
4
—
4
Gross receipts tax 5
—
—
5
Illinois seasonal rate redesign —
11
—
11
Other —
5
(2 ) 3
Cost recovery mechanisms - offsets in fuel and purchased power:
Pass-through power supply costs —
35
—
35
Transmission services recovery mechanism —
4
—
4
Recovery of FAC under-recovery (4 ) —
—
(4 )
Total electric revenue change $ 75
$ 95
$ 7
$ 177
Fuel and purchased power change:
Energy costs $ 9
$ —
$ —
$ 9
Effect of weather (estimate)^(b)
(6 ) —
—
(6 )
Effect of higher net energy costs included in base rates (30 ) —
—
(30 )
FAC exclusion of transmission services expenses^(c)
(4 ) —
—
(4 )
Other 2
—
2
4
Cost recovery mechanisms - offsets in electric revenue:
Pass-through power supply costs —
(35 ) —
(35 )
Transmission services recovery mechanism —
(4 ) —
(4 )
Recovery of FAC under-recovery 4
—
—
4
Total fuel and purchased power change $ (25 ) $ (39 ) $ 2
$ (62 )
Net change in electric margins $ 50
$ 56
$ 9
$ 115
Natural gas revenue change:
Effect of weather (estimate)^(b)
$ (1 ) $ (2 ) $ —
$ (3 )
Bad debt, energy efficiency programs, and environmental remediation cost riders —
(1 ) —
(1 )
Pass-through purchased gas costs - offset in gas purchased for resale (1 ) (8 ) —
(9 )
Other —
(1 ) —
(1 )
Total natural gas revenue change $ (2 ) $ (12 ) $ —
$ (14 )
Gas purchased for resale change:
Effect of weather (estimate)^(b)
$ 1
$ 2
$ —
$ 3
Pass-through purchased gas costs - offset in natural gas revenue 1
8
(1 ) 8
Total gas purchased for resale change $ 2
$ 10
$ (1 ) $ 11
Net change in natural gas margins $ —
$ (2 ) $ (1 ) $ (3 )



Three Months	Ameren Missouri			Ameren Illinois			Other^(a)			Ameren
Electric revenue change:
Effect of weather (estimate)^(b)	$	(37	)	$	(12	)	$	—		$	(49	)
Base rates (estimate)	29			19			—			48
Sales volume (excluding Noranda and the estimated effect of weather)	5			(5		)	—			—
Noranda revenues	(24		)	—			—			(24		)
Off-system sales and transmission services revenues	14			—			—			14
MEEIA 2013 net shared benefits	(11		)	—			—			(11		)
Transmission services revenues	—			7			12			19
Purchased power rider order in 2015	—			(15		)	—			(15		)
Other	5			4			(7		)	2
Cost recovery mechanisms - offset in fuel and purchased power:^(c)
Power supply costs	—			8			—			8
Recovery of FAC under-recovery	(21		)	—			—			(21		)


Nine Months	Ameren Missouri			Ameren Illinois			Other^(a)			Ameren
Electric revenue change:
Effect of weather (estimate)^(b)	$	10		$	1		$	—		$	11
Base rates (estimate)	57			35			—			92
Sales volume (excluding the estimated effect of weather)	(28		)	2			—			(26		)
Off-system sales and transmission services revenues	(3		)	—			—			(3		)
MEEIA (energy efficiency) recovery mechanisms	10			—			—			10
Transmission services revenues^(c)	1			15			27			43
Three Months													Ameren Missouri			Ameren Illinois			Other^(a)		Ameren
Other cost recovery mechanisms:^(d)
Bad debt, energy efficiency programs, and environmental remediation cost riders	—			10			—			10			—			(4		)	—		(4		)
Gross receipts tax	7			—			—			7			(4		)	—			—		(4		)
Purchased power rider order	—			15			—			15
Other	2			7			(8		)	1
Cost recovery mechanisms - offsets in fuel and purchased power:
Pass-through power supply costs	—			60			—			60
Transmission services recovery mechanism	—			9			—			9
MEEIA 2013 program costs													(4		)	—			—		(4		)
Total electric revenue change	$	56		$	154		$	19		$	229		$	(48	)	$	2		$	5	$	(41	)
Fuel and purchased power change:
Energy costs	$	19		$	—		$	—		$	19		$	(11	)	$	—		$	—	$	(11	)
Noranda energy costs													11			—			—		11
Effect of weather (estimate)^(b)	1			4			—			5			11			6			—		17
Effect of higher net energy costs included in base rates	(41		)	—			—			(41		)	(24		)	—			—		(24		)
FAC exclusion of transmission services expenses^(c)	(5		)	—			—			(5		)
FAC exclusion of transmission services expenses^(e)													(5		)	—			—		(5		)
Other	(2		)	4			4			6			(3		)	—			6		3
Cost recovery mechanisms - offsets in electric revenue:
Pass-through power supply costs	—			(60		)	—			(60		)
Transmission services recovery mechanism	—			(9		)	—			(9		)
Cost recovery mechanisms - offsets in electric revenue:^(c)
Power supply costs													—			(8		)	—		(8		)
Recovery of FAC under-recovery													21			—			—		21
Total fuel and purchased power change	$	(28	)	$	(61	)	$	4		$	(85	)	$	—		$	(2	)	$	6	$	4
Net change in electric margins	$	28		$	93		$	23		$	144		$	(48	)	$	—		$	11	$	(37	)
Natural gas margins change:
Natural gas revenue change:
Effect of weather (estimate)^(b)	$	(11	)	$	(29	)	$	—		$	(40	)	$	(9	)	$	(29	)	$	—	$	(38	)
Base rates (estimate)													—			14			—		14
Seasonal rate redesign													—			9			—		9
Cost recovery mechanism - offset in gas purchased for resale:^(c)
Purchased gas costs													(2		)	(49		)	—		(51		)
Other cost recovery mechanisms:^(d)
Bad debt, energy efficiency programs, and environmental remediation cost riders	—			(3		)	—			(3		)	—			(12		)	—		(12		)
Gross receipts tax	—			(4		)	—			(4		)	—			(3		)	—		(3		)
Pass-through purchased gas costs - offset in gas purchased for resale	(5		)	(71		)	—			(76		)
Other	—			1			—			1
Total natural gas revenue change	$	(16	)	$	(106	)	$	—		$	(122	)	$	(11	)	$	(70	)	$	—	$	(81	)
Gas purchased for resale change:
Effect of weather (estimate)^(b)	$	10		$	26		$	—		$	36		$	8		$	25		$	—	$	33
Pass-through purchased gas costs - offset in natural gas revenue	5			71			—			76
Cost recovery mechanism - offset in natural gas revenue:^(c)
Purchased gas costs													2			49			—		51
Total gas purchased for resale change	$	15		$	97		$	—		$	112		$	10		$	74		$	—	$	84
Net change in natural gas margins	$	(1	)	$	(9	)	$	—		$	(10	)	$	(1	)	$	4		$	—	$	3


(a)	Primarily includes amounts for ATXI and intercompany eliminations.


(b)	Represents the estimated variation resulting primarily from changes in cooling and heating degree-days on electric and natural gas demand compared with the prior-year ~~periods;~~period; this variation is based on temperature readings from the National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.


(c)	Electric and natural gas revenue changes are offset by corresponding changes in Fuel, Purchased power, and Gas purchased for resale, resulting in no change to electric and gas margins.


(d)	See Other Operations and Maintenance Expenses or Taxes Other Than Income Taxes in this section for the related offsetting increase or decrease to expense. These items have no overall impact on earnings.


(e)	Ameren Missouri amounts are subsequent to May 30, 2015, due to the exclusion of transmission revenues and substantially all transmission charges from the FAC as a result of the April 2015 MoPSC electric rate order.

Ameren Corporation

Ameren's electric margins ~~increased $115 million, or 10%, and $144~~decreased $37 million, or 5%, ~~for~~in the ~~three and nine months ended September 30, 2015, respectively,~~first quarter of 2016, compared with the ~~year-ago periods.~~first quarter of 2015. Ameren's natural gas margins ~~decreased~~increased $3 million, or 3%2%, ~~and $10 million, or 3%, for~~in the ~~three and nine months ended September 30, 2015, respectively,~~first quarter of 2016, compared with the ~~year-ago periods.~~first quarter of 2015. Ameren’s results were primarily driven by the Ameren Missouri and Ameren Illinois results, as discussed ~~below. Ameren's electric margins also reflected~~below, as well as ATXI’s results of operations. ATXI’s transmission services revenues increased $9

$12 million ~~and $27 million for~~in the ~~three and~~ ~~nine months ended September 30, 2015, respectively,~~first quarter of 2016 compared with the ~~year-ago periods. The increases were due to~~first quarter of 2015 because of higher rate base investment and recoverable costs under forward-looking formula ratemaking, but were reduced by the recognition of a potential refund to customers based on the pending FERC complaint cases regarding the allowed base return on common equity. See Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report for information regarding the FERC complaint cases.ratemaking.

Ameren Missouri

Ameren Missouri has a FAC cost recovery mechanism that

allows ~~Ameren Missouri~~it to recover or refund, through customer rates, 95% of changes in net energy costs greater or less than the amount set in base rates without a traditional rate proceeding, subject to MoPSC prudence ~~review.~~ reviews.

Net energy costs, as defined in the FAC, include fuel and purchased power costs, including transportation, net of off-system sales. As of May 30, 2015, transmission revenues and substantially all transmission charges are excluded from net energy costs as a result of the April 2015 MoPSC electric rate order, which unfavorably affected margins as discussed below. Ameren Missouri accrues as a regulatory asset net energy costs that exceed the amount set in base rates (FAC under-recovery). Net recovery of these costs through customer rates does not affect Ameren Missouri’s electric margins, as ~~increases or decreases~~any change in revenue ~~are~~is offset by a corresponding ~~increase or decrease~~change in fuel expense to

reduce the previously recognized FAC regulatory asset.

Ameren Missouri's electric margins ~~increased~~ ~~$50~~decreased $48 million, or 6%10%, ~~and $28 million, or 1%, for~~in the ~~three and nine months ended September 30, 2015, respectively,~~first quarter of 2016, compared with the ~~year-ago~~first quarter of 2015. The following items had an unfavorable effect on Ameren Missouri's electric margins in the first quarter of 2016, compared with the first quarter of 2015:

Temperatures were milder in 2016 as heating degree-days decreased 22%, which decreased margins by an estimated $26 million. The change in margins due to weather is the sum of the effect of weather (estimate) on electric revenues (-$37 million) and the effect of weather (estimate) on fuel and purchased power (+$11 million) in the above table.

Noranda’s operations were idled in the first quarter of 2016, which decreased margins by $13 million. The change in margins is the sum of Noranda revenues (-$24 million) and Noranda energy costs (+$11 million) in the above table. Noranda energy costs include the impact of a provision in the FAC tariff that, under certain circumstances, allows Ameren Missouri to retain a portion of the revenues from any off-system sales it makes as a result of reduced tariff sales to Noranda. See Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report for information regarding Noranda.

The absence in 2016 of net shared benefits due to the expiration of MEEIA 2013, which decreased margins by $11 million. Net shared benefits compensated Ameren Missouri for lower sales volumes from energy-efficiency related volume reductions in current and future periods.

The exclusion of transmission revenues and substantially all transmission charges from the FAC beginning May 30, 2015, which decreased margins by $5 million.

The following items had a favorable effect on Ameren Missouri's electric margins ~~for~~in the ~~three and nine months ended September 30, 2015,~~first quarter of 2016, compared with the ~~year-ago periods:~~

first quarter of 2015:

Higher electric base rates, effective May 30, 2015, as a result of the April 2015 MoPSC electric rate order, which included a rate shift from Noranda to other customers, increased margins by an estimated ~~$12 million and $16 million, respectively.~~$5 million. The change in electric base rates is the sum of the change in base rates (estimate) (+$~~42 million~~29 million) and ~~+$57 million, respectively) and~~ the ~~change in~~ effect of higher net energy costs included in base rates (-$~~30 million and -$41 million, respectively)~~24 million) in the above table.

Temperatures were warmer as cooling degree-days increased 16% and 7%, respectively. The effect of weather increased margins by an estimated $28 million and $11 million, respectively. The change in margins due to weather is the sum of the effect of weather (estimate) on electric revenues (+$34 million and +$10 million, respectively) and the effect of weather (estimate) on fuel and purchased power (-$6 million and +$1 million, respectively) in the above table. Due to differences in seasonal margins and the timing of weather experienced in the first nine months of 2015, compared with the year-ago period, the effect of weather increased electric revenue and decreased fuel and purchased power costs.

Higher revenues associated with the MEEIA energy efficiency program cost recovery mechanism (+$4 million and +$2 million, respectively) and net shared benefits (+$4 million and +$8 million, respectively), which increased revenues by a combined $8 million and $10 million, respectively. The higher revenues were driven by the mix of company-sponsored energy efficiency measures, which led to higher recovery of lost revenues. Net shared benefits help compensate Ameren Missouri for lower sales from energy efficiency-related volume reductions in current and future periods. See Other Operations and Maintenance Expenses in this section for information on a related offsetting increase in energy efficiency program costs.

Increased gross receipts taxes, which increased revenues by $5 million and $7 million, respectively, due primarily to higher electric base rates. See Taxes Other Than Income Taxes in this section for information on a related offsetting increase to gross receipts taxes.

~~The following items had an unfavorable effect on Ameren Missouri's electric margins for the three and nine months ended September 30, 2015, compared with the year-ago periods:~~

~~Lower sales volumes primarily caused by the MEEIA programs and other customer energy efficiency measures, and a reduction in Noranda sales volumes.~~ Excluding the estimated effect of weather and reduced sales to Noranda, total retail sales volumes ~~decreased~~increased 1% ~~for both periods,~~, which ~~decreased revenues~~increased margins by ~~$6 million and $18 million, respectively. A reduction~~$5 million. The benefits of an additional day in ~~Noranda sales volumes decreased revenues by $4 million and $10 million, respectively. Lower sales volumes led to~~2016 as a ~~decrease in~~result of the leap year, as well as growth, exceeded the carryover effect of MEEIA 2013.

