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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-15759

CLECO CORPORATE HOLDINGS LLC

(Exact name of registrant as specified in its charter)


Louisiana			72-1445282
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

2030 Donahue Ferry Road, Pineville, Louisiana 71360-5226

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (318) 484-7400

Commission file number 1-05663

CLECO POWER LLC

(Exact name of registrant as specified in its charter)


Louisiana			72-0244480
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

2030 Donahue Ferry Road, Pineville, Louisiana 71360-5226

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (318) 484-7400


Securities registered pursuant to Section 12(b) of the Act:
Cleco Corporate Holdings LLC: None			Cleco Power LLC: None

Indicate by check mark whether the Registrants: (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrants were required to file such reports) and (2) have been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the Registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrants were required to submit such files). Yes ☒ No ☐

Indicate by check mark whether Cleco Corporate Holdings LLC is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether Cleco Power LLC is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐

Indicate by check mark whether the Registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

Cleco Corporate Holdings LLC has no common stock outstanding. All of the outstanding equity of Cleco Corporate Holdings LLC is held by Cleco Group LLC, a wholly owned subsidiary of Cleco Partners L.P.

Cleco Power LLC, a wholly owned subsidiary of Cleco Corporate Holdings LLC, meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q

This Combined Quarterly Report on Form 10-Q (this “Quarterly Report on Form 10-Q”) is separately filed by Cleco Corporate Holdings LLC and Cleco Power LLC. Information in this filing relating to Cleco Power LLC is filed by Cleco Corporate Holdings LLC and separately by Cleco Power LLC on its own behalf. Cleco Power LLC makes no representation as to information relating to Cleco Corporate Holdings LLC (except as it may relate to Cleco Power LLC) or any other affiliate or subsidiary of Cleco Corporate Holdings LLC.

This Quarterly Report on Form 10-Q should be read in its entirety as it pertains to each respective Registrant. The Notes to the Unaudited Condensed Consolidated Financial Statements for the Registrants and certain other sections of this Quarterly Report on Form 10-Q are combined.


TABLE OF CONTENTS
		PAGE
GLOSSARY OF TERMS		3
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		5

PART I	Financial Information
ITEM 1.	Cleco — Condensed Consolidated Financial Statements (Unaudited)	7
	Cleco Power — Condensed Consolidated Financial Statements (Unaudited)	17
	Notes to the Unaudited Condensed Consolidated Financial Statements	26
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	50
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	63
ITEM 4.	Controls and Procedures	64

PART II	Other Information
ITEM 1.	Legal Proceedings	65
ITEM 1A.	Risk Factors	65


ITEM 5.	Other Information	65
ITEM 6.	Exhibits	65
	Signatures	67


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


GLOSSARY OF TERMS

Abbreviations or acronyms used in this filing, including all items in Parts I and II, are defined below.


ABBREVIATION OR ACRONYM			DEFINITION
2016 Merger			Merger of Merger Sub with and into Cleco Corporation pursuant to the terms of the Merger Agreement which was completed on April 13, 2016
2016 Merger Commitments			Cleco Partners’, Cleco Group’s, Cleco Holdings’, and Cleco Power’s 77 commitments to the LPSC as defined in Docket No. U-33434
401(k) Plan			Cleco Power 401(k) Savings and Investment Plan
ABR			Alternate Base Rate which is the greater of the prime rate, the federal funds effective rate plus 0.50%, or SOFR plus 1.0%
Acadia			Acadia Power Partners, LLC, previously a wholly owned subsidiary of Midstream. Acadia Power Partners, LLC was dissolved effective August 29, 2014
Acadia Unit 1			Cleco Power’s 580-MW, natural gas-fired, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana
Acadia Unit 2			Entergy Louisiana’s 580-MW, natural gas-fired, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana, which is operated by Cleco Power
ADIT			Accumulated Deferred Income Tax
AFUDC			Allowance for Funds Used During Construction
ALJ			Administrative Law Judge
Amended Lignite Mining Agreement			Amended and restated lignite mining agreement effective December 29, 2009
AMI			Advanced Metering Infrastructure
AOCI			Accumulated Other Comprehensive Income (Loss)
ARO			Asset Retirement Obligation
Brame Energy Center			A facility consisting of Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3
CCR			Coal combustion by-products or residual
CEO			Chief Executive Officer
CFO			Chief Financial Officer
CIP			Critical Infrastructure Protection
Cleco			Cleco Holdings and its subsidiaries
Cleco Cajun			Cleco Cajun LLC, a wholly owned subsidiary of Cleco Holdings, and its subsidiaries
Cleco Cajun Acquisition			The transaction between Cleco Cajun and NRG Energy in which Cleco Cajun acquired all the membership interest in South Central Generating, which closed on February 4, 2019, pursuant to the Cleco Cajun Acquisition Purchase and Sale Agreement
Cleco Cajun Acquisition Purchase and Sale Agreement			Purchase and Sale Agreement, dated as of February 6, 2018, by and among NRG Energy, South Central Generating, and Cleco Cajun
Cleco Cajun Divestiture			The sale of the Cleco Cajun Sale Group to the Cleco Cajun Purchasers on June 1, 2024, in accordance with the Cleco Cajun Divestiture Purchase and Sale Agreement
Cleco Cajun Divestiture Purchase and Sale Agreement			Purchase and Sale Agreement, dated as of November 22, 2023, by and among the Cleco Cajun Purchasers and the Cleco Cajun Sellers
Cleco Cajun Purchasers			Big Pelican LLC and Pelican South Central LLC, affiliates of Atlas Capital Resources IV LP
Cleco Cajun Sale Group			Cleco Cajun’s unregulated utility business for which the Cleco Cajun Sellers entered into the Cleco Cajun Divestiture Purchase and Sale Agreement with the Cleco Cajun Purchasers
Cleco Cajun Sellers			Cleco Cajun and South Central Generating
Cleco Corporation			Pre-2016 Merger entity that was converted to a limited liability company and changed its name to Cleco Corporate Holdings LLC on April 13, 2016
Cleco Group			Cleco Group LLC, a wholly owned subsidiary of Cleco Partners
Cleco Holdings			Cleco Corporate Holdings LLC, a wholly owned subsidiary of Cleco Group
Cleco Partners			Cleco Partners L.P., a Delaware limited partnership that is owned by a consortium of investors, including funds or investment vehicles managed by Macquarie Asset Management, British Columbia Investment Management Corporation, John Hancock Financial, and other infrastructure investors
Cleco Power			Cleco Power LLC, a wholly owned subsidiary of Cleco Holdings, and its subsidiaries
Cleco Securitization I			Cleco Securitization I LLC, a special-purpose, wholly owned subsidiary of Cleco Power



Coughlin			Cleco Power’s 775-MW, natural gas-fired, combined cycle power plant located in St. Landry, Louisiana
COVID-19			Coronavirus disease 2019, including any variant thereof, and the related global outbreak that was subsequently declared a pandemic by the World Health Organization in March 2020
DHLC			Dolet Hills Lignite Company, LLC, a wholly owned subsidiary of SWEPCO
Diversified Lands			Diversified Lands LLC, a wholly owned subsidiary of Cleco Holdings
Dolet Hills			A facility consisting of Dolet Hills Power Station, the Dolet Hills mine, and the Oxbow mine
Dolet Hills Power Station			A 650-MW lignite-fired, steam generating unit at Cleco Power’s plant site in Mansfield, Louisiana. Cleco Power has a 50% ownership interest in the capacity of the Dolet Hills Power Station. The Dolet Hills Power Station was retired on December 31, 2021
EAC			Environmental Adjustment Clause
EBITDA			Earnings before interest, income taxes, depreciation, and amortization


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


ABBREVIATION OR ACRONYM			DEFINITION
Entergy Gulf States			Entergy Gulf States Louisiana, LLC
Entergy Louisiana			Entergy Louisiana, LLC
EPA			U.S. Environmental Protection Agency
ESG			Environmental, Social, and Governance
FAC			Fuel Adjustment Clause
FASB			Financial Accounting Standards Board
FEED			Front End Engineering Design
FERC			Federal Energy Regulatory Commission
Fitch			Fitch Ratings, a credit rating agency
FTR			Financial Transmission Right
FRP			Formula Rate Plan
GAAP			Generally Accepted Accounting Principles in the U.S.
GHG			Greenhouse gas
IRA of 2022			Federal tax legislation commonly referred to as the Inflation Reduction Act of 2022
IRS			Internal Revenue Service
kWh			Kilowatt-hour(s)
LPSC			Louisiana Public Service Commission
Madison Unit 3			A 641-MW petroleum coke/coal-fired, steam generating unit at Cleco Power’s plant site in Boyce, Louisiana
MATS			Mercury and Air Toxics Standards
Merger Agreement			Agreement and Plan of Merger, dated as of October 17, 2014, by and among Cleco Partners, Merger Sub, and Cleco Corporation relating to the 2016 Merger
Merger Sub			Cleco MergerSub Inc., previously an indirect wholly owned subsidiary of Cleco Partners that was merged with and into Cleco Corporation, with Cleco Corporation surviving the 2016 Merger, and Cleco Corporation converting to a limited liability company and changing its name to Cleco Holdings
Midstream			Cleco Midstream Resources LLC, a wholly owned subsidiary of Cleco Holdings
MISO			Midcontinent Independent System Operator, Inc.
MMBtu			One million British thermal units
Moody’s			Moody’s Investors Service, a credit rating agency
MW			Megawatt(s)
MWh			Megawatt-hour(s)

