(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
Securities registered pursuant to Section 12(b) of the Act: | |||||
Cleco Corporate Holdings LLC: None | Cleco Power LLC: None | ||||
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
TABLE OF CONTENTS | ||||||||
PAGE | ||||||||
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CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
GLOSSARY OF TERMS |
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 LIBOR 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, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana | ||||
Acadia Unit 2 | Entergy Louisiana’s 580-MW, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana, which is operated by Cleco Power | ||||
ACE | Affordable Clean Energy | ||||
ADIT | Accumulated Deferred Income Tax | ||||
AFUDC | Allowance for Funds Used During Construction | ||||
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 | ||||
BCI | British Columbia Investment Management Corporation | ||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act of March 2020 | ||||
CECL | Current Expected Credit Losses | ||||
CEO | Chief Executive Officer | ||||
CFO | Chief Financial Officer | ||||
CIP | Critical Infrastructure Protection | ||||
Cleco | Cleco Holdings and its subsidiaries | ||||
Cleco Cajun | Cleco Cajun LLC (formerly Cleco Energy LLC, a wholly owned subsidiary of Cleco Holdings) and its subsidiaries | ||||
Cleco Cajun Transaction | 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 Purchase and Sale Agreement, which includes the Cottonwood Sale Leaseback | ||||
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 Katrina/Rita | Cleco Katrina/Rita Hurricane Recovery Funding LLC, a wholly owned subsidiary of Cleco Power | ||||
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 MIRA, BCI, John Hancock Financial, and other infrastructure investors | ||||
Cleco Power | Cleco Power LLC and its subsidiaries, a wholly owned subsidiary of Cleco Holdings | ||||
Como 1 | Como 1, L.P., currently known as Cleco Partners | ||||
Cottonwood Energy | Cottonwood Energy Company LP, a wholly owned subsidiary of Cleco Cajun. Prior to the closing of the Cleco Cajun Transaction on February 4, 2019, Cottonwood Energy was an indirect subsidiary of South Central Generating. | ||||
Cottonwood Plant | Cleco Cajun’s 1,263-MW, natural-gas-fired generating station located in Deweyville, Texas | ||||
Cottonwood Sale Leaseback | A lease agreement executed and delivered between Cottonwood Energy and a special-purpose entity that is a subsidiary of NRG Energy pursuant to which NRG Energy will lease back the Cottonwood Plant and will operate it until no later than May 2025. | ||||
Coughlin | Cleco Power’s 775-MW, combined-cycle power plant located in St. Landry, Louisiana | ||||
COVID-19 | Novel coronavirus disease 2019 and the related global outbreak that was subsequently declared a pandemic by WHO in March 2020 | ||||
CPP | Clean Power Plan | ||||
CSAPR | Cross-State Air Pollution Rule | ||||
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 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. | ||||
EAC | Environmental Adjustment Clause | ||||
EBITDA | Earnings before interest, income taxes, depreciation, and amortization | ||||
Entergy Gulf States | Entergy Gulf States Louisiana, LLC | ||||
Entergy Louisiana | Entergy Louisiana, LLC |
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CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
ABBREVIATION OR ACRONYM | DEFINITION | ||||
EPA | U.S. Environmental Protection Agency | ||||
ERO | Electric Reliability Organization | ||||
Evangeline | Cleco Evangeline LLC, a wholly owned subsidiary of Midstream | ||||
FAC | Fuel Adjustment Clause | ||||
FASB | Financial Accounting Standards Board | ||||
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. | ||||
IRS | Internal Revenue Service | ||||
kWh | Kilowatt-hour(s) | ||||
LIBOR | London Interbank Offered Rate | ||||
LMP | Locational Marginal Price | ||||
Louisiana Generating | Louisiana Generating, LLC, a wholly owned subsidiary of South Central Generating | ||||
LPSC | Louisiana Public Service Commission | ||||
LTSA | Long-Term Parts and Service Agreement between Cottonwood Energy and a third party, dated January 19, 2001, that Cleco Cajun assumed as a result of the Cleco Cajun Transaction to provide maintenance services related to the Cottonwood Plant | ||||
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 | ||||
MIRA | Macquarie Infrastructure and Real Assets Inc. | ||||
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 | ||||
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 | ||||
Registrant(s) | Cleco Holdings and/or Cleco Power | ||||
Rodemacher Unit 2 | A 523-MW 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 | ||||
South Central Generating | South Central Generating LLC, formerly NRG South Central Generating LLC | ||||
SSR | System Support Resource | ||||
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 generating unit at Cleco Power’s plant site in Baldwin, Louisiana | ||||
WHO | World Health Organization | ||||
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CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS |
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CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
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CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
PART I — FINANCIAL INFORMATION |
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
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CLECO | |||||||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2021 | 2020 | |||||||||
Operating revenue | |||||||||||
Electric operations | $ | $ | |||||||||
Other operations | |||||||||||
Gross operating revenue | |||||||||||
Electric customer credits | ( | ( | |||||||||
Operating revenue, net | |||||||||||
Operating expenses | |||||||||||
Fuel used for electric generation | |||||||||||
Purchased power | |||||||||||
Other operations and maintenance | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Merger transaction and commitment costs | ( | ||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Interest income | |||||||||||
Allowance for equity funds used during construction | ( | ||||||||||
Other expense, net | ( | ( | |||||||||
Interest charges | |||||||||||
Interest charges, net | |||||||||||
Allowance for borrowed funds used during construction | ( | ( | |||||||||
Total interest charges | |||||||||||
Income before income taxes | |||||||||||
Federal and state income tax (benefit) expense | ( | ||||||||||
Net income | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
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CLECO | |||||||||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2021 | 2020 | |||||||||
Net income | $ | $ | |||||||||
Other comprehensive income, net of tax | |||||||||||
Postretirement benefits gain (net of tax expense of $ | |||||||||||
Total other comprehensive income, net of tax | |||||||||||
Comprehensive income, net of tax | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
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CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CLECO | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents | |||||||||||
Customer accounts receivable (less allowance for credit losses of $ | |||||||||||
Other accounts receivable | |||||||||||
Taxes receivable | |||||||||||
Unbilled revenue | |||||||||||
Fuel inventory, at average cost | |||||||||||
Materials and supplies, at average cost | |||||||||||
Energy risk management assets | |||||||||||
Accumulated deferred fuel | |||||||||||
Cash surrender value of company-/trust-owned life insurance policies | |||||||||||
Prepayments | |||||||||||
Regulatory assets | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment | |||||||||||
Property, plant, and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Net property, plant, and equipment | |||||||||||
Construction work in progress | |||||||||||
Total property, plant, and equipment, net | |||||||||||
Equity investment in investee | |||||||||||
Goodwill | |||||||||||
Prepayments | |||||||||||
Operating lease right of use assets | |||||||||||
Restricted cash and cash equivalents | |||||||||||
Note receivable | |||||||||||
Regulatory assets | |||||||||||
Intangible assets | |||||||||||
Other deferred charges | |||||||||||
Total assets | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. | |||||||||||
(Continued on next page) |
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CLECO | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Liabilities and member’s equity | |||||||||||
Liabilities | |||||||||||
Current liabilities | |||||||||||
Short-term debt | $ | $ | |||||||||
Long-term debt and finance leases due within one year | |||||||||||
Accounts payable | |||||||||||
Accounts payable - affiliate | |||||||||||
Customer deposits | |||||||||||
Provision for rate refund | |||||||||||
Taxes payable | |||||||||||
Interest accrued | |||||||||||
Energy risk management liabilities | |||||||||||
Regulatory liabilities | |||||||||||
Deferred compensation | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term liabilities and deferred credits | |||||||||||
Accumulated deferred federal and state income taxes, net | |||||||||||
Postretirement benefit obligations | |||||||||||
Regulatory liabilities - deferred taxes, net | |||||||||||
Deferred lease revenue | |||||||||||
Intangible liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Operating lease liabilities | |||||||||||
Other deferred credits | |||||||||||
Total long-term liabilities and deferred credits | |||||||||||
Long-term debt and finance leases, net | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 13) | |||||||||||
Member’s equity | |||||||||||
Total liabilities and member’s equity | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
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CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CLECO | ||||||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | ||||||||||||||
(THOUSANDS) | 2021 | 2020 | ||||||||||||
Operating activities | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Provision for credit losses | ||||||||||||||
Unearned compensation expense | ||||||||||||||
Allowance for equity funds used during construction | ( | |||||||||||||
(Gain) loss on risk management assets and liabilities, net | ( | |||||||||||||
Deferred lease revenue | ( | ( | ||||||||||||
Deferred income taxes | ( | ( | ||||||||||||
Deferred fuel costs | ( | |||||||||||||
Cash surrender value of company-/trust-owned life insurance | ( | |||||||||||||
Changes in assets and liabilities | ||||||||||||||
Accounts receivable | ( | |||||||||||||
Unbilled revenue | ||||||||||||||
Fuel inventory and materials and supplies | ( | ( | ||||||||||||
Prepayments | ( | |||||||||||||
Accounts payable | ( | ( | ||||||||||||
Customer deposits | ||||||||||||||
Provision for merger commitments | ( | |||||||||||||
Postretirement benefit obligations | ||||||||||||||
Regulatory assets and liabilities, net | ( | ( | ||||||||||||
Other deferred accounts | ( | ( | ||||||||||||
Taxes accrued | ||||||||||||||
Interest accrued | ||||||||||||||
Deferred compensation | ( | ( | ||||||||||||
Other operating | ( | |||||||||||||
Net cash (used in) provided by operating activities | ( | |||||||||||||
Investing activities | ||||||||||||||
Additions to property, plant, and equipment | ( | ( | ||||||||||||
Allowance for equity funds used during construction | ( | |||||||||||||
Return of equity investment in investees | ||||||||||||||
Other investing | ||||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing activities | ||||||||||||||
Draws on revolving credit facilities | ||||||||||||||
Repayment of long-term debt | ( | |||||||||||||
Other financing | ( | ( | ||||||||||||
Net cash provided by financing activities | ||||||||||||||
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | ||||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | (1) | |||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | $ | (2) | $ | |||||||||||
Supplementary cash flow information | ||||||||||||||
Interest paid, net of amount capitalized | $ | $ | ||||||||||||
Supplementary non-cash investing and financing activities | ||||||||||||||
Accrued additions to property, plant, and equipment | $ | $ | ||||||||||||
(1) Includes cash and cash equivalents of $ (2) Includes cash and cash equivalents of $ | ||||||||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
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CLECO POWER | 2021 1ST 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, Dec. 31, 2019 | $ | $ | $ | ( | $ | ||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Other comprehensive income, net of tax | — | — | |||||||||||||||||||||
Balances, Mar. 31, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||
Balances, Dec. 31, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Other comprehensive income, net of tax | — | — | |||||||||||||||||||||
Balances, Mar. 31, 2021 | $ | $ | $ | ( | $ | ||||||||||||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
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CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CLECO POWER | |||||||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2021 | 2020 | |||||||||
Operating revenue | |||||||||||
Electric operations | $ | $ | |||||||||
Other operations | |||||||||||
Affiliate revenue | |||||||||||
Gross operating revenue | |||||||||||
Electric customer credits | ( | ( | |||||||||
Operating revenue, net | |||||||||||
Operating expenses | |||||||||||
Fuel used for electric generation | |||||||||||
Purchased power | |||||||||||
Other operations and maintenance | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Interest income | |||||||||||
Allowance for equity funds used during construction | ( | ||||||||||
Other expense, net | ( | ( | |||||||||
Interest charges | |||||||||||
Interest charges, net | |||||||||||
Allowance for borrowed funds used during construction | ( | ( | |||||||||
Total interest charges | |||||||||||
Income before income taxes | |||||||||||
Federal and state income tax (benefit) expense | ( | ||||||||||
Net income | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
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CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CLECO POWER | |||||||||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2021 | 2020 | |||||||||
Net income | $ | $ | |||||||||
Other comprehensive income, net of tax | |||||||||||
Postretirement benefits gain (net of tax expense of $ | |||||||||||
Amortization of interest rate derivatives to earnings (net of tax expense of $ | |||||||||||
Total other comprehensive income, net of tax | |||||||||||
Comprehensive income, net of tax | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
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CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CLECO POWER | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Assets | |||||||||||
Utility plant and equipment | |||||||||||
Property, plant, and equipment | $ | $ | |||||||||
Accumulated depreciation | ( | ( | |||||||||
Net property, plant, and equipment | |||||||||||
Construction work in progress | |||||||||||
Total utility plant and equipment, net | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash and cash equivalents | |||||||||||
Customer accounts receivable (less allowance for credit losses of $ | |||||||||||
Accounts receivable - affiliate | |||||||||||
Other accounts receivable | |||||||||||
Taxes receivable | |||||||||||
Unbilled revenue | |||||||||||
Fuel inventory, at average cost | |||||||||||
Materials and supplies, at average cost | |||||||||||
Energy risk management assets | |||||||||||
Accumulated deferred fuel | |||||||||||
Cash surrender value of company-owned life insurance policies | |||||||||||
Prepayments | |||||||||||
Regulatory assets | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Equity investment in investee | |||||||||||
Prepayments | |||||||||||
Operating lease right of use assets | |||||||||||
Note receivable | |||||||||||
Regulatory assets | |||||||||||
Other deferred charges | |||||||||||
Total assets | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. | |||||||||||
(Continued on next page) |
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CLECO POWER | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Liabilities and member’s equity | |||||||||||
Member’s equity | $ | $ | |||||||||
Long-term debt and finance leases, net | |||||||||||
Total capitalization | |||||||||||
Current liabilities | |||||||||||
Short-term debt | |||||||||||
Long-term debt and finance leases due within one year | |||||||||||
Accounts payable | |||||||||||
Accounts payable - affiliate | |||||||||||
Customer deposits | |||||||||||
Provision for rate refund | |||||||||||
Taxes payable | |||||||||||
Interest accrued | |||||||||||
Energy risk management liabilities | |||||||||||
Regulatory liabilities | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Commitments and contingencies (Note 13) | |||||||||||
Long-term liabilities and deferred credits | |||||||||||
Accumulated deferred federal and state income taxes, net | |||||||||||
Postretirement benefit obligations | |||||||||||
Regulatory liabilities - deferred taxes, net | |||||||||||
Asset retirement obligations | |||||||||||
Operating lease liabilities | |||||||||||
Other deferred credits | |||||||||||
Total long-term liabilities and deferred credits | |||||||||||
Total liabilities and member’s equity | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CLECO POWER | ||||||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | ||||||||||||||
(THOUSANDS) | 2021 | 2020 | ||||||||||||
Operating activities | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Provision for credit losses | ||||||||||||||
Allowance for equity funds used during construction | ( | |||||||||||||
Deferred income taxes | ( | |||||||||||||
Deferred fuel costs | ( | |||||||||||||
Changes in assets and liabilities | ||||||||||||||
Accounts receivable | ( | |||||||||||||
Accounts receivable - affiliate | ( | |||||||||||||
Unbilled revenue | ||||||||||||||
Fuel inventory and materials and supplies | ( | ( | ||||||||||||
Prepayments | ||||||||||||||
Accounts payable | ( | ( | ||||||||||||
Accounts payable - affiliate | ( | ( | ||||||||||||
Customer deposits | ||||||||||||||
Provision for merger commitments | ( | ( | ||||||||||||
Postretirement benefit obligations | ||||||||||||||
Regulatory assets and liabilities, net | ( | ( | ||||||||||||
Other deferred accounts | ( | ( | ||||||||||||
Taxes accrued | ||||||||||||||
Interest accrued | ||||||||||||||
Other operating | ( | |||||||||||||
Net cash (used in) provided by operating activities | ( | |||||||||||||
Investing activities | ||||||||||||||
Additions to property, plant, and equipment | ( | ( | ||||||||||||
Allowance for equity funds used during construction | ( | |||||||||||||
Return of equity investment in investees | ||||||||||||||
Other investing | ||||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing activities | ||||||||||||||
Draws on revolving credit facility | ||||||||||||||
Repayment of long-term debt | ( | |||||||||||||
Other financing | ( | ( | ||||||||||||
Net cash provided by financing activities | ||||||||||||||
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | ||||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | (1) | |||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | $ | (2) | $ | |||||||||||
Supplementary cash flow information | ||||||||||||||
Interest paid, net of amount capitalized | $ | $ | ||||||||||||
Supplementary non-cash investing and financing activities | ||||||||||||||
Accrued additions to property, plant, and equipment | $ | $ | ||||||||||||
(1) Includes cash and cash equivalents of $ (2) Includes cash and cash equivalents of $ | ||||||||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CLECO POWER | |||||||||||||||||
Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited) | |||||||||||||||||
(THOUSANDS) | MEMBER’S EQUITY | AOCI | TOTAL MEMBER’S EQUITY | ||||||||||||||
Balances, Dec. 31, 2019 | $ | $ | ( | $ | |||||||||||||
Net income | — | ||||||||||||||||
Other comprehensive income, net of tax | — | ||||||||||||||||
Balances, Mar. 31, 2020 | $ | $ | ( | $ | |||||||||||||
Balances, Dec. 31, 2020 | $ | $ | ( | $ | |||||||||||||
Net income | — | ||||||||||||||||
Other comprehensive income, net of tax | — | ||||||||||||||||
Balances, Mar. 31, 2021 | $ | $ | ( | $ | |||||||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2021 1ST 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 | Leases | Cleco and Cleco Power | ||||||
Note 4 | Revenue Recognition | Cleco and Cleco Power | ||||||
Note 5 | Regulatory Assets and Liabilities | Cleco and Cleco Power | ||||||
Note 6 | Fair Value Accounting | Cleco and Cleco Power | ||||||
Note 7 | Debt | Cleco and Cleco Power | ||||||
Note 8 | Pension Plan and Employee Benefits | Cleco and Cleco Power | ||||||
Note 9 | Income Taxes | Cleco and Cleco Power | ||||||
Note 10 | Disclosures about Segments | Cleco and Cleco Power | ||||||
Note 11 | Regulation and Rates | Cleco | ||||||
Note 12 | Variable Interest Entities | Cleco and Cleco Power | ||||||
Note 13 | Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | Cleco and Cleco Power | ||||||
Note 14 | Affiliate Transactions | Cleco and Cleco Power | ||||||
Note 15 | Intangible Assets and Liabilities | Cleco and Cleco Power | ||||||
Note 16 | Accumulated Other Comprehensive Loss | Cleco and Cleco Power | ||||||
Note 17 | Storm Restoration | Cleco and Cleco Power | ||||||
Notes to the Unaudited Condensed Consolidated Financial Statements |
Note 1 — Summary of Significant Accounting Policies |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Current | |||||||||||
Cleco Katrina/Rita’s storm recovery bonds | $ | $ | |||||||||
Cleco Power’s charitable contributions | |||||||||||
Cleco Power’s rate credit escrow | |||||||||||
Total current | |||||||||||
Non-current | |||||||||||
Diversified Lands’ mitigation escrow | |||||||||||
Cleco Cajun’s defense fund | |||||||||||
Total non-current | |||||||||||
Total restricted cash and cash equivalents | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Current | |||||||||||
Cleco Katrina/Rita’s storm recovery bonds | $ | $ | |||||||||
Charitable contributions | |||||||||||
Rate credit escrow | |||||||||||
Total restricted cash and cash equivalents | $ | $ |
Cleco | |||||||||||
(THOUSANDS) | ACCOUNTS RECEIVABLE | OTHER* | TOTAL | ||||||||
Balances, Dec. 31, 2020 | $ | $ | $ | ||||||||
Current period provision | |||||||||||
Charge-offs | ( | ( | |||||||||
Recovery | |||||||||||
Balances, Mar. 31, 2021 | $ | $ | $ |
(THOUSANDS) | ACCOUNTS RECEIVABLE | OTHER* | TOTAL | ||||||||
Balances, Dec. 31, 2019 | $ | $ | $ | ||||||||
CECL adoption | — | ||||||||||
Current period provision | |||||||||||
Charge-offs | ( | ( | |||||||||
Recovery | |||||||||||
Balances, Mar. 31, 2020 | $ | $ | $ |
Cleco Power | |||||
(THOUSANDS) | ACCOUNTS RECEIVABLE | ||||
Balances, Dec. 31, 2020 | $ | ||||
Current period provision | |||||
Charge-offs | ( | ||||
Recovery | |||||
Balances, Mar. 31, 2021 | $ |
(THOUSANDS) | ACCOUNTS RECEIVABLE | ||||
Balances, Dec. 31, 2019 | $ | ||||
CECL adoption | |||||
Current period provision | |||||
Charge-offs | ( | ||||
Recovery | |||||
Balances, Mar. 31, 2020 | $ |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
Note 2 — Recent Authoritative Guidance |
Note 3 — Leases |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2021 | 2020 | |||||||||
Fixed payments | $ | $ | |||||||||
Variable payments | |||||||||||
Amortization of deferred lease liability* | |||||||||||
Total lease income | $ | $ |
Note 4 — Revenue Recognition |
FOR THE THREE MONTHS ENDED MAR. 31, 2021 | |||||||||||||||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | OTHER | ELIMINATIONS | TOTAL | ||||||||||||||||||||||||
Revenue from contracts with customers | |||||||||||||||||||||||||||||
Retail revenue | |||||||||||||||||||||||||||||
Residential (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Commercial (1) | |||||||||||||||||||||||||||||
Industrial (1) | |||||||||||||||||||||||||||||
Other retail (1) | |||||||||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||||||||
Total retail revenue | |||||||||||||||||||||||||||||
Wholesale, net | (1) | ( | (2) | ||||||||||||||||||||||||||
Transmission, net | ( | ||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Affiliate (3) | ( | ||||||||||||||||||||||||||||
Total revenue from contracts with customers | ( | ||||||||||||||||||||||||||||
Revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Other | (4) | (5) | |||||||||||||||||||||||||||
Total revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Operating revenue, net | $ | $ | $ | $ | ( | $ |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, 2020 | |||||||||||||||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | OTHER | ELIMINATIONS | TOTAL | ||||||||||||||||||||||||
