Regulated Midwest utility
Ameren Corporation
Ameren earns regulated revenue by supplying electricity and natural gas and operating transmission assets in Missouri and Illinois. 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.
Business categories Regulated Utilities & Grid Operators · Power & Grid · primary
AEE Updated Sep 24, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, Ameren Corporation is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 45 companies within two hops; the links are backed by 10 dated sources, 4 of them primary filings (as of 2026-09-24).
Financials & Segments
- Total revenue · FY2025 total revenue of $8.799 billion
- Segments · Ameren Missouri · Ameren Illinois Electric Distribution · Ameren Illinois Natural Gas · Ameren Transmission
Revenue from
- Alphabet (Google) High confidence· capacity 1 GW · contracted as of 2026-05-20 · Lower bound of new Missouri generation capacity contracted by Google
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.Mentions KO Investing.com Korea Published Aug 1, 2026: Ameren Stock Price and Q2 2026 Earnings SummaryConfirms EN Office of Missouri Governor Mike Kehoe Published May 20, 2026: Missouri Secures $15 Billion Investment from Google in Montgomery County - Amazon High confidence
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.Mentions KO Investing.com Korea Published Aug 1, 2026: Ameren Stock Price and Q2 2026 Earnings SummaryConfirms EN Amazon Published Jun 15, 2026: Amazon strengthens its investment in Missouri to bring new community programs, new jobs, and hundreds of millions in tax revenue - Midcontinent Independent System Operator (MISO) High confidence
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.Confirms EN Missouri Public Service Commission Published Aug 29, 2025: Eleventh Prudence Review of Costs Related to Ameren Missouri's Fuel Adjustment Clause
Pays to
- Midcontinent Independent System Operator (MISO) High confidence· Amount $69M · FY2025 · Increase in Ameren Illinois purchased-power expense caused by higher 2025 MISO summer capacity prices
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.Confirms EN Missouri Public Service Commission Published Aug 29, 2025: Eleventh Prudence Review of Costs Related to Ameren Missouri's Fuel Adjustment Clause - GE Vernova High confidence· Count 4 combustion_turbine_generators · contracted for 2028 in-service · GE combustion turbine generators contracted for the Big Hollow Energy Center
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.Confirms EN Missouri Public Service Commission Published Jun 26, 2025: Direct Testimony of Christopher A. Stumpf on the Big Hollow CTG Project
Investments
- Invenergy Renewables High confidence· Amount $600M · February 2026 acquisition · Acquisition price for the Split Rail Solar Project
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.Confirms EN Ameren Missouri Published Jun 20, 2023: Ameren Missouri plans new solar generation capable of powering more than 95,000 homes
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +134.7 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +127.4 |
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +115.6 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +68.2 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +66.4 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | +52.6 |
| Schlumberger | lead2 | +39.6 | +81.2 | -0.8 | -24.5 | +3.3 | +52.3 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +34.1 |
| Labcorp Holdings Inc. | lead2 | +54.4 | -24.4 | +13.8 | +2.2 | +10.6 | +25.3 |
| Becton, Dickinson and Company | lead2 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.8 |
| Live Nation Entertainment, Inc. | lead2 | +62.9 | -41.7 | +34.2 | +38.4 | +10 | +21.8 |
| Carrier Global Corporation | lead2 | +45.3 | -22.7 | +41.5 | +20.3 | -21.8 | +14.3 |
| Waters Corporation | lead2 | +50.6 | -8.1 | -3.9 | +12.7 | +2.4 | +14.2 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.3 |
| Agilent Technologies, Inc. | lead2 | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Automatic Data Processing, Inc. | lead2 | +42.6 | -1.3 | -0.2 | +28.4 | -10.2 | +9.6 |
| Hilton Worldwide Holdings Inc. | lead2 | +40.2 | -18.7 | +44.7 | +36.1 | +16.5 | +8.5 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Expedia Group, Inc. | lead2 | +36.5 | -51.5 | +73.3 | +22.8 | +53.3 | +5.8 |
| Hubbell Incorporated | lead2 | +35.6 | +15.1 | +42.4 | +28.9 | +7.4 | +4.7 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -6.7 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Roper Technologies | lead2 | +14.7 | -11.6 | +26.9 | -4.1 | -13.8 | -7.9 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Axon Enterprise, Inc. | lead2 | +28.1 | +5.7 | +55.7 | +130.1 | -4.4 | -9.2 |
| Constellation Brands, Inc. | lead2 | +16.1 | -6.4 | +5.8 | -7.1 | -36 | -9.2 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -12.9 |
| GE HealthCare Technologies Inc. | lead2 | · | · | · | +1.3 | +5.1 | -15.9 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -16.5 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -20.4 |
| IDEXX Laboratories, Inc. | lead2 | +31.7 | -38 | +36.1 | -25.5 | +63.6 | -20.9 |
| Comcast Corporation | lead2 | -2.2 | -28.7 | +29.1 | -11.8 | -17.3 | -22.3 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -35.2 |
| Fair Isaac Corporation | lead2 | -15.1 | +38 | +94.5 | +71 | -15.1 | -44.9 |
| Intuit Inc. | lead2 | +70.3 | -39.1 | +61.8 | +1.2 | +6.1 | -53.7 |
| Corteva, Inc. | lead2 | +23.6 | +25.6 | -17.5 | +20.2 | +18.9 | -80.1 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Ameren Corporation | node | +17.1 | +2.5 | -16.1 | +27.5 | +15.3 | +4.5 |
| GE Vernova | benef1 | · | · | · | · | +99 | +54 |
| Workday, Inc. | benef2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -44.3 |
YTD as of 2026-10-09 · source: Yahoo Finance
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 generated from returns as of 2026-09-04← All companiesMarkdown · JSON · Customers · Suppliers · Ripple