NERC			North American Electric Reliability Corporation
Not Meaningful			A percentage comparison of these items is not statistically meaningful because the percentage difference is greater than 1,000%
NRG Energy			NRG Energy, Inc.
Other Benefits			Includes medical, dental, vision, and life insurance for Cleco’s retirees
Oxbow			Oxbow Lignite Company, LLC, 50% owned by Cleco Power and 50% owned by SWEPCO
Perryville			Perryville Energy Partners, L.L.C., a wholly owned subsidiary of Cleco Holdings. Perryville Energy Partners, L.L.C. was dissolved effective September 8, 2021
Project Diamond Vault			Cleco Power's proposed project to reduce up to 95% of carbon dioxide emissions from Madison Unit 3 through various possible carbon capture and sequestration technologies
Registrant(s)			Cleco Holdings and/or Cleco Power
Rodemacher Unit 2			A 523-MW coal-fired, steam generating unit at Cleco Power’s plant site in Boyce, Louisiana. Cleco Power has a 30% ownership interest in the capacity of Rodemacher Unit 2
ROE			Return on Equity
RTO			Regional Transmission Organization
S&P			S&P Global Ratings, a division of S&P Global Inc, a credit rating agency
SEC			U.S. Securities and Exchange Commission

SERP			Supplemental Executive Retirement Plan
SOFR			Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York
South Central Generating			South Central Generating LLC, formerly NRG South Central Generating LLC, a wholly owned subsidiary of Cleco Cajun
St. Mary Clean Energy Center			A 47-MW waste-heat steam generating unit located in Franklin, Louisiana
Storm Recovery Property			Storm Recovery Property as defined in the financing order issued by the LPSC in April 2022, which includes the right to impose, bill, charge, collect, and receive unamortized storm recovery costs from Cleco Power’s retail customers
Support Group			Cleco Support Group LLC, a wholly owned subsidiary of Cleco Holdings
SWEPCO			Southwestern Electric Power Company, an electric utility subsidiary of American Electric Power Company, Inc.
TCJA			Federal tax legislation commonly referred to as the Tax Cuts and Jobs Act of 2017
Teche Unit 3			A 359-MW natural gas-fired, steam generating unit at Cleco Power’s plant site in Baldwin, Louisiana. Teche Unit 3 was retired on June 1, 2024


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q includes forward-looking statements. All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q are forward-looking statements, including, without limitation, future capital expenditures; business strategies; goals, beliefs, plans, and objectives; competitive strengths; market developments; development and operation of facilities; growth in sales volume; meeting capacity requirements; expansion of service to existing customers and service to new customers; future environmental regulations and remediation liabilities; electric customer credits; and the anticipated outcome of various regulatory and legal proceedings. Although the Registrants believe that the expectations reflected in such forward-looking statements are reasonable, such forward-looking statements are based on numerous assumptions (some of which may prove to be incorrect) and are subject to risks and uncertainties that could cause the actual results to differ materially from the Registrants’ expectations. In addition to any assumptions and other factors referred to specifically in connection with these forward-looking statements in this Quarterly Report on Form 10-Q, the following list identifies some of the factors that could cause the Registrants’ actual results to differ materially from those contemplated in any of the Registrants’ forward-looking statements:

•resolution of upcoming or future rate cases and related litigation, formula rate proceedings, and related negotiations, as well as delays in cost recovery resulting from these proceedings,

•changes in environmental laws, regulations, decisions and policies, including present and potential environmental remediation costs, restrictions on GHG emissions, possible effects on Cleco’s generation resources, or prohibitions or restrictions on new or existing services, and Cleco’s compliance with these matters,

•state and federal regulatory decisions or related judicial decisions disallowing or delaying recovery of capital investments, operating costs, commodity costs, and the ordering of refunds to customers and discretion over allowed return on investment,

•the loss of regulatory accounting treatment, which could result in the write-off of regulatory assets and the loss of regulatory deferral and recovery mechanisms,

•economic, regulatory, or workforce impacts related to pandemics, epidemics, or other outbreaks,

•economic impacts related to conflicts and hostilities, including the current armed conflict in Ukraine and the Middle East,

•the possibility of stranded costs with respect to assets that may be retired as a result of new climate legislation or regulations, technological advances, a shift in demand, or legal action, and Cleco Power’s ability to recover stranded costs associated with these events,

•changes in climate and weather conditions, including natural disasters such as wind and ice storms, hurricanes, floods, droughts, and wildfires, and Cleco Power’s ability to recover restoration and stranded costs associated with these events,

•the ability of Cleco’s customers to pay their utility bills on time due to costs related to volatile fuel prices, severe weather cost recoveries, or the costs of other events that are passed through to Cleco Power’s customers,

•economic conditions in Cleco’s service areas, including inflation and the economy’s effects on customer demand for and payment of utility services,

•mechanical breakdowns or other incidents that could impair assets and disrupt operations of any of Cleco’s generation facilities, transmission and distribution systems, or other operations and may require Cleco to purchase replacement power or incur costs to repair the facilities,

•growth or decline of Cleco’s customer base, or decline in existing services, including the loss of key suppliers for fuel, materials, or services, or other disruptions to the supply chain,

•wholesale and retail competition, including alternative energy sources, growth in customer-owned power resource technologies that displace utility-supplied energy or that may be sold back to the utility, and alternative energy suppliers and delivery arrangements,

•blackouts or disruptions of interconnected transmission systems (the regional power grid),

•terrorist attacks, cyberattacks, or other malicious acts that may damage or disrupt operating or information technology systems,

•changes in technology costs that impede Cleco’s ability to effectively implement new information systems or to operate and maintain current production technology,

•changes in Cleco’s strategic business plans and/or key initiatives, which could be affected by any of the factors discussed herein,

•the impact of Cleco’s credit ratings, changes in interest rates, other capital market conditions, and global market conditions on financing through the issuance of debt and/or equity securities,

•the ability of Cleco to raise capital or secure funding, such as debt financing, private equity investment, tax credits, U.S. Department of Energy grants or loans, or partnerships, to execute its renewables and electrification initiatives,

•changes to federal income tax laws, regulations, and interpretive guidance, including the IRA of 2022,

•failure to meet expectations and report progress on ESG initiatives and GHG targets, as well as the increased focus on and activism related to ESG, which could limit Cleco’s access to capital and/or financing,

•declining energy demand related to customer energy efficiency, conservation measures, technological advancements, increased distributed generation, or changes in customers’ operating or business models,

•industry and geographic concentrations of Cleco’s counterparties, suppliers, and customers,

•volatility and illiquidity in wholesale energy markets,


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q

•default or nonperformance on the part of any parties from whom Cleco purchases and/or sells capacity, energy, or fuel, or with whom Cleco enters into derivative contracts,

•Cleco Holdings’ and Cleco Power’s ability to remain in compliance with their respective debt covenants,

•the outcome of legal and regulatory proceedings and other contingencies,

•changes in actuarial assumptions, interest rates, and the actual return on plan assets for Cleco’s pension and other postretirement benefit plans,

•insufficient insurance coverage, more restrictive coverage terms, increasing insurance costs, and Cleco’s ability to obtain insurance,

•Cleco’s ability to remain in compliance with the commitments made to the LPSC in connection with the 2016 Merger,

•Cleco Holdings’ dependence on the earnings, dividends, or distributions from its subsidiaries to meet its debt obligations, and

•workforce factors, including aging workforce, changes in key members of management, availability of workers in a variety of skill areas, and Cleco’s ability to attract, recruit, and retain qualified employees.

For more discussion of these factors and other factors that could cause actual results to differ materially from those contemplated in the Registrants’ forward-looking statements, see Part I, Item 1A, “Risk Factors” in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

All subsequent written and oral forward-looking statements attributable to the Registrants, or persons acting on their behalf, are expressly qualified in their entirety by the factors identified above.

Any forward-looking statement is considered only as of the date of this Quarterly Report on Form 10-Q and, except as required by law, the Registrants undertake no obligation to update any forward-looking statements, whether as a result of changes in actual results, changes in assumptions, or other factors affecting such statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


PART I — FINANCIAL INFORMATION


ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Cleco

These unaudited condensed consolidated financial statements should be read in conjunction with Cleco’s Consolidated Financial Statements and Notes included in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2023. For more information on the basis of presentation, see “Notes to the Unaudited Condensed Consolidated Financial Statements — Note 1 — Summary of Significant Accounting Policies — Basis of Presentation.”


