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)

	Nine Months Ended September 30, 2010		Year Ended December 31, 2009
Net income from continuing operations	$	367,103	$	265,020
Add- Taxes based on income		199,750		127,982
Net income before income taxes and income from equity investee		566,853		393,002
Add- fixed charges:
Interest on short-term and long-term debt (a)		171,940		245,272
Estimated interest cost within rental expense		2,671		3,542
Amortization of net debt premium, discount, and expenses		5,045		6,686
Total fixed charges		179,656		255,500
Earnings available for fixed charges		746,509		648,502
Ratio of earnings to fixed charges		4.15		2.53
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends		3,861		5,941
Adjustment to pretax basis		2,101		2,869
		5,962		8,810
Combined fixed charges and preferred stock dividend requirements	$	185,618	$	264,310
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		4.02		2.45

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