Exhibit 12

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.

	Three Months Ended March 31,		Year Ended December 31,
	2012		2011		2010		2009		2008		2007
	(dollars in millions)
Earnings as defined for fixed charges calculation
Add:
Pretax income from continuing operations(a)	$	351	$	2,297	$	2,097	$	1,770	$	1,993	$	2,078
Fixed charges		269		1,057		1,045		892		883		797
Distributed income of equity investees		37		149		111		82		195		147
Deduct:
Interest capitalized(b)		38		166		168		102		93		71
Total earnings (as defined for the Fixed Charges calculation)	$	619	$	3,337	$	3,085	$	2,642	$	2,978	$	2,951
Fixed charges:
Interest on debt, including capitalized portions(b)	$	262	$	1,026	$	1,008	$	853	$	834	$	756
Estimate of interest within rental expense		7		31		37		39		49		41
Total fixed charges	$	269	$	1,057	$	1,045	$	892	$	883	$	797
Ratio of earnings to fixed charges		2.3		3.2		3.0		3.0		3.4		3.7

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

(b) Excludes the equity costs related to Allowance for Funds Used During Construction that are included in Other Income and Expenses in the Condensed Consolidated Statements of Operations.