(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 | 2023 1ST QUARTER FORM 10-Q |
TABLE OF CONTENTS | ||||||||
PAGE | ||||||||
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CLECO POWER | 2023 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 Power Station | A facility consisting of Acadia Unit 1 and Acadia Unit 2 located in Eunice, Louisiana | ||||
Acadia Unit 1 | Cleco Power’s 580-MW, natural gas-fired, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana | ||||
Acadia Unit 2 | Entergy Louisiana’s 580-MW, natural gas-fired, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana, which is operated by Cleco Power | ||||
ADIT | Accumulated Deferred Income Tax | ||||
AFUDC | Allowance for Funds Used During Construction | ||||
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 | ||||
Big Cajun II | Cleco Cajun’s generating facility located in New Roads, Louisiana consisting of Unit 1, Unit 2, and Unit 3. Cleco Cajun has a 58% ownership interest in the capacity of Unit 3. | ||||
CCR | Coal combustion by-products or residual | ||||
CEO | Chief Executive Officer | ||||
CFO | Chief Financial Officer | ||||
CIP | Critical Infrastructure Protection | ||||
Cleco | Cleco Holdings and its subsidiaries | ||||
Cleco Cajun | Cleco Cajun LLC and its subsidiaries | ||||
Cleco Cajun Sale Group | Cleco Cajun’s business for which Cleco Holdings’ management and Board of Managers have committed to a plan to divest through a sale to one or more parties, subject to Board of Managers approval | ||||
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 Partners | Cleco Partners L.P., a Delaware limited partnership that is owned by a consortium of investors, including funds or investment vehicles managed by Macquarie Asset Management, British Columbia Investment Management Corporation, John Hancock Financial, and other infrastructure investors | ||||
Cleco Power | Cleco Power LLC and its subsidiaries, a wholly owned subsidiary of Cleco Holdings | ||||
Cleco Securitization I | Cleco Securitization I LLC, a special-purpose, wholly owned subsidiary of Cleco Power | ||||
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, combined cycle 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, natural gas-fired, combined cycle power plant located in St. Landry, Louisiana | ||||
COVID-19 | Coronavirus disease 2019, including any variant thereof, and the related global outbreak that was subsequently declared a pandemic by the World Health Organization in March 2020 | ||||
DHLC | Dolet Hills Lignite Company, LLC, a wholly owned subsidiary of SWEPCO | ||||
Diversified Lands | Diversified Lands LLC, a wholly owned subsidiary of Cleco Holdings | ||||
Dolet Hills | A facility consisting of Dolet Hills Power Station, the Dolet Hills mine, and the Oxbow mine | ||||
Dolet Hills Power Station | A 650-MW lignite-fired, steam generating unit at Cleco Power’s plant site in Mansfield, Louisiana. Cleco Power has a 50% ownership interest in the capacity of the Dolet Hills Power Station. The Dolet Hills Power Station was retired on December 31, 2021. | ||||
EAC | Environmental Adjustment Clause | ||||
EBITDA | Earnings before interest, income taxes, depreciation, and amortization | ||||
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CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
ABBREVIATION OR ACRONYM | DEFINITION | ||||
Entergy Gulf States | Entergy Gulf States Louisiana, LLC | ||||
Entergy Louisiana | Entergy Louisiana, LLC | ||||
EPA | U.S. Environmental Protection Agency | ||||
ESG | Environmental, Social, and Governance | ||||
FAC | Fuel Adjustment Clause | ||||
FASB | Financial Accounting Standards Board | ||||
FERC | Federal Energy Regulatory Commission | ||||
Fitch | Fitch Ratings, a credit rating agency | ||||
FTR | Financial Transmission Right | ||||
FRP | Formula Rate Plan | ||||
GAAP | Generally Accepted Accounting Principles in the U.S. | ||||
GHG | Greenhouse gas | ||||
IRA of 2022 | Federal tax legislation commonly referred to as the Inflation Reduction Act of 2022 | ||||
IRS | Internal Revenue Service | ||||
kWh | Kilowatt-hour(s) | ||||
LIBOR | London Interbank Offered Rate | ||||
LPSC | Louisiana Public Service Commission | ||||
Madison Unit 3 | A 641-MW petroleum coke/coal-fired, steam generating unit at Cleco Power’s plant site in Boyce, Louisiana | ||||
MATS | Mercury and Air Toxics Standards | ||||
Merger Agreement | Agreement and Plan of Merger, dated as of October 17, 2014, by and among Cleco Partners, Merger Sub, and Cleco Corporation relating to the 2016 Merger | ||||
Merger Sub | Cleco MergerSub Inc., previously an indirect wholly owned subsidiary of Cleco Partners that was merged with and into Cleco Corporation, with Cleco Corporation surviving the 2016 Merger, and Cleco Corporation converting to a limited liability company and changing its name to Cleco Holdings | ||||
Midstream | Cleco Midstream Resources LLC, a wholly owned subsidiary of Cleco Holdings | ||||
MISO | Midcontinent Independent System Operator, Inc. | ||||
MMBtu | One million British thermal units | ||||
Moody’s | Moody’s Investors Service, a credit rating agency | ||||
MW | Megawatt(s) | ||||
MWh | Megawatt-hour(s) | ||||
NERC | North American Electric Reliability Corporation | ||||
NRG Energy | NRG Energy, Inc. | ||||
Other Benefits | Includes medical, dental, vision, and life insurance for Cleco’s retirees | ||||
Oxbow | Oxbow Lignite Company, LLC, 50% owned by Cleco Power and 50% owned by SWEPCO | ||||
Perryville | Perryville Energy Partners, L.L.C., a wholly owned subsidiary of Cleco Holdings. Perryville Energy Partners, L.L.C. was dissolved effective September 8, 2021. | ||||
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 coal-fired, steam generating unit at Cleco Power’s plant site in Boyce, Louisiana. Cleco Power has a 30% ownership interest in the capacity of Rodemacher Unit 2. | ||||
ROE | Return on Equity | ||||
RTO | Regional Transmission Organization | ||||
S&P | S&P Global Ratings, a division of S&P Global Inc, a credit rating agency | ||||
SEC | U.S. Securities and Exchange Commission | ||||
SERP | Supplemental Executive Retirement Plan | ||||
SOFR | Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York | ||||
South Central Generating | South Central Generating LLC, formerly NRG South Central Generating LLC, a wholly owned subsidiary of Cleco Cajun | ||||
Storm Recovery Property | Storm Recovery Property as defined in the financing order issued by the LPSC in April 2022, which includes the right to impose, bill, charge, collect, and receive unamortized storm recovery costs from Cleco Power’s retail customers. | ||||
Support Group | Cleco Support Group LLC, a wholly owned subsidiary of Cleco Holdings | ||||
SWEPCO | Southwestern Electric Power Company, an electric utility subsidiary of American Electric Power Company, Inc. | ||||
TCJA | Federal tax legislation commonly referred to as the Tax Cuts and Jobs Act of 2017 | ||||
Teche Unit 3 | A 359-MW natural gas-fired, steam generating unit at Cleco Power’s plant site in Baldwin, Louisiana | ||||
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CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS |
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CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
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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) | 2023 | 2022 | |||||||||
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 | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Interest income | |||||||||||
Allowance for equity funds used during construction | |||||||||||
Other income (expense), net | ( | ||||||||||
Interest charges | |||||||||||
Interest charges, net | |||||||||||
Allowance for borrowed funds used during construction | ( | ( | |||||||||
Total interest charges | |||||||||||
(Loss) income from continuing operations before income taxes | ( | ||||||||||
Federal and state income tax benefit | ( | ( | |||||||||
(Loss) income from continuing operations, net of income taxes | ( | ||||||||||
(Loss) income from discontinued operations, net of income taxes | ( | ||||||||||
Net (loss) income | $ | ( | $ | ||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
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CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
CLECO | |||||||||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2023 | 2022 | |||||||||
Net (loss) income | $ | ( | $ | ||||||||
Other comprehensive (loss) income, net of tax | |||||||||||
Postretirement benefits (loss) gain (net of tax benefit of $ | ( | ||||||||||
Total other comprehensive (loss) income, net of tax | ( | ||||||||||
Comprehensive (loss) income, net of tax | $ | ( | $ | ||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
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CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
CLECO | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
Assets | |||||||||||
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 | |||||||||||
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 | |||||||||||
Assets held for sale - discontinued operations | |||||||||||
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 - deferred taxes, net | |||||||||||
Regulatory assets | |||||||||||
Intangible asset - securitization | |||||||||||
Intangible assets - other | |||||||||||
Assets held for sale - discontinued operations | |||||||||||
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 | 2023 1ST QUARTER FORM 10-Q |
CLECO | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
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 taxes, net | |||||||||||
Deferred compensation | |||||||||||
Storm reserves | |||||||||||
Liabilities held for sale - discontinued operations | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term liabilities and deferred credits | |||||||||||
Accumulated deferred federal and state income taxes, net | |||||||||||
Postretirement benefit obligations | |||||||||||
Storm reserves | |||||||||||
Asset retirement obligations | |||||||||||
Operating lease liabilities | |||||||||||
Liabilities held for sale - discontinued operations | |||||||||||
Other deferred credits | |||||||||||
Total long-term liabilities and deferred credits | |||||||||||
Long-term debt and finance leases, net | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 14) | |||||||||||
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 | 2023 1ST QUARTER FORM 10-Q |
CLECO | ||||||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | ||||||||||||||
(THOUSANDS) | 2023 | 2022 | ||||||||||||
Operating activities | ||||||||||||||
Net (loss) 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 | ( | ( | ||||||||||||
Loss (gain) on risk management assets and liabilities, net | ( | |||||||||||||
Loss on classification as held for sale | ||||||||||||||
Deferred lease revenue | ( | ( | ||||||||||||
Deferred income taxes | ( | |||||||||||||
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 | ( | ( | ||||||||||||
Accounts payable - affiliate | ( | |||||||||||||
Customer deposits | ||||||||||||||
Regulatory assets and liabilities, net | ||||||||||||||
Asset retirement obligation | ( | |||||||||||||
Deferred fuel recoveries | ||||||||||||||
Other deferred accounts | ||||||||||||||
Taxes accrued | ( | |||||||||||||
Interest accrued | ||||||||||||||
Energy risk management collateral | ( | |||||||||||||
Other operating | ( | |||||||||||||
Net cash provided by operating activities | ||||||||||||||
Investing activities | ||||||||||||||
Additions to property, plant, and equipment | ( | ( | ||||||||||||
Other investing | ||||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing activities | ||||||||||||||
Draws on revolving credit facilities | ||||||||||||||
Payments on revolving credit facilities | ( | |||||||||||||
Repayment of long-term debt | ( | |||||||||||||
Distributions to member | ( | |||||||||||||
Other financing | ( | ( | ||||||||||||
Net cash used in 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 | 2023 1ST QUARTER FORM 10-Q |
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Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited) | |||||||||||||||||||||||
(THOUSANDS) | MEMBERSHIP INTEREST | RETAINED EARNINGS | AOCI | TOTAL MEMBER’S EQUITY | |||||||||||||||||||
Balances, Dec. 31, 2021 | $ | $ | $ | ( | $ | ||||||||||||||||||
Distributions to member | — | ( | — | ( | |||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Other comprehensive income, net of tax | — | — | |||||||||||||||||||||
Balances, Mar. 31, 2022 | $ | $ | $ | ( | $ | ||||||||||||||||||
Balances, Dec. 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||
Net loss | — | ( | — | ( | |||||||||||||||||||
Other comprehensive loss, net of tax | — | — | ( | ( | |||||||||||||||||||
Balances, Mar. 31, 2023 | $ | $ | $ | ( | $ | ||||||||||||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
CLECO POWER | |||||||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2023 | 2022 | |||||||||
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 income (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 expense | |||||||||||
Net income | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
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CLECO POWER | |||||||||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2023 | 2021 | |||||||||
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. |
CLECO | ||||||||
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CLECO POWER | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
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 | |||||||||||
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 | |||||||||||
Restricted cash and cash equivalents | |||||||||||
Note receivable | |||||||||||
Regulatory assets - deferred taxes, net | |||||||||||
Regulatory assets | |||||||||||
Intangible asset - securitization | |||||||||||
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, 2023 | AT DEC. 31, 2022 | |||||||||
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 - deferred taxes, net | |||||||||||
Storm reserves | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Commitments and contingencies (Note 14) | |||||||||||
Long-term liabilities and deferred credits | |||||||||||
Accumulated deferred federal and state income taxes, net | |||||||||||
Postretirement benefit obligations | |||||||||||
Storm reserves | |||||||||||
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 | 2023 1ST QUARTER FORM 10-Q |
CLECO POWER | ||||||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | ||||||||||||||
(THOUSANDS) | 2023 | 2022 | ||||||||||||
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 | ( | |||||||||||||
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 | ||||||||||||||
Regulatory assets and liabilities, net | ||||||||||||||
Asset retirement obligation | ( | |||||||||||||
Deferred fuel recoveries | ||||||||||||||
Other deferred accounts | ||||||||||||||
Taxes accrued | ||||||||||||||
Interest accrued | ||||||||||||||
Other operating | ( | |||||||||||||
Net cash provided by operating activities | ||||||||||||||
Investing activities | ||||||||||||||
Additions to property, plant, and equipment | ( | ( | ||||||||||||
Other investing | ||||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing activities | ||||||||||||||
Payments on revolving credit facility | ( | |||||||||||||
Repayment of long-term debt | ( | |||||||||||||
Other financing | ( | ( | ||||||||||||
Net cash used in 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 | 2023 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, 2021 | $ | $ | ( | $ | |||||||||||||
Net income | — | ||||||||||||||||
Other comprehensive income, net of tax | — | ||||||||||||||||
Balances, Mar. 31, 2022 | $ | $ | ( | $ | |||||||||||||
Balances, Dec. 31, 2022 | $ | $ | ( | $ | |||||||||||||
Net income | — | ||||||||||||||||
Other comprehensive income, net of tax | — | ||||||||||||||||
Balances, Mar. 31, 2023 | $ | $ | ( | $ | |||||||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2023 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 | Discontinued Operations | Cleco | ||||||
Note 4 | Revenue Recognition | Cleco and Cleco Power | ||||||
Note 5 | Regulatory Assets and Liabilities | Cleco and Cleco Power | ||||||
Note 6 | Fair Value Accounting Instruments | Cleco and Cleco Power | ||||||
Note 7 | Derivative Instruments | Cleco and Cleco Power | ||||||
Note 8 | Debt | Cleco and Cleco Power | ||||||
Note 9 | Pension Plan and Employee Benefits | Cleco and Cleco Power | ||||||
Note 10 | Income Taxes | Cleco and Cleco Power | ||||||
Note 11 | Segment Disclosures | Cleco | ||||||
Note 12 | Regulation and Rates | Cleco and Cleco Power | ||||||
Note 13 | Variable Interest Entities | Cleco and Cleco Power | ||||||
Note 14 | Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | Cleco and Cleco Power | ||||||
Note 15 | Affiliate Transactions | Cleco and Cleco Power | ||||||
Note 16 | Intangible Assets | Cleco and Cleco Power | ||||||
Note 17 | Accumulated Other Comprehensive Loss | Cleco and Cleco Power | ||||||
Notes to the Unaudited Condensed Consolidated Financial Statements |
Note 1 — Summary of Significant Accounting Policies |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
Current | |||||||||||
Cleco Power’s storm restoration costs - Hurricane Ida | $ | $ | |||||||||
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service | |||||||||||
Total current | |||||||||||
Non-current | |||||||||||
Diversified Lands’ mitigation escrow | |||||||||||
Cleco Power’s future storm restoration costs | |||||||||||
Cleco Power’s storm restoration costs - Hurricane Ida | |||||||||||
Total non-current | |||||||||||
Total restricted cash and cash equivalents | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
Current | |||||||||||
Storm restoration costs - Hurricane Ida | $ | $ | |||||||||
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs | |||||||||||
Total current | |||||||||||
Non-current | |||||||||||
Future storm restoration costs | |||||||||||
Storm restoration costs - Hurricane Ida | |||||||||||
Total non-current | |||||||||||
Total restricted cash and cash equivalents | $ | $ |
Cleco | |||||||||||
(THOUSANDS) | ACCOUNTS RECEIVABLE | OTHER* | TOTAL | ||||||||
Balances, Dec. 31, 2022 | $ | $ | $ | ||||||||
Current period provision | |||||||||||
Charge-offs | ( | ( | |||||||||
Recovery | |||||||||||
Balances, Mar. 31, 2023 | $ | $ | $ |
(THOUSANDS) | ACCOUNTS RECEIVABLE | OTHER* | TOTAL | ||||||||
Balances, Dec. 31, 2021 | $ | $ | $ | ||||||||
Current period provision | |||||||||||
Charge-offs | ( | ( | |||||||||
Recovery | |||||||||||
Balances, Mar. 31, 2022 | $ | $ | $ |
Cleco Power | |||||
(THOUSANDS) | ACCOUNTS RECEIVABLE | ||||
Balance, Dec. 31, 2022 | $ | ||||
Current period provision | |||||
Charge-offs | ( | ||||
Recovery | |||||
Balance, Mar. 31, 2023 | $ |
(THOUSANDS) | ACCOUNTS RECEIVABLE | ||||
Balance, Dec. 31, 2021 | $ | ||||
Current period provision | |||||
Charge-offs | ( | ||||
Recovery | |||||
Balance, Mar. 31, 2022 | $ |
Note 2 — Recent Authoritative Guidance |
Note 3 — Discontinued Operations |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2023 | 2022 | |||||||||
Operating revenue, net | |||||||||||
Electric operations | $ | $ | |||||||||
Other operations | |||||||||||
Operating revenue, net | |||||||||||
Operating expenses | |||||||||||
Fuel used for electric generation | ( | ||||||||||
Purchased power | |||||||||||
Other operations and maintenance | |||||||||||
Depreciation and amortization | |||||||||||
Total operating expenses | |||||||||||
Operating (loss) income | ( | ||||||||||
Other income, net | |||||||||||
Interest, net | ( | ( | |||||||||
