(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 | 2024 1ST QUARTER FORM 10-Q |
TABLE OF CONTENTS | ||||||||
PAGE | ||||||||
ITEM 5. | ||||||||
CLECO | ||||||||
CLECO POWER | 2024 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 SOFR plus 1.0% | ||||
Acadia | Acadia Power Partners, LLC, previously a wholly owned subsidiary of Midstream. Acadia Power Partners, LLC was dissolved effective August 29, 2014 | ||||
Acadia Unit 1 | Cleco Power’s 580-MW, natural gas-fired, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana | ||||
Acadia Unit 2 | Entergy Louisiana’s 580-MW, natural gas-fired, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana, which is operated by Cleco Power | ||||
ADIT | Accumulated Deferred Income Tax | ||||
AFUDC | Allowance for Funds Used During Construction | ||||
ALJ | Administrative Law Judge | ||||
Amended Lignite Mining Agreement | Amended and restated lignite mining agreement effective December 29, 2009 | ||||
AMI | Advanced Metering Infrastructure | ||||
AOCI | Accumulated Other Comprehensive Income (Loss) | ||||
ARO | Asset Retirement Obligation | ||||
Brame Energy Center | A facility consisting of Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3 | ||||
CCR | Coal combustion by-products or residual | ||||
CEO | Chief Executive Officer | ||||
CFO | Chief Financial Officer | ||||
CIP | Critical Infrastructure Protection | ||||
Cleco | Cleco Holdings and its subsidiaries | ||||
Cleco Cajun | Cleco Cajun LLC, a wholly owned subsidiary of Cleco Holdings, and its subsidiaries | ||||
Cleco Cajun Acquisition | The transaction between Cleco Cajun and NRG Energy in which Cleco Cajun acquired all the membership interest in South Central Generating, which closed on February 4, 2019, pursuant to the Cleco Cajun Acquisition Purchase and Sale Agreement, which includes the Cottonwood Sale Leaseback | ||||
Cleco Cajun Acquisition Purchase and Sale Agreement | Purchase and Sale Agreement, dated as of February 6, 2018, by and among NRG Energy, South Central Generating, and Cleco Cajun | ||||
Cleco Cajun Divestiture | The sale of the Cleco Cajun Sale Group in which the Cleco Cajun Sellers entered into the Cleco Cajun Divestiture Purchase and Sale Agreement with the Cleco Cajun Purchasers | ||||
Cleco Cajun Divestiture Purchase and Sale Agreement | Purchase and Sale Agreement, dated as of November 22, 2023, by and among the Cleco Cajun Purchasers and the Cleco Cajun Sellers | ||||
Cleco Cajun Purchasers | Big Pelican LLC and Pelican South Central LLC, affiliates of Atlas Capital Resources IV LP | ||||
Cleco Cajun Sale Group | Cleco Cajun’s unregulated utility business for which the Cleco Cajun Sellers entered into the Cleco Cajun Divestiture Purchase and Sale Agreement with the Cleco Cajun Purchasers | ||||
Cleco Cajun Sellers | Cleco Cajun and South Central Generating | ||||
Cleco Corporation | Pre-2016 Merger entity that was converted to a limited liability company and changed its name to Cleco Corporate Holdings LLC on April 13, 2016 | ||||
Cleco Group | Cleco Group LLC, a wholly owned subsidiary of Cleco Partners | ||||
Cleco Holdings | Cleco Corporate Holdings LLC, a wholly owned subsidiary of Cleco Group | ||||
Cleco Partners | Cleco Partners L.P., a Delaware limited partnership that is owned by a consortium of investors, including funds or investment vehicles managed by Macquarie Asset Management, British Columbia Investment Management Corporation, John Hancock Financial, and other infrastructure investors | ||||
Cleco Power | Cleco Power LLC, a wholly owned subsidiary of Cleco Holdings, and its subsidiaries | ||||
Cleco Securitization I | Cleco Securitization I LLC, a special-purpose, wholly owned subsidiary of Cleco Power | ||||
Cottonwood Energy | Cottonwood Energy Company LP, a wholly owned subsidiary of Cleco Cajun. Prior to the closing of the Cleco Cajun Acquisition 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 |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
ABBREVIATION OR ACRONYM | DEFINITION | ||||
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 | ||||
Entergy Gulf States | Entergy Gulf States Louisiana, LLC | ||||
Entergy Louisiana | Entergy Louisiana, LLC | ||||
EPA | U.S. Environmental Protection Agency | ||||
ESG | Environmental, Social, and Governance | ||||
FAC | Fuel Adjustment Clause | ||||
FASB | Financial Accounting Standards Board | ||||
FEED | Front End Engineering Design | ||||
FERC | Federal Energy Regulatory Commission | ||||
Fitch | Fitch Ratings, a credit rating agency | ||||
FTR | Financial Transmission Right | ||||
FRP | Formula Rate Plan | ||||
GAAP | Generally Accepted Accounting Principles in the U.S. | ||||
GHG | Greenhouse gas | ||||
IRA of 2022 | Federal tax legislation commonly referred to as the Inflation Reduction Act of 2022 | ||||
IRS | Internal Revenue Service | ||||
kWh | Kilowatt-hour(s) | ||||
LPSC | Louisiana Public Service Commission | ||||
Madison Unit 3 | A 641-MW petroleum coke/coal-fired, steam generating unit at Cleco Power’s plant site in Boyce, Louisiana | ||||
MATS | Mercury and Air Toxics Standards | ||||
Merger Agreement | Agreement and Plan of Merger, dated as of October 17, 2014, by and among Cleco Partners, Merger Sub, and Cleco Corporation relating to the 2016 Merger | ||||
Merger Sub | Cleco MergerSub Inc., previously an indirect wholly owned subsidiary of Cleco Partners that was merged with and into Cleco Corporation, with Cleco Corporation surviving the 2016 Merger, and Cleco Corporation converting to a limited liability company and changing its name to Cleco Holdings | ||||
Midstream | Cleco Midstream Resources LLC, a wholly owned subsidiary of Cleco Holdings | ||||
MISO | Midcontinent Independent System Operator, Inc. | ||||
MMBtu | One million British thermal units | ||||
Moody’s | Moody’s Investors Service, a credit rating agency | ||||
MW | Megawatt(s) | ||||
MWh | Megawatt-hour(s) | ||||
NERC | North American Electric Reliability Corporation | ||||
NRG Energy | NRG Energy, Inc. | ||||
Other Benefits | Includes medical, dental, vision, and life insurance for Cleco’s retirees | ||||
Oxbow | Oxbow Lignite Company, LLC, 50% owned by Cleco Power and 50% owned by SWEPCO | ||||
Perryville | Perryville Energy Partners, L.L.C., a wholly owned subsidiary of Cleco Holdings. Perryville Energy Partners, L.L.C. was dissolved effective September 8, 2021 | ||||
Project Diamond Vault | Cleco Power's project to construct a carbon capture and sequestration facility at the Brame Energy Center | ||||
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 | ||||
SERC | SERC Reliability Corporation | ||||
SERP | Supplemental Executive Retirement Plan | ||||
SOFR | Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York | ||||
South Central Generating | South Central Generating LLC, formerly NRG South Central Generating LLC, a wholly owned subsidiary of Cleco Cajun | ||||
St. Mary Clean Energy Center | A 47-MW waste-heat steam generating unit located in Franklin, Louisiana | ||||
Storm Recovery Property | Storm Recovery Property as defined in the financing order issued by the LPSC in April 2022, which includes the right to impose, bill, charge, collect, and receive unamortized storm recovery costs from Cleco Power’s retail customers | ||||
Support Group | Cleco Support Group LLC, a wholly owned subsidiary of Cleco Holdings | ||||
SWEPCO | Southwestern Electric Power Company, an electric utility subsidiary of American Electric Power Company, Inc. |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
ABBREVIATION OR ACRONYM | DEFINITION | ||||
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 |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
PART I — FINANCIAL INFORMATION |
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO | |||||||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2024 | 2023 | |||||||||
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 loss | ( | ( | |||||||||
Interest income | |||||||||||
Allowance for equity funds used during construction | |||||||||||
Equity income from investee before income tax | |||||||||||
Other income, net | |||||||||||
Interest charges | |||||||||||
Interest charges, net | |||||||||||
Allowance for borrowed funds used during construction | ( | ( | |||||||||
Total interest charges | |||||||||||
Loss from continuing operations before income taxes | ( | ( | |||||||||
Federal and state income tax expense | |||||||||||
Loss from continuing operations, net of income taxes | ( | ( | |||||||||
Income from discontinued operations, net of income taxes | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO | |||||||||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2024 | 2023 | |||||||||
Net loss | $ | ( | $ | ( | |||||||
Other comprehensive loss, net of income tax | |||||||||||
Postretirement benefits loss (net of tax benefit of $ | ( | ( | |||||||||
Total other comprehensive loss, net of income tax | ( | ( | |||||||||
Comprehensive loss, net of tax | $ | ( | $ | ( | |||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
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 | |||||||||||
Goodwill | |||||||||||
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) |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
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 | |||||||||||
Post retirement benefit obligations | |||||||||||
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 | |||||||||||
Provision for rate refund | |||||||||||
Customer advances for construction | |||||||||||
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 13) | |||||||||||
Member’s equity | |||||||||||
Total liabilities and member’s equity | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO | ||||||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | ||||||||||||||
(THOUSANDS) | 2024 | 2023 | ||||||||||||
Operating activities | ||||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Provision for credit losses | ||||||||||||||
Electric customer credits | ||||||||||||||
Return on equity investment in investee | ( | |||||||||||||
Unearned compensation expense | ||||||||||||||
Allowance for equity funds used during construction | ( | ( | ||||||||||||
Loss on energy 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 | ( | ( | ||||||||||||
Customer deposits | ||||||||||||||
Regulatory assets and liabilities, net | ||||||||||||||
Asset retirement obligation | ( | ( | ||||||||||||
Deferred fuel recoveries | ||||||||||||||
Other deferred accounts | ||||||||||||||
Taxes accrued | ||||||||||||||
Interest accrued | ||||||||||||||
Energy risk management assets and liabilities, net | ( | ( | ||||||||||||
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 | ( | ( | ||||||||||||
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 | 2024 1ST QUARTER FORM 10-Q |
CLECO | |||||||||||||||||||||||
Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited) | |||||||||||||||||||||||
(THOUSANDS) | MEMBERSHIP INTEREST | RETAINED EARNINGS | AOCI | TOTAL MEMBER’S EQUITY | |||||||||||||||||||
Balances, Dec. 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||
Net loss | — | ( | — | ( | |||||||||||||||||||
Other comprehensive loss, net of tax | — | — | ( | ( | |||||||||||||||||||
Balances, Mar. 31, 2023 | $ | $ | $ | ( | $ | ||||||||||||||||||
Balances, Dec. 31, 2023 | $ | $ | $ | ( | $ | ||||||||||||||||||
Net loss | — | ( | — | ( | |||||||||||||||||||
Other comprehensive loss, net of tax | — | — | ( | ( | |||||||||||||||||||
Balances, Mar. 31, 2024 | $ | $ | $ | ( | $ |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO POWER | |||||||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2024 | 2023 | |||||||||
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 | |||||||||||
Equity income from investee before income tax | |||||||||||
Other (expense) income, net | ( | ||||||||||
Interest charges | |||||||||||
Interest charges, net | |||||||||||
Allowance for borrowed funds used during construction | ( | ( | |||||||||
Total interest charges | |||||||||||
(Loss) income before income taxes | ( | ||||||||||
Federal and state income tax (benefit) expense | ( | ||||||||||
Net (loss) income | $ | ( | $ | ||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO POWER | |||||||||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2024 | 2023 | |||||||||
Net (loss) income | $ | ( | $ | ||||||||
Other comprehensive income, net of income 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 income tax | |||||||||||
Comprehensive (loss) income, net of tax | $ | ( | $ | ||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO POWER | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
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 | |||||||||||
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) | |||||||||||
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO POWER | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
Liabilities and member’s equity | |||||||||||
Member’s equity | $ | $ | |||||||||
Long-term debt and finance leases, net | |||||||||||
Total capitalization | |||||||||||
Current liabilities | |||||||||||
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 | |||||||||||
Post retirement benefit obligations | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Commitments and contingencies (Note 13) | |||||||||||
Long-term liabilities and deferred credits | |||||||||||
Accumulated deferred federal and state income taxes, net | |||||||||||
Postretirement benefit obligations | |||||||||||
Storm reserves | |||||||||||
Asset retirement obligations | |||||||||||
Operating lease liabilities | |||||||||||
Provision for rate refund | |||||||||||
Customer advances for construction | |||||||||||
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 | 2024 1ST QUARTER FORM 10-Q |
CLECO POWER | ||||||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | ||||||||||||||
(THOUSANDS) | 2024 | 2023 | ||||||||||||
Operating activities | ||||||||||||||
Net (loss) income | $ | ( | $ | |||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Provision for credit losses | ||||||||||||||
Electric customer credits | ||||||||||||||
Return on equity investment in investee | ( | |||||||||||||
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 | ||||||||||||||
Energy risk management assets and liabilities, net | ( | |||||||||||||
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 | ( | ( | ||||||||||||
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. |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO POWER | |||||||||||||||||
Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited) | |||||||||||||||||
(THOUSANDS) | MEMBERSHIP INTEREST | AOCI | TOTAL MEMBER’S EQUITY | ||||||||||||||
Balances, Dec. 31, 2022 | $ | $ | ( | $ | |||||||||||||
Net income | — | ||||||||||||||||
Other comprehensive income, net of tax | — | ||||||||||||||||
Balances, Mar. 31, 2023 | $ | $ | ( | $ | |||||||||||||
Balances, Dec. 31, 2023 | $ | $ | ( | $ | |||||||||||||
Net loss | ( | — | ( | ||||||||||||||
Distributions to member | ( | — | ( | ||||||||||||||
Other comprehensive income, net of tax | — | ||||||||||||||||
Balances, Mar. 31, 2024 | $ | $ | ( | $ |
CLECO | ||||||||
CLECO POWER | 2024 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 | Pension Plan and Employee Benefits | Cleco and Cleco Power | ||||||
Note 9 | Income Taxes | Cleco and Cleco Power | ||||||
Note 10 | Segment Disclosures | Cleco | ||||||
Note 11 | Regulation and Rates | Cleco and Cleco Power | ||||||
Note 12 | Variable Interest Entities | Cleco and Cleco Power | ||||||
Note 13 | Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | Cleco and Cleco Power | ||||||
Note 14 | Affiliate Transactions | Cleco and Cleco Power | ||||||
Note 15 | Intangible Assets | Cleco and Cleco Power | ||||||
Note 16 | Accumulated Other Comprehensive Loss | Cleco and Cleco Power | ||||||
Note 17 | Storm Restoration | Cleco and Cleco Power | ||||||
Notes to the Unaudited Condensed Consolidated Financial Statements |
Note 1 — Summary of Significant Accounting Policies |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
Current | |||||||||||
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 | |||||||||||
Total non-current | |||||||||||
Total restricted cash and cash equivalents | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
Current | |||||||||||
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service | $ | $ | |||||||||
Total current | |||||||||||
Non-current | |||||||||||
Future storm restoration costs | |||||||||||
Total non-current | |||||||||||
Total restricted cash and cash equivalents | $ | $ |
Cleco | |||||||||||
(THOUSANDS) | ACCOUNTS RECEIVABLE | OTHER | TOTAL | ||||||||
Balances, Dec. 31, 2023 | $ | $ | $ | ||||||||
Current period provision | |||||||||||
Charge-offs | ( | ( | |||||||||
Recovery | |||||||||||
Balances, Mar. 31, 2024 | $ | $ | $ |
(THOUSANDS) | ACCOUNTS RECEIVABLE | OTHER | TOTAL | ||||||||
Balances, Dec. 31, 2022 | $ | $ | $ | ||||||||
Current period provision | |||||||||||
Charge-offs | ( | ( | |||||||||
Recovery | |||||||||||
Balances, Mar. 31, 2023 | $ | $ | $ |
Cleco Power | |||||
(THOUSANDS) | ACCOUNTS RECEIVABLE | ||||
Balances, Dec. 31, 2023 | $ | ||||
Current period provision | |||||
Charge-offs | ( | ||||
Recovery | |||||
Balances, Mar. 31, 2024 | $ |
(THOUSANDS) | ACCOUNTS RECEIVABLE | ||||
Balances, Dec. 31, 2022 | $ | ||||
Current period provision | |||||
Charge-offs | ( | ||||
Recovery | |||||
Balances, Mar. 31, 2023 | $ |
Note 2 — Recent Authoritative Guidance |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
Note 3 — Discontinued Operations |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2024 | 2023 | |||||||||
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 income | |||||||||||
Other income, net | |||||||||||
Interest, net | ( | ( | |||||||||
Loss on classification as held for sale | ( | ( | |||||||||
Income (loss) from discontinued operations before income taxes | ( | ||||||||||
Federal and state income tax expense (benefit)* | ( | ||||||||||
Income from discontinued operations, net of income taxes | $ | $ |
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
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 | |||||||||||
Accumulated 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 | $ | $ |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2024 | 2023 | |||||||||
Net cash (used in) provided by operating activities - discontinued operations | $ | ( | $ | ||||||||
Net cash provided by (used in) investing activities - discontinued operations | $ | $ | ( |
Note 4 — Revenue Recognition |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, 2024 | |||||||||||||||||||||||
(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 revenue | |||||||||||||||||||||||
