CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS


As independent  public  accountants,  we hereby consent to the incorporation by
reference in this Cinergy Corp. Annual Report (Form U5S) to the  Securities and
Exchange Commission, filed pursuant to the Public Utility Holding Company Act of
1935,  for the year ended  December  31, 1999,  of our report dated  January 26,
2000 on the consolidated financial statements of Cinergy Corp. and subsidiaries
and of certain of its subsidiaries (The Cincinnati Gas & Electric Company,  PSI
Energy, Inc. and The Union  Light, Heat and Power Company), included in the
combined Annual Report (Form 10-K) to the Securities and Exchange Commission of
Cinergy Corp. and its subsidiaries and of certain of its subsidiaries for the
year ended December 31, 1999. It should be noted that we have performed no audit
procedures subsequent to January 26, 2000, the date of our report.  Furthermore,
we  have  not  audited  any  financial statements of Cinergy Corp. and its
subsidiaries as of any date or for any period subsequent to December 31, 1999.



Arthur Andersen LLP

Cincinnati, Ohio
April 27, 2000