JEFFERSON CITY, Mo. – Ameren customers upset with the utility giant’s latest proposed rate hike had their final chance to voice frustrations in person Monday evening before the state’s regulatory commission rules on the request next month.
The proposed increase is 15.77%, which comes to an estimated increase of $17 a month for the average customer. This amount is expected to bring in more than $400 million in increased earnings for the publicly traded energy firm, which has a state-regulated monopoly over electrical service for St. Louis and a wide portion of Missouri.
Like with previous rate hike requests, if granted, the PSC typically approves a rate increase by a amount lower to what the specific utility had originally requested.
“Ameren’s request is dramatically outpacing the reasonable cost of inflation,” reads one of hundreds of public comments submitted to the PSC.
Ameren contends the cost of doing business in the energy sector continues to rise. Additionally, aging infrastructure needs to be replaced.
The rate increase proposal comes as Missouri Governor Mike Kehoe signed into law a sweeping utility bill that, among other provisions, will significantly shift the way utility companies like Ameren finance their capital projects.
For decades, utility companies have had to carry the financial burden of constructing new plants. However under legislation signed into law by Kehoe, utilities will be able to shift that balance.
Republicans say Senate Bill 4, the legislation Kehoe signed, gives the state a critical edge when it comes to energy for the future.
“With this legislation, Missouri is well-positioned to attract new industry, support job growth, and maintain affordable, reliable energy for our citizens,” Kehoe said in a statement after signing the bill. “This is about powering Missouri for Missourians and not relying on other states and countries to produce our power.
“This legislation strengthens our economic development opportunities, helps secure our energy independence, and provides consumer protections to build a resilient energy future for generations to come.”
Others had urged Kehoe to veto, saying it could increase some energy bills by more than $1,000.
“(Senate Bill 4) weakens current consumer protections and will increase the energy burden that many families already experience,” read an email last month from Consumers Council of Missouri.
Meanwhile, Ameren’s request lingers under the construct of the new law. Their last rate increase was granted in 2023. The power company maintains that its electric rates are among the lowest in the nation.
Ameren offers alternate payment plans for customers struggling with their utility costs. Customers are encouraged to call 800-552-7583 or visit amerenmissouri.com/energyassistance for help.