--- title: "Ameren names Google and Amazon on 2.8 gigawatts of signed deals and needs $5 billion of new shares" description: "On the November 6 earnings call, Ameren put names behind 2.8 gigawatts of signed power deals, a $25 billion Google and Amazon buildout, and sized the shareholder bill: about $5 billion of new equity that management itself names as the gap between 13.3% rate-base growth and 8% to 10% earnings growth." publisher: "The Inference" section: "Power" published: 2026-11-08T18:08:29.860Z modified: 2026-11-08T18:08:29.860Z canonical: https://theinference.org/article/ameren-names-google-and-amazon-on-2-8-gigawatts-of-signed-deals-and-needs-5-billion-of-new-shares language: en keywords: "Power, Data Center, Utilities, Earnings, Google, Amazon" --- # Ameren names Google and Amazon on 2.8 gigawatts of signed deals and needs $5 billion of new shares > On the November 6 earnings call, Ameren put names behind 2.8 gigawatts of signed power deals, a $25 billion Google and Amazon buildout, and sized the shareholder bill: about $5 billion of new equity that management itself names as the gap between 13.3% rate-base growth and 8% to 10% earnings growth. [Ameren](https://theinference.org/markets/companies/ameren)'s $38.1 billion grid plan has its named customers at last, and the buyer of the build is clear too: shareholders [1][2]. On [Friday's earnings call](https://www.tradingview.com/news/marketbeat:486caf585094b:0-ameren-q3-earnings-call-highlights/), the St. Louis utility said Google and [Amazon](https://theinference.org/markets/companies/amazon) data centers sit inside 2.8 gigawatts of signed electric service agreements, long-term contracts covering a combined $25 billion of planned investment in its Missouri territory [1][2]. It also sized the equity bill behind the whole plan: roughly $5 billion of new shares from 2027 through 2031, with about $1.7 billion already sold forward [1]. That dilution, management said, is the main reason earnings per share grow 8% to 10% from 2027 through 2031 while rate base, the utility's invested capital that state regulators let it earn a return on, grows 13.3% [1]. [Our November 6 piece](https://theinference.org/article/ameren-s-q3-beat-came-from-warm-weather-its-38-1-billion-grid-plan-has-no-named-customer) noted the plan had no named customer; the names and the financing gap are what changed this week [1]. *Chart: **Management's own gap: 13.3% rate-base growth against 8-10% EPS growth** Bars comparing Ameren's 2027 to 2031 guidance: 13.3% rate-base growth, 12.9% electric sales growth and 8% to 10% earnings per share growth, with the EPS bar drawn at its 8 to 10 percent range.* *Compound annual growth rates for 2027 through 2031 as guided on the Q3 2026 earnings call. The EPS bar is drawn at the midpoint of management's 8% to 10% guidance and marked as an estimate. Source: MarketBeat/Ameren Q3 2026 earnings call highlights. [1]* ## The funnel is wide at the top and thin where it counts The signed 2.8 gigawatts, reaching full capacity in 2030, carry most of the 2.9 gigawatts of new Missouri load behind a 12.9% compound annual sales-growth assumption for 2027 through 2031 [1][2]. What is signed is [the thin part of the pipeline](https://theinference.org/article/aep-signs-google-and-softbank-to-pay-for-its-grid-but-only-35-of-84-gigawatts-have-firm-contracts). Another 1.2 gigawatts sits under construction agreements and 4.4 gigawatts has cleared interconnection studies [1][2]. CEO Marty Lyons expects more agreements to be signed in 2027, which he said could [push investment beyond the $38.1 billion plan](https://cio.economictimes.indiatimes.com/news/data-center/ameren-sees-data-center-deals-pushing-investment-beyond-38-billion-plan/135624909) [1][2]. *Chart: **Ameren's signed data-center load is the thin part of a wider funnel** Bars ranking Ameren's Missouri large-load pipeline by stage: 2.8 GW signed electric service agreements, 1.2 GW under construction agreements, 4.4 GW with completed interconnection studies.* *Gigawatts of prospective Missouri large-customer load by contract stage, Q3 2026 earnings call disclosures. Source: MarketBeat/Ameren Q3 2026 earnings call highlights. [1]* ## Who pays, and who carries the risk [Google](https://theinference.org/markets/companies/alphabet) and Amazon carry the load; shareholders fund the wires and power plants. Ameren plans about 7.7 gigawatts of new generation, and has filed the 2.1-gigawatt West Alton gas plant for service in 2031 [1][2]. The risk sits in timing. Lyons cautioned that construction delays at customer sites can slip sales and earnings [1], and the Illinois Commerce Commission rules by December on a $2.7 billion distribution plan that a judge has already recommended trimming by about $200 million [1]. The wider backdrop turned hostile this week: voters backed data-center restrictions in [40 of 41 local ballot measures](https://www.cnbc.com/2026/11/04/data-center-ballot-measures-2026-midterm.html) in the midterm elections [2][3]. ## The December ruling and the 2027 signings test the promise What to watch next is whether the additional agreements Lyons expects in 2027 actually get signed, and how the Illinois ruling lands in December [1][2]. The 8% to 10% earnings promise is the 13.3% build minus the dilution from about $5 billion of new shares [1]. ## Takeaway Ameren put Google and Amazon behind 2.8 GW of signed deals and a $25 billion buildout, but shareholders fund it: about $5 billion of new equity through 2031 caps earnings growth at 8-10% against 13.3% rate-base growth. ## Sources 1. [MarketBeat via TradingView, Ameren Q3 Earnings Call Highlights, 6 November 2026](https://www.tradingview.com/news/marketbeat:486caf585094b:0-ameren-q3-earnings-call-highlights/) 2. [Reuters via ET CIO, Ameren sees data-center deals pushing investment beyond $38 billion plan, 7 November 2026](https://cio.economictimes.indiatimes.com/news/data-center/ameren-sees-data-center-deals-pushing-investment-beyond-38-billion-plan/135624909) 3. [CNBC, Voters rebuff data centers in every ballot measure except one during the 2026 midterms, 4 November 2026](https://www.cnbc.com/2026/11/04/data-center-ballot-measures-2026-midterm.html) --- Ameren names Google and Amazon on 2.8 gigawatts of signed deals and needs $5 billion of new shares — The Inference. Canonical: https://theinference.org/article/ameren-names-google-and-amazon-on-2-8-gigawatts-of-signed-deals-and-needs-5-billion-of-new-shares