Lower net energy costs, ~~of $8 million and $16 million, respectively.~~primarily due to higher MISO capacity revenues, which increased margins by $3 million. The change in net energy costs is the sum of the change in off-system sales and transmission services revenues (-(+$~~1 million and -$3 million, respectively)~~14 million) and the change in energy costs ~~(+$9 million and +$19 million, respectively) in the above table.~~

As a result of the April 2015 MoPSC electric rate order, transmission revenues and substantially all transmission charges are excluded from the FAC beginning May 30, 2015, which decreased margins by $3 million and $4 million, respectively. The change in margins as a result of changes to the FAC is the sum of FAC exclusion of transmission services expenses (-$~~4 million and -$5 million, respectively) and transmission services revenues (+$1 million for both periods)~~11 million) in the above table.

Ameren Missouri has a cost recovery mechanism for natural gas purchased on behalf of its customers. These pass-through purchased gas costs do not affect Ameren Missouri’s natural gas

margins as they are offset by a corresponding amount in revenues.

Ameren Missouri’s natural gas margins were comparable between ~~both~~ periods.

Ameren Illinois

Ameren Illinois has a cost recovery mechanism for power purchased, and transmission services incurred, on behalf of its electric customers. These amounts do not affect Ameren Illinois’ electric margins, as any change in costs is offset by a corresponding amount in revenues.

The provisions of the IEIMA and the FERC’s electric transmission formula rate framework provide for annual reconciliations of the electric delivery and electric transmission service revenue requirements necessary to reflect the actual costs incurred in a given year with the revenue requirements in customer rates for that year, including an allowed return on equity. See Operations and Maintenance Expenses in this section for additional information regarding the components of the revenue requirements. In each of those electric jurisdictions, if the current year's revenue requirement is greater than the revenue

requirement reflected in that year’s customer rates, an increase to electric operating revenues with an offset to a regulatory asset is recorded to reflect the expected recovery of those additional costs from customers within the next two years. In each jurisdiction, if the current year's revenue requirement is less than the revenue requirement reflected in that year’s customer rates, a reduction to electric operating revenues with an offset to a regulatory liability is recorded to reflect the expected refund to customers within the next two years. The increases or reductions to electric operating revenues are shown in base rates (estimate) and transmission services revenues, in the above table, for the electric delivery and electric transmission service revenues, respectively. See Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report for information regarding Ameren Illinois' revenue requirement reconciliation pursuant to the IEIMA.

Ameren Illinois' electric margins ~~increased $56 million, or 16%, and $93 million, or 10%, for~~were flat in the ~~three and~~ ~~nine months ended September 30, 2015, respectively,~~first quarter of 2016, compared with the ~~year-ago periods.~~first quarter of 2015. The following items had a favorable effect on Ameren Illinois’ electric margins ~~for~~in the ~~three and nine months ended September 30, 2015,~~first quarter of 2016, compared with the ~~year-ago periods (except where a specific period is referenced):~~first quarter of 2015:

Electric delivery service revenues increased by an estimated ~~$20~~$19 million, ~~and $35 million, respectively,~~ primarily due to increased rate base investment and higher recoverable costs under formula ratemaking pursuant to the ~~IEIMA, but were reduced by a lower return on equity for electric delivery service investments due to a reduction in 30-year United States Treasury bond yields.~~ IEIMA.

Transmission services revenues increased by $2$7 million, ~~and $15 million, respectively. The increases were~~primarily due to ~~a higher electric transmission services revenue requirement driven primarily by~~ increased rate base investment and higher recoverable costs under forward-looking formula ~~ratemaking, but were reduced by the recognition~~ratemaking.

The following items had an unfavorable effect on Ameren Illinois’ electric margins:

The absence in 2016 of a ~~potential refund to customers based on the pending FERC complaint cases regarding the allowed base return on common equity.~~

In January 2015 ~~the~~ ICC ~~issued an~~ order regarding Ameren Illinois’ cumulative power usage cost and its purchased power rider ~~mechanism. Based on this January 2015 order, Ameren Illinois recorded a~~mechanism, which increased margins by $15 million ~~increase to electric revenues~~ in the first ~~nine months~~quarter of ~~2015, compared with the year-ago period.~~2015.

The implementation of redesigned seasonal electric delivery service rates that became effective in January 2015 increased revenues by $11 million for the three months ended September 30, 2015, compared with the year-ago period. These redesigned delivery service rates have an effect on quarterly earnings comparisons but are not expected to materially affect annual margins.

A net increase in recovery of bad debt charge-offs, customer energy efficiency program costs, and environmental remediation costs through rate-adjustment mechanisms, which increased revenues by $4 million and $10 million, respectively. See Other Operations and Maintenance Expenses in this section for information on a related offsetting net increase in bad debt, customer energy efficiency, and environmental remediation costs.

Temperatures were ~~warmer~~milder as ~~cooling~~heating degree-days ~~increased 29% and 16%~~decreased 20%, ~~respectively. The effect of weather increased~~which decreased margins by an estimated ~~$8 million and $5 million, respectively.~~$6 million. The change in margins due to weather is the sum of the effect of weather (estimate) on electric revenues (+(-$~~8 millionand +$1 million, respectively)~~12 million) and the effect of weather (estimate) on fuel and purchased power ~~(flatand +$4 million, respectively)~~(+$6 million) in the above table. Due to differences in seasonal margins and the timing of weather experienced in the first nine months of 2015, compared with the year-ago period, the effect of weather increased electric revenue and decreased purchased power costs.

Excluding the estimated effect of weather, total retail sales volumes ~~increased 1% in the three months ended September 30, 2015, compared with the year-ago period,~~decreased 4%, which decreased margins by an estimated $5 million. Lower retail sales volumes were due to industrial sales volumes, which decreased 8% and have less of a margin impact than residential and commercial sales volumes, ~~increased 1% in the nine months ended September 30, 2015, compared with the year-ago period,~~ which ~~increased revenues by an estimated $6 million and $2 million, respectively.~~decreased a combined 2%.

Ameren Illinois has a cost recovery mechanism for natural gas purchased on behalf of its customers. These pass-through purchased gas costs do not affect Ameren Illinois’ natural gas margins as they are offset by a corresponding amount in revenues.

Ameren Illinois' natural gas margins ~~decreased $2 million, or 2%, and $9~~increased $4 million, or 3%, ~~for~~in the ~~three and nine months ended September 30, 2015, respectively,~~first quarter of 2016, compared with the ~~year-ago periods.~~first quarter of 2015. The following items had ~~an unfavorable~~a favorable effect on Ameren Illinois’ natural gas margins ~~for~~in the ~~three and nine months ended September 30, 2015,~~first quarter of 2016, compared with the ~~year-ago periods (except where a specific period is referenced):~~first quarter of 2015:

~~Decreased gross receipts taxes due primarily to lower revenues as a result of lower~~Higher natural gas ~~prices and sales volumes,~~base rates in 2016, which ~~decreased revenues~~increased margins by an estimated $14 million.

The implementation of redesigned seasonal rates in 2016, which increased margins by $9 million. These redesigned rates have an effect on quarterly earnings comparisons but are not expected to materially affect annual earnings.

Ameren Illinois’ natural gas margins were unfavorably affected by the absence of colder-than-normal winter temperatures, which increased margins by $4 million in the first ~~nine months~~quarter of 2015, ~~compared with~~while the ~~year-ago period. See Taxes Other Than Income Taxes in this section~~VBA for ~~information~~residential and small nonresidential customers eliminated the impact of weather on ~~a related offsetting decrease to gross receipts taxes.~~

~~Winter temperatures in~~ ~~2015~~ ~~were warmer compared to~~ ~~2014, as heating degree-days decreased 12%, which decreased~~natural gas margins ~~by an estimated $3 million~~ in the first ~~nine months~~quarter of ~~2015, compared with the year-ago period.~~2016. The change in margins due to weather is the sum of the effect of weather (estimate) on natural gas revenues (-$29 million) and the effect of weather (estimate) on gas purchased for resale (+$2625 million) in the above table.

~~A net decrease in recovery of bad debt charge-offs, customer energy efficiency program costs, and environmental remediation costs through rate-adjustment mechanisms, which decreased revenues by~~ ~~$1 million~~ ~~and~~ ~~$3 million, respectively. See Other Operations and Maintenance Expenses in this section for the related offsetting net decrease in bad debt, customer energy efficiency, and environmental remediation costs.~~

Other Operations and Maintenance Expenses

Ameren Corporation

Other operations and maintenance expenses were $~~26 million~~ ~~higher~~comparable in the ~~third~~first quarter of ~~2015, as compared~~2016 with the ~~third~~first quarter of ~~2014, primarily due to increased expenses at Ameren Missouri and Ameren Illinois, as discussed below.~~

2015. Other operations and maintenance expenses were ~~$25~~comparable at Ameren Missouri, decreased $8 million ~~higher in the first nine months of 2015, as compared with the first nine months of 2014, primarily due to increased expenses~~ at Ameren Illinois, ~~as discussed below.~~and increased $6 million at nonregistrant subsidiaries.

Ameren Missouri

~~Other operations and maintenance expenses were $7 million higher in the third quarter of 2015, as compared with the third quarter of 2014.~~ Other operations and maintenance expenses were comparable in the first ~~nine months~~quarter of ~~2015~~2016 with the first ~~nine months~~quarter of ~~2014.~~2015. The following items increased other operations and maintenance expenses ~~for the three and nine months ended September 30, 2015, compared with the year-ago periods (except where a specific period is referenced):~~between periods:

Amortization of previously deferred solar rebate costs increased by $7 million, as a result of the April 2015 MoPSC

electric rate ~~order ($7 million and $10 million, respectively).~~order. Electric revenues from customer billings increased by a corresponding amount, with no overall effect on net income.

~~An unrealized MTM loss in 2015 compared with a gain in 2014, resulting from changes in~~Refueling and maintenance outage costs at the ~~market value of investments used to support Ameren’s deferred compensation plans ($3 million and $4 million, respectively).~~

~~An increase in~~Callaway energy center ~~maintenance costs,~~increased by $4 million, primarily due to ~~more major outages at coal-fired energy centers ($3 million~~preparation costs for the ~~nine months ended September 30, 2015).~~2016 scheduled outage that began in April. There was no scheduled outage in 2015.

~~An increase in electric distribution~~The following items decreased other operations and maintenance ~~expenditures, primarily related to increased system repair work ($3 million for the nine months ended September 30, 2015).~~expenses between periods:

~~An increase in~~MEEIA customer energy efficiency program costs decreased by $4 million, due to ~~planned~~the expiration of MEEIA ~~spending~~2013. The MEEIA 2016 customer programs began in ~~2015 ($4 million and $2 million, respectively).~~March 2016. Electric revenues from customer billings ~~increased~~decreased by a corresponding amount, with no overall effect on net income.

~~The following items~~Energy center maintenance costs decreased ~~other operations and maintenance expenses for the three and nine months ended September 30, 2015, compared with the year-ago periods (except where a specific period is referenced):~~

~~A reduction in disposal costs of low-level radioactive nuclear waste ($8~~by $4 million, ~~for the nine months ended September 30, 2015).~~

~~A decrease in bad debt expense~~primarily due to ~~improved customer collections ($6 million for the nine months ended September 30, 2015).~~

fewer major outages at coal-fired energy centers.

~~A decrease in employee~~Employee benefit costs decreased by $3 million, primarily due to a change in pension and postretirement expenses allowed in rates, as a result of the April 2015 MoPSC electric rate ~~order ($4 million in both periods).~~order. Electric revenues from customer billings decreased by a corresponding amount, with no overall effect on net income.

A reduction in refueling and maintenance outage costs at the Callaway energy center, primarily due to preparation costs for the 2014 scheduled outage that began in October. There is no 2015 scheduled outage. ($3 million in both periods).

Ameren Illinois

Pursuant to the provisions of the IEIMA’s and the FERC’s ~~electric transmission~~ formula rate ~~framework,~~frameworks, recoverable electric service costs that are not recovered through separate cost recovery mechanisms are included in Ameren Illinois’ revenue requirement reconciliations, which result in corresponding adjustments to electric operating revenues, with no overall effect on net income. These recoverable electric service costs include other operations and maintenance expenses, depreciation and amortization, taxes other than income taxes, interest charges, and income taxes.

Other operations and maintenance expenses were ~~$17~~$8 million ~~higher and $26 million higher~~lower in the ~~third~~first quarter ~~and the first nine months~~ of ~~2015, respectively,~~2016, as compared with the ~~same periods in 2014.~~first quarter of 2015. The following items ~~increased~~decreased other operations and maintenance expenses ~~for the three and nine months ended September 30, 2015, compared with the year-ago periods (except where a specific period is referenced):~~between periods:

An increase in electric delivery maintenance expenditures, primarily related to increased circuit maintenance and system repair work as a result of regulatory compliance requirements ($7 million and $9 million, respectively).

~~An increase in bad~~Bad debt, customer energy efficiency, and environmental remediation costs ~~($3 million and $7 million, respectively).~~decreased by $16 million. These expenses are included in cost riders that result in ~~additional~~lower electric and natural gas revenues, resulting in no overall effect on net income.

~~An increase in employee~~Employee benefit costs decreased by $5 million, primarily due to ~~higher~~lower pension and postretirement expenses caused by changes in actuarial assumptions and the performance of plan ~~assets ($2~~assets.

The following items increased other operations and maintenance expenses between periods:

Storm-related repair costs increased by $4 million.

Electric delivery maintenance expenditures increased by $4 million, primarily related to increased system repair, circuit maintenance, and $7vegetation management work as a result of regulatory compliance requirements.

Labor costs increased by $3 million, ~~respectively).~~

~~An increase in labor costs,~~ primarily because of staff additions to ~~comply with the requirements of the IEIMA~~meet enhanced reliability standards and ~~wage increases ($4 million and $6 million, respectively).~~

An unrealized MTM loss in 2015 compared with a gain in 2014, resulting from changes in the market value of investments used to support Ameren’s deferred compensation plans ($2 million in both periods).

Other operations and maintenance expenses decreased for the nine months ended September 30, 2015, compared with the year-ago periods, because of a $3 million decrease in natural gas compliance expenditures, primarilycustomer service goals related to the ~~timing of pipeline integrity work.~~

~~Provision for Callaway Construction and Operating License~~

Due primarily to changes in vendor support for licensing efforts at the NRC, Ameren Missouri’s assessment of long-term capacity needs, declining costs of alternative generation technologies, and the regulatory framework in Missouri, Ameren Missouri discontinued its efforts to license and build a second nuclear unit at its existing Callaway energy center site. As a result of this decision, in the second quarter of 2015, Ameren and Ameren Missouri recognized a $69 million noncash pretax provision for all of the previously capitalized costs of the COL. See Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report for additional information.IEIMA.

