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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~March~~June 3130, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-15759

CLECO CORPORATE HOLDINGS LLC

(Exact name of registrant as specified in its charter)


Louisiana			72-1445282
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

2030 Donahue Ferry Road, Pineville, Louisiana 71360-5226

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (318) 484-7400

Commission file number 1-05663

CLECO POWER LLC

(Exact name of registrant as specified in its charter)


Louisiana			72-0244480
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

2030 Donahue Ferry Road, Pineville, Louisiana 71360-5226

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (318) 484-7400


Securities registered pursuant to Section 12(b) of the Act:
Cleco Corporate Holdings LLC: None			Cleco Power LLC: None

Indicate by check mark whether the Registrants: (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrants were required to file such reports) and (2) have been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the Registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrants were required to submit such files). Yes ☒ No ☐

Indicate by check mark whether Cleco Corporate Holdings LLC is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether Cleco Power LLC is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐

Indicate by check mark whether the Registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

Cleco Corporate Holdings LLC has no common stock outstanding. All of the outstanding equity of Cleco Corporate Holdings LLC is held by Cleco Group LLC, a wholly owned subsidiary of Cleco Partners L.P.

Cleco Power LLC, a wholly owned subsidiary of Cleco Corporate Holdings LLC, meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format.

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

This Combined Quarterly Report on Form 10-Q (this “Quarterly Report on Form 10-Q”) is separately filed by Cleco Corporate Holdings LLC and Cleco Power LLC. Information in this filing relating to Cleco Power LLC is filed by Cleco Corporate Holdings LLC and separately by Cleco Power LLC on its own behalf. Cleco Power LLC makes no representation as to information relating to Cleco Corporate Holdings LLC (except as it may relate to Cleco Power LLC) or any other affiliate or subsidiary of Cleco Corporate Holdings LLC.

This Quarterly Report on Form 10-Q should be read in its entirety as it pertains to each respective Registrant. The Notes to the Unaudited Condensed Consolidated Financial Statements for the Registrants and certain other sections of this Quarterly Report on Form 10-Q are combined.

TABLE OF CONTENTS
		PAGE
GLOSSARY OF TERMS		3
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		65
PART I	Financial Information
ITEM 1.	Cleco — Condensed Consolidated Financial Statements (Unaudited)	87
	Cleco Power — Condensed Consolidated Financial Statements (Unaudited)	1517
	Notes to the Unaudited Condensed Consolidated Financial Statements	2226
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4250
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	5363
ITEM 4.	Controls and Procedures	5464
PART II	Other Information
ITEM 1.	Legal Proceedings	5565
ITEM 1A.	Risk Factors	5565
ITEM 5.	Other Information	5565
ITEM 6.	Exhibits	5565
	Signatures	5667

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q


GLOSSARY OF TERMS

Abbreviations or acronyms used in this filing, including all items in Parts I and II, are defined below.

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 into ~~which~~ the Cleco Cajun ~~Sellers~~Purchasers ~~entered~~on ~~into~~June 1, 2024, in accordance with 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
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

CLECO CLECO POWER 2024 ~~1ST~~2ND 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
Not Meaningful			A percentage comparison of these items is not statistically meaningful because the percentage difference is greater than 1,000%
NRG Energy			NRG Energy, Inc.
Other Benefits			Includes medical, dental, vision, and life insurance for Cleco’s retirees
Oxbow			Oxbow Lignite Company, LLC, 50% owned by Cleco Power and 50% owned by SWEPCO
Perryville			Perryville Energy Partners, L.L.C., a wholly owned subsidiary of Cleco Holdings. Perryville Energy Partners, L.L.C. was dissolved effective September 8, 2021
Project Diamond Vault			Cleco Power's proposed project to ~~construct~~reduce aup to 95% of carbon ~~capture~~dioxide ~~and~~emissions ~~sequestration~~from ~~facility~~Madison atUnit ~~the~~3 ~~Brame~~through ~~Energy~~various ~~Center~~possible carbon capture and sequestration technologies
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.
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. Teche Unit 3 was retired on June 1, 2024

CLECO CLECO POWER 2024 ~~1ST~~2ND 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

This Quarterly Report on Form 10-Q includes forward-looking statements. All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q are forward-looking statements, including, without limitation, future capital expenditures; business strategies; goals, beliefs, plans, and objectives; competitive strengths; market developments; development and operation of facilities; growth in sales volume; meeting capacity requirements; expansion of service to existing customers and service to new customers; future environmental regulations and remediation liabilities; electric customer credits; and the anticipated outcome of various regulatory and legal proceedings. Although the Registrants believe that the expectations reflected in such forward-looking statements are reasonable, such forward-looking statements are based on numerous assumptions (some of which may prove to be incorrect) and are subject to risks and uncertainties that could cause the actual results to differ materially from the Registrants’ expectations. In addition to any assumptions and other factors referred to specifically in connection with these forward-looking statements in this Quarterly Report on Form 10-Q, the following list identifies some of the factors that could cause the Registrants’ actual results to differ materially from those contemplated in any of the Registrants’ forward-looking statements:

•resolution of ~~pending,~~ upcoming, or future rate cases and related litigation, formula rate proceedings, and related negotiations, as well as delays in cost recovery resulting from these proceedings,

•the ability to close the Cleco Cajun Divestiture according to the terms of the Cleco Cajun Divestiture Purchase and Sale Agreement in the expected time frame or at all,

•changes in environmental laws, regulations, decisions and policies, including present and potential environmental remediation costs, restrictions on GHG emissions, possible effects on Cleco’s generation resources, or prohibitions or restrictions on new or existing services, and Cleco’s compliance with these matters,

•state and federal regulatory decisions or related judicial decisions disallowing or delaying recovery of capital investments, operating costs, commodity costs, and the ordering of refunds to customers and discretion over allowed return on investment,

•the loss of regulatory accounting treatment, which could result in the write-off of regulatory assets and the loss of regulatory deferral and recovery mechanisms,

•economic, regulatory, or workforce impacts related to pandemics, epidemics, or other outbreaks,

•economic impacts related to conflicts and hostilities, including the current armed conflict in Ukraine and the Middle East,

•the possibility of stranded costs with respect to assets that may be retired as a result of new climate legislation or regulations, technological advances, a shift in demand, or legal action, and Cleco Power’s ability to recover stranded costs associated with these events,

•changes in climate and weather conditions, including natural disasters such as wind and ice storms, hurricanes, floods, droughts, and wildfires, and Cleco Power’s ability to recover restoration and stranded costs associated with these events,

~~droughts,~~•the ~~and~~ability ~~wildfires,~~of ~~and~~ Cleco ~~Power~~’s ~~ability~~customers to ~~recover~~pay ~~restoration~~their ~~and~~utility ~~stranded~~bills on time due to costs ~~associated~~related ~~with~~to ~~these~~volatile fuel prices, severe weather cost recoveries, or the costs of other events that are passed through to Cleco Power’s customers,

•the ability of Cleco’s customers to pay their utility bills on time due to costs related to volatile fuel prices, severe weather recoveries, or the costs of other events that are passed through to Cleco Power’s customers,

•economic conditions in Cleco’s service areas, including inflation and the economy’s effects on customer demand for and payment of utility services,

•mechanical breakdowns or other incidents that could impair assets and disrupt operations of any of Cleco’s generation facilities, transmission and distribution systems, or other operations and may require Cleco to purchase replacement power or incur costs to repair the facilities,

•growth or decline of Cleco’s customer base, or decline in existing services, including the loss of key suppliers for fuel, materials, or services, or other disruptions to the supply chain,

•wholesale and retail competition, including alternative energy sources, growth in customer-owned power resource technologies that displace utility-supplied energy or that may be sold back to the utility, and alternative energy suppliers and delivery arrangements,

•blackouts or disruptions of interconnected transmission systems (the regional power grid),

•terrorist attacks, cyberattacks, or other malicious acts that may damage or disrupt operating or information technology systems,

•changes in technology costs that impede Cleco’s ability to effectively implement new information systems or to operate and maintain current production technology,

•changes in Cleco’s strategic business plans and/or key initiatives, which could be affected by any of the factors discussed herein,

•the impact of Cleco’s credit ratings, changes in interest rates, other capital market conditions, and global market conditions on financing through the issuance of debt and/or equity securities,

•the ability of Cleco to raise capital or secure funding, such as debt financing, private equity investment, tax credits, U.S. Department of Energy grants or loans, or partnerships, to execute its renewables and electrification initiatives,

•changes to federal income tax laws, regulations, and interpretive guidance, including the IRA of 2022,

•failure to meet expectations and report progress on ESG initiatives and GHG targets, as well as the increased focus on and activism related to ESG, which could limit Cleco’s access to capital and/or financing,

•declining energy demand related to customer energy efficiency, conservation measures, technological advancements, increased distributed generation, or changes in customers’ operating or business models,

•industry and geographic concentrations of Cleco’s counterparties, suppliers, and customers,

CLECO CLECO POWER 2024 1ST QUARTER FORM 10-Q

•volatility and illiquidity in wholesale energy markets,


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q

•default or nonperformance on the part of any parties from whom Cleco purchases and/or sells capacity, energy, or fuel, or with whom Cleco enters into derivative contracts,

•Cleco Holdings’ and Cleco Power’s ability to remain in compliance with their respective debt covenants,

•the outcome of legal and regulatory proceedings and other contingencies,

•changes in actuarial assumptions, interest rates, and the actual return on plan assets for Cleco’s pension and other postretirement benefit plans,

•insufficient insurance coverage, more restrictive coverage terms, increasing insurance costs, and Cleco’s ability to obtain insurance,

•Cleco’s ability to remain in compliance with the commitments made to the LPSC in connection with the ~~Cleco Cajun Acquisition and the~~ 2016 Merger,

•Cleco Holdings’ dependence on the earnings, dividends, or distributions from its subsidiaries to meet its debt obligations, and

•workforce factors, including aging workforce, changes in key members of management, availability of workers in a variety of skill areas, and Cleco’s ability to attract, recruit, and retain qualified employees.

For more discussion of these factors and other factors that could cause actual results to differ materially from those contemplated in the Registrants’ forward-looking statements, see Part I, Item 1A, “Risk Factors” in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

All subsequent written and oral forward-looking statements attributable to the Registrants, or persons acting on their behalf, are expressly qualified in their entirety by the factors identified above.

behalf, are expressly qualified in their entirety by the factors identified above.

Any forward-looking statement is considered only as of the date of this Quarterly Report on Form 10-Q and, except as required by law, the Registrants undertake no obligation to update any forward-looking statements, whether as a result of changes in actual results, changes in assumptions, or other factors affecting such statements.

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q


PART I — FINANCIAL INFORMATION


ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Cleco

These unaudited condensed consolidated financial statements should be read in conjunction with Cleco’s Consolidated Financial Statements and Notes included in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2023. For more information on the basis of presentation, see “Notes to the Unaudited Condensed Consolidated Financial Statements — Note 1 — Summary of Significant Accounting Policies — Basis of Presentation.”


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO

Condensed Consolidated Statements of Income (Unaudited)
	FOR THE THREE MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023
Operating revenue
Electric operations	$	229,170	$	260,789
Other operations	23,563		24,742

Gross operating revenue	252,733		285,531
Electric customer credits	(548)		(736)
Operating revenue, net	252,185		284,795
Operating expenses
Fuel used for electric generation	37,363		67,866
Purchased power	28,083		40,845
Other operations and maintenance	61,437		60,754
Depreciation and amortization	48,816		45,768
Taxes other than income taxes	14,217		15,249



Total operating expenses	189,916		230,482
Operating income	62,269		54,313
Interest income	2,653		673
Allowance for equity funds used during construction	646		1,574

Other expense, net	(12,022)		(789)
Interest charges
Interest charges, net	41,286		41,317
Allowance for borrowed funds used during construction	(364)		(549)
Total interest charges	40,922		40,768
Income from continuing operations before income taxes	12,624		15,003
Federal and state income tax (benefit) expense	(35,956)		81,641
Income (loss) from continuing operations, net of income taxes	48,580		(66,638)
Income from discontinued operations, net of income taxes	12,710		113,968
Net income	$	61,290	$	47,330
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

CLECO
Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
	FOR THE THREE MONTHS ENDED MAR. 31,
	FOR THE THREE MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023
Operating revenue
Net income	$	61,290	$	47,330
Electric operations	$	251,471	$	293,928
Other comprehensive loss, net of income tax
Other operations	27,218		27,304
Postretirement benefits loss (net of tax benefit of $53 in 2024 and $156 in 2023)	(144)		(423)
Gross operating revenue	278,689		321,232
Total other comprehensive loss, net of income tax	(144)		(423)
Electric customer credits	(1,847)		(651)
Comprehensive income, net of tax	$	61,146	$	46,907
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		—
Other 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 expense	37,671		43,693
Loss from continuing operations, net of income taxes	(89,193)		(123,075)
Income from discontinued operations, net of income taxes	31,962		19,053
Net loss	$	(57,231)	$	(104,022)
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

CLECO
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Condensed Consolidated Statements of Income (Unaudited)
	FOR THE THREE MONTHS ENDED MAR. 31,
	FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023
Net loss	$	(57,231)	$	(104,022)
Operating revenue
Other comprehensive loss, net of income tax
Electric operations	$	480,641	$	554,717
Postretirement benefits loss (net of tax benefit of $108 in 2024 and $156 in 2023)	(299)		(422)
Other operations	50,781		52,046
Total other comprehensive loss, net of income tax	(299)		(422)
Gross operating revenue	531,422		606,763
Comprehensive loss, net of tax	$	(57,530)	$	(104,444)
Electric customer credits	(2,395)		(1,386)
Operating revenue, net	529,027		605,377
Operating expenses
Fuel used for electric generation	118,099		263,843
Purchased power	65,875		81,283
Other operations and maintenance	121,977		118,275
Depreciation and amortization	144,868		98,557
Taxes other than income taxes	30,316		32,036
Total operating expenses	481,135		593,994
Operating income	47,892		11,383
Interest income	4,061		1,940
Allowance for equity funds used during construction	780		2,806
Equity income from investees, before tax	674		—
Other expense, net	(10,622)		(252)
Interest charges
Interest charges, net	84,078		81,322
Allowance for borrowed funds used during construction	(2,395)		(1,066)
Total interest charges	81,683		80,256
Loss from continuing operations before income taxes	(38,898)		(64,379)
Federal and state income tax expense	1,715		125,334
Loss from continuing operations, net of income taxes	(40,613)		(189,713)
Income from discontinued operations, net of income taxes	44,672		133,021
Net income (loss)	$	4,059	$	(56,692)
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

