Schedule 8

CINERGY CORP.
BUSINESS SEGMENT EARNINGS DRIVER ANALYSIS
For the Year to Date September 30, 2005
(unaudited)
Regulated Businesses
Earnings Per Share - diluted - 2004 (Adjusted*)			$			0.98
Weather	0.14
Electric and gas sales volumes	0.03
Price increases	0.23
Other margins	0.02
Regulatory deferrals	0.06
Regulatory transition charge amortization	(0.09	)
Operation and maintenance	(0.05	)
Depreciation	(0.10	)
Financing and dilution	(0.13	)
Other - net	0.05
Earnings Per Share - diluted - 2005 (Adjusted*)			$		1.14
Commercial Businesses
Earnings Per Share - diluted - 2004 (Adjusted*)			$	0.77
Weather	0.03
Electric sales volumes	0.02
Price increases	0.10
Fuel costs	(0.09	)
Optimization activities	0.28
Operation and maintenance	(0.03	)
Power marketing, trading and origination	0.02
Gas marketing, trading and origination	(0.10	)
Financing and dilution	(0.02	)
Other - net	(0.05	)
Earnings Per Share - diluted - 2005 (Adjusted*)			$	0.93
Power Technology & Infrastructure Services
Earnings Per Share - diluted - 2004 (Adjusted*)			($0.04				)
Results of investments	0.02
Earnings Per Share - diluted - 2005 (Adjusted*)			($0.02				)

For 2004, the Regulated and Commercial segments have each been restated from prior presentations to reflect the reclassification of PSI’s off-system sales from the Commercial Businesses to the Regulated Businesses.

* See Schedules 3 and 4 for a reconciliation to the most comparable GAAP measure.