Other | (4) | ||||||||||||||||||||||
Total revenue unrelated to contracts with customers | |||||||||||||||||||||||
Operating revenue, net | $ | $ | $ | ( | $ |
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 revenue | |||||||||||||||||||||||
Other | (4) | ||||||||||||||||||||||
Total revenue unrelated to contracts with customers | |||||||||||||||||||||||
Operating revenue, net | $ | $ | $ | ( | $ |
Note 5 — Regulatory Assets and Liabilities |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
Cleco Power | ||||||||||||||||||||
REMAINING RECOVERY PERIOD (YRS.) | ||||||||||||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | ||||||||||||||||||
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) | ||||||||||||||||||||
Coughlin transaction costs | ||||||||||||||||||||
COVID-19 executive order (8) | ||||||||||||||||||||
Deferred lignite and mine closure costs (7) | ||||||||||||||||||||
Deferred storm restoration costs - Hurricane Delta (6) | ||||||||||||||||||||
Deferred storm restoration costs - Hurricane Laura (6) | ||||||||||||||||||||
Deferred storm restoration costs - Hurricane Zeta (6) | ||||||||||||||||||||
Deferred taxes, net | Various | |||||||||||||||||||
Dolet Hills Power Station closure costs (7) | ||||||||||||||||||||
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, 2024, and December 31, 2023. All other assets are earning a return on investment. (2) Amortized over the estimated lives of the respective assets. (3) Amortized over the terms of the related debt issuances. (4) Amortized over the average service life of the remaining plan participants. (5) Deferral is recovered over the following -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. In the second quarter of 2024, Cleco Power intends to file an application with the LPSC for a financing order for securitization of these costs. For more information, see Note 13 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review.” (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 | 2024 1ST QUARTER FORM 10-Q |
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
Total Cleco Power regulatory assets, net | $ | $ | |||||||||
2016 Merger adjustments (1) | |||||||||||
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 | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
Cleco | |||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS AT REPORTING DATE | |||||||||||||||||||||||||||||||||||||||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | AT DEC. 31, 2023 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||||||||||||||||||||||||||||||||||||||
Asset description | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
FTRs | |||||||||||||||||||||||||||||||||||||||||||||||
Natural gas derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liability description | |||||||||||||||||||||||||||||||||||||||||||||||
FTRs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Natural gas derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Cleco Power | |||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS AT REPORTING DATE | |||||||||||||||||||||||||||||||||||||||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | AT DEC. 31, 2023 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||||||||||||||||||||||||||||||||||||||
Asset description | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
FTRs | |||||||||||||||||||||||||||||||||||||||||||||||
Natural gas derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liability description | |||||||||||||||||||||||||||||||||||||||||||||||
FTRs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Natural gas derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Current restricted cash and cash equivalents | $ | $ | |||||||||
Non-current restricted cash and cash equivalents | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
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) | 2024 | 2023 | |||||||||
Balances, beginning of period | $ | $ | |||||||||
Unrealized losses* | ( | ( | |||||||||
Purchases | ( | ( | |||||||||
Settlements | ( | ( | |||||||||
Balances, end of period | $ | $ | |||||||||
*Unrealized losses are reported through Accumulated deferred fuel on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets. |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT UNOBSERVABLE INPUTS | FORWARD PRICE RANGE | ||||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT FORWARD PRICE RANGE) | ASSETS | LIABILITIES | LOW | HIGH | |||||||||||||||||||||||||||||||
FTRs at Mar. 31, 2024 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ | ||||||||||||||||||||||||||||
FTRs at Dec. 31, 2023 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ |
Cleco | |||||||||||||||||||||||
AT MAR. 31, 2024 | AT DEC. 31, 2023 | ||||||||||||||||||||||
(THOUSANDS) | CARRYING VALUE* | FAIR VALUE | CARRYING VALUE* | FAIR VALUE | |||||||||||||||||||
Long-term debt | $ | $ | $ | $ |
Cleco Power | |||||||||||||||||||||||
AT MAR. 31, 2024 | AT DEC. 31, 2023 | ||||||||||||||||||||||
(THOUSANDS) | CARRYING VALUE* | FAIR VALUE | CARRYING VALUE* | FAIR VALUE | |||||||||||||||||||
Long-term debt | $ | $ | $ | $ |
Note 7 —Derivative Instruments |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
Cleco | ||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||||
Commodity-related contracts | ||||||||||||||
FTRs | ||||||||||||||
Current | $ | $ | ||||||||||||
Current | ( | ( | ||||||||||||
Natural gas derivatives | ||||||||||||||
Current | Energy risk management assets | |||||||||||||
Current | ( | ( | ||||||||||||
Commodity-related contracts, net | $ | ( | $ | ( |
Cleco Power | |||||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | |||||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT MAR. 31, 2024 | AT DEC. 31, 2023 | ||||||||||||||
Commodity-related contracts | |||||||||||||||||
FTRs | |||||||||||||||||
Current | $ | $ | |||||||||||||||
Current | ( | ( | |||||||||||||||
Natural gas derivatives | |||||||||||||||||
Current | Energy risk management assets | ||||||||||||||||
Current | ( | ( | |||||||||||||||
Commodity-related contracts, net | $ | ( | $ | ( |
Cleco | |||||||||||||||||
AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME | |||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||
(THOUSANDS) | INCOME STATEMENT LINE ITEM | 2024 | 2023 | ||||||||||||||
Commodity-related contracts | |||||||||||||||||
FTRs(1) | Electric operations | $ | $ | ||||||||||||||
FTRs(1) | Purchased power | ( | ( | ||||||||||||||
Natural gas derivatives(2) | Fuel used for electric generation | ( | ( | (3) | |||||||||||||
Total | $ | ( | $ | ( |
Cleco Power | ||||||||||||||
AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME | ||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | ||||||||||||||
(THOUSANDS) | INCOME STATEMENT LINE ITEM | 2024 | 2023 | |||||||||||
Commodity-related contracts | ||||||||||||||
FTRs(1) | Electric operations | $ | $ | |||||||||||
FTRs(1) | Purchased power | ( | ( | |||||||||||
Natural gas derivatives(2) | Fuel used for electric generation | ( | ( | |||||||||||
Total | $ | ( | $ | ( |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
Cleco | |||||||||||||||||
UNIT OF MEASURE | TOTAL VOLUME OUTSTANDING | ||||||||||||||||
(THOUSAND) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||||||||
Commodity-related contracts | |||||||||||||||||
FTRs | MWh | ||||||||||||||||
Natural gas derivatives | MMBtus |
Cleco Power | |||||||||||||||||
UNIT OF MEASURE | TOTAL VOLUME OUTSTANDING | ||||||||||||||||
(THOUSAND) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||||||||
Commodity-related contracts | |||||||||||||||||
FTRs | MWh | ||||||||||||||||
Natural gas derivatives | MMBtus |
Note 8 — Pension Plan and Employee Benefits |
PENSION BENEFITS | OTHER BENEFITS | ||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | FOR THE THREE MONTHS ENDED MAR. 31, | ||||||||||||||||||||||
(THOUSANDS) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Components of periodic benefit costs | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortizations | |||||||||||||||||||||||
Net loss (gain) | ( | ||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | |||||||||||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2024 | 2023 | |||||||||
Components of periodic benefit costs | |||||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Amortizations | |||||||||||
Prior period service credit | ( | ( | |||||||||
Net gain | ( | ( | |||||||||
Net periodic benefit cost | $ | $ | |||||||||
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2024 | 2023 | |||||||||
401(k) Plan expense | $ | $ |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2024 | 2023 | |||||||||
401(k) Plan expense | $ | $ |
Note 9 — Income Taxes |
Cleco | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
2024 | 2023 | ||||||||||
Effective tax rate | ( | % | ( | % |
Cleco Power | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
2024 | 2023 | ||||||||||
Effective tax rate | % | % |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
Note 10 — Segment Disclosures |
Segment Information | |||||
FOR THE THREE MONTHS ENDED MAR. 31, 2024 (THOUSANDS) | CLECO POWER | ||||
Revenue | |||||
Electric operations | $ | ||||
Other operations | |||||
Affiliate revenue | |||||
Electric customer credits | ( | ||||
Operating revenue, net | $ | ||||
Net loss | $ | ( | |||
Add: Depreciation and amortization | |||||
Less: Interest income | |||||
Add: Interest charges | |||||
Add: Federal and state income tax benefit | ( | ||||
EBITDA | $ | ||||
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, 2024 (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 (benefit) expense | $ | ( | $ | $ | $ | ||||||||||||||||||
Loss from continuing operations, net of income taxes | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Income from discontinued operations, net of income taxes | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Additions to property, plant, and equipment | $ | $ | ( | $ | $ | ||||||||||||||||||
Equity investment in investee (2) | $ | $ | ( | $ | $ | ||||||||||||||||||
Goodwill (2) | $ | $ | $ | $ | |||||||||||||||||||
Total segment assets (2) | $ | $ | $ | $ | |||||||||||||||||||
(1) Includes $ (2) Balances at March 31, 2024. |
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 | $ | ||||
FOR THE THREE MONTHS ENDED MAR. 31, 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 | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Income from discontinued operations, net of income taxes | |||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Additions to property, plant, and equipment | $ | $ | $ | $ | |||||||||||||||||||
Equity investment in investees (2) | $ | $ | ( | $ | $ | ||||||||||||||||||
Goodwill (2) | $ | $ | $ | $ | |||||||||||||||||||
Total segment assets (2) | $ | $ | $ | $ | |||||||||||||||||||
(1) Includes $ (2) Balances at December 31, 2023. |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2024 | 2023 | |||||||||
Net loss | $ | ( | $ | ( | |||||||
Less: income from discontinued operations, net of income taxes | |||||||||||
Loss from continuing operations, net of income taxes | $ | ( | $ | ( | |||||||
Add: Depreciation and amortization | |||||||||||
Less: Interest income | |||||||||||
Add: Interest charges | |||||||||||
Add: Federal and state income tax expense | |||||||||||
Add: Other corporate costs and noncash items (1) (2) | |||||||||||
Total segment EBITDA | $ | $ | |||||||||
(1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA. (2) Includes loss on Cleco Cajun’s natural gas derivatives of $( |
Note 11 — Regulation and Rates |
Note 12— Variable Interest Entities |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | ||||||
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 | ||||||||
Total liabilities | ||||||||
Member’s equity | ||||||||
Total liabilities and member’s equity | $ | $ |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2024 | 2023 | |||||||||
Operating revenue | $ | $ | |||||||||
Operating expenses | ( | ( | |||||||||
Interest income | |||||||||||
Interest charges, net | ( | ( | |||||||||
Income before taxes | $ | $ |
INCEPTION TO DATE (THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
Purchase price | $ | $ | |||||||||
Cash contributions | |||||||||||
Distributions | ( | ( | |||||||||
Equity income from investee | |||||||||||
Total equity investment in investee | $ | $ |
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
Oxbow’s net assets/liabilities | $ | $ | |||||||||
Cleco Power’s | $ | $ | |||||||||
Cleco Power’s maximum exposure to loss | $ | $ |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2024 | 2023 | |||||||||
Operating revenue | $ | $ | |||||||||
Operating expenses | ( | ( | |||||||||
Gain on sale of property | |||||||||||
Interest income | ( | ||||||||||
Income before taxes | $ | $ |
Note 13 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
Note 14 — Affiliate Transactions |
AT MAR. 31, 2024 | AT DEC. 31, 2023 | ||||||||||||||||||||||
(THOUSANDS) | AFFILIATE RECEIVABLE | AFFILIATE PAYABLE | AFFILIATE RECEIVABLE | AFFILIATE PAYABLE | |||||||||||||||||||
Cleco Holdings | $ | $ | $ | $ | |||||||||||||||||||
Support Group | |||||||||||||||||||||||
Cleco Cajun | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Note 15 — Intangible Assets |
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
Storm Recovery Property intangible asset | $ | $ | |||||||||
Accumulated amortization | ( | ( | |||||||||
Net intangible asset subject to amortization | $ | $ |
Cleco | |||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2024 | 2023 | |||||||||
Amortization expense | |||||||||||
Power supply agreements | $ | $ |
Cleco | |||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | AT DEC. 31, 2023 | |||||||||
Power supply agreements | $ | $ | |||||||||
Accumulated amortization | ( | ( | |||||||||
Net intangible assets subject to amortization | $ | $ |
Note 16 — Accumulated Other Comprehensive Loss |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
Cleco | |||||
FOR THE THREE MONTHS ENDED MAR. 31, 2024 | |||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET LOSS | ||||
Balance, Dec. 31, 2023 | $ | ( | |||
Amounts reclassified from AOCI | |||||
Amortization of postretirement benefit net gain | ( | ||||
Balance, Mar. 31, 2024 | $ | ( |
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 | $ | ( |
Cleco Power | |||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, 2024 | |||||||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET LOSS | NET LOSS ON CASH FLOW HEDGES | TOTAL AOCI | ||||||||||||||
Balances, Dec. 31, 2023 | $ | ( | $ | ( | $ | ( | |||||||||||
Amounts reclassified from AOCI | |||||||||||||||||
Amortization of postretirement benefit net loss | — | ||||||||||||||||
Reclassification of net loss to interest charges | — | ||||||||||||||||
Balances, Mar. 31, 2024 | $ | ( | $ | ( | $ | ( |
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 | $ | ( | $ | ( | $ | ( |
Note 17 — Storm Restoration |
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
OVERVIEW |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
RESULTS OF OPERATIONS |
Cleco | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2024 | 2023 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue, net | $ | 276,842 | $ | 320,581 | $ | (43,739) | (13.6) | % | |||||||||||||||
Operating expenses | 291,219 | 363,509 | 72,290 | 19.9 | % | ||||||||||||||||||
Operating loss | (14,377) | (42,928) | 28,551 | 66.5 | % | ||||||||||||||||||
Interest income | 1,408 | 1,267 | 141 | 11.1 | % | ||||||||||||||||||
Allowance for equity funds used during construction | 134 | 1,231 | (1,097) | (89.1) | % | ||||||||||||||||||
Equity income from investee before income tax | 677 | $ | — | $ | 677 | 100.0 | % | ||||||||||||||||
Other income, net | 1,398 | 536 | 862 | 160.8 | % | ||||||||||||||||||
Interest charges | 40,762 | 39,488 | (1,274) | (3.2) | % | ||||||||||||||||||
Federal and state income tax expense | 37,671 | 43,693 | 6,022 | 13.8 | % | ||||||||||||||||||
Loss from continuing operations, net of income taxes | (89,193) | (123,075) | 33,882 | 27.5 | % | ||||||||||||||||||
Income from discontinued operations, net of income taxes | 31,962 | 19,053 | 12,909 | 67.8 | % | ||||||||||||||||||
Net loss | $ | (57,231) | $ | (104,022) | $ | 46,791 | 45.0 | % | |||||||||||||||
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
Cleco Power | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2024 | 2023 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Base | $ | 154,028 | $ | 144,286 | $ | 9,742 | 6.8 | % | |||||||||||||||
Fuel cost and purchased power recovery | 99,766 | 152,062 | (52,296) | (34.4) | % | ||||||||||||||||||
Electric customer credits | (1,847) | (651) | (1,196) | (183.7) | % | ||||||||||||||||||
Other operations | 27,218 | 27,303 | (85) | (0.3) | % | ||||||||||||||||||
Affiliate revenue | 8,869 | 1,688 | 7,181 | 425.4 | % | ||||||||||||||||||
Operating revenue, net | 288,034 | 324,688 | (36,654) | (11.3) | % | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Recoverable fuel and purchased power | 99,788 | 151,824 | 52,036 | 34.3 | % | ||||||||||||||||||
Non-recoverable fuel and purchased power | 7,794 | 7,225 | (569) | (7.9) | % | ||||||||||||||||||
Other operations and maintenance | 56,797 | 53,988 | (2,809) | (5.2) | % | ||||||||||||||||||
Depreciation and amortization | 94,004 | 50,733 | (43,271) | (85.3) | % | ||||||||||||||||||
Taxes other than income taxes | 15,646 | 15,995 | 349 | 2.2 | % | ||||||||||||||||||
Total operating expenses | 274,029 | 279,765 | 5,736 | 2.1 | % | ||||||||||||||||||
Operating income | 14,005 | 44,923 | (30,918) | (68.8) | % | ||||||||||||||||||
Interest income | 1,288 | 1,185 | 103 | 8.7 | % | ||||||||||||||||||
Allowance for equity funds used during construction | 134 | 1,231 | (1,097) | (89.1) | % | ||||||||||||||||||
Equity income from investee before income tax | 677 | — | 677 | 100.0 | % | ||||||||||||||||||
Other (expense) income, net | (228) | 1,306 | (1,534) | (117.5) | % | ||||||||||||||||||
Interest charges | 23,484 | 24,338 | 854 | 3.5 | % | ||||||||||||||||||
Federal and state income tax (benefit) expense | (960) | 1,490 | 2,450 | 164.4 | % | ||||||||||||||||||
Net (loss) income | $ | (6,648) | $ | 22,817 | $ | (29,465) | (129.1) | % | |||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||
(MILLION kWh) | 2024 | 2023 | FAVORABLE/ (UNFAVORABLE) | ||||||||||||||
Electric sales | |||||||||||||||||
Residential | 808 | 754 | 7.2 | % | |||||||||||||
Commercial | 586 | 580 | 1.0 | % | |||||||||||||
Industrial | 540 | 526 | 2.7 | % | |||||||||||||
Other retail | 30 | 30 | — | % | |||||||||||||
Total retail | 1,964 | 1,890 | 3.9 | % | |||||||||||||
Sales for resale | 616 | 644 | (4.3) | % | |||||||||||||
