Exhibit 99.5

CINERGY CORP.

BUSINESS SEGMENT EARNINGS DRIVER ANALYSIS

For the Quarter Ended December 31, 2004

(unaudited)

Commercial Businesses
Earnings Per Share - diluted - 2003	$	0.34
Employee retirement/severance and other charges	(0.04		)
Electric sales volumes	0.02
Power marketing, trading and origination	(0.04		)
Gas marketing, trading and origination	0.20
Fuel costs	(0.01		)
Emissions allowances	(0.05		)
Transmission expenses	(0.01		)
Operating and administrative expenses	(0.05		)
Maintenance expense	(0.02		)
Financing and dilution	(0.01		)
Earnings Per Share - diluted - 2004	$	0.33
Regulated Businesses
Earnings Per Share - diluted - 2003	$	0.26
Employee retirement/severance and other charges	0.01
Electric sales volumes	0.02
Price increases	0.11
Other electric revenues	0.04
Regulatory deferrals	0.04
Operating and administrative expenses	(0.04		)
Maintenance expense	(0.01		)
Depreciation	(0.07		)
Financing and dilution	0.02
Other - net	0.03
Earnings Per Share - diluted - 2004	$	0.41
Power Technology & Infrastructure Services
Earnings Per Share - diluted - 2003	$	(0.01	)
Employee retirement/severance and other charges	0.06
Earnings Per Share - diluted - 2004	$	0.05