SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 1994
A. Full title of the Plan:
THE CINCINNATI GAS & ELECTRIC COMPANY
SAVINGS INCENTIVE PLAN
B. Name of issuer of the securities held pursuant to the
Plan and the address of its principal executive office:
CINergy Corp.
139 East Fourth Street
Cincinnati, Ohio 45202 - 4003
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Members of the Savings Incentive Plan Committee have duly caused this annual
report to be signed by the undersigned hereunto duly authorized.
THE CINCINNATI GAS & ELECTRIC COMPANY
SAVINGS INCENTIVE PLAN
(Name of Plan)
By /s/GEORGE H. STINSON
George H. Stinson, Chairman
Savings Incentive Plan Committee
June 28, 1995
THE CINCINNATI GAS & ELECTRIC COMPANY
SAVINGS INCENTIVE PLAN
STATEMENT OF FINANCIAL CONDITION WITH FUND INFORMATION
DECEMBER 31, 1994
Participant Directed
CINergy Fidelity Fidelity Fidelity
Common Magellan Equity-Income Intermediate
Total Stock Fund Fund* Fund Bond Fund
INVESTMENTS, at market
Common Stock of CINergy Corp. -
(Notes 3 and 7)
shares: 3,816,073 $89,677,716 $63,795,421 $ - $ - $ -
Fidelity Magellan Fund* -
shares: 27,297 1,823,440 - 1,823,440 - -
Fidelity Equity-Income Fund -
shares: 203,060 6,233,933 - - 6,233,933 -
Fidelity Intermediate Bond Fund -
shares: 108,305 1,064,640 - - - 1,064,640
PNC Money Market Fund - 1,073,488 - - - -
99,873,217 63,795,421 1,823,440 6,233,933 1,064,640
OTHER ASSETS
Cash 193,410 139,255 - - -
Contribution Receivable 339,561 205,346 19,006 23,530 5,076
Accrued Income 780 562 - - -
Loans Receivable from Participants 3,460,562 - - - -
PARTICIPANTS' EQUITY $103,867,530 $64,140,584 $1,842,446 $6,257,463 $1,069,716
<FN>
The accompanying notes are an integral part of this statement.
* Fidelity Magellan Fund is a growth fund seeking long-term capital appreciation by investing primarily in
common stock and securities convertible into common stock. As of March 31, 1995, the Fund had over
$39 billion in net assets, consisting of the following classes: common stock and preferred stock, 96.8%;
convertible preferred stocks and bonds, .2%; corporate bonds, .6%; other securities, 2.4%.
THE CINCINNATI GAS & ELECTRIC COMPANY
SAVINGS INCENTIVE PLAN
STATEMENT OF FINANCIAL CONDITION WITH FUND INFORMATION
DECEMBER 31, 1994
(continued)
Non-Participant
Participant Directed Directed
PNC Money CINergy
Market Loan Common
Fund Fund Stock Fund
INVESTMENTS, at market
Common Stock of CINergy Corp. -
(Notes 3 and 7)
shares: 3,816,073 $ - $ - $25,882,295
Fidelity Magellan Fund* -
shares: 27,297 - - -
Fidelity Equity-Income Fund -
shares: 203,060 - - -
Fidelity Intermediate Bond Fund -
shares: 108,305 - - -
PNC Money Market Fund - 1,073,488 - -
1,073,488 - 25,882,295
OTHER ASSETS
Cash - - 54,155
Contribution Receivable 6,746 - 79,857
Accrued Income - - 218
Loans Receivable from Participants - 3,460,562 -
PARTICIPANTS' EQUITY $1,080,234 $3,460,562 $26,016,525
<FN>
The accompanying notes are an integral part of this statement.
* Fidelity Magellan Fund is a growth fund seeking long-term capital appreciation by investing primarily in
common stock and securities convertible into common stock. As of March 31, 1995, the Fund had over
$39 billion in net assets, consisting of the following classes: common stock and preferred stock, 96.8%;
convertible preferred stocks and bonds, .2%; corporate bonds, .6%; other securities, 2.4%.