Depreciation and Amortization

Ameren Corporation

Depreciation and amortization expenses increased $14 million ~~and $43 million~~ in the ~~third~~first quarter ~~and the first nine months~~ of ~~2015, respectively,~~2016, as compared with the ~~same periods in 2014, due to~~first quarter of 2015, primarily because of increased expenses at Ameren Missouri and Ameren Illinois, as discussed below.

Ameren Missouri

Depreciation and amortization expenses increased $7$9 million, ~~and $16 million in the third quarter and the first nine months~~primarily because of ~~2015, respectively, primarily due to multiple significant electric capital projects completed in 2014 and~~ increased depreciation rates resulting from the April 2015 MoPSC electric rate order.

Ameren Illinois

Depreciation and amortization expenses increased $8$4 million, ~~and $27 million in the third quarter and the first nine months~~primarily because of ~~2015, respectively, primarily due to~~ electric ~~delivery and transmission~~system capital ~~additions and amortization of natural gas software.~~additions.

Taxes Other Than Income Taxes

Ameren Corporation

Taxes other than income taxes ~~increased $7~~decreased $11 million in ~~both the third quarter and~~ the first ~~nine months~~quarter of ~~2015,~~2016, as compared with the ~~same periods in 2014,~~first quarter of 2015, primarily ~~due to increased~~because of decreased expenses at Ameren Missouri ~~partially offset by decreased expenses at~~and Ameren Illinois, as discussed below.

~~Ameren Missouri~~

Taxes other than income taxes increased $8 million and $14 million in the third quarter and the first nine months of 2015, respectively, primarily due to increased property taxes resulting from both higher tax rates and assessed property tax values, and increased gross receipts taxes resulting from higher electric service rates. Electric revenues for gross receipts taxes from customer billings increased by a corresponding amount, with no overall effect on net income. See Excise Taxes in Note 1 - Summary of Significant Accounting Policies under Part I, Item 1, of this report for additional information.

Ameren Missouri

Taxes other than income taxes decreased $7 million, primarily because of decreased gross receipts taxes resulting from lower electric sales volumes, and an increase in capitalized property taxes. Electric revenues for gross receipts taxes from customer billings decreased by a corresponding amount, with no overall effect on net income.

Ameren Illinois

Taxes other than income taxes decreased $2$5 million, ~~in the third quarter~~primarily because of ~~2015, primarily due to a reduction in the electric distribution tax. Taxes other than income taxes decreased $8 million in the first nine months of 2015, primarily due to~~ decreased gross receipts taxes resulting from lower natural gas sales ~~prices and~~ volumes and ~~a reduction in the electric distribution tax.~~prices. Natural gas revenues for gross receipts taxes from customer billings decreased by a corresponding amount, with no overall effect on net income.

Other Income and Expenses

Ameren Corporation

Other income, net of expenses, ~~was comparable in the third quarterof 2015 with the third quarter of 2014. Other income, net of expenses, decreased $8~~increased $5 million in the first ~~nine months~~ quarterof ~~2015,~~2016, as compared with the first ~~nine months~~quarter of ~~2014,~~2015, primarily because of a $3 million reduction in donations at Ameren (parent) due to ~~items~~the timing of charitable contributions. An

increase at Ameren Missouri was partially offset by a decrease at Ameren Illinois, as discussed below. See Note 5 - Other Income and Expenses under Part I, Item 1, of this report for additional information.

Ameren Missouri

Other income, net of expenses, ~~was comparable in the third quarterof 2015 with the third quarter of 2014. Other income, net of expenses, decreased $6~~increased $5 million, ~~in the first nine months of 2015,~~ primarily because of ~~a decrease~~an increase in the allowance for equity funds used during construction, ~~as multiple significant electric~~resulting from higher capital ~~projects were completed in 2014.~~expenditures.

Ameren Illinois

Other income, net of expenses, ~~was comparable in both the third quarter and the first nine months~~decreased $2 million, primarily because of ~~2015 with the same periods in 2014.~~decreased income from customer-requested construction.

Interest Charges

Ameren Corporation

Interest charges increased $2$7 million in the ~~third~~first quarter of ~~2015,~~2016, as compared with the ~~third~~first quarter of ~~2014,~~2015, primarily ~~due to increased~~because of a $7 million increase in interest ~~expenses~~charges at Ameren (parent), resulting from the issuance of senior unsecured notes in November 2015 and the absence in 2016 of a 2015 uncertain tax position resolution. A reduction in interest charges at Ameren Missouri was partially offset by an increase in interest charges at Ameren Illinois, as discussed below.

Interest charges decreased $2 million in the first nine months of 2015, as compared with the first nine months of 2014. Interest charges at Ameren (parent) decreased by $16 million, primarily resulting from a decrease related to long-term debt offset by an increase related to short-term debt, as short-term debt levels increased in 2015. In May 2014, Ameren (parent) repaid at maturity $425 million of its 8.875% senior unsecured notes, which were replaced with lower-cost short-term debt. The reduction at Ameren (parent) was offset by increases in interest expenses at Ameren Missouri and Ameren Illinois, as discussed below.

Ameren Missouri

Interest charges ~~were comparable in the third quarter of 2015 with the third quarter of 2014. Interest charges increased $5~~decreased $3 million, ~~in the first nine months of 2015,~~ primarily because of ~~a decrease~~an increase in the allowance for funds used during construction, ~~as multiple significant electric~~resulting from higher capital ~~projects were completed in 2014,~~expenditures, and ~~due to~~ the ~~issuance~~maturity of senior secured notes in ~~April 2015.~~February 2016, which was repaid with cash on hand and lower-cost commercial paper.

Ameren Illinois

Interest charges increased $2 million, ~~in the third quarter~~primarily because of ~~2015, primarily due to~~ the issuance of senior secured notes in December ~~2014. Interest charges increased $9 million in the first nine months of 2015, primarily due to the issuances of senior secured notes in June 2014 and in December 2014.~~2015.

Income Taxes

The following table presents effective income tax rates for the three ~~and nine~~ months ended ~~September 30, 2015~~March 31, 2016 and ~~2014:~~2015:


	Three Months^(a)				Nine Months^(a)				Three Months^(a)
	2015		2014		2015		2014		2016		2015
Ameren	38	%	40	%	38	%	40	%	22	%	38	%
Ameren Missouri	37	%	37	%	37	%	37	%	38	%	38	%
Ameren Illinois	38	%	42	%	38	%	41	%	39	%	39	%


(a)	Based on the current estimate of the annual effective tax rate adjusted to reflect the tax effect of items discrete to the relevant period.

Ameren Corporation

The effective tax rate was lower in the ~~third~~first quarter of 2015, as compared with the third quarter of 2014, primarily due to a reduced Illinois state statutory rate in 2015, decreased tax expense related to stock-based compensation, decreased non-deductible expenditures, and higher tax benefits from certain property-related items.

~~The effective tax rate was lower in the first nine months of 2015,~~2016, as compared with the first ~~nine months~~quarter of ~~2014,~~2015, primarily ~~due to lower Illinois state income~~because of the recognition of excess tax ~~expense in 2015~~benefits associated with share-based compensation resulting from ~~a reduced statutory rate, along with decreased~~the difference between the deduction for tax ~~expense related to stock-based compensation.~~

~~Ameren Missouri~~

~~The effective tax rate was comparable in the third quarter~~purposes and the ~~first nine months of 2015 with the same periods~~compensation cost recognized for financial reporting purposes. See Accounting and Reporting Developments in ~~2014.~~

~~Ameren Illinois~~

The effective tax rate was lower in the third quarter and the first nine months of 2015, as compared with the same periods in 2014, primarily due to a reduced Illinois state statutory rate in 2015, along with decreased non-deductible expenditures in 2015, as well as higher tax benefits from certain property-related items.

~~Income (Loss) from Discontinued Operations, Net of Taxes~~

No material activity was recorded during the three months ended September 30, 2015. During the nine months ended September 30, 2015, based on completion of the IRS audit of Ameren’s 2013 tax year, Ameren recognized a tax benefit of $53 million due to the resolution of an uncertain tax position from discontinued operations. No material activity was recorded in either 2014 period. See Note 1 - Summary of Significant Accounting Policies ~~and Note 12 - Divestiture Transactions and Discontinued Operations~~ under Part I, Item 1, of this report for additional information.

Ameren Missouri

The effective tax rate was comparable between periods.

Ameren Illinois

The effective tax rate was comparable between periods.

LIQUIDITY AND CAPITAL RESOURCES

Our tariff-based gross margins are our principal source of cash from operating activities. A diversified retail customer mix, primarily consisting of rate-regulated residential, commercial, and industrial customers, provides us with a reasonably predictable source of cash. In addition to using cash generated from operating activities, we use available cash, credit agreement borrowings, commercial paper issuances, money pool

borrowings, or, in the case of Ameren Missouri and Ameren Illinois, other short-term borrowings from affiliates to support normal operations and temporary capital requirements. We may reduce our short-term borrowings with cash from operations, long-term borrowings, or, in the case of Ameren Missouri and Ameren Illinois, capital contributions from Ameren (parent). We expect to make significant capital expenditures over the next five years as we invest in our electric and natural gas utility infrastructure to support overall system reliability, environmental compliance, and other improvements. We intend to fund those capital expenditures with available cash on hand, cash generated from operating activities, and commercial paper and debt issuances so that we maintain an equity ratio around 50%, assuming constructive regulatory environments.

The use of cash from operating activities and short-term borrowings to fund capital expenditures and other long-term investments may periodically result in a working capital deficit, defined as current liabilities exceeding current assets, as was the case at ~~September 30, 2015~~March 31, 2016, for Ameren and Ameren Illinois. The working capital deficit as of ~~September 30, 2015~~March 31, 2016, was primarily the result of ~~increased~~current maturities of long-term debt and commercial paper ~~issuances and~~issuances. Considering the ~~use of other forms of short-term debt. With~~credit capacity available under the ~~2012~~ Credit Agreements and our cash and cash equivalents, ~~available,~~ the Ameren Companies, ~~have~~in the aggregate, had access to ~~$2.1 billion of credit capacity, and $1.4~~$1.5 billion of liquidity at ~~September 30, 2015.~~March 31, 2016.

The following table presents net cash provided by (used in) operating, investing and financing activities for the ~~nine~~three months ended ~~September 30, 2015~~March 31, 2016 and ~~2014~~2015:


	Net Cash Provided By (Used In) Operating Activities								Net Cash Provided by (Used In) Investing Activities									Net Cash Provided by (Used In) Financing Activities									Net Cash Provided By (Used In) Operating Activities								Net Cash Provided by (Used In) Investing Activities									Net Cash Provided by (Used In) Financing Activities
	2015			2014			Variance		2015			2014			Variance			2015			2014			Variance			2016			2015		Variance			2016			2015			Variance			2016			2015			Variance
Ameren^(a) - continuing operations	$	1,533		$	1,208		$	325	$	(1,362	)	$	(1,351	)	$	(11	)	$	(99	)	$	(8	)	$	(91	)	$	350		$	311	$	39		$	(524	)	$	(439	)	$	(85	)	$	(118	)	$	128		$	(246	)
Ameren^(a) - discontinued operations	(5		)	(5		)	—		—			139			(139		)	—			—			—			(1		)	1		(2		)	14			—			14			—			—			—
Ameren Missouri	1,040			660			380		(739		)	(593		)	(146		)	(233		)	(67		)	(166		)	169			157		12			(170		)	(169		)	(1		)	(198		)	12			(210		)
Ameren Illinois	541			396			145		(615		)	(627		)	12			73			231			(158		)	229			254		(25		)	(269		)	(207		)	(62		)	(31		)	(48		)	17


(a)	Includes amounts for Ameren registrant and nonregistrant subsidiaries and intercompany eliminations.

Cash Flows from Operating Activities

Ameren Corporation

Ameren’s cash from operating activities associated with continuing operations increased ~~$325~~$39 million in the first ~~nine months~~quarter of ~~2015,~~2016, compared with the same period in ~~2014~~2015. The following items contributed to the increase:

A $108 million increase in cash associated with Ameren Illinois' IEIMA revenue requirement reconciliation adjustments as Ameren Illinois collected $55 million from customers in 2015 and refunded $53 million to customers in 2014.

A ~~$99 million increase in net energy costs collected from Ameren Missouri customers under the FAC.~~

~~A $76~~$57 million increase resulting from electric and natural gas margins, as discussed in Results of Operations, excluding certain noncash items, as well as the change in customer receivable balances.

A ~~$56~~$42 million ~~decrease in~~insurance receipt at Ameren Missouri ~~rebate payments provided~~related to the Taum Sauk breach. See Note 15 - Commitments and Contingencies under Part II, Item 8, in the Form 10-K for ~~customer-installed solar generation as~~additional information.

A $21 million increase in net energy costs collected from Ameren Missouri customers under the ~~rebate program was substantially completed by the end of 2014.~~FAC.

A ~~$49~~$16 million decrease in the cost of ~~natural gas held~~coal inventory at Ameren Missouri, as additional coal was purchased in ~~storage caused primarily by lower purchased gas prices.~~2015 to compensate for delivery disruptions experienced in 2014.

~~A $39 million decrease in pension and postretirement benefit plan contributions caused by the timing of payments.~~

~~A $23~~An $8 million increase in ~~natural gas commodity costs collected~~cash associated with the recovery of Ameren Illinois' IEIMA revenue requirement reconciliation adjustments. The 2014 revenue requirement reconciliation adjustment, which is being recovered from customers ~~under~~in 2016, was greater than the ~~PGAs, primarily related~~2013 revenue requirement reconciliation adjustment, which was recovered from customers in 2015.

Income tax refunds of $3 million in 2016, compared with income tax payments of $1 million in 2015. In 2016, Ameren continued to ~~Ameren Illinois.~~generate net operating losses due to bonus depreciation, resulting in no current federal income tax liability.

~~A $6 million decrease in payments to purchase stock associated with equity compensation plan awards.~~

The following items partially offset the increase in Ameren's cash from operating activities associated with continuing operations between periods:

A $42 million increase in the cost of natural gas held in storage caused primarily by fewer withdrawals as a result of milder winter temperatures compared with the prior year.

A $36 million increase in ~~coal inventory costs at Ameren Missouri caused by increased volumes resulting from the absence of weather-related railroad delivery delays that occurred in 2014.~~payments to purchase stock associated with share-based compensation plan awards.

