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)



|                                                                                               |  |                         |         |   |      |   |         |  |      |         |      |   |         |  |   |        
|---------------------------------------------------------------------------------------------- |  | ----------------------- | ------- | - | ---- | - | ------- |  | ---- | ------- | ---- | - | ------- |  | - | -------
|                                                                                               |  | Year Ended December 31,
|                                                                                               |  | 2001                    |         |   | 2002 |   | 2003    |  | 2004 |         | 2005
|Net income from continuing operations                                                          |  | $                       | 373,836 |   |      | $ | 343,742 |  | $    | 446,475 |      | $ | 378,670 |  | $ | 351,770
|Less- Change in accounting principle                                                           |  |                         | (4,848  | ) |      |   | -       |  |      | -       |      |   | -       |  |   | -      
|Less- Income from equity investee                                                              |  |                         | -       |   |      |   | 13,627  |  |      | 7,050   |      |   | 5,098   |  |   | 6,463  
|Add- Taxes based on income                                                                     |  |                         | 229,599 |   |      |   | 193,330 |  |      | 250,669 |      |   | 207,641 |  |   | 193,156
|                                                                                               |  |                         |         |   |      |   |         |  |      |         |      |   |         |  |   |        
|Net income before income taxes, change in Accounting principle and income from equity investee |  |                         | 608,283 |   |      |   | 523,445 |  |      | 690,094 |      |   | 581,213 |  |   | 538,463
|                                                                                               |  |                         |         |   |     
|Add- fixed charges:                                                                            |  |                         |         |   |      |   |         |  |      |         |      |   |         |  |   |        
|Interest on long term debt                                                                     |  |                         | 112,785 |   |      |   | 104,872 |  |      | 104,699 |      |   | 103,338 |  |   | 120,899
|Estimated interest cost within rental expense                                                  |  |                         | 3,576   |   |      |   | 2,852   |  |      | 2,771   |      |   | 2,790   |  |   | 2,528  
|Amortization of net debt premium, discount, and expenses                                       |  |                         | 3,282   |   |      |   | 3,530   |  |      | 4,170   |      |   | 5,168   |  |   | 5,278  
|                                                                                               |  |                         |         |   |      |   |         |  |      |         |      |   |         |  |   |        
|Total fixed charges                                                                            |  |                         | 119,643 |   |      |   | 111,254 |  |      | 111,640 |      |   | 111,296 |  |   | 128,705
|                                                                                               |  |                         |         |   |      |   |         |  |      |         |      |   |         |  |   |        
|Earnings available for fixed charges                                                           |  |                         | 727,926 |   |      |   | 634,699 |  |      | 801,734 |      |   | 692,509 |  |   | 667,168
|                                                                                               |  |                         |         |   |      |   |         |  |      |         |      |   |         |  |   |        
|Ratio of earnings to fixed charges                                                             |  |                         | 6.08    |   |      |   | 5.70    |  |      | 7.18    |      |   | 6.22    |  |   | 5.18   
|                                                                                               |  |                         |         |   |      |   |         |  |      |         |      |   |         |  |   |        
|Earnings required for combined fixed charges and preferred stock dividends:                    |  |                         |         |   |      |   |         |  |      |         |      |   |         |  |   |        
|Preferred stock dividends                                                                      |  |                         | 8,817   |   |      |   | 7,683   |  |      | 5,941   |      |   | 5,941   |  |   | 5,941  
|Adjustment to pre-tax basis                                                                    |  |                         | 4,299   |   |      |   | 3,297   |  |      | 2,959   |      |   | 2,891   |  |   | 2,896  
|                                                                                               |  |                         |         |   |      |   |         |  |      |         |      |   |         |  |   |        
|                                                                                               |  |                         | 13,116  |   |      |   | 10,980  |  |      | 8,900   |      |   | 8,832   |  |   | 8,837  
|                                                                                               |  |                         |         |   |      |   |         |  |      |         |      |   |         |  |   |        
|Combined fixed charges and preferred stock dividend requirements                               |  | $                       | 132,759 |   |      | $ | 122,234 |  | $    | 120,540 |      | $ | 120,128 |  | $ | 137,542
|                                                                                               |  |                         |         |   |      |   |         |  |      |         |      |   |         |  |   |        
|Ratio of earnings to combined fixed charges and preferred stock dividend requirements          |  |                         | 5.48    |   |      |   | 5.19    |  |      | 6.65    |      |   | 5.76    |  |   | 4.85   
|                                                                                               |  |                         |         |   |      |   |         |  |      |         |      |   |         |  |   |