Ameren sees data-center deals pushing investment beyond $38 billion plan

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By Varun  Sahay and Tyakshi Singh
Nov 6 (Reuters) - Ameren Corp AEE.N said on Friday it may need to invest in power generation beyond its $38.1 billion capital plan through 2031, as the utility expects to sign more electric-service agreements next year.
 US utilities are expanding generation and transmission infrastructure to meet rising electricity demand from AI and cloud data centers, even as the buildout faces growing political and community pushback over power demand, water use and household utility bills.
In this week's US midterm elections, voters favored restrictions on data center development in 40 of 41 local ballot measures across the country.
The St. Louis-based utility's five-year plan assumes 2.9 GW of new Missouri load by 2031, mainly from 2.8 GW of signed agreements that include Google GOOGL.O and Amazon AMZN.O projects representing $25 billion of planned investment in its Missouri service territory.
"We are optimistic that in 2027 we'll see further energy-service agreements signed," Chief Executive Marty Lyons said on the post-earnings call.
Additional agreements would strengthen growth in the later years of the plan, Lyons added.
The utility plans to add about 7.7 GW of generation capacity between 2027 and 2031, increasing installed capacity in Missouri by roughly 80%. It is also seeking regulatory approval for the 2.1 GW West Alton natural gas plant, which is expected to enter service in 2031.
The company on Thursday raised its 2026 earnings forecast and projected annual earnings-per-share growth of 8% to 10% from 2027 through 2031.

(Reporting by Varun Sahay and Tyakshi Singh in Bengaluru; Editing by Tasim Zahid)
((Varun.Sahay@thomsonreuters.com;))