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)
	Nine Months		Year
	Ended		Ended
	September 30,		December 31,
	2006		2005
Net income from continuing operations	$	309,010	$	351,770
Less- Income from equity investee		46,663		6,463
Add- Taxes based on income		160,574		193,156
Net income before income taxes and income from equity investee		422,921		538,463
Add- fixed charges:
Interest on long term debt		110,828		120,899
Estimated interest cost within rental expense		1,970		2,528
Amortization of net debt premium, discount, and expenses		4,100		5,278
Total fixed charges		116,898		128,705
Earnings available for fixed charges		539,819		667,168
Ratio of earnings to fixed charges		4.61		5.18
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends		4,456		5,941
Adjustment to pre-tax basis		2,316		2,896
		6,772		8,837
Combined fixed charges and preferred stock dividend requirements	$	123,670	$	137,542
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		4.36		4.85