Exhibit 99.3

CINERGY CORP.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

	March 31			December 31
	2005			2004
ASSETS
Current Assets
Cash and cash equivalents	$	124,108		$	164,541
Notes receivable, current	126,984			214,513
Accounts receivable less accumulated provision for doubtful accounts of $5,000 at March 31, 2005, and $5,514 at December 31, 2004	985,262			1,061,140
Fuel, emission allowances, and supplies	390,064			444,750
Prepayments and other	234,303			174,624
Energy risk management current assets	450,770			381,146
Total current assets	2,311,491			2,440,714
Property, Plant, and Equipment - at Cost
Utility plant in service	10,136,415			10,076,468
Construction work in progress	429,817			333,687
Total utility plant	10,566,232			10,410,155
Non-regulated property, plant, and equipment	4,734,719			4,700,009
Accumulated depreciation	5,257,604			5,180,699
Net property, plant, and equipment	10,043,347			9,929,465
Other Assets
Regulatory assets	1,016,347			1,030,333
Investments in unconsolidated subsidiaries	495,195			513,675
Energy risk management non-current assets	239,028			138,787
Notes receivable, non-current	188,391			193,857
Other investments	123,654			125,367
Goodwill and intangible assets	154,293			132,752
Restricted funds held in trust	341,126			358,006
Other	118,260			119,361
Total other assets	2,676,294			2,612,138
Total Assets	$	15,031,132		$	14,982,317
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	1,272,124		$	1,348,576
Accrued taxes	251,493			216,804
Accrued interest	61,000			54,473
Notes payable and other short-term obligations	449,844			958,910
Long-term debt due within one year	222,748			219,967
Energy risk management current liabilities	427,161			310,741
Other	129,366			171,188
Total current liabilities	2,813,736			3,280,659
Non-current Liabilities
Long-term debt	4,240,579			4,227,741
Deferred income taxes	1,574,111			1,597,120
Unamortized investment tax credits	97,524			99,723
Accrued pension and other post-retirement benefit costs	710,788			688,277
Regulatory liabilities	563,873			557,419
Energy risk management non-current liabilities	247,127			127,340
Other	224,599			225,298
Total non-current liabilities	7,658,601			7,522,918
Total Liabilities	10,472,337			10,803,577
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 - 198,128,516 at March 31, 2005 and 187,653,506 at December 31, 2004; outstanding shares - 197,989,654 at March 31, 2005 and 187,524,229 at December 31, 2004	1,981			1,877
Treasury shares at cost - 138,862 at March 31, 2005, and 129,277 shares at December 31, 2004	(4,635		)	(4,336		)
Paid-in capital	2,919,758			2,559,715
Retained earnings	1,638,704			1,613,340
Accumulated other comprehensive income (loss)	(59,831		)	(54,674		)
Total common stock equity	4,495,977			4,115,922
Total Liabilities and Equity	$	15,031,132		$	14,982,317

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