Revenue from contracts with customers | |||||||||||||||||||||||||||||
Retail revenue | |||||||||||||||||||||||||||||
Residential (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Commercial (1) | |||||||||||||||||||||||||||||
Industrial (1) | |||||||||||||||||||||||||||||
Other retail (1) | |||||||||||||||||||||||||||||
Surcharge | |||||||||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||||||||
Total retail revenue | |||||||||||||||||||||||||||||
Wholesale, net | (1) | ( | (2) | ||||||||||||||||||||||||||
Transmission, net | (3) | ( | |||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Affiliate (4) | ( | ||||||||||||||||||||||||||||
Total revenue from contracts with customers | ( | ||||||||||||||||||||||||||||
Revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Other | (5) | (6) | |||||||||||||||||||||||||||
Total revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Operating revenue, net | $ | $ | $ | $ | ( | $ |
Note 5 — Regulatory Assets and Liabilities |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
Cleco Power | |||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Regulatory assets | |||||||||||
Acadia Unit 1 acquisition costs | $ | $ | |||||||||
Accumulated deferred fuel | |||||||||||
AFUDC equity gross-up * | |||||||||||
AMI deferred revenue requirement | |||||||||||
AROs | |||||||||||
Coughlin transaction costs | |||||||||||
COVID-19 executive order | |||||||||||
Deferred storm restoration costs - Hurricane Delta | |||||||||||
Deferred storm restoration costs - Hurricane Laura | |||||||||||
Deferred storm restoration costs - Hurricane Zeta | |||||||||||
Deferred storm restoration costs - Winter Storms Uri & Viola | |||||||||||
Dolet Hills closure costs | |||||||||||
Emergency declarations | |||||||||||
Energy efficiency | |||||||||||
Financing costs | |||||||||||
Interest costs | |||||||||||
Non-service cost of postretirement benefits | |||||||||||
Other, net | |||||||||||
Postretirement costs | |||||||||||
Production operations and maintenance expenses | |||||||||||
Rodemacher Unit 2 closure costs | |||||||||||
St. Mary Clean Energy Center | |||||||||||
Training costs | |||||||||||
Tree trimming costs | |||||||||||
Total regulatory assets | |||||||||||
Regulatory liabilities | |||||||||||
AFUDC | ( | ( | |||||||||
Corporate franchise tax, net | ( | ( | |||||||||
Deferred taxes, net | ( | ( | |||||||||
Total regulatory liabilities | ( | ( | |||||||||
Total regulatory assets, net | $ | $ | |||||||||
* Represents regulatory assets for past expenditures that were not earning a return on investment at March 31, 2021, and December 31, 2020, respectively. All other assets are earning a return on investment. |
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Total Cleco Power regulatory assets, net | $ | $ | |||||||||
2016 Merger adjustments * | |||||||||||
Fair value of long-term debt | |||||||||||
Postretirement costs | |||||||||||
Financing costs | |||||||||||
Debt issuance costs | |||||||||||
Total Cleco regulatory assets, net | $ | $ |
Note 6 — Fair Value Accounting |
Cleco | |||||||||||||||||||||||
AT MAR. 31, 2021 | AT DEC. 31, 2020 | ||||||||||||||||||||||
(THOUSANDS) | CARRYING VALUE* | FAIR VALUE | CARRYING VALUE* | FAIR VALUE | |||||||||||||||||||
Long-term debt | $ | $ | $ | $ |
Cleco Power | |||||||||||||||||||||||
AT MAR. 31, 2021 | AT DEC. 31, 2020 | ||||||||||||||||||||||
(THOUSANDS) | CARRYING VALUE* | FAIR VALUE | CARRYING VALUE* | FAIR VALUE | |||||||||||||||||||
Long-term debt | $ | $ | $ | $ |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
Cleco | |||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS AT REPORTING DATE | |||||||||||||||||||||||||||||||||||||||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | AT DEC. 31, 2020 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||||||||||||||||||||||||||||||||||||||
Asset description | |||||||||||||||||||||||||||||||||||||||||||||||
Institutional money market funds | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
FTRs | |||||||||||||||||||||||||||||||||||||||||||||||
Other commodity derivatives* | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liability description | |||||||||||||||||||||||||||||||||||||||||||||||
FTRs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Other commodity derivatives* | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Cleco Power | |||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS AT REPORTING DATE | |||||||||||||||||||||||||||||||||||||||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | AT DEC. 31, 2020 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||||||||||||||||||||||||||||||||||||||
Asset description | |||||||||||||||||||||||||||||||||||||||||||||||
Institutional money market funds | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
FTRs | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liability description | |||||||||||||||||||||||||||||||||||||||||||||||
FTRs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
Cleco | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2021 | 2020 | |||||||||
Beginning balance | $ | $ | |||||||||
Unrealized gains (losses)* | ( | ||||||||||
Purchases | |||||||||||
Settlements | ( | ( | |||||||||
Ending balance | $ | $ | |||||||||
* Cleco Power’s unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco’s Condensed Consolidated Balance Sheet. Cleco Cajun’s unrealized (losses) gains are reported through Purchased power on Cleco’s Condensed Consolidated Income Statement. |
Cleco Power | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2021 | 2020 | |||||||||
Beginning balance | $ | $ | |||||||||
Unrealized losses* | ( | ( | |||||||||
Purchases | |||||||||||
Settlements | ( | ( | |||||||||
Ending balance | $ | $ | |||||||||
* Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco Power’s Condensed Consolidated Balance Sheet. |
Cleco | |||||||||||||||||||||||||||||||||||
FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT UNOBSERVABLE INPUTS | FORWARD PRICE RANGE | ||||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT FORWARD PRICE RANGE) | ASSETS | LIABILITIES | LOW | HIGH | |||||||||||||||||||||||||||||||
FTRs at Mar. 31, 2021 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ | ||||||||||||||||||||||||||||
FTRs at Dec. 31, 2020 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ |
Cleco Power | |||||||||||||||||||||||||||||||||||
FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT UNOBSERVABLE INPUTS | FORWARD PRICE RANGE | ||||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT FORWARD PRICE RANGE) | ASSETS | LIABILITIES | LOW | HIGH | |||||||||||||||||||||||||||||||
FTRs at Mar. 31, 2021 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ | ||||||||||||||||||||||||||||
FTRs at Dec. 31, 2020 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ |
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Current restricted cash and cash equivalents | $ | $ | |||||||||
Non-current restricted cash and cash equivalents | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Current restricted cash and cash equivalents | $ | $ | |||||||||
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
Cleco | |||||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | |||||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT MAR. 31, 2021 | AT DEC. 31, 2020 | ||||||||||||||
Commodity-related contracts | |||||||||||||||||
FTRs | |||||||||||||||||
Current | Energy risk management assets | $ | $ | ||||||||||||||
Current | Energy risk management liabilities | ( | ( | ||||||||||||||
Other commodity derivatives | |||||||||||||||||
Current | Energy risk management assets | ||||||||||||||||
Non-current | Other deferred charges | ||||||||||||||||
Current | Energy risk management liabilities | ( | ( | ||||||||||||||
Non-current | Other deferred credits | ( | ( | ||||||||||||||
Commodity-related contracts, net | $ | $ |
Cleco Power | |||||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | |||||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT MAR. 31, 2021 | AT DEC. 31, 2020 | ||||||||||||||
Commodity-related contracts | |||||||||||||||||
FTRs | |||||||||||||||||
Current | Energy risk management assets | $ | $ | ||||||||||||||
Current | Energy risk management liabilities | ( | ( | ||||||||||||||
Commodity-related contracts, net | $ | $ |
Cleco | ||||||||||||||
AMOUNT OF GAIN(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES | ||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | ||||||||||||||
(THOUSANDS) | INCOME STATEMENT LINE ITEM | 2021 | 2020 | |||||||||||
Commodity-related contracts | ||||||||||||||
FTRs(1) | Electric operations | $ | $ | |||||||||||
FTRs(1) | Purchased power | ( | ( | |||||||||||
Other commodity derivatives | Fuel used for electric generation | ( | ( | |||||||||||
Total | $ | ( | $ | ( |
Cleco Power | ||||||||||||||
AMOUNT OF GAIN(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES | ||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | ||||||||||||||
(THOUSANDS) | INCOME STATEMENT LINE ITEM | 2021 | 2020 | |||||||||||
Commodity-related contracts | ||||||||||||||
FTRs(1) | Electric operations | $ | $ | |||||||||||
FTRs(1) | Purchased power | ( | ( | |||||||||||
Total | $ | $ |
Note 7 — Debt |
Note 8 — Pension Plan and Employee Benefits |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
PENSION BENEFITS | OTHER BENEFITS | ||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | ||||||||||||||||||||||
(THOUSANDS) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Components of periodic benefit costs | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortizations | |||||||||||||||||||||||
Prior period service cost (credit) | ( | ||||||||||||||||||||||
Net loss | |||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2021 | 2020 | |||||||||
Components of periodic benefit costs | |||||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Amortizations | |||||||||||
Prior period service credit | ( | ( | |||||||||
Net loss | |||||||||||
Net periodic benefit cost | $ | $ | |||||||||
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2021 | 2020 | |||||||||
401(k) Plan expense | $ | $ |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2021 | 2020 | |||||||||
401(k) Plan expense | $ | $ |
Note 9 — Income Taxes |
Cleco | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
2021 | 2020 | ||||||||||
Effective tax rate | ( | % | % |
Cleco Power | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
2021 | 2020 | ||||||||||
Effective tax rate | ( | % | % |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
Note 10 — Disclosures about Segments |
Segment Information For The Three Months Ended Mar. 31, | |||||||||||||||||
2021 (THOUSANDS) | CLECO POWER | CLECO CAJUN | TOTAL SEGMENTS | ||||||||||||||
Revenue | |||||||||||||||||
Electric operations | $ | $ | $ | ||||||||||||||
Other operations | |||||||||||||||||
Affiliate revenue | |||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||
Operating revenue, net | $ | $ | $ | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Add: Depreciation and amortization | (1) | ||||||||||||||||
Less: Interest income | |||||||||||||||||
Add: Interest charges | ( | ||||||||||||||||
Add: Federal and state income tax (benefit) expense | ( | ( | |||||||||||||||
EBITDA | $ | $ | $ | ||||||||||||||
Additions to property, plant, and equipment | $ | $ | $ | ||||||||||||||
Equity investment in investee | $ | $ | $ | ||||||||||||||
Goodwill | $ | $ | $ | ||||||||||||||
Total segment assets | $ | $ | $ | ||||||||||||||
(1) Includes $ |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
2021 (THOUSANDS) | TOTAL SEGMENTS | OTHER | ELIMINATIONS | TOTAL | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Electric operations | $ | $ | ( | $ | $ | ||||||||||||||||||
Other operations | ( | ||||||||||||||||||||||
Affiliate revenue | ( | ||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||
Operating revenue, net | $ | $ | $ | ( | $ | ||||||||||||||||||
Depreciation and amortization | $ | $ | (1) | $ | $ | ||||||||||||||||||
Interest income | $ | $ | $ | ( | $ | ||||||||||||||||||
Interest charges | $ | $ | $ | ( | $ | ||||||||||||||||||
Federal and state income tax (benefit) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ||||||||||||||||||
Additions to property, plant, and equipment | $ | $ | ( | $ | $ | ||||||||||||||||||
Equity investment in investee | $ | $ | $ | $ | |||||||||||||||||||
Goodwill | $ | $ | $ | $ | |||||||||||||||||||
Total segment assets | $ | $ | $ | ( | $ | ||||||||||||||||||
(1) Includes $ |
2020 (THOUSANDS) | CLECO POWER | CLECO CAJUN | TOTAL SEGMENTS | ||||||||||||||
Revenue | |||||||||||||||||
Electric operations | $ | $ | $ | ||||||||||||||
Other operations | |||||||||||||||||
Affiliate revenue | |||||||||||||||||
Electric customer credits | ( | ( | ( | ||||||||||||||
Operating revenue, net | $ | $ | $ | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Add: Depreciation and amortization | (1) | ||||||||||||||||
Less: Interest income | |||||||||||||||||
Add: Interest charges | |||||||||||||||||
Add: Federal and state income tax expense | |||||||||||||||||
EBITDA | $ | $ | $ | ||||||||||||||
Additions to property, plant, and equipment | $ | $ | $ | ||||||||||||||
Equity investment in investees (2) | $ | $ | $ | ||||||||||||||
Goodwill (2) | $ | $ | $ | ||||||||||||||
Total segment assets (2) | $ | $ | $ | ||||||||||||||
(1) Includes $ (2) Balances as of December 31, 2020. |
2020 (THOUSANDS) | TOTAL SEGMENTS | OTHER | ELIMINATIONS | TOTAL | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Electric operations | $ | $ | ( | $ | $ | ||||||||||||||||||
Other operations | ( | ||||||||||||||||||||||
Affiliate revenue | ( | ||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||
Operating revenue, net | $ | $ | $ | ( | $ | ||||||||||||||||||
Depreciation and amortization | $ | $ | (1) | $ | ( | $ | |||||||||||||||||
Interest income | $ | $ | $ | ( | $ | ||||||||||||||||||
Interest charges | $ | $ | $ | ( | $ | ||||||||||||||||||
Federal and state income tax expense (benefit) | $ | $ | ( | $ | $ | ||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ||||||||||||||||||
Additions to property, plant, and equipment | $ | $ | $ | $ | |||||||||||||||||||
Equity investment in investees (2) | $ | $ | $ | $ | |||||||||||||||||||
Goodwill (2) | $ | $ | $ | $ | |||||||||||||||||||
Total segment assets (2) | $ | $ | $ | ( | $ | ||||||||||||||||||
(1) Includes $ (2) Balances as of December 31, 2020. |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2021 | 2020 | |||||||||
Net income | $ | $ | |||||||||
Add: Depreciation and amortization | |||||||||||
Less: Interest income | |||||||||||
Add: Interest charges | |||||||||||
Add: Federal and state income tax (benefit) expense | ( | ||||||||||
Add: Other corporate costs and noncash items (1) | ( | ||||||||||
Total segment EBITDA | $ | $ | |||||||||
(1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA. |
Note 11 — Regulation and Rates |
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | ||||||
FRP | $ | $ | ||||||
TCJA | $ | $ | ||||||
Cleco Katrina/Rita storm recovery charges | $ | $ | ||||||
FERC audit | $ | $ | ||||||
Site-specific industrial customer | $ | $ | ||||||
Transmission ROE | $ | $ | ||||||
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
Note 12 — Variable Interest Entities |
INCEPTION TO DATE (THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Purchase price | $ | $ | |||||||||
Cash contributions | |||||||||||
Dividends | ( | ( | |||||||||
Total equity investment in investee | $ | $ |
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Oxbow’s net assets/liabilities | $ | $ | |||||||||
Cleco Power’s | $ | $ | |||||||||
Cleco Power’s maximum exposure to loss | $ | $ |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2021 | 2020 | |||||||||
Operating revenue | $ | $ | |||||||||
Operating expenses | |||||||||||
Income before taxes | $ | $ |
Note 13 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
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CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
Note 14 — Affiliate Transactions |
AT MAR. 31, 2021 | AT DEC. 31, 2020 | ||||||||||||||||||||||
(THOUSANDS) | ACCOUNTS RECEIVABLE | ACCOUNTS PAYABLE | ACCOUNTS RECEIVABLE | ACCOUNTS PAYABLE | |||||||||||||||||||
Cleco Holdings | $ | $ | $ | $ | |||||||||||||||||||
Support Group | |||||||||||||||||||||||
Cleco Cajun | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Note 15 — Intangible Assets and Liabilities |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
Cleco | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2021 | 2020 | |||||||||
Intangible assets | |||||||||||
Cleco Katrina/Rita right to bill and collect storm recovery charges | $ | $ | |||||||||
Trade name | $ | $ | |||||||||
Power supply agreements | $ | $ | |||||||||
Intangible liabilities | |||||||||||
LTSA | $ | $ | |||||||||
Power supply agreements | $ | $ |
Cleco Power | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2021 | 2020 | |||||||||
Cleco Katrina/Rita right to bill and collect storm recovery charges | $ | $ |
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | AT DEC. 31, 2020 | |||||||||
Intangible assets | |||||||||||
Trade name | |||||||||||
Power supply agreements | |||||||||||
Total intangible assets carrying amount | |||||||||||
Intangible liabilities | |||||||||||
LTSA | |||||||||||
Power supply agreements | |||||||||||
Total intangible liability carrying amount | |||||||||||
Net intangible assets carrying amount | |||||||||||
Accumulated amortization | ( | ( | |||||||||
Net intangible assets subject to amortization | $ | $ |
Note 16 — Accumulated Other Comprehensive Loss |
Cleco | |||||
FOR THE THREE MONTHS ENDED MAR. 31, 2021 | |||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET LOSS | ||||
Balances, beginning of period | $ | ( | |||
Amounts reclassified from AOCI | |||||
Amortization of postretirement benefit net loss | |||||
Balances, Mar. 31, 2021 | $ | ( |
FOR THE THREE MONTHS ENDED MAR. 31, 2020 | |||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET LOSS | ||||
Balances, beginning of period | $ | ( | |||
Amounts reclassified from AOCI | |||||
Amortization of postretirement benefit net loss | |||||
Balances, Mar. 31, 2020 | $ | ( |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
Cleco Power | |||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, 2021 | |||||||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET LOSS | NET LOSS ON CASH FLOW HEDGES | TOTAL AOCI | ||||||||||||||
Balances, beginning of period | $ | ( | $ | ( | $ | ( | |||||||||||
Amounts reclassified from AOCI | |||||||||||||||||
Amortization of postretirement benefit net loss | — | ||||||||||||||||
Reclassification of net loss to interest charges | — | ||||||||||||||||
Balances, Mar. 31, 2021 | $ | ( | $ | ( | $ | ( |
FOR THE THREE MONTHS ENDED MAR. 31, 2020 | |||||||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET LOSS | NET LOSS ON CASH FLOW HEDGES | TOTAL AOCI | ||||||||||||||
Balances, beginning of period | $ | ( | $ | ( | $ | ( | |||||||||||
Amounts reclassified from AOCI | |||||||||||||||||
Amortization of postretirement benefit net loss | — | ||||||||||||||||
Reclassification of net loss to interest charges | — | ||||||||||||||||
Balances, Mar. 31, 2020 | $ | ( | $ | ( | $ | ( |
Note 17 — Storm Restoration |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
OVERVIEW |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
RESULTS OF OPERATIONS |
Cleco | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2021 | 2020 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue, net | $ | 394,995 | $ | 347,572 | $ | 47,423 | 13.6 | % | |||||||||||||||
Operating expenses | 348,698 | 292,907 | (55,791) | (19.0) | % | ||||||||||||||||||
Operating income | 46,297 | 54,665 | (8,368) | (15.3) | % | ||||||||||||||||||
Interest income | 647 | 1,157 | (510) | (44.1) | % | ||||||||||||||||||
Allowance for equity funds used during construction | 887 | (74) | 961 | * | |||||||||||||||||||
Other expense, net | (3,033) | (12,709) | 9,676 | 76.1 | % | ||||||||||||||||||
Interest charges | 33,891 | 35,149 | 1,258 | 3.6 | % | ||||||||||||||||||
Federal and state income tax (benefit) expense | (9,420) | 1,562 | 10,982 | 703.1 | % | ||||||||||||||||||
Net income | $ | 20,327 | $ | 6,328 | $ | 13,999 | 221.2 | % | |||||||||||||||
* Not meaningful |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
Cleco Power | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2021 | 2020 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Base | $ | 152,611 | $ | 147,999 | $ | 4,612 | 3.1 | % | |||||||||||||||
Fuel cost recovery | 114,547 | 76,431 | 38,116 | 49.9 | % | ||||||||||||||||||
Electric customer credits | (20,976) | (8,340) | (12,636) | (151.5) | % | ||||||||||||||||||
Other operations | 18,626 | 15,764 | 2,862 | 18.2 | % | ||||||||||||||||||
Affiliate revenue | 1,655 | 1,106 | 549 | 49.6 | % | ||||||||||||||||||
Operating revenue, net | 266,463 | 232,960 | 33,503 | 14.4 | % | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Recoverable fuel and purchased power | 114,573 | 76,834 | (37,739) | (49.1) | % | ||||||||||||||||||
Non-recoverable fuel and purchased power | 9,670 | 7,692 | (1,978) | (25.7) | % | ||||||||||||||||||
Other operations and maintenance | 53,565 | 56,944 | 3,379 | 5.9 | % | ||||||||||||||||||
Depreciation and amortization | 42,076 | 43,677 | 1,601 | 3.7 | % | ||||||||||||||||||
Taxes other than income taxes | 16,502 | 12,276 | (4,226) | (34.4) | % | ||||||||||||||||||
Total operating expenses | 236,386 | 197,423 | (38,963) | (19.7) | % | ||||||||||||||||||
Operating income | 30,077 | 35,537 | (5,460) | (15.4) | % | ||||||||||||||||||
Interest income | 642 | 954 | (312) | (32.7) | % | ||||||||||||||||||
Allowance for equity funds used during construction | 887 | (74) | 961 | * | |||||||||||||||||||
Other expense, net | (4,258) | (2,667) | (1,591) | (59.7) | % | ||||||||||||||||||
Interest charges | 18,646 | 18,581 | (65) | (0.3) | % | ||||||||||||||||||
Federal and state income tax (benefit) expense | (9,723) | 3,338 | 13,061 | 391.3 | % | ||||||||||||||||||
Net income | $ | 18,425 | $ | 11,831 | $ | 6,594 | 55.7 | % | |||||||||||||||
* Not meaningful |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||
(MILLION kWh) | 2021 | 2020 | FAVORABLE/ (UNFAVORABLE) | ||||||||||||||
Electric sales | |||||||||||||||||
Residential | 916 | 780 | 17.4 | % | |||||||||||||
Commercial | 580 | 582 | (0.3) | % | |||||||||||||
Industrial | 520 | 484 | 7.4 | % | |||||||||||||
Other retail | 31 | 31 | — | % | |||||||||||||
Total retail | 2,047 | 1,877 | 9.1 | % | |||||||||||||
Sales for resale | 696 | 650 | 7.1 | % | |||||||||||||
Total retail and wholesale customer sales | 2,743 | 2,527 | 8.5 | % |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||
(THOUSANDS) | 2021 | 2020 | FAVORABLE/ (UNFAVORABLE) | ||||||||||||||
Electric sales | |||||||||||||||||
Residential | $ | 67,811 | $ | 61,890 | 9.6 | % | |||||||||||
Commercial | 46,465 | 47,056 | (1.3) | % | |||||||||||||
Industrial | 22,427 | 20,580 | 9.0 | % | |||||||||||||
Other retail | 2,667 | 2,679 | (0.4) | % | |||||||||||||
Surcharge | — | 2,442 | (100.0) | % | |||||||||||||
Total retail | 139,370 | 134,647 | 3.5 | % | |||||||||||||
Sales for resale | 13,241 | 13,352 | (0.8) | % | |||||||||||||
Total base revenue | $ | 152,611 | $ | 147,999 | 3.1 | % |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||||||||||||||
CHANGE | |||||||||||||||||||||||||||||
2021 | 2020 | NORMAL | PRIOR YEAR | NORMAL | |||||||||||||||||||||||||
Heating degree-days | 935 | 586 | 890 | 59.6 | % | 5.1 | % | ||||||||||||||||||||||
Cooling degree-days | 140 | 264 | 78 | (47.0) | % | 79.5 | % |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
Cleco Cajun | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2021 | 2020 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Electric operations | $ | 101,507 | $ | 89,147 | $ | 12,360 | 13.9 | % | |||||||||||||||
Electric customer credits | — | (153) | 153 | 100.0 | % | ||||||||||||||||||
Other operations | 33,039 | 30,961 | 2,078 | 6.7 | % | ||||||||||||||||||
Affiliate revenue | — | 161 | (161) | (100.0) | % | ||||||||||||||||||
Operating revenue, net | 134,546 | 120,116 | 14,430 | 12.0 | % | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Fuel used for electric generation | 10,610 | 15,572 | 4,962 | 31.9 | % | ||||||||||||||||||
Purchased power | 67,608 | 44,675 | (22,933) | (51.3) | % | ||||||||||||||||||
Other operations and maintenance | 22,114 | 20,516 | (1,598) | (7.8) | % | ||||||||||||||||||
Depreciation and amortization | 10,856 | 10,103 | (753) | (7.5) | % | ||||||||||||||||||
Taxes other than income taxes | 3,770 | 3,473 | (297) | (8.6) | % | ||||||||||||||||||
Total operating expenses | 114,958 | 94,339 | (20,619) | (21.9) | % | ||||||||||||||||||
