Exhibit 99.2

VECTREN CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(Millions, except per share amounts)
(Unaudited)
	Three Months
	Ended March 31
	2008		2007
OPERATING REVENUES:
Gas utility	$	633.6	$	584.1
Electric utility		127.2		108.1
Nonutility revenues		141.3		141.8
Total operating revenues		902.1		834.0
OPERATING EXPENSES:
Cost of gas sold		462.0		424.5
Cost of fuel and purchased power		46.0		40.6
Cost of nonutility revenues		95.3		96.4
Other operating		115.8		106.5
Depreciation and amortization		47.4		45.7
Taxes other than income taxes		26.8		24.7
Total operating expenses		793.3		738.4
OPERATING INCOME		108.8		95.6
OTHER INCOME:
Equity in earnings of unconsolidated affiliates		14.0		22.2
Other - net		3.0		7.4
Total other income		17.0		29.6
INTEREST EXPENSE		25.3		25.0
INCOME BEFORE INCOME TAXES		100.5		100.2
INCOME TAXES		36.5		30.1
NET INCOME	$	64.0	$	70.1
AVERAGE COMMON SHARES OUTSTANDING		76.0		75.8
DILUTED COMMON SHARES OUTSTANDING		76.5		76.5
EARNINGS PER SHARE OF COMMON STOCK
BASIC	$	0.84	$	0.92
DILUTED	$	0.84	$	0.92

VECTREN UTILITY HOLDINGS
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(Millions)
(Unaudited)
	Three Months
	Ended March 31
	2008		2007
OPERATING REVENUES:
Gas utility	$	633.6	$	584.1
Electric utility		127.2		108.1
Other		0.6		0.4
Total operating revenues		761.4		692.6
OPERATING EXPENSES:
Cost of gas sold		462.0		424.5
Cost of fuel and purchased power		46.0		40.6
Other operating		74.0		67.2
Depreciation and amortization		40.7		39.2
Taxes other than income taxes		26.2		24.2
Total operating expenses		648.9		595.7
OPERATING INCOME		112.5		96.9
OTHER INCOME - NET		2.0		2.7
INTEREST EXPENSE		20.8		19.4
INCOME BEFORE INCOME TAXES		93.7		80.2
INCOME TAXES		35.7		29.3
NET INCOME	$	58.0	$	50.9

VECTREN CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(Millions - Unaudited)
	March 31,		December 31,
	2008		2007
ASSETS
Current Assets
Cash & cash equivalents	$	25.2	$	20.6
Accounts receivable - less reserves of $5.0 &
$3.7, respectively		250.4		189.4
Accrued unbilled revenues		128.7		168.2
Inventories		64.1		160.9
Prepayments & other current assets		52.7		160.5
Total current assets		521.1		699.6
Utility Plant
Original cost		4,108.6		4,062.9
Less:  accumulated depreciation & amortization		1,546.2		1,523.2
Net utility plant		2,562.4		2,539.7
Investments in unconsolidated affiliates		209.9		208.8
Other investments		82.7		77.0
Nonutility property - net		329.1		320.3
Goodwill - net		238.0		238.0
Regulatory assets		169.3		175.3
Other assets		37.5		37.7
TOTAL ASSETS	$	4,150.0	$	4,296.4
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable	$	114.9	$	187.4
Accounts payable to affiliated companies		81.8		83.7
Refundable fuel & natural gas costs		23.8		27.2
Accrued liabilities		247.1		171.8
Short-term borrowings		305.1		557.0
Current maturities of long-term debt		0.3		0.3
Total current liabilities		773.0		1,027.4
Long-term Debt - Net of Current Maturities &
Debt Subject to Tender		1,329.1		1,245.4
Deferred Income Taxes & Other Liabilities
Deferred income taxes		308.9		318.1
Regulatory liabilities		309.4		307.2
Deferred credits & other liabilities		164.1		164.2
Total deferred credits & other liabilities		782.4		789.5
Minority Interest in Subsidiary		0.4		0.4
Common Shareholders' Equity
Common stock (no par value) – issued & outstanding
76.4 and 76.3 shares, respectively		532.7		532.7
Retained earnings		726.2		688.5
Accumulated other comprehensive income		6.2		12.5
Total common shareholders' equity		1,265.1		1,233.7
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$	4,150.0	$	4,296.4

