Ameren Corp (AEE) — Q1 2018 Earnings Call Transcript

Thank you, and good morning. On the call with me today are Warner Baxter, our Chairman, President and Chief Executive Officer; and Marty Lyons, our Executive Vice President and Chief Financial Officer; as well as other members of the Ameren management team. Warner and Marty will discuss our earnings results and guidance as well as provide a business update. Then we will open the call for questions. Before we begin, let me cover a few administrative details. This call contains time-sensitive data that is accurate only as of the date of today's live broadcast, and redistribution of this broadcast is prohibited. To assist with our call this morning, we have posted a presentation on the amereninvestors.com website home page that will be referenced by our speakers. As noted on Page 2 of the presentation, comments made during this conference call may contain statements that are commonly referred to as forward-looking statements. Such statements include those about future expectations, beliefs, plans, strategies, objectives, events, conditions and financial performance. We caution you that various factors could cause actual results to differ materially from those anticipated. For additional information concerning these factors, please read the Forward-Looking Statement section in the news release we issued today and the Forward-Looking Statements and Risk Factors sections in our filings with the SEC. Now here's Warner, who will start on Page 4 of the presentation.

Thanks, Doug. Good morning, everyone, and thank you for joining us. Earlier today, we announced first quarter 2018 earnings of $0.62 per share compared to $0.42 per share earned in the first quarter of 2017. The year-over-year increase of $0.20 per share was driven by higher Ameren Missouri electric service rates effective April 1, 2017, as well as higher Ameren Missouri electric retail sales, primarily due to colder winter temperatures this year compared to the very mild temperatures experienced in the year-ago period. In addition, the comparison benefited from earnings on increased infrastructure investments made at Ameren Transmission, Ameren Illinois Electric Distribution and Ameren Illinois Natural Gas. Marty will discuss these and other factors driving the quarterly results in more detail in a moment. I am also pleased to report that we remain on track to deliver strong earnings results in 2018 in the range of $2.95 per share to $3.15 per share. We continue to focus on executing our strategic plan, which includes operating our businesses safely, while strategically allocating capital and exercising disciplined cost management. Moving to Page 5. Here we reiterate our strategic plan, which we have been executing very well over the last several years. That plan is expected to continue to result in strong long-term earnings growth. As you can see on the right side of this page, during the first 3 months of this year, we invested over $325 million, or nearly 60% of total capital expenditures in our transmission and distribution businesses, where investments are supported by regulatory frameworks that provide fair, predictable and timely cost recovery. For Ameren Transmission, the Illinois rivers and Mark Twain projects remain on schedule for completion by the end of 2019, and we continue to make significant investments in Ameren Illinois local reliability projects. For Ameren Illinois Electric and Natural Gas Distribution businesses, substantial grid modernization investments continue, including replacing aging infrastructure, supporting system capacity additions, making reliability improvements and deploying smart electric meters and gas meter modules. And finally, for Ameren Missouri, investments continue to be focused on providing a safe and adequate service across our entire system. Speaking of Ameren Missouri, we are working on 2 key strategic initiatives that support important incremental investments that will deliver significant long-term benefits to our customers and the State of Missouri. These initiatives are our efforts to enhance the Missouri electric regulatory framework, and our plan to add significant wind generation to Ameren Missouri's energy portfolio. Turning now to Page 6. I'll update you on the first of these strategic initiatives, our efforts to enhance the Missouri regulatory framework through legislation. As you know, over the last several years, Ameren Missouri has worked with other Missouri investor-owned electric utilities, state leaders and key stakeholders to modernize energy policies through legislation to support incremental investment in the state's energy grid. Consistent with the benefits we have seen in Illinois