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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule Of Fair Value Hierarchy Of Assets And Liabilities Measured At Fair Value On Recurring Basis | 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 March 31, 2025, and December 31, 2024:
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Level 1 | Level 2 | Level 3 | Total |  |  | Level 1 | Level 2 | Level 3 | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |
Ameren Missouri |  |  |  |  |  |  |  |  |  |  |
| Derivative assets – commodity contracts: |  |  |  |  |  |  |  |  |  |  |
| Natural gas | — |  | 5 |  | 1 |  | 6 |  |  |  | — |  | 4 |  | — |  | 4 |  |
| Power | — |  | — |  | 5 |  | 5 |  |  |  | — |  | — |  | 6 |  | 6 |  |
| Total derivative assets – commodity contracts | $ | — |  | $ | 5 |  | $ | 6 |  | $ | 11 |  |  |  | $ | — |  | $ | 4 |  | $ | 6 |  | $ | 10 |  |
| Nuclear decommissioning trust fund: |  |  |  |  |  |  |  |  |  |  |
| Equity securities: |  |  |  |  |  |  |  |  |  |  |
| U.S. large capitalization | $ | 868 |  | $ | — |  | $ | — |  | $ | 868 |  |  |  | $ | 911 |  | $ | — |  | $ | — |  | $ | 911 |  |
| Debt securities: |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and agency securities | — |  | 188 |  | — |  | 188 |  |  |  | — |  | 191 |  | — |  | 191 |  |
| Corporate bonds | — |  | 156 |  | — |  | 156 |  |  |  | — |  | 145 |  | — |  | 145 |  |
| Other | — |  | 92 |  | — |  | 92 |  |  |  | — |  | 86 |  | — |  | 86 |  |
| Total nuclear decommissioning trust fund | $ | 868 |  | $ | 436 |  | $ | — |  | $ | 1,304 |  | (a) |  | $ | 911 |  | $ | 422 |  | $ | — |  | $ | 1,333 |  | (a)
| Total Ameren Missouri | $ | 868 |  | $ | 441 |  | $ | 6 |  | $ | 1,315 |  |  |  | $ | 911 |  | $ | 426 |  | $ | 6 |  | $ | 1,343 |  |
Ameren Illinois |  |  |  |  |  |  |  |  |  |  |
| Derivative assets – commodity contracts: |  |  |  |  |  |  |  |  |  |  |
| Natural gas | $ | 2 |  | $ | 9 |  | $ | 5 |  | $ | 16 |  |  |  | $ | — |  | $ | 3 |  | $ | 3 |  | $ | 6 |  |
| Total Ameren Illinois | $ | 2 |  | $ | 9 |  | $ | 5 |  | $ | 16 |  |  |  | $ | — |  | $ | 3 |  | $ | 3 |  | $ | 6 |  |
Ameren |  |  |  |  |  |  |  |  |  |  |
| Derivative assets – commodity contracts(b) | $ | 2 |  | $ | 14 |  | $ | 11 |  | $ | 27 |  |  |  | $ | — |  | $ | 7 |  | $ | 9 |  | $ | 16 |  |
| Nuclear decommissioning trust fund(c) | 868 |  | 436 |  | — |  | 1,304 |  | (a) |  | 911 |  | 422 |  | — |  | 1,333 |  | (a)
| Total Ameren | $ | 870 |  | $ | 450 |  | $ | 11 |  | $ | 1,331 |  |  |  | $ | 911 |  | $ | 429 |  | $ | 9 |  | $ | 1,349 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Ameren Missouri |  |  |  |  |  |  |  |  |  |  |
| Derivative liabilities – commodity contracts: |  |  |  |  |  |  |  |  |  |  |
| Fuel oils | $ | 3 |  | $ | — |  | $ | — |  | $ | 3 |  |  |  | $ | 4 |  | $ | — |  | $ | — |  | $ | 4 |  |
| Natural gas | — |  | 8 |  | 1 |  | 9 |  |  |  | — |  | 11 |  | — |  | 11 |  |
| Total Ameren Missouri | $ | 3 |  | $ | 8 |  | $ | 1 |  | $ | 12 |  |  |  | $ | 4 |  | $ | 11 |  | $ | — |  | $ | 15 |  |
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Level 1 | Level 2 | Level 3 | Total |  |  | Level 1 | Level 2 | Level 3 | Total |
Ameren Illinois |  |  |  |  |  |  |  |  |  |  |
| Derivative liabilities – commodity contracts: |  |  |  |  |  |  |  |  |  |  |
| Natural gas | $ | — |  | $ | 17 |  | $ | 3 |  | $ | 20 |  |  |  | $ | 1 |  | $ | 28 |  | $ | 6 |  | $ | 35 |  |
| Power | — |  | — |  | 67 |  | 67 |  |  |  | — |  | — |  | 53 |  | 53 |  |
| Total Ameren Illinois | $ | — |  | $ | 17 |  | $ | 70 |  | $ | 87 |  |  |  | $ | 1 |  | $ | 28 |  | $ | 59 |  | $ | 88 |  |
Ameren |  |  |  |  |  |  |  |  |  |  |
| Derivative liabilities – commodity contracts(b) | $ | 3 |  | $ | 25 |  | $ | 71 |  | $ | 99 |  |  |  | $ | 5 |  | $ | 39 |  | $ | 59 |  | $ | 103 |  |
(a)Balance excludes $8 million and $9 million of cash and cash equivalents, receivables, payables, and accrued income, net, for March 31, 2025, and December 31, 2024, respectively. (b)See the Ameren Missouri and Ameren Illinois sections of the table for a breakout of the fair value of Ameren’s derivative assets and liabilities by type of commodity. (c)See the Ameren Missouri section of the table for a breakout of the fair value of Ameren’s nuclear decommissioning trust fund by investment type.