Operating income | 19,588 | 25,777 | (6,189) | (24.0) | % | ||||||||||||||||||
Interest income | 3 | 155 | (152) | (98.1) | % | ||||||||||||||||||
Other (expense) income, net | (652) | 34 | (686) | * | |||||||||||||||||||
Interest charges | (152) | 10 | 162 | * | |||||||||||||||||||
Federal and state income tax expense | 4,610 | 6,421 | 1,811 | 28.2 | % | ||||||||||||||||||
Net income | $ | 14,481 | $ | 19,535 | $ | (5,054) | (25.9) | % | |||||||||||||||
* Not meaningful | |||||||||||||||||||||||
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | CLECO POWER | CLECO CAJUN | ||||||||||||||||||||||
Net income | $ | 18,425 | $ | 14,481 | $ | 11,831 | $ | 19,535 | ||||||||||||||||||
Add: Depreciation and amortization | 42,076 | 11,653 | (1) | 43,677 | 10,900 | (2) | ||||||||||||||||||||
Less: Interest income | 642 | 3 | 954 | 155 | ||||||||||||||||||||||
Add: Interest charges | 18,646 | (152) | 18,581 | 10 | ||||||||||||||||||||||
Add: Federal and state income tax (benefit) expense | (9,723) | 4,610 | 3,338 | 6,421 | ||||||||||||||||||||||
EBITDA | $ | 68,782 | $ | 30,589 | $ | 76,473 | $ | 36,711 | ||||||||||||||||||
(1) Includes $3.1 million of amortization of intangible assets and liabilities related to wholesale power supply agreements as a result of the Cleco Cajun Transaction and $(2.3) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. (2) Includes $3.1 million of amortization of intangible assets and liabilities related to wholesale power supply agreements as a result of the Cleco Cajun Transaction and $(2.3) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. |
FINANCIAL CONDITION |
SENIOR UNSECURED DEBT | CORPORATE/LONG-TERM ISSUER | ||||||||||||||||||||||
S&P | MOODY’S | FITCH | S&P | MOODY’S | FITCH | ||||||||||||||||||
Cleco Holdings | BBB- | Baa3 | BBB- | BBB- | Baa3 | BBB- | |||||||||||||||||
Cleco Power | BBB+ | A3 | BBB+ | BBB+ | A3 | BBB |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
CRITICAL ACCOUNTING POLICIES |
CLECO POWER — NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS |
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
RISK OVERVIEW |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
Cleco | ||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT MAR. 31, 2021 | ||||||
Commodity-related contracts | ||||||||
FTRs | ||||||||
Current | Energy risk management assets | $ | 2,140 | |||||
Current | Energy risk management liabilities | (1,117) | ||||||
Other commodity derivatives | ||||||||
Current | Energy risk management assets | 9,159 | ||||||
Non-current | Other deferred charges | 2,966 | ||||||
Current | Energy risk management liabilities | (325) | ||||||
Non-current | Other deferred credits | (103) | ||||||
Commodity-related contracts, net | $ | 12,720 |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
Cleco Power | ||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT MAR. 31, 2021 | ||||||
Commodity-related contracts | ||||||||
FTRs | ||||||||
Current | Energy risk management assets | $ | 1,986 | |||||
Current | Energy risk management liabilities | (898) | ||||||
Commodity-related contracts, net | $ | 1,088 |
FOR THE THREE MONTHS ENDED MAR. 31, 2021 | |||||||||||||||||||||||
(THOUSANDS) | AT MAR. 31, 2021 | HIGH | LOW | AVERAGE | |||||||||||||||||||
Cleco | $ | 11,558 | $ | 12,234 | $ | 7,199 | $ | 9,159 |
ITEM 4. CONTROLS AND PROCEDURES |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
PART II — OTHER INFORMATION |
ITEM 1. LEGAL PROCEEDINGS |
CLECO |
CLECO POWER |
ITEM 1A. RISK FACTORS |
ITEM 6. EXHIBITS | |||||
CLECO | |||||
10.1 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||
CLECO POWER | |||||
10.1 | |||||
31.3 | |||||
31.4 | |||||
32.3 | |||||
32.4 | |||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
CLECO | ||||||||
CLECO POWER | 2021 1ST QUARTER FORM 10-Q |
SIGNATURES |
CLECO CORPORATE HOLDINGS LLC | ||||||||
(Registrant) | ||||||||
By: | /s/ F. Tonita Laprarie | |||||||
F. Tonita Laprarie | ||||||||
Controller and Chief Accounting Officer |
CLECO POWER LLC | ||||||||
(Registrant) | ||||||||
By: | /s/ F. Tonita Laprarie | |||||||
F. Tonita Laprarie | ||||||||
Controller and Chief Accounting Officer |
Independent director compensation | Annual | Per Quarter | ||||||
Base compensation - each independent director | $ 160,000 | $ 40,000 | ||||||
Additional compensation if a Committee Chair | $ 20,000 | $ 5,000 | ||||||
Additional compensation if Board Chair | $ 90,000 | $ 22,500 |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 31.1 |
Date: | May 12, 2021 |
/s/ William G. Fontenot | |||||
William G. Fontenot President and Chief Executive Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 31.2 |
Date: | May 12, 2021 |
/s/ Kazi K. Hasan | |||||
Kazi K. Hasan Chief Financial Officer |
CLECO POWER LLC | EXHIBIT 31.3 |
Date: | May 12, 2021 |
/s/ William G. Fontenot | |||||
William G. Fontenot Chief Executive Officer |
CLECO POWER LLC | EXHIBIT 31.4 |
Date: | May 12, 2021 |
/s/ Kazi K. Hasan | |||||
Kazi K. Hasan Chief Financial Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 32.1 |
Date: | May 12, 2021 |
/s/ William G. Fontenot | |||||
William G. Fontenot President and Chief Executive Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 32.2 |
Date: | May 12, 2021 |
/s/ Kazi K. Hasan | |||||
Kazi K. Hasan Chief Financial Officer |
CLECO POWER LLC | EXHIBIT 32.3 |
Date: | May 12, 2021 |
/s/ William G. Fontenot | |||||
William G. Fontenot Chief Executive Officer |
CLECO POWER LLC | EXHIBIT 32.4 |
Date: | May 12, 2021 |
/s/ Kazi K. Hasan | |||||
Kazi K. Hasan Chief Financial Officer |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Net income | $ 20,327 | $ 6,328 |
Other comprehensive income (loss), net of tax | ||
Postretirement benefits gain (loss), net of tax expense (benefit) | 628 | 414 |
Total other comprehensive (loss) income, net of tax | 628 | 414 |
Comprehensive income, net of tax | 20,955 | 6,742 |
CLECO POWER | ||
Net income | 18,425 | 11,831 |
Other comprehensive income (loss), net of tax | ||
Postretirement benefits gain (loss), net of tax expense (benefit) | 458 | 426 |
Amortization of interest rate derivatives to earnings | 64 | 64 |
Total other comprehensive (loss) income, net of tax | 522 | 490 |
Comprehensive income, net of tax | $ 18,947 | $ 12,321 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Tax (expense) benefit of postretirement benefits gain (loss) | $ (146) | $ (222) |
CLECO POWER | ||
Tax (expense) benefit of postretirement benefits gain (loss) | (162) | (152) |
Tax expense on amortization of interest rate derivatives to earnings | $ 22 | $ 22 |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Customer accounts receivable, allowance for credit losses | $ 2,040 | $ 2,758 |
CLECO POWER | ||
Customer accounts receivable, allowance for credit losses | $ 2,040 | $ 2,758 |
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
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Cash and cash equivalents | $ 87,099 | $ 84,976 |
Restricted cash and cash equivalents, current | 4,430 | 4,545 |
Restricted cash and cash equivalents, noncurrent | 744 | 744 |
CLECO POWER | ||
Cash and cash equivalents | 38,059 | 24,846 |
Restricted cash and cash equivalents, current | $ 4,430 | $ 4,545 |
Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited) - USD ($) $ in Thousands |
Total |
MEMBERSHIP INTEREST |
RETAINED EARNINGS |
AOCI |
CLECO POWER |
CLECO POWER
MEMBERSHIP INTEREST
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CLECO POWER
AOCI
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Balances, beginning of period at Dec. 31, 2019 | $ 2,643,006 | $ 2,454,276 | $ 206,243 | $ (17,513) | $ 1,713,392 | $ 1,735,977 | $ (22,585) |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 6,328 | 6,328 | 11,831 | 11,831 | |||
Other comprehensive income (loss), net of tax | 414 | 414 | 490 | 490 | |||
Balances, end of period at Mar. 31, 2020 | 2,649,748 | 2,454,276 | 212,571 | (17,099) | 1,725,713 | 1,747,808 | (22,095) |
Balances, beginning of period at Dec. 31, 2020 | 2,757,023 | 2,454,276 | 328,543 | (25,796) | 1,807,879 | 1,832,632 | (24,753) |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 20,327 | 20,327 | 18,425 | 18,425 | |||
Other comprehensive income (loss), net of tax | 628 | 628 | 522 | 522 | |||
Balances, end of period at Mar. 31, 2021 | $ 2,777,978 | $ 2,454,276 | $ 348,870 | $ (25,168) | $ 1,826,826 | $ 1,851,057 | $ (24,231) |
Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies |
COVID-19 Impacts In March 2020, WHO declared the outbreak of COVID-19 to be a global pandemic, and the U.S. declared a national emergency. In response to these declarations and the rapid spread of COVID-19, federal, state and local governments imposed varying degrees of restrictions on business and social activities to contain COVID-19, including quarantine and “stay-at-home” orders and directives in Cleco’s service territory. State and local authorities also subsequently implemented multistep policies to reopen various sectors of the economy such as retail establishments, health and personal care businesses, and restaurants, among others. Due to the reduction in new COVID-19 cases and hospitalizations and the availability of COVID-19 vaccines, effective March 31, 2021, the governor of the state of Louisiana issued orders reducing some of the restrictions that were in effect and easing capacity limits on businesses as well as social gatherings. Effective April 28, 2021, the governor of the state of Louisiana further reduced restrictions by revoking the mandatory, state-wide mask mandate. The COVID-19 pandemic may worsen in the U.S. during the upcoming months, which may cause federal, state, and local governments to reconsider restrictions on business and social activities. In the event governments increase restrictions, the reopening of the economy may be further curtailed. Cleco has modified some of its business operations, as these restrictions have significantly impacted many sectors of the economy. Impacts include record levels of unemployment, with businesses, nonprofit organizations, and governmental entities modifying, curtailing, or ceasing normal operations. Cleco has also modified and continues to adjust certain business practices to conform to government restrictions and best practices encouraged by the CDC, WHO, and other governmental and regulatory authorities. Cleco cannot predict the full impact that COVID-19, or the significant disruption and volatility currently being experienced in the markets, will have on its business, cash flows, liquidity, financial condition, and results of operations at this time, due to numerous uncertainties. The ultimate impacts will depend on future developments, including, among others, the ultimate geographic spread of COVID-19, the consequences of governmental and other measures designed to prevent the spread of COVID-19, the availability and timely distribution of effective treatments and vaccines, the duration of the pandemic, actions taken by governmental authorities, customers, suppliers and other third parties, workforce availability, and the timing and extent to which normal economic and operating conditions resume.Principles of Consolidation The accompanying condensed consolidated financial statements of Cleco include the accounts of Cleco 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. 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, 2020. These condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments that are necessary to fairly state the financial position and results of operations of Cleco and Cleco Power. Amounts reported in Cleco 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.” 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 related escrow accounts and becomes available for its intended purposes and/or general corporate purposes. Cleco and Cleco Power’s restricted cash and cash equivalents consisted of the following:
Prior to the repayment of the storm recovery bonds in March 2020, Cleco Katrina/Rita had the right to bill and collect storm restoration costs from Cleco Power’s customers. As cash was collected, it was restricted for payment of administration fees, interest, and principal on the storm recovery bonds. The remaining $2.6 million of restricted cash at March 31, 2021, was used in April 2021 for final administrative and winding up activities of Cleco Katrina/Rita. Refunds to Cleco Power customers for amounts remaining after all other costs and expenses of Cleco Katrina/Rita are expected to be paid with the completion of Cleco Power’s current LPSC base rate case. Reserves for Credit Losses Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivables are generally considered to become 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, none of these past events have significantly impacted Cleco’s credit loss rates. Although Cleco’s service territory experienced a recent decline in the economy in 2020 and 2021 primarily related to the COVID-19 pandemic and weather-related events, the economic outlook at March 31, 2021, was still within range of its historical credit loss analysis. The table below presents the changes in the allowance for credit losses by receivable for Cleco and Cleco Power:
* Loan held at Diversified Lands that was fully reserved for at March 31, 2021.
* Loan held at Diversified Lands that was fully reserved for at March 31, 2020.
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Recent Authoritative Guidance |
3 Months Ended | ||||||
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Mar. 31, 2021 | |||||||
Accounting Changes and Error Corrections [Abstract] | |||||||
Recent Authoritative Guidance |
In March 2020, FASB issued optional guidance for a limited period of time that applies to entities meeting certain criteria for the contract modifications or hedging relationships that are referencing LIBOR or another reference rate expected to be discontinued due to reference rate reform. The guidance includes a general principal that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The optional guidance may be applied from March 12, 2020, through December 31, 2022. Management has identified contracts with reference rates that will be discontinued and expects to apply this guidance on an on-going basis. Management does not expect this guidance to have a significant impact on the Registrants’ results of operations, financial condition, or cash flows. In December 2019, FASB amended the guidance for accounting for income taxes. The amendments simplify the accounting for income taxes by removing certain exceptions to general principles included in the accounting guidance. Effective January 1, 2021, Cleco adopted the amended accounting guidance. Adoption of this guidance did not materially impact the Registrants’ results of operations, financial condition, or cash flows.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases |
Cleco maintains operating and finance leases in its ordinary course of business activities. Cottonwood Sale Leaseback Agreement Upon closing the Cleco Cajun Transaction, the Cottonwood Sale Leaseback was executed. Under the terms of the lease, NRG Energy will operate the Cottonwood Plant, incur all costs, and receive all revenues from the operations of the plant. Cottonwood Energy will receive fixed lease payments of $40.0 million per year and variable lease payments for LTSA costs and property taxes paid by NRG Energy on behalf of Cleco. Cleco may terminate the lease contract under specific circumstances stated in the lease contract. The residual value under the Cottonwood Sale Leaseback is expected to be recovered through sales of power generation from the plant. The residual value of the Cottonwood Plant has been determined using the plant’s estimated economic life. Cleco Cajun is Cleco’s only entity with lessor arrangements. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback is included in Other operations within Cleco’s Condensed Consolidated Statement of Income. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the three months ended March 31, 2021, and 2020, was as follows:
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Leases |
Cleco maintains operating and finance leases in its ordinary course of business activities. Cottonwood Sale Leaseback Agreement Upon closing the Cleco Cajun Transaction, the Cottonwood Sale Leaseback was executed. Under the terms of the lease, NRG Energy will operate the Cottonwood Plant, incur all costs, and receive all revenues from the operations of the plant. Cottonwood Energy will receive fixed lease payments of $40.0 million per year and variable lease payments for LTSA costs and property taxes paid by NRG Energy on behalf of Cleco. Cleco may terminate the lease contract under specific circumstances stated in the lease contract. The residual value under the Cottonwood Sale Leaseback is expected to be recovered through sales of power generation from the plant. The residual value of the Cottonwood Plant has been determined using the plant’s estimated economic life. Cleco Cajun is Cleco’s only entity with lessor arrangements. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback is included in Other operations within Cleco’s Condensed Consolidated Statement of Income. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the three months ended March 31, 2021, and 2020, was as follows:
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Leases |
Cleco maintains operating and finance leases in its ordinary course of business activities. Cottonwood Sale Leaseback Agreement Upon closing the Cleco Cajun Transaction, the Cottonwood Sale Leaseback was executed. Under the terms of the lease, NRG Energy will operate the Cottonwood Plant, incur all costs, and receive all revenues from the operations of the plant. Cottonwood Energy will receive fixed lease payments of $40.0 million per year and variable lease payments for LTSA costs and property taxes paid by NRG Energy on behalf of Cleco. Cleco may terminate the lease contract under specific circumstances stated in the lease contract. The residual value under the Cottonwood Sale Leaseback is expected to be recovered through sales of power generation from the plant. The residual value of the Cottonwood Plant has been determined using the plant’s estimated economic life. Cleco Cajun is Cleco’s only entity with lessor arrangements. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback is included in Other operations within Cleco’s Condensed Consolidated Statement of Income. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the three months ended March 31, 2021, and 2020, was as follows:
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition |
Operating revenue, net for the three months ended March 31, 2021, and 2020, was as follows:
(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) Represents realized gains associated with FTRs. (5) Includes $15.5 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization.
(1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes $0.2 million of electric customer credits. (4) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (5) Represents realized gains associated with FTRs. (6) Includes $15.6 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization. Cleco and Cleco Power have unsatisfied performance obligations with durations ranging between 1 and 14 years that primarily relate to stand-ready obligations as part of fixed capacity minimums. At March 31, 2021, Cleco and Cleco Power had $70.7 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.
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Regulatory Assets and Liabilities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities |
Cleco Power capitalizes or defers certain costs for recovery from customers and recognizes a liability for amounts expected to be returned to customers 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; however, if in 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:
The following table summarizes Cleco’s net regulatory assets and liabilities:
* Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger. Accumulated Deferred Fuel In February 2021, Winter Storms Uri and Viola moved through Louisiana causing substantial damage to Cleco’s distribution assets, electricity generation supply shortages, natural gas supply shortages, and increases in wholesale prices of natural gas in the United States, primarily due to prolonged freezing temperatures. Incremental fuel and purchased power costs were incurred as a result of the winter storms. On March 29, 2021, Cleco Power received approval from the LPSC to recover $50.0 million of these costs through Cleco Power’s FAC over a period of 12 months beginning in May 2021. For more information about the incremental fuel and purchased power costs related to Winter Storms Uri and Viola, see Note 17 — “Storm Restoration — Winter Storms Uri and Viola.” Deferred Storm Restoration Costs — Winter Storms In February 2021, Cleco Power’s service territory experienced extreme and unprecedented winter weather. On February 14, 2021, Winter Storm Uri reached Louisiana resulting in power outages for approximately 11,000 of Cleco Power’s electric customers located primarily in south Louisiana. On February 17, 2021, Winter Storm Viola reached Louisiana resulting in power outages for approximately 43,000 of Cleco Power’s electric customers located primarily in central and south Louisiana. On March 17, 2021, the LPSC approved utilities establishing a regulatory asset to track and defer non-capital expenses associated with these winter storms. For more information about Winter Storms Uri and Viola, see Note 17 — “Storm Restoration — Winter Storms Uri and Viola.”
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Fair Value Accounting |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Accounting |
The amounts reflected on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at March 31, 2021, and December 31, 2020, 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. 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. The following tables summarize the carrying value and estimated market value of Cleco and Cleco Power’s financial instruments not measured at fair value on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets:
* The carrying value of long-term debt does not include deferred issuance costs of $12.7 million at March 31, 2021, and $13.4 million at December 31, 2020.
* The carrying value of long-term debt does not include deferred issuance costs of $6.8 million at March 31, 2021, and $7.0 million at December 31, 2020. In order to fund capital requirements, Cleco issues fixed and variable rate long-term debt with various tenors. The fair value of this class fluctuates as the market interest rates for fixed and variable rate debt with similar tenors and credit ratings change. The fair value of the debt could also change from period to period due to changes in the credit rating of the Cleco entity by which the debt was issued. The fair value of long-term debt is classified as Level 2 in the fair value hierarchy. Fair Value Measurements and Disclosures Cleco classifies assets and liabilities that are measured at their fair value according to three different levels depending on the inputs used in determining fair value. Cleco elects not to designate derivatives as cash flow or fair value hedges, as allowed by accounting guidance. Cleco utilizes a mark-to-market approach recognizing changes in the fair value of FTRs and other commodity derivatives at Cleco Cajun in earnings and changes in the fair value of FTRs at Cleco Power as a component of deferred fuel assets and liabilities. Cleco utilizes different valuation techniques for fair value measurements under a fair value hierarchy. Assets and liabilities classified as Level 1 under the hierarchy utilize observable inputs that reflect quotable prices in active markets. Assets and liabilities classified as Level 2 are measured through inputs other than quoted prices, either directly or indirectly. Institutional money market fund assets are discounted to the current period using a published U.S. Treasury interest rate as a proxy for a risk-free rate of return. Assets and liabilities classified as Level 3 under the hierarchy are valued based on unobservable inputs, such as internally generated valuation models or valuations obtained in inactive markets where there is no readily available information. Cleco has consistently applied the Level 2 and Level 3 fair value techniques from fiscal period to fiscal period. Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement. The assets and liabilities reported at fair value are grouped into classes based on the underlying nature and risks associated with the individual asset or liability. The following tables disclose for Cleco and Cleco Power the fair value of financial assets and liabilities measured on a recurring basis:
* Other commodity derivatives include fixed price physical forwards and swap transactions.
