Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2021shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2021 |
Document Transition Report | false |
Entity File Number | 1-15759 |
Entity Registrant Name | CLECO CORPORATE HOLDINGS LLC |
Entity Incorporation, State or Country Code | LA |
Entity Tax Identification Number | 72-1445282 |
Entity Address, Address Line One | 2030 Donahue Ferry Road |
Entity Address, City or Town | Pineville |
Entity Address, State or Province | LA |
Entity Address, Postal Zip Code | 71360-5226 |
City Area Code | 318 |
Local Phone Number | 484-7400 |
Entity Current Reporting Status | No |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 0 |
Entity Central Index Key | 0001089819 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
CLECO POWER | |
Entity Information [Line Items] | |
Entity File Number | 1-05663 |
Entity Registrant Name | CLECO POWER LLC |
Entity Incorporation, State or Country Code | LA |
Entity Tax Identification Number | 72-0244480 |
Entity Address, Address Line One | 2030 Donahue Ferry Road |
Entity Address, City or Town | Pineville |
Entity Address, State or Province | LA |
Entity Address, Postal Zip Code | 71360-5226 |
City Area Code | 318 |
Local Phone Number | 484-7400 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 0 |
Entity Central Index Key | 0000018672 |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating revenue | ||||
Electric operations | $ 462,164 | $ 386,388 | $ 1,180,345 | $ 1,019,501 |
Other operations | 55,721 | 47,597 | 150,777 | 137,407 |
Affiliate revenue | 0 | 0 | 0 | 0 |
Gross operating revenue | 517,885 | 433,985 | 1,331,122 | 1,156,908 |
Electric customer credits | (691) | (16,534) | (40,185) | (34,126) |
Operating revenue, net | 517,194 | 417,451 | 1,290,937 | 1,122,782 |
Operating expenses | ||||
Fuel used for electric generation | 69,318 | 74,142 | 150,620 | 218,643 |
Purchased power | 101,377 | 82,690 | 336,573 | 208,515 |
Other operations and maintenance | 76,506 | 71,131 | 221,486 | 217,693 |
Depreciation and amortization | 60,628 | 52,892 | 169,892 | 162,852 |
Taxes other than income taxes | 17,766 | 14,660 | 50,769 | 45,233 |
Merger transaction and commitment costs | 34 | 184 | (252) | 3,234 |
Total operating expenses | 325,629 | 295,699 | 929,088 | 856,170 |
Operating income | 191,565 | 121,752 | 361,849 | 266,612 |
Interest income | 941 | 910 | 2,416 | 2,964 |
Allowance for equity funds used during construction | 711 | 144 | 2,703 | 197 |
Other expense, net | (8,109) | (3,374) | (15,112) | (15,827) |
Interest charges | ||||
Interest charges, net | 35,174 | 34,349 | 103,092 | 104,700 |
Allowance for borrowed funds used during construction | (545) | (289) | (1,280) | (777) |
Total interest charges | 34,629 | 34,060 | 101,812 | 103,923 |
Income before income taxes | 150,479 | 85,372 | 250,044 | 150,023 |
Federal and state income tax expense | 30,569 | 25,075 | 30,985 | 40,230 |
Net income | 119,910 | 60,297 | 219,059 | 109,793 |
CLECO POWER | ||||
Operating revenue | ||||
Electric operations | 357,084 | 288,852 | 887,191 | 752,925 |
Other operations | 22,779 | 17,775 | 57,674 | 49,443 |
Affiliate revenue | 1,380 | 1,506 | 4,259 | 3,852 |
Gross operating revenue | 381,243 | 308,133 | 949,124 | 806,220 |
Electric customer credits | (691) | (16,534) | (40,429) | (33,974) |
Operating revenue, net | 380,552 | 291,599 | 908,695 | 772,246 |
Operating expenses | ||||
Fuel used for electric generation | 149,127 | 80,148 | 262,970 | 205,276 |
Purchased power | 38,211 | 32,096 | 151,499 | 74,737 |
Other operations and maintenance | 56,720 | 52,595 | 162,448 | 164,207 |
Depreciation and amortization | 43,526 | 40,268 | 126,534 | 125,541 |
Taxes other than income taxes | 12,891 | 11,408 | 36,707 | 33,132 |
Total operating expenses | 300,475 | 216,515 | 740,158 | 602,893 |
Operating income | 80,077 | 75,084 | 168,537 | 169,353 |
Interest income | 936 | 789 | 2,404 | 2,498 |
Allowance for equity funds used during construction | 711 | 144 | 2,703 | 197 |
Other expense, net | (6,106) | (3,408) | (16,064) | (9,498) |
Interest charges | ||||
Interest charges, net | 19,054 | 18,730 | 56,672 | 56,401 |
Allowance for borrowed funds used during construction | (545) | (289) | (1,280) | (777) |
Total interest charges | 18,509 | 18,441 | 55,392 | 55,624 |
Income before income taxes | 57,109 | 54,168 | 102,188 | 106,926 |
Federal and state income tax expense | 548 | 18,076 | (219) | 30,770 |
Net income | $ 56,561 | $ 36,092 | $ 102,407 | $ 76,156 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 119,910 | $ 60,297 | $ 219,059 | $ 109,793 |
Other comprehensive income, net of tax | ||||
Postretirement benefits gain (loss), net of tax expense (benefit) | 96 | 448 | 304 | 1,304 |
Total other comprehensive income (loss), net of tax | 96 | 448 | 304 | 1,304 |
Comprehensive income, net of tax | 120,006 | 60,745 | 219,363 | 111,097 |
CLECO POWER | ||||
Net income | 56,561 | 36,092 | 102,407 | 76,156 |
Other comprehensive income, net of tax | ||||
Postretirement benefits gain (loss), net of tax expense (benefit) | 350 | 373 | 1,095 | 1,218 |
Amortization of interest rate derivatives to earnings | 63 | 63 | 191 | 191 |
Total other comprehensive income (loss), net of tax | 413 | 436 | 1,286 | 1,409 |
Comprehensive income, net of tax | $ 56,974 | $ 36,528 | $ 103,693 | $ 77,565 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Tax (expense) benefit of postretirement benefits gain (loss) | $ (34) | $ (159) | $ (107) | $ (460) |
CLECO POWER | ||||
Tax (expense) benefit of postretirement benefits gain (loss) | (123) | (132) | (386) | (430) |
Tax expense on amortization of interest rate derivatives to earnings | $ 22 | $ 22 | $ 67 | $ 67 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 273,215 | $ 84,976 |
Restricted cash and cash equivalents | 2,352 | 4,545 |
Customer accounts receivable (less allowance for credit losses) | 114,412 | 82,511 |
Accounts receivable - affiliate | 3,038 | 1,663 |
Other accounts receivable | 45,887 | 32,076 |
Taxes receivable | 5,336 | 0 |
Unbilled revenue | 36,759 | 40,127 |
Fuel inventory, at average cost | 112,016 | 109,494 |
Materials and supplies, at average cost | 132,848 | 132,449 |
Energy risk management assets | 58,803 | 13,081 |
Accumulated deferred fuel | 78,847 | 28,194 |
Cash surrender value of company-/trust-owned life insurance policies | 94,361 | 89,138 |
Prepayments | 15,013 | 14,549 |
Regulatory assets | 26,495 | 21,041 |
Other current assets | 23,292 | 11,048 |
Total current assets | 1,022,674 | 664,892 |
Property, plant, and equipment | ||
Property, plant, and equipment | 5,596,964 | 5,337,190 |
Accumulated depreciation | (887,107) | (672,271) |
Net property, plant, and equipment | 4,709,857 | 4,664,919 |
Construction work in progress | 134,130 | 124,622 |
Total property, plant, and equipment, net | 4,843,987 | 4,789,541 |
Equity investment in investee | 3,822 | 9,072 |
Goodwill | 1,490,797 | 1,490,797 |
Prepayments | 19,974 | 23,405 |
Operating lease right of use assets | 24,689 | 26,172 |
Restricted cash and cash equivalents | 745 | 744 |
Note receivable | 13,941 | 14,506 |
Regulatory assets | 756,343 | 554,609 |
Intangible assets | 88,635 | 111,731 |
Energy risk management assets | 83,427 | 323 |
Other deferred charges | 46,773 | 39,777 |
Total assets | 8,395,807 | 7,725,569 |
Current liabilities | ||
Short-term debt | 0 | 75,000 |
Long-term debt and finance leases due within one year | 66,736 | 66,682 |
Accounts payable | 226,785 | 161,357 |
Accounts payable - affiliate | 41,283 | 41,283 |
Customer deposits | 60,186 | 58,718 |
Provision for rate refund | 5,465 | 9,444 |
Taxes payable | 47,095 | 7,530 |
Interest accrued | 39,544 | 15,583 |
Energy risk management liabilities | 1,589 | 2,453 |
Regulatory liabilities | 46,003 | 23,509 |
Deferred compensation | 13,695 | 13,240 |
Other current liabilities | 60,507 | 49,813 |
Total current liabilities | 608,888 | 524,612 |
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 734,717 | 661,376 |
Postretirement benefit obligations | 320,504 | 314,653 |
Regulatory liabilities - deferred taxes, net | 99,361 | 157,056 |
Deferred lease revenue | 33,753 | 40,657 |
Intangible liabilities | 20,257 | 24,859 |
Asset retirement obligations | 71,390 | 27,986 |
Operating lease liabilities | 21,739 | 23,333 |
Other deferred credits | 25,008 | 28,627 |
Total long-term liabilities and deferred credits | 1,326,729 | 1,278,547 |
Long-term debt and finance leases, net | 3,483,804 | 3,165,387 |
Total liabilities | 5,419,421 | 4,968,546 |
Commitments and contingencies (Note 13) | ||
Member’s equity | ||
Member’s equity | 2,976,386 | 2,757,023 |
Total liabilities and member’s equity | 8,395,807 | 7,725,569 |
CLECO POWER | ||
Current assets | ||
Cash and cash equivalents | 156,318 | 24,846 |
Restricted cash and cash equivalents | 2,352 | 4,545 |
Customer accounts receivable (less allowance for credit losses) | 68,581 | 43,852 |
Accounts receivable - affiliate | 13,982 | 14,605 |
Other accounts receivable | 30,285 | 27,535 |
Unbilled revenue | 36,759 | 40,127 |
Fuel inventory, at average cost | 84,534 | 63,234 |
Materials and supplies, at average cost | 105,090 | 105,340 |
Energy risk management assets | 6,028 | 4,337 |
Accumulated deferred fuel | 78,847 | 28,194 |
Cash surrender value of company-/trust-owned life insurance policies | 16,245 | 16,184 |
Prepayments | 6,815 | 7,163 |
Regulatory assets | 18,760 | 13,305 |
Other current assets | 6,382 | 830 |
Total current assets | 630,978 | 394,097 |
Property, plant, and equipment | ||
Property, plant, and equipment | 6,047,103 | 5,824,378 |
Accumulated depreciation | (2,242,952) | (2,067,362) |
Net property, plant, and equipment | 3,804,151 | 3,757,016 |
Construction work in progress | 128,765 | 110,613 |
Total property, plant, and equipment, net | 3,932,916 | 3,867,629 |
Equity investment in investee | 3,822 | 9,072 |
Prepayments | 1,306 | 1,496 |
Operating lease right of use assets | 24,642 | 26,006 |
Note receivable | 13,941 | 14,506 |
Regulatory assets | 623,820 | 414,535 |
Other deferred charges | 24,616 | 38,806 |
Total assets | 5,256,041 | 4,766,147 |
Current liabilities | ||
Short-term debt | 0 | 75,000 |
Long-term debt and finance leases due within one year | 736 | 682 |
Accounts payable | 177,356 | 106,089 |
Accounts payable - affiliate | 69,356 | 72,068 |
Customer deposits | 60,186 | 58,718 |
Provision for rate refund | 5,465 | 8,630 |
Taxes payable | 42,931 | 4,778 |
Interest accrued | 21,251 | 5,357 |
Energy risk management liabilities | 1,330 | 1,121 |
Regulatory liabilities | 46,003 | 23,509 |
Other current liabilities | 26,940 | 24,754 |
Total current liabilities | 451,554 | 380,706 |
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 670,036 | 634,598 |
Postretirement benefit obligations | 237,818 | 230,825 |
Regulatory liabilities - deferred taxes, net | 99,361 | 157,056 |
Asset retirement obligations | 21,182 | 11,364 |
Operating lease liabilities | 21,709 | 23,295 |
Other deferred credits | 17,385 | 18,167 |
Total long-term liabilities and deferred credits | 1,067,491 | 1,075,305 |
Long-term debt and finance leases, net | 1,825,424 | 1,502,257 |
Total capitalization | 3,736,996 | 3,310,136 |
Commitments and contingencies (Note 13) | ||
Member’s equity | ||
Member’s equity | 1,911,572 | 1,807,879 |
Total liabilities and member’s equity | $ 5,256,041 | $ 4,766,147 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Customer accounts receivable, allowance for credit losses | $ 1,757 | $ 2,758 |
CLECO POWER | ||
Customer accounts receivable, allowance for credit losses | $ 1,757 | $ 2,758 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Operating activities | |||
Net income | $ 219,059 | $ 109,793 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 195,619 | 185,496 | |
Provision for credit losses | 3,106 | 6,134 | |
Unearned compensation expense | 7,068 | 5,113 | |
Allowance for equity funds used during construction | (2,703) | (197) | |
Gain on risk management assets and liabilities, net | (136,024) | (23,254) | |
Deferred lease revenue | (6,904) | (6,904) | |
Deferred income taxes | 36,513 | 39,657 | |
Cash surrender value of company-/trust-owned life insurance | (5,223) | 3,586 | |
Changes in assets and liabilities | |||
Accounts receivable | (56,922) | (14,683) | |
Accounts receivable, affiliate | (1,375) | (39) | |
Unbilled revenue | 3,368 | (1,297) | |
Fuel inventory and materials and supplies | (3,198) | (26,747) | |
Prepayments | (8,573) | (12,895) | |
Accounts payable | (11,680) | (30,633) | |
Accounts payable - affiliate | 0 | 1,469 | |
Customer deposits | 8,295 | 4,688 | |
Provision for merger commitments | (1,881) | 738 | |
Postretirement benefit obligations | 6,262 | 4,654 | |
Regulatory assets and liabilities, net | (95,294) | (12,264) | |
Deferred fuel recoveries | (50,986) | (21,076) | |
Other deferred accounts | (9,163) | (13,799) | |
Taxes accrued | 26,864 | 30,132 | |
Interest accrued | 23,961 | 21,063 | |
Energy risk management collateral received | 8,900 | 0 | |
Other operating | (9,295) | 6,344 | |
Net cash provided by operating activities | 139,794 | 255,079 | |
Investing activities | |||
Additions to property, plant, and equipment | (209,960) | (215,692) | |
Allowance for equity funds used during construction | 2,703 | 197 | |
Proceeds from sale of property, plant, and equipment | 1,445 | 259 | |
Return of equity investment in investee | 5,250 | 4,000 | |
Other investing | 1,469 | 562 | |
Net cash used in investing activities | (199,093) | (210,674) | |
Financing activities | |||
Draws on revolving credit facility | 185,000 | 238,000 | |
Payments on revolving credit facility | (260,000) | 0 | |
Issuances of long-term debt | 325,000 | 125,000 | |
Repayment of long-term debt | 0 | (11,055) | |
Payment of financing costs | (4,149) | (4,448) | |
Other financing | (505) | (456) | |
Net cash provided by financing activities | 245,346 | 347,041 | |
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 186,047 | 391,446 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 90,265 | [1] | 142,595 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 276,312 | [1] | 534,041 |
Supplementary cash flow information | |||
Interest paid, net of amount capitalized | 70,387 | 73,714 | |
Income taxes paid (refunded), net | 205 | (2,777) | |
Supplementary non-cash investing and financing activities | |||
Accrued additions to property, plant, and equipment | 45,646 | 89,604 | |
CLECO POWER | |||
Operating activities | |||
Net income | 102,407 | 76,156 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 132,986 | 129,740 | |
Provision for credit losses | 3,106 | 5,746 | |
Unearned compensation expense | 1,746 | 1,135 | |
Allowance for equity funds used during construction | (2,703) | (197) | |
Deferred income taxes | (1,737) | 5,358 | |
Cash surrender value of company-/trust-owned life insurance | (61) | 1,418 | |
Changes in assets and liabilities | |||
Accounts receivable | (38,558) | (29,942) | |
Accounts receivable, affiliate | 4,187 | 3,751 | |
Unbilled revenue | 3,368 | (1,297) | |
Fuel inventory and materials and supplies | (21,326) | (9,511) | |
Prepayments | 210 | 1,107 | |
Accounts payable | (4,067) | (22,666) | |
Accounts payable - affiliate | (2,389) | 1,015 | |
Customer deposits | 8,295 | 4,688 | |
Provision for merger commitments | (1,381) | (1,574) | |
Postretirement benefit obligations | 4,910 | 2,581 | |
Regulatory assets and liabilities, net | (96,785) | (13,755) | |
Deferred fuel recoveries | (50,986) | (21,076) | |
Other deferred accounts | (6,394) | (14,490) | |
Taxes accrued | 30,789 | 50,638 | |
Interest accrued | 15,893 | 13,589 | |
Other operating | (6,807) | 5,573 | |
Net cash provided by operating activities | 74,703 | 187,987 | |
Investing activities | |||
Additions to property, plant, and equipment | (202,940) | (205,765) | |
Allowance for equity funds used during construction | 2,703 | 197 | |
Proceeds from sale of property, plant, and equipment | 1,445 | 259 | |
Return of equity investment in investee | 5,250 | 4,000 | |
Other investing | 1,469 | 562 | |
Net cash used in investing activities | (192,073) | (200,747) | |
Financing activities | |||
Draws on revolving credit facility | 185,000 | 150,000 | |
Payments on revolving credit facility | (260,000) | 0 | |
Issuances of long-term debt | 325,000 | 125,000 | |
Repayment of long-term debt | 0 | (11,055) | |
Payment of financing costs | (2,846) | (1,619) | |
Other financing | (505) | (456) | |
Net cash provided by financing activities | 246,649 | 261,870 | |
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 129,279 | 249,110 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 29,391 | [2] | 80,952 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 158,670 | [2] | 330,062 |
Supplementary cash flow information | |||
Interest paid, net of amount capitalized | 35,065 | 34,454 | |
Supplementary non-cash investing and financing activities | |||
Accrued additions to property, plant, and equipment | $ 45,305 | $ 88,939 | |
[1] | (1) Includes cash and cash equivalents of $84,976, current restricted cash and cash equivalents of $4,545, and non-current restricted cash and cash equivalents of $744. (2) Includes cash and cash equivalents of $273,215, current restricted cash and cash equivalents of $2,352, and non-current restricted cash and cash equivalents of $745. | ||
[2] | (1) Includes cash and cash equivalents of $24,846 and current restricted cash and cash equivalents of $4,545. (2) Includes cash and cash equivalents of $156,318 and current restricted cash and cash equivalents of $2,352. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 273,215 | $ 84,976 |
Restricted cash and cash equivalents, current | 2,352 | 4,545 |
Restricted cash and cash equivalents, noncurrent | 745 | 744 |
CLECO POWER | ||
Cash and cash equivalents | 156,318 | 24,846 |
Restricted cash and cash equivalents, current | $ 2,352 | $ 4,545 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited) - USD ($) $ in Thousands | Total | MEMBERSHIP INTEREST | RETAINED EARNINGS | AOCI | CLECO POWER | CLECO POWERMEMBERSHIP INTEREST | CLECO POWERAOCI |
Balances, beginning of period at Dec. 31, 2019 | $ 2,643,006 | $ 2,454,276 | $ 206,243 | $ (17,513) | $ 1,713,392 | $ 1,735,977 | $ (22,585) |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 109,793 | 109,793 | 76,156 | 76,156 | |||
Other comprehensive income (loss), net of tax | 1,304 | 1,304 | 1,409 | 1,409 | |||
Balances, end of period at Sep. 30, 2020 | 2,754,103 | 2,454,276 | 316,036 | (16,209) | 1,790,957 | 1,812,133 | (21,176) |
Balances, beginning of period at Jun. 30, 2020 | 2,693,358 | 2,454,276 | 255,739 | (16,657) | 1,754,429 | 1,776,041 | (21,612) |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 60,297 | 60,297 | 36,092 | 36,092 | |||
Other comprehensive income (loss), net of tax | 448 | 448 | 436 | 436 | |||
Balances, end of period at Sep. 30, 2020 | 2,754,103 | 2,454,276 | 316,036 | (16,209) | 1,790,957 | 1,812,133 | (21,176) |
Balances, beginning of period at Dec. 31, 2020 | 2,757,023 | 2,454,276 | 328,543 | (25,796) | 1,807,879 | 1,832,632 | (24,753) |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 219,059 | 219,059 | 102,407 | 102,407 | |||
Other comprehensive income (loss), net of tax | 304 | 304 | 1,286 | 1,286 | |||
Balances, end of period at Sep. 30, 2021 | 2,976,386 | 2,454,276 | 547,602 | (25,492) | 1,911,572 | 1,935,039 | (23,467) |
Balances, beginning of period at Jun. 30, 2021 | 2,856,380 | 2,454,276 | 427,692 | (25,588) | 1,854,598 | 1,878,478 | (23,880) |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 119,910 | 119,910 | 56,561 | 56,561 | |||
Other comprehensive income (loss), net of tax | 96 | 96 | 413 | 413 | |||
Balances, end of period at Sep. 30, 2021 | $ 2,976,386 | $ 2,454,276 | $ 547,602 | $ (25,492) | $ 1,911,572 | $ 1,935,039 | $ (23,467) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 — Summary of Significant Accounting Policies COVID-19 Impacts In March 2020, WHO declared the outbreak of COVID-19 to be a global pandemic, and the U.S. declared a national emergency. In response to these declarations and the rapid spread of COVID-19, federal, state and local governments imposed varying degrees of restrictions on business and social activities to contain COVID-19, including quarantine and “stay-at-home” orders and directives in Cleco’s service territory. State and local authorities also subsequently implemented multistep policies to reopen various sectors of the economy such as retail establishments, health and personal care businesses, and restaurants, among others. During March and April 2021, due to the reduction in new COVID-19 cases and hospitalizations and the availability of COVID-19 vaccines, the governor of the state of Louisiana reduced restrictions that were previously in effect, eased capacity limits on businesses and social gatherings, and revoked the mandatory, state-wide mask mandate. However, effective August 4, 2021, the state-wide mask mandate was reinstated due to a surge in COVID-19 cases. Due to the decrease in the number of COVID-19 cases, effective October 27, 2021, the mandatory, state-wide mask mandate was once again revoked. Cleco has modified some of its business operations, as these restrictions have significantly impacted many sectors of the economy. Impacts include record levels of unemployment, with businesses, nonprofit organizations, and governmental entities modifying, curtailing, or ceasing normal operations. Cleco is monitoring the ongoing COVID-19 pandemic and continues to adjust certain business practices to conform to government restrictions and best practices encouraged by the CDC, WHO, OSHA, and other governmental and regulatory authorities. The COVID-19 pandemic may worsen in the U.S. during the upcoming months, which may cause federal, state, and local governments to reconsider restrictions on business and social activities. In the event governments reinstate or increase restrictions, the reopening of the economy may be further curtailed. On September 9, 2021, the Presidential Administration announced mandatory COVID-19 vaccination plans impacting federal contractors and employees of companies having 100 or more employees. On November 4, 2021, OSHA announced a new emergency temporary standard requiring employers with 100 or more employees to develop, implement, and enforce a mandatory COVID-19 vaccination policy, unless they adopt a policy requiring employees to choose to either be vaccinated or undergo regular COVID-19 testing and wear a face covering at work. Cleco is closely monitoring updates concerning these vaccination mandates and any potential impacts they may have on its businesses and workforce. The impact of these vaccination standards could have an adverse impact on Cleco’s workforce, labor relations, and operations. In March 2020, the LPSC issued an executive order prohibiting the disconnection of utilities for nonpayment. At September 30, 2021, Cleco Power had a regulatory asset of $3.0 million recorded for expenses incurred related to the executive order, as allowed by the LPSC. While Cleco continues to assess the COVID-19 situation, Cleco cannot predict the full impact that COVID-19, or the significant disruption and volatility currently being experienced in the markets, will have on its business, cash flows, liquidity, financial condition, and results of operations at this time, due to numerous uncertainties. However, the ultimate impacts will depend on future developments, including, among others, the ultimate geographic spread of COVID-19, the consequences of governmental and other measures designed to prevent the spread of COVID-19, the availability, timely distribution and acceptance of effective treatments and vaccines, the duration of the pandemic, actions taken by governmental authorities, customers, suppliers and other third parties, workforce availability, and the timing and extent to which normal economic and operating conditions resume. Principles of Consolidation The accompanying condensed consolidated financial statements of Cleco include the accounts of Cleco and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. Basis of Presentation The condensed consolidated financial statements of Cleco and Cleco Power have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. The year-end condensed consolidated balance sheet data was derived from audited financial statements. 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, 2020. 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 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.” Restricted Cash and Cash Equivalents Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general corporate purposes. Cleco and Cleco Power’s restricted cash and cash equivalents consisted of the following: Cleco (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Current Cleco Katrina/Rita storm recovery surcharge $ 1,674 $ 2,626 Cleco Power’s charitable contributions 678 1,718 Cleco Power’s rate credit escrow — 201 Total current 2,352 4,545 Non-current Diversified Lands’ mitigation escrow 22 22 Cleco Cajun’s defense fund 723 722 Total non-current 745 744 Total restricted cash and cash equivalents $ 3,097 $ 5,289 Cleco Power (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Current Cleco Katrina/Rita storm recovery surcharge $ 1,674 $ 2,626 Charitable contributions 678 1,718 Rate credit escrow — 201 Total restricted cash and cash equivalents $ 2,352 $ 4,545 Prior to the repayment of the storm recovery bonds at their scheduled maturity in March 2020, Cleco Katrina/Rita had the right to bill and collect storm restoration costs from Cleco Power’s customers. As cash was collected, it was restricted for payment of administrative fees, interest, and principal on the storm recovery bonds. In April 2021, after payments for all final administrative and winding up activities of Cleco Katrina/Rita were made, Cleco Katrina/Rita transferred its remaining restricted cash to Cleco Power to be used to benefit retail customers in a manner and timing as approved by the LPSC. Reserves for Credit Losses Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivable are generally considered to become 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, none of these past events have significantly impacted Cleco’s credit loss rates. Although Cleco’s service territory experienced a recent economic decline during 2020 and 2021, primarily related to the COVID-19 pandemic and weather-related events, the economic outlook at September 30, 2021, was still 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 FOR THE THREE MONTHS ENDED SEPT. 30, 2021 FOR THE NINE MONTHS ENDED SEPT. 30, 2021 (THOUSANDS) ACCOUNTS OTHER* TOTAL ACCOUNTS OTHER* TOTAL Balances, beginning of period $ 1,334 $ 1,638 $ 2,972 $ 2,758 $ 1,638 $ 4,396 Current period provision 567 — 567 3,057 — 3,057 Charge-offs (730) — (730) (5,172) — (5,172) Recovery 586 — 586 1,114 — 1,114 Balances, Sept. 30, 2021 $ 1,757 $ 1,638 $ 3,395 $ 1,757 $ 1,638 $ 3,395 * Loan held at Diversified Lands that was fully reserved for at September 30, 2021. FOR THE THREE MONTHS ENDED SEPT. 30, 2020 FOR THE NINE MONTHS ENDED SEPT. 30, 2020 (THOUSANDS) ACCOUNTS OTHER* TOTAL ACCOUNTS OTHER* TOTAL Balances, beginning of period $ 3,486 $ 1,638 $ 5,124 $ 3,005 $ 1,250 $ 4,255 CECL adoption — — — 71 — 71 Current period provision 2,041 — 2,041 5,675 388 6,063 Charge-offs — — — (4,091) — (4,091) Recovery 54 — 54 921 — 921 Balances, Sept. 30, 2020 $ 5,581 $ 1,638 $ 7,219 $ 5,581 $ 1,638 $ 7,219 * Loan held at Diversified Lands that was fully reserved for at September 30, 2020. Cleco Power FOR THE THREE MONTHS ENDED SEPT. 30, 2021 FOR THE NINE MONTHS ENDED SEPT. 30, 2021 (THOUSANDS) ACCOUNTS RECEIVABLE Balances, beginning of period $ 1,334 $ 2,758 Current period provision 567 3,057 Charge-offs (730) (5,172) Recovery 586 1,114 Balances, Sept. 30, 2021 $ 1,757 $ 1,757 |
Recent Authoritative Guidance
Recent Authoritative Guidance | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Authoritative Guidance | Note 2 — Recent Authoritative Guidance In March 2020, FASB issued optional guidance, for a limited period of time, that applies to entities meeting certain criteria for the contract modifications or hedging relationships that are referencing LIBOR or another reference rate expected to be discontinued due to reference rate reform. The guidance includes a general principal that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The optional guidance may be applied from March 12, 2020, through December 31, 2022. Management has identified contracts with reference rates that will be discontinued, primarily related to long-term debt obligations. Certain debt contracts have been amended to include fallback provisions that provide substitute reference rates upon the discontinuance of LIBOR, among other amendments. Management will continue to modify contracts to include similar fallback language and expects to apply this guidance on an ongoing basis. Management does not expect this guidance to have a significant impact on the Registrants’ results of operations, financial condition, or cash flows. In December 2019, FASB amended the guidance for accounting for income taxes. The amendments simplify the accounting for income taxes by removing certain exceptions to general principles included in the accounting guidance. Effective January 1, 2021, Cleco adopted the amended accounting guidance. Adoption of this guidance did not materially impact the Registrants’ results of operations, financial condition, or cash flows. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 3 — Leases Cleco maintains operating and finance leases in its ordinary course of business activities. Cottonwood Sale Leaseback Agreement Upon closing the Cleco Cajun Transaction, the Cottonwood Sale Leaseback was executed. Under the terms of the lease, NRG Energy will operate the Cottonwood Plant, incur all costs, and receive all revenues from the operations of the plant. Cottonwood Energy will receive fixed lease payments of $40.0 million per year and variable lease payments for LTSA costs and property taxes paid by NRG Energy on behalf of Cleco. Cleco may terminate the lease contract under specific circumstances stated in the lease contract. The residual value under the Cottonwood Sale Leaseback is expected to be recovered through sales of power generation from the plant. The residual value of the Cottonwood Plant has been determined using the plant’s estimated economic life. Cleco Cajun is Cleco’s only entity with lessor arrangements. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback is included in Other operations within Cleco’s Condensed Consolidated Statement of Income. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the three and nine months ended September 30, 2021, and 2020, was as follows: FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Fixed payments $ 10,000 $ 10,000 $ 30,000 $ 30,000 Variable payments 4,938 5,190 15,413 15,950 Amortization of deferred lease liability * 2,301 2,301 6,904 6,904 Total lease income $ 17,239 $ 17,491 $ 52,317 $ 52,854 |
Leases | Note 3 — Leases Cleco maintains operating and finance leases in its ordinary course of business activities. Cottonwood Sale Leaseback Agreement Upon closing the Cleco Cajun Transaction, the Cottonwood Sale Leaseback was executed. Under the terms of the lease, NRG Energy will operate the Cottonwood Plant, incur all costs, and receive all revenues from the operations of the plant. Cottonwood Energy will receive fixed lease payments of $40.0 million per year and variable lease payments for LTSA costs and property taxes paid by NRG Energy on behalf of Cleco. Cleco may terminate the lease contract under specific circumstances stated in the lease contract. The residual value under the Cottonwood Sale Leaseback is expected to be recovered through sales of power generation from the plant. The residual value of the Cottonwood Plant has been determined using the plant’s estimated economic life. Cleco Cajun is Cleco’s only entity with lessor arrangements. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback is included in Other operations within Cleco’s Condensed Consolidated Statement of Income. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the three and nine months ended September 30, 2021, and 2020, was as follows: FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Fixed payments $ 10,000 $ 10,000 $ 30,000 $ 30,000 Variable payments 4,938 5,190 15,413 15,950 Amortization of deferred lease liability * 2,301 2,301 6,904 6,904 Total lease income $ 17,239 $ 17,491 $ 52,317 $ 52,854 |
