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)



|                                                                                      |  |                                 |        |                                  |   |        
|------------------------------------------------------------------------------------- |  | ------------------------------- | ------ | -------------------------------- | - | -------
|                                                                                      |  | Three Months EndedMarch 31,2009 |        | Year
Ended      December 31,2008
|Net income from continuing operations                                                 |  | $                               | 22,602 |                                  | $ | 250,998
|Less- Income from equity investee                                                     |  |                                 | -      |                                  |   | 10,948 
|Add- Taxes based on income                                                            |  |                                 | 11,055 |                                  |   | 133,514
|                                                                                      |  |                                 |        |                                  |   |        
|Net income before income taxes and income from equity investee                        |  |                                 | 33,657 |                                  |   | 373,564
|Add- fixed charges:                                                                   |  |                                 |        |                                  |   |        
|Interest on long term debt(1)                                                         |  |                                 | 55,175 |                                  |   | 205,314
|Estimated interest cost within rental expense                                         |  |                                 | 738    |                                  |   | 3,533  
|Amortization of net debt premium, discount, and expenses                              |  |                                 | 1,643  |                                  |   | 6,226  
|                                                                                      |  |                                 |        |                                  |   |        
|Total fixed charges                                                                   |  |                                 | 57,556 |                                  |   | 215,073
|                                                                                      |  |                                 |        |                                  |   |        
|Earnings available for fixed charges                                                  |  |                                 | 91,213 |                                  |   | 588,637
|                                                                                      |  |                                 |        |                                  |   |        
|Ratio of earnings to fixed charges                                                    |  |                                 | 1.58   |                                  |   | 2.73   
|                                                                                      |  |                                 |        |                                  |   |        
|Earnings required for combined fixed charges and preferred stock dividends:           |  |                                 |        |                                  |   |        
|Preferred stock dividends                                                             |  |                                 | 1,485  |                                  |   | 5,941  
|Adjustment to pretax basis                                                            |  |                                 | 726    |                                  |   | 3,160  
|                                                                                      |  |                                 |        |                                  |   |        
|                                                                                      |  |                                 | 2,211  |                                  |   | 9,101  
|                                                                                      |  |                                 |        |                                  |   |        
|Combined fixed charges and preferred stock dividend requirements                      |  | $                               | 59,767 |                                  | $ | 224,174
|                                                                                      |  |                                 |        |                                  |   |        
|Ratio of earnings to combined fixed charges and preferred stock dividend requirements |  |                                 | 1.52   |                                  |   | 2.62   
|                                                                                      |  |                                 |        |                                  |   |        



|(1) | Includes FIN 48 interest expense
|--- | --------------------------------