Cover
Cover - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Current Fiscal Year End Date | --12-31 | |
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 Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | Yes | |
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 | |
ICFR Auditor Attestation Flag | false | |
Document Financial Statement Error Correction | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Public Float | $ 0 | |
Entity Central Index Key | 0001089819 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
CLECO POWER | ||
Entity Information [Line Items] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
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 Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | Yes | |
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 | |
ICFR Auditor Attestation Flag | false | |
Document Financial Statement Error Correction | false | |
Entity Shell Company | false | |
Entity Public Float | $ 0 | |
Entity Central Index Key | 0000018672 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Line Items] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 238 |
Auditor Location | New Orleans, Louisiana |
Cleco Power | |
Auditor [Line Items] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 238 |
Auditor Location | New Orleans, Louisiana |
Cleco Consolidated Statements o
Cleco Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating revenue | |||
Electric operations | $ 1,187,915 | $ 1,513,386 | $ 1,192,569 |
Other operations | 111,565 | 98,768 | 74,633 |
Gross operating revenue | 1,299,480 | 1,612,154 | 1,267,202 |
Electric customer credits | (60,689) | (7,674) | (40,878) |
Operating revenue, net | 1,238,791 | 1,604,480 | 1,226,324 |
Operating expenses | |||
Fuel used for electric generation | 506,264 | 430,215 | 262,135 |
Purchased power | 160,570 | 286,756 | 194,818 |
Other operations and maintenance | 248,085 | 230,175 | 239,212 |
Depreciation and amortization | 199,935 | 186,139 | 185,313 |
Taxes other than income taxes | 64,469 | 57,965 | 52,843 |
Regulatory disallowance | 0 | 13,841 | 0 |
Total operating expenses | 1,179,323 | 1,205,091 | 934,321 |
Operating income | 59,468 | 399,389 | 292,003 |
Interest income | 5,393 | 5,250 | 3,297 |
Allowance for equity funds used during construction | 5,747 | 3,740 | 9,905 |
Other expense, net | (694) | (11,240) | (15,061) |
Interest charges | |||
Interest charges, net | 165,529 | 145,773 | 131,512 |
Allowance for borrowed funds used during construction | (673) | (1,817) | (2,714) |
Total interest charges | 164,856 | 143,956 | 128,798 |
(Loss) income from continuing operations before income taxes | (94,942) | 253,183 | 161,346 |
Federal and state income tax (benefit) expense | (65,073) | 20,035 | 1,333 |
(Loss) income from continuing operations, net of income taxes | (29,869) | 233,148 | 160,013 |
Income (loss) from discontinued operations, net of income taxes | 14,642 | (44,337) | 34,953 |
Net (loss) income | $ (15,227) | $ 188,811 | $ 194,966 |
Cleco Consolidated Statements_2
Cleco Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (15,227) | $ 188,811 | $ 194,966 |
Other comprehensive income, net of tax | |||
Postretirement benefits (loss) gain , net of tax (benefit) expense | (5,171) | 23,688 | 2,167 |
Total other comprehensive (loss) income, net of tax | (5,171) | 23,688 | 2,167 |
Comprehensive (loss) income, net of tax | $ (20,398) | $ 212,499 | $ 197,133 |
Cleco Consolidated Statements_3
Cleco Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Tax (expense) benefit of postretirement benefits gain (loss) | $ 1,905 | $ (8,728) | $ (394) |
Cleco Consolidated Balance Shee
Cleco Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 122,576 | $ 54,541 |
Restricted cash and cash equivalents | 15,818 | 23,549 |
Other accounts receivable | 30,518 | 38,332 |
Unbilled revenue | 42,856 | 46,040 |
Fuel inventory, at average cost | 68,387 | 57,078 |
Materials and supplies, at average cost | 141,688 | 116,943 |
Energy risk management assets | 8,129 | 49,321 |
Accumulated deferred fuel | 11,627 | 57,881 |
Cash surrender value of company-/trust-owned life insurance policies | 56,922 | 52,859 |
Prepayments | 24,269 | 16,623 |
