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)
	3 Months Ended		Year Ended
	March 31,		December, 31
	2008		2007
Net income from continuing operations	$	64,470	$	341,966
Less- Income from equity investee		10,948		54,545
Add- Taxes based on income		29,112		139,782
Net income before income taxes and income from equity investee		82,634		427,203
Add- fixed charges:
Interest on long term debt  (1)		43,289		203,456
Estimated interest cost within rental expense		739		2,540
Amortization of net debt premium, discount,      and expenses		1,456		5,634
Total fixed charges		45,484		211,630
Earnings available for fixed charges		128,118		638,833
Ratio of earnings to fixed charges		2.81		3.01
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends		1,485		5,941
Adjustment to pre-tax basis		671		2,429
		2,156		8,370
Combined fixed charges and preferred stock      dividend requirements	$	47,640	$	220,000
Ratio of earnings to combined fixed charges      and preferred stock dividend requirements		2.68		2.90
(1)  Includes FIN 48 interest expense