CLECO
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(THOUSANDS)	AT MAR. 31, 2024		AT DEC. 31, 2023
	FOR THE SIX MONTHS ENDED JUNE 30,
Assets
(THOUSANDS)	2024		2023
Current assets
Net income (loss)	$	4,059	$	(56,692)
Cash and cash equivalents	$	190,830	$	122,576
Other comprehensive loss, net of tax
Restricted cash and cash equivalents	7,684		15,818
Postretirement benefits loss (net of tax benefit of $163 in 2024 and $311 in 2023)	(443)		(845)
Customer accounts receivable (less allowance for credit losses of $1,822 in 2024 and $3,012 in 2023)	42,473		48,949
Total other comprehensive loss, net of tax	(443)		(845)
Accounts receivable - affiliate	24,247		24,216
Comprehensive income (loss), net of tax	$	3,616	$	(57,537)
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
Assets held for sale - discontinued operations	148,796		159,514
Other current assets	2,056		918
Total current assets	1,071,469		790,667
Property, 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
Goodwill	1,490,797		1,490,797
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
Intangible asset - securitization	395,331		398,658
Intangible assets - other	8,309		10,633
Assets held for sale - discontinued operations	536,215		546,218
Other deferred charges	23,298		24,484
Total assets	$	8,056,962	$	8,100,393
The accompanying notes are an integral part of the condensed consolidated financial statements.
(Continued on next page)

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

CLECO
Condensed Consolidated Balance Sheets (Unaudited)
(THOUSANDS)	AT ~~MAR.~~JUNE 3130, 2024		AT DEC. 31, 2023
Liabilities and member’s equity
Assets
Liabilities
Current assets
Current liabilities
Cash and cash equivalents	$	287,959	$	122,576
Short-term debt	$	95,000	$	110,000
Restricted cash and cash equivalents	14,755		15,818
Long-term debt and finance leases due within one year	257,298		256,811
Customer accounts receivable (less allowance for credit losses of $1,368 in 2024 and $3,012 in 2023)	45,255		48,949
Accounts payable	77,758		119,801
Accounts receivable - affiliate	27,956		24,216
Accounts payable - affiliate	10,688		10,683
Other accounts receivable	29,083		30,518
Customer deposits	57,545		56,982
Unbilled revenue	45,921		42,856
Provision for rate refund	22,068		60,768
Fuel inventory, at average cost	72,762		68,387
Taxes payable	88,088		19,963
Materials and supplies, at average cost	154,298		141,688
Interest accrued	41,120		22,209
Energy risk management assets	10,931		8,129
Energy risk management liabilities	13,043		15,786
Accumulated deferred fuel	10,461		11,627
Regulatory liabilities - deferred taxes, net	12,531		21,939
Cash surrender value of company-/trust-owned life insurance policies	59,888		56,922
Deferred compensation	15,241		14,277
Prepayments	16,633		24,269
Post retirement benefit obligations	35,520		35,520
Regulatory assets	294,397		34,280
Liabilities held for sale - discontinued operations	41,096		39,019
Assets held for sale - discontinued operations	—		159,514
Other current liabilities	22,822		24,378
Other current assets	1,185		918
Total current liabilities	789,818		808,136
Total current assets	1,071,484		790,667
Long-term liabilities and deferred credits
Property, plant, and equipment
Accumulated deferred federal and state income taxes, net	800,802		801,397
Property, plant, and equipment	4,889,750		4,838,994
Postretirement benefit obligations	196,009		196,321
Accumulated depreciation	(971,580)		(924,624)
Storm reserves	112,906		111,509
Net property, plant, and equipment	3,918,170		3,914,370
Asset retirement obligations	12,559		13,723
Construction work in progress	110,463		119,572
Operating lease liabilities	16,634		17,276
Total property, plant, and equipment, net	4,028,633		4,033,942
Provision for rate refund	40,000		—
Goodwill	1,490,797		1,490,797
Customer advances for construction	26,255		26,815
Operating lease right of use assets	19,164		20,070
Liabilities held for sale - discontinued operations	76,287		75,933
Restricted cash and cash equivalents	116,679		113,573
Other deferred credits	37,732		34,186
Note receivable	10,911		11,990
Total long-term liabilities and deferred credits	1,319,184		1,277,160
Regulatory assets - deferred taxes, net	52,870		43,866
Long-term debt and finance leases, net	3,132,317		3,141,924
Regulatory assets	309,726		615,495
Total liabilities	5,241,319		5,227,220
Intangible asset - securitization	392,311		398,658
Commitments and contingencies (Note 13)
Intangible assets - other	8,123		10,633
Member’s equity	2,815,643		2,873,173
Assets held for sale - discontinued operations	—		546,218
Total liabilities and member’s equity	$	8,056,962	$	8,100,393
Energy risk management assets	3,986		—
Receivable - Cleco Cajun Divestiture	92,842		—
Other deferred charges	20,941		24,484
Total assets	$	7,618,467	$	8,100,393
The accompanying notes are an integral part of the condensed consolidated financial statements.
(Continued on next page)

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

CLECO
Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited)
			FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	AT JUNE 30, 2024				AT DEC. 31, 2023
(THOUSANDS)			2024				2023
Liabilities and member’s equity
Operating activities
Liabilities
Net loss			$	(57,231)			$	(104,022)
Current liabilities
Adjustments to reconcile net loss to net cash provided by operating activities
Short-term debt	$	—			$	110,000
Depreciation and amortization			100,558				75,265
Long-term debt and finance leases due within one year	240,549				256,811
Provision for credit losses			142				1,240
Accounts payable	99,008				119,801
Electric customer credits			1,300				—
Accounts payable - affiliate	10,688				10,683
Return on equity investment in investee			(677)				—
Customer deposits	57,565				56,982
Unearned compensation expense			1,594				1,631
Provision for rate refund	22,068				60,768
Allowance for equity funds used during construction			(134)				(1,231)
Taxes payable	100,211				19,963
Loss on energy risk management assets and liabilities, net			4,686				63,300
Interest accrued	20,896				22,209
Loss on classification as held for sale			17,000				96,000
Energy risk management liabilities	4,616				15,786
Deferred lease revenue			—				(2,301)
Regulatory liabilities - deferred taxes, net	6,666				21,939
Deferred income taxes			(10,750)				(48,775)
Deferred compensation	15,738				14,277
Cash surrender value of company-/trust-owned life insurance			(2,333)				(608)
Post retirement benefit obligations	39,313				35,520
Changes in assets and liabilities
Liabilities held for sale - discontinued operations	—				39,019
Accounts receivable			37,027				45,141
Other current liabilities	26,452				24,378
Unbilled revenue			6,878				5,407
Total current liabilities	643,770				808,136
Fuel inventory and materials and supplies			(11,263)				(69,708)
Long-term liabilities and deferred credits
Prepayments			(1,619)				437
Accumulated deferred federal and state income taxes, net	779,108				801,397
Accounts payable			(51,854)				(38,070)
Postretirement benefit obligations	188,033				196,321
Customer deposits			2,460				565
Storm reserves	100,828				111,509
Regulatory assets and liabilities, net			3,106				2,115
Asset retirement obligations	11,672				13,723
Asset retirement obligation			(1,202)				(3,522)
Operating lease liabilities	16,320				17,276
Deferred fuel recoveries			1,328				56,887
Provision for rate refund	40,000				—
Other deferred accounts			8,471				1,434
Customer advances for construction	22,970				26,815
Taxes accrued			68,396				21,501
Liabilities held for sale - discontinued operations	—				75,933
Interest accrued			18,910				15,849
Other deferred credits	43,538				34,186
Energy risk management assets and liabilities, net			(4,882)				(6,500)
Total long-term liabilities and deferred credits	1,202,469				1,277,160
Other operating			(8,751)				406
Long-term debt and finance leases, net	2,915,439				3,141,924
Net cash provided by operating activities			121,160				112,441
Total liabilities	4,761,678				5,227,220
Investing activities
Commitments and contingencies (Note 14)
Additions to property, plant, and equipment			(36,964)				(60,099)
Member’s equity	2,856,789				2,873,173
Other investing			564				496
Total liabilities and member’s equity	$	7,618,467			$	8,100,393
Net cash used in investing activities			(36,400)				(59,603)
The accompanying notes are an integral part of the condensed consolidated financial statements.
Financing activities
Draws on revolving credit facilities			—				41,000
Payments on revolving credit facilities			(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
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period			256,067		(1)		191,572
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period			$	317,764	(2)		$	218,965
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
(1) Includes cash and cash equivalents of $122,576, current restricted cash and cash equivalents of $15,818, and non-current restricted cash and cash equivalents of $113,573. Also includes cash, cash equivalents, and restricted cash equivalents in assets held for sale of $4,100.(2) Includes cash and cash equivalents of $190,830, current restricted cash and cash equivalents of $7,684, and non-current restricted cash and cash equivalents of $114,977. Also includes cash, cash equivalents, and restricted cash equivalents in assets held for sale of $4,273.
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

CLECO
Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited)
(THOUSANDS)	MEMBERSHIPINTEREST				RETAINEDEARNINGS				AOCI		TOTALMEMBER’SEQUITY
			FOR THE SIX MONTHS ENDED JUNE 30,
Balances, Dec. 31, 2022	$	2,454,276			$	492,732			$	59	$	2,947,067
(THOUSANDS)			2024				2023
Net loss	—				(104,022)				—		(104,022)
Operating activities
Other comprehensive loss, net of tax	—				—				(422)		(422)
Net income (loss)			$	4,059			$	(56,692)
Balances, Mar. 31, 2023	$	2,454,276			$	388,710			$	(363)	$	2,842,623
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Balances, Dec. 31, 2023	$	2,454,276			$	424,009			$	(5,112)	$	2,873,173
Depreciation and amortization			155,392				127,002
Net loss	—				(57,231)				—		(57,231)
Provision for credit losses			510				2,146
Other comprehensive loss, net of tax	—				—				(299)		(299)
Electric customer credits			1,300				—
Balances, Mar. 31, 2024	$	2,454,276			$	366,778			$	(5,411)	$	2,815,643
Unearned compensation expense			3,685				4,641
Allowance for equity funds used during construction			(780)				(2,806)
Loss on energy risk management assets and liabilities, net			5,276				69,469
Loss on discontinued operations			44,951				116,000
Deferred lease revenue			—				(2,301)
Deferred income taxes			(41,878)				(51,559)
Cash surrender value of company-/trust-owned life insurance			(1,537)				—
Derecognition of previously deferred Project Diamond Vault costs			10,336				—
Changes in assets and liabilities
Accounts receivable			21,816				29,310
Accounts receivable, affiliate			(3,740)				(5,351)
Unbilled revenue			(3,065)				(4,816)
Fuel inventory and materials and supplies			(40,862)				(129,183)
Prepayments			1,474				(11,332)
Accounts payable			(20,239)				(31,200)
Customer deposits			3,902				2,219
Postretirement benefit obligations			(1,599)				1,277
Regulatory assets and liabilities, net			674				1,716
Asset retirement obligation			(2,144)				(4,520)
Deferred fuel recoveries			(7,130)				46,502
Other deferred accounts			(3,236)				(5,240)
Taxes accrued			80,585				40,297
Interest accrued			(1,313)				(3,408)
Energy risk management assets and liabilities, net			(10,990)				(6,500)
Other operating			(10,409)				(1,312)
Net cash provided by operating activities			185,038				124,359
Investing activities
Additions to property, plant, and equipment			(116,515)				(115,159)
Proceeds from sale of discontinued operations (net of transaction fees of $10.8 million)			463,769				—
Other investing			1,489				1,594
Net cash provided by (used in) investing activities			348,743				(113,565)
Financing activities
Draws on revolving credit facilities			22,000				96,000
Payments on revolving credit facilities			(132,000)				(85,000)
Issuances of long-term debt			16,599				—
Repayment of long-term debt			(256,143)				(3,204)
Distributions to member			(20,000)				—
Other financing			(911)				(443)
Net cash (used in) provided by financing activities			(370,455)				7,353
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents			163,326				18,147
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period			256,067		(1)		191,572
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period			$	419,393	(2)		$	209,719
The accompanying notes are an integral part of the condensed consolidated financial statements.
(Continued on next page)

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q


CLECO

Condensed Consolidated Statements of Cash Flows (Unaudited)
	FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023
Supplementary cash flow information
Interest paid, net of amount capitalized	$	83,259	$	85,393
Income taxes paid, net	$	1,855	$	2,162
Supplementary non-cash investing and financing activities
Accrued additions to property, plant, and equipment	$	4,131	$	6,558




(1) Includes cash and cash equivalents of $122,576, current restricted cash and cash equivalents of $15,818, and non-current restricted cash and cash equivalents of $113,573. Also includes cash, cash equivalents, and restricted cash equivalents in assets held for sale of $4,100. (2) Includes cash and cash equivalents of $287,959, current restricted cash and cash equivalents of $14,755, and non-current restricted cash and cash equivalents of $116,679.

The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND 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, Mar. 31, 2023	$	2,454,276	$	388,710	$	(363)	$	2,842,623


Net income	—		47,330		—		47,330
Other comprehensive loss, net of tax	—		—		(423)		(423)
Balances, June 30, 2023	$	2,454,276	$	436,040	$	(786)	$	2,889,530

Balances, Mar. 31, 2024	$	2,454,276	$	366,778	$	(5,411)	$	2,815,643


Net income	—		61,290		—		61,290
Distributions to member	—		(20,000)		—		(20,000)
Other comprehensive loss, net of tax	—		—		(144)		(144)
Balances, June 30, 2024	$	2,454,276	$	408,068	$	(5,555)	$	2,856,789


Balances, Dec. 31, 2022	$	2,454,276	$	492,732	$	59	$	2,947,067


Net loss	—		(56,692)		—		(56,692)
Other comprehensive loss, net of tax	—		—		(845)		(845)
Balances, June 30, 2023	$	2,454,276	$	436,040	$	(786)	$	2,889,530

Balances, Dec. 31, 2023	$	2,454,276	$	424,009	$	(5,112)	$	2,873,173

Net income	—		4,059		—		4,059
Distributions to member	—		(20,000)		—		(20,000)
Other comprehensive loss, net of tax	—		—		(443)		(443)
Balances, June 30, 2024	$	2,454,276	$	408,068	$	(5,555)	$	2,856,789
The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Cleco Power

These unaudited condensed consolidated financial statements should be read in conjunction with Cleco Power’s Consolidated Financial Statements and Notes included in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2023. For more information on the basis of presentation, see “Notes to the Unaudited Condensed Consolidated Financial Statements — Note 1 — Summary of Significant Accounting Policies — Basis of Presentation.”

