Ameren CEO Gets 2008 Compensation Of $4M

Ameren posted earnings of $622 million, or $2.95 per share, in 2008, compared with earnings of $685 million, or $3.30 per share in 2007. Revenue increased to $7.8 billion from $7.6 billion in 2007.

The company blamed the decline in profit last year on higher fuel and transportation costs.

Last month, the company said it expects earnings of $2.68 to $3.08 per share this year as strains on the capital and credit markets will reduce sales, lower power prices for unsold non-rate regulated generation and higher financing costs. The estimate does not include charges.

Ameren also declared a 38.5 cent dividend for the first quarter, a 39 percent reduction on an annual level from 2008. The move will save $215 million this year.

At the same time, the company has slashed its capital and operating budgets by $800 million and cut executive salaries and incentive compensation opportunities. Many other utilities have taken similar steps.

Rainwater said in a statement at the time that the decision to cut the dividend was driven by the "the desire to enhance Ameren's financial strength and flexibility as we manage our company through the dramatically weakened state of the economy and the continued uncertainties in the capital, credit, and commodity markets."