Cinergy Corp. reported strong earnings for the third quarter of 2005, with adjusted earnings per share reaching a record high of $0.97. Earnings were driven by favorable weather conditions, cost reductions across the company, and contributions from commercial businesses capitalizing on commodity market movements. Cinergy increased its full-year 2005 adjusted earnings guidance to a range of $2.60 to $2.75 per share. The company also continues to make progress on regulatory approvals for its proposed merger with Duke Energy.

1. N E W S R E L E A S E Cinergy Corp.
139 East Fourth Street
P.O. Box 960
Cincinnati, OH 45201-0960
News contact: Steve Brash 513-287-2226 (w) 513-543-7489 (c)
Angeline Protogere 317-838-1338 (w) 317-367-3306 (p)
Investor contact: Brad Arnett 513-287-3024
Web site: www.cinergy.com
FOR IMMEDIATE RELEASE – OCTOBER 27, 2005
CINERGY REPORTS STRONG EARNINGS FOR THE THIRD QUARTER
RAISES 2005 EARNINGS GUIDANCE
Webcast of Analyst Conference Call Scheduled Today for 9:00 a.m. EDT on Cinergy.com
CINCINNATI – Cinergy Corp. (NYSE:CIN) today reported net income for the third quarter of
2005 of $132 million, or $0.66 per share on a diluted basis, compared with net income of $93
million, or $0.50 per share on a diluted basis for the third quarter of 2004.
Excluding the impacts of certain adjustments described below, adjusted earnings for the third
quarter of 2005 were a record $0.97 per share, compared with $0.65 per share for the third
quarter of 2004.
“The $0.97 per share of adjusted earnings represents Cinergy’s best quarter ever, and we’re
pleased that this success was driven by many strong performances across our company,” said
James E. Rogers, chairman and chief executive officer. “While we benefited from very
favorable weather, I’m also extremely proud of the way our employees have worked to drive
costs out of our businesses, while at the same time operating and maintaining our entire system
so that we met the challenges of a very hot summer.”
Cooling degree days during the quarter were almost 30 percent above normal and about 68
percent above last year. In July, customers of the Cinergy operating companies set a new
record peak demand for electricity of 12,001 megawatts (MW), breaking the old record of
11,305 MW set in August 2002 by more than 6 percent.
“Our commercial businesses delivered a solid contribution this quarter by capitalizing on
commodity market price movements,” said Rogers. “In particular, the recent steps we’ve taken
to strengthen our commercial gas business placed them in a position to profitably participate in
an extraordinary period of gas price volatility.”
1

2. Unaudited consolidated statements of income for the quarter and year-to-date ended
September 30, 2005 and 2004, and unaudited consolidated balance sheets as of September
30, 2005 and December 31, 2004 can be found in Schedules 1 and 2, respectively, of this
release.
Earnings Adjustments
Cinergy uses adjusted earnings internally for analysis of performance and for reporting results
to the Board of Directors to provide a more meaningful representation of Cinergy’s fundamental
earnings power. The company also uses adjusted earnings when communicating its earnings
outlook to analysts and investors.
Reported earnings for the third quarter of 2005 were negatively impacted by ($0.27) per share
resulting from the recognition of a net unrealized mark-to-market loss on gas, fuel and power
contracts that hedge our gas storage and generation portfolios. These contracts, which are
economic hedges, do not meet the accounting requirements to qualify for accrual accounting.
Reported earnings for the quarter were also reduced by ($0.04) per share for severance
payments and certain costs incurred in connection with the proposed merger with Duke Energy
announced in May 2005.
In 2004, reported earnings were impacted in the third quarter by losses from similar unrealized
mark-to-market adjustments of ($0.07) per share and by charges of ($0.08) per share for
implementation costs relating to the company’s “CIN-10” continuous improvement initiative and
the write-down or disposal of certain investments.
Reconciliations of the items above, which are included in reported earnings as determined in
accordance with generally accepted accounting principles (GAAP) but excluded from adjusted
earnings, can be found in Schedules 3 and 4 of this release.
Business Segment Results
The Regulated Businesses segment reported adjusted earnings of $0.48 per share in the third
quarter of 2005 compared with adjusted earnings of $0.32 per share in the same period of
2004. The increase in earnings was primarily due to increased sales to retail customers
resulting from warmer than normal summer weather.
2