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	$	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 income	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		—
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) income before income taxes	(7,608)		24,307
Federal and state income tax (benefit) expense	(960)		1,490
Net (loss) income	$	(6,648)	$	22,817
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	$	(6,648)	$	22,817
Other comprehensive income, net of income tax
Postretirement benefits gain (net of tax expense of $70 in 2024 and $36 in 2023)	190		96
Amortization of interest rate derivatives to earnings (net of tax expense of $23 in 2024 and 2023)	64		63
Total other comprehensive income, net of income tax	254		159
Comprehensive (loss) income, net of tax	$	(6,394)	$	22,976
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

CLECO POWER
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Income (Unaudited)
(THOUSANDS)	AT MAR. 31, 2024		AT DEC. 31, 2023
	FOR THE THREE MONTHS ENDED JUNE 30,
Assets
(THOUSANDS)	2024		2023
Utility plant and equipment
Operating revenue
Property, plant, and equipment	$	6,037,997	$	5,969,355
Electric operations	$	229,356	$	263,176
Accumulated depreciation	(2,295,667)		(2,244,217)
Other operations	22,382		24,741
Net property, plant, and equipment	3,742,330		3,725,138
Affiliate revenue	1,522		1,635
Construction work in progress	94,986		118,249
Gross operating revenue	253,260		289,552
Total utility plant and equipment, net	3,837,316		3,843,387
Electric customer credits	(548)		(736)
Current assets
Operating revenue, net	252,712		288,816
Cash and cash equivalents	71,092		49,211
Operating expenses
Restricted cash and cash equivalents	7,684		15,818
Fuel used for electric generation	41,789		62,800
Customer accounts receivable (less allowance for credit losses of $1,822 in 2024 and $3,012 in 2023)	42,473		48,949
Purchased power	28,083		40,845
Accounts receivable - affiliate	4,083		4,543
Other operations and maintenance	59,636		57,386
Other accounts receivable	22,420		27,768
Depreciation and amortization	46,753		43,722
Unbilled revenue	35,978		42,856
Taxes other than income taxes	13,475		14,342
Fuel inventory, at average cost	61,241		68,387
Total operating expenses	189,736		219,095
Materials and supplies, at average cost	147,307		141,688
Operating income	62,976		69,721
Energy risk management assets	5,333		3,087
Interest income	904		579
Accumulated deferred fuel	9,382		11,627
Allowance for equity funds used during construction	646		1,574
Cash surrender value of company-owned life insurance policies	9,875		9,792
Other expense, net	(10,552)		(1,005)
Prepayments	18,436		17,375
Interest charges
Regulatory assets	282,118		26,545
Interest charges, net	25,480		24,732
Other current assets	2,229		918
Allowance for borrowed funds used during construction	(364)		(549)
Total current assets	719,651		468,564
Total interest charges	25,116		24,183
Operating lease right of use assets	19,380		20,070
Income before income taxes	28,858		46,686
Restricted cash and cash equivalents	114,953		113,549
Federal and state income tax expense	2,072		3,247
Note receivable	11,747		11,990
Net income	$	26,786	$	43,439
Regulatory assets - deferred taxes, net	44,157		43,866
Regulatory assets	208,980		505,623
Intangible asset - securitization	395,331		398,658
Other deferred charges	22,748		23,835
Total assets	$	5,374,263	$	5,429,542
The accompanying notes are an integral part of the condensed consolidated financial statements.
(Continued on next page)

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

CLECO POWER
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(THOUSANDS)	AT MAR. 31, 2024		AT DEC. 31, 2023
	FOR THE THREE MONTHS ENDED JUNE 30,
Liabilities and member’s equity
(THOUSANDS)	2024		2023
Member’s equity	$	2,016,843	$	2,063,237
Net income	$	26,786	$	43,439
Long-term debt and finance leases, net	1,689,187		1,697,152
Other comprehensive income, net of income tax
Total capitalization	3,706,030		3,760,389
Postretirement benefits gain (net of tax expense of $59 in 2024 and $36 in 2023)	161		96
Current liabilities
Amortization of interest rate derivatives to earnings (net of tax expense of $23 in 2024 and 2023)	62		63
Long-term debt and finance leases due within one year	190,679		190,314
Total other comprehensive income, net of income tax	223		159
Accounts payable	68,541		95,565
Comprehensive income, net of tax	$	27,009	$	43,598
Accounts payable - affiliate	10,661		13,200
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		—
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
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

CLECO POWER
Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statements of Income (Unaudited)
			FOR THE THREE MONTHS ENDED MAR. 31,
	FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		~~2024~~		2023		~~2023~~
Operating activities
Operating revenue
Net (loss) income			$	(6,648)			$	22,817
Electric operations	$	483,150			$	559,524
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Other operations	49,599				52,044
Depreciation and amortization			95,358				52,194
Affiliate revenue	10,391				3,323
Provision for credit losses			142				1,240
Gross operating revenue	543,140				614,891
Electric customer credits	(2,395)		~~1,300~~		(1,386)		—
Return on equity investment in investee			(677)				—
Operating revenue, net	540,745				613,505
Allowance for equity funds used during construction			(134)				(1,231)
Operating expenses
Deferred income taxes			(11,344)				(7,380)
Fuel used for electric generation	111,580				181,411
Changes in assets and liabilities
Purchased power	65,875				81,283
Accounts receivable			11,770				33,064
Other operations and maintenance	116,430				111,377
Accounts receivable - affiliate			956				1,813
Depreciation and amortization	140,757				94,454
Unbilled revenue			6,878				5,407
Taxes other than income taxes	29,121				30,337
Fuel inventory and materials and supplies			1,521				(46,325)
Total operating expenses	463,763				498,862
Prepayments			(203)				2,930
Operating income	76,982				114,643
Accounts payable			(33,251)				(14,768)
Interest income	2,192				1,764
Accounts payable - affiliate			(2,513)				(1,291)
Allowance for equity funds used during construction	780				2,806
Customer deposits			2,460				565
Equity income from investee before income tax	674				—
Regulatory assets and liabilities, net			2,609				1,618
Other (expense) income, net	(10,779)				301
Asset retirement obligation			(1,197)				(3,505)
Interest charges
Deferred fuel recoveries			1,328				56,887
Interest charges, net	50,994				49,587
Other deferred accounts			8,078				5,613
Allowance for borrowed funds used during construction	(2,395)				(1,066)
Taxes accrued			21,223				19,249
Total interest charges	48,599				48,521
Interest accrued			12,084				7,557
Income before income taxes	21,250				70,993
Energy risk management assets and liabilities, net			(4,882)				—
Federal and state income tax expense	1,112				4,737
Other operating			(2,714)				688
Net income	$	20,138			$	66,256
Net cash provided by operating activities			102,144				137,142
The accompanying notes are an integral part of the condensed consolidated financial statements.
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			—				(45,000)
Repayment of long-term debt			(7,844)				(3,204)
Distributions to member			(40,000)				—
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	(2)		$	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
(1) Includes cash and cash equivalents of $49,211, current restricted cash and cash equivalents of $15,818, and non-current restricted cash and cash equivalents of $113,549.(2) Includes cash and cash equivalents of $71,092, current restricted cash and cash equivalents of $7,684, and non-current restricted cash and cash equivalents of $114,953.
The accompanying notes are an integral part of the condensed consolidated financial statements.

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

CLECO POWER
Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(THOUSANDS)	MEMBERSHIPINTEREST				AOCI		TOTALMEMBER’SEQUITY
	FOR THE SIX MONTHS ENDED JUNE 30,
Balances, Dec. 31, 2022	$	2,031,277			$	(8,365)	$	2,022,912
(THOUSANDS)	2024		2023
Net income	~~22,817~~$	20,138	$	66,256	—		~~22,817~~
Other comprehensive income, net of tax	—				~~159~~		~~159~~
Balances, Mar. 31, 2023	$	2,054,094			$	(8,206)	$	2,045,888
Postretirement benefits gain (net of tax expense of $129 in 2024 and $71 in 2023)	351		192
Balances, Dec. 31, 2023	$	2,073,588			$	(10,351)	$	2,063,237
Amortization of interest rate derivatives to earnings (net of tax expense of $46 in 2024 and 2023)	126		126
Net loss	(6,648)				—		(6,648)
Total other comprehensive income, net of tax	477		318
Distributions to member	(40,000)				—		(40,000)
Comprehensive income, net of tax	$	20,615	$	66,574
Other comprehensive income, net of tax	—				254		254
The accompanying notes are an integral part of the condensed consolidated financial statements.
Balances, Mar. 31, 2024	$	2,026,940			$	(10,097)	$	2,016,843

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

Index to Applicable Notes to the Unaudited Condensed Consolidated Financial Statements of Registrants
CLECO POWER
Note 1	Summary of Significant Accounting Policies		Cleco and Cleco Power
Condensed Consolidated Balance Sheets (Unaudited)
Note 2	Recent Authoritative Guidance		Cleco and Cleco Power
(THOUSANDS)	AT JUNE 30, 2024			AT DEC. 31, 2023
Note 3	Discontinued Operations		Cleco
Assets
Note 4	Revenue Recognition		Cleco and Cleco Power
Utility plant and equipment
Note 5	Regulatory Assets and Liabilities		Cleco and Cleco Power
Property, plant, and equipment	$	6,011,830		$	5,969,355
Note 6	Fair Value Accounting Instruments		Cleco and Cleco Power
Accumulated depreciation	(2,274,094)			(2,244,217)
Note 7	Derivative Instruments		Cleco and Cleco Power
Net property, plant, and equipment	3,737,736			3,725,138
Note 8	Pension Plan and Employee Benefits		Cleco and Cleco Power
Construction work in progress	108,671			118,249
Note 9	Income Taxes		Cleco and Cleco Power
Total utility plant and equipment, net	3,846,407			3,843,387
Note 10	Segment Disclosures		Cleco
Current assets
Note 11	Regulation and Rates		Cleco and Cleco Power
Cash and cash equivalents	47,062			49,211
Note 12	Variable Interest Entities		Cleco and Cleco Power
Restricted cash and cash equivalents	14,755			15,818
Note 13	Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees		Cleco and Cleco Power
Customer accounts receivable (less allowance for credit losses of $1,368 in 2024 and $3,012 in 2023)	45,255			48,949
Note 14	Affiliate Transactions		Cleco and Cleco Power
Accounts receivable - affiliate	3,171			4,543
Note 15	Intangible Assets		Cleco and Cleco Power
Other accounts receivable	26,064			27,768
Note 16	Accumulated Other Comprehensive Loss		Cleco and Cleco Power
Unbilled revenue	45,921			42,856
Note 17	Storm Restoration		Cleco and Cleco Power
Fuel inventory, at average cost	72,762			68,387
Materials and supplies, at average cost	154,298			141,688
Energy risk management assets	10,931			3,087
Accumulated deferred fuel	10,461			11,627
Cash surrender value of company-owned life insurance policies	9,957			9,792
Prepayments	12,671			17,375
Regulatory assets	286,661			26,545
Other current assets	1,362			918
Total current assets	741,331			468,564
Operating lease right of use assets	19,164			20,070
Restricted cash and cash equivalents	116,655			113,549
Note receivable	10,911			11,990
Regulatory assets - deferred taxes, net	52,870			43,866
Regulatory assets	204,888			505,623
Intangible asset - securitization	392,311			398,658
Energy risk management assets	3,986			—
Other deferred charges	19,929			23,835
Total assets	$	5,408,452		$	5,429,542
The accompanying notes are an integral part of the condensed consolidated financial statements.
(Continued on next page)


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO POWER

Condensed Consolidated Balance Sheets (Unaudited)
(THOUSANDS)	AT JUNE 30, 2024		AT DEC. 31, 2023
Liabilities and member’s equity
Member’s equity	$	2,043,852	$	2,063,237
Long-term debt and finance leases, net	1,638,951		1,697,152
Total capitalization	3,682,803		3,760,389
Current liabilities

Long-term debt and finance leases due within one year	240,549		190,314
Accounts payable	92,474		95,565
Accounts payable - affiliate	11,950		13,200
Customer deposits	57,565		56,982
Provision for rate refund	22,068		60,768

Taxes payable	59,409		23,709
Interest accrued	11,677		11,752

Energy risk management liabilities	4,616		15,112
Regulatory liabilities - deferred taxes, net	6,666		21,939

Post retirement benefit obligations	34,579		30,777
Other current liabilities	13,844		14,617
Total current liabilities	555,397		534,735
Commitments and contingencies (Note 14)
Long-term liabilities and deferred credits
Accumulated deferred federal and state income taxes, net	815,566		806,560

Postretirement benefit obligations	124,824		132,321


Storm reserves	100,828		111,509



Asset retirement obligations	11,672		13,598
Operating lease liabilities	16,320		17,276
Provision for rate refund	40,000		—
Customer advances for construction	22,970		26,815
Other deferred credits	38,072		26,339
Total long-term liabilities and deferred credits	1,170,252		1,134,418
Total liabilities and member’s equity	$	5,408,452	$	5,429,542
The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


CLECO POWER

Condensed Consolidated Statements of Cash Flows (Unaudited)
	FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024			2023
Operating activities
Net income	$	20,138		$	66,256
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	143,524			97,305

Provision for credit losses	510			2,146

Electric customer credits	1,300			—


Allowance for equity funds used during construction	(780)			(2,806)
Deferred income taxes	(10,921)			(7,792)

Derecognition of previously deferred Project Diamond Vault costs	10,336			—
Changes in assets and liabilities
Accounts receivable	2,911			29,659
Accounts receivable - affiliate	2,338			2,286
Unbilled revenue	(3,065)			(4,816)
Fuel inventory and materials and supplies	(16,982)			(66,595)
Prepayments	5,507			(1,093)
Accounts payable	(5,019)			(19,923)
Accounts payable - affiliate	(1,167)			663
Customer deposits	3,902			2,219



Asset retirement obligation	(2,139)			(4,361)
Deferred fuel recoveries	(7,130)			46,502
Other deferred accounts	(694)			755
Taxes accrued	34,900			34,574
Interest accrued	(75)			(3,648)
Energy risk management assets and liabilities, net	(10,990)			—
Other operating	(6,163)			2,906
Net cash provided by operating activities	160,241			174,237
Investing activities
Additions to property, plant, and equipment	(113,081)			(110,480)








Other investing	1,489			1,497
Net cash used in investing activities	(111,592)			(108,983)
Financing activities
Draws on revolving credit facility	—			25,000
Payments on revolving credit facility	—			(45,000)
Issuances of long-term debt	16,599			—

Repayment of long-term debt	(24,443)			(3,204)



Distributions to member	(40,000)			(25,000)
Other financing	(911)			(419)
Net cash used in financing activities	(48,755)			(48,623)
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents	(106)			16,631
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	$	178,472	(2)	$	164,275

Supplementary cash flow information
Interest paid, net of amount capitalized	$	48,540		$	50,692

Supplementary non-cash investing and financing activities
Accrued additions to property, plant, and equipment	$	4,086		$	5,908





(1) Includes cash and cash equivalents of $49,211, current restricted cash and cash equivalents of $15,818, and non-current restricted cash and cash equivalents of $113,549. (2) Includes cash and cash equivalents of $47,062, current restricted cash and cash equivalents of $14,755, and non-current restricted cash and cash equivalents of $116,655.

