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Ameren's (AEE) Arm Announces 550 MW of Solar Energy Projects
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Ameren Corporation (AEE - Free Report) recently announced that its arm, Ameren Missouri, has planned to elevate its renewable energy generation capability with 550 megawatts (MW) of solar projects. As part of its renewable energy goal, the company aims to either acquire or construct four solar projects, which will be enough to power more than 95,000 average-sized residential homes.
Such an investment strategy will enable Ameren to duly meet its target to achieve the net-zero carbon emission goal by 2045.
Ameren Corporation shares have decreased 0.7% since this news release on Jun 20, 2023.
Details of the Project
The potential projects include a 150-MW Cass County Solar project, which AEE intends to acquire from Savion. The project is expected to reach commercial operation by 2024. Another acquired project in its portfolio will be Split Rail Solar, boasting a capacity of 300 MW and is likely to be in service in 2026.
Further, the company’s renewable portfolio expansion strategy includes the construction of the Vandalia Renewable Energy Center, a 50-MW project that Ameren expects to be production-ready by 2025. Another project to be built by the company comprises a 50-MW Bowling Green Renewable Energy Center, which is anticipated to be commissioned by 2026.
Through these projects, Ameren takes a step forward in its aim to add 2,800 MW to new renewable generation by 2030. With such new project investments, Ameren not only enhances its footprint in renewables but also contributes to the widespread adoption of green energy.
Utilities’ Focus on Renewables
Utilities in the United States are diversifying their fuel mix, with an increased focus on next-generation energy to tackle climate change. The latest short-term energy outlook from the U.S. Energy Information Administration shows that solar has been dominating the energy mix generation in the United States until now in the current year.
The report estimates 24% higher solar generation this summer compared with the 2022 levels and a drop in fossil fuel electricity generation. Apart from AEE, utilities that are expanding their renewable base are as follows:
Entergy Corporation’s (ETR - Free Report) arm, Entergy Louisiana, filed a request in March 2023 with the Louisiana Public Service Commission seeking consent for the construction of two solar projects with a combined production capacity of 225 MW. The company aims to expand its renewable energy portfolio with these projects.
Entergy’s long-term (three to five years) earnings growth rate is 5.7%. The Zacks Consensus Estimate for ETR’s 2023 earnings suggests a growth rate of 3.9% from the prior-year reported figure.
CMS Energy’s (CMS - Free Report) arm, Consumers Energy, announced the commencement of the operations of the Covert Generating Station in Southwest Michigan's Van Buren County in June 2023. This station is an important part of its industry-leading Clean Energy Plan to meet Michigan's energy needs this summer and for years to come.
CMS Energy has a long-term earnings growth rate of 7.5%. The Zacks Consensus Estimate for CMS’ 2023 sales suggests a growth rate of 3.1% from the prior-year reported figure.
Duke Energy (DUK - Free Report) signed an agreement in June 2023 with the renewable energy developer Ranger Power for up to 199 MW of solar power to serve the equivalent of roughly 35,000 homes.
Duke Energy’s long-term earnings growth rate is projected at 6.1%. The Zacks Consensus Estimate for DUK’s 2023 earnings calls for a growth rate of 6.5% from the prior-year reported figure.
Price Movement
In the past month, shares of Ameren have marginally increased by 0.2% compared with the industry’s growth of 2.3%.
Image: Bigstock
Ameren's (AEE) Arm Announces 550 MW of Solar Energy Projects
Ameren Corporation (AEE - Free Report) recently announced that its arm, Ameren Missouri, has planned to elevate its renewable energy generation capability with 550 megawatts (MW) of solar projects. As part of its renewable energy goal, the company aims to either acquire or construct four solar projects, which will be enough to power more than 95,000 average-sized residential homes.
Such an investment strategy will enable Ameren to duly meet its target to achieve the net-zero carbon emission goal by 2045.
Ameren Corporation shares have decreased 0.7% since this news release on Jun 20, 2023.
Details of the Project
The potential projects include a 150-MW Cass County Solar project, which AEE intends to acquire from Savion. The project is expected to reach commercial operation by 2024. Another acquired project in its portfolio will be Split Rail Solar, boasting a capacity of 300 MW and is likely to be in service in 2026.
Further, the company’s renewable portfolio expansion strategy includes the construction of the Vandalia Renewable Energy Center, a 50-MW project that Ameren expects to be production-ready by 2025. Another project to be built by the company comprises a 50-MW Bowling Green Renewable Energy Center, which is anticipated to be commissioned by 2026.
Through these projects, Ameren takes a step forward in its aim to add 2,800 MW to new renewable generation by 2030. With such new project investments, Ameren not only enhances its footprint in renewables but also contributes to the widespread adoption of green energy.
Utilities’ Focus on Renewables
Utilities in the United States are diversifying their fuel mix, with an increased focus on next-generation energy to tackle climate change. The latest short-term energy outlook from the U.S. Energy Information Administration shows that solar has been dominating the energy mix generation in the United States until now in the current year.
The report estimates 24% higher solar generation this summer compared with the 2022 levels and a drop in fossil fuel electricity generation. Apart from AEE, utilities that are expanding their renewable base are as follows:
Entergy Corporation’s (ETR - Free Report) arm, Entergy Louisiana, filed a request in March 2023 with the Louisiana Public Service Commission seeking consent for the construction of two solar projects with a combined production capacity of 225 MW. The company aims to expand its renewable energy portfolio with these projects.
Entergy’s long-term (three to five years) earnings growth rate is 5.7%. The Zacks Consensus Estimate for ETR’s 2023 earnings suggests a growth rate of 3.9% from the prior-year reported figure.
CMS Energy’s (CMS - Free Report) arm, Consumers Energy, announced the commencement of the operations of the Covert Generating Station in Southwest Michigan's Van Buren County in June 2023. This station is an important part of its industry-leading Clean Energy Plan to meet Michigan's energy needs this summer and for years to come.
CMS Energy has a long-term earnings growth rate of 7.5%. The Zacks Consensus Estimate for CMS’ 2023 sales suggests a growth rate of 3.1% from the prior-year reported figure.
Duke Energy (DUK - Free Report) signed an agreement in June 2023 with the renewable energy developer Ranger Power for up to 199 MW of solar power to serve the equivalent of roughly 35,000 homes.
Duke Energy’s long-term earnings growth rate is projected at 6.1%. The Zacks Consensus Estimate for DUK’s 2023 earnings calls for a growth rate of 6.5% from the prior-year reported figure.
Price Movement
In the past month, shares of Ameren have marginally increased by 0.2% compared with the industry’s growth of 2.3%.
Image Source: Zacks Investment Research
Zacks Rank
Ameren currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.