3. Third quarter adjusted earnings from the Commercial Businesses segment were $0.49 per
share in 2005 compared with adjusted earnings of $0.34 per share from a year earlier. The
increase in earnings was primarily due to weather and higher margins realized from portfolio
optimization activities, gas marketing and trading activities and generation assets serving Ohio
commercial and industrial customers.
Adjusted earnings for the Power Technology and Infrastructure Services segment were flat, or
$0.00 per share, for the third quarter of 2005, as compared to an adjusted ($0.01) per share
loss from the prior year.
Complete details of third quarter and year-to-date 2005 results compared to 2004 can be found
in Schedules 5 through 8 of this release.
Earnings Guidance
After taking into consideration the strong results from the third quarter, the company is
increasing its previously issued earnings guidance for 2005 to a range of $2.60 to $2.75 per
share on an adjusted basis. GAAP earnings for 2005 are expected to be in the range of $2.15
to $2.30 per share.
Other Activities
Cinergy and Duke Energy continue to make progress in the regulatory approval process
associated with their proposed merger announced in May 2005. The companies have received
early termination from the U.S. Department of Justice and Federal Trade Commission of the
waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Settlements with intervening parties have been reached in state regulatory proceedings in
Kentucky and South Carolina, where the agreements are being reviewed by state regulators.
Negotiations are proceeding in Indiana, Ohio and North Carolina. Cinergy and Duke expect to
file an amended joint proxy statement/prospectus, which will include third quarter 2005 pro
forma financial information for the companies, with the Securities and Exchange Commission in
December and to hold their respective special meeting of shareholders in February 2006.
3

4. In the third quarter, Cinergy was named for the third straight year to the Dow Jones World
Sustainability Indexes, an international benchmark for excellence in social, economic and
environmental leadership. The company was one of only two U.S. utilities to be selected to the
Indexes. The World Indexes cover the top ten percent of the 2,500 largest companies in the
world, providing asset managers with objective benchmarks to manage sustainability portfolios.
Cinergy is also the only U.S. utility to be named to the FTSE4Good Index Series, an investment
tool launched in 2001 for those interested in socially responsible investment. FTSE Group,
jointly owned by the Financial Times and the London Stock Exchange, is an independent
company whose sole business is the creation and management of indices and associated data
services.
In August, PSI Energy completed the acquisition of the 512-megawatt Wheatland generating
facility for approximately $100 million from subsidiaries of Allegheny Energy, Inc. Located in
Knox County, Ind., Wheatland has four natural gas-fired simple cycle combustion turbines and
is directly connected to the Cinergy transmission system. Its output will be used to bolster the
reserve margins on the PSI system. The Indiana Utility Regulatory Commission has authorized
PSI to defer post-in-service carrying costs and depreciation related to the facility.
Cinergy Corp. has a balanced, integrated portfolio consisting of two core businesses: regulated
operations and commercial businesses. Cinergy’s regulated public utilities in Ohio, Indiana, and
Kentucky serve 1.5 million electric customers and about 500,000 gas customers. In addition, its
Indiana regulated company owns 7,000 megawatts of generation. Cinergy’s competitive
commercial businesses have 6,300 megawatts of generating capacity with a profitable balance
of stable existing customer portfolios, new customer origination, marketing and trading, and
industrial-site cogeneration. Cinergy’s integrated businesses make it a Midwest leader in
providing both low-cost generation and reliable electric and gas service.
Forward-Looking Statements
This document includes statements that do not directly or exclusively relate to historical facts. Such
statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include
statements regarding benefits of the proposed mergers and restructuring transactions, integration plans
and expected synergies, anticipated future financial operating performance and results, including
estimates of growth. These statements are based on the current expectations of management of Duke
4

