Exhibit 23.2


                       CONSENT OF INDEPENDENT ACCOUNTANTS
                       ----------------------------------


We  hereby  consent  to the  incorporation  by  reference  in  the  Registration
Statements on Form S-3 (Nos.  333-108034 and  333-108034-01)  of Union Electric
Company  of our  report  dated  February  12,  2004  relating  to the  financial
statements and financial statement schedule, which appears in this Form 10-K.


/s/ PricewaterhouseCoopers LLP
---------------------------------
    PricewaterhouseCoopers LLP


St. Louis, Missouri
March 9, 2004