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)
		3 Months Ended		Year Ended
		March 31,		December 31,
		2007		2006
Net income from continuing operations	$	37,810	$	348,806
Less- Income from equity investee		13,591		54,285
Add- Taxes based on income		11,450		183,867
Net income before income taxes and income from equity investee		35,669		478,388
Add- fixed charges:
Interest on long term debt		50,846		176,088
Estimated interest cost within rental expense		558		2,754
Amortization of net debt premium, discount, and expenses		1,368		5,468
Total fixed charges		52,772		184,310
Earnings available for fixed charges		88,441		662,698
Ratio of earnings to fixed charges		1.67		3.59
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends		1,485		5,941
Adjustment to pre-tax basis		450		3,244
		1,935		9,185
Combined fixed charges and preferred stock dividend requirements	$	54,707	$	193,495
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		1.61		3.42