THE CINCINNATI GAS & ELECTRIC COMPANY
SAVINGS INCENTIVE PLAN
STATEMENT OF FINANCIAL CONDITION WITH FUND INFORMATION
DECEMBER 31, 1993
Participant Directed
Company Fidelity Fidelity
Stock Magellan Equity-Income
Total Fund Fund* Fund
INVESTMENTS, at market
Common Stock of The Cincinnati
Gas & Electric Company -
(Notes 3 and 7)
shares: 3,380,743 $92,970,433 $66,773,905 $ - $ -
Fidelity Magellan Fund* -
shares: 11,655 825,738 - 825,738 -
Fidelity Equity-Income Fund -
shares: 180,219 6,098,625 - - 6,098,625
Fidelity Intermediate Bond Fund -
shares: 99,342 1,070,909 - - -
PNC Money Market Fund - 1,817,798 451,072 26,335 57,033
102,783,503 67,224,977 852,073 6,155,658
OTHER ASSETS
Cash 12,277 7,544 - 4,733
Contribution Receivable 150,946 90,364 5,285 11,437
Accrued Income 8,175 - - -
Loans Receivable from Participants 2,644,347 - - -
PARTICIPANTS' EQUITY $105,599,248 $67,322,885 $857,358 $6,171,828
<FN>
The accompanying notes are an integral part of this statement.
* Fidelity Magellan Fund is a growth fund seeking long-term capital appreciation by investing primarily in
common stock and securities convertible into common stock. As of March 31, 1994, the Fund had over
$33 billion in net assets, consisting of the following classes: common stock, 89.1%;preferred stock, 0.5%;
corporate bonds, 2.1%; U.S. Government obligations, 5.2%; other securities, 0.7%;
repurchase agreements, 2.4%.
THE CINCINNATI GAS & ELECTRIC COMPANY
SAVINGS INCENTIVE PLAN
STATEMENT OF FINANCIAL CONDITION WITH FUND INFORMATION
DECEMBER 31, 1993
(continued)
Non-Participant
Participant Directed Directed
Fidelity PNC Money Company
Intermediate Market Loan Stock
Bond Fund Fund Fund Fund
INVESTMENTS, at market
Common Stock of The Cincinnati
Gas & Electric Company -
(Notes 3 and 7)
shares: 3,380,743 $ - $ - $ - $26,196,528
Fidelity Magellan Fund* -
shares: 11,655 - - - -
Fidelity Equity-Income Fund -
shares: 180,219 - - - -
Fidelity Intermediate Bond Fund -
shares: 99,342 1,070,909 - - -
PNC Money Market Fund - 12,883 1,076,760 - 193,715
1,083,792 1,076,760 - 26,390,243
OTHER ASSETS
Cash - - - -
Contribution Receivable 2,585 2,232 - 39,043
Accrued Income 5,605 2,570 - -
Loans Receivable from Participants - - 2,644,347 -
PARTICIPANTS' EQUITY $1,091,982 $1,081,562 $2,644,347 $26,429,286
<FN>
The accompanying notes are an integral part of this statement.
* Fidelity Magellan Fund is a growth fund seeking long-term capital appreciation by investing primarily in
common stock and securities convertible into common stock. As of March 31, 1994, the Fund had over
$33 billion in net assets, consisting of the following classes: common stock, 89.1%;preferred stock, 0.5%;
corporate bonds, 2.1%; U.S. Government obligations, 5.2%; other securities, 0.7%;
repurchase agreements, 2.4%.
