EXHIBIT 12.4
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - DUKE ENERGY PROGRESS
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 |  | $ | 618 |  |  | $ | 789 |  |  | $ | 382 |  |  | $ | 772 |  |  | $ | 952 |  |  | $ | 791 |
Fixed charges |  | 228 |  |  | 289 |  |  | 291 |  |  | 235 |  |  | 227 |  |  | 219 |
Deduct: |  |  |  |  |  |  |  |  |  |  |  |
Pretax loss attributable to noncontrolling interests of subsidiaries that have not incurred fixed charges |  | — |  |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | (2 | )
Total earnings |  | $ | 846 |  |  | $ | 1,078 |  |  | $ | 673 |  |  | $ | 1,007 |  |  | $ | 1,180 |  |  | $ | 1,012 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest on debt, including capitalized portions |  | $ | 178 |  |  | $ | 224 |  |  | $ | 230 |  |  | $ | 205 |  |  | $ | 205 |  |  | $ | 207 |
Estimate of interest within rental expense |  | 50 |  |  | 65 |  |  | 61 |  |  | 30 |  |  | 22 |  |  | 12 |
Total fixed charges |  | $ | 228 |  |  | $ | 289 |  |  | $ | 291 |  |  | $ | 235 |  |  | $ | 227 |  |  | $ | 219 |
Preferred dividends, as defined |  | — |  |  | — |  |  | 4 |  |  | 4 |  |  | 5 |  |  | 5 |
Total fixed charges and preferred dividends combined |  | $ | 228 |  |  | $ | 289 |  |  | $ | 295 |  |  | $ | 239 |  |  | $ | 232 |  |  | $ | 224 |
Ratio of earnings to fixed charges |  | 3.7 |  |  | 3.7 |  |  | 2.3 |  |  | 4.3 |  |  | 5.2 |  |  | 4.6 |
Ratio of earnings to fixed charges and preferred dividends combined |  | 3.7 |  |  | 3.7 |  |  | 2.3 |  |  | 4.2 |  |  | 5.1 |  |  | 4.5 |