Ameren Corp (AEE)

Evergy is the other large investor-owned regulated electric utility in Missouri, serving the western half of the state under the same Missouri Public Service Commission while Ameren Missouri serves the eastern half, so the two compete for industrial and data-centre load, for capital and for regulatory outcomes in the same state.

Through ComEd, Exelon is the regulated electricity distributor for northern Illinois while Ameren Illinois serves the centre and south: the two run the same business under the same Illinois Commerce Commission and compete to attract new industrial customers and to justify grid investment.

WEC is a Midwest regulated electric-and-gas utility of comparable size, and its Peoples Gas and North Shore Gas units distribute natural gas in Illinois alongside Ameren Illinois' gas business.

Alliant runs regulated electric and gas utilities in Iowa and Wisconsin inside the same MISO market as Ameren, with the same mix of rate-based grid and generation investment and the same fight for Midwest industrial load.

CMS Energy, through Consumers Energy in Michigan, is a combined regulated electric-and-gas utility with almost the same customer mix and revenue size, and the two appear in each other's peer groups for capital and executive-pay benchmarking.

Xcel is a regulated electric and gas utility across the Upper Midwest, partly inside MISO, competing with Ameren for regional transmission projects and for the same investor demand for regulated rate-base growth.