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Corporation","tier":2,"returns_yearly":{"2021":-2.2,"2022":-28.7,"2023":29.1,"2024":-11.8,"2025":-17.3,"2026":-22.3}},{"slug":"adobe","name":"어도비","name_en":"Adobe Inc.","tier":2,"returns_yearly":{"2021":13.4,"2022":-40.7,"2023":77.3,"2024":-25.5,"2025":-21.3,"2026":-23.9}},{"slug":"autodesk","name":"오토데스크","name_en":"Autodesk, Inc.","tier":2,"returns_yearly":{"2021":-7.9,"2022":-33.5,"2023":30.3,"2024":21.4,"2025":0.1,"2026":-26.4}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":2,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-35.2}},{"slug":"fair-isaac","name":"페어 아이작","name_en":"Fair Isaac Corporation","tier":2,"returns_yearly":{"2021":-15.1,"2022":38,"2023":94.5,"2024":71,"2025":-15.1,"2026":-44.9}},{"slug":"intuit","name":"인튜이트","name_en":"Intuit Inc.","tier":2,"returns_yearly":{"2021":70.3,"2022":-39.1,"2023":61.8,"2024":1.2,"2025":6.1,"2026":-53.7}},{"slug":"corteva","name":"코르테바","name_en":"Corteva, Inc.","tier":2,"returns_yearly":{"2021":23.6,"2022":25.6,"2023":-17.5,"2024":20.2,"2025":18.9,"2026":-80.1}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":12}}],"benefiting":[{"slug":"ge-vernova","name":"GE Vernova","name_en":"GE Vernova","tier":1,"returns_yearly":{"2025":99,"2026":54}},{"slug":"workday","name":"워크데이","name_en":"Workday, Inc.","tier":2,"returns_yearly":{"2021":14,"2022":-38.7,"2023":65,"2024":-6.5,"2025":-16.8,"2026":-8.8}},{"slug":"d-wave","name":"D-Wave Quantum","name_en":"D-Wave Quantum","tier":2,"returns_yearly":{"2022":-85.3,"2023":-38.9,"2024":854.5,"2025":211.3,"2026":-44.3}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":12}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":3,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":8.3}}],"analysis":"미 중서부 규제 유틸리티 기업. 2026년 +8.1%다. 공급단(평균 +44.4%)이 본주(+8.1%)보다 세게 움직였다. 공급 병목 국면의 전형으로, 본주 마진보다 공급사 물량 레버리지가 먼저 반영되고 있다는 신호다. 연결 노드 중 가장 앞선 곳은 GE 베르노바(+44.4%), 가장 처진 곳은 알파벳 (구글)(+8.3%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Ameren Corporation operates across Regulated Midwest utility. It is +8.1% in 2026. The supply side (avg +44.4%) has moved harder than the stock (+8.1%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is GE Vernova (+44.4%) and the furthest behind is Alphabet (Google) (+8.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on wholesale power, generation fuel and turbines, and solar acquisitions, while large data center contracts have become a new source of load growth.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"Invenergy Renewables","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-08-03","basis":"Split Rail 태양광 프로젝트 인수액","value":600000000,"period":"February 2026 acquisition","basis_en":"Acquisition price for the Split Rail Solar Project","qualifier":"approximately"},"note":"아메렌 미주리는 Invenergy가 개발한 300MW Split Rail 태양광 프로젝트를 2026년 2월 약 6억달러에 인수했다. 해당 자산은 2026년 6월 가동에 들어갔다.","note_en":"Ameren Missouri acquired the 300 MW Split Rail Solar Project developed by Invenergy for approximately $600 million in February 2026. The asset entered service in June 2026.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-08-03","url":"https://www.sec.gov/Archives/edgar/data/1002910/000100291026000023/aee-20260630.htm","title":"아메렌 2026년 2분기 Form 10-Q","title_en":"Ameren Corporation Q2 2026 Form 10-Q","excerpt":"아메렌 미주리는 2026년 2월 Split Rail 태양광 프로젝트를 약 6억달러에 인수했고 2026년 6월 가동했다고 공시했다.","excerpt_en":"In February 2026, Ameren Missouri acquired the Split Rail Solar Project for approximately $0.6 billion and placed it in-service in June 2026."