EXHIBIT 99.1
Cleco Corporation
2030 Donahue Ferry Road
PO Box 5000
Pineville, LA 71361-5000
Tel 318-484-7400
NEWS RELEASE
Investor Contacts: |
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Cleco Corporation: | Analyst Inquiries: | Media Contact: |
Kathleen F. Nolen | Dresner Companies | Cleco Corporation |
(318) 484-7687 | Kristine Walczak | Susan Broussard |
Rodney J. Hamilton | (312) 726-3600 | (318) 484-7773 |
(318) 484-7593 |
For Immediate Release
Cleco subsidiary to pursue damages if Perryville tolling agreement rejected
PINEVILLE, La., Aug. 29, 2003 - Cleco Corp. (NYSE, PCX: CNL) announced today its Perryville Energy Partners LLC (PEP) subsidiary intends to seek damages against Mirant Corp. and its affiliates if a bankruptcy court overseeing the company's Chapter 11 filing approves a request from Mirant's energy marketing subsidiary to reject its tolling agreement with PEP.
Mirant America's Energy Marketing L.P. (MAEM), holds a 20-year tolling agreement for the entire output of the 725-megawatt Perryville Power Station. MAEM filed the request to reject the agreement as part of its bankruptcy proceedings.
While PEP plans to seek damages against Mirant Corp. and other affiliates through bankruptcy court, PEP also intends to pursue options to realize the value of the plant either through marketing the plant's output or selling the facility.
Cleco Corp. is an energy services company headquartered in Pineville, La. It operates a regulated electric utility that serves 260,000 customers across Louisiana. Cleco also operates a wholesale energy business that has approximately 2,100 megawatts of generating capacity. For more information about Cleco, visit www.cleco.com.
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