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,
	2006		2007			2008			2009			2010
Net income from continuing operations	$	348,806	$	341,966		$	250,998		$	265,020		$	368,702
Less- Income from equity investee		54,285		54,545			10,948			-			-
Add- Taxes based on income		183,867		139,782			133,514			127,982			199,085
Net income before income taxes and income from equity investee		478,388		427,203			373,564			393,002			567,787
Add- fixed charges:
Interest on short-term and long-term debt		176,088		203,456	(a)		205,314	(a)		245,272	(a)		232,157	(a)
Estimated interest cost within rental expense		2,754		2,540			3,533			3,542			3,689
Amortization of net debt premium, discount, and expenses		5,468		5,634			6,226			6,686			6,744
Total fixed charges		184,310		211,630			215,073			255,500			242,590
Earnings available for fixed charges		662,698		638,833			588,637			648,502			810,377
Ratio of earnings to fixed charges		3.59		3.01			2.73			2.53			3.34
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends		5,941		5,941			5,941			5,941			4,716
Adjustment to pretax basis		3,244		2,429			3,160			2,869			2,546
		9,185		8,370			9,101			8,810			7,262
Combined fixed charges and preferred stock dividend requirements	$	193,495	$	220,000		$	224,174		$	264,310		$	249,852
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		3.42		2.90			2.62			2.45			3.24

^(a) Includes interest expense related to uncertain tax positions