Exhibit 12.2

Union Electric Company
Computation of Ratios of Earnings to Fixed Charges and Combined
Fixed Charges and Preferred Stock Dividend Requirements
(Thousands of Dollars, Except Ratios)

	Year Ended December 31,
	2002		2003		2004		2005		2006
Net income from continuing operations	$	343,742	$	446,475	$	378,670	$	351,770	$	348,806
Less- Change in accounting principle		—		—		—		—		—
Less- Income from equity investee		13,627		7,050		5,098		6,463		54,285
Add- Taxes based on income		193,330		250,669		207,641		193,156		183,867
Net income before income taxes, change in Accounting principle and income from equity investee		523,445		690,094		581,213		538,463		478,388
Add- fixed charges:
Interest on long term debt		104,872		104,699		103,338		120,899		176,088
Estimated interest cost within rental expense		2,852		2,771		2,790		2,528		2,754
Amortization of net debt premium, discount, and expenses		3,530		4,170		5,168		5,278		5,468
Total fixed charges		111,254		111,640		111,296		128,705		184,310
Earnings available for fixed charges		634,699		801,734		692,509		667,168		662,698
Ratio of earnings to fixed charges		5.70		7.18		6.22		5.18		3.59
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends		7,683		5,941		5,941		5,941		5,941
Adjustment to pre-tax basis		3,297		2,959		2,891		2,896		3,244
		10,980		8,900		8,832		8,837		9,185
Combined fixed charges and preferred stock dividend requirements	$	122,234	$	120,540	$	120,128	$	137,542	$	193,495
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		5.19		6.65		5.76		4.85		3.42