| **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)** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                  |   |   |   |   |
|                                                                                                                                                                                                                                                                  | **Nine                  Months** |   | **Year** |   |
|                                                                                                                                                                                                                                                                  | **Ended** |   | **Ended** |   |
|                                                                                                                                                                                                                                                                  | **September                  30,** |   | **December                  31,** |   |
|                                                                                                                                                                                                                                                                  | **2006** |   | **2005** |   |
| Net                  income from continuing operations                                                                                                                                                                                                                | $ | 309,010 |   | $ | 351,770 |   |
| Less-                  Income from equity investee                                                                                                                                                                                                                    |   | 46,663 |   |   | 6,463 |   |
| Add-                  Taxes based on income                                                                                                                                                                                                                           |   | 160,574 |   |   | 193,156 |   |
|                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |
| Net                  income before income taxes and income from equityinvestee                                                                                                                                                                                        |   | 422,921 |   |   | 538,463 |   |
|                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |
| Add-                  fixed charges:                                                                                                                                                                                                                                  |   |   |   |   |   |   |
| Interest                  on long term debt                                                                                                                                                                                                                           |   | 110,828 |   |   | 120,899 |   |
| Estimated                  interest cost within rental expense                                                                                                                                                                                                        |   | 1,970 |   |   | 2,528 |   |
| Amortization                  of net debt premium, discount,and                  expenses                                                                                                                                                                             |   | 4,100 |   |   | 5,278 |   |
| Total                  fixed charges                                                                                                                                                                                                                                  |   | 116,898 |   |   | 128,705 |   |
|                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |
| Earnings                  available for fixed charges                                                                                                                                                                                                                 |   | 539,819 |   |   | 667,168 |   |
|                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |
| Ratio                  of earnings to fixed charges                                                                                                                                                                                                                   |   | 4.61 |   |   | 5.18 |   |
|                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |
| Earnings                  required for combined fixedcharges                  and preferred stock dividends:                                                                                                                                                          |   |   |   |   |   |   |
| Preferred                  stock dividends                                                                                                                                                                                                                            |   | 4,456 |   |   | 5,941 |   |
| Adjustment                  to pre-tax basis                                                                                                                                                                                                                          |   | 2,316 |   |   | 2,896 |   |
|                                                                                                                                                                                                                                                                  |   | 6,772 |   |   | 8,837 |   |
|                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |
| Combined                  fixed charges and preferred stockdividend                  requirements                                                                                                                                                                     | $ | 123,670 |   | $ | 137,542 |   |
|                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |
| Ratio                  of earnings to combined fixed chargesand                  preferred stock dividend requirements                                                                                                                                                |   | 4.36 |   |   | 4.85 |   |
|                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |