EXHIBIT 12.1

SPECTRA ENERGY CORP

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.

	Year Ended December 31,
	2009		2008		2007		2006		2005
	(dollars in millions)
Earnings as defined for fixed charges calculation
Add:
Pretax income from continuing operations (a)(b)	$	902	$	910	$	846	$	756	$	2,482
Fixed charges		664		701		691		759		878
Distributed income of equity investees		533		995		656		860		472
Deduct:
Preference security dividend requirements of consolidated subsidiaries		23		29		30		27		27
Interest capitalized (c)		19		25		18		35		41
Total earnings (as defined for the Fixed Charges calculation)	$	2,057	$	2,552	$	2,145	$	2,313	$	3,764
Fixed charges:
Interest on debt, including capitalized portions	$	630	$	661	$	651	$	718	$	827
Estimate of interest within rental expense		11		11		10		14		24
Preference security dividend requirements of consolidated subsidiaries		23		29		30		27		27
Total fixed charges	$	664	$	701	$	691	$	759	$	878
Ratio of earnings to fixed charges		3.1		3.6		3.1		3.0		4.3

(a) Excludes noncontrolling interests and income or loss from equity investees.

(b) Includes pre-tax gains on the sale of TEPPCO GP and LP of approximately $0.9 billion, net of noncontrolling interests, in 2005.

(c) Excludes equity costs related to AFUDC that are included in Other Income and Expenses in the Consolidated Statements of Operations.