Leases | Note 3 — Leases Cleco maintains operating and finance leases in its ordinary course of business activities. Cottonwood Sale Leaseback Agreement Upon closing the Cleco Cajun Transaction, the Cottonwood Sale Leaseback was executed. Under the terms of the lease, NRG Energy will operate the Cottonwood Plant, incur all costs, and receive all revenues from the operations of the plant. Cottonwood Energy will receive fixed lease payments of $40.0 million per year and variable lease payments for LTSA costs and property taxes paid by NRG Energy on behalf of Cleco. Cleco may terminate the lease contract under specific circumstances stated in the lease contract. The residual value under the Cottonwood Sale Leaseback is expected to be recovered through sales of power generation from the plant. The residual value of the Cottonwood Plant has been determined using the plant’s estimated economic life. Cleco Cajun is Cleco’s only entity with lessor arrangements. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback is included in Other operations within Cleco’s Condensed Consolidated Statement of Income. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the three and nine months ended September 30, 2021, and 2020, was as follows: FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Fixed payments $ 10,000 $ 10,000 $ 30,000 $ 30,000 Variable payments 4,938 5,190 15,413 15,950 Amortization of deferred lease liability * 2,301 2,301 6,904 6,904 Total lease income $ 17,239 $ 17,491 $ 52,317 $ 52,854 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 4 — Revenue Recognition Operating revenue, net for the three and nine months ended September 30, 2021, and 2020, was as follows: FOR THE THREE MONTHS ENDED SEPT. 30, 2021 (THOUSANDS) CLECO POWER CLECO CAJUN OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 148,522 $ — $ — $ — $ 148,522 Commercial (1) 82,711 — — — 82,711 Industrial (1) 45,446 — — — 45,446 Other retail (1) 4,479 — — — 4,479 Electric customer credits (764) — — — (764) Total retail revenue 280,394 — — — 280,394 Wholesale, net 74,831 (1) 107,501 (2,420) (2) — 179,912 Transmission, net 17,235 (3) 17,903 — (2,217) 32,921 Other 5,618 — — — 5,618 Affiliate (4) 1,380 — 32,116 (33,496) — Total revenue from contracts with customers 379,458 125,404 29,696 (35,713) 498,845 Revenue unrelated to contracts with customers Other 1,094 (5) 17,254 (6) 1 — 18,349 Total revenue unrelated to contracts with customers 1,094 17,254 1 — 18,349 Operating revenue, net $ 380,552 $ 142,658 $ 29,697 $ (35,713) $ 517,194 (1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes $0.1 million of electric customer credits. (4) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (5) Realized gains associated with FTRs. (6) Includes $14.9 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization. FOR THE THREE MONTHS ENDED SEPT. 30, 2020 (THOUSANDS) CLECO POWER CLECO CAJUN OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 128,981 $ — $ — $ — $ 128,981 Commercial (1) 68,220 — — — 68,220 Industrial (1) 32,809 — — — 32,809 Other retail (1) 3,614 — — — 3,614 Electric customer credits (16,534) — — — (16,534) Total retail revenue 217,090 — — — 217,090 Wholesale, net 52,216 (1) 99,956 (2,420) (2) — 149,752 Transmission, net 14,656 13,818 — (1,510) 26,964 Other 3,118 — — — 3,118 Affiliate (3) 1,506 — 35,522 (37,028) — Total revenue from contracts with customers 288,586 113,774 33,102 (38,538) 396,924 Revenue unrelated to contracts with customers Other 3,013 (4) 17,513 (5) 1 — 20,527 Total revenue unrelated to contracts with customers 3,013 17,513 1 — 20,527 Operating revenue, net $ 291,599 $ 131,287 $ 33,103 $ (38,538) $ 417,451 (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. (5) Includes $15.2 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization. FOR THE NINE MONTHS ENDED SEPT. 30, 2021 (THOUSANDS) CLECO POWER CLECO CAJUN OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 348,918 $ — $ — $ — $ 348,918 Commercial (1) 214,129 — — — 214,129 Industrial (1) 119,497 — — — 119,497 Other retail (1) 11,925 — — — 11,925 Electric customer credits (40,794) — — — (40,794) Total retail revenue 653,675 — — — 653,675 Wholesale, net 182,769 (1) 300,415 (7,260) (2) — 475,924 Transmission, net 44,530 (3) 46,733 (4) — (5,752) 85,511 Other 13,509 — — (1) 13,508 Affiliate (5) 4,259 — 85,392 (89,651) — Total revenue from contracts with customers 898,742 347,148 78,132 (95,404) 1,228,618 Revenue unrelated to contracts with customers Other 9,953 (6) 52,362 (7) 4 — 62,319 Total revenue unrelated to contracts with customers 9,953 52,362 4 — 62,319 Operating revenue, net $ 908,695 $ 399,510 $ 78,136 $ (95,404) $ 1,290,937 (1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes $0.4 million of electric customer credits. (4) Includes $0.2 million of electric customer credits. (5) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (6) Realized gains associated with FTRs. (7) Includes $45.4 million in lease revenue related to the Cottonwood Sale Leaseback and $6.9 million of deferred lease revenue amortization. FOR THE NINE MONTHS ENDED SEPT. 30, 2020 (THOUSANDS) CLECO POWER CLECO CAJUN OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 308,525 $ — $ — $ — $ 308,525 Commercial (1) 190,905 — — — 190,905 Industrial (1) 94,227 — — — 94,227 Other retail (1) 10,416 — — — 10,416 Surcharge 2,440 — — — 2,440 Electric customer credits (33,219) — — — (33,219) Total retail revenue 573,294 — — — 573,294 Wholesale, net 140,139 (1) 273,836 (7,260) (2) — 406,715 Transmission, net 38,273 (3) 39,880 (4) — (4,966) 73,187 Other 10,416 — — 1 10,417 Affiliate (5) 3,852 204 93,938 (97,994) — Total revenue from contracts with customers 765,974 313,920 86,678 (102,959) 1,063,613 Revenue unrelated to contracts with customers Other 6,272 (6) 52,895 (7) 2 — 59,169 Total revenue unrelated to contracts with customers 6,272 52,895 2 — 59,169 Operating revenue, net $ 772,246 $ 366,815 $ 86,680 $ (102,959) $ 1,122,782 (1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes $0.8 million of electric customer credits. (4) Includes $0.2 million of electric customer credits. (5) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (6) Realized gains associated with FTRs. (7) Includes $46.0 million in lease revenue related to the Cottonwood Sale Leaseback and $6.9 million of deferred lease revenue amortization. Cleco and Cleco Power have unsatisfied performance obligations under contracts with cooperatives and municipalities with durations ranging between 1 and 14 years that primarily relate to stand-ready obligations as part of fixed capacity minimums. At September 30, 2021, Cleco and Cleco Power had $65.7 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. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Regulated Operations [Abstract] | |
Regulatory Assets and Liabilities | Note 5 — Regulatory Assets and Liabilities Cleco Power capitalizes or defers certain costs for recovery from customers and recognizes a liability for amounts expected to be returned to customers 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; however, if in the future, as a result of regulatory changes or competition, Cleco Power’s ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable, Cleco Power would be required to write-down such assets. In addition, potential deregulation of the industry, or possible future changes in the method of rate regulation of Cleco Power, could require discontinuance of the application of the authoritative guidance on regulated operations. The following table summarizes Cleco Power’s regulatory assets and liabilities: Cleco Power REMAINING RECOVERY PERIOD (YRS.) (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Regulatory assets Acadia Unit 1 acquisition costs $ 1,939 $ 2,019 18.5 Accumulated deferred fuel (1) 78,847 28,194 Various (2) AFUDC equity gross-up 67,348 69,670 Various (3) Affordability study 13,438 — 10 AMI deferred revenue requirement 2,181 2,591 4 AROs (1)(7) 8,060 5,488 Bayou Vista to Segura deferred revenue requirement (7) 287 — Coughlin transaction costs 853 876 28 COVID-19 executive order (7) 2,953 2,953 Deferred storm restoration costs - Hurricane Delta (7) 17,866 17,051 Deferred storm restoration costs - Hurricane Ida (7) 36,836 — Deferred storm restoration costs - Hurricane Laura (7) 56,815 54,406 Deferred storm restoration costs - Hurricane Zeta (7) 3,496 3,493 Deferred storm restoration costs - Winter Storms Uri & Viola (7) 1,974 — Dolet Hills Power Station closure costs (7) 112,158 48,982 Emergency declarations — 270 — Energy efficiency 1,998 2,820 1.5 Financing costs (1) 6,919 7,184 Various (4) Interest costs 3,521 3,708 Various (3) Lignite Mine closure costs (7) 93,093 — Madison Unit 3 property taxes (7) 6,272 — Non-service cost of postretirement benefits 11,662 9,901 Various (3) Other 13,247 4,229 Various (2) Postretirement costs 149,883 165,437 Various (5) Production operations and maintenance expenses 1,998 4,058 Various (6) Rodemacher Unit 2 deferred costs (7) 5,519 1,333 St. Mary Clean Energy Center 6,524 3,479 4 Training costs 5,968 6,085 38.5 Tree trimming costs 9,771 11,807 3.5 Total regulatory assets 721,426 456,034 Regulatory liabilities AFUDC (7) (6,500) (4,218) Corporate franchise tax, net — (763) — Deferred taxes, net (138,864) (175,584) Various Total regulatory liabilities (145,364) (180,565) Total regulatory assets, net $ 576,062 $ 275,469 (1) Represents regulatory assets for past expenditures that were not earning a return on investment at September 30, 2021, and December 31, 2020, respectively. All other assets are earning a return on investment. (2) For more information related to the remaining recovery period, refer to the following disclosures for each specific regulatory asset or liability. (3) Amortized over the estimated lives of the respective assets. (4) Amortized over the terms of the related debt issuances. (5) Amortized over the average service life of the remaining plan participants. (6) Deferral is recovered over the following three year regulatory period. (7) Currently not in a recovery period. The following table summarizes Cleco’s net regulatory assets and liabilities: Cleco (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Total Cleco Power regulatory assets, net $ 576,062 $ 275,469 2016 Merger adjustments * Fair value of long-term debt 114,001 119,553 Postretirement costs 13,921 15,411 Financing costs 7,334 7,592 Debt issuance costs 5,004 5,254 Total Cleco regulatory assets, net $ 716,322 $ 423,279 * Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger. Accumulated Deferred Fuel In February 2021, Winter Storms Uri and Viola moved through Louisiana causing substantial damage to Cleco’s distribution assets, electricity generation supply shortages, natural gas supply shortages, and increases in wholesale prices of natural gas in the U.S., primarily due to prolonged freezing temperatures. Incremental fuel and purchased power costs were incurred as a result of the winter storms. On March 29, 2021, Cleco Power received approval from the LPSC to defer $50.0 million of these costs and recover them over 12 months through Cleco Power’s FAC beginning in May 2021. For more information about the incremental fuel and purchased power costs related to Winter Storms Uri and Viola, see Note 17 — “Storm Restoration — Winter Storms Uri and Viola.” Higher lignite and natural gas costs also contributed to the increase in Cleco Power’s accumulated deferred fuel. Affordability Study On June 16, 2021, the LPSC approved Cleco Power’s new retail rate plan. As a result, Cleco Power was allowed to establish a regulatory asset of $13.6 million related to outside consulting fees for the assessment of Cleco Power’s practices and assistance in the identification of potential cost savings opportunities, while maintaining superior levels of employee safety, reliability, customer service, environmental stewardship, community involvement, and regulatory transparency. The regulatory asset is being amortized over 10 years beginning July 1, 2021. Bayou Vista To Segura Deferred Revenue Requirement On June 16, 2021, the LPSC approved Cleco Power’s new retail rate plan. As a result, Cleco Power was allowed to establish a regulatory asset and recover the revenue requirements, including interest at Cleco Power’s weighted average cost of capital, upon the completion of each phase of the Bayou Vista to Segura Transmission project. The northern phase of the project was completed in August 2021. At September 30, 2021, Cleco Power had a regulatory asset of $0.3 million related to deferred revenue associated with the northern phase of the Bayou Vista to Segura Transmission project. The regulatory asset will be amortized over 12 months beginning July 1, 2022. Deferred Storm Restoration Costs — Hurricane Ida On August 29, 2021, Hurricane Ida made landfall in southeast Louisiana as a Category 4 storm, causing power outages for approximately 100,000 of Cleco Power’s electric customers located primarily in southeastern Louisiana. On September 22, 2021, the LPSC approved Cleco Power’s establishment of a regulatory asset to track and defer non-capital expenses associated with the hurricane. For more information about Hurricane Ida, see Note 17 — “Storm Restoration — Hurricane Ida.” Deferred Storm Restoration Costs — Winter Storms In February 2021, Cleco Power’s service territory experienced extreme and unprecedented winter weather. On February 14, 2021, Winter Storm Uri reached Louisiana resulting in power outages for approximately 11,000 of Cleco Power’s electric customers located primarily in south Louisiana. On February 17, 2021, Winter Storm Viola reached Louisiana resulting in power outages for approximately 43,000 of Cleco Power’s electric customers located primarily in central and south Louisiana. On March 17, 2021, the LPSC approved utilities establishing a regulatory asset to track and defer non-capital expenses associated with these winter storms. For more information about Winter Storms Uri and Viola, see Note 17 — “Storm Restoration — Winter Storms Uri and Viola.” Lignite Mine Closure Cost On October 6, 2020, Cleco Power and SWEPCO made a joint filing with the LPSC seeking authorization to close the Oxbow mine and to include and defer certain accelerated mine closing costs in fuel and related ratemaking treatment. On March 17, 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. At September 30, 2021, Cleco Power had a regulatory asset of $93.1 million for these mine-related incurred costs. For more information on the Oxbow mine, see Note 13 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Risks and Uncertainties.” Madison Unit 3 Property Taxes On June 16, 2021, the LPSC approved Cleco Power’s new retail rate plan. As a result, beginning July 1, 2022, Cleco Power will be allowed to recover property taxes paid for Madison Unit 3, including a carrying charge at Cleco Power’s weighted average cost of capital, grossed up for income taxes. At September 30, 2021, Cleco Power had a regulatory asset of $6.3 million for the accrued 2021 Madison Unit 3 property taxes. The amount included in the cost recovery mechanism each year will amortize over 12 months. Other On June 16, 2021, the LPSC approved Cleco Power’s new retail rate plan resulting in Cleco Power establishing several regulatory assets. Cleco Power was allowed to establish a regulatory asset to recover the undercollection of revenues related to the Northlake Transmission Agreement capped at $5.7 million. The amount recorded in the regulatory asset at June 30, 2021, began being amortized over 12 months on July 1, 2021. Amounts recorded in the regulatory asset after June 30, 2021, are being amortized over the remaining regulatory period ending June 30, 2022. At September 30, 2021, Cleco Power had a regulatory asset of $4.2 million relating to the Northlake Transmission Agreement. In addition, the LPSC approved recovery of other previously deferred costs associated with Cleco Power’s recently approved retail rate plan, which began being amortized over four years on July 1, 2021. At September 30, 2021, Cleco Power had a regulatory asset of $3.9 million for deferred costs. In June 2017, and prior to the approval of Cleco Power’s new retail rate plan, the LPSC approved the establishment of a regulatory asset upon the completion of the Coughlin Pipeline project, for the revenue requirement associated with the project, until Cleco Power’s new retail rate plan was approved. As approved by the LPSC in Cleco Power’s new retail rate plan, the regulatory asset began being amortized over four years on July 1, 2021. At September 30, 2021, Cleco Power had a regulatory asset of $5.1 million related to the deferred revenue associated with the Coughlin Pipeline project. St. Mary Clean Energy Center Cleco Power had a regulatory asset for revenue requirements related to the St. Mary Clean Energy Center project. As approved by the LPSC in Cleco Power’s new retail rate plan, the regulatory asset began being amortized over four years on July 1, 2021. |
Fair Value Accounting and Finan
Fair Value Accounting and Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting and Financial Instruments | Note 6 — Fair Value Accounting and Financial Instruments The amounts reflected on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2021, and December 31, 2020, 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. 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. The following tables summarize the carrying value and estimated market value of Cleco and Cleco Power’s financial instruments not measured at fair value on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets: Cleco AT SEPT. 30, 2021 AT DEC. 31, 2020 (THOUSANDS) CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt $ 3,550,179 $ 3,836,960 $ 3,230,500 $ 3,541,349 * The carrying value of long-term debt does not include deferred issuance costs of $14.1 million at Cleco Power AT SEPT. 30, 2021 AT DEC. 31, 2020 (THOUSANDS) CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt $ 1,820,177 $ 2,100,029 $ 1,494,947 $ 1,794,799 * The carrying value of long-term debt does not include deferred issuance costs of $8.5 million at In order to fund capital requirements, Cleco issues 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. Fair Value Measurements and Disclosures Cleco classifies assets and liabilities that are measured at their fair value according to three different levels depending on the inputs used in determining fair value. Cleco elects not to designate derivatives as cash flow or fair value hedges, as allowed by accounting guidance. Cleco utilizes a mark-to-market approach recognizing changes in the fair value of FTRs and commodity derivatives at Cleco Cajun in earnings and changes in the fair value of FTRs at Cleco Power as a component of deferred fuel assets and liabilities. Cleco utilizes different valuation techniques for fair value measurements under a fair value hierarchy. Assets and liabilities classified as Level 1 under the hierarchy utilize observable inputs that reflect quotable prices in active markets. Assets and liabilities classified as Level 2 are measured through proxy inputs of similar index or composite pricing. Assets and liabilities classified as Level 3 under the hierarchy are valued based on unobservable inputs, such as internally generated valuation models or valuations obtained in inactive markets where there is no readily available information. Cleco has consistently applied the Level 2 and Level 3 fair value techniques from fiscal period to fiscal period. Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement. The assets and liabilities reported at fair value are grouped into classes based on the underlying nature and risks associated with the individual asset or liability. During the nine months ended September 30, 2021, and the year ended December 31, 2020, Cleco did not experience any transfers between levels within the fair value hierarchy. The following tables disclose for Cleco and Cleco Power the fair value of financial assets and liabilities measured on a recurring basis. These amounts are presented on a gross basis before consideration of amounts netted under master netting agreements and the application of collateral received or paid: Cleco FAIR VALUE MEASUREMENTS AT REPORTING DATE (THOUSANDS) AT SEPT. 30, 2021 QUOTED PRICES SIGNIFICANT SIGNIFICANT AT DEC. 31, 2020 QUOTED PRICES SIGNIFICANT SIGNIFICANT Asset description Institutional money market funds $ 252,807 $ — $ 252,807 $ — $ 86,001 $ — $ 86,001 $ — FTRs 9,338 — — 9,338 4,805 — — 4,805 Natural gas derivatives* 132,892 — 132,892 — 8,599 — 8,599 — Total assets $ 395,037 $ — $ 385,699 $ 9,338 $ 99,405 $ — $ 94,600 $ 4,805 Liability description FTRs $ 1,589 $ — $ — $ 1,589 $ 1,625 $ — $ — $ 1,625 Natural gas derivatives* — — — — 1,612 — 1,612 — Total liabilities $ 1,589 $ — $ — $ 1,589 $ 3,237 $ — $ 1,612 $ 1,625 * Natural gas derivatives include fixed price physical forwards and swap transactions. Cleco Power FAIR VALUE MEASUREMENTS AT REPORTING DATE (THOUSANDS) AT SEPT. 30, 2021 QUOTED PRICES IN ACTIVE MARKETS SIGNIFICANT SIGNIFICANT AT DEC. 31, 2020 QUOTED PRICES SIGNIFICANT SIGNIFICANT Asset description Institutional money market funds $ 135,763 $ — $ 135,763 $ — $ 25,357 $ — $ 25,357 $ — FTRs 6,028 — — 6,028 4,337 — — 4,337 Total assets $ 141,791 $ — $ 135,763 $ 6,028 $ 29,694 $ — $ 25,357 $ 4,337 Liability description FTRs $ 1,330 $ — $ — $ 1,330 $ 1,121 $ — $ — $ 1,121 Total liabilities $ 1,330 $ — $ — $ 1,330 $ 1,121 $ — $ — $ 1,121 The following tables summarize 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: Cleco FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Beginning balance $ 7,501 $ 8,040 $ 3,180 $ 5,778 Unrealized gains (losses)* 3,955 4 18,861 (736) Purchases 619 443 11,426 10,175 Settlements (4,326) (3,160) (25,718) (9,890) Ending balance $ 7,749 $ 5,327 $ 7,749 $ 5,327 * Cleco Power’s unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco’s Condensed Consolidated Balance Sheet. Cleco Cajun’s unrealized gains (losses) are reported through Purchased power on Cleco’s Condensed Consolidated Income Statement. Cleco Power FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Beginning balance $ 5,990 $ 7,511 $ 3,216 $ 5,725 Unrealized gains* 1,196 426 545 1,355 Purchases 619 443 9,236 8,219 Settlements (3,107) (2,968) (8,299) (9,887) Ending balance $ 4,698 $ 5,412 $ 4,698 $ 5,412 * Unrealized gains are reported through Accumulated deferred fuel on Cleco Power’s Condensed Consolidated Balance Sheet. Cleco Power and Cleco Cajun’s FTRs are valued using MISO’s monthly auction prices. Forward seasonal periods are not included in every monthly auction; therefore, the average of the most recent seasonal auction prices is used for monthly valuation. FTRs are categorized as Level 3 fair value measurements because the only relevant value available comes from MISO auctions, which occur monthly in the Multi-Period Monthly Auction. The following tables quantify the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of September 30, 2021, and December 31, 2020: Cleco FAIR VALUE VALUATION TECHNIQUE SIGNIFICANT UNOBSERVABLE INPUTS FORWARD PRICE RANGE (THOUSANDS, EXCEPT FORWARD PRICE RANGE) ASSETS LIABILITIES LOW HIGH FTRs at Sept. 30, 2021 $ 9,338 $ 1,589 RTO auction pricing FTR price - per MWh $ (8.18) $ 9.16 FTRs at Dec. 31, 2020 $ 4,805 $ 1,625 RTO auction pricing FTR price - per MWh $ (3.49) $ 4.36 Cleco Power FAIR VALUE VALUATION TECHNIQUE SIGNIFICANT UNOBSERVABLE INPUTS FORWARD PRICE RANGE (THOUSANDS, EXCEPT FORWARD PRICE RANGE) ASSETS LIABILITIES LOW HIGH FTRs at Sept. 30, 2021 $ 6,028 $ 1,330 RTO auction pricing FTR price - per MWh $ (3.26) $ 9.16 FTRs at Dec. 31, 2020 $ 4,337 $ 1,121 RTO auction pricing FTR price - per MWh $ (3.34) $ 4.36 As a result of the 2016 Merger, fair value adjustments were recorded on Cleco’s Condensed Consolidated Balance Sheet for the valuation of a finite intangible asset relating to the Cleco Power trade name. In August 2021, a wholesale customer that is currently under contract with Cleco Power through March 31, 2024, informed Cleco Power that it was not selected through its RFP process as a provider of load after the first quarter of 2024. Cleco considered this to be a triggering event and determined that the carrying value of the trade name intangible asset may not be recoverable. Therefore, a valuation of the Cleco Power trade name was conducted to test for impairment. A discounted cash flow model utilizing an estimated weighted average cost of capital of 8% was used to determine the fair value of the Cleco Power trade name. As a result, Cleco determined that the fair value of the Cleco Power trade name was less than its carrying value and an impairment of $3.8 million was recognized reducing the carrying value to zero. The fair value measurement of the intangible asset is classified as Level 3 in the fair value hierarchy. For more information on the Cleco Power trade name intangible asset, see Note 15 — “Intangible Assets and Liabilities.” Concentrations of Credit Risk At September 30, 2021, Cleco and Cleco Power were exposed to concentrations of credit risk through their short-term investments classified as cash equivalents and restricted cash equivalents. The following tables present the institutional money market funds in cash and cash equivalents and restricted cash and cash equivalents as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2021, and December 31, 2020: Cleco (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Cash and cash equivalents $ 249,711 $ 80,712 Current restricted cash and cash equivalents $ 2,352 $ 4,545 Non-current restricted cash and cash equivalents $ 744 $ 744 Cleco Power (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Cash and cash equivalents $ 133,411 $ 20,812 Current restricted cash and cash equivalents $ 2,352 $ 4,545 Institutional money market fund assets are discounted to the current period using a published U.S. Treasury interest rate as a proxy for a risk-free rate of return. If the money market funds failed to perform under the terms of the investments, Cleco and Cleco Power would be exposed to a loss of the invested amounts. Collateral on these types of investments is not required by either Cleco or Cleco Power. The Level 2 institutional money market funds asset consists of a single class. In order to capture interest income and minimize risk, cash is invested in money market funds that invest primarily in short-term securities issued by the U.S. Treasury to maintain liquidity and achieve the goal of a net asset value of a dollar. The risks associated with this class are counterparty risk of the fund manager and risk of price volatility associated with the underlying securities of the fund. Cleco may be required to provide credit support or pay liquidated damages with respect to any open trading contracts that Cleco has entered into or may enter into in the future. The amount of credit support that Cleco may be required to provide at any point in the future is dependent on the amount of the initial contract, changes in the market price, changes in open contracts, and changes in the amounts counterparties owe to Cleco. Changes in any of these factors could cause the amount of requested credit support to increase or decrease. Commodity Contracts On Cleco’s Condensed Consolidated Balance Sheets, the fair value of amounts associated with Cleco Cajun’s derivative instruments are offset with related cash collateral balances with the same counterparty. There were no offsetting amounts at December 31, 2020. The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2021, and December 31, 2020: Cleco DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS AT SEPT. 30, 2021 AT DEC. 31, 2020 GROSS AMOUNTS OFFSET ON THE BALANCE SHEET GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET (1) (THOUSANDS) BALANCE SHEET LINE ITEM GROSS ASSET (LIABILITY) CONTRACT NETTING COLLATERAL NET ASSET (LIABILITY) ON THE BALANCE SHEET COLLATERAL NET AMOUNT NET ASSET (LIABILITY) ON THE BALANCE SHEET (2) Commodity-related contracts FTRs Current Energy risk management assets $ 9,338 $ — $ — $ 9,338 $ — $ 9,338 $ 4,805 Current Energy risk management liabilities (1,589) — — (1,589) — (1,589) (1,625) Natural gas derivatives Current Energy risk management assets 59,648 (1,283) (8,900) 49,465 (41,098) 8,367 8,276 Non-current Energy risk management assets 83,427 — — 83,427 (13,902) 69,525 323 Current Energy risk management liabilities (1,283) 1,283 — — — — (828) Non-current Other deferred credits — — — — — — (784) Commodity-related contracts, net $ 149,541 $ — $ (8,900) $ 140,641 $ (55,000) $ 85,641 $ 10,167 (1) Represents letters of credit by counterparties. (2) There were no offsetting amounts on or off Cleco’s Condensed Consolidated Balance Sheet at December 31, 2020. Cleco Power DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS (THOUSANDS) BALANCE SHEET LINE ITEM AT SEPT. 30, 2021 AT DEC. 31, 2020 Commodity-related contracts FTRs Current Energy risk management assets $ 6,028 $ 4,337 Current Energy risk management liabilities (1,330) (1,121) Commodity-related contracts, net $ 4,698 $ 3,216 At September 30, 2021, cash collateral received from counterparties by Cleco was $8.9 million, all of which was netted against the current portion of Energy risk management assets on Cleco’s Condensed Consolidated Balance Sheet. At December 31, 2020, there was no cash collateral paid or received by Cleco. The following tables present the effect of derivatives not designated as hedging instruments on Cleco and Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2021, and 2020: Cleco AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) INCOME STATEMENT LINE ITEM 2021 2020 2021 2020 Commodity-related contracts FTRs (1) Electric operations $ 1,959 $ 3,013 $ 11,167 $ 6,262 FTRs (1) Purchased power (874) (763) (8,730) (1,053) Natural gas derivatives Fuel used for electric generation 107,687 20,307 165,584 22,515 Total $ 108,772 $ 22,557 $ 168,021 $ 27,724 (1) For the three and nine months ended September 30, 2021, unrealized gains associated with FTRs for Cleco Power of $1.2 million and $0.5 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the three and nine months ended September 30, 2020, unrealized gains associated with FTRs for Cleco Power of $0.4 million and $1.4 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 SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) INCOME STATEMENT LINE ITEM 2021 2020 2021 2020 Commodity-related contracts FTRs (1) Electric operations $ 1,959 $ 3,013 $ 11,167 $ 6,262 FTRs (1) Purchased power (822) (2,326) (9,236) (4,397) Total $ 1,137 $ 687 $ 1,931 $ 1,865 (1) For the three and nine months ended September 30, 2021, unrealized gains associated with FTRs of $1.2 million and $0.5 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the three and nine months ended September 30, 2020, unrealized gains associated with FTRs of $0.4 million and $1.4 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. The following table presents the volume of commodity-related derivative contracts outstanding at September 30, 2021, and December 31, 2020, for Cleco and Cleco Power: Cleco TOTAL VOLUME OUTSTANDING (THOUSAND) UNIT OF MEASURE AT SEPT. 30, 2021 AT DEC. 31, 2020 Commodity-related contracts FTRs MWh 22,794 15,269 Natural gas derivatives MMBtus 118,712 73,000 Cleco Power TOTAL VOLUME OUTSTANDING (THOUSAND) UNIT OF MEASURE AT SEPT. 30, 2021 AT DEC. 31, 2020 Commodity-related contracts FTRs MWh 14,596 9,521 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 7 — Debt On May 21, 2021, Cleco Holdings entered into a $175.0 million revolving credit agreement and a $266.0 million term loan agreement. These agreements replaced Cleco Holdings’ existing revolving credit agreement and term loan agreement. The revolving credit agreement matures on May 21, 2026. Under this agreement, Cleco Holdings is required to maintain total indebtedness less than or equal to 65% of total capitalization. The borrowing costs under this agreement are currently equal to LIBOR plus 1.625% or ABR plus 0.625%, plus commitment fees of 0.275%. If Cleco Holdings’ credit ratings were to be downgraded one level by the credit rating agencies, Cleco Holdings may be required to pay incremental interest and commitment fees of 0.125% and 0.05%, respectively. At September 30, 2021, Cleco Holdings had no borrowings outstanding under its revolving credit agreement. Cleco Holdings’ term loan agreement matures on May 21, 2024 and has an interest rate of LIBOR plus 1.625% or ABR plus 0.625%. In addition, on May 21, 2021, Cleco Power entered into a $300.0 million revolving credit agreement and a $125.0 million term loan agreement. These agreements replaced Cleco Power’s existing revolving credit agreement and term loan agreement. The revolving credit agreement matures on May 21, 2026. Under this agreement, Cleco Power is required to maintain total indebtedness less than or equal to 65% of total capitalization. The borrowing costs under this agreement are currently equal to LIBOR plus 1.25% or ABR plus 0.25%, plus commitment fees of 0.15%. If Cleco Power’s credit ratings were to be downgraded one level by the credit rating |
Pension Plan and Employee Benef
