Exhibit 99.2

CINERGY CORP.

CONSOLIDATED STATEMENTS OF INCOME

For the Periods Ended December 31, 2003

(unaudited)

(in thousands, except per share amounts)

	Quarter Ended						Year To Date
	2003			2002			2003			2002
Operating Revenues
Electric	$	870,178		$	806,785		$	3,383,132		$	3,338,068
Gas	197,129			216,126			835,507			590,471
Other	54,713			41,522			197,238			130,813
	1,122,020			1,064,433			4,415,877			4,059,352
Operating Expenses
Fuel used in electric production	258,918			206,031			1,005,027			885,685
Gas purchased	134,938			121,258			503,834			309,983
Purchased and exchanged power	58,946			21,810			153,169			104,014
Other operation	248,396			287,209			1,048,842			1,087,793
Maintenance	54,992			42,100			227,611			203,796
Depreciation	105,379			111,142			419,098			405,487
Taxes other than income taxes	49,211			61,443			249,746			263,002
	910,780			850,993			3,607,327			3,259,760
Operating Income	211,240			213,440			808,550			799,592
Other Income and (Expenses) - Net
Allowance for equity funds used during construction	421			4,059			7,532			12,861
Equity in earnings of unconsolidated subsidiaries	3,549			7,905			15,201			15,261
Other - net	10,057			5,826			30,624			(459		)
	14,027			17,790			53,357			27,663
Interest and Other Charges
Interest on long-term debt	82,279			64,647			290,065			239,423
Other interest	(226		)	3,141			3,882			22,500
Allowance for borrowed funds used during construction	(6,074		)	(4,811		)	(25,345		)	(18,824		)
	75,979			62,977			268,602			243,099
Preferred Trust
Preferred dividend requirement of subsidiary trust	—			5,985			11,940			23,832
Income Before Taxes	149,288			162,268			581,365			560,324
Income Taxes	41,387			36,614			143,508			160,255
Preferred dividend requirements of subsidiaries	859			858			3,433			3,433
Income Before Discontinued Operations and Cumulative Effect of a Change in Accounting Principles	$	107,042		$	124,796		$	434,424		$	396,636
Discontinued Operations, net of tax	11			(24,600		)	8,886			(25,161		)
Cumulative Effect of a Change in Accounting Principles, net of tax	—			—			26,462			(10,899		)
Net Income	$	107,053		$	100,196		$	469,772		$	360,576
Average Common Shares Outstanding	178,288			168,538			176,535			167,047
Earnings Per Common Share
Income Before Discontinued Operations and Cumulative Effect of a Change in Accounting Principles	$	0.60		$	0.74		$	2.46		$	2.37
Discontinued Operations, net of tax	—			(0.15		)	0.05			(0.15		)
Cumulative Effect of a Change in Accounting Principles, net of tax	—			—			0.15			(0.06		)
Net Income	$	0.60		$	0.59		$	2.66		$	2.16
Earnings Per Common Share - Assuming Dilution
Income Before Discontinued Operations and Cumulative Effect of a Change in Accounting Principles	$	0.59		$	0.73		$	2.43		$	2.34
Discontinued Operations, net of tax	—			(0.15		)	0.05			(0.15		)
Cumulative Effect of a Change in Accounting Principles, net of tax	—			—			0.15			(0.06		)
Net Income	$	0.59		$	0.58		$	2.63		$	2.13
Dividends Declared Per Common Share	$	0.46		$	0.45		$	1.84		$	1.80

Note:  Prior year’s data has been reclassified to conform with current year’s presentation.