Exhibit 12.2

Union Electric Company

Computation of Ratio of Earnings to Fixed Charges and Combined

Fixed Charges and Preferred Stock Dividend Requirements

(Thousands of Dollars, Except Ratios)

	Year Ended December 31,
	2005		2006		2007			2008			2009
Net income from continuing operations	$	351,770	$	348,806	$	341,966		$	250,998		$	265,020
Less- Income from equity investee		6,463		54,285		54,545			10,948			—
Add- Taxes based on income		193,156		183,867		139,782			133,514			127,982
Net income before income taxes and income from equity investee		538,463		478,388		427,203			373,564			393,002
Add- fixed charges:
Interest on short-term and long-term debt		120,899		176,088		203,456	(1)		205,314	(1)		245,272	(1)
Estimated interest cost within rental expense		2,528		2,754		2,540			3,533			3,542
Amortization of net debt premium, discount, and expenses		5,278		5,468		5,634			6,226			6,686
Total fixed charges		128,705		184,310		211,630			215,073			255,500
Earnings available for fixed charges		667,168		662,698		638,833			588,637			648,502
Ratio of earnings to fixed charges		5.18		3.59		3.01			2.73			2.53
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		2,896		3,244		2,429			3,160			2,869
		8,837		9,185		8,370			9,101			8,810
Combined fixed charges and preferred stock dividend requirements	$	137,542	$	193,495	$	220,000		$	224,174		$	264,310
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		4.85		3.42		2.90			2.62			2.45

⁽¹⁾ Includes FIN 48 interest expense