The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND 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, Mar. 31, 2023	$	2,054,094	$	(8,206)	$	2,045,888

Net income	43,439		—		43,439
Distributions to member	(25,000)		—		(25,000)
Other comprehensive income, net of tax	—		159		159
Balances, June 30, 2023	$	2,072,533	$	(8,047)	$	2,064,486

Balances, Mar. 31, 2024	$	2,026,940	$	(10,097)	$	2,016,843

Net income	26,786		—		26,786

Other comprehensive income, net of tax	—		223		223
Balances, June 30, 2024	$	2,053,726	$	(9,874)	$	2,043,852


Balances, Dec. 31, 2022	$	2,031,277	$	(8,365)	$	2,022,912

Net income	66,256		—		66,256
Distributions to member	(25,000)		—		(25,000)
Other comprehensive income, net of tax	—		318		318
Balances, June 30, 2023	$	2,072,533	$	(8,047)	$	2,064,486

Balances, Dec. 31, 2023	$	2,073,588	$	(10,351)	$	2,063,237

Net income	20,138		—		20,138
Distributions to member	(40,000)		—		(40,000)
Other comprehensive income, net of tax	—		477		477
Balances, June 30, 2024	$	2,053,726	$	(9,874)	$	2,043,852
The accompanying notes are an integral part of the condensed consolidated financial statements.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


Index to Applicable Notes to the Unaudited Condensed Consolidated Financial Statements of Registrants

Note 1	Summary of Significant Accounting Policies	Cleco and Cleco Power
Note 2	Recent Authoritative Guidance	Cleco and Cleco Power
Note 3	Discontinued Operations	Cleco
Note 4	Revenue Recognition	Cleco and Cleco Power
Note 5	Regulatory Assets and Liabilities	Cleco and Cleco Power
Note 6	Fair Value Accounting Instruments	Cleco and Cleco Power
Note 7	Derivative Instruments	Cleco and Cleco Power
Note 8	Debt	Cleco and Cleco Power
Note 9	Pension Plan and Employee Benefits	Cleco and Cleco Power
Note 10	Income Taxes	Cleco and Cleco Power
Note 11	Segment Disclosures	Cleco
Note 12	Regulation and Rates	Cleco and Cleco Power
Note 13	Variable Interest Entities	Cleco and Cleco Power
Note 14	Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees	Cleco and Cleco Power
Note 15	Affiliate Transactions	Cleco and Cleco Power
Note 16	Intangible Assets	Cleco and Cleco Power
Note 17	Accumulated Other Comprehensive Loss	Cleco and Cleco Power
Note 18	Storm Restoration	Cleco and Cleco Power
Note 19	Property, Plant, and Equipment	Cleco and Cleco Power


Notes to the Unaudited Condensed Consolidated Financial Statements


Note 1 — 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. As a result, Cleco Holdings’ management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met and the sale ~~will~~represents ~~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~~have been presented as discontinued operations. Onsince ~~November~~March 2231, 2023,. ~~the~~On ~~Cleco~~June ~~Cajun~~1, ~~Divestiture~~2024, ~~Purchase and Sale Agreement was entered into between~~ the Cleco Cajun ~~Sellers~~Divestiture ~~and the Cleco Cajun Purchasers whereby the Cleco Cajun Sellers have agreed to sell the Cleco Cajun Sale Group to the Cleco Cajun Purchasers~~closed. The financial information for the three and six months ended ~~March~~June 3130, 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~~would not ~~expected~~be toacquiring ~~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

~~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.”

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

2226

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

~~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:

Cleco
(THOUSANDS)	AT ~~MAR.~~JUNE 3130, 2024		AT DEC. 31, 2023
Current
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service	$	714,~~684~~755	$	15,818
Total current	714,~~684~~755		15,818
Non-current
Diversified Lands’ mitigation escrow	24		24
Cleco Power’s future storm restoration costs	~~114~~116,~~953~~655		113,549
Total non-current	~~114~~116,~~977~~679		113,573
Total restricted cash and cash equivalents	$	~~122~~131,~~661~~434	$	129,391

Cleco Power
(THOUSANDS)	AT ~~MAR.~~JUNE 3130, 2024		AT DEC. 31, 2023
Current
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service	$	714,~~684~~755	$	15,818
Total current	714,~~684~~755		15,818
Non-current
Future storm restoration costs	~~114~~116,~~953~~655		113,549
Total non-current	~~114~~116,~~953~~655		113,549
Total restricted cash and cash equivalents	$	~~122~~131,~~637~~410	$	129,367

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~~June 3130, 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:

Cleco
(THOUSANDS)	ACCOUNTSRECEIVABLE		OTHER		TOTAL
	FOR THE THREE MONTHS ENDED JUNE 30, 2024						FOR THE SIX MONTHS ENDED JUNE 30, 2024
Balances, Dec. 31, 2023	$	3,012	$	1,638	$	4,650
(THOUSANDS)	ACCOUNTSRECEIVABLE		OTHER		TOTAL		ACCOUNTSRECEIVABLE		OTHER		TOTAL
Current period provision	142		—		142
Balances, beginning of period	$	1,822	$	1,638	$	3,460	$	3,012	$	1,638	$	4,650
Charge-offs	(1,662)		—		(1,662)
Current period provision	368		—		368		510		—		510
Recovery	330		—		330
Charge-offs	(1,098)		—		(1,098)		(2,761)		—		(2,761)
Balances, Mar. 31, 2024	$	1,822	$	1,638	$	3,460
Recovery	276		—		276		607		—		607
Balances, June 30, 2024	$	1,368	$	1,638	$	3,006	$	1,368	$	1,638	$	3,006

(THOUSANDS)	ACCOUNTSRECEIVABLE		OTHER		TOTAL
	FOR THE THREE MONTHS ENDED JUNE 30, 2023						FOR THE SIX MONTHS ENDED JUNE 30, 2023
Balances, Dec. 31, 2022	$	1,147	$	1,638	$	2,785
(THOUSANDS)	ACCOUNTSRECEIVABLE		OTHER		TOTAL		ACCOUNTSRECEIVABLE		OTHER		TOTAL
Current period provision	1,240		—		1,240
Balances, beginning of period	$	1,127	$	1,638	$	2,765	$	1,147	$	1,638	$	2,785
Charge-offs	(1,637)		—		(1,637)
Current period provision	906		—		906		2,146		—		2,146
Recovery	377		—		377
Charge-offs	(1,108)		—		(1,108)		(2,746)		—		(2,746)
Balances, Mar. 31, 2023	$	1,127	$	1,638	$	2,765
Recovery	327		—		327		705		—		705
Balances, June 30, 2023	$	1,252	$	1,638	$	2,890	$	1,252	$	1,638	$	2,890

Cleco Power
(THOUSANDS)	ACCOUNTS RECEIVABLE
	FOR THE THREE MONTHS ENDED JUNE 30, 2024		FOR THE SIX MONTHS ENDED JUNE 30, 2024
Balances, Dec. 31, 2023	$	3,012
(THOUSANDS)	ACCOUNTS RECEIVABLE
Current period provision	142
Balances, beginning of period	$	1,822	$	3,012
Charge-offs	(1,662)
Current period provision	368		510
Recovery	330
Charge-offs	(1,098)		(2,761)
Balances, Mar. 31, 2024	$	1,822
Recovery	276		607
Balances, June 30, 2024	$	1,368	$	1,368

(THOUSANDS)	ACCOUNTS RECEIVABLE
	FOR THE THREE MONTHS ENDED JUNE 30, 2023		FOR THE SIX MONTHS ENDED JUNE 30, 2023
Balances, Dec. 31, 2022	$	1,147
(THOUSANDS)	ACCOUNTS RECEIVABLE
Current period provision	1,240
Balances, beginning of period	$	1,127	$	1,147
Charge-offs	(1,637)
Current period provision	906		2,146
Recovery	377
Charge-offs	(1,108)		(2,746)
Balances, Mar. 31, 2023	$	1,127
Recovery	327		705
Balances, June 30, 2023	$	1,252	$	1,252


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


Note 2 — 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.

CLECO CLECO POWER 2024 1ST QUARTER FORM 10-Q


Note 3 — 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. OnAs ~~November~~a 22result, ~~2023,~~Cleco Holdings’ management determined that the ~~Cleco~~criteria ~~Cajun~~under ~~Divestiture~~GAAP ~~Purchase~~for ~~and~~the Cleco Cajun Sale ~~Agreement~~Group ~~was~~to ~~entered~~be ~~into~~classified ~~between~~as ~~the~~held ~~Cleco~~for ~~Cajun~~sale ~~Sellers~~were met and the sale represents a strategic shift that will have a major effect on Cleco’s ~~Cajun~~future ~~Purchasers~~operations ~~whereby~~and financial results. Therefore, the ~~Cleco~~results ~~Cajun~~of ~~Sellers~~operations ~~have~~and ~~agreed~~financial toposition ~~sell~~of the Cleco Cajun Sale Group tohave ~~the~~been ~~Cleco~~presented ~~Cajun~~as ~~Purchasers~~discontinued operations since March 31, 2023. The financial information for the ~~purchase~~three ~~price~~and ofsix ~~$600.0 million~~months ended June 30, ~~with~~2023, ~~$500.0 million~~provided ~~due~~in atthis ~~closing~~Quarterly ~~and~~Report ~~$100.0 million~~on ~~payable~~Form 2410-Q ~~months~~has ~~after~~been ~~closing.~~recast ~~The~~as ~~purchase~~a ~~price~~result isof ~~subject~~the todetermination during the ~~closing~~third ~~purchase~~quarter ~~price~~of ~~adjustment~~2023 asthat ~~set~~the ~~forth~~Cleco inCajun Purchasers would not be acquiring the natural gas derivative instruments relating to the Cleco Cajun ~~Divestiture~~Sale ~~Purchase~~Group. ~~and~~Certain expenses incurred by the Cleco Cajun Sale ~~Agreement,~~Group ~~including~~as ~~adjustments~~a ~~based~~result onof ~~net~~common ~~working~~services ~~capital.~~

~~The~~provided ~~Cleco~~by ~~Cajun~~Support ~~Sellers~~Group ~~and~~are ~~the~~reflected ~~Cleco Cajun Purchasers have each made customary representations, warranties, and covenants~~ in ~~the~~ Cleco’s ~~Cajun~~results ~~Divestiture Purchase and Sale Agreement. The closing~~ of ~~the~~continuing ~~Cleco~~operations ~~Cajun~~due ~~Divestiture is subject~~ to ~~customary~~the ~~closing~~expected ~~conditions~~ongoing ~~and~~nature ~~customary conditions regarding the accuracy~~ of ~~the~~those ~~representations~~expenses. ~~and~~In ~~warranties~~addition, ~~and~~revenue ~~compliance~~recognized by ~~the~~Cleco ~~parties~~Power ~~with~~from ~~their~~transmission ~~respective~~services ~~obligations~~provided ~~under~~to the Cleco Cajun ~~Divestiture Purchase and~~ Sale ~~Agreement.~~Group ~~The~~is ~~Cleco~~no ~~Cajun~~longer ~~Divestiture~~eliminated ~~Purchase~~upon ~~and~~consolidation ~~Sale Agreement includes customary termination provisions, including if the closing~~ of ~~the~~ Cleco's ~~Cajun~~financial ~~Divestiture~~statements ~~does~~and ~~not~~is ~~occur~~reflected ~~within~~in ~~nine~~Cleco’s ~~months~~results of ~~November~~continuing ~~22,~~operations ~~2023.~~due ~~The parties expect~~ to ~~receive~~ the ~~last~~ongoing ~~pending~~nature ~~regulatory approval and close the Cleco Cajun Divestiture in the second quarter~~ of ~~2024~~these services.

~~Cleco~~On ~~Holdings’~~June ~~management~~1, ~~determined~~2024, ~~that~~ the ~~criteria~~Cleco ~~under~~Cajun ~~GAAP~~Sellers ~~for~~completed the sale of the Cleco Cajun Sale Group. toUpon beclosing, ~~classified~~the asCleco ~~held~~Cajun ~~for~~Sellers ~~sale~~received ~~were~~$474.5 million, ~~met~~net ~~and~~of ~~the~~adjustments ~~sale~~as ~~will~~set ~~represent~~forth ain ~~strategic~~the ~~shift~~Cleco ~~that~~Cajun ~~will~~Divestiture ~~have~~Purchase aand ~~major~~Sale ~~effect~~Agreement onand ~~Cleco’s~~adjustments ~~future~~based ~~operations~~on ~~and~~net ~~financial~~working ~~results~~capital. ~~Therefore,~~Also ~~the~~in ~~results~~conjunction ofwith ~~operations~~the ~~and~~closing ~~financial position~~ of the Cleco Cajun ~~Sale~~Divestiture, ~~Group~~the ~~are~~Cleco ~~presented~~Cajun asSellers ~~discontinued~~paid ~~operations~~$10.8 million ~~The~~to ~~financial~~professional ~~information~~service ~~for~~firms ~~the~~that ~~three~~were ~~months~~engaged ~~ended~~to ~~March~~facilitate ~~31,~~the ~~2023,~~transaction. ~~provided~~Cleco inexpects ~~this~~to ~~Quarterly~~receive ~~Report~~an onadditional ~~Form~~$113.0 million ~~10-Q~~24 ~~has~~months ~~been~~after ~~recast~~closing, aswhich ais ~~result~~not ofcontingent ~~the~~upon ~~determination during~~ the ~~third~~post-divestiture ~~quarter~~performance of ~~2023 that~~ the ~~Cleco~~divested ~~Cajun~~business. ~~Purchasers~~This ~~are~~receivable ~~not~~is ~~expected~~discounted to ~~acquire~~its ~~the~~net ~~natural~~present ~~gas~~value ~~derivative~~and ~~instruments~~recorded ~~relating~~in toReceivable ~~the~~- Cleco Cajun ~~Sale~~Divestiture ~~Group.~~on ~~Certain expenses incurred by the~~ Cleco’s ~~Cajun~~Condensed ~~Sale~~Consolidated ~~Group~~Balance asSheet. aIn ~~result~~connection ofwith ~~common~~the ~~services~~sale, ~~provided~~Cleco byentered ~~Support~~into ~~Group~~a ~~are~~transition ~~reflected~~services inagreement ~~Cleco’s~~to ~~results~~provide ofcertain ~~continuing~~services ~~operations due~~ to the ~~expected~~Cleco ~~ongoing~~Cajun ~~nature~~Purchasers offor ~~those~~up ~~expenses.~~to Intwelve ~~addition,~~ months.

~~revenue~~In ~~recognized~~February by2019 ~~Cleco~~in ~~Power~~connection ~~from~~with ~~transmission~~the ~~services~~approval ~~provided~~of to the Cleco Cajun ~~Sale~~Acquisition, ~~Group~~Cleco ismade nocommitments ~~longer~~to ~~eliminated~~the ~~upon~~LPSC ~~consolidation~~that included the repayment of $400.0 million of Cleco's ~~financial~~Holdings’ ~~statements~~debt ~~and~~by isDecember ~~reflected~~31, in2024. ~~Cleco’s~~On ~~results~~April 26, 2024, the remaining $66.7 million of ~~continuing~~that ~~operations~~debt ~~due~~was topaid ~~the~~and ~~expected~~this ~~ongoing~~LPSC ~~nature~~commitment ofwas ~~these~~satisfied. ~~services~~Interest expense on that debt is included in discontinued operations.