THE CINCINNATI GAS & ELECTRIC COMPANY
SAVINGS INCENTIVE PLAN
STATEMENT OF CHANGES IN PARTICIPANTS' EQUITY WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1994
Participant Directed
CINergy Fidelity Fidelity
Common Magellan Equity-Income
Total Stock Fund Fund* Fund
PARTICIPANTS' EQUITY
beginning of year $105,599,248 $67,322,885 $857,358 $6,171,828
CHANGES DURING PERIOD
Assets transferred between plans (Note 2) (778,540) (584,175) (8,888) (55,625)
Contributions (Note 5) 8,544,944 4,908,086 440,332 607,708
Dividend Income 6,202,989 4,195,952 2,636 181,989
Interest Income 309,177 112,987 12,713 36,550
Distributions to Participants (2,650,524) (1,979,453) (9,832) (94,379)
Net realized and unrealized appreciation/
(depreciation) in market value of investments (13,359,764) (9,154,375) (30,215) (163,364)
Investment Transfers (Note 3) - (175,974) 610,560 (235,283)
Loans granted to Participants, net of repayments - (505,349) (32,218) (191,961)
Net change during period (1,731,718) (3,182,301) 985,088 85,635
PARTICIPANTS' EQUITY
end of year $103,867,530 $64,140,584 $1,842,446 $6,257,463
UNITS OF PARTICIPATION
December 31, 1994 (including units to be
distributed to Participants)
Number of units
Number of shares (Notes 3 and 7) 2,714,699 27,297 203,060
Value per unit, at market
Market price per share
(New York Stock Exchange - Composite) $23.50 $66.80 $30.70
NUMBER OF EMPLOYEES PARTICIPATING
December 31, 1994 2,979 428 854
<FN>
The accompanying notes are an integral part of this statement.
THE CINCINNATI GAS & ELECTRIC COMPANY
SAVINGS INCENTIVE PLAN
STATEMENT OF CHANGES IN PARTICIPANTS' EQUITY WITH FUND I
FOR THE YEAR ENDED DECEMBER 31, 1994
(continued)
Non-Participant
Participant Directed Directed
Fidelity PNC Money CINergy
Intermediate Market Loan Common
Bond Fund Fund Fund Stock Fund
PARTICIPANTS' EQUITY
beginning of year $1,091,982 $1,081,562 $2,644,347 $26,429,286
CHANGES DURING PERIOD
Assets transferred between plans (Note 2) (13,664) 3,462 - (119,650)
Contributions (Note 5) 133,578 145,552 - 2,309,688
Dividend Income 24,147 - - 1,798,265
Interest Income 44,612 53,892 - 48,423
Distributions to Participants (20,624) (20,053) - (526,183)
Net realized and unrealized appreciation/
(depreciation) in market value of investments (88,506) - - (3,923,304)
Investment Transfers (Note 3) (73,318) (125,985) - -
Loans granted to Participants, net of repayments (28,491) (58,196) 816,215 -
Net change during period (22,266) (1,328) 816,215 (412,761)
PARTICIPANTS' EQUITY
end of year $1,069,716 $1,080,234 $3,460,562 $26,016,525
UNITS OF PARTICIPATION
December 31, 1994 (including units to be
distributed to Participants)
Number of units 1,073,488 3,460,562
Number of shares (Notes 3 and 7) 108,305 1,101,374
Value per unit, at market $1.00 $1.00
Market price per share
(New York Stock Exchange - Composite) $9.83 $23.50
NUMBER OF EMPLOYEES PARTICIPATING
December 31, 1994 393 375 686 2,979
<FN>
The accompanying notes are an integral part of this statement.
THE CINCINNATI GAS & ELECTRIC COMPANY
SAVINGS INCENTIVE PLAN
STATEMENT OF CHANGES IN PARTICIPANTS' EQUITY WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1993
Participant Directed
Fidelity Fidelity
Company Magellan Equity-Income
Total Stock Fund Fund* Fund
PARTICIPANTS' EQUITY
beginning of year $89,550,982 $58,237,047 $176,099 $5,090,833
CHANGES DURING PERIOD
Assets transferred between plans (Note 2) (3,296,904) (2,170,368) (44,896) (185,725)
Contributions (Note 5) 7,615,674 4,578,280 207,162 595,187
Dividend Income 5,732,949 3,938,706 7,040 200,156
Interest Income 50,571 8,766 357 961
Distributions to Participants (3,370,361) (2,515,875) (1,284) (90,527)
Net realized and unrealized appreciation/
(depreciation) in market value of investments 9,316,337 5,974,512 84,269 860,019
Investment Transfers (Note 3) - (100,581) 431,053 (153,852)
Loans granted to Participants, net of repayments - (627,602) (2,442) (145,224)
Net change during period 16,048,266 9,085,838 681,259 1,080,995
PARTICIPANTS' EQUITY
end of year $105,599,248 $67,322,885 $857,358 $6,171,828
UNITS OF PARTICIPATION
December 31, 1993 (including units to be
distributed to Participants)
Number of units
Number of shares (Notes 3 and 7) 2,428,142 11,655 180,219
Value per unit, at market
Market price per share
(New York Stock Exchange - Composite) $27.50 $70.85 $33.84
NUMBER OF EMPLOYEES PARTICIPATING
December 31, 1993 2,751 251 832
<FN>
The accompanying notes are an integral part of this statement.
