ST. LOUIS, May 3 /PRNewswire-FirstCall/ -- Ameren Energy Resources Company, LLC (AER), the merchant generation business segment for Ameren Corporation (NYSE: AEE), announced today that it is reducing staff by approximately 75 full-time positions at several power plants and support service facilities in Illinois and Missouri. Affected employees include both management and union-represented workers.
"While it is always difficult to reduce staffing, we believe these reductions are critical to meet the realities of today's depressed power markets. Prices for the power we sell today are far below the levels of earlier years," said AER President and Chief Executive Officer Chuck Naslund.
"We certainly empathize with the employees affected by these reductions and will work to support them during this difficult time," Naslund added. "AER will be offering a range of benefits and resources to affected employees, who will be notified in mid-May."
These staffing reductions, coupled with other planned spending cuts, will reduce net expenses by approximately $20 million in 2010. AER will also be evaluating temporarily ceasing operations at its least efficient plants and taking actions to reduce its benefits costs in the near future.
Today's announcement is unrelated to last week's decision by the Illinois Commerce Commission regarding rates charged by the Ameren Illinois Utilities (AIU). AIU is the regulated business that delivers power to Illinois customers while AER is a separate business.
Within Ameren Corporation, AER is the merchant generation business segment that generates power and sells it throughout the United States. This segment principally includes Ameren Energy Generating Company, AmerenEnergy Resources Generating Company and an 80-percent ownership interest in Electric Energy, Inc.
These staffing reductions follow the elimination of approximately 135 AER positions in 2009.
With assets of approximately $24 billion, Ameren companies serve 2.4 million electric customers and one million natural gas customers in a 64,000-square-mile area of Missouri and Illinois.
Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, strategies, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed elsewhere in this release and in our filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:
Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.
SOURCE Ameren Corporation