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)	2008			2007			2006			2005			2004
EARNINGS, AS DEFINED:
Income before cumulative effect of changes in accounting principles	$	534		$	501		$	457		$	493		$	461
Fixed charges, as below		227			223			225			205			201
Income taxes, as below		293			290			260			234			234
Total earnings, as defined	$	1,054		$	1,014		$	942		$	932		$	896
FIXED CHARGES, AS DEFINED:
Interest on long-term debt	$	210		$	214		$	218		$	191		$	183
Other interest		9			1			(1	)		6			11
Imputed interest factor in rentals – charged
principally to operating expenses		8			8			8			8			7
Total fixed charges, as defined		227			223			225			205			201
Preferred dividends, as defined		5			5			5			4			5
Total fixed charges and preferred dividends combined	$	232		$	228		$	230		$	209		$	206
INCOME TAXES:
Income tax expense	$	298		$	295		$	265		$	239		$	239
Included in AFUDC – deferred taxes in
book depreciation		(5	)		(5	)		(5	)		(5	)		(5	)
Total income taxes	$	293		$	290		$	260		$	234		$	234
Ratio of Earnings to Fixed Charges		4.64			4.55			4.19			4.55			4.45
Ratio of Earnings to Fixed Charges and Preferred Dividends Combined		4.54			4.45			4.10			4.46			4.36