and around the country, modernized policies to support energy infrastructure investments would lead to a more reliable and smarter energy grid as well as provide greater tools for customers to manage their future energy usage. In addition, modernized policies will position us to meet our customers' energy needs and rising expectations and create significant quality jobs for Missouri. As most of you know, the Missouri Senate passed Senate Bill 564 earlier this year on a strong bipartisan vote. The bill is now ready to be taken up for consideration by the full Missouri House of Representatives. If the bill passes the House without amendments, it will be sent to the Governor. If enacted, Senate Bill 564 would significantly enhance Missouri's electric regulatory framework. In particular, it would support our ability to invest an incremental $1 billion in infrastructure for 2023 to deliver significant benefits to our customers and better position Missouri for the future. In addition, the Missouri PSC would be granted one-time authority to pass on to the customers, in a very timely fashion, the savings stemming from the lower federal income tax rate retroactive to January 1, 2018. Further, customers would benefit from the rate certainty this legislation provides. Electric base rates will be frozen until April 1, 2020, and average overall rate increases would be capped at 2.85% compounded annually to 2023. The legislation will also provide economic development rates for certain incremental electric sales to larger customers, and it would maintain continued strong Missouri PSC oversight and consumer protections. The bottom line is that passage of this legislation would create a win-win for our customers, the State of Missouri, and our shareholders. We will continue to work closely with key stakeholders through the end of the session on May 18 to get this important legislation passed. Moving on to Page 7 for an update on another key strategic initiative, our wind generation investment plans. We continue to make progress on Ameren Missouri's proposed investment in at least 700 megawatts for approximately $1 billion of wind generation to achieve compliance with Missouri's Renewable Energy Standard. In fact, we expect to file for certificates of convenience and necessity for ownership of at least 400 megawatts by June 30 with Missouri PSC. Decisions on these requests are expected within 6 to 10 months of filings. Further, we continue to hold discussions with other wind developers and expect to file for certificates of convenience and necessity for ownership of the balance of our wind generation needs this year. And finally, Regional Transmission Organization interconnection studies are already underway for sites under consideration. We look forward to executing this important component of our Integrated Resource Plan because we believe it would deliver clear benefits to our customers, the environment, and the communities we serve. Turning now to Page 8. In February, we rolled forward our 5-year growth plan, which includes our expectation of 5% to 7% compound annual earnings per share growth for the 2017 to 2022 period, using 2017 core earnings per share as a base. This earnings growth is primarily driven by expected 7% compound annual rate base growth over the same period. Importantly, our 5-year earnings and rate base growth projections do not include $1 billion of potential incremental capital expenditures through 2023 associated with the Missouri Senate Bill 564 or the incremental investment opportunity of approximately $1 billion of wind generation by 2020. Further, we have a strong long-term infrastructure investment pipeline beyond 2022. In closing, we believe our strong earnings outlook, combined with our solid dividend, which currently provides a yield of approximately 3.2%, results in a very attractive total return opportunity for shareholders compared to our regulated utility peers. Now before I turn the call over to Marty, I would like to mention 2 recent and important enhancements to our disclosures about environmental, social, and governance matters. First, in March, we issued our initial EEI ESG/sustainability report, which will supplement Ameren's already substantial reporting on these issues. This report is part of a voluntary industry initiative, coordinated by the Edison Electric Institute, to provide electric industry investors with more uniform and consistent environmental, social, governance and sustainability related metrics. And finally, just last week, we issued our annual corporate social responsibility report. Both reports are available at amereninvestors.com. Again, thank you all for joining us today, and I'll now turn the call over to Marty.

