8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
 

FORM 8‑K
 

CURRENT REPORT
 

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934
 

Date of Report (Date of earliest event reported): September 7, 2005

 

CLECO CORPORATION

(Exact name of registrant as specified in its charter)
 

Louisiana	1-15759	72-1445282
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		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

 

CLECO POWER LLC

(Exact name of registrant as specified in its charter)
 

Louisiana	1-05663	72-0244480
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

      o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

      o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

      o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

      o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

This combined Form 8-K is separately filed by Cleco Corporation and Cleco Power.  Information in this filing relating to Cleco Power is filed by Cleco Corporation and separately by Cleco Power on its own behalf.  Cleco Power makes no representation as to information relating to Cleco Corporation (except as it may relate to Cleco Power) or any other affiliate or subsidiary of Cleco Corporation.

Item 8.01        Other Events.

On August 29, 2005, Hurricane Katrina hit the coast of Louisiana and Mississippi, causing widespread power outages and catastrophic damage to the Gulf South region including portions of Cleco Power's service territory.  Cleco Power has sustained significant damage to certain of its distribution and transmission facilities.  Cleco Power had approximately 80,000 customers (out of approximately 265,000 customers) without power immediately following the hurricane.  For more information about Cleco Power's recovery efforts, see the press release issued September 6, 2005, a copy of which is filed as Exhibit 99.1 to this Report.

Cleco anticipates that Katrina and its aftermath will influence the financial results of Cleco Corporation and Cleco Power although estimates of its effects are not available at this time.  For example:

• Revenues are expected to be lower due to extended outages, customer losses, and inability to bill and collect revenues for electricity previously delivered to customers whose property has been destroyed;
• Capital and other expenditures are expected to be higher due to the restoration, repair and replacement of damaged equipment and assets; and
• Regulatory mechanisms may be modified or created to provide for recovery of restoration costs and lost revenues in a more timely and complete manner than available under currently-in-place cost recovery methods.

Cleco Corporation and Cleco Power believe they have sufficient liquidity to meet their current obligations and to fund restoration efforts from a combination of cash on hand and available capacity under their revolving credit facilities.

Item 7.01        Regulation FD Disclosure.

Until near-term estimates of revenue and expenditure effects are available, Cleco is unable to affirm previously-issued consolidated 2005 earnings per share guidance of $1.35 to $1.40 per share of common stock for Cleco Corporation.

Item 9.01        Financial Statements and Exhibits.

        (c)     Exhibits

                        The following exhibit is furnished herewith:

99.1     Press release issued September 6, 2005 regarding Hurricane Katrina.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CLECO CORPORATION
Date:    September 7, 2005	By:  /s/ Keith D. Crump
	Keith D. Crump
	Treasurer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CLECO POWER LLC
Date:    September 7, 2005	By:  /s/ Keith D. Crump
	Keith D. Crump
	Treasurer

EXHIBIT INDEX

Exhibit Number	Exhibit Description
99.1	Press Release issued September 6, 2005 regarding Hurricane Katrina.

EX-99.1

 EXHIBIT 99.1

			Cleco Corporation
			2030 Donahue Ferry Road
			PO Box 5000
			Pineville, LA 71361-5000
			Tel 318 484-7400
			NEWS RELEASE
Investor Contacts:
Cleco Corporation:	Analyst Inquiries:	Media Contact:
Keith Crump	Dresner Companies	Cleco Corporation
(318) 484-7719	Philip Kranz	Susan Broussard
Rodney J. Hamilton	(312) 780-7240	(318) 484-7400
(318) 484-7593

 For Immediate Release

Cleco making progress in major effort to recover from Hurricane Katrina

 PINEVILLE, La., Sept. 6, 2005 - Cleco Corp. (NYSE: CNL) estimates it will have power restored within the next two weeks to approximately 80 percent of its customers whose homes and businesses can take electricity.

All Cleco customers whose homes can accept power should be back on line in the next four to five weeks.

Hurricane Katrina knocked out power to all of the approximately 80,000 customers Cleco serves in communities north of Lake Pontchartrain, including the cities of Covington and Slidell. As of late Monday, Cleco had restored power to 8,600 customers.

"For those customers who can take power, our current best estimate is we will have 80 percent of them back on within the next two weeks. All of our customers whose homes can take power should have electricity within four to five weeks," said Michael Madison, president and CEO of Cleco Corp. "That will be a phenomenal achievement when you consider the extent of the damage and flooding caused by the storm."

Cleco has approximately 2,800 employees, contractors and workers from other utilities focused on restoring power to its customers.

"We have our transmission lines, the backbone of our electric system, repaired to the point where all of our transmission substations are energized and ready to feed our distribution circuits, which serve our commercial and residential customers," Madison said.

"We appreciate our customers' patience during this very difficult time. Rest assured we're working as quickly and as safely as we possibly can," Madison said.

"This storm is unquestionably the worst we have ever faced," Madison said. "It is too early to reliably estimate what restoration costs will be, but it will certainly be substantially higher than those of Hurricane Lili." It took six days and $26 million to restore damage done by Hurricane Lili in 2002.

"Cleco is highly skilled at storm restoration work, and our progress in recovering from Katrina is proof of that skill," Madison said.

more

Cleco Corporation

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Cleco Corp. is an energy services company headquartered in Pineville, La. It operates a regulated electric utility that serves approximately 265,000 customers across Louisiana. Cleco also operates a wholesale energy business that has more than 1,300 megawatts of generating capacity. For more information about Cleco, visit www.cleco.com.

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