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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. | May 5, 2023

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. | May 5, 2023

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. | August 8, 2022

AMEREN CORP - 10-K - MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSOF OPERATIONS

Transmission (a)Ameren Missouri capital expenditures include $564 million for the acquisition of the High Prairie Renewable Energy Center for the year ended December 31, 2020. For 2021 through 2025, Ameren s cumulative capital expenditures are projected to range from $16.4 billion to $17.8 billion. The following table presents the range of projected spending by segment: Range (in billions) Ameren Missouri(a) $ 8.7 - $ 9.3 Ameren Illinois Electric Distribution 2.6 - 2.8 Ameren Illinois Natural Gas 1.7 - 1.8 Ameren Transmission 3.5 - 3.8 Ameren(a) $ 16.4 - $ 17.8 (a)Amounts include 300 MWs of wind generation at the Atchison Renewable Energy Center, but exclude incremental renewable generation investment opportunities of 1,200 MWs by 2025, which are included in Ameren Missouri s 2020 IRP. RESULTS OF OPERATIONS Our results of operations and financial position are affected by many factors. Economic conditions, including those resulting from the COVID-19 pandemic discussed below, energy-e

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