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO

Condensed Consolidated Statements of Income (Unaudited)
	FOR THE THREE MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023
Operating revenue
Electric operations	$	229,170	$	260,789
Other operations	23,563		24,742

Gross operating revenue	252,733		285,531
Electric customer credits	(548)		(736)
Operating revenue, net	252,185		284,795
Operating expenses
Fuel used for electric generation	37,363		67,866
Purchased power	28,083		40,845
Other operations and maintenance	61,437		60,754
Depreciation and amortization	48,816		45,768
Taxes other than income taxes	14,217		15,249



Total operating expenses	189,916		230,482
Operating income	62,269		54,313
Interest income	2,653		673
Allowance for equity funds used during construction	646		1,574

Other expense, net	(12,022)		(789)
Interest charges
Interest charges, net	41,286		41,317
Allowance for borrowed funds used during construction	(364)		(549)
Total interest charges	40,922		40,768
Income from continuing operations before income taxes	12,624		15,003
Federal and state income tax (benefit) expense	(35,956)		81,641
Income (loss) from continuing operations, net of income taxes	48,580		(66,638)
Income from discontinued operations, net of income taxes	12,710		113,968
Net income	$	61,290	$	47,330
The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO

Condensed Consolidated Statements of Comprehensive Income (Unaudited)
	FOR THE THREE MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023
Net income	$	61,290	$	47,330
Other comprehensive loss, net of income tax
Postretirement benefits loss (net of tax benefit of $53 in 2024 and $156 in 2023)	(144)		(423)

Total other comprehensive loss, net of income tax	(144)		(423)
Comprehensive income, net of tax	$	61,146	$	46,907
The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO

Condensed Consolidated Statements of Income (Unaudited)
	FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023
Operating revenue
Electric operations	$	480,641	$	554,717
Other operations	50,781		52,046

Gross operating revenue	531,422		606,763
Electric customer credits	(2,395)		(1,386)
Operating revenue, net	529,027		605,377
Operating expenses
Fuel used for electric generation	118,099		263,843
Purchased power	65,875		81,283
Other operations and maintenance	121,977		118,275
Depreciation and amortization	144,868		98,557
Taxes other than income taxes	30,316		32,036



Total operating expenses	481,135		593,994
Operating income	47,892		11,383
Interest income	4,061		1,940
Allowance for equity funds used during construction	780		2,806
Equity income from investees, before tax	674		—
Other expense, net	(10,622)		(252)
Interest charges
Interest charges, net	84,078		81,322
Allowance for borrowed funds used during construction	(2,395)		(1,066)
Total interest charges	81,683		80,256
Loss from continuing operations before income taxes	(38,898)		(64,379)
Federal and state income tax expense	1,715		125,334
Loss from continuing operations, net of income taxes	(40,613)		(189,713)
Income from discontinued operations, net of income taxes	44,672		133,021
Net income (loss)	$	4,059	$	(56,692)
The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO

Condensed Consolidated Statements of Comprehensive Income (Unaudited)
	FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023
Net income (loss)	$	4,059	$	(56,692)
Other comprehensive loss, net of tax
Postretirement benefits loss (net of tax benefit of $163 in 2024 and $311 in 2023)	(443)		(845)

Total other comprehensive loss, net of tax	(443)		(845)
Comprehensive income (loss), net of tax	$	3,616	$	(57,537)
The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO

Condensed Consolidated Balance Sheets (Unaudited)
(THOUSANDS)	AT JUNE 30, 2024		AT DEC. 31, 2023
Assets
Current assets
Cash and cash equivalents	$	287,959	$	122,576
Restricted cash and cash equivalents	14,755		15,818
Customer accounts receivable (less allowance for credit losses of $1,368 in 2024 and $3,012 in 2023)	45,255		48,949
Accounts receivable - affiliate	27,956		24,216
Other accounts receivable	29,083		30,518

Unbilled revenue	45,921		42,856
Fuel inventory, at average cost	72,762		68,387
Materials and supplies, at average cost	154,298		141,688
Energy risk management assets	10,931		8,129
Accumulated deferred fuel	10,461		11,627
Cash surrender value of company-/trust-owned life insurance policies	59,888		56,922
Prepayments	16,633		24,269
Regulatory assets	294,397		34,280
Assets held for sale - discontinued operations	—		159,514
Other current assets	1,185		918
Total current assets	1,071,484		790,667
Property, plant, and equipment
Property, plant, and equipment	4,889,750		4,838,994
Accumulated depreciation	(971,580)		(924,624)
Net property, plant, and equipment	3,918,170		3,914,370
Construction work in progress	110,463		119,572
Total property, plant, and equipment, net	4,028,633		4,033,942

Goodwill	1,490,797		1,490,797

Operating lease right of use assets	19,164		20,070
Restricted cash and cash equivalents	116,679		113,573
Note receivable	10,911		11,990
Regulatory assets - deferred taxes, net	52,870		43,866
Regulatory assets	309,726		615,495
Intangible asset - securitization	392,311		398,658
Intangible assets - other	8,123		10,633
Assets held for sale - discontinued operations	—		546,218

Energy risk management assets	3,986		—
Receivable - Cleco Cajun Divestiture	92,842		—
Other deferred charges	20,941		24,484
Total assets	$	7,618,467	$	8,100,393
The accompanying notes are an integral part of the condensed consolidated financial statements.

(Continued on next page)


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO

Condensed Consolidated Balance Sheets (Unaudited)
(THOUSANDS)	AT JUNE 30, 2024		AT DEC. 31, 2023
Liabilities and member’s equity
Liabilities
Current liabilities
Short-term debt	$	—	$	110,000
Long-term debt and finance leases due within one year	240,549		256,811
Accounts payable	99,008		119,801
Accounts payable - affiliate	10,688		10,683
Customer deposits	57,565		56,982
Provision for rate refund	22,068		60,768
Taxes payable	100,211		19,963
Interest accrued	20,896		22,209

Energy risk management liabilities	4,616		15,786
Regulatory liabilities - deferred taxes, net	6,666		21,939
Deferred compensation	15,738		14,277

Post retirement benefit obligations	39,313		35,520
Liabilities held for sale - discontinued operations	—		39,019
Other current liabilities	26,452		24,378
Total current liabilities	643,770		808,136
Long-term liabilities and deferred credits
Accumulated deferred federal and state income taxes, net	779,108		801,397

Postretirement benefit obligations	188,033		196,321


Storm reserves	100,828		111,509




Asset retirement obligations	11,672		13,723
Operating lease liabilities	16,320		17,276
Provision for rate refund	40,000		—
Customer advances for construction	22,970		26,815
Liabilities held for sale - discontinued operations	—		75,933
Other deferred credits	43,538		34,186
Total long-term liabilities and deferred credits	1,202,469		1,277,160
Long-term debt and finance leases, net	2,915,439		3,141,924
Total liabilities	4,761,678		5,227,220
Commitments and contingencies (Note 14)
Member’s equity	2,856,789		2,873,173
Total liabilities and member’s equity	$	7,618,467	$	8,100,393
The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO

Condensed Consolidated Statements of Cash Flows (Unaudited)
	FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024			2023
Operating activities
Net income (loss)	$	4,059		$	(56,692)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	155,392			127,002
Provision for credit losses	510			2,146

Electric customer credits	1,300			—

Unearned compensation expense	3,685			4,641
Allowance for equity funds used during construction	(780)			(2,806)
Loss on energy risk management assets and liabilities, net	5,276			69,469
Loss on discontinued operations	44,951			116,000
Deferred lease revenue	—			(2,301)
Deferred income taxes	(41,878)			(51,559)
Cash surrender value of company-/trust-owned life insurance	(1,537)			—
Derecognition of previously deferred Project Diamond Vault costs	10,336			—
Changes in assets and liabilities
Accounts receivable	21,816			29,310
Accounts receivable, affiliate	(3,740)			(5,351)
Unbilled revenue	(3,065)			(4,816)
Fuel inventory and materials and supplies	(40,862)			(129,183)
Prepayments	1,474			(11,332)
Accounts payable	(20,239)			(31,200)

Customer deposits	3,902			2,219

Postretirement benefit obligations	(1,599)			1,277
Regulatory assets and liabilities, net	674			1,716
Asset retirement obligation	(2,144)			(4,520)
Deferred fuel recoveries	(7,130)			46,502
Other deferred accounts	(3,236)			(5,240)
Taxes accrued	80,585			40,297
Interest accrued	(1,313)			(3,408)
Energy risk management assets and liabilities, net	(10,990)			(6,500)

Other operating	(10,409)			(1,312)
Net cash provided by operating activities	185,038			124,359
Investing activities
Additions to property, plant, and equipment	(116,515)			(115,159)













Proceeds from sale of discontinued operations (net of transaction fees of $10.8 million)	463,769			—
Other investing	1,489			1,594
Net cash provided by (used in) investing activities	348,743			(113,565)
Financing activities
Draws on revolving credit facilities	22,000			96,000
Payments on revolving credit facilities	(132,000)			(85,000)
Issuances of long-term debt	16,599			—

Repayment of long-term debt	(256,143)			(3,204)


Distributions to member	(20,000)			—
Other financing	(911)			(443)
Net cash (used in) provided by financing activities	(370,455)			7,353
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents	163,326			18,147
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	256,067		(1)	191,572
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	$	419,393	(2)	$	209,719

The accompanying notes are an integral part of the condensed consolidated financial statements.