InCleco ~~February~~determined ~~2019~~that inthe ~~connection~~estimated ~~with~~fair value less the ~~approval~~estimated ofcost to sell the Cleco Cajun ~~Acquisition,~~Sale ~~Cleco~~Group ~~made~~was ~~commitments~~less tothan the ~~LPSC~~carrying ~~that~~value ~~included~~of the ~~repayment~~Cleco Cajun Sale Group. As a result, the Cleco Cajun Sale Group had an impairment of $~~400~~173.0 million ofat ~~Cleco~~December ~~Holdings’~~31, ~~debt~~2023. byDuring ~~December~~the three months ended March 31, 2024., Ifan ~~this~~additional ~~commitment~~impairment ~~was~~charge ~~not~~of ~~satisfied~~$17.0 million ~~prior~~was torecorded. ~~the~~On ~~closing~~June of1, 2024, the Cleco Cajun Divestiture closed, ~~proceeds~~and ~~from~~an incremental $28.0 million loss on the sale of the Cleco Cajun ~~Divestiture~~Sale ~~must~~Group bewas ~~used~~recorded. toThis ~~satisfy~~resulted ~~the~~in ~~LPSC~~a ~~commitment.~~cumulative Atloss ~~March~~related ~~31,~~to ~~2024,~~the Cleco Cajun Divestiture of $66218.70 million. The incremental loss on the sale of ~~that~~the ~~debt~~Cleco ~~remained~~Cajun ~~outstanding,~~Sale ~~which~~Group ~~was~~recognized ~~paid~~during onthe ~~April~~three 26months ended June 30, 2024., ~~This~~was ~~payment~~the ~~satisfied~~difference between the ~~LPSC~~fair ~~commitment.~~value ~~Interest~~of ~~expense~~the onproceeds ~~that~~received ~~debt~~and isthe ~~included~~derecognized innet ~~discontinued~~assets ~~operations~~of the Cleco Cajun Sale Group on the closing date.

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~~following ~~impairment~~table ~~recognized~~presents ~~during~~ the ~~three~~amounts ~~months~~that ~~ended~~have ~~March~~been ~~31,~~reclassified ~~2024,~~from ~~was~~continuing ~~primarily~~operations ~~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~~included ~~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~~within ~~of income taxes on~~ Cleco'’s Condensed Consolidated ~~Statement~~Statements of Income. ~~The~~for ~~estimated fair value was determined using~~ the ~~income~~three ~~approach. The fair value estimates involved a number of judgments~~ and ~~assumptions~~six ~~including~~months ~~the~~ended ~~future~~June ~~performance of the Cleco Cajun Sale Group through the expected divestiture date~~30, ~~the expected net working capital adjustment to the sale proceeds from the Cleco Cajun Divestiture Purchase and Sale Agreement~~2024, 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.~~2023:

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 2023:28

24CLECO CLECO POWER 2024 2ND QUARTER FORM 10-Q

CLECO CLECO POWER 2024 1ST QUARTER FORM 10-Q


	FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023		2024		2023
Operating revenue, net
Electric operations	$	78,727	$	123,462	$	207,555	$	232,223
Other operations	19,458		26,469		50,992		61,182
Operating revenue, net	98,185		149,931		258,547		293,405
Operating expenses
Fuel used for electric generation(1)	5,860		18,482		21,056		28,715
Purchased power	31,095		47,962		93,035		108,587
Other operations and maintenance	14,300		23,945		37,591		47,313
Depreciation and amortization	3,915		502		4,271		15,015

Total operating expenses	55,170		90,891		155,953		199,630
Operating income	43,015		59,040		102,594		93,775
Other income (expense), net	113		(3)		239		131
Interest, net	662		(1,924)		582		(3,710)
Loss - Cleco Cajun Divestiture(2)	(27,951)		(20,000)		(44,951)		(116,000)
Income (loss) from discontinued operations before income taxes	15,839		37,113		58,464		(25,804)
Federal and state income tax expense (benefit)(1)	3,129		(76,855)		13,792		(158,825)
Income from discontinued operations, net of income taxes	$	12,710	$	113,968	$	44,672	$	133,021

	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2024		2023
Operating revenue, net
Electric operations	$	128,828	$	108,761
Other operations	31,534		34,714
Operating revenue, net	160,362		143,475
Operating expenses
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

(1) The amounts for the three and six months ended June 30, 2023, have been recast to exclude net losses, net of income tax benefit associated with Cleco Cajun’s natural gas derivatives of $3.7 million and $60.2 million, respectively. This recast was a result of the determination during the third quarter of 2023 that the Cleco Cajun Purchasers would not be acquiring 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.

*(2) ~~The~~For ~~amounts for~~ the three months ended March 31, ~~2023~~2024, ~~have~~and ~~been~~the ~~recast~~three toand ~~exclude~~six ~~net~~months ~~losses,~~ended ~~net~~June of30, ~~income~~2023, ~~tax~~this ~~benefit~~represents ~~associated with Cleco Cajun’s natural gas derivatives of $56.5 million as a result of~~ the ~~determination~~loss ~~during~~on the ~~third~~classification ~~quarter~~as ofheld ~~2023~~for ~~that~~sale. ~~the~~For ~~Cleco Cajun Purchasers are not expected to acquire~~ the ~~natural~~three ~~gas~~months ~~derivative~~ended ~~instruments;~~June ~~therefore~~30, ~~net~~2024, ~~losses~~this ~~and~~represents the ~~related~~loss ~~income~~on ~~tax~~the ~~benefit~~sale ~~associated~~of ~~with natural gas derivative instruments relating to~~ the Cleco Cajun Sale Group ~~are~~as ~~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~~Cleco ~~annual~~Cajun ~~effective income tax rate~~Divestiture.

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~~Sheet as of ~~March 31, 2024, and~~ December 31, 2023:

(THOUSANDS)	~~AT MAR. 31, 2024~~		AT DEC. 31, 2023
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
Intangible assets - other	~~32,569~~		32,569
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

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~~six months ended ~~March~~June 3130, 2024, and 2023:

	FOR THE THREE MONTHS ENDED MAR. 31,
	FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023
Net cash (used in) provided by operating activities - discontinued operations	$	(~~4,780~~982)	$	14,~~696~~046
Net cash provided by (used in) investing activities - discontinued operations	$	4,953	$	(1,689)
Net cash used in investing activities - discontinued operations	$	(3,118)	$	(4,031)


Note 4 — Revenue Recognition

Disaggregated Revenue

Operating revenue, net for the three and six months ended ~~March~~June 3130, 2024, and 2023 was as follows:

2529

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

	FOR THE THREE MONTHS ENDED MAR. 31, 2024
	FOR THE THREE MONTHS ENDED JUNE 30, 2024
(THOUSANDS)	CLECO POWER			OTHER			~~OTHER~~ELIMINATIONS			~~ELIMINATIONS~~TOTAL		~~TOTAL~~
Revenue from contracts with customers
Retail revenue
Residential (1)	$	92,012					$	—		$	—	92,012
Residential(1)	$	103,426		$	—		$	—		103,426
Commercial (1)	68,146						—			—		68,146
Commercial(1)	67,582			—			—			67,582
Industrial (1)	39,401						—			—		39,401
Industrial(1)	35,870			—			—			35,870
Other retail (1)	3,732						—			—		3,732
Other retail(1)	3,618			—			—			3,618
Electric customer credits	(~~1,847~~548)			—			—			—(548)		~~(1,847)~~
Total retail revenue	~~201~~209,~~444~~948			—			—			—209,948		~~201,444~~
Wholesale, net	4918,~~855~~078		(1)	(186)		(2)	~~(2,323)~~—		~~(2)~~	—17,892		~~47,532~~
Transmission	139,~~894~~458			—			—			—9,458		~~13,894~~
Other	5,~~249~~118			—			—			—5,118		~~5,249~~
Affiliate (3)	8,869						29,667			(38,536)		—
Affiliate(3)	1,522			27,756			(29,278)			—
Total revenue from contracts with customers	~~279~~244,~~311~~124			27,570			27(29,~~344~~278)			~~(38~~242,~~536)~~416		~~268,119~~
Revenue unrelated to contracts with customers
Securitization revenue	87,~~074~~806			—			—			—7,806		~~8,074~~
Other	~~649~~782		(4)	1,181			—			—1,963		~~649~~
Total revenue unrelated to contracts with customers	8,~~723~~588			1,181			—			—9,769		~~8,723~~
Operating revenue, net	$	~~288~~252,~~034~~712		$	28,751		$	27(29,~~344~~278)		$	~~(38~~252,~~536)~~185	$	~~276,842~~

(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.

	FOR THE THREE MONTHS ENDED MAR. 31, 2023
	FOR THE THREE MONTHS ENDED JUNE 30, 2023
(THOUSANDS)	CLECO POWER			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential (1)	$	107,196		$	—		$	—	$	107,196
Residential(1)	$	103,144		$	—		$	—	$	103,144
Commercial (1)	77,657			—			—		77,657
Commercial(1)	68,067			—			—		68,067
Industrial (1)	49,410			—			—		49,410
Industrial(1)	37,615			—			—		37,615
Other retail (1)	4,574			—			—		4,574
Other retail(1)	4,070			—			—		4,070
Electric customer credits	(~~651~~736)			—			—		(~~651~~736)
Total retail revenue	~~238~~212,~~186~~160			—			—		~~238~~212,~~186~~160
Wholesale, net	5648,~~683~~481		(1)	(2,~~420~~387)		(2)	—		5446,~~263~~094
Transmission	1213,~~530~~955			—			—		1213,~~530~~955
Other	54,~~549~~551			—			—		54,~~549~~551
Affiliate (3)	1,688			27,514			(29,202)		—
Affiliate(3)	1,635			28,902			(30,537)		—
Total revenue from contracts with customers	~~314~~280,~~636~~782			2526,~~094~~515			(2930,~~202~~537)		~~310~~276,~~528~~760
Revenue unrelated to contracts with customers
Securitization revenue	96,~~226~~236			—			—		96,~~226~~236
Other	~~826~~1,798		(4)	1			—		~~827~~1,799
Total revenue unrelated to contracts with customers	108,~~052~~034			1			—		108,~~053~~035
Operating revenue, net	$	~~324~~288,~~688~~816		$	2526,~~095~~516		$	(2930,~~202~~537)	$	~~320~~284,~~581~~795

(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.30


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q


	FOR THE SIX MONTHS ENDED JUNE 30, 2024
(THOUSANDS)	CLECO POWER			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential(1)	$	195,438		$	—		$	—	$	195,438
Commercial(1)	135,728			—			—		135,728
Industrial(1)	75,271			—			—		75,271
Other retail(1)	7,350			—			—		7,350
Electric customer credits	(2,395)			—			—		(2,395)
Total retail revenue	411,392			—			—		411,392
Wholesale, net	67,933		(1)	(2,509)		(2)	—		65,424
Transmission, net	23,352			—			—		23,352
Other	10,367			—			—		10,367
Affiliate(3)	10,391			57,423			(67,814)		—
Total revenue from contracts with customers	523,435			54,914			(67,814)		510,535
Revenue unrelated to contracts with customers
Securitization revenue	15,880			—			—		15,880
Other	1,430		(4)	1,182			—		2,612
Total revenue unrelated to contracts with customers	17,310			1,182			—		18,492
Operating revenue, net	$	540,745		$	56,096		$	(67,814)	$	529,027
(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.


	FOR THE SIX MONTHS ENDED JUNE 30, 2023
(THOUSANDS)	CLECO POWER			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential(1)	$	210,340		$	—		$	—	$	210,340
Commercial(1)	145,724			—			—		145,724
Industrial(1)	87,025			—			—		87,025
Other retail(1)	8,644			—			—		8,644

Electric customer credits	(1,386)			—			—		(1,386)
Total retail revenue	450,347			—			—		450,347
Wholesale, net	105,164		(1)	(4,807)		(2)	—		100,357
Transmission, net	26,485			—			—		26,485
Other	10,100			—			—		10,100
Affiliate(3)	3,323			56,416			(59,739)		—
Total revenue from contracts with customers	595,419			51,609			(59,739)		587,289
Revenue unrelated to contracts with customers
Securitization Revenue	15,462			—			—		15,462
Other	2,624		(4)	2			—		2,626
Total revenue unrelated to contracts with customers	18,086			2			—		18,088
Operating revenue, net	$	613,505		$	51,611		$	(59,739)	$	605,377
(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 June 30, 2024, Cleco and Cleco Power had $263.6 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.


Note 5 — 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,~~

2631

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

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:

Cleco Power
					REMAININGRECOVERYPERIOD(YRS.)
(THOUSANDS)	AT ~~MAR.~~JUNE 3130, 2024		AT DEC. 31, 2023
Regulatory assets
Acadia Unit 1 acquisition costs	$	1,~~675~~649	$	1,701	15.755
Accumulated deferred fuel (1)	9,382		11,627		Various
Accumulated deferred fuel(1)	10,461		11,627		Various
Affordability study	9,~~992~~648		10,337		7~~.25~~
AFUDC equity gross-up	5958,~~606~~832		60,381		Various	(2)
AMI deferred revenue requirement	~~818~~681		954		21.75
AROs (8)	8,526		20,094
AROs(7)	9,373		20,094
Coughlin transaction costs	~~776~~769		784		25~~.25~~
COVID-19 executive order (8)	3,071		3,039
COVID-19 executive order(9)	3,926		3,039		3
Deferred lignite and mine closure costs (7)	134,739		136,076
Deferred lignite and mine closure costs(7)	135,427		136,076
Deferred storm restoration costs - Hurricane Delta (6)	88		88
Deferred storm restoration costs - Hurricane Delta(6)	88		88
Deferred storm restoration costs - Hurricane Laura (6)	367		367
Deferred storm restoration costs - Hurricane Laura(6)	347		367
Deferred storm restoration costs - Hurricane Zeta (6)	7		7
Deferred storm restoration costs - Hurricane Zeta(6)	7		7
Deferred taxes, net	4452,~~157~~870		43,866		Various
Dolet Hills Power Station closure costs (7)	122,495		147,323
Dolet Hills Power Station closure costs(7)	122,387		147,323
Financing costs (1)	5,994		6,087		Various	(3)
Financing costs(1)	5,902		6,087		Various	(3)
Interest costs	2,~~899~~836		2,961		Various	(2)
Madison Unit 3 property taxes	13,~~372~~420		13,297		Various	(98)
Non-service cost of postretirement benefits	14,~~482~~431		14,526		Various	(2)
Other	9,~~268~~647		10,483		Various
Postretirement costs	64,399		64,399		Various	(4)
Production operations and maintenance expenses	54,~~980~~944		7,002		Various	(5)
Rodemacher Unit 2 deferred costs (8)	21,264		19,282
Rodemacher Unit 2 deferred costs(7)	23,256		19,282
St. Mary Clean Energy Center	21,~~722~~740		3,705		1~~.25~~
Training costs	5,~~579~~540		5,618		35.755
Tree trimming costs	2,~~979~~300		3,657		10.75
Total regulatory assets	~~544~~554,~~637~~880		587,661
Regulatory liabilities
Deferred taxes, net	(126,~~531~~666)		(21,939)		Various
Storm reserves	(~~112~~100,~~906~~828)		(111,509)
Total regulatory liabilities	(~~125~~107,~~437~~494)		(133,448)
Total regulatory assets, net	$	~~419~~447,~~200~~386	$	454,213
(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 three-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.
(1) Represents regulatory assets for past expenditures that were not earning a return on investment at June 30, 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 three-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.(8) Beginning July 1, 2021, property taxes paid for the year ended December 31, are being amortized over the subsequent 12 months beginning July 1.(9) Beginning July 1, 2024, the lost revenues and incremental costs associated with the COVID-19 executive order are being amortized over three years as approved bythe LPSC in May 2024.