Total retail and wholesale customer sales | 2,580 | 2,534 | 1.8 | % |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||
(THOUSANDS) | 2024 | 2023 | FAVORABLE/ (UNFAVORABLE) | ||||||||||||||
Electric sales | |||||||||||||||||
Residential | $ | 64,548 | $ | 60,193 | 7.2 | % | |||||||||||
Commercial | 48,708 | 46,043 | 5.8 | % | |||||||||||||
Industrial | 22,660 | 20,587 | 10.1 | % | |||||||||||||
Other retail | 2,728 | 2,788 | (2.2) | % | |||||||||||||
Total retail | 138,644 | 129,611 | 7.0 | % | |||||||||||||
Sales for resale | 15,384 | 14,675 | 4.8 | % | |||||||||||||
Total base revenue | $ | 154,028 | $ | 144,286 | 6.8 | % |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||||||||||||||
2024 CHANGE | |||||||||||||||||||||||||||||
2024 | 2023 | NORMAL | PRIOR YEAR | NORMAL | |||||||||||||||||||||||||
Heating degree-days | 770 | 517 | 843 | 48.9 | % | (8.7) | % | ||||||||||||||||||||||
Cooling degree-days | 91 | 279 | 100 | (67.4) | % | (9.0) | % |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||
(THOUSANDS) | 2024 | 2023 | |||||||||
Net (loss) income | $ | (6,648) | $ | 22,817 | |||||||
Add: Depreciation and amortization | 94,004 | 50,733 | |||||||||
Less: Interest income | 1,288 | 1,185 | |||||||||
Add: Interest charges | 23,484 | 24,338 | |||||||||
Add: Federal and state income tax (benefit) expense | (960) | 1,490 | |||||||||
EBITDA | $ | 108,592 | $ | 98,193 |
FINANCIAL CONDITION |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
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 | 2024 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO | |||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||
(THOUSANDS) | 2024 | 2023 | VARIANCE | ||||||||||||||
Net cash provided by operating activities | $ | 121,160 | $ | 112,441 | $ | 8,719 | |||||||||||
Net cash used in investing activities | $ | (36,400) | $ | (59,603) | $ | 23,203 | |||||||||||
Net cash used in financing activities | $ | (23,063) | $ | (25,445) | $ | 2,382 | |||||||||||
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO POWER | |||||||||||||||||
FOR THE THREE MONTHS ENDED MAR. 31, | |||||||||||||||||
(THOUSANDS) | 2024 | 2023 | VARIANCE | ||||||||||||||
Net cash provided by operating activities | $ | 102,144 | $ | 137,142 | $ | (34,998) | |||||||||||
Net cash used in investing activities | $ | (38,930) | $ | (57,653) | $ | 18,723 | |||||||||||
Net cash used in financing activities | $ | (48,063) | $ | (48,421) | $ | 358 | |||||||||||
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
CRITICAL ACCOUNTING ESTIMATES |
CLECO POWER — NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
RISK OVERVIEW |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED MAR. 31, 2024 | |||||||||||||||||||||||
(THOUSANDS) | AT MAR. 31, 2024 | HIGH | LOW | AVERAGE | |||||||||||||||||||
Cleco | $ | 8,554 | $ | 13,406 | $ | 8,063 | $ | 10,186 | |||||||||||||||
Cleco Power | $ | 3,203 | $ | 6,303 | $ | 2,840 | $ | 4,052 |
ITEM 4. CONTROLS AND PROCEDURES |
CLECO | ||||||||
CLECO POWER | 2024 1ST QUARTER FORM 10-Q |
PART II — OTHER INFORMATION |
ITEM 1. LEGAL PROCEEDINGS |
CLECO |
CLECO POWER |
ITEM 1A. RISK FACTORS |
ITEM 5. OTHER INFORMATION |
ITEM 6. EXHIBITS | ||||||||
CLECO | ||||||||
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
CLECO POWER | ||||||||
10.1 | ||||||||
31.3 | ||||||||
31.4 | ||||||||
32.3 | ||||||||
32.4 | ||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
CLECO | ||||||||
CLECO POWER | 2024 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 |
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 8, 2024 |
/s/ William G. Fontenot | |||||
William G. Fontenot President and Chief Executive Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 31.2 |
Date: | May 8, 2024 |
/s/ Kristin L. Guillory | |||||
Kristin L. Guillory Chief Financial Officer |
CLECO POWER LLC | EXHIBIT 31.3 |
Date: | May 8, 2024 |
/s/ William G. Fontenot | |||||
William G. Fontenot Chief Executive Officer |
CLECO POWER LLC | EXHIBIT 31.4 |
Date: | May 8, 2024 |
/s/ Kristin L. Guillory | |||||
Kristin L. Guillory Chief Financial Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 32.1 |
Date: | May 8, 2024 |
/s/ William G. Fontenot | |||||
William G. Fontenot President and Chief Executive Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 32.2 |
Date: | May 8, 2024 |
/s/ Kristin L. Guillory | |||||
Kristin L. Guillory Chief Financial Officer |
CLECO POWER LLC | EXHIBIT 32.3 |
Date: | May 8, 2024 |
/s/ William G. Fontenot | |||||
William G. Fontenot Chief Executive Officer |
CLECO POWER LLC | EXHIBIT 32.4 |
Date: | May 8, 2024 |
/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, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (57,231) | $ (104,022) |
Other comprehensive loss, net of income tax | ||
Postretirement benefits (loss) gain, net of tax (benefit) expense | (299) | (422) |
Other comprehensive income, net of tax | (299) | (422) |
Comprehensive loss, net of tax | $ (57,530) | $ (104,444) |
Cleco Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Tax benefit of postretirement benefits loss | $ 108 | $ 156 |
Cleco Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for credit losses | $ 1,822 | $ 3,012 |
Cleco Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 190,830 | $ 122,576 |
Restricted cash and cash equivalents, current | 7,684 | 15,818 |
Restricted cash and cash equivalents, noncurrent | 114,977 | 113,573 |
Cash, cash equivalents, and restricted cash equivalents in assets held for sale | $ 4,273 | $ 4,100 |
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, 2022 | $ 2,947,067 | $ 2,454,276 | $ 492,732 | $ 59 |
Increase (Decrease) in Equity [Roll Forward] | ||||
Net loss | (104,022) | (104,022) | ||
Other comprehensive loss, net of tax | (422) | (422) | ||
Balances, end of period at Mar. 31, 2023 | 2,842,623 | 2,454,276 | 388,710 | (363) |
Balances, beginning of period at Dec. 31, 2023 | 2,873,173 | 2,454,276 | 424,009 | (5,112) |
Increase (Decrease) in Equity [Roll Forward] | ||||
Net loss | (57,231) | (57,231) | ||
Other comprehensive loss, net of tax | (299) | (299) | ||
Balances, end of period at Mar. 31, 2024 | $ 2,815,643 | $ 2,454,276 | $ 366,778 | $ (5,411) |
Cleco Power Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Operating revenue | ||
Electric operations | $ 251,471 | $ 293,928 |
Other operations | 27,218 | 27,304 |
Affiliate revenue | 0 | 0 |
Gross operating revenue | 278,689 | 321,232 |
Electric customer credits | (1,847) | (651) |
Operating revenue, net | 276,842 | 320,581 |
Operating expenses | ||
Fuel used for electric generation | 80,737 | 195,977 |
Purchased power | 37,791 | 40,438 |
Other operations and maintenance | 60,540 | 57,518 |
Depreciation and amortization | 96,052 | 52,789 |
Taxes other than income taxes | 16,099 | 16,787 |
Total operating expenses | 291,219 | 363,509 |
Operating loss | (14,377) | (42,928) |
Interest income | 1,408 | 1,267 |
Allowance for equity funds used during construction | 134 | 1,231 |
Equity income from investee before income tax | 677 | 0 |
Other (expense) income, net | 1,398 | 536 |
Interest charges | ||
Interest charges, net | 42,792 | 40,005 |
Allowance for borrowed funds used during construction | (2,030) | (517) |
Total interest charges | 40,762 | 39,488 |
Loss from continuing operations before income taxes | (51,522) | (79,382) |
Federal and state income tax (benefit) expense | 37,671 | 43,693 |
Net loss | (57,231) | (104,022) |
CLECO POWER | ||
Operating revenue | ||
Electric operations | 253,794 | 296,348 |
Other operations | 27,218 | 27,303 |
Affiliate revenue | 8,869 | 1,688 |
Gross operating revenue | 289,881 | 325,339 |
Electric customer credits | (1,847) | (651) |
Operating revenue, net | 288,034 | 324,688 |
Operating expenses | ||
Fuel used for electric generation | 69,791 | 118,611 |
Purchased power | 37,791 | 40,438 |
Other operations and maintenance | 56,797 | 53,988 |
Depreciation and amortization | 94,004 | 50,733 |
Taxes other than income taxes | 15,646 | 15,995 |
Total operating expenses | 274,029 | 279,765 |
Operating loss | 14,005 | 44,923 |
Interest income | 1,288 | 1,185 |
Allowance for equity funds used during construction | 134 | 1,231 |
Equity income from investee before income tax | 677 | 0 |
Other (expense) income, net | (228) | 1,306 |
Interest charges | ||
Interest charges, net | 25,514 | 24,855 |
Allowance for borrowed funds used during construction | (2,030) | (517) |
Total interest charges | 23,484 | 24,338 |
Loss from continuing operations before income taxes | (7,608) | 24,307 |
Federal and state income tax (benefit) expense | (960) | 1,490 |
Net loss | $ (6,648) | $ 22,817 |
Cleco Power Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Net loss | $ (57,231) | $ (104,022) |
Other comprehensive income, net of income tax | ||
Postretirement benefits gain, net of tax expense | (299) | (422) |
Total other comprehensive loss, net of income tax | (299) | (422) |
Comprehensive loss, net of tax | (57,530) | (104,444) |
CLECO POWER | ||
Net loss | (6,648) | 22,817 |
Other comprehensive income, net of income tax | ||
Postretirement benefits gain, net of tax expense | 190 | 96 |
Amortization of interest rate derivatives to earnings (net of tax expense of ) | 64 | 63 |
Total other comprehensive loss, net of income tax | 254 | 159 |
Comprehensive loss, net of tax | $ (6,394) | $ 22,976 |
Cleco Power Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Tax expense of postretirement benefits gain | $ 108 | $ 156 |
CLECO POWER | ||
Tax expense of postretirement benefits gain | 70 | 36 |
Tax expense on amortization of interest rate derivatives to earnings | $ 23 | $ 23 |
Cleco Power Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Utility plant and equipment | ||
Property, plant, and equipment | $ 4,906,368 | $ 4,838,994 |
Accumulated depreciation | (977,933) | (924,624) |
Net property, plant, and equipment | 3,928,435 | 3,914,370 |
Construction work in progress | 96,512 | 119,572 |
Total property, plant, and equipment, net | 4,024,947 | 4,033,942 |
Current assets | ||
Cash and cash equivalents | 190,830 | 122,576 |
Restricted cash and cash equivalents | 7,684 | 15,818 |
Other accounts receivable | 23,124 | 30,518 |
Unbilled revenue | 35,978 | 42,856 |
Fuel inventory, at average cost | 61,241 | 68,387 |
Materials and supplies, at average cost | 147,307 | 141,688 |
Energy risk management assets | 5,429 | 8,129 |
Accumulated deferred fuel | 9,382 | 11,627 |
Cash surrender value of company-/trust-owned life insurance policies | 60,290 | 56,922 |
Prepayments | 22,779 | 24,269 |
Regulatory assets | 289,853 | 34,280 |
Other current assets | 2,056 | 918 |
Total current assets | 1,071,469 | 790,667 |
Operating lease right of use assets | 19,380 | 20,070 |
Restricted cash and cash equivalents | 114,977 | 113,573 |
Note receivable | 11,747 | 11,990 |
Regulatory assets - deferred taxes, net | 44,157 | 43,866 |
Regulatory assets | 316,335 | 615,495 |
Other deferred charges | 23,298 | 24,484 |
Total assets | 8,056,962 | 8,100,393 |
Liabilities and member’s equity | ||
Member’s equity | 2,815,643 | 2,873,173 |
Long-term debt and finance leases, net | 3,132,317 | 3,141,924 |
Current liabilities | ||
Long-term debt and finance leases due within one year | 257,298 | 256,811 |
Customer deposits | 57,545 | 56,982 |
Provision for rate refund | 22,068 | 60,768 |
Taxes payable | 88,088 | 19,963 |
Interest accrued | 41,120 | 22,209 |
Energy risk management liabilities | 13,043 | 15,786 |
Regulatory liabilities - deferred taxes, net | 12,531 | 21,939 |
Post retirement benefit obligations | 35,520 | 35,520 |
Other current liabilities | 22,822 | 24,378 |
Total current liabilities | 789,818 | 808,136 |
Commitments and contingencies (Note 13) | ||
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 800,802 | 801,397 |
Postretirement benefit obligations | 196,009 | 196,321 |
Storm reserves | 112,906 | 111,509 |
Asset retirement obligations | 12,559 | 13,723 |
Operating lease liabilities | 16,634 | 17,276 |
Provision for rate refund | 40,000 | 0 |
Customer advances for construction | 26,255 | 26,815 |
Other deferred credits | 37,732 | 34,186 |
Total long-term liabilities and deferred credits | 1,319,184 | 1,277,160 |
Total liabilities and member’s equity | 8,056,962 | 8,100,393 |
Securitization | ||
Current assets | ||
Intangible asset - securitization | 395,331 | 398,658 |
Nonrelated Party | ||
Current assets | ||
Accounts receivable | 42,473 | 48,949 |
Current liabilities | ||
Accounts payable | 77,758 | 119,801 |
Affiliate | ||
Current assets | ||
Accounts receivable | 24,247 | 24,216 |
Current liabilities | ||
Accounts payable | 10,688 | 10,683 |
CLECO POWER | ||
Utility plant and equipment | ||
Property, plant, and equipment | 6,037,997 | 5,969,355 |
Accumulated depreciation | (2,295,667) | (2,244,217) |
Net property, plant, and equipment | 3,742,330 | 3,725,138 |
Construction work in progress | 94,986 | 118,249 |
Total property, plant, and equipment, net | 3,837,316 | 3,843,387 |
Current assets | ||
Cash and cash equivalents | 71,092 | 49,211 |
Restricted cash and cash equivalents | 7,684 | 15,818 |
Other accounts receivable | 22,420 | 27,768 |
Unbilled revenue | 35,978 | 42,856 |
Fuel inventory, at average cost | 61,241 | 68,387 |
Materials and supplies, at average cost | 147,307 | 141,688 |
Energy risk management assets | 5,333 | 3,087 |
Accumulated deferred fuel | 9,382 | 11,627 |
Cash surrender value of company-/trust-owned life insurance policies | 9,875 | 9,792 |
Prepayments | 18,436 | 17,375 |
Regulatory assets | 282,118 | 26,545 |
Other current assets | 2,229 | 918 |
Total current assets | 719,651 | 468,564 |
Operating lease right of use assets | 19,380 | 20,070 |
Restricted cash and cash equivalents | 114,953 | 113,549 |
Note receivable | 11,747 | 11,990 |
Regulatory assets - deferred taxes, net | 44,157 | 43,866 |
Regulatory assets | 208,980 | 505,623 |
Other deferred charges | 22,748 | 23,835 |
Total assets | 5,374,263 | 5,429,542 |
Liabilities and member’s equity | ||
Member’s equity | 2,016,843 | 2,063,237 |
Long-term debt and finance leases, net | 1,689,187 | 1,697,152 |
Total capitalization | 3,706,030 | 3,760,389 |
Current liabilities | ||
Long-term debt and finance leases due within one year | 190,679 | 190,314 |
Customer deposits | 57,545 | 56,982 |
Provision for rate refund | 22,068 | 60,768 |
Taxes payable | 45,360 | 23,709 |
Interest accrued | 23,836 | 11,752 |
Energy risk management liabilities | 13,004 | 15,112 |
Regulatory liabilities - deferred taxes, net | 12,531 | 21,939 |
Post retirement benefit obligations | 30,777 | 30,777 |
Other current liabilities | 14,159 | 14,617 |
Total current liabilities | 489,161 | 534,735 |
Commitments and contingencies (Note 13) | ||
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 805,573 | 806,560 |
Postretirement benefit obligations | 132,169 | 132,321 |
Storm reserves | 112,906 | 111,509 |
Asset retirement obligations | 12,433 | 13,598 |
Operating lease liabilities | 16,634 | 17,276 |
Provision for rate refund | 40,000 | 0 |
Customer advances for construction | 26,255 | 26,815 |
Other deferred credits | 33,102 | 26,339 |
Total long-term liabilities and deferred credits | 1,179,072 | 1,134,418 |
Total liabilities and member’s equity | 5,374,263 | 5,429,542 |
CLECO POWER | Securitization | ||
Current assets | ||
Intangible asset - securitization | 395,331 | 398,658 |
CLECO POWER | Nonrelated Party | ||
Current assets | ||
Accounts receivable | 42,473 | 48,949 |
Current liabilities | ||
Accounts payable | 68,541 | 95,565 |
CLECO POWER | Affiliate | ||
Current assets | ||
Accounts receivable | 4,083 | 4,543 |
Current liabilities | ||
Accounts payable | $ 10,661 | $ 13,200 |
Cleco Power Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Accounts receivable, allowance for credit losses | $ 1,822 | $ 3,012 |
CLECO POWER | ||
Accounts receivable, allowance for credit losses | $ 1,822 | $ 3,012 |
Cleco Power Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
||||
Operating activities | |||||
Net (loss) income | $ (57,231) | $ (104,022) | |||
Adjustments to reconcile net loss to net cash provided by operating activities | |||||
Depreciation and amortization | 100,558 | 75,265 | |||
Provision for credit losses | 142 | 1,240 | |||
Electric customer credits | 1,300 | 0 | |||
Return on equity investment in investee | (677) | 0 | |||
Allowance for equity funds used during construction | (134) | (1,231) | |||
Deferred income taxes | (10,750) | (48,775) | |||
Changes in assets and liabilities | |||||
Unbilled revenue | 6,878 | 5,407 | |||
Fuel inventory and materials and supplies | (11,263) | (69,708) | |||
Prepayments | (1,619) | 437 | |||
Customer deposits | 2,460 | 565 | |||
Regulatory assets and liabilities, net | 3,106 | 2,115 | |||
Asset retirement obligation | (1,202) | (3,522) | |||
Deferred fuel recoveries | 1,328 | 56,887 | |||
Other deferred accounts | 8,471 | 1,434 | |||
Taxes accrued | 68,396 | 21,501 | |||
Interest accrued | 18,910 | 15,849 | |||
Energy risk management assets and liabilities, net | (4,882) | (6,500) | |||
Other operating | (8,751) | 406 | |||
Net cash provided by operating activities | 121,160 | 112,441 | |||
Investing activities | |||||
Additions to property, plant, and equipment | (36,964) | (60,099) | |||
Other investing | 564 | 496 | |||
Net cash used in investing activities | (36,400) | (59,603) | |||
Financing activities | |||||
Payments on revolving credit facility | (15,000) | (63,000) | |||
Repayment of long-term debt | (7,844) | (3,204) | |||
Other financing | (219) | (241) | |||
Net cash used in financing activities | (23,063) | (25,445) | |||
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 61,697 | 27,393 | |||
Supplementary cash flow information | |||||
Interest paid, net of amount capitalized | 23,275 | 24,358 | |||
Supplementary non-cash investing and financing activities | |||||
Accrued additions to property, plant, and equipment | 13,363 | 5,839 | |||
Nonrelated Party | |||||
Changes in assets and liabilities | |||||
Accounts receivable | 37,027 | 45,141 | |||
Accounts payable | (51,854) | (38,070) | |||
CLECO POWER | |||||
Operating activities | |||||
Net (loss) income | (6,648) | 22,817 | |||
Adjustments to reconcile net loss to net cash provided by operating activities | |||||
Depreciation and amortization | 95,358 | 52,194 | |||
Provision for credit losses | 142 | 1,240 | |||
Electric customer credits | 1,300 | 0 | |||
Return on equity investment in investee | (677) | 0 | |||
Allowance for equity funds used during construction | (134) | (1,231) | |||
Deferred income taxes | (11,344) | (7,380) | |||
Changes in assets and liabilities | |||||
Unbilled revenue | 6,878 | 5,407 | |||
Fuel inventory and materials and supplies | 1,521 | (46,325) | |||