Regulatory assets | 34,280 | 47,173 |
Assets held for sale - discontinued operations | 159,514 | 135,430 |
Other current assets | 918 | 838 |
Total current assets | 790,667 | 783,867 |
Property, plant, and equipment | ||
Property, plant, and equipment | 4,838,994 | 4,604,039 |
Accumulated depreciation | (924,624) | (752,376) |
Net property, plant, and equipment | 3,914,370 | 3,851,663 |
Construction work in progress | 119,572 | 114,310 |
Total property, plant, and equipment, net | 4,033,942 | 3,965,973 |
Goodwill | 1,490,797 | 1,490,797 |
Operating lease right of use assets | 20,070 | 22,636 |
Restricted cash and cash equivalents | 113,573 | 109,415 |
Note receivable | 11,990 | 12,908 |
Regulatory assets - deferred taxes, net | 43,866 | 8,803 |
Regulatory assets | 615,495 | 611,917 |
Assets held for sale - discontinued operations | 546,218 | 727,160 |
Energy risk management assets | 0 | 58,895 |
Other deferred charges | 24,484 | 28,169 |
Total assets | 8,100,393 | 8,253,749 |
Current liabilities | ||
Short-term debt | 110,000 | 109,000 |
Long-term debt and finance leases due within one year | 256,811 | 340,867 |
Customer deposits | 56,982 | 57,851 |
Provision for rate refund | 60,768 | 3,074 |
Taxes payable | 19,963 | 17,448 |
Interest accrued | 22,209 | 25,540 |
Energy risk management liabilities | 15,786 | 7,274 |
Regulatory liabilities - deferred taxes, net | 21,939 | 42,890 |
Deferred compensation | 14,277 | 12,162 |
Storm reserves | 0 | 9,409 |
Liabilities held for sale - discontinued operations | 39,019 | 68,501 |
Postretirement benefit obligations | 35,520 | 9,737 |
Other current liabilities | 24,378 | 20,248 |
Total current liabilities | 808,136 | 872,697 |
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 801,397 | 820,300 |
Postretirement benefit obligations | 196,321 | 200,580 |
Storm reserves | 111,509 | 109,353 |
Asset retirement obligations | 13,723 | 15,429 |
Operating lease liabilities | 17,276 | 19,790 |
Liabilities held for sale - discontinued operations | 75,933 | 94,543 |
Customer advances for construction | 26,815 | 9,783 |
Other deferred credits | 34,186 | 25,113 |
Total long-term liabilities and deferred credits | 1,277,160 | 1,294,891 |
Long-term debt and finance leases, net | 3,141,924 | 3,139,094 |
Total liabilities | 5,227,220 | 5,306,682 |
Commitments and contingencies (Note 16) | ||
Member’s equity | 2,873,173 | 2,947,067 |
Total liabilities and member’s equity | 8,100,393 | 8,253,749 |
Securitization | ||
Property, plant, and equipment | ||
Intangible assets | 398,658 | 413,123 |
Other | ||
Property, plant, and equipment | ||
Intangible assets | 10,633 | 20,086 |
Nonrelated Party | ||
Current assets | ||
Accounts receivable | 48,949 | 72,646 |
Current liabilities | ||
Accounts payable | 119,801 | 135,604 |
Affiliate | ||
Current assets | ||
Accounts receivable | 24,216 | 14,613 |
Current liabilities | ||
Accounts payable | $ 10,683 | $ 13,092 |
Cleco Consolidated Balance Sh_2
Cleco Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for credit losses | $ 3,012 | $ 1,147 |
Cleco Consolidated Statements_4
Cleco Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Operating activities | |||||
Net (loss) income | $ (15,227) | $ 188,811 | $ 194,966 | ||
Adjustment to reconcile net (loss) income to net cash provided by operating activities | |||||
Depreciation and amortization | 237,614 | 289,486 | 273,392 | ||
Provision for credit losses | 5,506 | 3,357 | 5,471 | ||
Regulatory disallowance | 0 | 13,841 | 0 | ||
Electric customer credits | 58,700 | 0 | 0 | ||
Unearned compensation expense | 10,102 | 5,502 | 6,678 | ||
Allowance for equity funds used during construction | (5,747) | (3,740) | (9,905) | ||
Loss (gain) on energy risk management assets and liabilities, net | 103,876 | (21,805) | (80,314) | ||
Loss on classification as held for sale | 173,000 | 0 | 0 | ||
Deferred lease revenue | (2,301) | (9,205) | (9,205) | ||
Deferred income taxes | (75,103) | (7,911) | 13,954 | ||
Cash surrender value of company-/trust-owned life insurance | (2,211) | 1,266 | (9,438) | ||
Changes in assets and liabilities | |||||
Unbilled revenue | 3,184 | (8,377) | 2,464 | ||
Fuel inventory and materials and supplies | (52,621) | (43,703) | 30,254 | ||