A ~~$31~~$15 million increase in purchased power commodity costs ~~paid~~incurred compared with amounts collected from Ameren Illinois customers.

~~A $20~~An $8 million increase in ~~expenditures for customer energy efficiency programs compared with amounts collected from Ameren Illinois customers.~~

~~A net~~ ~~$20 million~~ ~~decrease in returns of collateral posted with counterparties,~~interest payments, primarily ~~resulting from changes in the market prices of power and natural gas and in contracted commodity volumes, partially offset by the effect of credit rating upgrades.~~

~~A $12 million reduction in income tax refunds~~ due to the ~~absence~~issuance of senior unsecured notes at Ameren (parent) in November 2015 and the issuance of ~~tax credit sales.~~senior secured notes at Ameren Illinois in December 2015.

A $7$6 million increase in major storm restoration costs at Ameren Illinois.

A $5 million increase in property tax payments at Ameren Missouri caused by ~~both~~ higher assessed property tax ~~values and tax rates.~~values.

Ameren’s cash from operating activities associated with discontinued operations was comparable between periods.

Ameren Missouri

Ameren Missouri’s cash from operating activities increased ~~$380~~$12 million in the first ~~nine months~~quarter of ~~2015,~~2016, compared with the same period in ~~2014~~2015. The following items contributed to the increase:

A ~~$275~~$42 million ~~decrease in income taxes paid to Ameren (parent) pursuant~~insurance receipt related to the ~~tax allocation agreement, primarily related to a change~~Taum Sauk breach. See Note 15 - Commitments and Contingencies under Part II, Item 8, in the ~~tax treatment~~Form 10-K for ~~generation repairs adopted in 2013, which increased payments in 2014.~~additional information.

A ~~$99~~$21 million increase in net energy costs collected from customers under the FAC.

A ~~$56 million decrease in rebate payments provided for customer-installed solar generation as the rebate program was substantially completed by the end of 2014.~~

A $16 ~~million decrease in pension and postretirement benefit plan contributions caused by the timing of payments.~~

~~An $8~~ million decrease in the cost of ~~natural gas held~~coal inventory, as additional coal was purchased in ~~storage caused by lower purchased gas prices.~~

~~A $6 million increase~~2015 to compensate for delivery disruptions experienced in ~~natural gas commodity costs collected from customers under the PGA.~~2014.

The following items partially offset the increase in Ameren Missouri’s cash from operating activities between periods:

A ~~$36~~$52 million increase in ~~coal inventory costs caused by increased volumes resulting from~~income taxes paid to Ameren (parent) pursuant to the tax allocation agreement, primarily related to the absence in 2016 of ~~weather-related delivery delays that occurred~~audit settlement refunds received in ~~2014.~~2015.

A ~~net $8~~$7 million ~~decrease in returns of collateral posted with counterparties, primarily resulting from changes~~increase in the ~~market prices~~cost of ~~power and~~ natural gas ~~and~~held in ~~contracted commodity volumes, partially offset~~storage caused primarily by fewer withdrawals as a result of milder winter temperatures compared with the ~~effect of credit rating upgrades.~~prior year.

A $7$5 million increase in property tax payments caused by ~~both~~ higher assessed property tax ~~values and tax rates.~~values.

Ameren Illinois

Ameren Illinois’ cash from operating activities ~~increased $145~~decreased $25 million in the first ~~nine months~~quarter of ~~2015,~~2016, compared with the same period in ~~2014~~2015. The following items contributed to the ~~increase:~~decrease:

A ~~$108~~$35 million increase in ~~cash associated~~the cost of natural gas held in storage caused primarily by fewer withdrawals as a result of milder winter temperatures compared with ~~IEIMA revenue requirement reconciliation adjustments as $55~~the prior year.

A $22 million ~~was~~increase in income taxes paid to Ameren (parent) pursuant to the tax allocation agreement, primarily related to the absence in 2016 of audit settlement refunds received in 2015.

A $15 million increase in purchased power commodity costs incurred compared with amounts collected from ~~customers in 2015 and $53 million was refunded to customers in 2014.~~customers.

A ~~$43~~$6 million increase in major storm restoration costs.

A $5 million increase in interest payments, primarily due to the issuance of senior secured notes in December 2015.

The following items partially offset the decrease in Ameren Illinois’ cash from operating activities between periods:

A $53 million increase resulting from electric and natural gas margins, as discussed in Results of Operations, excluding certain noncash items, as well as the change in customer receivable balances.

~~A $41 million decrease in the cost of natural gas held in storage caused primarily by lower purchased gas prices.~~

~~A $17~~An $8 million increase in ~~natural gas commodity costs collected~~cash associated with the recovery of IEIMA revenue requirement reconciliation adjustments. The 2014 revenue requirement reconciliation adjustment, which is being recovered from customers ~~under~~in 2016, was greater than the ~~PGA.~~

~~A $16 million decrease~~2013 revenue requirement reconciliation adjustment, which was recovered from customers in ~~pension and postretirement benefit plan contributions caused by the timing of payments.~~

~~The following items partially offset the increase in Ameren Illinois’ cash from operating activities between periods:~~

~~A $31 million increase in purchased power commodity costs incurred compared with amounts collected from customers.~~

~~A $20 million increase in expenditures for customer energy efficiency programs compared with amounts collected from customers.~~

~~A $20 million reduction in income tax refunds primarily due to higher pre-tax income during~~ 2015.

A net $12 million decrease in returns of collateral posted with counterparties, primarily resulting from changes in the market prices of power and natural gas and in contracted commodity volumes, partially offset by the effect of credit rating upgrades.

Cash Flows from Investing Activities

Ameren’s cash used in investing activities associated with continuing operations increased ~~$11~~$85 million in the first ~~nine months~~quarter of ~~2015~~2016, compared with the same period in ~~2014~~2015. Capital expenditures increased $2279 million as a result of the activity at Ameren Missouri and Ameren Illinois, as discussed below, and a ~~$144~~$7 million increase in ATXI’s capital expenditures, which primarily related to the ~~Illinois Rivers project, offset by the activity at Ameren Missouri and Ameren Illinois, as discussed below.~~Spoon River project.

~~No cash from investing activities was provided by or used for discontinued operations during 2015. In the nine months ended September 30, 2014, Ameren’s cash~~Cash provided by investing activities associated with discontinued operations ~~consisted~~was $14 million in the first quarter of

~~$152 million received for~~ 2016, due to the receipt of the amount held in escrow from the sale to Rockland Capital. In April 2016, Medina Valley paid Genco its portion of the ~~Elgin, Gibson City, and Grand Tower gas-fired energy centers in January 2014, offset~~escrow amount. In the first quarter of 2015, no cash was used or provided by ~~payment of $13 million to IPH for the final working capital adjustment and a portion of certain contingent liabilities associated with the New AER divestiture.~~discontinued operations.

Ameren Missouri’s cash used in investing activities ~~increased $146 million, primarily due~~was comparable to 2015, as a ~~$250~~return of a $36 million money pool advance ~~partially~~in 2016 was offset by ~~decreased transmission and~~increased capital expenditures in 2016 of $33 million primarily related to electric distribution system reliability and energy center ~~capital expenditures.~~projects.

Ameren Illinois’ cash used in investing activities ~~decreased $12~~increased $62 million due to a ~~decrease~~$37 million increase in capital expenditures ~~for transmission projects offset, in part, by increases in IEIMA electric distribution projects. While spending~~primarily related to transmission projects, decreased during the first nine months of 2015, compared to the prior-year period, capital expenditures related to transmission projects for calendar year 2015 are expected to exceed calendar year 2014 amounts.and a $25 million increase in money pool advances.

Ameren estimates its capital expenditures from 2015 through 2019 will be $8.6 billion to $9.3 billion, with $2.0 billion expected in 2015. During the nine months ended September 30, 2015, Ameren’s capital expenditures totaled $1.3 billion. Ameren is currently evaluating potential capital expenditures at Ameren Illinois of an estimated $500 million to $1 billion that are incremental to the estimate above. Ameren will continue to evaluate these investment opportunities as a part of its normal annual planning process.

Ameren Missouri continually reviews its generation portfolio and expected power needs. As a result, Ameren Missouri could modify its plan for generation capacity, the type of generation asset technology that will be employed, and whether capacity or power may be purchased, among other changes. Additionally, we continually review the reliability of our transmission and distribution systems, expected capacity needs, and opportunities for transmission investments. The timing and amount of investments could vary because of changes in expected capacity, the condition of transmission and distribution systems, changes in laws or regulations, and our ability and willingness to pursue transmission investments, among other factors. Any changes in future generation, transmission, or distribution needs could result in significant capital expenditures or impairment losses, which could be material. Compliance with environmental regulations could also have significant impacts on the level of capital expenditures. See Note 9 - Commitments and Contingencies in Part I, Item 1, of this report for additional information.

Cash Flows from Financing Activities

Ameren’s ~~cash used in~~ financing activities associated with continuing operations ~~increased $91~~used net cash of $118 million during the first ~~nine months~~quarter of 2016, compared to providing net cash of $128 million during the same period in 2015. The cash used in financing activities during 2016 primarily resulted from the payment at maturity of certain Ameren Missouri long-term debt, the payment of common stock dividends, and the remittance of employee payroll taxes related to share-based payments. The cash used in financing activities in 2016 was partially offset by an increase in short-term debt. In the first quarter of 2016, Ameren and its registrant subsidiaries issued short term debt, used cash on hand, and cash provided by operating activities to repay at maturity long-term debt, fund investing activities, and pay dividends. In comparison, during the

first quarter of 2015, Ameren and its registrant subsidiaries issued short-term debt and used cash provided by operating activities to fund investing activities and pay dividends.

Ameren Missouri’s financing activities used net cash of $198 million during the first quarter of 2016, compared to providing net cash of $12 million during the same period in 2015. In the first quarter of 2016, Ameren Missouri paid common stock dividends of $140 million, issued $165 million of short-term debt, repaid at maturity $260 million in long term-debt, and received a capital contribution of $38 million. During the first quarter of 2016, Ameren Missouri used cash provided by operating activities along with cash on hand to fund investing activities and pay dividends. In 2015, Ameren Missouri issued $43 million of short-term debt, borrowed $61 million from the money pool, paid common stock dividends of $315 million, and received a capital contribution of $224 million. During the first quarter of 2015, Ameren Missouri used cash provided by these financing activities and cash provided by operating activities to fund investing activities and pay dividends.

Ameren Illinois’ cash used in financing activities decreased $17 million during the first quarter of 2016, compared with the same period in ~~2014. The increase in cash used in financing activities resulted from decreased net borrowing activity.~~2015. In the first quarter of 2016, Ameren Illinois paid common stock dividends of $30 million. In the first quarter of 2015, Ameren Illinois repaid $32 million of short-term debt and $15 million to the money pool. During the first ~~nine months~~quarter of 2016, Ameren Illinois used cash provided by operating activities along with cash on hand to fund investing activities and pay dividends. During the first quarter of 2015, ~~and 2014,~~ Ameren Illinois used cash ~~generated from~~provided by operating activities to fund investing and financing ~~activities and, in 2015, to~~activities.

increase its cash balance. In addition, Ameren Missouri issued and redeemed long-term debt during the first nine months of 2015 and 2014. Ameren Illinois issued and redeemed long-term debt during the first nine months of 2014.

~~No cash from financing activities was used for discontinued operations during 2015 or 2014.~~

Ameren Missouri’s cash used in financing activities increased $166 million during the first nine months of 2015, compared with the same period in 2014. In the first nine months of 2015, Ameren Missouri received a capital contribution from Ameren (parent) of $224 million, repaid a net $97 million of short-term debt, paid common stock dividends of $490 million, redeemed $114 million in long term-debt, and received proceeds of $249 million from a long-term debt issuance. During the first nine months of 2015, Ameren Missouri used a portion of its cash generated from operating activities to fund investing and financing activities. In 2014, Ameren Missouri issued a net $65 million of short-term debt, repaid a net $105 million to the money

pool, paid common stock dividends of $268 million, redeemed long-term debt of $104 million, and received proceeds of $350 million from a long-term debt issuance. During the first nine months of 2014, Ameren Missouri used cash generated from operating activities and cash on hand to fund investing and financing activities.

Ameren Illinois’ cash provided by financing activities decreased $158 million during the first nine months of 2015, compared with the same period in 2014. In the first nine months of 2015, Ameren Illinois repaid a net $32 million of short-term debt and borrowed a net $107 million from the money pool. During the first nine months of both 2015 and 2014, Ameren Illinois used cash from financing activities to fund investing activities that were not funded by cash generated from operating activities. In 2014, Ameren Illinois borrowed a net $189 million of short-term debt, repaid a net $40 million to the money pool, redeemed long-term debt of $163 million, and received proceeds of $248 million from a long-term debt issuance.

Credit Facility Borrowings and Liquidity

The liquidity needs of Ameren, Ameren Missouri, and Ameren Illinois are typically supported through the use of available cash, short-term intercompany borrowings, drawings under committed credit agreements or commercial paper issuances. See Note 3 - Short-term Debt and Liquidity under Part I, Item 1, of this report for additional information on credit agreements, short-term borrowing activity, commercial paper issuances, relevant interest rates, and borrowings under Ameren’s money pool arrangements.

The following table presents Ameren’s consolidated liquidity as of ~~September 30, 2015~~March 31, 2016:


	Available at September 30, 2015		Available at March 31, 2016
Ameren and Ameren Missouri:
2012 Missouri Credit Agreement - borrowing capacity ^(a)	$	1,000
Missouri Credit Agreement - borrowing capacity ^(a)			$	1,000
Less: Ameren (parent) commercial paper outstanding	457		408
2012 Missouri Credit Agreement - credit available	543
Missouri Credit Agreement - credit available			592
Ameren and Ameren Illinois:
2012 Illinois Credit Agreement - borrowing capacity ^(a)	1,100
Illinois Credit Agreement - borrowing capacity ^(a)			1,100
Less: Ameren (parent) commercial paper outstanding	326		173
Less: Letters of credit ^(b)	13		4
2012 Illinois Credit Agreement - credit available	761
Illinois Credit Agreement - credit available			923
Total Credit Available	$	1,304	$	1,515
Cash and cash equivalents	72		13
Total Liquidity	$	1,376	$	1,528


(a)	Expires in December 2019.