},{"stance":"confirms","publisher":"아메렌 미주리","publisher_en":"Ameren Missouri","kind":"ir","lang":"en","published_at":"2023-06-20","url":"https://ameren.mediaroom.com/2023-06-20-Ameren-Missouri-plans-new-solar-generation-capable-of-powering-more-than-95,000-homes","title":"아메렌 미주리, 9만5천 가구 이상에 전력을 공급할 신규 태양광 발전 계획","title_en":"Ameren Missouri plans new solar generation capable of powering more than 95,000 homes","excerpt":"아메렌은 300MW Split Rail 태양광 프로젝트를 Invenergy로부터 인수할 계획이라고 발표했다.","excerpt_en":"Split Rail Solar, a 300-MW project based in Warren County, Missouri, with a targeted in-service date of 2026 to be acquired by Ameren Missouri from Invenergy."}]},{"direction":"cost","counterparty":"Midcontinent Independent System Operator (MISO)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-18","basis":"2025년 MISO 여름 용량가격 상승에 따른 아메렌 일리노이 구매전력비 증가분","value":69000000,"period":"FY2025","basis_en":"Increase in Ameren Illinois purchased-power expense caused by higher 2025 MISO summer capacity prices","qualifier":null},"note":"아메렌 미주리와 아메렌 일리노이는 MISO 시장에서 고객 공급용 전력과 용량을 구매한다. 2025년 여름 용량가격 상승은 아메렌 일리노이의 구매전력비를 6,900만달러 늘린 요인이었다.","note_en":"Ameren Missouri and Ameren Illinois procure power and capacity through MISO for customer supply. The 2025 summer capacity-price increase added $69 million to Ameren Illinois purchased-power expense.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1002910/000100291026000009/aee-20251231.htm","title":"아메렌 2025 회계연도 Form 10-K","title_en":"Ameren Corporation FY2025 Form 10-K","excerpt":"아메렌 일리노이의 2025년 구매전력비는 MISO 여름 용량가격 상승 영향 6,900만달러를 포함해 전년보다 2억100만달러 증가했다.","excerpt_en":"Ameren Illinois Electric Distribution's purchased power expenses increased $201 million, or 27%, in 2025, compared with 2024, primarily due to summer capacity prices increasing from $30 per MW-day in 2024 to $667 per MW-day in 2025 pursuant to the April 2025 annual MISO capacity auction (+$69 million)."},{"stance":"confirms","publisher":"미주리 공공서비스위원회","publisher_en":"Missouri Public Service Commission","kind":"filing","lang":"en","published_at":"2025-08-29","url":"https://www.efis.psc.mo.gov/Document/Display/847311","title":"아메렌 미주리 연료조정조항 비용 제11차 건전성 검토 보고서","title_en":"Eleventh Prudence Review of Costs Related to Ameren Missouri's Fuel Adjustment Clause","excerpt":"위원회 직원은 아메렌 미주리가 자체 부하에 필요한 전력을 MISO에서 다시 구매하며 MISO 전일시장과 실시간시장의 단기 전력 구매를 검토했다고 밝혔다.","excerpt_en":"Ameren Missouri must purchase back from MISO the energy needed to serve its native load. Staff identified no evidence that Ameren Missouri acted imprudently with regard to purchases of short-term energy in the MISO and PJM day-ahead markets."}]},{"direction":"cost","counterparty":"GE Vernova","counterparty_slug":"ge-vernova","confidence":"high","metric":{"type":"count","unit":"combustion_turbine_generators","as_of":"2025-06-26","basis":"Big Hollow 발전소에 계약된 GE 연소터빈발전기 수","value":4,"period":"contracted for 2028 in-service","basis_en":"GE combustion turbine generators contracted for the Big Hollow Energy Center","qualifier":null},"note":"아메렌 미주리는 Big Hollow 발전소용 GE 7FA.04 연소터빈발전기 4기를 계약했다. 2024년 예비 구매주문과 2025년 최종 제작 통보로 생산 슬롯을 확보했다.","note_en":"Ameren Missouri contracted for four GE 7FA.04 combustion turbine generators for the Big Hollow Energy Center. A preliminary purchase order in 2024 and final notice to proceed in 2025 secured the production slots.","sources":[{"stance":"confirms","publisher":"미주리 공공서비스위원회","publisher_en":"Missouri Public Service Commission","kind":"filing","lang":"en","published_at":"2025-06-26","url":"https://efis.psc.mo.gov/Document/Display/837660","title":"Big Hollow 연소터빈 프로젝트 크리스토퍼 스텀프 직접증언","title_en":"Direct Testimony of Christopher A. Stumpf on the Big Hollow CTG Project","excerpt":"아메렌 미주리는 Big Hollow 프로젝트의 연소터빈발전기 4기가 이미 GE와 계약됐으며, 2024년 계약으로 생산과 납기 슬롯을 확보했다고 증언했다.","excerpt_en":"The four combustion turbine generators planned for the CTG Project are already under contract with GE. Contracts were executed in 2024 to secure production and delivery of the units in time for the planned in-service date."