EXHIBIT 12.2
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - DUKE ENERGY CAROLINAS
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 |  | $ | 1,408 |  |  | $ | 1,571 |  |  | $ | 1,322 |  |  | $ | 1,306 |  |  | $ | 1,295 |  |  | $ | 1,080 |
Fixed charges |  | 345 |  |  | 461 |  |  | 467 |  |  | 450 |  |  | 464 |  |  | 412 |
Total earnings |  | $ | 1,753 |  |  | $ | 2,032 |  |  | $ | 1,789 |  |  | $ | 1,756 |  |  | $ | 1,759 |  |  | $ | 1,492 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest on debt, including capitalized portions |  | $ | 336 |  |  | $ | 452 |  |  | $ | 455 |  |  | $ | 437 |  |  | $ | 446 |  |  | $ | 395 |
Estimate of interest within rental expense |  | 9 |  |  | 9 |  |  | 12 |  |  | 13 |  |  | 18 |  |  | 17 |
Total fixed charges |  | $ | 345 |  |  | $ | 461 |  |  | $ | 467 |  |  | $ | 450 |  |  | $ | 464 |  |  | $ | 412 |
Ratio of earnings to fixed charges |  | 5.1 |  |  | 4.4 |  |  | 3.8 |  |  | 3.9 |  |  | 3.8 |  |  | 3.6 |