EXHIBIT 12.5
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - DUKE ENERGY FLORIDA
The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.

| Nine Months Ended September 30, |  | Years Ended December 31,
(in millions) | 2014 |  | 2013 |  | 2012 |  | 2011 |  | 2010 |  | 2009
Earnings as defined for fixed charges calculation |  |  |  |  |  |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |  |  |
Pretax income from continuing operations |  | $ | 740 |  |  | $ | 538 |  |  | $ | 413 |  |  | $ | 494 |  |  | $ | 729 |  |  | $ | 671 |
Fixed charges |  | 180 |  |  | 285 |  |  | 309 |  |  | 275 |  |  | 300 |  |  | 278 |
Total earnings |  | $ | 920 |  |  | $ | 823 |  |  | $ | 722 |  |  | $ | 769 |  |  | $ | 1,029 |  |  | $ | 949 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest on debt, including capitalized portions |  | $ | 151 |  |  | $ | 249 |  |  | $ | 274 |  |  | $ | 253 |  |  | $ | 271 |  |  | $ | 258 |
Estimate of interest within rental expense |  | 29 |  |  | 36 |  |  | 35 |  |  | 22 |  |  | 29 |  |  | 20 |
Total fixed charges |  | $ | 180 |  |  | $ | 285 |  |  | $ | 309 |  |  | $ | 275 |  |  | $ | 300 |  |  | $ | 278 |
Preferred dividends, as defined |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | 2 |  |  | 2 |
Total fixed charges and preferred dividends combined |  | $ | 180 |  |  | $ | 285 |  |  | $ | 311 |  |  | $ | 277 |  |  | $ | 302 |  |  | $ | 280 |
Ratio of earnings to fixed charges |  | 5.1 |  |  | 2.9 |  |  | 2.3 |  |  | 2.8 |  |  | 3.4 |  |  | 3.4 |
Ratio of earnings to fixed charges and preferred dividends combined |  | 5.1 |  |  | 2.9 |  |  | 2.3 |  |  | 2.8 |  |  | 3.4 |  |  | 3.4 |