Pension Plan and Employee Benefits | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension Plan and Employee Benefits | Note 8 — 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, 2020, and the funding relief provided by the American Rescue Plan Act, which was signed by the President on March 11, 2021, management estimates that no pension contributions will be required through 2025. Cleco has not made, and does not expect to make, any contributions to the pension plan in 2021. Cleco Power is the plan sponsor and Support Group is the plan administrator. Benefits under the plan reflect an employee’s years of service, age at retirement, and accrued benefit at retirement. 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 and Cleco Power’s Condensed Consolidated Statements of Income. The components of net periodic pension and Other Benefits cost for the three and nine months ended September 30, 2021, and 2020 were as follows: PENSION BENEFITS OTHER BENEFITS FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE THREE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Components of periodic benefit costs Service cost $ 2,629 $ 2,455 $ 629 $ 600 Interest cost 4,667 5,204 317 418 Expected return on plan assets (5,700) (6,244) — — Amortizations Prior period service credit — (15) — — Net loss 5,184 4,073 373 362 Net periodic benefit cost 6,780 5,473 1,319 1,380 Special/contractual termination benefits 3,270 — — — Total benefit cost $ 10,050 $ 5,473 $ 1,319 $ 1,380 PENSION BENEFITS OTHER BENEFITS FOR THE NINE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Components of periodic benefit costs Service cost $ 7,887 $ 7,365 $ 1,819 $ 1,615 Interest cost 14,001 15,612 962 1,238 Expected return on plan assets (17,101) (18,731) — — Amortizations Prior period service credit — (45) — — Net loss 15,553 12,222 1,143 1,042 Net periodic benefit cost 20,340 16,423 3,924 3,895 Special/contractual termination benefits 3,270 — — — Total benefit cost $ 23,610 $ 16,423 $ 3,924 $ 3,895 Effective September 30, 2021, the pension plan was amended to offer an enhanced pension benefit to certain employees participating in the plan that elect to retire during a certain retirement window. Those certain employees who elected by September 30, 2021, to receive the enhanced pension benefits will receive a 10% increase in calculated pension benefits. This resulted in a special termination benefit cost for Cleco Power and Support Group of $2.4 million and $0.9 million , respectively, included as an expense of the pension plan. 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 and nine months ended September 30, 2021, was $1.8 million and $3.6 million, respectively. The expense of the pension plan related to Cleco’s other subsidiaries for the three and nine months ended September 30, 2020, was $0.9 million and $2.6 million, respectively. 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 and nine months ended September 30, 2021, was $1.2 million and $3.6 million, respectively. The expense related to other benefits reflected in Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2020, was $1.1 million and $3.6 million, respectively. The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at September 30, 2021, and December 31, 2020, were as follows: Cleco (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Current $ 4,463 $ 4,463 Non-current $ 51,306 $ 51,868 Cleco Power (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Current $ 3,865 $ 3,865 Non-current $ 40,261 $ 40,734 SERP Certain Cleco officers are covered by SERP. Cleco does not fund the SERP liability, but instead pays for current benefits out of general funds available. Cleco Power has formed a rabbi trust. The life insurance policies issued on SERP participants designate the rabbi trust as the beneficiary. Market conditions could have a significant impact on the cash surrender value of the life insurance policies. Proceeds from the life insurance policies are expected to be used to pay the SERP participants’ death benefits, as well as future SERP payments. However, 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. All SERP benefits are paid out of general cash available of the respective companies that employed the officer. 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 and Cleco Power’s Condensed Consolidated Statements of Income. The components of the net periodic benefit cost related to SERP for the three and nine months ended September 30, 2021, and 2020 were as follows: FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Components of periodic benefit costs Service cost $ 59 $ 100 $ 174 $ 300 Interest cost 634 733 1,903 2,199 Amortizations Prior period service credit (54) (54) (161) (161) Net loss 307 796 921 2,388 Net periodic benefit cost $ 946 $ 1,575 $ 2,837 $ 4,726 The expense related to SERP reflected on Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2021, was $0.1 million and $0.4 million, respectively. The expense related to SERP reflected on Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2020, was $0.2 million and $0.7 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 September 30, 2021, and December 31, 2020, were as follows: Cleco (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Current $ 4,703 $ 4,703 Non-current $ 90,880 $ 92,522 Cleco Power (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Current $ 711 $ 711 Non-current $ 19,240 $ 19,828 401(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 nine months ended September 30, 2021, and 2020 was as follows: FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 401(k) Plan expense $ 2,512 $ 2,356 $ 7,391 $ 7,509 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 nine months ended September 30, 2021, and 2020 was as follows: FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 401(k) Plan expense $ 1,185 $ 996 $ 3,511 $ 3,491 Effective September 30, 2021, the 401(k) plan was amended to offer an enhanced 401(k) benefit to certain employees participating in the plan that elect to retire during a certain retirement window. Those certain employees who elected by September 30, 2021, to receive the enhanced 401(k) benefits will receive a one-time contribution up to 30% of the employee’s 2021 base salary in accordance with IRS contribution limits. This resulted in a one-time benefit cost of $0.2 million included as an expense of the 401(k) plan. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 — Income Taxes Effective Tax Rates The following tables summarize the effective income tax rates for Cleco and Cleco Power for the three and nine months ended September 30, 2021, and 2020 : Cleco FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, 2021 2020 2021 2020 Effective tax rate 20.3 % 29.4 % 12.4 % 26.8 % Cleco Power FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, 2021 2020 2021 2020 Effective tax rate 1.0 % 33.4 % (0.2) % 28.8 % For Cleco, the effective income tax rate for the three and nine months ended September 30, 2021, and 2020, were different than the federal statutory rate primarily due to the flow through of tax benefits, including AFUDC; the amortization of excess ADIT; adjustment to record tax expense at the projected annual effective tax rate; adjustments for tax returns as filed; and state tax expense. For Cleco Power, the effective income tax rate for the three and nine months ended September 30, 2021, and 2020, were different than the federal statutory rate primarily due to the flow through of tax benefits, including AFUDC equity; amortization of excess ADIT; adjustment to record tax expense at the projected annual effective tax rate; adjustments for tax returns as filed; and state tax expense. Uncertain Tax Positions Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense. At September 30, 2021, and December 31, 2020, Cleco and Cleco Power had no liability for uncertain tax positions or interest payable related to uncertain tax positions. Cleco estimates that it is reasonably possible that the balance of unrecognized tax benefits as of September 30, 2021, for Cleco and Cleco Power would be unchanged in the next 12 months. The settlement of open tax years could involve the payment of additional taxes, and/or the recognition of tax benefits, which may have an effect on Cleco’s effective tax rate. Income Tax Audits Cleco 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 2018, 2019, and 2020, the IRS has completed its review of years 2018 through 2020, and these tax returns were filed consistent with the IRS’s review. 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. The IRS has accepted Cleco’s application for the Compliance Assurance Process for the 2022 tax year. The state income tax years 2018, 2019, and 2020 remain open to examination by the Louisiana Department of Revenue. Cleco classifies income tax penalties as a component of other expense. For the three and nine months ended September 30, 2021, and 2020, no penalties were recognized. CARES Act In March 2020, the CARES Act was signed into law. The CARES Act includes tax relief provisions such as an alternative minimum tax credit refund, a five-year net operating loss carryback from years 2018 through 2020, and deferred payments of employer payroll taxes. Cleco deferred $6.0 million in employer payroll tax payments for the period March 27, 2020, through December 31, 2020. Cleco will pay $3.0 million of the obligation by December 31, 2021, and the remaining $3.0 million by December 31, 2022. Cleco Power deferred $3.6 million in employer payroll tax payments for the period March 27, 2020, through December 31, 2020. Cleco Power will pay $1.8 million of the obligation by December 31, 2021, and the remaining $1.8 million by December 31, 2022. The CARES Act also includes modifications on the limitations of business interest for the 2019 and 2020 tax years. The modifications increase the allowable business interest deduction from 30% to 50% of adjusted taxable income. Cleco does not have any disallowed interest for the 2020 tax year. Consolidated Appropriations Act of 2021 In December 2020, the Consolidated Appropriations Act of 2021 (CAA) was signed into law. The CAA includes COVID-19 tax relief and tax extender provisions. These include extensions of time to begin construction on certain solar assets eligible for the Investment Tax Credit (ITC), 100% deductibility of business meals in 2021 and 2022, and an extension of the work opportunity tax credit. The ITC percentage has been increased for projects starting construction through 2023 and placed in service by the end of 2025. Management does not expect the CAA to have a material impact on the Registrants. Future Tax Reform Cleco is monitoring the President’s current tax reform proposals, as well as the current proposed infrastructure bill. The proposals have the potential to increase the federal statutory corporate income tax rate from the current rate of 21%. Currently, management is unable to predict the impact of the proposals on the Registrants. Cleco is also monitoring possible updates related to a decreased Louisiana state corporate income tax rate proposal and a Louisiana state sales tax proposal to be voted on in November 2021. |
Disclosures about Segments
Disclosures about Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Disclosures about Segments | Note 10 — Disclosures about Segments Cleco’s reportable segments are based on its method of internal reporting, which disaggregates business units by its first-tier subsidiary. Cleco’s reportable segments are Cleco Power and Cleco Cajun. Each reportable segment engages in business activities from which it earns revenue and incurs expenses. 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, and an investment subsidiary. There were no changes to Cleco’s existing reportable segments. 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 segments. Management evaluates the performance of Cleco’s segments and allocates resources to them 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 and liabilities recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger and the Cleco Cajun Transaction, as well as amortization of deferred lease revenue resulting from the Cleco Cajun Transaction. Material intercompany transactions occur on a regular basis. These intercompany transactions relate primarily to joint and common administrative support services as well as transmission services provided by Cleco Power to Cleco Cajun. Segment Information for the Three Months Ended Sept. 30, 2021 (THOUSANDS) CLECO POWER CLECO CAJUN TOTAL SEGMENTS Revenue Electric operations $ 357,084 $ 107,500 $ 464,584 Other operations 22,779 35,158 57,937 Affiliate revenue 1,380 — 1,380 Electric customer credits (691) — (691) Operating revenue, net $ 380,552 $ 142,658 $ 523,210 Net income $ 56,561 $ 86,744 $ 143,305 Add: Depreciation and amortization 43,526 12,623 (1) 56,149 Less: Interest income 936 4 940 Add: Interest charges 18,509 1,117 19,626 Add: Federal and state income tax expense 548 29,888 30,436 EBITDA $ 118,208 $ 130,368 $ 248,576 (1) Includes $3.6 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(2.3) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. 2021 (THOUSANDS) TOTAL SEGMENTS OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 464,584 $ (2,420) $ — $ 462,164 Other operations 57,937 1 (2,217) 55,721 Affiliate revenue 1,380 32,116 (33,496) — Electric customer credits (691) — — (691) Operating revenue, net $ 523,210 $ 29,697 $ (35,713) $ 517,194 Depreciation and amortization $ 56,149 $ 8,189 (1) $ — $ 64,338 Interest income $ 940 $ 43 $ (42) $ 941 Interest charges $ 19,626 $ 15,044 $ (41) $ 34,629 Federal and state income tax expense $ 30,436 $ 133 $ — $ 30,569 Net income (loss) $ 143,305 $ (23,396) $ 1 $ 119,910 (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. 2020 (THOUSANDS) CLECO POWER CLECO CAJUN TOTAL SEGMENTS Revenue Electric operations $ 288,852 $ 99,956 $ 388,808 Other operations 17,775 31,331 49,106 Affiliate revenue 1,506 — 1,506 Electric customer credits (16,534) — (16,534) Operating revenue, net $ 291,599 $ 131,287 $ 422,886 Net income $ 36,092 $ 38,357 $ 74,449 Add: Depreciation and amortization 40,268 11,344 (1) 51,612 Less: Interest income 789 10 799 Add: Interest charges 18,441 (484) 17,957 Add: Federal and state income tax expense 18,076 12,258 30,334 EBITDA $ 112,088 $ 61,465 $ 173,553 (1) Includes $3.1 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(2.3) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. 2020 (THOUSANDS) TOTAL SEGMENTS OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 388,808 $ (2,420) $ — $ 386,388 Other operations 49,106 1 (1,510) 47,597 Affiliate revenue 1,506 35,522 (37,028) — Electric customer credits (16,534) — — (16,534) Operating revenue, net $ 422,886 $ 33,103 $ (38,538) $ 417,451 Depreciation and amortization $ 51,612 $ 4,497 (1) $ — $ 56,109 Interest income $ 799 $ 121 $ (10) $ 910 Interest charges $ 17,957 $ 16,115 $ (12) $ 34,060 Federal and state income tax expense (benefit) $ 30,334 $ (5,260) $ 1 $ 25,075 Net income (loss) $ 74,449 $ (14,154) $ 2 $ 60,297 (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. Segment Information for the Nine Months Ended Sept. 30, 2021 (THOUSANDS) CLECO POWER CLECO CAJUN TOTAL SEGMENTS Revenue Electric operations $ 887,191 $ 300,415 $ 1,187,606 Other operations 57,674 98,851 156,525 Affiliate revenue 4,259 — 4,259 Electric customer credits (40,429) 244 (40,185) Operating revenue, net $ 908,695 $ 399,510 $ 1,308,205 Net income $ 102,407 $ 153,719 $ 256,126 Add: Depreciation and amortization 126,534 36,614 (2) 163,148 Less: Interest income 2,404 10 2,414 Add: Interest charges 55,392 786 56,178 Add: Federal and state income tax (benefit) expense (219) 52,561 52,342 EBITDA $ 281,710 $ 243,670 $ 525,380 Additions to property, plant, and equipment $ 202,940 $ 5,904 $ 208,844 Equity investment in investees (1) $ 3,822 $ — $ 3,822 Goodwill (1) $ 1,490,797 $ — $ 1,490,797 Total segment assets (1) $ 6,746,838 $ 1,212,968 $ 7,959,806 (1) Balances as of September 30, 2021. (2) Includes $10.0 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(6.9) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. 2021 (THOUSANDS) TOTAL SEGMENTS OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,187,606 $ (7,260) $ (1) $ 1,180,345 Other operations 156,525 4 (5,752) 150,777 Affiliate revenue 4,259 85,392 (89,651) — Electric customer credits (40,185) — — (40,185) Operating revenue, net $ 1,308,205 $ 78,136 $ (95,404) $ 1,290,937 Depreciation and amortization $ 163,148 $ 17,052 (2) $ (1) $ 180,199 Interest income $ 2,414 $ 100 $ (98) $ 2,416 Interest charges $ 56,178 $ 45,732 $ (98) $ 101,812 Federal and state income tax expense (benefit) $ 52,342 $ (21,357) $ — $ 30,985 Net income (loss) $ 256,126 $ (37,068) $ 1 $ 219,059 Additions to property, plant, and equipment $ 208,844 $ 1,116 $ — $ 209,960 Equity investment in investees (1) $ 3,822 $ 19,099 $ (19,099) $ 3,822 Goodwill (1) $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets (1) $ 7,959,806 $ 685,410 $ (249,409) $ 8,395,807 (1) Balances as of September 30, 2021. (2) Includes $7.3 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger. 2020 (THOUSANDS) CLECO POWER CLECO CAJUN TOTAL SEGMENTS Revenue Electric operations $ 752,925 $ 273,836 $ 1,026,761 Other operations 49,443 92,928 142,371 Affiliate revenue 3,852 204 4,056 Electric customer credits (33,974) (153) (34,127) Operating revenue, net $ 772,246 $ 366,815 $ 1,139,061 Net income $ 76,156 $ 84,655 $ 160,811 Add: Depreciation and amortization 125,541 33,385 (2) 158,926 Less: Interest income 2,498 269 2,767 Add: Interest charges 55,624 (353) 55,271 Add: Federal and state income tax expense 30,770 27,280 58,050 EBITDA $ 285,593 $ 144,698 $ 430,291 Additions to property, plant, and equipment $ 205,765 $ 7,908 $ 213,673 Equity investment in investees (1) $ 9,072 $ — $ 9,072 Goodwill (1) $ 1,490,797 $ — $ 1,490,797 Total segment assets (1) $ 6,256,944 $ 1,029,812 $ 7,286,756 (1) Balances as of December 31, 2020. (2) Includes $9.3 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(6.9) million deferred lease revenue amortization as a result of the Cleco Cajun Transaction. 2020 (THOUSANDS) TOTAL SEGMENTS OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,026,761 $ (7,260) $ — $ 1,019,501 Other operations 142,371 2 (4,966) 137,407 Affiliate revenue 4,056 93,938 (97,994) — Electric customer credits (34,127) — 1 (34,126) Operating revenue, net $ 1,139,061 $ 86,680 $ (102,959) $ 1,122,782 Depreciation and amortization $ 158,926 $ 13,575 (2) $ 1 $ 172,502 Interest income $ 2,767 $ 276 $ (79) $ 2,964 Interest charges $ 55,271 $ 48,731 $ (79) $ 103,923 Federal and state income tax expense (benefit) $ 58,050 $ (17,821) $ 1 $ 40,230 Net income (loss) $ 160,811 $ (51,019) $ 1 $ 109,793 Additions to property, plant, and equipment $ 213,673 $ 2,019 $ — $ 215,692 Equity investment in investees (1) $ 9,072 $ — $ — $ 9,072 Goodwill (1) $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets (1) $ 7,286,756 $ 595,217 $ (156,404) $ 7,725,569 (1) Balances as of December 31, 2020. (2) Includes $7.3 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger. FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Net income $ 119,910 $ 60,297 $ 219,059 $ 109,793 Add: Depreciation and amortization 64,338 56,109 180,199 172,502 Less: Interest income 941 910 2,416 2,964 Add: Interest charges 34,629 34,060 101,812 103,923 Add: Federal and state income tax expense 30,569 25,075 30,985 40,230 Add: Other corporate costs and noncash items (1) 71 (1,078) (4,259) 6,807 Total segment EBITDA $ 248,576 $ 173,553 $ 525,380 $ 430,291 (1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA. |
Regulation and Rates
Regulation and Rates | 9 Months Ended |
Sep. 30, 2021 | |
Regulated Operations [Abstract] | |
Regulation and Rates | Note 11 — Regulation and Rates Provision for rate refund on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets consisted primarily of the following: (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Cleco Katrina/Rita storm recovery charges $ 1,610 $ 1,617 FERC audit $ — $ 1,912 FRP $ 1,236 $ 1,786 Site-specific industrial customer $ 611 $ 710 TCJA $ 2,057 $ 2,057 Transmission ROE $ — $ 595 Cleco Katrina/Rita Storm Recovery Charges Prior to the repayment of the Cleco Katrina/Rita storm recovery bonds in March 2020, Cleco Katrina/Rita had the right to bill and collect storm restoration costs from Cleco Power’s customers to pay administrative fees, interest, and principal on the Cleco Katrina/Rita storm recovery bonds. In April 2021, after payments for all final administrative and winding up activities of Cleco Katrina/Rita were made, Cleco Katrina/Rita transferred its remaining restricted cash to Cleco Power. As a result, at September 30, 2021, Cleco Power had $1.6 million accrued for amounts to be used to benefit retail customers in a manner and timing as approved by the LPSC. For more information on Cleco Katrina/Rita’s storm recovery, see Note 1 — “Summary of Significant Accounting Policies — Restricted Cash and Cash Equivalents.” FERC Audit As of September 30, 2021, $4.4 million, including accrued interest, was fully refunded to Cleco Power’s wholesale transmission customers as a combination of refund payments related to the FERC audit findings and a reduction in Attachment O of the MISO tariff and grandfathered agreement rates over the preceding 12 months. For more information about the FERC audit, see Note 13 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — FERC Audit.” FRP Prior to July 1, 2021, Cleco Power’s annual retail earnings were subject to an FRP established by the LPSC in June 2014. The 2014 FRP allowed Cleco Power to earn a target ROE of 10.0%, while providing the opportunity to earn up to 10.9%. Additionally, 60.0% of retail earnings between 10.9% and 11.75%, and all retail earnings over 11.75%, were required to be refunded to customers. In June 2019, Cleco Power filed an application with the LPSC for a new FRP. On June 16, 2021, the LPSC approved Cleco Power’s new retail rate plan. Effective July 1, 2021, under the terms of the new 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. Cleco Power’s next base rate case is required to be filed with the LPSC on or before March 31, 2023. Cleco Power filed its monitoring report for the 12 months ended June 30, 2019, on October 31, 2019, indicating that no refund was due. On September 22, 2021, the LPSC approved the 2019 monitoring report indicating no refund was due. Monitoring reports for the 12 months ended June 30, 2020, and 2021, were not required due to the expiration of the 2014 FRP. The next monitoring report will be filed on or before October 31, 2022, for the 12 months ending June 30, 2022. Cleco Power continued to accrue the annual cost of service savings resulting from the 2016 Merger Commitments through June 30, 2021. Beginning July 1, 2021, the annual cost of service savings are included in Cleco Power’s new retail rate plan. In September 2021, Cleco Power refunded $1.2 million for the period of July 1, 2019, through June 30, 2020. At September 30, 2021, Cleco Power had $1.2 million accrued for the period July 1, 2020, through June 30, 2021, which is expected to be refunded to customers in September 2022. TCJA The provisions of the TCJA reduced the top federal statutory corporate income tax rate from 35% to 21%. As a result of the tax rate reduction, on January 1, 2018, Cleco Power began accruing an estimated reserve for the reduction in the federal statutory corporate income tax rate. In February 2018, the LPSC directed utilities, including Cleco Power, to provide considerations of the appropriate manner to flow through to ratepayers the benefits of the reduction in corporate income taxes as a result of the TCJA. In July 2019, the LPSC approved Cleco Power’s rate refund of $79.2 million, plus interest, for the reduction in the statutory federal tax rate for the period from January 2018 to June 2020. The refund was credited to customers over 12 months beginning August 1, 2019. In July 2019, the LPSC approved Cleco Power’s motion to address the rate redesign and the regulatory liability for excess ADIT, resulting from the enactment of the TCJA, in Cleco Power’s current base rate case. As a result of the delay in the rate case, on July 15, 2020, the LPSC approved Cleco Power’s application to extend the TCJA bill credits at the same rate as determined in the initial TCJA refund of approximately $7.0 million per month. The extension was for the period of August 2020 through November 2020. On November 13, 2020, Cleco Power again received approval for its application to extend the TCJA bill credits from December 1, 2020, until such a time that the rate case was completed. The $7.0 million monthly refund consisted of approximately $4.4 million, which was to be funded by the unprotected excess ADIT, and approximately $2.6 million, which is the change in the federal statutory corporate income tax rate from 35% to 21%. At September 30, 2021, Cleco Power had $2.1 million accrued for the estimated federal tax-related benefits from the TCJA. On June 16, 2021, the LPSC approved Cleco Power’s new retail rate plan which includes the settlement of the TCJA protected and unprotected excess ADIT. Effective July 1, 2021, all retail customers will continue receiving bill credits resulting from the TCJA. The target retail portion of the unprotected excess ADIT is approximately $2.5 million monthly and will be credited over a period of three years concluding on June 30, 2024. The retail portion of the protected excess ADIT will be credited until the full amount of the protected excess ADIT has been returned to Cleco Power’s customers through bill credits. At September 30, 2021, Cleco Power had $313.9 million accrued for the excess ADIT, of which $39.5 million is reflected in current regulatory liabilities. Transmission ROE Two complaints were filed with FERC seeking to reduce the ROE component of the transmission rates that MISO transmission owners, including Cleco Power, may collect under the MISO tariff. The complaints covered the period December 2013 through May 2016. As of September 30, 2021, the overcollection due to the change in ROE was fully refunded. For more information on the ROE complaints, see Note 13 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — Transmission ROE.” SSR In September 2016, Cleco Power filed an Attachment Y with MISO requesting retirement of Teche Unit 3 effective April 1, 2017. MISO conducted a study which determined the proposed retirement of Teche Unit 3 would result in violations of specific applicable reliability standards for which no mitigation is available. As a result, MISO designated Teche Unit 3 as an SSR unit until such time that an appropriate alternative solution could be implemented to mitigate reliability issues. One mitigating factor identified was Cleco Power’s Terrebonne to Bayou Vista Transmission project, which was completed in April 2019. Cleco Power received a termination notice, effective April 30, 2019, and filed paperwork to withdraw the filed Attachment Y. While operating as an SSR unit, Cleco Power received monthly payments that included recovery of expenses, including capital expenditures, related to the operations of Teche Unit 3. Additionally, MISO allocated SSR costs to the load serving entities that required the operation of the SSR unit, including Cleco Power. These payments and cost allocations were finalized as part of a MISO SSR settlement approved in December 2018. Cleco Power operated Teche Unit 3 as an SSR unit from April 2017 until April 2019. On September 7, 2021, Cleco Power made a filing with the LPSC giving notice of its intent to consider retiring Teche Unit 3, barring any violations of specific applicable reliability standards. Assuming no violations are found, Teche Unit 3 could be retired in 2022. At September 30, 2021, Cleco Power had $4.3 million accrued for the net capital refund for capital expenditures paid for by third parties while operating under the SSR agreement. The capital refund is expected to be paid in early 2022. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 12 — Variable Interest Entities Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. Oxbow is owned 50% by Cleco Power and 50% by SWEPCO. Cleco Power is not the primary beneficiary because it shares the power to control Oxbow’s significant activities with SWEPCO. Cleco Power’s current assessment of its maximum exposure to loss related to Oxbow at September 30, 2021, consisted of its equity investment of $3.8 million . During the nine months ended September 30, 2021, Cleco Power had a return of equity investment from Oxbow of $5.3 million. The following table presents the components of Cleco Power’s equity investment in Oxbow: INCEPTION TO DATE (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Purchase price $ 12,873 $ 12,873 Cash contributions 6,399 6,399 Distributions (15,450) (10,200) Total equity investment in investee $ 3,822 $ 9,072 The following table compares the carrying amount of Oxbow’s assets and liabilities with Cleco Power’s maximum exposure to loss related to its investment in Oxbow: (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Oxbow’s net assets/liabilities $ 7,645 $ 18,145 Cleco Power’s 50% equity $ 3,822 $ 9,072 Cleco Power’s maximum exposure to loss $ 3,822 $ 9,072 The following table contains summarized financial information for Oxbow: FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Operating revenue $ 1,486 $ 2,275 $ 5,113 $ 33,266 Operating expenses 1,486 2,275 5,113 33,266 Income before taxes $ — $ — $ — $ — Prior to June 30, 2020, DHLC mined lignite reserves at Oxbow through the Amended Lignite Mining Agreement. The lignite reserves were intended to be used to provide fuel to the Dolet Hills Power Station. Under the Amended Lignite Mining Agreement, DHLC bills Cleco Power its proportionate share of incurred lignite extraction and associated mining-related costs. Oxbow bills Cleco Power its proportionate share of incurred costs related to mineral rights and land leases. In June 2020, management decided to retire the Dolet Hills Power Station. On October 6, 2020, Cleco Power and SWEPCO made a joint filing with the LPSC seeking authorization to close the Oxbow mine. As of September 30, 2021, Cleco Power estimates $1.8 million of its proportionate share of costs will be billed by Oxbow prior to the closure of the Dolet Hills Power Station. For more information on DHLC and the Oxbow mine, see Note 13 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Risks and Uncertainties.” Oxbow has no third-party agreements, guarantees, or other third-party commitments that contain obligations affecting Cleco Power’s investment in Oxbow. |
Litigation, Other Commitments a