The following tables summarize the net 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:
The following tables quantify the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of March 31, 2021, and December 31, 2020:
At March 31, 2021, Cleco and Cleco Power were exposed to concentrations of credit risk through their short-term investments classified as cash equivalents and restricted cash equivalents. The following tables present the institutional money market funds in cash and cash equivalents and restricted cash and cash equivalents as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at March 31, 2021, and December 31, 2020:
If the money market funds failed to perform under the terms of the investments, Cleco and Cleco Power would be exposed to a loss of the invested amounts. Collateral on these types of investments is not required by either Cleco or Cleco Power. The Level 2 institutional money market funds asset consists of a single class. In order to capture interest income and minimize risk, cash is invested in money market funds that invest primarily in short-term securities issued by the U.S. Treasury to maintain liquidity and achieve the goal of a net asset value of a dollar. The risks associated with this class are counterparty risk of the fund manager and risk of price volatility associated with the underlying securities of the fund. These contracts contain counterparty credit risk because they are transacted directly with a counterparty and are not cleared on an exchange. Cleco may be required to provide credit support or pay liquidated damages with respect to any open trading contracts that Cleco has entered into or may enter into in the future. The amount of credit support that Cleco may be required to provide at any point in the future is dependent on the amount of the initial contract, changes in the market price, changes in open contracts, and changes in the amounts counterparties owe to Cleco. Changes in any of these factors could cause the amount of requested credit support to increase or decrease. Cleco Power and Cleco Cajun’s FTRs are valued using MISO’s monthly auction prices. Forward seasonal periods are not included in every monthly auction; therefore, the average of the most recent seasonal auction prices is used for monthly valuation. FTRs are categorized as Level 3 fair value measurements because the only relevant value available comes from MISO auctions, which occur monthly in the Multi-Period Monthly Auction. During the three months ended March 31, 2021, and the year ended December 31, 2020, Cleco did not experience any transfers between levels within the fair value hierarchy. Commodity Contracts The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at March 31, 2021, and December 31, 2020:
The following tables present the effect of derivatives not designated as hedging instruments on Cleco and Cleco Power’s Condensed Consolidated Statements of Income for the three months ended March 31, 2021, and 2020:
(1) For the three months ended March 31, 2021, unrealized losses associated with FTRs for Cleco Power of less than $0.1 million were reported through Accumulated deferred fuel on the balance sheet. For the three months ended March 31, 2020, unrealized losses associated with FTRs for Cleco Power of $1.3 million were reported through Accumulated deferred fuel on the balance sheet.
(1) For the three months ended March 31, 2021, unrealized losses associated with FTRs of less than $0.1 million were reported through Accumulated deferred fuel on the balance sheet. For the three months ended March 31, 2020, unrealized losses associated with FTRs of $1.3 million were reported through Accumulated deferred fuel on the balance sheet. |
Debt |
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Mar. 31, 2021 | |||||||
Debt Disclosure [Abstract] | |||||||
Debt |
At March 31, 2021, Cleco Power had $135.0 million of borrowings outstanding under its $300.0 million revolving credit facility at an all-in interest rate of 1.35%. The borrowing costs under the agreement currently are equal to LIBOR plus 1.25% or ABR plus 0.25%, plus commitment fees of 0.15%.
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Pension Plan and Employee Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plan and Employee Benefits |
Pension Plan and Other Benefits Plan Employees hired before August 1, 2007, are covered by a non-contributory, defined benefit pension plan. In December 2020, Cleco made a $15.8 million required contribution to the pension plan. Based on the funding assumptions at December 31, 2020, and the funding relief provided by the American Rescue Plan Act, which was signed by the President on March 11, 2021, management estimates that no pension contributions will be required through 2025. As of March 31, 2021, Cleco expects to make $67.0 million in discretionary contributions to the pension plan in 2021, which offsets future required contributions. Cleco Power is the plan sponsor and Support Group is the plan administrator. Benefits under the plan reflect an employee’s years of service, age at retirement, and accrued benefit at retirement. Cleco’s retirees may be eligible to receive Other Benefits. Dependents of Cleco’s retirees may also be eligible to receive Other Benefits with the exception of life insurance benefits. The non-service components of net periodic pension and Other Benefits cost are included in Other income (expense), net within Cleco and Cleco Power’s Condensed Consolidated Statements of Income. The components of net periodic pension and Other Benefits cost for the three months ended March 31, 2021, and 2020 were as follows:
Because Cleco Power is the pension plan sponsor and the related trust holds the assets, the net unfunded status of the pension plan is reflected at Cleco Power. The liability of Cleco’s other subsidiaries is transferred with a like amount of assets to Cleco Power monthly. The expense of the pension plan related to Cleco’s other subsidiaries for the three months ended March 31, 2021, was $0.9 million. The expense of the pension plan related to Cleco’s other subsidiaries for the three months ended March 31, 2020, was $0.4 million. Cleco Holdings is the plan sponsor for the other benefit plans. There are no assets set aside in a trust, and the liabilities are reported on the individual subsidiaries’ financial statements. The expense related to other benefits reflected in Cleco Power’s Condensed Consolidated Statements of Income for both the three months ended March 31, 2021, and 2020, was $1.2 million. The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at March 31, 2021, and December 31, 2020, were as follows:
SERP Certain Cleco officers are covered by SERP. Cleco does not fund the SERP liability, but instead pays for current benefits out of the general funds available. Cleco Power has formed a rabbi trust. The life insurance policies issued on SERP participants designate the rabbi trust as the beneficiary. Market conditions could have a significant impact on the cash surrender value of the life insurance policies. Proceeds from the life insurance policies are expected to be used to pay the SERP participants’ death benefits, as well as future SERP payments. However, because SERP is a non-qualified plan, the assets of the trust could be used to satisfy general creditors of Cleco Power in the event of insolvency. All SERP benefits are paid out of the general cash available of the respective companies that employed the officer. Cleco Power is the plan sponsor and Support Group is the plan administrator. The non-service components of net periodic benefit cost related to SERP are included in Other income (expense), net within Cleco and Cleco Power’s Condensed Consolidated Statements of Income. The components of the net periodic benefit cost related to SERP for the three months ended March 31, 2021, and 2020 were as follows:
The expense related to SERP reflected on Cleco Power’s Condensed Consolidated Statements of Income for the three months ended March 31, 2021, was $0.3 million. The expense related to SERP reflected on Cleco Power’s Condensed Consolidated Statements of Income for the three months ended March 31, 2020, was $0.2 million. Liabilities relating to SERP are reported on the individual subsidiaries’ financial statements. The current and non-current portions of the SERP liability for Cleco and Cleco Power at March 31, 2021, and December 31, 2020, were as follows:
401(k) Plan Cleco’s 401(k) Plan is intended to provide active, eligible employees with voluntary, long-term savings and investment opportunities. The 401(k) Plan is a defined contribution plan and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974. In accordance with the 401(k) Plan, employer contributions are made in the form of cash. Cash contributions are invested in proportion to the participant’s voluntary contribution investment choices. Participation in the Plan is voluntary, and active Cleco employees are eligible to participate. Cleco’s 401(k) Plan expense for the three months ended March 31, 2021, and 2020 was as follows:
Cleco Power is the plan sponsor for the 401(k) Plan. The expense of the 401(k) Plan related to Cleco’s other subsidiaries for the three months ended March 31, 2021, and 2020 was as follows:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
Effective Tax Rates The following tables summarize the effective income tax rates for Cleco and Cleco Power for the three months ended March 31, 2021, and 2020:
For the three months ended March 31, 2021, the effective income tax rates for both Cleco and Cleco Power were different than the federal statutory rate primarily due to the amortization of excess ADIT. For the three months ended March 31, 2020, the effective income tax rates for both Cleco and Cleco Power were different than the federal statutory rate primarily due to the adjustment to record tax expense at the projected annual effective tax rate; an adjustment for increased allowable interest expense deduction as a result of the CARES Act; permanent tax differences; the flowthrough of tax benefits, including AFUDC equity; and state tax expense. Uncertain Tax Positions Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense. At March 31, 2021, and December 31, 2020, Cleco and Cleco Power had no liability for uncertain tax positions or interest payable related to uncertain tax positions. Cleco estimates that it is reasonably possible that the balance of unrecognized tax benefits as of March 31, 2021, for Cleco and Cleco Power would be unchanged in the next 12 months. The settlement of open tax years could involve the payment of additional taxes, and/or the recognition of tax benefits, which may have an effect on Cleco’s effective tax rate. Income Tax Audits Cleco participates in the IRS’s Compliance Assurance Process in which tax positions are examined and agreed upon prior to filing the federal consolidated tax return. While the statute of limitations remains open for tax years 2017, 2018, and 2019, the IRS has completed its review of the year 2017 through 2019, and these tax returns were filed consistent with the IRS’s review. The IRS has placed Cleco in the Bridge phase of the Compliance Assurance Process for 2020. In this phase, the IRS will not accept any disclosures, conduct any reviews, or provide any assurances. The state income tax years 2017, 2018, and 2019 remain subject to examination by the Louisiana Department of Revenue. Cleco classifies income tax penalties as a component of other expense. For the three months ended March 31, 2021, and 2020, no penalties were recognized. CARES Act In March 2020, the CARES Act was signed into law. The CARES Act includes tax relief provisions such as an alternative minimum tax credit refund, a five-year net operating loss carryback from years 2018 through 2020, and deferred payments of employer payroll taxes. Cleco deferred $6.0 million in employer payroll tax payments for the period March 27, 2020, through December 31, 2020. Cleco will pay $3.0 million of the obligation by December 31, 2021, and the remaining $3.0 million by December 31, 2022. Cleco Power deferred $3.6 million in employer payroll tax payments for the period March 27, 2020 through December 31, 2020. Cleco Power will pay $1.8 million of the obligation by December 31, 2021, and the remaining $1.8 million by December 31, 2022. The CARES Act also includes modifications on the limitations of business interest for the 2020 and 2019 tax years. The modifications increase the allowable business interest deduction from 30% to 50% of adjusted taxable income. Cleco does not anticipate having any disallowed interest for the 2020 tax year. Consolidated Appropriations Act of 2021 In December 2020, the Consolidated Appropriations Act of 2021 (CAA) was signed into law. The CAA includes COVID-19 tax relief and tax extender provisions including extensions of time to begin construction on and placed in-service assets generating production tax credits and income tax credits, 100% deductibility of business meals in 2021 and 2022, and an extension of the work opportunity tax credit. The income tax credit percentage has been increased for projects starting construction through 2023 and placed in service by the end of 2025. Management does not expect the CAA to have a material impact on the Registrants. American Jobs Act of 2021 On March 31, 2021, the President announced the American Jobs Act. This proposal includes a number of incentives to encourage construction of certain transmission and energy storage property. The proposed act also proposes to raise the federal statutory corporate income tax rate from 21% to 28% and to introduce a minimum tax based on book income. Currently, management is unable to predict the impact of the proposed act on the Registrants.
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Disclosures about Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosures about Segments |
Cleco’s reportable segments are based on its method of internal reporting, which disaggregates business units by its first-tier subsidiary. Cleco’s reportable segments are Cleco Power and Cleco Cajun. Each reportable segment engages in business activities from which it earns revenue and incurs expenses. Segment managers report periodically to Cleco’s CEO, who is Cleco’s chief operating decision maker, with discrete financial information and, at least quarterly, present discrete financial information to Cleco and, in the case of Cleco Power, Cleco Power’s Boards of Managers. The reportable segment prepares budgets that are presented to and approved by Cleco and, in the case of Cleco Power, Cleco Power’s Boards of Managers. The column shown as Other in the following tables includes the holding company, a shared services subsidiary, and an investment subsidiary. There were no changes to Cleco’s existing reportable segments. The financial results in the following tables are presented on an accrual basis. EBITDA is a key non-GAAP financial measure used by the CEO to assess the operating performance of Cleco’s segments. Management evaluates the performance of Cleco’s segments and allocates resources to them based on segment profit and the requirements to implement strategic initiatives and projects to meet current business objectives. EBITDA is defined as net income adjusted for interest, income taxes, depreciation, and amortization. Depreciation and amortization in the following tables includes amortization of intangible assets and liabilities recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger and the Cleco Cajun Transaction, as well as amortization of deferred lease revenue resulting from the Cleco Cajun Transaction. Material intercompany transactions occur on a regular basis. These intercompany transactions relate primarily to joint and common administrative support services as well as transmission services provided by Cleco Power to Cleco Cajun.
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Regulation and Rates |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulation and Rates |
Provision for rate refund on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets consisted primarily of the following:
FRP Cleco Power’s annual retail earnings are subject to an FRP that was approved by the LPSC in June 2014. Under the terms of Cleco Power’s current FRP, Cleco Power is allowed to earn a target ROE of 10.0%, while providing the opportunity to earn up to 10.9%. Additionally, 60.0% of retail earnings between 10.9% and 11.75%, and all retail earnings over 11.75%, are required to be refunded to customers. The amount of credits due to customers, if any, is determined by Cleco Power and the LPSC, annually. Credits are typically included on customers’ bills the following summer, but the amount and timing of the refunds are ultimately subject to LPSC approval. Cleco Power’s FRP had a four-year term, which was set to expire in June 2018. As a result of the 2016 Merger, the FRP was extended an additional two years with an expiration of June 2020, and Cleco Power was required to file a new base rate case in June 2019 with any change in rates to be implemented in July 2020. On June 28, 2019, Cleco Power filed an application with the LPSC for a new FRP. However, there has been a delay in the current base rate case. Cleco Power has responded to multiple sets of data requests relating to the new FRP. Unless the 2014 FRP were to be extended by order of the LPSC, the FRP rates established in July 2019 will remain in effect. Cleco Power anticipates new rates to be effective on July 1, 2021. However, management is unable to determine the outcome of the base rate case relating to the new FRP. Cleco Power filed its monitoring report for the 12 months ended June 30, 2019, on October 31, 2019, indicating that no refund was due. Cleco Power has responded to data requests relating to the 2019 FRP monitoring report. Cleco Power’s monitoring report also included a $1.2 million annual cost of service savings as a result of the 2016 Merger Commitments. The cost of service savings is not subject to the target ROE or any sharing mechanism. The cost of service savings is refunded annually in September and will continue until Cleco Power’s next FRP is in effect, which is expected on July 1, 2021. At March 31, 2021, Cleco Power had $2.1 million accrued for the estimated cost of service savings refunds. TCJA The provisions of the TCJA reduced the top federal statutory corporate income tax rate from 35% to 21%. As a result of the tax rate reduction, on January 1, 2018, Cleco Power began accruing an estimated reserve for the reduction in the federal statutory corporate income tax rate. In February 2018, the LPSC directed utilities, including Cleco Power, to provide considerations of the appropriate manner to flow through to ratepayers the benefits of the reduction in corporate income taxes as a result of the TCJA. In July 2019, the LPSC approved Cleco Power’s rate refund of $79.2 million, plus interest, for the reduction in the statutory federal tax rate for the period from January 2018 to June 2020. The refund was credited to customers over 12 months beginning August 1, 2019. In July 2019, the LPSC approved Cleco Power’s motion to address the rate redesign and the regulatory liability for excess ADIT, resulting from the enactment of the TCJA, in Cleco Power’s current base rate case. As a result of the delay in the rate case, on July 15, 2020, the LPSC approved Cleco Power’s application to extend the TCJA bill credits at the same rate as determined in the initial TCJA refund of approximately $7.0 million per month. The extension was for the period of August 2020 through November 2020. On November 13, 2020, Cleco Power again received approval for its application to extend the TCJA bill credits from November 30, 2020, until such a time that the rate case is complete. The $7.0 million monthly refund will consist of approximately $4.4 million, which is to be funded by the unprotected excess ADIT, and approximately $2.6 million, which is the change in the federal statutory corporate income tax rate from 35% to 21%. At March 31, 2021, Cleco Power had $2.1 million accrued for the estimated federal tax-related benefits from the TCJA. The mechanism to refund the remaining balance of the excess ADIT will be determined in Cleco Power’s current LPSC base rate case. At March 31, 2021, Cleco Power had $337.4 million accrued for the excess ADIT, of which $15.6 million is reflected in current regulatory liabilities. Cleco Power’s current base rate case is ongoing and management is unable to determine its outcome. Cleco Katrina/Rita Storm Recovery Charges Prior to the repayment of the storm recovery bonds in March 2020, Cleco Katrina/Rita had the right to bill and collect storm restoration costs from Cleco Power’s customers to pay administrative fees, interest, and principal on the Cleco Katrina/Rita storm recovery bonds. Amounts remaining after the final principal and interest payments on the storm recovery bonds and payments for final administrative and winding up activities are subject to refund. For more information on Cleco Katrina/Rita’s restricted cash, see Note 1 — “Summary of Significant Accounting Policies — Restricted Cash and Cash Equivalents.” FERC Audit For more information about the FERC audit, see Note 13 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — FERC Audit.” Transmission ROE Two complaints were filed with FERC seeking to reduce the ROE component of the transmission rates that MISO transmission owners, including Cleco Power, may collect under the MISO tariff. As of March 31, 2021, Cleco Power had $0.6 million accrued for the change in ROE. For more information on the ROE complaints, see Note 13 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — Transmission ROE.” SSR In September 2016, Cleco Power filed an Attachment Y with MISO requesting retirement of Teche Unit 3 effective April 1, 2017. MISO conducted a study which determined the proposed retirement of Teche Unit 3 would result in violations of specific applicable reliability standards for which no mitigation is available. As a result, MISO designated Teche Unit 3 as an SSR unit until such time that an appropriate alternative solution could be implemented to mitigate reliability issues. One mitigating factor identified was Cleco Power’s Terrebonne to Bayou Vista Transmission project, which was completed in April 2019. Cleco Power received a termination notice, effective April 30, 2019, and filed paperwork to withdraw the filed Attachment Y. While operating as an SSR unit, Cleco Power received monthly payments that included recovery of expenses, including capital expenditures, related to the operations of Teche Unit 3. Additionally, MISO allocated SSR costs to the load serving entities that required the operation of the SSR unit, including Cleco Power. These payments and cost allocations were finalized as part of a MISO SSR settlement approved in December 2018. Cleco Power operated Teche Unit 3 as an SSR unit from April 2017 until April 2019. Cleco Power expects Teche Unit 3 to continue to be available to run and to continue to offer the unit into MISO through 2024, barring a significant unit failure. At March 31, 2021, Cleco Power had $6.1 million accrued for the net capital refund for capital expenditures paid for by third parties while operating under the SSR agreement. As part of the settlement, one of the load serving entities agreed to reimburse Cleco Power for a portion of their capital refund. The capital refund is expected to be paid in late 2021.
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Variable Interest Entities |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities |
Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. Oxbow is owned 50% by Cleco Power and 50% by SWEPCO. Cleco Power is not the primary beneficiary because it shares the power to control Oxbow’s significant activities with SWEPCO. Cleco Power’s current assessment of its maximum exposure to loss related to Oxbow at March 31, 2021, consisted of its equity investment of $7.3 million. During the three months ended March 31, 2021, Cleco Power received $1.8 million from Oxbow as a return of equity investment. The following table presents the components of Cleco Power’s equity investment in Oxbow:
The following table compares the carrying amount of Oxbow’s assets and liabilities with Cleco Power’s maximum exposure to loss related to its investment in Oxbow:
The following table contains summarized financial information for Oxbow:
Prior to June 30, 2020, DHLC mined lignite reserves at Oxbow through the Amended Lignite Mining Agreement. The lignite reserves are intended to be used to provide fuel to the Dolet Hills Power Station. Under the Amended Lignite Mining Agreement, DHLC bills Cleco Power its proportionate share of incurred lignite extraction and associated mining-related costs. Oxbow bills Cleco Power its proportionate share of incurred costs related to mineral rights and land leases. For more information on DHLC and the Oxbow mine, see Note 13 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Risks and Uncertainties.” Oxbow has no third-party agreements, guarantees, or other third-party commitments that contain obligations affecting Cleco Power’s investment in Oxbow.
