PR Newswire
ST. LOUIS, Feb. 18, 2022
ST. LOUIS, Feb. 18, 2022 /PRNewswire/ -- Ameren Missouri, a subsidiary of Ameren Corporation (NYSE: AEE), filed its updated Smart Energy Plan with the Missouri Public Service Commission today, describing the company's plan to invest $8.4 billion primarily on grid modernization efforts over the next five years. Projects include investments in upgrading aging infrastructure, automated technology, stronger poles and upgraded power lines that benefit customers by reducing outages, restoring power faster. Projects also build and bolster the infrastructure needed to support more clean, renewable energy generation.
"Thanks to the Smart Energy Plan, we have been able to replace aging infrastructure and invest in a more resilient, reliable and sustainable energy system for our customers," said Mark Birk, president of Ameren Missouri. "These are changes that many of our customers can see today. With thousands of upgrades completed, we've improved reliability by up to 40% where we have installed smart technology. And our customers will continue to see improvements as more upgrades are completed across our 24,000-square-mile system."
Helping the local economy
A more modern energy grid also provides benefits to the local economy by creating engineering, planning and construction jobs and increasing orders with Missouri suppliers to provide many of the needed materials. In 2021, Ameren Missouri spent $438 million with Missouri vendors and contractors to complete Smart Energy Plan projects.
The plan also includes economic development incentives to help attract and retain Missouri businesses. As a result of these incentives, 30 companies have chosen to move to Missouri or expand their footprint here since 2019, providing 4,600 new jobs and retaining 4,200 jobs in local communities and contributing another $2.7 billion in new capital investments to Missouri's economy.
Increasing reliability for customers
Ameren Missouri customers have benefited from thousands of completed projects since the passage of the Smart Energy Plan that create a smarter and more reliable energy grid. These include:
Making a difference around Missouri
Customers are seeing the positive impact of these projects. In Hayti, a new sub-transmission line was installed using stronger wires that are twisted together to reduce ice buildup and defuse high winds. The new line, in combination with new composite utility poles, helped prevent damage when a tornado ripped through southeast Missouri in December.
Another primary focus of the Smart Energy Plan has been to upgrade or build new substations. The improved substations feature transformers, automated sensors and smart switches that improve reliability, rapidly detect outages and minimize outage times so power can be restored to customers faster. These more modern substations are now benefiting communities in Center City, Florissant, Creve Coeur and Benton. Other smart equipment, such as a distribution device called a "Viper Switch" located in communities including Foristell, also helps detect outages and reroutes power when possible – sometimes speeding power restoration from hours to seconds.
New smart meters provide two-way communication between the customer's meter and Ameren Missouri's upgraded network. This benefits customers by providing improved reliability, faster outage response and the convenience of managing energy usage online or through a mobile app. Smart meters will continue to be rolled out to all Ameren Missouri customers over the next two years.
"As our updated Smart Energy Plan shows, we're committed to continuing these projects to enhance Missouri's energy grid over the next several years," Birk said. "These are investments that will have a direct impact on the lives of our customers and communities and will ultimately enable us to meet the needs of a more sustainable energy future."
The Smart Energy Plan began in 2018 with the passage of new energy legislation by the Missouri General Assembly. To learn more, visit AmerenMissouri.com/Plan.
Editor's Note: For more examples of how the Smart Energy Plan is helping Missouri see our 2021 Progress Report.
About Ameren Missouri
Ameren Missouri has been providing electric and gas service for more than 100 years, and the company's electric rates are among the lowest in the nation. Ameren Missouri's mission is to power the quality of life for its 1.2 million electric and 132,000 natural gas customers in central and eastern Missouri. The company's service area covers 64 counties and more than 500 communities, including the greater St. Louis area. For more information, visit Ameren.com/Missouri or follow us on Twitter at @AmerenMissouri or Facebook.com/AmerenMissouri.
Forward-looking Statements
Statements in this release 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, projections, strategies, targets, estimates, 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 Ameren's Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward- looking statements:
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.
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SOURCE Ameren Missouri
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