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)

	Nine Months Ended September 30, 2011		Year Ended       December 31,       2010
Net income from continuing operations	$	303,803	$	368,702
Add- Taxes based on income		166,069		199,085
Net income before income taxes		469,872		567,787
Add- fixed charges:
Interest on short-term and long-term debt (a)		168,601		232,157
Estimated interest cost within rental expense		2,646		3,689
Amortization of net debt premium, discount, and expenses		4,808		6,744
Total fixed charges		176,055		242,590
Earnings available for fixed charges		645,927		810,377
Ratio of earnings to fixed charges		3.67		3.34
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends		2,565		4,716
Adjustment to pretax basis		1,402		2,546
		3,967		7,262
Combined fixed charges and preferred stock dividend requirements	$	180,022	$	249,852
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		3.59		3.24

^(a)  Includes interest expense related to uncertain tax positions