SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549



                                    FORM 8-K


                                 CURRENT REPORT




     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



                Date of Report (Date of earliest event reported):
                                  May 23, 2003





                             UNION ELECTRIC COMPANY
             (Exact name of registrant as specified in its charter)




        Missouri                        1-2967                  43-0559760
(State or other jurisdiction          (Commission            (I.R.S. Employer
     of incorporation)                File Number)           Identification No.)




                 1901 Chouteau Avenue, St. Louis, Missouri 63103
              (Address of principal executive offices and Zip Code)






       Registrant's telephone number, including area code: (314) 621-3222





ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE.

        On May 23, 2003, the Registrant  issued a press release  announcing that
it had  filed a  request  with the  Missouri  Public  Service  Commission  for a
phased-in  $26.7  million  increase in natural  gas  delivery  rates.  The press
release is attached as Exhibit 99.1 and is incorporated herein by reference.


ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

        (c) Exhibits.

            99.1   Press release, dated May 23, 2003, issued by the Registrant.



                                    SIGNATURE

        Pursuant to  the requirements of the Securities Exchange  Act of  1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                          UNION ELECTRIC COMPANY
                                           (Registrant)


                                          By  /s/ Martin J. Lyons
                                            -----------------------------------
                                          Name:   Martin J. Lyons
                                          Title:  Vice President and Controller
                                                 (Principal Accounting Officer)


Date:  May 23, 2003

                                       2



                                  Exhibit Index
                                  -------------

Exhibit No.                    Description
- ----------                     -----------

  99.1     - Press release dated May 23, 2003, issued by Union Electric Company.









                                       3