Prepayments | (22,438) | (15,846) | (12,097) | ||
Accounts payable | (37,827) | 20,711 | (2,379) | ||
Accounts payable - affiliate | (2,409) | (38,206) | 10,014 | ||
Customer deposits | 5,311 | 6,778 | 11,241 | ||
Provision for merger commitments | 0 | 0 | (2,620) | ||
Postretirement benefit obligations | (2,793) | (847) | 7,106 | ||
Regulatory assets and liabilities, net | 7,592 | 21,537 | (163,788) | ||
Deferred fuel recoveries | 54,028 | 8,742 | (29,405) | ||
Asset retirement obligations | (7,348) | (4,958) | (959) | ||
Other deferred accounts | (1,632) | (7,333) | (13,032) | ||
Taxes accrued | 225 | 11,337 | (10,145) | ||
Interest accrued | (3,330) | 10,337 | (380) | ||
Energy risk management collateral | (6,500) | 6,500 | 0 | ||
Other operating | 874 | (8,205) | (1,989) | ||
Net cash provided by operating activities | 421,192 | 344,912 | 182,640 | ||
Investing activities | |||||
Additions to property, plant, and equipment | (230,238) | (236,767) | (311,141) | ||
Proceeds from sale of property, plant, and equipment | 956 | 993 | 1,654 | ||
Return of equity investment in investee | 80 | 0 | 7,000 | ||
Return of investment in company-/trust-owned life insurance | 417 | 41,671 | 820 | ||
Other investing | 969 | 846 | 834 | ||
Net cash used in investing activities | (227,816) | (193,257) | (300,833) | ||
Financing activities | |||||
Draws on revolving credit facilities | 125,000 | 226,000 | 185,000 | ||
Payments on revolving credit facilities | (124,000) | (117,000) | (260,000) | ||
Issuances of long-term debt | 100,000 | 424,946 | 325,000 | ||
Repayments of long-term debt | (175,174) | (417,700) | (66,000) | ||
Payment of financing costs | (375) | (6,968) | (4,408) | ||
Distributions to member | (53,496) | (219,588) | 0 | ||
Other financing | (836) | (755) | (682) | ||
Net cash used in financing activities | (128,881) | (111,065) | 178,910 | ||
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 64,495 | 40,590 | 60,717 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 191,572 | [1] | 150,982 | 90,265 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 256,067 | [1] | 191,572 | [1] | 150,982 |
Supplementary cash flow information | |||||
Interest paid, net of amount capitalized | 170,680 | 131,760 | 126,061 | ||
Income taxes paid, net | 2,162 | 0 | 72 | ||
Supplementary non-cash investing and financing activities | |||||
Accrued additions to property, plant, and equipment | 5,052 | 10,247 | 10,369 | ||
Reduction in property, plant, and equipment due to regulatory disallowance | 0 | 13,841 | 0 | ||
Reduction in property, plant, and equipment due to securitization of capitalized storm costs | 0 | 197,689 | 0 | ||
Nonrelated Party | |||||
Changes in assets and liabilities | |||||
Accounts receivable | 8,112 | (61,848) | (25,865) | ||
Affiliate | |||||
Changes in assets and liabilities | |||||
Accounts receivable | $ (9,445) | $ (11,309) | $ (1,379) | ||
[1] (1) Includes cash and cash equivalents of $54,541, current restricted cash and cash equivalents of $23,549, and non-current restricted cash and cash equivalents of $109,415. Also includes cash, cash equivalents, and restricted cash equivalents in assets held for sale of $4,067. (2) Includes cash and cash equivalents of $122,576, current restricted cash and cash equivalents of $15,818, and non-current restricted cash and cash equivalents of $113,573. Also includes cash, cash equivalents, and restricted cash equivalents in assets held for sale of $4,100. |
Cleco Consolidated Statements_5
Cleco Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 122,576 | $ 54,541 |
Current restricted cash and cash equivalents | 15,818 | 23,549 |
Non-current restricted cash and cash equivalents | 113,573 | 109,415 |
Cash, cash equivalents and restricted cash equivalents in assets held for sale | $ 4,100 | $ 4,067 |
Cleco Consolidated Statements_6
Cleco Consolidated Statements of Changes in Member’s Equity - USD ($) $ in Thousands | Total | MEMBERSHIP INTEREST | RETAINED EARNINGS | TOTAL AOCI |
Balance, beginning of period at Dec. 31, 2020 | $ 2,757,023 | $ 2,454,276 | $ 328,543 | $ (25,796) |
Increase (Decrease) in Equity [Roll Forward] | ||||
Net income (loss) | 194,966 | 194,966 | ||
