EXHIBIT 12
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.
		Nine Months
		Ended September 30,		Years Ended December 31,
(in millions)		2012		2011		2010		2009		2008		2007
Earnings as defined for fixed charges calculation
Add:
	Pretax income from continuing operations(a)	$	1,776	$	2,297	$	2,097	$	1,770	$	1,993	$	2,078
	Fixed charges		1,028		1,057		1,045		892		883		797
	Distributed income of equity investees		110		149		111		82		195		147
Deduct:
	Preferred dividend requirements of subsidiaries		2		―		―		―		―		―
	Interest capitalized(b)		128		166		168		102		93		71
Total earnings		$	2,784	$	3,337	$	3,085	$	2,642	$	2,978	$	2,951
Fixed charges:
	Interest on debt, including capitalized portions(b)	$	985	$	1,026	$	1,008	$	853	$	834	$	756
	Estimate of interest within rental expense		41		31		37		39		49		41
	Preferred dividend requirements		2		―		―		―		―		―
Total fixed charges		$	1,028	$	1,057	$	1,045	$	892	$	883	$	797
Ratio of earnings to fixed charges			2.7		3.2		3.0		3.0		3.4		3.7
(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.