Exhibit 99.7

CINERGY CORP.

BUSINESS SEGMENT EARNINGS DRIVER ANALYSIS

For the Year to Date September 30, 2004

(unaudited)

Commercial Businesses
Earnings Per Share - diluted - 2003	$	1.20
Cumulative effect of a change in accounting principles	(0.15		)
Discontinued operations	(0.05		)
Electric sales volumes	0.03
Power marketing, trading and origination	0.12
Gas marketing, trading and origination	(0.18		)
Energy services	0.07
Fuel costs	(0.08		)
Emissions allowances	(0.15		)
Transmission expenses	(0.03		)
Operating and administrative expenses	(0.04		)
Maintenance expense	(0.02		)
Depreciation	0.02
Financing and dilution	(0.03		)
Effective tax rate	(0.02		)
Other - net	(0.05		)
Earnings Per Share - diluted - 2004	$	0.64
Regulated Businesses
Earnings Per Share - diluted - 2003	$	0.92
Employee retirement/severance and other charges	(0.01		)
Weather	(0.02		)
Electric sales volumes	0.11
Price increases	0.17
Other electric revenues	0.05
Operating and administrative expenses	(0.04		)
Maintenance expense	(0.04		)
Depreciation	(0.15		)
Financing and dilution	(0.02		)
Earnings Per Share - diluted - 2004	$	0.97
Power Technology & Infrastructure Services
Earnings Per Share - diluted - 2003	$	(0.08	)
Employee retirement/severance and other charges	(0.17		)
Results of investments	0.03
Earnings Per Share - diluted - 2004	$	(0.22	)