Other comprehensive income (loss), net of tax | 2,167 | 2,167 | ||
Balance, end of period at Dec. 31, 2021 | 2,954,156 | 2,454,276 | 523,509 | (23,629) |
Increase (Decrease) in Equity [Roll Forward] | ||||
Distributions to member | (219,588) | (219,588) | ||
Net income (loss) | 188,811 | 188,811 | ||
Other comprehensive income (loss), net of tax | 23,688 | 23,688 | ||
Balance, end of period at Dec. 31, 2022 | 2,947,067 | 2,454,276 | 492,732 | 59 |
Increase (Decrease) in Equity [Roll Forward] | ||||
Distributions to member | (53,496) | (53,496) | ||
Net income (loss) | (15,227) | (15,227) | ||
Other comprehensive income (loss), net of tax | (5,171) | (5,171) | ||
Balance, end of period at Dec. 31, 2023 | $ 2,873,173 | $ 2,454,276 | $ 424,009 | $ (5,112) |
Cleco Power Consolidated Statem
Cleco Power Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating revenue | |||
Electric operations | $ 1,187,915 | $ 1,513,386 | $ 1,192,569 |
Other operations | 111,565 | 98,768 | 74,633 |
Affiliate revenue | 0 | 0 | 0 |
Gross operating revenue | 1,299,480 | 1,612,154 | 1,267,202 |
Electric customer credits | (60,689) | (7,674) | (40,878) |
Operating revenue, net | 1,238,791 | 1,604,480 | 1,226,324 |
Operating expenses | |||
Fuel used for electric generation | 506,264 | 430,215 | 262,135 |
Purchased power | 160,570 | 286,756 | 194,818 |
Other operations and maintenance | 248,085 | 230,175 | 239,212 |
Depreciation and amortization | 199,935 | 186,139 | 185,313 |
Taxes other than income taxes | 64,469 | 57,965 | 52,843 |
Regulatory disallowance | 0 | 13,841 | 0 |
Total operating expenses | 1,179,323 | 1,205,091 | 934,321 |
Operating income | 59,468 | 399,389 | 292,003 |
Less: Interest income | 5,393 | 5,250 | 3,297 |
Allowance for equity funds used during construction | 5,747 | 3,740 | 9,905 |
Other expense, net | (694) | (11,240) | (15,061) |
Interest charges | |||
Interest charges, net | 165,529 | 145,773 | 131,512 |
Allowance for borrowed funds used during construction | (673) | (1,817) | (2,714) |
Total interest charges | 164,856 | 143,956 | 128,798 |
(Loss) income from continuing operations before income taxes | (94,942) | 253,183 | 161,346 |
Federal and state income tax (benefit) expense | (65,073) | 20,035 | 1,333 |
Net (loss) income | (15,227) | 188,811 | 194,966 |
Cleco Power | |||
Operating revenue | |||
Electric operations | 1,197,369 | 1,523,066 | 1,202,249 |
Other operations | 111,561 | 98,759 | 74,625 |
Affiliate revenue | 8,904 | 6,377 | 5,641 |
Gross operating revenue | 1,317,834 | 1,628,202 | 1,282,515 |
Electric customer credits | (60,689) | (7,674) | (40,878) |
Operating revenue, net | 1,257,145 | 1,620,528 | 1,241,637 |
Operating expenses | |||
Fuel used for electric generation | 389,427 | 610,737 | 396,279 |
Purchased power | 160,570 | 286,756 | 194,818 |
Other operations and maintenance | 233,863 | 216,851 | 223,257 |
Depreciation and amortization | 191,745 | 178,231 | 173,498 |
Taxes other than income taxes | 60,676 | 55,075 | 49,598 |
Regulatory disallowance | 0 | 13,841 | 0 |
Total operating expenses | 1,036,281 | 1,361,491 | 1,037,450 |
Operating income | 220,864 | 259,037 | 204,187 |
Less: Interest income | 5,011 | 5,082 | 3,294 |
Allowance for equity funds used during construction | 5,747 | 3,740 | 9,905 |
Other expense, net | (28) | (7,081) | (19,561) |
Interest charges | |||
Interest charges, net | 99,552 | 90,035 | 75,804 |
Allowance for borrowed funds used during construction | (673) | (1,817) | (2,714) |
Total interest charges | 98,879 | 88,218 | 73,090 |
(Loss) income from continuing operations before income taxes | 132,715 | 172,560 | 124,735 |
Federal and state income tax (benefit) expense | (4,434) | 2,503 | (9,353) |
Net (loss) income | $ 137,149 | $ 170,057 | $ 134,088 |
Cleco Power Consolidated Stat_2
Cleco Power Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ (15,227) | $ 188,811 | $ 194,966 |
Other comprehensive income, net of tax | |||
Postretirement benefits gain (loss), net of tax (benefit) expense | (5,171) | 23,688 | 2,167 |
Total other comprehensive (loss) income, net of tax | (5,171) | 23,688 | 2,167 |
Comprehensive (loss) income, net of tax | (20,398) | 212,499 | 197,133 |
CLECO POWER | |||
Net income | 137,149 | 170,057 | 134,088 |
