Exhibit 12

PIEDMONT NATURAL GAS COMPANY, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
For Fiscal Years Ended October 31, 2000 through 2004
and Twelve Months Ended January 31, 2005
(In thousands except ratio amounts)

	January 31,
	2005			2004			2003			2002		2001		2000
Earnings:
Pre-tax income from continuing operations	$	125,955		$	123,894		$	105,189		$	82,091	$	90,683	$	99,199
Distributed income of equity investees		19,676			26,291			10,188			22,143		9,885		4,255
Fixed charges		52,339			52,398			43,491			44,251		47,793		44,368
Preferred security dividend, net of tax		(1,373	)		(1,379	)		(276	)		—		—		—
Total Adjusted Earnings	$	196,597		$	201,204		$	158,592		$	148,485	$	148,361	$	147,822
Fixed Charges:
Interest	$	49,713		$	48,973		$	41,401		$	42,250	$	45,286	$	42,010
Amortization of debt expense		446			429			365			366		420		465
One-third of rental expense		807			1,617			1,449			1,635		2,087		1,893
Preferred security dividend, net of tax		1,373			1,379			276			—		—		—
Total Fixed Charges	$	52,339		$	52,398		$	43,491		$	44,251	$	47,793	$	44,368
Ratio of Earnings to Fixed Charges		3.76			3.84			3.65			3.36		3.10		3.33