Loss on classification as held for sale | ( | ||||||||||
(Loss) income from discontinued operations before income taxes | ( | ||||||||||
Federal and state income tax (benefit) expense | ( | ||||||||||
(Loss) income from discontinued operations, net of income taxes | $ | ( | $ |
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
Cash, cash equivalents, and restricted cash equivalents | $ | $ | |||||||||
Accounts receivable | |||||||||||
Fuel inventory, at average cost | |||||||||||
Materials and supplies, at average cost | |||||||||||
Energy risk management assets | |||||||||||
Property, plant, and equipment, net | |||||||||||
Prepayments | |||||||||||
Intangible assets - other | |||||||||||
Other assets | |||||||||||
Loss recognized on classification as held for sale | ( | ||||||||||
Total assets held for sale - discontinued operations | $ | $ | |||||||||
Accounts payable | $ | $ | |||||||||
Deferred lease revenue | |||||||||||
Intangible liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Other liabilities | |||||||||||
Total liabilities held for sale - discontinued operations | $ | $ |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2023 | 2022 | |||||||||
Net cash (used in) provided by operating activities - discontinued operations | $ | ( | $ | ||||||||
Net cash used in investing activities - discontinued operations | $ | ( | $ | ( |
Note 4 — Revenue Recognition |
FOR THE THREE MONTHS ENDED MAR. 31, 2023 | |||||||||||||||||||||||
(THOUSANDS) | CLECO POWER | 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 | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Affiliate (3) | ( | ||||||||||||||||||||||
Total revenue from contracts with customers | ( | ||||||||||||||||||||||
Revenue unrelated to contracts with customers | |||||||||||||||||||||||
Securitization | |||||||||||||||||||||||
Other | (4) | ||||||||||||||||||||||
Total revenue unrelated to contracts with customers | |||||||||||||||||||||||
Operating revenue, net | $ | $ | $ | ( | $ |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, 2022 | |||||||||||||||||||||||
(THOUSANDS) | CLECO POWER | 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 | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Affiliate (3) | ( | ||||||||||||||||||||||
Total revenue from contracts with customers | ( | ||||||||||||||||||||||
Revenue unrelated to contracts with customers | |||||||||||||||||||||||
Other | (4) | ||||||||||||||||||||||
Total revenue unrelated to contracts with customers | |||||||||||||||||||||||
Operating revenue, net | $ | $ | $ | ( | $ |
Note 5 — Regulatory Assets and Liabilities |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
Cleco Power | ||||||||||||||||||||
REMAINING RECOVERY PERIOD (YRS.) | ||||||||||||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | ||||||||||||||||||
Regulatory assets | ||||||||||||||||||||
Acadia Unit 1 acquisition costs | $ | $ | ||||||||||||||||||
Accumulated deferred fuel (1) | Various | |||||||||||||||||||
Affordability study | ||||||||||||||||||||
AFUDC equity gross-up | Various | (2) | ||||||||||||||||||
AMI deferred revenue requirement | ||||||||||||||||||||
AROs (8) | ||||||||||||||||||||
Bayou Vista to Segura transmission project deferred revenue requirement | ||||||||||||||||||||
Coughlin transaction costs | ||||||||||||||||||||
COVID-19 executive order (8) | ||||||||||||||||||||
Deferred lignite and mine closure costs (8) | ||||||||||||||||||||
Deferred storm restoration costs - Hurricane Delta (6) | ||||||||||||||||||||
Deferred storm restoration costs - Hurricane Ida (7) | ||||||||||||||||||||
Deferred storm restoration costs - Hurricane Laura (6) | ||||||||||||||||||||
Deferred storm restoration costs - Hurricane Zeta (6) | ||||||||||||||||||||
Deferred taxes, net | Various | |||||||||||||||||||
Dolet Hills Power Station closure costs (8) | ||||||||||||||||||||
Energy efficiency | ||||||||||||||||||||
Financing costs (1) | Various | (3) | ||||||||||||||||||
Interest costs | Various | (2) | ||||||||||||||||||
Madison Unit 3 property taxes | Various | (9) | ||||||||||||||||||
Non-service cost of postretirement benefits | Various | (2) | ||||||||||||||||||
Other | Various | |||||||||||||||||||
Postretirement costs | Various | (4) | ||||||||||||||||||
Production operations and maintenance expenses | Various | (5) | ||||||||||||||||||
Rodemacher Unit 2 deferred costs (8) | ||||||||||||||||||||
St. Mary Clean Energy Center | ||||||||||||||||||||
Training costs | ||||||||||||||||||||
Tree trimming costs | ||||||||||||||||||||
Total regulatory assets | ||||||||||||||||||||
Regulatory liabilities | ||||||||||||||||||||
Deferred taxes, net | ( | ( | Various | |||||||||||||||||
Storm reserves | ( | ( | ||||||||||||||||||
Total regulatory liabilities | ( | ( | ||||||||||||||||||
Total regulatory assets, net | $ | $ | ||||||||||||||||||
(1) Represents regulatory assets for past expenditures that were not earning a return on investment at March 31, 2023, and December 31, 2022. All other assets are earning a return on investment. (2) Amortized over the estimated lives of the respective assets. (3) Amortized over the terms of the related debt issuances. (4) Amortized over the average service life of the remaining plan participants. (5) Deferral is recovered over the following -year regulatory period. (6) From June 1, 2021, through August 31, 2022, these were being recovered through the interim storm recovery rate. The storm recovery surcharge became effective on September 1, 2022. (7) Currently not in a recovery period. The balance remaining represents amounts under a prudency review by the LPSC. (8) Currently not in a recovery period. (9) Beginning July 1, 2021, property taxes paid for the year ended December 31, are being amortized over the subsequent 12 months beginning July 1. |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
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 Instruments |
Cleco | |||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS AT REPORTING DATE | |||||||||||||||||||||||||||||||||||||||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | AT DEC. 31, 2022 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||||||||||||||||||||||||||||||||||||||
Asset description | |||||||||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
FTRs | |||||||||||||||||||||||||||||||||||||||||||||||
Natural gas derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liability description | |||||||||||||||||||||||||||||||||||||||||||||||
FTRs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Natural gas derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
Cleco Power | |||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS AT REPORTING DATE | |||||||||||||||||||||||||||||||||||||||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | AT DEC. 31, 2022 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||||||||||||||||||||||||||||||||||||||
Asset description | |||||||||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
FTRs | |||||||||||||||||||||||||||||||||||||||||||||||
Natural gas derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liability description | |||||||||||||||||||||||||||||||||||||||||||||||
FTRs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Natural gas derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Current restricted cash and cash equivalents | $ | $ | |||||||||
Non-current restricted cash and cash equivalents | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Current restricted cash and cash equivalents | $ | $ | |||||||||
Non-current restricted cash and cash equivalents | $ | $ |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2023 | 2022 | |||||||||
Beginning balance | $ | $ | |||||||||
Unrealized (losses) gains* | ( | ( | |||||||||
Purchases | ( | ||||||||||
Settlements | ( | ( | |||||||||
Ending balance | $ | $ | |||||||||
* Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheet. |
FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT UNOBSERVABLE INPUTS | FORWARD PRICE RANGE | ||||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT FORWARD PRICE RANGE) | ASSETS | LIABILITIES | LOW | HIGH | |||||||||||||||||||||||||||||||
FTRs at Mar. 31, 2023 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ | ||||||||||||||||||||||||||||
FTRs at Dec. 31, 2022 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
Cleco | |||||||||||||||||||||||
AT MAR. 31, 2023 | AT DEC. 31, 2022 | ||||||||||||||||||||||
(THOUSANDS) | CARRYING VALUE* | FAIR VALUE | CARRYING VALUE* | FAIR VALUE | |||||||||||||||||||
Long-term debt | $ | $ | $ | $ |
Cleco Power | |||||||||||||||||||||||
AT MAR. 31, 2023 | AT DEC. 31, 2022 | ||||||||||||||||||||||
(THOUSANDS) | CARRYING VALUE* | FAIR VALUE | CARRYING VALUE* | FAIR VALUE | |||||||||||||||||||
Long-term debt | $ | $ | $ | $ |
Note 7 — Derivative Instruments |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | |||||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT MAR. 31, 2023 | AT DEC. 31, 2022 | ||||||||||||||
Commodity-related contracts | |||||||||||||||||
FTRs | |||||||||||||||||
Current | Energy risk management assets | $ | $ | ||||||||||||||
Current | Energy risk management liabilities | ( | ( | ||||||||||||||
Natural gas derivatives | |||||||||||||||||
Current | Energy risk management assets | ||||||||||||||||
Current | Energy risk management liabilities | ( | ( | ||||||||||||||
Commodity-related contracts, net | $ | ( | $ | ( |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME | ||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | ||||||||||||||
(THOUSANDS) | INCOME STATEMENT LINE ITEM | 2023 | 2022 | |||||||||||
Commodity-related contracts | ||||||||||||||
FTRs(1) | Electric operations | $ | $ | |||||||||||
FTRs(1) | Purchased power | ( | ( | |||||||||||
Natural gas derivatives(2) | Fuel used for electric generation | ( | ||||||||||||
Total | $ | ( | $ |
TOTAL VOLUME OUTSTANDING | |||||||||||||||||
(THOUSAND) | UNIT OF MEASURE | AT MAR. 31, 2023 | AT DEC. 31, 2022 | ||||||||||||||
Commodity-related contracts | |||||||||||||||||
FTRs | MWh | ||||||||||||||||
Natural gas derivatives | MMBtus |
Note 8 — Debt |
Note 9 — Pension Plan and Employee Benefits |
PENSION BENEFITS | OTHER BENEFITS | ||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | ||||||||||||||||||||||
(THOUSANDS) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Components of periodic benefit costs | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortizations | |||||||||||||||||||||||
Net loss (gain) | ( | ||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | |||||||||||||||||||
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2023 | 2022 | |||||||||
Components of periodic benefit costs | |||||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Amortizations | |||||||||||
Prior period service credit | ( | ( | |||||||||
Net (gain) loss | ( | ||||||||||
Net periodic benefit cost | $ | $ | |||||||||
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2023 | 2022 | |||||||||
401(k) Plan expense | $ | $ |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2023 | 2022 | |||||||||
401(k) Plan expense | $ | $ |
Note 10 — Income Taxes |
Cleco | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
2023 | 2022 | ||||||||||
Effective tax rate | % | ( | % |
Cleco Power | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
2023 | 2022 | ||||||||||
Effective tax rate | % | % |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
Note 11 — Segment Disclosures |
Segment Information for the Three Months Ended Mar. 31, | |||||
2023 (THOUSANDS) | CLECO POWER | ||||
Revenue | |||||
Electric operations | $ | ||||
Other operations | |||||
Affiliate revenue | |||||
Electric customer credits | ( | ||||
Operating revenue, net | $ | ||||
Net income | $ | ||||
Add: Depreciation and amortization | |||||
Less: Interest income | |||||
Add: Interest charges | |||||
Add: Federal and state income tax expense | |||||
EBITDA | $ | ||||
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
2023 (THOUSANDS) | CLECO POWER | 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 | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Loss from discontinued operations, net of income taxes | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Additions to property, plant, and equipment | $ | $ | $ | $ | |||||||||||||||||||
Equity investment in investee (2) | $ | $ | ( | $ | $ | ||||||||||||||||||
Goodwill (2) | $ | $ | $ | $ | |||||||||||||||||||
Total segment assets (2) | $ | $ | $ | $ | |||||||||||||||||||
(1) Includes $ (2) Balances as of March 31, 2023. |
2022 (THOUSANDS) | CLECO POWER | ||||
Revenue | |||||
Electric operations | $ | ||||
Other operations | |||||
Affiliate revenue | |||||
Electric customer credits | ( | ||||
Operating revenue, net | $ | ||||
Net income | $ | ||||
Add: Depreciation and amortization | |||||
Less: Interest income | |||||
Add: Interest charges | |||||
Add: Federal and state income tax expense | |||||
EBITDA | $ | ||||
2022 (THOUSANDS) | CLECO POWER | 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) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Income from continuing operations, net of income taxes | $ | $ | ( | $ | $ | ||||||||||||||||||
Income from discontinued operations, net of income taxes | $ | $ | $ | $ | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
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, 2022. |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2023 | 2022 | |||||||||
Net (loss) income | $ | ( | $ | ||||||||
Less: (Loss) income from discontinued operations, net of income taxes | ( | ||||||||||
(Loss) income from continuing operations, net of income taxes | $ | ( | $ | ||||||||
Add: Depreciation and amortization | |||||||||||
Less: Interest income | |||||||||||
Add: Interest charges | |||||||||||
Add: Federal and state income tax benefit | ( | ( | |||||||||
Add: Other corporate costs and noncash items* | |||||||||||
Total segment EBITDA | $ | $ | |||||||||
* Adjustments made for Other and Elimination totals not allocated to total segment EBITDA. |
Note 12 — Regulation and Rates |
Note 13 — Variable Interest Entities |
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | ||||||
Restricted cash - current | $ | $ | ||||||
Accounts receivable - affiliate | ||||||||
Intangible asset - securitization | ||||||||
Total assets | $ | $ | ||||||
Long-term debt due within one year | $ | $ | ||||||
Accounts payable | ||||||||
Accounts payable - affiliate | ||||||||
Interest accrued | ||||||||
Long-term debt, net | ||||||||
Member’s equity | ||||||||
Total liabilities and member’s equity | $ | $ |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2023 | 2022 | |||||||||
Operating revenue | $ | $ | |||||||||
Operating expenses | ( | ||||||||||
Interest income | |||||||||||
Interest charges, net | ( | ||||||||||
Income before taxes | $ | $ |
INCEPTION TO DATE (THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
Purchase price | $ | $ | |||||||||
Cash contributions | |||||||||||
Distributions | ( | ( | |||||||||
Total equity investment in investee | $ | $ |
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
Oxbow’s net assets/liabilities | $ | $ | |||||||||
Cleco Power’s | $ | $ | |||||||||
Cleco Power’s maximum exposure to loss | $ | $ |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2023 | 2022 | |||||||||
Operating revenue | $ | $ | |||||||||
Operating expenses | ( | ( | |||||||||
Income before taxes | $ | $ |
Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
Note 15 — Affiliate Transactions |
AT MAR. 31, 2023 | AT DEC. 31, 2022 | ||||||||||||||||||||||
(THOUSANDS) | ACCOUNTS RECEIVABLE | ACCOUNTS PAYABLE | ACCOUNTS RECEIVABLE | ACCOUNTS PAYABLE | |||||||||||||||||||
Cleco Holdings | $ | $ | $ | $ | |||||||||||||||||||
Support Group | |||||||||||||||||||||||
Cleco Cajun | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Note 16 — Intangible Assets |
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
Storm Recovery Property intangible asset | $ | $ | |||||||||
Accumulated amortization | ( | ( | |||||||||
Net intangible asset subject to amortization | $ | $ |
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | AT DEC. 31, 2022 | |||||||||
Power supply agreements | $ | $ | |||||||||
Accumulated amortization | ( | ( | |||||||||
Net intangible assets subject to amortization | $ | $ |
Note 17 — Accumulated Other Comprehensive Loss |
Cleco | |||||
FOR THE THREE MONTHS ENDED MAR. 31, 2023 | |||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET GAIN (LOSS) | ||||
Balance, Dec. 31, 2022 | $ | ||||
Amounts reclassified from AOCI | |||||
Amortization of postretirement benefit net gain | ( | ||||
Balance, Mar. 31, 2023 | $ | ( |
FOR THE THREE MONTHS ENDED MAR. 31, 2022 | |||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET LOSS | ||||
Balance, Dec. 31, 2021 | $ | ( | |||
Amounts reclassified from AOCI | |||||
Amortization of postretirement benefit net loss | |||||
Balance, Mar. 31, 2022 | $ | ( |
Cleco Power | |||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, 2023 | |||||||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET LOSS | NET LOSS ON CASH FLOW HEDGES | TOTAL AOCI | ||||||||||||||
Balances, Dec. 31, 2022 | $ | ( | $ | ( | $ | ( | |||||||||||
Amounts reclassified from AOCI | |||||||||||||||||
Amortization of postretirement benefit net loss | — | ||||||||||||||||
Reclassification of net loss to interest charges | — | ||||||||||||||||
Balances, Mar. 31, 2023 | $ | ( | $ | ( | $ | ( |
FOR THE THREE MONTHS ENDED MAR. 31, 2022 | |||||||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET LOSS | NET LOSS ON CASH FLOW HEDGES | TOTAL AOCI | ||||||||||||||
Balances, Dec. 31, 2021 | $ | ( | $ | ( | $ | ( | |||||||||||
Amounts reclassified from AOCI | |||||||||||||||||
Amortization of postretirement benefit net loss | — | ||||||||||||||||
Reclassification of net loss to interest charges | — | ||||||||||||||||
Balances, Mar. 31, 2022 | $ | ( | $ | ( | $ | ( |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
OVERVIEW |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
RESULTS OF OPERATIONS |
Cleco | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2023 | 2022 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue, net | $ | 320,581 | $ | 312,627 | $ | 7,954 | 2.5 | % | |||||||||||||||
Operating expenses | 286,143 | 263,724 | (22,419) | (8.5) | % | ||||||||||||||||||
Operating income | 34,438 | 48,903 | (14,465) | (29.6) | % | ||||||||||||||||||
Interest income | 1,267 | 743 | 524 | 70.5 | % | ||||||||||||||||||
Allowance for equity funds used during construction | 1,231 | 931 | 300 | 32.2 | % | ||||||||||||||||||
Other income (expense), net | 536 | (277) | 813 | 293.5 | % | ||||||||||||||||||
Interest charges | 39,488 | 32,641 | (6,847) | (21.0) | % | ||||||||||||||||||
Federal and state income tax benefit | (165) | (7,533) | (7,368) | (97.8) | % | ||||||||||||||||||
(Loss) income from continuing operations, net of income taxes | (1,851) | 25,192 | (27,043) | (107.3) | % | ||||||||||||||||||
(Loss) income from discontinued operations, net of income taxes | (102,171) | 130,552 | (232,723) | (178.3) | % | ||||||||||||||||||
Net (loss) income | $ | (104,022) | $ | 155,744 | $ | (259,766) | (166.8) | % | |||||||||||||||
Cleco Power | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2023 | 2022 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Base | $ | 144,286 | $ | 157,024 | $ | (12,738) | (8.1) | % | |||||||||||||||
Fuel cost recovery | 152,062 | 139,073 | 12,989 | 9.3 | % | ||||||||||||||||||
Electric customer credits | (651) | (136) | (515) | (378.7) | % | ||||||||||||||||||
Other operations | 27,303 | 19,084 | 8,219 | 43.1 | % | ||||||||||||||||||
Affiliate revenue | 1,688 | 1,459 | 229 | 15.7 | % | ||||||||||||||||||