Prepayments | (203) | 2,930 | |||
Customer deposits | 2,460 | 565 | |||
Regulatory assets and liabilities, net | 2,609 | 1,618 | |||
Asset retirement obligation | (1,197) | (3,505) | |||
Deferred fuel recoveries | 1,328 | 56,887 | |||
Other deferred accounts | 8,078 | 5,613 | |||
Taxes accrued | 21,223 | 19,249 | |||
Interest accrued | 12,084 | 7,557 | |||
Energy risk management assets and liabilities, net | (4,882) | 0 | |||
Other operating | (2,714) | 688 | |||
Net cash provided by operating activities | 102,144 | 137,142 | |||
Investing activities | |||||
Additions to property, plant, and equipment | (39,494) | (58,066) | |||
Other investing | 564 | 413 | |||
Net cash used in investing activities | (38,930) | (57,653) | |||
Financing activities | |||||
Payments on revolving credit facility | 0 | (45,000) | |||
Repayment of long-term debt | (7,844) | (3,204) | |||
Distributions to member | (40,000) | 0 | |||
Other financing | (219) | (217) | |||
Net cash used in financing activities | (48,063) | (48,421) | |||
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 15,151 | 31,068 | |||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 178,578 | [1] | 147,644 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 193,729 | [1] | 178,712 | ||
Supplementary cash flow information | |||||
Interest paid, net of amount capitalized | 12,152 | 16,005 | |||
Supplementary non-cash investing and financing activities | |||||
Accrued additions to property, plant, and equipment | 8,836 | 5,459 | |||
CLECO POWER | Nonrelated Party | |||||
Changes in assets and liabilities | |||||
Accounts receivable | 11,770 | 33,064 | |||
Accounts payable | (33,251) | (14,768) | |||
CLECO POWER | Affiliate | |||||
Changes in assets and liabilities | |||||
Accounts receivable | 956 | 1,813 | |||
Accounts payable | $ (2,513) | $ (1,291) | |||
|
Cleco Power Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Cash and cash equivalents | $ 190,830 | $ 122,576 |
Restricted cash and cash equivalents, current | 7,684 | 15,818 |
Restricted cash and cash equivalents, noncurrent | 114,977 | 113,573 |
CLECO POWER | ||
Cash and cash equivalents | 71,092 | 49,211 |
Restricted cash and cash equivalents, current | 7,684 | 15,818 |
Restricted cash and cash equivalents, noncurrent | $ 114,953 | $ 113,549 |
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, 2022 | $ 2,947,067 | $ 2,454,276 | $ 59 | $ 2,022,912 | $ 2,031,277 | $ (8,365) |
Increase (Decrease) in Equity [Roll Forward] | ||||||
Net loss | (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) |
Balances, beginning of period at Dec. 31, 2023 | 2,873,173 | 2,454,276 | (5,112) | 2,063,237 | 2,073,588 | (10,351) |
Increase (Decrease) in Equity [Roll Forward] | ||||||
Net loss | (57,231) | (6,648) | (6,648) | |||
Distributions to member | (40,000) | (40,000) | ||||
Other comprehensive income, net of tax | (299) | (299) | 254 | 254 | ||
Balances, end of period at Mar. 31, 2024 | $ 2,815,643 | $ 2,454,276 | $ (5,411) | $ 2,016,843 | $ 2,026,940 | $ (10,097) |
Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies |
Discontinued Operations In 2022, Cleco Holdings began 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. Cleco Holdings’ management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met and the sale 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. On November 22, 2023, the Cleco Cajun Divestiture Purchase and Sale Agreement was entered into between the Cleco Cajun Sellers and the Cleco Cajun Purchasers whereby the Cleco Cajun Sellers have agreed to sell the Cleco Cajun Sale Group to the Cleco Cajun Purchasers. The financial information for the three months ended March 31, 2023, provided in this Quarterly Report on Form 10-Q has been recast as a result of the determination during the third quarter of 2023 that the Cleco Cajun Purchasers are not expected to acquire the natural gas derivative instruments relating to the Cleco Cajun Sale Group. For more information, see Note 3 — “Discontinued Operations.” Principles of Consolidation The accompanying condensed consolidated financial statements of Cleco include the accounts of Cleco Holdings and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. Basis of Presentation The condensed consolidated financial statements of Cleco and Cleco Power have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. The year-end condensed consolidated balance sheet data was derived from audited financial statements and adjusted for discontinued operations. Because the interim condensed consolidated financial statements and the accompanying notes do not include all of the information and notes required by GAAP for annual financial statements, the condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2023. These condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments that are necessary for a fair statement of the financial position and results of operations of Cleco and Cleco Power. Amounts reported in Cleco’s and Cleco Power’s interim financial statements are not necessarily indicative of amounts expected for the annual periods due to the effects of seasonal temperature variations on energy consumption, regulatory rulings, the timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices, discrete income tax items, and other factors. In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. For information on recent authoritative guidance and its effect on financial results, see Note 2 — “Recent Authoritative Guidance.” For information on discontinued operations, see Note 3 — “Discontinued Operations.” 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 past due 20 days after the billing date. Cleco recognizes write-offs within the allowance for credit losses once all recovery methods have been exhausted. It is the policy of management to review accounts receivable and unbilled revenue monthly using a reserve matrix based on historical bad debt write-offs, as well as current and forecasted economic conditions, to establish a credit loss estimate. Management’s historical credit loss analysis included periods of economic recessions, natural disasters, and temporary changes to collection policies. Due to the critical necessity of electricity, these past events have not significantly impacted Cleco’s credit loss rates. Cleco’s credit losses at March 31, 2024, were within range of its historical credit loss analysis. The tables below present the changes in the allowance for credit losses by receivable for Cleco and Cleco Power:
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Recent Authoritative Guidance |
3 Months Ended | ||||||
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Mar. 31, 2024 | |||||||
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 to be determined by the useful life to the common group rather than the term of the lease. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Cleco has arrangements between entities under common control. The implementation of this guidance did not have a material impact on the results of operations, financial condition, or cash flows of the Registrants. In November 2023, FASB issued guidance to improve reportable segment disclosure requirements. The guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. Disclosure requirements include disclosing significant segment expenses by reportable segment if they are regularly provided to the chief operating decision maker and included in each reported measure of segment profit or loss. Disclosures are required on both an annual and an interim basis. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Management does not expect this guidance to have a significant impact on the results of operations, financial condition, or cash flows of the Registrants.
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Discontinued Operations |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations |
In 2022, Cleco Holdings began 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. On November 22, 2023, the Cleco Cajun Divestiture Purchase and Sale Agreement was entered into between the Cleco Cajun Sellers and the Cleco Cajun Purchasers whereby the Cleco Cajun Sellers have agreed to sell the Cleco Cajun Sale Group to the Cleco Cajun Purchasers for the purchase price of $600.0 million, with $500.0 million due at closing and $100.0 million payable 24 months after closing. The purchase price is subject to the closing purchase price adjustment as set forth in the Cleco Cajun Divestiture Purchase and Sale Agreement, including adjustments based on net working capital. The Cleco Cajun Sellers and the Cleco Cajun Purchasers have each made customary representations, warranties, and covenants in the Cleco Cajun Divestiture Purchase and Sale Agreement. The closing of the Cleco Cajun Divestiture is subject to customary closing conditions and customary conditions regarding the accuracy of the representations and warranties and compliance by the parties with their respective obligations under the Cleco Cajun Divestiture Purchase and Sale Agreement. The Cleco Cajun Divestiture Purchase and Sale Agreement includes customary termination provisions, including if the closing of the Cleco Cajun Divestiture does not occur within nine months of November 22, 2023. The parties expect to receive the last pending regulatory approval and close the Cleco Cajun Divestiture in the second quarter of 2024. Cleco Holdings’ management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met and the sale 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. The financial information for the three months ended March 31, 2023, provided in this Quarterly Report on Form 10-Q has been recast as a result of the determination during the third quarter of 2023 that the Cleco Cajun Purchasers are not expected to acquire the natural gas derivative instruments relating to the Cleco Cajun Sale Group. Certain expenses incurred by the Cleco Cajun Sale Group as a result of common services provided by Support Group are reflected in Cleco’s results of continuing operations due to the expected ongoing nature of those expenses. In addition, revenue recognized by Cleco Power from transmission services provided to the Cleco Cajun Sale Group is no longer eliminated upon consolidation of Cleco's financial statements and is reflected in Cleco’s results of continuing operations due to the expected ongoing nature of these services. In February 2019 in connection with the approval of the Cleco Cajun Acquisition, Cleco made commitments to the LPSC that included the repayment of $400.0 million of Cleco Holdings’ debt by December 31, 2024. If this commitment was not satisfied prior to the closing of the Cleco Cajun Divestiture, proceeds from the Cleco Cajun Divestiture must be used to satisfy the LPSC commitment. At March 31, 2024, $66.7 million of that debt remained outstanding, which was paid on April 26, 2024. This payment satisfied the LPSC commitment. Interest expense on that debt is included in discontinued operations. Cleco determined that the estimated fair value less the estimated cost to sell the Cleco Cajun Sale Group was less than the carrying value of the Cleco Cajun Sale Group. As a result, the Cleco Cajun Sale Group had an impairment of $173.0 million at December 31, 2023. During the three months ended March 31, 2024, an additional impairment charge of $17.0 million was recorded, which resulted in a total impairment charge of $190.0 million. The additional impairment recognized during the three months ended March 31, 2024, was primarily due to changes in assumptions related to the remaining cash flows prior to the closing of the Cleco Cajun Divestiture based on the expected closing date and the expected sale proceeds. The impairment charge reduced the carrying value of the Cleco Cajun Sale Group to its estimated fair value less estimated cost to sell and is recorded in Loss from discontinued operations, net of income taxes on Cleco's Condensed Consolidated Statement of Income. The estimated fair value was determined using the income approach. 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 net working capital adjustment to the sale proceeds from the Cleco Cajun Divestiture Purchase and Sale Agreement, 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, 2024, and 2023:
* The amounts for the three months ended March 31, 2023, have been recast to exclude net losses, net of income tax benefit associated with Cleco Cajun’s natural gas derivatives of $56.5 million as a result of the determination during the third quarter of 2023 that the Cleco Cajun Purchasers are not expected to acquire the natural gas derivative instruments; therefore, net losses and the related income tax benefit associated with natural gas derivative instruments relating to the Cleco Cajun Sale Group are no longer presented in discontinued operations. As a result of this recast, an additional adjustment of $64.7 million was made to record tax expense at the projected annual effective income tax rate. 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, 2024, and December 31, 2023:
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, 2024, and 2023:
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition |
Disaggregated Revenue Operating revenue, net for the three months ended March 31, 2024, and 2023 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 wholesale and retail customers with durations between 2 and 11 years that primarily relate to stand-ready obligations as part of fixed capacity minimums. At March 31, 2024, Cleco and Cleco Power had $311.0 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 |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. 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:
(1) Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger. Deferred Lignite and Mine Closure Costs and Dolet Hills Power Station Closure Costs In 2020, Cleco Power and SWEPCO made a joint filing with the LPSC seeking authorization to close the Oxbow mine and to include and defer certain accelerated mine closing costs in fuel and related ratemaking treatment. In 2021, the LPSC approved the establishment of a regulatory asset for certain lignite costs that would otherwise be billed through Cleco Power’s FAC and any reasonable incremental third-party professional costs related to the closure of the mine. In 2020, Cleco Power revised depreciation rates for the Dolet Hills Power Station to utilize the December 31, 2021, expected end-of-life and early retirement of the Dolet Hills Power Station and defer depreciation expense to a regulatory asset for the amount in excess of the previously approved depreciation rates by the LPSC. The Dolet Hills Power Station was retired on December 31, 2021. In 2022, Cleco Power filed an application with the LPSC requesting approval of the regulatory treatment and recovery of stranded and decommissioning costs associated with the retirement of the Dolet Hills Power Station over 20 years as well as recovery of deferred fuel and mine-related costs. On April 19, 2024, the LPSC approved an uncontested settlement that contains a provision for a $40.0 million reduction in the regulatory asset associated with the Dolet Hills Power Station. Therefore, at March 31, 2024, this amount was recorded as a reduction to the associated regulatory asset on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets and an increase to Depreciation and amortization on Cleco’s and Cleco Power’s Statements of Income. For more information about the settlement, see Note 13 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review.”
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Fair Value Accounting Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Accounting Instruments |
Fair value is a market-based measurement based on assumptions market participants would use in pricing an asset or a liability. Cleco’s valuation techniques maximize the use of observable market-based inputs and minimize the use of unobservable inputs. Credit risk of Cleco and its counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves. Cleco utilizes a three-tier fair value hierarchy that prioritizes inputs that may be used to measure fair value. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. Significant increases or decreases in any of those inputs in isolation could result in a significantly different fair value measurement. Cleco classifies fair value balances based on the fair value hierarchy defined as follows: •Level 1 — observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that Cleco can observe as of the measurement date. •Level 2 — observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets, quoted market prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 — unobservable inputs for assets or liabilities whose fair value is estimated based on internally 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, 2024, and December 31, 2023, for cash equivalents, restricted cash equivalents, accounts receivable, other accounts receivable, short-term debt, and accounts payable approximate fair value because of their short-term nature. The following tables disclose the fair value of financial assets and liabilities measured on a recurring basis on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets. These amounts are presented on a gross basis.
Cleco has consistently applied the Level 2 and Level 3 fair value techniques between comparative fiscal periods. During the three months ended March 31, 2024, and the year ended December 31, 2023, Cleco did not experience any transfers into or out of Level 3 of the fair value hierarchy. Short-term Investments At March 31, 2024, and December 31, 2023, Cleco and Cleco Power had short-term investments in money market funds and treasury bills that have a maturity of three months or less when purchased. The following tables present the short-term investments as recorded on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at March 31, 2024, and December 31, 2023:
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, 2024, and December 31, 2023:
Natural Gas Derivatives Cleco may enter into physical and financial fixed price forward or options contracts that financially settle or are physically delivered at a future date. Management has not elected to apply hedge accounting to these contracts as allowed under applicable accounting standards. 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. Cleco Cajun’s unrealized gains or losses as well as realized gains or losses at settlement are recorded on the income statements as a component of fuel expense. 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 $13.5 million at March 31, 2024, and $14.2 million at December 31, 2023.
