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,
	2003		2004		2005		2006		2007
Net income from continuing operations	$	446,475	$	378,670	$	351,770	$	348,806	$	341,966
Less - Change in accounting principle		-		-		-		-		-
Less - Income from equity investee		7,050		5,098		6,463		54,285		54,545
Add - Taxes based on income		250,669		207,641		193,156		183,867		139,782
Net income before income taxes, change in accounting principle and income from equity investee		690,094		581,213		538,463		478,388		427,203
Add - fixed charges:
Interest on long-term debt		104,699		103,338		120,899		176,088		203,456	(1)
Estimated interest cost within rental expense		2,771		2,790		2,528		2,754		2,540
Amortization of net debt premium, discount, and expenses		4,170		5,168		5,278		5,468		5,634
Total fixed charges		111,640		111,296		128,705		184,310		211,630
Earnings available for fixed charges		801,734		692,509		667,168		662,698		638,833
Ratio of earnings to fixed charges		7.18		6.22		5.18		3.59		3.01
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends		5,941		5,941		5,941		5,941		5,941
Adjustment to pretax basis		2,959		2,891		2,896		3,244		2,429
		8,900		8,832		8,837		9,185		8,370
Combined fixed charges and preferred stock dividend requirements	$	120,540	$	120,128	$	137,542	$	193,495	$	220,000
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		6.65		5.76		4.85		3.42		2.90

⁽¹⁾ Includes FIN 48 interest expense