ex12_2.htm

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)


	9 Months Ended		Year Ended
	September 30,		December 31,
	2008		2007
Net income from continuing operations	$	287,066	$	341,966
Less- Income from equity investee		10,948		54,545
Add- Taxes based on income		160,341		139,782

Net income before income taxes and income from equity investee		436,459		427,203

Add- fixed charges:
Interest on long term debt (1)		149,919		203,456
Estimated interest cost within rental expense		2,507		2,540
Amortization of net debt premium, discount, and expenses		4,587		5,634
Total fixed charges		157,013		211,630

Earnings available for fixed charges		593,472		638,833

Ratio of earnings to fixed charges		3.77		3.01

Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends		4,456		5,941
Adjustment to pre-tax basis		2,489		2,429
		6,945		8,370

Combined fixed charges and preferred stock dividend requirements	$	163,958	$	220,000

Ratio of earnings to combined fixed charges and preferred stock dividend requirements		3.61		2.90