* The carrying value of long-term debt does not include deferred issuance costs of $11.1 million at March 31, 2024, and $11.5 million at December 31, 2023. 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, 2024, and December 31, 2023, 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 short-term investments 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. In order to capture interest income and minimize risk, cash is invested 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. 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 long-form contracts and master agreements with counterparties that govern the risk of counterparty 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 bilateral transactions and contracts that Cleco has entered into or may enter into in the future. The amount of credit support required may change based on margining formulas, changes in credit agency ratings, or liquidity ratios.
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Derivative Instruments |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments |
In the normal course of business, Cleco utilizes derivative instruments, such as natural gas derivatives and FTRs, to mitigate volatility of overall fuel and purchased power costs. Cleco has not elected to designate any of its current instruments as an accounting hedge. Generally, Cleco’s derivative positions are subject to netting agreements that provide for offsetting of asset and liability positions as well as related collateral with the same counterparty. At March 31, 2024, and December 31, 2023, there were no fair value amounts offset on the balance sheets and no collateral posted with or received from counterparties. The following tables present 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, 2024, and at December 31, 2023:
The following tables present 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, 2024, and 2023:
(1) For the three months ended March 31, 2024, and 2023, unrealized losses associated with FTRs of $(0.4) million and less than $(0.1) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. (2) For the three months ended March 31, 2024, unrealized gains and realized losses associated with natural gas derivatives for Cleco Power of $1.3 million and $(3.2) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the three months ended March 31, 2023, unrealized losses and realized losses associated with natural gas derivatives for Cleco Power of $(4.5) million and $(1.8) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. (3) Recast as a result of the determination during the third quarter of 2023 that the Cleco Cajun Purchasers are not expected to acquire the natural gas derivative instruments relating to the Cleco Cajun Sale Group.
(1) For the three months ended March 31, 2024, and 2023, unrealized losses associated with FTRs of $(0.4) million and less than $(0.1) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. (2) For the three months ended March 31, 2024, unrealized gains and realized losses associated with natural gas derivatives of $1.3 million and $(3.2) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. 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. The following tables present the volume of commodity-related derivative contracts outstanding at March 31, 2024, and December 31, 2023, for Cleco and Cleco Power:
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Pension Plan and Employee Benefits |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023, management estimates that pension contributions totaling $94.2 million will be required through 2028, of which $25.7 million will be required in 2024. In April 2024, Cleco made a $3.5 million payment towards its 2024 contribution requirement. Cleco was not required to make any contributions to the pension plan in 2023. 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, 2024, and 2023 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, 2024, and 2023 was $0.5 million and $0.4 million, respectively. The current and non-current portions of the pension benefits liability for Cleco and Cleco Power at December 31, 2023, and 2022 are as follows:
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, 2024, and 2023, was $1.1 million and $0.9 million, respectively. The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at March 31, 2024, and December 31, 2023, 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 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, 2024, and 2023, were as follows:
The expense related to SERP reflected on Cleco Power’s Condensed Consolidated Statements of Income for both the three months ended March 31, 2024, and 2023, 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, 2024, and December 31, 2023, 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, 2024, and 2023, 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, 2024, and 2023, was as follows:
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Income Taxes |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024, and 2023:
For Cleco and Cleco Power, the effective income tax rates for the three months ended March 31, 2024, and 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, 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, 2024, and 2023, Cleco and Cleco Power had no interest expense related to uncertain tax positions. At March 31, 2024, and December 31, 2023, Cleco and Cleco Power had no liability for uncertain tax positions or interest payable related to uncertain tax positions. Income Tax Audits Cleco and Cleco Power are party to the consolidated income tax return filed by Cleco Group. Cleco Group 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 2020, 2021, and 2022, the IRS has placed Cleco in the Bridge phase of the Compliance Assurance Process for the 2020 and 2021 tax years. In this phase, the IRS will not accept any disclosures, conduct any reviews, or provide any assurances. These tax returns were filed consistent with the IRS’s review. The IRS has accepted Cleco Group’s application for the Compliance Assurance Process for the 2022 tax year and the Compliance Assurance Maintenance phase for the 2023 tax year. In this maintenance phase, the IRS typically will, at its discretion, reduce the level of its review of the tax year relative to the regular Compliance Assurance Process phase. The state income tax years 2020, 2021, and 2022 remain subject to examination by the Louisiana Department of Revenue. Cleco Group classifies income tax penalties as a component of other expense. For the three months ended March 31, 2024, and 2023, 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 Quarterly Report on Form 10-Q has been recast as a result of the determination during the third quarter of 2023 that the Cleco Cajun Purchasers are not expected to acquire the natural gas derivative instruments relating to the Cleco Cajun Sale Group. 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, natural gas derivatives at Cleco Cajun, 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 |
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Mar. 31, 2024 | |||||||
Regulated Operations [Abstract] | |||||||
Regulation and Rates |
Deferred Operations and Maintenance Costs Cleco Power defers operations and maintenance costs that it believes are prudently incurred and probable of recovery from its retail customers. These costs are recorded in Other deferred charges on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets. As part of the filed application for Cleco Power’s current rate case, Cleco Power is seeking approval from the LPSC to recover these costs through its new rates, which are anticipated to be effective on July 1, 2024. At March 31, 2024, and December 31, 2023, Cleco Power had $10.4 million and $9.9 million, respectively, recorded for these costs. FRP Effective July 1, 2021, and as approved by the LPSC, under the terms of the current 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. In October 2023, Cleco Power filed its monitoring report for the 12 months ended June 30, 2023, with the LPSC, indicating no refund was due. On January 31, 2024, Cleco Power received the LPSC Staff’s draft report indicating no refund and no material findings. Cleco Power anticipates LPSC approval of the report in the second quarter of 2024. On June 30, 2023, Cleco Power filed an application with the LPSC through the rate case process for a new FRP, with anticipated new rates being effective July 1, 2024. Cleco Power has responded to multiple sets of LPSC data requests. On February 5, 2024, and February 9, 2024, the intervenors and LPSC Staff filed direct testimony, respectively. Cleco Power filed rebuttal testimony on April 3, 2024, in accordance with the revised procedural schedule. Pre-hearing statements with the LPSC are due on May 10, 2024. Dolet Hills Regulatory Refund Cleco Power is seeking recovery for stranded and decommissioning costs associated with the retirement of the Dolet Hills Power Station as well as deferred fuel and other mine-related closure costs. On February 2, 2024, the ALJ released a final recommendation indicating a partial disallowance of the recovery of fuel costs and a refund of related costs previously recovered from customers. Management estimated that a loss resulting from a potential disallowance was probable, and as a result, Cleco Power accrued an estimated contingent loss of $58.7 million at December 31, 2023. On April 19, 2024, the LPSC approved an uncontested settlement that contains a provision for refunding $20.0 million per year to Cleco Power’s retail customers as a credit to their bills during the third quarters of 2024, 2025, and 2026 for a total of $60.0 million. Therefore, at March 31, 2024, an additional $1.3 million was recorded in Provision for rate refund on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets and Electric customer credits on Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income. For more information about the settlement, see Note 13 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review.” TCJA Effective July 1, 2021, under Cleco Power’s current retail rate plan, 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 is 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, 2024, Cleco Power had $200.4 million accrued for the excess ADIT, of which $12.5 million is reflected in current regulatory liabilities. Teche Unit 3 In May 2023, Cleco Power filed an Attachment Y with MISO requesting retirement of Teche Unit 3, barring any violations of specific applicable reliability standards. In January 2024, Cleco Power filed a notice with the LPSC to retire Teche Unit 3 in June 2024. Cleco Power has no outstanding financial obligations to MISO for operating Teche Unit 3 as a system support resource unit.
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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, 2024, consisted of its equity investment of approximately $1.9 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:
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 |
3 Months Ended | ||||||
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Mar. 31, 2024 | |||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees |
Litigation 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 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 the trial date has been set for October 2024. 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. Cleco Power and Saulsbury are currently participating in discovery. 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 expenses. 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 responded to multiple sets of LPSC data requests. 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. Environmental Audit In 2009, the LPSC approved Cleco Power to recover 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. 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 24, 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. In September 2023, Cleco Power received a notice of audit from the LPSC for the program years 2021 and 2022. On February 20, 2024, Cleco Power received the draft audit report from the LPSC Staff, which indicated no material findings. Cleco Power anticipates LPSC approval of the report in the second quarter of 2024. On January 24, 2024, the LPSC voted to shift control of energy efficiency programs from utilities to an independent, third-party administrator selected by and accountable to the LPSC. This action will remove the provision whereby utilities were allowed to recover any lost revenues associated with unsold electricity. Cleco Power is subject to audits for program years 2023 and thereafter until the time these programs are shifted to the third-party administrator, which is expected in January 2026. Dolet Hills Prudency Review Cleco Power is seeking recovery for stranded and decommissioning costs associated with the retirement of the Dolet Hills Power Station as well as deferred fuel and other mine-related closure costs. On February 2, 2024, the ALJ released a final recommendation indicating a partial disallowance of the recovery of fuel costs and a refund of related costs previously recovered from customers. Management estimated that a loss resulting from a potential disallowance was probable, and as a result, an estimated contingent loss of $58.7 million was accrued in provision for rate refund at December 31, 2023. On April 19, 2024, the LPSC approved an uncontested settlement containing the following provisions: •a $40.0 million reduction in the regulatory asset associated with the Dolet Hills Power Station, •refunding $20.0 million per year to Cleco Power’s retail customers as a credit to their bills during the third quarters of 2024, 2025, and 2026 for a total of $60.0 million, and •allowing securitization of $305.0 million. If the securitization is not complete by September 1, 2024, Cleco Power is allowed to accrue a carrying charge through the earlier of the completion of the securitization or January 31, 2025. In the second quarter of 2024, Cleco Power intends to file an application with the LPSC for a financing order for the securitization. As a result of the settlement, the following was recorded in Cleco’s and Cleco Power’s Condensed Consolidated Financial Statements at March 31, 2024: •a $40.0 million reduction in regulatory assets with an offsetting increase recorded as depreciation expense and •a $1.3 million increase in the provision for rate refund and electric customer credits. South Central Generating Prior to the Cleco Cajun Acquisition, 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. Management is unable to estimate any potential losses regarding matters arising out of the ordinary course of business. 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 Acquisition, NRG Energy indemnified Cleco for losses as of the closing date associated with some 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, 2024, believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters for Cleco and Cleco Power are $7.7 million and $7.0 million, respectively. Cleco and Cleco Power have accrued these amounts. 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 indemnities relate to environmental matters that may have been present prior to closing. These remaining indemnities 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 indemnities 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 indemnities relate to the fundamental organizational structure of Acadia. These remaining indemnities 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 indemnities to Cleco Power as a result of the transfer of Coughlin to Cleco Power in March 2014. Cleco Power also provided indemnities 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 indemnities is $40.0 million, except for indemnities 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 indemnities. 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, 2024, 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 LPSC prudency review associated with the mine closure costs, see “— LPSC Audits and Reviews — Dolet Hills Prudency Review.” 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). 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 its 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. As part of the Cleco Cajun Acquisition, 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, 2024, Cleco Cajun had an indemnification asset totaling $18.6 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, 2024, and December 31, 2023, Cleco Holdings had an affiliate receivable of $24.2 million, primarily for estimated income taxes paid on behalf of Cleco Group. At March 31, 2024, and December 31, 2023, Cleco Holdings had an affiliate payable of $10.7 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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Goodwill and Intangible Assets Disclosure [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, 2024, and 2023, amortization expense of $3.3 million and $4.2 million, respectively, 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 remaining intangible asset related to the power supply agreement is amortized over the estimated life of its contract of 19 years, and the amortization is included in Electric operations on Cleco’s Condensed Consolidated Statements of Income. The following table presents the amortization expense recognized during the three months ended March 31, 2024, and 2023:
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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Storm Restoration |
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Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||
Storm Restoration |
On April 10, 2024, Cleco’s service territory was impacted by severe weather causing power outages for approximately 45,000 of Cleco Power’s electric customers. By April 15, 2024, power was restored to all affected customers. Cleco Power’s total storm restoration costs related to this weather event is estimated to be between $9.0 million and $11.0 million, which Cleco Power anticipates funding through its existing storm reserve.
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Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Cleco Holdings Trading Arrangement [Member] | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Cleco Power Trading Arrangement [Member] | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | In 2022, Cleco Holdings began 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. Cleco Holdings’ management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met and the sale 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. On November 22, 2023, the Cleco Cajun Divestiture Purchase and Sale Agreement was entered into between the Cleco Cajun Sellers and the Cleco Cajun Purchasers whereby the Cleco Cajun Sellers have agreed to sell the Cleco Cajun Sale Group to the Cleco Cajun Purchasers. The financial information for the three months ended March 31, 2023, provided in this Quarterly Report on Form 10-Q has been recast as a result of the determination during the third quarter of 2023 that the Cleco Cajun Purchasers are not expected to acquire the natural gas derivative instruments relating to the Cleco Cajun Sale Group. For more information, see Note 3 — “Discontinued Operations.”
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Principles of Consolidation | The accompanying condensed consolidated financial statements of Cleco include the accounts of Cleco Holdings and its majority-owned subsidiaries after elimination of intercompany accounts and transactions.
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Basis of Presentation | The condensed consolidated financial statements of Cleco and Cleco Power have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. The year-end condensed consolidated balance sheet data was derived from audited financial statements and adjusted for discontinued operations. Because the interim condensed consolidated financial statements and the accompanying notes do not include all of the information and notes required by GAAP for annual financial statements, the condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2023. These condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments that are necessary for a fair statement of the financial position and results of operations of Cleco and Cleco Power. Amounts reported in Cleco’s and Cleco Power’s interim financial statements are not necessarily indicative of amounts expected for the annual periods due to the effects of seasonal temperature variations on energy consumption, regulatory rulings, the timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices, discrete income tax items, and other factors. In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
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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.
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Reserves for Credit Losses | Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivable are generally considered past due 20 days after the billing date. Cleco recognizes write-offs within the allowance for credit losses once all recovery methods have been exhausted. It is the policy of management to review accounts receivable and unbilled revenue monthly using a reserve matrix based on historical bad debt write-offs, as well as current and forecasted economic conditions, to establish a credit loss estimate. Management’s historical credit loss analysis included periods of economic recessions, natural disasters, and temporary changes to collection policies. Due to the critical necessity of electricity, these past events have not significantly impacted Cleco’s credit loss rates. Cleco’s credit losses at March 31, 2024, were within range of its historical credit loss analysis.
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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 to be determined by the useful life to the common group rather than the term of the lease. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Cleco has arrangements between entities under common control. The implementation of this guidance did not have a material impact on the results of operations, financial condition, or cash flows of the Registrants. In November 2023, FASB issued guidance to improve reportable segment disclosure requirements. The guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. Disclosure requirements include disclosing significant segment expenses by reportable segment if they are regularly provided to the chief operating decision maker and included in each reported measure of segment profit or loss. Disclosures are required on both an annual and an interim basis. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Management does not expect this guidance to have a significant impact on the results of operations, financial condition, or cash flows of the Registrants.
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Regulatory Assets and Liabilities | Cleco Power recognizes an asset for certain costs capitalized or deferred for recovery from customers and recognizes a liability for amounts expected to be returned to customers or collected for future expected costs. Cleco Power records these assets and liabilities based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable. If in 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:
(1) Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger. Deferred Lignite and Mine Closure Costs and Dolet Hills Power Station Closure Costs In 2020, Cleco Power and SWEPCO made a joint filing with the LPSC seeking authorization to close the Oxbow mine and to include and defer certain accelerated mine closing costs in fuel and related ratemaking treatment. In 2021, the LPSC approved the establishment of a regulatory asset for certain lignite costs that would otherwise be billed through Cleco Power’s FAC and any reasonable incremental third-party professional costs related to the closure of the mine. In 2020, Cleco Power revised depreciation rates for the Dolet Hills Power Station to utilize the December 31, 2021, expected end-of-life and early retirement of the Dolet Hills Power Station and defer depreciation expense to a regulatory asset for the amount in excess of the previously approved depreciation rates by the LPSC. The Dolet Hills Power Station was retired on December 31, 2021. In 2022, Cleco Power filed an application with the LPSC requesting approval of the regulatory treatment and recovery of stranded and decommissioning costs associated with the retirement of the Dolet Hills Power Station over 20 years as well as recovery of deferred fuel and mine-related costs. On April 19, 2024, the LPSC approved an uncontested settlement that contains a provision for a $40.0 million reduction in the regulatory asset associated with the Dolet Hills Power Station. Therefore, at March 31, 2024, this amount was recorded as a reduction to the associated regulatory asset on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets and an increase to Depreciation and amortization on Cleco’s and Cleco Power’s Statements of Income. For more information about the settlement, see Note 13 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review.”