Other comprehensive income, net of tax | |||
Postretirement benefits gain (loss), net of tax (benefit) expense | (2,237) | 9,567 | 6,254 |
Amortization of interest rate derivatives to earnings, net of tax expense | 251 | 251 | 316 |
Total other comprehensive (loss) income, net of tax | (1,986) | 9,818 | 6,570 |
Comprehensive (loss) income, net of tax | $ 135,163 | $ 179,875 | $ 140,658 |
Cleco Power Consolidated Stat_3
Cleco Power Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax (expense) benefit of postretirement benefits gain (loss) | $ 1,905 | $ (8,728) | $ (394) |
CLECO POWER | |||
Tax (expense) benefit of postretirement benefits gain (loss) | 825 | (3,525) | (2,024) |
Tax expense on amortization of interest rate derivatives to earnings | $ 93 | $ 93 | $ 28 |
Cleco Power Consolidated Balanc
Cleco Power Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Utility plant and equipment | ||
Property, plant, and equipment | $ 4,838,994 | $ 4,604,039 |
Accumulated depreciation | (924,624) | (752,376) |
Net property, plant, and equipment | 3,914,370 | 3,851,663 |
Construction work in progress | 119,572 | 114,310 |
Total property, plant, and equipment, net | 4,033,942 | 3,965,973 |
Current assets | ||
Cash and cash equivalents | 122,576 | 54,541 |
Restricted cash and cash equivalents | 15,818 | 23,549 |
Other accounts receivable | 30,518 | 38,332 |
Unbilled revenue | 42,856 | 46,040 |
Fuel inventory, at average cost | 68,387 | 57,078 |
Materials and supplies, at average cost | 141,688 | 116,943 |
Energy risk management assets | 8,129 | 49,321 |
Accumulated deferred fuel | 11,627 | 57,881 |
Cash surrender value of company-owned life insurance policies | 56,922 | 52,859 |
Prepayments | 24,269 | 16,623 |
Regulatory assets | 34,280 | 47,173 |
Other current assets | 918 | 838 |
Total current assets | 790,667 | 783,867 |
Operating lease right of use assets | 20,070 | 22,636 |
Restricted cash and cash equivalents | 113,573 | 109,415 |
Note receivable | 11,990 | 12,908 |
Regulatory assets - deferred taxes, net | 43,866 | 8,803 |
Regulatory assets | 615,495 | 611,917 |
Other deferred charges | 24,484 | 28,169 |
Total assets | 8,100,393 | 8,253,749 |
Liabilities and member’s equity | ||
Member’s equity | 2,873,173 | 2,947,067 |
Long-term debt and finance leases, net | 3,141,924 | 3,139,094 |
Current liabilities | ||
Short-term debt | 110,000 | 109,000 |
Long-term debt and finance leases due within one year | 256,811 | 340,867 |
Customer deposits | 56,982 | 57,851 |
Provision for rate refund | 60,768 | 3,074 |
Taxes payable | 19,963 | 17,448 |
Interest accrued | 22,209 | 25,540 |
Energy risk management liabilities | 15,786 | 7,274 |
Regulatory liabilities - deferred taxes, net | 21,939 | 42,890 |
Storm reserves | 0 | 9,409 |
Postretirement benefit obligations | 35,520 | 9,737 |
Other current liabilities | 24,378 | 20,248 |
Total current liabilities | 808,136 | 872,697 |
Commitments and contingencies (Note 16) | ||
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 801,397 | 820,300 |
Postretirement benefit obligations | 196,321 | 200,580 |
Storm reserves | 111,509 | 109,353 |
Asset retirement obligations | 13,723 | 15,429 |
Operating lease liabilities | 17,276 | 19,790 |
Customer advances for construction | 26,815 | 9,783 |
Other deferred credits | 34,186 | 25,113 |
Total long-term liabilities and deferred credits | 1,277,160 | 1,294,891 |
Total liabilities and member’s equity | 8,100,393 | 8,253,749 |
Securitization | ||
Current assets | ||
Intangible asset - securitization | 398,658 | 413,123 |
Nonrelated Party | ||
Current assets | ||
Accounts receivable | 48,949 | 72,646 |
Current liabilities | ||
Accounts payable | 119,801 | 135,604 |
Affiliate | ||
Current assets | ||
Accounts receivable | 24,216 | 14,613 |
Current liabilities | ||
Accounts payable | 10,683 | 13,092 |
CLECO POWER | ||
Utility plant and equipment | ||
Property, plant, and equipment | 5,969,355 | 5,736,526 |
Accumulated depreciation | (2,244,217) | (2,082,153) |
Net property, plant, and equipment | 3,725,138 | 3,654,373 |
Construction work in progress | 118,249 | 113,470 |
Total property, plant, and equipment, net | 3,843,387 | 3,767,843 |
Current assets | ||