(Continued on next page)


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO

Condensed Consolidated Statements of Cash Flows (Unaudited)
	FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023
Supplementary cash flow information
Interest paid, net of amount capitalized	$	83,259	$	85,393
Income taxes paid, net	$	1,855	$	2,162
Supplementary non-cash investing and financing activities
Accrued additions to property, plant, and equipment	$	4,131	$	6,558




(1) Includes cash and cash equivalents of $122,576, current restricted cash and cash equivalents of $15,818, and non-current restricted cash and cash equivalents of $113,573. Also includes cash, cash equivalents, and restricted cash equivalents in assets held for sale of $4,100. (2) Includes cash and cash equivalents of $287,959, current restricted cash and cash equivalents of $14,755, and non-current restricted cash and cash equivalents of $116,679.

The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO

Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited)
(THOUSANDS)	MEMBERSHIP INTEREST		RETAINED EARNINGS		AOCI		TOTAL MEMBER’S EQUITY
Balances, Mar. 31, 2023	$	2,454,276	$	388,710	$	(363)	$	2,842,623


Net income	—		47,330		—		47,330
Other comprehensive loss, net of tax	—		—		(423)		(423)
Balances, June 30, 2023	$	2,454,276	$	436,040	$	(786)	$	2,889,530

Balances, Mar. 31, 2024	$	2,454,276	$	366,778	$	(5,411)	$	2,815,643


Net income	—		61,290		—		61,290
Distributions to member	—		(20,000)		—		(20,000)
Other comprehensive loss, net of tax	—		—		(144)		(144)
Balances, June 30, 2024	$	2,454,276	$	408,068	$	(5,555)	$	2,856,789


Balances, Dec. 31, 2022	$	2,454,276	$	492,732	$	59	$	2,947,067


Net loss	—		(56,692)		—		(56,692)
Other comprehensive loss, net of tax	—		—		(845)		(845)
Balances, June 30, 2023	$	2,454,276	$	436,040	$	(786)	$	2,889,530

Balances, Dec. 31, 2023	$	2,454,276	$	424,009	$	(5,112)	$	2,873,173

Net income	—		4,059		—		4,059
Distributions to member	—		(20,000)		—		(20,000)
Other comprehensive loss, net of tax	—		—		(443)		(443)
Balances, June 30, 2024	$	2,454,276	$	408,068	$	(5,555)	$	2,856,789
The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Cleco Power

These unaudited condensed consolidated financial statements should be read in conjunction with Cleco Power’s Consolidated Financial Statements and Notes included in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2023. For more information on the basis of presentation, see “Notes to the Unaudited Condensed Consolidated Financial Statements — Note 1 — Summary of Significant Accounting Policies — Basis of Presentation.”


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO POWER

Condensed Consolidated Statements of Income (Unaudited)
	FOR THE THREE MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023
Operating revenue
Electric operations	$	229,356	$	263,176
Other operations	22,382		24,741
Affiliate revenue	1,522		1,635
Gross operating revenue	253,260		289,552
Electric customer credits	(548)		(736)
Operating revenue, net	252,712		288,816
Operating expenses
Fuel used for electric generation	41,789		62,800
Purchased power	28,083		40,845
Other operations and maintenance	59,636		57,386
Depreciation and amortization	46,753		43,722
Taxes other than income taxes	13,475		14,342



Total operating expenses	189,736		219,095
Operating income	62,976		69,721
Interest income	904		579
Allowance for equity funds used during construction	646		1,574

Other expense, net	(10,552)		(1,005)
Interest charges
Interest charges, net	25,480		24,732
Allowance for borrowed funds used during construction	(364)		(549)
Total interest charges	25,116		24,183
Income before income taxes	28,858		46,686
Federal and state income tax expense	2,072		3,247
Net income	$	26,786	$	43,439
The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO POWER

Condensed Consolidated Statements of Comprehensive Income (Unaudited)
	FOR THE THREE MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023
Net income	$	26,786	$	43,439
Other comprehensive income, net of income tax
Postretirement benefits gain (net of tax expense of $59 in 2024 and $36 in 2023)	161		96
Amortization of interest rate derivatives to earnings (net of tax expense of $23 in 2024 and 2023)	62		63
Total other comprehensive income, net of income tax	223		159
Comprehensive income, net of tax	$	27,009	$	43,598
The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO POWER

Condensed Consolidated Statements of Income (Unaudited)
	FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023
Operating revenue
Electric operations	$	483,150	$	559,524
Other operations	49,599		52,044
Affiliate revenue	10,391		3,323
Gross operating revenue	543,140		614,891
Electric customer credits	(2,395)		(1,386)
Operating revenue, net	540,745		613,505
Operating expenses
Fuel used for electric generation	111,580		181,411
Purchased power	65,875		81,283
Other operations and maintenance	116,430		111,377
Depreciation and amortization	140,757		94,454
Taxes other than income taxes	29,121		30,337



Total operating expenses	463,763		498,862
Operating income	76,982		114,643
Interest income	2,192		1,764
Allowance for equity funds used during construction	780		2,806
Equity income from investee before income tax	674		—
Other (expense) income, net	(10,779)		301
Interest charges
Interest charges, net	50,994		49,587
Allowance for borrowed funds used during construction	(2,395)		(1,066)
Total interest charges	48,599		48,521
Income before income taxes	21,250		70,993
Federal and state income tax expense	1,112		4,737
Net income	$	20,138	$	66,256
The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO POWER

Condensed Consolidated Statements of Comprehensive Income (Unaudited)
	FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023
Net income	$	20,138	$	66,256
Other comprehensive income, net of tax
Postretirement benefits gain (net of tax expense of $129 in 2024 and $71 in 2023)	351		192
Amortization of interest rate derivatives to earnings (net of tax expense of $46 in 2024 and 2023)	126		126
Total other comprehensive income, net of tax	477		318
Comprehensive income, net of tax	$	20,615	$	66,574
The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO POWER

Condensed Consolidated Balance Sheets (Unaudited)
(THOUSANDS)	AT JUNE 30, 2024		AT DEC. 31, 2023
Assets
Utility plant and equipment
Property, plant, and equipment	$	6,011,830	$	5,969,355
Accumulated depreciation	(2,274,094)		(2,244,217)
Net property, plant, and equipment	3,737,736		3,725,138
Construction work in progress	108,671		118,249
Total utility plant and equipment, net	3,846,407		3,843,387
Current assets
Cash and cash equivalents	47,062		49,211
Restricted cash and cash equivalents	14,755		15,818
Customer accounts receivable (less allowance for credit losses of $1,368 in 2024 and $3,012 in 2023)	45,255		48,949
Accounts receivable - affiliate	3,171		4,543
Other accounts receivable	26,064		27,768

Unbilled revenue	45,921		42,856
Fuel inventory, at average cost	72,762		68,387
Materials and supplies, at average cost	154,298		141,688
Energy risk management assets	10,931		3,087
Accumulated deferred fuel	10,461		11,627
Cash surrender value of company-owned life insurance policies	9,957		9,792
Prepayments	12,671		17,375
Regulatory assets	286,661		26,545
Other current assets	1,362		918
Total current assets	741,331		468,564


Operating lease right of use assets	19,164		20,070
Restricted cash and cash equivalents	116,655		113,549
Note receivable	10,911		11,990
Regulatory assets - deferred taxes, net	52,870		43,866
Regulatory assets	204,888		505,623
Intangible asset - securitization	392,311		398,658


Energy risk management assets	3,986		—
Other deferred charges	19,929		23,835
Total assets	$	5,408,452	$	5,429,542
The accompanying notes are an integral part of the condensed consolidated financial statements.

