Cleco Corporate 8-K Regulation FD Disclosure

CLECO CORPORATION

December 6-9, 2011

Exhibit 99.2

Forward-Looking Statements

2

This presentation contains forward-looking statements about future
results and circumstances, including, without limitation, statements
regarding future earnings, capital expenditures, project completion
dates, future dividends and total shareholder return, with respect to
which there are many risks and uncertainties.Although the company
believes that expectations reflected in such forward-looking
statements are based on reasonable assumptions, we can give no
assurances that these expectations will prove to be correct or that
other benefits anticipated in the forward-looking statements will be
achieved.For a discussion of risk factors and other factors that may
cause the company’s actual results to differ materially from those
contemplated in its forward-looking statements, please refer to the
company’s filings with the Securities and Exchange Commission,
including its 2010 Annual Report on Form 10-K and 2011 Quarterly
Reports on Form 10-Q.

Who is Cleco?Corporate structure/location

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SERVICE TERRITORY

REGULATED
GENERATION

WHOLESALE
GENERATION

Dolet Hills

Brame Energy Center

Nesbitt Unit 1

Rodemacher Unit 2

Madison Unit 3

Coughlin

Units 6 & 7

Acadia

Unit 1

Teche

Units 1 - 4

Retail Formula Rate Plan

Effective 2010 -2014

Target ROE of 10.7%; 51% Equity

Up to 11.3% ROE before customer sharing

11.7% maximum for retail

Riders to include large projects in rate base and rates

* Operational earnings
guidance as of 12/6/11.

Who is Cleco?Proven Management Team

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Bruce Williamson - President & Chief Executive Officer

30 years in the energy/utility business, ½ year with Cleco

George Bausewine - Chief Operating Officer of Cleco Power

26 years with Cleco

Darren Olagues - Senior VP & Chief Financial Officer

17 years in the energy/utility business, 4 years with Cleco

Russell Davis - Senior VP of External Relations & Information Technology

29 years in the utility business,12 years with Cleco

Jeff Hall - Senior VP of Governmental Affairs & Chief Diversity Officer

31 years with Cleco

Wade Hoefling - Senior VP and General Counsel

30 years in the energy/utility business, 5 years with Cleco

Judy Miller - Senior VP of Corporate Services & Internal Audit

27 years with Cleco

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Who is Cleco?Generation fleet: much of the hard work is behind us

Plant	MW	Original COD	Fuel
Madison 3	600	2010	Petcoke, Illinois basin coal, biomass capable
Acadia 1	580	2002	Natural Gas
Dolet Hills	650*	1986	Lignite
Rodemacher 2	523**	1982	Powder River Basin coal
Nesbitt 1	440	1975	Natural Gas
Teche 1/2/3/4	463	1953/56/71/2011	Natural Gas

* Cleco owns 325 MW or
50% of the 650-MW unit

** Cleco owns 157 MW or
30% of the 523-MW unit

Plant	MW	Heat Rate	COD	Fuel
Coughlin Unit 6	264	7360	2000	Natural Gas
Coughlin Unit 7	511	7400	2000	Natural Gas

Madison Unit 3

600-MW solid fuel circulating fluidized-bed unit

Placed in service Feb 2010 at cost of $1 billion

State-of-the-art environmental controls

Acadia Unit 1

580-MW CCGT

Acquired in Feb 2010

$304 million cost/$526 kW

•Last merchant combined-cycle plant in La.