}]},{"direction":"revenue","counterparty":"알파벳 (구글)","counterparty_slug":"alphabet","confidence":"high","metric":{"type":"capacity","unit":"GW","as_of":"2026-05-20","basis":"구글이 미주리에서 계약한 신규 발전용량의 하한","value":1,"period":"contracted as of 2026-05-20","basis_en":"Lower bound of new Missouri generation capacity contracted by Google","qualifier":"more_than"},"note":"구글은 미주리에서 1GW가 넘는 신규 발전용량을 계약했고 아메렌과의 협력으로 500MW 이상의 추가 용량 개발을 지원한다. 몽고메리 카운티 데이터센터가 아메렌 미주리의 장기 대형부하 매출 기반이 된다.","note_en":"Google has contracted for more than 1 GW of new generation in Missouri and, through its partnership with Ameren, is supporting more than 500 MW of additional capacity. Its Montgomery County data center is a long-term large-load customer for Ameren Missouri.","sources":[{"stance":"mentions","publisher":"인베스팅닷컴 코리아","publisher_en":"Investing.com Korea","kind":"analysis","lang":"ko","published_at":"2026-08-01","url":"https://kr.investing.com/equities/ameren-corp?cid=8288","title":"아메렌 오늘의 주가 및 2026년 2분기 실적 요약","title_en":"Ameren Stock Price and Q2 2026 Earnings Summary","excerpt":"Google과 Amazon 프로젝트에서 발생하는 총 2.8기가와트(GW) 규모의 데이터 센터 수요가 2027년 말부터 2029년까지 매출을 증대시킬 것으로 예상됩니다.","excerpt_en":"A combined 2.8 GW of data center demand from the Google and Amazon projects is expected to increase revenue from late 2027 through 2029."},{"stance":"confirms","publisher":"가벨리 펀드","publisher_en":"Gabelli Funds","kind":"research","lang":"en","published_at":"2026-06-29","url":"https://gabelli.com/research/utilities-u-s-the-tale-of-two-grids/","title":"미국 유틸리티: 두 전력망의 이야기","title_en":"Utilities - U.S. - The Tale of Two Grids","excerpt":"가벨리는 구글이 아메렌과 전력서비스계약을 맺고 미주리에서 1GW가 넘는 신규 발전용량을 계약했다고 분석했다.","excerpt_en":"Google plans to build a $15 billion data center campus in Montgomery County, MO under an ESA with AEE. Google has contracted for over 1 GW of new generation in MO."},{"stance":"confirms","publisher":"미주리 주지사실","publisher_en":"Office of Missouri Governor Mike Kehoe","kind":"news","lang":"en","published_at":"2026-05-20","url":"https://governor.mo.gov/press-releases/archive/missouri-secures-15-billion-investment-google-montgomery-county","title":"미주리주, 몽고메리 카운티 구글 투자 150억달러 유치","title_en":"Missouri Secures $15 Billion Investment from Google in Montgomery County","excerpt":"구글은 미주리에 1GW가 넘는 신규 발전용량을 계약했고 아메렌과의 협력으로 500MW 이상의 추가 용량 개발을 지원한다고 미주리 주지사실이 밝혔다.","excerpt_en":"To date, Google has contracted to bring more than one gigawatt (GW) of new generation capacity to Missouri, and, through its partnership with Ameren, the company is supporting the development of more than 500 megawatts (MW) of additional capacity."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-06-26","basis":"아마존 데이터센터의 아메렌 미주리 전력 사용 계약액","value":null,"period":"2026 electric service arrangement","basis_en":"Value of Ameren Missouri electric service for Amazon's data center campus","qualifier":"confirmed_no_disclosed_value"},"note":"아마존의 몽고메리 카운티 데이터센터는 아메렌 미주리의 대형부하 요금제로 전력을 공급받는다. 계약상 개별 전력량과 아메렌 매출액은 공개되지 않았지만, 아마존은 전력 사용과 계통 연결 비용을 부담한다.","note_en":"Amazon's Montgomery County data center campus will take power under Ameren Missouri's large-load framework. Contracted load and Ameren revenue have not been disclosed, but Amazon is responsible for its energy use and grid-connection costs.","sources":[{"stance":"mentions","publisher":"인베스팅닷컴 코리아","publisher_en":"Investing.com Korea","kind":"analysis","lang":"ko","published_at":"2026-08-01","url":"https://kr.investing.com/equities/ameren-corp?cid=8288","title":"아메렌 오늘의 주가 및 2026년 2분기 실적 요약","title_en":"Ameren Stock Price and Q2 2026 Earnings Summary","excerpt":"Google과 Amazon 프로젝트에서 발생하는 총 2.8기가와트(GW) 규모의 데이터 센터 수요가 2027년 말부터 2029년까지 매출을 증대시킬 것으로 예상됩니다.","excerpt_en":"A combined 2.8 GW of data center demand from the Google and Amazon projects is expected to increase revenue from late 2027 through 2029."