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | Note 13 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees Litigation 2016 Merger In connection with the 2016 Merger, four actions were filed in the Ninth Judicial District Court for Rapides Parish, Louisiana and three actions were filed in the Civil District Court for Orleans Parish, Louisiana. The petitions in each action generally alleged, among other things, that the members of Cleco Corporation’s Board of Directors breached their fiduciary duties by, among other things, conducting an allegedly inadequate sale process, agreeing to the 2016 Merger at a price that allegedly undervalued Cleco, and failing to disclose material information about the 2016 Merger. The petitions also alleged that Como 1, Cleco Corporation, Merger Sub, and, in some cases, certain of the investors in Como 1 either aided and abetted or entered into a civil conspiracy to advance those supposed breaches of duty. The petitions sought various remedies, including monetary damages, which includes attorneys’ fees and expenses. The four actions filed in the Ninth Judicial District Court for Rapides Parish are captioned as follows: • Braunstein v. Cleco Corporation , No. 251,383B (filed October 27, 2014), • Moore v. Macquarie Infrastructure and Real Assets , No. 251,417C (filed October 30, 2014), • Trahan v. Williamson , No. 251,456C (filed November 5, 2014), and • L’Herisson v. Macquarie Infrastructure and Real Assets , No. 251,515F (filed November 14, 2014). In November 2014, the plaintiff in the Braunstein action moved for a dismissal of the action without prejudice, and that motion was granted in November 2014. In December 2014, the Court consolidated the remaining three actions and appointed interim co-lead counsel, and dismissed the investors in Cleco Partners as defendants, per agreement of the parties. Also, in December 2014, the plaintiffs in the consolidated action filed a Consolidated Amended Verified Derivative and Class Action Petition for Damages and Preliminary and Permanent Injunction. The three actions filed in the Civil District Court for Orleans Parish were captioned as follows: • Butler v. Cleco Corporation , No. 2014-10776 (filed November 7, 2014), • Creative Life Services, Inc. v. Cleco Corporation , No. 2014-11098 (filed November 19, 2014), and • Cashen v. Cleco Corporation , No. 2014-11236 (filed November 21, 2014). In December 2014, the directors and Cleco filed declinatory exceptions in each action on the basis that each action was improperly brought in Orleans Parish and should either be transferred to the Ninth Judicial District Court for Rapides Parish or dismissed. Also, in December 2014, the plaintiffs in each action jointly filed a motion to consolidate the three actions pending in Orleans Parish and to appoint interim co-lead plaintiffs and co-lead counsel. In January 2015, the Court in the Creative Life Services case sustained the defendants’ declinatory exceptions and dismissed the case so that it could be transferred to the Ninth Judicial District Court for Rapides Parish. In February 2015, the plaintiffs in Butler and Cashen also consented to the dismissal of their cases from Orleans Parish so they could be transferred to the Ninth Judicial District Court for Rapides Parish. By operation of the December 2014 order of the Ninth Judicial District Court for Rapides Parish, the Butler , Cashen , and Creative Life Services actions were consolidated into the actions pending in Rapides Parish. In February 2015, the Ninth Judicial District Court for Rapides Parish held a hearing on a motion for preliminary injunction filed by plaintiffs in the consolidated action seeking to enjoin the shareholder vote for approval of the Merger Agreement. The District Court heard and denied the plaintiffs’ motion. In June 2015, the plaintiffs filed their Second Consolidated Amended Verified Derivative and Class Action Petition. Cleco filed exceptions seeking dismissal of the second amended petition in July 2015. The LPSC voted to approve the 2016 Merger before the Court could consider the plaintiffs’ peremptory exceptions. In March 2016 and May 2016, the plaintiffs filed their Third Consolidated Amended Verified Derivative Petition for Damages and Preliminary and Permanent Injunction and their Fourth Verified Consolidated Amended Class Action Petition, respectively. The fourth amended petition, which remains the operative petition and was filed after the 2016 Merger closed, eliminated the request for preliminary and permanent injunction and also named an additional executive officer as a defendant. The defendants filed exceptions seeking dismissal of the fourth amended Petition. In September 2016, the District Court granted the exceptions of no cause of action and no right of action and dismissed all claims asserted by the former shareholders. The plaintiffs appealed the District Court’s ruling to the Louisiana Third Circuit Court of Appeal. In December 2017, the Third Circuit Court of Appeal issued an order reversing and remanding the case to the District Court for further proceedings. In January 2018, Cleco filed a writ with the Louisiana Supreme Court seeking review of the Third Circuit Court of Appeal’s decision. The writ was denied in March 2018 and the parties are engaged in discovery in the District Court. In November 2018, Cleco filed renewed exceptions of no cause of action and res judicata, seeking to dismiss all claims. On December 21, 2018, the court dismissed Cleco Partners and Cleco Holdings as defendants per the agreement of the parties, leaving as the only remaining defendants certain former executive officers and independent directors. The District Court denied the defendants’ exceptions on January 14, 2019. A hearing on the plaintiffs’ motion for certification of a class was scheduled for August 26, 2019; however, prior to the hearing, the parties reached an agreement to certify a limited class. On September 7, 2019, the District Court certified a class limited to shareholders who voted against, abstained from voting, or did not vote on the 2016 Merger. On October 18, 2021, the District Court issued an order consistent with a joint motion by the parties to dismiss all claims against the former independent directors leaving two former executives as the only remaining defendants. Cleco believes that the allegations of the petitions in each action are without merit and that it has substantial meritorious defenses to the claims set forth in each of the petitions. Gulf Coast Spinning In September 2015, a potential customer sued Cleco for failure to fully perform an alleged verbal agreement to lend or otherwise fund its startup costs to the extent of $6.5 million. Gulf Coast Spinning Company, LLC (Gulf Coast), the primary plaintiff, alleges that Cleco promised to assist it in raising approximately $60.0 million, which Gulf Coast needed to construct a cotton spinning facility near Bunkie, Louisiana. According to the petition filed by Gulf Coast in the 12 th Judicial District Court for Avoyelles Parish, Louisiana (the “District Court”), Cleco made such promises of funding assistance in order to cultivate a new industrial electric customer which would increase its revenues under a power supply agreement that it executed with Gulf Coast. Gulf Coast seeks unspecified damages arising from its inability to raise sufficient funds to complete the project, including lost profits. Cleco filed an Exception of No Cause of Action arguing that the case should be dismissed. The District Court denied Cleco’s exception in December 2015, after considering briefs and arguments. In January 2016, Cleco appealed the District Court’s denial of its exception by filing with the Third Circuit Court of Appeal. In June 2016, the Third Circuit Court of Appeal denied the request to have the case dismissed. In July 2016, Cleco filed a writ to the Louisiana Supreme Court seeking a review of the District Court’s denial of Cleco’s exception. In November 2016, the Louisiana Supreme Court denied Cleco’s writ application. In February 2016, the parties agreed to a stay of all proceedings pending discussions concerning settlement. In May 2016, the District Court lifted the stay at the request of Gulf Coast. The parties are currently participating in discovery. Cleco believes the allegations of the petition are contradicted by the written documents executed by Gulf Coast, are otherwise without merit, and that it has substantial meritorious defenses to the claims alleged by Gulf Coast. Dispute with Saulsbury Industries In October 2018, Cleco Power sued Saulsbury Industries, Inc., the former general contractor for the St. Mary Clean Energy Center project, seeking damages for Saulsbury Industries, Inc.’s failure to complete the St. Mary Clean Energy Center project on time and for costs incurred by Cleco Power in hiring a replacement general contractor. The action was filed in the Ninth Judicial District Court for Rapides Parish, No. 263339. Saulsbury Industries, Inc. removed the case to the U.S. District Court for the Western District of Louisiana, on March 1, 2019. On September 14, 2020, Cabot Industries was allowed to join the case pending in the Ninth Judicial District Court for Rapides Parish. In January 2019, Cleco Power was served with a summons in Saulsbury Industries, Inc. v. Cabot Corporation and Cleco Power LLC , in the U.S. District Court for the Western District of Louisiana. Saulsbury Industries, Inc. alleged that Cleco Power and Cabot Corporation caused delays in the St. Mary Clean Energy Center project, resulting in alleged impacts to Saulsbury Industries, Inc.’s direct and indirect costs. On June 5, 2019, Cleco Power and Cabot Corporation each filed separate motions to dismiss. On October 24, 2019, the District Court denied Cleco’s motion as premature and ruled that Saulsbury Industries, Inc. had six weeks to conduct discovery on specified jurisdictional issues. The Magistrate Judge presiding over the Western District of Louisiana consolidated cases issued a report and recommendation to the District Judge that the case instituted by Saulsbury Industries, Inc. be dismissed without prejudice and the case initiated by Cleco Power be remanded to the Ninth Judicial District Court for Rapides Parish. Saulsbury Industries, Inc. did not oppose the Magistrate Judge’s report and recommendation, and the District Judge issued a ruling that adopted the Magistrate Judge’s report and recommendation, which included reasoning consistent with Cleco Power’s arguments. Thus, the federal consolidated cases are now closed. On October 10, 2019, Cleco Power was served with a summons in Saulsbury Industries, Inc. v. Cabot Corporation and Cleco Power LLC in the 16 th Judicial District Court for St. Mary Parish, No. 133910-A. Saulsbury Industries, Inc. asserted the same claim as the Western District Litigation and further asserts claims for payment on an open account. On December 9, 2019, Cleco moved to stay the case, arguing that the Rapides Parish suit should proceed. On February 14, 2020, the court granted Cleco’s motion, which stay order remains in place until lifted. The 16 th Judicial District Court for the St. Mary Parish case held a hearing on October 16, 2020, and the judge granted Cleco’s declinatory exceptions of lis pendens. Thus, the St. Mary’s Parish case has been dismissed. Saulsbury filed a motion for a new trial. The hearing on this motion was held on February 5, 2021, and the 16 th Judicial District Court judge denied Saulsbury’s motion for a new trial. Saulsbury has appealed this decision. LPSC Audits Fuel Audits Generally, Cleco Power’s cost of fuel used for electric generation and the cost of purchased power are recovered through the LPSC-established FAC that enables Cleco Power to pass on to its customers substantially all such charges. Recovery of FAC costs is subject to periodic fuel audits by the LPSC. The LPSC FAC General Order issued in November 1997, in Docket No. U-21497 provides that an audit of FAC filings will be performed at least every other year. In March 2020, Cleco Power received a notice of audit from the LPSC for the period of January 2018 to December 2019. The total amount of fuel expense included in the audit is $565.8 million. Cleco Power has responded to several sets of data requests from the LPSC. Cleco Power has FAC filings for January 2020 and thereafter that remain subject to audit. Management is unable to predict or give a reasonable estimate of the possible range of the disallowance, if any, related to these filings. Historically, the disallowances have not been material. If a disallowance of fuel cost is ordered resulting in a refund, any such refund could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants. On March 29, 2021, Cleco Power received approval from the LPSC to recover $50.0 million of incremental fuel and purchased power costs incurred as a result of Winter Storms Uri and Viola over a period of 12 months beginning with the May 2021 bills. On May 11, 2021, Cleco Power received notice of an audit from the LPSC for the fuel costs incurred during the time period required to restore services to Cleco Power’s customers during Winter Storms Uri and Viola. Cleco Power has responded to its first set of data requests. Management is unable to determine the outcome or timing of the audit. For more information on these winter storms, see Note 17 — “Storm Restoration — Winter Storms Uri and Viola.” Environmental Audit In 2009, the LPSC issued Docket No. U-29380 Subdocket A, which provides Cleco Power an EAC to recover from its customers certain costs of environmental compliance. The costs eligible for recovery are those for prudently incurred air emissions credits associated with complying with federal, state, and local air emission regulations that apply to the generation of electricity reduced by the sale of such allowances. Also eligible for recovery are variable emission mitigation costs, which are the costs of reagents such as ammonia and limestone that are a part of the fuel mix used to reduce air emissions, among other things. On October 20, 2021, the LPSC approved the EAC audit for the period January 2018 to December 2019 with no findings. The total amount of environmental expense that was included in the audit was $26.2 million. Cleco Power has EAC filings for January 2020 and thereafter that remain subject to audit. Management is unable to predict or give a reasonable estimate of the possible range of the disallowance, if any, related to these filings. Historically, the disallowances have not been material. If a disallowance of environmental cost is ordered resulting in a refund to Cleco Power’s customers, any such refund could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants. Cleco Power incurs environmental compliance expenses for reagents associated with the compliance standards of Mercury and Air Toxics Standards (MATS). These expenses are also eligible for recovery through Cleco Power’s EAC and are subject to periodic review by the LPSC. In May 2020, the EPA finalized a rule that concluded that it is not appropriate and necessary to regulate hazardous air pollutants from coal- and oil-fired electric generating units. However, the EPA concluded that coal- and oil-fired electric generating units would not be removed from the list of regulated sources of hazardous air pollutants and would remain subject to MATS. The EPA also determined that the results of its risk and technology review did not require any revisions to the emissions standards. Several petitions for review of the rule’s findings were filed between May and July 2020 in the D.C. Circuit Court of Appeals. On January 20, 2021, the Presidential Administration issued an executive order directing federal agency heads to review regulations and other actions over the past four years to determine if they are inconsistent with the policies announced in the executive order. The order specifically directs the EPA to consider issuing a proposed rule to suspend, revise, or rescind the rule. The EPA has not issued a proposed rule, and management is unable to determine when a proposed rule will be issued. The EPA determined the most environmentally protective course is to implement the rules in the executive order. Management is unable to determine whether the outcome of the D.C. Circuit Court of Appeals review or the EPA’s review of the rule as a result of the executive order will result in changes to the MATS standards. FERC Audit Generally, Cleco Power records wholesale transmission revenue through approved formula rates, Attachment O of the MISO tariff and certain grandfathered agreements. The calculation of the rate formulas, as well as FERC accounting and reporting requirements, are subject to periodic audits by FERC. In March 2018, the Division of Audits and Accounting, within the Office of Enforcement of FERC, initiated an audit of Cleco Power for the period of January 1, 2014, through June 30, 2019. On September 27, 2019, Cleco Power received the final audit report, which indicated 12 findings of noncompliance with a combination of FERC accounting and reporting requirements and computation of revenue requirements along with 59 recommendations associated with the audit period. Cleco Power submitted a plan for implementing the audit recommendations on October 28, 2019. Cleco Power also submitted the refund analysis on November 7, 2019, which resulted in a refund related to the FERC audit findings, pending final assessment by the FERC Division of Audits and Accounting, which is expected in the fourth quarter of 2021. As of June 30, 2021, the refund of $4.4 million was fully refunded to Cleco Power’s wholesale transmission customers as a combination of refund payments and a reduction in Attachment O of the MISO tariff and grandfathered agreement rates over the preceding 12 months. Transmission ROE In November 2013 and February 2015, customers filed complaints with FERC seeking to reduce the ROE component of the transmission rates that MISO transmission owners, including Cleco, may collect under the MISO tariff. The complaints covered the period December 2013 through May 2016 and sought to reduce the 12.38% ROE used in MISO’s transmission rates to a proposed 6.68%. In June 2016, an administrative law judge issued an initial decision in the second rate case docket recommending a 9.70% base ROE. In September 2016, FERC issued a Final Order in response to the first complaint establishing a 10.32% ROE. However, on November 21, 2019, FERC voted to adopt a new methodology for evaluating base ROE for public utilities under the Federal Power Act. In addition, FERC set the MISO transmission owners’ region-wide base ROE at 9.88% for the refund period covered in the first complaint and going forward. The draft FERC order further found that complainants in the second complaint proceeding failed to show that the 9.88% base ROE was unjust and unreasonable and thus dismissed the second complaint. On May 21, 2020, FERC issued Opinion No. 569-A, which granted rehearing in part of Opinion No. 569, which had revised FERC’s methodology for analyzing the base ROE component of public utility rates under section 206 of the Federal Power Act. Opinion No. 569-A further refines FERC’s ROE methodology and finds that the MISO Transmission Owners’ base ROE should be set at 10.02% instead of 9.88%. Cleco Power is unable to determine when a final FERC Order will be issued. As of September 30, 2021, the overcollection due to the change in the ROE was fully refunded. In November 2014, the MISO transmission owners committee, of which Cleco is a member, filed a request with FERC for an incentive to increase the new ROE by 50 basis points for RTO participation as allowed by the MISO tariff. In January 2015, FERC granted the request. The collection of the adder was included in MISO’s transmission rates for a total ROE of 10.38% and 10.52% beginning January 1, 2020, and June 1, 2020, respectively. South Central Generating In 2017, Louisiana Generating received insurance settlement proceeds for remediation costs, as defined in the policy of insurance, incurred to install selective non-catalytic reduction equipment on Big Cajun II, Unit 3. This installation served a dual purpose of being a prudent utility practice for compliance with environmental laws and aiding in the settlement of a lawsuit, which was brought by the EPA and the Louisiana Department of Environmental Quality against Louisiana Generating, related to Big Cajun II, Units 1 and 2. Entergy Gulf States, as co-owner of Big Cajun II, Unit 3, expected to be allocated a portion of the insurance settlement proceeds. Litigation between Entergy Gulf States and Louisiana Generating ensued to determine Entergy Gulf States’ allocated amount of insurance proceeds, among other claims pursuant to the Joint Ownership Participation and Operating Agreement between Louisiana Generating and Entergy Gulf States. In August 2021, Louisiana Generating and Entergy Gulf States entered an agreement to settle all claims asserted in this litigation. Upon payment of the settlement amount in January 2022, the lawsuit will be dismissed. NRG Energy will indemnify Cleco for losses associated with this litigation matter. Prior to the Cleco Cajun Transaction, South Central Generating was involved in various litigation matters, including environmental and contract proceedings, before various courts regarding matters arising out of the ordinary course of business. As of September 30, 2021, management estimates potential losses to be $1.5 million with respect to one of these matters. Management is unable to estimate any potential losses Cleco Cajun may be ultimately responsible for with respect to any of the remaining matters. As part of the Cleco Cajun Transaction, NRG Energy indemnified Cleco for losses as of the closing date associated with matters that existed as of the closing date, including pending litigation. Other Cleco is involved in various litigation matters, including regulatory, environmental, and administrative proceedings before various courts, regulatory commissions, arbitrators, and governmental agencies regarding matters arising in the ordinary course of business. The liability Cleco may ultimately incur with respect to any one of these matters may be in excess of amounts currently accrued. Management regularly analyzes current information and, as of September 30, 2021, believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters are $4.1 million and has accrued this amount. Off-Balance Sheet Commitments and Guarantees Cleco Holdings and Cleco Power have entered into various off-balance sheet commitments, in the form of guarantees and standby letters of credit, in order to facilitate their activities and the activities of Cleco Holdings’ subsidiaries and equity investees (affiliates). Cleco Holdings and Cleco Power have also agreed to contractual terms that require the Registrants to pay third parties if certain triggering events occur. These contractual terms generally are defined as guarantees. Cleco Holdings entered into these off-balance sheet commitments in order to entice desired counterparties to contract with its affiliates by providing some measure of credit assurance to the counterparty in the event Cleco’s affiliates do not fulfill certain contractual obligations. If Cleco Holdings had not provided the off-balance sheet commitments, the desired counterparties may not have contracted with Cleco’s affiliates, or may have contracted with them at terms less favorable to its affiliates. The off-balance sheet commitments are not recognized on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets because management has determined that Cleco and Cleco Power’s affiliates are able to perform the obligations under their contracts and that it is not probable that payments by Cleco or Cleco Power will be required. Cleco Holdings provided guarantees and indemnities to Entergy Louisiana and Entergy Gulf States as a result of the sale of the Perryville generation facility in 2005. The remaining indemnifications relate to environmental matters that may have been present prior to closing. These remaining indemnifications have no time limitations. The maximum amount of the potential payment to Entergy Louisiana and Entergy Gulf States is $42.4 million. Management does not expect to be required to pay Entergy Louisiana and Entergy Gulf States under these guarantees. On behalf of Acadia, Cleco Holdings provided guarantees and indemnifications as a result of the sales of Acadia Unit 1 to Cleco Power and Acadia Unit 2 to Entergy Louisiana in 2010 and 2011, respectively. The remaining indemnifications relate to the fundamental organizational structure of Acadia. These remaining indemnifications have no time limitations or maximum potential future payments. Management does not expect to be required to pay Cleco Power or Entergy Louisiana under these guarantees. Cleco Holdings provided indemnifications to Cleco Power as a result of the transfer of Coughlin to Cleco Power in March 2014. Cleco Power also provided indemnifications to Cleco Holdings and Evangeline as a result of the transfer of Coughlin to Cleco Power. The maximum amount of the potential payment to Cleco Power, Cleco Holdings, and Evangeline for their respective indemnifications is $40.0 million, except for indemnifications relating to the fundamental organizational structure of each respective entity, of which the maximum amount is $400.0 million. Management does not expect to be required to make any payments under these indemnifications. As part of the Amended Lignite Mining Agreement, Cleco Power and SWEPCO, joint owners of the Dolet Hills Power Station, have agreed to pay the loan and lease principal obligations of the lignite miner, DHLC, when due if DHLC does not have sufficient funds or credit to pay. Any amounts paid on behalf of the miner would be credited by the lignite miner against future invoices for lignite delivered. As of September 30, 2021, Cleco Power does not expect any payments to be made under this guarantee. The projection is based on the forecasted loan and lease obligations to be incurred by DHLC, primarily for purchases of equipment. Cleco Power has the right to dispute the incurrence of loan and lease obligations through the review of the mining plan before the incurrence of such loan and lease obligations. In April 2020, Cleco Power and SWEPCO mutually agreed to not develop additional mining areas for future lignite extraction and subsequently provided notice to the LPSC of the intent to cease mining at the Dolet Hills and Oxbow mines by June 2020. The mine closures are subject to LPSC review and approval. As of December 31, 2020, all lignite reserves intended to be extracted from the Oxbow mine had been extracted. On October 6, 2020, Cleco Power and SWEPCO made a joint filing with the LPSC seeking authorization to close the Oxbow mine and to include and defer certain accelerated mine closing costs in fuel and related ratemaking treatment. On March 17, 2021, the LPSC approved the establishment of a regulatory asset for the deferral of certain accelerated mine costs in fuel and related ratemaking treatment. For more information on the Dolet Hills regulatory asset, see Note 5 — “Regulatory Assets and Liabilities — Lignite Mine Closure Cost.” Cleco Power is currently responding to data requests related to the joint filing. The Amended Lignite Mining Agreement does not affect the amount the Registrants can borrow under their credit facilities. Currently, management does not expect to be required to pay DHLC under this guarantee. Cleco has letters of credit to MISO pursuant to energy market requirements. The letters of credit automatically renew each year and have no impact on Cleco Holdings’ or Cleco Power’s revolving credit facility. In February 2021, as a result of Winter Storms Uri and Viola, Cleco Power and Cleco Holdings, on behalf of Cleco Cajun, were required to post collateral with MISO. In March 2021, Cleco Power and Cleco Cajun settled with MISO the purchased power obligations associated with Winter Storms Uri and Viola. MISO returned associated collateral postings of $24.9 million and $6.5 million to Cleco Power and Cleco Holdings, respectively. For more information on these winter storms, see Note 17 — “Storm Restoration — Winter Storms Uri and Viola.” Generally, neither Cleco Holdings nor Cleco Power has recourse that would enable them to recover amounts paid under their guarantee or indemnification obligations. There are no assets held as collateral for third parties that either Cleco Holdings or Cleco Power could obtain and liquidate to recover amounts paid pursuant to the guarantees or indemnification obligations. Other Commitments Cleco has accrued for liabilities related to third parties, employee medical benefits, and AROs. In April 2015, the EPA published a final rule in the Federal Register for regulating the disposal and management of CCRs from coal-fired power plants (CCR Rule). The rule established extensive requirements for existing and new CCR landfills and surface impoundments and all lateral expansions consisting of location restrictions, design and operating criteria, groundwater monitoring and corrective action, closure requirements and post closure care, and recordkeeping, notification, and internet posting requirements. In August 2018, the D.C. Court of Appeals vacated several requirements in the CCR regulation, which included eliminating the previous acceptability of compacted clay material as a liner for impoundments. As a result, on December 2, 2019, the EPA published a proposed rule that would set deadlines for costly modifications including retrofitting of clay-lined impoundments with compliant liners or closure of the impoundments. The rule was finalized and published in the Federal Register on August 28, 2020. In November 2020, Cleco submitted demonstrations to the EPA specifying its intended course of action for Rodemacher Unit 2, Dolet Hills Power Station, and Big Cajun II in order to comply with the final rule. During 2021, additional information was submitted to the LDEQ to revise and update Cleco Power’s compliance strategy. Cleco Power and Cleco Cajun have also engaged independent engineering specialists to conduct studies on the efforts and costs expected to be incurred in order to comply with the final CCR rule. During the third quarter of 2021, management received additional information in connection with Cleco Power’s and Cleco Cajun’s compliance strategies resulting in a revision to the estimated cash flows expected to be required to settle the respective AROs. Therefore, Cleco Power and Cleco Cajun recorded an increase of $13.1 million and $35.5 million, respectively, in their ARO balances. The following tables summarize the net changes in the ARO for Cleco and Cleco Power: (THOUSANDS) CLECO CAJUN CLECO POWER CLECO Balance, Dec. 31, 2020 $ 16,658 $ 11,364 $ 28,022 Liabilities settled (1,316) $ — (1,316) Accretion 466 $ 249 715 Revisions and adjustments 35,540 $ 13,101 48,641 Balance, Sept. 30, 2021 $ 51,348 $ 24,714 $ 76,062 As part of the Cleco Cajun Transaction, NRG agreed to indemnify Cleco for environmental costs up to $25.0 million associated with the CCR rule. At September 30, 2021, Cleco Cajun recognized indemnification assets totaling $22.1 million. The current portion of the indemnification asset of $1.1 million is reflected in Other current assets and the non-current portion of $21.0 million is reflected in Other deferred charges on Cleco’s Condensed Consolidated Balance Sheet. The indemnification asset is expected to be collected as closure costs are incurred. Risks and Uncertainties Cleco could be subject to possible adverse consequences if Cleco’s counterparties fail to perform their obligations or if Cleco or its affiliates are not in compliance with loan agreements or bond indentures. Access to capital markets is a significant source of funding for both short- and long-term capital requirements not satisfied by operating cash flows. Changes in the regulatory environment or market forces could cause Cleco to determine its assets have suffered an other-than-temporary decline in value, whereby an impairment would be required, and Cleco’s financial condition could be materially adversely affected. Cleco Power and Cleco Cajun are participants in the MISO market. Power purchases in the MISO market are made at prevailing market pric |
Affiliate Transactions
Affiliate Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Affiliate Transactions | Note 14 — Affiliate Transactions At September 30, 2021, and December 31, 2020, Cleco Holdings had an affiliate receivable of $3.0 million and $1.7 million, respectively, from Cleco Group primarily for franchise taxes. At both September 30, 2021, and December 31, 2020, Cleco Holdings had an affiliate payable of $41.3 million to Cleco Group primarily for settlement of taxes payable. Cleco Power has balances that are payable to or due from its affiliates. The following table is a summary of those balances: AT SEPT. 30, 2021 AT DEC. 31, 2020 (THOUSANDS) ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS Cleco Holdings $ 10,712 $ 57,825 $ 10,353 $ 57,713 Support Group 2,388 11,514 3,248 14,355 Cleco Cajun 882 17 1,004 — Total $ 13,982 $ 69,356 $ 14,605 $ 72,068 Of the affiliate payable balances at September 30, 2021, and December 31, 2020, Cleco Power had $57.6 million payable to Cleco Holdings for the settlement of income taxes. Oxbow bills Cleco Power its proportionate share of incurred costs related to mineral rights and land leases. These costs are included in fuel inventory and are recoverable from Cleco Power customers through the LPSC-established FAC or related wholesale contract provisions. During the three and nine months ended September 30, 2021, Cleco Power recorded $0.7 million and $2.7 million, respectively, of its proportionate share of incurred costs. During the three and nine months ended September 30, 2020, Cleco Power recorded $1.1 million and $16.6 million, respectively, of its proportionate share of incurred costs. At September 30, 2021, and December 31, 2020, Cleco Power had $0.2 million and $0.3 million, respectively, payable to Oxbow. For more information on Cleco Power’s variable interest in Oxbow, see Note 12 — “Variable Interest Entities.” |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Intangible Assets And Liabilities Disclosure [Abstract] | |
Intangible Assets and Liabilities | Note 15 — Intangible Assets and Liabilities During 2008, Cleco Katrina/Rita acquired a $177.5 million intangible asset which included $176.0 million for the right to bill and collect storm recovery charges from customers of Cleco Power and $1.5 million of financing costs. This intangible asset was fully amortized in March 2020 and had no residual value at the end of its life. As a result of the 2016 Merger, fair value adjustments were recorded on Cleco’s Condensed Consolidated Balance Sheet for the valuation of finite intangible assets relating to the Cleco Power trade name and long-term wholesale power supply agreements. At the end of their lives, these power supply agreement intangible assets will have no residual value. The intangible assets related to the power supply agreements are amortized over the estimated life of each applicable contract ranging between 7 and 19 years, and the amortization is included in Electric operations on Cleco’s Condensed Consolidated Statements of Income. During the third quarter of 2021, Cleco determined that the fair value of the Cleco Power trade name was less than its carrying value and an impairment of $3.8 million was recognized reducing the carrying value to zero. The impairment resulted in an increase in amortization expense and was reflected in Depreciation and amortization on Cleco’s Condensed Consolidated Statements of Income at September 30, 2021. For more information on the the trade name intangible asset impairment, see Note 6 — “Fair Value Accounting and Financial Instruments.” As a result of the Cleco Cajun Transaction, fair value adjustments were recorded on Cleco’s Condensed Consolidated Balance Sheet for the difference between the contract and market price of acquired long-term wholesale power agreements. At the end of their lives, these intangible assets and liabilities will have no residual value. These intangibles are amortized over the estimated life of each applicable contract ranging between 6 and 8 years. The amortization is included in Electric operations on Cleco’s Condensed Consolidated Statements of Income. As part of the Cleco Cajun Transaction, Cleco assumed an LTSA for maintenance services related to the Cottonwood Plant. This intangible liability is being amortized using the straight-line method over the estimated life of the LTSA of seven years. The amortization is included as a reduction to the LTSA prepayments on Cleco’s Condensed Consolidated Balance Sheet. The following tables present Cleco and Cleco Power’s amortization of intangible assets and liabilities: Cleco FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Intangible assets Cleco Katrina/Rita right to bill and collect storm recovery charges $ — $ — $ — $ 517 Trade name $ 3,770 $ 64 $ 3,897 $ 191 Power supply agreements $ 6,400 $ 6,400 $ 19,200 $ 19,200 Intangible liabilities LTSA $ 871 $ 871 $ 2,613 $ 2,613 Power supply agreements $ 389 $ 882 $ 1,989 $ 2,646 Cleco Power FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS (THOUSANDS) 2021 2020 2021 2020 Cleco Katrina/Rita right to bill and collect storm recovery charges $ — $ — $ — $ 517 The following tables summarize the balances for intangible assets and liabilities subject to amortization for Cleco: Cleco (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Intangible assets Trade name $ — $ 5,100 Power supply agreements 184,004 184,004 Total intangible assets carrying amount 184,004 189,104 Intangible liabilities LTSA 24,100 24,100 Power supply agreements 14,200 14,200 Total intangible liability carrying amount 38,300 38,300 Net intangible assets carrying amount 145,704 150,804 Accumulated amortization (77,326) (63,932) Net intangible assets subject to amortization $ 68,378 $ 86,872 Goodwill On April 13, 2016, in connection with the completion of the 2016 Merger, Cleco recognized goodwill of $1.49 billion. Management assigned the recognized goodwill to the Cleco Power reporting unit. Goodwill is required to be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. Application of the goodwill impairment test requires significant judgments, including the identification of reporting units, assignments of assets and liabilities to reporting units, assignment of goodwill to reporting units, and the determination of the fair value of the reporting units. Cleco conducted its 2021 annual impairment test using an August 1, 2021, measurement date. The fair value of the Cleco Power reporting unit was estimated using a weighted combination of the income approach, which estimates fair value based on discounted cash flows, and the market |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 16 — Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are summarized in the following tables for Cleco and Cleco Power. All amounts are reported net of income taxes. Amounts in parentheses indicate debits. Cleco FOR THE THREE FOR THE NINE (THOUSANDS) POSTRETIREMENT BENEFIT NET LOSS Balances, beginning of period $ (25,588) $ (25,796) Amounts reclassified from AOCI Amortization of postretirement benefit net loss 96 304 Balances, Sept. 30, 2021 $ (25,492) $ (25,492) FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED (THOUSANDS) POSTRETIREMENT BENEFIT NET LOSS Balances, beginning of period $ (16,657) $ (17,513) Amounts reclassified from AOCI Amortization of postretirement benefit net loss 448 1,304 Balances, Sept. 30, 2020 $ (16,209) $ (16,209) Cleco Power FOR THE THREE MONTHS ENDED SEPT. 30, 2021 FOR THE NINE MONTHS ENDED SEPT. 30, 2021 (THOUSANDS) POSTRETIREMENT NET LOSS TOTAL AOCI POSTRETIREMENT NET LOSS TOTAL AOCI Balances, beginning of period $ (18,394) $ (5,486) $ (23,880) $ (19,139) $ (5,614) $ (24,753) Amounts reclassified from AOCI Amortization of postretirement benefit net loss 350 — 350 1,095 — 1,095 Reclassification of net loss to interest charges — 63 63 — 191 191 Balances, Sept. 30, 2021 $ (18,044) $ (5,423) $ (23,467) $ (18,044) $ (5,423) $ (23,467) FOR THE THREE MONTHS ENDED SEPT. 30, 2020 FOR THE NINE MONTHS ENDED SEPT. 30, 2020 (THOUSANDS) POSTRETIREMENT NET LOSS TOTAL AOCI POSTRETIREMENT NET LOSS TOTAL AOCI Balances, beginning of period $ (15,872) $ (5,740) $ (21,612) $ (16,717) $ (5,868) $ (22,585) Amounts reclassified from AOCI Amortization of postretirement benefit net loss 373 — 373 1,218 — 1,218 Reclassification of net loss to interest charges — 63 63 — 191 191 Balances, Sept. 30, 2020 $ (15,499) $ (5,677) $ (21,176) $ (15,499) $ (5,677) $ (21,176) |
