Exhibit 12.2

Union Electric Company

Computation of Ratio of Earnings to Fixed Charges and Combined

Fixed Charges and Preferred Stock Dividend Requirements

(Thousands of Dollars, Except Ratios)

	Year Ended December 31,
	2007			2008			2009		2010		2011(a)
Net income from continuing operations	$	341,966		$	250,998		$	265,020	$	368,702	$	290,227
Add- Income from equity investee		(54,545	)		(10,948	)		—		—		—
Add- Taxes based on income		139,782			133,514			127,982		199,085		160,085
Net income before income taxes and income from equity investee		427,203			373,564			393,002		567,787		450,312
Add- fixed charges:
Interest on short-term and long-term debt(b)		203,456			205,314			245,272		232,157		227,165
Estimated interest cost within rental expense		2,540			3,533			3,542		3,689		3,608
Amortization of net debt premium, discount, and expenses		5,634			6,226			6,686		6,744		6,347
Total fixed charges		211,630			215,073			255,500		242,590		237,120
Earnings available for fixed charges		638,833			588,637			648,502		810,377		687,432
Ratio of earnings to fixed charges		3.01			2.73			2.53		3.34		2.90
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends		5,941			5,941			5,941		4,716		3,420
Adjustment to pretax basis		2,429			3,160			2,869		2,546		1,887
		8,370			9,101			8,810		7,262		5,307
Combined fixed charges and preferred stock dividend requirements	$	220,000		$	224,174		$	264,310	$	249,852	$	242,427
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		2.90			2.62			2.45		3.24		2.84

^(a)  In the third quarter of 2011, Union Electric Company recorded a loss from regulatory disallowance of $89 million . See Note 17 - Goodwill, Impairment and Other Charges under Part II, Item 8 of this Form 10-K for additional information.

^(b)  Includes interest expense related to uncertain tax positions