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)

		00000000000000		00000000000000
	Six Months Ended June  30, 2011		Year Ended December 31, 2010
Net income from continuing operations	$	113,152	$	368,702
Add- Taxes based on income		63,705		199,085
Net income before income taxes and income from equity investee		176,857		567,787
Add- fixed charges:
Interest on short-term and long-term debt (a)		111,079		232,157
Estimated interest cost within rental expense		1,796		3,689
Amortization of net debt premium, discount, and expenses		3,232		6,744
Total fixed charges		116,107		242,590
Earnings available for fixed charges		292,964		810,377
Ratio of earnings to fixed charges		2.52		3.34
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends		1,710		4,716
Adjustment to pretax basis		963		2,546
		2,673		7,262
Combined fixed charges and preferred stock dividend requirements	$	118,780	$	249,852
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		2.47		3.24

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