Exhibit 12

PROGRESS ENERGY CAROLINAS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED DIVIDENDS COMBINED

(million of dollars)
Twelve Months Ended September 30	2005			2004
Earnings, as defined:
Income before cumulative effect of change in accounting principles	$	441		$	509
Fixed charges, as below		217			205
Income taxes, as below		199			252
Total earnings, as defined	$	857		$	966
Fixed Charges, as defined:
Interest on long-term debt	$	187		$	186
Other interest		25			13
Imputed interest factor in rentals – charged principally to operating expenses		6			7
Total fixed charges, as defined	$	218		$	206
Preferred dividends, as defined	$	4		$	4
Total fixed charges and preferred dividends combined	$	222		$	210
Income Taxes:
Income tax expense	$	204		$	257
Included in AFUDC – deferred taxes in book depreciation		(5	)		(5	)
Total income taxes	$	199		$	252
Ratio of Earnings to Fixed Charges		3.93			4.69
Ratio of Earnings to Fixed Charges and Preferred Dividends Combined		3.86			4.60