Exhibit 12.2

Union Electric Company

Computation of Ratio of Earnings to Fixed Charges and Combined

Fixed Charges and Preferred Stock Dividend Requirements

(Thousands of Dollars, Except Ratios)

	2009		2010		2011		(a)	2012		2013
Earnings available for fixed charges, as defined:
Net income	$	265,020	$	368,702	$	290,227		$	419,950	$	398,523
Tax expense based on income	127,982		199,085		160,085			251,736		241,657
Fixed charges (b)	255,500		242,590		237,120			241,529		229,720
Earnings available for fixed charges, as defined	$	648,502	$	810,377	$	687,432		$	913,215	$	869,900
Fixed charges, as defined:
Interest expense on short-term and long-term debt  (b)	$	242,152	$	235,277	$	227,165		$	231,679	$	218,725
Estimated interest cost within rental expense	3,542		3,689		3,608			3,445		3,534
Amortization of net debt premium, discount, and expenses	9,806		3,624		6,347			6,405		7,461
Total fixed charges, as defined	$	255,500	$	242,590	$	237,120		$	241,529	$	229,720
Ratio of earnings to fixed charges	2.53		3.34		2.90			3.78		3.79
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends	$	5,941	$	4,716	$	3,420		$	3,420	$	3,420
Adjustment to pretax basis	2,869		2,546		1,887			2,050		2,074
	$	8,810	$	7,262	$	5,307		$	5,470	$	5,494
Combined fixed charges and preferred stock dividend requirements	$	264,310	$	249,852	$	242,427		$	246,999	$	235,214
Ratio of earnings to combined fixed charges and preferred stock dividend requirements	2.45		3.24		2.84			3.70		3.70

(a) In 2011, Union Electric Company recorded a loss from regulatory disallowance of $89 million. See Note 1 - Summary of Significant Accounting Policies under Part II, Item 8 of this Form 10-K for additional information.

(b) Includes net interest related to uncertain tax positions.