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EXHIBIT 12(a)
UNION ELECTRIC COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, 12 Months
------------------------------------------------------------- Ended
September 30,
1991 1992 1993 1994 1995 1996
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(Thousands of Dollars Except Ratios)
Net income for the Period $321,512 $302,748 $297,160 $320,757 $314,107 $316,294
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Add:
Taxes Based on income 218,954 197,009 182,716 203,827 207,734 210,972
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Fixed Charges:
Interest on Debt 163,061 125,798 124,430 135,608 129,239 128,828 (*)
Amortization of Premium and
Discount, Less Expense on Debt;
and Bond Defeasance Cost 4,148 9,521 5,170 5,504 5,502 4,731
Rentals (See note) 1,171 908 1,314 1,299 3,330 3,303
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Total Fixed Charges 168,380 136,227 130,914 142,411 138,071 136,862
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Earnings Available for Fixed Charges $708,846 $635,984 $610,790 $666,995 $659,912 $664,128
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Ratio of Earnings to Fixed Charges 4.21 4.66 4.66 4.68 4.78 4.85
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(*) Total annual interest charges on all bonds for the twelve months ended
September 30, 1996 was $112,951,000. Note: Represents the interest factor
applicable to rentals.