AEE: 10-K Risk Factor Changes

Our financial performance depends on the successful operation of electric generation and electric and natural gas transmission and distribution facilities, including natural gas storage facilities. Operation of these facilities involves many risks, including:

• facility shutdowns due to operator error, or a failure of equipment or processes;
• longer-than-anticipated maintenance outages;
• failures of equipment that can result in unanticipated liabilities or unplanned outages;
• aging infrastructure that may require significant expenditures to operate and maintain;
• natural gas leaks or explosions near populated areas, including residential areas, business centers, industrial sites, and other public gathering places;
• lack of adequate water required for cooling plant operations and to operate hydroelectric energy centers;
• labor disputes;
• disruptions in the delivery of electricity and natural gas to our customers;
• inability to maintain reliability of our electric utility services as coal-fired energy centers are retired and renewable energy generation is placed in service, as well as our ability to meet generation capacity obligations;
• disruptions to the global supply chain as a result of shortages for labor, materials, or equipment, tariffs and international trade relations, geopolitical conflict, delivery delays, and economic pressures, including elevated interest rates and inflation, among other things;
• suppliers and contractors who do not perform as required under their contracts, including those obligations that are affected by supply chain disruptions;
• failure of other operators’ facilities and the effect of that failure on our electric and natural gas systems and customers;
• inability to comply with regulatory requirements or obtain permits, including those relating to environmental laws;
• handling, storage, and disposition of CCR;
• unusual or adverse weather conditions or other natural disasters, including but not limited to those that may result from climate change, such as severe storms, droughts, wildfires, floods, tornadoes, earthquakes, icing, sustained high or low temperatures, solar flares, and electromagnetic pulses;
• the level of wind and solar resources;
• inability to operate wind generation facilities at full capacity resulting from requirements to protect natural resources, including wildlife, or other conditions limiting full capacity, such as the 2024 collapse of three turbines at the High Prairie Energy Center; pending the results of an ongoing investigation, approximately 90% of the turbines of the High Prairie Energy Center remain idle and the timing and costs necessary to return the energy center to full capacity are uncertain;
• the occurrence of catastrophic events such as fires, explosions, acts of sabotage, which have increased in frequency and severity within the utility industry, acts of terrorism, civil unrest, pandemic health events, or other similar events;
• accidents that might result in injury or loss of life, extensive property damage, or environmental damage;
• ineffective vegetation management programs;
• cybersecurity risks, including loss of operational control of Ameren Missouri’s energy centers and our transmission and distribution systems and loss of data, including sensitive customer, employee, financial, and operating system information, through insider or outsider actions;
• limitations on amounts of insurance available to cover losses that might arise in connection with operating our electric generation facilities, electric and natural gas transmission and distribution facilities, and natural gas storage facilities;
• inability to implement or maintain information systems;
• failure to keep pace with and the ability to adapt to rapid technological change; and
• other unanticipated operations and maintenance expenses and liabilities.

The foregoing risks could affect the operations of our facilities, impede our ability to meet regulatory requirements, or expose us to an increase in litigation, which could increase operating costs, increase our capital requirements and costs, reduce our revenues, or have an adverse effect on our liquidity.