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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, 2023, management estimates that pension contributions totaling $94.2 million will be required through 2028, of which $25.7 million will be required in 2024. In April 2024, Cleco made a $3.5 million payment towards its 2024 contribution requirement. Cleco was not required to make any contributions to the pension plan in 2023. 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 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 Group 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.
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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.
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Summary of Significant Accounting Policies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Cash and Cash Equivalents | Cleco’s and Cleco Power’s restricted cash and cash equivalents consisted of the following:
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Schedule of 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:
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Schedule of 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:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Cash and Cash Equivalents |
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Schedule of Changes in Allowance for Credit Losses, Accounts Receivable |
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Discontinued Operations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024, and 2023:
* The amounts for the three months ended March 31, 2023, have been recast to exclude net losses, net of income tax benefit associated with Cleco Cajun’s natural gas derivatives of $56.5 million as a result of the determination during the third quarter of 2023 that the Cleco Cajun Purchasers are not expected to acquire the natural gas derivative instruments; therefore, net losses and the related income tax benefit associated with natural gas derivative instruments relating to the Cleco Cajun Sale Group are no longer presented in discontinued operations. As a result of this recast, an additional adjustment of $64.7 million was made to record tax expense at the projected annual effective income tax rate. 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, 2024, and December 31, 2023:
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Revenue Recognition (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | Operating revenue, net for the three months ended March 31, 2024, and 2023 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. |
Regulatory Assets and Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of 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 Short-term Investments | The following tables present the short-term investments as recorded on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at March 31, 2024, and December 31, 2023:
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Schedule of 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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Schedule of 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, 2024, and December 31, 2023:
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Schedule of 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:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis |
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Schedule of Short-term Investments |
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Schedule of 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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Schedule of 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, 2024, and December 31, 2023:
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Schedule of Carrying Value and Estimated Fair Value |
* The carrying value of long-term debt does not include deferred issuance costs of $11.1 million at March 31, 2024, and $11.5 million at December 31, 2023.
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Derivative Instruments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets | The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets at March 31, 2024, and at December 31, 2023:
The following tables present the volume of commodity-related derivative contracts outstanding at March 31, 2024, and December 31, 2023, for Cleco and Cleco Power:
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Schedule of Amount of Gain (Loss) Recognized in Income on Derivatives | The following tables present 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, 2024, and 2023:
(1) For the three months ended March 31, 2024, and 2023, unrealized losses associated with FTRs of $(0.4) million and less than $(0.1) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. (2) For the three months ended March 31, 2024, unrealized gains and realized losses associated with natural gas derivatives for Cleco Power of $1.3 million and $(3.2) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the three months ended March 31, 2023, unrealized losses and realized losses associated with natural gas derivatives for Cleco Power of $(4.5) million and $(1.8) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. (3) Recast as a result of the determination during the third quarter of 2023 that the Cleco Cajun Purchasers are not expected to acquire the natural gas derivative instruments relating to the Cleco Cajun Sale Group.
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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 |
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Schedule of Amount of Gain (Loss) Recognized in Income on Derivatives |
(1) For the three months ended March 31, 2024, and 2023, unrealized losses associated with FTRs of $(0.4) million and less than $(0.1) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. (2) For the three months ended March 31, 2024, unrealized gains and realized losses associated with natural gas derivatives of $1.3 million and $(3.2) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. 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.
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Pension Plan and Employee Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Periodic Pension and Other Benefits Cost | The components of net periodic pension and Other Benefits cost for the three months ended March 31, 2024, and 2023 were as follows:
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Schedule of Amounts Recognized in the Balance Sheet | The current and non-current portions of the pension benefits liability for Cleco and Cleco Power at December 31, 2023, and 2022 are as follows:
Cleco Power at March 31, 2024, and December 31, 2023, were as follows:
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Schedule of Expense of the 401(k) Plan | Cleco’s 401(k) Plan expense for the three months ended March 31, 2024, and 2023, was as follows:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in the Balance Sheet |
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Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rate [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of 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, 2024, and 2023:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rate [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rates |
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Segment Disclosures (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of 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, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Schedule of 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, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule 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, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets Subject to Amortization | 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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Schedule of Amortization Expense Recognized | The following table presents the amortization expense recognized during the three months ended March 31, 2024, and 2023:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets Subject to Amortization | 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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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | $ 7,684 | $ 15,818 |
Non-current | 114,977 | 113,573 |
Total restricted cash and cash equivalents | 122,661 | 129,391 |
CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 7,684 | 15,818 |
Non-current | 114,953 | 113,549 |
Total restricted cash and cash equivalents | 122,637 | 129,367 |
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 7,684 | 15,818 |
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 | 7,684 | 15,818 |
Diversified Lands’ mitigation escrow | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current | 24 | 24 |
Future storm restoration costs | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current | 114,953 | 113,549 |
Future storm restoration costs | CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current | $ 114,953 | $ 113,549 |
Summary of Significant Accounting Policies - Narrative (Details) |
Mar. 31, 2024 |
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Accounting Policies [Abstract] | |
Receivable, threshold period past due | 20 days |
Summary of Significant Accounting Policies - Schedule of Changes in Allowance for Credit Losses, Other and Accounts Receivable (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
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ACCOUNTS RECEIVABLE | ||
Accounts receivable, beginning balance | $ 3,012 | $ 1,147 |
Current period provision | 142 | 1,240 |
Charge-offs | (1,662) | (1,637) |
Recovery | 330 | 377 |
Accounts receivable, ending balance | 1,822 | 1,127 |
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 | 4,650 | 2,785 |
Current period provision | 142 | 1,240 |
Charge-offs | (1,662) | (1,637) |
Recovery | 330 | 377 |
Total, ending balance | 3,460 | 2,765 |
CLECO POWER | ||
ACCOUNTS RECEIVABLE | ||
Accounts receivable, beginning balance | 3,012 | 1,147 |
Current period provision | 142 | 1,240 |
Charge-offs | (1,662) | (1,637) |
Recovery | 330 | 377 |
Accounts receivable, ending balance | $ 1,822 | $ 1,127 |
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Nov. 22, 2023 |
Feb. 28, 2019 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment charge | $ 17,000 | $ 96,000 | |||
Discontinued Operations, Held-for-sale | CLECO CAJUN | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal group, including discontinued operation, consideration | $ 600,000 | ||||
Disposal group including discontinued operation consideration payable at closing date | 500,000 | ||||
Disposal group including discontinued operation consideration payable at after closing date | $ 100,000 | ||||
Disposal group including discontinued operation consideration payable period after closing date | 24 months | ||||
Impairment charge | 17,000 | $ 96,000 | |||
Accumulated loss recognized on classification as held for sale | 190,000 | $ 173,000 | |||
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 | $ 66,700 |
Discontinued Operations - Schedule of Reclassification of Continuing Operations to Discontinued Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loss on classification as held for sale | $ (17,000) | $ (96,000) |
Income from discontinued operations, net of income taxes | 31,962 | 19,053 |
Discontinued Operations, Held-for-sale | CLECO CAJUN | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Electric operations | 128,828 | 108,761 |
Other operations | 31,534 | 34,714 |
Operating revenue, net | 160,362 | 143,475 |
Fuel used for electric generation* | 15,196 | 10,232 |
Purchased power | 61,940 | 60,625 |
Other operations and maintenance | 23,291 | 23,370 |
Depreciation and amortization | 356 | 14,513 |
Total operating expenses | 100,783 | 108,740 |
Operating income | 59,579 | 34,735 |
Other income, net | 126 | 134 |
Interest, net | (80) | (1,786) |
Loss on classification as held for sale | (17,000) | (96,000) |
Income (loss) from discontinued operations before income taxes | 42,625 | (62,917) |
Federal and state income tax expense (benefit) | 10,663 | (81,970) |
Income from discontinued operations, net of income taxes | $ 31,962 | 19,053 |
Discontinued Operations, Held-for-sale | CLECO CAJUN | Natural gas derivatives | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Federal and state income tax expense (benefit) | 64,700 | |
Net loss recognized in income on derivatives | $ 56,500 |
Discontinued Operations - Schedule of Assets and Liabilities (Details) - Discontinued Operations, Held-for-sale - CLECO CAJUN - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash, cash equivalents, and restricted cash equivalents | $ 4,273 | $ 4,100 |
Accounts receivable | 47,015 | 70,001 |
Fuel inventory, at average cost | 59,380 | 47,243 |
Materials and supplies, at average cost | 36,929 | 36,283 |
Energy risk management assets | 432 | 1,066 |
Property, plant, and equipment, net | 651,433 | 648,676 |
Prepayments | 22,595 | 18,587 |
Other assets | 20,385 | 20,207 |
Accumulated loss recognized on classification as held for sale | (190,000) | (173,000) |
Total assets held for sale - discontinued operations | 685,011 | 705,732 |
Accounts payable | 31,753 | 30,442 |
Deferred lease revenue | 19,945 | 19,945 |
Intangible liabilities | 12,695 | 12,695 |
Asset retirement obligations | 46,678 | 46,165 |
Other liabilities | 6,312 | 5,705 |
Total liabilities held for sale - discontinued operations | 117,383 | 114,952 |
Other | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Intangible assets - other | $ 32,569 | $ 32,569 |
Discontinued Operations - Schedule of Cash Flow (Details) - Discontinued Operations, Held-for-sale - CLECO CAJUN - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
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 | $ (4,780) | $ 1,696 |
Net cash provided by (used in) investing activities - discontinued operations | $ 4,953 | $ (1,689) |
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 268,119 | $ 310,528 |
Total revenue unrelated to contracts with customers | 8,723 | 10,053 |
Operating revenue, net | 276,842 | 320,581 |
Affiliate | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
Total retail revenue | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 201,444 | 238,186 |
Residential | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 92,012 | 107,196 |
Commercial | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 68,146 | 77,657 |
Industrial | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 39,401 | 49,410 |
Other retail | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 3,732 | 4,574 |
Electric customer credits | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (1,847) | (651) |
Wholesale, net | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 47,532 | 54,263 |
Transmission | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 13,894 | 12,530 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue unrelated to contracts with customers | 649 | 827 |
Other | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 5,249 | 5,549 |
Securitization revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue unrelated to contracts with customers | 8,074 | 9,226 |
OPERATING SEGMENTS | CLECO POWER | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 279,311 | 314,636 |
Total revenue unrelated to contracts with customers | 8,723 | 10,052 |
Operating revenue, net | 288,034 | 324,688 |
OPERATING SEGMENTS | CLECO POWER | Affiliate | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 8,869 | 1,688 |
OPERATING SEGMENTS | CLECO POWER | Total retail revenue | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 201,444 | 238,186 |
OPERATING SEGMENTS | CLECO POWER | Residential | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 92,012 | 107,196 |
OPERATING SEGMENTS | CLECO POWER | Commercial | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 68,146 | 77,657 |
OPERATING SEGMENTS | CLECO POWER | Industrial | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 39,401 | 49,410 |
OPERATING SEGMENTS | CLECO POWER | Other retail | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 3,732 | 4,574 |
OPERATING SEGMENTS | CLECO POWER | Electric customer credits | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (1,847) | (651) |
OPERATING SEGMENTS | CLECO POWER | Wholesale, net | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 49,855 | 56,683 |
OPERATING SEGMENTS | CLECO POWER | Transmission | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 13,894 | 12,530 |
OPERATING SEGMENTS | CLECO POWER | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue unrelated to contracts with customers | 649 | 826 |
OPERATING SEGMENTS | CLECO POWER | Other | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 5,249 | 5,549 |
OPERATING SEGMENTS | CLECO POWER | Securitization revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue unrelated to contracts with customers | 8,074 | 9,226 |
OTHER | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 27,344 | 25,094 |
Total revenue unrelated to contracts with customers | 0 | 1 |
Operating revenue, net | 27,344 | 25,095 |
OTHER | Affiliate | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 29,667 | 27,514 |
OTHER | Total retail revenue | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OTHER | Residential | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OTHER | Commercial | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OTHER | Industrial | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OTHER | Other retail | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OTHER | Electric customer credits | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OTHER | Wholesale, net | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (2,323) | (2,420) |
OTHER | Transmission | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OTHER | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue unrelated to contracts with customers | 0 | 1 |
OTHER | Other | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
OTHER | Securitization revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue unrelated to contracts with customers | 0 | 0 |
ELIMINATIONS | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (38,536) | (29,202) |
Total revenue unrelated to contracts with customers | 0 | 0 |
Operating revenue, net | (38,536) | (29,202) |
ELIMINATIONS | Affiliate | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | (38,536) | (29,202) |
ELIMINATIONS | Total retail revenue | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Residential | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Commercial | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Industrial | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Other retail | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Electric customer credits | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Wholesale, net | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Transmission | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue unrelated to contracts with customers | 0 | 0 |
ELIMINATIONS | Other | Nonrelated Party | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
ELIMINATIONS | Securitization revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue unrelated to contracts with customers | $ 0 | $ 0 |
Revenue Recognition - Narrative (Details) $ in Millions |
Mar. 31, 2024
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 311.0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | 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]: 2024-04-01 | Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 11 years |
CLECO POWER | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 311.0 |
CLECO POWER | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | 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]: 2024-04-01 | Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 11 years |
Regulatory Assets and Liabilities - Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Regulatory Assets [Line Items] | ||
Total regulatory assets, net | $ 534,290 | $ 571,820 |
Financing costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 6,474 | 6,560 |
Postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 8,952 | 9,448 |
Fair value of long-term debt | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 95,493 | 97,345 |
Debt issuance costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 4,171 | 4,254 |
