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)		2013		2012		2011		2010		2009
Earnings as defined for fixed charges calculation
Add:
	Pretax income from continuing operations(a)	$	1,029	$	527	$	910	$	1,406	$	1,237
	Fixed charges		872		884		827		846		813
Deduct:
	Interest capitalized		91		41		35		32		39
	Pre-tax income (loss) attributable to noncontrolling interests of subsidiaries that have not incurred fixed charges		―		2		3		3		―
	Preference security dividend requirements of consolidated subsidiaries		―		6		6		7		7
Total earnings		$	1,810	$	1,362	$	1,693	$	2,210	$	2,004
Fixed charges:
	Interest on debt, including capitalized portions	$	772	$	782	$	769	$	788	$	774
	Estimate of interest within rental expense		100		96		52		51		32
	Preferred dividend requirements		―		6		6		7		7
Total fixed charges		$	872	$	884	$	827	$	846	$	813
Ratio of earnings to fixed charges			2.1		1.6		2.1		2.6		2.5
Ratio of earnings to fixed charges and preferred dividends combined(b)			2.1		1.5		2.1		2.6		2.5
(a)	Excludes amounts attributable to noncontrolling interests and income or loss from equity investees.
(b)	For all periods presented, Progress Energy, Inc. had no preferred stock outstanding.