THE CINCINNATI GAS & ELECTRIC COMPANY
SAVINGS INCENTIVE PLAN
STATEMENT OF CHANGES IN PARTICIPANTS' EQUITY WITH FUND I
FOR THE YEAR ENDED DECEMBER 31, 1993
(continued)
Non-Participant
Participant Directed Directed
Fidelity Money Company
Intermediate Market Loan Stock
Bond Fund Fund Fund Fund
PARTICIPANTS' EQUITY
beginning of year $939,683 $1,246,981 $1,835,155 $22,025,184
CHANGES DURING PERIOD
Assets transferred between plans (Note 2) (10,572) (49,819) - (835,524)
Contributions (Note 5) 140,368 121,995 - 1,972,682
Dividend Income 71,276 - - 1,515,771
Interest Income 246 36,524 - 3,717
Distributions to Participants (19,540) (135,565) - (607,570)
Net realized and unrealized appreciation/
(depreciation) in market value of investments 42,511 - - 2,355,026
Investment Transfers (Note 3) (54,340) (122,280) - -
Loans granted to Participants, net of repayments (17,650) (16,274) 809,192 -
Net change during period 152,299 (165,419) 809,192 4,404,102
PARTICIPANTS' EQUITY
end of year $1,091,982 $1,081,562 $2,644,347 $26,429,286
UNITS OF PARTICIPATION
December 31, 1993 (including units to be
distributed to Participants)
Number of units 1,817,798 2,644,347
Number of shares (Notes 3 and 7) 99,342 952,601
Value per unit, at market $1.00 $1.00
Market price per share
(New York Stock Exchange - Composite) $10.78 $27.50
NUMBER OF EMPLOYEES PARTICIPATING
December 31, 1993 373 308 526 2,751
<FN>
The accompanying notes are an integral part of this statement.
THE CINCINNATI GAS & ELECTRIC COMPANY
SAVINGS INCENTIVE PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994 and 1993
(1) Description of The Cincinnati Gas & Electric Company Savings Incentive
Plan (SIP or the Plan) - The following is a brief description of the Plan.
Reference is made to the Plan and the related Trust Agreement, including the
defined terms, for complete information.
All Weekly or Hourly Paid Employees of The Cincinnati Gas & Electric Company
(CG&E), The Union Light, Heat and Power Company (ULH&P), and Lawrenceburg Gas
Company (LG) are eligible to participate in the Plan upon completion of one
year of service. Under the Plan, participants may defer, pursuant to Section
401(k) of the Internal Revenue Code (Code), up to 15% of base pay with a
maximum of $9,240 for the year 1994. In addition, a Participant may make
optional contributions to the Plan which, when combined with salary deferrals,
may not exceed 15% of base pay. Salary deferrals and optional contributions
may be further limited for certain highly compensated Employees by the
requirements of Code Sections 401(k), 401(m), and 415. The salary deferrals
and optional contributions are invested by the Trustee, as directed by each
Participant, in one or more investment funds, including a CINergy Common Stock
Fund. The Participant's Employer makes a matching contribution of 55% of the
amount (50% prior to July 1, 1994), not exceeding 5% of base pay, contributed
by each Participant. All Employer Matching Contributions must be invested by
the Trustee in the CINergy Common Stock Fund. Participants are immediately
vested in their salary deferrals and optional contributions. Participants are
vested in the employer matching contributions after five years of vesting
service, or upon death or disability.
Participants are generally eligible to receive distributions of vested assets
from the Plan upon termination of employment (including retirement), death or
disability. Distributions are paid in a lump sum for vested benefits of $3,500
or less. Distributions are paid in a lump sum or five annual installments (at
the election of the participant) for vested benefits greater than $3,500.
