Exhibit 12

Piedmont Natural Gas Company, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
For Fiscal Years Ended October 31, 1998 through 2002
and Twelve Months Ended January 31, 2003
(in thousands except ratio amounts)

			January 31,
			2003		2002		2001		2000		1999		1998
Earnings:
	Pre-tax income from continuing operations		$	113,751	$	82,091	$	90,683	$	99,199	$	103,077	$	100,938
	Distributed income of equity investees			21,679		22,143		9,885		4,255		—		—
	Fixed charges			42,856		44,251		47,793		44,368		37,978		38,415
		Total Adjusted Earnings	$	178,286	$	148,485	$	148,361	$	147,822	$	141,055	$	139,353
Fixed Charges:
	Interest		$	41,788	$	42,250	$	45,286	$	42,010	$	35,911	$	36,453
	Amortization of debt expense			367		366		420		465		323		304
	One-third of rental expense			701		1,635		2,087		1,893		1,744		1,658
		Total Fixed Charges	$	42,856	$	44,251	$	47,793	$	44,368	$	37,978	$	38,415
Ratio of Earnings to Fixed Charges				4.16		3.36		3.10		3.33		3.71		3.63