Union Electric Company (UELMO) is a regulated electric utility company that operates as a wholly owned subsidiary of Ameren Corporation, filing jointly with Ameren Corporation and Ameren Illinois Company in a combined 10-K filed February 18, 2026, for the fiscal year ended December 31, 2025. It generates revenue by delivering electric power to customers under rates set by regulatory authorities. As a regulated utility, its pricing and allowed returns are determined through rate proceedings rather than open-market competition. The company operates the Callaway Energy Center, a nuclear generating facility, and manages renewable energy and zero-emission standards compliance as part of its generation portfolio. Customer energy-efficiency programs and natural gas supply for distribution are also part of its operating activities as disclosed in the filing. All common stock of Union Electric Company is held by Ameren Corporation as of January 30, 2026, making it a wholly owned, non-publicly traded subsidiary with debt securities registered under the Securities Exchange Act.

Revenue model

Regulated utility revenue model. Union Electric collects electric rates approved by state and federal regulators, earning a allowed return on its rate base of generation, transmission, and distribution assets.

Products and services

Electric generation, transmission, and distribution; nuclear power generation (Callaway Energy Center); renewable energy; customer energy-efficiency programs; natural gas supply for distribution.

Customers and end markets

Residential, commercial, and industrial electric customers served under regulated tariffs. End markets include retail electric service territory subject to state regulatory oversight.

Value-chain role

Vertically integrated regulated electric utility. Generates, transmits, and distributes electricity to end customers within its regulated service territory.

Geographic exposure

Operations in Missouri, based on state regulatory filings and Ameren Corporation's Missouri utility segment. Specific service territory boundaries not detailed in the excerpts provided.

Source: SEC 10-K, filed 2026-02-18

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