Cash and cash equivalents | 49,211 | 14,703 |
Restricted cash and cash equivalents | 15,818 | 23,549 |
Other accounts receivable | 27,768 | 33,444 |
Unbilled revenue | 42,856 | 46,040 |
Fuel inventory, at average cost | 68,387 | 57,078 |
Materials and supplies, at average cost | 141,688 | 116,943 |
Energy risk management assets | 3,087 | 2,570 |
Accumulated deferred fuel | 11,627 | 57,881 |
Cash surrender value of company-owned life insurance policies | 9,792 | 9,471 |
Prepayments | 17,375 | 11,765 |
Regulatory assets | 26,545 | 39,438 |
Other current assets | 918 | 838 |
Total current assets | 468,564 | 490,137 |
Operating lease right of use assets | 20,070 | 22,628 |
Restricted cash and cash equivalents | 113,549 | 109,392 |
Note receivable | 11,990 | 12,908 |
Regulatory assets - deferred taxes, net | 43,866 | 8,803 |
Regulatory assets | 505,623 | 491,978 |
Other deferred charges | 23,835 | 27,361 |
Total assets | 5,429,542 | 5,344,173 |
Liabilities and member’s equity | ||
Member’s equity | 2,063,237 | 2,022,912 |
Long-term debt and finance leases, net | 1,697,152 | 1,786,447 |
Total capitalization | 3,760,389 | 3,809,359 |
Current liabilities | ||
Short-term debt | 0 | 45,000 |
Long-term debt and finance leases due within one year | 190,314 | 110,344 |
Customer deposits | 56,982 | 57,851 |
Provision for rate refund | 60,768 | 3,074 |
Taxes payable | 23,709 | 15,277 |
Interest accrued | 11,752 | 15,276 |
Energy risk management liabilities | 15,112 | 4,864 |
Regulatory liabilities - deferred taxes, net | 21,939 | 42,890 |
Storm reserves | 0 | 9,409 |
Postretirement benefit obligations | 30,777 | 4,981 |
Other current liabilities | 14,617 | 13,379 |
Total current liabilities | 534,735 | 454,228 |
Commitments and contingencies (Note 16) | ||
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 806,560 | 770,127 |
Postretirement benefit obligations | 132,321 | 137,754 |
Storm reserves | 111,509 | 109,353 |
Asset retirement obligations | 13,598 | 15,301 |
Operating lease liabilities | 17,276 | 19,790 |
Customer advances for construction | 26,815 | 9,783 |
Other deferred credits | 26,339 | 18,478 |
Total long-term liabilities and deferred credits | 1,134,418 | 1,080,586 |
Total liabilities and member’s equity | 5,429,542 | 5,344,173 |
CLECO POWER | Securitization | ||
Current assets | ||
Intangible asset - securitization | 398,658 | 413,123 |
CLECO POWER | Nonrelated Party | ||
Current assets | ||
Accounts receivable | 48,949 | 72,646 |
Current liabilities | ||
Accounts payable | 95,565 | 119,435 |
CLECO POWER | Affiliate | ||
Current assets | ||
Accounts receivable | 4,543 | 3,771 |
Current liabilities | ||
Accounts payable | $ 13,200 | $ 12,448 |
Cleco Power Consolidated Bala_2
Cleco Power Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance for credit losses | $ 3,012 | $ 1,147 |
CLECO POWER | ||
Accounts receivable, allowance for credit losses | $ 3,012 | $ 1,147 |
Cleco Power Consolidated Stat_4
Cleco Power Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Operating activities | |||||
Net income | $ (15,227) | $ 188,811 | $ 194,966 | ||
Adjustment to reconcile net (loss) income to net cash provided by operating activities | |||||
Depreciation and amortization | 237,614 | 289,486 | 273,392 | ||
Provision for credit losses | 5,506 | 3,357 | 5,471 | ||
Regulatory disallowance | 0 | 13,841 | 0 | ||
Electric customer credits | 58,700 | 0 | 0 | ||
Unearned compensation expense | 10,102 | 5,502 | 6,678 | ||
Allowance for equity funds used during construction | (5,747) | (3,740) | (9,905) | ||
Deferred income taxes | (75,103) | (7,911) | 13,954 | ||
Changes in assets and liabilities | |||||
Unbilled revenue | 3,184 | (8,377) | 2,464 | ||
Fuel inventory and materials and supplies | (52,621) | (43,703) | 30,254 | ||
Prepayments | (22,438) | (15,846) | (12,097) | ||
Accounts payable | (37,827) | 20,711 | (2,379) | ||
Customer deposits | 5,311 | 6,778 | 11,241 | ||
Provision for merger commitments | 0 | 0 | (2,620) | ||
Postretirement benefit obligations | (2,793) | (847) | 7,106 | ||
Regulatory assets and liabilities, net | 7,592 | 21,537 | (163,788) | ||
Deferred fuel recoveries | 54,028 | 8,742 | (29,405) | ||
Asset retirement obligations | (7,348) | (4,958) | (959) | ||
