Exhibit 12

PIEDMONT NATURAL GAS COMPANY, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
For Fiscal Years Ended October 31, 2001 through 2005
(in thousands except ratio amounts)

	2005		2004			2003			2002		2001
Earnings:
Pre-tax income from continuing operations	$	131,235	$	123,894		$	105,189		$	82,091	$	90,683
Distributed income of equity investees		24,344		26,291			10,188			22,143		9,885
Fixed charges		49,709		52,436			43,491			44,251		47,793
Preferred security dividend, net of tax		—		(1,379	)		(276	)		—		—
Total Adjusted Earnings	$	205,288	$	201,242		$	158,592		$	148,485	$	148,361
Fixed Charges:
Interest	$	47,336	$	48,973		$	41,401		$	42,250	$	45,286
Amortization of debt expense		439		429			365			366		420
One-third of rental expense		1,934		1,655			1,449			1,635		2,087
Preferred security dividend, net of tax		—		1,379			276			—		—
Total Fixed Charges	$	49,709	$	52,436		$	43,491		$	44,251	$	47,793
Ratio of Earnings to Fixed Charges		4.13		3.84			3.65			3.36		3.10