
Note 4 — Revenue Recognition

Operating revenue, net for the three and six months ended June 30, 2022, and 2021 was as follows:


	FOR THE THREE MONTHS ENDED JUNE 30, 2022
(THOUSANDS)	CLECO POWER			CLECO CAJUN			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential (1)	$	131,813		$	—		$	—		$	—	$	131,813
Commercial (1)	84,336			—			—			—		84,336
Industrial (1)	50,188			—			—			—		50,188
Other retail (1)	4,297			—			—			—		4,297

Electric customer credits	(129)			—			—			—		(129)
Total retail revenue	270,505			—			—			—		270,505
Wholesale, net	91,934		(1)	126,089		(2)	(2,420)		(3)	—		215,603
Transmission, net	13,688			18,529			—			(2,136)		30,081
Other	4,998			—			—			—		4,998
Affiliate (4)	1,628			—			25,752			(27,380)		—
Total revenue from contracts with customers	382,753			144,618			23,332			(29,516)		521,187
Revenue unrelated to contracts with customers
Other	6,046		(5)	18,183		(6)	2			—		24,231
Total revenue unrelated to contracts with customers	6,046			18,183			2			—		24,231
Operating revenue, net	$	388,799		$	162,801		$	23,334		$	(29,516)	$	545,418

(1) Includes fuel recovery revenue.

(2) Includes $(3.6) million of amortization of intangible assets and liabilities related to Cleco Cajun’s wholesale power supply agreements.

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

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

(5) Realized gains associated with FTRs.

(6) Includes $15.9 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization.


	FOR THE THREE MONTHS ENDED JUNE 30, 2021
(THOUSANDS)	CLECO POWER			CLECO CAJUN			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential (1)	$	105,315		$	—		$	—		$	—	$	105,315
Commercial (1)	68,392			—			—			—		68,392
Industrial (1)	37,385			—			—			—		37,385
Other retail (1)	3,876			—			—			—		3,876

Electric customer credits	(19,054)			—			—			—		(19,054)
Total retail revenue	195,914			—			—			—		195,914
Wholesale, net	46,216		(1)	91,407		(2)	(2,420)		(3)	—		135,203
Transmission, net	13,313		(4)	13,573		(5)	—			(1,595)		25,291
Other	3,249			—			—			—		3,249
Affiliate (6)	1,224			—			26,120			(27,344)		—
Total revenue from contracts with customers	259,916			104,980			23,700			(28,939)		359,657
Revenue unrelated to contracts with customers
Other	1,763		(7)	17,326		(8)	1			2		19,092
Total revenue unrelated to contracts with customers	1,763			17,326			1			2		19,092
Operating revenue, net	$	261,679		$	122,306		$	23,701		$	(28,937)	$	378,749

(1) Includes fuel recovery revenue.

(2) Includes $(3.3) million of amortization of intangible assets and liabilities related to Cleco Cajun’s wholesale power supply agreements.

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

(4) Includes $0.3 million electric customer credits.

(5) Includes $0.2 million electric customer credits.

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

(7) Realized gains associated with FTRs.

(8) Includes $15.0 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization.


	FOR THE SIX MONTHS ENDED JUNE 30, 2022
(THOUSANDS)	CLECO POWER			CLECO CAJUN			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential (1)	$	244,236		$	—		$	—		$	—	$	244,236
Commercial (1)	160,870			—			—			—		160,870
Industrial (1)	96,462			—			—			—		96,462
Other retail (1)	8,426			—			—			—		8,426

Electric customer credits	(265)			—			—			—		(265)
Total retail revenue	509,729			—			—			—		509,729
Wholesale, net	147,298		(1)	229,722		(2)	(4,840)		(3)	—		372,180
Transmission, net	27,580			36,272			—			(4,827)		59,025
Other	10,191			—			1			—		10,192
Affiliate (4)	3,087			—			53,145			(56,232)		—
Total revenue from contracts with customers	697,885			265,994			48,306			(61,059)		951,126
Revenue unrelated to contracts with customers
Other	7,419		(5)	36,052		(6)	2			(1)		43,472
Total revenue unrelated to contracts with customers	7,419			36,052			2			(1)		43,472
Operating revenue, net	$	705,304		$	302,046		$	48,308		$	(61,060)	$	994,598

(1) Includes fuel recovery revenue.

(2) Includes $(7.2) million of amortization of intangible assets and liabilities related to Cleco Cajun’s wholesale power supply agreements.

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

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

(5) Realized gains associated with FTRs.

(6) Includes $31.4 million in lease revenue related to the Cottonwood Sale Leaseback and $4.6 million of deferred lease revenue amortization.


	FOR THE SIX MONTHS ENDED JUNE 30, 2021
(THOUSANDS)	CLECO POWER			CLECO CAJUN			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential (1)	$	200,396		$	—		$	—		$	—	$	200,396
Commercial (1)	131,418			—			—			—		131,418
Industrial (1)	74,051			—			—			—		74,051
Other retail (1)	7,446			—			—			—		7,446

Electric customer credits	(40,030)			—			—			—		(40,030)
Total retail revenue	373,281			—			—			—		373,281
Wholesale, net	107,938		(1)	192,914		(2)	(4,840)		(3)	—		296,012
Transmission, net	27,295		(4)	28,830		(5)	—			(3,535)		52,590
Other	7,891			—			—			—		7,891
Affiliate (6)	2,879			—			53,276			(56,155)		—
Total revenue from contracts with customers	519,284			221,744			48,436			(59,690)		729,774
Revenue unrelated to contracts with customers
Other	8,859		(7)	35,108		(8)	2			—		43,969
Total revenue unrelated to contracts with customers	8,859			35,108			2			—		43,969
Operating revenue, net	$	528,143		$	256,852		$	48,438		$	(59,690)	$	773,743

(1) Includes fuel recovery revenue.

(2) Includes $(6.4) million of amortization of intangible assets and liabilities related to Cleco Cajun’s wholesale power supply agreements.

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

(4) Includes $0.3 million electric customer credits.

(5) Includes $0.2 million electric customer credits.

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

(7) Realized gains associated with FTRs.

(8) Includes $30.5 million in lease revenue related to the Cottonwood Sale Leaseback and $4.6 million of deferred lease revenue amortization.

Cleco and Cleco Power have unsatisfied performance obligations under contracts with cooperatives and municipalities with remaining durations ranging between 2 and 12 years that primarily relate to stand-ready obligations as part of fixed capacity minimums. At June 30, 2022, Cleco and Cleco Power had $58.5 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.