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Exhibit 25.4

FORM T-1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE

CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2)    o

THE BANK OF NEW YORK
(Exact name of trustee as specified in its charter)

New York (State of incorporation if not a U.S. national bank)	13-5160382 (I.R.S. employer identification no.)
One Wall Street, New York, N.Y. (Address of principal executive offices)	10286 (Zip Code)

UNION ELECTRIC COMPANY
(Exact name of obligor as specified in its charter)

Missouri (State or other jurisdiction of incorporation or organization)	43-0559760 (I.R.S. employer identification no.)
1901 Chouteau Avenue St. Louis, Missouri (Address of principal executive offices)	63103 (Zip Code)

Subordinated Debt Securities
(Title of the indenture securities)

1.

General information. Furnish the following information as to the Trustee:

(a)

Name and address of each examining or supervising authority to which it is subject.

Name	Address
Superintendent of Banks of the State of New York	One State Street, New York, N.Y. 10004-1417, and Albany, N.Y. 12223
Federal Reserve Bank of New York	33 Liberty Street, New York, N.Y. 10045
Federal Deposit Insurance Corporation	Washington, D.C. 20429
New York Clearing House Association	New York, New York 10005

(b)

Whether it is authorized to exercise corporate trust powers.

Yes.

2.

Affiliations with Obligor.

If the obligor is an affiliate of the trustee, describe each such affiliation.

None.

16.

List of Exhibits.

Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act") and 17 C.F.R. 229.10(d).

1.

A copy of the Organization Certificate of The Bank of New York (formerly Irving Trust Company) as now in effect, which contains the authority to commence business and a grant of powers to exercise corporate trust powers. (Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed with Registration Statement No. 33-29637 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121195.)



4.

A copy of the existing By-laws of the Trustee. (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-121195.)



6.

The consent of the Trustee required by Section 321(b) of the Act. (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-106702.)



7.

A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority.

2

SIGNATURE

        Pursuant to the requirements of the Act, the Trustee, The Bank of New York, a corporation organized and existing under the laws of the State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of New York, and State of New York, on the 29th day of May, 2008.

THE BANK OF NEW YORK
By:	/s/  BEATA HRYNIEWICKA Name: Beata Hryniewicka Title: Assistant Vice President

3

EXHIBIT 7

Consolidated Report of Condition of

THE BANK OF NEW YORK

of One Wall Street, New York, N.Y. 10286
And Foreign and Domestic Subsidiaries, a member of the Federal Reserve System, at the close of business March 31, 2008, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions of the Federal Reserve Act.

		Dollar Amounts In Thousands
ASSETS
Cash and balances due from depository institutions:
	Noninterest-bearing balances and currency and coin	4,545,000
	Interest-bearing balances	29,795,000
Securities:
	Held-to-maturity securities	1,739,000
	Available-for-sale securities	24,149,000
Federal funds sold and securities purchased under agreements to resell:
	Federal funds sold in domestic offices	14,850,000
	Securities purchased under agreements to resell	0
Loans and lease financing receivables:
	Loans and leases held for sale	0
	Loans and leases, net of unearned income	34,834,000
	LESS: Allowance for loan and lease losses	237,000
	Loans and leases, net of unearned income and allowance	34,597,000
Trading assets		5,456,000
Premises and fixed assets (including capitalized leases)		908,000
Other real estate owned		4,000
Investments in unconsolidated subsidiaries and associated companies		781,000
Not applicable
Intangible assets:
	Goodwill	2,445,000
	Other intangible assets	987,000
Other assets		8,086,000
Total assets		128,342,000
LIABILITIES
Deposits:
	In domestic offices	32,973,000
	Noninterest-bearing	18,760,000
	Interest-bearing	14,213,000
	In foreign offices, Edge and Agreement subsidiaries, and IBFs	61,040,000
	Noninterest-bearing	1,544,000
	Interest-bearing	59,496,000
Federal funds purchased and securities sold under agreements to repurchase:
	Federal funds purchased in domestic offices	1,001,000
	Securities sold under agreements to repurchase	86,000
Trading liabilities		4,981,000
Other borrowed money: (includes mortgage indebtedness and obligations under capitalized leases)		4,200,000
Not applicable
Not applicable
Subordinated notes and debentures		2,955,000
Other liabilities		12,465,000
Total liabilities		119,701,000
Minority interest in consolidated subsidiaries		160,000
EQUITY CAPITAL
Perpetual preferred stock and related surplus		0
Common stock		1,135,000
Surplus (exclude all surplus related to preferred stock)		2,375,000
Retained earnings		6,178,000
Accumulated other comprehensive income		(1,207,000	)
Other equity capital components		0
Total equity capital		8,481,000
Total liabilities, minority interest, and equity capital		128,342,000

        I, Bruce W. Van Saun, Chief Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.

Bruce W. Van Saun,
Chief Financial Officer

        We, the undersigned directors, attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.

Gerald L. Hassell
Steven G. Elliott
Robert P. Kelly
Directors

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Exhibit 25.4

SIGNATURE

EXHIBIT 7

Consolidated Report of Condition of THE BANK OF NEW YORK of One Wall Street, New York, N.Y. 10286 And Foreign and Domestic Subsidiaries, a member of the Federal Reserve System, at the close of business March 31, 2008, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions of the Federal Reserve Act.