Missouri Public Service Commission

JEFFERSON CITY---The Missouri Public Service Commission has issued a financing order that authorizes Union Electric Company d/b/a Ameren Missouri to issue securitized utility tariff bonds for Energy Transition Costs and associated Financing Costs related to the early retirement of its Rush Island Energy Center.

Rush Island is a coal-fired generating facility located on a 500-acre site on the west side of the Mississippi River in Jefferson County near Festus, Missouri. It is composed of two separate units with each unit’s gross generating capacity of approximately 645 MW. Unit 1 went into service in 1976 and Unit 2 in 1977.

Pursuant to the United States District Court for the Eastern District of Missouri (District Court) order on September 30, 2023, the District Court ordered Ameren Missouri to retire Rush Island no later than October 25, 2024, and terminate boiler operations no later than October 15, 2024.

Securitization is a process authorized for the first time in Missouri by the legislature in the 2021 general legislative session. This case is the third securitization case decided by the Public Service Commission since the law was passed. The legislation permits investor-owned utilities such as Ameren Missouri to securitize certain energy transition costs associated with natural disasters and the retirement of electric generating facilities.

In this securitization case, Ameren Missouri sought authority to securitize the total energy transition costs of approximately $512,760,332, related to retirement of Rush Island Energy Center. After finding that securitization will provide net present value benefits to customers when compared to traditional financing and recovery, and thorough review of the record, the Commission determined estimated energy transition costs of approximately $461,418,810, based on an October 15, 2024, retirement.

The Commission authorized Ameren Missouri to recover the securitized utility tariff costs and financing costs over a period of 15 years with a final maturity date not to exceed 17 years from the date the securitized utility tariff bonds are issued.

Ameren Missouri serves approximately 1.2 million electric customers in Missouri.

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Case No. EF-2024-0021