Thanks, Warner, and good morning, everyone. Turning now to Page 10 of our presentation. As Warner mentioned, today, we reported first quarter 2018 earnings of $0.62 per share compared to earnings of $0.42 per share for the year-ago quarter. The key factors that drove the overall $0.20 per share increase are highlighted by segment on this page. First, I would like to note that the lower 2018 federal corporate income tax expenses were almost entirely offset by a reduction in revenue, reflecting the expected passthrough of those savings to customers. For our transmission in Illinois electric and gas distribution segments, we have already received approvals from the FERC and ICC, respectively, to pass on approximately $115 million of 2018 federal tax savings to customers. And if Missouri Senate Bill 564 is enacted, that total would reach nearly $250 million. Now back to first quarter results. Ameren Missouri, our largest segment and also the largest driver of the year-over-year earnings improvement, reported an increase of $0.14 per share, up from $0.02 per share in 2017 to $0.16 per share in 2018. This improvement was driven by higher electric service rates effective April 1, 2017, as well as higher electric retail sales, primarily due to colder winter temperatures this year compared to the very mild temperatures experienced in the year-ago period. These 2 favorable factors were partially offset by higher other operations and maintenance expenses, primarily due to higher-than-normal scheduled nonnuclear plant outages. Turning to Ameren Illinois Natural Gas results. Earnings for this segment grew $0.04 per share, reflecting increased infrastructure investments as well as benefits related to the lower 2018 federal income tax rate, though this tax benefit is expected to almost entirely reverse by year-end 2018. Finally, earnings for Ameren Transmission and Ameren Illinois Electric Distribution were each up slightly, reflecting increased infrastructure investments. In summary, we had a positive start to the year with increased earnings across all four operating segments. Before moving on, let me briefly cover electric sales trends for Ameren Missouri and Ameren Illinois Electric Distribution for the first 3 months of this year compared to the first 3 months of last year. Weather-normalized kilowatt-hour sales to Missouri residential and commercial customers on a combined basis increased about 0.5%, excluding the effects of our energy efficiency plan under MEEIA. We exclude MEEIA effects because the program provides rate recovery to ensure that earnings are not affected by reduced electric sales resulting from our energy efficiency efforts. Weather-normalized kilowatt-hour sales to Illinois residential and commercial customers on a combined basis increased about 1%. Recall that changes in electric sales in Illinois, no matter the cost, do not affect our earnings since the Future Energy Jobs Act provided for full revenue decoupling beginning in 2017. Moving to Page 11 of our presentation. I would now like to briefly touch on key drivers impacting our 2018 earnings guidance. As Warner stated, we continue to expect 2018 diluted earnings to be in a range of $2.95 to $3.15 per share. Select earnings considerations for the balance of the year are listed on this page. I will not comment specifically on these considerations since they are largely self-explanatory and consistent with the 2018 earnings drivers and assumptions discussed on our February earnings call. Moving now to Page 12 for a discussion of select regulatory matters. For Ameren Transmission, there has been no change in the status of the second complaint case pending at the FERC that seeks to reduce the base allowed ROE for MISO transmission owners. We continue to expect that the FERC commissioners will consider the court ruling in the New England ROE case as well as the MISO transmission owners' motion to dismiss the second MISO ROE complaint case, as both may influence the future MISO allowed ROE. Moving to Ameren Illinois Electric Distribution regulatory matters. Last month, we made our required annual electric distribution rate update filing. Under Illinois' formula ratemaking, our utility is required to file annual rate updates to systematically adjust cash flows over time for changes in cost of service and to true-up any prior period over or under recovery of such cost. The ICC will review the matter in the months ahead, with the decision expected in December of this year and new rates effective early next year. For perspective, if the requested rate update is approved by the ICC, all-in 2019 residential electric rates for customers taking delivery and energy service from Ameren Illinois will have decreased by an estimated 1% since electric formula ratemaking began in 2012, even after incorporating substantial infrastructure investments made for the benefit of customers. Moving to Page 13. In Ameren's natural gas regulatory matters, earlier this year, we filed with the ICC for an annual increase in gas distribution rates using a 2019 future test year. On this page, we have updated our request for stipulations and agreements with the ICC staff that incorporate a 9.87% allowed ROE and up to a 50% equity ratio. A decision is required by December of 2018, with new rates expected to be effective in January 2019. Turning now to Missouri regulatory matters. In late February, the Missouri PSC staff issued its report recommending the commission open a proceeding for each utility and pursue rate reductions to pass savings from the lower federal income tax rate onto customers. Of course, if Senate Bill 564 is enacted, Ameren Missouri would pass savings from the lower federal rate onto electric customers in a timely fashion and retroactively apply from January 1, 2018, pursuant to the bill's provisions. Finally, turning to Page 14, I will summarize. We expect to deliver strong earnings growth in 2018, as we successfully execute our strategy. As we look over the longer term, we continue to expect strong earnings per share growth driven by rate-based growth and disciplined financial management. Further, we expect this growth to compare favorably with the growth of our regulated utility peers. In addition, Ameren shares continue to offer investors an attractive dividend. In total, we have an attractive total shareholder return story that we believe compares very favorably to our peers. That concludes our prepared remarks. We now invite your questions.