Storm Restoration
Storm Restoration | 9 Months Ended |
Sep. 30, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Storm Restorations | Note 17 — Storm Restoration Hurricanes Laura, Delta, and Zeta In August and October 2020, Cleco Power’s distribution and transmission systems sustained substantial damage from three separate hurricanes. Cleco Power’s total storm restoration costs related to the hurricanes is approximately $242.6 million. The damage to equipment from the hurricanes required replacement, as well as repair of existing assets. Therefore, the balance sheets of Cleco and Cleco Power reflect the capitalization of approximately 63%, or approximately $152.2 million, of the total restoration costs recorded at September 30, 2021. At September 30, 2021, Cleco Power had regulatory assets for non-capital expenses related to Hurricanes Laura, Delta, and Zeta, as allowed by the LPSC, totaling $78.2 million. On December 4, 2020, Cleco Power filed an application with the LPSC requesting an interim rate recovery for return on certain storm restoration costs associated with the hurricanes until securitization of such costs can be completed. On May 19, 2021, the LPSC issued an order authorizing Cleco Power to recover $16.0 million annually for interim storm recovery costs. This order is effective until such time that the LPSC issues its order authorizing the recovery of the verified final storm costs and securitization of those costs, which is expected in the first quarter of 2022. Cleco Power began collecting this amount through rates on June 1, 2021. Winter Storms Uri and Viola In February 2021, Winter Storms Uri and Viola reached Louisiana causing Cleco’s service territories to experience extreme and unprecedented winter weather that resulted in damage to Cleco Power’s distribution assets, electricity generation supply shortages, natural gas supply shortages, and increases in wholesale prices of natural gas in the U.S., primarily due to prolonged freezing temperatures. Cleco Power’s total storm restoration costs related to Winter Storms Uri and Viola is approximately $10.5 million. The damage to equipment from the storms required replacement, as well as repair of the existing assets. Therefore, the balance sheets of Cleco and Cleco Power reflect the capitalization of approximately 80%, or approximately $8.4 million, of the estimated total restoration costs recorded at September 30, 2021. At September 30, 2021, Cleco Power had a regulatory asset for the remaining operations and maintenance costs of $2.0 million, as allowed by the LPSC. Cleco Power has requested recovery of these costs through the storm securitization filing that was made with the LPSC on August 5, 2021. Cleco Power’s incremental fuel and purchased power costs incurred as a result of Winter Storms Uri and Viola is approximately $55.0 million. On March 29, 2021, Cleco Power received approval from the LPSC to recover $50.0 million of these costs over a period of 12 months beginning with the May 2021 bills. On May 11, 2021, Cleco Power received notice of an audit from the LPSC for the fuel costs incurred during the time period required to restore services to Cleco Power’s customers during Winter Storms Uri and Viola. Cleco Power has responded to its first set of data requests. Management is unable to determine the outcome or timing of the audit. In February 2021, as a result of Winter Storms Uri and Viola, Cleco Power and Cleco Holdings, on behalf of Cleco Cajun, were required to post collateral with MISO. In March 2021, Cleco Power and Cleco Cajun settled with MISO the purchased power obligations associated with Winter Storms Uri and Viola. MISO returned associated collateral postings of $24.9 million and $6.5 million to Cleco Power and Cleco Holdings, respectively. Hurricane Ida On August 29, 2021, Hurricane Ida made landfall in southeast Louisiana as a Category 4 storm, causing power outages for approximately 100,000 of Cleco Power’s electric customers located primarily in southeastern Louisiana. By September 11, 2021, power was restored to 100% of customers who could receive power. Cleco Power’s current estimate of total storm restoration costs related to Hurricane Ida is between $85.0 million and $95.0 million. The damage to equipment from the hurricane required replacement, as well as repair of existing assets. Therefore, the balance sheets of Cleco and Cleco Power reflect the capitalization of approximately 56%, or approximately $49.1 million, of the total restoration costs recorded at September 30, 2021. At September 30, 2021, Cleco Power had a regulatory asset for non-capital expenses related to Hurricane Ida, as allowed by the LPSC, totaling $36.8 million. On September 28, 2021, Cleco Power made a supplemental filing to its application for storm restoration costs securitization to recover costs related to Hurricane Ida. Storm Securitization On August 5, 2021, Cleco Power filed testimony with the LPSC relating to securitization of the final storm costs for Hurricanes Laura, Delta, and Zeta, and Winter Storms Uri and Viola, totaling $342.0 million, including the establishment of a newly funded $100.0 million storm reserve to cover future storm costs. On September 28, 2021, Cleco Power filed supplemental testimony with the LPSC relating to storm securitization requesting an additional $100.0 million for a separate storm reserve to cover costs associated with Hurricane Ida. Cleco Power continues to respond to several sets of data requests received from the LPSC related to the securitization filing. Cleco Power, in line with other impacted utilities, will seek available funds from the U.S. government for relief of costs incurred from Hurricanes Laura, Delta, and Zeta. Cleco Power cannot predict the likelihood that any funding from the U.S. government ultimately will be approved. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Covid-19 Impacts | In March 2020, WHO declared the outbreak of COVID-19 to be a global pandemic, and the U.S. declared a national emergency. In response to these declarations and the rapid spread of COVID-19, federal, state and local governments imposed varying degrees of restrictions on business and social activities to contain COVID-19, including quarantine and “stay-at-home” orders and directives in Cleco’s service territory. State and local authorities also subsequently implemented multistep policies to reopen various sectors of the economy such as retail establishments, health and personal care businesses, and restaurants, among others. During March and April 2021, due to the reduction in new COVID-19 cases and hospitalizations and the availability of COVID-19 vaccines, the governor of the state of Louisiana reduced restrictions that were previously in effect, eased capacity limits on businesses and social gatherings, and revoked the mandatory, state-wide mask mandate. However, effective August 4, 2021, the state-wide mask mandate was reinstated due to a surge in COVID-19 cases. Due to the decrease in the number of COVID-19 cases, effective October 27, 2021, the mandatory, state-wide mask mandate was once again revoked. Cleco has modified some of its business operations, as these restrictions have significantly impacted many sectors of the economy. Impacts include record levels of unemployment, with businesses, nonprofit organizations, and governmental entities modifying, curtailing, or ceasing normal operations. Cleco is monitoring the ongoing COVID-19 pandemic and continues to adjust certain business practices to conform to government restrictions and best practices encouraged by the CDC, WHO, OSHA, and other governmental and regulatory authorities. The COVID-19 pandemic may worsen in the U.S. during the upcoming months, which may cause federal, state, and local governments to reconsider restrictions on business and social activities. In the event governments reinstate or increase restrictions, the reopening of the economy may be further curtailed. On September 9, 2021, the Presidential Administration announced mandatory COVID-19 vaccination plans impacting federal contractors and employees of companies having 100 or more employees. On November 4, 2021, OSHA announced a new emergency temporary standard requiring employers with 100 or more employees to develop, implement, and enforce a mandatory COVID-19 vaccination policy, unless they adopt a policy requiring employees to choose to either be vaccinated or undergo regular COVID-19 testing and wear a face covering at work. Cleco is closely monitoring updates concerning these vaccination mandates and any potential impacts they may have on its businesses and workforce. The impact of these vaccination standards could have an adverse impact on Cleco’s workforce, labor relations, and operations. In March 2020, the LPSC issued an executive order prohibiting the disconnection of utilities for nonpayment. At September 30, 2021, Cleco Power had a regulatory asset of $3.0 million recorded for expenses incurred related to the executive order, as allowed by the LPSC. While Cleco continues to assess the COVID-19 situation, Cleco cannot predict the full impact that COVID-19, or the significant disruption and volatility currently being experienced in the markets, will have on its business, cash flows, liquidity, financial condition, and results of operations at this time, due to numerous uncertainties. However, the ultimate impacts will depend on future developments, including, among others, the ultimate geographic spread of COVID-19, the consequences of governmental and other measures designed to prevent the spread of COVID-19, the availability, timely distribution and acceptance of effective treatments and vaccines, the duration of the pandemic, actions taken by governmental authorities, customers, suppliers and other third parties, workforce availability, and the timing and extent to which normal economic and operating conditions resume. |
Principles of Consolidation | The accompanying condensed consolidated financial statements of Cleco include the accounts of Cleco and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. |
Basis of Presentation | The condensed consolidated financial statements of Cleco and Cleco Power have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. The year-end condensed consolidated balance sheet data was derived from audited financial statements. 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, 2020. 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 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. |
Restricted Cash and Cash Equivalents | Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general corporate purposes.Prior to the repayment of the storm recovery bonds at their scheduled maturity in March 2020, Cleco Katrina/Rita had the right to bill and collect storm restoration costs from Cleco Power’s customers. As cash was collected, it was restricted for payment of administrative fees, interest, and principal on the storm recovery bonds. |
Reserves for Credit Losses | Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivable are generally considered to become 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, none of these past events have significantly impacted Cleco’s credit loss rates. Although Cleco’s service territory experienced a recent economic decline during 2020 and 2021, primarily related to the COVID-19 pandemic and weather-related events, the economic outlook at September 30, 2021, was still within range of its historical credit loss analysis. |
Recent Authoritative Guidance | In March 2020, FASB issued optional guidance, for a limited period of time, that applies to entities meeting certain criteria for the contract modifications or hedging relationships that are referencing LIBOR or another reference rate expected to be discontinued due to reference rate reform. The guidance includes a general principal that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The optional guidance may be applied from March 12, 2020, through December 31, 2022. Management has identified contracts with reference rates that will be discontinued, primarily related to long-term debt obligations. Certain debt contracts have been amended to include fallback provisions that provide substitute reference rates upon the discontinuance of LIBOR, among other amendments. Management will continue to modify contracts to include similar fallback language and expects to apply this guidance on an ongoing basis. Management does not expect this guidance to have a significant impact on the Registrants’ results of operations, financial condition, or cash flows. In December 2019, FASB amended the guidance for accounting for income taxes. The amendments simplify the accounting for income taxes by removing certain exceptions to general principles included in the accounting guidance. Effective January 1, 2021, Cleco adopted the amended accounting guidance. Adoption of this guidance did not materially impact the Registrants’ results of operations, financial condition, or cash flows. |
Regulatory Assets and Liabilities | Cleco Power capitalizes or defers certain costs for recovery from customers and recognizes a liability for amounts expected to be returned to customers 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; however, if in the future, as a result of regulatory changes or |
Pension Plan and Employee Benefits | Employees hired before August 1, 2007, are covered by a non-contributory, defined benefit pension plan. Based on the funding assumptions at December 31, 2020, and the funding relief provided by the American Rescue Plan Act, which was signed by the President on March 11, 2021, management estimates that no pension contributions will be required through 2025. Cleco has not made, and does not expect to make, any contributions to the pension plan in 2021. Cleco Power is the plan sponsor and Support Group is the plan administrator. Benefits under the plan reflect an employee’s years of service, age at retirement, and accrued benefit at retirement. 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. Certain Cleco officers are covered by SERP. Cleco does not fund the SERP liability, but instead pays for current benefits out of general funds available. Cleco Power has formed a rabbi trust. The life insurance policies issued on SERP participants designate the rabbi trust as the beneficiary. Market conditions could have a significant impact on the cash surrender value of the life insurance policies. Proceeds from the life insurance policies are expected to be used to pay the SERP participants’ death benefits, as well as future SERP payments. However, 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. All SERP benefits are paid out of general cash available of the respective companies that employed the officer. 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 and Cleco Power’s Condensed Consolidated |
Income Taxes | Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense.Cleco classifies income tax penalties as a component of other expense. |
Variable Interest Entities | Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. |
Equity Method Investments | Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Restricted Cash and Cash Equivalents | Cleco and Cleco Power’s restricted cash and cash equivalents consisted of the following: Cleco (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Current Cleco Katrina/Rita storm recovery surcharge $ 1,674 $ 2,626 Cleco Power’s charitable contributions 678 1,718 Cleco Power’s rate credit escrow — 201 Total current 2,352 4,545 Non-current Diversified Lands’ mitigation escrow 22 22 Cleco Cajun’s defense fund 723 722 Total non-current 745 744 Total restricted cash and cash equivalents $ 3,097 $ 5,289 |
Changes in Allowance for Credit Losses, Other | The tables below present the changes in the allowance for credit losses by receivable for Cleco and Cleco Power: Cleco FOR THE THREE MONTHS ENDED SEPT. 30, 2021 FOR THE NINE MONTHS ENDED SEPT. 30, 2021 (THOUSANDS) ACCOUNTS OTHER* TOTAL ACCOUNTS OTHER* TOTAL Balances, beginning of period $ 1,334 $ 1,638 $ 2,972 $ 2,758 $ 1,638 $ 4,396 Current period provision 567 — 567 3,057 — 3,057 Charge-offs (730) — (730) (5,172) — (5,172) Recovery 586 — 586 1,114 — 1,114 Balances, Sept. 30, 2021 $ 1,757 $ 1,638 $ 3,395 $ 1,757 $ 1,638 $ 3,395 * Loan held at Diversified Lands that was fully reserved for at September 30, 2021. FOR THE THREE MONTHS ENDED SEPT. 30, 2020 FOR THE NINE MONTHS ENDED SEPT. 30, 2020 (THOUSANDS) ACCOUNTS OTHER* TOTAL ACCOUNTS OTHER* TOTAL Balances, beginning of period $ 3,486 $ 1,638 $ 5,124 $ 3,005 $ 1,250 $ 4,255 CECL adoption — — — 71 — 71 Current period provision 2,041 — 2,041 5,675 388 6,063 Charge-offs — — — (4,091) — (4,091) Recovery 54 — 54 921 — 921 Balances, Sept. 30, 2020 $ 5,581 $ 1,638 $ 7,219 $ 5,581 $ 1,638 $ 7,219 * Loan held at Diversified Lands that was fully reserved for at September 30, 2020. |
Changes in Allowance for Credit Losses, Accounts Receivable | The tables below present the changes in the allowance for credit losses by receivable for Cleco and Cleco Power: Cleco FOR THE THREE MONTHS ENDED SEPT. 30, 2021 FOR THE NINE MONTHS ENDED SEPT. 30, 2021 (THOUSANDS) ACCOUNTS OTHER* TOTAL ACCOUNTS OTHER* TOTAL Balances, beginning of period $ 1,334 $ 1,638 $ 2,972 $ 2,758 $ 1,638 $ 4,396 Current period provision 567 — 567 3,057 — 3,057 Charge-offs (730) — (730) (5,172) — (5,172) Recovery 586 — 586 1,114 — 1,114 Balances, Sept. 30, 2021 $ 1,757 $ 1,638 $ 3,395 $ 1,757 $ 1,638 $ 3,395 * Loan held at Diversified Lands that was fully reserved for at September 30, 2021. FOR THE THREE MONTHS ENDED SEPT. 30, 2020 FOR THE NINE MONTHS ENDED SEPT. 30, 2020 (THOUSANDS) ACCOUNTS OTHER* TOTAL ACCOUNTS OTHER* TOTAL Balances, beginning of period $ 3,486 $ 1,638 $ 5,124 $ 3,005 $ 1,250 $ 4,255 CECL adoption — — — 71 — 71 Current period provision 2,041 — 2,041 5,675 388 6,063 Charge-offs — — — (4,091) — (4,091) Recovery 54 — 54 921 — 921 Balances, Sept. 30, 2020 $ 5,581 $ 1,638 $ 7,219 $ 5,581 $ 1,638 $ 7,219 * Loan held at Diversified Lands that was fully reserved for at September 30, 2020. |
CLECO POWER | |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Restricted Cash and Cash Equivalents | Cleco Power (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Current Cleco Katrina/Rita storm recovery surcharge $ 1,674 $ 2,626 Charitable contributions 678 1,718 Rate credit escrow — 201 Total restricted cash and cash equivalents $ 2,352 $ 4,545 |
Changes in Allowance for Credit Losses, Accounts Receivable | Cleco Power FOR THE THREE MONTHS ENDED SEPT. 30, 2021 FOR THE NINE MONTHS ENDED SEPT. 30, 2021 (THOUSANDS) ACCOUNTS RECEIVABLE Balances, beginning of period $ 1,334 $ 2,758 Current period provision 567 3,057 Charge-offs (730) (5,172) Recovery 586 1,114 Balances, Sept. 30, 2021 $ 1,757 $ 1,757 FOR THE THREE MONTHS ENDED SEPT. 30, 2020 FOR THE NINE MONTHS ENDED SEPT. 30, 2020 (THOUSANDS) ACCOUNTS RECEIVABLE Balances, beginning of period $ 3,486 $ 3,005 CECL adoption — 71 Current period provision 2,041 5,675 Charge-offs — (4,091) Recovery 54 921 Balances, Sept. 30, 2020 $ 5,581 $ 5,581 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Lease Income Under Cottonwood Sale Leaseback | Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the three and nine months ended September 30, 2021, and 2020, was as follows: FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Fixed payments $ 10,000 $ 10,000 $ 30,000 $ 30,000 Variable payments 4,938 5,190 15,413 15,950 Amortization of deferred lease liability * 2,301 2,301 6,904 6,904 Total lease income $ 17,239 $ 17,491 $ 52,317 $ 52,854 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Operating revenue, net for the three and nine months ended September 30, 2021, and 2020, was as follows: FOR THE THREE MONTHS ENDED SEPT. 30, 2021 (THOUSANDS) CLECO POWER CLECO CAJUN OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 148,522 $ — $ — $ — $ 148,522 Commercial (1) 82,711 — — — 82,711 Industrial (1) 45,446 — — — 45,446 Other retail (1) 4,479 — — — 4,479 Electric customer credits (764) — — — (764) Total retail revenue 280,394 — — — 280,394 Wholesale, net 74,831 (1) 107,501 (2,420) (2) — 179,912 Transmission, net 17,235 (3) 17,903 — (2,217) 32,921 Other 5,618 — — — 5,618 Affiliate (4) 1,380 — 32,116 (33,496) — Total revenue from contracts with customers 379,458 125,404 29,696 (35,713) 498,845 Revenue unrelated to contracts with customers Other 1,094 (5) 17,254 (6) 1 — 18,349 Total revenue unrelated to contracts with customers 1,094 17,254 1 — 18,349 Operating revenue, net $ 380,552 $ 142,658 $ 29,697 $ (35,713) $ 517,194 (1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes $0.1 million of electric customer credits. (4) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (5) Realized gains associated with FTRs. (6) Includes $14.9 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization. FOR THE THREE MONTHS ENDED SEPT. 30, 2020 (THOUSANDS) CLECO POWER CLECO CAJUN OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 128,981 $ — $ — $ — $ 128,981 Commercial (1) 68,220 — — — 68,220 Industrial (1) 32,809 — — — 32,809 Other retail (1) 3,614 — — — 3,614 Electric customer credits (16,534) — — — (16,534) Total retail revenue 217,090 — — — 217,090 Wholesale, net 52,216 (1) 99,956 (2,420) (2) — 149,752 Transmission, net 14,656 13,818 — (1,510) 26,964 Other 3,118 — — — 3,118 Affiliate (3) 1,506 — 35,522 (37,028) — Total revenue from contracts with customers 288,586 113,774 33,102 (38,538) 396,924 Revenue unrelated to contracts with customers Other 3,013 (4) 17,513 (5) 1 — 20,527 Total revenue unrelated to contracts with customers 3,013 17,513 1 — 20,527 Operating revenue, net $ 291,599 $ 131,287 $ 33,103 $ (38,538) $ 417,451 (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. (5) Includes $15.2 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization. FOR THE NINE MONTHS ENDED SEPT. 30, 2021 (THOUSANDS) CLECO POWER CLECO CAJUN OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 348,918 $ — $ — $ — $ 348,918 Commercial (1) 214,129 — — — 214,129 Industrial (1) 119,497 — — — 119,497 Other retail (1) 11,925 — — — 11,925 Electric customer credits (40,794) — — — (40,794) Total retail revenue 653,675 — — — 653,675 Wholesale, net 182,769 (1) 300,415 (7,260) (2) — 475,924 Transmission, net 44,530 (3) 46,733 (4) — (5,752) 85,511 Other 13,509 — — (1) 13,508 Affiliate (5) 4,259 — 85,392 (89,651) — Total revenue from contracts with customers 898,742 347,148 78,132 (95,404) 1,228,618 Revenue unrelated to contracts with customers Other 9,953 (6) 52,362 (7) 4 — 62,319 Total revenue unrelated to contracts with customers 9,953 52,362 4 — 62,319 Operating revenue, net $ 908,695 $ 399,510 $ 78,136 $ (95,404) $ 1,290,937 (1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes $0.4 million of electric customer credits. (4) Includes $0.2 million of electric customer credits. (5) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (6) Realized gains associated with FTRs. (7) Includes $45.4 million in lease revenue related to the Cottonwood Sale Leaseback and $6.9 million of deferred lease revenue amortization. FOR THE NINE MONTHS ENDED SEPT. 30, 2020 (THOUSANDS) CLECO POWER CLECO CAJUN OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 308,525 $ — $ — $ — $ 308,525 Commercial (1) 190,905 — — — 190,905 Industrial (1) 94,227 — — — 94,227 Other retail (1) 10,416 — — — 10,416 Surcharge 2,440 — — — 2,440 Electric customer credits (33,219) — — — (33,219) Total retail revenue 573,294 — — — 573,294 Wholesale, net 140,139 (1) 273,836 (7,260) (2) — 406,715 Transmission, net 38,273 (3) 39,880 (4) — (4,966) 73,187 Other 10,416 — — 1 10,417 Affiliate (5) 3,852 204 93,938 (97,994) — Total revenue from contracts with customers 765,974 313,920 86,678 (102,959) 1,063,613 Revenue unrelated to contracts with customers Other 6,272 (6) 52,895 (7) 2 — 59,169 Total revenue unrelated to contracts with customers 6,272 52,895 2 — 59,169 Operating revenue, net $ 772,246 $ 366,815 $ 86,680 $ (102,959) $ 1,122,782 (1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes $0.8 million of electric customer credits. (4) Includes $0.2 million of electric customer credits. (5) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (6) Realized gains associated with FTRs. (7) Includes $46.0 million in lease revenue related to the Cottonwood Sale Leaseback and $6.9 million of deferred lease revenue amortization. |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Regulatory Assets [Line Items] | |
Schedule of Regulatory Assets | The following table summarizes Cleco’s net regulatory assets and liabilities: Cleco (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Total Cleco Power regulatory assets, net $ 576,062 $ 275,469 2016 Merger adjustments * Fair value of long-term debt 114,001 119,553 Postretirement costs 13,921 15,411 Financing costs 7,334 7,592 Debt issuance costs 5,004 5,254 Total Cleco regulatory assets, net $ 716,322 $ 423,279 * Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger. |
CLECO POWER | |
Regulatory Assets [Line Items] | |
Schedule of Regulatory Assets | The following table summarizes Cleco Power’s regulatory assets and liabilities: Cleco Power REMAINING RECOVERY PERIOD (YRS.) (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Regulatory assets Acadia Unit 1 acquisition costs $ 1,939 $ 2,019 18.5 Accumulated deferred fuel (1) 78,847 28,194 Various (2) AFUDC equity gross-up 67,348 69,670 Various (3) Affordability study 13,438 — 10 AMI deferred revenue requirement 2,181 2,591 4 AROs (1)(7) 8,060 5,488 Bayou Vista to Segura deferred revenue requirement (7) 287 — Coughlin transaction costs 853 876 28 COVID-19 executive order (7) 2,953 2,953 Deferred storm restoration costs - Hurricane Delta (7) 17,866 17,051 Deferred storm restoration costs - Hurricane Ida (7) 36,836 — Deferred storm restoration costs - Hurricane Laura (7) 56,815 54,406 Deferred storm restoration costs - Hurricane Zeta (7) 3,496 3,493 Deferred storm restoration costs - Winter Storms Uri & Viola (7) 1,974 — Dolet Hills Power Station closure costs (7) 112,158 48,982 Emergency declarations — 270 — Energy efficiency 1,998 2,820 1.5 Financing costs (1) 6,919 7,184 Various (4) Interest costs 3,521 3,708 Various (3) Lignite Mine closure costs (7) 93,093 — Madison Unit 3 property taxes (7) 6,272 — Non-service cost of postretirement benefits 11,662 9,901 Various (3) Other 13,247 4,229 Various (2) Postretirement costs 149,883 165,437 Various (5) Production operations and maintenance expenses 1,998 4,058 Various (6) Rodemacher Unit 2 deferred costs (7) 5,519 1,333 St. Mary Clean Energy Center 6,524 3,479 4 Training costs 5,968 6,085 38.5 Tree trimming costs 9,771 11,807 3.5 Total regulatory assets 721,426 456,034 Regulatory liabilities AFUDC (7) (6,500) (4,218) Corporate franchise tax, net — (763) — Deferred taxes, net (138,864) (175,584) Various Total regulatory liabilities (145,364) (180,565) Total regulatory assets, net $ 576,062 $ 275,469 (1) Represents regulatory assets for past expenditures that were not earning a return on investment at September 30, 2021, and December 31, 2020, respectively. All other assets are earning a return on investment. (2) For more information related to the remaining recovery period, refer to the following disclosures for each specific regulatory asset or liability. (3) Amortized over the estimated lives of the respective assets. (4) Amortized over the terms of the related debt issuances. (5) Amortized over the average service life of the remaining plan participants. (6) Deferral is recovered over the following three year regulatory period. (7) Currently not in a recovery period. |
Schedule of Regulatory Liabilities | The following table summarizes Cleco Power’s regulatory assets and liabilities: Cleco Power REMAINING RECOVERY PERIOD (YRS.) (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Regulatory assets Acadia Unit 1 acquisition costs $ 1,939 $ 2,019 18.5 Accumulated deferred fuel (1) 78,847 28,194 Various (2) AFUDC equity gross-up 67,348 69,670 Various (3) Affordability study 13,438 — 10 AMI deferred revenue requirement 2,181 2,591 4 AROs (1)(7) 8,060 5,488 Bayou Vista to Segura deferred revenue requirement (7) 287 — Coughlin transaction costs 853 876 28 COVID-19 executive order (7) 2,953 2,953 Deferred storm restoration costs - Hurricane Delta (7) 17,866 17,051 Deferred storm restoration costs - Hurricane Ida (7) 36,836 — Deferred storm restoration costs - Hurricane Laura (7) 56,815 54,406 Deferred storm restoration costs - Hurricane Zeta (7) 3,496 3,493 Deferred storm restoration costs - Winter Storms Uri & Viola (7) 1,974 — Dolet Hills Power Station closure costs (7) 112,158 48,982 Emergency declarations — 270 — Energy efficiency 1,998 2,820 1.5 Financing costs (1) 6,919 7,184 Various (4) Interest costs 3,521 3,708 Various (3) Lignite Mine closure costs (7) 93,093 — Madison Unit 3 property taxes (7) 6,272 — Non-service cost of postretirement benefits 11,662 9,901 Various (3) Other 13,247 4,229 Various (2) Postretirement costs 149,883 165,437 Various (5) Production operations and maintenance expenses 1,998 4,058 Various (6) Rodemacher Unit 2 deferred costs (7) 5,519 1,333 St. Mary Clean Energy Center 6,524 3,479 4 Training costs 5,968 6,085 38.5 Tree trimming costs 9,771 11,807 3.5 Total regulatory assets 721,426 456,034 Regulatory liabilities AFUDC (7) (6,500) (4,218) Corporate franchise tax, net — (763) — Deferred taxes, net (138,864) (175,584) Various Total regulatory liabilities (145,364) (180,565) Total regulatory assets, net $ 576,062 $ 275,469 (1) Represents regulatory assets for past expenditures that were not earning a return on investment at September 30, 2021, and December 31, 2020, respectively. All other assets are earning a return on investment. (2) For more information related to the remaining recovery period, refer to the following disclosures for each specific regulatory asset or liability. (3) Amortized over the estimated lives of the respective assets. (4) Amortized over the terms of the related debt issuances. (5) Amortized over the average service life of the remaining plan participants. (6) Deferral is recovered over the following three year regulatory period. (7) Currently not in a recovery period. |
Fair Value Accounting and Fin_2
Fair Value Accounting and Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Carrying Value and Estimated Fair Value | The following tables summarize the carrying value and estimated market value of Cleco and Cleco Power’s financial instruments not measured at fair value on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets: Cleco AT SEPT. 30, 2021 AT DEC. 31, 2020 (THOUSANDS) CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt $ 3,550,179 $ 3,836,960 $ 3,230,500 $ 3,541,349 * The carrying value of long-term debt does not include deferred issuance costs of $14.1 million at |
Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | The following tables disclose for Cleco and Cleco Power the fair value of financial assets and liabilities measured on a recurring basis. These amounts are presented on a gross basis before consideration of amounts netted under master netting agreements and the application of collateral received or paid: Cleco FAIR VALUE MEASUREMENTS AT REPORTING DATE (THOUSANDS) AT SEPT. 30, 2021 QUOTED PRICES SIGNIFICANT SIGNIFICANT AT DEC. 31, 2020 QUOTED PRICES SIGNIFICANT SIGNIFICANT Asset description Institutional money market funds $ 252,807 $ — $ 252,807 $ — $ 86,001 $ — $ 86,001 $ — FTRs 9,338 — — 9,338 4,805 — — 4,805 Natural gas derivatives* 132,892 — 132,892 — 8,599 — 8,599 — Total assets $ 395,037 $ — $ 385,699 $ 9,338 $ 99,405 $ — $ 94,600 $ 4,805 Liability description FTRs $ 1,589 $ — $ — $ 1,589 $ 1,625 $ — $ — $ 1,625 Natural gas derivatives* — — — — 1,612 — 1,612 — Total liabilities $ 1,589 $ — $ — $ 1,589 $ 3,237 $ — $ 1,612 $ 1,625 * Natural gas derivatives include fixed price physical forwards and swap transactions. |
Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 | The following tables summarize 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: Cleco FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Beginning balance $ 7,501 $ 8,040 $ 3,180 $ 5,778 Unrealized gains (losses)* 3,955 4 18,861 (736) Purchases 619 443 11,426 10,175 Settlements (4,326) (3,160) (25,718) (9,890) Ending balance $ 7,749 $ 5,327 $ 7,749 $ 5,327 * Cleco Power’s unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco’s Condensed Consolidated Balance Sheet. Cleco Cajun’s unrealized gains (losses) are reported through Purchased power on Cleco’s Condensed Consolidated Income Statement. |
Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions | The following tables quantify the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of September 30, 2021, and December 31, 2020: Cleco FAIR VALUE VALUATION TECHNIQUE SIGNIFICANT UNOBSERVABLE INPUTS FORWARD PRICE RANGE (THOUSANDS, EXCEPT FORWARD PRICE RANGE) ASSETS LIABILITIES LOW HIGH FTRs at Sept. 30, 2021 $ 9,338 $ 1,589 RTO auction pricing FTR price - per MWh $ (8.18) $ 9.16 FTRs at Dec. 31, 2020 $ 4,805 $ 1,625 RTO auction pricing FTR price - per MWh $ (3.49) $ 4.36 |
Institutional Money Market Funds | The following tables present the institutional money market funds in cash and cash equivalents and restricted cash and cash equivalents as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2021, and December 31, 2020: Cleco (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Cash and cash equivalents $ 249,711 $ 80,712 Current restricted cash and cash equivalents $ 2,352 $ 4,545 Non-current restricted cash and cash equivalents $ 744 $ 744 |
Offsetting Assets | The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2021, and December 31, 2020: Cleco DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS AT SEPT. 30, 2021 AT DEC. 31, 2020 GROSS AMOUNTS OFFSET ON THE BALANCE SHEET GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET (1) (THOUSANDS) BALANCE SHEET LINE ITEM GROSS ASSET (LIABILITY) CONTRACT NETTING COLLATERAL NET ASSET (LIABILITY) ON THE BALANCE SHEET COLLATERAL NET AMOUNT NET ASSET (LIABILITY) ON THE BALANCE SHEET (2) Commodity-related contracts FTRs Current Energy risk management assets $ 9,338 $ — $ — $ 9,338 $ — $ 9,338 $ 4,805 Current Energy risk management liabilities (1,589) — — (1,589) — (1,589) (1,625) Natural gas derivatives Current Energy risk management assets 59,648 (1,283) (8,900) 49,465 (41,098) 8,367 8,276 Non-current Energy risk management assets 83,427 — — 83,427 (13,902) 69,525 323 Current Energy risk management liabilities (1,283) 1,283 — — — — (828) Non-current Other deferred credits — — — — — — (784) Commodity-related contracts, net $ 149,541 $ — $ (8,900) $ 140,641 $ (55,000) $ 85,641 $ 10,167 (1) Represents letters of credit by counterparties. (2) There were no offsetting amounts on or off Cleco’s Condensed Consolidated Balance Sheet at December 31, 2020. |
Offsetting Liabilities | The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2021, and December 31, 2020: Cleco DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS AT SEPT. 30, 2021 AT DEC. 31, 2020 GROSS AMOUNTS OFFSET ON THE BALANCE SHEET GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET (1) (THOUSANDS) BALANCE SHEET LINE ITEM GROSS ASSET (LIABILITY) CONTRACT NETTING COLLATERAL NET ASSET (LIABILITY) ON THE BALANCE SHEET COLLATERAL NET AMOUNT NET ASSET (LIABILITY) ON THE BALANCE SHEET (2) Commodity-related contracts FTRs Current Energy risk management assets $ 9,338 $ — $ — $ 9,338 $ — $ 9,338 $ 4,805 Current Energy risk management liabilities (1,589) — — (1,589) — (1,589) (1,625) Natural gas derivatives Current Energy risk management assets 59,648 (1,283) (8,900) 49,465 (41,098) 8,367 8,276 Non-current Energy risk management assets 83,427 — — 83,427 (13,902) 69,525 323 Current Energy risk management liabilities (1,283) 1,283 — — — — (828) Non-current Other deferred credits — — — — — — (784) Commodity-related contracts, net $ 149,541 $ — $ (8,900) $ 140,641 $ (55,000) $ 85,641 $ 10,167 (1) Represents letters of credit by counterparties. (2) There were no offsetting amounts on or off Cleco’s Condensed Consolidated Balance Sheet at December 31, 2020. |
Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets | The following table presents the volume of commodity-related derivative contracts outstanding at September 30, 2021, and December 31, 2020, for Cleco and Cleco Power: Cleco TOTAL VOLUME OUTSTANDING (THOUSAND) UNIT OF MEASURE AT SEPT. 30, 2021 AT DEC. 31, 2020 Commodity-related contracts FTRs MWh 22,794 15,269 Natural gas derivatives MMBtus 118,712 73,000 |
Amount of Gain (Loss) Recognized in Income on Derivatives | The following tables present the effect of derivatives not designated as hedging instruments on Cleco and Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2021, and 2020: Cleco AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) INCOME STATEMENT LINE ITEM 2021 2020 2021 2020 Commodity-related contracts FTRs (1) Electric operations $ 1,959 $ 3,013 $ 11,167 $ 6,262 FTRs (1) Purchased power (874) (763) (8,730) (1,053) Natural gas derivatives Fuel used for electric generation 107,687 20,307 165,584 22,515 Total $ 108,772 $ 22,557 $ 168,021 $ 27,724 |
CLECO POWER | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Carrying Value and Estimated Fair Value | Cleco Power AT SEPT. 30, 2021 AT DEC. 31, 2020 (THOUSANDS) CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt $ 1,820,177 $ 2,100,029 $ 1,494,947 $ 1,794,799 * The carrying value of long-term debt does not include deferred issuance costs of $8.5 million at |
Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | Cleco Power FAIR VALUE MEASUREMENTS AT REPORTING DATE (THOUSANDS) AT SEPT. 30, 2021 QUOTED PRICES IN ACTIVE MARKETS SIGNIFICANT SIGNIFICANT AT DEC. 31, 2020 QUOTED PRICES SIGNIFICANT SIGNIFICANT Asset description Institutional money market funds $ 135,763 $ — $ 135,763 $ — $ 25,357 $ — $ 25,357 $ — FTRs 6,028 — — 6,028 4,337 — — 4,337 Total assets $ 141,791 $ — $ 135,763 $ 6,028 $ 29,694 $ — $ 25,357 $ 4,337 Liability description FTRs $ 1,330 $ — $ — $ 1,330 $ 1,121 $ — $ — $ 1,121 Total liabilities $ 1,330 $ — $ — $ 1,330 $ 1,121 $ — $ — $ 1,121 |
Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 | Cleco Power FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Beginning balance $ 5,990 $ 7,511 $ 3,216 $ 5,725 Unrealized gains* 1,196 426 545 1,355 Purchases 619 443 9,236 8,219 Settlements (3,107) (2,968) (8,299) (9,887) Ending balance $ 4,698 $ 5,412 $ 4,698 $ 5,412 * Unrealized gains are reported through Accumulated deferred fuel on Cleco Power’s Condensed Consolidated Balance Sheet. |
Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions | Cleco Power FAIR VALUE VALUATION TECHNIQUE SIGNIFICANT UNOBSERVABLE INPUTS FORWARD PRICE RANGE (THOUSANDS, EXCEPT FORWARD PRICE RANGE) ASSETS LIABILITIES LOW HIGH FTRs at Sept. 30, 2021 $ 6,028 $ 1,330 RTO auction pricing FTR price - per MWh $ (3.26) $ 9.16 FTRs at Dec. 31, 2020 $ 4,337 $ 1,121 RTO auction pricing FTR price - per MWh $ (3.34) $ 4.36 |
Institutional Money Market Funds | Cleco Power (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Cash and cash equivalents $ 133,411 $ 20,812 Current restricted cash and cash equivalents $ 2,352 $ 4,545 |
Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets | Cleco Power DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS (THOUSANDS) BALANCE SHEET LINE ITEM AT SEPT. 30, 2021 AT DEC. 31, 2020 Commodity-related contracts FTRs Current Energy risk management assets $ 6,028 $ 4,337 Current Energy risk management liabilities (1,330) (1,121) Commodity-related contracts, net $ 4,698 $ 3,216 Cleco Power TOTAL VOLUME OUTSTANDING (THOUSAND) UNIT OF MEASURE AT SEPT. 30, 2021 AT DEC. 31, 2020 Commodity-related contracts FTRs MWh 14,596 9,521 |
Amount of Gain (Loss) Recognized in Income on Derivatives | Cleco Power AMOUNT OF GAIN(LOSS) ON DERIVATIVES RECOGNIZED IN INCOME FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) INCOME STATEMENT LINE ITEM 2021 2020 2021 2020 Commodity-related contracts FTRs (1) Electric operations $ 1,959 $ 3,013 $ 11,167 $ 6,262 FTRs (1) Purchased power (822) (2,326) (9,236) (4,397) Total $ 1,137 $ 687 $ 1,931 $ 1,865 (1) For the three and nine months ended September 30, 2021, unrealized gains associated with FTRs of $1.2 million and $0.5 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the three and nine months ended September 30, 2020, unrealized gains associated with FTRs of $0.4 million and $1.4 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. |
Pension Plan and Employee Ben_2
Pension Plan and Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Pension and Other Benefits Cost | The components of net periodic pension and Other Benefits cost for the three and nine months ended September 30, 2021, and 2020 were as follows: PENSION BENEFITS OTHER BENEFITS FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE THREE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Components of periodic benefit costs Service cost $ 2,629 $ 2,455 $ 629 $ 600 Interest cost 4,667 5,204 317 418 Expected return on plan assets (5,700) (6,244) — — Amortizations Prior period service credit — (15) — — Net loss 5,184 4,073 373 362 Net periodic benefit cost 6,780 5,473 1,319 1,380 Special/contractual termination benefits 3,270 — — — Total benefit cost $ 10,050 $ 5,473 $ 1,319 $ 1,380 PENSION BENEFITS OTHER BENEFITS FOR THE NINE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Components of periodic benefit costs Service cost $ 7,887 $ 7,365 $ 1,819 $ 1,615 Interest cost 14,001 15,612 962 1,238 Expected return on plan assets (17,101) (18,731) — — Amortizations Prior period service credit — (45) — — Net loss 15,553 12,222 1,143 1,042 Net periodic benefit cost 20,340 16,423 3,924 3,895 Special/contractual termination benefits 3,270 — — — Total benefit cost $ 23,610 $ 16,423 $ 3,924 $ 3,895 FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Components of periodic benefit costs Service cost $ 59 $ 100 $ 174 $ 300 Interest cost 634 733 1,903 2,199 Amortizations Prior period service credit (54) (54) (161) (161) Net loss 307 796 921 2,388 Net periodic benefit cost $ 946 $ 1,575 $ 2,837 $ 4,726 |
Current and Non-Current Portions of Other Benefits Liability | The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at September 30, 2021, and December 31, 2020, were as follows: Cleco (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Current $ 4,463 $ 4,463 Non-current $ 51,306 $ 51,868 Cleco (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Current $ 4,703 $ 4,703 Non-current $ 90,880 $ 92,522 |
Expense of the 401(k) Plan | Cleco’s 401(k) Plan expense for the three and nine months ended September 30, 2021, and 2020 was as follows: FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 401(k) Plan expense $ 2,512 $ 2,356 $ 7,391 $ 7,509 subsidiaries for the three and nine months ended September 30, 2021, and 2020 was as follows: FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 401(k) Plan expense $ 1,185 $ 996 $ 3,511 $ 3,491 |
CLECO POWER | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Current and Non-Current Portions of Other Benefits Liability | Cleco Power (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Current $ 3,865 $ 3,865 Non-current $ 40,261 $ 40,734 Cleco Power (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Current $ 711 $ 711 Non-current $ 19,240 $ 19,828 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Effective Income Tax Rate [Line Items] | |
Effective Income Tax Rates | The following tables summarize the effective income tax rates for Cleco and Cleco Power for the three and nine months ended September 30, 2021, and 2020 : Cleco FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, 2021 2020 2021 2020 Effective tax rate 20.3 % 29.4 % 12.4 % 26.8 % |
CLECO POWER | |
Effective Income Tax Rate [Line Items] | |
Effective Income Tax Rates | Cleco Power FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, 2021 2020 2021 2020 Effective tax rate 1.0 % 33.4 % (0.2) % 28.8 % |
Disclosures about Segments (Tab
Disclosures about Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information for the Three Months Ended Sept. 30, 2021 (THOUSANDS) CLECO POWER CLECO CAJUN TOTAL SEGMENTS Revenue Electric operations $ 357,084 $ 107,500 $ 464,584 Other operations 22,779 35,158 57,937 Affiliate revenue 1,380 — 1,380 Electric customer credits (691) — (691) Operating revenue, net $ 380,552 $ 142,658 $ 523,210 Net income $ 56,561 $ 86,744 $ 143,305 Add: Depreciation and amortization 43,526 12,623 (1) 56,149 Less: Interest income 936 4 940 Add: Interest charges 18,509 1,117 19,626 Add: Federal and state income tax expense 548 29,888 30,436 EBITDA $ 118,208 $ 130,368 $ 248,576 (1) Includes $3.6 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(2.3) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. 2021 (THOUSANDS) TOTAL SEGMENTS OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 464,584 $ (2,420) $ — $ 462,164 Other operations 57,937 1 (2,217) 55,721 Affiliate revenue 1,380 32,116 (33,496) — Electric customer credits (691) — — (691) Operating revenue, net $ 523,210 $ 29,697 $ (35,713) $ 517,194 Depreciation and amortization $ 56,149 $ 8,189 (1) $ — $ 64,338 Interest income $ 940 $ 43 $ (42) $ 941 Interest charges $ 19,626 $ 15,044 $ (41) $ 34,629 Federal and state income tax expense $ 30,436 $ 133 $ — $ 30,569 Net income (loss) $ 143,305 $ (23,396) $ 1 $ 119,910 (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. 2020 (THOUSANDS) CLECO POWER CLECO CAJUN TOTAL SEGMENTS Revenue Electric operations $ 288,852 $ 99,956 $ 388,808 Other operations 17,775 31,331 49,106 Affiliate revenue 1,506 — 1,506 Electric customer credits (16,534) — (16,534) Operating revenue, net $ 291,599 $ 131,287 $ 422,886 Net income $ 36,092 $ 38,357 $ 74,449 Add: Depreciation and amortization 40,268 11,344 (1) 51,612 Less: Interest income 789 10 799 Add: Interest charges 18,441 (484) 17,957 Add: Federal and state income tax expense 18,076 12,258 30,334 EBITDA $ 112,088 $ 61,465 $ 173,553 (1) Includes $3.1 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(2.3) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. 2020 (THOUSANDS) TOTAL SEGMENTS OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 388,808 $ (2,420) $ — $ 386,388 Other operations 49,106 1 (1,510) 47,597 Affiliate revenue 1,506 35,522 (37,028) — Electric customer credits (16,534) — — (16,534) Operating revenue, net $ 422,886 $ 33,103 $ (38,538) $ 417,451 Depreciation and amortization $ 51,612 $ 4,497 (1) $ — $ 56,109 Interest income $ 799 $ 121 $ (10) $ 910 Interest charges $ 17,957 $ 16,115 $ (12) $ 34,060 Federal and state income tax expense (benefit) $ 30,334 $ (5,260) $ 1 $ 25,075 Net income (loss) $ 74,449 $ (14,154) $ 2 $ 60,297 (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. Segment Information for the Nine Months Ended Sept. 30, 2021 (THOUSANDS) CLECO POWER CLECO CAJUN TOTAL SEGMENTS Revenue Electric operations $ 887,191 $ 300,415 $ 1,187,606 Other operations 57,674 98,851 156,525 Affiliate revenue 4,259 — 4,259 Electric customer credits (40,429) 244 (40,185) Operating revenue, net $ 908,695 $ 399,510 $ 1,308,205 Net income $ 102,407 $ 153,719 $ 256,126 Add: Depreciation and amortization 126,534 36,614 (2) 163,148 Less: Interest income 2,404 10 2,414 Add: Interest charges 55,392 786 56,178 Add: Federal and state income tax (benefit) expense (219) 52,561 52,342 EBITDA $ 281,710 $ 243,670 $ 525,380 Additions to property, plant, and equipment $ 202,940 $ 5,904 $ 208,844 Equity investment in investees (1) $ 3,822 $ — $ 3,822 Goodwill (1) $ 1,490,797 $ — $ 1,490,797 Total segment assets (1) $ 6,746,838 $ 1,212,968 $ 7,959,806 (1) Balances as of September 30, 2021. (2) Includes $10.0 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(6.9) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. 2021 (THOUSANDS) TOTAL SEGMENTS OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,187,606 $ (7,260) $ (1) $ 1,180,345 Other operations 156,525 4 (5,752) 150,777 Affiliate revenue 4,259 85,392 (89,651) — Electric customer credits (40,185) — — (40,185) Operating revenue, net $ 1,308,205 $ 78,136 $ (95,404) $ 1,290,937 Depreciation and amortization $ 163,148 $ 17,052 (2) $ (1) $ 180,199 Interest income $ 2,414 $ 100 $ (98) $ 2,416 Interest charges $ 56,178 $ 45,732 $ (98) $ 101,812 Federal and state income tax expense (benefit) $ 52,342 $ (21,357) $ — $ 30,985 Net income (loss) $ 256,126 $ (37,068) $ 1 $ 219,059 Additions to property, plant, and equipment $ 208,844 $ 1,116 $ — $ 209,960 Equity investment in investees (1) $ 3,822 $ 19,099 $ (19,099) $ 3,822 Goodwill (1) $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets (1) $ 7,959,806 $ 685,410 $ (249,409) $ 8,395,807 (1) Balances as of September 30, 2021. (2) Includes $7.3 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger. 2020 (THOUSANDS) CLECO POWER CLECO CAJUN TOTAL SEGMENTS Revenue Electric operations $ 752,925 $ 273,836 $ 1,026,761 Other operations 49,443 92,928 142,371 Affiliate revenue 3,852 204 4,056 Electric customer credits (33,974) (153) (34,127) Operating revenue, net $ 772,246 $ 366,815 $ 1,139,061 Net income $ 76,156 $ 84,655 $ 160,811 Add: Depreciation and amortization 125,541 33,385 (2) 158,926 Less: Interest income 2,498 269 2,767 Add: Interest charges 55,624 (353) 55,271 Add: Federal and state income tax expense 30,770 27,280 58,050 EBITDA $ 285,593 $ 144,698 $ 430,291 Additions to property, plant, and equipment $ 205,765 $ 7,908 $ 213,673 Equity investment in investees (1) $ 9,072 $ — $ 9,072 Goodwill (1) $ 1,490,797 $ — $ 1,490,797 Total segment assets (1) $ 6,256,944 $ 1,029,812 $ 7,286,756 (1) Balances as of December 31, 2020. (2) Includes $9.3 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(6.9) million deferred lease revenue amortization as a result of the Cleco Cajun Transaction. 2020 (THOUSANDS) TOTAL SEGMENTS OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,026,761 $ (7,260) $ — $ 1,019,501 Other operations 142,371 2 (4,966) 137,407 Affiliate revenue 4,056 93,938 (97,994) — Electric customer credits (34,127) — 1 (34,126) Operating revenue, net $ 1,139,061 $ 86,680 $ (102,959) $ 1,122,782 Depreciation and amortization $ 158,926 $ 13,575 (2) $ 1 $ 172,502 Interest income $ 2,767 $ 276 $ (79) $ 2,964 Interest charges $ 55,271 $ 48,731 $ (79) $ 103,923 Federal and state income tax expense (benefit) $ 58,050 $ (17,821) $ 1 $ 40,230 Net income (loss) $ 160,811 $ (51,019) $ 1 $ 109,793 Additions to property, plant, and equipment $ 213,673 $ 2,019 $ — $ 215,692 Equity investment in investees (1) $ 9,072 $ — $ — $ 9,072 Goodwill (1) $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets (1) $ 7,286,756 $ 595,217 $ (156,404) $ 7,725,569 (1) Balances as of December 31, 2020. (2) Includes $7.3 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger. FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Net income $ 119,910 $ 60,297 $ 219,059 $ 109,793 Add: Depreciation and amortization 64,338 56,109 180,199 172,502 Less: Interest income 941 910 2,416 2,964 Add: Interest charges 34,629 34,060 101,812 103,923 Add: Federal and state income tax expense 30,569 25,075 30,985 40,230 Add: Other corporate costs and noncash items (1) 71 (1,078) (4,259) 6,807 Total segment EBITDA $ 248,576 $ 173,553 $ 525,380 $ 430,291 (1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA. |
Regulation and Rates (Tables)
Regulation and Rates (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Regulated Operations [Abstract] | |
Schedule of Provision of Rate Refund | Provision for rate refund on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets consisted primarily of the following: (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Cleco Katrina/Rita storm recovery charges $ 1,610 $ 1,617 FERC audit $ — $ 1,912 FRP $ 1,236 $ 1,786 Site-specific industrial customer $ 611 $ 710 TCJA $ 2,057 $ 2,057 Transmission ROE $ — $ 595 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) - CLECO POWER | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entity [Line Items] | |
Equity Method Investments | The following table presents the components of Cleco Power’s equity investment in Oxbow: INCEPTION TO DATE (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Purchase price $ 12,873 $ 12,873 Cash contributions 6,399 6,399 Distributions (15,450) (10,200) Total equity investment in investee $ 3,822 $ 9,072 The following table contains summarized financial information for Oxbow: FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Operating revenue $ 1,486 $ 2,275 $ 5,113 $ 33,266 Operating expenses 1,486 2,275 5,113 33,266 Income before taxes $ — $ — $ — $ — |
Carrying Amount of Assets and Liabilities with Maximum Exposure to Loss | The following table compares the carrying amount of Oxbow’s assets and liabilities with Cleco Power’s maximum exposure to loss related to its investment in Oxbow: (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Oxbow’s net assets/liabilities $ 7,645 $ 18,145 Cleco Power’s 50% equity $ 3,822 $ 9,072 Cleco Power’s maximum exposure to loss $ 3,822 $ 9,072 |
Litigation, Other Commitments_2
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The following tables summarize the net changes in the ARO for Cleco and Cleco Power: (THOUSANDS) CLECO CAJUN CLECO POWER CLECO Balance, Dec. 31, 2020 $ 16,658 $ 11,364 $ 28,022 Liabilities settled (1,316) $ — (1,316) Accretion 466 $ 249 715 Revisions and adjustments 35,540 $ 13,101 48,641 Balance, Sept. 30, 2021 $ 51,348 $ 24,714 $ 76,062 |
Affiliate Transactions (Tables)
Affiliate Transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
CLECO POWER | |
Related Party Transaction [Line Items] | |
Summary of Balances Payable To or Due From Affiliates | The following table is a summary of those balances: AT SEPT. 30, 2021 AT DEC. 31, 2020 (THOUSANDS) ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS Cleco Holdings $ 10,712 $ 57,825 $ 10,353 $ 57,713 Support Group 2,388 11,514 3,248 14,355 Cleco Cajun 882 17 1,004 — Total $ 13,982 $ 69,356 $ 14,605 $ 72,068 |
Intangible Assets and Liabili_2
Intangible Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Amortization of Intangible Assets and Liabilities | The following tables present Cleco and Cleco Power’s amortization of intangible assets and liabilities: Cleco FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS ENDED SEPT. 30, (THOUSANDS) 2021 2020 2021 2020 Intangible assets Cleco Katrina/Rita right to bill and collect storm recovery charges $ — $ — $ — $ 517 Trade name $ 3,770 $ 64 $ 3,897 $ 191 Power supply agreements $ 6,400 $ 6,400 $ 19,200 $ 19,200 Intangible liabilities LTSA $ 871 $ 871 $ 2,613 $ 2,613 Power supply agreements $ 389 $ 882 $ 1,989 $ 2,646 |
Schedule of Finite-Lived Intangible Assets and Liabilities | The following tables summarize the balances for intangible assets and liabilities subject to amortization for Cleco: Cleco (THOUSANDS) AT SEPT. 30, 2021 AT DEC. 31, 2020 Intangible assets Trade name $ — $ 5,100 Power supply agreements 184,004 184,004 Total intangible assets carrying amount 184,004 189,104 Intangible liabilities LTSA 24,100 24,100 Power supply agreements 14,200 14,200 Total intangible liability carrying amount 38,300 38,300 Net intangible assets carrying amount 145,704 150,804 Accumulated amortization (77,326) (63,932) Net intangible assets subject to amortization $ 68,378 $ 86,872 Goodwill On April 13, 2016, in connection with the completion of the 2016 Merger, Cleco recognized goodwill of $1.49 billion. Management assigned the recognized goodwill to the Cleco Power reporting unit. Goodwill is required to be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. Application of the goodwill impairment test requires significant judgments, including the identification of reporting units, assignments of assets and liabilities to reporting units, assignment of goodwill to reporting units, and the determination of the fair value of the reporting units. Cleco conducted its 2021 annual impairment test using an August 1, 2021, measurement date. The fair value of the Cleco Power reporting unit was estimated using a weighted combination of the income approach, which estimates fair value based on discounted cash flows, and the market |
CLECO POWER | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Amortization of Intangible Assets and Liabilities | Cleco Power FOR THE THREE MONTHS ENDED SEPT. 30, FOR THE NINE MONTHS (THOUSANDS) 2021 2020 2021 2020 Cleco Katrina/Rita right to bill and collect storm recovery charges $ — $ — $ — $ 517 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Loss [Line Items] | |
Schedule of Accumulated Other Comprehensive Income Loss | The components of accumulated other comprehensive loss are summarized in the following tables for Cleco and Cleco Power. All amounts are reported net of income taxes. Amounts in parentheses indicate debits. Cleco FOR THE THREE FOR THE NINE (THOUSANDS) POSTRETIREMENT BENEFIT NET LOSS Balances, beginning of period $ (25,588) $ (25,796) Amounts reclassified from AOCI Amortization of postretirement benefit net loss 96 304 Balances, Sept. 30, 2021 $ (25,492) $ (25,492) FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED (THOUSANDS) POSTRETIREMENT BENEFIT NET LOSS Balances, beginning of period $ (16,657) $ (17,513) Amounts reclassified from AOCI Amortization of postretirement benefit net loss 448 1,304 Balances, Sept. 30, 2020 $ (16,209) $ (16,209) |
CLECO POWER | |
Accumulated Other Comprehensive Loss [Line Items] | |
Schedule of Accumulated Other Comprehensive Income Loss | Cleco Power FOR THE THREE MONTHS ENDED SEPT. 30, 2021 FOR THE NINE MONTHS ENDED SEPT. 30, 2021 (THOUSANDS) POSTRETIREMENT NET LOSS TOTAL AOCI POSTRETIREMENT NET LOSS TOTAL AOCI Balances, beginning of period $ (18,394) $ (5,486) $ (23,880) $ (19,139) $ (5,614) $ (24,753) Amounts reclassified from AOCI Amortization of postretirement benefit net loss 350 — 350 1,095 — 1,095 Reclassification of net loss to interest charges — 63 63 — 191 191 Balances, Sept. 30, 2021 $ (18,044) $ (5,423) $ (23,467) $ (18,044) $ (5,423) $ (23,467) FOR THE THREE MONTHS ENDED SEPT. 30, 2020 FOR THE NINE MONTHS ENDED SEPT. 30, 2020 (THOUSANDS) POSTRETIREMENT NET LOSS TOTAL AOCI POSTRETIREMENT NET LOSS TOTAL AOCI Balances, beginning of period $ (15,872) $ (5,740) $ (21,612) $ (16,717) $ (5,868) $ (22,585) Amounts reclassified from AOCI Amortization of postretirement benefit net loss 373 — 373 1,218 — 1,218 Reclassification of net loss to interest charges — 63 63 — 191 191 Balances, Sept. 30, 2020 $ (15,499) $ (5,677) $ (21,176) $ (15,499) $ (5,677) $ (21,176) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | $ 2,352 | $ 4,545 |
Non-current | 745 | 744 |
Total restricted cash and cash equivalents | 3,097 | 5,289 |
CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 2,352 | 4,545 |
Total restricted cash and cash equivalents | 2,352 | 4,545 |
Cleco Katrina/Rita storm recovery surcharge | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 1,674 | 2,626 |
Cleco Katrina/Rita storm recovery surcharge | CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 1,674 | 2,626 |
Charitable contributions | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 678 | 1,718 |
Charitable contributions | CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 678 | 1,718 |
Rate credit escrow | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 0 | 201 |
Rate credit escrow | CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 0 | 201 |
Diversified Lands’ mitigation escrow | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current | 22 | 22 |
Cleco Cajun’s defense fund | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current | $ 723 | $ 722 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) - CLECO POWER - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 721,426 | $ 456,034 |
COVID-19 executive order | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 2,953 | $ 2,953 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Receivable, threshold period past due | 20 days | 20 days | ||
ACCOUNTS RECEIVABLE | ||||
Accounts receivable, beginning balance | $ 1,334 | $ 3,486 | $ 2,758 | $ 3,005 |
Current period provision | 567 | 2,041 | 3,057 | 5,675 |
Charge-offs | (730) | 0 | (5,172) | (4,091) |
Recovery | 586 | 54 | 1,114 | 921 |
Accounts receivable, ending balance | 1,757 | 5,581 | 1,757 | 5,581 |
OTHER | ||||
Financing receivable, beginning balance | 1,638 | 1,638 | 1,638 | 1,250 |
Current period provision | 0 | 0 | 0 | 388 |
Charge-offs | 0 | 0 | 0 | 0 |
Recovery | 0 | 0 | 0 | 0 |
Financing receivable, ending balance | 1,638 | 1,638 | 1,638 | 1,638 |
TOTAL | ||||
Total, beginning balance | 2,972 | 5,124 | 4,396 | 4,255 |
Current period provision | 567 | 2,041 | 3,057 | 6,063 |
Charge-offs | (730) | 0 | (5,172) | (4,091) |
Recovery | 586 | 54 | 1,114 | 921 |
Total, ending balance | 3,395 | 7,219 | 3,395 | 7,219 |
CLECO POWER | ||||
ACCOUNTS RECEIVABLE | ||||
Accounts receivable, beginning balance | 1,334 | 3,486 | 2,758 | 3,005 |
Current period provision | 567 | 2,041 | 3,057 | 5,675 |
Charge-offs | (730) | 0 | (5,172) | (4,091) |
Recovery | 586 | 54 | 1,114 | 921 |
Accounts receivable, ending balance | $ 1,757 | 5,581 | $ 1,757 | 5,581 |
Accounting Standards Update 2016-13 | CECL adoption | ||||
ACCOUNTS RECEIVABLE | ||||
Accounts receivable, beginning balance | 0 | 71 | ||
TOTAL | ||||
Total, beginning balance | 0 | 71 | ||
Accounting Standards Update 2016-13 | CLECO POWER | CECL adoption | ||||
ACCOUNTS RECEIVABLE | ||||
Accounts receivable, beginning balance | $ 0 | $ 71 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | Sep. 30, 2021USD ($) |
Cottonwood Energy | |
Lessor, Lease, Description [Line Items] | |
Fixed lease payments per year | $ 40 |
Leases - Lease Income Under Cot
Leases - Lease Income Under Cottonwood Sale Leaseback (Details) - Cleco Cajun - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessor, Lease, Description [Line Items] | ||||
Fixed payments | $ 10,000 | $ 10,000 | $ 30,000 | $ 30,000 |
Variable payments | 4,938 | 5,190 | 15,413 | 15,950 |
Amortization of deferred lease liability | 2,301 | 2,301 | 6,904 | 6,904 |
Total lease income | $ 17,239 | $ 17,491 | $ 52,317 | $ 52,854 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 498,845 | $ 396,924 | $ 1,228,618 | $ 1,063,613 |
Revenue unrelated to contracts with customers | ||||
Other | 18,349 | 20,527 | 62,319 | 59,169 |
Total revenue unrelated to contracts with customers | 18,349 | 20,527 | 62,319 | 59,169 |
Operating revenue, net | 517,194 | 417,451 | 1,290,937 | 1,122,782 |
Electric customer credits | 691 | 16,534 | 40,185 | 34,126 |
Deferred lease amortization | 6,904 | 6,904 | ||
Total retail revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 280,394 | 217,090 | 653,675 | 573,294 |
Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 148,522 | 128,981 | 348,918 | 308,525 |
Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 82,711 | 68,220 | 214,129 | 190,905 |
Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 45,446 | 32,809 | 119,497 | 94,227 |
Other retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 4,479 | 3,614 | 11,925 | 10,416 |
Surcharge | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 2,440 | |||
Electric customer credits | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | (764) | (16,534) | (40,794) | (33,219) |
Wholesale, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 179,912 | 149,752 | 475,924 | 406,715 |
Transmission, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 32,921 | 26,964 | 85,511 | 73,187 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 5,618 | 3,118 | 13,508 | 10,417 |
Affiliate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
CLECO CAJUN | ||||
Revenue unrelated to contracts with customers | ||||
Lease revenue | 15,200 | 45,400 | 46,000 | |
Deferred lease amortization | 2,300 | 2,300 | 6,900 | 6,900 |
OPERATING SEGMENTS | ||||
Revenue unrelated to contracts with customers | ||||
Operating revenue, net | 523,210 | 422,886 | 1,308,205 | 1,139,061 |
Electric customer credits | 691 | 16,534 | 40,185 | 34,127 |
OPERATING SEGMENTS | CLECO POWER | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 379,458 | 288,586 | 898,742 | 765,974 |
Revenue unrelated to contracts with customers | ||||
Other | 1,094 | 3,013 | 9,953 | 6,272 |
Total revenue unrelated to contracts with customers | 1,094 | 3,013 | 9,953 | 6,272 |
