EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES – DUKE ENERGY CORPORATION
The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.
		Years Ended December 31,
(in millions)		2012 (a)		2011		2010		2009		2008
Earnings as defined for fixed charges calculation
Add:
	Pretax income from continuing operations(b)	$	2,291	$	2,297	$	2,097	$	1,770	$	1,993
	Fixed charges		1,510		1,057		1,045		892		883
	Distributed income of equity investees		151		149		111		82		195
Deduct:
	Preferred dividend requirements of subsidiaries		3		―		―		―		―
	Interest capitalized(c)		177		166		168		102		93
Total earnings		$	3,772	$	3,337	$	3,085	$	2,642	$	2,978
Fixed charges:
	Interest on debt, including capitalized portions(c)	$	1,420	$	1,026	$	1,008	$	853	$	834
	Estimate of interest within rental expense		87		31		37		39		49
	Preferred dividend requirements		3		―		―		―		―
Total fixed charges		$	1,510	$	1,057	$	1,045	$	892	$	883
Ratio of earnings to fixed charges			2.5		3.2		3.0		3.0		3.4
Ratio of earnings to fixed charges and preferred dividends combined(d)			2.5		3.2		3.0		3.0		3.4
(a)	Includes the results of Progress Energy, Inc. beginning on July 2, 2012.
(b)	Excludes amounts attributable to noncontrolling interests and income or loss from equity investees.
(c)	Excludes the equity costs related to Allowance for Funds Used During Construction that are included in Other Income and Expenses in the Condensed Consolidated Statements of Operations.
(d)	For all periods presented, Duke Energy Corporation had no preferred stock outstanding.