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,
	2001			2002		2003		2004		2005
Net income from continuing operations	$	373,836		$	343,742	$	446,475	$	378,670	$	351,770
Less- Change in accounting principle		(4,848	)		-		-		-		-
Less- Income from equity investee		-			13,627		7,050		5,098		6,463
Add- Taxes based on income		229,599			193,330		250,669		207,641		193,156
Net income before income taxes, change in Accounting principle and income from equity investee		608,283			523,445		690,094		581,213		538,463
Add- fixed charges:
Interest on long term debt		112,785			104,872		104,699		103,338		120,899
Estimated interest cost within rental expense		3,576			2,852		2,771		2,790		2,528
Amortization of net debt premium, discount, and expenses		3,282			3,530		4,170		5,168		5,278
Total fixed charges		119,643			111,254		111,640		111,296		128,705
Earnings available for fixed charges		727,926			634,699		801,734		692,509		667,168
Ratio of earnings to fixed charges		6.08			5.70		7.18		6.22		5.18
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends		8,817			7,683		5,941		5,941		5,941
Adjustment to pre-tax basis		4,299			3,297		2,959		2,891		2,896
		13,116			10,980		8,900		8,832		8,837
Combined fixed charges and preferred stock dividend requirements	$	132,759		$	122,234	$	120,540	$	120,128	$	137,542
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		5.48			5.19		6.65		5.76		4.85