Ameren (NYSE:AEE) Facing Lawsuit Over Contract
By Austin Erickson on January 26, 2011, 10:07 pm
The US states of Missouri and Illinois through its subsidiaries including Union Electric Company (UE), Central Illinois Public Service Company (CIPS), Ameren Energy Generating Company, Central Illinois Light Company, and Illinois Power Company. Ameren is headquartered in St. Louis, Missouri and employs about 9,800 people. The company recorded revenues of $7,090 million in financial year ended December 2009 (FY2009), a decrease of 9.6% compared with FY2008. The operating profit of the company was $1,416 million in FY2009, an increase of 4% over FY2008. The net profit was $612 million in FY2009, an increase of 1.2% over FY2008.
No Comment
But as we see that on 15th June there was a hefty transaction of $68.7 millions out of the $100 millions were made between the Ameren and the Energy Insurance Mutual that were actually bought from the company. The Energy Insurance Mutual is a company that is a joint venture among the other utilities and hence has been structured as an insurance company. The spokesperson of the Ameren was rather quite and he did not make any comment regarding the aspect of the utility and he was silent on their next plan of action. He didn’t divulge any facts regarding the ways and process that the company would follow in order to tackle the issue of the recovery of proceeds of insurance. The utility’s spokesperson declined to comment saying that the issue is a legal one and that it was up to the courts and the judicial process to decide on the proceedings of the situation and that it would be unfair to make any
Lawsuit
The group’s attorney, Maxine Lipeles has uncovered county e-mails dating back to the spring where Ameren sends a draft of the zoning proposal to a county staffer. “It makes it that much more clear what’s already obvious that this is only about Ameren and this is motivated by Ameren” says Lipeles. “To say it’s not about Ameren, it’s about something general. Why are they saying it’s not about Ameren? But if you actually read the [zoning proposal] language it the only company it applies to is Ameren and the only thing it applies to is coal ash.”
