Exhibit 12.3

Central Illinois Public Service 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	$	32,463	$	42,998	$	37,372	$	16,535		$	14,739
Add- Taxes based on income		16,135		24,596		15,539		9,322			5,199
Net income before income taxes		48,598		67,594		52,911		25,857			19,938
Add- fixed charges:
Interest on long term debt		31,372		28,969		29,932		36,670	(1)		29,422	(1)
Estimated interest cost within rental expense		—		—		726		899			760
Amortization of net debt premium, discount, and expenses		903		953		1,025		1,105			1,024
Total fixed charges		32,275		29,922		31,683		38,674			31,206
Earnings available for fixed charges		80,873		97,516		84,594		64,531			51,144
Ratio of earnings to fixed charges		2.50		3.25		2.67		1.66			1.63
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends		2,512		2,512		2,512		2,512			2,512
Adjustment to pre-tax basis		1,248		1,437		1,045		1,416			886
		3,760		3,949		3,557		3,928			3,398
Combined fixed charges and preferred stock dividend requirements	$	36,035	$	33,871	$	35,240	$	42,602		$	34,604
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		2.24		2.87		2.40		1.51			1.47

⁽¹⁾ Includes FIN 48 interest expense