EXHIBIT 12.1
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.

| Nine Months Ended September 30,
(in millions) | 2014
Earnings as defined for fixed charges calculation |  |
Add: |  |
Pretax income from continuing operations(a) |  | $ | 3,340 |
Fixed charges |  | 1,384 |
Distributed income of equity investees |  | 96 |
Deduct: |  |
Interest capitalized |  | 5 |
Total earnings |  | $ | 4,815 |
Fixed charges: |  |
Interest on debt, including capitalized portions |  | $ | 1,283 |
Estimate of interest within rental expense |  | 101 |
Total fixed charges |  | $ | 1,384 |
Ratio of earnings to fixed charges |  | 3.5 |
Ratio of earnings to fixed charges and preferred dividends combined(b) |  | 3.5 |

(a) Excludes amounts attributable to noncontrolling interests and income or loss from equity investees.
(b) For the period presented, Duke Energy Corporation had no preferred stock outstanding.