Exhibit 99.5
CINERGY CORP.
BUSINESS SEGMENT EARNINGS DRIVER ANALYSIS
For the Quarter Ended December 31, 2004
(unaudited)
Commercial Businesses |
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Earnings Per Share - diluted - 2003 |
| $ | 0.34 |
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Employee retirement/severance and other charges |
| (0.04 | ) | |
Electric sales volumes |
| 0.02 |
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Power marketing, trading and origination |
| (0.04 | ) | |
Gas marketing, trading and origination |
| 0.20 |
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Fuel costs |
| (0.01 | ) | |
Emissions allowances |
| (0.05 | ) | |
Transmission expenses |
| (0.01 | ) | |
Operating and administrative expenses |
| (0.05 | ) | |
Maintenance expense |
| (0.02 | ) | |
Financing and dilution |
| (0.01 | ) | |
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Earnings Per Share - diluted - 2004 |
| $ | 0.33 |
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Regulated Businesses |
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Earnings Per Share - diluted - 2003 |
| $ | 0.26 |
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Employee retirement/severance and other charges |
| 0.01 |
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Electric sales volumes |
| 0.02 |
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Price increases |
| 0.11 |
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Other electric revenues |
| 0.04 |
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Regulatory deferrals |
| 0.04 |
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Operating and administrative expenses |
| (0.04 | ) | |
Maintenance expense |
| (0.01 | ) | |
Depreciation |
| (0.07 | ) | |
Financing and dilution |
| 0.02 |
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Other - net |
| 0.03 |
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Earnings Per Share - diluted - 2004 |
| $ | 0.41 |
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Power Technology & Infrastructure Services |
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Earnings Per Share - diluted - 2003 |
| $ | (0.01 | ) |
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Employee retirement/severance and other charges |
| 0.06 |
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Earnings Per Share - diluted - 2004 |
| $ | 0.05 |
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