UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
report (Date of earliest event reported):
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Commission File
Number
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Exact
Name of Registrant as
Specified
in Charter;
State
of Incorporation;
Address and Telephone
Number
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IRS
Employer
Identification
Number
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(Missouri
Corporation)
1901
Chouteau Avenue
St.
Louis, Missouri 63103
(314)
621-3222
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1-2967
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Union
Electric Company
(Missouri
Corporation)
1901
Chouteau Avenue
St.
Louis, MO 63103
(314)
621-3222
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43-0559760
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrants under any of the following
provisions:
[ ] Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM
8.01 Other Events.
Reference
is made to Supply for Electric Power in Business under Part I, Item 1, Outlook
in Management’s Discussion and Analysis of Financial Condition and Results of
Operations under Part II, Item 7 and to Note 2 – Rate and Regulatory Matters and
Note 15 – Commitments and Contingencies to our financial statements under Part
II, Item 8, each in the Form 10-K for the fiscal year ended December 31, 2008
(“Form 10-K”), of registrant Ameren Corporation (“Ameren”) and its registrant
subsidiary, Union Electric Company, doing business as AmerenUE (“UE”), for a
discussion of actions taken by UE with respect to a potential new nuclear unit
at UE’s existing Callaway County, Missouri, nuclear plant site.
In the
Form 10-K, UE disclosed that it was evaluating its longer-term needs for new
baseload and peaking electric generation capacity. At that time, UE did not
expect to require new baseload generation capacity until 2018 to 2020. However,
due to the significant time required to plan, acquire permits for, and build a
baseload power plant, UE was actively studying future plant alternatives,
including nuclear. In July 2008, UE filed a combined construction and
operating license application (“COLA”) with the Nuclear Regulatory Commission
for a potential new nuclear unit at UE’s existing Callaway County, Missouri,
nuclear plant site. Pursuant to the Department of Energy’s (“DOE”) procedures,
in 2008 UE filed with the DOE Part I and Part II of its application for a loan
guarantee to support the potential construction of a new nuclear unit. UE has
also signed contracts for COLA services and certain long lead-time nuclear-unit
related equipment (heavy forgings). The filing of the COLA and the DOE loan
guarantee application and entering into these contracts did not mean a decision
had been made to build a new nuclear unit. These were only the first steps in
the regulatory licensing and procurement process. They were necessary actions to
preserve the option to develop a new nuclear unit to supply power to UE’s
customers.
In
addition, UE disclosed in the Form 10-K that the Missouri Clean and Renewable
Energy Construction Act was separately introduced in both the Missouri
Senate and House of Representatives in early 2009. These bills were designed to
allow the Missouri Public Service Commission to authorize, among other things,
utilities to recover the costs of financing and tax payments associated with a
new generating plant while that plant is being constructed. UE also stated in
the Form 10-K that legislation allowing timely recovery of financing costs
during construction must be enacted in order for UE to elect to build a new
nuclear unit to meet its baseload generation capacity needs. However, passage of
such legislation did not commit or guarantee that UE will elect to build a new
nuclear unit.
On April
23, 2009, senior management of UE, announced that they had asked the legislative
sponsors of the Missouri Clean and Renewable Energy Construction Act to withdraw
the bills from consideration by the General Assembly. UE believed
pursuing the legislation being considered in the Senate in its current form
would not give it the financial and regulatory certainty needed to complete the
project. As a result, UE announced that it was suspending its efforts to build a
new nuclear unit at its existing Missouri nuclear plant site. UE indicated it
would continue to look at options for providing the electricity its customers
will need in the coming years. UE’s press release regarding these events is
attached as Exhibit 99.1 and is incorporated herein by reference.
As of
March 31, 2009, UE has capitalized approximately $75 million as construction
work in progress related to the COLA and heavy forgings. In addition,
UE has remaining contractual commitments of approximately $85 million for the
forgings. The incurred costs will remain capitalized while management
assesses all options to maximize the value of its investment in this
project. However, UE cannot at this time predict which option will
ultimately be selected, whether any or all of its investment in this project
will be realized or whether there will be a material impact on UE’s and Ameren’s
results of operations.
ITEM
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
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Exhibit
Number:
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Title:
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99.1
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Press
release, dated April 23, 2009, regarding UE’s suspension of efforts to
build
a new nuclear unit at its existing Callaway County, Missouri nuclear
plant
site.
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- - - - -
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This
combined Form 8-K is being filed separately by Ameren and
UE. Information contained herein relating to any individual
registrant has been filed by such registrant on its own behalf. No
registrant makes any representation as to information relating to any other
registrant.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, each registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized. The signature for each undersigned company shall be
deemed to relate only to matters having reference to such company or its
subsidiaries.
AMEREN
CORPORATION
(Registrant)
By:
/s/ Martin J.
Lyons
Martin J.
Lyons
Senior
Vice President and Chief Accounting Officer
UNION
ELECTRIC COMPANY
(Registrant)
By:
/s/ Martin J.
Lyons
Martin J.
Lyons
Senior
Vice President and Chief Accounting Officer
Date: April
23, 2009
Exhibit
Index
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Exhibit
Number:
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Title:
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99.1
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Press
release, dated April 23, 2009, regarding UE’s suspension of efforts to
build
a new nuclear unit at its existing Callaway County, Missouri nuclear
plant
site.
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