Operating revenue, net | 324,688 | 316,504 | 8,184 | 2.6 | % | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Recoverable fuel and purchased power | 151,824 | 138,951 | (12,873) | (9.3) | % | ||||||||||||||||||
Non-recoverable fuel and purchased power | 7,225 | 12,041 | 4,816 | 40.0 | % | ||||||||||||||||||
Other operations and maintenance | 53,988 | 48,729 | (5,259) | (10.8) | % | ||||||||||||||||||
Depreciation and amortization | 50,733 | 45,239 | (5,494) | (12.1) | % | ||||||||||||||||||
Taxes other than income taxes | 15,995 | 12,631 | (3,364) | (26.6) | % | ||||||||||||||||||
Total operating expenses | 279,765 | 257,591 | (22,174) | (8.6) | % | ||||||||||||||||||
Operating income | 44,923 | 58,913 | (13,990) | (23.7) | % | ||||||||||||||||||
Interest income | 1,185 | 740 | 445 | 60.1 | % | ||||||||||||||||||
Allowance for equity funds used during construction | 1,231 | 931 | 300 | 32.2 | % | ||||||||||||||||||
Other income (expense), net | 1,306 | (2,035) | 3,341 | 164.2 | % | ||||||||||||||||||
Interest charges | 24,338 | 18,801 | (5,537) | (29.5) | % | ||||||||||||||||||
Federal and state income tax expense | 1,490 | 724 | (766) | (105.8) | % | ||||||||||||||||||
Net income | $ | 22,817 | $ | 39,024 | $ | (16,207) | (41.5) | % | |||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||
(MILLION kWh) | 2023 | 2022 | FAVORABLE/ (UNFAVORABLE) | ||||||||||||||
Electric sales | |||||||||||||||||
Residential | 754 | 890 | (15.3) | % | |||||||||||||
Commercial | 580 | 599 | (3.2) | % | |||||||||||||
Industrial | 526 | 544 | (3.3) | % | |||||||||||||
Other retail | 30 | 30 | — | % | |||||||||||||
Total retail | 1,890 | 2,063 | (8.4) | % | |||||||||||||
Sales for resale | 644 | 683 | (5.7) | % | |||||||||||||
Total retail and wholesale customer sales | 2,534 | 2,746 | (7.7) | % |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||
(THOUSANDS) | 2023 | 2022 | FAVORABLE/ (UNFAVORABLE) | ||||||||||||||
Electric sales | |||||||||||||||||
Residential | $ | 60,193 | $ | 69,916 | (13.9) | % | |||||||||||
Commercial | 46,043 | 48,264 | (4.6) | % | |||||||||||||
Industrial | 20,587 | 21,358 | (3.6) | % | |||||||||||||
Other retail | 2,788 | 2,702 | 3.2 | % | |||||||||||||
Total retail | 129,611 | 142,240 | (8.9) | % | |||||||||||||
Sales for resale | 14,675 | 14,784 | (0.7) | % | |||||||||||||
Total base revenue | $ | 144,286 | $ | 157,024 | (8.1) | % |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||||||||||||||
2023 CHANGE | |||||||||||||||||||||||||||||
2023 | 2022 | NORMAL | PRIOR YEAR | NORMAL | |||||||||||||||||||||||||
Heating degree-days | 517 | 925 | 843 | (44.1) | % | (38.7) | % | ||||||||||||||||||||||
Cooling degree-days | 279 | 94 | 100 | 196.8 | % | 179.0 | % |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2023 | 2022 | |||||||||
Net income | $ | 22,817 | $ | 39,024 | |||||||
Add: Depreciation and amortization | 50,733 | 45,239 | |||||||||
Less: Interest income | 1,185 | 740 | |||||||||
Add: Interest charges | 24,338 | 18,801 | |||||||||
Add: Federal and state income tax expense | 1,490 | 724 | |||||||||
EBITDA | $ | 98,193 | $ | 103,048 | |||||||
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 | 2023 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
CLECO | CLECO POWER | ||||||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | ||||||||||||||||||||||||||||||||||
(THOUSANDS) | 2023 | 2022 | VARIANCE | 2023 | 2022 | VARIANCE | |||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 112,441 | $ | 99,115 | $ | 13,326 | $ | 137,142 | $ | 60,793 | $ | 76,349 | |||||||||||||||||||||||
Net cash used in investing activities | $ | (59,603) | $ | (39,708) | $ | (19,895) | $ | (57,653) | $ | (38,023) | $ | (19,630) | |||||||||||||||||||||||
Net cash used in financing activities | $ | (25,445) | $ | (10,195) | $ | (15,250) | $ | (48,421) | $ | (195) | $ | (48,226) | |||||||||||||||||||||||
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
CRITICAL ACCOUNTING ESTIMATES |
CLECO POWER — NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS |
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
RISK OVERVIEW |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, 2023 | |||||||||||||||||||||||
(THOUSANDS) | AT MAR. 31, 2023 | HIGH | LOW | AVERAGE | |||||||||||||||||||
Cleco Power | $ | 6,007 | $ | 7,391 | $ | 1,628 | $ | 4,451 |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
ITEM 4. CONTROLS AND PROCEDURES |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
PART II — OTHER INFORMATION |
ITEM 1. LEGAL PROCEEDINGS |
CLECO |
CLECO POWER |
ITEM 1A. RISK FACTORS |
CLECO | ||||||||
CLECO POWER | 2023 1ST QUARTER FORM 10-Q |
ITEM 6. EXHIBITS | |||||
CLECO | |||||
4.1 | |||||
10.1 | |||||
10.2 | |||||
10.5 | |||||
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 | |||||
10.3 | |||||
10.4 | |||||
10.5 | |||||
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 | 2023 1ST QUARTER FORM 10-Q |
SIGNATURES |
CLECO CORPORATE HOLDINGS LLC | ||||||||
(Registrant) | ||||||||
By: | /s/ Tonita Laprarie | |||||||
Tonita Laprarie | ||||||||
Controller and Chief Accounting Officer |
CLECO POWER LLC | ||||||||
(Registrant) | ||||||||
By: | /s/ Tonita Laprarie | |||||||
Tonita Laprarie | ||||||||
Controller and Chief Accounting Officer |
Pricing Level | Rating | Revolving Funding – Applicable Margin | Commitment Fee Rate | ||||||||||||||||||||
S&P/Fitch | Moody’s | EurodollarTerm SOFR Loans / Daily Simple SOFR Loans | Base Rate Loans | ||||||||||||||||||||
1 | ≥ BBB+ | and | ≥ Baa1 | 1.375% | 0.375% | 0.175% | |||||||||||||||||
2 | = BBB | and | =Baa2 | 1.500% | 0.500% | 0.225% | |||||||||||||||||
3 | = BBB- | and | =Baa3 | 1.625% | 0.625% | 0.275% | |||||||||||||||||
4 | = BB+ | and | =Ba1 | 1.750% | 0.750% | 0.325% | |||||||||||||||||
5 | ≤ BB | and | ≤ Ba2 | 2.000% | 1.000% | 0.375% |
Lenders | Commitment | ||||
Regions Bank | $26,270,207.87 | ||||
JPMorgan Chase Bank, N.A. | $23,239,030.02 | ||||
Sumitomo Mitsui Banking Corporation | $23,239,030.02 | ||||
CoBank, ACB | $23,239,030.02 | ||||
The Bank of Nova Scotia | $23,239,030.02 | ||||
Canadian Imperial Bank of Commerce, New York Branch | $18,187,066.97 | ||||
Credit Agricole Corporate & Investment Bank | $18,187,066.97 | ||||
Iberia Bank, a division of First Horizon Bank | $15,357,967.67 | ||||
Red River Bank | $4,041,570.44 | ||||
Total | $175,000,000.00 |
Pricing Level | Rating | Applicable Margin | |||||||||||||||
S&P/Fitch | Moody’s | EurodollarSOFR Loans | Base Rate Loans | ||||||||||||||
1 | ≥ BBB+ | and | ≥ Baa1 | 1.375% | 0.375% | ||||||||||||
2 | #NAME? | and | 0 | 1.500% | 0.500% | ||||||||||||
3 | #VALUE! | and | 0 | 1.625% | 0.625% | ||||||||||||
4 | #VALUE! | and | 0 | 1.750% | 0.750% | ||||||||||||
5 | < BB | and | < Ba2 | 2.000% | 1.000% |
Lenders | Commitment | ||||
Regions Bank | $ 39,987,914.52 | ||||
JPMorgan Chase Bank, N.A. | $35,000,000.00 | ||||
Sumitomo Mitsui Banking Corporation | $35,000,000.00 | ||||
CoBank, ACB | $ 35,000,000.00 | ||||
The Bank of Nova Scotia | $35,000,000.00 | ||||
Canadian Imperial Bank of Commerce, New York Branch | $27,684,319.29 | ||||
Credit Agricole Corporate & Investment Bank | $27,684,319.29 | ||||
Iberia Bank, a division of First Horizon Bank | $24,500,259.84 | ||||
Red River Bank | $6,143,187.06 | ||||
Total | $266,000,000.00 |
Pricing Level | Rating | Revolving Funding – Applicable Margin | Commitment Fee Rate | |||||||||||||||||
S&P/Fitch | Moody’s | EurodollarTerm SOFR Loans / Daily Simple SOFR Loans | Base Rate Loans | |||||||||||||||||
1 | ≥ A | and | ≥ A2 | 1.125% | 0.125% | 0.125% | ||||||||||||||
2 | = A- | and | =A3 | 1.250% | 0.250% | 0.150% | ||||||||||||||
3 | = BBB+ | and | =BAA1 | 1.375% | 0.375% | 0.175% | ||||||||||||||
4 | = BBB | and | =BAA2 | 1.500% | 0.500% | 0.225% | ||||||||||||||
5 | ≤ BBB- | and | ≤ Baa3 | 1.625% | 0.625% | 0.275% |
Lenders | Commitment | ||||
Regions Bank | $ 45,034,642.04 | ||||
JPMorgan Chase Bank, N.A. | $39,838,337.18 | ||||
Sumitomo Mitsui Banking Corporation | $39,838,337.18 | ||||
CoBank, ACB | $39,838,337.18 | ||||
The Bank of Nova Scotia | $39,838,337.18 | ||||
Canadian Imperial Bank of Commerce, New York Branch | $31,177,829.10 | ||||
Credit Agricole Corporate & Investment Bank | $31,177,829.10 | ||||
Iberia Bank, a division of First Horizon Bank | $26,327,944.57 | ||||
Red River Bank | $6,928,406.47 | ||||
Total | $300,000,000.00 |
Pricing Level | Rating | Applicable Margin | |||||||||||||||
S&P/Fitch | and | Moody’s | EurodollarSOFR Loans | Base Rate Loans | |||||||||||||
1 | ≥ A | and | ≥ A2 | 1.125% | 0.125% | ||||||||||||
2 | = A- | and | =A3 | 1.250% | 0.250% | ||||||||||||
3 | = BBB+ | and | =Baa1 | 1.375% | 0.375% | ||||||||||||
4 | = BBB | and | =Baa2 | 1.500% | 0.500% | ||||||||||||
5 | < BBB- | and | < Baa3 | 1.625% | 0.625% |
Lenders | Commitment | ||||
Regions Bank | $18,764,434.18 | ||||
JPMorgan Chase Bank, N.A. | $16,599,307.16 | ||||
Sumitomo Mitsui Banking Corporation | $16,599,307.16 | ||||
CoBank, ACB | $16,599,307.16 | ||||
The Bank of Nova Scotia | $16,599,307.16 | ||||
Canadian Imperial Bank of Commerce, New York Branch | $12,990,762.12 | ||||
Credit Agricole Corporate & Investment Bank | $12,990,762.12 | ||||
Iberia Bank, a division of First Horizon Bank | $10,969,976.91 | ||||
Red River Bank | $2,886,836.03 | ||||
Total | $125,000,000.00 |
Independent director compensation Annual Per Quarter | ||
Base compensation - each independent director $ 170,000 $ 42,500 | ||
Additional compensation if a Committee Chair $ 20,000 $ 5,000 | ||
Additional compensation if Board Chair $ 95,000 $ 23,750 |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 31.1 |
Date: | May 12, 2023 |
/s/ William G. Fontenot | |||||
William G. Fontenot President and Chief Executive Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 31.2 |
Date: | May 12, 2023 |
/s/ Kristin L. Guillory | |||||
Kristin L. Guillory Chief Financial Officer |
CLECO POWER LLC | EXHIBIT 31.3 |
Date: | May 12, 2023 |
/s/ William G. Fontenot | |||||
William G. Fontenot Chief Executive Officer |
CLECO POWER LLC | EXHIBIT 31.4 |
Date: | May 12, 2023 |
/s/ Kristin L. Guillory | |||||
Kristin L. Guillory Chief Financial Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 32.1 |
Date: | May 12, 2023 |
/s/ William G. Fontenot | |||||
William G. Fontenot President and Chief Executive Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 32.2 |
Date: | May 12, 2023 |
/s/ Kristin L. Guillory | |||||
Kristin L. Guillory Chief Financial Officer |
CLECO POWER LLC | EXHIBIT 32.3 |
Date: | May 12, 2023 |
/s/ William G. Fontenot | |||||
William G. Fontenot Chief Executive Officer |
CLECO POWER LLC | EXHIBIT 32.4 |
Date: | May 12, 2023 |
/s/ Kristin L. Guillory | |||||
Kristin L. Guillory Chief Financial Officer |
Cleco Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (104,022) | $ 155,744 |
Other comprehensive (loss) income, net of tax | ||
Postretirement benefits (loss) gain, net of tax (benefit) expense | (422) | 14 |
Total other comprehensive (loss) income, net of tax | (422) | 14 |
Comprehensive (loss) income, net of tax | $ (104,444) | $ 155,758 |
Cleco Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Tax benefit (expense) of postretirement benefits (loss) gain | $ 156 | $ (5) |
Cleco Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Customer accounts receivable, allowance for credit losses | $ 1,127 | $ 1,147 |
Cleco Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 88,808 | $ 48,041 |
Restricted cash and cash equivalents, current | 15,579 | 23,549 |
Restricted cash and cash equivalents, noncurrent | 110,504 | 109,415 |
Cash, cash equivalents, and restricted cash equivalents in assets held for sale | $ 10,567 | $ 4,074 |
Cleco Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited) - USD ($) $ in Thousands |
Total |
MEMBERSHIP INTEREST |
RETAINED EARNINGS |
AOCI |
---|---|---|---|---|
Balances, beginning of period at Dec. 31, 2021 | $ 2,954,156 | $ 2,454,276 | $ 523,509 | $ (23,629) |
Increase (Decrease) in Equity [Roll Forward] | ||||
Distributions to member | (10,000) | (10,000) | ||
Net (loss) income | 155,744 | 155,744 | ||
Other comprehensive income (loss), net of tax | 14 | 14 | ||
Balances, end of period at Mar. 31, 2022 | 3,099,914 | 2,454,276 | 669,253 | (23,615) |
Balances, beginning of period at Dec. 31, 2022 | 2,947,067 | 2,454,276 | 492,732 | 59 |
Increase (Decrease) in Equity [Roll Forward] | ||||
Net (loss) income | (104,022) | (104,022) | ||
Other comprehensive income (loss), net of tax | (422) | (422) | ||
Balances, end of period at Mar. 31, 2023 | $ 2,842,623 | $ 2,454,276 | $ 388,710 | $ (363) |
Cleco Power Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Operating revenue | ||
Electric operations | $ 293,928 | $ 293,677 |
Other operations | 27,304 | 19,086 |
Affiliate revenue | 0 | 0 |
Gross operating revenue | 321,232 | 312,763 |
Electric customer credits | (651) | (136) |
Operating revenue, net | 320,581 | 312,627 |
Operating expenses | ||
Fuel used for electric generation | 118,611 | 100,582 |
Purchased power | 40,438 | 50,410 |
Other operations and maintenance | 57,518 | 52,163 |
Depreciation and amortization | 52,789 | 47,198 |
Taxes other than income taxes | 16,787 | 13,371 |
Total operating expenses | 286,143 | 263,724 |
Operating income | 34,438 | 48,903 |
Interest income | 1,267 | 743 |
Allowance for equity funds used during construction | 1,231 | 931 |
Other income (expense), net | 536 | (277) |
Interest charges | ||
Interest charges, net | 40,005 | 33,025 |
Allowance for borrowed funds used during construction | (517) | (384) |
Total interest charges | 39,488 | 32,641 |
(Loss) income from continuing operations before income taxes | (2,016) | 17,659 |
Federal and state income tax benefit | (165) | (7,533) |
Net (loss) income | (104,022) | 155,744 |
CLECO POWER | ||
Operating revenue | ||
Electric operations | 296,348 | 296,097 |
Other operations | 27,303 | 19,084 |
Affiliate revenue | 1,688 | 1,459 |
Gross operating revenue | 325,339 | 316,640 |
Electric customer credits | (651) | (136) |
Operating revenue, net | 324,688 | 316,504 |
Operating expenses | ||
Fuel used for electric generation | 118,611 | 100,582 |
Purchased power | 40,438 | 50,410 |
Other operations and maintenance | 53,988 | 48,729 |
Depreciation and amortization | 50,733 | 45,239 |
Taxes other than income taxes | 15,995 | 12,631 |
Total operating expenses | 279,765 | 257,591 |
Operating income | 44,923 | 58,913 |
Interest income | 1,185 | 740 |
Allowance for equity funds used during construction | 1,231 | 931 |
Other income (expense), net | 1,306 | (2,035) |
Interest charges | ||
Interest charges, net | 24,855 | 19,185 |
Allowance for borrowed funds used during construction | (517) | (384) |
Total interest charges | 24,338 | 18,801 |
(Loss) income from continuing operations before income taxes | 24,307 | 39,748 |
Federal and state income tax benefit | 1,490 | 724 |
Net (loss) income | $ 22,817 | $ 39,024 |
Cleco Power Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Net (loss) income | $ (104,022) | $ 155,744 |
Other comprehensive (loss) income, net of tax | ||
Postretirement benefits gain, net of tax expense | (422) | 14 |
Total other comprehensive (loss) income, net of tax | (422) | 14 |
Comprehensive (loss) income, net of tax | (104,444) | 155,758 |
CLECO POWER | ||
Net (loss) income | 22,817 | 39,024 |
Other comprehensive (loss) income, net of tax | ||
Postretirement benefits gain, net of tax expense | 96 | 306 |
Amortization of interest rate derivatives to earnings | 63 | 63 |
Total other comprehensive (loss) income, net of tax | 159 | 369 |
Comprehensive (loss) income, net of tax | $ 22,976 | $ 39,393 |
Cleco Power Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Tax expense of postretirement benefits gain | $ 156 | $ (5) |
CLECO POWER | ||
Tax expense of postretirement benefits gain | (36) | $ (113) |
Tax expense on amortization of interest rate derivatives to earnings | $ 23 |
Cleco Power Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Utility plant and equipment | ||
Property, plant, and equipment | $ 4,638,039 | $ 4,601,977 |
Accumulated depreciation | (798,308) | (752,184) |
Net property, plant, and equipment | 3,839,731 | 3,849,793 |
Construction work in progress | 137,193 | 114,310 |
Total property, plant, and equipment, net | 3,976,924 | 3,964,103 |
Current assets | ||
Cash and cash equivalents | 88,808 | 48,041 |
Restricted cash and cash equivalents | 15,579 | 23,549 |
Customer accounts receivable (less allowance for credit losses) | 39,578 | 72,646 |
Accounts receivable - affiliate | 14,643 | 14,613 |
Other accounts receivable | 33,007 | 35,406 |
Unbilled revenue | 40,633 | 46,040 |
Fuel inventory, at average cost | 91,695 | 57,078 |
Materials and supplies, at average cost | 129,237 | 116,943 |
Energy risk management assets | 1,060 | 2,570 |
Accumulated deferred fuel | 5,910 | 57,881 |
Cash surrender value of company-/trust-owned life insurance policies | 53,941 | 52,859 |
Prepayments | 12,318 | 16,623 |
Regulatory assets | 46,600 | 47,173 |
Other current assets | 1,652 | 838 |
Total current assets | 738,707 | 783,869 |
Equity investment in investee | 2,072 | 2,072 |
Prepayments | 1,472 | 1,512 |
Operating lease right of use assets | 22,113 | 22,636 |
Restricted cash and cash equivalents | 110,504 | 109,415 |
Note receivable | 12,687 | 12,908 |
Regulatory assets - deferred taxes, net | 20,467 | 8,803 |
Regulatory assets | 607,852 | 611,917 |
Other deferred charges | 26,351 | 24,584 |
Total assets | 8,072,079 | 8,253,750 |
Liabilities and member’s equity | ||
Member’s equity | 2,842,623 | 2,947,067 |
Long-term debt and finance leases, net | 3,294,875 | 3,139,094 |
Current liabilities | ||
Short-term debt | 87,000 | 109,000 |
Long-term debt and finance leases due within one year | 180,606 | 340,867 |
Accounts payable | 105,566 | 131,627 |
Accounts payable - affiliate | 13,092 | 13,092 |
Customer deposits | 57,623 | 57,851 |
Provision for rate refund | 3,280 | 3,074 |
Taxes payable | 38,115 | 16,905 |
Interest accrued | 41,389 | 25,540 |
Energy risk management liabilities | 9,499 | 4,864 |
Regulatory liabilities - deferred taxes, net | 42,143 | 42,890 |
Storm reserves | 9,523 | 9,409 |
Other current liabilities | 31,229 | 29,314 |
Total current liabilities | 688,057 | 872,697 |
Commitments and contingencies (Note 14) | ||
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 784,347 | 820,300 |
Postretirement benefit obligations | 200,699 | 200,665 |
Storm reserves | 110,417 | 109,353 |
Asset retirement obligations | 12,188 | 15,429 |
Operating lease liabilities | 19,254 | 19,790 |
Other deferred credits | 44,416 | 34,888 |
Total long-term liabilities and deferred credits | 1,246,524 | 1,294,892 |
Total liabilities and member’s equity | 8,072,079 | 8,253,750 |
Storm recover property | ||
Current assets | ||
Intangible assets | 408,882 | 413,123 |
CLECO POWER | ||
Utility plant and equipment | ||
Property, plant, and equipment | 5,772,553 | 5,736,526 |
Accumulated depreciation | (2,126,082) | (2,082,153) |
Net property, plant, and equipment | 3,646,471 | 3,654,373 |
Construction work in progress | 136,127 | 113,470 |
Total property, plant, and equipment, net | 3,782,598 | 3,767,843 |
Current assets | ||
Cash and cash equivalents | 52,652 | 14,703 |
Restricted cash and cash equivalents | 15,579 | 23,549 |
Customer accounts receivable (less allowance for credit losses) | 39,578 | 72,646 |
Accounts receivable - affiliate | 2,433 | 3,771 |
Other accounts receivable | 31,517 | 33,444 |
Unbilled revenue | 40,633 | 46,040 |
Fuel inventory, at average cost | 91,695 | 57,078 |
Materials and supplies, at average cost | 129,237 | 116,943 |
Energy risk management assets | 1,060 | 2,570 |
Accumulated deferred fuel | 5,910 | 57,881 |
