Exhibit 99.3

CINERGY CORP.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(dollars in thousands)

	September 30 2004			December 31 2003
ASSETS
Current Assets
Cash and cash equivalents	$	152,374		$	169,120
Restricted deposits	140,944			92,813
Notes receivable, current	84,171			189,854
Accounts receivable less accumulated provision for doubtful accounts of $1,739 at September 30, 2004, and $7,884 at December 31, 2003	822,989			1,074,518
Fuel, emission allowances, and supplies	436,113			357,625
Energy risk management current assets	469,592			305,058
Prepayments and other	127,847			53,609
Total current assets	2,234,030			2,242,597
Property, Plant, and Equipment - at Cost
Utility plant in service	10,049,768			9,732,123
Construction work in progress	282,488			275,459
Total utility plant	10,332,256			10,007,582
Non-regulated property, plant, and equipment	4,620,851			4,527,943
Accumulated depreciation	5,159,602			4,908,019
Net property, plant, and equipment	9,793,505			9,627,506
Other Assets
Regulatory assets	992,917			1,012,151
Investments in unconsolidated subsidiaries	516,732			494,520
Energy risk management non-current assets	136,756			97,334
Notes receivable, non-current	199,005			213,853
Other investments	120,964			184,044
Goodwill and intangible assets	61,426			45,349
Other	187,995			197,351
Total other assets	2,215,795			2,244,602
Assets of Discontinued Operations	—			4,501
Total Assets	$	14,243,330		$	14,119,206
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	1,078,526		$	1,240,423
Accrued taxes	137,099			217,993
Accrued interest	61,191			68,952
Notes payable and other short-term obligations	1,196,763			351,412
Long-term debt due within one year	220,413			839,103
Energy risk management current liabilities	396,148			296,122
Other	145,072			107,438
Total current liabilities	3,235,212			3,121,443
Non-current Liabilities
Long-term debt	3,935,936			4,131,909
Deferred income taxes	1,648,069			1,557,981
Unamortized investment tax credits	101,977			108,884
Accrued pension and other post-retirement benefit costs	602,698			662,834
Accrued cost of removal	520,844			490,856
Energy risk management non-current liabilities	133,328			64,861
Other	221,509			205,344
Total non-current liabilities	7,164,361			7,222,669
Liabilities of Discontinued Operations	—			11,594
Total Liabilities	10,399,573			10,355,706
Cumulative Preferred Stock of Subsidiaries
Not subject to mandatory redemption	62,818			62,818
Common Stock Equity
Common stock - $0.01 par value; authorized shares - 600,000,000; issued shares - 181,122,065 at September 30, 2004, and 178,438,369 at December 31, 2003; outstanding shares - 180,995,556 at September 30, 2004, and 178,336,854 at December 31, 2003	1,811			1,784
Paid-in capital	2,272,651			2,195,985
Retained earnings	1,551,848			1,551,003
Treasury shares at cost - 126,509 shares at September 30, 2004, and 101,515 shares at December 31, 2003	(4,026		)	(3,255		)
Accumulated other comprehensive loss	(41,345		)	(44,835		)
Total common stock equity	3,780,939			3,700,682
Total Liabilities and Shareholders’ Equity	$	14,243,330		$	14,119,206

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