**Exhibit        No. 12 (b)**

**CAROLINA        POWER & LIGHT COMPANY**

**d/b/a        PROGRESS ENERGY CAROLINAS, INC.**

| (dollars                  in millions)                                                                | **2005** | 2004     | 2003   | 2002   | 2001   |
|-------------------------------------------------------------------------------------------------------|----------|----------|--------|--------|--------|
| Earnings,                  as defined:                                                                |     |     |   |   |   |
| Income                  before cumulative effect of changes in accounting                  principles | **$**    | **493**  | $      | 461    | **$**  | 504 | **$** | 431 | **$** | 364 |
| Fixed                  charges, as below                                                              |     | **205**  |   | 201    |   | 206 |   | 224 |   | 264 |
| Income                  taxes, as below                                                               |     | **234**  |   | 234    |   | 233 |   | 199 |   | 215 |
| Total                  earnings, as defined                                                           | **$**    | **932**  | $      | 896    | **$**  | 943 | **$** | 854 | **$** | 843 |
|                                                                                                  |     |     |   |   |   |   |   |   |   |   |
| Fixed                  Charges, as defined:                                                           |     |     |   |   |   |   |   |   |   |   |
| Interest                  on long-term debt                                                           | **$**    | **191**  | $      | 183    | **$**  | 188 | **$** | 205 | **$** | 246 |
| Other                  interest                                                                       |     | **6**    |   | 11     |   | 11 |   | 12 |   | 11 |
| Imputed                  interest factor in rentals - charged                                         |     |     |   |   |   |   |   |   |   |   |
| principally                  to operating expenses                                                    |     | **8**    |   | 7      |   | 7 |   | 7 |   | 7 |
| Total                  fixed charges, as defined                                                      |     | **205**  |   | 201    |   | 206 |   | 224 |   | 264 |
| Preferred                  dividends, as defined                                                      |     | **4**    |   | 5      |   | 4 |   | 4 |   | 5 |
| Total                  fixed charges and preferred dividends combined                                 | **$**    | **209**  | $      | 206    | **$**  | 210 | **$** | 228 | **$** | 269 |
|                                                                                                  |     |     |   |   |   |   |   |   |   |   |
| Income                  Taxes:                                                                        |     |     |   |   |   |   |   |   |   |   |
| Income                  tax expense                                                                   | **$**    | **239**  | $      | 239    | **$**  | 241 | **$** | 207 | **$** | 223 |
| Included                  in AFUDC - deferred taxes in                                                |     |     |   |   |   |   |   |   |   |   |
| book                  depreciation                                                                    |     | **(5)**  |   | (5)    |   | (8) |   | (8) |   | (8) |
| Total                  income taxes                                                                   | **$**    | **234**  | $      | 234    | **$**  | 233 | **$** | 199 | **$** | 215 |
|                                                                                                  |     |     |   |   |   |   |   |   |   |   |
| Ratio                  of Earnings to Fixed Charges                                                   |     | **4.55** |   | 4.45   |   | 4.59 |   | 3.81 |   | 3.19 |
|                                                                                                  |     |     |   |   |   |   |   |   |   |   |
| Ratio                  of Earnings to Fixed Charges and Preferred Dividends                  Combined |     | **4.46** |   | 4.36   |   | 4.50 |   | 3.74 |   | 3.13 |
|                                                                                                  |     |     |   |   |   |   |   |   |   |   |