Active participants are also eligible to apply to the Plan administrator for
"hardship" withdrawals from their salary-deferral and optional contribution
accounts in accordance with Plan provisions.
Subject to certain limitations, Employees may apply for loans from their
salary-deferral account balances. Such loans are reflected in the Loan Fund in
the accompanying financial statements. Loans bear interest at the prime rate
of the trustee plus 1/2%, and are repaid within five years through regular
payroll deductions.
The Plan is administered by the Savings Incentive Plan Committee and trusteed
by PNC Bank, Ohio, N.A. Generally, administrative expenses of the Plan are
paid by the Employer and are not included in the accompanying financial
statements.
The Plan is generally subject to the provisions of the Employee Retirement
Income Security Act of 1974 (ERISA). In particular, the Plan is subject to the
reporting, disclosure, participation, vesting, fiduciary responsibility,
administration, and enforcement provisions of Title I and the termination and
liability provisions of Title IV of ERISA.
The funding provisions of Title I and the provisions relating to the Pension
Benefit Guaranty Corporation of Title IV are not applicable to this type of
defined contribution plan.
CG&E expects to continue the Plan indefinitely, but its Board of Directors
reserves the right to amend or terminate the Plan at any time. No amendment
shall reduce retroactively the rights of Participants or permit the return to
the Employer of any part of the Common Stock or other securities, obligations,
deposits or cash held by the Trustee, or permit their use or diversion for any
purpose other than the exclusive benefit of the Participants or their
Beneficiaries. Forfeitures of participants' non-vested account balances are
used to reduce CG&E's matching contributions in accordance with Plan
provisions.
(2) Significant Accounting Policies - Investments are stated at market value
as determined by the Trustee by reference to published market data at December
31, 1994 and 1993. The market value of the Plan's investments are subject to
price fluctuations in the applicable investment markets. Unrealized valuation
gains and losses are reflected in the Statement of Changes in Participants'
Equity. The statements are prepared on the accrual basis of accounting.
Transfers of assets between the SIP and the CG&E Deferred Compensation and
Investment Plan (DCIP) occur as a result of changes in Employee status between
the Weekly and Hourly Paid classification and the Executive, Supervisory,
Administrative and Professional classification.
(3) Investments - All contributions are paid to the Trustee under the Plan. A
participant may elect or change investment funds and/or the percentages in
which contributions will be allocated once each quarter.
All Employer Matching Contributions are invested in the CINergy Common Stock
Fund. Participant Contributions and Employer Matching Contributions are made
each pay period and immediately invested in the designated fund.
See Note (7) for the discussion of the conversion of CG&E Common Stock held
by the Plan, to CINergy Corp. common stock pursuant to CG&E's merger with PSI
Resources, Inc.
(4) Federal Income Tax Status - The Plan obtained its most recent
determination letter in January 1995, in which the Internal Revenue Service
(IRS) stated that the Plan, as designed, was in compliance with the applicable
requirements of the Internal Revenue Code. The determination letter covers the
amendments made to the Plan for purposes of complying with the requirements of
the Tax Reform Act of 1986. Participating employees are not subject to tax on
Plan income or amounts contributed by the employer until such time as such
amounts are distributed to them.
(5) Contributions - Contributions made by Participants and amounts contributed
by each Employer during the years ended December 31, 1994 and 1993 are as
follows:
1994 1993
Participants' Employers' Participants' Employers'
Contributions Contributions Contributions Contributions
CG&E $627,051 $7,235,758 $644,405 $6,378,729
ULH&P and LG - 624,005 - 548,552
Total $627,051 $7,917,893 $644,405 $6,971,269
Participant contributions include optional contributions, while employer
contributions include salary deferrals, and employer matching contributions.
(6) Participant Withdrawals - Distributions which had been requested by
Participants and approved but not yet paid as of December 31, 1994 and 1993 are
as follows:
1994 1993
CINergy Common Stock Fund $393,672 $515,186
Fidelity Equity-Income Fund 4,682 1,850
Fidelity Intermediate Bond Fund 488 -
Money Market Fund 217 -
Total $399,059 $517,036
These amounts are classified in the accompanying Statements of Financial
Condition as of December 31, 1994 and 1993 as a component of Participants'
Equity.