Cash surrender value of company-/trust-owned life insurance policies | 10,182 | 9,471 |
Prepayments | 8,664 | 11,765 |
Regulatory assets | 38,864 | 39,438 |
Other current assets | 856 | 838 |
Total current assets | 468,860 | 490,137 |
Equity investment in investee | 2,072 | 2,072 |
Prepayments | 1,457 | 1,493 |
Operating lease right of use assets | 22,108 | 22,628 |
Restricted cash and cash equivalents | 110,481 | 109,392 |
Note receivable | 12,687 | 12,908 |
Regulatory assets - deferred taxes, net | 20,467 | 8,803 |
Regulatory assets | 490,430 | 491,978 |
Other deferred charges | 25,605 | 23,796 |
Total assets | 5,345,647 | 5,344,173 |
Liabilities and member’s equity | ||
Member’s equity | 2,045,888 | 2,022,912 |
Long-term debt and finance leases, net | 1,778,878 | 1,786,447 |
Total capitalization | 3,824,766 | 3,809,359 |
Current liabilities | ||
Short-term debt | 0 | 45,000 |
Long-term debt and finance leases due within one year | 115,006 | 110,344 |
Accounts payable | 99,036 | 119,435 |
Accounts payable - affiliate | 11,252 | 12,448 |
Customer deposits | 57,623 | 57,851 |
Provision for rate refund | 3,280 | 3,074 |
Taxes payable | 34,981 | 15,277 |
Interest accrued | 22,833 | 15,276 |
Energy risk management liabilities | 9,499 | 4,864 |
Regulatory liabilities - deferred taxes, net | 42,143 | 42,890 |
Storm reserves | 9,523 | 9,409 |
Other current liabilities | 19,577 | 18,360 |
Total current liabilities | 424,753 | 454,228 |
Commitments and contingencies (Note 14) | ||
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 775,783 | 770,127 |
Postretirement benefit obligations | 137,891 | 137,754 |
Storm reserves | 110,417 | 109,353 |
Asset retirement obligations | 12,062 | 15,301 |
Operating lease liabilities | 19,254 | 19,790 |
Other deferred credits | 40,721 | 28,261 |
Total long-term liabilities and deferred credits | 1,096,128 | 1,080,586 |
Total liabilities and member’s equity | 5,345,647 | 5,344,173 |
CLECO POWER | Storm recover property | ||
Current assets | ||
Intangible assets | $ 408,882 | $ 413,123 |
Cleco Power Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Customer accounts receivable, allowance for credit losses | $ 1,127 | $ 1,147 |
CLECO POWER | ||
Customer accounts receivable, allowance for credit losses | $ 1,127 | $ 1,147 |
Cleco Power Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
||||
Operating activities | |||||
Net income | $ (104,022) | $ 155,744 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||
Depreciation and amortization | 75,265 | 77,075 | |||
Provision for credit losses | 1,240 | 391 | |||
Allowance for equity funds used during construction | (1,231) | (931) | |||
Deferred income taxes | (48,775) | 24,766 | |||
Changes in assets and liabilities | |||||
Accounts receivable | 45,141 | (10,398) | |||
Unbilled revenue | 5,407 | 2,971 | |||
Fuel inventory and materials and supplies | (69,708) | (16,794) | |||
Prepayments | 437 | 2,200 | |||
Accounts payable | (38,070) | (32,448) | |||
Accounts payable - affiliate | 0 | (40,002) | |||
Customer deposits | 565 | 2,726 | |||
Regulatory assets and liabilities, net | 2,115 | 4,155 | |||
Asset retirement obligation | (3,522) | 280 | |||
Deferred fuel recoveries | 56,887 | 9,542 | |||
Other deferred accounts | 1,434 | 405 | |||
Taxes accrued | 21,501 | (16,032) | |||
Interest accrued | 15,849 | 24,351 | |||
Other operating | 406 | (6,863) | |||
Net cash provided by operating activities | 112,441 | 99,115 | |||
Investing activities | |||||
Additions to property, plant, and equipment | (60,099) | (40,199) | |||
Other investing | 496 | 491 | |||
Net cash used in investing activities | (59,603) | (39,708) | |||
Financing activities | |||||
Payments on revolving credit facility | (63,000) | 0 | |||
Repayment of long-term debt | (3,204) | 0 | |||
Other financing | (241) | (195) | |||
Net cash used in financing activities | (25,445) | (10,195) | |||
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 27,393 | 49,212 | |||
Supplementary cash flow information | |||||
Interest paid, net of amount capitalized | 24,358 | 6,987 | |||
Supplementary non-cash investing and financing activities | |||||
Accrued additions to property, plant, and equipment | 5,839 | 13,326 | |||
CLECO POWER | |||||
Operating activities | |||||
Net income | 22,817 | 39,024 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||
Depreciation and amortization | 52,194 | 46,726 | |||
Provision for credit losses | 1,240 | 391 | |||
Allowance for equity funds used during construction | (1,231) | (931) | |||
Deferred income taxes | (7,380) | 651 | |||
Changes in assets and liabilities | |||||
Accounts receivable | 33,064 | (1,883) | |||
Accounts receivable, affiliate | 1,813 | 12,672 | |||
Unbilled revenue | 5,407 | 2,971 | |||
Fuel inventory and materials and supplies | (46,325) | (13,153) | |||
Prepayments | 2,930 | 3,763 | |||
Accounts payable | (14,768) | (24,600) | |||
Accounts payable - affiliate | (1,291) | (49,657) | |||
Customer deposits | 565 | 2,726 | |||
Regulatory assets and liabilities, net | 1,618 | 3,658 | |||
Asset retirement obligation | (3,505) | 146 | |||
Deferred fuel recoveries | 56,887 | 9,542 | |||
Other deferred accounts | 5,613 | 4,752 | |||
Taxes accrued | 19,249 | 12,649 | |||
Interest accrued | 7,557 | 16,183 | |||
Other operating | 688 | (4,837) | |||
Net cash provided by operating activities | 137,142 | 60,793 | |||
Investing activities | |||||
Additions to property, plant, and equipment | (58,066) | (38,492) | |||
Other investing | 413 | 469 | |||
Net cash used in investing activities | (57,653) | (38,023) | |||
Financing activities | |||||
Payments on revolving credit facility | (45,000) | 0 | |||
Repayment of long-term debt | (3,204) | 0 | |||
Other financing | (217) | (195) | |||
Net cash used in financing activities | (48,421) | (195) | |||
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 31,068 | 22,575 | |||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 147,644 | [1] | 87,341 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 178,712 | [1] | 109,916 | ||
Supplementary cash flow information | |||||
Interest paid, net of amount capitalized | 16,005 | 1,039 | |||
Supplementary non-cash investing and financing activities | |||||
Accrued additions to property, plant, and equipment | $ 5,459 | $ 13,286 | |||
|
Cleco Power Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Cash and cash equivalents | $ 88,808 | $ 48,041 |
Restricted cash and cash equivalents, current | 15,579 | 23,549 |
Restricted cash and cash equivalents, noncurrent | 110,504 | 109,415 |
CLECO POWER | ||
Cash and cash equivalents | 52,652 | 14,703 |
Restricted cash and cash equivalents, current | 15,579 | 23,549 |
Restricted cash and cash equivalents, noncurrent | $ 110,481 | $ 109,392 |
Cleco Power Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited) - USD ($) $ in Thousands |
Total |
MEMBERSHIP INTEREST |
AOCI |
CLECO POWER |
CLECO POWER
MEMBERSHIP INTEREST
|
CLECO POWER
AOCI
|
---|---|---|---|---|---|---|
Balances, beginning of period at Dec. 31, 2021 | $ 2,954,156 | $ 2,454,276 | $ (23,629) | $ 1,948,537 | $ 1,966,720 | $ (18,183) |
Increase (Decrease) in Equity [Roll Forward] | ||||||
Net (loss) income | 155,744 | 39,024 | 39,024 | |||
Other comprehensive income, net of tax | 14 | 14 | 369 | 369 | ||
Balances, end of period at Mar. 31, 2022 | 3,099,914 | 2,454,276 | (23,615) | 1,987,930 | 2,005,744 | (17,814) |
Balances, beginning of period at Dec. 31, 2022 | 2,947,067 | 2,454,276 | 59 | 2,022,912 | 2,031,277 | (8,365) |
Increase (Decrease) in Equity [Roll Forward] | ||||||
Net (loss) income | (104,022) | 22,817 | 22,817 | |||
Other comprehensive income, net of tax | (422) | (422) | 159 | 159 | ||
Balances, end of period at Mar. 31, 2023 | $ 2,842,623 | $ 2,454,276 | $ (363) | $ 2,045,888 | $ 2,054,094 | $ (8,206) |
Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies |
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. Following the formation of Cleco Securitization I and the closing of the storm recovery securitization financing on June 22, 2022, Cleco Power became the primary beneficiary of Cleco Securitization I, and as a result, the financial statements of Cleco Securitization I are consolidated with the financial statements of Cleco Power. For additional information about Cleco Securitization I, see Note 13 — “Variable Interest Entities.” Basis of Presentation The condensed consolidated financial statements of Cleco and Cleco Power have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. The year-end condensed consolidated balance sheet data was derived from audited financial statements and adjusted for discontinued operations. Because the interim condensed consolidated financial statements and the accompanying notes do not include all of the information and notes required by GAAP for annual financial statements, the condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2022. These condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments that are necessary for a fair statement of the financial position and results of operations of Cleco and Cleco Power. Amounts reported in Cleco’s and Cleco Power’s interim financial statements are not necessarily indicative of amounts expected for the annual periods due to the effects of seasonal temperature variations on energy consumption, regulatory rulings, the timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices, discrete income tax items, and other factors. In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. For information on recent authoritative guidance and its effect on financial results, see Note 2 — “Recent Authoritative Guidance.” For information on discontinued operations, see Note 3 — “Discontinued Operations.”Restricted Cash and Cash Equivalents Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general corporate purposes. Cleco’s and Cleco Power’s restricted cash and cash equivalents consisted of the following:
Reserves for Credit Losses Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivable 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. As a result of the market price volatility of natural gas experienced throughout 2022 and during the first quarter of 2023, Cleco has experienced significant increases to the pass-through fuel component of retail customer energy bills. Due to these increased customer fuel costs, along with the impacts of a 40-year high inflation rate, Cleco has experienced increases in credit loss reserves. These factors have not been and are not expected to be material to Cleco’s results of operations, financial condition, or cash flows. The tables below present the changes in the allowance for credit losses by receivable for Cleco and Cleco Power:
* Loan held at Diversified Lands that was fully reserved at December 31, 2020.
* Loan held at Diversified Lands that was fully reserved at December 31, 2020.
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Recent Authoritative Guidance |
3 Months Ended | ||||||
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Mar. 31, 2023 | |||||||
Accounting Changes and Error Corrections [Abstract] | |||||||
Recent Authoritative Guidance |
In March 2023, FASB issued guidance that applies to leases between entities under common control. The guidance provides a practical expedient for determining whether an arrangement between entities under common control is a lease as well as the classification of the lease. In addition, the leasehold improvements amortization period is determined by the useful life to the common group not the term of the lease. The new guidance is effective for fiscal years beginning after December 15, 2023. Cleco has arrangements between entities under common control and management is evaluating the impacts of this guidance on the results of operations, financial condition, and cash flows of the Registrants.
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Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations |
In March 2023, Cleco Holdings’ management, with the support of its Board of Managers, committed to a plan of action for the disposition of the Cleco Cajun Sale Group, with a sale probable and subject to customary regulatory and Board of Managers approvals. As a result, Cleco Holdings’ management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met and will represent a strategic shift that will have a major effect on Cleco’s future operations and financial results. Therefore, the results of operations and financial position of the Cleco Cajun Sale Group are presented as discontinued operations, and the financial information for historical periods provided in this report has been recast to reflect this presentation. Certain expenses incurred by the Cleco Cajun Sale Group as a result of common services provided by Support Group are reflected in Cleco’s results of continuing operations due to the expected ongoing nature of those expenses. In addition, revenue recognized by Cleco Power from transmission services provided to the Cleco Cajun Sale Group is no longer eliminated upon consolidation of Cleco's financial statements and is reflected in Cleco’s results of continuing operations due to the expected ongoing nature of these services. In February 2019 in connection with the approval of the Cleco Cajun Transaction, Cleco made commitments to the LPSC that included the repayment of $400.0 million of Cleco Holdings’ debt by December 31, 2024. Proceeds from the divestiture of the Cleco Cajun Sale Group must be used to satisfy the LPSC commitment. At March 31, 2023, $132.3 million of that debt remains outstanding. Interest expense on that debt is included in discontinued operations. As a result of Cleco’s determination that the held for sale criteria for the Cleco Cajun Sale Group were met at March 31, 2023, Cleco determined that the estimated fair value less the estimated cost to sell the Cleco Cajun Sale Group was less than the carrying value of the Cleco Cajun Sale Group. This resulted in an impairment charge of $96.0 million that reduced the carrying value of the Cleco Cajun Sale Group to its estimated fair value less estimated cost to sell. The impairment is recognized in Loss from discontinued operations, net of income taxes on Cleco's Condensed Consolidated Statement of Income. The estimated fair value was based on a weighted average of potential sale scenarios that were determined through the income and market approaches. The fair value estimates involved a number of judgments and assumptions including the future performance of the Cleco Cajun Sale Group through the expected divestiture date, the expected sale proceeds and the timing of such proceeds, replacement interconnection value, and the weighted average cost of capital or discount rate. The fair value measurement of the Cleco Cajun Sale Group is classified as Level 3 in the fair value hierarchy. The following table presents the amounts that have been reclassified from continuing operations and included in discontinued operations within Cleco’s Condensed Consolidated Statements of Income for the three months ended March 31, 2023, and 2022:
The following table presents the assets and liabilities of the Cleco Cajun Sale Group that have been reclassified as held for sale within Cleco’s Condensed Consolidated Balance Sheets as of March 31, 2023, and December 31, 2022:
Cleco has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. The following table presents the cash flows from discontinued operations related to the Cleco Cajun Sale Group for the three months ended March 31, 2023, and 2022:
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition |
Revenue from Contracts with Customers On September 1, 2022, Cleco Power began billing and collecting a storm recovery surcharge from its retail customers. This surcharge represents the recovery of costs incurred by Cleco Power as a result of Hurricanes Laura, Delta, Zeta, and Ida and Winter Storms Uri and Viola, as well as interest and associated expenses. Cleco Power remits the collected storm recovery surcharge to Cleco Securitization I to service Cleco Securitization I’s storm recovery bonds. The storm recovery surcharge will continue to be billed and collected from Cleco Power’s retail customers through the life of the Cleco Securitization I storm recovery bonds. Disaggregated Revenue Operating revenue, net for the three months ended March 31, 2023, and 2022 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) Realized gains associated with FTRs.
(1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (4) Realized gains associated with FTRs. Cleco and Cleco Power have unsatisfied performance obligations under contracts with electric cooperatives, retail customers, and municipalities with durations ranging between 2 and 12 years that primarily relate to stand-ready obligations as part of fixed capacity minimums. At March 31, 2023, Cleco and Cleco Power had $297.3 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 recognizes an asset for certain costs capitalized or deferred for recovery from customers and recognizes a liability for amounts expected to be returned to customers or collected for future expected costs. Cleco Power records these assets and liabilities based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable; 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:
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Fair Value Accounting Instruments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Accounting Instruments |
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable inputs. Cleco makes certain assumptions it believes that market participants would use in pricing assets or liabilities, including assumptions about risks such as the risks inherent in valuation techniques and risks associated with inputs to those valuation techniques. Credit risk of Cleco and its counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which were immaterial at March 31, 2023, and December 31, 2022. Cleco’s valuation techniques maximize the use of observable market-based inputs and minimize the use of unobservable inputs. A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices, unadjusted, in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. Significant increases or decreases in any of those inputs in isolation could result in a significantly different fair value measurement. Cleco classifies fair value balances based on the fair value hierarchy defined as follows: •Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities that Cleco can observe as of the reporting date. •Level 2 — inputs other than quoted prices included within Level 1 that are similar and directly observable for the asset or liability or indirectly observable through corroboration with observable market data. •Level 3 — unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints. Cleco applies the provisions of the fair value measurement standard to its non-recurring, non-financial measurements including business combinations as well as impairment related to goodwill and other long-lived assets. For information on the impairment related to discontinued operations, see Note 3 — “Discontinued Operations.” Fair Value Measurements on a Recurring Basis The amounts reflected in Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at March 31, 2023, and December 31, 2022, for cash equivalents, restricted cash equivalents, accounts receivable, other accounts receivable, short-term debt, and accounts payable approximate fair value because of their short-term nature. The following tables disclose the fair value of financial assets and liabilities measured on a recurring basis on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets. These amounts are presented on a gross basis.