},{"stance":"confirms","publisher":"가벨리 펀드","publisher_en":"Gabelli Funds","kind":"research","lang":"en","published_at":"2026-06-29","url":"https://gabelli.com/research/utilities-u-s-the-tale-of-two-grids/","title":"미국 유틸리티: 두 전력망의 이야기","title_en":"Utilities - U.S. - The Tale of Two Grids","excerpt":"가벨리는 아마존의 미주리 데이터센터 계획과 전력서비스·계통 연결 비용 전액 부담 구조를 아메렌의 대형부하 성장 근거로 분석했다.","excerpt_en":"Amazon announced plans to develop a $10 billion data center campus in Montgomery County, MO and will pay for 100% of the costs to provide electric service, including all costs with connecting to the energy grid."},{"stance":"confirms","publisher":"아메렌","publisher_en":"Ameren","kind":"ir","lang":"en","published_at":"2026-06-26","url":"https://www.ameren.com/resource-center/amazon","title":"아마존, 몽고메리 카운티 대규모 투자 공개","title_en":"Amazon reveals major investment in Montgomery County","excerpt":"아마존 데이터센터는 아메렌 미주리의 Powering Missouri Growth Plan 적용을 받으며, 대형 데이터센터 고객은 계통 연결 비용 100%와 최대 요청수요의 최소 80%에 해당하는 월 수요요금을 부담한다.","excerpt_en":"Due to the size of the project, Amazon's data center will be subject to Ameren Missouri's Powering Missouri Growth Plan."},{"stance":"confirms","publisher":"아마존","publisher_en":"Amazon","kind":"ir","lang":"en","published_at":"2026-06-15","url":"https://www.aboutamazon.com/news/company-news/amazon-data-center-missouri-new-jobs","title":"아마존, 미주리 데이터센터 투자와 지역 프로그램 확대","title_en":"Amazon strengthens its investment in Missouri to bring new community programs, new jobs, and hundreds of millions in tax revenue","excerpt":"아마존은 몽고메리 카운티 데이터센터의 에너지 사용 비용을 자체 부담하도록 아메렌 미주리와 협력했다고 밝혔다.","excerpt_en":"Amazon has worked with the local utility, Ameren Missouri, to ensure the costs associated with our new data center campus in Montgomery County are not passed on to other ratepayers."}]},{"direction":"revenue","counterparty":"Midcontinent Independent System Operator (MISO)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-18","basis":"MISO 대상 용량·전력 순매출","value":null,"period":"FY2025","basis_en":"Capacity and net electricity sales to MISO","qualifier":"confirmed_no_disclosed_value"},"note":"아메렌 미주리는 보유 발전용량을 MISO에 판매하고 시간대별 순매도액을 전력 매출로 기록한다. 상대별 연간 매출액은 공개되지 않았다.","note_en":"Ameren Missouri offers its capacity into MISO and records hourly net sales as electric operating revenue. Annual revenue attributable to MISO has not been disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1002910/000100291026000009/aee-20251231.htm","title":"아메렌 2025 회계연도 Form 10-K","title_en":"Ameren Corporation FY2025 Form 10-K","excerpt":"아메렌 미주리는 모든 발전용량을 MISO에 판매 제안하며, 시간대별 순매도를 전력 영업수익으로 기록한다고 공시했다.","excerpt_en":"Ameren Missouri offers for sale all of its capacity to the MISO. Ameren Missouri records net sales in a single hour in 'Operating Revenues - Electric' in its statement of income."},{"stance":"confirms","publisher":"미주리 공공서비스위원회","publisher_en":"Missouri Public Service Commission","kind":"filing","lang":"en","published_at":"2025-08-29","url":"https://www.efis.psc.mo.gov/Document/Display/847311","title":"아메렌 미주리 연료조정조항 비용 제11차 건전성 검토 보고서","title_en":"Eleventh Prudence Review of Costs Related to Ameren Missouri's Fuel Adjustment Clause","excerpt":"위원회 직원은 아메렌 미주리가 MISO의 전일·실시간 시장에서 발전 전력을 판매하고 자체 수요 전력을 다시 구매한다고 확인했다.","excerpt_en":"These markets allow Ameren Missouri to offer-in and sell the energy it generates to MISO. In turn, Ameren Missouri must purchase back from MISO the energy needed to serve its native load."}]}]}