(Continued on next page)


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO POWER

Condensed Consolidated Balance Sheets (Unaudited)
(THOUSANDS)	AT JUNE 30, 2024		AT DEC. 31, 2023
Liabilities and member’s equity
Member’s equity	$	2,043,852	$	2,063,237
Long-term debt and finance leases, net	1,638,951		1,697,152
Total capitalization	3,682,803		3,760,389
Current liabilities

Long-term debt and finance leases due within one year	240,549		190,314
Accounts payable	92,474		95,565
Accounts payable - affiliate	11,950		13,200
Customer deposits	57,565		56,982
Provision for rate refund	22,068		60,768

Taxes payable	59,409		23,709
Interest accrued	11,677		11,752

Energy risk management liabilities	4,616		15,112
Regulatory liabilities - deferred taxes, net	6,666		21,939

Post retirement benefit obligations	34,579		30,777
Other current liabilities	13,844		14,617
Total current liabilities	555,397		534,735
Commitments and contingencies (Note 14)
Long-term liabilities and deferred credits
Accumulated deferred federal and state income taxes, net	815,566		806,560

Postretirement benefit obligations	124,824		132,321


Storm reserves	100,828		111,509



Asset retirement obligations	11,672		13,598
Operating lease liabilities	16,320		17,276
Provision for rate refund	40,000		—
Customer advances for construction	22,970		26,815
Other deferred credits	38,072		26,339
Total long-term liabilities and deferred credits	1,170,252		1,134,418
Total liabilities and member’s equity	$	5,408,452	$	5,429,542
The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO POWER

Condensed Consolidated Statements of Cash Flows (Unaudited)
	FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024			2023
Operating activities
Net income	$	20,138		$	66,256
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	143,524			97,305

Provision for credit losses	510			2,146

Electric customer credits	1,300			—


Allowance for equity funds used during construction	(780)			(2,806)
Deferred income taxes	(10,921)			(7,792)

Derecognition of previously deferred Project Diamond Vault costs	10,336			—
Changes in assets and liabilities
Accounts receivable	2,911			29,659
Accounts receivable - affiliate	2,338			2,286
Unbilled revenue	(3,065)			(4,816)
Fuel inventory and materials and supplies	(16,982)			(66,595)
Prepayments	5,507			(1,093)
Accounts payable	(5,019)			(19,923)
Accounts payable - affiliate	(1,167)			663
Customer deposits	3,902			2,219



Asset retirement obligation	(2,139)			(4,361)
Deferred fuel recoveries	(7,130)			46,502
Other deferred accounts	(694)			755
Taxes accrued	34,900			34,574
Interest accrued	(75)			(3,648)
Energy risk management assets and liabilities, net	(10,990)			—
Other operating	(6,163)			2,906
Net cash provided by operating activities	160,241			174,237
Investing activities
Additions to property, plant, and equipment	(113,081)			(110,480)








Other investing	1,489			1,497
Net cash used in investing activities	(111,592)			(108,983)
Financing activities
Draws on revolving credit facility	—			25,000
Payments on revolving credit facility	—			(45,000)
Issuances of long-term debt	16,599			—

Repayment of long-term debt	(24,443)			(3,204)



Distributions to member	(40,000)			(25,000)
Other financing	(911)			(419)
Net cash used in financing activities	(48,755)			(48,623)
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents	(106)			16,631
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	178,578		(1)	147,644
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	$	178,472	(2)	$	164,275

Supplementary cash flow information
Interest paid, net of amount capitalized	$	48,540		$	50,692

Supplementary non-cash investing and financing activities
Accrued additions to property, plant, and equipment	$	4,086		$	5,908





(1) Includes cash and cash equivalents of $49,211, current restricted cash and cash equivalents of $15,818, and non-current restricted cash and cash equivalents of $113,549. (2) Includes cash and cash equivalents of $47,062, current restricted cash and cash equivalents of $14,755, and non-current restricted cash and cash equivalents of $116,655.

The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO POWER

Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited)
(THOUSANDS)	MEMBERSHIP INTEREST		AOCI		TOTAL MEMBER’S EQUITY
Balances, Mar. 31, 2023	$	2,054,094	$	(8,206)	$	2,045,888

Net income	43,439		—		43,439
Distributions to member	(25,000)		—		(25,000)
Other comprehensive income, net of tax	—		159		159
Balances, June 30, 2023	$	2,072,533	$	(8,047)	$	2,064,486

Balances, Mar. 31, 2024	$	2,026,940	$	(10,097)	$	2,016,843

Net income	26,786		—		26,786

Other comprehensive income, net of tax	—		223		223
Balances, June 30, 2024	$	2,053,726	$	(9,874)	$	2,043,852


Balances, Dec. 31, 2022	$	2,031,277	$	(8,365)	$	2,022,912

Net income	66,256		—		66,256
Distributions to member	(25,000)		—		(25,000)
Other comprehensive income, net of tax	—		318		318
Balances, June 30, 2023	$	2,072,533	$	(8,047)	$	2,064,486

Balances, Dec. 31, 2023	$	2,073,588	$	(10,351)	$	2,063,237

Net income	20,138		—		20,138
Distributions to member	(40,000)		—		(40,000)
Other comprehensive income, net of tax	—		477		477
Balances, June 30, 2024	$	2,053,726	$	(9,874)	$	2,043,852
The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


Index to Applicable Notes to the Unaudited Condensed Consolidated Financial Statements of Registrants

Note 1	Summary of Significant Accounting Policies	Cleco and Cleco Power
Note 2	Recent Authoritative Guidance	Cleco and Cleco Power
Note 3	Discontinued Operations	Cleco
Note 4	Revenue Recognition	Cleco and Cleco Power
Note 5	Regulatory Assets and Liabilities	Cleco and Cleco Power
Note 6	Fair Value Accounting Instruments	Cleco and Cleco Power
Note 7	Derivative Instruments	Cleco and Cleco Power
Note 8	Debt	Cleco and Cleco Power
Note 9	Pension Plan and Employee Benefits	Cleco and Cleco Power
Note 10	Income Taxes	Cleco and Cleco Power
Note 11	Segment Disclosures	Cleco
Note 12	Regulation and Rates	Cleco and Cleco Power
Note 13	Variable Interest Entities	Cleco and Cleco Power
Note 14	Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees	Cleco and Cleco Power
Note 15	Affiliate Transactions	Cleco and Cleco Power
Note 16	Intangible Assets	Cleco and Cleco Power
Note 17	Accumulated Other Comprehensive Loss	Cleco and Cleco Power
Note 18	Storm Restoration	Cleco and Cleco Power
Note 19	Property, Plant, and Equipment	Cleco and Cleco Power


Notes to the Unaudited Condensed Consolidated Financial Statements


Note 1 — Summary of Significant Accounting Policies

Discontinued Operations

In March 2023, Cleco Holdings’ management, with the support of its Board of Managers, committed to a plan of action for the disposition of the Cleco Cajun Sale Group. As a result, Cleco Holdings’ management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met and the sale represents a strategic shift that will have a major effect on Cleco’s future operations and financial results. Therefore, the results of operations and financial position of the Cleco Cajun Sale Group have been presented as discontinued operations since March 31, 2023. On June 1, 2024, the Cleco Cajun Divestiture closed. The financial information for the three and six months ended June 30, 2023, provided in this Quarterly Report on Form 10-Q has been recast as a result of the determination during the third quarter of 2023 that the Cleco Cajun Purchasers would not be acquiring the natural gas derivative instruments relating to the Cleco Cajun Sale Group. For more information, see Note 3 — “Discontinued Operations.”

Principles of Consolidation

The accompanying condensed consolidated financial statements of Cleco include the accounts of Cleco Holdings and its majority-owned subsidiaries after elimination of intercompany accounts and transactions.

Basis of Presentation

The condensed consolidated financial statements of Cleco and Cleco Power have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. The year-end condensed consolidated balance

sheet data was derived from audited financial statements and adjusted for discontinued operations. Because the interim condensed consolidated financial statements and the accompanying notes do not include all of the information and notes required by GAAP for annual financial statements, the condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

These condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments that are necessary for a fair statement of the financial position and results of operations of Cleco and Cleco Power. Amounts reported in Cleco’s and Cleco Power’s interim financial statements are not necessarily indicative of amounts expected for the annual periods due to the effects of seasonal temperature variations on energy consumption, regulatory rulings, the timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices, discrete income tax items, and other factors.

In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. For information on recent authoritative guidance and its effect on financial results, see Note 2 — “Recent Authoritative Guidance.” For information on discontinued operations, see Note 3 — “Discontinued Operations.”

Restricted Cash and Cash Equivalents

Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions under these agreements are met, cash is transferred out of


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q

related escrow accounts and becomes available for its intended purposes and/or general corporate purposes.

Cleco’s and Cleco Power’s restricted cash and cash equivalents consisted of the following:


Cleco
(THOUSANDS)	AT JUNE 30, 2024		AT DEC. 31, 2023
Current

Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service	$	14,755	$	15,818
Total current	14,755		15,818
Non-current
Diversified Lands’ mitigation escrow	24		24
Cleco Power’s future storm restoration costs	116,655		113,549


Total non-current	116,679		113,573
Total restricted cash and cash equivalents	$	131,434	$	129,391


Cleco Power
(THOUSANDS)	AT JUNE 30, 2024		AT DEC. 31, 2023
Current

Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service	$	14,755	$	15,818
Total current	14,755		15,818
Non-current
Future storm restoration costs	116,655		113,549


Total non-current	116,655		113,549
Total restricted cash and cash equivalents	$	131,410	$	129,367

Reserves for Credit Losses

Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivable are generally considered past due 20 days after the billing date. Cleco recognizes write-offs within the allowance for credit losses once all recovery methods have been exhausted. It is the policy of management to review accounts receivable and unbilled revenue monthly using a reserve matrix based on historical bad debt write-offs, as well as current and forecasted economic conditions, to establish a credit loss estimate. Management’s historical credit loss analysis included periods of economic recessions, natural disasters, and temporary changes to collection policies. Due to the critical necessity of electricity, these past events have not significantly impacted Cleco’s credit loss rates.