Cleco has consistently applied the Level 2 and Level 3 fair value techniques between comparative fiscal periods. During the three months ended March 31, 2023, and the year ended December 31, 2022, Cleco did not experience any transfers into or out of Level 3 of the fair value hierarchy. Money Market Funds Cleco and Cleco Power have investments in money market funds that have a maturity of three months or less when purchased. The following tables present the money market funds as recorded on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at March 31, 2023, and December 31, 2022:
FTRs FTRs are financial instruments used to provide a financial hedge to manage the risk of transmission congestion charges between MISO nodes in MISO’s Day-Ahead Energy Market. Cleco is awarded and/or purchases FTRs in auctions facilitated by MISO. FTRs are derivatives not designated as hedging instruments for accounting purposes. FTRs are valued using MISO’s monthly auction prices as a price index reference (Level 3). Unrealized gains or losses are deferred as a component of Accumulated deferred fuel on the balance sheet in accordance with regulatory policy, and at settlement, realized gains or losses are included in Cleco Power’s FAC and reflected on customers’ bills as a component of the fuel charge. The following table summarizes the 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 table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of March 31, 2023, and December 31, 2022:
Natural Gas Derivatives Cleco enters into physical and financial natural gas commodity contracts from time to time. Management has not elected to apply hedge accounting to these contracts as allowed under applicable accounting standards. Physical instruments include fixed price physical supply or index contracts. Financial instruments include swap contracts. Cleco Power’s natural gas derivative contracts are marked-to-market with the resulting unrealized gain or loss recorded as a component of Accumulated deferred fuel on the balance sheet. At settlement, realized gains or losses are included in Cleco Power’s FAC and reflected on customer’s bills as a component of the fuel charge. Fair Value Measurements on a Nonrecurring Basis The following tables summarize the carrying value and estimated market value of Cleco’s and Cleco Power’s financial instruments not measured at fair value on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets:
* The carrying value of long-term debt does not include deferred issuance costs of $15.5 million at March 31, 2023, and $16.2 million at December 31, 2022.
* The carrying value of long-term debt does not include deferred issuance costs of $11.9 million at March 31, 2023, and $12.3 million at December 31, 2022. In order to fund capital requirements, Cleco may issue 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. Concentrations of Credit Risk At March 31, 2023, and December 31, 2022, Cleco and Cleco Power were exposed to concentrations of credit risk through their short-term investments classified as cash equivalents and restricted cash equivalents. 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. The Level 1 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. government 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. When Cleco enters into commodity derivative or physical commodity transactions directly with market participants, Cleco may be exposed to counterparty credit risk. Cleco is exposed to counterparty credit risk when a counterparty fails to meet their financial obligations causing Cleco to potentially incur replacement cost losses. Cleco enters into master agreements with counterparties that govern the risk of credit default and allow for collateralization above prenegotiated thresholds to help mitigate potential losses. Alternatively, Cleco may be required to provide credit support 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, changes in the amounts counterparties owe to Cleco, and any prenegotiated unsecured thresholds agreed to in the master contract. Changes in any of these factors could cause the amount of requested credit support to increase or decrease.
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments |
In the normal course of business, Cleco is exposed to a number of market risks. Cleco Power has limited exposure to market price risk because it operates primarily under cost-based rate regulation; however, Cleco utilizes derivative instruments, such as natural gas derivatives and FTRs, to mitigate volatility of overall fuel and purchased power costs. For Cleco Power, recovery of these costs is included in its FAC and reflected on customers’ bills as a component of the fuel charge. Cleco has not elected to designate any of its current instruments as an accounting hedge. At March 31, 2023, and at December 31, 2022, there was no collateral posted with or received from counterparties that was netted on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets. The following table presents the fair values of derivative instruments and their respective line items as recorded on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at March 31, 2023, and at December 31, 2022:
The following table presents the effect of derivatives not designated as hedging instruments on Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income for the three months ended March 31, 2023, and 2022:
(1) For the three months ended March 31, 2023, and 2022 unrealized losses associated with FTRs of less than $0.1 million and $0.3 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. (2) For the three months ended March 31, 2023, unrealized losses and realized losses associated with natural gas derivatives of $4.5 million and $1.8 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. Cleco Power had no natural gas derivatives during the three months ended March 31, 2022. The following table presents the volume of commodity-related derivative contracts outstanding at March 31, 2023, and December 31, 2022, for Cleco and Cleco Power:
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Debt |
3 Months Ended | ||||||
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Mar. 31, 2023 | |||||||
Debt Disclosure [Abstract] | |||||||
Debt |
On February 17, 2023, Cleco Holdings and Cleco Power amended their respective revolving credit facilities and bank term loans to transition the benchmark interest rate from LIBOR to SOFR. On May 1, 2023, Cleco Holdings amended certain terms of the supplemental indenture governing its $165.0 million senior notes due in 2023. As a result, the interest rate of the senior notes changed to a floating interest rate equal to SOFR plus 1.725% and the maturity date was extended from May 1, 2023, to May 1, 2025.
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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. Based on the funding assumptions at December 31, 2022, management estimates that pension contributions totaling $74.5 million will be required through 2027. Cleco expects to make a $26.0 million minimum required contribution to the pension plan in 2024. Cleco has not made, and does not expect to make, any contributions to the pension plan in 2023. 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’s 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, 2023, and 2022 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, 2023, and 2022, was $0.4 million and $0.7 million, respectively. 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 the three months ended March 31, 2023, and 2022, was $0.9 million and $1.1 million, respectively. The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at March 31, 2023, and December 31, 2022, 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 cash available of the respective company of the employed officer. Because the SERP is a non-qualified plan, Cleco has purchased life insurance policies on certain SERP participants as a mechanism to provide a source of funding. These policies are held in a rabbi trust formed by Cleco Power. The rabbi trust is the named beneficiary of the life insurance policies and, therefore, receives the proceeds upon the death of the insured participants. The life insurance policies may be used to reimburse Cleco for benefits paid from general funds, pay the SERP participants’ death benefits, or pay future SERP payments. Market conditions could have a significant impact on the cash surrender value of these life insurance policies. 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. 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’s 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, 2023, and 2022 were as follows:
The expense related to SERP reflected on Cleco Power’s Condensed Consolidated Statements of Income for both of the three months ended March 31, 2023, and 2022, was $0.1 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, 2023, and December 31, 2022, 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, 2023, and 2022 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, 2023, and 2022 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 from continuing operations for Cleco and Cleco Power for the three months ended March 31, 2023, and 2022:
For Cleco and Cleco Power, the effective income tax rates for the three months ended March 31, 2023, were different than the federal statutory rate primarily due to the amortization of excess ADIT, the adjustment to record tax expense at the projected annual effective tax rate, and state tax expense. For Cleco and Cleco Power, the effective income tax rates for the three months ended March 31, 2022, were different than the federal statutory rate primarily due to the adjustment to record tax expense at the projected annual effective tax rate, the amortization of excess ADIT, the flow through of state tax benefits, 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. For the three months ended March 31, 2023, and 2022, Cleco and Cleco Power had no interest expense related to uncertain tax positions. At March 31, 2023, and December 31, 2022, Cleco and Cleco Power had no liability for uncertain tax positions or interest payable related to uncertain tax positions. 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 tax return. While the statute of limitations remains open for tax years 2019, 2020, and 2021, the IRS has completed its review of tax year 2019 and 2020, 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 the 2021 tax year. In this phase, the IRS will not accept any disclosures, conduct any reviews, or provide any assurances. The IRS has accepted Cleco’s application for the Compliance Assurance Process for the 2022 tax year and the Compliance Assurance Maintenance phase for the 2023 tax year. The state income tax years 2019, 2020, and 2021 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, 2023, and 2022, no penalties were recognized.
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Segment Disclosures |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Disclosures |
Segment disclosures are based on Cleco’s method of internal reporting, which disaggregates business units by first-tier subsidiary. The financial information for historical periods provided in this report has been recast to reflect the presentation of the Cleco Cajun Sale Group as discontinued operations within the Other column. Cleco’s segment structure and its allocation of corporate expenses were updated to reflect how management measures performance and allocates resources. Cleco has recast data from prior periods to reflect this change to conform to the current year presentation. For more information, see Note 3 — “Discontinued Operations.” 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 Holdings’ 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 Holdings’ 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, an investment subsidiary, and discontinued operations. 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 segment. Management evaluates the performance of Cleco’s segment and allocates resources to it 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 recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger. Material intercompany transactions occur on a regular basis. These intercompany transactions relate primarily to joint and common administrative support services.
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Regulation and Rates |
3 Months Ended | ||||||
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Mar. 31, 2023 | |||||||
Regulated Operations [Abstract] | |||||||
Regulation and Rates |
FRP On June 16, 2021, the LPSC approved Cleco Power’s current FRP. Effective July 1, 2021, under the terms of the FRP, Cleco Power is allowed to earn a target ROE of 9.5%, while providing the opportunity to earn up to 10.0%. Additionally, 60.0% of retail earnings between 10.0% and 10.5%, and all retail earnings over 10.5%, 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. Cleco Power’s next base rate case will be initiated by a filing with the LPSC, which is expected on or before June 30, 2023. On October 31, 2022, a monitoring report was filed for the 12 months ending June 30, 2022, indicating no refund was due. In May 2023, Cleco Power received the LPSC Staff’s draft report indicating no material findings. Cleco Power anticipates the approval of the draft report in the third quarter of 2023. TCJA On June 16, 2021, the LPSC approved Cleco Power’s current retail rate plan which includes the settlement of the TCJA protected and unprotected excess ADIT. Effective July 1, 2021, all retail customers continued receiving bill credits resulting from the TCJA. The target retail portion of the unprotected excess ADIT is approximately $2.5 million monthly and will be credited over a period of three years concluding on June 30, 2024. The retail portion of the protected excess ADIT will be credited until the full amount of the protected excess ADIT has been returned to Cleco Power’s customers through bill credits. At March 31, 2023, Cleco Power had $247.0 million accrued for the excess ADIT, of which $42.1 million is reflected in current regulatory liabilities. Teche Unit 3 In July 2022, Cleco Power filed an Attachment Y with MISO requesting retirement of Teche Unit 3, barring any violations of specific applicable reliability standards. On January 31, 2023, Cleco Power filed a notice with the LPSC to retire Teche Unit 3 in May 2023. However, in April 2023, Cleco Power filed notices with MISO and the LPSC to suspend the retirement of Teche Unit 3. Management continues to monitor regulatory capacity requirements and customer needs to determine the appropriate timing of the retirement of Teche Unit 3.
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Variable Interest Entities |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities |
Cleco Securitization I Cleco Securitization I is a special-purpose, wholly owned subsidiary of Cleco Power that was formed for the purpose of issuing storm recovery bonds to finance the securitization of Storm Recovery Property at Cleco Power. On June 22, 2022, the securitized financing was complete. Cleco Securitization I’s assets cannot be used to settle Cleco Power’s obligations and the holders of the storm recovery bonds have no recourse against Cleco Power. Because Cleco Securitization I’s equity at risk is less than 1% of its total assets, it is considered to be a variable interest entity. Through its equity ownership interest and role as servicer, Cleco Power has the power to direct the most significant financial and operating activities of Cleco Securitization I, including billing, collections, and remittance of retail customer cash receipts to enable Cleco Securitization I to pay the principal and interest payments on the storm recovery bonds. Cleco Power also has the obligation to absorb losses up to its equity investment and rights to receive returns from Cleco Securitization I. Therefore, management has determined that Cleco Power is the primary beneficiary of Cleco Securitization I, and as a result, Cleco Securitization I is included in the consolidated financial statements of Cleco Power. No gain or loss was recognized upon initial consolidation. The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets:
The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income:
Oxbow 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’s 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’s 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, 2023, consisted of its equity investment of $2.1 million. 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 were intended to be used to provide fuel to the Dolet Hills Power Station. Under the Amended Lignite Mining Agreement, DHLC billed Cleco Power its proportionate share of incurred lignite extraction and associated mining-related costs. Oxbow billed Cleco Power its proportionate share of incurred costs related to mineral rights and land leases. On October 6, 2020, Cleco Power and SWEPCO made a joint filing with the LPSC seeking authorization to close the Oxbow mine. At December 31, 2021, the Dolet Hills Power Station was retired, and all of Cleco Power’s proportionate share of lignite-related costs had been billed by DHLC and Oxbow. For more information on DHLC and the Oxbow mine, see Note 14 — “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, 2023 | |||||||
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. On October 18, 2021, the District Court issued an order consistent with a joint motion by the parties to dismiss all claims against the former independent directors leaving two former executives as the only remaining defendants. 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 (the Bunkie project). According to the petition filed by Gulf Coast in the 12th Judicial District Court for Avoyelles Parish, Louisiana, 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 12th Judicial District Court denied Cleco’s exception in December 2015, after considering briefs and arguments. In January 2016, Cleco appealed the 12th Judicial 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 12th Judicial 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 12th Judicial District Court lifted the stay at the request of Gulf Coast. The parties are currently participating in discovery. Diversified Lands loaned $2.0 million to Gulf Coast for the Bunkie project. The loan was secured by a mortgage on the Bunkie project site. Diversified Lands foreclosed on the Bunkie property in February 2020 and has also asserted claims personally against the former owner of Gulf Coast. These claims are based on contracts and credit documents executed by Gulf Coast, the obligations and performance of which were personally guaranteed by the former owner of Gulf Coast. Diversified Lands is seeking recovery of the indebtedness still owed by Gulf Coast to Diversified Lands following the February 2020 foreclosure, which action has been consolidated with the litigation filed by Gulf Coast in the 12th Judicial District Court for Avoyelles Parish, Louisiana. Discovery is ongoing and no trial date has been set. Cleco believes all allegations made by Gulf Coast 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. 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 Corporation 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 Power’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. 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 Power moved to stay the case, arguing that the Rapides Parish suit should proceed. On February 14, 2020, the court granted Cleco Power’s motion. The 16th Judicial District Court for the St. Mary Parish case held a hearing on October 16, 2020, and the judge granted Cleco Power’s declinatory exceptions of lis pendens. Thus, the St. Mary’s Parish case has been dismissed. Saulsbury appealed this decision. On May 17, 2022, the Court of Appeal, First Circuit, ruled in favor of Cleco Power and affirmed the decision of the 16th Judicial District Court for St. Mary Parish with respect to Cleco Power. However, the First Circuit Court reversed the 16th Judicial District Court for St. Mary Parish’s decision dismissing Cabot Corporation from the St. Mary Parish case. All parties filed applications for rehearing, which were denied on June 29, 2022. Cabot Corporation applied for review by the Louisiana Supreme Court of the portion of the First Circuit Court's ruling that denied Cabot Corporation’s exception seeking dismissal from the St. Mary Parish litigation. On November 1, 2022, the Louisiana Supreme Court rendered a decision in favor of Cabot Corporation. The Louisiana Supreme Court’s decision reversed the First Circuit Court’s decision and reinstated the decision of the 16th Judicial District Court granting Cabot Corporation’s declinatory exceptions of lis pendens. The St. Mary Parish case has been dismissed in full. The stay was lifted in the Rapides Parish case and the Rapides Parish case is proceeding. LPSC Audits and Reviews Fuel Audits 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, which are performed at least every other year. In January 2023, Cleco Power received a notice of audit from the LPSC for the period of January 2020 to December 2022. The total amount of fuel expense included in the audit is $1.10 billion. Cleco Power has FAC filings for January 2023 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. On March 29, 2021, Cleco Power received approval from the LPSC to recover $50.0 million of incremental fuel and purchased power costs incurred as a result of Winter Storms Uri and Viola over a period of 12 months beginning with the May 2021 bills. On May 11, 2021, Cleco Power received notice of an audit from the LPSC for the fuel costs incurred during the time period required to restore services to Cleco Power’s customers during Winter Storms Uri and Viola. On March 27, 2023, Cleco Power received a draft audit report from the LPSC indicating no material findings. Management expects the draft audit report to be approved in the second quarter of 2023. Environmental Audit In 2009, the LPSC approved Cleco Power to recover from its customers certain costs of environmental compliance, through an EAC. 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 April 2023, Cleco Power received a notice of audit from the LPSC for the period of January 2020 to December 2022. The total amount of environmental fuel expense to be included in the audit is $38.3 million. Cleco Power has EAC filings for January 2023 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 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 Presidential 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 directed the EPA to consider issuing a proposed rule to suspend, revise, or rescind the rule. The EPA determined the most environmentally protective course is to implement the rules in the executive order. On March 6, 2023, the EPA published in the Federal Register a final rule that reinstates the April 25, 2016, finding that it is appropriate and necessary to regulate hazardous air pollutants from coal and oil-fired electric generating units through MATS. On April 4, 2023, the EPA published in the Federal Register proposed amendments to MATS that are the result of the EPA’s review of the May 2020 residual risk and technology review of MATS. 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. Energy Efficiency Audit In 2013, the LPSC issued a General Order adopting rules promoting energy efficiency programs. Cleco Power began participating in energy efficiency programs in November 2014. Through an approved rate tariff, Cleco Power recovered $8.5 million and $6.8 million for the 2022 and 2021 program years, respectively. Program years 2021 and thereafter are subject to audit. Management is unable to predict or give a reasonable estimate of the outcome of this or any future audits. Prudency Reviews Deferred Lignite and Mine Closure Costs Cleco Power is seeking recovery for deferred fuel and other mine-related closure costs. Recovery of these costs is subject to a prudency review by the LPSC, which is currently in progress. Cleco Power believes these costs are prudent and recoverable. However, initial testimony by the LPSC Staff advisors filed in August 2022 indicates disagreement with the prudency of these incurred costs. Cleco Power filed rebuttal testimony on September 23, 2022, rebutting the LPSC Staff’s testimony. A hearing was held in May 2023, with the outcome pending. Due to the nature of the regulatory process, Cleco Power is currently unable to determine the timing of this process and if any portion of the incurred costs will be disallowed for recovery. Cleco Power continues to assert that recovery of those costs is probable. South Central Generating 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. As of March 31, 2023, management estimates potential losses to be $1.5 million with respect to one of these matters and the amounts are recorded in Liabilities held for sale on Cleco’s Condensed Consolidated Balance Sheet. Management is unable to estimate any potential losses Cleco 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 certain 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, 2023, believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters are $6.7 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’s and Cleco Power’s Condensed Consolidated Balance Sheets because management has determined that Cleco’s 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 as a result of the transfer of Coughlin to Cleco Power. The maximum amount of the potential payment to Cleco Power and Cleco Holdings, 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 projected to be paid would be based on the forecasted loan and lease obligations to be incurred by DHLC, primarily for reclamation obligations. As of March 31, 2023, Cleco Power does not expect any payments to be made under this guarantee. Cleco Power has the right to dispute the incurrence of such loan and lease obligations through the review of the mining reclamation plan before the incurrence of such obligations. The Amended Lignite Mining Agreement does not affect the amount the Registrants can borrow under their credit facilities. In April 2020, Cleco Power and SWEPCO mutually agreed not to 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 June 30, 2020, all lignite reserves intended to be extracted from the mines 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. For more information on the joint filing, see “— Risks and Uncertainties.” For more information on the LPSC prudency review associated with the mine closure costs, see “— LPSC Audits and Reviews — Prudency Reviews — Deferred Lignite Mine Closure Costs.” Cleco has 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. 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. In April 2015, the EPA published a final rule in the Federal Register for regulating the disposal and management of CCRs from coal-fired power plants (CCR Rule). The CCR Rule established extensive requirements for existing and new CCR landfills and surface impoundments and all lateral expansions consisting of location restrictions, design and operating criteria, groundwater monitoring and corrective action, closure requirements and post closure care, and recordkeeping, notification, and internet posting requirements. In August 2018, the D.C. Court of Appeals vacated several requirements in the CCR regulation, which included eliminating the previous acceptability of compacted clay material as a liner for impoundments. As a result, in August 2020, the EPA published a final rule in the Federal Register that would set deadlines for costly modifications including retrofitting of clay-lined impoundments with compliant liners or closure of the impoundments. In November 2020, demonstrations were submitted to the EPA specifying an intended course of action for the ash disposal facilities at Big Cajun II, Rodemacher Unit 2, and the Dolet Hills Power Station, in order to comply with the final CCR Rule. On January 11, 2022, Cleco Power and Cleco Cajun received communication from the EPA that the demonstrations had been deemed complete. Cleco Power withdrew the Dolet Hills demonstration due to the cessation of receiving waste. The two remaining demonstrations are still subject to EPA approval based on pending technical review. At March 31, 2023, Cleco Cajun recorded a decrease of $19.7 million in its ARO balance due to revised cost estimates, which is recorded in Liabilities held for sale on Cleco’s Condensed Consolidated Balance Sheet. As part of the Cleco Cajun Transaction, NRG Energy agreed to indemnify Cleco for certain environmental costs up to $25.0 million associated with the CCR Rule, for both ARO and non-ARO related expenses. At March 31, 2023, Cleco Cajun had an indemnification asset totaling $17.5 million, which was substantially related to AROs associated with ash pond remediation. This asset is recorded in Assets held for sale on Cleco’s Condensed Consolidated Balance Sheet. As additional periodic expenses related to covered costs are incurred, the associated indemnification asset will be recognized. The indemnification asset is expected to be collected as indemnified costs, either recognized in the ARO or as periodic expenses, are incurred. 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.