CLECO POWER | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 544,637 | 587,661 |
Regulatory liabilities | (125,437) | (133,448) |
Total regulatory assets, net | 419,200 | 454,213 |
CLECO POWER | Deferred taxes, net | ||
Regulatory Assets [Line Items] | ||
Regulatory liabilities | (12,531) | (21,939) |
CLECO POWER | Storm reserves | ||
Regulatory Assets [Line Items] | ||
Regulatory liabilities | (112,906) | (111,509) |
CLECO POWER | Acquisition/ transaction costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 1,675 | 1,701 |
Regulatory asset, amortization period | 15 years 9 months | |
CLECO POWER | Acquisition/ transaction costs | Coughlin transaction costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 776 | 784 |
Regulatory asset, amortization period | 25 years 3 months | |
CLECO POWER | Accumulated deferred fuel | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 9,382 | 11,627 |
CLECO POWER | Affordability study | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 9,992 | 10,337 |
Regulatory asset, amortization period | 7 years 3 months | |
CLECO POWER | AFUDC equity gross-up | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 59,606 | 60,381 |
CLECO POWER | AMI deferred revenue requirement | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 818 | 954 |
Regulatory asset, amortization period | 2 years | |
CLECO POWER | AROs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 8,526 | 20,094 |
CLECO POWER | COVID-19 executive order | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 3,071 | 3,039 |
CLECO POWER | Deferred lignite and mine closure costs | Deferred lignite and mine closure costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 134,739 | 136,076 |
CLECO POWER | Deferred storm restoration costs - Hurricane Delta | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 88 | 88 |
CLECO POWER | Deferred storm restoration costs - Hurricane Laura | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 367 | 367 |
CLECO POWER | Deferred storm restoration costs - Hurricane Zeta | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 7 | 7 |
CLECO POWER | Deferred taxes, net | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 44,157 | 43,866 |
CLECO POWER | Dolet Hills Power Station closure costs | Dolet Hills Power Station closure costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 122,495 | 147,323 |
CLECO POWER | Financing costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 5,994 | 6,087 |
CLECO POWER | Interest costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 2,899 | 2,961 |
CLECO POWER | Madison Unit 3 property taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 13,372 | 13,297 |
CLECO POWER | Non-service cost of postretirement benefits | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 14,482 | 14,526 |
CLECO POWER | Other | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 9,268 | 10,483 |
CLECO POWER | Postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 64,399 | 64,399 |
CLECO POWER | Production operations and maintenance expenses | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 5,980 | 7,002 |
Regulatory asset, amortization period | 3 years | |
CLECO POWER | Rodemacher Unit 2 deferred costs | Rodemacher Unit 2 deferred costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 21,264 | 19,282 |
CLECO POWER | St. Mary Clean Energy Center | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 2,722 | 3,705 |
Regulatory asset, amortization period | 1 year 3 months | |
CLECO POWER | Training costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 5,579 | 5,618 |
Regulatory asset, amortization period | 35 years 9 months | |
CLECO POWER | Tree trimming costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 2,979 | $ 3,657 |
Regulatory asset, amortization period | 1 year |
Regulatory Assets and Liabilities - Narrative (Details) - LPSC - Dolet Hills - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Apr. 19, 2024 |
Mar. 31, 2024 |
Dec. 31, 2022 |
|
Regulatory Assets [Line Items] | |||
Increase (decrease) in regulatory assets | $ (40.0) | ||
CLECO POWER | |||
Regulatory Assets [Line Items] | |||
Increase (decrease) in regulatory assets | $ (40.0) | ||
CLECO POWER | Production operations and maintenance expenses | |||
Regulatory Assets [Line Items] | |||
Regulatory asset, amortization period | 20 years | ||
CLECO POWER | Subsequent event | |||
Regulatory Assets [Line Items] | |||
Increase (decrease) in regulatory assets | $ (40.0) |
Fair Value Accounting Instruments - Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis (Details) - Measured on a Recurring Basis - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Asset description | ||
Short-term investments | $ 286,707 | $ 242,596 |
Total assets | 292,136 | 250,725 |
Liability description | ||
Total liabilities | 13,043 | 15,786 |
CLECO POWER | ||
Asset description | ||
Short-term investments | 172,080 | 169,606 |
Total assets | 177,413 | 172,693 |
Liability description | ||
Total liabilities | 13,005 | 15,112 |
FTRs | ||
Asset description | ||
Derivative assets | 881 | 3,087 |
Liability description | ||
Derivative liabilities | 435 | 781 |
FTRs | CLECO POWER | ||
Asset description | ||
Derivative assets | 881 | 3,087 |
Liability description | ||
Derivative liabilities | 435 | 781 |
Natural gas derivatives | ||
Asset description | ||
Derivative assets | 4,548 | 5,042 |
Liability description | ||
Derivative liabilities | 12,608 | 15,005 |
Natural gas derivatives | CLECO POWER | ||
Asset description | ||
Derivative assets | 4,452 | 0 |
Liability description | ||
Derivative liabilities | 12,570 | 14,331 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | ||
Asset description | ||
Short-term investments | 286,707 | 242,596 |
Total assets | 286,707 | 242,596 |
Liability description | ||
Total liabilities | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | CLECO POWER | ||
Asset description | ||
Short-term investments | 172,080 | 169,606 |
Total assets | 172,080 | 169,606 |
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 | ||
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 | CLECO POWER | ||
Asset description | ||
Derivative assets | 0 | 0 |
Liability description | ||
Derivative liabilities | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | ||
Asset description | ||
Short-term investments | 0 | 0 |
Total assets | 4,548 | 5,042 |
Liability description | ||
Total liabilities | 12,608 | 15,005 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | CLECO POWER | ||
Asset description | ||
Short-term investments | 0 | 0 |
Total assets | 4,452 | 0 |
Liability description | ||
Total liabilities | 12,570 | 14,331 |
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 | ||
Asset description | ||
Derivative assets | 4,548 | 5,042 |
Liability description | ||
Derivative liabilities | 12,608 | 15,005 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Natural gas derivatives | CLECO POWER | ||
Asset description | ||
Derivative assets | 4,452 | 0 |
Liability description | ||
Derivative liabilities | 12,570 | 14,331 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Asset description | ||
Short-term investments | 0 | 0 |
Total assets | 881 | 3,087 |
Liability description | ||
Total liabilities | 435 | 781 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | CLECO POWER | ||
Asset description | ||
Short-term investments | 0 | 0 |
Total assets | 881 | 3,087 |
Liability description | ||
Total liabilities | 435 | 781 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | FTRs | ||
Asset description | ||
Derivative assets | 881 | 3,087 |
Liability description | ||
Derivative liabilities | 435 | 781 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | FTRs | CLECO POWER | ||
Asset description | ||
Derivative assets | 881 | 3,087 |
Liability description | ||
Derivative liabilities | 435 | 781 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Natural gas derivatives | ||
Asset description | ||
Derivative assets | 0 | 0 |
Liability description | ||
Derivative liabilities | 0 | 0 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Natural gas derivatives | CLECO POWER | ||
Asset description | ||
Derivative assets | 0 | 0 |
Liability description | ||
Derivative liabilities | $ 0 | $ 0 |
Fair Value Accounting Instruments - Short-term Investments (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 164,047 | $ 113,207 |
CLECO POWER | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 49,444 | 40,240 |
Current restricted cash and cash equivalents | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 7,684 | 15,818 |
Current restricted cash and cash equivalents | CLECO POWER | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 7,684 | 15,818 |
Non-current restricted cash and cash equivalents | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 114,976 | 113,571 |
Non-current restricted cash and cash equivalents | CLECO POWER | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | $ 114,952 | $ 113,548 |
Fair Value Accounting Instruments - Schedule of Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 (Details) - Level 3 - FTRs - FTRs - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balances, beginning of period | $ 2,306 | $ 2,276 |
Unrealized (losses) gains | (418) | (24) |
Purchases | (33) | (64) |
Settlements | (1,409) | (1,555) |
Balances, end of period | 446 | 633 |
CLECO POWER | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balances, beginning of period | 2,306 | 2,276 |
Unrealized (losses) gains | (418) | (24) |
Purchases | (33) | (64) |
Settlements | (1,409) | (1,555) |
Balances, end of period | $ 446 | $ 633 |
Fair Value Accounting Instruments - Schedule of Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions (Details) - Measured on a Recurring Basis - FTRs $ in Thousands |
Mar. 31, 2024
USD ($)
$ / MW
|
Dec. 31, 2023
USD ($)
$ / MW
|
---|---|---|
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
ASSETS | $ 881 | $ 3,087 |
LIABILITIES | 435 | 781 |
CLECO POWER | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
ASSETS | 881 | 3,087 |
LIABILITIES | 435 | 781 |
Level 3 | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
ASSETS | 881 | 3,087 |
LIABILITIES | $ 435 | $ 781 |
Level 3 | Minimum | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | (1.98) | (3.51) |
Level 3 | Maximum | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | 7.34 | 7.07 |
Level 3 | CLECO POWER | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
ASSETS | $ 881 | $ 3,087 |
LIABILITIES | $ 435 | $ 781 |
Level 3 | CLECO POWER | Minimum | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | (1.98) | (3.51) |
Level 3 | CLECO POWER | Maximum | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | 7.34 | 7.07 |
Fair Value Accounting Instruments - Schedule of Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | $ 13,500 | $ 14,200 |
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 | 11,100 | 11,500 |
CARRYING VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,390,677 | 3,400,293 |
CARRYING VALUE | CLECO POWER | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,878,482 | 1,886,248 |
FAIR VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,147,971 | 3,177,654 |
FAIR VALUE | CLECO POWER | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 1,844,789 | $ 1,867,559 |
Derivative Instruments - Narrative (Details) - Not Designated as Hedging Instrument - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset, fair value offset on the balance sheet | $ 0 | $ 0 |
Liability, fair value offset on the balance sheet | 0 | 0 |
Total derivative, collateral, offset | 0 | 0 |
CLECO POWER | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset, fair value offset on the balance sheet | 0 | 0 |
Liability, fair value offset on the balance sheet | 0 | 0 |
Total derivative, collateral, offset | $ 0 | $ 0 |
Derivative Instruments - Schedule of Derivative Instruments as Recorded in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
FTRs | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Energy risk management assets | Energy risk management assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Energy risk management liabilities | Energy risk management liabilities |
FTRs | CLECO POWER | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Energy risk management assets | Energy risk management assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Energy risk management liabilities | Energy risk management liabilities |
Natural gas derivatives | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Energy risk management liabilities | Energy risk management liabilities |
Natural gas derivatives | CLECO POWER | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Energy risk management liabilities | Energy risk management liabilities |
Not Designated as Hedging Instrument | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative asset (liability), net | $ (7,614) | $ (7,657) |
Not Designated as Hedging Instrument | CLECO POWER | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative asset (liability), net | (7,672) | (12,025) |
Not Designated as Hedging Instrument | FTRs | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative asset | 881 | 3,087 |
Derivative liability | (435) | (781) |
Not Designated as Hedging Instrument | FTRs | CLECO POWER | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative asset | 881 | 3,087 |
Derivative liability | (435) | (781) |
Not Designated as Hedging Instrument | Natural gas derivatives | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative liability | (12,608) | (15,005) |
Not Designated as Hedging Instrument | Natural gas derivatives | CLECO POWER | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative liability | (12,570) | (14,331) |
Not Designated as Hedging Instrument | Natural gas derivatives | Energy risk management assets, current | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative asset | 4,548 | 5,042 |
Not Designated as Hedging Instrument | Natural gas derivatives | Energy risk management assets, current | CLECO POWER | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Derivative asset | $ 4,452 | $ 0 |
Derivative Instruments - Schedule of Amount of Gain (Loss) Recognized in Income on Derivatives (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | $ (19,346) | $ (83,643) |
CLECO POWER | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | (8,401) | (6,277) |
FTRs | Accumulated deferred fuel | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized gains (losses) associated with derivatives | (400) | (100) |
FTRs | Accumulated deferred fuel | CLECO POWER | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized gains (losses) associated with derivatives | (400) | (100) |
FTRs | Electric operations | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | 726 | 859 |
FTRs | Electric operations | CLECO POWER | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | 726 | 859 |
FTRs | Purchased power | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | (1,371) | (596) |
FTRs | Purchased power | CLECO POWER | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | (1,371) | (596) |
Natural gas derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | (18,701) | (83,906) |
Natural gas derivatives | CLECO POWER | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gain (loss) recognized in income on derivatives | (7,756) | (6,540) |
Natural gas derivatives | Accumulated deferred fuel | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized gains (losses) associated with derivatives | 1,300 | (4,500) |
Realized gains (losses) associated with derivatives | (3,200) | (1,800) |
Natural gas derivatives | Accumulated deferred fuel | CLECO POWER | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized gains (losses) associated with derivatives | 1,300 | (4,500) |
Realized gains (losses) associated with derivatives | $ (3,200) | $ (1,800) |
Derivative Instruments - Schedule of Volume of Commodity-Related Derivative Contracts (Details) MWh in Thousands, MMBTU in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2024
MWh
|
Mar. 31, 2024
MMBTU
|
Dec. 31, 2023
MWh
|
Dec. 31, 2023
MMBTU
|
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Volume outstanding (MWh / MMBtu) | 2,686 | 48,490 | 9,611 | 61,119 |
CLECO POWER | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Volume outstanding (MWh / MMBtu) | 2,686 | 23,990 | 9,611 | 19,915 |
Pension Plan and Employee Benefits - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Apr. 30, 2024 |
|
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated pension contributions through 2028 | $ 94,200,000 | |||
Estimated pension contributions in 2024 | $ 25,700,000 | |||
Pension Plan | Subsequent event | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated pension contributions in 2024 | $ 3,500,000 | |||
Pension Plan | Other Subsidiaries | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan contributions by employer | 500,000 | $ 400,000 | ||
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 | 1,100,000 | 900,000 | ||
SERP | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan contributions by employer | 795,000 | $ 867,000 | ||
SERP | CLECO POWER | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan contributions by employer | $ 100,000 |
Pension Plan and Employee Benefits - Schedule of Net Periodic Pension and Other Benefits Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
PENSION BENEFITS | ||
Components of periodic benefit costs | ||
Service cost | $ 1,189 | $ 1,173 |
Interest cost | 6,535 | 6,606 |
Expected return on plan assets | (7,607) | (7,386) |
Amortizations | ||
Net loss (gain) | 0 | 0 |
Net periodic benefit cost | 117 | 393 |
OTHER BENEFITS | ||
Components of periodic benefit costs | ||
Service cost | 479 | 365 |
Interest cost | 583 | 566 |
Expected return on plan assets | 0 | 0 |
Amortizations | ||
Net loss (gain) | 164 | (13) |
Net periodic benefit cost | 1,226 | 918 |
SERP Benefits | ||
Components of periodic benefit costs | ||
Service cost | 34 | 35 |
Interest cost | 836 | 901 |
Amortizations | ||
Prior period service credit | (54) | (54) |
Net loss (gain) | (21) | (15) |
Net periodic benefit cost | $ 795 | $ 867 |
Pension Plan and Employee Benefits - Schedule of Current and Non-Current Portions of the Other Benefits Liability (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Current | $ 25,685 | $ 25,685 |
Non-current | 91,752 | 91,638 |
Current | 35,520 | 35,520 |
Non-current | 196,009 | 196,321 |
CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 25,685 | 25,685 |
Non-current | 91,752 | 91,638 |
Current | 30,777 | 30,777 |
Non-current | 132,169 | 132,321 |
Other Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 5,241 | 5,241 |
Non-current | 41,665 | 41,815 |
Other Benefits Plan | CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 4,479 | 4,479 |
Non-current | $ 32,110 | $ 32,289 |
Pension Plan and Employee Benefits - Schedule of Current and Non-Current Portions of SERP Liability (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Current | $ 35,520 | $ 35,520 |
Non-current | 196,009 | 196,321 |
CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 30,777 | 30,777 |
Non-current | 132,169 | 132,321 |
SERP Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 4,593 | 4,593 |
Non-current | 62,592 | 62,868 |
SERP Benefits | CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 613 | 613 |
Non-current | $ 8,308 | $ 8,394 |
Pension Plan and Employee Benefits - Schedule of 401 (K) Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Defined Contribution Plan Disclosure [Line Items] | ||
401(k) Plan expense | $ 3,075 | $ 2,154 |
Affiliated entity | ||
Defined Contribution Plan Disclosure [Line Items] | ||
401(k) Plan expense | $ 1,601 | $ 902 |
Income Taxes - Schedule of Effective Income Tax Rates (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Effective Income Tax Rate [Line Items] | ||
Effective tax rate | (73.10%) | (55.00%) |
CLECO POWER | ||
Effective Income Tax Rate [Line Items] | ||
Effective tax rate | 12.60% | 6.10% |
Income Taxes - Narrative (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
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, 2024 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2023 |
|
Revenue | ||||
Electric operations | $ 251,471 | $ 293,928 | ||
Other operations | 27,218 | 27,304 | ||
Affiliate revenue | 0 | 0 | ||
Electric customer credits | (1,847) | (651) | ||
Operating revenue, net | 276,842 | 320,581 | ||
Net loss | (57,231) | (104,022) | ||
