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)	2005		2004		2003		2002		2001
Earnings, as defined:
Income before cumulative effect of changes in accounting principles	$	493	$	461	$	504	$	431	$	364
Fixed charges, as below		205		201		206		224		264
Income taxes, as below		234		234		233		199		215
Total earnings, as defined	$	932	$	896	$	943	$	854	$	843
Fixed Charges, as defined:
Interest on long-term debt	$	191	$	183	$	188	$	205	$	246
Other interest		6		11		11		12		11
Imputed interest factor in rentals - charged
principally to operating expenses		8		7		7		7		7
Total fixed charges, as defined		205		201		206		224		264
Preferred dividends, as defined		4		5		4		4		5
Total fixed charges and preferred dividends combined	$	209	$	206	$	210	$	228	$	269
Income Taxes:
Income tax expense	$	239	$	239	$	241	$	207	$	223
Included in AFUDC - deferred taxes in
book depreciation		(5)		(5)		(8)		(8)		(8)
Total income taxes	$	234	$	234	$	233	$	199	$	215
Ratio of Earnings to Fixed Charges		4.55		4.45		4.59		3.81		3.19
Ratio of Earnings to Fixed Charges and Preferred Dividends Combined		4.46		4.36		4.50		3.74		3.13