**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 equityinvestee                                                                                                                                                                                  |   | 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 fixedcharges                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 stockdividend                requirements                                                                                                                                                                 | $ | 54,707 |   | $ | 193,495 |   |
|                                                                                                                                                                                                                                                          |   |   |   |   |   |   |
| Ratio                of earnings to combined fixed chargesand                preferred stock dividend requirements                                                                                                                                            |   | 1.61 |   |   | 3.42 |   |