Depreciation and amortization | 98,375 | 55,209 | ||
Interest income | 1,408 | 1,267 | ||
Interest charges | 40,762 | 39,488 | ||
Federal and state income tax expense (benefit) | 37,671 | 43,693 | ||
Other corporate costs and noncash items | 22,385 | 84,145 | ||
Loss from continuing operations, net of income taxes | (89,193) | (123,075) | ||
Income from discontinued operations, net of income taxes | 31,962 | 19,053 | ||
EBITDA | 108,592 | 98,193 | ||
Additions to property, plant, and equipment | 36,964 | 60,099 | ||
Equity investment in investees | 1,916 | $ 1,992 | ||
Goodwill | 1,490,797 | 1,490,797 | ||
Total assets | 8,056,962 | 8,100,393 | ||
Power supply agreements | ||||
Revenue | ||||
Amortization of intangible assets | 2,323 | 2,420 | ||
CLECO POWER | ||||
Revenue | ||||
Electric operations | 253,794 | 296,348 | ||
Other operations | 27,218 | 27,303 | ||
Affiliate revenue | 8,869 | 1,688 | ||
Electric customer credits | (1,847) | (651) | ||
Operating revenue, net | 288,034 | 324,688 | ||
Net loss | (6,648) | 22,817 | ||
Interest income | 1,288 | 1,185 | ||
Interest charges | 23,484 | 24,338 | ||
Federal and state income tax expense (benefit) | (960) | 1,490 | ||
Equity investment in investees | 1,916 | 1,992 | ||
Total assets | 5,374,263 | 5,429,542 | ||
CLECO CAJUN | Natural gas derivatives | ||||
Revenue | ||||
Net gain (loss) recognized in income on derivatives | (10,900) | $ (77,400) | ||
CLECO POWER | ||||
Revenue | ||||
Net loss | (6,648) | |||
OPERATING SEGMENTS | ||||
Revenue | ||||
Additions to property, plant, and equipment | 36,964 | |||
OPERATING SEGMENTS | CLECO POWER | ||||
Revenue | ||||
Electric operations | 253,794 | 296,348 | ||
Other operations | 27,218 | 27,303 | ||
Affiliate revenue | 8,869 | 1,688 | ||
Electric customer credits | (1,847) | (651) | ||
Operating revenue, net | 288,034 | 324,688 | ||
Net loss | (6,648) | 22,817 | ||
Depreciation and amortization | 94,004 | 50,733 | ||
Interest income | 1,288 | 1,185 | ||
Interest charges | 23,484 | 24,338 | ||
Federal and state income tax expense (benefit) | (960) | 1,490 | ||
Loss from continuing operations, net of income taxes | (6,648) | 22,817 | ||
Income from discontinued operations, net of income taxes | 0 | 0 | ||
EBITDA | 108,592 | 98,193 | ||
Additions to property, plant, and equipment | 39,494 | 58,066 | ||
Equity investment in investees | 1,916 | 1,992 | ||
Goodwill | 1,490,797 | 1,490,797 | ||
Total assets | 6,865,060 | 6,920,339 | ||
OTHER | ||||
Revenue | ||||
Electric operations | (2,323) | (2,420) | ||
Other operations | 0 | 1 | ||
Affiliate revenue | 29,667 | 27,514 | ||
Electric customer credits | 0 | 0 | ||
Operating revenue, net | 27,344 | 25,095 | ||
Net loss | (50,583) | (126,839) | ||
Depreciation and amortization | 4,371 | 4,476 | ||
Interest income | 293 | 143 | ||
Interest charges | 17,452 | 15,211 | ||
Federal and state income tax expense (benefit) | 38,631 | 42,203 | ||
Loss from continuing operations, net of income taxes | (82,545) | (145,892) | ||
Income from discontinued operations, net of income taxes | 31,962 | 19,053 | ||
Additions to property, plant, and equipment | (2,530) | 2,033 | ||
Equity investment in investees | (507,329) | (467,329) | ||
Goodwill | 0 | 0 | ||
Total assets | 822,793 | 870,743 | ||
OTHER | CLECO POWER | Power supply agreements | ||||
Revenue | ||||
Amortization of intangible assets | 2,300 | 2,400 | ||
ELIMINATIONS | ||||
Revenue | ||||
Electric operations | 0 | 0 | ||
Other operations | 0 | 0 | ||
Affiliate revenue | (38,536) | (29,202) | ||
Electric customer credits | 0 | 0 | ||
Operating revenue, net | (38,536) | (29,202) | ||
Net loss | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Interest income | (173) | (61) | ||
Interest charges | (174) | (61) | ||
Federal and state income tax expense (benefit) | 0 | 0 | ||
Loss from continuing operations, net of income taxes | 0 | 0 | ||
Income from discontinued operations, net of income taxes | 0 | 0 | ||
Additions to property, plant, and equipment | 0 | $ 0 | ||
Equity investment in investees | 507,329 | 467,329 | ||
Goodwill | 0 | 0 | ||
Total assets | $ 369,109 | $ 309,311 |
Regulation and Rates (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Apr. 19, 2024 |
Jul. 01, 2021 |
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Regulation and Rates [Line Items] | ||||
Current regulatory liabilities | $ 12,531 | $ 21,939 | ||
LPSC | Dolet Hills | ||||
Regulation and Rates [Line Items] | ||||
Provision for rate refund and electric customer credits | 1,300 | |||
CLECO POWER | ||||
Regulation and Rates [Line Items] | ||||
Regulatory liabilities | 125,437 | 133,448 | ||
Current regulatory liabilities | 12,531 | 21,939 | ||
CLECO POWER | Deferred Operations And Maintenance Costs | ||||
Regulation and Rates [Line Items] | ||||
Regulatory liabilities | 10,400 | 9,900 | ||
CLECO POWER | LPSC | Dolet Hills | ||||
Regulation and Rates [Line Items] | ||||
Reserve for litigation matters | $ 58,700 | |||
Provision for rate refund and electric customer credits | 1,300 | |||
CLECO POWER | LPSC | Dolet Hills | Subsequent event | ||||
Regulation and Rates [Line Items] | ||||
Annual billing credit settlement | $ 20,000 | |||
Billing credit settlement | $ 60,000 | |||
CLECO POWER | LPSC | Excess ADIT | ||||
Regulation and Rates [Line Items] | ||||
Regulatory liabilities | 200,400 | |||
Bill credit related to unprotected excess ADIT | $ 2,500 | |||
Regulatory liability, amortization period | 3 years | |||
Current regulatory liabilities | $ 12,500 | |||
CLECO POWER | LPSC | FRP | ||||
Regulation and Rates [Line Items] | ||||
Target ROE allowed by FRP | 9.50% | |||
Percentage of retail earnings within range to be returned to customers | 60.00% | |||
ROE for customer credit, low range | 10.00% | |||
ROE for customer credit, high range | 10.50% | |||
CLECO POWER | LPSC | FRP | Maximum | ||||
Regulation and Rates [Line Items] | ||||
Target ROE allowed by FRP | 10.00% |
Variable Interest Entities - Schedule of Cleco Securitization I Financial Statement Impact (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Balance Sheet Related Disclosures [Abstract] | ||||
Restricted cash and cash equivalents, current | $ 7,684 | $ 15,818 | ||
Total assets | 8,056,962 | 8,100,393 | ||
Long-term debt and finance leases due within one year | 257,298 | 256,811 | ||
Interest accrued | 41,120 | 22,209 | ||
Long-term debt and finance leases, net | 3,132,317 | 3,141,924 | ||
Total liabilities | 5,241,319 | 5,227,220 | ||
Member’s equity | 2,815,643 | $ 2,842,623 | 2,873,173 | $ 2,947,067 |
Total liabilities and member’s equity | 8,056,962 | 8,100,393 | ||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue | 276,842 | 320,581 | ||
Operating expenses | (291,219) | (363,509) | ||
Interest income | 1,408 | 1,267 | ||
Interest charges, net | (42,792) | (40,005) | ||
Income before taxes | (51,522) | (79,382) | ||
Storm recover property | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible asset - securitization | 395,331 | 398,658 | ||
Related Party | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Accounts receivable - affiliate | 24,247 | 24,216 | ||
Accounts payable - affiliate | 10,688 | 10,683 | ||
Nonrelated Party | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Accounts receivable - affiliate | 42,473 | 48,949 | ||
Accounts payable - affiliate | 77,758 | 119,801 | ||
VIE, Primary Beneficiary - Cleco Securitization I | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Restricted cash and cash equivalents, current | 7,684 | 15,818 | ||
Long-term debt and finance leases due within one year | 14,790 | 14,499 | ||
Interest accrued | 1,522 | 6,191 | ||
Long-term debt and finance leases, net | 386,965 | 394,944 | ||
Member’s equity | 2,133 | 2,158 | ||
Total liabilities and member’s equity | 405,487 | 417,968 | ||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue | 8,036 | 9,177 | ||
Operating expenses | (3,466) | (4,354) | ||
Interest income | 228 | 158 | ||
Interest charges, net | (4,773) | (4,956) | ||
Income before taxes | 25 | 25 | ||
VIE, Primary Beneficiary - Cleco Securitization I | Storm recover property | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible asset - securitization | 395,331 | 398,658 | ||
Total assets | 405,487 | 417,968 | ||
Total liabilities | 403,354 | 415,810 | ||
VIE, Primary Beneficiary - Cleco Securitization I | Related Party | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Accounts receivable - affiliate | 2,472 | 3,492 | ||
Accounts payable - affiliate | 62 | 176 | ||
VIE, Primary Beneficiary - Cleco Securitization I | Nonrelated Party | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Accounts Payable | 15 | 0 | ||
CLECO POWER | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Restricted cash and cash equivalents, current | 7,684 | 15,818 | ||
Total assets | 5,374,263 | 5,429,542 | ||
Long-term debt and finance leases due within one year | 190,679 | 190,314 | ||
Interest accrued | 23,836 | 11,752 | ||
Long-term debt and finance leases, net | 1,689,187 | 1,697,152 | ||
Member’s equity | 2,016,843 | 2,045,888 | 2,063,237 | $ 2,022,912 |
Total liabilities and member’s equity | 5,374,263 | 5,429,542 | ||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue | 288,034 | 324,688 | ||
Operating expenses | (274,029) | (279,765) | ||
Interest income | 1,288 | 1,185 | ||
Interest charges, net | (25,514) | (24,855) | ||
Income before taxes | (7,608) | 24,307 | ||
CLECO POWER | Storm recover property | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible asset - securitization | 395,331 | 398,658 | ||
CLECO POWER | Related Party | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Accounts receivable - affiliate | 4,083 | 4,543 | ||
Accounts payable - affiliate | 10,661 | 13,200 | ||
CLECO POWER | Nonrelated Party | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Accounts receivable - affiliate | 42,473 | 48,949 | ||
Accounts payable - affiliate | 68,541 | 95,565 | ||
CLECO POWER | VIE, Primary Beneficiary - Cleco Securitization I | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Restricted cash and cash equivalents, current | 7,684 | 15,818 | ||
Long-term debt and finance leases due within one year | 14,790 | 14,499 | ||
Interest accrued | 1,522 | 6,191 | ||
Long-term debt and finance leases, net | 386,965 | 394,944 | ||
Member’s equity | 2,133 | 2,158 | ||
Total liabilities and member’s equity | 405,487 | 417,968 | ||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue | 8,036 | 9,177 | ||
Operating expenses | (3,466) | (4,354) | ||
Interest income | 228 | 158 | ||
Interest charges, net | (4,773) | (4,956) | ||
Income before taxes | 25 | $ 25 | ||
CLECO POWER | VIE, Primary Beneficiary - Cleco Securitization I | Storm recover property | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible asset - securitization | 395,331 | 398,658 | ||
Total assets | 405,487 | 417,968 | ||
Total liabilities | 403,354 | 415,810 | ||
CLECO POWER | VIE, Primary Beneficiary - Cleco Securitization I | Related Party | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Accounts receivable - affiliate | 2,472 | 3,492 | ||
Accounts payable - affiliate | 62 | 176 | ||
CLECO POWER | VIE, Primary Beneficiary - Cleco Securitization I | Nonrelated Party | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Accounts Payable | $ 15 | $ 0 |
Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Variable Interest Entity [Line Items] | ||
Equity investment in investee | $ 1,916 | $ 1,992 |
CLECO POWER | ||
Variable Interest Entity [Line Items] | ||
Equity investment in investee | $ 1,916 | $ 1,992 |
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 - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Schedule of Equity Method Investments [Line Items] | |||
Total equity investment in investee | $ 1,916 | $ 1,992 | |
Operating revenue | 276,842 | $ 320,581 | |
Interest income | (42,792) | (40,005) | |
CLECO POWER | |||
Schedule of Equity Method Investments [Line Items] | |||
Purchase price | 12,873 | 12,873 | |
Cash contributions | 6,399 | 6,399 | |
Distributions | (18,034) | (17,280) | |
Equity income from investee | 678 | 0 | |
Total equity investment in investee | 1,916 | $ 1,992 | |
Operating revenue | 288,034 | 324,688 | |
Interest income | (25,514) | (24,855) | |
CLECO POWER | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating revenue | 184 | 124 | |
Operating expenses | (87) | (124) | |
Gain on sale of property | 1,356 | 0 | |
Interest income | (97) | 0 | |
Income before taxes | $ 1,356 | $ 0 |
Variable Interest Entities - Schedule of 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, 2024 |
Dec. 31, 2023 |
|
Variable Interest Entity [Line Items] | ||
Oxbow’s net assets/liabilities | $ 3,832 | $ 3,985 |
Cleco Power’s 50% equity | 1,916 | 1,992 |
Cleco Power’s maximum exposure to loss | $ 1,916 | $ 1,992 |
Ownership percentage by Cleco Power | 50.00% |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Apr. 19, 2024 |
Jan. 31, 2023 |
Sep. 30, 2015 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2023 |
Feb. 29, 2020 |
|
Loss Contingencies [Line Items] | ||||||||
Loss contingency, estimate of possible loss | $ 7,700,000 | |||||||
Guarantor obligations, collateral held directly or by third parties, amount | 0 | |||||||
Performance Guarantee | ||||||||
Loss Contingencies [Line Items] | ||||||||
Maximum of potential payments | 42,400,000 | |||||||
Indemnification Agreement | ||||||||
Loss Contingencies [Line Items] | ||||||||
Maximum of potential payments | 40,000,000 | |||||||
Indemnification Agreement including fundamental organizational structure | ||||||||
Loss Contingencies [Line Items] | ||||||||
Maximum of potential payments | 400,000,000 | |||||||
LPSC | Dolet Hills | ||||||||
Loss Contingencies [Line Items] | ||||||||
Increase (decrease) in regulatory assets | (40,000,000) | |||||||
Depreciation | 40,000,000 | |||||||
Provision for rate refund and electric customer credits | 1,300,000 | |||||||
CLECO POWER | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency, estimate of possible loss | 7,000,000 | |||||||
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 | |||||||
CLECO POWER | Indemnification Agreement including fundamental organizational structure | ||||||||
Loss Contingencies [Line Items] | ||||||||
Maximum of potential payments | 400,000,000 | |||||||
CLECO POWER | LPSC | ||||||||
Loss Contingencies [Line Items] | ||||||||
Recovery of from energy efficiency programs | $ 8,500,000 | $ 6,800,000 | ||||||
CLECO POWER | LPSC | Dolet Hills | ||||||||
Loss Contingencies [Line Items] | ||||||||
Reserve for litigation matters | $ 58,700,000 | |||||||
Increase (decrease) in regulatory assets | (40,000,000) | |||||||
Depreciation | 40,000,000 | |||||||
Provision for rate refund and electric customer credits | 1,300,000 | |||||||
CLECO POWER | LPSC | Dolet Hills | Subsequent event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Increase (decrease) in regulatory assets | $ (40,000,000) | |||||||
Annual billing credit settlement | 20,000,000 | |||||||
Billing credit settlement | 60,000,000 | |||||||
Securitization amount | $ 305,000,000 | |||||||
CLECO POWER | LPSC 2020-2022 Fuel Audit | ||||||||
Loss Contingencies [Line Items] | ||||||||
Fuel expense | $ 1,100,000,000 | |||||||
CLECO CAJUN | ||||||||
Loss Contingencies [Line Items] | ||||||||
Indemnification assets, maximum environmental costs | 25,000,000 | |||||||
Indemnification assets | $ 18,600,000 | |||||||
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 | |||||||
Gulf Coast Spinning construction of cotton spinning facility | Gulf Coast Spinning Company, LLC | Diversified Lands LLC | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loans payable | $ 2,000,000 |
Affiliate Transactions - Narrative (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Related Party | ||
Related Party Transaction [Line Items] | ||
Accounts receivable - affiliate | $ 24,247 | $ 24,216 |
Accounts payable - affiliate | 10,688 | 10,683 |
Related Party | CLECO POWER | ||
Related Party Transaction [Line Items] | ||
Accounts receivable - affiliate | 4,083 | 4,543 |
Accounts payable - affiliate | 10,661 | 13,200 |
Cleco Holdings | CLECO POWER | ||
Related Party Transaction [Line Items] | ||
Accounts receivable - affiliate | 19 | 14 |
Accounts payable - affiliate | $ 526 | $ 367 |
Affiliate Transactions - Schedule of Balances Payable To or Due From Affiliates (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Related Party | ||
Related Party Transaction [Line Items] | ||
AFFILIATE RECEIVABLE | $ 24,247 | $ 24,216 |
AFFILIATE PAYABLE | 10,688 | 10,683 |
CLECO POWER | Related Party | ||
Related Party Transaction [Line Items] | ||
AFFILIATE RECEIVABLE | 4,083 | 4,543 |
AFFILIATE PAYABLE | 10,661 | 13,200 |
CLECO POWER | Cleco Holdings | ||
Related Party Transaction [Line Items] | ||
AFFILIATE RECEIVABLE | 19 | 14 |
AFFILIATE PAYABLE | 526 | 367 |
CLECO POWER | Support Group | ||
Related Party Transaction [Line Items] | ||
AFFILIATE RECEIVABLE | 837 | 1,104 |
AFFILIATE PAYABLE | 10,135 | 12,833 |
CLECO POWER | Cleco Cajun | ||
Related Party Transaction [Line Items] | ||
AFFILIATE RECEIVABLE | 3,227 | 3,425 |
AFFILIATE PAYABLE | $ 0 | $ 0 |
Intangible Assets - Narrative (Details) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Jun. 22, 2022 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 1,490,797,000 | $ 1,490,797,000 | ||
Storm recover property | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets acquired | $ 415,900,000 | |||
Amortization of intangible assets | 3,300,000 | $ 4,200,000 | ||
Power supply agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 2,323,000 | $ 2,420,000 | ||
Intangible assets, residual value | $ 0 | |||
Power supply agreements | Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible asset, useful life | 19 years |
Intangible Assets - Schedule of Securitized Intangible Assets Subject to Amortization (Details) - Storm recover property - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Storm Recovery Property intangible asset | $ 415,946 | $ 415,946 |
Accumulated amortization | (20,615) | (17,288) |
Net intangible asset subject to amortization | 395,331 | 398,658 |
CLECO POWER | ||
Finite-Lived Intangible Assets [Line Items] | ||
Storm Recovery Property intangible asset | 415,946 | 415,946 |
Accumulated amortization | (20,615) | (17,288) |
Net intangible asset subject to amortization | $ 395,331 | $ 398,658 |
Intangible Assets - Schedule of Amortization Expense Recognized (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Power supply agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 2,323 | $ 2,420 |
Intangible Assets - Schedule of Other Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (5,929) | $ (74,471) |
Net intangible assets subject to amortization | 8,309 | 10,633 |
Power supply agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets carrying amount | $ 14,238 | $ 85,104 |
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | $ 2,873,173 | $ 2,947,067 |
Balances, end of period | 2,815,643 | 2,842,623 |
TOTAL AOCI | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | (5,112) | 59 |
Balances, end of period | (5,411) | (363) |
POSTRETIREMENT BENEFIT NET LOSS | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | (5,112) | 59 |
Amounts reclassified from AOCI | (299) | (422) |
Balances, end of period | (5,411) | (363) |
CLECO POWER | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | 2,063,237 | 2,022,912 |
Balances, end of period | 2,016,843 | 2,045,888 |
CLECO POWER | TOTAL AOCI | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | (10,351) | (8,365) |
Balances, end of period | (10,097) | (8,206) |
CLECO POWER | POSTRETIREMENT BENEFIT NET LOSS | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | (5,555) | (3,318) |
Amounts reclassified from AOCI | 190 | 96 |
Balances, end of period | (5,365) | (3,222) |
CLECO POWER | NET LOSS ON CASH FLOW HEDGES | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances, beginning of period | (4,796) | (5,047) |
Amounts reclassified from AOCI | 64 | 63 |
Balances, end of period | $ (4,732) | $ (4,984) |
Storm Restoration (Details) - Subsequent event - CLECO POWER customer in Thousands, $ in Millions |
Apr. 10, 2024
USD ($)
customer
|
---|---|
Subsequent Event [Line Items] | |
Electric customers impacted by power outage | customer | 45 |
Minimum | |
Subsequent Event [Line Items] | |
Estimated storm restoration costs | $ 9.0 |
Maximum | |
Subsequent Event [Line Items] | |
Estimated storm restoration costs | $ 11.0 |
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