So I wanted to follow up first on the wind investment side of the equation. I just wanted to dig in a little bit on the 700 megawatts and the breakdown between the 400 and the balance, if you will. Can you talk a little about the sort of the timeline here with respect to the incremental? You talked about the 400 being filed by June 30. What about the remainder here as far as the time when they see the CapEx dollars? And how should we be thinking about it if you ultimately are awarded this, the cadence of the CapEx, vis-à-vis the plan?

So Julien, this is Warner. I'll start with the overall timing and then I'll let Marty comment a little bit more on the CapEx piece. Now as we've said, we expect to file certificates of convenience for at least 400 megawatts by June 30. And then it is our expectation that we'll fill in the rest of our wind generation needs with agreements and filings with the Missouri Public Service Commission by the end of 2018. So Michael and his team in Ameren Missouri have been working hard with many of the developers, and they will continue to do so. So Marty, do you want to comment a little bit about the CapEx and the cadence associated with that?

Yes. Julien, taking your question in terms of the cadences, when would the CapEx occur relative to our plan. I think with regard to all of these projects, our objective is to get them in service by the end of 2020 in order to take advantage of the production tax credits depending upon how we finalize negotiations. For example, if they were to end up being build-transfer agreements, then, likely, the CapEx would really occur in that 2020 timeframe. And again, the goal here is approximately 700 megawatts or at least 700 megawatts with approximately $1 billion of overall spending.

And just to clarify, why is it broken up between 400 and 300? Is it basically, if I were to read between the lines, the 400 you've sort of established and the 300 would be likely a build on transfer? Is that the right way to interpret this?

No, it's not, Julien. It's really just the status of our ongoing negotiations. So we have ongoing negotiations with multiple developers, and that's just how we see the timeline unfolding this year in terms of completing negotiations and getting CCMs filed. It really does not have anything to do with the nature of the ultimate agreement, whether it be a build-transfer or otherwise. It's really just the situation where you're negotiating with multiple developers for multiple sites. Yes, but at the end of the day, the goal with respect to all 700 is to get those megawatts into service, providing value to customers in the 2020 timeframe.

Excellent. As we approach the end of the legislative session, I'm curious about the options available if there is an extension beyond the end of the spring session.

Julien, this is Warner. I'm not quite sure if I understand what you mean by options, but let me share what we're focused on. We're focused on Senate Bill 564, which has successfully passed all the necessary legislative committees and is now well positioned for a final vote in the House of Representatives. As you've seen, a lot of hard work, collaboration, and compromise have gone into getting this bill to its current stage. Each time this bill has been reviewed by a committee, it has garnered strong bipartisan support. We have until May 18, and Michael Moehn and his team are actively working with key stakeholders to ensure the bill gets sufficient time for discussion and a vote in the House of Representatives.

We're focused on May 18, as well. But anyway, just on the impact of the wind on rates, could you remind me what you guys are thinking in terms of what you think the impact of the wind projects might be on rates? We've seen some utilities talk about actual rates going down. I'm just wondering what you guys are thinking.

Yes. Paul, this is Marty. We have not said specifically what we expect the impact to be. Over time, as we file for the certificates of convenience and need and updates, the commission on our plans for compliance with the Renewable Energy Standard, we'll certainly provide that information to them. Overall, what we have said, which is consistent with the law, is that we do believe that we can ultimately own the 700 megawatts to comply with the Renewable Energy Standard, that the overall investment it'll make and the impact on customer rates would result in rates, on average, rising less than 1% on average over a 10-year projected period, following the wind being put in place. And that's really a requirement of the Renewable Energy Standard. That's not to say, however, that we expect that rates would rise that much necessarily on average. As you note, there could certainly be expected benefits from the wind over time depending especially on what power prices are over time. So in any event, we haven't said specifically, but we will be providing those updates to the commissions through time. And we do expect that, like I said, we'll be able to deliver these projects and keep the impact on rates under that 1% average.

Okay. Great. On the tax side, if the legislation were to occur, how should we consider the offset in terms of the tax benefit? How should we view the tax benefit's impact on your earnings, especially if, although it's unlikely, the legislation doesn't pass?

Well, I think, if the legislation is passed, number one, we would expect that the commission would have a proceeding then to figure out how much and over what period of time we would end up providing the benefits of the tax reform to customers. Again, as required by law, that proceeding could be initiated. Right now, as it relates to our financial results, just to be clear, our financial results for the first quarter don't assume that any benefit is retained by the shareholders and that we've established an accrual for the expectation of ultimately providing that benefit back to customers. Michael, do you have a finer point?

I would just add that assuming the legislation is passed, just to be clear, within 90 days, we will be refunding that amount back to customers. And so that's spelled out in the legislation very clearly.

Okay. So just to clarify, as far as earnings being reported, we should expect the legislation to impact that one way or the other from our perspective. Do you follow me? Is that understanding that correctly?

Yes, you are understanding that correctly, Paul.