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Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees |
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Mar. 31, 2021 | |||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees |
Litigation 2016 Merger In connection with the 2016 Merger, four actions were filed in the Ninth Judicial District Court for Rapides Parish, Louisiana and three actions were filed in the Civil District Court for Orleans Parish, Louisiana. The petitions in each action generally alleged, among other things, that the members of Cleco Corporation’s Board of Directors breached their fiduciary duties by, among other things, conducting an allegedly inadequate sale process, agreeing to the 2016 Merger at a price that allegedly undervalued Cleco, and failing to disclose material information about the 2016 Merger. The petitions also alleged that Como 1, Cleco Corporation, Merger Sub, and, in some cases, certain of the investors in Como 1 either aided and abetted or entered into a civil conspiracy to advance those supposed breaches of duty. The petitions sought various remedies, including monetary damages, which includes attorneys’ fees and expenses. The four actions filed in the Ninth Judicial District Court for Rapides Parish are captioned as follows: •Braunstein v. Cleco Corporation, No. 251,383B (filed October 27, 2014), •Moore v. Macquarie Infrastructure and Real Assets, No. 251,417C (filed October 30, 2014), •Trahan v. Williamson, No. 251,456C (filed November 5, 2014), and •L’Herisson v. Macquarie Infrastructure and Real Assets, No. 251,515F (filed November 14, 2014). In November 2014, the plaintiff in the Braunstein action moved for a dismissal of the action without prejudice, and that motion was granted in November 2014. In December 2014, the Court consolidated the remaining three actions and appointed interim co-lead counsel, and dismissed the investors in Cleco Partners as defendants, per agreement of the parties. Also, in December 2014, the plaintiffs in the consolidated action filed a Consolidated Amended Verified Derivative and Class Action Petition for Damages and Preliminary and Permanent Injunction. The three actions filed in the Civil District Court for Orleans Parish were captioned as follows: •Butler v. Cleco Corporation, No. 2014-10776 (filed November 7, 2014), •Creative Life Services, Inc. v. Cleco Corporation, No. 2014-11098 (filed November 19, 2014), and •Cashen v. Cleco Corporation, No. 2014-11236 (filed November 21, 2014). In December 2014, the directors and Cleco filed declinatory exceptions in each action on the basis that each action was improperly brought in Orleans Parish and should either be transferred to the Ninth Judicial District Court for Rapides Parish or dismissed. Also, in December 2014, the plaintiffs in each action jointly filed a motion to consolidate the three actions pending in Orleans Parish and to appoint interim co-lead plaintiffs and co-lead counsel. In January 2015, the Court in the Creative Life Services case sustained the defendants’ declinatory exceptions and dismissed the case so that it could be transferred to the Ninth Judicial District Court for Rapides Parish. In February 2015, the plaintiffs in Butler and Cashen also consented to the dismissal of their cases from Orleans Parish so they could be transferred to the Ninth Judicial District Court for Rapides Parish. By operation of the December 2014 order of the Ninth Judicial District Court for Rapides Parish, the Butler, Cashen, and Creative Life Services actions were consolidated into the actions pending in Rapides Parish. In February 2015, the Ninth Judicial District Court for Rapides Parish held a hearing on a motion for preliminary injunction filed by plaintiffs in the consolidated action seeking to enjoin the shareholder vote for approval of the Merger Agreement. The District Court heard and denied the plaintiffs’ motion. In June 2015, the plaintiffs filed their Second Consolidated Amended Verified Derivative and Class Action Petition. Cleco filed exceptions seeking dismissal of the second amended petition in July 2015. The LPSC voted to approve the 2016 Merger before the Court could consider the plaintiffs’ peremptory exceptions. In March 2016 and May 2016, the plaintiffs filed their Third Consolidated Amended Verified Derivative Petition for Damages and Preliminary and Permanent Injunction and their Fourth Verified Consolidated Amended Class Action Petition, respectively. The fourth amended petition, which remains the operative petition and was filed after the 2016 Merger closed, eliminated the request for preliminary and permanent injunction and also named an additional executive officer as a defendant. The defendants filed exceptions seeking dismissal of the fourth amended Petition. In September 2016, the District Court granted the exceptions of no cause of action and no right of action and dismissed all claims asserted by the former shareholders. The plaintiffs appealed the District Court’s ruling to the Louisiana Third Circuit Court of Appeal. In December 2017, the Third Circuit Court of Appeal issued an order reversing and remanding the case to the District Court for further proceedings. In January 2018, Cleco filed a writ with the Louisiana Supreme Court seeking review of the Third Circuit Court of Appeal’s decision. The writ was denied in March 2018 and the parties are engaged in discovery in the District Court. In November 2018, Cleco filed renewed exceptions of no cause of action and res judicata, seeking to dismiss all claims. On December 21, 2018, the court dismissed Cleco Partners and Cleco Holdings as defendants per the agreement of the parties, leaving as the only remaining defendants certain former executive officers and independent directors. The District Court denied the defendants’ exceptions on January 14, 2019. A hearing on the plaintiffs’ motion for certification of a class was scheduled for August 26, 2019; however, prior to the hearing, the parties reached an agreement to certify a limited class. On September 7, 2019, the District Court certified a class limited to shareholders who voted against, abstained from voting, or did not vote on the 2016 Merger. Cleco believes that the allegations of the petitions in each action are without merit and that it has substantial meritorious defenses to the claims set forth in each of the petitions. Gulf Coast Spinning In September 2015, a potential customer sued Cleco for failure to fully perform an alleged verbal agreement to lend or otherwise fund its startup costs to the extent of $6.5 million. Gulf Coast Spinning Company, LLC (Gulf Coast), the primary plaintiff, alleges that Cleco promised to assist it in raising approximately $60.0 million, which Gulf Coast needed to construct a cotton spinning facility near Bunkie, Louisiana. According to the petition filed by Gulf Coast in the 12th Judicial District Court for Avoyelles Parish, Louisiana (the “District Court”), Cleco made such promises of funding assistance in order to cultivate a new industrial electric customer which would increase its revenues under a power supply agreement that it executed with Gulf Coast. Gulf Coast seeks unspecified damages arising from its inability to raise sufficient funds to complete the project, including lost profits. Cleco filed an Exception of No Cause of Action arguing that the case should be dismissed. The District Court denied Cleco’s exception in December 2015, after considering briefs and arguments. In January 2016, Cleco appealed the District Court’s denial of its exception by filing with the Third Circuit Court of Appeal. In June 2016, the Third Circuit Court of Appeal denied the request to have the case dismissed. In July 2016, Cleco filed a writ to the Louisiana Supreme Court seeking a review of the District Court’s denial of Cleco’s exception. In November 2016, the Louisiana Supreme Court denied Cleco’s writ application. In February 2016, the parties agreed to a stay of all proceedings pending discussions concerning settlement. In May 2016, the District Court lifted the stay at the request of Gulf Coast. The parties are currently participating in discovery. Cleco believes the allegations of the petition are contradicted by the written documents executed by Gulf Coast, are otherwise without merit, and that it has substantial meritorious defenses to the claims alleged by Gulf Coast. Dispute with Saulsbury Industries In October 2018, Cleco Power sued Saulsbury Industries, Inc., the former general contractor for the St. Mary Clean Energy Center project, seeking damages for Saulsbury Industries, Inc.’s failure to complete the St. Mary Clean Energy Center project on time and for costs incurred by Cleco Power in hiring a replacement general contractor. The action was filed in the Ninth Judicial District Court for Rapides Parish, No. 263339. Saulsbury Industries, Inc. removed the case to the U.S. District Court for the Western District of Louisiana, on March 1, 2019. On September 14, 2020, Cabot Industries was allowed to join the case pending in the Ninth Judicial District Court for Rapides Parish. In January 2019, Cleco Power was served with a summons in Saulsbury Industries, Inc. v. Cabot Corporation and Cleco Power LLC, in the U.S. District Court for the Western District of Louisiana. Saulsbury Industries, Inc. alleged that Cleco Power and Cabot Corporation caused delays in the St. Mary Clean Energy Center project, resulting in alleged impacts to Saulsbury Industries, Inc.’s direct and indirect costs. On June 5, 2019, Cleco Power and Cabot Corporation each filed separate motions to dismiss. On October 24, 2019, the District Court denied Cleco’s motion as premature and ruled that Saulsbury Industries, Inc. had six weeks to conduct discovery on specified jurisdictional issues. The Magistrate Judge presiding over the Western District of Louisiana consolidated cases issued a report and recommendation to the District Judge that the case instituted by Saulsbury Industries, Inc. be dismissed without prejudice and the case initiated by Cleco Power be remanded to the Ninth Judicial District Court for Rapides Parish. Saulsbury Industries, Inc. did not oppose the Magistrate Judge’s report and recommendation, and the District Judge issued a ruling that adopted the Magistrate Judge’s report and recommendation, which included reasoning consistent with Cleco Power’s arguments. Thus, the federal consolidated cases are now closed. On October 10, 2019, Cleco Power was served with a summons in Saulsbury Industries, Inc. v. Cabot Corporation and Cleco Power LLC in the 16th Judicial District Court for St. Mary Parish, No. 133910-A. Saulsbury Industries, Inc. asserted the same claim as the Western District Litigation and further asserts claims for payment on an open account. On December 9, 2019, Cleco moved to stay the case, arguing that the Rapides Parish suit should proceed. On February 14, 2020, the court granted Cleco’s motion, which stay order remains in place until lifted. The 16th Judicial District Court for the St. Mary Parish case held a hearing on October 16, 2020, and the judge granted Cleco’s declinatory exceptions of lis pendens. Thus, the St. Mary’s Parish case has been dismissed. Saulsbury filed a motion for a new trial. The hearing on this motion was held on February 5, 2021, and the 16th Judicial District Court judge denied Saulsbury’s motion for a new trial. Saulsbury has appealed this decision. LPSC Audits Fuel Audit Generally, Cleco Power’s cost of fuel used for electric generation and the cost of purchased power are recovered through the LPSC-established FAC that enables Cleco Power to pass on to its customers substantially all such charges. Recovery of FAC costs is subject to periodic fuel audits by the LPSC. The LPSC FAC General Order issued in November 1997, in Docket No. U-21497 provides that an audit of FAC filings will be performed at least every other year. In March 2020, Cleco Power received a notice of audit from the LPSC for the period of January 2018 to December 2019. The total amount of fuel expense included in the audit is $565.8 million. Cleco Power has responded to several sets of data requests from the LPSC. Cleco Power has FAC filings for January 2020 and thereafter that remain subject to audit. Management is unable to predict or give a reasonable estimate of the possible range of the disallowance, if any, related to these filings. Historically, the disallowances have not been material. If a disallowance of fuel cost is ordered resulting in a refund, any such refund could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants. Environmental Audit In 2009, the LPSC issued Docket No. U-29380 Subdocket A, which provides Cleco Power an EAC to recover from its customers certain costs of environmental compliance. The costs eligible for recovery are those for prudently incurred air emissions credits associated with complying with federal, state, and local air emission regulations that apply to the generation of electricity reduced by the sale of such allowances. Also eligible for recovery are variable emission mitigation costs, which are the costs of reagents such as ammonia and limestone that are a part of the fuel mix used to reduce air emissions, among other things. In March 2020, Cleco Power received notice from the LPSC of the EAC audit for the period of January 2018 to December 2019. The total amount of environmental expense included in the audit is $26.2 million. Cleco Power has responded to several sets of data requests from the LPSC. Cleco Power has EAC filings for January 2020 and thereafter that remain subject to audit. Management is unable to predict or give a reasonable estimate of the possible range of the disallowance, if any, related to these filings. Historically, the disallowances have not been material. If a disallowance of environmental cost is ordered resulting in a refund to Cleco Power’s customers, any such refund could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants. Cleco Power incurs environmental compliance expenses for reagents associated with the compliance standards of Mercury and Air Toxics Standards (MATS). These expenses are also eligible for recovery through Cleco Power’s EAC and are subject to periodic review by the LPSC. In May 2020, the EPA finalized a rule that concluded that it is not appropriate and necessary to regulate hazardous air pollutants from coal- and oil-fired electric generating units. However, the EPA concluded that coal- and oil-fired electric generating units would not be removed from the list of regulated sources of hazardous air pollutants and would remain subject to MATS. The EPA also determined that the results of its risk and technology review did not require any revisions to the emissions standards. Several petitions for review of the rule’s findings were filed between May and July 2020 in the D.C. Circuit Court of Appeals. On January 20, 2021, the new Administration issued an executive order, which directs federal agency heads to review regulations and other actions over the past four years to determine if they are inconsistent with the policies announced in the executive order. The order specifically directs the EPA to consider issuing a proposed rule by August 2021 to suspend, revise, or rescind the rule. Management is unable to determine whether the outcome of the D.C. Circuit Court of Appeals review or the EPA’s review of the rule as a result of the executive order will result in changes to the MATS standards. FERC Audit Generally, Cleco Power records wholesale transmission revenue through approved formula rates, Attachment O of the MISO tariff and certain grandfathered agreements. The calculation of the rate formulas, as well as FERC accounting and reporting requirements, are subject to periodic audits by FERC. In March 2018, the Division of Audits and Accounting, within the Office of Enforcement of FERC, initiated an audit of Cleco Power for the period of January 1, 2014, through June 30, 2019. On September 27, 2019, Cleco Power received the final audit report, which indicated 12 findings of noncompliance with a combination of FERC accounting and reporting requirements and computation of revenue requirements along with 59 recommendations associated with the audit period. Cleco Power submitted a plan for implementing the audit recommendations on October 28, 2019. Cleco Power also submitted the refund analysis on November 7, 2019, which resulted in a refund related to the FERC audit findings, pending final assessment by the FERC Division of Audits and Accounting, which is expected in the third quarter of 2021. On June 1, 2020, this amount began being refunded to Cleco Power’s wholesale transmission customers as a combination of refund payments and a reduction in Attachment O and grandfathered agreement rates over 12 months. At March 31, 2021, Cleco Power had $1.0 million recorded in Provision for rate refund on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets for the estimated refund. Transmission ROE Two complaints were filed with FERC seeking to reduce the ROE component of the transmission rates that MISO transmission owners, including Cleco, may collect under the MISO tariff. The complaints sought to reduce the 12.38% ROE used in MISO’s transmission rates to a proposed 6.68%. The complaints covered the period December 2013 through May 2016. In June 2016, an administrative law judge issued an initial decision in the second rate case docket recommending a 9.70% base ROE. In September 2016, FERC issued a Final Order in response to the first complaint establishing a 10.32% ROE. However, on November 21, 2019, FERC voted to adopt a new methodology for evaluating base ROE for public utilities under the Federal Power Act. In addition, FERC set the MISO transmission owners’ region-wide base ROE at 9.88% for the refund period covered in the first complaint and going forward. The draft FERC order further found that complainants in the second complaint proceeding failed to show that the 9.88% base ROE was unjust and unreasonable and thus dismissed the second complaint. On May 21, 2020, FERC issued Opinion No. 569-A, which granted rehearing in part of Opinion No. 569, which had revised FERC’s methodology for analyzing the base ROE component of public utility rates under section 206 of the Federal Power Act. Opinion No. 569-A further refines FERC’s ROE methodology and finds that the MISO Transmission Owners’ base ROE should be set at 10.02% instead of 9.88%. Cleco Power is unable to determine when a final FERC Order will be issued. As of March 31, 2021, Cleco Power had $0.6 million accrued for the change in the ROE. In November 2014, the MISO transmission owners committee, of which Cleco is a member, filed a request with FERC for an incentive to increase the new ROE by 50 basis points for RTO participation as allowed by the MISO tariff. In January 2015, FERC granted the request. Beginning January 1, 2020, the collection of the adder was included in MISO’s transmission rates for a total ROE of 10.38%. On June 1, 2020, the total ROE included in MISO’s transmission rate was 10.52%. South Central Generating In 2017, Louisiana Generating received insurance settlement proceeds for costs incurred to resolve a lawsuit which was brought by the EPA and the Louisiana Department of Environmental Quality against Louisiana Generating related to Big Cajun II, Unit 3. Entergy Gulf States, as co-owner of Big Cajun II, Unit 3, is expected to be allocated a portion of the insurance settlement proceeds. Any amount allocated to Entergy Gulf States will be determined by ongoing litigation and negotiations. South Central Generating estimated this amount to be $10.0 million. As part of the Cleco Cajun Transaction, Cleco Cajun assumed the $10.0 million contingent liability and NRG Energy indemnified Cleco for losses associated with this litigation matter. As a result, Cleco also recorded a $10.0 million indemnification asset in Other current assets on Cleco’s Condensed Consolidated Balance Sheets as part of the Cleco Cajun Transaction. Prior to the Cleco Cajun Transaction, South Central Generating was involved in various litigation matters, including environmental and contract proceedings, before various courts regarding matters arising out of the ordinary course of business. At March 31, 2021, management estimates potential losses to be $1.5 million with respect to one of these matters. Management is unable to estimate any potential losses Cleco Cajun may be ultimately responsible for with respect to any of the remaining matters. As part of the Cleco Cajun Transaction, NRG Energy indemnified Cleco for losses as of the closing date associated with matters that existed as of the closing date, including pending litigation. Other Cleco is involved in various litigation matters, including regulatory, environmental, and administrative proceedings before various courts, regulatory commissions, arbitrators, and governmental agencies regarding matters arising in the ordinary course of business. The liability Cleco may ultimately incur with respect to any one of these matters may be in excess of amounts currently accrued. Management regularly analyzes current information and, as of March 31, 2021, believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters are $4.5 million and has accrued this amount. Off-Balance Sheet Commitments and Guarantees Cleco Holdings and Cleco Power have entered into various off-balance sheet commitments, in the form of guarantees and standby letters of credit, in order to facilitate their activities and the activities of Cleco Holdings’ subsidiaries and equity investees (affiliates). Cleco Holdings and Cleco Power have also agreed to contractual terms that require the Registrants to pay third parties if certain triggering events occur. These contractual terms generally are defined as guarantees. Cleco Holdings entered into these off-balance sheet commitments in order to entice desired counterparties to contract with its affiliates by providing some measure of credit assurance to the counterparty in the event Cleco’s affiliates do not fulfill certain contractual obligations. If Cleco Holdings had not provided the off-balance sheet commitments, the desired counterparties may not have contracted with Cleco’s affiliates, or may have contracted with them at terms less favorable to its affiliates. The off-balance sheet commitments are not recognized on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets because management has determined that Cleco and Cleco Power’s affiliates are able to perform the obligations under their contracts and that it is not probable that payments by Cleco or Cleco Power will be required. Cleco Holdings provided guarantees and indemnities to Entergy Louisiana and Entergy Gulf States as a result of the sale of the Perryville generation facility in 2005. The remaining indemnifications relate to environmental matters that may have been present prior to closing. These remaining indemnifications have no time limitations. The maximum amount of the potential payment to Entergy Louisiana and Entergy Gulf States is $42.4 million. Management does not expect to be required to pay Entergy Louisiana and Entergy Gulf States under these guarantees. On behalf of Acadia, Cleco Holdings provided guarantees and indemnifications as a result of the sales of Acadia Unit 1 to Cleco Power and Acadia Unit 2 to Entergy Louisiana in 2010 and 2011, respectively. The remaining indemnifications relate to the fundamental organizational structure of Acadia. These remaining indemnifications have no time limitations or maximum potential future payments. Management does not expect to be required to pay Cleco Power or Entergy Louisiana under these guarantees. Cleco Holdings provided indemnifications to Cleco Power as a result of the transfer of Coughlin to Cleco Power in March 2014. Cleco Power also provided indemnifications to Cleco Holdings and Evangeline as a result of the transfer of Coughlin to Cleco Power. The maximum amount of the potential payment to Cleco Power, Cleco Holdings, and Evangeline for their respective indemnifications is $40.0 million, except for indemnifications relating to the fundamental organizational structure of each respective entity, of which the maximum amount is $400.0 million. Management does not expect to be required to make any payments under these indemnifications. As part of the Amended Lignite Mining Agreement, Cleco Power and SWEPCO, joint owners of the Dolet Hills Power Station, have agreed to pay the loan and lease principal obligations of the lignite miner, DHLC, when due if DHLC does not have sufficient funds or credit to pay. Any amounts paid on behalf of the miner would be credited by the lignite miner against future invoices for lignite delivered. As of March 31, 2021, the maximum projected payment by Cleco Power under this guarantee is estimated to be $25.0 million; however, the Amended Lignite Mining Agreement does not contain a cap. The projection is based on the forecasted loan and lease obligations to be incurred by DHLC, primarily for purchases of equipment. Cleco Power has the right to dispute the incurrence of loan and lease obligations through the review of the mining plan before the incurrence of such loan and lease obligations. In April 2020, Cleco Power and SWEPCO mutually agreed to not develop additional mining areas for future lignite extraction and subsequently provided notice to the LPSC of the intent to cease mining at the Dolet Hills and Oxbow mines by June 2020. The mine closures are subject to LPSC review and approval. As of December 31, 2020, all lignite reserves intended to be extracted from the Oxbow mine had been extracted. On October 6, 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. The Amended Lignite Mining Agreement does not affect the amount the Registrants can borrow under their credit facilities. Currently, management does not expect to be required to pay DHLC under this guarantee. Cleco Holdings, in relation to Cleco Cajun’s participation in MISO, and Cleco Power have letters of credit to MISO pursuant to energy market requirements. The letters of credit automatically renew each year and have no impact on Cleco Holdings’ or Cleco Power’s revolving credit facility. In February 2021, Cleco Power posted incremental collateral in the amount of $25.0 million with MISO. Also in February 2021, Cleco Holdings, on behalf of Cleco Cajun, posted incremental collateral in the amount of $8.8 million with MISO. These incremental collateral postings were a result of the increase in net purchased power costs related to Winter Storms Uri and Viola exceeding respective unsecured credit capacity with MISO. In March 2021, Cleco Power and Cleco Cajun settled the majority of those purchased power obligations with MISO, and MISO returned associated collateral postings of $24.9 million and $6.5 million to Cleco Power and Cleco Holdings, respectively. For more information on these winter storms, see Note 17 — “Storm Restoration — Winter Storms Uri and Viola.” Generally, neither Cleco Holdings nor Cleco Power has recourse that would enable them to recover amounts paid under their guarantee or indemnification obligations. There are no assets held as collateral for third parties that either Cleco Holdings or Cleco Power could obtain and liquidate to recover amounts paid pursuant to the guarantees or indemnification obligations. Other Commitments Cleco has accrued for liabilities related to third parties, employee medical benefits, and AROs. Risks and Uncertainties Cleco could be subject to possible adverse consequences if Cleco’s counterparties fail to perform their obligations or if Cleco or its affiliates are not in compliance with loan agreements or bond indentures. Access to capital markets is a significant source of funding for both short- and long-term capital requirements not satisfied by operating cash flows. Changes in the regulatory environment or market forces could cause Cleco to determine its assets have suffered an other-than-temporary decline in value, whereby an impairment would be required and Cleco’s financial condition could be materially adversely affected. Cleco Power and Cleco Cajun are participants in the MISO market. Energy prices in the MISO market are based on LMP, which includes a component directly related to congestion on the transmission system. Pricing zones with greater transmission congestion may have higher LMPs. Physical transmission constraints present in the MISO market could increase energy costs within pricing zones. Cleco Power and Cleco Cajun use FTRs to mitigate transmission congestion price risks. Changes to anticipated transmission paths may result in an unexpected increase in energy costs. On March 1, 2019, Cleco Power began to operate the Dolet Hills Power Station from June through September of each year; however, the Dolet Hills Power Station will continue to be available to operate in other months, if needed. In June 2020, after thorough evaluation, management decided to retire the Dolet Hills Power Station. In April 2020, Cleco Power and SWEPCO mutually agreed to not develop additional mining areas for future lignite extraction and subsequently provided notice to the LPSC of the intent to cease mining at the Dolet Hills and Oxbow mines by June 2020, subject to LPSC review and approval. As of December 31, 2020, all lignite reserves intended to be extracted from the Oxbow mine had been extracted. On October 6, 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. The expected early closure of the mines has resulted in increased costs that will be billed through the fuel adjustment clause, which management currently believes are recoverable. Management does not believe the early closure of the mines will have an adverse impact on the recovery value of the Dolet Hills Power Station. Cleco Power expects to have sufficient lignite fuel available to continue seasonal operations of the Dolet Hills Power Station through the end of 2021. Cleco Power anticipates filing an application in the second quarter of 2021 with the LPSC giving notice that the Dolet Hills Power Station will be retired at the end of 2021 and requesting the approval of the regulatory treatment and recovery of the stranded costs and decommissioning costs over 20 years. In June 2020, Cleco Power remeasured its ARO liabilities due to the expected retirement of the Dolet Hills Power Station. Cleco Power’s ARO liability increased $3.3 million as a result of this remeasurement. At March 31, 2021, Cleco Power’s undivided interest in the Dolet Hills Power Station was $76.4 million and was included in base rates. Fuel costs incurred by the Dolet Hills Power Station are recoverable by Cleco Power through active fuel adjustment clauses. Under the Amended Lignite Mining Agreement, DHLC bills Cleco Power its proportionate share of incurred lignite extraction and associated mining-related costs as fuel is delivered. As of March 31, 2021, DHLC estimates $144.5 million of costs will be billed to Cleco Power prior to the closure of the Dolet Hills Power Station. In 2009, Cleco Power acquired an interest in Oxbow, which owns mineral rights and land leases. Under a joint operating agreement pertaining to the Oxbow mineral rights and land leases, Oxbow bills Cleco Power its proportionate share of incurred costs. As of March 31, 2021, Oxbow estimates approximately $12.2 million of costs will be billed to Cleco Power prior to the closure of the Dolet Hills Power Station. If any of these costs are not recoverable, it could materially impact the Registrants’ results of operations, financial condition, or cash flows.
