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.

| 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(a) |  | $ | 1,182 |  |  | $ | 1,029 |  |  | $ | 527 |  |  | $ | 910 |  |  | $ | 1,406 |  |  | $ | 1,237 |
Fixed charges |  | 589 |  |  | 872 |  |  | 884 |  |  | 827 |  |  | 846 |  |  | 813 |
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 |  |  | 7 |
Total earnings |  | $ | 1,771 |  |  | $ | 1,901 |  |  | $ | 1,403 |  |  | $ | 1,728 |  |  | $ | 2,242 |  |  | $ | 2,043 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest on debt, including capitalized portions |  | $ | 510 |  |  | $ | 772 |  |  | $ | 782 |  |  | $ | 769 |  |  | $ | 788 |  |  | $ | 774 |
Estimate of interest within rental expense |  | 79 |  |  | 100 |  |  | 96 |  |  | 52 |  |  | 51 |  |  | 32 |
Preference security dividend requirements of consolidated subsidiaries |  | — |  |  | — |  |  | 6 |  |  | 6 |  |  | 7 |  |  | 7 |
Total fixed charges |  | $ | 589 |  |  | $ | 872 |  |  | $ | 884 |  |  | $ | 827 |  |  | $ | 846 |  |  | $ | 813 |
Ratio of earnings to fixed charges |  | 3.0 |  |  | 2.2 |  |  | 1.6 |  |  | 2.1 |  |  | 2.7 |  |  | 2.5 |
Ratio of earnings to fixed charges and preferred dividends combined(b) |  | 3.0 |  |  | 2.2 |  |  | 1.6 |  |  | 2.1 |  |  | 2.7 |  |  | 2.5 |

(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.