EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES – DUKE ENERGY CORPORATION
The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.
		Years Ended December 31,
(in millions)		2013		2012 (a)		2011		2010		2009
Earnings as defined for fixed charges calculation
Add:
	Pretax income from continuing operations(b)	$	3,787	$	2,291	$	2,297	$	2,097	$	1,770
	Fixed charges		1,886		1,510		1,057		1,045		892
	Distributed income of equity investees		109		151		149		111		82
Deduct:
	Preferred dividend requirements of subsidiaries		―		3		―		―		―
	Interest capitalized		214		177		166		168		102
Total earnings		$	5,568	$	3,772	$	3,337	$	3,085	$	2,642
Fixed charges:
	Interest on debt, including capitalized portions	$	1,760	$	1,420	$	1,026	$	1,008	$	853
	Estimate of interest within rental expense		126		87		31		37		39
	Preferred dividend requirements		―		3		―		―		―
Total fixed charges		$	1,886	$	1,510	$	1,057	$	1,045	$	892
Ratio of earnings to fixed charges			3.0		2.5		3.2		3.0		3.0
Ratio of earnings to fixed charges and preferred dividends combined(c)			3.0		2.5		3.2		3.0		3.0
(a)	Includes the results of Progress Energy, Inc. beginning on July 2, 2012.
(b)	Excludes amounts attributable to noncontrolling interests and income or loss from equity investees.
(c)	For all periods presented, Duke Energy Corporation had no preferred stock outstanding.