Cleco’s credit losses at June 30, 2024, were within range of its historical credit loss analysis.

The tables below present the changes in the allowance for credit losses by receivable for Cleco and Cleco Power:


Cleco
	FOR THE THREE MONTHS ENDED JUNE 30, 2024						FOR THE SIX MONTHS ENDED JUNE 30, 2024
(THOUSANDS)	ACCOUNTS RECEIVABLE		OTHER		TOTAL		ACCOUNTS RECEIVABLE		OTHER		TOTAL
Balances, beginning of period	$	1,822	$	1,638	$	3,460	$	3,012	$	1,638	$	4,650

Current period provision	368		—		368		510		—		510
Charge-offs	(1,098)		—		(1,098)		(2,761)		—		(2,761)
Recovery	276		—		276		607		—		607
Balances, June 30, 2024	$	1,368	$	1,638	$	3,006	$	1,368	$	1,638	$	3,006


	FOR THE THREE MONTHS ENDED JUNE 30, 2023						FOR THE SIX MONTHS ENDED JUNE 30, 2023
(THOUSANDS)	ACCOUNTS RECEIVABLE		OTHER		TOTAL		ACCOUNTS RECEIVABLE		OTHER		TOTAL
Balances, beginning of period	$	1,127	$	1,638	$	2,765	$	1,147	$	1,638	$	2,785

Current period provision	906		—		906		2,146		—		2,146
Charge-offs	(1,108)		—		(1,108)		(2,746)		—		(2,746)
Recovery	327		—		327		705		—		705
Balances, June 30, 2023	$	1,252	$	1,638	$	2,890	$	1,252	$	1,638	$	2,890


Cleco Power
	FOR THE THREE MONTHS ENDED JUNE 30, 2024		FOR THE SIX MONTHS ENDED JUNE 30, 2024
(THOUSANDS)	ACCOUNTS RECEIVABLE
Balances, beginning of period	$	1,822	$	3,012

Current period provision	368		510
Charge-offs	(1,098)		(2,761)
Recovery	276		607
Balances, June 30, 2024	$	1,368	$	1,368


	FOR THE THREE MONTHS ENDED JUNE 30, 2023		FOR THE SIX MONTHS ENDED JUNE 30, 2023
(THOUSANDS)	ACCOUNTS RECEIVABLE
Balances, beginning of period	$	1,127	$	1,147

Current period provision	906		2,146
Charge-offs	(1,108)		(2,746)
Recovery	327		705
Balances, June 30, 2023	$	1,252	$	1,252


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


Note 2 — Recent Authoritative Guidance

In March 2023, FASB issued guidance that applies to leases between entities under common control. The guidance provides a practical expedient for determining whether an arrangement between entities under common control is a lease as well as the classification of the lease. In addition, the leasehold improvements amortization period is to be determined by the useful life to the common group rather than the term of the lease. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Cleco has arrangements between entities under common control. The implementation of this guidance did not have a material impact on the results of operations, financial condition, or cash flows of the Registrants.

In November 2023, FASB issued guidance to improve reportable segment disclosure requirements. The guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. Disclosure requirements include disclosing significant segment expenses by reportable segment if they are regularly provided to the chief operating decision maker and included in each reported measure of segment profit or loss. Disclosures are required on both an annual and an interim basis. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Management does not expect this guidance to have a significant impact on the results of operations, financial condition, or cash flows of the Registrants.


Note 3 — Discontinued Operations

In March 2023, Cleco Holdings’ management, with the support of its Board of Managers, committed to a plan of action for the disposition of the Cleco Cajun Sale Group. As a result, Cleco Holdings’ management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met and the sale represents a strategic shift that will have a major effect on Cleco’s future operations and financial results. Therefore, the results of operations and financial position of the Cleco Cajun Sale Group have been presented as discontinued operations since March 31, 2023. The financial information for the three and six months ended June 30, 2023, provided in this Quarterly Report on Form 10-Q has been recast as a result of the determination during the third quarter of 2023 that the Cleco Cajun Purchasers would not be acquiring the natural gas derivative instruments relating to the Cleco Cajun Sale Group. Certain expenses incurred by the Cleco Cajun Sale Group as a result of common services

provided by Support Group are reflected in Cleco’s results of continuing operations due to the expected ongoing nature of those expenses. In addition, revenue recognized by Cleco Power from transmission services provided to the Cleco Cajun Sale Group is no longer eliminated upon consolidation of Cleco's financial statements and is reflected in Cleco’s results of continuing operations due to the ongoing nature of these services.

On June 1, 2024, the Cleco Cajun Sellers completed the sale of the Cleco Cajun Sale Group. Upon closing, the Cleco Cajun Sellers received $474.5 million, net of adjustments as set forth in the Cleco Cajun Divestiture Purchase and Sale Agreement and adjustments based on net working capital. Also in conjunction with the closing of the Cleco Cajun Divestiture, the Cleco Cajun Sellers paid $10.8 million to professional service firms that were engaged to facilitate the transaction. Cleco expects to receive an additional $113.0 million 24 months after closing, which is not contingent upon the post-divestiture performance of the divested business. This receivable is discounted to its net present value and recorded in Receivable - Cleco Cajun Divestiture on Cleco’s Condensed Consolidated Balance Sheet. In connection with the sale, Cleco entered into a transition services agreement to provide certain services to the Cleco Cajun Purchasers for up to twelve months.

In February 2019 in connection with the approval of the Cleco Cajun Acquisition, Cleco made commitments to the LPSC that included the repayment of $400.0 million of Cleco Holdings’ debt by December 31, 2024. On April 26, 2024, the remaining $66.7 million of that debt was paid and this LPSC commitment was satisfied. Interest expense on that debt is included in discontinued operations.

Cleco determined that the estimated fair value less the estimated cost to sell the Cleco Cajun Sale Group was less than the carrying value of the Cleco Cajun Sale Group. As a result, the Cleco Cajun Sale Group had an impairment of $173.0 million at December 31, 2023. During the three months ended March 31, 2024, an additional impairment charge of $17.0 million was recorded. On June 1, 2024, the Cleco Cajun Divestiture closed, and an incremental $28.0 million loss on the sale of the Cleco Cajun Sale Group was recorded. This resulted in a cumulative loss related to the Cleco Cajun Divestiture of $218.0 million. The incremental loss on the sale of the Cleco Cajun Sale Group recognized during the three months ended June 30, 2024, was the difference between the fair value of the proceeds received and the derecognized net assets of the Cleco Cajun Sale Group on the closing date.

The following table presents the amounts that have been reclassified from continuing operations and included in discontinued operations within Cleco’s Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024, and 2023:


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


	FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023		2024		2023
Operating revenue, net
Electric operations	$	78,727	$	123,462	$	207,555	$	232,223
Other operations	19,458		26,469		50,992		61,182
Operating revenue, net	98,185		149,931		258,547		293,405
Operating expenses
Fuel used for electric generation(1)	5,860		18,482		21,056		28,715
Purchased power	31,095		47,962		93,035		108,587
Other operations and maintenance	14,300		23,945		37,591		47,313
Depreciation and amortization	3,915		502		4,271		15,015

Total operating expenses	55,170		90,891		155,953		199,630
Operating income	43,015		59,040		102,594		93,775
Other income (expense), net	113		(3)		239		131
Interest, net	662		(1,924)		582		(3,710)
Loss - Cleco Cajun Divestiture(2)	(27,951)		(20,000)		(44,951)		(116,000)
Income (loss) from discontinued operations before income taxes	15,839		37,113		58,464		(25,804)
Federal and state income tax expense (benefit)(1)	3,129		(76,855)		13,792		(158,825)
Income from discontinued operations, net of income taxes	$	12,710	$	113,968	$	44,672	$	133,021

(1) The amounts for the three and six months ended June 30, 2023, have been recast to exclude net losses, net of income tax benefit associated with Cleco Cajun’s natural gas derivatives of $3.7 million and $60.2 million, respectively. This recast was a result of the determination during the third quarter of 2023 that the Cleco Cajun Purchasers would not be acquiring the natural gas derivative instruments; therefore, net losses and the related income tax benefit associated with natural gas derivative instruments relating to the Cleco Cajun Sale Group are no longer presented in discontinued operations.

(2) For the three months ended March 31, 2024, and the three and six months ended June 30, 2023, this represents the loss on the classification as held for sale. For the three months ended June 30, 2024, this represents the loss on the sale of the Cleco Cajun Sale Group as a result of the Cleco Cajun Divestiture.

