Exhibit 99.5
CINERGY CORP.
BUSINESS SEGMENT EARNINGS DRIVER ANALYSIS
For the Quarter Ended March 31, 2005
(unaudited)
Regulated Businesses |
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Earnings Per Share - diluted - 2004 |
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| $ | 0.44 |
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Weather |
| (0.02 | ) |
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Electric sales volumes |
| 0.01 |
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Price increases |
| 0.12 |
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Regulatory deferrals |
| 0.02 |
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Operation and maintenance |
| (0.07 | ) |
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Depreciation |
| (0.05 | ) |
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Financing and dilution |
| (0.05 | ) |
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Other - net |
| (0.01 | ) |
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Earnings Per Share - diluted - 2005 |
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| $ | 0.39 |
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Commercial Businesses |
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Earnings Per Share - diluted - 2004 (Adjusted*) |
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| $ | 0.20 |
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Weather |
| (0.01 | ) |
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Electric sales volumes |
| 0.01 |
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Price increases |
| 0.04 |
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Fuel costs |
| (0.03 | ) |
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Operation and maintenance |
| (0.01 | ) |
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Optimization activities |
| 0.10 |
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Power marketing, trading and origination |
| 0.04 |
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Financing and dilution |
| (0.01 | ) |
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Other - net |
| 0.02 |
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Earnings Per Share - diluted - 2005 (Adjusted*) |
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| $ | 0.35 |
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Power Technology & Infrastructure Services |
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Earnings Per Share - diluted - 2004 (Adjusted*) |
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| $ | (0.01 | ) |
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Results of investments |
| (0.01 | ) |
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Earnings Per Share - diluted - 2005 (Adjusted*) |
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| $ | (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 press release for a reconciliation to the most comparable GAAP measure.