Exhibit 99.3

CINERGY CORP.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

	June 30			December 31
	2005			2004
ASSETS
Current Assets
Cash and cash equivalents	$	148,178		$	164,541
Notes receivable, current	122,976			214,513
Accounts receivable less accumulated provision for doubtful accounts of $5,455 at June 30, 2005, and $5,514 at December 31, 2004	939,715			1,061,140
Fuel, emission allowances, and supplies	502,482			444,750
Prepayments and other	279,138			174,624
Energy risk management current assets	352,397			381,146
Total current assets	2,344,886			2,440,714
Property, Plant, and Equipment - at Cost
Utility plant in service	10,386,087			10,076,468
Construction work in progress	377,517			333,687
Total utility plant	10,763,604			10,410,155
Non-regulated property, plant, and equipment	4,798,284			4,700,009
Accumulated depreciation	5,355,813			5,180,699
Net property, plant, and equipment	10,206,075			9,929,465
Other Assets
Regulatory assets	988,308			1,030,333
Investments in unconsolidated subsidiaries	488,411			513,675
Energy risk management non-current assets	306,495			138,787
Notes receivable, non-current	182,815			193,857
Other investments	125,192			125,367
Goodwill and intangible assets	154,047			132,752
Restricted funds held in trust	313,692			358,006
Other	147,685			119,361
Total other assets	2,706,645			2,612,138
Total Assets	$	15,257,606		$	14,982,317
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	1,255,484		$	1,348,576
Accrued taxes	128,713			216,804
Accrued interest	59,016			54,473
Notes payable and other short-term obligations	865,257			958,910
Long-term debt due within one year	478,046			219,967
Energy risk management current liabilities	370,960			310,741
Other	134,525			171,188
Total current liabilities	3,292,001			3,280,659
Non-current Liabilities
Long-term debt	3,975,072			4,227,741
Deferred income taxes	1,554,037			1,597,120
Unamortized investment tax credits	95,413			99,723
Accrued pension and other postretirement benefit costs	732,361			688,277
Regulatory liabilities	575,729			557,419
Energy risk management non-current liabilities	299,541			127,340
Other	205,247			225,298
Total non-current liabilities	7,437,400			7,522,918
Total Liabilities	10,729,401			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 — 198,668,812 at June 30, 2005 and 187,653,506 at December 31, 2004; outstanding shares — 198,528,683 at June 30, 2005 and 187,524,229 at December 31, 2004	1,987			1,877
Treasury shares at cost — 140,129 at June 30, 2005, and 129,277 shares at December 31, 2004	(4,766		)	(4,336		)
Paid-in capital	2,941,747			2,559,715
Retained earnings	1,594,053			1,613,340
Accumulated other comprehensive income (loss)	(67,634		)	(54,674		)
Total common stock equity	4,465,387			4,115,922
Total Liabilities and Equity	$	15,257,606		$	14,982,317

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