The following table presents the assets and liabilities of the Cleco Cajun Sale Group that have been reclassified as held for sale within Cleco’s Condensed Consolidated Balance Sheet as of December 31, 2023:


(THOUSANDS)	AT DEC. 31, 2023
Cash, cash equivalents, and restricted cash equivalents	$	4,100

Accounts receivable	70,001



Fuel inventory, at average cost	47,243
Materials and supplies, at average cost	36,283
Energy risk management assets	1,066




Property, plant, and equipment, net	648,676
Prepayments	18,587



Intangible assets - other	32,569

Other assets	20,207
Accumulated loss recognized on classification as held for sale	(173,000)

Total assets held for sale - discontinued operations	$	705,732

Accounts payable	$	30,442










Deferred lease revenue	19,945
Intangible liabilities	12,695
Asset retirement obligations	46,165

Other liabilities	5,705

Total liabilities held for sale - discontinued operations	$	114,952

Cleco has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. The following table presents the cash flows from discontinued operations related to the Cleco Cajun Sale Group for the six months ended June 30, 2024, and 2023:


	FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023
Net cash (used in) provided by operating activities - discontinued operations	$	(982)	$	4,046
Net cash used in investing activities - discontinued operations	$	(3,118)	$	(4,031)


Note 4 — Revenue Recognition

Disaggregated Revenue

Operating revenue, net for the three and six months ended June 30, 2024, and 2023 was as follows:


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


	FOR THE THREE MONTHS ENDED JUNE 30, 2024
(THOUSANDS)	CLECO POWER			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential(1)	$	103,426		$	—		$	—	103,426
Commercial(1)	67,582			—			—		67,582
Industrial(1)	35,870			—			—		35,870
Other retail(1)	3,618			—			—		3,618
Electric customer credits	(548)			—			—		(548)
Total retail revenue	209,948			—			—		209,948
Wholesale, net	18,078		(1)	(186)		(2)	—		17,892
Transmission	9,458			—			—		9,458
Other	5,118			—			—		5,118
Affiliate(3)	1,522			27,756			(29,278)		—
Total revenue from contracts with customers	244,124			27,570			(29,278)		242,416
Revenue unrelated to contracts with customers
Securitization revenue	7,806			—			—		7,806
Other	782		(4)	1,181			—		1,963
Total revenue unrelated to contracts with customers	8,588			1,181			—		9,769
Operating revenue, net	$	252,712		$	28,751		$	(29,278)	$	252,185

(1) Includes fuel recovery revenue.

(2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements.

(3) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.

(4) Realized gains associated with FTRs.


	FOR THE THREE MONTHS ENDED JUNE 30, 2023
(THOUSANDS)	CLECO POWER			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential(1)	$	103,144		$	—		$	—	$	103,144
Commercial(1)	68,067			—			—		68,067
Industrial(1)	37,615			—			—		37,615
Other retail(1)	4,070			—			—		4,070
Electric customer credits	(736)			—			—		(736)
Total retail revenue	212,160			—			—		212,160
Wholesale, net	48,481		(1)	(2,387)		(2)	—		46,094
Transmission	13,955			—			—		13,955
Other	4,551			—			—		4,551
Affiliate(3)	1,635			28,902			(30,537)		—
Total revenue from contracts with customers	280,782			26,515			(30,537)		276,760
Revenue unrelated to contracts with customers
Securitization revenue	6,236			—			—		6,236
Other	1,798		(4)	1			—		1,799
Total revenue unrelated to contracts with customers	8,034			1			—		8,035
Operating revenue, net	$	288,816		$	26,516		$	(30,537)	$	284,795

(1) Includes fuel recovery revenue.

(2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements.

(3) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.

(4) Realized gains associated with FTRs.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


	FOR THE SIX MONTHS ENDED JUNE 30, 2024
(THOUSANDS)	CLECO POWER			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential(1)	$	195,438		$	—		$	—	$	195,438
Commercial(1)	135,728			—			—		135,728
Industrial(1)	75,271			—			—		75,271
Other retail(1)	7,350			—			—		7,350
Electric customer credits	(2,395)			—			—		(2,395)
Total retail revenue	411,392			—			—		411,392
Wholesale, net	67,933		(1)	(2,509)		(2)	—		65,424
Transmission, net	23,352			—			—		23,352
Other	10,367			—			—		10,367
Affiliate(3)	10,391			57,423			(67,814)		—
Total revenue from contracts with customers	523,435			54,914			(67,814)		510,535
Revenue unrelated to contracts with customers
Securitization revenue	15,880			—			—		15,880
Other	1,430		(4)	1,182			—		2,612
Total revenue unrelated to contracts with customers	17,310			1,182			—		18,492
Operating revenue, net	$	540,745		$	56,096		$	(67,814)	$	529,027
(1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (4) Realized gains associated with FTRs.


	FOR THE SIX MONTHS ENDED JUNE 30, 2023
(THOUSANDS)	CLECO POWER			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential(1)	$	210,340		$	—		$	—	$	210,340
Commercial(1)	145,724			—			—		145,724
Industrial(1)	87,025			—			—		87,025
Other retail(1)	8,644			—			—		8,644

Electric customer credits	(1,386)			—			—		(1,386)
Total retail revenue	450,347			—			—		450,347
Wholesale, net	105,164		(1)	(4,807)		(2)	—		100,357
Transmission, net	26,485			—			—		26,485
Other	10,100			—			—		10,100
Affiliate(3)	3,323			56,416			(59,739)		—
Total revenue from contracts with customers	595,419			51,609			(59,739)		587,289
Revenue unrelated to contracts with customers
Securitization Revenue	15,462			—			—		15,462
Other	2,624		(4)	2			—		2,626
Total revenue unrelated to contracts with customers	18,086			2			—		18,088
Operating revenue, net	$	613,505		$	51,611		$	(59,739)	$	605,377
(1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (4) Realized gains associated with FTRs.

Cleco and Cleco Power have unsatisfied performance obligations under contracts with wholesale and retail customers with durations between 2 and 11 years that primarily relate to stand-ready obligations as part of fixed capacity minimums. At June 30, 2024, Cleco and Cleco Power had $263.6 million of unsatisfied fixed performance obligations that will be recognized as revenue over the term of such contracts as the stand-ready obligation to provide energy is provided.


Note 5 — Regulatory Assets and Liabilities

Cleco Power recognizes an asset for certain costs capitalized or deferred for recovery from customers and recognizes a liability for amounts expected to be returned to customers or collected for future expected costs. Cleco Power records these assets and liabilities based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process.

Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable. If in


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q

the future, as a result of regulatory changes or competition, Cleco Power’s ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable, Cleco Power would be required to write-down such assets. In addition, potential deregulation of the industry, or possible future

changes in the method of rate regulation of Cleco Power, could require discontinuance of the application of the authoritative guidance on regulated operations.

The following table summarizes Cleco Power’s regulatory assets and liabilities:


Cleco Power
					REMAINING RECOVERY PERIOD (YRS.)
(THOUSANDS)	AT JUNE 30, 2024		AT DEC. 31, 2023
Regulatory assets
Acadia Unit 1 acquisition costs	$	1,649	$	1,701	15.5
Accumulated deferred fuel(1)	10,461		11,627		Various
Affordability study	9,648		10,337		7
AFUDC equity gross-up	58,832		60,381		Various	(2)
AMI deferred revenue requirement	681		954		1.75
AROs(7)	9,373		20,094

Coughlin transaction costs	769		784		25
COVID-19 executive order(9)	3,926		3,039		3
Deferred lignite and mine closure costs(7)	135,427		136,076
Deferred storm restoration costs - Hurricane Delta(6)	88		88

Deferred storm restoration costs - Hurricane Laura(6)	347		367
Deferred storm restoration costs - Hurricane Zeta(6)	7		7

Deferred taxes, net	52,870		43,866		Various
Dolet Hills Power Station closure costs(7)	122,387		147,323


Financing costs(1)	5,902		6,087		Various	(3)
Interest costs	2,836		2,961		Various	(2)
Madison Unit 3 property taxes	13,420		13,297		Various	(8)
Non-service cost of postretirement benefits	14,431		14,526		Various	(2)
Other	9,647		10,483		Various
Postretirement costs	64,399		64,399		Various	(4)
Production operations and maintenance expenses	4,944		7,002		Various	(5)
Rodemacher Unit 2 deferred costs(7)	23,256		19,282

St. Mary Clean Energy Center	1,740		3,705		1

Training costs	5,540		5,618		35.5
Tree trimming costs	2,300		3,657		0.75
Total regulatory assets	554,880		587,661
Regulatory liabilities


Deferred taxes, net	(6,666)		(21,939)		Various

Storm reserves	(100,828)		(111,509)
Total regulatory liabilities	(107,494)		(133,448)
Total regulatory assets, net	$	447,386	$	454,213
(1) Represents regulatory assets for past expenditures that were not earning a return on investment at June 30, 2024, and December 31, 2023. All other assets are earning a return on investment. (2) Amortized over the estimated lives of the respective assets. (3) Amortized over the terms of the related debt issuances. (4) Amortized over the average service life of the remaining plan participants. (5) Deferral is recovered over the following three-year regulatory period. (6) From June 1, 2021, through August 31, 2022, these were being recovered through the interim storm recovery rate. The storm recovery surcharge became effective on September 1, 2022. (7) Currently not in a recovery period. (8) Beginning July 1, 2021, property taxes paid for the year ended December 31, are being amortized over the subsequent 12 months beginning July 1. (9) Beginning July 1, 2024, the lost revenues and incremental costs associated with the COVID-19 executive order are being amortized over three years as approved by the LPSC in May 2024.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q

The following table summarizes Cleco’s net regulatory assets and liabilities:


Cleco
(THOUSANDS)	AT JUNE 30, 2024		AT DEC. 31, 2023
Total Cleco Power regulatory assets, net	$	447,386	$	454,213
2016 Merger adjustments(1)
Fair value of long-term debt	93,643		97,345
Postretirement costs	8,455		9,448
Financing costs	6,388		6,560
Debt issuance costs	4,088		4,254
Total Cleco regulatory assets, net	$	559,960	$	571,820

(1) Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger.