VECTREN CORPORATION
AND SUBSIDIARY  COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions - Unaudited)
	For the three months ended
	March 31,
	2008			2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	64.0		$	70.1
Adjustments to reconcile net income to cash from operating activities:
Depreciation & amortization		47.4			45.7
Deferred income taxes & investment tax credits		12.7			1.5
Equity in earnings of unconsolidated affiliates		(14.0	)		(22.2	)
Provision for uncollectible accounts		5.3			5.4
Expense portion of pension & postretirement periodic benefit cost		1.9			2.4
Other non-cash charges - net		2.0			0.2
Changes in working capital accounts:
Accounts receivable & accrued unbilled revenue		(26.8	)		(11.8	)
Inventories		96.8			84.5
Recoverable/refundable fuel & natural gas costs		(3.4	)		5.5
Prepayments & other current assets		91.7			69.5
Accounts payable, including to affiliated companies		(74.4	)		(95.3	)
Accrued liabilities		84.3			58.0
Unconsolidated affiliate dividends		2.9			6.8
Changes in noncurrent assets		5.9			4.3
Changes in noncurrent liabilities		(7.9	)		(9.4	)
Net cash flows from operating activities		288.4			215.2
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from:
Long-term debt, net of issuance costs		171.5			-
Stock option exercises & other		-			5.9
Requirements for:
Dividends on common stock		(24.7	)		(23.9	)
Retirement of long-term debt		(103.2	)		-
Net change in short-term borrowings		(251.9	)		(192.3	)
Net cash flows from financing activities		(208.3	)		(210.3	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from:
Unconsolidated affiliate distributions		-			10.7
Other collections		1.9			35.8
Requirements for:
Capital expenditures, excluding AFUDC equity		(69.6	)		(67.2	)
Unconsolidated affiliate investments		(0.1	)		(0.1	)
Other investments		(7.7	)		-
Net cash flows from investing activities		(75.5	)		(20.8	)
Net change in cash & cash equivalents		4.6			(15.9	)
Cash & cash equivalents at beginning of period		20.6			32.8
Cash & cash equivalents at end of period	$	25.2		$	16.9

VECTREN CORPORATION
AND SUBSIDIARY COMPANIES
HIGHLIGHTS
(millions, except per share amounts)
(Unaudited)
	Three Months
	Ended March 31
	2008			2007
REPORTED EARNINGS:
Utility Group	$	58.0		$	50.9
Nonutility Group
Energy Marketing and Services		9.0			15.7
Coal Mining		(0.9	)		1.6
Energy Infrastructure Services		(3.2	)		(2.0	)
Other Businesses		1.4			0.3
Total Nonutility Operations		6.3			15.6
Corporate and Other		(0.3	)		0.2
Sub-Total Operations		64.0			66.7
Synfuels-related		-			3.4
Vectren Consolidated	$	64.0		$	70.1

VECTREN CORPORATION
AND SUBSIDIARY COMPANIES
SELECTED GAS DISTRIBUTION
OPERATING STATISTICS
(Unaudited)
	Three Months
	Ended March 31
	2008			2007
GAS OPERATING REVENUES (Millions):
Residential	$	431.8		$	399.8
Commercial		175.2			159.6
Industrial		22.8			21.3
Miscellaneous Revenue		3.8			3.4
	$	633.6		$	584.1
GAS MARGIN (Millions):
Residential	$	113.2		$	105.1
Commercial		37.7			35.2
Industrial		16.7			15.7
Miscellaneous		4.0			3.6
	$	171.6		$	159.6
GAS SOLD & TRANSPORTED (MMDth):
Residential		40.2			38.4
Commercial		17.6			16.4
Industrial		28.7			26.4
		86.5			81.2
AVERAGE GAS CUSTOMERS:
Residential		913,672			911,855
Commercial		85,119			84,844
Industrial		1,609			1,613
		1,000,400			998,312
YTD WEATHER AS A PERCENT OF NORMAL:
Heating Degree Days (Ohio)		104	%		98	%

VECTREN CORPORATION
AND SUBSIDIARY COMPANIES
SELECTED ELECTRIC
OPERATING STATISTICS
(Unaudited)
	Three Months
	Ended March 31
	2008			2007
ELECTRIC OPERATING REVENUES (Millions):
Residential	$	40.7		$	33.7
Commercial		28.1			23.2
Industrial		35.0			32.1
Municipals		0.7			5.2
Miscellaneous Revenue		4.6			3.0
Total Retail		109.1			97.2
Net Wholesale Revenues		18.1			10.9
	$	127.2		$	108.1
ELECTRIC MARGIN (Millions):
Residential	$	30.0		$	24.1
Commercial		19.9			15.7
Industrial		18.7			16.5
Municipals		0.0			2.2
Miscellaneous		4.5			2.9
Total Retail		73.1			61.4
Net Wholesale Margin		8.1			6.1
	$	81.2		$	67.5
ELECTRICITY SOLD (GWh):
Residential		405.4			390.6
Commercial		309.8			307.3
Industrial		600.7			627.0
Municipals		31.3			130.0
Miscellaneous Sales		5.3			5.1
Total Retail		1,352.5			1,460.0
Wholesale		463.4			260.5
		1,815.9			1,720.5
AVERAGE ELECTRIC CUSTOMERS:
Residential		122,755			122,061
Commercial		18,467			18,465
Industrial		103			109
All Others		35			36
		141,360			140,671
YTD WEATHER AS A PERCENT OF NORMAL:
Cooling Degree Days (Indiana)		N/A			N/A
Heating Degree Days (Indiana)		100	%		90	%