Schedule Of Changes In The Fair Value Of Financial Assets And Liabilities Classified As Level Three In The Fair Value Hierarchy | The following table presents the fair value reconciliation of Level 3 power derivative contract assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2025 and 2024:
| 2025 |  |  | 2024
| Ameren Missouri | Ameren Illinois |  |  | Ameren |  |  | Ameren Missouri | Ameren Illinois | Ameren
For the three months ended March 31: |  |  |  |  |  |  |  |  |  |
Beginning balance at January 1 | $ | 6 |  | $ | (53) |  |  |  | $ | (47) |  |  |  | $ | 4 |  | $ | (68) |  | $ | (64) |
Realized and unrealized gains/(losses) included in regulatory assets/liabilities | 2 |  | (16) |  |  |  | (14) |  |  |  | (1) |  | 10 |  | 9 |
Settlements | (3) |  | 2 |  |  |  | (1) |  |  |  | (1) |  | 4 |  | 3 |
Ending balance at March 31 | $ | 5 |  | $ | (67) |  |  |  | $ | (62) |  |  |  | $ | 2 |  | $ | (54) |  | $ | (52) |
Change in unrealized gains/(losses) related to assets/liabilities held at March 31 | $ | 2 |  | $ | (16) |  |  |  | $ | (14) |  |  |  | $ | — |  | $ | 11 |  | $ | 11 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | The following table describes the valuation techniques and significant unobservable inputs utilized for the fair value of our Level 3 power derivative contract assets and liabilities as of March 31, 2025, and December 31, 2024:
|  |  | Fair Value |  |  |  | Weighted Average(b) |
| Commodity |  | Assets |  | Liabilities | Valuation Technique(s) | Unobservable Input(a) | Range |
2025 | Power(c) | $ | 5 | $ | (67) | Discounted cash flow | Average forward peak and off-peak pricing – forwards/swaps ($/MWh) | 32 – 65 | 41 |
|  |  |  |  |  |  | Nodal basis ($/MWh) | (8) – (2) | (5) |
2024 | Power(c) | $ | 6 | $ | (53) | Discounted cash flow | Average forward peak and off-peak pricing – forwards/swaps ($/MWh) | 32 – 69 | 45 |
|  |  |  |  |  |  | Nodal basis ($/MWh) | (8) – (2) | (5) |
(a)Generally, significant increases (decreases) in these inputs in isolation would result in a significantly higher (lower) fair value measurement. (b)Unobservable inputs were weighted by relative fair value. (c)Valuations use visible forward prices adjusted for nodal-to-hub basis differentials.
Schedule of Financial Assets and Liabilities | The following table sets forth the carrying amount and, by level within the fair value hierarchy, the fair value of long-term debt (including current portion) disclosed, but not recorded, at fair value as of March 31, 2025, and December 31, 2024:
Long-Term Debt (Including Current Portion): | Carrying Amount(a) |  |  |  | Fair Value |  |
|  |  | Level 2 |  | Level 3 |  | Total
| March 31, 2025
Ameren(b) | $ | 18,371 |  |  |  |  | $ | 16,277 |  |  | $ | 547 |  | (c) | $ | 16,824 |
Ameren Missouri(d) | 7,746 |  |  |  |  | 6,963 |  |  | — |  |  | 6,963 |
Ameren Illinois(d) | 5,900 |  |  |  |  | 5,310 |  |  | — |  |  | 5,310 |
| December 31, 2024
Ameren(b) | $ | 17,579 |  |  |  |  | $ | 15,395 |  |  | $ | 538 |  | (c) | $ | 15,933 |
Ameren Missouri(d) | 7,745 |  |  |  |  | 6,926 |  |  | — |  |  | 6,926 |
Ameren Illinois(d) | 5,852 |  |  |  |  | 5,243 |  |  | — |  |  | 5,243 |
(a)Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $133 million, $61 million, and $54 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of March 31, 2025. Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $129 million, $62 million, and $51 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of December 31, 2024. (b)Amount excludes Ameren (parent)’s repurchase of Ameren Missouri’s senior secured notes and first mortgage bonds and Ameren Illinois’ first mortgage bonds in 2024. (c)The Level 3 fair value amount consists of ATXI’s senior unsecured notes. (d)Amount includes Ameren Missouri’s senior secured notes and first mortgage bonds and Ameren Illinois’ first mortgage bonds that were repurchased by Ameren (parent) in 2024.

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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