EXHIBIT 12.1

SPECTRA ENERGY CORP

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.

	Year Ended December 31,
	2010		2009		2008		2007		2006
	(dollars in millions)
Earnings as defined for fixed charges calculation
Add:
Pretax income from continuing operations (a)	$	1,076	$	902	$	910	$	846	$	760
Fixed charges		682		664		701		684		760
Distributed income of equity investees		408		359		995		656		860
Deduct:
Preference security dividend requirements of consolidated subsidiaries		25		23		29		23		28
Interest capitalized (b)		15		19		25		18		35
Total earnings (as defined for the Fixed Charges calculation)	$	2,126	$	1,883	$	2,552	$	2,145	$	2,317
Fixed charges:
Interest on debt, including capitalized portions	$	646	$	630	$	661	$	651	$	718
Estimate of interest within rental expense		11		11		11		10		14
Preference security dividend requirements of consolidated subsidiaries		25		23		29		23		28
Total fixed charges	$	682	$	664	$	701	$	684	$	760
Ratio of earnings to fixed charges		3.1		2.8		3.6		3.1		3.0

(a) Excludes noncontrolling interests and income or loss from equity investees.

(b) Excludes equity costs related to AFUDC that are included in Other Income and Expenses in the Consolidated Statements of Operations.

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