EXHIBIT 12(b)

                          UNION ELECTRIC COMPANY
             COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                  AND
                   PREFERRED STOCK DIVIDEND REQUIREMENTS

<TABLE>
                                                                                                                  12 Months
                                                                         Year Ended December 31,                     Ended    
                                                 ----------------------------------------------------------      September 30,
                                                 1992          1993         1994          1995         1996          1997  
                                                 ----          ----         ----          ----         ----          ----     
                                                                        (Thousands of Dollars Except Ratios)   

<S>                                        <C>           <C>          <C>           <C>           <C>           <C>
Net income for the period                     $302,748      $297,160     $320,757      $314,107      $304,876      $300,873
  Add:
    Taxes based on income                      197,009       182,716      203,827       207,734       196,210       192,556
    Fixed charges (see below)                  136,227       130,914      142,411       138,071       136,102       141,142
                                              --------      --------     --------      --------      --------      --------   
Earnings available for fixed 
  charges and preferred stock 
  dividend requirements 
  of Registrant                               $635,984      $610,790     $666,995      $659,912      $637,188      $634,571
                                              ========      ========     ========      ========      ========      ========
Fixed charges:
  Interest on debt                            $125,798      $124,430     $135,608      $129,239      $128,375      $133,678
  Amortization of premium and 
    discount, less expense on 
    debt; and bond defeasance 
    cost                                         9,521         5,170        5,504         5,502         4,269         3,667
  Rentals (see note)                               908         1,314        1,299         3,330         3,458         3,797
                                              --------      --------     --------      --------      --------      --------
    Total fixed charges                       $136,227      $130,914     $142,411      $138,071      $136,102      $141,142

Preferred stock dividend 
  requirements of Registrant* 
  (Adjusted for income 
  tax effect)                                   21,852        21,537       20,514        20,808        20,612        15,115
                                              --------      --------     --------      --------      --------      --------

Total fixed charges and 
  preferred stock dividend 
  requirements                                $158,079      $152,451     $162,925      $158,879      $156,714      $156,257
                                              ========      ========     ========      ========      ========      ========   

Ratio of earnings to fixed 
  charges and preferred 
  dividends                                       4.02          4.01         4.09          4.15          4.06          4.06
                                              ========      ========     ========      ========      ========      ========

</TABLE>
Note:  Represents the interest factor applicable to rentals.
*   See following page for supporting computation.


                                                                 EXHIBIT 12(b)
                                                                  (continued)   


                        UNION ELECTRIC COMPANY
           COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                 AND
                  PREFERRED STOCK DIVIDEND REQUIREMENTS

<TABLE>                                                                                                            12 Months
                                                                         Year Ended December 31,                     Ended    
                                                             ----------------------------------------------      September 30,
                                                 1992          1993         1994          1995         1996          1997  
                                                 ----          ----         ----          ----         ----          ----  
                                                           (Thousands of Dollars Except Ratios)   

<S>                                        <C>           <C>           <C>           <C>           <C>            <C>
Computation of preferred 
  stock dividend requirements 
  of Registrant, adjusted for 
  income tax effect*
    Preferred stock dividend
       requirements of Registrant, 
       as shown on statement of 
       earnings                                $14,058       $14,087      $13,252       $13,250       $13,249        $9,925

Less deductible preferred stock
  dividends**                                    2,085         1,973        1,816         1,816         1,816         1,816
                                               -------       -------      -------       -------       -------       -------
Non-deductible preferred stock
  dividends                                    $11,973       $12,114      $11,436       $11,434       $11,433        $8,109
                                               =======       =======      =======       =======       =======       =======
Excess of net income before 
  income taxes over net 
  income (percentage)
  See note below                                 65.1%         61.5%        63.5%         66.1%         64.4%         64.0%
                                                 -----         -----        -----         -----         -----         -----
Income tax effect on 
  non-deductible preferred 
  stock dividends*                              $7,794        $7,450       $7,262        $7,558        $7,363        $5,190
Add:
  Deductible preferred stock
    dividends (above)                            2,085         1,973        1,816         1,816         1,816         1,816
  Non-deductible preferred stock
    dividends (above)                           11,973        12,114       11,436        11,434        11,433         8,109
                                               -------       -------      -------       -------       -------       -------
Preferred stock dividend 
  requirements of Registrant. 
  (Adjusted for income tax 
  effect)                                      $21,852       $21,537      $20,514       $20,808       $20,612       $15,115
                                               =======       =======      =======       =======       =======       =======   
Note:  Calculated as follows -
  Net income before income taxes              $499,757      $479,876     $524,584      $521,841      $501,086      $493,429
  Less net income                              302,748       297,160      320,757       314,107       304,876       300,873
                                              --------      --------     --------      --------      --------      --------
  Excess - Taxed based on income              $197,009      $182,716     $203,827      $207,734      $196,210      $192,556
                                              ========      ========     ========      ========      ========      ========
  - Percentage of net income                     65.1%         61.5%        63.5%         66.1%         64.4%         64.0%
                                                 =====         =====        =====         =====         =====         =====
</TABLE>
*   Income tax adjustment to reflect pretax earnings required to meet preferred
      stock dividend.
** Dividends deductible on federal income tax return.