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)

	Three Months Ended March 31, 2011		Year Ended December 31, 2010
Net income from continuing operations	$	21,456	$	368,702
Add- Taxes based on income		11,529		199,085
Net income before income taxes		32,985		567,787
Add- fixed charges:
Interest on short-term and long-term debt (a)		59,431		232,157
Estimated interest cost within rental expense		766		3,689
Amortization of net debt premium, discount, and expenses		1,636		6,744
Total fixed charges		61,833		242,590
Earnings available for fixed charges		94,818		810,377
Ratio of earnings to fixed charges		1.53		3.34
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends		855		4,716
Adjustment to pretax basis		459		2,546
		1,314		7,262
Combined fixed charges and preferred stock dividend requirements	$	63,147	$	249,852
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		1.50		3.24

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