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Affiliate Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate Transactions |
At March 31, 2023, and December 31, 2022, Cleco Holdings had an affiliate receivable of $14.6 million, primarily for income taxes paid on behalf of Cleco Group. At March 31, 2023, and December 31, 2022, Cleco Holdings had an affiliate payable of $13.1 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:
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Intangible Assets |
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets |
Securitized Intangible Asset On June 22, 2022, Cleco Securitization I acquired the Storm Recovery Property from Cleco Power for a purchase price of $415.9 million. The Storm Recovery Property is classified as a securitized intangible asset on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets. This securitized intangible asset is being amortized ratably each period consistent with actual collections of the asset’s portion of the revenue requirement billed to Cleco Power’s customers. Amortization is included in Depreciation and amortization on Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income. During the three months ended March 31, 2023, amortization expense of $4.2 million was recognized. At the end of its life, this securitized intangible asset will have no residual value. The following table summarizes the balance of the securitized intangible asset subject to amortization included on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets:
Other Intangible Assets As a result of the 2016 Merger, fair value adjustments were recorded on Cleco’s Condensed Consolidated Balance Sheet for the valuation of finite intangible assets relating to long-term wholesale power supply agreements. At the end of their lives, these power supply agreement intangible assets will have no residual value. 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. During the three months ended March 31, 2023, amortization expense of $2.4 million was recognized. The following table summarizes the balance of other intangible assets subject to amortization included in Cleco’s Condensed Consolidated Balance Sheets:
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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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Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Discontinued Operations | In 2022, Cleco Holdings engaged in a strategic review process related to its investment in Cleco Cajun. In March 2023, Cleco Holdings’ management, with the support of its Board of Managers, committed to a plan of action for the disposition of the Cleco Cajun Sale Group, with a sale probable and subject to customary regulatory and Board of Managers approvals. As a result, Cleco Holdings’ management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met and will represent a strategic shift that will have a major effect on Cleco’s future operations and financial results. Therefore, the Cleco Cajun Sale Group is presented as discontinued operations. The financial information for historical periods provided in this report has been recast to present the results of operations and financial position of the Cleco Cajun Sale Group as discontinued operations. Cleco has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. Unless otherwise noted, the notes to these condensed consolidated financial statements exclude amounts related to discontinued operations, assets held for sale, and liabilities held for sale for all periods presented. |
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.Following the formation of Cleco Securitization I and the closing of the storm recovery securitization financing on June 22, 2022, Cleco Power became the primary beneficiary of Cleco Securitization I, and as a result, the financial statements of Cleco Securitization I are consolidated with the financial statements of Cleco Power. |
Basis of Presentation | The condensed consolidated financial statements of Cleco and Cleco Power have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. The year-end condensed consolidated balance sheet data was derived from audited financial statements and adjusted for discontinued operations. Because the interim condensed consolidated financial statements and the accompanying notes do not include all of the information and notes required by GAAP for annual financial statements, the condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2022. These condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments that are necessary for a fair statement of the financial position and results of operations of Cleco and Cleco Power. Amounts reported in Cleco’s and Cleco Power’s interim financial statements are not necessarily indicative of amounts expected for the annual periods due to the effects of seasonal temperature variations on energy consumption, regulatory rulings, the timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices, discrete income tax items, and other factors. In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
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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. |
Reserves for Credit Losses | Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivable 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. As a result of the market price volatility of natural gas experienced throughout 2022 and during the first quarter of 2023, Cleco has experienced significant increases to the pass-through fuel component of retail customer energy bills. Due to these increased customer fuel costs, along with the impacts of a 40-year high inflation rate, Cleco has experienced increases in credit loss reserves. These factors have not been and are not expected to be material to Cleco’s results of operations, financial condition, or cash flows.
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Recent Authoritative Guidance | In March 2023, FASB issued guidance that applies to leases between entities under common control. The guidance provides a practical expedient for determining whether an arrangement between entities under common control is a lease as well as the classification of the lease. In addition, the leasehold improvements amortization period is determined by the useful life to the common group not the term of the lease. The new guidance is effective for fiscal years beginning after December 15, 2023. Cleco has arrangements between entities under common control and management is evaluating the impacts of this guidance on the results of operations, financial condition, and cash flows of the Registrants. |
Regulatory Assets and Liabilities | Cleco Power recognizes an asset for certain costs capitalized or deferred for recovery from customers and recognizes a liability for amounts expected to be returned to customers or collected for future expected costs. Cleco Power records these assets and liabilities based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable; 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. Based on the funding assumptions at December 31, 2022, management estimates that pension contributions totaling $74.5 million will be required through 2027. Cleco expects to make a $26.0 million minimum required contribution to the pension plan in 2024. Cleco has not made, and does not expect to make, any contributions to the pension plan in 2023. 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’s 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 cash available of the respective company of the employed officer. Because the SERP is a non-qualified plan, Cleco has purchased life insurance policies on certain SERP participants as a mechanism to provide a source of funding. These policies are held in a rabbi trust formed by Cleco Power. The rabbi trust is the named beneficiary of the life insurance policies and, therefore, receives the proceeds upon the death of the insured participants. The life insurance policies may be used to reimburse Cleco for benefits paid from general funds, pay the SERP participants’ death benefits, or pay future SERP payments. Market conditions could have a significant impact on the cash surrender value of these life insurance policies. 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. 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’s 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’s 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’s 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’s 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’s 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’s and Cleco Power’s restricted cash and cash equivalents consisted of the following:
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Changes in Allowance for Credit Losses, Other | The tables below present the changes in the allowance for credit losses by receivable for Cleco and Cleco Power:
* Loan held at Diversified Lands that was fully reserved at December 31, 2020.
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Changes in Allowance for Credit Losses, Accounts Receivable | The tables below present the changes in the allowance for credit losses by receivable for Cleco and Cleco Power:
* Loan held at Diversified Lands that was fully reserved at December 31, 2020.
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Discontinued Operations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Discontinued Operations | The following table presents the amounts that have been reclassified from continuing operations and included in discontinued operations within Cleco’s Condensed Consolidated Statements of Income for the three months ended March 31, 2023, and 2022:
The following table presents the assets and liabilities of the Cleco Cajun Sale Group that have been reclassified as held for sale within Cleco’s Condensed Consolidated Balance Sheets as of March 31, 2023, and December 31, 2022:
Cleco has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. The following table presents the cash flows from discontinued operations related to the Cleco Cajun Sale Group for the three months ended March 31, 2023, and 2022:
|
Revenue Recognition (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | Operating revenue, net for the three months ended March 31, 2023, and 2022 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) Realized gains associated with FTRs.
(1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (4) Realized gains associated with FTRs.
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Regulatory Assets and Liabilities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | The following tables disclose the fair value of financial assets and liabilities measured on a recurring basis on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets. These amounts are presented on a gross basis.
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Schedule of Money Market Funds | The following tables present the money market funds as recorded on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at March 31, 2023, and December 31, 2022:
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Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 | The following table summarizes 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 table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of March 31, 2023, and December 31, 2022:
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Carrying Value and Estimated Fair Value | The following tables summarize the carrying value and estimated market value of Cleco’s and Cleco Power’s financial instruments not measured at fair value on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets:
* The carrying value of long-term debt does not include deferred issuance costs of $15.5 million at March 31, 2023, and $16.2 million at December 31, 2022.
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis |
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Schedule of Money Market Funds |
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Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 | The following table summarizes 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 table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of March 31, 2023, and December 31, 2022:
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Carrying Value and Estimated Fair Value |
* The carrying value of long-term debt does not include deferred issuance costs of $11.9 million at March 31, 2023, and $12.3 million at December 31, 2022.
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Derivative Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets | The following table presents the fair values of derivative instruments and their respective line items as recorded on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at March 31, 2023, and at December 31, 2022:
The following table presents the volume of commodity-related derivative contracts outstanding at March 31, 2023, and December 31, 2022, for Cleco and Cleco Power:
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Schedule of Amount of Gain (Loss) Recognized in Income on Derivatives | The following table presents the effect of derivatives not designated as hedging instruments on Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income for the three months ended March 31, 2023, and 2022:
(1) For the three months ended March 31, 2023, and 2022 unrealized losses associated with FTRs of less than $0.1 million and $0.3 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. (2) For the three months ended March 31, 2023, unrealized losses and realized losses associated with natural gas derivatives of $4.5 million and $1.8 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. Cleco Power had no natural gas derivatives during the three months ended March 31, 2022.
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets | The following table presents the fair values of derivative instruments and their respective line items as recorded on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at March 31, 2023, and at December 31, 2022:
The following table presents the volume of commodity-related derivative contracts outstanding at March 31, 2023, and December 31, 2022, for Cleco and Cleco Power:
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Schedule of Amount of Gain (Loss) Recognized in Income on Derivatives | The following table presents the effect of derivatives not designated as hedging instruments on Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income for the three months ended March 31, 2023, and 2022:
(1) For the three months ended March 31, 2023, and 2022 unrealized losses associated with FTRs of less than $0.1 million and $0.3 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. (2) For the three months ended March 31, 2023, unrealized losses and realized losses associated with natural gas derivatives of $4.5 million and $1.8 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. Cleco Power had no natural gas derivatives during the three months ended March 31, 2022.
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Pension Plan and Employee Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023, and 2022 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, 2023, and December 31, 2022, were as follows:
portions of the SERP liability for Cleco and Cleco Power at March 31, 2023, and December 31, 2022, 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, 2023, and 2022 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rate [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rates | The following tables summarize the effective income tax rates from continuing operations for Cleco and Cleco Power for the three months ended March 31, 2023, and 2022:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rate [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rates |
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Segment Disclosures (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | 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 segment. Management evaluates the performance of Cleco’s segment and allocates resources to it 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 recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger. Material intercompany transactions occur on a regular basis. These intercompany transactions relate primarily to joint and common administrative support services.
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Variable Interest Entities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets:
The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income:
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CLECO POWER | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets:
The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income:
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:
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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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Affiliate Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Balances Payable To or Due From Affiliates | Cleco Power has balances that are payable to or due from its affiliates. The following table is a summary of those balances:
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Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortization of Other Intangible Assets | The following table summarizes the balance of other intangible assets subject to amortization included in Cleco’s Condensed Consolidated Balance Sheets:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | The following table summarizes the balance of the securitized intangible asset subject to amortization included on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets:
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Accumulated Other Comprehensive Loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 |
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Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | $ 15,579 | $ 23,549 |
Non-current | 110,504 | 109,415 |
Total restricted cash and cash equivalents | 126,083 | 132,964 |
CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 15,579 | 23,549 |
Non-current | 110,481 | 109,392 |
Total restricted cash and cash equivalents | 126,060 | 132,941 |
Cleco Power’s storm restoration costs - Hurricane Ida | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 9,523 | 9,409 |
Non-current | 6,129 | 6,086 |
Cleco Power’s storm restoration costs - Hurricane Ida | CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 9,523 | 9,409 |
Non-current | 6,129 | 6,086 |
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 6,056 | 14,140 |
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service | CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 6,056 | 14,140 |
Diversified Lands’ mitigation escrow | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current | 23 | 23 |
Future storm restoration costs | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current | 104,352 | 103,306 |
Future storm restoration costs | CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current | $ 104,352 | $ 103,306 |
Summary of Significant Accounting Policies - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Receivable, threshold period past due | 20 days | |
ACCOUNTS RECEIVABLE | ||
Accounts receivable, beginning balance | $ 1,147 | $ 1,302 |
Current period provision | 1,240 | 391 |
Charge-offs | (1,637) | (1,089) |
Recovery | 377 | 398 |
Accounts receivable, ending balance | 1,127 | 1,002 |
OTHER | ||
Other, beginning balance | 1,638 | 1,638 |
Current period provision | 0 | 0 |
Charge-offs | 0 | 0 |
Recovery | 0 | 0 |
Other, ending balance | 1,638 | 1,638 |
TOTAL | ||
Total, beginning balance | 2,785 | 2,940 |
Current period provision | 1,240 | 391 |
Charge-offs | (1,637) | (1,089) |
Recovery | 377 | 398 |
Total, ending balance | 2,765 | 2,640 |
CLECO POWER | ||
ACCOUNTS RECEIVABLE | ||
Accounts receivable, beginning balance | 1,147 | 1,302 |
Current period provision | 1,240 | 391 |
Charge-offs | (1,637) | (1,089) |
Recovery | 377 | 398 |
Accounts receivable, ending balance | $ 1,127 | $ 1,002 |
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Feb. 28, 2019 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment charge | $ 96,000 | $ 0 | |
Discontinued Operations, Held-for-sale | Cleco Cajun | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment charge | 96,000 | $ 0 | |
LPSC | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Debt repayment commitment | $ 400,000 | ||
Long-term debt outstanding | $ 132,300 |
Discontinued Operations - Schedule of Reclassification of Continuing Operations to Discontinued Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loss on classification as held for sale | $ (96,000) | $ 0 |
(Loss) income from discontinued operations, net of income taxes | (102,171) | 130,552 |
Discontinued Operations, Held-for-sale | Cleco Cajun | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Electric operations | 108,761 | 103,633 |
Other operations | 34,714 | 35,611 |
Operating revenue, net | 143,475 | 139,244 |
Fuel used for electric generation | 87,599 | (103,087) |
Purchased power | 60,625 | 68,108 |
Other operations and maintenance | 23,370 | 19,056 |
Depreciation and amortization | 14,513 | 21,890 |
Total operating expenses | 186,107 | 5,967 |
Operating (loss) income | (42,632) | 133,277 |
Other income, net | 134 | 87 |
Interest, net | (1,786) | (865) |
Loss on classification as held for sale | (96,000) | 0 |
(Loss) income from discontinued operations before income taxes | (140,284) | 132,499 |
Federal and state income tax (benefit) expense | (38,113) | 1,947 |
(Loss) income from discontinued operations, net of income taxes | $ (102,171) | $ 130,552 |
Discontinued Operations - Schedule of Assets and Liabilities (Details) - Discontinued Operations, Held-for-sale - Cleco Cajun - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash, cash equivalents, and restricted cash equivalents | $ 4,074 | $ 10,567 |
Accounts receivable | 49,309 | 60,750 |
Fuel inventory, at average cost | 56,157 | 33,153 |
Materials and supplies, at average cost | 34,574 | 34,195 |
Energy risk management assets | 46,970 | 106,164 |
Property, plant, and equipment, net | 624,598 | 650,936 |
Prepayments | 26,431 | 23,601 |
Other assets | 20,948 | 23,620 |
Loss recognized on classification as held for sale | (96,000) | 0 |
Total assets held for sale - discontinued operations | 799,630 | 979,534 |
Accounts payable | 43,318 | 60,586 |
Deferred lease revenue | 19,945 | 22,246 |
Intangible liabilities | 12,695 | 13,956 |
Asset retirement obligations | 44,661 | 63,725 |
Other liabilities | 11,004 | 10,056 |
Total liabilities held for sale - discontinued operations | 131,623 | 170,569 |
Other | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Intangible assets - other | $ 32,569 | $ 36,548 |
