Exhibit 99.2

CINERGY CORP.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

(in thousands, except per share amounts)

	Quarter Ended March 31
	2004		2003
Operating Revenues
Electric	$	878,128	$	823,059
Gas	350,846		398,913
Other	59,684		45,986
Total Operating Revenues	1,288,658		1,267,958
Operating Expenses
Fuel and purchased and exchanged power	286,914		269,866
Gas purchased	223,516		235,995
Operation and maintenance	375,274		328,055
Depreciation	104,857		100,605
Taxes other than income taxes	82,247		77,749
Total Operating Expenses	1,072,808		1,012,270
Operating Income	215,850		255,688
Equity in Earnings of Unconsolidated Subsidiaries	2,748		592
Miscellaneous Income - Net	11,553		7,492
Interest Expense	67,395		59,169
Preferred Dividend Requirement of Subsidiary Trust	—		5,970
Preferred Dividend Requirements of Subsidiaries	858		858
Income Before Taxes	161,898		197,775
Income Taxes	38,046		57,982
Income Before Discontinued Operations and Cumulative Effect of Changes in Accounting Principles	$	123,852	$	139,793
Discontinued operations, net of tax	—		(170		)
Cumulative effect of changes in accounting principles, net of tax	—		26,462
Net Income	$	123,852	$	166,085
Average Common Shares Outstanding	179,261		173,387
Earnings Per Common Share
Income Before Discontinued Operations and Cumulative Effect of Changes in Accounting Principles	$	0.69	$	0.81
Discontinued operations, net of tax	—		—
Cumulative effect of changes in accounting principles, net of tax	—		0.15
Net Income	$	0.69	$	0.96
Earnings Per Common Share - Assuming Dilution
Income Before Discontinued Operations and Cumulative Effect of Changes in Accounting Principles	$	0.68	$	0.80
Discontinued operations, net of tax	—		—
Cumulative effect of changes in accounting principles, net of tax	—		0.15
Net Income	$	0.68	$	0.95
Dividends Declared Per Common Share	$	0.47	$	0.46

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