Operating revenue, net | 380,552 | 291,599 | 908,695 | 772,246 |
Electric customer credits | 691 | 16,534 | 40,429 | 33,974 |
OPERATING SEGMENTS | CLECO POWER | Total retail revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 280,394 | 217,090 | 653,675 | 573,294 |
OPERATING SEGMENTS | CLECO POWER | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 148,522 | 128,981 | 348,918 | 308,525 |
OPERATING SEGMENTS | CLECO POWER | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 82,711 | 68,220 | 214,129 | 190,905 |
OPERATING SEGMENTS | CLECO POWER | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 45,446 | 32,809 | 119,497 | 94,227 |
OPERATING SEGMENTS | CLECO POWER | Other retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 4,479 | 3,614 | 11,925 | 10,416 |
OPERATING SEGMENTS | CLECO POWER | Surcharge | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 2,440 | |||
OPERATING SEGMENTS | CLECO POWER | Electric customer credits | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | (764) | (16,534) | (40,794) | (33,219) |
OPERATING SEGMENTS | CLECO POWER | Wholesale, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 74,831 | 52,216 | 182,769 | 140,139 |
OPERATING SEGMENTS | CLECO POWER | Transmission, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 17,235 | 14,656 | 44,530 | 38,273 |
Revenue unrelated to contracts with customers | ||||
Electric customer credits | 100 | 400 | 800 | |
OPERATING SEGMENTS | CLECO POWER | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 5,618 | 3,118 | 13,509 | 10,416 |
OPERATING SEGMENTS | CLECO POWER | Affiliate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,380 | 1,506 | 4,259 | 3,852 |
OPERATING SEGMENTS | CLECO CAJUN | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 125,404 | 113,774 | 347,148 | 313,920 |
Revenue unrelated to contracts with customers | ||||
Other | 17,254 | 17,513 | 52,362 | 52,895 |
Total revenue unrelated to contracts with customers | 17,254 | 17,513 | 52,362 | 52,895 |
Operating revenue, net | 142,658 | 131,287 | 399,510 | 366,815 |
Electric customer credits | 0 | 0 | (244) | 153 |
Lease revenue | 14,900 | |||
OPERATING SEGMENTS | CLECO CAJUN | Total retail revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Other retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Surcharge | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | |||
OPERATING SEGMENTS | CLECO CAJUN | Electric customer credits | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Wholesale, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 107,501 | 99,956 | 300,415 | 273,836 |
OPERATING SEGMENTS | CLECO CAJUN | Transmission, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 17,903 | 13,818 | 46,733 | 39,880 |
Revenue unrelated to contracts with customers | ||||
Electric customer credits | 200 | 200 | ||
OPERATING SEGMENTS | CLECO CAJUN | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Affiliate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 204 |
OTHER | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 29,696 | 33,102 | 78,132 | 86,678 |
Revenue unrelated to contracts with customers | ||||
Other | 1 | 1 | 4 | 2 |
Total revenue unrelated to contracts with customers | 1 | 1 | 4 | 2 |
Operating revenue, net | 29,697 | 33,103 | 78,136 | 86,680 |
Electric customer credits | 0 | 0 | 0 | 0 |
OTHER | Total retail revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OTHER | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OTHER | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OTHER | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OTHER | Other retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OTHER | Surcharge | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | |||
OTHER | Electric customer credits | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OTHER | Wholesale, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | (2,420) | (2,420) | (7,260) | (7,260) |
OTHER | Transmission, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OTHER | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OTHER | Affiliate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 32,116 | 35,522 | 85,392 | 93,938 |
ELIMINATIONS | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | (35,713) | (38,538) | (95,404) | (102,959) |
Revenue unrelated to contracts with customers | ||||
Other | 0 | 0 | 0 | 0 |
Total revenue unrelated to contracts with customers | 0 | 0 | 0 | 0 |
Operating revenue, net | (35,713) | (38,538) | (95,404) | (102,959) |
Electric customer credits | 0 | 0 | 0 | (1) |
ELIMINATIONS | Total retail revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ELIMINATIONS | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ELIMINATIONS | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ELIMINATIONS | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ELIMINATIONS | Other retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ELIMINATIONS | Surcharge | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | |||
ELIMINATIONS | Electric customer credits | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ELIMINATIONS | Wholesale, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ELIMINATIONS | Transmission, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | (2,217) | (1,510) | (5,752) | (4,966) |
ELIMINATIONS | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | (1) | 1 |
ELIMINATIONS | Affiliate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ (33,496) | $ (37,028) | $ (89,651) | $ (97,994) |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) $ in Millions | Sep. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 65.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 14 years |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities - Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Jun. 16, 2021 | Dec. 31, 2020 | |
Regulatory Assets [Line Items] | |||
Total regulatory assets, net | $ 716,322 | $ 423,279 | |
Financing costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 7,334 | 7,592 | |
Postretirement costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 13,921 | 15,411 | |
Fair value of long-term debt | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 114,001 | 119,553 | |
Debt issuance costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 5,004 | 5,254 | |
CLECO POWER | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 721,426 | 456,034 | |
Regulatory liabilities | (145,364) | (180,565) | |
Total regulatory assets, net | 576,062 | 275,469 | |
CLECO POWER | Acquisition/ transaction costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 1,939 | 2,019 | |
Regulatory asset, amortization period | 18 years 6 months | ||
CLECO POWER | Acquisition/ transaction costs | Coughlin transaction costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 853 | 876 | |
Regulatory asset, amortization period | 28 years | ||
CLECO POWER | Accumulated deferred fuel | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 78,847 | 28,194 | |
CLECO POWER | AFUDC equity gross-up | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 67,348 | 69,670 | |
CLECO POWER | Affordability study | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 13,438 | $ 13,600 | 0 |
Regulatory asset, amortization period | 10 years | ||
CLECO POWER | AMI deferred revenue requirement | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 2,181 | 2,591 | |
Regulatory asset, amortization period | 4 years | ||
CLECO POWER | AROs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 8,060 | 5,488 | |
CLECO POWER | Bayou Vista to Segura deferred revenue requirement | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 287 | $ 300 | 0 |
CLECO POWER | COVID-19 executive order | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 2,953 | 2,953 | |
CLECO POWER | Deferred storm restoration costs - Hurricane Delta | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 17,866 | 17,051 | |
CLECO POWER | Deferred storm restoration costs - Hurricane Ida | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 36,836 | 0 | |
CLECO POWER | Deferred storm restoration costs - Hurricane Laura | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 56,815 | 54,406 | |
CLECO POWER | Deferred storm restoration costs - Hurricane Zeta | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 3,496 | 3,493 | |
CLECO POWER | Deferred storm restoration costs - Winter Storms Uri & Viola | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 1,974 | 0 | |
CLECO POWER | Station closure costs | Dolet Hills | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 112,158 | 48,982 | |
CLECO POWER | Emergency declarations | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 0 | 270 | |
CLECO POWER | Energy efficiency | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 1,998 | 2,820 | |
Regulatory asset, amortization period | 1 year 6 months | ||
CLECO POWER | Financing costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 6,919 | 7,184 | |
CLECO POWER | Interest costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 3,521 | 3,708 | |
CLECO POWER | Mine closure costs | Lignite Mine | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 93,093 | 0 | |
CLECO POWER | Madison Unit 3 property taxes | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 6,272 | 0 | |
CLECO POWER | Non-service cost of postretirement benefits | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 11,662 | 9,901 | |
CLECO POWER | Other | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 13,247 | 4,229 | |
CLECO POWER | Postretirement costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 149,883 | 165,437 | |
CLECO POWER | Production operations and maintenance expenses | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 1,998 | 4,058 | |
CLECO POWER | Rodemacher Unit 2 deferred costs | Rodemacher Unit 2 deferred costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 5,519 | 1,333 | |
CLECO POWER | St. Mary Clean Energy Center | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 6,524 | 3,479 | |
Regulatory asset, amortization period | 4 years | ||
CLECO POWER | Training costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 5,968 | 6,085 | |
Regulatory asset, amortization period | 38 years 6 months | ||
CLECO POWER | Tree trimming costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 9,771 | 11,807 | |
Regulatory asset, amortization period | 3 years 6 months | ||
CLECO POWER | AFUDC | |||
Regulatory Assets [Line Items] | |||
Regulatory liabilities | $ (6,500) | (4,218) | |
CLECO POWER | Corporate franchise tax, net | |||
Regulatory Assets [Line Items] | |||
Regulatory liabilities | 0 | (763) | |
CLECO POWER | Deferred taxes, net | |||
Regulatory Assets [Line Items] | |||
Regulatory liabilities | $ (138,864) | $ (175,584) |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities - Narrative (Details) - CLECO POWER customer in Thousands, $ in Thousands | Jul. 01, 2022 | Jul. 01, 2021 | May 31, 2021 | Sep. 30, 2021USD ($) | Aug. 29, 2021customer | Jun. 30, 2021USD ($) | Jun. 16, 2021USD ($) | Mar. 29, 2021USD ($) | Feb. 17, 2021customer | Feb. 14, 2021customer | Dec. 31, 2020USD ($) |
Regulatory Liabilities [Line Items] | |||||||||||
Regulatory assets | $ 721,426 | $ 456,034 | |||||||||
Affordability study | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Regulatory assets | 13,438 | $ 13,600 | 0 | ||||||||
Regulatory asset, amortization period | 10 years | ||||||||||
Bayou Vista to Segura deferred revenue requirement | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Regulatory assets | 287 | $ 300 | 0 | ||||||||
Bayou Vista to Segura deferred revenue requirement | Subsequent event | Forecast | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Regulatory asset, amortization period | 12 months | ||||||||||
Mine closure costs | Lignite Mine | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Regulatory assets | 93,093 | 0 | |||||||||
Madison Unit 3 property taxes | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Regulatory assets | $ 6,272 | 0 | |||||||||
Regulatory asset, amortization period | 12 months | ||||||||||
Northlake Transmission Agreement, under collection | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Regulatory assets | $ 4,200 | $ 5,700 | |||||||||
Regulatory asset, amortization period | 12 months | ||||||||||
Other deferred costs, primarily base rate case | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Regulatory assets | 3,900 | ||||||||||
Regulatory asset, amortization period | 4 years | ||||||||||
Coughlin Pipeline Project, deferred revenue | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Regulatory assets | 5,100 | ||||||||||
Regulatory asset, amortization period | 4 years | ||||||||||
St. Mary Clean Energy Center | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Regulatory assets | 6,524 | $ 3,479 | |||||||||
Regulatory asset, amortization period | 4 years | ||||||||||
Deferred storm restoration costs - Hurricane Ida | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Capitalized storm restoration costs | 49,100 | ||||||||||
Number of customers affected with power outage | customer | 100 | ||||||||||
Deferred storm restoration costs - Winter Storms Uri & Viola | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Capitalized storm restoration costs | $ 8,400 | $ 50,000 | |||||||||
Capitalized storm restoration costs, amortization period | 12 months | ||||||||||
Winter Storm Uri | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Number of customers affected with power outage | customer | 11 | ||||||||||
Winter Storm Viola | |||||||||||
Regulatory Liabilities [Line Items] | |||||||||||
Number of customers affected with power outage | customer | 43 |
Fair Value Accounting and Fin_3
Fair Value Accounting and Financial Instruments - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | $ 14,100 | $ 13,400 |
CLECO POWER | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | 8,500 | 7,000 |
CARRYING VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,550,179 | 3,230,500 |
CARRYING VALUE | CLECO POWER | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,820,177 | 1,494,947 |
FAIR VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,836,960 | 3,541,349 |
FAIR VALUE | CLECO POWER | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 2,100,029 | $ 1,794,799 |
Fair Value Accounting and Fin_4
Fair Value Accounting and Financial Instruments - Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis (Details) - Measured on a Recurring Basis - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Asset description | ||
Institutional money market funds | $ 252,807 | $ 86,001 |
Total assets | 395,037 | 99,405 |
Liability description | ||
Total liabilities | 1,589 | 3,237 |
CLECO POWER | ||
Asset description | ||
Institutional money market funds | 135,763 | 25,357 |
Total assets | 141,791 | 29,694 |
Liability description | ||
Total liabilities | 1,330 | 1,121 |
FTRs | ||
Asset description | ||
Derivative assets | 9,338 | 4,805 |
Liability description | ||
Derivative liabilities | 1,589 | 1,625 |
FTRs | CLECO POWER | ||
Asset description | ||
Derivative assets | 6,028 | 4,337 |
Liability description | ||
Derivative liabilities | 1,330 | 1,121 |
Natural gas derivatives* | ||
Asset description | ||
Derivative assets | 132,892 | 8,599 |
Liability description | ||
Derivative liabilities | 0 | 1,612 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | ||
Asset description | ||
Institutional money market funds | 0 | 0 |
Total assets | 0 | 0 |
Liability description | ||
Total liabilities | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | CLECO POWER | ||
Asset description | ||
Institutional money market funds | 0 | 0 |
Total assets | 0 | 0 |
Liability description | ||
Total liabilities | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | FTRs | ||
Asset description | ||
Derivative assets | 0 | 0 |
Liability description | ||
Derivative liabilities | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | FTRs | CLECO POWER | ||
Asset description | ||
Derivative assets | 0 | 0 |
Liability description | ||
Derivative liabilities | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Natural gas derivatives* | ||
Asset description | ||
Derivative assets | 0 | 0 |
Liability description | ||
Derivative liabilities | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | ||
Asset description | ||
Institutional money market funds | 252,807 | 86,001 |
Total assets | 385,699 | 94,600 |
Liability description | ||
Total liabilities | 0 | 1,612 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | CLECO POWER | ||
Asset description | ||
Institutional money market funds | 135,763 | 25,357 |
Total assets | 135,763 | 25,357 |
Liability description | ||
Total liabilities | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | FTRs | ||
Asset description | ||
Derivative assets | 0 | 0 |
Liability description | ||
Derivative liabilities | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | FTRs | CLECO POWER | ||
Asset description | ||
Derivative assets | 0 | 0 |
Liability description | ||
Derivative liabilities | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Natural gas derivatives* | ||
Asset description | ||
Derivative assets | 132,892 | 8,599 |
Liability description | ||
Derivative liabilities | 0 | 1,612 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Asset description | ||
Institutional money market funds | 0 | 0 |
Derivative assets | 9,338 | 4,805 |
Total assets | 9,338 | 4,805 |
Liability description | ||
Derivative liabilities | 1,589 | 1,625 |
Total liabilities | 1,589 | 1,625 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | CLECO POWER | ||
Asset description | ||
Institutional money market funds | 0 | 0 |
Derivative assets | 6,028 | 4,337 |
Total assets | 6,028 | 4,337 |
Liability description | ||
Derivative liabilities | 1,330 | 1,121 |
Total liabilities | 1,330 | 1,121 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | FTRs | ||
Asset description | ||
Derivative assets | 9,338 | 4,805 |
Liability description | ||
Derivative liabilities | 1,589 | 1,625 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | FTRs | CLECO POWER | ||
Asset description | ||
Derivative assets | 6,028 | 4,337 |
Liability description | ||
Derivative liabilities | 1,330 | 1,121 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Natural gas derivatives* | ||
Asset description | ||
Derivative assets | 0 | 0 |
Liability description | ||
Derivative liabilities | $ 0 | $ 0 |
Fair Value Accounting and Fin_5
Fair Value Accounting and Financial Instruments - Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 (Details) - Price risk derivatives - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | $ 7,501 | $ 8,040 | $ 3,180 | $ 5,778 |
Unrealized gains (losses) | 3,955 | 4 | 18,861 | (736) |
Purchases | 619 | 443 | 11,426 | 10,175 |
Settlements | (4,326) | (3,160) | (25,718) | (9,890) |
Ending balance | 7,749 | 5,327 | 7,749 | 5,327 |
CLECO POWER | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | 5,990 | 7,511 | 3,216 | 5,725 |
Unrealized gains (losses) | 1,196 | 426 | 545 | 1,355 |
Purchases | 619 | 443 | 9,236 | 8,219 |
Settlements | (3,107) | (2,968) | (8,299) | (9,887) |
Ending balance | $ 4,698 | $ 5,412 | $ 4,698 | $ 5,412 |
Fair Value Accounting and Fin_6
Fair Value Accounting and Financial Instruments - Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions (Details) - Measured on a Recurring Basis - Level 3 $ in Thousands | Sep. 30, 2021USD ($)$ / MW | Dec. 31, 2020USD ($)$ / MW |
FAIR VALUE | ||
ASSETS | $ | $ 9,338 | $ 4,805 |
LIABILITIES | $ | 1,589 | 1,625 |
CLECO POWER | ||
FAIR VALUE | ||
ASSETS | $ | 6,028 | 4,337 |
LIABILITIES | $ | $ 1,330 | $ 1,121 |
Minimum | ||
FAIR VALUE | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | (8.18) | (3.49) |
Minimum | CLECO POWER | ||
FAIR VALUE | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | (3.26) | (3.34) |
Maximum | ||
FAIR VALUE | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | 9.16 | 4.36 |
Maximum | CLECO POWER | ||
FAIR VALUE | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | 9.16 | 4.36 |
Fair Value Accounting and Fin_7
Fair Value Accounting and Financial Instruments - Additional Information (Details) MWh in Thousands, MMBTU in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($)MWh | Sep. 30, 2021USD ($)MMBTU | Dec. 31, 2020USD ($)MWh | Dec. 31, 2020USD ($)MMBTU | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||||
Intangible assets | $ 88,635,000 | $ 88,635,000 | $ 88,635,000 | $ 111,731,000 | $ 111,731,000 |
Volume outstanding | 22,794 | 118,712 | 15,269 | 73,000 | |
Trade name | |||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||||
Impairment of intangible assets | 3,800,000 | ||||
Intangible assets | $ 0 | $ 0 | $ 0 | ||
Trade name | Level 3 | Average rate | Discounted Cash Flow | |||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||||
Measurement input | 0.08 | 0.08 | 0.08 | ||
CLECO POWER | |||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||||
Volume outstanding | MWh | 14,596 | 9,521 | |||
Energy risk management assets, current | Natural gas derivatives* | DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | |||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||||
Collateral | $ 8,900,000 | $ 8,900,000 | $ 8,900,000 | $ 0 | $ 0 |
Fair Value Accounting and Fin_8
Fair Value Accounting and Financial Instruments - Institutional Money Market Funds (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 249,711 | $ 80,712 |
CLECO POWER | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 133,411 | 20,812 |
Current restricted cash and cash equivalents | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 2,352 | 4,545 |
Current restricted cash and cash equivalents | CLECO POWER | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 2,352 | 4,545 |
Non-current restricted cash and cash equivalents | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | $ 744 | $ 744 |
Fair Value Accounting and Fin_9
Fair Value Accounting and Financial Instruments - Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets (Details) - DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
GROSS ASSET (LIABILITY) | ||
Commodity-related contracts, net | $ 149,541,000 | |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative, contract netting | 0 | |
Derivative, collateral total | (8,900,000) | |
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Net asset (liability) on the balance sheet | 140,641,000 | $ 10,167,000 |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET (1) | ||
Collateral, assets | (55,000,000) | |
NET AMOUNT | ||
Net amount | 85,641,000 | |
Price risk derivatives | CLECO POWER | ||
GROSS ASSET (LIABILITY) | ||
Commodity-related contracts, net | 4,698,000 | 3,216,000 |
Price risk derivatives | Energy risk management assets, current | ||
GROSS ASSET (LIABILITY) | ||
Derivative asset | 9,338,000 | |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative asset, contract netting | 0 | |
Derivative asset, collateral | 0 | |
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative asset | 9,338,000 | 4,805,000 |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET (1) | ||
Collateral, assets | 0 | |
NET AMOUNT | ||
Derivative asset, net | 9,338,000 | |
Price risk derivatives | Energy risk management assets, current | CLECO POWER | ||
GROSS ASSET (LIABILITY) | ||
Derivative asset | 6,028,000 | 4,337,000 |
Price risk derivatives | Energy risk management liabilities | ||
GROSS ASSET (LIABILITY) | ||
Derivative liability | (1,589,000) | |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative liability, contract netting | 0 | |
Derivative liability, collateral | 0 | |
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative liability | (1,589,000) | (1,625,000) |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET (1) | ||
Collateral, liability | 0 | |
NET AMOUNT | ||
Derivative liability, net | (1,589,000) | |
Price risk derivatives | Energy risk management liabilities | CLECO POWER | ||
GROSS ASSET (LIABILITY) | ||
Derivative liability | (1,330,000) | (1,121,000) |
Natural gas derivatives* | Energy risk management assets, current | ||
GROSS ASSET (LIABILITY) | ||
Derivative asset | 59,648,000 | |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative asset, contract netting | (1,283,000) | |
Derivative asset, collateral | (8,900,000) | 0 |
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative asset | 49,465,000 | 8,276,000 |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET (1) | ||
Collateral, assets | (41,098,000) | |
NET AMOUNT | ||
Derivative asset, net | 8,367,000 | |
Natural gas derivatives* | Energy risk management liabilities | ||
GROSS ASSET (LIABILITY) | ||
Derivative liability | (1,283,000) | |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative liability, contract netting | 1,283,000 | |
Derivative liability, collateral | 0 | |
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative liability | 0 | (828,000) |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET (1) | ||
Collateral, liability | 0 | |
NET AMOUNT | ||
Derivative liability, net | 0 | |
Natural gas derivatives* | Energy risk management assets, noncurrent | ||
GROSS ASSET (LIABILITY) | ||
Derivative asset | 83,427,000 | |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative asset, contract netting | 0 | |
Derivative asset, collateral | 0 | |
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative asset | 83,427,000 | 323,000 |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET (1) | ||
Collateral, assets | (13,902,000) | |
NET AMOUNT | ||
Derivative asset, net | 69,525,000 | |
Natural gas derivatives* | Other deferred credits | ||
GROSS ASSET (LIABILITY) | ||
Derivative liability | 0 | |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative liability, contract netting | 0 | |
Derivative liability, collateral | 0 | |
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative liability | 0 | $ (784,000) |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET (1) | ||
Collateral, liability | 0 | |
NET AMOUNT | ||
Derivative liability, net | $ 0 |
Fair Value Accounting and Fi_10
Fair Value Accounting and Financial Instruments - Amount of Gain (Loss) Recognized in Income on Derivatives (Details) - DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS - Price risk derivatives - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Commodity-related contracts | ||||
Net gain (loss) recognized in income on derivatives | $ 108,772 | $ 22,557 | $ 168,021 | $ 27,724 |
Accumulated deferred fuel | ||||
Commodity-related contracts | ||||
Unrealized gains (losses) associated with FTRs | 1,200 | 400 | 500 | 1,400 |
CLECO POWER | ||||
Commodity-related contracts | ||||
Net gain (loss) recognized in income on derivatives | 1,137 | 687 | 1,931 | 1,865 |
CLECO POWER | Accumulated deferred fuel | ||||
Commodity-related contracts | ||||
Unrealized gains (losses) associated with FTRs | 1,200 | 400 | 500 | 1,400 |
Electric operations | ||||
Commodity-related contracts | ||||
Net gain (loss) recognized in income on derivatives | 1,959 | 3,013 | 11,167 | 6,262 |
Electric operations | CLECO POWER | ||||
Commodity-related contracts | ||||
Net gain (loss) recognized in income on derivatives | 1,959 | 3,013 | 11,167 | 6,262 |
Purchased power | ||||
Commodity-related contracts | ||||
Net gain (loss) recognized in income on derivatives | (874) | (763) | (8,730) | (1,053) |
Purchased power | CLECO POWER | ||||
Commodity-related contracts | ||||
Net gain (loss) recognized in income on derivatives | (822) | (2,326) | (9,236) | (4,397) |
Fuel used for electric generation | ||||
Commodity-related contracts | ||||
Net gain (loss) recognized in income on derivatives | $ 107,687 | $ 20,307 | $ 165,584 | $ 22,515 |
Debt (Details)
Debt (Details) | Sep. 10, 2021USD ($) | May 21, 2021USD ($) | Sep. 30, 2021USD ($) |
Line of credit | Revolving credit agreement | |||
Debt [Line Items] | |||
Debt, face amount | $ 175,000,000 | ||
Ratio of indebtedness | 0.65 | ||
Commitment fees | 0.275% | ||
Potential additional interest | 0.125% | ||
Potential additional commitment fee | 0.05% | ||
Borrowings outstanding | $ 0 | ||
Term loan | |||
Debt [Line Items] | |||
Debt, face amount | $ 266,000,000 | ||
LIBOR | Line of credit | Revolving credit agreement | |||
Debt [Line Items] | |||
Basis spread on variable rate | 1.625% | ||
LIBOR | Term loan | |||
Debt [Line Items] | |||
Basis spread on variable rate | 1.625% | ||
ABR | Line of credit | Revolving credit agreement | |||
Debt [Line Items] | |||
Basis spread on variable rate | 0.625% | ||
ABR | Term loan | |||
Debt [Line Items] | |||
Basis spread on variable rate | 0.625% | ||
CLECO POWER | Line of credit | Revolving credit agreement | |||
Debt [Line Items] | |||
Debt, face amount | $ 300,000,000 | ||
Ratio of indebtedness | 0.65 | ||
Commitment fees | 0.15% | ||
Potential additional interest | 0.125% | ||
Potential additional commitment fee | 0.025% | ||
Borrowings outstanding | $ 0 | ||
CLECO POWER | Term loan | |||
Debt [Line Items] | |||
Debt, face amount | $ 125,000,000 | ||
CLECO POWER | Senior Notes | |||
Debt [Line Items] | |||
Debt, face amount | $ 325,000,000 | ||
Redemption price percentage | 100.00% | ||
CLECO POWER | LIBOR | Line of credit | Revolving credit agreement | |||
Debt [Line Items] | |||
Basis spread on variable rate | 1.25% | ||
CLECO POWER | LIBOR | Term loan | |||
Debt [Line Items] | |||
Basis spread on variable rate | 1.25% | ||
CLECO POWER | LIBOR | Senior Notes | |||
Debt [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
CLECO POWER | ABR | Line of credit | Revolving credit agreement | |||
Debt [Line Items] | |||
Basis spread on variable rate | 0.25% | ||
CLECO POWER | ABR | Term loan | |||
Debt [Line Items] | |||
Basis spread on variable rate | 0.25% |
Pension Plan and Employee Ben_3
Pension Plan and Employee Benefits - Narrative (Details) - USD ($) | Mar. 11, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension contributions required through 2025 | $ 0 | ||||
Special/contractual termination benefits, percent increase in benefits | 10.00% | 10.00% | |||
Special/contractual termination benefits | $ 3,270,000 | $ 0 | $ 3,270,000 | $ 0 | |
Defined benefit plan contributions by employer | 10,050,000 | 5,473,000 | 23,610,000 | 16,423,000 | |
Pension Plan | CLECO POWER | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Special/contractual termination benefits | 2,400,000 | ||||
Pension Plan | Support Group | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Special/contractual termination benefits | 900,000 | ||||
Pension Plan | Other Subsidiaries | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan contributions by employer | 1,800,000 | 900,000 | 3,600,000 | 2,600,000 | |
Other Benefits Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Special/contractual termination benefits | 0 | 0 | 0 | 0 | |
Defined benefit plan contributions by employer | 1,319,000 | 1,380,000 | 3,924,000 | 3,895,000 | |
Assets held-in-trust, noncurrent | 0 | 0 | |||
Other Benefits Plan | CLECO POWER | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan contributions by employer | 1,200,000 | 1,100,000 | 3,600,000 | 3,600,000 | |
SERP | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan contributions by employer | 946,000 | 1,575,000 | 2,837,000 | 4,726,000 | |
SERP | CLECO POWER | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan contributions by employer | $ 100,000 | $ 200,000 | $ 400,000 | $ 700,000 |
Pension Plan and Employee Ben_4
Pension Plan and Employee Benefits - Net Periodic Pension and Benefits Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
PENSION BENEFITS | ||||
Components of periodic benefit costs | ||||
Service cost | $ 2,629 | $ 2,455 | $ 7,887 | $ 7,365 |
Interest cost | 4,667 | 5,204 | 14,001 | 15,612 |
Expected return on plan assets | (5,700) | (6,244) | (17,101) | (18,731) |
Amortizations | ||||
Prior period service credit | 0 | (15) | 0 | (45) |
Net loss | 5,184 | 4,073 | 15,553 | 12,222 |
Net periodic benefit cost | 6,780 | 5,473 | 20,340 | 16,423 |
Special/contractual termination benefits | 3,270 | 0 | 3,270 | 0 |
Total benefit cost | 10,050 | 5,473 | 23,610 | 16,423 |
OTHER BENEFITS | ||||
Components of periodic benefit costs | ||||
Service cost | 629 | 600 | 1,819 | 1,615 |
Interest cost | 317 | 418 | 962 | 1,238 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortizations | ||||
Prior period service credit | 0 | 0 | 0 | 0 |
Net loss | 373 | 362 | 1,143 | 1,042 |
Net periodic benefit cost | 1,319 | 1,380 | 3,924 | 3,895 |
Special/contractual termination benefits | 0 | 0 | 0 | 0 |
Total benefit cost | 1,319 | 1,380 | 3,924 | 3,895 |
SERP | ||||
Components of periodic benefit costs | ||||
Service cost | 59 | 100 | 174 | 300 |
Interest cost | 634 | 733 | 1,903 | 2,199 |
Amortizations | ||||
Prior period service credit | (54) | (54) | (161) | (161) |
Net loss | 307 | 796 | 921 | 2,388 |
Total benefit cost | $ 946 | $ 1,575 | $ 2,837 | $ 4,726 |
Pension Plan and Employee Ben_5
Pension Plan and Employee Benefits - Current and Non-Current Portions of the Other Benefits Liability (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | $ 320,504 | $ 314,653 |
CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | 237,818 | 230,825 |
Other Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 4,463 | 4,463 |
Non-current | 51,306 | 51,868 |
Other Benefits Plan | CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 3,865 | 3,865 |
Non-current | $ 40,261 | $ 40,734 |
Pension Plan and Employee Ben_6
Pension Plan and Employee Benefits - Current and Non-Current Portions of SERP Liability (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | $ 320,504 | $ 314,653 |