~~(b)~~	As of September 30, 2015, $9 million of the letters of credit related to Ameren's credit support obligations to New AER. See Note 12 - Divestiture Transactions and Discontinued Operations under Part I, Item 1, of this report for additional information.

The ~~2012~~ Credit Agreements are used to borrow cash, to issue letters of credit, and to support issuances under Ameren’s, Ameren Missouri’s, and Ameren Illinois’ commercial paper programs. Either of the ~~2012~~ Credit Agreements are available to Ameren to support issuances under Ameren’s commercial paper program, subject to borrowing sublimits. The ~~2012~~ Missouri Credit Agreement is available to support issuances under Ameren Missouri’s commercial paper program. The ~~2012~~ Illinois Credit Agreement is available to support issuances under Ameren Illinois’ commercial paper program. Issuances under the Ameren, Ameren Missouri, and Ameren Illinois commercial paper programs were available at lower interest rates than the interest

rates available under the ~~2012~~ Credit Agreements. As such, commercial paper issuances were a preferred source of third-party short-term debt relative to credit facility borrowings.

In addition, Ameren Missouri and Ameren Illinois may borrow cash from the utility money pool when funds are available. The rate of interest depends on the composition of internal and external funds in the utility money pool. Ameren Missouri and Ameren Illinois borrow from the utility money pool when funds are available before utilizing the ~~2012~~ Credit Agreements and commercial paper programs because the utility money pool interest rates are lower.

The issuance of short-term debt securities by Ameren’s utility subsidiaries is subject to approval by the FERC under the Federal Power Act. In ~~July 2015,~~February 2016, the FERC issued an order authorizing ~~ATXI~~Ameren Missouri to issue up to ~~$300 million~~$1 billion of short-term debt securities ~~through July 14, 2017.~~thorough March 2018.

The Ameren Companies continually evaluate the adequacy

and appropriateness of their liquidity arrangements given changing business conditions. When business conditions warrant, changes may be made to existing credit agreements or to other short-term borrowing arrangements.

Long-term Debt and Equity

~~The following table presents the issuances (net~~In February 2016, $260 million principal amount of ~~any issuance discounts), maturities,~~Ameren Missouri's 5.40% senior secured notes matured and ~~redemptions of long-term debt for the Ameren Companies for the nine months ended September 30, 2015~~was repaid with cash on hand and ~~2014.~~ commercial paper borrowings.

The Ameren Companies did not ~~have~~issue any ~~issuances of~~ common stock during the first ~~nine~~ ~~months~~quarter of ~~2015~~2016 or ~~2014.~~2015. In March 2016 and 2015, Ameren Missouri received cash capital contributions of $38 million and $224 million, respectively, from Ameren (parent). ~~For additional information, see Note 4 - Long-term Debt and Equity under Part I, Item 1, of this report~~.

Month Issued, Redeemed, or Matured 2015 2014
Issuances
Long-term debt
Ameren Missouri:
3.65% Senior secured notes due 2045 April $ 249
$ —
3.50% Senior secured notes due 2024 April —
350
Ameren Illinois:
4.30% Senior secured notes due 2044 June —
248
Total Ameren long-term debt issuances $ 249
$ 598
Redemptions and Maturities
Long-term debt
Ameren (parent):
8.875% Senior unsecured notes due 2014 May $ —
$ 425
Ameren Missouri:
4.75% Senior secured notes due 2015 April 114
—
5.50% Senior secured notes due 2014 May —
104
Ameren Illinois:
5.90% Series 1993 due 2023^(a)
January —
32
5.70% 1994A Series due 2024^(a)
January —
36
5.95% 1993 Series C-1 due 2026 January —
35
5.70% 1993 Series C-2 due 2026 January —
8
5.40% 1998A Series due 2028 January —
19
5.40% 1998B Series due 2028 January —
33
Total Ameren long-term debt redemptions and maturities $ 114
$ 692

~~(a)Less than $1 million principal amount of the bonds remain outstanding after redemption.~~

In April 2015, Ameren Missouri issued $250 million of 3.65% senior secured notes due April 15, 2045, with interest payable semiannually on April 15 and October 15 of each year, beginning October 15, 2015. Ameren Missouri received proceeds of $247 million, which were used to repay outstanding short-term debt, including short-term debt that Ameren Missouri incurred in connection with the repayment of $114 million of its 4.75% senior secured notes that matured on April 1, 2015.

In June 2015, Ameren, Ameren Missouri, and Ameren Illinois filed a Form S-3 shelf registration statement registering the issuance of an indeterminate amount of certain types of securities. The registration statement became effective immediately upon filing and will expire in June 2018.

The Ameren Companies may sell securities registered under their effective registration statements if market conditions and capital requirements warrant such sales. Any offer and sale will be made only by means of a prospectus that meets the requirements of the Securities Act of 1933 and the rules and regulations thereunder.

Indebtedness Provisions and Other Covenants

See Note 3 - Short-term Debt and Liquidity and Note 4 - Long-term Debt and Equity Financings under Part I, Item 1, of this report and Note 4 - Short-term Debt and Liquidity and Note 5

- Long-term Debt and Equity Financings under Part II, Item 8, of the Form 10-K for a discussion of covenants and provisions (and applicable cross-default provisions) contained in our credit agreements and

in certain of the Ameren Companies’ indentures and articles of incorporation.

At ~~September 30, 2015~~March 31, 2016, the Ameren Companies were in compliance with the provisions and covenants contained within their credit agreements, indentures, and articles of incorporation.

We consider access to short-term and long-term capital markets a significant source of funding for capital requirements not satisfied by cash generated from our operating activities. Inability to raise capital on reasonable terms, particularly during times of uncertainty in the capital markets, could negatively affect our ability to maintain and expand our businesses. After assessing its current operating performance, liquidity, and credit ratings (see Credit Ratings below), Ameren, Ameren Missouri, and Ameren Illinois each believes that it will continue to have access to the capital markets. However, events beyond Ameren’s, Ameren Missouri’s, and Ameren Illinois’ control may create uncertainty in the capital markets or make access to the capital markets uncertain or limited. Such events could increase our cost of capital and adversely affect our ability to access the capital markets.

Dividends

The amount and timing of dividends payable on Ameren’s common stock are within the sole discretion of Ameren’s board of directors. Ameren’s board of directors has not set specific targets or payout parameters when declaring common stock dividends but considers various factors, including Ameren’s overall payout ratio, payout ratios of our peers, projected cash flow and potential future cash flow requirements, historical earnings and cash flow, projected earnings, impacts of regulatory orders or legislation, and other key business considerations. Ameren expects its dividend payout ratio to be between 55% and 70% of earnings over the next few years. On ~~October 9, 2015,~~April 29, 2016, Ameren’s board of

directors declared a quarterly common stock dividend of 42.5 cents per share payable on ~~December 31, 2015,~~June 30, 2016, to ~~stockholders~~shareholders of record on ~~December 9, 2015, resulting in an annualized equivalent dividend rate of $1.70 per share. The previous annualized equivalent dividend rate was $1.64 per share.~~June 8, 2016.

See Note 4 - Short-term Debt and Liquidity and Note 5 - Long-term Debt and Equity Financings under Part II, Item 8, of the Form 10-K for additional discussion of covenants and provisions contained in certain of the Ameren Companies’ financial agreements and articles of incorporation that would restrict the Ameren Companies’ payment of dividends in certain circumstances. At ~~September 30, 2015~~March 31, 2016, none of these circumstances existed at Ameren, Ameren Missouri, or Ameren Illinois and, as a result, these companies were not restricted from paying dividends.

The following table presents common stock dividends declared and paid by Ameren Corporation to its common ~~stockholders~~shareholders and by Ameren Missouri and Ameren Illinois to their parent, Ameren Corporation, for the ~~nine~~three months ended ~~September 30, 2015~~March 31, 2016 and ~~2014~~2015:


	Nine Months				Three Months
	2015		2014		2016		2015
Ameren Missouri	$	490	$	268	$	140	$	315
Ameren Illinois	—		—		30		—
Ameren	298		291		103		99

Contractual Obligations

For a listing of our obligations and commitments, see Other Obligations in Note 9 - Commitments and Contingencies under Part I, Item 1, of this report. See Note 11 - Retirement Benefits under Part I, Item 1, of this report for information regarding expected minimum funding levels for our pension plan.

At ~~September 30, 2015~~March 31, 2016, total ~~other~~ obligations related to commitments for coal, natural gas, nuclear fuel, purchased power, methane gas, equipment, and meter reading services, among other agreements, at Ameren, Ameren Missouri, and Ameren Illinois were ~~$4,832~~$4,566 million, ~~$2,913~~$2,786 million, and ~~$1,888~~$1,729 million, respectively.

Off-Balance-Sheet Arrangements

At ~~September 30, 2015~~March 31, 2016, none of the Ameren Companies had ~~any~~ off-balance-sheet financing arrangements, other than operating leases entered into in the ordinary course of ~~business.~~business, letters of credit, and Ameren parent guarantee arrangements on behalf of its subsidiaries. None of the Ameren Companies expect to engage in any significant off-balance-sheet financing arrangements in the near future. See Note 12 - Divestiture Transactions and Discontinued Operations under Part I, Item 1, of this report for Ameren (parent) guarantees and letters of credit issued to support New AER based on the transaction agreement with IPH.

Credit Ratings

The credit ratings of the Ameren Companies affect our liquidity, access to the capital markets and credit markets, cost of borrowing under credit facilities, commercial paper programs, and collateral posting requirements under commodity contracts.

The following table presents the principal credit ratings of the Ameren Companies by Moody’s and S&P ~~and Fitch~~ effective on the date of this report:



	Moody’s	S&P	~~Fitch~~
Ameren:
Issuer/corporate credit rating	Baa1	BBB+	~~BBB+~~
Senior unsecured debt	Baa1	BBB	~~BBB+~~
Commercial paper	P-2	A-2	F2
Ameren Missouri:
Issuer/corporate credit rating	Baa1	BBB+	~~BBB+~~
Secured debt	A2	A	A
Senior unsecured debt	Baa1	BBB+	A-
Commercial paper	P-2	A-2	F2
Ameren Illinois:
Issuer/corporate credit rating	A3	BBB+	~~BBB+~~
Secured debt	A1	A	A
Senior unsecured debt	A3	BBB+	A-
Commercial paper	P-2	A-2	F2

A credit rating is not a recommendation to buy, sell, or hold securities. It should be evaluated independently of any other rating. Ratings are subject to revision or withdrawal at any time by the rating organization.

Collateral Postings

Any adverse change in our credit ratings may reduce access to capital and trigger additional collateral postings and prepayments. Such changes may also increase the cost of borrowing, resulting in ~~a potential negative impact~~an adverse effect on earnings. Cash collateral postings and prepayments made with external parties, including postings related to exchange-traded contracts, at ~~September 30, 2015~~,and cash collateral posted by external parties were ~~$10 million, $9 million, and $1 million~~immaterial at Ameren, Ameren Missouri, and Ameren Illinois ~~respectively. At September 30, 2015, cash collateral posted by external counterparties with Ameren and Ameren Illinois was $5 million.~~at March 31, 2016. Sub-investment-grade issuer or senior unsecured debt rating (lower than “BBB-” or “Baa3”) at ~~September 30, 2015~~,March 31, 2016, could have resulted in Ameren, Ameren Missouri, or Ameren Illinois being required to post additional collateral or other assurances for certain trade obligations amounting to ~~$150~~$147 million, ~~$75~~$76 million, ~~or $75~~and $71 million, respectively.

Changes in commodity prices could trigger additional collateral postings and prepayments. Based on credit ratings at ~~September 30, 2015,~~March 31, 2016, if market prices were 15% higher or lower than ~~September 30, 2015~~March 31, 2016 levels in the next 12 months and 20% higher or lower thereafter through the end of the term of the commodity contracts, then Ameren, Ameren Missouri, or Ameren Illinois would ~~not~~only be required to post ~~additional collateral or other assurances for certain trade obligations. Based on credit ratings at September 30, 2015, if market prices were 15% lower than~~ ~~September 30, 2015~~ ~~levels in the next 12 months and 20% lower thereafter through the end of the term of the commodity contracts, then Ameren, Ameren Missouri, or Ameren Illinois could be required to post additional~~ collateral or other assurances for certain trade obligations upthat would be immaterial compared to ~~$27 million, $12 million, and $15 million, respectively.~~each company’s liquidity.

~~See Note 12 - Divestiture Transactions and Discontinued Operations under Part I, Item 1, of this report for information regarding Ameren (parent) guarantees.~~

OUTLOOK

We seek to earn competitive returns on investments in our businesses. We are seeking to improve our regulatory frameworks and cost recovery mechanisms and simultaneously pursuing constructive regulatory outcomes within existing frameworks. We are seeking to align our overall spending, both operating and capital, with economic conditions and with regulatory frameworks established by our regulators. Consequently, we are focused on minimizing the gap between allowed and earned returns on equity. We intend to allocate capital resources to our business opportunities that offer the most attractive risk-adjusted return potential.

Below are some key trends, events, and uncertainties that are reasonably likely to affect our results of operations, financial condition, or liquidity, as well as our ability to achieve strategic and financial objectives, for ~~2015~~2016 and beyond.

Operations

Our strategy for earning competitive returns on our investments involves meeting customer energy needs in an efficient fashion, working to enhance regulatory frameworks, making timely and well-supported rate case filings, and aligning overall spending with those rate case outcomes, economic conditions, and return opportunities.

Ameren continues to pursue its plans to invest in FERC-regulated electric transmission. MISO has approved three electric transmission projects to be developed by ATXI. The first project, Illinois Rivers, involves the construction of a transmission line from western Indiana across the state of Illinois to eastern Missouri. ~~The first sections of the Illinois Rivers project are expected to be completed in 2016.~~ The last section of this project is expected to be completed by 2019. The Spoon River project in northwest Illinois and the Mark Twain project in northeast Missouri are the other two MISO-approved projects to be constructed by ATXI. These two projects are expected to be completed in 2018. The Illinois Rivers and the Spoon River projects have received all of the necessary commission approvals to authorize their construction. In April 2016, the MoPSC granted ATXI a certificate of convenience and necessity for the Mark Twain project. Starting construction under the certificate is subject to ATXI obtaining assents from the five counties where the line will be constructed. Extended difficulties in obtaining the assents could delay the completion date. The total investment in ~~these~~all three projects is expected to be more than ~~$1.4~~$1.0 billion ~~during 2015~~from 2016 through 2019. This total includes over ~~$100~~$60 million of investment by Ameren Illinois to construct connections to its existing transmission system. ~~Separate from~~In addition to its investment in the ~~three~~MISO-approved projects, ~~discussed above,~~ Ameren Illinois expects to invest ~~approximately $900 million~~$1.9 billion in electric transmission assets ~~during 2015~~from 2016 through ~~2019~~2020 to address load growth and reliability requirements. The Ameren Illinois projects discussed above do not include potential additional capital investments for 2016 through 2019 that are currently being evaluated as part of our normal annual planning process and are discussed in the Liquidity and Capital Resources section below.

