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.

	Three Months Ended March 31,				Years Ended December 31,
(in millions)	2017				2016				2015				2014				2013				2012 (a)
Earnings as defined for fixed charges calculation
Add:
Pretax income from continuing operations(b)	$	1,031			$	3,668			$	3,832			$	3,636			$	3,204			$	1,622
Fixed charges	532				2,170				1,859				1,871				1,886				1,510
Distributed income of equity investees	2				30				104				136				109				151
Deduct:
Preferred dividend requirements of subsidiaries	—				—				—				—				—				3
Interest capitalized	—				10				18				7				8				30
Total earnings	$	1,565			$	5,858			$	5,777			$	5,636			$	5,191			$	3,250
Fixed charges:
Interest on debt, including capitalized portions	$	507			$	2,066			$	1,733			$	1,733			$	1,760			$	1,420
Estimate of interest within rental expense	25				104				126				138				126				87
Preferred dividend requirements of subsidiaries	—				—				—				—				—				3
Total fixed charges	$	532			$	2,170			$	1,859			$	1,871			$	1,886			$	1,510
Ratio of earnings to fixed charges	2.9				2.7				3.1				3.0				2.8				2.2
Ratio of earnings to fixed charges and preferred dividends combined(c)	2.9				2.7				3.1				3.0				2.8				2.2

(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 periods presented, Duke Energy Corporation had no preferred stock outstanding.