Just a follow-up to Paul's question. If the legislation does not pass, would it take a rate case to determine how to return the tax advantage to rate peers?

Yes. And we would have to go through the normal rate proceeding process to figure that out and, ultimately, get that back to customers. That's correct.

And would that be retroactive to January 1 of '18?

Yet to be determined.

You just mentioned adding another $1 billion to the potential on top of the wind if the legislation passes. What could your rate base compound annual growth rate be? Would you simply invest some capital and reorganize projects, or would this be entirely additional?

Paul, this is Marty. It would mainly be an addition. We need to incorporate wind into our portfolio to comply with the Renewable Energy Standard. As we've mentioned, if this legislation is approved, we will increase our investments in Missouri. We have frequently discussed the potential for $1 billion in investments over a 5-year span. We have consistently stated that we will invest more in Missouri, although we haven't specified the exact growth rate. Overall, we plan to take a comprehensive look at our capital expenditure plan, which may lead to some changes in our overall 5-year spending strategy. However, this $2 billion would primarily be an addition.

So more patterns have been extending the growth rate. Okay. And then just on 564 in the House, what are the hurdles? And who could trip this up?

Paul, in terms of the hurdles, as I said at the outset, and I'll let Michael comment on some more of the specifics. It's gone through all the legislative committees. There are no more committee hearings to be had. It is on the House calendar. And it is ready to go to the floor when that House leadership chooses to have it go to the floor. And so Michael, any other commentary beyond that?

No, other than, again, just to reiterate that it has continued to experience, I think, strong bipartisan support. As Warner said, it's been through all the various committees, the House Utilities, House Rules. So it's on the calendar and can be debated at any time. And we certainly remain optimistic it will be debated within the next week or so.

Because the bottom line, we've talked a lot about bipartisan support. I think it's important to recognize that key stakeholders from across the state support this legislation. And so at the end of the day, we remain hopeful that it'll have an opportunity to have this bill debated on the floor of the House by the end of the legislative session.

I have a question regarding Missouri, followed by one for Illinois, and then possibly a housekeeping matter, totaling three questions. First, about Missouri. Over the past 30 to 60 days, have there been any new bills that have passed through the House and Senate and been signed by the Governor?

So Michael, this is Warner. There has been a bill that went out on environmental matters that was approved, but it hasn't been signed by the Governor. Michael, why don't you talk about the...

Warner's commenting on a bill that's specific to us. I mean, obviously, I think the State of Missouri continues to conduct its business. I think there are bills being passed, and I can't comment on what the Governor has signed or not signed. But I do know that the legislature can continue to discuss and pass bills.

I have a question regarding the situation in Illinois and the need for additional investment in transmission or distribution. I understand you've outlined your capital expenditure plan starting from last fall for the next five years. However, I'm interested in what factors could influence that plan and potentially change its outlook significantly by this time next year compared to what is currently presented in your slide decks. What specific elements in Illinois might not be included in your capital expenditure guidance but could impact the outlook for either transmission or distribution?

Yes, Michael, this is Marty. Our growth rates in Illinois are quite strong. We have a 12.3% growth rate for gas and 8.4% for electric distribution. Our transmission business is also growing at about a 12% compound annual rate, with a significant portion coming from Ameren Illinois. We expect this strong growth to continue across all areas. There remains a considerable need for investment to replace aging infrastructure, ensure reliability, expand capacity, and enhance safety. The electric business requires upgrades such as substations, transformer replacements, underground work, line rebuilds, and pole replacements, along with various grid modernization projects. Similarly, the gas business needs transmission replacements, regulator station rebuilds, and upgraded storage facilities. There will be a lot of investment over the next five years and beyond for these areas. Aging transmission structures, shield wire conductors, transformers, breakers, and switches also require modernization, extending the investment opportunity even further. While we are awaiting new regulations in the gas sector that could prompt increased investment, our planned expenditures over the next five years should prepare us well for compliance with future rules. This is something to keep in mind as you consider future investments.

Got it. I have one final question related to housekeeping. Regarding the expected planned outages or maintenance in Missouri for the nonnuclear fleet, is that solely a concern for 2018? I believe it represents a $0.11 or $0.12 headwind for that year. Will this issue resolve itself when we consider 2019, making it just a minor impact for 2018, or could some of this extend into 2019, 2020, and beyond?