Both Ameren Illinois and ATXI use a forward-looking rate calculation with an annual revenue requirement reconciliation for each company’s electric transmission business. ~~Using~~With the rates that ~~will become~~became effective on

January 1, 2016, and the currently allowed 12.38% return on equity, the 2016 revenue requirement for Ameren Illinois’ electric

transmission business would be ~~$242~~$241 million, which represents a ~~$43~~$42 million increase over the 2015 revenue requirement due to rate base growth. These rates reflect a capital structure composed of 51.9% common equity and a projected rate base of $1.2 billion. ~~Using~~With the rates that ~~will become~~became effective on January 1, 2016, and the currently allowed 12.38% return on equity, the 2016 revenue requirement for ATXI’s electric transmission business would be ~~$138~~$140 million, which represents a ~~$58~~$60 million increase over the 2015 revenue requirement due to rate base growth, primarily as a result of the Illinois Rivers project. These rates reflect a capital structure composed of 56.1% common equity and a projected rate base of ~~$887 million.~~$0.9 billion.

The 12.38% return on common equity is the subject of two FERC complaint proceedings, the November 2013 complaint case and the February 2015 complaint case, that challenge the allowed base return on common equity for MISO transmission owners. ~~The~~In December 2015, a FERC ~~scheduled hearing procedures for both~~administrative law judge issued an initial decision in the November 2013 complaint case ~~and~~that would lower the allowed base return on common equity to 10.32%. The FERC is expected to issue a final order on the November 2013 complaint case by the fourth quarter of 2016. The initial decision from an administrative law judge in the February 2015 complaint case, ~~requiring a proposed order from its administrative law judge~~which will subsequently require FERC approval, is expected to be issued in ~~each case no later than November 30, 2015 and June 30, 2016, respectively.~~the second quarter of 2016. A 50 basis point reduction in the FERC-allowed base return on common equity would reduce Ameren's and Ameren Illinois' annual earnings by an estimated $5$6 million and $3 million, respectively, based on each company’s 2016 projected rate base. Ameren and Ameren Illinois recorded current regulatory liabilities on their respective March 31, 2016 balance sheets, ~~as of September 30, 2015,~~ representing their estimate of the potential refunds from ~~the~~ November ~~12,~~ 2013 ~~refund effective date.~~through March 2016.

OnIn January 6, 2015, a FERC-approved incentive adder of up to 50 basis points on the allowed base return on common equity for our participation in an RTO became effective. Upon the issuance of the final order addressing the ~~initial MISO~~November 2013 complaint case, ~~discussed above,~~ beginning with its January 6, 2015 effective date, the incentive adder will reduce any refund to customers relating to a reduction of the base return on common equity.

In April 2015, the MoPSC issued an order approving an increase in Ameren Missouri’s annual revenues for electric ~~service of $122 million, including $109 million related to the increase in net energy costs above those included in base rates previously authorized by the MoPSC.~~service. The revenue increase was based on a 9.53% return on common equity, a capital structure composed of 51.8% common equity, and a rate base of $7.0 billion to reflect investments through December 31, 2014. Rate changes consistent with the order became effective on May 30, 2015. Ameren Missouri’s revenue requirement, prior to May 30, 2015, was based on a 9.8% return on common equity, a capital structure composed of 52.3% common equity, and a rate base of $6.8 billion. Accordingly, the level of earnings reflected in the revenue requirement in effect after May 30, 2015, is lower than the level of earnings reflected in the previously effective revenue requirement. The orderalso approved Ameren Missouri’s request for continued use of the FAC; however, it changed the FAC to exclude all transmission revenues and

substantially all transmission charges. ~~In addition, the order did not approve the continued use of regulatory tracking mechanisms for storm costs and vegetation management and infrastructure inspection costs. These changes~~This change to Ameren Missouri’s ~~recovery mechanisms are expected to contribute~~FAC is contributing to regulatory lag. For example, the April 2015 MoPSC electric rate order included $29 million of transmission charges in base rates that were previously included in the ~~FAC that are now included in base rates totaled $30 million in 2014 and are expected~~FAC. Ameren Missouri expects transmission charges to increase to ~~$41~~$53 million in ~~2015,~~2016, with further cost increases expected in the foreseeable future. However, transmission revenues included in base rates in the April 2015 MoPSC electric rate order totaled $34 million ~~in 2014~~ and are expected to ~~increase annually to $36 million in 2015 and~~ remain relatively constant in 2016 and into the ~~foreseeable~~near future.

~~Sales~~

Ameren Missouri supplies electricity to ~~Noranda represented 5%~~Noranda’s aluminum smelter located in southeast Missouri. In its April 2015 electric rate order, the MoPSC approved a rate design that established $78 million in annual revenues, net of fuel and purchased power costs, as Noranda’s portion of Ameren Missouri’s ~~total~~revenue requirement. The portion of Ameren Missouri’s annual revenue requirement reflected in Noranda’s electric ~~revenue~~rate is based on the smelter using approximately 4.2 million megawatthours annually, which is almost 100% of its operating capacity. In the first quarter of 2016, Noranda idled production at its aluminum smelter. In addition, Noranda filed voluntary petitions for a court-supervised restructuring process under Chapter 11 of the United States Bankruptcy Code. Noranda stated it would maintain the flexibility to restart operations at the smelter should conditions allow. As a result of these events in ~~2014. Sales~~2016, actual sales volumes to Noranda ~~during 2015 have been~~will be significantly below the sales volumes ~~assumed~~reflected in ~~the MoPSC’s April 2015 electric rate order. To the extent actual sales volumes are lower than the sales volumes assumed in determining~~ rates, ~~due to operating or financial difficulties at Noranda,~~and therefore, Ameren Missouri ~~may under-recover~~will not fully recover its ~~fixed costs~~revenue requirement until rates are adjusted by the ~~MoPSC.~~

MoPSC in a future electric rate case to reflect Noranda’s actual sales volumes. Ameren ~~Missouri's~~Missouri estimates a $38 million reduction in 2016 earnings, compared to 2015, relating to the significantly lower expected electric sales volumes to Noranda after consideration of the FAC-tariff provision that allows Ameren Missouri to retain a portion of its off-system sales. Ameren Missouri expects to file an electric rate case in 2016 to reflect additional infrastructure investments and rising costs, including depreciation, transmission service, and property tax expenses, and expects the resulting new rates to reflect Noranda's actual sales volumes, which would prospectively eliminate the impact of the current ~~MEEIA plan provides for~~revenue shortfall from Noranda sales levels. Rate case proceedings take place over a ~~cumulative investment in customer energy efficiency programs~~period of up to ~~$147 million during~~11 months from the date of filing. Ameren Missouri will continue to monitor Noranda’s sales volumes and to evaluate its regulatory and legislative options that might mitigate adverse financial impacts. The reduction in Noranda’s sales volumes have adversely affected and will continue to adversely affect Ameren’s and Ameren Missouri’s results of operations, financial condition, and liquidity until customer rates are adjusted in a future rate case.

The MEEIA 2013 ~~through 2015. Additionally, the plan provides for a~~ performance incentive ~~that would allow~~allowed Ameren Missouri an opportunity to earn additional revenues ~~based on achievement of~~by achieving certain customer energy efficiency goals, including $19 million if 100% of the goals ~~are~~were achieved during the three-year period, with the potential to earn ~~more~~a larger performance incentive if Ameren Missouri’s energy savings ~~exceed~~exceeded those goals. In ~~June~~November 2015, the MoPSC ~~staff filed a complaint case with the MoPSC regarding the method and inputs~~issued an order that clarified how an input used in ~~calculating~~ the ~~performance incentive. If the MoPSC agrees with the MoPSC staff’s interpretation~~calculation of ~~the August 2012 MEEIA order,~~ the performance incentive ~~recognized in 2016~~ would be determined. Ameren Missouri filed an appeal of the order with the Missouri Court of Appeals, Western District. If the Missouri Court of Appeals upholds the MoPSC order, the MEEIA 2013 performance incentive will be significantly less than the performance incentive calculated using Ameren Missouri’s interpretation. ~~Regardless~~A decision from the Missouri Court of Appeals is expected in 2016. Separately, an order from the ~~MoPSC’s decision~~MoPSC determining the MEEIA 2013 performance

incentive is also expected in 2016. Ameren Missouri has not recorded any revenues associated with the ~~complaint case,~~MEEIA 2013 performance incentive. Ameren Missouri believes it will ~~exceed~~ultimately be found to have exceeded 100% of the customer energy efficiency goals, and it therefore expects to recognize revenues relating to the MEEIA 2013 performance incentive of at least $19 million ~~associated with the performance incentive~~ in 2016. ~~In addition, Ameren Missouri records revenues based on~~

The throughput disincentive recovery under MEEIA 2016 replaced the net shared benefits ~~associated with~~that were collected under MEEIA 2013. Net shared benefits compensated Ameren Missouri for the ~~reduction in~~current year and longer-term financial impacts of customer energy ~~usage that results~~efficiency programs in each year of the program from 2013 through 2015. The throughput disincentive included in MEEIA 2016, on the other hand, is designed to be earnings neutral each year by compensating Ameren Missouri for the lost sales volumes from its customer energy efficiency ~~programs. From January~~programs that occur in that year, and does not compensate for the longer-term financial impacts of these programs until sales volumes are lost in a future year. The unfavorable effects of sales volume reductions in 2016 from the MEEIA 2013 energy efficiency programs were previously recognized during 2013 through ~~September~~ 2015 ~~Ameren Missouri has recorded revenues of $134 million, $45 million of which was recorded in 2015, associated with the~~as net shared benefits, ~~based on the estimated megawatthour reductions provided by the MEEIA customer energy efficiency programs both in the program period~~ and ~~in the future. In October 2015, the MoPSC rejected Ameren Missouri’s MEEIA energy efficiency plan for 2016 through 2018. Ameren Missouri is studying the MoPSC’s October 2015 order~~therefore, any such lost sales volumes have impacted and ~~evaluating whether to file another proposed energy efficiency plan with the MoPSC. Ameren Missouri expects to~~will continue to ~~experience sales volume reductions into~~negatively impact 2016 ~~from the 2013 through 2015 MEEIA plan.~~earnings.

The IEIMA provides for an annual reconciliation of the revenue requirement necessary to reflect the actual ~~recoverable~~ costs incurred in a given year with the revenue requirement that was reflected in customer rates for that year. Consequently, Ameren Illinois' ~~2015~~2016 electric delivery service revenues will be based on its ~~2015~~2016 actual recoverable costs, rate base, and return on common equity as calculated under the IEIMA's performance-based formula ratemaking framework. The ~~2015~~2016 revenue requirement is expected to be higher than the ~~2014~~2015 revenue requirement ~~due to~~because of an expected increase in recoverable costs and rate base ~~growth, partially offset by a reduction in the allowed return on equity due to lower United States Treasury bond yields.~~growth. A 50 basis point change in the average monthly yields of the 30-year United States Treasury bonds would result in an estimated $6 million change in Ameren's and Ameren Illinois' ~~2015~~ net ~~income.~~income, based on its 2016 projected rate base.

In December ~~2014,~~2015, the ICC issued an order with respect to Ameren Illinois’ annual update filing. The ICC approved a ~~$204~~$106 million increase in Ameren Illinois’ electric delivery service revenue requirement beginning in January ~~2015. The resulting customer~~2016. These rates have affected and will continue to affect Ameren Illinois' cash receipts during ~~2015,~~2016, but will not be the sole determinant of its electric delivery service operating revenues, which will instead be largely determined by the IEIMA's ~~2015~~2016 revenue requirement reconciliation. The ~~2015~~2016 revenue requirement reconciliation, as discussed above, is expected to result in a regulatory asset that will be collected from customers in ~~2017.~~2018.

on ~~2014~~2015 actual ~~recoverable~~ costs and expected net plant additions for ~~2015,~~2016, an increase to include the ~~2014~~2015 revenue requirement reconciliation adjustment, and a decrease for the conclusion of the ~~2013~~2014 revenue requirement reconciliation adjustment, which will be fully collected from customers in 2015. In October 2015, the ICC staff submitted its calculation of Ameren Illinois’ revenue requirement. The ICC staff recommended adjustments that would result in a $107 million increase in Ameren Illinois’ electric delivery service revenue requirement. An ICC decision on this update filing is required by December 2015. The resulting customer2016. These rates will affect Ameren Illinois' cash receipts during ~~2016,~~2017, but will not be the sole determinant of its ~~2016~~ electric delivery service operating revenues, which will instead be largely determined by the IEIMA's ~~2016~~2017 revenue requirement reconciliation.

In July 2015, Ameren Illinois filed an amended request with the ICC seeking approval to increase its annual revenues for natural gas delivery service. This rate case includes a capital structure composed of 50% common equity and a rate base of $1.2 billion. In July 2015, Ameren Illinois, the ICC staff, and certain other intervenors filed a stipulation and agreement with the ICC that would result in rates that are based on a return on common equity of 9.6%. The

agreement does not address the positions of all of the parties in the rate case. Based on the terms in the agreement and the unresolved positions in the case, Ameren Illinois' request seeks an annual revenue increase of $45 million, which is consistent with the ICC staff’s recommendation and the administrative law judges' proposed order issued in November 2015. The administrative law judges' order also proposed the approval of the volume balancing adjustment. A decision by the ICC in this proceeding is required by December 2015, and new rates are expected to be effective in January 2016.

