Progress Energy (PREX) 8-K Other Events

Exhibit 12

PROGRESS ENERGY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(millions of dollars)
Nine Months Ended September 30	2005			2004
Earnings, as defined:
Income from continuing operations before minority interest	$	537		$	531
Fixed charges, as below		517			501
Amortization of capitalized interest		1			1
Preferred dividend requirements		(5	)		(5	)
Minority interest		24			6
Capitalized interest		(3	)		(6	)
Income taxes, as below		(82	)		136
Total earnings, as defined	$	989		$	1,164
Fixed Charges, as defined:
Interest on long-term debt	$	459		$	438
Other interest		43			42
Imputed interest factor in rentals – charged principally to operating expenses		10			16
Preferred dividend requirements of subsidiaries		5			5
Total fixed charges, as defined	$	517		$	501
Income Taxes:
Income tax expense (benefit)	$	(78	)	$	140
Included in AFUDC – deferred taxes in book depreciation		(4	)		(4	)
Total income taxes	$	(82	)	$	136
Ratio of Earnings to Fixed Charges		1.91			2.32