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Ameren's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Merchant generation earnings were negatively impacted by lower prices for electricity. Marty will provide more details on our second quarter earnings in a few minutes.

Turning to page four, based on second quarter results, today we are raising our 2012 core earnings guidance range to $2.25 to $2.55 per share, from a prior range of $2.20 to $2.50 per share. Our core earnings guidance range for our merchant generation business segment remains $.05 to $.15 per share. The favorable earnings impact of warmer-than-normal second quarter temperatures, and the previously mentioned FERC order on the disputed power purchase agreement, have led us to raise core guidance for our regulated utility businesses by $.05 per share, at both the low and high ends of the range, to a new range of $2.20 to $2.40 per share. This guidance assumes normal temperatures for the second half of the year, and so far third quarter temperatures have been much warmer than normal, and I am very pleased to note that during the current extended period of very warm weather, which began with record temperatures in May, our utility systems have performed well, demonstrating the value of the significant reliability investments we have made in recent years.

Extreme weather puts strains not only on our system, but also on our customers we serve and our employees. We continue to provide a range of assistance to help low-income customers cope with the impacts of warm weather. These include promoting and contributing to programs that assist low-income customers with their bills, and annual donations of residential air conditioning units to local charities for distribution.

I also want to commend our employees, especially our generating center, substation mechanics and line workers, for their dedication and focus on safety. They work hard in the heat, so that our customers can stay cool.

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