Ameren Missouri's ~~next~~Callaway energy center’s scheduled refueling and maintenance outage ~~at its Callaway energy center will be~~began on April 2, 2016, and is expected to conclude in ~~the spring of 2016. During the fall 2014 refueling,~~May. Ameren Missouri ~~incurred~~expects to incur approximately $37 million of maintenance expenses ~~of $36 million.~~in 2016 related to this outage. There was no refueling outage scheduled in 2015. During a scheduled outage, which occurs every 18 months, maintenance expenses increase relative to non-outage years. Additionally, depending on the availability of its other generation sources and the market prices for power, Ameren Missouri's purchased power costs may increase and the amount of excess power available for sale may decrease versus non-outage years. Changes in purchased power costs and excess power available for sale are included in the FAC, ~~resulting~~which results in limited impacts to earnings.

Ameren Missouri is engaged in litigation with an insurer to recover an unpaid liability insurance claim for the December 2005 breach of the upper reservoir at Ameren Missouri's Taum Sauk pumped-storage hydroelectric energy center. Ameren’s and Ameren Missouri’s results of operations, financial position, and liquidity could be adversely affected if Ameren Missouri’s insurance receivable of $41 million, as of ~~September 30, 2015, is not paid by the insurer.~~

As we continue to experience cost increases and to make infrastructure investments, Ameren Missouri and Ameren Illinois expect to seek regular electric and natural gas rate increases and timely cost recovery and tracking mechanisms from their regulators. Ameren Missouri and Ameren Illinois will also seek, as necessary, legislative solutions to address ~~cost recovery pressures~~regulatory lag and to support investment in their ~~energy infrastructure. These~~utility infrastructure for the benefit of their customers, including Ameren Missouri's current efforts to advocate for a legislative solution to support Noranda's operations and modernize the state’s regulatory framework. Ameren Missouri and Ameren Illinois continue to face cost recovery pressures ~~include~~including limited economic growth in their service territories, customer conservation efforts, the impacts of additional customer energy efficiency programs, increased customer use of innovative and increasingly cost-effective technological advances including distributed generation and storage, increased investments and expected future investments for environmental compliance, system reliability improvements, and new generation capacity, including renewable energy requirements. Increased investments also result in higher depreciation and financing costs. Increased costs are also expected from rising employee benefit costs and higher property and income taxes, among other costs.

For additional information regarding recent rate orders and related appeals and pending requests filed with state and federal regulatory commissions, ~~and Taum Sauk matters,~~ see Note 2 - Rate and Regulatory Matters ~~Note 9 - Commitments and Contingencies, and Note 10 - Callaway Energy Center~~ under Part

I, Item 1, of this report and Note 2 - Rate and Regulatory Matters under Part II, Item 8, of the Form 10-K.

Liquidity and Capital Resources

We expect to ~~make~~incur significant capital expenditures in order to make investments to improve our electric and natural gas utility infrastructure and to comply with existing environmental regulations. We estimate that we will ~~make~~incur up to ~~$9.3~~$11.5 billion (Ameren Missouri -– up to ~~$3.9~~$4.3 billion; Ameren Illinois -– up to ~~$4.0~~$6.2 billion; ATXI -– up to ~~$1.4~~$1.0 billion) of capital expenditures during the period from ~~2015 through 2019. Ameren is currently evaluating potential capital expenditures at Ameren Illinois for~~ 2016 through ~~2019~~2020, excluding the impact of ~~an estimated $500 million to $1 billion that are incremental to~~ the ~~estimates above. We will continue to evaluate these investment opportunities as a part of our normal annual planning process.~~Clean Power Plan.

Environmental regulations, including those related to greenhouse gas emissions, or other actions taken by the EPA, could result in significant increases in capital expenditures and operating costs. These costs could be prohibitive at some of Ameren Missouri's coal-fired energy centers. Ameren Missouri's capital expenditures are subject to MoPSC prudence reviews, which could result in cost disallowances as well as regulatory lag. The cost of Ameren Illinois’ purchased power and gas purchased for resale could increase; however, Ameren Illinois expects these costs would be recovered from customers with no material adverse effect on its results of operations, financial position, or liquidity. Ameren's and Ameren Missouri's earnings could benefit from increased investment to comply with environmental regulations if those investments are reflected and recovered on a timely basis in rates.

•

Environmental regulations, including those related to CO₂emissions, or other actions taken by the EPA could result in significant increases in capital expenditures and operating costs. These costs could be prohibitive at some of Ameren Missouri's coal-fired energy centers. Ameren Missouri's capital expenditures are subject to MoPSC prudence reviews, which could result in cost disallowances as well as regulatory lag. The cost of Ameren Illinois’ purchased power and gas purchased for resale could increase. However, Ameren Illinois expects these costs would be recovered from customers with no material adverse effect on its results of operations, financial position, or liquidity. Ameren's and Ameren Missouri's earnings could benefit from increased investment to comply with environmental regulations if those investments are reflected and recovered on a timely basis in rates charged to customers.

Ameren ~~Missouri~~ is evaluating the Clean Power ~~Plan and its potential implementation by Missouri and Illinois. This assessment includes the~~Plan's potential impacts to its operations, including those related to electric system reliability, and its level of investment in customer energy efficiency programs, renewable energy, ~~generation,~~ and other forms of ~~generation. Under~~generation investment. In February 2016, the United States Supreme Court stayed the Clean Power Plan and all implementation requirements until the legal appeals are concluded. Appeals are expected to take several years to conclude. If the rule is ultimately upheld and implemented in substantially similar form to the rule when issued, Ameren Missouri expects to incur increased net fuel and operating costs, and make new or accelerated capital expenditures, in addition to the costs of making modifications to existing operations in order to achieve compliance. Compliance measures could result in the closure or alteration of the operation of some of Ameren Missouri’s coal and ~~natural gas-fired~~natural-gas-fired energy centers, which could result in increased operating costs.

Ameren Missouri files a ~~non-binding~~nonbinding integrated resource plan with the MoPSC every three years. Ameren Missouri’s integrated resource plan filed with the MoPSC in October 2014, prior to the issuance of the Clean Power Plan, iswas a 20-year plan that ~~supports~~supported a more fuel-diverse energy portfolio in Missouri, including coal, solar, wind, natural gas, and nuclear power. The plan ~~includes~~involves expanding renewable generation, retiring coal-fired generation as energy centers reach the end of their useful lives, continuation and expansion of the then-existing energy efficiency programs, and adding natural gas-fired combined cycle generation. ~~Ameren Missouri continues to study future alternatives that could help defer new energy~~

~~center construction. It is expected that this plan will need to be modified to comply with the Clean Power Plan and incorporate changes in the level of investment in customer energy efficiency programs as Ameren Missouri evaluates future MEEIA plans.~~

To fund investment requirements of our businesses, we seek to maintain access to the capital markets at commercially attractive rates. We seek to enhance regulatory frameworks and returns in order to improve liquidity, credit metrics, and access to capital.

The Ameren Companies have multiyear credit agreements that cumulatively provide $2.1 billion of credit through December ~~11,~~ 2019, subject to a 364-day repayment term in the case of Ameren Missouri and Ameren Illinois. See Note 3 - –

Short-term Debt and Liquidity under Part I, Item 1, of this report for additional information regarding the ~~2012~~ Credit Agreements. Ameren, Ameren Missouri, and Ameren Illinois believe that their liquidity is adequate given their expected operating cash flows, capital expenditures, and related financing plans. However, there can be no assurance that significant changes in economic conditions, disruptions in the capital and credit markets, or other unforeseen events will not materially affect their ability to execute their expected operating, capital, or financing plans.

In December 2015, a federal tax law was enacted that authorized the continued use of bonus depreciation that allows for an acceleration of deductions for tax purposes at a rate of 50% for 2015, 2016, and 2017. The rate will be reduced to 40% in 2018 and then to 30% in 2019. Bonus depreciation will be phased out in 2020 unless a new law is enacted. Bonus depreciation is expected to increase cash flow through at least 2020. Ameren expects to use this incremental cash flow to make capital investments in utility infrastructure for the benefit of its customers. Without these investments, bonus depreciation would reduce rate base, which reduces our revenue requirements and future earnings growth. The impact of bonus depreciation on Ameren Missouri, Ameren Illinois, and ATXI will vary based on investment levels at each company.

As of ~~September 30, 2015~~,March 31, 2016, Ameren had ~~$299~~$557 million in tax benefits from federal and state net operating loss carryforwards (Ameren Missouri ~~- $-~~– $74 million and Ameren Illinois ~~- $67~~– $142 million) and ~~$142~~$137 million in federal and state income tax credit carryforwards (Ameren Missouri ~~- $25~~– $27 million and Ameren Illinois ~~- $1~~– $2 million). In addition, Ameren has $37 million of expected state income tax refunds and state overpayments. Consistent with the tax allocation agreement between Ameren and its subsidiaries, these carryforwards are expected to partially offset income tax liabilities for Ameren Missouri until 2019 and Ameren Illinois ~~during 2015 and 2016, while~~until 2021. Ameren does not expect to make material federal income tax payments until ~~2017. In addition, Ameren has $61 million of expected income tax refunds and state overpayments that would offset income tax liabilities into 2017.~~2021. These tax benefits, primarily at the Ameren (parent) level, when realized, would be available to fund ~~electric~~ATXI transmission ~~investments, specifically ATXI's Illinois Rivers project.~~

investments.

Ameren expects its cash used for capital expenditures and dividends to exceed cash provided by operating activities over the next several years. Ameren expects to ~~utilize~~use debt to fund such cash ~~shortfalls and~~shortfalls; it does not currently expect to issue equity over the next several years.

In October 2015, Ameren’s board of directors declared a fourth quarter dividend of 42.5 cents per common share, a 3.7% increase from the prior quarterly dividend rate of 41 cents per share, resulting in an annualized equivalent dividend rate of $1.70 per share. On an annual basis, the dividend increase, at current outstanding common stock levels, will result in additional dividend payments of $15 million.

and Ameren Illinois. The working capital deficit as of ~~September 30, 2015,~~March 31, 2016, was primarily the result of ~~increased~~current maturities of long-term debt and commercial paper ~~issuances and the use of other forms of short-term debt. The Ameren Companies had $783 million of commercial paper issuances outstanding as of September 30, 2015.~~issuances. With the ~~2012~~credit capacity available under the Credit Agreements and our cash and cash equivalents, ~~available,~~ the Ameren Companies had access to ~~$2.1 billion of credit capacity, and $1.4~~$1.5 billion of liquidity, at ~~September 30, 2015.~~

Ameren (parent) and Ameren Illinois expect to issue long-term debt during the fourth quarter of 2015, to repay a substantial portion of their short-term debt. In addition, Ameren Illinois expects to pay dividends to Ameren (parent) beginning inMarch 31, 2016.

The above items could have a material impact on our results of operations, financial position, or liquidity. Additionally, in the

ordinary course of business, we evaluate strategies to enhance our results of operations, financial position, or liquidity. These strategies may include acquisitions, divestitures, and opportunities to reduce costs or increase revenues, and other strategic initiatives to increase Ameren's ~~stockholder~~shareholder value. We are unable to predict which, if any, of these initiatives will be executed. The execution of these initiatives may have a material impact on our future results of operations, financial position, or liquidity.

REGULATORY MATTERS

See Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Market risk is the risk of changes in value of a physical asset or a financial instrument, derivative or nonderivative, caused by fluctuations in market variables such as interest rates, commodity prices, and equity security prices. A derivative is a contract whose value is dependent on, or derived from, the value of some underlying asset or index. The following discussion of our risk management activities includes forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those projected in the forward-looking statements. We handle market risk in accordance with established policies, which may include entering into various derivative transactions. In the normal course of business, we also face risks that are either nonfinancial or nonquantifiable. Such risks, principally business, legal, and operational risks, are not part of the following discussion.

Our risk management objectives are to optimize our physical generating assets and to pursue market opportunities within prudent risk parameters. Our risk management policies are set by a risk management steering committee, which is composed of senior-level Ameren officers, with Ameren board of directors oversight.

There have been no material changes to the quantitative and qualitative disclosures about interest rate risk, credit risk, equity price risk, commodity price risk, and commodity supplier risk included in the Form 10-K. Regarding commodity supplier risk, in April 2016, Ameren Missouri’s primary supplier of ultra-low sulfur coal announced that it had filed a voluntary petition for restructuring under Chapter 11 of the United States Bankruptcy Code. At this time, Ameren and Ameren Missouri believe the restructuring proceeding will not affect the supplier’s performance under the terms of its existing contracts with Ameren Missouri, and therefore do not expect any material impact to Ameren Missouri’s operations as a result of this restructuring proceeding. See Item 7A under Part II of the Form 10-K for a more detailed discussion of our market risk.

Fair Value of Contracts

We use derivatives principally to manage the risk of changes in market prices for natural gas, power, and uranium, as well as the risk of changes in rail transportation surcharges through fuel oil hedges. The following table presents the favorable (unfavorable) changes in the fair value of all derivative contracts marked-to-market during the three ~~and nine~~ months ended ~~September 30, 2015.~~March 31, 2016. We use various methods to determine the fair value of our contracts. In accordance with authoritative accounting guidance for fair value hierarchy levels, the sources we used to determine the fair value of these contracts were active quotes (Level 1), inputs corroborated by market data (Level 2), and other modeling and valuation methods that are not corroborated by market data (Level 3). See Note 7 - Fair Value Measurements under Part I, Item 1, of this report for additional information regarding the methods used to determine the fair value of these contracts.