5. Energy and Cinergy. There are a number of risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements included in this document. For example, (1) the
companies may be unable to obtain shareholder approvals required for the transaction; (2) the
companies may be unable to obtain regulatory approvals required for the transaction, or required
regulatory approvals may delay the transaction or result in the imposition of conditions that could have a
material adverse effect on the combined company or cause the companies to abandon the transaction;
(3) conditions to the closing of the transaction may not be satisfied; (4) problems may arise in
successfully integrating the businesses of the companies, which may result in the combined company not
operating as effectively and efficiently as expected; (5) the combined company may be unable to achieve
cost-cutting synergies or it may take longer than expected to achieve those synergies; (6) the transaction
may involve unexpected costs or unexpected liabilities, or the effects of purchase accounting may be
different from the companies’ expectations; (7) the credit ratings of the combined company or its
subsidiaries may be different from what the companies expect; (8) the businesses of the companies may
suffer as a result of uncertainty surrounding the transaction; (9) the industry may be subject to future
regulatory or legislative actions that could adversely affect the companies; and (10) the companies may
be adversely affected by other economic, business and/or competitive factors. Additional factors that may
affect the future results of Duke Energy and Cinergy are set forth in their respective filings with the
Securities and Exchange Commission (quot;SECquot;), which are available at www.duke-energy.com/investors
and www.cinergy.com/investors, respectively. Duke Energy and Cinergy undertake no obligation to
publicly update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise.
Additional Information and Where to Find It
In connection with the proposed transaction, a registration statement of Duke Energy Holding Corp.
(Registration No. 333-126318), which includes a preliminary prospectus and a preliminary joint proxy
statement of Duke Energy and Cinergy, and other materials have been filed with the SEC and are
publicly available. WE URGE INVESTORS TO READ THE DEFINITIVE JOINT PROXY STATEMENT-
PROSPECTUS WHEN IT BECOMES AVAILABLE AND THESE OTHER MATERIALS CAREFULLY
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT DUKE ENERGY, CINERGY, DUKE
ENERGY HOLDING CORP. AND THE PROPOSED TRANSACTION. Investors will be able to obtain free
copies of the joint proxy statement-prospectus as well as other filed documents containing information
about Duke Energy and Cinergy at http://www.sec.gov, the SEC’s Web site. Free copies of Duke
Energy’s SEC filings are also available on Duke Energy’s Web site at http://www.duke-
energy.com/investors/, and free copies of Cinergy’s SEC filings are also available on Cinergy’s Web site
at http://www.cinergy.com.
Participants in the Solicitation
Duke Energy, Cinergy and their respective executive officers and directors may be deemed, under SEC
rules, to be participants in the solicitation of proxies from
Duke Energy’s or Cinergy’s stockholders with respect to the proposed transaction. Information regarding
the officers and directors of Duke Energy is included in its definitive proxy statement for its 2005 annual
meeting filed with the SEC on March 31, 2005. Information regarding the officers and directors of Cinergy
is included in its definitive proxy statement for its 2005 annual meeting filed with the SEC on March 28,
2005. More detailed information regarding the identity of potential participants, and their direct or indirect
interests, by securities, holdings or otherwise, will be set forth in the registration statement and proxy
statement and other materials to be filed with the SEC in connection with the proposed transaction.
###
5

6. Schedule 1
CINERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
For the Periods Ended September 30, 2005 and 2004
(unaudited)
(dollars in thousands, except per share amounts)
Quarter Ended Year To Date
2005 2004 2005 2004
Operating Revenues
Electric $1,134,494 $952,406 $2,975,129 $2,681,078
Gas 84,073 65,298 476,767 524,226
Other 146,712 110,879 371,895 265,674
Total Operating Revenues 1,365,279 1,128,583 3,823,791 3,470,978
Operating Expenses
Fuel, emission allowances and purchased power 459,964 341,218 1,077,641 933,864
Gas purchased 30,446 19,792 295,135 290,728
Costs of fuel resold 118,619 86,917 297,469 203,441
Operation and maintenance 342,221 325,787 1,025,131 968,981
Depreciation 129,597 114,668 386,537 333,856
Taxes other than income taxes 65,101 57,001 209,115 204,320
Total Operating Expenses 1,145,948 945,383 3,291,028 2,935,190
Operating Income 219,331 183,200 532,763 535,788
Equity in Earnings of Unconsolidated Subsidiaries 6,795 8,016 25,206 18,095
Miscellaneous Income (Expense) - Net 17,012 (944) 33,886 (11,419)
Interest Expense 76,932 71,775 209,644 209,446
Preferred Dividend Requirements of Subsidiaries 603 858 2,319 2,574
Income Before Taxes 165,603 117,639 379,892 330,444
Income Taxes 33,666 24,716 79,891 76,002
Net Income $131,937 $92,923 $300,001 $254,442
Average Common Shares Outstanding - Basic 199,069 180,881 197,741 180,129
Earnings Per Common Share - Basic $0.67 $0.51 $1.52 $1.41
Average Common Shares Outstanding - Diluted 200,167 183,478 198,777 182,564
Earnings Per Common Share - Diluted $0.66 $0.50 $1.51 $1.39
Cash Dividends Declared Per Common Share $0.96 $0.47 $1.92 $1.41
Note: Prior year data has been reclassified to conform with current year presentation.

