| **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,** |   |
|                                                                                                                                                                                                                                                                  | **2007**                            |   |   | **2006** |   |
| Net                  income from continuing operations                                                                                                                                                                                                                | $                                   | 308,200 |   |   | $ | 348,806 |   |
| Less-                  Income from equity investee                                                                                                                                                                                                                    |                                | 39,769 |   |   |   | 54,285 |   |
| Add-                  Taxes based on income                                                                                                                                                                                                                           |                                | 131,993 |   |   |   | 183,867 |   |
|                                                                                                                                                                                                                                                                  |                                |   |   |   |   |   |   |
| Net                  income before income taxes and income from equityinvestee                                                                                                                                                                                        |                                | 400,424 |   |   |   | 478,388 |   |
|                                                                                                                                                                                                                                                                  |                                |   |   |   |   |   |   |
| Add-                  fixed charges:                                                                                                                                                                                                                                  |                                |   |   |   |   |   |   |
| Interest                  on long term debt                                                                                                                                                                                                                           |                                | 153,092 | (1) |   |   | 176,088 |   |
| Estimated                  interest cost within rental expense                                                                                                                                                                                                        |                                | 1,761 |   |   |   | 2,754 |   |
| Amortization                  of net debt premium, discount,     and                  expenses                                                                                                                                               |                                | 4,182 |   |   |   | 5,468 |   |
| Total                  fixed charges                                                                                                                                                                                                                                  |                                | 159,035 |   |   |   | 184,310 |   |
|                                                                                                                                                                                                                                                                  |                                |   |   |   |   |   |   |
| Earnings                  available for fixed charges                                                                                                                                                                                                                 |                                | 559,459 |   |   |   | 662,698 |   |
|                                                                                                                                                                                                                                                                  |                                |   |   |   |   |   |   |
| Ratio                  of earnings to fixed charges                                                                                                                                                                                                                   |                                | 3.51 |   |   |   | 3.59 |   |
|                                                                                                                                                                                                                                                                  |                                |   |   |   |   |   |   |
| Earnings                  required for combined fixedcharges                  and preferred stock dividends:                                                                                                                                                          |                                |   |   |   |   |
| Preferred                  stock dividends                                                                                                                                                                                                                            |                                | 4,456 |   |   |   | 5,941 |   |
| Adjustment                  to pre-tax basis                                                                                                                                                                                                                          |                                | 1,908 |   |   |   | 3,244 |   |
|                                                                                                                                                                                                                                                                  |                                | 6,364 |   |   |   | 9,185 |   |
|                                                                                                                                                                                                                                                                  |                                |   |   |   |   |   |   |
| Combined                  fixed charges and preferred stockdividend                  requirements                                                                                                                                                                     | $                                   | 165,399 |   |   | $ | 193,495 |   |
|                                                                                                                                                                                                                                                                  |                                |   |   |   |   |   |   |
| Ratio                  of earnings to combined fixed charges     and                  preferred stock dividend requirements                                                                                                                  |                                | 3.38 |   |   |   | 3.42 |   |