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Looking ahead, we will continue to focus
on optimizing this business by increasing plant
availability and plant output. By 2010, we expect
our non-rate-regulated plant output to increase
approximately 10 percent over 2007 levels, to
nearly 33 million megawatthours.
And while we currently believe that rising
costs, including fuel, depreciation and financing
costs, will largely offset these productivity gains
in the near-term, we believe our plants will be
well-positioned for earnings growth in the future
should energy and capacity prices improve.
And while we currently believe that rising
costs, including fuel, depreciation and financing
costs, will largely offset these productivity gains
in the near-term, we believe our plants will be
well-positioned for earnings growth in the future
should energy and capacity prices improve.
A Bright Future
I believe that in 2007 we laid a solid foundation for future success. Looking ahead, we expect to achieve significant earnings growth in our business. That growth is expected to come primarily from our regulated businesses through the higher levels of investment I have outlined, as well as through improving the returns in these businesses as a result of more frequent, but smaller rate increases. We also expect to continue to improve the operation of our non-rate-regulated generating plants and position them for earnings growth should power markets improve in the years ahead.
When we put all that together, we see
average earnings growth on the order of
4% to 6% per year through 2010, achieving
earnings of approximately $3.70 per share
by 2010. By 2011, we believe we will be able
to achieve $4 per share with continued earnings
growth thereafter. We are committed to realizing
this goal. We are committed to providing the
strong sustainable dividend we have for the
past century. And we are committed to laying
a solid foundation for future dividend growth.
I thank you for your continued support,
and I hope you can attend this year’s Annual
Shareholders Meeting on April 22 at The
St. Louis Art Museum.
Gary L. Rainwater
Chairman, Chief Executive Officer and President Ameren Corporation |
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