7. Schedule 2
CINERGY CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
September 30 December 31
2005 2004
ASSETS
Current Assets
Cash and cash equivalents $165,831 $164,541
Notes receivable, current 81,622 214,513
Accounts receivable less accumulated provision
for doubtful accounts of $4,489 at September 30, 2005,
and $5,514 at December 31, 2004 1,482,068 1,061,140
Fuel, emission allowances, and supplies 607,925 444,750
Prepayments and other 567,113 174,624
Energy risk management current assets 1,260,255 381,146
Total current assets 4,164,814 2,440,714
Property, Plant, and Equipment - at Cost
Utility plant in service 10,642,931 10,076,468
Construction work in progress 398,130 333,687
Total utility plant 11,041,061 10,410,155
Non-regulated property, plant, and equipment 4,853,947 4,700,009
Accumulated depreciation 5,447,931 5,180,699
Net property, plant, and equipment 10,447,077 9,929,465
Other Assets
Regulatory assets 1,021,277 1,030,333
Investments in unconsolidated subsidiaries 486,795 513,675
Energy risk management non-current assets 397,471 138,787
Notes receivable, non-current 177,127 193,857
Other investments 128,581 125,367
Goodwill and intangible assets 152,342 132,752
Restricted funds held in trust 277,400 358,006
Other 213,323 119,361
Total other assets 2,854,316 2,612,138
Total Assets $17,466,207 $14,982,317
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable $2,142,077 $1,348,576
Accrued taxes 266,459 216,804
Accrued interest 69,504 54,473
Notes payable and other short-term obligations 1,198,670 958,910
Long-term debt due within one year 349,012 219,967
Energy risk management current liabilities 1,419,332 310,741
Other 141,448 171,188
Total current liabilities 5,586,502 3,280,659
Non-current Liabilities
Long-term debt 4,022,076 4,227,741
Deferred income taxes 1,445,371 1,597,120
Unamortized investment tax credits 93,070 99,723
Accrued pension and other postretirement benefit costs 652,409 688,277
Regulatory liabilities 578,520 557,419
Energy risk management non-current liabilities 420,326 127,340
Other 195,230 225,298
Total non-current liabilities 7,407,002 7,522,918
Total Liabilities 12,993,504 10,803,577
Cumulative Preferred Stock of Subsidiaries
Not subject to mandatory redemption 31,743 62,818
Common Stock Equity
Common stock - $0.01 par value; authorized shares - 600,000,000;
issued shares - 199,280,386 at September 30, 2005 and 187,653,506
at December 31, 2004; outstanding shares - 199,139,968 at
September 30, 2005 and 187,524,229 at December 31, 2004 1,993 1,877
Treasury shares at cost - 140,418 at September 30, 2005, (4,776) (4,336)
and 129,277 shares at December 31, 2004
Paid-in capital 2,969,103 2,559,715
Retained earnings 1,534,752 1,613,340
Accumulated other comprehensive income (loss) (60,112) (54,674)
Total common stock equity 4,440,960 4,115,922
Total Liabilities and Equity $17,466,207 $14,982,317
Note: Prior year data has been reclassified to conform with current year presentation.

