Exhibit 99.2

VECTREN CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(Millions, except per share amounts)
(Unaudited)
			Three Months
			Ended March 31
	2007			2006
OPERATING REVENUES:
Gas utility	$	584.1		$	572.7
Electric utility		108.1			105.2
Nonutility revenues		141.8			96.6
Total operating revenues		834.0			774.5
OPERATING EXPENSES:
Cost of gas sold		424.5			429.0
Cost of fuel and purchased power		40.6			38.1
Cost of nonutility revenues		96.4			78.4
Other operating		106.5			72.8
Depreciation and amortization		45.7			41.6
Taxes other than income taxes		24.7			23.1
Total operating expenses		738.4			683.0
OPERATING INCOME		95.6			91.5
OTHER INCOME:
Equity in earnings of unconsolidated affiliates		22.2			13.7
Other - net		7.4			2.1
Total other income		29.6			15.8
INTEREST EXPENSE		25.0			23.8
INCOME BEFORE INCOME TAXES		100.2			83.5
INCOME TAXES		30.1			25.9
NET INCOME	$	70.1		$	57.6
AVERAGE COMMON SHARES OUTSTANDING		75.8			75.7
DILUTED COMMON SHARES OUTSTANDING		76.5			76.1
EARNINGS PER SHARE OF COMMON STOCK
BASIC	$	0.92		$	0.76
DILUTED	$	0.92		$	0.76

VECTREN UTILITY HOLDINGS
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(Millions)
(Unaudited)
			Three Months
			Ended March 31
	2007			2006
OPERATING REVENUES:
Gas utility	$	584.1		$	572.7
Electric utility		108.1			105.2
Other		0.4			0.4
Total operating revenues		692.6			678.3
OPERATING EXPENSES:
Cost of gas sold		424.5			429.0
Cost of fuel and purchased power		40.6			38.1
Other operating		67.2			61.6
Depreciation and amortization		39.2			37.1
Taxes other than income taxes		24.2			22.8
Total operating expenses		595.7			588.6
OPERATING INCOME		96.9			89.7
OTHER INCOME - NET		2.7			0.9
INTEREST EXPENSE		19.4			20.0
INCOME BEFORE INCOME TAXES		80.2			70.6
INCOME TAXES		29.3			27.2
NET INCOME	$	50.9		$	43.4

VECTREN CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(Millions - Unaudited)
	March 31,		December 31,
	2007		2006
ASSETS
Current Assets
Cash & cash equivalents	$	16.9	$	32.8
Accounts receivable - less reserves of $4.2 &
$3.3, respectively		252.6		198.6
Accrued unbilled revenues		98.9		146.5
Inventories		79.0		163.5
Recoverable fuel & natural gas costs		2.2		1.8
Prepayments & other current assets		58.9		172.7
Total current assets		508.5		715.9
Utility Plant
Original cost		3,854.4		3,820.2
Less: accumulated depreciation & amortization		1,451.1		1,434.7
Net utility plant		2,403.3		2,385.5
Investments in unconsolidated affiliates		194.3		181.0
Other investments		74.0		74.5
Nonutility property - net		301.0		294.4
Goodwill - net		238.0		237.8
Regulatory assets		158.4		163.5
Other assets		39.4		39.0
TOTAL ASSETS	$	3,916.9	$	4,091.6
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable	$	104.5	$	180.0
Accounts payable to affiliated companies		64.6		89.9
Refundable fuel & natural gas costs		41.2		35.3
Accrued liabilities		222.6		147.2
Short-term borrowings		272.5		464.8
Current maturities of long-term debt		24.3		24.2
Long-term debt subject to tender		20.0		20.0
Total current liabilities		749.7		961.4
Long-term Debt - Net of Current Maturities &
Debt Subject to Tender		1,208.2		1,208.0
Deferred Income Taxes & Other Liabilities
Deferred income taxes		234.3		260.7
Regulatory liabilities		294.6		291.1
Deferred credits & other liabilities		207.1		195.8
Total deferred credits & other liabilities		736.0		747.6
Minority Interest in Subsidiary		0.4		0.4
Common Shareholders' Equity
Common stock (no par value) – issued & outstanding
76.5 and 76.1 shares, respectively		533.1		525.5
Retained earnings		688.0		643.6
Accumulated other comprehensive income		1.5		5.1
Total common shareholders' equity		1,222.6		1,174.2
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$	3,916.9	$	4,091.6