•Ready to serve the growing needs of
regulated utilities, municipalities and
cooperatives

RFP for 3 or 5 years

beginning May 2012

Up to 750 MWs

Long-Term RFP

Closely coordinated with winning
resources from
Phase I RFP

Up to 750 MWs

•RFP issued: Oct. 21, 2011

•Bids due: Nov. 17, 2011

•Anticipated winner notification: Dec. 21, 2011

•Anticipate issuing RFP in early 2012

•Bids will be compared to full
environmental retrofits at existing facilities

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Phase I

Phase II

Who is Cleco?Unique position in the face of changing environmental compliance

Plans to address short- and long-term environmental
compliance needs up to 750 MW through RFPs

Coughlin -

•Coming off toll at 1/1/12 coincident with CSAPR effective date

• Increasing value as environmental regulations tighten

Value DriverOngoing reliability/cost containment investments

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Acadiana Load Pocket Transmission Project

• Relieves constraints in south Louisiana service territory

• 90 miles of new transmission infrastructure

• Allows for more efficient dispatch of generation

• Estimated total cost of $250 million (Cleco estimate $125 million)

• Cleco has expended approximately $86 million through Sep 30, 2011

• Included in rate base and rates through the Formula Rate Plan

• 81% complete; final expected in service 2012

Advanced Metering Infrastructure Project

• Replaces all existing meters with electronic meters

• Provides better information for customers and company

• Enhanced outage detection and operational gains

• $73 million total estimated costs less $20 million D.O.E. grant

• Expected project completion - 2013

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Value DriverCommitment to shareholder value

Feb 24,
2011

Aug 3, 2011

Nov 2, 2011

May 2010

May 2011

Nov 2011

• Dividend has increased 38.9% since Feb 2010

• Commitment to produce total shareholder return of 8%-10% annually through 2014

• Long-term dividend payout target of 50%-60% of sustainable earnings

Earnings

Dividends

* Operational earnings guidance as of 12/6/11.

Dec 6, 2011

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Value Driver2012 - Earnings Guidance

* Operational earnings guidance as of 12/6/11.

Initial 2011 guidance (assuming normal weather) was $2.25 - $2.35; Approx $0.14 of
revenue EPS, related to favorable weather, in 2011 earnings through Sep 30, 2011

2011	2012	Original Earnings Guidance Assumption
		Normal weather
		No earnings contribution from Midstream
NA		No impact included for Cleco Power intermediate-term RFP; results will be made public in late January 2012
		Excludes adjustments related to life insurance policies
31.4%	29.9%	Effective tax rate

Initial guidance
for 2012 is on
average 4%
higher than
initial guidance
for 2011

Value Driver
2012 - Capital Expenditures (excluding AFUDC)

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($ millions)	2012	2012 - 2016
Routine/Maintenance	117.5	502.1
Rate Base Expansion
Discretionary
Acadiana Load Pocket	25.6	25.6
Automated Metering Infrastructure	34.1	45.4
Acadia Pipeline	8.1	8.1
Total Discretionary	67.8	79.1
Environmental
Utility MACT Rule Compliance	21.5	105.9
CSAPR Compliance	9.4	9.4
Total Environmental	30.9	115.3
Total Rate Base Expansion	98.7	194.4
Cleco Power Total	216.2	696.5
Midstream	5.2	24.2
Cleco Consolidated Total	221.4	720.7

• Routine CAPEX runs approx $100 million per
year

• Acadiana Load Pocket transmission project is in
its final year of construction in 2012

• AMI project is approx $53 million net of the
DOE grant of $20 million

• Acadia Pipeline will interconnect the Acadia
Power Station with the Pine Prairie gas storage
site - approx $2 million will be expended in 2011

• Utility MACT Rule Compliance expenditures
will be over a three-year period of 2012 - 2014

• CSAPR Compliance will have approx $5.2
million expended in 2011

Value DriverFinancial strength

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2013

2012

•All debt at the holding company retired in 2011

• Revolving credit facilities increased $50 million to $550 million

• Interest rate lowered

• Term increased to 5 years

• Liquidity of $658 million at Sep 30, 2011 - Ability to fund
growth initiatives

• Free Cash Flow1 = approx $70 million - $100 million after
payment of dividends

2011 - 14

1 Free Cash Flow defined as Operating Cash Flow less Routine/Maintenance CAPEX less Dividends

Major CAPEX Rate Base Additions