Exhibit 12.2

Union Electric Company Computation Of Ratio Of Earnings To Fixed Charges And Preferred Stock Dividend Requirements (Thousands of Dollars, Except Ratios)
	Year Ended December 31,
	2000		2001		2002		2003		2004
Net Income	$	353,011	$	373,836	$	343,742	$	446,475	$	378,670
Add- Extraordinary items net of tax		-		4,848		-		-		-
Net income from continuing operations		353,011		378,684		343,742		446,475		378,670
Taxes based on income		224,149		229,599		193,330		250,669		207,641
Net income before income taxes		577,160		608,283		537,072		697,144		586,311
Add- fixed charges:
Interest on long term debt		121,763		108,768		97,788		92,821		91,621
Other interest		4,219		4,017		7,084		11,878		11,717
Estimated interest cost within rental expense		3,928		3,576		2,852		2,771		2,790
Amortization of net debt premium, discount,
expenses and losses		3,300		3,282		3,530		4,170		5,168
Total fixed charges		133,210		119,643		111,254		111,640		111,296
Earnings available for fixed charges	$	710,370	$	727,926	$	648,326	$	808,784	$	697,607
Ratio of earnings to fixed charges		5.33		6.08		5.82		7.24		6.26
Earnings required for preferred dividends:
Preferred stock dividends		8,817		8,817		7,683		5,941		5,941
Adjustment to pre-tax basis		4,439		4,299		3,297		2,959		2,891
		13,256		13,116		10,980		8,900		8,832
Fixed charges plus preferred stock dividend
requirements	$	146,466	$	132,759	$	122,234	$	120,540	$	120,128
Ratio of earnings to fixed charges plus
preferred stock dividend requirements		4.85		5.48		5.30		6.70		5.80