SERP Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 4,703 | 4,703 |
Non-current | 90,880 | 92,522 |
CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | 237,818 | 230,825 |
CLECO POWER | SERP Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 711 | 711 |
Non-current | $ 19,240 | $ 19,828 |
Pension Plan and Employee Ben_7
Pension Plan and Employee Benefits - 401 (K) Plans (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Contribution Plan Disclosure [Line Items] | |||||
401(k) Plan expense | $ 2,512 | $ 2,356 | $ 7,391 | $ 7,509 | |
Percent of employees' gross pay, one time benefit (up to) | 30.00% | 30.00% | 30.00% | ||
401(k) Plan expense, additional cost | $ 200 | ||||
Other Subsidiaries | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
401(k) Plan expense | $ 1,185 | $ 996 | $ 3,511 | $ 3,491 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Effective Income Tax Rate [Line Items] | ||||
Effective tax rate | 20.30% | 29.40% | 12.40% | 26.80% |
CLECO POWER | ||||
Effective Income Tax Rate [Line Items] | ||||
Effective tax rate | 1.00% | 33.40% | (0.20%) | 28.80% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Uncertain Tax Positions [Line Items] | |||||
Liability for uncertain tax positions | $ 0 | $ 0 | $ 0 | ||
Interest payable related to uncertain tax positions | 0 | 0 | 0 | ||
Penalties | 0 | $ 0 | 0 | $ 0 | |
Deferred employer payroll tax payments | 6,000,000 | ||||
Deferred employer payroll tax payments to be paid in 2021 | 3,000,000 | ||||
Deferred employer payroll tax payments to be paid in 2022 | 3,000,000 | ||||
CLECO POWER | |||||
Uncertain Tax Positions [Line Items] | |||||
Liability for uncertain tax positions | 0 | 0 | 0 | ||
Interest payable related to uncertain tax positions | $ 0 | $ 0 | 0 | ||
Deferred employer payroll tax payments | 3,600,000 | ||||
Deferred employer payroll tax payments to be paid in 2021 | 1,800,000 | ||||
Deferred employer payroll tax payments to be paid in 2022 | $ 1,800,000 |
Disclosures about Segments (Det
Disclosures about Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Apr. 13, 2016 | |
Revenue | ||||||
Electric operations | $ 462,164 | $ 386,388 | $ 1,180,345 | $ 1,019,501 | ||
Other operations | 55,721 | 47,597 | 150,777 | 137,407 | ||
Affiliate revenue | 0 | 0 | 0 | 0 | ||
Electric customer credits | (691) | (16,534) | (40,185) | (34,126) | ||
Operating revenue, net | 517,194 | 417,451 | 1,290,937 | 1,122,782 | ||
Net income | 119,910 | 60,297 | 219,059 | 109,793 | ||
Depreciation and amortization | 64,338 | 56,109 | 180,199 | 172,502 | ||
Interest income | 941 | 910 | 2,416 | 2,964 | ||
Interest charges | 34,629 | 34,060 | 101,812 | 103,923 | ||
Federal and state income tax expense | 30,569 | 25,075 | 30,985 | 40,230 | ||
Other corporate costs and noncash items | 71 | (1,078) | (4,259) | 6,807 | ||
EBITDA | 248,576 | 173,553 | 525,380 | 430,291 | ||
Additions to property, plant, and equipment | 209,960 | 215,692 | ||||
Equity investment in investees | 3,822 | 3,822 | $ 9,072 | |||
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | $ 1,490,000 | ||
Total assets | 8,395,807 | 8,395,807 | 7,725,569 | |||
CLECO POWER | ||||||
Revenue | ||||||
Electric operations | 357,084 | 288,852 | 887,191 | 752,925 | ||
Other operations | 22,779 | 17,775 | 57,674 | 49,443 | ||
Affiliate revenue | 1,380 | 1,506 | 4,259 | 3,852 | ||
Electric customer credits | (691) | (16,534) | (40,429) | (33,974) | ||
Operating revenue, net | 380,552 | 291,599 | 908,695 | 772,246 | ||
Net income | 56,561 | 36,092 | 102,407 | 76,156 | ||
Interest income | 936 | 789 | 2,404 | 2,498 | ||
Interest charges | 18,509 | 18,441 | 55,392 | 55,624 | ||
Federal and state income tax expense | 548 | 18,076 | (219) | 30,770 | ||
Additions to property, plant, and equipment | 202,940 | 205,765 | ||||
Equity investment in investees | 3,822 | 3,822 | 9,072 | |||
Total assets | 5,256,041 | 5,256,041 | 4,766,147 | |||
Power supply agreements | ||||||
Revenue | ||||||
Amortization of intangible assets | 6,400 | 6,400 | 19,200 | 19,200 | ||
OPERATING SEGMENTS | ||||||
Revenue | ||||||
Electric operations | 464,584 | 388,808 | 1,187,606 | 1,026,761 | ||
Other operations | 57,937 | 49,106 | 156,525 | 142,371 | ||
Affiliate revenue | 1,380 | 1,506 | 4,259 | 4,056 | ||
Electric customer credits | (691) | (16,534) | (40,185) | (34,127) | ||
Operating revenue, net | 523,210 | 422,886 | 1,308,205 | 1,139,061 | ||
Net income | 143,305 | 74,449 | 256,126 | 160,811 | ||
Depreciation and amortization | 56,149 | 51,612 | 163,148 | 158,926 | ||
Interest income | 940 | 799 | 2,414 | 2,767 | ||
Interest charges | 19,626 | 17,957 | 56,178 | 55,271 | ||
Federal and state income tax expense | 30,436 | 30,334 | 52,342 | 58,050 | ||
EBITDA | 248,576 | 173,553 | 525,380 | 430,291 | ||
Additions to property, plant, and equipment | 208,844 | 213,673 | ||||
Equity investment in investees | 3,822 | 3,822 | 9,072 | |||
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | |||
Total assets | 7,959,806 | 7,959,806 | 7,286,756 | |||
OPERATING SEGMENTS | CLECO POWER | ||||||
Revenue | ||||||
Electric operations | 357,084 | 288,852 | 887,191 | 752,925 | ||
Other operations | 22,779 | 17,775 | 57,674 | 49,443 | ||
Affiliate revenue | 1,380 | 1,506 | 4,259 | 3,852 | ||
Electric customer credits | (691) | (16,534) | (40,429) | (33,974) | ||
Operating revenue, net | 380,552 | 291,599 | 908,695 | 772,246 | ||
Net income | 56,561 | 36,092 | 102,407 | 76,156 | ||
Depreciation and amortization | 43,526 | 40,268 | 126,534 | 125,541 | ||
Interest income | 936 | 789 | 2,404 | 2,498 | ||
Interest charges | 18,509 | 18,441 | 55,392 | 55,624 | ||
Federal and state income tax expense | 548 | 18,076 | (219) | 30,770 | ||
EBITDA | 118,208 | 112,088 | 281,710 | 285,593 | ||
Additions to property, plant, and equipment | 202,940 | 205,765 | ||||
Equity investment in investees | 3,822 | 3,822 | 9,072 | |||
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | |||
Total assets | 6,746,838 | 6,746,838 | 6,256,944 | |||
OPERATING SEGMENTS | CLECO CAJUN | ||||||
Revenue | ||||||
Electric operations | 107,500 | 99,956 | 300,415 | 273,836 | ||
Other operations | 35,158 | 31,331 | 98,851 | 92,928 | ||
Affiliate revenue | 0 | 0 | 0 | 204 | ||
Electric customer credits | 0 | 0 | 244 | (153) | ||
Operating revenue, net | 142,658 | 131,287 | 399,510 | 366,815 | ||
Net income | 86,744 | 38,357 | 153,719 | 84,655 | ||
Depreciation and amortization | 12,623 | 11,344 | 36,614 | 33,385 | ||
Interest income | 4 | 10 | 10 | 269 | ||
Interest charges | 1,117 | (484) | 786 | (353) | ||
Federal and state income tax expense | 29,888 | 12,258 | 52,561 | 27,280 | ||
EBITDA | 130,368 | 61,465 | 243,670 | 144,698 | ||
Additions to property, plant, and equipment | 5,904 | 7,908 | ||||
Equity investment in investees | 0 | 0 | 0 | |||
Goodwill | 0 | 0 | 0 | |||
Total assets | 1,212,968 | 1,212,968 | 1,029,812 | |||
Amortization of deferred lease income | (2,300) | (2,300) | (6,900) | (6,900) | ||
OPERATING SEGMENTS | CLECO CAJUN | Power supply agreements | ||||||
Revenue | ||||||
Amortization of intangible assets and liabilities | 3,600 | 3,100 | 10,000 | 9,300 | ||
OTHER | ||||||
Revenue | ||||||
Electric operations | (2,420) | (2,420) | (7,260) | (7,260) | ||
Other operations | 1 | 1 | 4 | 2 | ||
Affiliate revenue | 32,116 | 35,522 | 85,392 | 93,938 | ||
Electric customer credits | 0 | 0 | 0 | 0 | ||
Operating revenue, net | 29,697 | 33,103 | 78,136 | 86,680 | ||
Net income | (23,396) | (14,154) | (37,068) | (51,019) | ||
Depreciation and amortization | 8,189 | 4,497 | 17,052 | 13,575 | ||
Interest income | 43 | 121 | 100 | 276 | ||
Interest charges | 15,044 | 16,115 | 45,732 | 48,731 | ||
Federal and state income tax expense | 133 | (5,260) | (21,357) | (17,821) | ||
Additions to property, plant, and equipment | 1,116 | 2,019 | ||||
Equity investment in investees | 19,099 | 19,099 | 0 | |||
Goodwill | 0 | 0 | 0 | |||
Total assets | 685,410 | 685,410 | 595,217 | |||
OTHER | Power supply agreements | CLECO POWER | ||||||
Revenue | ||||||
Amortization of intangible assets | 2,400 | 2,400 | 7,300 | 7,300 | ||
ELIMINATIONS | ||||||
Revenue | ||||||
Electric operations | 0 | 0 | (1) | 0 | ||
Other operations | (2,217) | (1,510) | (5,752) | (4,966) | ||
Affiliate revenue | (33,496) | (37,028) | (89,651) | (97,994) | ||
Electric customer credits | 0 | 0 | 0 | 1 | ||
Operating revenue, net | (35,713) | (38,538) | (95,404) | (102,959) | ||
Net income | 1 | 2 | 1 | 1 | ||
Depreciation and amortization | 0 | 0 | (1) | 1 | ||
Interest income | (42) | (10) | (98) | (79) | ||
Interest charges | (41) | (12) | (98) | (79) | ||
Federal and state income tax expense | 0 | $ 1 | 0 | 1 | ||
Additions to property, plant, and equipment | 0 | $ 0 | ||||
Equity investment in investees | (19,099) | (19,099) | 0 | |||
Goodwill | 0 | 0 | 0 | |||
Total assets | $ (249,409) | $ (249,409) | $ (156,404) |
Regulation and Rates - Provisio
Regulation and Rates - Provision for Rate Refund (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Jul. 31, 2019 |
Regulation and Rates [Line Items] | ||||
Provision for rate refund | $ 5,465 | $ 9,444 | ||
Cleco Katrina/Rita storm recovery charges | ||||
Regulation and Rates [Line Items] | ||||
Provision for rate refund | 1,610 | 1,617 | ||
FERC audit | ||||
Regulation and Rates [Line Items] | ||||
Provision for rate refund | 0 | 1,912 | ||
FRP | ||||
Regulation and Rates [Line Items] | ||||
Provision for rate refund | 1,236 | 1,786 | ||
Site-specific industrial customer | ||||
Regulation and Rates [Line Items] | ||||
Provision for rate refund | 611 | 710 | ||
TCJA | ||||
Regulation and Rates [Line Items] | ||||
Provision for rate refund | 2,057 | 2,057 | ||
Transmission ROE | ||||
Regulation and Rates [Line Items] | ||||
Provision for rate refund | 0 | 595 | ||
CLECO POWER | ||||
Regulation and Rates [Line Items] | ||||
Provision for rate refund | 5,465 | 8,630 | $ 79,200 | |
CLECO POWER | Cleco Katrina/Rita storm recovery charges | ||||
Regulation and Rates [Line Items] | ||||
Provision for rate refund | 1,610 | 1,617 | ||
CLECO POWER | FERC audit | ||||
Regulation and Rates [Line Items] | ||||
Provision for rate refund | 0 | 1,912 | ||
CLECO POWER | FRP | ||||
Regulation and Rates [Line Items] | ||||
Provision for rate refund | 1,236 | 1,786 | $ 1,200 | |
CLECO POWER | Site-specific industrial customer | ||||
Regulation and Rates [Line Items] | ||||
Provision for rate refund | 611 | 710 | ||
CLECO POWER | TCJA | ||||
Regulation and Rates [Line Items] | ||||
Provision for rate refund | 2,057 | 2,057 | ||
CLECO POWER | Transmission ROE | ||||
Regulation and Rates [Line Items] | ||||
Provision for rate refund | $ 0 | $ 595 |
Regulation and Rates - Narrativ
Regulation and Rates - Narrative (Details) $ in Thousands | Jun. 16, 2021 | Sep. 30, 2021USD ($)complaint | Sep. 30, 2020USD ($) | Jun. 30, 2021 | Sep. 30, 2021USD ($)complaint | Sep. 30, 2020USD ($) | Jul. 01, 2021USD ($) | Dec. 31, 2020USD ($) | Nov. 13, 2020USD ($) | Jun. 30, 2020USD ($) | Jul. 31, 2019USD ($) |
Regulation and Rates [Line Items] | |||||||||||
Refund due to customers | $ 5,465 | $ 5,465 | $ 9,444 | ||||||||
Electric customer credits | 691 | $ 16,534 | 40,185 | $ 34,126 | |||||||
Current regulatory liabilities | 46,003 | 46,003 | 23,509 | ||||||||
FRP | |||||||||||
Regulation and Rates [Line Items] | |||||||||||
Refund due to customers | 1,236 | 1,236 | 1,786 | ||||||||
Cleco Katrina/Rita storm recovery charges | |||||||||||
Regulation and Rates [Line Items] | |||||||||||
Refund due to customers | $ 1,610 | $ 1,610 | 1,617 | ||||||||
FERC | |||||||||||
Regulation and Rates [Line Items] | |||||||||||
Number of complaints filed | complaint | 2 | 2 | |||||||||
CLECO POWER | |||||||||||
Regulation and Rates [Line Items] | |||||||||||
Refund due to customers | $ 5,465 | $ 5,465 | 8,630 | $ 79,200 | |||||||
Electric customer credits | 691 | $ 16,534 | 40,429 | $ 33,974 | |||||||
Regulatory liabilities | 145,364 | 145,364 | 180,565 | ||||||||
Current regulatory liabilities | 46,003 | 46,003 | 23,509 | ||||||||
CLECO POWER | FRP | |||||||||||
Regulation and Rates [Line Items] | |||||||||||
Refund due to customers | 1,236 | 1,236 | 1,786 | $ 1,200 | |||||||
CLECO POWER | Cleco Katrina/Rita storm recovery charges | |||||||||||
Regulation and Rates [Line Items] | |||||||||||
Refund due to customers | 1,610 | 1,610 | $ 1,617 | ||||||||
CLECO POWER | LPSC | |||||||||||
Regulation and Rates [Line Items] | |||||||||||
TCJA, bill credit per month | $ 7,000 | ||||||||||
Bill credit related to unprotected excess ADIT | 4,400 | ||||||||||
Bill credit per month related to change in federal statutory tax rate | $ 2,600 | ||||||||||
Estimated refund for the tax-related benefits from the TCJA | 2,100 | 2,100 | |||||||||
CLECO POWER | LPSC | Merger Commitments, cost savings | |||||||||||
Regulation and Rates [Line Items] | |||||||||||
Regulatory liabilities | $ 4,300 | 4,300 | |||||||||
CLECO POWER | LPSC | FRP | |||||||||||
Regulation and Rates [Line Items] | |||||||||||
Target ROE allowed by FRP | 9.50% | 10.00% | |||||||||
Percentage of retail earnings within range to be returned to customers | 60.00% | 60.00% | |||||||||
ROE for customer credit, low range | 10.00% | 10.90% | |||||||||
ROE for customer credit, high range | 10.50% | 11.75% | |||||||||
CLECO POWER | LPSC | FRP | Maximum | |||||||||||
Regulation and Rates [Line Items] | |||||||||||
Target ROE allowed by FRP | 10.00% | 10.90% | |||||||||
CLECO POWER | LPSC | Excess ADIT | |||||||||||
Regulation and Rates [Line Items] | |||||||||||
Bill credit related to unprotected excess ADIT | $ 2,500 | ||||||||||
Regulatory liability, amortization period | 3 years | ||||||||||
Regulatory liabilities | $ 313,900 | 313,900 | |||||||||
Current regulatory liabilities | $ 39,500 | 39,500 | |||||||||
CLECO POWER | FERC | |||||||||||
Regulation and Rates [Line Items] | |||||||||||
Electric customer credits | $ 4,400 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | ||
Equity investment in investee | $ 3,822 | $ 9,072 |
CLECO POWER | ||
Variable Interest Entity [Line Items] | ||
Equity investment in investee | 3,822 | $ 9,072 |
Equity investment, total return of capital | 5,300 | |
CLECO POWER | Oxbow | Oxbow | ||
Variable Interest Entity [Line Items] | ||
Costs to be billed | $ 1,800 | |
CLECO POWER | Oxbow | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage by Cleco Power | 50.00% | |
SWEPCO | Oxbow | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage by other parties | 50.00% |
Variable Interest Entities - Eq
Variable Interest Entities - Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||
Total equity investment in investee | $ 3,822 | $ 3,822 | $ 9,072 | ||
Operating revenue, net | 517,194 | $ 417,451 | 1,290,937 | $ 1,122,782 | |
CLECO POWER | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Purchase price | 12,873 | 12,873 | 12,873 | ||
Cash contributions | 6,399 | 6,399 | 6,399 | ||
Distributions | (15,450) | (15,450) | (10,200) | ||
Total equity investment in investee | 3,822 | 3,822 | $ 9,072 | ||
Operating revenue, net | 380,552 | 291,599 | 908,695 | 772,246 | |
CLECO POWER | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Operating revenue, net | 1,486 | 2,275 | 5,113 | 33,266 | |
Operating expenses | 1,486 | 2,275 | 5,113 | 33,266 | |
Income before taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Variable Interest Entities - Ca
Variable Interest Entities - Carrying Amount of Assets and Liabilities with Maximum Exposure to Loss (Details) - CLECO POWER - Oxbow - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | ||
Oxbow’s net assets/liabilities | $ 7,645 | $ 18,145 |
Cleco Power’s 50% equity | 3,822 | 9,072 |
Cleco Power’s maximum exposure to loss | $ 3,822 | $ 9,072 |
Ownership percentage by Cleco Power | 50.00% |
Litigation, Other Commitments_3
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Litigation (Details) $ in Thousands | Oct. 20, 2021USD ($) | Jun. 01, 2020 | May 21, 2020 | Jan. 01, 2020 | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2015USD ($) | Dec. 31, 2014claim | Nov. 30, 2014claim | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | May 31, 2016 | Mar. 29, 2021USD ($) | Sep. 27, 2019recommendationfinding |
Loss Contingencies [Line Items] | |||||||||||||||||
Electric customer credits | $ 691 | $ 16,534 | $ 40,185 | $ 34,126 | |||||||||||||
Loss contingency, estimate of possible loss | 4,100 | 4,100 | |||||||||||||||
South Central Generating | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Loss contingency, estimate of possible loss | 1,500 | 1,500 | |||||||||||||||
FERC | MISO Transmission Rates | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Public utilities, requested rate increase (decrease), percentage (in hundredths) | 0.50% | ||||||||||||||||
Gulf Coast Spinning start up costs | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Allegations by plaintiff, failure to perform | $ 6,500 | ||||||||||||||||
Gulf Coast Spinning construction of cotton spinning facility | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Allegations by plaintiff, failure to perform | $ 60,000 | ||||||||||||||||
Actions filed in the 9th Judicial District Court | Alleged Breach of Fiduciary Duties | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Number of actions filed | claim | 4 | ||||||||||||||||
Actions filed in the Civil District Court | Alleged Breach of Fiduciary Duties | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Number of actions filed | claim | 3 | 3 | |||||||||||||||
CLECO POWER | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Electric customer credits | 691 | $ 16,534 | 40,429 | $ 33,974 | |||||||||||||
CLECO POWER | Deferred storm restoration costs - Winter Storms Uri & Viola | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Capitalized storm restoration costs | $ 8,400 | 8,400 | $ 50,000 | ||||||||||||||
CLECO POWER | LPSC 2018-2019 Fuel Audit | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Fuel expense | $ 565,800 | ||||||||||||||||
CLECO POWER | MISO Transmission Rates | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Public utilities, proposed return on equity, percentage (in hundredths) | 10.52% | 10.38% | 10.32% | 9.70% | |||||||||||||
CLECO POWER | LPSC | Subsequent event | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Environmental expense | $ 26,200 | ||||||||||||||||
CLECO POWER | FERC | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Number of findings | finding | 12 | ||||||||||||||||
Number of recommendations | recommendation | 59 | ||||||||||||||||
Electric customer credits | $ 4,400 | ||||||||||||||||
CLECO POWER | FERC | MISO Transmission Rates | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Public utilities, approved return on equity, percentage (In hundredths) | 12.38% | ||||||||||||||||
Public utilities, proposed return on equity, percentage (in hundredths) | 10.02% | 9.88% | 6.68% |
Litigation, Other Commitments_4
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Off-Balance Sheet Commitments and Guarantees (Details) - USD ($) | 1 Months Ended | 9 Months Ended |
Mar. 31, 2021 | Sep. 30, 2021 | |
Guarantor Obligations [Line Items] | ||
Guarantor obligations, collateral held directly or by third parties, amount | $ 0 | |
Performance Guarantee | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum exposure, undiscounted | 42,400,000 | |
Indemnification Agreement | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum exposure, undiscounted | 40,000,000 | |
Indemnification Agreement including fundamental organizational structure | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum exposure, undiscounted | 400,000,000 | |
CLECO POWER | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, collateral held directly or by third parties, amount | 0 | |
CLECO POWER | Letters of Credit | Deferred storm restoration costs - Winter Storms Uri & Viola | ||
Guarantor Obligations [Line Items] | ||
Collateral returned | $ 24,900,000 | |
CLECO POWER | Indemnification Agreement | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum exposure, undiscounted | 40,000,000 | |
CLECO POWER | Indemnification Agreement including fundamental organizational structure | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum exposure, undiscounted | $ 400,000,000 | |
Cleco Cajun | Letters of Credit | Deferred storm restoration costs - Winter Storms Uri & Viola | ||
Guarantor Obligations [Line Items] | ||
Collateral returned | $ 6,500,000 |
Litigation, Other Commitments_5
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Asset Retirement Obligation (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | |
Loss Contingencies [Line Items] | ||
Revisions and adjustments | $ 48,641 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance | 28,022 | |
Liabilities settled | (1,316) | |
Accretion | 715 | |
Revisions and adjustments | 48,641 | |
Ending balance | $ 76,062 | 76,062 |
CLECO POWER | ||
Loss Contingencies [Line Items] | ||
Revisions and adjustments | 13,100 | 13,101 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance | 11,364 | |
Liabilities settled | 0 | |
Accretion | 249 | |
Revisions and adjustments | 13,100 | 13,101 |
Ending balance | 24,714 | 24,714 |
Cleco Cajun | ||
Loss Contingencies [Line Items] | ||
Revisions and adjustments | 35,500 | 35,540 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance | 16,658 | |
Liabilities settled | (1,316) | |
Accretion | 466 | |
Revisions and adjustments | 35,500 | 35,540 |
Ending balance | 51,348 | 51,348 |
Indemnification assets, maximum environmental costs | 25,000 | 25,000 |
Indemnification assets | 22,100 | 22,100 |
Indemnification assets, current | 1,100 | 1,100 |
Indemnification assets, noncurrent | $ 21,000 | $ 21,000 |
Litigation, Other Commitments_6
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Risks and Uncertainties (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | |
Loss Contingencies [Line Items] | |||
Revisions and adjustments | $ 48,641 | ||
CLECO POWER | |||
Loss Contingencies [Line Items] | |||
Revisions and adjustments | $ 13,100 | 13,101 | |
CLECO POWER | Dolet Hills Power Station | |||
Loss Contingencies [Line Items] | |||
Revisions and adjustments | $ 3,300 | ||
Investment balance | 38,600 | 38,600 | |
CLECO POWER | Dolet Hills Power Station | DHLC | |||
Loss Contingencies [Line Items] | |||
Costs to be billed | 10,100 | 10,100 | |
CLECO POWER | Oxbow | Oxbow | |||
Loss Contingencies [Line Items] | |||
Costs to be billed | $ 1,800 | $ 1,800 |
Affiliate Transactions - Narrat
Affiliate Transactions - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Accounts receivable - affiliate | $ 3,038 | $ 3,038 | $ 1,663 | ||
Accounts payable - affiliate | 41,283 | 41,283 | 41,283 | ||
CLECO POWER | |||||
Related Party Transaction [Line Items] | |||||
Accounts receivable - affiliate | 13,982 | 13,982 | 14,605 | ||
Accounts payable - affiliate | 69,356 | 69,356 | 72,068 | ||
CLECO POWER | Cleco Holdings | |||||
Related Party Transaction [Line Items] | |||||
Accounts receivable - affiliate | 10,712 | 10,712 | 10,353 | ||
Accounts payable - affiliate | 57,825 | 57,825 | 57,713 | ||
CLECO POWER | Cleco Holdings | Settlement of taxes payable | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable - affiliate | 57,600 | 57,600 | 57,600 | ||
CLECO POWER | Affiliates | |||||
Related Party Transaction [Line Items] | |||||
Accounts receivable - affiliate | 2,388 | 2,388 | 3,248 | ||
Accounts payable - affiliate | 11,514 | 11,514 | 14,355 | ||
CLECO POWER | Oxbow | Affiliates | |||||
Related Party Transaction [Line Items] | |||||
Cost of mineral rights and land leases | 700 | $ 1,100 | 2,700 | $ 16,600 | |
Due to affiliates | $ 200 | $ 200 | $ 300 |
Affiliate Transactions - Summar
Affiliate Transactions - Summary of Balances Payable To or Due From Affiliates (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | $ 3,038 | $ 1,663 |
ACCOUNTS PAYABLE | 41,283 | 41,283 |
CLECO POWER | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 13,982 | 14,605 |
ACCOUNTS PAYABLE | 69,356 | 72,068 |
CLECO POWER | Cleco Holdings | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 10,712 | 10,353 |
ACCOUNTS PAYABLE | 57,825 | 57,713 |
CLECO POWER | Support Group | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 2,388 | 3,248 |
ACCOUNTS PAYABLE | 11,514 | 14,355 |
CLECO POWER | Cleco Cajun | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 882 | 1,004 |
ACCOUNTS PAYABLE | $ 17 | $ 0 |
Intangible Assets and Liabili_3
Intangible Assets and Liabilities - Narrative (Details) - USD ($) | Aug. 01, 2021 | Sep. 30, 2021 | Dec. 31, 2008 | Dec. 31, 2020 | Mar. 31, 2020 | Apr. 13, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets | $ 88,635,000 | $ 111,731,000 | ||||
Goodwill | 1,490,797,000 | $ 1,490,797,000 | $ 1,490,000,000 | |||
Goodwill impairment | $ 0 | |||||
Trade name | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets, residual value | 0 | |||||
Impairment of intangible assets | 3,800,000 | |||||
Intangible assets | $ 0 | |||||
Power supply agreements | Minimum | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangible asset, useful life | 7 years | |||||
Power supply agreements | Maximum | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangible asset, useful life | 19 years | |||||
Cleco Katrina/Rita | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets, residual value | $ 0 | |||||
Cleco Katrina/Rita | Cleco Katrina/Rita right to bill and collect storm recovery charges | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangible assets acquired | $ 177,500,000 | |||||
Cleco Katrina/Rita | Cleco Katrina/Rita right to bill and collect storm recovery charges from customers, net of financing costs | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangible assets acquired | 176,000,000 | |||||
Cleco Katrina/Rita | Financing costs | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangible assets acquired | $ 1,500,000 | |||||
Cleco Cajun | LTSA | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible liabilities, remaining life | 7 years | |||||
Cleco Cajun | Power supply agreements | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets, residual value | $ 0 | |||||
Cleco Cajun | Power supply agreements | Minimum | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets, remaining life | 6 years | |||||
Cleco Cajun | Power supply agreements | Maximum | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets, remaining life | 8 years |
Intangible Assets and Liabili_4
Intangible Assets and Liabilities - Schedule of Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
LTSA | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible liabilities | $ 871 | $ 871 | $ 2,613 | $ 2,613 |
Power supply agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible liabilities | 389 | 882 | 1,989 | 2,646 |
Cleco Katrina/Rita right to bill and collect storm recovery charges | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 0 | 0 | 0 | 517 |
Cleco Katrina/Rita right to bill and collect storm recovery charges | CLECO POWER | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 0 | 0 | 0 | 517 |
Trade name | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 3,770 | 64 | 3,897 | 191 |
Power supply agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 6,400 | $ 6,400 | $ 19,200 | $ 19,200 |
Intangible Assets and Liabili_5
Intangible Assets and Liabilities - Schedule of Finite-Lived Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets carrying amount | $ 184,004 | $ 189,104 |
Total intangible liability carrying amount | 38,300 | 38,300 |
Net intangible assets carrying amount | 145,704 | 150,804 |
Accumulated amortization | (77,326) | (63,932) |
Net intangible assets subject to amortization | 68,378 | 86,872 |
LTSA | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible liability carrying amount | 24,100 | 24,100 |
Power supply agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible liability carrying amount | 14,200 | 14,200 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets carrying amount | 0 | 5,100 |
Power supply agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets carrying amount | $ 184,004 | $ 184,004 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, beginning of period | $ 2,856,380 | $ 2,693,358 | $ 2,757,023 | $ 2,643,006 |
Balances, end of period | 2,976,386 | 2,754,103 | 2,976,386 | 2,754,103 |
TOTAL AOCI | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, beginning of period | (25,588) | (16,657) | (25,796) | (17,513) |
Balances, end of period | (25,492) | (16,209) | (25,492) | (16,209) |
POSTRETIREMENT BENEFIT NET LOSS | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, beginning of period | (25,588) | (16,657) | (25,796) | (17,513) |
Amounts reclassified from AOCI | 96 | 448 | 304 | 1,304 |
Balances, end of period | (25,492) | (16,209) | (25,492) | (16,209) |
CLECO POWER | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, beginning of period | 1,854,598 | 1,754,429 | 1,807,879 | 1,713,392 |
Balances, end of period | 1,911,572 | 1,790,957 | 1,911,572 | 1,790,957 |
CLECO POWER | TOTAL AOCI | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, beginning of period | (23,880) | (21,612) | (24,753) | (22,585) |
Balances, end of period | (23,467) | (21,176) | (23,467) | (21,176) |
CLECO POWER | POSTRETIREMENT BENEFIT NET LOSS | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, beginning of period | (18,394) | (15,872) | (19,139) | (16,717) |
Amounts reclassified from AOCI | 350 | 373 | 1,095 | 1,218 |
Balances, end of period | (18,044) | (15,499) | (18,044) | (15,499) |
CLECO POWER | NET LOSS ON CASH FLOW HEDGES | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, beginning of period | (5,486) | (5,740) | (5,614) | (5,868) |
Amounts reclassified from AOCI | 63 | 63 | 191 | 191 |
Balances, end of period | $ (5,423) | $ (5,677) | $ (5,423) | $ (5,677) |
Storm Restoration (Details)
Storm Restoration (Details) customer in Thousands, $ in Thousands | May 19, 2021USD ($) | May 31, 2021 | Mar. 31, 2021USD ($) | Oct. 28, 2020USD ($)hurricane | Sep. 30, 2021USD ($) | Sep. 28, 2021USD ($) | Sep. 11, 2021 | Aug. 29, 2021customer | Aug. 05, 2021USD ($) | Mar. 29, 2021USD ($) | Feb. 17, 2021customer | Feb. 14, 2021customer | Dec. 31, 2020USD ($) |
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Securitized storm restoration costs | $ 342,000 | ||||||||||||
Securitized storm restoration costs, reserve for future costs | $ 100,000 | ||||||||||||
Hurricanes | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Capitalization percentage | 63.00% | ||||||||||||
Capitalized storm restoration costs, interim storm recovery amount | $ 16,000 | ||||||||||||
Deferred storm restoration costs - Winter Storms Uri & Viola | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Capitalization percentage | 80.00% | ||||||||||||
Deferred storm restoration costs - Hurricane Ida | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Securitized storm restoration costs, reserve for future costs | $ 100,000 | ||||||||||||
CLECO POWER | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Regulatory assets | $ 721,426 | $ 456,034 | |||||||||||
CLECO POWER | Hurricane Laura, Delta and Zeta | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Regulatory assets | 78,200 | ||||||||||||
CLECO POWER | Deferred storm restoration costs - Winter Storms Uri & Viola | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Regulatory assets | 1,974 | 0 | |||||||||||
CLECO POWER | Deferred storm restoration costs - Hurricane Ida | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Regulatory assets | 36,836 | $ 0 | |||||||||||
CLECO POWER | Hurricanes | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Number of hurricanes | hurricane | 3 | ||||||||||||
Estimate of storm restoration costs | $ 242,600 | ||||||||||||
Capitalized storm restoration costs | $ 152,200 | ||||||||||||
CLECO POWER | Deferred storm restoration costs - Winter Storms Uri & Viola | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Estimate of storm restoration costs | 10,500 | ||||||||||||
Capitalized storm restoration costs | 8,400 | $ 50,000 | |||||||||||
Capitalized storm restoration costs, amortization period | 12 months | ||||||||||||
Fuel and purchased power costs | $ 55,000 | ||||||||||||
CLECO POWER | Deferred storm restoration costs - Winter Storms Uri & Viola | Letters of Credit | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Collateral returned | $ 24,900 | ||||||||||||
CLECO POWER | Winter Storm Uri | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Number of customers affected with power outage | customer | 11 | ||||||||||||
CLECO POWER | Winter Storm Viola | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Number of customers affected with power outage | customer | 43 | ||||||||||||
CLECO POWER | Deferred storm restoration costs - Hurricane Ida | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Capitalization percentage | 56.00% | ||||||||||||
Capitalized storm restoration costs | $ 49,100 | ||||||||||||
Number of customers affected with power outage | customer | 100 | ||||||||||||
Percentage of customers affected by the hurricane with power restored | 100.00% | ||||||||||||
CLECO POWER | Deferred storm restoration costs - Hurricane Ida | Minimum | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Estimate of storm restoration costs | 85,000 | ||||||||||||
CLECO POWER | Deferred storm restoration costs - Hurricane Ida | Maximum | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Estimate of storm restoration costs | $ 95,000 | ||||||||||||
Cleco Cajun | Deferred storm restoration costs - Winter Storms Uri & Viola | Letters of Credit | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Collateral returned | $ 6,500 |