8. Schedule 3
CINERGY CORP.
RECONCILIATION OF GAAP EPS TO ADJUSTED EPS - 2005
(unaudited)
Q1 Q2 Q3 Total
Regulated Businesses
EPS As Reported $ 0.39 $ 0.24 $ 0.46 $ 1.09
Special Items:
Merger and Severance Costs - 0.03 0.02 0.05
EPS Adjusted $ 0.39 $ 0.27 $ 0.48 $ 1.14
Commercial Businesses
EPS As Reported $ 0.23 $ 0.02 $ 0.20 $ 0.45
Special Items:
Merger and Severance Costs - 0.03 0.02 0.05
Mark-to-Market Effect on Asset Hedges* 0.12 0.04 0.27 0.43
EPS Adjusted $ 0.35 $ 0.09 $ 0.49 $ 0.93
Power Technology & Infrastructure Services
EPS As Reported $ (0.02) $ (0.01) $ - $ (0.03)
Special Items:
Merger and Severance Costs $- 0.01 $ - $ 0.01
EPS Adjusted $ (0.02) $ - $ - $ (0.02)
Cinergy Corp.
EPS As Reported $ 0.60 $ 0.25 $ 0.66 $ 1.51
Special Items 0.12 0.11 0.31 $ 0.54
EPS Adjusted $ 0.72 $ 0.36 $ 0.97 $ 2.05
* Represents the mark-to-market impact of contracts used in Cinergy’s economic hedging of its excess unregulated generation portfolio and its
natural gas storage portfolio. The economic value of these portfolios is subject to market fluctuations and, as such, the hedging process
involves both purchases and sales. Because these generation assets and gas storage contracts are accounted for under the accrual method
of accounting, the Company believes that excluding the impact of mark-to-market changes from reported earnings better matches the contract
with the settlement period of the position it is hedging. These amounts will be recognized through adjusted earnings when the contracts
ultimately settle.
The increase in the third quarter of 2005 is primarily due to significant increases in the market price of power. Approximately 30% of the mark-
to-market value of these contracts is expected to settle in the fourth quarter of 2005 and an additional 60% is expected to settle in the first
quarter of 2006.

9. Schedule 4
CINERGY CORP.
RECONCILIATION OF GAAP EPS TO ADJUSTED EPS - 2004
(unaudited)
Q1 Q2 Q3 Total
Regulated Businesses
EPS As Reported $ 0.44 $ 0.19 $ 0.32 $ 0.95
Special Items:
CIN-10 Implementation Costs - 0.03 - $ 0.03
EPS Adjusted $ 0.44 $ 0.22 $ 0.32 $ 0.98
Commercial Businesses
EPS As Reported $ 0.25 $ 0.17 $ 0.24 $ 0.66
Special Items:
CIN-10 Implementation Costs
and Other Charges - 0.04 0.03 0.07
Mark-to-Market Effect on Asset Hedges* (0.05) 0.02 0.07 0.04
EPS Adjusted $ 0.20 $ 0.23 $ 0.34 $ 0.77
Power Technology & Infrastructure Services
EPS As Reported $ (0.12) $ (0.04) $ (0.06) $ (0.22)
Special Items:
Impairment Writedowns and
Other Charges 0.11 0.02 0.05 0.18
EPS Adjusted $ (0.01) $ (0.02) $ (0.01) $ (0.04)
Cinergy Corp.
EPS As Reported $ 0.57 $ 0.32 $ 0.50 $ 1.39
Special Items 0.06 0.11 0.15 0.32
EPS Adjusted $ 0.63 $ 0.43 $ 0.65 $ 1.71
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.
* Represents the mark-to-market impact of contracts used in Cinergy’s economic hedging of its excess unregulated generation portfolio and its
natural gas storage portfolio. The economic value of these portfolios is subject to market fluctuations and, as such, the hedging process
involves both purchases and sales. Because these generation assets and gas storage contracts are accounted for under the accrual method
of accounting, the Company believes that excluding the impact of mark-to-market changes from reported earnings better matches the contract
with the settlement period of the position it is hedging. These amounts will be recognized through adjusted earnings when the contracts
ultimately settle.

