Cleco Presentation

November 2009

Reliable. Resilient.

Ready for the future.

Filed Pursuant to Rule 433

Registration Statement No. 333-162773

November 9, 2009

2

The Issuer has filed a registration statement (including a prospectus) with the SEC for the

offering to which this communication relates. Before you invest, you should read the 

prospectus in that registration statement and other documents the Issuer has filed with the 

SEC for more complete information about the Issuer and this offering. You may get these

documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, 

the Issuer, any underwriter or any dealer participating in the offering will arrange to send 

you the prospectus if you request it by calling Calyon Securities (USA) Inc. toll-free at 866-

807-6030 or KeyBanc Capital Markets Inc. toll-free at 866-227-6479. 

Forward-Looking

Statements

This presentation contains forward-looking statements about future results and

circumstances with respect to which there are many risks and uncertainties. Although the

company believes that expectations reflected in such forward-looking statements are based

on reasonable assumptions, we can give no assurances that these expectations will prove

to be correct or that other benefits anticipated in the forward-looking statements will be

achieved. For a discussion of risk factors and other factors that may cause the company’s

actual results to differ materially from those contemplated in its forward-looking

statements, please refer to the Prospectus dated October 30, 2009 and the accompanying

Prospectus Supplement, as well as the company’s filings with the SEC, including its 2008

Annual Report on Form 10-K and its most recent Quarterly Report on Form 10-Q.

3

Offering

Summary

Add-on to Cleco Power’s 6.50% Senior Notes due 2035

Issuer:  Cleco Power LLC

Ratings:  Baa2 / BBB (stable / stable)

Type:  Senior Unsecured Notes

Coupon: 6.50%

Maturity:  December 1, 2035

Size:  $145 million (total size will be $295 million after this offering)

CUSIP:  185508AE8

Bookrunners: Calyon and KeyBanc Capital Markets

Billing & Delivering: KeyBanc Capital Markets

4

Corporate Structure

Cleco Corporation

(Holding Company)

Cleco Power

Regulated

Electric Utility

Cleco Midstream

Wholesale

Energy Business

(Primary

Subsidiaries)

5

Growing

Generation

Capacity

Cleco Power to acquire 580 MWs (Power Block 1)

Acquisition will fill Cleco Power capacity shortfall

Cleco Power to assume operating responsibility

Transaction valued at approximately $300 million

Awaiting final approval from LPSC and FERC

Closing expected in the first quarter of 2010

Pending Transaction

6

Regulated Electric Utility

Business

Overview

Profile:

Generation, transmission and distribution assets

276,000 customers in 23 parishes

Power owns 1,350 MW of generation capacity

Strengths/Attributes:

Reliable service

High customer satisfaction

Strategic Objectives:

Diversify fuel sources/build balanced portfolio

Reduce dependence on external power sources

Pursue reliability projects

Pursue renewable projects

STRATEGY:

Grow

through

regulated

investments

that

benefit

customers

and

shareholders

Dolet Hills

Rodemacher

Teche

7

Sales (in Million kWh) Breakdown

*For the ninth months ended September 30, 2009

Other includes: Other Retail, Sales for Resale and Unbilled

Residential

40.4%

Industrial

23.5%

Commercial

27.0%

Other

9.1%

Residential

Industrial

Commercial

Other

8

Rate case approval marks beginning

of NEW ERA at CLECO POWER

Regulators unanimously approved rate case Oct. 14, 2009

New rates effective day after Rodemacher 3 begins

commercial operation

Target return on equity of 10.7%

100% of earnings between 10.7% and 11.3% retained

40% of earnings between 11.3% and 12.3% retained

All earnings over 12.3% returned to customers

51% equity balance

9

Rate case approval marks beginning

of

NEW ERA at CLECO POWER (cont.)

Formula rate plan

Term of four years

Future large capital projects

•

Acadiana Load Pocket (ALP) transmission project

•

50% acquisition of Acadia as a result of 2007 long-term

RFP

Unique because long-term fuel savings from Rodemacher 3

and return of customer-supplied financing should offset base

rate increase and reduce average customer’s bill

10

Rodemacher 3 expected to be

COMPLETE BY YEAR END

Rodemacher Power Station with Unit 3

Financial Highlights:

$1 billion rate base investment

$971 million in expenditures (including AFUDC) as of Sept. 30, 2009

Technical Highlights:

600-MW solid-fuel unit

Circulating fluidized-bed technology

Petroleum coke primary fuel source

Capable of burning biomass

Positive impact on Louisiana’s economy

11

2010 Estimate¹

Natural Gas & Oil = 57%

Coal, Lignite & Petcoke = 43%

1

Based on owned capacity of approximately 2,539 MWs.  Data includes capacity from Rodemacher 3 (600 MWs) and the pending acquisition

of Acadia (580 MWs).

Installed Capacity

Cleco will have one of the region’s most

COMPETITIVE GENERATION PORTFOLIOS

Oct.

08

Nov.

08

Dec.

08

Jan.

09

Feb.

09

Mar.

09

Apr.

09

May

09

Jun.

09

Jul.

09

Aug.

09

Sept.

09

Peak (MWs)

12

Executing

investment growth

INITIATIVES IN OUR REGULATED UTILITY

Long-term RFP Investment

50% of Acadia Plant

$300 million

$150 million

Selected

580 MWs from

Acadia

Spending

2009 -

2012

ALP Transmission Investment

Rodemacher 3 Investment

$937 million current rate base

Estimate >95%

Complete*

$1,000 million

*As of September 2009, Shaw Contractors, Inc. estimates construction is more than 95% complete.

13

Transmission project is NEXT

MAJOR INVESTMENT

Project Need and Approvals:

No regional transmission organization

Transmission constraints are an

ongoing problem

LPSC and SPP have approved based

on need to improve electric service

reliability

Project Description:

Upgrade transmission in south

Louisiana service territory

Total project estimated at

$250 million

Cleco’s investment roughly

$150 million

2010

2009

2011

2012

$10

$50

(millions)

14

$275

$240

Credit Facility Available:

$  35

Cash and Cash Equivalents:

Total Liquidity

(as of Sept. 30, 2009)

(millions)

Cleco Power has STRONG LIQUIDITY

POSITION

15

SMART

financing

plan based on Cleco’s

CONSERVATIVE RISK PROFILE

Moody’s Rating Baa2, Stable Outlook

Standard & Poor’s Rating BBB, Stable Outlook

Commitment to maintain investment grade rating

Target a balanced capital structure

Utilize cash flow from current investments for future

growth

16

Cleco’s story:  WE’RE A LEADING

LOUISIANA UTILITY

Major growth includes:

Rodemacher 3

Increased rate base

580 MWs of additional efficient generating capacity

ALP transmission project

Future cash flow offers long-term growth

Experienced management team

Strong regulatory relationship

Investment grade credit rating