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Affiliate Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate Transactions |
At both March 31, 2021, and December 31, 2020, Cleco Holdings had an affiliate payable of $41.3 million to Cleco Group primarily for settlement of taxes payable. Cleco Power has balances that are payable to or due from its affiliates. The following table is a summary of those balances:
Oxbow bills Cleco Power its proportionate share of incurred costs related to mineral rights and land leases. These costs are included in fuel inventory and are recoverable from Cleco Power customers through the LPSC-established FAC or related wholesale contract provisions. During the three months ended March 31, 2021, Cleco Power recorded $1.0 million of its proportionate share of incurred costs. During the three months ended March 31, 2020, Cleco Power recorded $0.9 million of its proportionate share of incurred costs. At both March 31, 2021, and December 31, 2020, Cleco Power had $0.3 million payable to Oxbow. For more information on Cleco Power’s variable interest in Oxbow, see Note 12 — “Variable Interest Entities.”
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Intangible Assets and Liabilities |
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Intangible Assets And Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Liabilities |
During 2008, Cleco Katrina/Rita acquired a $177.5 million intangible asset which includes $176.0 million for the right to bill and collect storm recovery charges from customers of Cleco Power and $1.5 million of financing costs. This intangible asset was fully amortized in March 2020 and had no residual value at the end of its life. As a result of the 2016 Merger, fair value adjustments were recorded on Cleco’s Condensed Consolidated Balance Sheet for the valuation of the Cleco trade name and long-term wholesale power supply agreements. At the end of their lives, these intangible assets will have no residual value. The trade name intangible asset is being amortized over its estimated economic useful life of 20 years. The intangible assets related to the power supply agreements are amortized over the estimated life of each applicable contract ranging between 7 and 19 years, and the amortization is included in Electric operations on Cleco’s Condensed Consolidated Statements of Income. As a result of the Cleco Cajun Transaction, fair value adjustments were recorded on Cleco’s Condensed Consolidated Balance Sheet for the difference between the contract and market price of acquired long-term wholesale power agreements. At the end of their lives, these intangible assets and liabilities will have no residual value. These intangibles are amortized over the estimated life of each applicable contract ranging between 2 and 8 years. The amortization is included in Electric operations on Cleco’s Condensed Consolidated Statements of Income. As part of the Cleco Cajun Transaction, Cleco assumed an LTSA for maintenance services related to the Cottonwood Plant. This intangible liability is being amortized using the straight-line method over the estimated life of the LTSA of seven years. The amortization is included as a reduction to the LTSA prepayments on Cleco’s Condensed Consolidated Balance Sheet. The following tables present Cleco and Cleco Power’s amortization of intangible assets and liabilities:
The following tables summarize the balances for intangible assets and liabilities subject to amortization for Cleco and Cleco Power:
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Accumulated Other Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss |
The components of accumulated other comprehensive loss are summarized in the following tables for Cleco and Cleco Power. All amounts are reported net of income taxes. Amounts in parentheses indicate debits.
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Storm Restoration |
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Unusual or Infrequent Items, or Both [Abstract] | |||||||||||||||||||||||||||||||
Storm Restorations |
Hurricanes Laura, Delta, and Zeta In August and October 2020, Cleco Power’s distribution and transmission systems sustained substantial damage from three separate hurricanes. Cleco Power’s total storm restoration costs related to the hurricanes is approximately $240.7 million. The damage to equipment from the hurricanes required replacement, as well as repair of existing assets. Therefore, the balance sheets of Cleco and Cleco Power reflect the capitalization of approximately 63%, or approximately $150.8 million, of the total restoration costs recorded at March 31, 2021. At March 31, 2021, Cleco Power had regulatory assets for non-capital expenses related to Hurricanes Laura, Delta, and Zeta, as allowed by the LPSC, totaling $75.4 million. On December 4, 2020, Cleco Power filed an application with the LPSC requesting an interim rate recovery for return on certain storm restoration costs associated with the hurricanes until securitization of such costs can be completed. Cleco Power has responded to multiple sets of data requests related to this filing. Cleco Power, in line with other impacted utilities, will seek available funds from the U.S. government for relief of costs incurred from Hurricanes Laura, Delta, and Zeta. Cleco Power cannot predict the likelihood that any reimbursement from the U.S. government ultimately will be approved. In addition to securitization, other recovery options are being analyzed. Winter Storms Uri and Viola In February 2021, Cleco’s service territories experienced extreme and unprecedented winter weather that resulted in damage to Cleco Power’s distribution assets, electricity generation supply shortages, natural gas supply shortages, and increases in wholesale prices of natural gas in the United States, primarily due to prolonged freezing temperatures. On February 14, 2021, Winter Storm Uri reached Louisiana resulting in power outages for approximately 11,000 of Cleco Power’s electric customers located primarily in south Louisiana. By February 17, 2021, power was restored to 100% of customers who could receive power. On February 17, 2021, Winter Storm Viola reached Louisiana resulting in power outages for approximately 43,000 of Cleco Power’s electric customers located primarily in central and south Louisiana. By February 22, 2021, power was restored to 100% of customers who could receive power. Cleco Power’s current estimate of the total storm restoration costs related to Winter Storms Uri and Viola is approximately $10.2 million. The damage to equipment from the storms required replacement, as well as repair of the existing assets. Therefore, the balance sheets of Cleco and Cleco Power reflect the capitalization of approximately 80%, or approximately $8.3 million, of the estimated total restoration costs recorded at March 31, 2021. At March 31, 2021, Cleco Power recorded a regulatory asset for the remaining operations and maintenance costs of $1.9 million, as allowed by the LPSC. On February 16, 2021, Cleco was notified by the regional reliability coordinator, MISO, that extremely cold temperatures were causing an increase in demand for power, which resulted in an overload of the power grid. The electricity generation shortages necessitated MISO to implement controlled outages in certain of its service areas. To help protect the stability of the power grid and prevent prolonged outages, MISO instructed Cleco to reduce demand on the power grid by initiating periodic outages to customers across Louisiana. The periodic power outages were minimal and suspended within one hour of initiation at the direction of MISO because the power shortage was no longer threatening the reliability of the power grid. Cleco Power’s incremental fuel and purchased power costs incurred as a result of Winter Storms Uri and Viola is approximately $55.0 million. On March 29, 2021, Cleco Power received approval from the LPSC to recover $50.0 million of these costs over a period of 12 months beginning in May 2021. These amounts are subject to final settlement. Cleco Cajun currently estimates the incremental negative impact of Winter Storms Uri and Viola on operations to be approximately $11.2 million. The incremental impact to Cleco Cajun’s operations is an estimate and subject to final settlement. In February 2021, Cleco Power posted collateral in the amount of $25.0 million with MISO. Also in February 2021, Cleco Holdings, on behalf of Cleco Cajun, posted collateral in the amount of $8.8 million with MISO. These incremental collateral postings were a result of the increase in net |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Accounting Policies [Abstract] | |
Covid-19 Impacts | In March 2020, WHO declared the outbreak of COVID-19 to be a global pandemic, and the U.S. declared a national emergency. In response to these declarations and the rapid spread of COVID-19, federal, state and local governments imposed varying degrees of restrictions on business and social activities to contain COVID-19, including quarantine and “stay-at-home” orders and directives in Cleco’s service territory. State and local authorities also subsequently implemented multistep policies to reopen various sectors of the economy such as retail establishments, health and personal care businesses, and restaurants, among others. Due to the reduction in new COVID-19 cases and hospitalizations and the availability of COVID-19 vaccines, effective March 31, 2021, the governor of the state of Louisiana issued orders reducing some of the restrictions that were in effect and easing capacity limits on businesses as well as social gatherings. Effective April 28, 2021, the governor of the state of Louisiana further reduced restrictions by revoking the mandatory, state-wide mask mandate. The COVID-19 pandemic may worsen in the U.S. during the upcoming months, which may cause federal, state, and local governments to reconsider restrictions on business and social activities. In the event governments increase restrictions, the reopening of the economy may be further curtailed. Cleco has modified some of its business operations, as these restrictions have significantly impacted many sectors of the economy. Impacts include record levels of unemployment, with businesses, nonprofit organizations, and governmental entities modifying, curtailing, or ceasing normal operations. Cleco has also modified and continues to adjust certain business practices to conform to government restrictions and best practices encouraged by the CDC, WHO, and other governmental and regulatory authorities. Cleco cannot predict the full impact that COVID-19, or the significant disruption and volatility currently being experienced in the markets, will have on its business, cash flows, liquidity, financial condition, and results of operations at this time, due to numerous uncertainties. The ultimate impacts will depend on future developments, including, among others, the ultimate geographic spread of COVID-19, the consequences of governmental and other measures designed to prevent the spread of COVID-19, the availability and timely distribution of effective treatments and vaccines, the duration of the pandemic, actions taken by governmental authorities, customers, suppliers and other third parties, workforce availability, and the timing and extent to which normal economic and operating conditions resume.
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Principles of Consolidation | The accompanying condensed consolidated financial statements of Cleco include the accounts of Cleco 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. 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, 2020. These condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments that are necessary to fairly state the financial position and results of operations of Cleco and Cleco Power. Amounts reported in Cleco 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.
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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 related escrow accounts and becomes available for its intended purposes and/or general corporate purposes.Prior to the repayment of the storm recovery bonds in March 2020, Cleco Katrina/Rita had the right to bill and collect storm restoration costs from Cleco Power’s customers. As cash was collected, it was restricted for payment of administration fees, interest, and principal on the storm recovery bonds. |
Reserves for Credit Losses | Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivables are generally considered to become 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, none of these past events have significantly impacted Cleco’s credit loss rates. Although Cleco’s service territory experienced a recent decline in the economy in 2020 and 2021 primarily related to the COVID-19 pandemic and weather-related events, the economic outlook at March 31, 2021, was still within range of its historical credit loss analysis. |
Recent Authoritative Guidance | In March 2020, FASB issued optional guidance for a limited period of time that applies to entities meeting certain criteria for the contract modifications or hedging relationships that are referencing LIBOR or another reference rate expected to be discontinued due to reference rate reform. The guidance includes a general principal that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The optional guidance may be applied from March 12, 2020, through December 31, 2022. Management has identified contracts with reference rates that will be discontinued and expects to apply this guidance on an on-going basis. Management does not expect this guidance to have a significant impact on the Registrants’ results of operations, financial condition, or cash flows. In December 2019, FASB amended the guidance for accounting for income taxes. The amendments simplify the accounting for income taxes by removing certain exceptions to general principles included in the accounting guidance. Effective January 1, 2021, Cleco adopted the amended accounting guidance. Adoption of this guidance did not materially impact the Registrants’ results of operations, financial condition, or cash flows.
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Regulatory Assets and Liabilities | Cleco Power capitalizes or defers certain costs for recovery from customers and recognizes a liability for amounts expected to be returned to customers 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; however, if in 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.
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Pension Plan and Employee Benefits | Employees hired before August 1, 2007, are covered by a non-contributory, defined benefit pension plan. In December 2020, Cleco made a $15.8 million required contribution to the pension plan. Based on the funding assumptions at December 31, 2020, and the funding relief provided by the American Rescue Plan Act, which was signed by the President on March 11, 2021, management estimates that no pension contributions will be required through 2025. As of March 31, 2021, Cleco expects to make $67.0 million in discretionary contributions to the pension plan in 2021, which offsets future required contributions. Cleco Power is the plan sponsor and Support Group is the plan administrator. Benefits under the plan reflect an employee’s years of service, age at retirement, and accrued benefit at retirement. Cleco’s retirees may be eligible to receive Other Benefits. Dependents of Cleco’s retirees may also be eligible to receive Other Benefits with the exception of life insurance benefits. The non-service components of net periodic pension and Other Benefits cost are included in Other income (expense), net within Cleco and Cleco Power’s Condensed Consolidated Statements of Income. Certain Cleco officers are covered by SERP. Cleco does not fund the SERP liability, but instead pays for current benefits out of the general funds available. Cleco Power has formed a rabbi trust. The life insurance policies issued on SERP participants designate the rabbi trust as the beneficiary. Market conditions could have a significant impact on the cash surrender value of the life insurance policies. Proceeds from the life insurance policies are expected to be used to pay the SERP participants’ death benefits, as well as future SERP payments. However, because SERP is a non-qualified plan, the assets of the trust could be used to satisfy general creditors of Cleco Power in the event of insolvency. All SERP benefits are paid out of the general cash available of the respective companies that employed the officer. Cleco Power is the plan sponsor and Support Group is the plan administrator.The non-service components of net periodic benefit cost related to SERP are included in Other income (expense), net within Cleco and Cleco Power’s Condensed Consolidated Statements of Income.Cleco’s 401(k) Plan is intended to provide active, eligible employees with voluntary, long-term savings and investment opportunities. The 401(k) Plan is a defined contribution plan and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974. In accordance with the 401(k) Plan, employer contributions are made in the form of cash. Cash contributions are invested in proportion to the participant’s voluntary contribution investment choices. Participation in the Plan is voluntary, and active Cleco employees are eligible to participate.
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Income Taxes | Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense.Cleco classifies income tax penalties as a component of other expense. |
Variable Interest Entities | Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. |
Equity Method Investments | Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. |
Summary of Significant Accounting Policies (Tables) |
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Restricted Cash and Cash Equivalents | Cleco and Cleco Power’s restricted cash and cash equivalents consisted of the following:
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Changes in Allowance for Credit Losses, Accounts Receivable | The table below presents the changes in the allowance for credit losses by receivable for Cleco and Cleco Power:
* Loan held at Diversified Lands that was fully reserved for at March 31, 2021.
* Loan held at Diversified Lands that was fully reserved for at March 31, 2020.
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Changes in Allowance for Credit Losses, Other | The table below presents the changes in the allowance for credit losses by receivable for Cleco and Cleco Power:
* Loan held at Diversified Lands that was fully reserved for at March 31, 2021.
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Restricted Cash and Cash Equivalents |
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Leases (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Income Under Cottonwood Sale Leaseback | Cleco Cajun’s lease income under the Cottonwood Sale Leaseback is included in Other operations within Cleco’s Condensed Consolidated Statement of Income. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the three months ended March 31, 2021, and 2020, was as follows:
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | Operating revenue, net for the three months ended March 31, 2021, and 2020, was as follows:
(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) Represents realized gains associated with FTRs. (5) Includes $15.5 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization.
(1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes $0.2 million of electric customer credits. (4) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (5) Represents realized gains associated with FTRs. (6) Includes $15.6 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization.
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Regulatory Assets and Liabilities (Tables) |
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Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets | The following table summarizes Cleco’s net regulatory assets and liabilities:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets | The following table summarizes Cleco Power’s regulatory assets and liabilities:
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Schedule of Regulatory Liabilities | The following table summarizes Cleco Power’s regulatory assets and liabilities:
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Fair Value Accounting (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value and Estimated Fair Value | The following tables summarize the carrying value and estimated market value of Cleco and Cleco Power’s financial instruments not measured at fair value on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets:
* The carrying value of long-term debt does not include deferred issuance costs of $12.7 million at
March 31, 2021, and $13.4 million at December 31, 2020. |
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Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | The following tables disclose for Cleco and Cleco Power the fair value of financial assets and liabilities measured on a recurring basis:
* Other commodity derivatives include fixed price physical forwards and swap transactions.
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Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 | The following tables summarize the net 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:
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Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions | The following tables quantify the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of March 31, 2021, and December 31, 2020:
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Institutional Money Market Funds | The following tables present the institutional money market funds in cash and cash equivalents and restricted cash and cash equivalents as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at March 31, 2021, and December 31, 2020:
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Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets | The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at March 31, 2021, and December 31, 2020:
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Amount of Gain (Loss) Recognized in Income on Derivatives | The following tables present the effect of derivatives not designated as hedging instruments on Cleco and Cleco Power’s Condensed Consolidated Statements of Income for the three months ended March 31, 2021, and 2020:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value and Estimated Fair Value |
* The carrying value of long-term debt does not include deferred issuance costs of $6.8 million at
March 31, 2021, and $7.0 million at December 31, 2020. |
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Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis |
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Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 |
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Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions |
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Institutional Money Market Funds |
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Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets |
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Amount of Gain (Loss) Recognized in Income on Derivatives |
(1) For the three months ended March 31, 2021, unrealized losses associated with FTRs of less than $0.1 million were reported through Accumulated deferred fuel on the balance sheet. For the three months ended
March 31, 2020, unrealized losses associated with FTRs of $1.3 million were reported through Accumulated deferred fuel on the balance sheet. |
Pension Plan and Employee Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Pension and Other Benefits Cost | The components of net periodic pension and Other Benefits cost for the three months ended March 31, 2021, and 2020 were as follows:
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Current and Non-Current Portions of Other Benefits Liability | The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at March 31, 2021, and December 31, 2020, were as follows:
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Expense of the 401(k) Plan | Cleco’s 401(k) Plan expense for the three months ended March 31, 2021, and 2020 was as follows:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current and Non-Current Portions of Other Benefits Liability |
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Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rate [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rates | The following tables summarize the effective income tax rates for Cleco and Cleco Power for the three months ended March 31, 2021, and 2020:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rate [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rates |
|
Disclosures about Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information |
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Regulation and Rates (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Provision of Rate Refund | Provision for rate refund on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets consisted primarily of the following:
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Variable Interest Entities (Tables) - CLECO POWER |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments | The following table presents the components of Cleco Power’s equity investment in Oxbow:
The following table contains summarized financial information for Oxbow:
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Carrying Amount of Assets and Liabilities with Maximum Exposure to Loss | The following table compares the carrying amount of Oxbow’s assets and liabilities with Cleco Power’s maximum exposure to loss related to its investment in Oxbow:
|
Affiliate Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Balances Payable To or Due From Affiliates | The following table is a summary of those balances:
|
Intangible Assets and Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortization of Intangible Assets and Liabilities | The following tables present Cleco and Cleco Power’s amortization of intangible assets and liabilities:
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Schedule of Finite-Lived Intangible Assets and Liabilities | The following tables summarize the balances for intangible assets and liabilities subject to amortization for Cleco and Cleco Power:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortization of Intangible Assets and Liabilities |
|
Accumulated Other Comprehensive Loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income Loss | The components of accumulated other comprehensive loss are summarized in the following tables for Cleco and Cleco Power. All amounts are reported net of income taxes. Amounts in parentheses indicate debits.
