EXHIBIT 12
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, |  | Years Ended December 31,
(in millions) | 2015 |  | 2014 |  | 2013(d) |  | 2012(a) (d) |  | 2011(d) |  | 2010(d)
Earnings as defined for fixed charges calculation |  |  |  |  |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |  |
Pretax income from continuing operations(b) | $ | 3,375 |  |  | $ | 3,998 |  |  | $ | 3,657 |  |  | $ | 2,068 |  |  | $ | 1,975 |  |  | $ | 2,062 |
Fixed charges | 1,418 |  |  | 1,871 |  |  | 1,886 |  |  | 1,510 |  |  | 1,057 |  |  | 1,045 |
Distributed income of equity investees | 49 |  |  | 136 |  |  | 109 |  |  | 151 |  |  | 149 |  |  | 111 |
Deduct: |  |  |  |  |  |  |  |  |  |  |
Preferred dividend requirements of subsidiaries | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |
Interest capitalized | 11 |  |  | 7 |  |  | 8 |  |  | 30 |  |  | 46 |  |  | 54 |
Total earnings | $ | 4,831 |  |  | $ | 5,998 |  |  | $ | 5,644 |  |  | $ | 3,696 |  |  | $ | 3,135 |  |  | $ | 3,164 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |
Interest on debt, including capitalized portions | $ | 1,297 |  |  | $ | 1,733 |  |  | $ | 1,760 |  |  | $ | 1,420 |  |  | $ | 1,026 |  |  | $ | 1,008 |
Estimate of interest within rental expense | 121 |  |  | 138 |  |  | 126 |  |  | 87 |  |  | 31 |  |  | 37 |
Preferred dividend requirements | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |
Total fixed charges | $ | 1,418 |  |  | $ | 1,871 |  |  | $ | 1,886 |  |  | $ | 1,510 |  |  | $ | 1,057 |  |  | $ | 1,045 |
Ratio of earnings to fixed charges | 3.4 |  |  | 3.2 |  |  | 3.0 |  |  | 2.4 |  |  | 3.0 |  |  | 3.0 |
Ratio of earnings to fixed charges and preferred dividends combined(c) | 3.4 |  |  | 3.2 |  |  | 3.0 |  |  | 2.4 |  |  | 3.0 |  |  | 3.0 |

(a) Includes the results of Progress Energy, Inc. beginning on July 2, 2012.
(b) Excludes amounts attributable to noncontrolling interests and income or loss from equity investees.
(c) For the period presented, Duke Energy Corporation had no preferred stock outstanding.
(d) Operating results have been revised to reflect the impact of discontinued operations.