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                                                                  EXHIBIT 23.1


                       CONSENT OF INDEPENDENT ACCOUNTANTS


         We hereby consent to the incorporation by reference in this
Registration Statement on Form S-8 of our report dated February 4, 1997, which
appears on page 16 of the 1996 Annual Report to Shareholders of Union Electric
Company, which is incorporated by reference in Union Electric Company's Annual
Report on Form 10-K for the year ended December 31, 1996. We also consent to the
incorporation by reference in this Registration Statement on Form S-8 of our
report dated December 17, 1997, which appears on page 9 of Exhibit 99-2 to the
Ameren Corporation Current Report on Form 8-K dated December 31, 1997, with
respect to the supplemental consolidated financial statements of Ameren
Corporation as of December 31, 1996 and 1995 and for each of the three years in
the period ended December 31, 1996, except as such Ameren Corporation financial
statements relate to Central Illinois Public Service Company and CIPSCO
Investment Company. The Central Illinois Public Service Company and CIPSCO
Investment Company financial statements were audited by another independent
accountant. We also consent to the incorporation by reference in the
Registration Statement on Form S-4 (No. 33-64165) of Ameren Corporation dated
November 13, 1995 (the "Form S-4") of our report dated February 1, 1996, which
appears on page 16 of Union Electric Company's 1995 Annual Report to
Shareholders which is incorporated by reference in Union Electric Company's
Annual Report on Form 10-K for the year ended December 31, 1995, which Form 10-K
is incorporated by reference in the Form S-4. The Form S-4 is incorporated by
reference in this Registration Statement on Form S-8. We also consent to the
application of our reports to the Financial Statement Schedules, which appear on
pages 13 (1996 Form 10-K) and 12 (1995 Form 10-K) of Union Electric Company's
Annual Reports on Form 10-K, for each of the four years in the period ended
December 31, 1996, when such Schedules are read in conjunction with the
financial statements referred to in our reports dated February 4, 1997 and
February 1, 1996. We also consent to the incorporation by reference in this
Registration Statement on Form S-8 of our report dated June 6, 1997 appearing on
page 5 of the Annual Report of the Union Electric Company Savings Investment
Plan on Form 11-K for the year ended December 31, 1996.



/s/Price Waterhouse LLP
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Price Waterhouse LLP
St. Louis, Missouri
December 31, 1997