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income Loss |
|
Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | $ 4,430 | $ 4,545 |
Non-current | 744 | 744 |
Total restricted cash and cash equivalents | 5,174 | 5,289 |
Remaining restricted cash to be used for final administration and winding up activities | 2,600 | |
CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 4,430 | 4,545 |
Total restricted cash and cash equivalents | 4,430 | 4,545 |
Cleco Katrina/Rita’s storm recovery bonds | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 2,626 | 2,626 |
Cleco Katrina/Rita’s storm recovery bonds | CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 2,626 | 2,626 |
Charitable contributions | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 1,603 | 1,718 |
Charitable contributions | CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 1,603 | 1,718 |
Rate credit escrow | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 201 | 201 |
Rate credit escrow | CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 201 | 201 |
Diversified Lands’ mitigation escrow | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current | 22 | 22 |
Cleco Cajun’s defense fund | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current | $ 722 | $ 722 |
Summary of Significant Accounting Policies - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Receivable, threshold period past due | 20 days | |
ACCOUNTS RECEIVABLE | ||
Accounts receivable, beginning balance | $ 2,758 | $ 3,005 |
Current period provision | 1,874 | 2,498 |
Charge-offs | (2,859) | (4,092) |
Recovery | 267 | 641 |
Accounts receivable, ending balance | 2,040 | 2,123 |
OTHER | ||
Financing receivable, beginning balance | 1,638 | 1,250 |
Current period provision | 0 | 388 |
Charge-offs | 0 | 0 |
Recovery | 0 | 0 |
Financing receivable, ending balance | 1,638 | 1,638 |
TOTAL | ||
Total, beginning balance | 4,396 | 4,255 |
Current period provision | 1,874 | 2,886 |
Charge-offs | (2,859) | (4,092) |
Recovery | 267 | 641 |
Total, ending balance | 3,678 | 3,761 |
CLECO POWER | ||
ACCOUNTS RECEIVABLE | ||
Accounts receivable, beginning balance | 2,758 | 3,005 |
Current period provision | 1,874 | 2,498 |
Charge-offs | (2,859) | (4,092) |
Recovery | 267 | 641 |
Accounts receivable, ending balance | $ 2,040 | 2,123 |
Accounting Standards Update 2016-13 | CECL adoption | ||
ACCOUNTS RECEIVABLE | ||
Accounts receivable, beginning balance | 71 | |
TOTAL | ||
Total, beginning balance | 71 | |
Accounting Standards Update 2016-13 | CLECO POWER | CECL adoption | ||
ACCOUNTS RECEIVABLE | ||
Accounts receivable, beginning balance | $ 71 |
Leases - Narrative (Details) $ in Millions |
Mar. 31, 2021
USD ($)
|
---|---|
Cottonwood Energy | |
Lessor, Lease, Description [Line Items] | |
Fixed lease payments per year | $ 40.0 |
Leases - Lease Income Under Cottonwood Sale Leaseback (Details) - Cleco Cajun - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Lessor, Lease, Description [Line Items] | ||
Fixed payments | $ 10,000 | $ 10,000 |
Variable payments | 5,465 | 5,566 |
Amortization of deferred lease liability | 2,301 | 2,302 |
Total lease income | $ 17,766 | $ 17,868 |
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 370,117 | $ 328,289 |
Revenue unrelated to contracts with customers | ||
Other | 24,878 | 19,283 |
Total revenue unrelated to contracts with customers | 24,878 | 19,283 |
Operating revenue, net | 394,995 | 347,572 |
Electric customer credits | 20,976 | 8,493 |
Deferred lease amortization | 2,301 | 2,301 |
Total retail revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 177,367 | 172,455 |
Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 95,081 | 81,571 |
Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 63,026 | 61,110 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 36,666 | 32,210 |
Other retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 3,570 | 3,461 |
Surcharge | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 2,443 | |
Electric customer credits | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (20,976) | (8,340) |
Wholesale, net | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 160,809 | 128,956 |
Transmission | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 27,299 | 23,182 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 4,642 | 3,696 |
Affiliate | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
CLECO POWER | ||
Revenue unrelated to contracts with customers | ||
Deferred lease amortization | 2,300 | |
CLECO CAJUN | ||
Revenue unrelated to contracts with customers | ||
Lease revenue | 15,600 | |
Deferred lease amortization | 2,300 | |
OPERATING SEGMENTS | ||
Revenue unrelated to contracts with customers | ||
Operating revenue, net | 401,009 | 353,076 |
Electric customer credits | 20,976 | 8,493 |
OPERATING SEGMENTS | CLECO POWER | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 259,368 | 231,554 |
Revenue unrelated to contracts with customers | ||
Other | 7,095 | 1,406 |
Total revenue unrelated to contracts with customers | 7,095 | 1,406 |
Operating revenue, net | 266,463 | 232,960 |
Electric customer credits | 20,976 | 8,340 |
OPERATING SEGMENTS | CLECO POWER | Total retail revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 177,367 | 172,455 |
OPERATING SEGMENTS | CLECO POWER | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 95,081 | 81,571 |
OPERATING SEGMENTS | CLECO POWER | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 63,026 | 61,110 |
OPERATING SEGMENTS | CLECO POWER | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 36,666 | 32,210 |
OPERATING SEGMENTS | CLECO POWER | Other retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 3,570 | 3,461 |
OPERATING SEGMENTS | CLECO POWER | Surcharge | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 2,443 | |
OPERATING SEGMENTS | CLECO POWER | Electric customer credits | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (20,976) | (8,340) |
OPERATING SEGMENTS | CLECO POWER | Wholesale, net | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 61,722 | 42,229 |
OPERATING SEGMENTS | CLECO POWER | Transmission | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 13,982 | 12,069 |
OPERATING SEGMENTS | CLECO POWER | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 4,642 | 3,695 |
OPERATING SEGMENTS | CLECO POWER | Affiliate | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,655 | 1,106 |
OPERATING SEGMENTS | CLECO CAJUN | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 116,764 | 102,239 |
Revenue unrelated to contracts with customers | ||
Other | 17,782 | 17,877 |
Total revenue unrelated to contracts with customers | 17,782 | 17,877 |
Operating revenue, net | 134,546 | 120,116 |
Electric customer credits | 0 | 153 |
Lease revenue | 15,500 | |
OPERATING SEGMENTS | CLECO CAJUN | Total retail revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Other retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Surcharge | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | |
OPERATING SEGMENTS | CLECO CAJUN | Electric customer credits | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Wholesale, net | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 101,507 | 89,147 |
OPERATING SEGMENTS | CLECO CAJUN | Transmission | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 15,257 | 12,931 |
Revenue unrelated to contracts with customers | ||
Electric customer credits | 200 | |
OPERATING SEGMENTS | CLECO CAJUN | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Affiliate | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 161 |
OTHER | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 24,736 | 26,859 |
Revenue unrelated to contracts with customers | ||
Other | 1 | 0 |
Total revenue unrelated to contracts with customers | 1 | 0 |
Operating revenue, net | 24,737 | 26,859 |
Electric customer credits | 0 | 0 |
OTHER | Total retail revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OTHER | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OTHER | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OTHER | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OTHER | Other retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OTHER | Surcharge | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | |
OTHER | Electric customer credits | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OTHER | Wholesale, net | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (2,420) | (2,420) |
OTHER | Transmission | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OTHER | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 1 |
OTHER | Affiliate | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 27,156 | 29,278 |
ELIMINATIONS | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (30,751) | (32,363) |
Revenue unrelated to contracts with customers | ||
Other | 0 | 0 |
Total revenue unrelated to contracts with customers | 0 | 0 |
Operating revenue, net | (30,751) | (32,363) |
Electric customer credits | 0 | 0 |
ELIMINATIONS | Total retail revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Other retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Surcharge | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | |
ELIMINATIONS | Electric customer credits | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Wholesale, net | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Transmission | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (1,940) | (1,818) |
ELIMINATIONS | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Affiliate | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ (28,811) | $ (30,545) |
Revenue Recognition - Narrative (Details) $ in Millions |
Mar. 31, 2021
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 70.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 14 years |
Regulatory Assets and Liabilities - Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Regulatory Assets [Line Items] | ||
Total regulatory assets, net | $ 495,245 | $ 423,279 |
Financing costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 7,506 | 7,592 |
Postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 14,915 | 15,411 |
Fair value of long-term debt | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 117,703 | 119,553 |
Debt issuance costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 5,170 | 5,254 |
CLECO POWER | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 518,465 | 456,034 |
Regulatory liabilities | (168,514) | (180,565) |
Total regulatory assets, net | 349,951 | 275,469 |
CLECO POWER | Acquisition/ transaction costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 1,992 | 2,019 |
CLECO POWER | Acquisition/ transaction costs | Coughlin transaction costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 869 | 876 |
CLECO POWER | Accumulated deferred fuel | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 69,832 | 28,194 |
CLECO POWER | AFUDC equity gross-up | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 68,896 | 69,670 |
CLECO POWER | AMI deferred revenue requirement | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 2,454 | 2,591 |
CLECO POWER | AROs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 6,345 | 5,488 |
CLECO POWER | COVID-19 executive order | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 2,953 | 2,953 |
CLECO POWER | Deferred storm restoration costs - Hurricane Delta | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 17,052 | 17,051 |
CLECO POWER | Deferred storm restoration costs - Hurricane Zeta | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 3,613 | 3,493 |
CLECO POWER | Deferred storm restoration costs - Winter Storms Uri & Viola | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 1,938 | 0 |
CLECO POWER | Accelerated depreciation | Rodemacher Unit 2 closure costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 2,722 | 1,333 |
CLECO POWER | Accelerated depreciation | Dolet Hills | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 70,192 | 48,982 |
CLECO POWER | Emergency declarations | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 131 | 270 |
CLECO POWER | Energy efficiency | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 2,703 | 2,820 |
CLECO POWER | Financing costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 7,091 | 7,184 |
CLECO POWER | Interest costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 3,646 | 3,708 |
CLECO POWER | Non-service cost of postretirement benefits | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 10,181 | 9,901 |
CLECO POWER | Other, net | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 4,682 | 4,229 |
CLECO POWER | Postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 160,674 | 165,437 |
CLECO POWER | Production operations and maintenance expenses | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 3,361 | 4,058 |
CLECO POWER | St. Mary Clean Energy Center | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 5,219 | 3,479 |
CLECO POWER | Training costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 6,046 | 6,085 |
CLECO POWER | Tree trimming costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 11,129 | 11,807 |
CLECO POWER | Hurricane Laura | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 54,744 | 54,406 |
CLECO POWER | AFUDC | ||
Regulatory Assets [Line Items] | ||
Regulatory liabilities | (4,574) | (4,218) |
CLECO POWER | Corporate franchise tax, net | ||
Regulatory Assets [Line Items] | ||
Regulatory liabilities | (1,133) | (763) |
CLECO POWER | Deferred taxes, net | ||
Regulatory Assets [Line Items] | ||
Regulatory liabilities | $ (162,807) | $ (175,584) |
Regulatory Assets and Liabilities - Narrative (Details) customer in Thousands, $ in Thousands |
Mar. 31, 2021
USD ($)
|
Mar. 29, 2021
USD ($)
|
Feb. 17, 2021
customer
|
Feb. 14, 2021
customer
|
Dec. 31, 2020
USD ($)
|
---|---|---|---|---|---|
Deferred storm restoration costs - Winter Storms Uri & Viola | |||||
Regulatory Liabilities [Line Items] | |||||
Capitalized storm restoration costs | $ 8,300 | ||||
CLECO POWER | |||||
Regulatory Liabilities [Line Items] | |||||
Regulatory Assets | 518,465 | $ 456,034 | |||
CLECO POWER | Hurricane Laura | |||||
Regulatory Liabilities [Line Items] | |||||
Regulatory Assets | $ 54,744 | $ 54,406 | |||
CLECO POWER | Deferred storm restoration costs - Winter Storms Uri & Viola | |||||
Regulatory Liabilities [Line Items] | |||||
Capitalized storm restoration costs | $ 50,000 | ||||
CLECO POWER | Winter Storm Uri | |||||
Regulatory Liabilities [Line Items] | |||||
Number of customers affected with power outage | customer | 11 | ||||
CLECO POWER | Winter Storm Viola | |||||
Regulatory Liabilities [Line Items] | |||||
Number of customers affected with power outage | customer | 43 |
Fair Value Accounting - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | $ 12,700 | $ 13,400 |
CLECO POWER | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | 6,800 | 7,000 |
CARRYING VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,228,726 | 3,230,500 |
CARRYING VALUE | CLECO POWER | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,495,024 | 1,494,947 |
FAIR VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,556,579 | 3,541,349 |
FAIR VALUE | CLECO POWER | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 1,865,938 | $ 1,794,799 |
Fair Value Accounting - Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis (Details) - Measured on a Recurring Basis - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Asset description | ||
Institutional money market funds | $ 87,686 | $ 86,001 |
Total assets | 101,951 | 99,405 |
Liability description | ||
Total liabilities | 1,545 | 3,237 |
CLECO POWER | ||
Asset description | ||
Institutional money market funds | 38,242 | 25,357 |
Total assets | 40,228 | 29,694 |
Liability description | ||
Total liabilities | 898 | 1,121 |
FTRs | ||
Asset description | ||
FTRs and other commodity derivatives | 2,140 | 4,805 |
Liability description | ||
FTRs and other commodity derivatives | 1,117 | 1,625 |
FTRs | CLECO POWER | ||
Asset description | ||
FTRs and other commodity derivatives | 1,986 | 4,337 |
Liability description | ||
FTRs and other commodity derivatives | 898 | 1,121 |
Other commodity derivatives | ||
Asset description | ||
FTRs and other commodity derivatives | 12,125 | 8,599 |
Liability description | ||
FTRs and other commodity derivatives | 428 | 1,612 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | ||
Asset description | ||
Institutional money market funds | 0 | 0 |
Total assets | 0 | 0 |
Liability description | ||
Total liabilities | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | CLECO POWER | ||
Asset description | ||
Institutional money market funds | 0 | 0 |
Total assets | 0 | 0 |
Liability description | ||
Total liabilities | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | FTRs | ||
Asset description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability description | ||
FTRs and other commodity derivatives | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | FTRs | CLECO POWER | ||
Asset description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability description | ||
FTRs and other commodity derivatives | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Other commodity derivatives | ||
Asset description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability description | ||
FTRs and other commodity derivatives | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | ||
Asset description | ||
Institutional money market funds | 87,686 | 86,001 |
Total assets | 99,811 | 94,600 |
Liability description | ||
Total liabilities | 428 | 1,612 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | CLECO POWER | ||
Asset description | ||
Institutional money market funds | 38,242 | 25,357 |
Total assets | 38,242 | 25,357 |
Liability description | ||
Total liabilities | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | FTRs | ||
Asset description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability description | ||
FTRs and other commodity derivatives | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | FTRs | CLECO POWER | ||
Asset description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability description | ||
FTRs and other commodity derivatives | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Other commodity derivatives | ||
Asset description | ||
FTRs and other commodity derivatives | 12,125 | 8,599 |
Liability description | ||
FTRs and other commodity derivatives | 428 | 1,612 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Asset description | ||
Institutional money market funds | 0 | 0 |
FTRs and other commodity derivatives | 2,140 | 4,805 |
Total assets | 2,140 | 4,805 |
Liability description | ||
FTRs and other commodity derivatives | 1,117 | 1,625 |
Total liabilities | 1,117 | 1,625 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | CLECO POWER | ||
Asset description | ||
Institutional money market funds | 0 | 0 |
FTRs and other commodity derivatives | 1,986 | 4,337 |
Total assets | 1,986 | 4,337 |
Liability description | ||
FTRs and other commodity derivatives | 898 | 1,121 |
Total liabilities | 898 | 1,121 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | FTRs | ||
Asset description | ||
FTRs and other commodity derivatives | 2,140 | 4,805 |
Liability description | ||
FTRs and other commodity derivatives | 1,117 | 1,625 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | FTRs | CLECO POWER | ||
Asset description | ||
FTRs and other commodity derivatives | 1,986 | 4,337 |
Liability description | ||
FTRs and other commodity derivatives | 898 | 1,121 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Other commodity derivatives | ||
Asset description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability description | ||
FTRs and other commodity derivatives | $ 0 | $ 0 |
Fair Value Accounting - Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 (Details) - Commodity-related contracts - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ 3,180 | $ 5,778 |
Unrealized gains (losses) | 16,123 | (1,398) |
Purchases | 849 | 466 |
Settlements | (19,129) | (3,750) |
Ending balance | 1,023 | 1,096 |
CLECO POWER | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | 3,216 | 5,725 |
Unrealized gains (losses) | (37) | (1,311) |
Purchases | 849 | 466 |
Settlements | (2,940) | (3,731) |
Ending balance | $ 1,088 | $ 1,149 |
Fair Value Accounting - Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions (Details) - Measured on a Recurring Basis - Level 3 $ in Thousands |
Mar. 31, 2021
USD ($)
$ / MW
|
Dec. 31, 2020
USD ($)
$ / MW
|
---|---|---|
FAIR VALUE | ||
ASSETS | $ | $ 2,140 | $ 4,805 |
LIABILITIES | $ | 1,117 | 1,625 |
CLECO POWER | ||
FAIR VALUE | ||
ASSETS | $ | 1,986 | 4,337 |
LIABILITIES | $ | $ 898 | $ 1,121 |
Minimum | ||
FAIR VALUE | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | (1.18) | (3.49) |
Minimum | CLECO POWER | ||
FAIR VALUE | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | (1.18) | (3.34) |
Maximum | ||
FAIR VALUE | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | 4.09 | 4.36 |
Maximum | CLECO POWER | ||
FAIR VALUE | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | 4.09 | 4.36 |
Fair Value Accounting - Institutional Money Market Funds (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 82,512 | $ 80,712 |
CLECO POWER | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 33,812 | 20,812 |
Current restricted cash and cash equivalents | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 4,430 | 4,545 |
Current restricted cash and cash equivalents | CLECO POWER | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 4,430 | 4,545 |
Non-current restricted cash and cash equivalents | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | $ 744 | $ 744 |
Fair Value Accounting - Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets (Details) - DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Commodity-related contracts | ||
Commodity-related contracts, net | $ 12,720 | $ 10,167 |
Commodity-related contracts | CLECO POWER | ||
Commodity-related contracts | ||
Commodity-related contracts, net | 1,088 | 3,216 |
Commodity-related contracts | Energy risk management assets | ||
Commodity-related contracts | ||
Derivative asset | 2,140 | 4,805 |
Commodity-related contracts | Energy risk management assets | CLECO POWER | ||
Commodity-related contracts | ||
Derivative asset | 1,986 | 4,337 |
Commodity-related contracts | Energy risk management liabilities | ||
Commodity-related contracts | ||
Derivative liability | (1,117) | (1,625) |
Commodity-related contracts | Energy risk management liabilities | CLECO POWER | ||
Commodity-related contracts | ||
Derivative liability | (898) | (1,121) |
Other commodity derivatives | Energy risk management assets | ||
Commodity-related contracts | ||
Derivative asset | 9,159 | 8,276 |
Other commodity derivatives | Energy risk management liabilities | ||
Commodity-related contracts | ||
Derivative liability | (325) | (828) |
Other commodity derivatives | Other deferred charges | ||
Commodity-related contracts | ||
Derivative asset | 2,966 | 323 |
Other commodity derivatives | Other deferred credits | ||
Commodity-related contracts | ||
Derivative liability | $ (103) | $ (784) |
Fair Value Accounting - Amount of Gain (Loss) Recognized in Income on Derivatives (Details) - DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS - Commodity-related contracts - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Commodity-related contracts | ||
Net gain (loss) recognized in income on derivatives | $ (5,826) | $ (6,093) |
Accumulated deferred fuel | ||
Commodity-related contracts | ||
Unrealized gains (losses) associated with FTRs | (1,300) | |
Accumulated deferred fuel | Maximum | ||
Commodity-related contracts | ||
Unrealized gains (losses) associated with FTRs | (100) | |
CLECO POWER | ||
Commodity-related contracts | ||
Net gain (loss) recognized in income on derivatives | 262 | 645 |
CLECO POWER | Accumulated deferred fuel | ||
Commodity-related contracts | ||
Unrealized gains (losses) associated with FTRs | (1,300) | |
CLECO POWER | Accumulated deferred fuel | Maximum | ||
Commodity-related contracts | ||
Unrealized gains (losses) associated with FTRs | (100) | |
Electric operations | ||
Commodity-related contracts | ||
Gain recognized in income on derivatives | 7,444 | 1,396 |
Electric operations | CLECO POWER | ||
Commodity-related contracts | ||
Gain recognized in income on derivatives | 7,444 | 1,396 |
Purchased power | ||
Commodity-related contracts | ||
Loss recognized in income on derivatives | (8,560) | (381) |
Purchased power | CLECO POWER | ||
Commodity-related contracts | ||
Loss recognized in income on derivatives | (7,182) | (751) |
Fuel used for electric generation | ||
Commodity-related contracts | ||
Loss recognized in income on derivatives | $ (4,710) | $ (7,108) |
Fair Value Accounting - Narrative (Details) MWh in Millions, MMBTU in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2021
MWh
|
Mar. 31, 2021
MMBTU
|
Dec. 31, 2020
MWh
|
Dec. 31, 2020
MMBTU
|
|
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Volume outstanding | 6.0 | 138.2 | 15.3 | 73.0 |
CLECO POWER | ||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Volume outstanding | 3.7 | 9.5 |
Debt (Details) - CLECO POWER - Line of credit $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Debt [Line Items] | |
Borrowings outstanding | $ 135.0 |
Maximum borrowing capacity | $ 300.0 |
All-in interest rate | 1.35% |
Commitment fees | 0.15% |
LIBOR | |
Debt [Line Items] | |
Basis spread on variable rate | 1.25% |
ABR | |
Debt [Line Items] | |
Basis spread on variable rate | 0.25% |
Pension Plan and Employee Benefits - Narrative (Details) - USD ($) |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Mar. 11, 2021 |
Dec. 31, 2020 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discretionary contribution | $ 15,800,000 | |||
Pension contributions required through 2025 | $ 0 | |||
Expected contributions in current year | $ 67,000,000.0 | |||
Defined benefit plan contributions by employer | 6,203,000 | $ 4,870,000 | ||
Pension Plan | Other Subsidiaries | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan contributions by employer | 900,000 | 400,000 | ||
Other Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan contributions by employer | 1,302,000 | 1,257,000 | ||
Assets held-in-trust, noncurrent | 0 | |||
Other Benefits Plan | CLECO POWER | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan contributions by employer | 1,200,000 | 1,200,000 | ||
SERP | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan contributions by employer | 1,643,000 | 1,545,000 | ||
SERP | CLECO POWER | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan contributions by employer | $ 300,000 | $ 200,000 |
Pension Plan and Employee Benefits - Net Periodic Pension and Benefits Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
PENSION BENEFITS | ||
Components of periodic benefit costs | ||
Service cost | $ 2,528 | $ 2,328 |
Interest cost | 4,615 | 5,130 |
Expected return on plan assets | (5,703) | (6,245) |
Amortizations | ||
Prior period service cost (credit) | 0 | (15) |
Net loss | 4,763 | 3,672 |
Net periodic benefit cost | 6,203 | 4,870 |
OTHER BENEFITS | ||
Components of periodic benefit costs | ||
Service cost | 595 | 508 |
Interest cost | 323 | 410 |
Expected return on plan assets | 0 | 0 |
Amortizations | ||
Prior period service cost (credit) | 0 | 0 |
Net loss | 384 | 339 |
Net periodic benefit cost | 1,302 | 1,257 |
SERP | ||
Components of periodic benefit costs | ||
Service cost | 55 | 95 |