	Three Months									Nine Months
	Ameren Missouri			Ameren Illinois			Ameren			Ameren Missouri			Ameren Illinois			Ameren			Ameren Missouri			Ameren Illinois			Ameren
Fair value of contracts at beginning of year, net	$	(4	)	$	(202	)	$	(206	)	$	(28	)	$	(185	)	$	(213	)	$	(27	)	$	(219	)	$	(246	)
Contracts realized or otherwise settled during the period	—			12			12			11			32			43			(1		)	11			10
Fair value of new contracts entered into during the period	—			(4		)	(4		)	16			(12		)	4
Other changes in fair value	(13		)	(20		)	(33		)	(16		)	(49		)	(65		)	(9		)	(29		)	(38		)
Fair value of contracts outstanding at end of period, net	$	(17	)	$	(214	)	$	(231	)	$	(17	)	$	(214	)	$	(231	)	$	(37	)	$	(237	)	$	(274	)

The following table presents maturities of derivative contracts as of ~~September 30, 2015~~March 31, 2016, based on the hierarchy levels used to determine the fair value of the contracts:


Sources of Fair Value	Maturity Less than 1 Year			Maturity 1-3 Years			Maturity 3-5 Years			Maturity in Excess of 5 Years			Total Fair Value			Maturity Less than 1 Year			Maturity 1-3 Years			Maturity 3-5 Years			Maturity in Excess of 5 Years			Total Fair Value
Ameren Missouri:
Level 1	$	(18	)	$	(7	)	$	—		$	—		$	(25	)	$	(20	)	$	(6	)	$	—		$	—		$	(26	)
Level 2^(a)	(4		)	(5		)	(2		)	—			(11		)	(5		)	(6		)	(2		)	—			(13		)
Level 3^(b)	19			—			—			—			19			3			(1		)	—			—			2
Total	$	(3	)	$	(12	)	$	(2	)	$	—		$	(17	)	$	(22	)	$	(13	)	$	(2	)	$	—		$	(37	)
Ameren Illinois:
Level 1	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Level 2^(a)	(26		)	(17		)	(1		)	—			(44		)	(36		)	(13		)	—			—			(49		)
Level 3^(b)	(12		)	(25		)	(23		)	(110		)	(170		)	(15		)	(28		)	(27		)	(118		)	(188		)
Total	$	(38	)	$	(42	)	$	(24	)	$	(110	)	$	(214	)	$	(51	)	$	(41	)	$	(27	)	$	(118	)	$	(237	)
Ameren:
Level 1	$	(18	)	$	(7	)	$	—		$	—		$	(25	)	$	(20	)	$	(6	)	$	—		$	—		$	(26	)
Level 2^(a)	(30		)	(22		)	(3		)	—			(55		)	(41		)	(19		)	(2		)	—			(62		)
Level 3^(b)	7			(25		)	(23		)	(110		)	(151		)	(12		)	(29		)	(27		)	(118		)	(186		)
Total	$	(41	)	$	(54	)	$	(26	)	$	(110	)	$	(231	)	$	(73	)	$	(54	)	$	(29	)	$	(118	)	$	(274	)


(a)	Principally fixed-price vs. floating over-the-counter power swaps, power forwards, and fixed-price vs. floating over-the-counter natural gas swaps.


(b)	Principally power forward contract values based on information from external sources, historical results, and our estimates. Level 3 also includes option contract values based on ~~a Black-Scholes~~an option valuation model.

ITEM 4. CONTROLS AND PROCEDURES.


(a)	Evaluation of Disclosure Controls and Procedures

As of ~~September 30, 2015~~March 31, 2016, evaluations were performed under the supervision and with the participation of management, including the principal executive officer and principal financial officer of each of the Ameren Companies, of the effectiveness of the design and operation of such registrant’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act). Based on those evaluations, as of ~~September 30, 2015~~March 31, 2016, the principal executive officer and the principal financial officer of each of the Ameren Companies concluded that such disclosure controls and procedures are effective to provide assurance that information required to be disclosed in such registrant’s reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and such information is accumulated and communicated to its management, including its principal executive and its principal financial officers, to allow timely decisions regarding required disclosure.


(b)	Changes in Internal Controls over Financial Reporting

There has been no change in any of the Ameren Companies’ internal control over financial reporting during their most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, each of their internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

We are involved in legal and administrative proceedings before various courts and agencies with respect to matters that arise in the ordinary course of business, some of which involve substantial amounts of money. We believe that the final disposition of these proceedings, except as otherwise disclosed in this report, will not have a material adverse effect on our results of operations, financial position, or liquidity. Risk of loss is mitigated, in some cases, by insurance or contractual or statutory indemnification. Material legal and administrative proceedings, which are discussed in Note 2 - Rate and Regulatory Matters, Note 9 - Commitments and Contingencies, and Note 10 - Callaway Energy Center, under Part I, Item 1, of this report ~~or Note 2 - Rate and Regulatory Matters under Part II, Item 8, of the Form 10-K and incorporated herein by reference,~~ include the following:

~~The complaint case filed with~~Ameren Missouri's appeal to the ~~MoPSC~~Missouri Court of Appeals, Western District, regarding the ~~method and inputs used in calculating~~calculation of the MEEIA 2013 performance ~~incentive under MEEIA;~~incentive;

Ameren Illinois’ annual electric delivery service formula rate update filed with the ~~ICC;~~

~~Ameren Illinois’ natural gas rate case filed with the ICC;~~ICC in April 2016;

ATXI’s ~~request~~requests for ~~a certificate of convenience and necessity~~assents from the ~~MoPSC for~~five counties where the Mark Twain ~~project;~~transmission project will be constructed;

the complaint cases filed with the FERC seeking a reduction in the allowed base return on common equity under the MISO tariff;

the EPA's Clean Air Act-related litigation against Ameren Missouri;

remediation matters associated with former MGP and waste disposal sites of the Ameren Companies;

~~litigation associated with Ameren Missouri's liability insurance claim for the breach of the upper reservoir of its Taum Sauk pumped-storage hydroelectric energy center in December 2005;~~ and

~~asbestos-related litigation associated with the~~class action lawsuit against Ameren ~~Companies.~~Missouri relating to municipal taxes.

ITEM 1A. RISK FACTORS.

There have been no material changes to the risk factors disclosed in Part I, Item 1A, Risk Factors in the Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

The following table presents Ameren Corporation’s purchases of equity securities reportable under Item 703 of Regulation S-K:



Period	(a) Total Number of Shares (or Units) Purchased^(a)	(b) Average Price Paid per Share (or Unit)		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
January 1 - January 31, 2016	14,574	$	42.79	—	—
February 1 - February 29, 2016	1,060,000	47.30		—	—
March 1 - March 31, 2016	29,844	47.00		—	—
Total	1,104,418	$	47.23	—	—

(a)

The January shares were purchased in open-market transactions to fund Ameren’s obligations under its directors’ stock compensation awards, which were granted under the 2014 Incentive Plan. The February and March shares of Ameren common stock were purchased in open-market transactions to fund Ameren’s obligation with respect to vested performance units, which were granted under the 2006 Incentive Plan. Ameren does not have any publicly announced equity securities repurchase plans or programs.

Ameren Missouri and Ameren Illinois did not purchase equity securities reportable under Item 703 of Regulation S-K during the period from ~~July~~January 1, ~~2015,~~2016 to ~~September 30, 2015~~March 31, 2016.

ITEM 6. EXHIBITS.

The documents listed below are being filed or have previously been filed on behalf of the Ameren Companies and are incorporated herein by reference from the documents indicated and made a part hereof. Exhibits not identified as previously filed are filed herewith.



Exhibit Designation	Registrant(s)	Nature of Exhibit	Previously Filed as Exhibit to:
Material Contracts
10.1	Ameren	Consulting Agreement between Jack D. Woodard and the Nuclear and Operations Committee of the Board of Directors of Ameren Corporation, effective May 1, 2016
Statement re: Computation of Ratios
12.1	Ameren	Ameren's Statement of Computation of Ratio of Earnings to Fixed Charges
12.2	Ameren Missouri	Ameren Missouri's Statement of Computation of Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Stock Dividend Requirements
12.3	Ameren Illinois	Ameren Illinois’ Statement of Computation of Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Stock Dividend Requirements
Rule 13a-14(a) / 15d-14(a) Certifications
31.1	Ameren	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer of Ameren
31.2	Ameren	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer of Ameren
31.3	Ameren Missouri	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer of Ameren Missouri
31.4	Ameren Missouri	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer of Ameren Missouri
31.5	Ameren Illinois	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer of Ameren Illinois
31.6	Ameren Illinois	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer of Ameren Illinois
Section 1350 Certifications
32.1	Ameren	Section 1350 Certification of Principal Executive Officer and Principal Financial Officer of Ameren
32.2	Ameren Missouri	Section 1350 Certification of Principal Executive Officer and Principal Financial Officer of Ameren Missouri
32.3	Ameren Illinois	Section 1350 Certification of Principal Executive Officer and Principal Financial Officer of Ameren Illinois
Interactive Data Files
101.INS	Ameren Companies	XBRL Instance Document
101.SCH	Ameren Companies	XBRL Taxonomy Extension Schema Document
101.CAL	Ameren Companies	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	Ameren Companies	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Ameren Companies	XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF	Ameren Companies	XBRL Taxonomy Extension Definition Document

The file number references for the Ameren Companies’ filings with the SEC are: Ameren, 1-14756; Ameren Missouri, 1-2967; and Ameren Illinois, 1-3672.

Each registrant hereby undertakes to furnish to the SEC upon request a copy of any long-term debt instrument not listed above that such registrant has not filed as an exhibit pursuant to the exemption provided by Item 601(b)(4)(iii)(A) of Regulation S-K.

SIGNATURES

Pursuant to the requirements of the Exchange Act, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature for each undersigned company shall be deemed to relate only to matters having reference to such company or its subsidiaries.

AMEREN CORPORATION

(Registrant)

/s/ Martin J. Lyons, Jr.

Martin J. Lyons, Jr.

Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

UNION ELECTRIC COMPANY

(Registrant)

/s/ Martin J. Lyons, Jr.

Martin J. Lyons, Jr.

Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

AMEREN ILLINOIS COMPANY

(Registrant)

/s/ Martin J. Lyons, Jr.

Martin J. Lyons, Jr.

Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

Date: ~~November 6, 2015~~May 10, 2016

6956



	Ameren Missouri			Ameren Illinois^(a)		Ameren
Balance at December 31, 2014	$	389		$	7	$	396
Liabilities incurred^(b)	3			—		3
Liabilities settled	(1		)	(c)		(1		)
Accretion in 2015^(d)	17			(c)		17
Change in estimates^(e)	182			(c)		182
Balance at September 30, 2015	$	590		$	7	$	597



		Fair Value								Weighted
		Assets		Liabilities			Valuation Technique(s)	Unobservable Input	Range	Average
Level 3 Derivative asset and liability – commodity contracts^(a):
Ameren	Fuel oils	$	2	$	(8	)	Option model	Volatilities(%)^(b)	3 - 39	32
							Discounted cash flow	Ameren Missouri credit risk(%)^(b)(c)	0.43	(d)
								Escalation rate(%)^(e)(f)	5	(d)
	Natural Gas	1		(2		)	Option model	Volatilities(%)^(b)	31 - 144	63
								Nodal basis($/mmbtu)^(e)	(0.40) - 0	(0.20)
							Discounted cash flow	Nodal basis($/mmbtu)^(e)	(0.40) - 0.10	(0.20)
								Counterparty credit risk(%)^(b)(c)	0.43 - 13	3
								Ameren Missouri and Ameren Illinois credit risk(%)^(b)(c)	0.43	(d)
	Power^(g)	11		(144		)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps($/MWh)^(h)	27 - 50	32
								Estimated auction price for FTRs($/MW)^(e)	(1,833) - 2,743	171
								Nodal basis($/MWh)^(e)	(6) - 0	(2)
								Counterparty credit risk(%)^(b)(c)	0.26	(d)
								Ameren Missouri and Ameren Illinois credit risk(%)^(b)(c)	0.43	(d)
							Fundamental energy production model	Estimated future gas prices($/mmbtu)^(e)	4 - 5	4
								Escalation rate(%)^(e)(i)	0 - 1	1
							Contract price allocation	Estimated renewable energy credit costs($/credit)^(e)	5 - 7	6
	Uranium	—		(2		)	Discounted cash flow	Average forward uranium pricing($/pound)^(e)	35 - 40	36
Ameren Missouri	Fuel oils	$	2	$	(8	)	Option model	Volatilities(%)^(b)	3 - 39	32
							Discounted cash flow	Ameren Missouri credit risk(%)^(b)(c)	0.43	(d)
								Escalation rate(%)^(e)(f)	5	(d)
	Natural Gas	—		(1		)	Option model	Volatilities(%)^(b)	31 - 144	53
								Nodal basis($/mmbtu)^(e)	(0.40) - 0	(0.30)
							Discounted cash flow	Nodal basis($/mmbtu)^(e)	(0.10)	(d)
								Counterparty credit risk(%)^(b)(c)	0.57 - 13	5
								Ameren Missouri credit risk(%)^(b)(c)	0.43	(d)
	Power^(g)	11		(2		)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps($/MWh)^(b)	27 - 50	32
								Estimated auction price for FTRs($/MW)^(e)	(1,833) - 2,743	171
								Counterparty credit risk(%)^(b)(c)	0.26	(d)
								Ameren Missouri credit risk(%)^(b)(c)	0.43	(d)
	Uranium	—		(2		)	Discounted cash flow	Average forward uranium pricing($/pound)^(e)	35 - 40	36
Ameren Illinois	Natural Gas	$	1	$	(1	)	Option model	Volatilities(%)^(b)	50 - 144	94
								Nodal basis($/mmbtu)^(e)	(0.10) - 0	(0.10)
							Discounted cash flow	Nodal basis($/mmbtu)^(e)	(0.40) - 0.10	(0.20)
								Counterparty credit risk(%)^(b)(c)	0.43 - 2	0.83
								Ameren Illinois credit risk(%)^(b)(c)	0.43	(d)
	Power^(g)	—		(142		)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps($/MWh)^(e)	27 - 38	32
								Nodal basis($/MWh)^(e)	(6) - 0	(2)
								Ameren Illinois credit risk(%)^(b)(c)	0.43	(d)
							Fundamental energy production model	Estimated future gas prices($/mmbtu)^(e)	4 - 5	4
								Escalation rate(%)^(e)(i)	0 - 1	1
							Contract price allocation	Estimated renewable energy credit costs($/credit)^(e)	5 - 7	6



	Month Issued, Redeemed, or Matured	2015		2014
Issuances
Long-term debt
Ameren Missouri:
3.65% Senior secured notes due 2045	April	$	249	$	—
3.50% Senior secured notes due 2024	April	—		350
Ameren Illinois:
4.30% Senior secured notes due 2044	June	—		248
Total Ameren long-term debt issuances		$	249	$	598
Redemptions and Maturities
Long-term debt
Ameren (parent):
8.875% Senior unsecured notes due 2014	May	$	—	$	425
Ameren Missouri:
4.75% Senior secured notes due 2015	April	114		—
5.50% Senior secured notes due 2014	May	—		104
Ameren Illinois:
5.90% Series 1993 due 2023^(a)	January	—		32
5.70% 1994A Series due 2024^(a)	January	—		36
5.95% 1993 Series C-1 due 2026	January	—		35
5.70% 1993 Series C-2 due 2026	January	—		8
5.40% 1998A Series due 2028	January	—		19
5.40% 1998B Series due 2028	January	—		33
Total Ameren long-term debt redemptions and maturities		$	114	$	692