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Short-Term Debt And Liquidity
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
SHORT-TERM DEBT AND LIQUIDITY SHORT-TERM DEBT AND LIQUIDITY
The liquidity needs of the Ameren Companies are typically supported through the use of available cash, drawings under committed credit agreements, commercial paper issuances, and, in the case of Ameren Missouri and Ameren Illinois, short-term affiliate borrowings. See Note 4 – Short-term Debt and Liquidity under Part II, Item 8, in the Form 10-K for a description of our indebtedness provisions and other covenants as well as a description of money pool arrangements.
The Missouri Credit Agreement and the Illinois Credit Agreement were not utilized for direct borrowings during the nine months ended September 30, 2019, but were used to support commercial paper issuances and to issue letters of credit. Based on commercial paper outstanding and letters of credit issued under the Credit Agreements, the aggregate credit capacity available under the Credit Agreements to Ameren (parent), Ameren Missouri, and Ameren Illinois, collectively, at September 30, 2019, was $1.6 billion. The Ameren Companies were in compliance with the covenants in their Credit Agreements as of September 30, 2019. As of September 30, 2019, the ratios of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the provisions of the Credit Agreements, were 53%, 48%, and 47% for Ameren, Ameren Missouri, and Ameren Illinois, respectively.
Commercial Paper
The following table presents commercial paper outstanding, net of issuance discounts, as of September 30, 2019, and December 31, 2018:
 
September 30, 2019
 
December 31, 2018
Ameren (parent)
$
90

 
$
470

Ameren Missouri
144

 
55

Ameren Illinois
310

 
72

Ameren consolidated
$
544

 
$
597

The following table summarizes the borrowing activity and relevant interest rates under Ameren (parent)’s, Ameren Missouri’s, and Ameren Illinois’ commercial paper programs for the nine months ended September 30, 2019 and 2018:
 
 
Ameren
(parent)
 
Ameren
Missouri
 
Ameren
Illinois
 
Ameren
Consolidated
 
2019
 
 
 
 
 
 
 
 
 
Average daily commercial paper outstanding at par value
 
$
532

 
$
141

 
$
147

 
$
821

 
Weighted-average interest rate
 
2.70
%
 
2.73
%
 
2.58
%
 
2.68
%
 
Peak commercial paper during period at par value(a)
 
$
651

 
$
549

 
$
310

 
$
1,113

 
Peak interest rate
 
3.80
%
 
2.97
%
 
5.00
%
(b) 
5.00
%
(b) 
2018
 
 
 
 
 
 
 
 
 
Average daily commercial paper outstanding at par value
 
$
431

 
$
81

 
$
117

 
$
629

 
Weighted-average interest rate
 
2.23
%
 
1.94
%
 
2.21
%
 
2.18
%
 
Peak commercial paper during period at par value(a)
 
$
543

 
$
481

 
$
442

 
$
1,295

 
Peak interest rate
 
2.45
%
 
2.42
%
 
2.55
%
 
2.55
%
 
(a)
The timing of peak outstanding commercial paper issuances varies by company. Therefore, the sum of individual company peak amounts may not equal the Ameren consolidated peak commercial paper issuances for the period.
(b)
In the third quarter of 2019, Ameren’s and Ameren Illinois’ peak interest rate was affected by temporary disruptions in the commercial paper market.
Money Pools
Ameren has money pool agreements with and among its subsidiaries to coordinate and provide for certain short-term cash and working capital requirements. The average interest rate for borrowings under the money pool for the three and nine months ended September 30, 2019, was 2.40% and 2.67%, respectively (2018 – 2.00% and 2.02%, respectively). See Note 8 – Related-party Transactions for the amount of interest income and expense from the money pool arrangements recorded by the Ameren Companies for the three and nine months ended September 30, 2019 and 2018.