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,
	2004		2005		2006		2007			2008
Net income from continuing operations	$	378,670	$	351,770	$	348,806	$	341,966		$	250,998
Less- Income from equity investee		5,098		6,463		54,285		54,545			10,948
Add- Taxes based on income		207,641		193,156		183,867		139,782			133,514
Net income before income taxes, change in Accounting principle and income from equity investee		581,213		538,463		478,388		427,203			373,564
Add- fixed charges:
Interest on long term debt		103,338		120,899		176,088		203,456	(1)		205,314	(1)
Estimated interest cost within rental expense		2,790		2,528		2,754		2,540			3,533
Amortization of net debt premium, discount, and expenses		5,168		5,278		5,468		5,634			6,226
Total fixed charges		111,296		128,705		184,310		211,630			215,073
Earnings available for fixed charges		692,509		667,168		662,698		638,833			588,637
Ratio of earnings to fixed charges		6.22		5.18		3.59		3.01			2.73
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 pre-tax basis		2,891		2,896		3,244		2,429			3,160
		8,832		8,837		9,185		8,370			9,101
Combined fixed charges and preferred stock dividend requirements	$	120,128	$	137,542	$	193,495	$	220,000		$	224,174
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		5.76		4.85		3.42		2.90			2.62

⁽¹⁾ Includes FIN 48 interest expense