Yes. What we're seeing there is, we took on more of that this year in light of the fact that there was no Callaway refueling outage. So in terms of that type of expense, I would expect to see that drop down as you move into 2019. But as I noted in February, I wouldn't really consider those to be one-time expenses, and I don't really think that we should look at those as something that's occurring this year but won't reoccur next year. It's something that the amount varies from year to year. And I think you'd expect that we would do more of that in a non-Callaway refueling year. So I guess, bottom line is, Michael, I would expect some further expenses of that nature next year, but, perhaps, not at the level that we're seeing this year.

Marty, can I clarify something? I understand that there are certain price gaps under the legislation, but is it accurate to say that the investments we are making as part of the legislation, along with the wind investments that need to be completed by 2020, should yield a return for shareholders once they are fully operational by 2021? We should expect to see a return on those investments reflected in the earnings as they are completed, correct?

This is Michael Moehn. With respect to the caps, the 2.85% that you referenced, yes, I mean, the $1 billion incremental investment we've talked about, the wind investment, we are assuming all of those are underneath the 2.85% cap. And obviously, we'll have to continue to manage things closely as we have been from a disciplined cost management side. But absolutely, you should be expecting a return on those investments.

A quick follow-up. You said that Illinois gas benefited from some tax timing issues. How much was that?

Yes, Paul. it's a good question. It's, honestly, about $0.01 to $0.02 in terms of the timing impact.

And that will reverse by the end of the year, yes.

Yes, exactly. So the natural gas segment earnings were up about $0.04. And like I said, $0.01 to $0.02 of that would reverse over the remainder of the year.

The fossil outages are expected to be $0.11 for the remainder of the year. Should we anticipate those primarily in the shoulder months, specifically in the second and fourth quarters?

I think that's a reasonable assumption regarding the overall expenses. When we provided our guidance at the start of the year, we indicated a higher operational and maintenance cost in Missouri of $0.14, and we discussed the planned nonnuclear outages, which typically happen in shoulder months. We also mentioned the timing of vegetation management and routine line inspections, which would be more stable throughout the year. You are correct concerning the outage costs.

I have a question regarding the transmission businesses. You have a higher equity ratio at ATXI compared to Ameren Illinois transmission. Is there a possibility of increasing the equity ratio at Ameren Illinois transmission to 56%, and if so, what steps would need to be taken?

Yes, Kevin. This is Marty. The capital structure of Ameren Illinois will reflect that legal entity, so I would suggest you assume that moving forward. Additionally, Ameren Illinois operates as a holistic business with gas, electric, and transmission services. As previously mentioned, we are targeting a 50% equity ratio in both the gas and electric distribution segments, in accordance with our ratemaking agreements in those areas. So again, Kevin, as you look ahead, I would focus on the equity ratio for the overall Ameren Illinois business.

Okay. That's helpful. And then on the timing on a CapEx refresh, assuming legislation in Missouri gets done by the 18th, when are you guys going to be in a position to actually refresh your outlook?

I think, Kevin, based on the current situation, we've shared updates today regarding the ongoing wind negotiations. They're planning to file CCNs, with some expected by June 30 and others later in the year. We’ve also updated you on the legislative situation. Looking ahead, it seems reasonable to expect that we might provide an update on our plans as early as the third-quarter call. However, as has been common in the past, we've usually done this alongside our year-end call. We are making good progress on both of those initiatives, but we'll wait to see how things develop before providing further updates, likely either late this year or early next year.

Have you all quantified what the excess or unprotected accumulated deferred federal income tax is? And what the time horizon is for refunding that level back to customers, either on the Missouri bill or something in Illinois?

Michael, regarding the details with the regulatory filings, that information is likely included there. However, I don’t have that number readily available. The timing of the flowback is still uncertain, particularly in Missouri, where we have no concrete timeline or amount for customer refunds. I don’t have that information at the moment, but we can work on providing it over time. I also don’t think it's included in our upcoming 10-Q filing, so it may be something we need to share later.

Thank you. Thank you for participating in this call. Let me remind you again that a replay of the call will be available for one year on our website. If you have questions, you may call the contacts listed on our earnings release. Financial analyst inquiries should be directed to me, Doug Fischer; or my associate, Andrew Kirk. Media should call Joe Muehlenkamp. Our contact numbers are on the release. Again, thanks for your interest in Ameren, and have a great day.