Deferred Lignite and Mine Closure Costs and Dolet Hills Power Station Closure Costs

In 2020, Cleco Power and SWEPCO made a joint filing with the LPSC seeking authorization to close the Oxbow mine and to include and defer certain accelerated mine closing costs in fuel and related ratemaking treatment. In 2021, the LPSC approved the establishment of a regulatory asset for certain lignite costs that would otherwise be billed through Cleco Power’s FAC and any reasonable incremental third-party professional costs related to the closure of the mine.

In 2020, Cleco Power revised depreciation rates for the Dolet Hills Power Station to utilize the December 31, 2021, expected end-of-life and early retirement of the Dolet Hills Power Station and defer depreciation expense to a regulatory asset for the amount in excess of the previously approved depreciation rates by the LPSC. The Dolet Hills Power Station was retired on December 31, 2021.

In 2022, Cleco Power filed an application with the LPSC requesting approval of the regulatory treatment and recovery of stranded and decommissioning costs associated with the retirement of the Dolet Hills Power Station over 20 years as well as recovery of deferred fuel and mine-related costs. On April 19, 2024, the LPSC approved an uncontested settlement that contains a provision for a $40.0 million reduction in the regulatory asset associated with the Dolet Hills Power Station. This amount was recorded as a reduction to the associated regulatory asset on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets and an increase to Depreciation and amortization on Cleco’s and Cleco Power’s Statements of Income. At June 30, 2024, $12.3 million of the ARO regulatory asset, which is related to the Dolet Hills Power Station, was reclassified to the Dolet Hills Power Station Closure Costs regulatory asset. This amount was included in the related securitization application filed with the LPSC on May 17, 2024. Management anticipates the securitization of these costs to close by the end of March 2025, and as a result, reclassified these costs as current Regulatory assets on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets.

For more information about the settlement, see Note 14 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review.”


Note 6 — Fair Value Accounting Instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Cleco utilizes a three-tier fair value hierarchy that prioritizes inputs that may be used to measure fair value. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. Significant increases or decreases in any of those inputs in isolation could result in a significantly different fair value measurement. Cleco classifies fair value balances based on the fair value hierarchy defined as follows:

•Level 1 — observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that Cleco can observe as of the measurement date.

•Level 2 — observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets, quoted market prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 — unobservable inputs for assets or liabilities whose fair value is estimated based on internally or third-party developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints.

When available, Cleco must use observable market prices to measure fair value. Credit risk of Cleco and its counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves. Cleco applies the provisions of the fair value measurement standard to its non-recurring, non-financial measurements including business combinations as well as impairment related to goodwill and other long-lived assets. For information on the impairment related to discontinued operations, see Note 3 — “Discontinued Operations.”

Fair Value Measurements on a Recurring Basis

The amounts reflected in Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at June 30, 2024, and December 31, 2023, for cash equivalents, restricted cash equivalents, accounts receivable, other accounts receivable, short-term debt, and accounts payable approximate fair value because of their short-term nature.

The following tables disclose the fair value of financial assets and liabilities measured on a recurring basis on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets. These amounts are presented on a gross basis.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


Cleco
	FAIR VALUE MEASUREMENTS AT REPORTING DATE
(THOUSANDS)	AT JUNE 30, 2024		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		AT DEC. 31, 2023		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Asset description
Short-term investments	$	411,783	$	411,783	$	—	$	—	$	242,596	$	242,596	$	—	$	—
FTRs	3,927		—		—		3,927		3,087		—		—		3,087
Natural gas derivatives	10,990		—		10,990		—		5,042		—		5,042		—
Total assets	$	426,700	$	411,783	$	10,990	$	3,927	$	250,725	$	242,596	$	5,042	$	3,087
Liability description
FTRs	$	379	$	—	$	—	$	379	$	781	$	—	$	—	$	781
Natural gas derivatives	4,237		—		4,237		—		15,005		—		15,005		—
Total liabilities	$	4,616	$	—	$	4,237	$	379	$	15,786	$	—	$	15,005	$	781


Cleco Power
	FAIR VALUE MEASUREMENTS AT REPORTING DATE
(THOUSANDS)	AT JUNE 30, 2024		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		AT DEC. 31, 2023		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Asset description
Short-term investments	$	171,159	$	171,159	$	—	$	—	$	169,606	$	169,606	$	—	$	—
FTRs	3,927		—		—		3,927		3,087		—		—		3,087
Natural gas derivatives	10,990		—		10,990		—		—		—		—		—
Total assets	$	186,076	$	171,159	$	10,990	$	3,927	$	172,693	$	169,606	$	—	$	3,087
Liability description
FTRs	$	379	$	—	$	—	$	379	$	781	$	—	$	—	$	781
Natural gas derivatives	4,237		—		4,237		—		14,331		—		14,331		—
Total liabilities	$	4,616	$	—	$	4,237	$	379	$	15,112	$	—	$	14,331	$	781

Cleco has applied the Level 2 and Level 3 fair value techniques between comparative fiscal periods. During the six months ended June 30, 2024, and the year ended December 31, 2023, Cleco did not experience any transfers into or out of Level 3 of the fair value hierarchy.

Short-term Investments

At June 30, 2024, and December 31, 2023, Cleco and Cleco Power had short-term investments in money market funds and treasury bills that have a maturity of three months or less when purchased.

The following tables present the short-term investments as recorded on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at June 30, 2024, and December 31, 2023:


Cleco
(THOUSANDS)	AT JUNE 30, 2024		AT DEC. 31, 2023
Cash and cash equivalents	$	280,349	$	113,207
Current restricted cash and cash equivalents	$	14,755	$	15,818
Non-current restricted cash and cash equivalents	$	116,679	$	113,571


Cleco Power
(THOUSANDS)	AT JUNE 30, 2024		AT DEC. 31, 2023
Cash and cash equivalents	$	39,749	$	40,240
Current restricted cash and cash equivalents	$	14,755	$	15,818
Non-current restricted cash and cash equivalents	$	116,655	$	113,548

FTRs

FTRs are financial instruments used to provide a financial hedge to manage the risk of transmission congestion charges between MISO nodes in MISO’s Day-Ahead Energy Market. Cleco is awarded and/or purchases FTRs in auctions facilitated by MISO. FTRs are derivatives not designated as hedging instruments for accounting purposes.

FTRs are valued using MISO’s monthly auction prices as a price index reference (Level 3). Unrealized gains or losses are deferred as a component of Accumulated deferred fuel on the balance sheet in accordance with regulatory policy, and at settlement, realized gains or losses are included in Cleco Power’s FAC and reflected on customers’ bills as a component of the fuel charge.

The following table summarizes the changes in the net fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy for Cleco and Cleco Power:


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


	FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023		2024		2023
Balances, beginning of period	$	446	$	633	$	2,306	$	2,276
Unrealized losses*	(154)		(211)		(154)		(211)
Purchases	4,282		8,087		4,249		8,023
Settlements	(1,026)		(2,050)		(2,853)		(3,629)
Balances, end of period	$	3,548	$	6,459	$	3,548	$	6,459
* Unrealized losses are reported through Accumulated deferred fuel on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets.

The following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power at June 30, 2024, and December 31, 2023:


	FAIR VALUE				VALUATION TECHNIQUE	SIGNIFICANT UNOBSERVABLE INPUTS	INPUT/RANGE
(THOUSANDS, EXCEPT FORWARD PRICE RANGE)	ASSETS		LIABILITIES				LOW(1)		HIGH(1)		WEIGHTED AVERAGE(2)
FTRs at June 30, 2024	$	3,927	$	379	RTO auction pricing	FTR price - per MWh	$	(6.58)	$	8.49	$	0.23
FTRs at Dec. 31, 2023	$	3,087	$	781	RTO auction pricing	FTR price - per MWh	$	(3.51)	$	7.07	$

Cleco Corporate Holdings LLC 10-Q