2732

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

The following table summarizes Cleco’s net regulatory assets and liabilities:

Cleco
(THOUSANDS)	AT ~~MAR.~~JUNE 3130, 2024		AT DEC. 31, 2023
Total Cleco Power regulatory assets, net	$	~~419~~447,~~200~~386	$	454,213
2016 Merger adjustments (1)
2016 Merger adjustments(1)
Fair value of long-term debt	9593,~~493~~643		97,345
Postretirement costs	8,~~952~~455		9,448
Financing costs	6,~~474~~388		6,560
Debt issuance costs	4,~~171~~088		4,254
Total Cleco regulatory assets, net	$	~~534~~559,~~290~~960	$	571,820

(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,~~This ~~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~~At ~~more~~June ~~information~~30, ~~about~~2024, $12.3 million of the ~~settlement~~ARO regulatory asset, ~~see~~which ~~Note~~is 13related —to ~~“Litigation~~the Dolet Hills Power Station, ~~Other~~was ~~Commitments~~reclassified ~~and~~to ~~Contingencies~~the Dolet Hills Power Station Closure Costs regulatory asset. This amount was included in the related securitization application filed with the LPSC on May 17, 2024. Management anticipates the securitization of these costs to close by the end of March 2025, and ~~Disclosures~~as ~~about~~a ~~Guarantees~~result, —reclassified ~~Litigation~~these —costs ~~LPSC~~as ~~Audits~~current Regulatory assets on Cleco’s and ~~Reviews~~Cleco —Power’s ~~Dolet~~Condensed ~~Hills~~Consolidated ~~Prudency~~Balance ~~Review~~Sheets.”

For more information about the settlement, see Note 14 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review.”


Note 6 — Fair Value Accounting Instruments

Fair value is athe ~~market-based~~price ~~measurement~~that ~~based on assumptions market participants~~ would ~~use~~be inreceived ~~pricing~~to sell an asset or apaid ~~liability.~~to ~~Cleco’s~~transfer ~~valuation~~a ~~techniques~~liability ~~maximize~~in ~~the~~an ~~use~~orderly oftransaction ~~observable~~between market~~-based~~ ~~inputs~~participants ~~and~~at ~~minimize~~ the ~~use~~measurement ~~of unobservable inputs~~date. ~~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 or third-party 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.

When available, Cleco must use observable market prices to measure fair value. Credit risk of Cleco and its counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves. 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~~June 3130, 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.

2833

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

Cleco
	FAIR VALUE MEASUREMENTS AT REPORTING DATE
(THOUSANDS)	AT ~~MAR.~~JUNE 3130, 2024		QUOTED PRICES IN ACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1)		SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2)		SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3)		AT DEC. 31, 2023		QUOTED PRICES IN ACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1)		SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2)		SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3)
Asset description
Short-term investments	$	~~286~~411,~~707~~783	$	~~286~~411,~~707~~783	$	—	$	—	$	242,596	$	242,596	$	—	$	—
FTRs	~~881~~3,927		—		—		~~881~~3,927		3,087		—		—		3,087
Natural gas derivatives	410,~~548~~990		—		410,~~548~~990		—		5,042		—		5,042		—
Total assets	$	~~292~~426,~~136~~700	$	~~286~~411,~~707~~783	$	410,~~548~~990	$	~~881~~3,927	$	250,725	$	242,596	$	5,042	$	3,087
Liability description
FTRs	$	~~435~~379	$	—	$	—	$	~~435~~379	$	781	$	—	$	—	$	781
Natural gas derivatives	124,~~608~~237		—		124,~~608~~237		—		15,005		—		15,005		—
Total liabilities	$	134,~~043~~616	$	—	$	124,~~608~~237	$	~~435~~379	$	15,786	$	—	$	15,005	$	781

Cleco Power
	FAIR VALUE MEASUREMENTS AT REPORTING DATE
(THOUSANDS)	AT ~~MAR.~~JUNE 3130, 2024		QUOTED PRICES IN ACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1)		SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2)		SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3)		AT DEC. 31, 2023		QUOTED PRICES IN ACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1)		SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2)		SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3)
Asset description
Short-term investments	$	~~172~~171,~~080~~159	$	~~172~~171,~~080~~159	$	—	$	—	$	169,606	$	169,606	$	—	$	—
FTRs	~~881~~3,927		—		—		~~881~~3,927		3,087		—		—		3,087
Natural gas derivatives	410,~~452~~990		—		410,~~452~~990		—		—		—		—		—
Total assets	$	~~177~~186,~~413~~076	$	~~172~~171,~~080~~159	$	410,~~452~~990	$	~~881~~3,927	$	172,693	$	169,606	$	—	$	3,087
Liability description
FTRs	$	~~435~~379	$	—	$	—	$	~~435~~379	$	781	$	—	$	—	$	781
Natural gas derivatives	124,~~570~~237		—		124,~~570~~237		—		14,331		—		14,331		—
Total liabilities	$	134,~~005~~616	$	—	$	124,~~570~~237	$	~~435~~379	$	15,112	$	—	$	14,331	$	781

Cleco has ~~consistently~~ applied the Level 2 and Level 3 fair value techniques between comparative fiscal periods. During the ~~three~~six months ended ~~March~~June 3130, 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~~June 3130, 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~~June 3130, 2024, and December 31, 2023:

Cleco
(THOUSANDS)	AT ~~MAR.~~JUNE 3130, 2024		AT DEC. 31, 2023
Cash and cash equivalents	$	~~164~~280,~~047~~349	$	113,207
Current restricted cash and cash equivalents	$	714,~~684~~755	$	15,818
Non-current restricted cash and cash equivalents	$	~~114~~116,~~976~~679	$	113,571

Cleco Power
(THOUSANDS)	AT ~~MAR.~~JUNE 3130, 2024		AT DEC. 31, 2023
Cash and cash equivalents	$	4939,~~444~~749	$	40,240
Current restricted cash and cash equivalents	$	714,~~684~~755	$	15,818
Non-current restricted cash and cash equivalents	$	~~114~~116,~~952~~655	$	113,548

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:

	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2024		2023
Balances, beginning of period	$	2,306	$	2,276
Unrealized losses*	(418)		(24)
Purchases	(33)		(64)
Settlements	(1,409)		(1,555)
Balances, end of period	$	446	$	633
*Unrealized losses are reported through Accumulated deferred fuel on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets.

29CLECO CLECO POWER 2024 2ND QUARTER FORM 10-Q

CLECO CLECO POWER 2024 1ST QUARTER FORM 10-Q


	FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023		2024		2023
Balances, beginning of period	$	446	$	633	$	2,306	$	2,276
Unrealized losses*	(154)		(211)		(154)		(211)
Purchases	4,282		8,087		4,249		8,023
Settlements	(1,026)		(2,050)		(2,853)		(3,629)
Balances, end of period	$	3,548	$	6,459	$	3,548	$	6,459
* Unrealized losses are reported through Accumulated deferred fuel on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets.

The following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power asat ofJune ~~March 31~~30, 2024, and December 31, 2023:

	FAIR VALUE				VALUATION TECHNIQUE	SIGNIFICANT UNOBSERVABLE INPUTS	~~FORWARD PRICE~~ INPUT/RANGE
(THOUSANDS, EXCEPT FORWARD PRICE RANGE)	ASSETS		LIABILITIES				LOW(1)		HIGH(1)		WEIGHTEDAVERAGE(2)
FTRs at Mar. 31, 2024	$	881	$	435	RTO auction pricing	FTR price - per MWh	$	(1.98)	$	7.34
FTRs at June 30, 2024	$	3,927	$	379	RTO auction pricing	FTR price - per MWh	$	(6.58)	$	8.49	$	0.23
FTRs at Dec. 31, 2023	$	3,087	$	781	RTO auction pricing	FTR price - per MWh	$	(3.51)	$	7.07	$	0.24
(1) The low and high prices reflect the lowest and highest values of all single point-to-point FTRs and not the range of aggregate price changes.(2) The weighted average reflects the market price and volume of each commodity weighted by the total volume of commodities.

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. Prior to the closing of the Cleco Cajun Divestiture, Cleco Cajun’s unrealized gains or losses as well as realized gains or losses at settlement ~~are~~were recorded on the income statements as a component of fuel expense. After the closing of the Cleco Cajun Divestiture, all of Cleco Cajun’s natural gas derivative contracts were liquidated. Upon liquidation, a $6.4 million gain was recorded in Cleco’s Condensed Consolidated Statements of Income as a component of fuel expense for the three and six months ended June 30, 2024.

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:

Cleco

AT MAR. 31, 2024

AT DEC. 31, 2023

AT JUNE 30, 2024

AT DEC. 31, 2023

(THOUSANDS)

CARRYINGVALUE*

FAIR VALUE

CARRYINGVALUE*

FAIR VALUE

Long-term debt

3,~~390~~157,~~677~~204

32,~~147~~910,~~971~~519

3,400,293

3,177,654

* The carrying value of long-term debt does not include deferred issuance costs of $13.50 million at ~~March~~June 3130, 2024, and $14.2 million at December 31, 2023.

Cleco Power

AT MAR. 31, 2024

AT DEC. 31, 2023

AT JUNE 30, 2024

AT DEC. 31, 2023

(THOUSANDS)

CARRYINGVALUE*

FAIR VALUE

CARRYINGVALUE*

FAIR VALUE

Long-term debt

1,878,~~482~~560

1,844,~~789~~569

1,886,248

1,867,559

* The carrying value of long-term debt does not include deferred issuance costs of $1110.19 million at ~~March~~June 3130, 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~~June 3130, 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 could be exposed to a loss of the invested amounts. Collateral on these types of investments is not required. In order to optimize interest income and minimize risk, cash is invested primarily in short-term securities issued by the U.S. government and money market mutual funds to maintain liquidity and achieve the goal of a net asset value of a dollar.

When Cleco ~~Power~~enters ~~would~~into becommodity ~~exposed~~derivative toor aphysical ~~loss~~commodity oftransactions ~~the~~directly ~~invested~~with ~~amounts.~~market ~~Collateral~~participants, onCleco ~~these~~may ~~types~~be ofexposed ~~investments~~to iscounterparty ~~not~~credit ~~required~~risk. InCleco ~~order~~is exposed to ~~capture~~counterparty ~~interest~~credit ~~income~~risk ~~and~~when ~~minimize~~a ~~risk,~~counterparty ~~cash~~fails isto ~~invested~~meet ~~primarily~~their infinancial ~~short-term~~obligations ~~securities~~causing ~~issued~~Cleco byto ~~the~~potentially Uincur replacement cost losses.S. ~~government~~Cleco toenters ~~maintain~~into ~~liquidity~~long-form contracts and ~~achieve~~master agreements with counterparties that govern the ~~goal~~risk of acounterparty ~~net~~credit ~~asset~~default ~~value~~and ofallow afor ~~dollar~~collateralization above prenegotiated thresholds to help mitigate potential losses. Alternatively, Cleco may be required

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.35


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q

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.

Note 7 —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~~June 3130, 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~~June 3130, 2024, and at December 31, 2023:


Cleco
	DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
(THOUSANDS)	BALANCE SHEET LINE ITEM	AT JUNE 30, 2024		AT DEC. 31, 2023
Commodity-related contracts
FTRs
Current	Energy risk management assets	$	3,927	$	3,087
Current	Energy risk management liabilities	(379)		(781)
Natural gas derivatives
Current	Energy risk management assets	7,004		5,042
Non-current	Energy risk management assets	3,986		—
Current	Energy risk management liabilities	(4,237)		(15,005)
Commodity-related contracts, net		$	10,301	$	(7,657)

CLECO CLECO POWER 2024 1ST QUARTER FORM 10-Q


Cleco Power
	DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
(THOUSANDS)	BALANCE SHEET LINE ITEM	AT JUNE 30, 2024		AT DEC. 31, 2023
Commodity-related contracts
FTRs
Current	Energy risk management assets	$	3,927	$	3,087
Current	Energy risk management liabilities	(379)		(781)
Natural gas derivatives
Current	Energy risk management assets	7,004		—
Non-current	Energy risk management assets	3,986		—
Current	Energy risk management liabilities	(4,237)		(14,331)
Commodity-related contracts, net		$	10,301	$	(12,025)

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	Energy risk management assets	$	881	$	3,087
Current	Energy risk management liabilities	(435)		(781)
Natural gas derivatives
Current	Energy risk management assets	4,548		5,042
Current	Energy risk management liabilities	(12,608)		(15,005)
Commodity-related contracts, net		$	(7,614)	$	(7,657)

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 and six months ended June 30, 2024, and 2023:

Cleco Power
Cleco
	DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
	AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME
(THOUSANDS)	BALANCE SHEET LINE ITEM			AT MAR. 31, 2024				AT DEC. 31, 2023
		FOR THE THREE MONTHS ENDED JUNE 30,								FOR THE SIX MONTHS ENDED JUNE 30,
Commodity-related contracts
(THOUSANDS)	INCOME STATEMENT LINE ITEM	2024				2023				2024		2023
FTRs
Commodity-related contracts
Current	Energy risk management assets			$	881			$	3,087
FTRs(1)	Electric operations	$	782			$	1,835			$	1,508	$	2,694
Current	Energy risk management liabilities			(435)				(781)
FTRs(1)	Purchased power	(827)				(1,499)				(2,198)		(2,096)
Natural gas derivatives
Natural gas derivatives(2)(3)	Fuel used for electric generation	(3,475)				(16,350)		(4)		(22,176)		(100,256)		(4)
Current	Energy risk management assets			4,452				—
Total		$	(3,520)			$	(16,014)			$	(22,866)	$	(99,658)
Current	Energy risk management liabilities			(12,570)				(14,331)
Commodity-related contracts, net				$	(7,672)			$	(12,025)

~~The~~(1) ~~following~~For ~~tables~~the ~~present~~three ~~the~~and ~~effect~~six ofmonths ~~derivatives~~ended ~~not~~June ~~designated~~30, as2024, ~~hedging~~unrealized ~~instruments~~losses onassociated ~~Cleco’s~~with ~~and~~FTRs ~~Cleco~~of ~~Power’s~~$(0.2) million ~~Condensed~~were ~~Consolidated~~reported ~~Statements~~through ofAccumulated ~~Income~~deferred ~~for~~fuel on the balance sheet. For the three and six months ended ~~March~~June 3130, ~~2024~~2023, ~~and~~unrealized ~~2023:~~losses associated with FTRs of $(0.2) million were reported through Accumulated deferred fuel on the balance sheet.

