EXHIBIT 12.1
SPECTRA ENERGY CORP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.
| Year Ended December 31, | ||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||
| Earnings as defined for fixed charges calculation | ||||||||||||||||||||
| Add: | ||||||||||||||||||||
| Pretax income from continuing operations (a) | $ | 1,133 | $ | 1,033 | $ | 1,195 | $ | 1,076 | $ | 902 | ||||||||||
| Fixed charges | 744 | 708 | 695 | 682 | 664 | |||||||||||||||
| Distributed income of equity investees | 348 | 324 | 516 | 408 | 359 | |||||||||||||||
| Deduct: | ||||||||||||||||||||
| Preference security dividend requirements of consolidated subsidiaries | 26 | 27 | 27 | 25 | 23 | |||||||||||||||
| Interest capitalized (b) | 50 | 47 | 30 | 15 | 19 | |||||||||||||||
| Total earnings (as defined for the Fixed Charges calculation) | $ | 2,149 | $ | 1,991 | $ | 2,349 | $ | 2,126 | $ | 1,883 | ||||||||||
| Fixed charges: | ||||||||||||||||||||
| Interest on debt, including capitalized portions | $ | 707 | $ | 670 | $ | 656 | $ | 646 | $ | 630 | ||||||||||
| Estimate of interest within rental expense | 11 | 11 | 12 | 11 | 11 | |||||||||||||||
| Preference security dividend requirements of consolidated subsidiaries | 26 | 27 | 27 | 25 | 23 | |||||||||||||||
| Total fixed charges | $ | 744 | $ | 708 | $ | 695 | $ | 682 | $ | 664 | ||||||||||
| Ratio of earnings to fixed charges | 2.9 | 2.8 | 3.4 | 3.1 | 2.8 | |||||||||||||||
________
| (a) | Excludes noncontrolling interests and income or loss from equity investees. |
| (b) | Excludes equity costs related to allowance for funds used during construction that are included in Other Income and Expenses, Net in the Consolidated Statements of Operations. |