EXHIBIT 12.3
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES – PROGRESS ENERGY, INC.
The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.
		Years Ended December 31,
(in millions)		2012		2011		2010		2009		2008
Earnings as defined for fixed charges calculation
Add:
	Pretax income from continuing operations(a)	$	527	$	910	$	1,406	$	1,237	$	1,173
	Fixed charges		884		827		846		813		768
Deduct:
	Interest capitalized(b)		41		35		32		39		40
	Pre-tax income (loss) attributable to noncontrolling interests of subsidiaries that have not incurred fixed charges		2		3		3		―		5
	Preference security dividend requirements of consolidated subsidiaries		6		6		7		7		7
Total earnings		$	1,362	$	1,693	$	2,210	$	2,004	$	1,889
Fixed charges:
	Interest on debt, including capitalized portions(b)	$	782	$	769	$	788	$	774	$	679
	Estimate of interest within rental expense		96		52		51		32		82
	Preferred dividend requirements		6		6		7		7		7
Total fixed charges		$	884	$	827	$	846	$	813	$	768
Ratio of earnings to fixed charges			1.6		2.1		2.6		2.5		2.5
Ratio of earnings to fixed charges and preferred dividends combined(c)			1.5		2.1		2.6		2.5		2.5
(a)	Excludes amounts attributable to noncontrolling interests and income or loss from equity investees.
(b)	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.
(c)	For all periods presented, Progress Energy, Inc. had no preferred stock outstanding.