Discontinued Operations - Schedule of Cash Flow (Details) - Discontinued Operations, Held-for-sale - Cleco Cajun - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net cash (used in) provided by operating activities - discontinued operations | $ (4,804) | $ 27,771 |
Net cash used in investing activities - discontinued operations | $ (1,689) | $ (1,471) |
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 310,528 | $ 311,253 |
Total revenue unrelated to contracts with customers | 10,053 | 1,374 |
Operating revenue, net | 320,581 | 312,627 |
Total retail revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 238,186 | 239,224 |
Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 107,196 | 112,423 |
Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 77,657 | 76,534 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 49,410 | 46,274 |
Other retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 4,574 | 4,129 |
Electric customer credits | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (651) | (136) |
Wholesale, net | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 54,263 | 52,944 |
Transmission, net | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 12,530 | 13,892 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 5,549 | 5,193 |
Total revenue unrelated to contracts with customers | 827 | 1,374 |
Affiliate | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Securitization | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue unrelated to contracts with customers | 9,226 | |
OPERATING SEGMENTS | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue, net | 324,688 | 316,504 |
OPERATING SEGMENTS | CLECO POWER | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 314,636 | 315,132 |
Total revenue unrelated to contracts with customers | 10,052 | 1,372 |
Operating revenue, net | 324,688 | 316,504 |
OPERATING SEGMENTS | CLECO POWER | Total retail revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 238,186 | 239,224 |
OPERATING SEGMENTS | CLECO POWER | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 107,196 | 112,423 |
OPERATING SEGMENTS | CLECO POWER | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 77,657 | 76,534 |
OPERATING SEGMENTS | CLECO POWER | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 49,410 | 46,274 |
OPERATING SEGMENTS | CLECO POWER | Other retail | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 4,574 | 4,129 |
OPERATING SEGMENTS | CLECO POWER | Electric customer credits | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (651) | (136) |
OPERATING SEGMENTS | CLECO POWER | Wholesale, net | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 56,683 | 55,364 |
OPERATING SEGMENTS | CLECO POWER | Transmission, net | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 12,530 | 13,892 |
OPERATING SEGMENTS | CLECO POWER | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 5,549 | 5,193 |
Total revenue unrelated to contracts with customers | 826 | 1,372 |
OPERATING SEGMENTS | CLECO POWER | Affiliate | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,688 | 1,459 |
OPERATING SEGMENTS | CLECO POWER | Securitization | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue unrelated to contracts with customers | 9,226 | |
OTHER | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 25,094 | 24,973 |
Total revenue unrelated to contracts with customers | 1 | 1 |
Operating revenue, net | 25,095 | 24,974 |
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 | 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, net | ||
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 | 0 |
Total revenue unrelated to contracts with customers | 1 | 1 |
OTHER | Affiliate | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 27,514 | 27,393 |
OTHER | Securitization | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue unrelated to contracts with customers | 0 | |
ELIMINATIONS | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (29,202) | (28,852) |
Total revenue unrelated to contracts with customers | 0 | 1 |
Operating revenue, net | (29,202) | (28,851) |
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 | 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, net | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Total revenue unrelated to contracts with customers | 0 | 1 |
ELIMINATIONS | Affiliate | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (29,202) | $ (28,852) |
ELIMINATIONS | Securitization | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue unrelated to contracts with customers | $ 0 |
Revenue Recognition - Narrative (Details) $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 297.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 12 years |
CLECO POWER | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 297.3 |
CLECO POWER | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 2 years |
CLECO POWER | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 12 years |
Regulatory Assets and Liabilities - Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Regulatory Assets [Line Items] | ||
Total regulatory assets, net | $ 518,746 | $ 564,123 |
Financing costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 10,939 | 11,436 |
Postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 102,897 | 104,748 |
Fair value of long-term debt | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 6,818 | 6,904 |
Debt issuance costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 4,504 | 4,587 |
CLECO POWER | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 555,671 | 598,100 |
Regulatory liabilities | (162,083) | (161,652) |
Total regulatory assets, net | 393,588 | 436,448 |
CLECO POWER | Deferred taxes, net | ||
Regulatory Assets [Line Items] | ||
Regulatory liabilities | (42,143) | (42,890) |
CLECO POWER | Storm reserves | ||
Regulatory Assets [Line Items] | ||
Regulatory liabilities | (119,940) | (118,762) |
CLECO POWER | Acquisition/ transaction costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 1,781 | 1,807 |
Regulatory asset, amortization period | 16 years 9 months | |
CLECO POWER | Acquisition/ transaction costs | Coughlin transaction costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 807 | 815 |
Regulatory asset, amortization period | 26 years 3 months | |
CLECO POWER | Accumulated deferred fuel | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 5,910 | 57,881 |
CLECO POWER | Affordability study | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 11,371 | 11,715 |
Regulatory asset, amortization period | 8 years 3 months | |
CLECO POWER | AFUDC equity gross-up | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 62,703 | 63,477 |
CLECO POWER | AMI deferred revenue requirement | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 1,363 | 1,499 |
Regulatory asset, amortization period | 3 years | |
CLECO POWER | AROs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 17,847 | 17,218 |
CLECO POWER | Bayou Vista to Segura transmission project deferred revenue requirement | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 1,255 | 2,510 |
Regulatory asset, amortization period | 3 months | |
CLECO POWER | Deferred lignite and mine closure costs | Lignite Mine | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 133,973 | 133,587 |
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 | 109 | 109 |
CLECO POWER | Deferred storm restoration costs - Hurricane Ida | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 9,523 | 9,409 |
CLECO POWER | Deferred storm restoration costs - Hurricane Laura | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 457 | 457 |
CLECO POWER | Deferred storm restoration costs - Hurricane Zeta | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 9 | 9 |
CLECO POWER | Deferred taxes, net | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 20,467 | 8,803 |
CLECO POWER | Station closure costs | Dolet Hills | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 147,137 | 147,082 |
CLECO POWER | Energy efficiency | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 0 | 235 |
CLECO POWER | Financing costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 6,364 | 6,456 |
CLECO POWER | Interest costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 3,148 | 3,210 |
CLECO POWER | Madison Unit 3 property taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 13,121 | 13,038 |
CLECO POWER | Non-service cost of postretirement benefits | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 14,954 | 14,810 |
CLECO POWER | Other | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 13,921 | 14,114 |
CLECO POWER | Postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 47,317 | 47,317 |
CLECO POWER | Production operations and maintenance expenses | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 9,731 | 10,443 |
Regulatory asset, amortization period | 3 years | |
CLECO POWER | Rodemacher Unit 2 deferred costs | Rodemacher Unit 2 deferred costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 14,101 | 12,645 |
CLECO POWER | St. Mary Clean Energy Center | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 3,915 | 4,350 |
Regulatory asset, amortization period | 2 years 3 months | |
CLECO POWER | Training costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 5,735 | 5,774 |
Regulatory asset, amortization period | 36 years 9 months | |
CLECO POWER | Tree trimming costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 5,699 | $ 6,377 |
Regulatory asset, amortization period | 2 years |
Fair Value Accounting Instruments - Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis (Details) - Measured on a Recurring Basis - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Asset description | |||
Money market funds | $ 208,771 | $ 172,741 | |
Total assets | 209,831 | 175,311 | |
Liability description | |||
Total liabilities | 9,499 | 4,864 | |
CLECO POWER | |||
Asset description | |||
Money market funds | 172,982 | 139,752 | |
Total assets | 174,042 | 142,322 | |
Liability description | |||
Total liabilities | 9,499 | 4,864 | |
FTRs | |||
Asset description | |||
Derivative assets | 837 | 2,570 | |
Liability description | |||
Derivative liabilities | 204 | 294 | |
FTRs | CLECO POWER | |||
Asset description | |||
Derivative assets | 837 | 2,570 | |
Liability description | |||
Derivative liabilities | 204 | 294 | |
Natural Gas Derivatives [Member] | |||
Asset description | |||
Derivative assets | 223 | 0 | |
Liability description | |||
Derivative liabilities | 9,295 | 4,570 | |
Natural Gas Derivatives [Member] | CLECO POWER | |||
Asset description | |||
Derivative assets | 223 | 0 | |
Liability description | |||
Derivative liabilities | 9,295 | 4,570 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | |||
Asset description | |||
Money market funds | 208,771 | 172,741 | |
Total assets | 208,771 | 172,741 | |
Liability description | |||
Total liabilities | 0 | 0 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | CLECO POWER | |||
Asset description | |||
Money market funds | 172,982 | 139,752 | |
Total assets | 172,982 | 139,752 | |
Liability description | |||
Total liabilities | 0 | 0 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | FTRs | |||
Asset description | |||
Derivative assets | 0 | 0 | |
Liability description | |||
Derivative liabilities | 0 | 0 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | FTRs | CLECO POWER | |||
Asset description | |||
Derivative assets | 0 | 0 | |
Liability description | |||
Derivative liabilities | 0 | 0 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Natural Gas Derivatives [Member] | |||
Asset description | |||
Derivative assets | 0 | 0 | |
Liability description | |||
Derivative liabilities | 0 | 0 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Natural Gas Derivatives [Member] | CLECO POWER | |||
Asset description | |||
Derivative assets | 0 | 0 | |
Liability description | |||
Derivative liabilities | 0 | 0 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | |||
Asset description | |||
Money market funds | 0 | 0 | |
Total assets | 223 | 0 | |
Liability description | |||
Total liabilities | 9,295 | 4,570 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | CLECO POWER | |||
Asset description | |||
Money market funds | 0 | 0 | |
Total assets | 223 | 0 | |
Liability description | |||
Total liabilities | 9,295 | 4,570 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | FTRs | |||
Asset description | |||
Derivative assets | 0 | 0 | |
Liability description | |||
Derivative liabilities | 0 | 0 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | FTRs | CLECO POWER | |||
Asset description | |||
Derivative assets | 0 | 0 | |
Liability description | |||
Derivative liabilities | 0 | 0 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Natural Gas Derivatives [Member] | |||
Asset description | |||
Derivative assets | 223 | 0 | |
Liability description | |||
Derivative liabilities | 9,295 | 4,570 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Natural Gas Derivatives [Member] | CLECO POWER | |||
Asset description | |||
Derivative assets | 223 | 0 | |
Liability description | |||
Derivative liabilities | 9,295 | 4,570 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||
Asset description | |||
Money market funds | 0 | 0 | |
Total assets | 837 | 2,570 | |
Liability description | |||
Total liabilities | 204 | 294 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | CLECO POWER | |||
Asset description | |||
Money market funds | 0 | 0 | |
Total assets | 837 | 2,570 | |
Liability description | |||
Total liabilities | 204 | 294 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | FTRs | |||
Asset description | |||
Derivative assets | 837 | 2,570 | $ 2,570 |
Liability description | |||
Derivative liabilities | 204 | 294 | 294 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | FTRs | CLECO POWER | |||
Asset description | |||
Derivative assets | 837 | 2,570 | 2,570 |
Liability description | |||
Derivative liabilities | 204 | 294 | $ 294 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Natural Gas Derivatives [Member] | |||
Asset description | |||
Derivative assets | 0 | 0 | |
Liability description | |||
Derivative liabilities | 0 | 0 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Natural Gas Derivatives [Member] | CLECO POWER | |||
Asset description | |||
Derivative assets | 0 | 0 | |
Liability description | |||
Derivative liabilities | $ 0 | $ 0 |
Fair Value Accounting Instruments - Money Market Funds (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value, Concentration of Risk, Cash and Cash Equivalents | $ 82,690 | $ 39,779 |
CLECO POWER | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair Value, Concentration of Risk, Cash and Cash Equivalents | 46,923 | 6,813 |
Restricted Cash And Cash Equivalents, Current [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 15,578 | 23,548 |
Restricted Cash And Cash Equivalents, Current [Member] | CLECO POWER | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 15,578 | 23,548 |
Restricted Cash And Cash Equivalents, Noncurrent [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 110,503 | 109,414 |
Restricted Cash And Cash Equivalents, Noncurrent [Member] | CLECO POWER | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | $ 110,481 | $ 109,391 |
Fair Value Accounting Instruments - Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 (Details) - Level 3 - Price risk derivatives - FTRs - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Beginning Balance | $ 2,276 | $ 4,918 |
Unrealized gains (losses) | (24) | (263) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | (64) | 292 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (1,555) | (4,380) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Ending Balance | 633 | 567 |
CLECO POWER | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Beginning Balance | 2,276 | 4,918 |
Unrealized gains (losses) | (24) | (263) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | (64) | 292 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (1,555) | (4,380) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Ending Balance | $ 633 | $ 567 |
Fair Value Accounting Instruments - Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions (Details) - Measured on a Recurring Basis - FTRs $ in Thousands |
Mar. 31, 2023
USD ($)
$ / MW
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
$ / MW
|
---|---|---|---|
Price Risk Derivatives, at Fair Value, Net [Abstract] | |||
Price Risk Derivative Assets, at Fair Value | $ 837 | $ 2,570 | |
Price Risk Derivative Liabilities, at Fair Value | 204 | 294 | |
CLECO POWER | |||
Price Risk Derivatives, at Fair Value, Net [Abstract] | |||
Price Risk Derivative Assets, at Fair Value | 837 | 2,570 | |
Price Risk Derivative Liabilities, at Fair Value | 204 | 294 | |
Level 3 | |||
Price Risk Derivatives, at Fair Value, Net [Abstract] | |||
Price Risk Derivative Assets, at Fair Value | 837 | 2,570 | $ 2,570 |
Price Risk Derivative Liabilities, at Fair Value | 204 | 294 | 294 |
Level 3 | CLECO POWER | |||
Price Risk Derivatives, at Fair Value, Net [Abstract] | |||
Price Risk Derivative Assets, at Fair Value | 837 | 2,570 | 2,570 |
Price Risk Derivative Liabilities, at Fair Value | $ 204 | $ 294 | $ 294 |
Level 3 | Minimum | |||
Price Risk Derivatives, at Fair Value, Net [Abstract] | |||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | 1.84 | 5.11 | |
Level 3 | Minimum | CLECO POWER | |||
Price Risk Derivatives, at Fair Value, Net [Abstract] | |||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | 1.84 | 5.11 | |
Level 3 | Maximum | |||
Price Risk Derivatives, at Fair Value, Net [Abstract] | |||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | 10.03 | 13.65 | |
Level 3 | Maximum | CLECO POWER | |||
Price Risk Derivatives, at Fair Value, Net [Abstract] | |||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | 10.03 | 13.65 |
Fair Value Accounting Instruments - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | $ 15,500 | $ 16,200 |
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 | 11,900 | 12,300 |
CARRYING VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,477,581 | 3,482,556 |
CARRYING VALUE | CLECO POWER | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,892,384 | 1,895,508 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,254,766 | 3,180,208 |
Estimate of Fair Value Measurement [Member] | CLECO POWER | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 1,877,170 | $ 1,825,192 |
Derivative Instruments - Narrative (Details) - Not Designated as Hedging Instrument [Member] - USD ($) |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative, collateral, offset | $ 0 | $ 0 |
CLECO POWER | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative, collateral, offset | $ 0 | $ 0 |
Derivative Instruments - Derivative Instruments as Recorded in Consolidated Balance Sheets (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Commodity-related contracts, net | $ (8,439) | $ (2,294) |
CLECO POWER | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Commodity-related contracts, net | (8,439) | (2,294) |
Price Risk Derivative [Member] | Energy risk management assets, current | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative asset | 837 | 2,570 |
Price Risk Derivative [Member] | Energy risk management assets, current | CLECO POWER | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative asset | 837 | 2,570 |
Price Risk Derivative [Member] | Energy risk management liabilities, current | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative liability | (204) | (294) |
Price Risk Derivative [Member] | Energy risk management liabilities, current | CLECO POWER | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative liability | (204) | (294) |
Natural Gas Derivatives [Member] | Energy risk management assets, current | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative asset | 223 | 0 |
Natural Gas Derivatives [Member] | Energy risk management assets, current | CLECO POWER | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative asset | 223 | 0 |
Natural Gas Derivatives [Member] | Energy risk management liabilities, current | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative liability | (9,295) | (4,570) |
Natural Gas Derivatives [Member] | Energy risk management liabilities, current | CLECO POWER | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative liability | $ (9,295) | $ (4,570) |
Derivative Instruments - Amount of Gain (Loss) Recognized in Income on Derivatives (Details) - Not Designated as Hedging Instrument [Member] $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2022
USD ($)
derivative
|
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | $ (6,277) | $ 345 |
CLECO POWER | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | (6,277) | 345 |
Price risk derivatives | Accumulated deferred fuel | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized losses associated with derivatives | 100 | 300 |
Price risk derivatives | Accumulated deferred fuel | CLECO POWER | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized losses associated with derivatives | 100 | 300 |
Price risk derivatives | Electric Operations [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | 859 | 1,583 |
Price risk derivatives | Electric Operations [Member] | CLECO POWER | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | 859 | 1,583 |
Price risk derivatives | Power Purchased For Utility Customers [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | (596) | (1,238) |
Price risk derivatives | Power Purchased For Utility Customers [Member] | CLECO POWER | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | (596) | (1,238) |
Natural Gas Derivatives [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | (6,540) | $ 0 |
Number of derivatives held | derivative | 0 | |
Natural Gas Derivatives [Member] | CLECO POWER | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | (6,540) | $ 0 |
Number of derivatives held | derivative | 0 | |
Natural Gas Derivatives [Member] | Accumulated deferred fuel | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized losses associated with derivatives | 4,500 | |
Realized losses associated with natural gas derivatives | 1,800 | |
Natural Gas Derivatives [Member] | Accumulated deferred fuel | CLECO POWER | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized losses associated with derivatives | 4,500 | |
Realized losses associated with natural gas derivatives | $ 1,800 |
Derivative Instruments - Volume of Commodity-Related Derivative Contracts (Details) MWh in Thousands, MMBTU in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2023
MWh
|
Mar. 31, 2023
MMBTU
|
Dec. 31, 2022
MWh
|
Dec. 31, 2022
MMBTU
|
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Volume outstanding (MWh / MMBtu) | 3,517 | 14,480 | 9,085 | 4,840 |
CLECO POWER | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Volume outstanding (MWh / MMBtu) | 3,517 | 14,480 | 9,085 | 4,840 |
Debt (Details) - Cleco Holdings' Senior Notes Due 2025 - Subsequent event $ in Millions |
May 01, 2023
USD ($)
|
---|---|
Debt [Line Items] | |