Other deferred accounts | (1,632) | (7,333) | (13,032) | ||
Taxes accrued | 225 | 11,337 | (10,145) | ||
Interest accrued | (3,330) | 10,337 | (380) | ||
Other operating | 874 | (8,205) | (1,989) | ||
Net cash provided by operating activities | 421,192 | 344,912 | 182,640 | ||
Investing activities | |||||
Additions to property, plant, and equipment | (230,238) | (236,767) | (311,141) | ||
Proceeds from sale of property, plant, and equipment | 956 | 993 | 1,654 | ||
Return of equity investment in investee | 80 | 0 | 7,000 | ||
Return of investment in company-/trust-owned life insurance | 417 | 41,671 | 820 | ||
Other investing | 969 | 846 | 834 | ||
Net cash used in investing activities | (227,816) | (193,257) | (300,833) | ||
Financing activities | |||||
Draws on revolving credit facilities | 125,000 | 226,000 | 185,000 | ||
Payments on revolving credit facilities | (124,000) | (117,000) | (260,000) | ||
Issuances of long-term debt | 100,000 | 424,946 | 325,000 | ||
Repayments of long-term debt | (175,174) | (417,700) | (66,000) | ||
Payment of financing costs | (375) | (6,968) | (4,408) | ||
Distributions to member | (53,496) | (219,588) | 0 | ||
Other financing | (836) | (755) | (682) | ||
Net cash used in financing activities | (128,881) | (111,065) | 178,910 | ||
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 64,495 | 40,590 | 60,717 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 191,572 | [1] | 150,982 | 90,265 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 256,067 | [1] | 191,572 | [1] | 150,982 |
Supplementary cash flow information | |||||
Interest paid, net of amount capitalized | 170,680 | 131,760 | 126,061 | ||
Supplementary non-cash investing and financing activities | |||||
Accrued additions to property, plant, and equipment | 5,052 | 10,247 | 10,369 | ||
Reduction in property, plant, and equipment due to regulatory disallowance | 0 | 13,841 | 0 | ||
Reduction in property, plant, and equipment due to securitization of capitalized storm costs | 0 | 197,689 | 0 | ||
Nonrelated Party | |||||
Changes in assets and liabilities | |||||
Accounts receivable | 8,112 | (61,848) | (25,865) | ||
Affiliate | |||||
Changes in assets and liabilities | |||||
Accounts receivable | (9,445) | (11,309) | (1,379) | ||
CLECO POWER | |||||
Operating activities | |||||
Net income | 137,149 | 170,057 | 134,088 | ||
Adjustment to reconcile net (loss) income to net cash provided by operating activities | |||||
Depreciation and amortization | 197,366 | 185,029 | 182,373 | ||
Provision for credit losses | 5,506 | 3,357 | 5,471 | ||
Regulatory disallowance | 0 | 13,841 | 0 | ||
Electric customer credits | 58,700 | 0 | 0 | ||
Unearned compensation expense | 1,661 | 858 | 1,548 | ||
Allowance for equity funds used during construction | (5,747) | (3,740) | (9,905) | ||
Deferred income taxes | (21,112) | (4,690) | (9,211) | ||
Changes in assets and liabilities | |||||
Unbilled revenue | 3,184 | (8,377) | 2,464 | ||
Fuel inventory and materials and supplies | (36,443) | (27,764) | 11,767 | ||
Prepayments | (5,407) | (3,808) | (2,370) | ||
Customer deposits | 5,311 | 6,778 | 11,241 | ||
Provision for merger commitments | 0 | 0 | (2,120) | ||
Postretirement benefit obligations | (1,839) | 215 | 5,586 | ||
Regulatory assets and liabilities, net | 5,604 | 19,550 | (165,775) | ||
Deferred fuel recoveries | 54,028 | 8,742 | (29,405) | ||
Asset retirement obligations | (7,124) | (4,728) | 300 | ||
Other deferred accounts | 4,441 | (2,281) | (6,199) | ||
Taxes accrued | 6,567 | 9,704 | (7,647) | ||
Interest accrued | (3,524) | 10,196 | (277) | ||
Other operating | 417 | (6,006) | (4,299) | ||
Net cash provided by operating activities | 399,943 | 274,265 | 102,518 | ||
Investing activities | |||||
Additions to property, plant, and equipment | (220,982) | (228,940) | (300,957) | ||
Proceeds from sale of property, plant, and equipment | 859 | 905 | 1,558 | ||
Return of equity investment in investee | 80 | 0 | 7,000 | ||
Return of investment in company-/trust-owned life insurance | 417 | 6,496 | 820 | ||
Other investing | 969 | 846 | 834 | ||
Net cash used in investing activities | (218,657) | (220,693) | (290,745) | ||