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	$	726	$	859
FTRs(1)	Purchased power	(1,371)		(596)
Natural gas derivatives(2)	Fuel used for electric generation	(18,701)		(83,906)		(3)
Total		$	(19,346)	$	(83,643)

(2) For the three and six months ended June 30, 2024, unrealized gains associated with natural gas derivatives of $8.7 million and $10.1 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the three and six months ended June 30, 2023, unrealized gains associated with natural gas derivatives of $8.2 million and $3.7 million, respectively, were reported through Accumulated deferred fuel on the balance sheet.

(13) For the three and six months ended ~~March~~June 3130, 2024, ~~and~~realized ~~2023, unrealized~~ losses associated with ~~FTRs~~natural gas derivatives of $(01.45) million were reported through Accumulated deferred fuel on the balance sheet. For the three and ~~less~~six ~~than~~months ended June 30, 2023, realized losses associated with natural gas derivatives of $(0.16) million, ~~respectively,~~ were reported through Accumulated deferred fuel on the balance sheet.

(24) ~~For~~Recast ~~the~~as ~~three~~a ~~months~~result ~~ended~~of ~~March~~the ~~31,~~determination ~~2024,~~during ~~unrealized~~the ~~gains~~third ~~and~~quarter ~~realized~~of ~~losses~~2023 ~~associated~~that ~~with~~the ~~natural~~Cleco ~~gas~~Cajun ~~derivatives~~Purchasers ~~for~~were ~~Cleco~~not ~~Power~~expected ofto ~~$1.3 million~~acquire ~~and~~the ~~$(3.2) million,~~natural ~~respectively,~~gas ~~were~~derivative ~~reported~~instruments ~~through~~relating ~~Accumulated~~to ~~deferred~~the ~~fuel~~Cleco onCajun ~~the~~Sale ~~balance sheet~~Group. ~~For~~After the ~~three~~closing ~~months~~of ~~ended~~the ~~March~~Cleco ~~31,~~Cajun ~~2023~~Divestiture, ~~unrealized~~all ~~losses~~of ~~and~~Cleco ~~realized~~Cajun’s ~~losses associated with~~ natural gas ~~derivatives~~derivative ~~for~~contracts ~~Cleco Power of $(4.5) million and $(1.8) million, respectively,~~ were ~~reported through Accumulated deferred fuel on the balance sheet~~liquidated.

(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.36

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	$	726	$	859
FTRs(1)	Purchased power	(1,371)		(596)
Natural gas derivatives(2)	Fuel used for electric generation	(7,756)		(6,540)
Total		$	(8,401)	$	(6,277)


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q

(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.


Cleco Power
	AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME
		FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	INCOME STATEMENT LINE ITEM	2024		2023		2024		2023
Commodity-related contracts
FTRs(1)	Electric operations	$	782	$	1,835	$	1,508	$	2,694
FTRs(1)	Purchased power	(827)		(1,499)		(2,198)		(2,096)
Natural gas derivatives (2)(3)	Fuel used for electric generation	(7,902)		(11,284)		(15,657)		(17,823)
Total		$	(7,947)	$	(10,948)	$	(16,347)	$	(17,225)

(21) For the three and six months ended ~~March~~June 3130, 2024, unrealized ~~gains and realized~~ losses associated with ~~natural~~FTRs ~~gas derivatives~~ of $~~1.3 million and $~~(30.2) million, ~~respectively,~~ were reported through Accumulated deferred fuel on the balance sheet. For the three and six months ended ~~March~~June 3130, 2023, unrealized losses ~~and realized losses~~ associated with ~~natural~~FTRs ~~gas derivatives~~ of $(40.52) million ~~and $(1.8) million, respectively,~~ were reported through Accumulated deferred fuel on the balance sheet.

31(2) For the three and six months ended June 30, 2024, unrealized gains associated with natural gas derivatives of $8.7 million and $10.1 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the three and six months ended June 30, 2023, unrealized gains associated with natural gas derivatives of $8.2 million and $3.7 million, respectively, were reported through Accumulated deferred fuel on the balance sheet.

~~CLECO~~(3) ~~CLECO~~For ~~POWER~~the three and six months ended June 30, 2024, ~~1ST~~realized ~~QUARTER~~losses ~~FORM~~associated ~~10-Q~~with natural gas derivatives of $(1.5) million were reported through Accumulated deferred fuel on the balance sheet. For the three and six months ended June 30, 2023, realized losses associated with natural gas derivatives of $(0.6) million were reported through Accumulated deferred fuel on the balance sheet.

The following tables present the volume of commodity-related derivative contracts outstanding at ~~March~~June 3130, 2024, and December 31, 2023, for Cleco and Cleco Power:

Cleco

UNIT OF MEASURE

TOTAL VOLUME OUTSTANDING

(THOUSAND)

AT ~~MAR.~~JUNE 3130, 2024

AT DEC. 31, 2023

Commodity-related contracts

FTRs

MWh

215,~~686~~340

9,611

Natural gas derivatives

MMBtus

4830,~~490~~821

61,119

Cleco Power

UNIT OF MEASURE

TOTAL VOLUME OUTSTANDING

(THOUSAND)

AT ~~MAR.~~JUNE 3130, 2024

AT DEC. 31, 2023

Commodity-related contracts

FTRs

MWh

215,~~686~~340

9,611

Natural gas derivatives

MMBtus

2330,~~990~~821

19,915

Note 8 — ~~Pension Plan and Employee Benefits~~Debt

On May 17, 2024, Cleco Holdings entered into a $175.0 million revolving credit agreement. This agreement replaced Cleco Holdings’ existing revolving credit agreement and matures on May 17, 2029. Under this agreement, Cleco Holdings is required to maintain total indebtedness, not including securitization indebtedness, less than or equal to 65% of total capitalization. The borrowing costs under Cleco Holdings’ revolving credit agreement are currently equal to SOFR plus 1.725% or ABR plus 0.625%, plus commitment fees of 0.275% on the unused portion of the facility. If Cleco Holdings’ credit ratings were to be downgraded one level by the credit rating agencies, Cleco Holdings may be required to pay higher commitment fees and additional interest of 0.05%. At June 30, 2024, Cleco Holdings had no borrowings outstanding under its revolving credit facility.

In addition, on May 17, 2024, Cleco Power entered into a $300.0 million revolving credit agreement and a $125.0 million term loan agreement. The revolving credit agreement replaced Cleco Power’s existing revolving credit agreement and matures on May 17, 2029. The term loan agreement replaced Cleco Power’s existing term loan agreement and matures on May 17, 2025. Under these agreements, Cleco Power is required to maintain total indebtedness, not including securitization indebtedness, less than or equal to 65% for total capitalization. The borrowing costs under the revolving credit

agreement are currently equal to SOFR plus 1.35% or ABR plus 0.25%, plus commitment fees of 0.15% on the unused portion of the facility. If Cleco Power’s credit ratings were to be downgraded one level by the credit rating agencies, Cleco Power may be required to pay higher commitment fees and additional interest of 0.025%. At June 30, 2024, Cleco Power had no borrowings outstanding under the revolving credit agreement. The term loan under the term loan agreement bears interest at a rate of SOFR plus 1.35% or ABR plus 0.25%.

On April 26, 2024, Cleco Holdings repaid its $66.7 million term loan that was due on May 21, 2024. In addition, on June 4, 2024, Cleco Holdings redeemed its $165.0 million floating rate senior notes due on May 1, 2025.

Cleco Power’s $50.0 million GO-Zone bonds have a mandatory tender in April 2025. This amount is reflected in long-term debt due within one year on Cleco’s Condensed Consolidated Balance Sheet at June 30, 2024.

At June 30, 2024, and December 31, 2023, Cleco’s long-term debt and finance leases outstanding due within one year were $240.5 million and $256.8 million, respectively. The decrease of $16.3 million is primarily due to the repayment of Cleco Holdings’ $66.7 million term loan, partially offset by the reclassification of Cleco Power’s $50.0 million GO-Zone bonds with a mandatory tender in April 2025.

At June 30, 2024, and December 31, 2023, Cleco Power’s long-term debt and finance leases outstanding due within one year was $240.5 million and $190.3 million, respectively. The increase of $50.2 million is primarily due to the reclassification of $50.0 million GO-Zone bonds with a mandatory tender in April 2025.


Note 9 — 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 and July 2024, Cleco made payments of $3.5 million and $7.1 million, respectively, toward its 2024 contribution requirement. In July 2024, Cleco also

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 2023.37


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q

made a $15.2 million required contribution payment towards the 2023 plan year.

In June 2024, an amendment to the pension plan was executed allowing the transfer of the cash balance and pension liabilities to the Cleco Cajun Purchaser’s pension plan. This transfer was for the former Cleco Cajun employees that became employees of the Cleco Cajun Purchasers following the closing of the Cleco Cajun Divestiture. The transfer was completed in June 2024.

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 and six months ended ~~March~~June 3130, 2024, and 2023 were as follows:

	PENSION BENEFITS				OTHER BENEFITS
	FOR THE THREE MONTHS ENDED MAR. 31,				FOR THE THREE MONTHS ENDED MAR. 31,
	FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE THREE MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023		2024		2023
Components of periodic benefit costs
Service cost	$	1,~~189~~186	$	1,173	$	~~479~~420	$	365
Interest cost	6,535		6,606		583		566
Expected return on plan assets	(7,607)		(7,386)		—		—
Amortizations
Net loss (gain)	—		—		~~164~~49		(13)
Net periodic benefit cost	$	~~117~~114	$	393	$	1,~~226~~052	$	918

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.


	PENSION BENEFITS				OTHER BENEFITS
	FOR THE SIX MONTHS ENDED JUNE 30,				FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023		2024		2023
Components of periodic benefit costs
Service cost	$	2,375	$	2,347	$	899	$	729
Interest cost	13,070		13,211		1,167		1,132
Expected return on plan assets	(15,213)		(14,772)		—		—
Amortizations

Net loss (gain)	—		—		212		(25)
Net periodic benefit cost	$	232	$	786	$	2,278	$	1,836

~~The~~Because ~~current~~Cleco Power is the pension plan sponsor and ~~non-current~~the ~~portions~~related trust holds the assets, the net unfunded status of the pension ~~benefits~~plan is reflected at Cleco Power. The liability ~~for~~of Cleco’s ~~and~~other subsidiaries is transferred, with a like amount of assets, to Cleco Power atmonthly. ~~December~~The 31expense of the pension plan related to Cleco’s other subsidiaries for the three and six months ended June 30, ~~2023~~2024, was $0.5 million and ~~2022~~$0.9 ~~are~~million, asrespectively. ~~follows:~~The expense of the pension plan related to Cleco’s other subsidiaries for the three and six months ended June 30, 2023, was $0.4 million and $0.8 million, respectively.

(THOUSANDS)	AT MAR. 31, 2024		AT DEC. 31, 2023
Current	$	25,685	$	25,685
Non-current	$	91,752	$	91,638

The current and non-current portions of the pension benefits liability for Cleco and Cleco Power at June 30, 2024, and December 31, 2023, were 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


(THOUSANDS)	AT JUNE 30, 2024		AT DEC. 31, 2023
Current	$	29,485	$	25,685
Non-current	$	84,566	$	91,638

Cleco Holdings is the plan sponsor for the Other Benefit plan. 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 atCondensed ~~March~~Consolidated 31Statements of Income for the three and six months ended June 30, 2024, was $1.1 million and ~~December 31~~$2.2 million, respectively. The expense related to Other Benefits reflected in Cleco Power’s Condensed Consolidated Statements of Income for the three and six months ended June 30, 2023, ~~were~~was as$0.9 ~~follows:~~million and $1.7

Cleco
(THOUSANDS)	AT MAR. 31, 2024		AT DEC. 31, 2023
Current	$	5,241	$	5,241
Non-current	$	41,665	$	41,815

million, respectively. The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at June 30, 2024, and December 31, 2023, were as follows:

Cleco Power
Cleco
(THOUSANDS)	AT ~~MAR.~~JUNE 3130, 2024		AT DEC. 31, 2023
Current	$	45,~~479~~235	$	45,~~479~~241
Non-current	$	3241,~~110~~152	$	3241,~~289~~815


Cleco Power
(THOUSANDS)	AT JUNE 30, 2024		AT DEC. 31, 2023
Current	$	4,480	$	4,479
Non-current	$	32,037	$	32,289

SERP

Certain current and former 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

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CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

~~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 and six months ended ~~March~~June 3130, 2024, and 2023, were as follows:

	FOR THE THREE MONTHS ENDED MAR. 31,
	FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023		2024		2023
Components of periodic benefit costs
Service cost	$	34	$	35	$	67	$	71
Interest cost	836		901		1,671		1,802
Amortizations
Prior period service credit	(54)		(54)		(107)		(107)
Net gain	(2120)		(15)		(41)		(32)
Net periodic benefit cost	$	~~795~~796	$	867	$	1,590	$	1,734

The expense related to SERP reflected on Cleco Power’s Condensed Consolidated Statements of Income for ~~both~~ the three and six months ended ~~March~~June 3130, 2024, was $0.1 million and $0.2 million, respectively. The expense related to SERP reflected on Cleco Power’s Condensed Consolidated Statements of Income for the three and six months ended June 30, 2023, was $0.1 million and $0.2 million, respectively.

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~~June 3130, 2024, and December 31, 2023, were as follows:

Cleco
(THOUSANDS)	AT ~~MAR.~~JUNE 3130, 2024		AT DEC. 31, 2023
Current	$	4,593	$	4,593
Non-current	$	62,~~592~~316	$	62,868

Cleco Power
(THOUSANDS)	AT ~~MAR.~~JUNE 3130, 2024		AT DEC. 31, 2023
Current	$	613	$	613
Non-current	$	8,~~308~~221	$	8,394

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 and six months ended ~~March~~June 3130, 2024, and 2023, was as follows:

	FOR THE THREE MONTHS ENDED MAR. 31,
	FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE SIX MONTHSENDED JUNE 30,
(THOUSANDS)	2024		2023		2024		2023
401(k) Plan expense	$	32,~~075~~237	$	21,~~154~~926	$	5,312	$	4,080

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 and six months ended ~~March~~June 3130, 2024, and 2023, was as follows:

	FOR THE THREE MONTHS ENDED MAR. 31,
	FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE SIX MONTHSENDED JUNE 30,
(THOUSANDS)	2024		2023		2024		2023
401(k) Plan expense	$	~~1,601~~737	$	~~902~~670	$	2,338	$	1,572

Note 910 — 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 and six months ended ~~March~~June 3130, 2024, and 2023:

Cleco
	FOR THE THREE MONTHS ENDED MAR. 31,
	FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE SIX MONTHSENDED JUNE 30,
	2024		2023		2024		2023
Effective tax rate	(73284.18)	%	~~(55~~544.0)2	%	(4.4)	%	(194.7)	%

Cleco Power
	FOR THE THREE MONTHS ENDED MAR. 31,
	FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE SIX MONTHSENDED JUNE 30,
	2024		2023		2024		2023
Effective tax rate	127.62	%	67.10	%	5.2	%	6.7	%

For Cleco and Cleco Power, the effective income tax rates for the three and six months ended ~~March~~June 3130, 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.