VECTREN CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions - Unaudited)
	March 31,
	2007			2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	70.1		$	57.6
Adjustments to reconcile net income to cash from operating activities:
Depreciation & amortization		45.7			41.6
Deferred income taxes & investment tax credits		1.5			2.1
Equity in earnings of unconsolidated affiliates		(22.2	)		(13.7	)
Provision for uncollectible accounts		5.4			4.7
Expense portion of pension & postretirement periodic benefit cost		2.4			2.7
Other non-cash charges - net		0.2			0.8
Changes in working capital accounts:
Accounts receivable & accrued unbilled revenue		(11.8	)		91.9
Inventories		84.5			58.9
Recoverable fuel & natural gas costs		5.5			21.8
Prepayments & other current assets		69.5			30.9
Accounts payable, including to affiliated companies		(95.3	)		(170.5	)
Accrued liabilities		58.0			54.4
Unconsolidated affiliate dividends		6.8			23.9
Changes in noncurrent assets		4.3			(1.4	)
Changes in noncurrent liabilities		(9.4	)		1.0
Net cash flows from operating activities		215.2			206.7
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from:
Long-term debt - net of issuance costs		0.1			-
Stock option exercises & other stock plans		5.8			-
Requirements for:
Dividends on common stock		(23.9	)		(23.1	)
Net change in short-term borrowings		(192.3	)		(137.1	)
Net cash flows from financing activities		(210.3	)		(160.2	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from:
Unconsolidated affiliate distributions		10.7			-
Other collections		35.8			0.7
Requirements for:
Capital expenditures, excluding AFUDC equity		(67.2	)		(54.1	)
Unconsolidated affiliate investments		(0.1	)		(3.6	)
Other investments		-			(0.3	)
Net cash flows from investing activities		(20.8	)		(57.3	)
Net decrease in cash & cash equivalents		(15.9	)		(10.8	)
Cash & cash equivalents at beginning of period		32.8			20.4
Cash & cash equivalents at end of period	$	16.9		$	9.6

VECTREN CORPORATION
AND SUBSIDIARY COMPANIES
HIGHLIGHTS
(millions, except per share amounts)
(Unaudited)
	Three Months
	Ended March 31
	2007			2006
REPORTED EARNINGS:
Utility Group	$	50.9		$	43.4
Non-utility Group
Energy Marketing and Services		15.7			12.9
Mining Operations		1.6			1.8
Energy Infrastructure Services		(2.0	)		(1.2	)
Other Businesses		0.3			-
Total Non-utility Operations		15.6			13.5
Corporate and Other		0.2			-
Sub-Total Operations		66.7			56.9
Synfuels-related		3.4			0.7
Vectren Consolidated	$	70.1		$	57.6

VECTREN CORPORATION
AND SUBSIDIARY COMPANIES
SELECTED GAS DISTRIBUTION
OPERATING STATISTICS
(Unaudited)
	Three Months
	Ended March 31
	2007			2006
GAS OPERATING REVENUES (Millions):
Residential	$	399.8		$	384.6
Commercial		159.6			162.1
Industrial		21.3			22.1
Miscellaneous Revenue		3.4			3.9
	$	584.1		$	572.7
GAS MARGIN (Millions):
Residential	$	105.1		$	92.9
Commercial		35.2			31.8
Industrial		15.7			14.9
Miscellaneous		3.6			4.1
	$	159.6		$	143.7
GAS SOLD & TRANSPORTED (MMDth):
Residential		38.4			31.7
Commercial		16.4			13.6
Industrial		26.4			25.5
		81.2			70.8
AVERAGE GAS CUSTOMERS
Residential		911,855			906,047
Commercial		84,827			84,466
Industrial		1,630			1,656
		998,312			992,169
YTD WEATHER AS A PERCENT OF NORMAL:
Heating Degree Days (Ohio)		99	%		86	%

VECTREN CORPORATION
AND SUBSIDIARY COMPANIES
SELECTED ELECTRIC
OPERATING STATISTICS
(Unaudited)
	Three Months
	Ended March 31
	2007			2006
ELECTRIC OPERATING REVENUES (Millions):
Residential	$	33.7		$	30.2
Commercial		23.2			21.9
Industrial		32.1			30.3
Municipals		5.2			5.6
Miscellaneous Revenue		3.0			2.9
Total Retail		97.2			90.9
Net Wholesale Revenues		10.9			14.3
	$	108.1		$	105.2
ELECTRIC MARGIN (Millions):
Residential	$	24.1		$	22.5
Commercial		15.7			15.4
Industrial		16.5			16.6
Municipals		2.2			2.7
Miscellaneous		2.9			2.8
Total Retail		61.4			60.0
Net Wholesale Margin		6.1			7.1
	$	67.5		$	67.1
ELECTRICITY SOLD (GWh):
Residential		390.6			355.4
Commercial		307.3			301.6
Industrial		627.0			637.9
Municipals		130.0			145.3
Miscellaneous Sales		5.1			5.2
Total Retail		1,460.0			1,445.4
Wholesale		260.5			462.6
		1,720.5			1,908.0
AVERAGE ELECTRIC CUSTOMERS
Residential		122,063			120,918
Commercial		18,899			18,733
Industrial		109			107
All Others		46			51
		141,117			139,809
YTD WEATHER AS A PERCENT OF NORMAL:
Cooling Degree Days (Indiana)		N/A			N/A
Heating Degree Days (Indiana)		90	%		84	%