10. Schedule 5
CINERGY CORP.
BUSINESS SEGMENT SUMMARY INFORMATION
For the Quarter Ended September 30
(unaudited)
(dollars in thousands, except per share amounts)
2005 2004
Regulated Businesses
Net Income………………………………………………………… $ 90,834 $ 58,098
Earnings Per Share - diluted……………………………………… $ 0.46 $ 0.32
Operational Statistics:
Electric Retail MWh Sales and Transportation………………… 15,245,699 13,906,075
Gas Retail Mcf Sales and Transportation……………………… 9,165,119 9,673,313
Electric Customers (End of Period)…………………………… 1,565,743 1,547,420
Gas Customers (End of Period)………………………………… 507,069 501,361
Commercial Businesses
Net Income………………………………………………………… $ 41,567 $ 45,387
Earnings Per Share - diluted……………………………………… $ 0.20 $ 0.24
Operational Statistics:
Electricity Trading Volumes (MWhs)…………………………… 57,700,920 52,849,171
Physical and Financial Gas Trading (Bcf/d)…………………… 33.5 58.1
Power Technology & Infrastructure Services
Net Income………………………………………………………… $ (464) $ (10,562)
Earnings Per Share - diluted……………………………………… $ - $ (0.06)
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.

11. Schedule 6
CINERGY CORP.
BUSINESS SEGMENT EARNINGS DRIVER ANALYSIS
For the Quarter Ended September 30, 2005
(unaudited)
Regulated Businesses
Earnings Per Share - diluted - 2004 (Adjusted*) $0.32
Weather………………………………………………………… 0.15
Electric and gas sales volumes……………………………… 0.02
Other margins………………………………………………… 0.02
Regulatory deferrals…………………………………………… 0.02
Regulatory transition charge amortization………………… (0.05)
Operation and maintenance………………………………… 0.02
Depreciation………………………………………………….. (0.02)
Financing and dilution………………………………………… (0.05)
Other - net……………………………………………………… 0.05
Earnings Per Share - diluted - 2005 (Adjusted*) $0.48
Commercial Businesses
Earnings Per Share - diluted - 2004 (Adjusted*) $0.34
Weather………………………………………………………… 0.04
Electric sales volumes………………………………………… 0.01
Price increases………………………………………………… 0.03
Fuel costs……………………………………………………… (0.03)
Optimization activities………………………………………… 0.13
Gas marketing, trading and origination …………………… 0.03
Financing and dilution………………………………………… (0.03)
Other - net……………………………………………………… (0.03)
Earnings Per Share - diluted - 2005 (Adjusted*) $0.49
Power Technology & Infrastructure Services
Earnings Per Share - diluted - 2004 (Adjusted*) ($0.01)
Results of investments…………………………………….… 0.01
Earnings Per Share - diluted - 2005 (Adjusted*) $0.00
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.

12. Schedule 7
CINERGY CORP.
BUSINESS SEGMENT SUMMARY INFORMATION
For the Year to Date September 30
(unaudited)
(dollars in thousands, except per share amounts)
2005 2004
Regulated Businesses
Net Income………………………………………………………… $ 216,389 $ 173,219
Earnings Per Share - diluted……………………………………… $ 1.09 $ 0.95
Operational Statistics:
Electric Retail MWh Sales and Transportation………………… 41,358,027 40,109,527
Gas Retail Mcf Sales and Transportation……………………… 61,045,885 64,817,735
Electric Customers (End of Period)…………………………… 1,565,743 1,547,420
Gas Customers (End of Period)………………………………… 507,069 501,361
Commercial Businesses
Net Income………………………………………………………… $ 90,277 $ 121,378
Earnings Per Share - diluted……………………………………… $ 0.45 $ 0.66
Operational Statistics:
Electricity Trading Volumes (MWhs)…………………………… 151,022,248 136,367,693
Physical and Financial Gas Trading (Bcf/d)…………………… 53.6 50.8
Power Technology & Infrastructure Services
Net Income………………………………………………………… $ (6,665) $ (40,155)
Earnings Per Share - diluted……………………………………… $ (0.03) $ (0.22)
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.

13. 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.