Cleco's effective tax rate for the three and six months ended June 30, 2024, compared to the three and six months ended June 30, 2023, was different primarily due to the amortization of excess ADIT and pre-tax book income in 2024.

Uncertain Tax Positions

Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense. For the three and six months ended ~~March~~June 3130, 2024, and 2023, Cleco and Cleco Power had no interest expense related to uncertain tax positions. At ~~March~~June 3130, 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

3339

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

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 and six months ended ~~March~~June 3130, 2024, and 2023, no penalties were recognized.

Note 1011 — 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~~would not ~~expected~~be toacquiring ~~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.”

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.

Segment Information
FOR THE THREE MONTHS ENDED MAR. 31, 2024 (THOUSANDS)	CLECO POWER
FOR THE THREE MONTHS ENDED JUNE 30, 2024 (THOUSANDS)	CLECO POWER
Revenue
Electric operations	$	~~253~~229,~~794~~356
Other operations	2722,~~218~~382
Affiliate revenue	81,~~869~~522
Electric customer credits	(~~1,847~~548)
Operating revenue, net	$	~~288~~252,~~034~~712
Net loss	$	(6,648)
Net income	$	26,786
Add: Depreciation and amortization	9446,~~004~~753
Less: Interest income	~~1,288~~904
Add: Interest charges	2325,~~484~~116
Add: Federal and state income tax benefit	(960)
Add: Federal and state income tax expense	2,072
EBITDA	$	~~108~~99,~~592~~823

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CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

FOR THE THREE MONTHS ENDED MAR. 31, 2024 (THOUSANDS)			CLECO POWER			OTHER			ELIMINATIONS		TOTAL
FOR THE THREE MONTHS ENDED JUNE 30, 2024 (THOUSANDS)	CLECO POWER		OTHER			ELIMINATIONS			TOTAL
Revenue
Electric operations	$	229,356	$	~~253,794~~(186)		$	~~(2,323)~~—		$	—229,170	$	~~251,471~~
Other operations	22,382		271,~~218~~181			—			—23,563		~~27,218~~
Affiliate revenue	1,522		827,~~869~~756			(29,~~667~~278)			~~(38,536)~~—		—
Electric customer credits	(548)		~~(1,847)~~—			—			—(548)		~~(1,847)~~
Operating revenue, net	$	252,712	$	~~288~~28,~~034~~751		$	27(29,~~344~~278)		$	~~(38~~252,~~536)~~185	$	~~276,842~~
Depreciation and amortization	$	46,753	$	942,~~004~~249	(1)	$	~~4,371~~—	~~(1)~~	$	—49,002	$	~~98,375~~
Interest income	$	904	$	1,~~288~~814		$	~~293~~(65)		$	~~(173)~~2,653	$	~~1,408~~
Interest charges	$	25,116	$	2315,~~484~~871		$	~~17,452~~(65)		$	~~(174)~~40,922	$	~~40,762~~
Federal and state income tax (benefit) expense			$	(960)		$	38,631		$	—	$	37,671
Federal and state income tax expense (benefit)	$	2,072	$	(38,028)		$	—		$	(35,956)
Loss from continuing operations, net of income taxes			$	(6,648)		$	(82,545)		$	—	$	(89,193)
Income from continuing operations, net of income taxes	$	26,786	$	21,794		$	—		$	48,580
Income from discontinued operations, net of income taxes	—		—12,710			~~31,962~~—			—12,710		~~31,962~~
Net loss			$	(6,648)		$	(50,583)		$	—	$	(57,231)
Net income	$	26,786	$	34,504		$	—		$	61,290
Additions to property, plant, and equipment			$	39,494		$	(2,530)		$	—	$	36,964
(1) Includes $0.2 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
Equity investment in investee (2)			$	1,916		$	(507,329)		$	507,329	$	1,916
Goodwill (2)			$	1,490,797		$	—		$	—	$	1,490,797
Total segment assets (2)			$	6,865,060		$	822,793		$	369,109	$	8,056,962
(1) Includes $2.3 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.(2) Balances at March 31, 2024.

FOR THE THREE MONTHS ENDED MAR. 31, 2023 (THOUSANDS)	CLECO POWER
FOR THE THREE MONTHS ENDED JUNE 30, 2023 (THOUSANDS)	CLECO POWER
Revenue
Electric operations	$	~~296~~263,~~348~~176
Other operations	2724,~~303~~741
Affiliate revenue	1,~~688~~635
Electric customer credits	(~~651~~736)
Operating revenue, net	$	~~324~~288,~~688~~816
Net income	$	2243,~~817~~439
Add: Depreciation and amortization	5043,~~733~~722
Less: Interest income	~~1,185~~579
Add: Interest charges	24,~~338~~183
Add: Federal and state income tax expense	13,~~490~~247
EBITDA	$	98114,~~193~~012

FOR THE THREE MONTHS ENDED MAR. 31, 2023 (THOUSANDS)			CLECO POWER			OTHER			ELIMINATIONS		TOTAL
FOR THE THREE MONTHS ENDED JUNE 30, 2023 (THOUSANDS)	CLECO POWER		OTHER			ELIMINATIONS			TOTAL
Revenue
Electric operations	$	263,176	$	~~296~~(2,~~348~~387)		$	~~(2,420)~~—		$	—260,789	$	~~293,928~~
Other operations	24,741		~~27,303~~1			1—			—24,742		~~27,304~~
Affiliate revenue	1,635		128,~~688~~902			27(30,~~514~~537)			~~(29,202)~~—		—
Electric customer credits	(736)		~~(651)~~—			—			—(736)		~~(651)~~
Operating revenue, net	$	288,816	$	~~324~~26,~~688~~516		$	25(30,~~095~~537)		$	~~(29~~284,~~202)~~795	$	~~320,581~~
Depreciation and amortization	$	43,722	$	504,~~733~~433	(1)	$	~~4,476~~—	~~(1)~~	$	—48,155	$	~~55,209~~
Interest income	$	579	$	~~1,185~~133		$	~~143~~(39)		$	~~(61)~~673	$	~~1,267~~
Interest charges	$	24,183	$	2416,~~338~~624		$	~~15,211~~(39)		$	~~(61)~~40,768	$	~~39,488~~
Federal and state income tax expense	$	3,247	$	178,~~490~~394		$	~~42,203~~—		$	—81,641	$	~~43,693~~
Income (loss) from continuing operations, net of income taxes	$	43,439	$	22(110,~~817~~076)		$	(~~145,892~~1)		$	—(66,638)	$	~~(123,075)~~
Income from discontinued operations, net of income taxes	—		—113,968			~~19,053~~—			—113,968		~~19,053~~
Net income (loss)			$	22,817		$	(126,839)		$	—	$	(104,022)
Net income	$	43,439	$	3,892		$	(1)		$	47,330
Additions to property, plant, and equipment			$	58,066		$	2,033		$	—	$	60,099
(1) Includes $2.4 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
Equity investment in investees (2)			$	1,992		$	(467,329)		$	467,329	$	1,992
Goodwill (2)			$	1,490,797		$	—		$	—	$	1,490,797
Total segment assets (2)			$	6,920,339		$	870,743		$	309,311	$	8,100,393
(1) Includes $2.4 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.(2) Balances at December 31, 2023.

3541

CLECO CLECO POWER 2024 ~~1ST~~2ND QUARTER FORM 10-Q

	FOR THE THREE MONTHS ENDED MAR. 31,
Segment Information
(THOUSANDS)	2024		2023
FOR THE SIX MONTHS ENDED JUNE 30, 2024 (THOUSANDS)	CLECO POWER
Net loss	$	(57,231)	$	(104,022)
Revenue
Less: income from discontinued operations, net of income taxes	31,962		19,053
Electric operations	$	483,150
Loss from continuing operations, net of income taxes	$	(89,193)	$	(123,075)
Other operations	49,599
Add: Depreciation and amortization	98,375		55,209
Affiliate revenue	10,391
Less: Interest income	1,408		1,267
Electric customer credits	(2,395)
Add: Interest charges	40,762		39,488
Operating revenue, net	$	540,745
Add: Federal and state income tax expense	37,671		43,693
Net income	$	20,138
Add: Other corporate costs and noncash items (1) (2)	22,385		84,145
Add: Depreciation and amortization	140,757
Total segment EBITDA	$	108,592	$	98,193
Less: Interest income	2,192
(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 $(10.9) million and $(77.4) million, respectively, for the three months ended March 31, 2024, and 2023.
Add: Interest charges	48,599
Add: Federal and state income tax expense	1,112
EBITDA	$	208,414

Note 11 — Regulation and Rates


FOR THE SIX MONTHS ENDED JUNE 30, 2024 (THOUSANDS)	CLECO POWER		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	483,150	$	(2,509)		$	—	$	480,641
Other operations	49,599		1,182			—		50,781
Affiliate revenue	10,391		57,423			(67,814)		—
Electric customer credits	(2,395)		—			—		(2,395)
Operating revenue, net	$	540,745	$	56,096		$	(67,814)	$	529,027
Depreciation and amortization	$	140,757	$	6,619	(2)	$	1	$	147,377
Interest income	$	2,192	$	2,107		$	(238)	$	4,061
Interest charges	$	48,599	$	33,322		$	(238)	$	81,683
Federal and state income tax expense (benefit)	$	1,112	$	603		$	—	$	1,715
Income (loss) from continuing operations, net of income taxes	$	20,138	$	(60,751)		$	—	$	(40,613)
Income from discontinued operations, net of income taxes	—		44,672			—		44,672
Net income (loss)	$	20,138	$	(16,079)		$	—	$	4,059
Additions to property, plant, and equipment	$	113,081	$	3,434		$	—	$	116,515
Equity investment in investees(1)	$	1,916	$	(587,314)		$	587,314	$	1,916
Goodwill(1)	$	1,490,797	$	—		$	—	$	1,490,797
Total segment assets(1)	$	6,899,249	$	825,500		$	(106,282)	$	7,618,467
(1) Balances as of June 30, 2024. (2) Includes $2.5 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.

Deferred Operations and Maintenance Costs


FOR THE SIX MONTHS ENDED JUNE 30, 2023 (THOUSANDS)	CLECO POWER
Revenue
Electric operations	$	559,524
Other operations	52,044
Affiliate revenue	3,323
Electric customer credits	(1,386)
Operating revenue, net	$	613,505
Net income	$	66,256
Add: Depreciation and amortization	94,454
Less: Interest income	1,764
Add: Interest charges	48,521
Add: Federal and state income tax expense	4,737
EBITDA	$	212,204

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.42

~~FRP~~CLECO CLECO POWER 2024 2ND QUARTER FORM 10-Q

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.


FOR THE SIX MONTHS ENDED JUNE 30, 2023 (THOUSANDS)	CLECO POWER		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	559,524	$	(4,807)		$	—	$	554,717
Other operations	52,044		2			—		52,046
Affiliate revenue	3,323		56,416			(59,739)		—
Electric customer credits	(1,386)		—			—		(1,386)
Operating revenue, net	$	613,505	$	51,611		$	(59,739)	$	605,377
Depreciation and amortization	$	94,454	$	8,910	(2)	$	—	$	103,364
Interest income	$	1,764	$	277		$	(101)	$	1,940
Interest charges	$	48,521	$	31,836		$	(101)	$	80,256
Federal and state income tax expense	$	4,737	$	120,597		$	—	$	125,334
Income (loss) from continuing operations, net of income taxes	$	66,256	$	(255,967)		$	(2)	$	(189,713)
Income from discontinued operations, net of income taxes	—		133,021			—		133,021
Net income (loss)	$	66,256	$	(122,946)		$	(2)	$	(56,692)
Additions to property, plant, and equipment	$	110,480	$	4,679		$	—	$	115,159
Equity investment in investees(1)	$	1,992	$	(467,329)		$	467,329	$	1,992
Goodwill(1)	$	1,490,797	$	—		$	—	$	1,490,797
Total segment assets(1)	$	6,920,339	$	870,743		$	309,311	$	8,100,393
(1) Balances as of December 31, 2023. (2) Includes $4.8 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.

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.


	FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2024		2023		2024		2023
Net income (loss)	$	61,290	$	47,330	$	4,059	$	(56,692)
Less: income from discontinued operations, net of income taxes	12,710		113,968		44,672		133,021
Income (loss) from continuing operations, net of income taxes	48,580		(66,638)		(40,613)		(189,713)
Add: Depreciation and amortization	49,002		48,155		147,377		103,364
Less: Interest income	2,653		673		4,061		1,940
Add: Interest charges	40,922		40,768		81,683		80,256
Add: Federal and state income tax (benefit) expense	(35,956)		81,641		1,715		125,334
Add: Other corporate costs and noncash items(1)(2)(3)	(72)		10,759		22,313		94,903
Total segment EBITDA	$	99,823	$	114,012	$	208,414	$	212,204
(1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA. (2) Includes gain (loss) on Cleco Cajun’s natural gas derivatives of $4.4 million and $(6.5) million, respectively, for the three and six months ended June 30, 2024. (3) Includes loss on Cleco Cajun’s natural gas derivatives of $(5.1) million and $(82.4) million, respectively, for the three and six months ended June 30, 2023.

OnNote ~~June~~12 ~~30,~~— ~~2023,~~Regulation 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.Rates

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 14 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review.”

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.”FRP

Prior to July 1, 2024, Cleco Power’s annual retail earnings were subject to an FRP approved by the LPSC in June 2021. The prior FRP allowed Cleco Power 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%, were required to be refunded to customers.

On June 19, 2024, the LPSC approved Cleco Power’s new retail rate plan. Effective July 1, 2024, under the terms of the new FRP, Cleco Power is allowed to earn a target ROE of 9.7%, while providing the opportunity to earn up to 10.3%. Additionally, 60% of retail earnings between 10.3% and 10.9%, and all retail earnings over 10.9%, are required to be refunded to customers. Cleco Power’s next base rate case is required to be filed with the LPSC on or before June 30, 2026. The amount of credits due to customers, if any, is determined by Cleco Power’s monitoring report, which is filed with the LPSC annually.

On May 22, 2024, the LPSC approved Cleco Power’s monitoring report for the 12 month period ended June 30, 2023, indicating no material findings and no refund to Cleco Power’s retail customers. Cleco Power anticipates filing its monitoring report for the 12 month period ending June 30, 2024, by October 31, 2024.


CLECO
CLECO POWER						2024 2ND QUARTER FORM 10-Q

Other Deferred Costs

Cleco Power defers other 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. On June 19, 2024, the LPSC approved for Cleco Power to recover through its new rates, effective on July 1, 2024, costs associated with Cleco Power’s rate case, IRP, and storm preparation. As a result, $3.8 million was reclassified to Other regulatory assets on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets. At June 30, 2024, Cleco Power had $7.4 million recorded for deferred costs it anticipates to recover from its customers, subject to approval by the LPSC.

TCJA

~~Effective July 1, 2021, under~~ Cleco Power’s ~~current~~ retail ~~rate~~customers ~~plan,~~are ~~all~~continuing ~~retail~~to ~~customers~~receive ~~continued receiving~~ bill credits resulting from the TCJA. ~~The~~Beginning ~~target~~in ~~retail~~J

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