| **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)** |                                  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|
|                                                                                                                                                                                                                                                                          |                                  |   |   |   |   |
|                                                                                                                                                                                                                                                                          |                                  |   |   |   |   |
|                                                                                                                                                                                                                                                                          | **6                    Months Ended** |   |   | **Year                    Ended** |   |
|                                                                                                                                                                                                                                                                          | **June                    30,**       |   |   | **December                    31,** |   |
|                                                                                                                                                                                                                                                                          | **2007**                              |   |   | **2006** |   |
| Net                    income from continuing operations                                                                                                                                                                                                                      | $                                     | 119,215 |   |   | $ | 348,806 |   |
| Less-                    Income from equity investee                                                                                                                                                                                                                          |                                  | 26,219 |   |   |   | 54,285 |   |
| Add-                    Taxes based on income                                                                                                                                                                                                                                 |                                  | 41,330 |   |   |   | 183,867 |   |
| Net                    income before income taxes and income from equityinvestee                                                                                                                                                                                              |                                  | 134,326 |   |   |   | 478,388 |   |
|                                                                                                                                                                                                                                                                          |                                  |   |   |   |   |   |   |
| Add-                    fixed charges:                                                                                                                                                                                                                                        |                                  |   |   |   |   |   |   |
| Interest                    on long term debt                                                                                                                                                                                                                                 |                                  | 103,886 |   |   |   | 176,088 |   |
| Estimated                    interest cost within rental expense                                                                                                                                                                                                              |                                  | 1,036 |   |   |   | 2,754 |   |
| Amortization                    of net debt premium, discount,and                    expenses                                                                                                                                                                                 |                                  | 2,736 |   |   |   | 5,468 |   |
| Total                    fixed charges                                                                                                                                                                                                                                        |                                  | 107,658 |   |   |   | 184,310 |   |
|                                                                                                                                                                                                                                                                          |                                  |   |   |   |   |   |   |
| Earnings                    available for fixed charges                                                                                                                                                                                                                       |                                  | 241,984 |   |   |   | 662,698 |   |
|                                                                                                                                                                                                                                                                          |                                  |   |   |   |   |   |   |
| Ratio                    of earnings to fixed charges                                                                                                                                                                                                                         |                                  | 2.24 |   |   |   | 3.59 |   |
|                                                                                                                                                                                                                                                                          |                                  |   |   |   |   |   |   |
| Earnings                    required for combined fixedcharges                    and preferred stock dividends:                                                                                                                                                              |                                  |   |   |   |   |
| Preferred                    stock dividends                                                                                                                                                                                                                                  |                                  | 2,971 |   |   |   | 5,941 |   |
| Adjustment                    to pre-tax basis                                                                                                                                                                                                                                |                                  | 1,030 |   |   |   | 3,244 |   |
|                                                                                                                                                                                                                                                                          |                                  | 4,001 |   |   |   | 9,185 |   |
|                                                                                                                                                                                                                                                                          |                                  |   |   |   |   |   |   |
| Combined                    fixed charges and preferred stockdividend                    requirements                                                                                                                                                                         | $                                     | 111,659 |   |   | $ | 193,495 |   |
|                                                                                                                                                                                                                                                                          |                                  |   |   |   |   |   |   |
| Ratio                    of earnings to combined fixed chargesand                    preferred stock dividend requirements                                                                                                                                                    |                                  | 2.16 |   |   |   | 3.42 |   |