(7) Merger - On October 24, 1994, PSI Resources, Inc. (Resources) was merged
with CINergy Corp. (CINergy), and a subsidiary of CINergy was merged with CG&E.
Each outstanding share of CG&E common stock held by the Plan at October 24,
1994 was exchanged for one share of CINergy common stock.
Report of Independent Public Accountants
To The Savings Incentive Plan Committee of
The Cincinnati Gas & Electric Company:
We have audited the accompanying statements of financial condition of THE
CINCINNATI GAS & ELECTRIC COMPANY SAVINGS INCENTIVE PLAN (the Plan) as of
December 31, 1994 and 1993, and the related statements of changes in
participants' equity for the years then ended. These financial statements are
the responsibility of the Savings Incentive Plan Committee. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
in our opinion, the financial statements referred to above present fairly, In
all material respects, the financial condition of the Plan as of December 31,
1994 and 1993, and the changes in participants' equity for the years then
ended, in conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules (Exhibits I
and II) are presented for purposes of additional analysis and are not a
required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The Fund Information in the statements of financial condition and the
statements of changes in participants' equity is presented for purposes of
additional analysis rather than to present the financial condition and changes
in participants' equity of each fund. The supplemental schedules and Fund
Information have been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, are fairly stated
in all material respects in relation to the basic financial statements taken as
a whole.
ARTHUR ANDERSEN LLP
Cincinnati, Ohio,
June 16, 1995
EXHIBIT I
The Cincinnti Gas & Electric Company
Savings Incentive Plan
Sponsor EIN: 31-0240030
Administrator EIN: 31-1070386
Plan Number: 004
Part I, Schedule G (Form 5500, Item 27a)
Schedule of Assets Held for Investment Purposes at December 31, 1994
--------------------------------------------------------------------
(a) (b) (c) (d) (e)
Description of
investment
including maturity
date, rate of
Identity of issue, interest,
borrower, lessor, collateral, par or Current
or similar party maturity value Cost value
- --- ------------------ ------------------ ---- -------
* CINergy Common 3,816,073 shares; $68,479,517 $89,677,716
Stock Fund $0.01 par value;
$23.50 market
price per share
@ 12/31/94
Fidelity Magellan Mutual fund, 1,915,521 1,823,440
Fund primarily common
stock; 27,297
shares; $66.80 net
asset value
@ 12/31/94
Fidelity Mutual fund, 6,644,065 6,233,933
Equity-Income Fund primarily equity
securities; 203,060
shares; $30.70
net asset value
@ 12/31/94
Fidelity Mutual fund, 1,135,573 1,064,640
Intermediate primarily
Bond Fund fixed-income
obligations;
108,305 shares;
$9.83 net asset
value @ 12/31/94
** PNC Money Market Mutual fund, money 1,073,488 1,073,488
Fund market instruments;
1,073,488 units;
$1.00 net asset
value @ 12/31/94
Participant loans 7% - 9 1/2% 0 3,460,562
* The Cincinnati Gas & Electric Company, as employer having employees covered
by the plan, is a party-in-interest.
** PNC, as Trustee, is a party-in-interest.
Exhibit II
The Cincinnati Gas & Electric Company
Deferred Compensation and Investment Plan
Sponsor EIN: 31-0240030
Administrator EIN: 31-1070386
Plan Number: 004
Part V, Schedule G (Form 5500, Item 27d)
Schedule of Reportable Transactions
For the Year Ended December 31, 1994
------------------------------------
Total Total Total Dollar Total Dollar
Identity of Number of Number Value of Value of Net Loss
Securities Purchases of Sales Purchases Sales on Sales
- ----------- --------- -------- ------------ ------------ --------
CINergy Corp.
Common Stock
Fund 47 123 $13,598,411 $4,787,444 $823,853
Exhibit 23
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation by
reference of our report dated June 16, 1995 included in this Annual Report on
Form 11-K for the year ended December 31, 1994 of The Cincinnati Gas & Electric
Company Savings Incentive Plan, into its previously filed Registration
Statement No. 33-55293.
ARTHUR ANDERSEN LLP
Cincinnati, Ohio,
June 16, 1995