EXHIBIT 12.3

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - PROGRESS ENERGY

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

	Years Ended December 31,
(in millions)	2014		2013		2012		2011		2010
Earnings as defined for fixed charges calculation
Add:
Pretax income from continuing operations(a)	$	1,418	$	1,029	$	527	$	910	$	1,406
Fixed charges	841		872		884		827		846
Deduct:
Pretax income attributable to noncontrolling interests of subsidiaries that have not incurred fixed charges	—		—		2		3		3
Preference security dividend requirements of consolidated subsidiaries	—		—		6		6		7
Total earnings	$	2,259	$	1,901	$	1,403	$	1,728	$	2,242
Fixed charges:
Interest on debt, including capitalized portions	$	732	$	772	$	782	$	769	$	788
Estimate of interest within rental expense	109		100		96		52		51
Preference security dividend requirements of consolidated subsidiaries	—		—		6		6		7
Total fixed charges	$	841	$	872	$	884	$	827	$	846
Ratio of earnings to fixed charges	2.7		2.2		1.6		2.1		2.7
Ratio of earnings to fixed charges and preferred dividends combined(b)	2.7		2.2		1.6		2.1		2.7

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

(b)    For all periods presented, Progress Energy, Inc. had no preferred stock outstanding.