Exhibit 99.3

CINERGY CORP.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

	December 31 2003			December 31 2002
ASSETS
Current Assets
Cash and temporary cash investments	$	169,120		$	200,112
Restricted deposits	92,813			3,092
Notes receivable	189,854			135,873
Accounts receivable less accumulated provision for doubtful accounts of $7,884 at December 31, 2003, and $16,368 at December 31, 2002	1,074,518			1,280,810
Materials, supplies and fuel - at average cost	321,658			319,454
Prepayments and other	89,576			107,086
Energy risk management current assets	305,058			464,028
Total current assets	2,242,597			2,510,455
Property, Plant, and Equipment - at Cost
Utility plant in service	9,705,372			8,641,351
Construction work in progress	275,459			469,300
Total utility plant	9,980,831			9,110,651
Non-regulated property, plant, and equipment	4,477,394			4,616,754
Accumulated depreciation	5,391,629			5,157,040
Net property, plant, and equipment	9,066,596			8,570,365
Other Assets
Regulatory assets	1,012,151			1,022,696
Investments in unconsolidated subsidiaries	494,520			417,188
Energy risk management non-current assets	97,334			162,773
Notes receivable non-current	213,853			—
Other investments	184,044			163,851
Other	310,944			312,435
Total other assets	2,312,846			2,078,943
Assets of Discontinued Operations	4,501			147,265
Total Assets	$	13,626,540		$	13,307,028
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	1,240,423		$	1,318,379
Accrued taxes	217,993			258,613
Accrued interest	68,952			62,244
Notes payable and other short-term obligations	351,412			667,973
Long-term debt due within one year	839,103			176,000
Energy risk management current liabilities	296,122			407,710
Other	107,438			105,026
Total current liabilities	3,121,443			2,995,945
Non-current Liabilities
Long-term debt	4,131,909			4,011,568
Deferred income taxes	1,557,981			1,458,171
Unamortized investment tax credits	108,884			118,095
Accrued pension and other post-retirement benefit costs	662,834			626,167
Energy risk management non-current liabilities	64,861			143,991
Other	203,534			179,767
Total non-current liabilities	6,730,003			6,537,759
Liabilities of Discontinued Operations	11,594			108,833
Total Liabilities	9,863,040			9,642,537
Preferred Trust Securities
Company obligated mandatorily redeemable preferred trust securities of subsidiary holding solely debt securities of the company	—			308,187
Cumulative Preferred Stock of Subsidiaries
Not subject to mandatory redemption	62,818			62,828
Common Stock Equity
Common stock - $0.01 par value; authorized shares - 600,000,000; issued shares - 178,438,369 and 168,663,115 respectively; outstanding shares - 178,336,854 and 168,663,115 respectively	1,784			1,687
Treasury shares at cost - 101,515 at December 31, 2003	(3,255		)	—
Paid-in capital	2,195,985			1,918,136
Retained earnings	1,551,003			1,403,453
Accumulated other comprehensive income	(44,835		)	(29,800		)
Total common stock equity	3,700,682			3,293,476
Total Liabilities and Equity	$	13,626,540		$	13,307,028

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