Exhibit No. 12 (b)

CAROLINA POWER & LIGHT COMPANY
d/b/a PROGRESS ENERGY CAROLINAS, INC.
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Dividends Combined
For the Twelve Months Ended September 30

(dollars in millions)	2008			2007
Earnings, as defined:
Income before cumulative effect of changes in accounting principles	$	514		$	523
Fixed charges, as below		220			233
Income taxes, as below		297			287
Total earnings, as defined	$	1,031		$	1,043
Fixed Charges, as defined:
Interest on long-term debt	$	209		$	217
Other interest		2			11
Imputed interest factor in rentals – charged principally to operating expenses		9			5
Total fixed charges, as defined		220			233
Preferred dividends, as defined		5			5
Total fixed charges and preferred dividends combined	$	225		$	238
Income Taxes:
Income tax expense	$	302		$	292
Included in AFUDC – deferred taxes in book depreciation		(5	)		(5	)
Total income taxes	$	297		$	287
Ratio of Earnings to Fixed Charges		4.69			4.48
Ratio of Earnings to Fixed Charges and Preferred Dividends Combined		4.58			4.38

Exhibit No. 12 (b)

CAROLINA POWER & LIGHT COMPANY
d/b/a PROGRESS ENERGY CAROLINAS, INC.
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges and Preferred Dividends Combined
For the Years Ended December 31

(dollars in millions)	2007			2006			2005			2004			2003
Earnings, as defined:
Income before cumulative effect of changes in accounting principles	$	501		$	457		$	493		$	461		$	504
Fixed charges, as below		223			225			205			201			206
Income taxes, as below		290			260			234			234			233
Total earnings, as defined	$	1,014		$	942		$	932		$	896		$	943
Fixed Charges, as defined:
Interest on long-term debt	$	214		$	218		$	191		$	183		$	188
Other interest		1			(1	)		6			11			11
Imputed interest factor in rentals — charged principally to operating expenses		8			8			8			7			7
Total fixed charges, as defined		223			225			205			201			206
Preferred dividends, as defined		5			5			4			5			4
Total fixed charges and preferred dividends combined	$	228		$	230		$	209		$	206		$	210
Income Taxes:
Income tax expense	$	295		$	265		$	239		$	239		$	241
Included in AFUDC — deferred taxes in book depreciation		(5	)		(5	)		(5	)		(5	)		(8	)
Total income taxes	$	290		$	260		$	234		$	234		$	233
Ratio of Earnings to Fixed Charges		4.55			4.19			4.55			4.45			4.59
Ratio of Earnings to Fixed Charges and Preferred Dividends Combined		4.45			4.10			4.46			4.36			4.50