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
                                                ---------------------------------------------------------
                                                                                                                 June 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     $302,061
   Add:
      Taxes based on income                    197,009      182,716      203,827      207,734        196,210      192,968
      Fixed charges (see below)                136,227      130,914      142,411      138,071        136,102      139,545
                                               -------      -------      -------      -------        -------      -------
Earnings available for fixed charges
   and preferred stock dividend
   requirements of Registrant                 $635,984     $610,790     $666,995     $659,912       $637,188     $634,574
                                              ========     ========     ========     ========       ========     ========
Fixed charges:
   Interest on debt                           $125,798     $124,430     $135,608     $129,239       $128,375     $132,087
   Amortization of premium and discount,
      less expense on debt; and
      bond defeasance cost                       9,521        5,170        5,504        5,502          4,269        3,662
   Rentals (see note)                              908        1,314        1,299        3,330          3,458        3,796
                                              --------     --------     --------     --------       --------     --------
      Total fixed charges                     $136,227     $130,914     $142,411     $138,071       $136,102     $139,545

Preferred stock dividend requirements
   of Registrant* (Adjusted for income
   tax effect)                                  21,852       21,537       20,514       20,808         20,612       16,923
                                                ------       ------       ------       ------         ------       ------

Total fixed charges and preferred
   stock dividend requirements                $158,079     $152,451     $162,925     $158,879       $156,714     $156,468
                                              ========     ========     ========     ========       ========     ========

Ratio of earnings to fixed charges
   and preferred dividends                        4.02         4.01         4.09         4.15           4.06         4.05
                                                  ====         ====         ====         ====           ====         ====
</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
                                                ----------------------------------------------------------
                                                                                                                June 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     $11,033

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      $9,217
                                               =======      =======      =======      =======       =======      ======
Excess of net income before income
   taxes over net income (percentage)
   See note below                                65.1%        61.5%        63.5%        66.1%         64.4%       63.9%
                                                 -----        -----        -----        -----         -----       -----
Income tax effect on non-deductible
   preferred stock dividends*                   $7,794       $7,450       $7,262       $7,558        $7,363      $5,890
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       9,217
                                                ------       ------       ------       ------        ------       -----
Preferred stock dividend requirements
   of Registrant. (Adjusted for income 
   tax effect)                                 $21,852      $21,537      $20,514      $20,808       $20,612     $16,923
                                               =======      =======      =======      =======       =======     =======
Note:  Calculated as follows -
   Net income before income taxes             $499,757     $479,876     $524,584     $521,841      $501,086    $495,029
   Less net income                             302,748      297,160      320,757      314,107       304,876     302,061
                                               -------      -------      -------      -------       -------     -------
   Excess - Taxed based on income             $197,009     $182,716     $203,827     $207,734      $196,210    $192,968
                                              ========     ========     ========     ========      ========    ========
   - Percentage of net income                    65.1%        61.5%        63.5%        66.1%         64.4%       63.9%
                                                 =====        =====        =====        =====         =====       =====

</TABLE>
*  Income tax adjustment to reflect pretax earnings required to meet
preferred stock dividend.
** Dividends deductible on federal income tax return.