Debt, face amount | $ 165.0 |
Secured Overnight Financing Rate (SOFR) | |
Debt [Line Items] | |
Basis spread on variable rate | 1.725% |
Pension Plan and Employee Benefits - Narrative (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated pension contributions through 2027 | $ 74,500,000 | ||
Estimated pension contributions in 2024 | $ 26,000,000 | ||
Estimated pension contributions in 2023 | 0 | ||
Pension Plan | Other Subsidiaries | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan contributions by employer | 400,000 | $ 700,000 | |
Other Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets held-in-trust, noncurrent | 0 | ||
Other Benefits Plan | CLECO POWER | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan contributions by employer | 900,000 | 1,100,000 | |
SERP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan contributions by employer | 867,000 | 935,000 | |
SERP | CLECO POWER | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan contributions by employer | $ 100,000 | $ 100,000 |
Pension Plan and Employee Benefits - Net Periodic Pension and Benefits Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
PENSION BENEFITS | ||
Components of periodic benefit costs | ||
Service cost | $ 1,173 | $ 2,047 |
Interest cost | 6,606 | 4,960 |
Expected return on plan assets | (7,386) | (6,177) |
Amortizations | ||
Net loss (gain) | 0 | 3,085 |
Net periodic benefit cost | 393 | 3,915 |
OTHER BENEFITS | ||
Components of periodic benefit costs | ||
Service cost | 365 | 546 |
Interest cost | 566 | 368 |
Expected return on plan assets | 0 | 0 |
Amortizations | ||
Net loss (gain) | (13) | 298 |
Net periodic benefit cost | 918 | 1,212 |
SERP Benefits | ||
Components of periodic benefit costs | ||
Service cost | 35 | 57 |
Interest cost | 901 | 670 |
Amortizations | ||
Net loss (gain) | (15) | 262 |
Prior period service credit | (54) | (54) |
Net periodic benefit cost | $ 867 | $ 935 |
Pension Plan and Employee Benefits - Current and Non-Current Portions of the Other Benefits Liability (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | $ 200,699 | $ 200,665 |
CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | 137,891 | 137,754 |
Other Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 5,017 | 5,017 |
Non-current | 38,089 | 38,366 |
Other Benefits Plan | CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 4,310 | 4,310 |
Non-current | $ 29,846 | $ 30,082 |
Pension Plan and Employee Benefits - Current and Non-Current Portions of SERP Liability (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | $ 200,699 | $ 200,665 |
SERP Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 4,713 | 4,713 |
Non-current | 63,561 | 63,714 |
CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | 137,891 | 137,754 |
CLECO POWER | SERP Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 672 | 672 |
Non-current | $ 8,997 | $ 9,087 |
Pension Plan and Employee Benefits - 401 (K) Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Defined Contribution Plan Disclosure [Line Items] | ||
401(k) Plan expense | $ 2,154 | $ 2,179 |
Affiliated entity | ||
Defined Contribution Plan Disclosure [Line Items] | ||
401(k) Plan expense | $ 902 | $ 910 |
Income Taxes - Effective Tax Rate Reconciliation (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Effective Income Tax Rate [Line Items] | ||
Effective tax rate | 8.20% | (42.70%) |
CLECO POWER | ||
Effective Income Tax Rate [Line Items] | ||
Effective tax rate | 6.10% | 1.80% |
Income Taxes - Narrative (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Uncertain Tax Positions [Line Items] | |||
Interest expense related to uncertain tax positions | $ 0 | $ 0 | |
Liability for uncertain tax positions | 0 | $ 0 | |
Interest payable related to uncertain tax positions | 0 | 0 | |
Penalties | 0 | 0 | |
CLECO POWER | |||
Uncertain Tax Positions [Line Items] | |||
Interest expense related to uncertain tax positions | 0 | $ 0 | |
Liability for uncertain tax positions | 0 | 0 | |
Interest payable related to uncertain tax positions | $ 0 | $ 0 |
Segment Disclosures (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Revenue | |||
Electric operations | $ 293,928 | $ 293,677 | |
Other operations | 27,304 | 19,086 | |
Affiliate revenue | 0 | 0 | |
Electric customer credits | (651) | (136) | |
Operating revenue, net | 320,581 | 312,627 | |
Net (loss) income | (104,022) | 155,744 | |
Depreciation and amortization | 55,209 | 49,618 | |
Interest income | 1,267 | 743 | |
Interest charges | 39,488 | 32,641 | |
Federal and state income tax expense (benefit) | (165) | (7,533) | |
Other corporate costs and noncash items | 6,779 | 3,873 | |
Income (loss) from continuing operations, net of income taxes | (1,851) | 25,192 | |
Income (loss) from discontinued operations, net of income taxes | (102,171) | 130,552 | |
EBITDA | 98,193 | 103,048 | |
Additions to property, plant, and equipment | 60,099 | 40,199 | |
Equity investment in investees | 2,072 | $ 2,072 | |
Goodwill | 1,490,797 | 1,490,797 | |
Total assets | 8,072,079 | 8,253,750 | |
CLECO POWER | |||
Revenue | |||
Electric operations | 296,348 | 296,097 | |
Other operations | 27,303 | 19,084 | |
Affiliate revenue | 1,688 | 1,459 | |
Electric customer credits | (651) | (136) | |
Operating revenue, net | 324,688 | 316,504 | |
Net (loss) income | 22,817 | 39,024 | |
Interest income | 1,185 | 740 | |
Interest charges | 24,338 | 18,801 | |
Federal and state income tax expense (benefit) | 1,490 | 724 | |
Additions to property, plant, and equipment | 58,066 | 38,492 | |
Equity investment in investees | 2,072 | 2,072 | |
Total assets | 5,345,647 | 5,344,173 | |
Power Supply Agreements [Member] | |||
Revenue | |||
Amortization of intangible assets | 2,400 | ||
OPERATING SEGMENTS | |||
Revenue | |||
Electric operations | 296,348 | 296,097 | |
Other operations | 27,303 | 19,084 | |
Affiliate revenue | 1,688 | 1,459 | |
Electric customer credits | (651) | (136) | |
Operating revenue, net | 324,688 | 316,504 | |
Net (loss) income | 22,817 | 39,024 | |
Depreciation and amortization | 50,733 | 45,239 | |
Interest income | 1,185 | 740 | |
Interest charges | 24,338 | 18,801 | |
Federal and state income tax expense (benefit) | 1,490 | 724 | |
Income (loss) from continuing operations, net of income taxes | 22,817 | 39,024 | |
Income (loss) from discontinued operations, net of income taxes | 0 | 0 | |
Additions to property, plant, and equipment | 58,066 | 38,492 | |
Equity investment in investees | 2,072 | 2,072 | |
Goodwill | 1,490,797 | 1,490,797 | |
Total assets | 6,836,444 | 6,834,970 | |
OPERATING SEGMENTS | CLECO POWER | |||
Revenue | |||
Electric operations | 296,348 | 296,097 | |
Other operations | 27,303 | 19,084 | |
Affiliate revenue | 1,688 | 1,459 | |
Electric customer credits | (651) | (136) | |
Operating revenue, net | 324,688 | 316,504 | |
Net (loss) income | 22,817 | 39,024 | |
Depreciation and amortization | 50,733 | 45,239 | |
Interest income | 1,185 | 740 | |
Interest charges | 24,338 | 18,801 | |
Federal and state income tax expense (benefit) | 1,490 | 724 | |
EBITDA | 98,193 | 103,048 | |
OTHER | |||
Revenue | |||
Electric operations | (2,420) | (2,420) | |
Other operations | 1 | 1 | |
Affiliate revenue | 27,514 | 27,393 | |
Electric customer credits | 0 | 0 | |
Operating revenue, net | 25,095 | 24,974 | |
Net (loss) income | (126,839) | 116,719 | |
Depreciation and amortization | 4,476 | 4,379 | |
Interest income | 143 | 31 | |
Interest charges | 15,211 | 13,867 | |
Federal and state income tax expense (benefit) | (1,655) | (8,257) | |
Income (loss) from continuing operations, net of income taxes | (24,668) | (13,833) | |
Income (loss) from discontinued operations, net of income taxes | (102,171) | 130,552 | |
Additions to property, plant, and equipment | 2,033 | 1,707 | |
Equity investment in investees | (320,348) | (320,348) | |
Goodwill | 0 | 0 | |
Total assets | 1,059,272 | 1,237,097 | |
OTHER | Power Supply Agreements [Member] | CLECO POWER | |||
Revenue | |||
Amortization of intangible assets | 2,400 | 2,400 | |
ELIMINATIONS | |||
Revenue | |||
Electric operations | 0 | 0 | |
Other operations | 0 | 1 | |
Affiliate revenue | (29,202) | (28,852) | |
Electric customer credits | 0 | 0 | |
Operating revenue, net | (29,202) | (28,851) | |
Net (loss) income | 0 | 1 | |
Depreciation and amortization | 0 | 0 | |
Interest income | (61) | (28) | |
Interest charges | (61) | (27) | |
Federal and state income tax expense (benefit) | 0 | 0 | |
Income (loss) from continuing operations, net of income taxes | 0 | 1 | |
Income (loss) from discontinued operations, net of income taxes | 0 | 0 | |
Additions to property, plant, and equipment | 0 | $ 0 | |
Equity investment in investees | 320,348 | 320,348 | |
Goodwill | 0 | 0 | |
Total assets | $ 176,363 | $ 181,683 |
Regulation and Rates (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 16, 2021 |
Mar. 31, 2023 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Jul. 01, 2021 |
|
Regulation and Rates [Line Items] | |||||
Current regulatory liabilities | $ 42,143 | $ 42,890 | |||
CLECO POWER | |||||
Regulation and Rates [Line Items] | |||||
Regulatory liabilities | 162,083 | 161,652 | |||
Current regulatory liabilities | 42,143 | $ 42,890 | |||
CLECO POWER | LPSC | Excess ADIT | |||||
Regulation and Rates [Line Items] | |||||
Bill credit related to unprotected excess ADIT | $ 2,500 | ||||
Regulatory liability, amortization period | 3 years | ||||
Regulatory liabilities | 247,000 | ||||
Current regulatory liabilities | $ 42,100 | ||||
CLECO POWER | LPSC | FRP | |||||
Regulation and Rates [Line Items] | |||||
Target ROE allowed by FRP | 9.50% | 9.50% | |||
Percentage of retail earnings within range to be returned to customers | 60.00% | 60.00% | |||
ROE for customer credit, low range | 10.00% | 10.00% | |||
ROE for customer credit, high range | 10.50% | 10.50% | |||
CLECO POWER | LPSC | FRP | Maximum | |||||
Regulation and Rates [Line Items] | |||||
Target ROE allowed by FRP | 10.00% | 10.00% |
Variable Interest Entities - Summary of Cleco Securitization I Financial Statement Impact (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Balance Sheet Related Disclosures [Abstract] | ||||
Restricted cash and cash equivalents, current | $ 15,579 | $ 23,549 | ||
Accounts receivable - affiliate | 14,643 | 14,613 | ||
Total assets | 8,072,079 | 8,253,750 | ||
Long-term debt and finance leases due within one year | 180,606 | 340,867 | ||
Accounts payable - affiliate | 13,092 | 13,092 | ||
Interest accrued | 41,389 | 25,540 | ||
Long-term debt and finance leases, net | 3,294,875 | 3,139,094 | ||
Member’s equity | 2,842,623 | $ 3,099,914 | 2,947,067 | $ 2,954,156 |
Total liabilities and member’s equity | 8,072,079 | 8,253,750 | ||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue, net | 320,581 | 312,627 | ||
Total operating expenses | (286,143) | (263,724) | ||
Interest income | 1,267 | 743 | ||
Interest charges, net | (40,005) | (33,025) | ||
(Loss) income from continuing operations before income taxes | (2,016) | 17,659 | ||
Storm recover property | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible assets | 408,882 | 413,123 | ||
VIE, Primary Beneficiary - Cleco Securitization I | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Restricted cash and cash equivalents, current | 6,056 | 14,139 | ||
Accounts receivable - affiliate | 4,160 | 3,348 | ||
Long-term debt and finance leases due within one year | 14,214 | 9,574 | ||
Accounts payable | 30 | 0 | ||
Accounts payable - affiliate | 28 | 165 | ||
Interest accrued | 1,569 | 9,953 | ||
Long-term debt and finance leases, net | 401,124 | 408,741 | ||
Member’s equity | 2,133 | 2,177 | ||
Total liabilities and member’s equity | 419,098 | 430,610 | ||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue, net | 9,177 | 0 | ||
Total operating expenses | (4,354) | 0 | ||
Interest income | 158 | 0 | ||
Interest charges, net | (4,956) | 0 | ||
(Loss) income from continuing operations before income taxes | 25 | 0 | ||
VIE, Primary Beneficiary - Cleco Securitization I | Storm recover property | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible assets | 408,882 | 413,123 | ||
Total assets | 419,098 | 430,610 | ||
CLECO POWER | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Restricted cash and cash equivalents, current | 15,579 | 23,549 | ||
Accounts receivable - affiliate | 2,433 | 3,771 | ||
Total assets | 5,345,647 | 5,344,173 | ||
Long-term debt and finance leases due within one year | 115,006 | 110,344 | ||
Accounts payable - affiliate | 11,252 | 12,448 | ||
Interest accrued | 22,833 | 15,276 | ||
Long-term debt and finance leases, net | 1,778,878 | 1,786,447 | ||
Member’s equity | 2,045,888 | 1,987,930 | 2,022,912 | $ 1,948,537 |
Total liabilities and member’s equity | 5,345,647 | 5,344,173 | ||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue, net | 324,688 | 316,504 | ||
Total operating expenses | (279,765) | (257,591) | ||
Interest income | 1,185 | 740 | ||
Interest charges, net | (24,855) | (19,185) | ||
(Loss) income from continuing operations before income taxes | 24,307 | 39,748 | ||
CLECO POWER | Storm recover property | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible assets | 408,882 | 413,123 | ||
CLECO POWER | VIE, Primary Beneficiary - Cleco Securitization I | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Restricted cash and cash equivalents, current | 6,056 | 14,139 | ||
Accounts receivable - affiliate | 4,160 | 3,348 | ||
Long-term debt and finance leases due within one year | 14,214 | 9,574 | ||
Accounts payable | 30 | 0 | ||
Accounts payable - affiliate | 28 | 165 | ||
Interest accrued | 1,569 | 9,953 | ||
Long-term debt and finance leases, net | 401,124 | 408,741 | ||
Member’s equity | 2,133 | 2,177 | ||
Total liabilities and member’s equity | 419,098 | 430,610 | ||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue, net | 9,177 | 0 | ||
Total operating expenses | (4,354) | 0 | ||
Interest income | 158 | 0 | ||
Interest charges, net | (4,956) | 0 | ||
(Loss) income from continuing operations before income taxes | 25 | $ 0 | ||
CLECO POWER | VIE, Primary Beneficiary - Cleco Securitization I | Storm recover property | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible assets | 408,882 | 413,123 | ||
Total assets | $ 419,098 | $ 430,610 |
Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Variable Interest Entity [Line Items] | ||
Equity investment in investee | $ 2,072 | $ 2,072 |
CLECO POWER | ||
Variable Interest Entity [Line Items] | ||
Equity investment in investee | $ 2,072 | $ 2,072 |
CLECO POWER | VIE, Not Primary Beneficiary - Oxbow | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage by Cleco Power | 50.00% | |
SWEPCO | VIE, Not Primary Beneficiary - Oxbow | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage by other parties | 50.00% |
Variable Interest Entities - Equity Method Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Schedule of Equity Method Investments [Line Items] | |||
Total equity investment in investee | $ 2,072 | $ 2,072 | |
Operating revenue, net | 320,581 | $ 312,627 | |
CLECO POWER | |||
Schedule of Equity Method Investments [Line Items] | |||
Purchase price | 12,873 | 12,873 | |
Cash contributions | 6,399 | 6,399 | |
Distributions | (17,200) | (17,200) | |
Total equity investment in investee | 2,072 | $ 2,072 | |
Operating revenue, net | 324,688 | 316,504 | |
CLECO POWER | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating revenue, net | 124 | 66 | |
Operating expenses | (124) | (66) | |
Income before taxes | $ 0 | $ 0 |
Variable Interest Entities - Carrying Amount of Assets and Liabilities with Maximum Exposure to Loss (Details) - CLECO POWER - VIE, Not Primary Beneficiary - Oxbow - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Variable Interest Entity [Line Items] | ||
Oxbow’s net assets/liabilities | $ 4,145 | $ 4,145 |
Cleco Power’s 50% equity | 2,072 | 2,072 |
Cleco Power’s maximum exposure to loss | $ 2,072 | $ 2,072 |
Ownership percentage by Cleco Power | 50.00% |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees (Details) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023
USD ($)
|
Apr. 30, 2023
USD ($)
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2014
claim
|
Nov. 30, 2014
claim
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Mar. 29, 2021
USD ($)
|
Feb. 29, 2020
USD ($)
|
|
Loss Contingencies [Line Items] | ||||||||||
Loss contingency, estimate of possible loss | $ 6,700,000 | $ 6,700,000 | ||||||||
Guarantor obligations, collateral held directly or by third parties, amount | 0 | |||||||||
Performance Guarantee | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Maximum of potential payments | 42,400,000 | 42,400,000 | ||||||||
Indemnification Agreement | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Maximum of potential payments | 40,000,000 | 40,000,000 | ||||||||
Indemnification Agreement including fundamental organizational structure | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Maximum of potential payments | 400,000,000 | 400,000,000 | ||||||||
South Central Generating | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss contingency, estimate of possible loss | 1,500,000 | 1,500,000 | ||||||||
Gulf Coast Spinning start up costs | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Allegations by plaintiff, failure to perform | $ 6,500,000 | |||||||||
Gulf Coast Spinning construction of cotton spinning facility | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Allegations by plaintiff, failure to perform | $ 60,000,000 | |||||||||
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 | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Guarantor obligations, collateral held directly or by third parties, amount | 0 | |||||||||
CLECO POWER | Indemnification Agreement | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Maximum of potential payments | 40,000,000 | 40,000,000 | ||||||||
CLECO POWER | Indemnification Agreement including fundamental organizational structure | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Maximum of potential payments | 400,000,000 | 400,000,000 | ||||||||
CLECO POWER | Deferred storm restoration costs - Winter Storms Uri & Viola | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Capitalized storm restoration costs | $ 50,000,000 | |||||||||
CLECO POWER | LPSC 2020-2022 Fuel Audit | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Fuel expense | 1,100,000,000 | |||||||||
CLECO POWER | LPSC 2020-2022 Environmental Audit | Subsequent event | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Fuel expense | $ 38,300,000 | |||||||||
CLECO POWER | LPSC | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Recovery of from energy efficiency programs | $ 8,500,000 | $ 6,800,000 | ||||||||
Gulf Coast Spinning Company, LLC | Gulf Coast Spinning construction of cotton spinning facility | Diversified Lands LLC | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loans payable | $ 2,000,000 | |||||||||
Cleco Cajun | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Decrease in ARO balance | 19,700,000 | |||||||||
Indemnification assets, maximum environmental costs | 25,000,000 | 25,000,000 | ||||||||
Indemnification assets | $ 17,500,000 | $ 17,500,000 |
Affiliate Transactions - Narrative (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Related Party Transaction [Line Items] | ||
Accounts receivable - affiliate | $ 14,643 | $ 14,613 |
Accounts payable - affiliate | 13,092 | 13,092 |
Cleco Holdings | ||
Related Party Transaction [Line Items] | ||
Accounts receivable - affiliate | $ 14,600 | $ 14,600 |
Affiliate Transactions - Summary of Balances Payable To or Due From Affiliates (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | $ 14,643 | $ 14,613 |
ACCOUNTS PAYABLE | 13,092 | 13,092 |
Cleco Holdings | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 14,600 | 14,600 |
CLECO POWER | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 2,433 | 3,771 |
ACCOUNTS PAYABLE | 11,252 | 12,448 |
CLECO POWER | Cleco Holdings | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 61 | 5 |
ACCOUNTS PAYABLE | 1,113 | 1,138 |
CLECO POWER | Support Group | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 1,190 | 2,299 |
ACCOUNTS PAYABLE | 10,139 | 11,305 |
CLECO POWER | Cleco Cajun | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 1,182 | 1,467 |
ACCOUNTS PAYABLE | $ 0 | $ 5 |
Intangible Assets - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Jun. 22, 2022 |
Mar. 31, 2023 |
|
Storm recover property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets acquired | $ 415,900,000 | |
Amortization of intangible assets | $ 4,200,000 | |
Power Supply Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 2,400,000 | |
Intangible assets, residual value | $ 0 | |
Power Supply Agreements [Member] | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 7 years | |
Power Supply Agreements [Member] | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 19 years |
Intangible Assets - Schedule of Intangible Assets Subject to Amortization (Details) - Storm recover property - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Storm Recovery Property intangible asset | $ 415,946 | $ 415,946 |
Accumulated amortization | (7,064) | (2,823) |
Net intangible asset subject to amortization | 408,882 | 413,123 |
CLECO POWER | ||
Finite-Lived Intangible Assets [Line Items] | ||
Storm Recovery Property intangible asset | 415,946 | 415,946 |
Accumulated amortization | (7,064) | (2,823) |
Net intangible asset subject to amortization | $ 408,882 | $ 413,123 |
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Net intangible assets subject to amortization | $ 17,667 | $ 20,086 |
Power Supply Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets carrying amount | 85,104 | 85,104 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (67,437) | $ (65,018) |
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | $ 2,947,067 | $ 2,954,156 |
Balances, end of period | 2,842,623 | 3,099,914 |
TOTAL AOCI | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | 59 | (23,629) |
Balances, end of period | (363) | (23,615) |
POSTRETIREMENT BENEFIT NET LOSS | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | 59 | (23,629) |
Amounts reclassified from AOCI | (422) | 14 |
Balances, end of period | (363) | (23,615) |
CLECO POWER | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | 2,022,912 | 1,948,537 |
Balances, end of period | 2,045,888 | 1,987,930 |
CLECO POWER | TOTAL AOCI | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | (8,365) | (18,183) |
Balances, end of period | (8,206) | (17,814) |
CLECO POWER | POSTRETIREMENT BENEFIT NET LOSS | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | (3,318) | (12,885) |
Amounts reclassified from AOCI | 96 | 306 |
Balances, end of period | (3,222) | (12,579) |
CLECO POWER | NET LOSS ON CASH FLOW HEDGES | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | (5,047) | (5,298) |
Amounts reclassified from AOCI | 63 | 63 |
Balances, end of period | $ (4,984) | $ (5,235) |
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