Exhibit 99.6

CINERGY CORP.

BUSINESS SEGMENT EARNINGS DRIVER ANALYSIS

For the Year to Date December 31, 2004

(unaudited)

Commercial Businesses
Earnings Per Share - diluted - 2003	$	1.54
Cumulative effect of a change in accounting principles	(0.15		)
Discontinued operations	(0.05		)
Employee retirement/severance and other charges	(0.04		)
Electric sales volumes	0.05
Power marketing, trading and origination	0.08
Gas marketing, trading and origination	0.02
Energy services	0.07
Fuel costs	(0.09		)
Emissions allowances	(0.20		)
Transmission expenses	(0.04		)
Operating and administrative expenses	(0.09		)
Maintenance expense	(0.04		)
Depreciation	0.02
Financing and dilution	(0.04		)
Other - net	(0.07		)
Earnings Per Share - diluted - 2004	$	0.97
Regulated Businesses
Earnings Per Share - diluted - 2003	$	1.18
Weather	(0.02		)
Electric sales volumes	0.13
Price increases	0.28
Other electric revenues	0.09
Regulatory deferrals	0.04
Operating and administrative expenses	(0.08		)
Maintenance expense	(0.05		)
Depreciation	(0.22		)
Other - net	0.03
Earnings Per Share - diluted - 2004	$	1.38
Power Technology & Infrastructure Services
Earnings Per Share - diluted - 2003	$	(0.09	)
Employee retirement/severance and other charges	(0.11		)
Results of investments	0.03
Earnings Per Share - diluted - 2004	$	(0.17	)