EXHIBIT 12(a) UNION ELECTRIC COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 12 Months Year Ended December 31, Ended ------------------------------------------------------- September 30, 1989 1990 1991 1992 1993 1994 ------- -------- --------- --------- -------- ------ (Thousands of Dollars Except Ratios) Net Income for the Period..... $285,605 $294,219 $321,512 $302,748 $297,160 $306,915 -------- -------- -------- -------- -------- -------- Add: Taxes Based on Income......... 181,793 191,532 218,954 197,009 182,716 197,442 -------- -------- -------- -------- -------- -------- Fixed Charges: Interest on Debt............ 172,288 183,215 163,061 125,798 124,430 133,859 Amortization of Premium and Discount, Less Expense, on Debt; and Bond Defeasance Cost........ 4,283 4,369 4,148 9,521 5,170 5,501 Rentals (See Note).......... 1,040 1,114 1,171 908 1,314 1,381 -------- -------- -------- -------- -------- -------- Total Fixed Charges........ 177,611 188,698 168,380 136,227 130,914 140,741 -------- -------- -------- -------- -------- -------- Earnings Available for Fixed Charges...................... $645,009 $674,449 $708,846 $635,984 $610,790 $645,098 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges...................... 3.63 3.57 4.21 4.66 4.66 4.58 ======== ======== ======== ======== ======== ======== Note: Represents the interest factor applicable to rentals.