Interest cost | 625 | 733 |
Amortizations | ||
Prior period service cost (credit) | (53) | (40) |
Net loss | 1,016 | 757 |
Net periodic benefit cost | $ 1,643 | $ 1,545 |
Pension Plan and Employee Benefits - Current and Non-Current Portions of the Other Benefits Liability (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | $ 315,249 | $ 314,653 |
CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | 231,810 | 230,825 |
Other Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 4,463 | 4,463 |
Non-current | 51,727 | 51,868 |
Other Benefits Plan | CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 3,865 | 3,856 |
Non-current | $ 40,616 | $ 40,734 |
Pension Plan and Employee Benefits - Current and Non-Current Portions of SERP Liability (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | $ 315,249 | $ 314,653 |
SERP Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 4,703 | 4,703 |
Non-current | 91,818 | 92,522 |
CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | 231,810 | 230,825 |
CLECO POWER | SERP Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 711 | 711 |
Non-current | $ 19,490 | $ 19,828 |
Pension Plan and Employee Benefits - 401 (K) Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Defined Contribution Plan Disclosure [Line Items] | ||
401(k) Plan expense | $ 2,759 | $ 3,256 |
Other Subsidiaries | ||
Defined Contribution Plan Disclosure [Line Items] | ||
401(k) Plan expense | $ 1,380 | $ 1,662 |
Income Taxes - Effective Tax Rate Reconciliation (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Effective Income Tax Rate [Line Items] | ||
Effective tax rate | (86.40%) | 19.80% |
CLECO POWER | ||
Effective Income Tax Rate [Line Items] | ||
Effective tax rate | (111.70%) | 22.00% |
Income Taxes - Narrative (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Uncertain Tax Positions [Line Items] | |||
Liability for uncertain tax positions | $ 0 | $ 0 | |
Interest payable related to uncertain tax positions | 0 | 0 | |
Penalties | 0 | $ 0 | |
Deferred employer payroll tax payments | 6,000,000.0 | ||
Deferred employer payroll tax payments to be paid in 2021 | 3,000,000.0 | ||
Deferred employer payroll tax payments to be paid in 2022 | 3,000,000.0 | ||
CLECO POWER | |||
Uncertain Tax Positions [Line Items] | |||
Liability for uncertain tax positions | 0 | 0 | |
Interest payable related to uncertain tax positions | $ 0 | 0 | |
Deferred employer payroll tax payments | 3,600,000 | ||
Deferred employer payroll tax payments to be paid in 2021 | 1,800,000 | ||
Deferred employer payroll tax payments to be paid in 2022 | $ 1,800,000 |
Disclosures about Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Revenue | |||
Electric operations | $ 366,245 | $ 311,157 | |
Other operations | 49,726 | 44,908 | |
Affiliate revenue | 0 | 0 | |
Electric customer credits | (20,976) | (8,493) | |
Operating revenue, net | 394,995 | 347,572 | |
Net income | 20,327 | 6,328 | |
Depreciation and amortization | 58,164 | 59,090 | |
Interest income | 647 | 1,157 | |
Interest charges | 33,891 | 35,149 | |
Federal and state income tax (benefit) | (9,420) | 1,562 | |
Other corporate costs and noncash items | (2,944) | 12,212 | |
EBITDA | 99,371 | 113,184 | |
Additions to property, plant, and equipment | 38,658 | 65,624 | |
Equity investment in investees | 7,322 | $ 9,072 | |
Goodwill | 1,490,797 | 1,490,797 | |
Total assets | 7,791,276 | 7,725,569 | |
CLECO POWER | |||
Revenue | |||
Electric operations | 267,158 | 224,430 | |
Other operations | 18,626 | 15,764 | |
Affiliate revenue | 1,655 | 1,106 | |
Electric customer credits | (20,976) | (8,340) | |
Operating revenue, net | 266,463 | 232,960 | |
Net income | 18,425 | 11,831 | |
Interest income | 642 | 954 | |
Interest charges | 18,646 | 18,581 | |
Federal and state income tax (benefit) | (9,723) | 3,338 | |
Additions to property, plant, and equipment | 37,150 | 61,477 | |
Equity investment in investees | 7,322 | 9,072 | |
Total assets | 4,850,264 | 4,766,147 | |
Power supply agreements | |||
Revenue | |||
Amortization of intangible assets | 6,400 | 6,400 | |
OPERATING SEGMENTS | |||
Revenue | |||
Electric operations | 368,665 | 313,577 | |
Other operations | 51,665 | 46,725 | |
Affiliate revenue | 1,655 | 1,267 | |
Electric customer credits | (20,976) | (8,493) | |
Operating revenue, net | 401,009 | 353,076 | |
Net income | 32,906 | 31,366 | |
Depreciation and amortization | 53,729 | 54,577 | |
Interest income | 645 | 1,109 | |
Interest charges | 18,494 | 18,591 | |
Federal and state income tax (benefit) | (5,113) | 9,759 | |
EBITDA | 99,371 | 113,184 | |
Additions to property, plant, and equipment | 39,463 | 64,818 | |
Equity investment in investees | 7,322 | 9,072 | |
Goodwill | 1,490,797 | 1,490,797 | |
Total assets | 7,372,602 | 7,286,756 | |
OPERATING SEGMENTS | CLECO POWER | |||
Revenue | |||
Electric operations | 267,158 | 224,430 | |
Other operations | 18,626 | 15,764 | |
Affiliate revenue | 1,655 | 1,106 | |
Electric customer credits | (20,976) | (8,340) | |
Operating revenue, net | 266,463 | 232,960 | |
Net income | 18,425 | 11,831 | |
Depreciation and amortization | 42,076 | 43,677 | |
Interest income | 642 | 954 | |
Interest charges | 18,646 | 18,581 | |
Federal and state income tax (benefit) | (9,723) | 3,338 | |
EBITDA | 68,782 | 76,473 | |
Additions to property, plant, and equipment | 37,150 | 61,477 | |
Equity investment in investees | 7,322 | 9,072 | |
Goodwill | 1,490,797 | 1,490,797 | |
Total assets | 6,341,061 | 6,256,944 | |
OPERATING SEGMENTS | CLECO CAJUN | |||
Revenue | |||
Electric operations | 101,507 | 89,147 | |
Other operations | 33,039 | 30,961 | |
Affiliate revenue | 0 | 161 | |
Electric customer credits | 0 | (153) | |
Operating revenue, net | 134,546 | 120,116 | |
Net income | 14,481 | 19,535 | |
Depreciation and amortization | 11,653 | 10,900 | |
Interest income | 3 | 155 | |
Interest charges | (152) | 10 | |
Federal and state income tax (benefit) | 4,610 | 6,421 | |
EBITDA | 30,589 | 36,711 | |
Additions to property, plant, and equipment | 2,313 | 3,341 | |
Equity investment in investees | 0 | 0 | |
Goodwill | 0 | 0 | |
Total assets | 1,031,541 | 1,029,812 | |
Amortization of deferred lease income | (2,300) | (2,300) | |
OPERATING SEGMENTS | CLECO CAJUN | Power supply agreements | |||
Revenue | |||
Amortization of intangible assets and liabilities | 3,100 | 3,100 | |
OTHER | |||
Revenue | |||
Electric operations | (2,420) | (2,420) | |
Other operations | 1 | 1 | |
Affiliate revenue | 27,156 | 29,278 | |
Electric customer credits | 0 | 0 | |
Operating revenue, net | 24,737 | 26,859 | |
Net income | (12,579) | (25,039) | |
Depreciation and amortization | 4,435 | 4,514 | |
Interest income | 43 | 100 | |
Interest charges | 15,440 | 16,610 | |
Federal and state income tax (benefit) | (4,307) | (8,197) | |
Additions to property, plant, and equipment | (805) | 806 | |
Equity investment in investees | 0 | 0 | |
Goodwill | 0 | 0 | |
Total assets | 586,718 | 595,217 | |
OTHER | Power supply agreements | CLECO POWER | |||
Revenue | |||
Amortization of intangible assets | 2,400 | 2,400 | |
ELIMINATIONS | |||
Revenue | |||
Electric operations | 0 | 0 | |
Other operations | (1,940) | (1,818) | |
Affiliate revenue | (28,811) | (30,545) | |
Electric customer credits | 0 | 0 | |
Operating revenue, net | (30,751) | (32,363) | |
Net income | 0 | 1 | |
Depreciation and amortization | 0 | (1) | |
Interest income | (41) | (52) | |
Interest charges | (43) | (52) | |
Federal and state income tax (benefit) | 0 | 0 | |
Additions to property, plant, and equipment | 0 | $ 0 | |
Equity investment in investees | 0 | 0 | |
Goodwill | 0 | 0 | |
Total assets | $ (168,044) | $ (156,404) |
Regulation and Rates - Provision for Rate Refund (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
Jul. 31, 2019 |
---|---|---|---|
Regulation and Rates [Line Items] | |||
Provision for rate refund | $ 8,933 | $ 9,444 | |
FRP | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 2,089 | 1,786 | |
TCJA | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 2,057 | 2,057 | |
Cleco Katrina/Rita storm recovery charges | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 1,609 | 1,617 | |
FERC audit | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 951 | 1,912 | |
Site-specific industrial customer | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 865 | 710 | |
Transmission ROE | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 595 | 595 | |
CLECO POWER | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 8,119 | 8,630 | $ 79,200 |
CLECO POWER | FRP | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 2,089 | 1,786 | |
CLECO POWER | TCJA | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 2,057 | 2,057 | |
CLECO POWER | Cleco Katrina/Rita storm recovery charges | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 1,609 | 1,617 | |
CLECO POWER | FERC audit | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 951 | 1,912 | |
CLECO POWER | Site-specific industrial customer | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 865 | 710 | |
CLECO POWER | Transmission ROE | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | $ 595 | $ 595 |
Regulation and Rates - Narrative (Details) $ in Thousands |
3 Months Ended | 24 Months Ended | 48 Months Ended | |||
---|---|---|---|---|---|---|
Mar. 31, 2021
USD ($)
complaint
|
Jun. 30, 2020 |
Jun. 30, 2018
USD ($)
|
Dec. 31, 2020
USD ($)
|
Jul. 15, 2020
USD ($)
|
Jul. 31, 2019
USD ($)
|
|
Regulation and Rates [Line Items] | ||||||
Refund due to customers | $ 8,933 | $ 9,444 | ||||
Current regulatory liabilities | $ 21,335 | 23,509 | ||||
FERC | ||||||
Regulation and Rates [Line Items] | ||||||
Number of complaints filed | complaint | 2 | |||||
CLECO POWER | ||||||
Regulation and Rates [Line Items] | ||||||
FRP, expiration period | 2 years | 4 years | ||||
Refund due to customers | $ 8,119 | 8,630 | $ 79,200 | |||
Regulatory liabilities | 168,514 | 180,565 | ||||
Current regulatory liabilities | 21,335 | $ 23,509 | ||||
CLECO POWER | 2019 FRP Monitoring Report | Merger Commitments, cost savings | ||||||
Regulation and Rates [Line Items] | ||||||
Refund due to customers | 2,100 | |||||
CLECO POWER | LPSC | ||||||
Regulation and Rates [Line Items] | ||||||
TCJA, bill credit per month | $ 7,000 | |||||
Bill credit related to unprotected excess ADIT | 4,400 | |||||
Bill credit per month related to change in federal statutory tax rate | $ 2,600 | |||||
Estimated refund for the tax-related benefits from the TCJA | 2,100 | |||||
CLECO POWER | LPSC | Merger Commitments, cost savings | ||||||
Regulation and Rates [Line Items] | ||||||
Regulatory liabilities | $ 6,100 | |||||
CLECO POWER | LPSC | FRP | ||||||
Regulation and Rates [Line Items] | ||||||
Target ROE allowed by FRP | 10.00% | |||||
Percentage of retail earnings within range to be returned to customers (in hundredths) | 60.00% | |||||
ROE for customer credit, low range | 10.90% | |||||
ROE for customer credit, high range | 11.75% | |||||
CLECO POWER | LPSC | FRP | Maximum | ||||||
Regulation and Rates [Line Items] | ||||||
Target ROE allowed by FRP | 10.90% | |||||
CLECO POWER | LPSC | 2017 FRP Monitoring Report, Cost of Service Savings | ||||||
Regulation and Rates [Line Items] | ||||||
Refund due to customers | $ 1,200 | |||||
CLECO POWER | LPSC | Excess ADIT | ||||||
Regulation and Rates [Line Items] | ||||||
Regulatory liabilities | $ 337,400 | |||||
Current regulatory liabilities | 15,600 | |||||
CLECO POWER | FERC | Transmission return on equity | ||||||
Regulation and Rates [Line Items] | ||||||
Refund due to customers | $ 600 |
Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Variable Interest Entity [Line Items] | |||
Equity investment in investee | $ 7,322 | $ 9,072 | |
Cash dividends | 1,750 | $ 0 | |
CLECO POWER | |||
Variable Interest Entity [Line Items] | |||
Equity investment in investee | 7,322 | $ 9,072 | |
Cash dividends | $ 1,750 | $ 0 | |
CLECO POWER | Oxbow | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage by Cleco Power (in hundredths) | 50.00% | 50.00% | |
Ownership percentage by other parties (in hundredths) | 50.00% |
Variable Interest Entities - Equity Method Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Schedule of Equity Method Investments [Line Items] | |||
Total equity investment in investee | $ 7,322 | $ 9,072 | |
Operating revenue, net | 394,995 | $ 347,572 | |
CLECO POWER | |||
Schedule of Equity Method Investments [Line Items] | |||
Purchase price | 12,873 | 12,873 | |
Cash contributions | 6,399 | 6,399 | |
Dividends | (11,950) | (10,200) | |
Total equity investment in investee | 7,322 | $ 9,072 | |
Operating revenue, net | 266,463 | 232,960 | |
CLECO POWER | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating revenue, net | 1,999 | 1,882 | |
Operating expenses | 1,999 | 1,882 | |
Income before taxes | $ 0 | $ 0 |
Variable Interest Entities - Carrying Amount of Assets and Liabilities with Maximum Exposure to Loss (Details) - CLECO POWER - Oxbow - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Variable Interest Entity [Line Items] | ||
Oxbow’s net assets/liabilities | $ 14,645 | $ 18,145 |
Cleco Power’s 50% equity | 7,322 | 9,072 |
Cleco Power’s maximum exposure to loss | $ 7,322 | $ 9,072 |
Ownership percentage by Cleco Power (in hundredths) | 50.00% | 50.00% |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Litigation (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 24 Months Ended | 30 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 01, 2020 |
May 21, 2020 |
Jan. 01, 2020 |
Mar. 31, 2020
USD ($)
|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015
USD ($)
|
Dec. 31, 2014
claim
|
Nov. 30, 2014
claim
|
Mar. 31, 2021
USD ($)
|
Dec. 31, 2019
USD ($)
|
May 31, 2016
complaint
|
Sep. 27, 2019
recommendation
finding
|
Feb. 04, 2019
USD ($)
|
|
Loss Contingencies [Line Items] | ||||||||||||||
Loss contingency, estimate of possible loss | $ 4.5 | |||||||||||||
South Central Generating | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss contingency, estimate of possible loss | 1.5 | |||||||||||||
Indemnification asset | $ 10.0 | |||||||||||||
Contingent liability | $ 10.0 | |||||||||||||
FERC | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Estimated refund interest amount | 1.0 | |||||||||||||
FERC | MISO Transmission Rates | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Public utilities, requested rate increase (decrease), percentage (in hundredths) | 0.50% | |||||||||||||
Gulf Coast Spinning start up costs | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Allegations by plaintiff, failure to perform | $ 6.5 | |||||||||||||
Gulf Coast Spinning construction of cotton spinning facility | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Allegations by plaintiff, failure to perform | $ 60.0 | |||||||||||||
Actions filed in the 9th Judicial District Court | Alleged Breach of Fiduciary Duties | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of actions filed | claim | 4 | |||||||||||||
Actions filed in the Civil District Court | Alleged Breach of Fiduciary Duties | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of actions filed | claim | 3 | 3 | ||||||||||||
CLECO POWER | LPSC 2018-2019 Fuel Audit | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Fuel expense | $ 565.8 | |||||||||||||
CLECO POWER | MISO Transmission Rates | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Public utilities, proposed return on equity, percentage (in hundredths) | 10.52% | 10.38% | 10.32% | 9.70% | ||||||||||
CLECO POWER | LPSC | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Environmental expense | $ 26.2 | |||||||||||||
CLECO POWER | FERC | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of findings | finding | 12 | |||||||||||||
Number of recommendations | recommendation | 59 | |||||||||||||
Estimated refund interest amount | 1.0 | |||||||||||||
Loss contingency, estimate of possible loss | $ 0.6 | |||||||||||||
CLECO POWER | FERC | MISO Transmission Rates | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of actions filed | complaint | 2 | |||||||||||||
Public utilities, approved return on equity, percentage (In hundredths) | 12.38% | |||||||||||||
Public utilities, proposed return on equity, percentage (in hundredths) | 10.02% | 9.88% | 6.68% |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Off-Balance Sheet Commitments and Guarantees (Details) - USD ($) |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Feb. 28, 2021 |
Mar. 31, 2021 |
|
Guarantor Obligations [Line Items] | |||
Guarantor obligations, collateral held directly or by third parties, amount | $ 0 | ||
Performance Guarantee | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | $ 42,400,000 | 42,400,000 | |
Indemnification Agreement | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | 40,000,000.0 | 40,000,000.0 | |
Indemnification Agreement including fundamental organizational structure | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | 400,000,000.0 | 400,000,000.0 | |
CLECO POWER | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, collateral held directly or by third parties, amount | 0 | ||
CLECO POWER | Letters of Credit | |||
Guarantor Obligations [Line Items] | |||
Incremental collateral posted | $ 25,000,000.0 | ||
CLECO POWER | Letters of Credit | Deferred storm restoration costs - Winter Storms Uri & Viola | |||
Guarantor Obligations [Line Items] | |||
Incremental collateral posted | 25,000,000.0 | ||
Collateral returned | 24,900,000 | ||
CLECO POWER | Indemnification Agreement | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | 40,000,000.0 | 40,000,000.0 | |
CLECO POWER | Indemnification Agreement including fundamental organizational structure | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | 400,000,000.0 | 400,000,000.0 | |
CLECO POWER | Financial Guarantee | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | 25,000,000.0 | $ 25,000,000.0 | |
Cleco Cajun | Letters of Credit | |||
Guarantor Obligations [Line Items] | |||
Incremental collateral posted | 8,800,000 | ||
Cleco Cajun | Letters of Credit | Deferred storm restoration costs - Winter Storms Uri & Viola | |||
Guarantor Obligations [Line Items] | |||
Incremental collateral posted | $ 8,800,000 | ||
Collateral returned | $ 6,500,000 |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Risks and Uncertainties (Details) - CLECO POWER - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Mar. 31, 2021 |
|
Dolet Hills Power Station | ||
Loss Contingencies [Line Items] | ||
Increase in ARO liabilities | $ 3.3 | |
Investment balance | $ 76.4 | |
Dolet Hills Power Station | DHLC | ||
Loss Contingencies [Line Items] | ||
Costs to be billed | 144.5 | |
Oxbow | Oxbow | ||
Loss Contingencies [Line Items] | ||
Costs to be billed | $ 12.2 |
Affiliate Transactions - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Related Party Transaction [Line Items] | |||
Accounts payable - affiliate | $ 41,283 | $ 41,283 | |
CLECO POWER | |||
Related Party Transaction [Line Items] | |||
Accounts payable - affiliate | 71,389 | 72,068 | |
CLECO POWER | Affiliates | |||
Related Party Transaction [Line Items] | |||
Accounts payable - affiliate | 13,665 | 14,355 | |
CLECO POWER | Oxbow | Affiliates | |||
Related Party Transaction [Line Items] | |||
Cost of mineral rights and land leases | 1,000 | $ 900 | |
Due to affiliates | $ 300 | $ 300 |
Affiliate Transactions - Summary of Balances Payable To or Due From Affiliates (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Related Party Transaction [Line Items] | ||
ACCOUNTS PAYABLE | $ 41,283 | $ 41,283 |
CLECO POWER | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 15,792 | 14,605 |
ACCOUNTS PAYABLE | 71,389 | 72,068 |
CLECO POWER | Cleco Holdings | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 10,513 | 10,353 |
ACCOUNTS PAYABLE | 57,697 | 57,713 |
CLECO POWER | Support Group | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 4,589 | 3,248 |
ACCOUNTS PAYABLE | 13,665 | 14,355 |
CLECO POWER | Cleco Cajun | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 690 | 1,004 |
ACCOUNTS PAYABLE | $ 27 | $ 0 |
Intangible Assets and Liabilities - Narrative (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2008 |
Mar. 31, 2020 |
Feb. 04, 2019 |
|
Trade name | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, residual value | $ 0 | |||
Finite-lived intangible asset, useful life | 20 years | |||
Power supply agreements | Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible asset, useful life | 7 years | |||
Power supply agreements | Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible asset, useful life | 19 years | |||
Cleco Katrina/Rita | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, residual value | $ 0 | |||
Cleco Katrina/Rita | Cleco Katrina/Rita right to bill and collect storm recovery charges | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets acquired | $ 177,500,000 | |||
Cleco Katrina/Rita | Cleco Katrina/Rita right to bill and collect storm recovery charges from customers, net of financing costs | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets acquired | 176,000,000.0 | |||
Cleco Katrina/Rita | Financing costs | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets acquired | $ 1,500,000 | |||
Cleco Cajun | LTSA | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible liabilities, remaining life | 7 years | |||
Cleco Cajun | Power supply agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, residual value | $ 0 | |||
Cleco Cajun | Power supply agreements | Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, remaining life | 2 years | |||
Cleco Cajun | Power supply agreements | Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, remaining life | 8 years |
Intangible Assets and Liabilities - Schedule of Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
LTSA | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible liabilities | $ 871 | $ 871 |
Power supply agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible liabilities | 882 | 882 |
Cleco Katrina/Rita right to bill and collect storm recovery charges | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 0 | 517 |
Cleco Katrina/Rita right to bill and collect storm recovery charges | CLECO POWER | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 0 | 517 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 64 | 64 |
Power supply agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 6,400 | $ 6,400 |
Intangible Assets and Liabilities - Schedule of Finite-Lived Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets carrying amount | $ 189,104 | $ 189,104 |
Total intangible liability carrying amount | 38,300 | 38,300 |
Net intangible assets carrying amount | 150,804 | 150,804 |
Accumulated amortization | (68,642) | (63,932) |
Net intangible assets subject to amortization | 82,162 | 86,872 |
LTSA | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible liability carrying amount | 24,100 | 24,100 |
Power supply agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible liability carrying amount | 14,200 | 14,200 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets carrying amount | 5,100 | 5,100 |
Power supply agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets carrying amount | $ 184,004 | $ 184,004 |
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | $ 2,757,023 | $ 2,643,006 |
Balances, end of period | 2,777,978 | 2,649,748 |
TOTAL AOCI | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | (25,796) | (17,513) |
Balances, end of period | (25,168) | (17,099) |
POSTRETIREMENT BENEFIT NET LOSS | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | (25,796) | (17,513) |
Amounts reclassified from AOCI | 628 | 414 |
Balances, end of period | (25,168) | (17,099) |
CLECO POWER | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | 1,807,879 | 1,713,392 |
Balances, end of period | 1,826,826 | 1,725,713 |
CLECO POWER | TOTAL AOCI | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | (24,753) | (22,585) |
Balances, end of period | (24,231) | (22,095) |
CLECO POWER | POSTRETIREMENT BENEFIT NET LOSS | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | (19,139) | (16,717) |
Amounts reclassified from AOCI | 458 | 426 |
Balances, end of period | (18,681) | (16,291) |
CLECO POWER | NET LOSS ON CASH FLOW HEDGES | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | (5,614) | (5,868) |
Amounts reclassified from AOCI | 64 | 64 |
Balances, end of period | $ (5,550) | $ (5,804) |
Storm Restoration (Details) customer in Thousands, $ in Thousands |
1 Months Ended | 2 Months Ended | 3 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021
USD ($)
|
Feb. 28, 2021
USD ($)
|
Oct. 28, 2020
USD ($)
hurricane
|
Mar. 31, 2021
USD ($)
|
Mar. 29, 2021
USD ($)
|
Feb. 22, 2021 |
Feb. 17, 2021
customer
|
Feb. 14, 2021
customer
|
Dec. 31, 2020
USD ($)
|
|
Hurricanes | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Capitalization percentage | 63.00% | ||||||||
Capitalized storm restoration costs | $ 150,800 | ||||||||
Deferred storm restoration costs - Winter Storms Uri & Viola | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Capitalization percentage | 80.00% | ||||||||
Capitalized storm restoration costs | $ 8,300 | $ 8,300 | |||||||
CLECO POWER | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Regulatory assets | 518,465 | 518,465 | $ 456,034 | ||||||
CLECO POWER | Letters of Credit | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Incremental collateral posted | $ 25,000 | ||||||||
CLECO POWER | Hurricane Laura, Delta and Zeta | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Regulatory assets | 75,400 | 75,400 | |||||||
CLECO POWER | Deferred storm restoration costs - Winter Storms Uri & Viola | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Regulatory assets | 1,938 | $ 1,938 | $ 0 | ||||||
CLECO POWER | Hurricanes | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Number of hurricanes | hurricane | 3 | ||||||||
Estimate of storm restoration costs | $ 240,700 | ||||||||
CLECO POWER | Deferred storm restoration costs - Winter Storms Uri & Viola | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Estimate of storm restoration costs | 10,200 | ||||||||
Capitalized storm restoration costs | $ 50,000 | ||||||||
Fuel and purchased power costs | 55,000 | ||||||||
CLECO POWER | Deferred storm restoration costs - Winter Storms Uri & Viola | Letters of Credit | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Incremental collateral posted | 25,000 | ||||||||
Collateral returned | 24,900 | ||||||||
CLECO POWER | Winter Storm Uri | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Number of customers affected with power outage | customer | 11 | ||||||||
Percentage of customers affected by the hurricane with power restored | 100.00% | ||||||||
CLECO POWER | Winter Storm Viola | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Number of customers affected with power outage | customer | 43 | ||||||||
Percentage of customers affected by the hurricane with power restored | 100.00% | ||||||||
Cleco Cajun | Letters of Credit | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Incremental collateral posted | 8,800 | ||||||||
Cleco Cajun | Deferred storm restoration costs - Winter Storms Uri & Viola | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Fuel and purchased power costs | 11,200 | ||||||||
Cleco Cajun | Deferred storm restoration costs - Winter Storms Uri & Viola | Letters of Credit | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Incremental collateral posted | $ 8,800 | ||||||||
Collateral returned | $ 6,500 |
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