Financing activities | |||||
Draws on revolving credit facilities | 25,000 | 162,000 | 185,000 | ||
Payments on revolving credit facilities | (70,000) | (117,000) | (260,000) | ||
Issuances of long-term debt | 100,000 | 424,946 | 325,000 | ||
Repayments of long-term debt | (109,574) | (350,000) | 0 | ||
Payment of financing costs | (104) | (6,960) | (3,141) | ||
Distributions to member | (94,838) | (105,500) | 0 | ||
Other financing | (836) | (755) | (682) | ||
Net cash used in financing activities | (150,352) | 6,731 | 246,177 | ||
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 30,934 | 60,303 | 57,950 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 147,644 | [2] | 87,341 | 29,391 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 178,578 | [2] | 147,644 | [2] | 87,341 |
Supplementary cash flow information | |||||
Interest paid, net of amount capitalized | 98,143 | 71,912 | 68,373 | ||
Supplementary non-cash investing and financing activities | |||||
Accrued additions to property, plant, and equipment | 4,196 | 9,954 | 9,696 | ||
Reduction in property, plant, and equipment due to regulatory disallowance | 0 | 13,841 | 0 | ||
Reduction in property, plant, and equipment due to securitization of capitalized storm costs | 0 | 197,689 | 0 | ||
CLECO POWER | Nonrelated Party | |||||
Changes in assets and liabilities | |||||
Accounts receivable | 18,044 | (48,353) | (19,707) | ||
Accounts payable | (19,185) | (854) | 1,135 | ||
CLECO POWER | Affiliate | |||||
Changes in assets and liabilities | |||||
Accounts receivable | 1,286 | 13,253 | 5,531 | ||
Accounts payable | $ 1,060 | $ (56,714) | $ (2,071) | ||
[1] (1) Includes cash and cash equivalents of $54,541, current restricted cash and cash equivalents of $23,549, and non-current restricted cash and cash equivalents of $109,415. Also includes cash, cash equivalents, and restricted cash equivalents in assets held for sale of $4,067. (2) Includes cash and cash equivalents of $122,576, current restricted cash and cash equivalents of $15,818, and non-current restricted cash and cash equivalents of $113,573. Also includes cash, cash equivalents, and restricted cash equivalents in assets held for sale of $4,100. (1) Includes cash and cash equivalents of $14,703, current restricted cash and cash equivalents of $23,549, and non-current restricted cash and cash equivalents of $109,392. (2) Includes cash and cash equivalents of $49,211, current restricted cash and cash equivalents of $15,818, and non-current restricted cash and cash equivalents of $113,549. |
Cleco Power Consolidated Stat_5
Cleco Power Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 122,576 | $ 54,541 |
Current restricted cash and cash equivalents | 15,818 | 23,549 |
Non-current restricted cash and cash equivalents | 113,573 | 109,415 |
CLECO POWER | ||
Cash and cash equivalents | 49,211 | 14,703 |
Current restricted cash and cash equivalents | 15,818 | 23,549 |
Non-current restricted cash and cash equivalents | $ 113,549 | $ 109,392 |
Cleco Power Consolidated Stat_6
Cleco Power Consolidated Statements of Changes in Member’s Equity - USD ($) $ in Thousands | Total | MEMBERSHIP INTEREST | TOTAL AOCI | CLECO POWER | CLECO POWER MEMBERSHIP INTEREST | CLECO POWER TOTAL AOCI |
Balance, beginning of period at Dec. 31, 2020 | $ 2,757,023 | $ 2,454,276 | $ (25,796) | $ 1,807,879 | $ 1,832,632 | $ (24,753) |
Increase (Decrease) in Equity [Roll Forward] | ||||||
Net income | 194,966 | 134,088 | 134,088 | |||
Other comprehensive income (loss), net of tax | 2,167 | 2,167 | 6,570 | 6,570 | ||
Balance, end of period at Dec. 31, 2021 | 2,954,156 | 2,454,276 | (23,629) | 1,948,537 | 1,966,720 | (18,183) |
Increase (Decrease) in Equity [Roll Forward] | ||||||
Distributions to member | (219,588) | (105,500) | (105,500) | |||
Net income | 188,811 | 170,057 | 170,057 | |||
Other comprehensive income (loss), net of tax | 23,688 | 23,688 | 9,818 | 9,818 | ||
Balance, end of period at Dec. 31, 2022 | 2,947,067 | 2,454,276 | 59 | 2,022,912 | 2,031,277 | (8,365) |
Increase (Decrease) in Equity [Roll Forward] | ||||||
Distributions to member | (53,496) | (94,838) | (94,838) | |||
Net income | (15,227) | 137,149 | 137,149 | |||
Other comprehensive income (loss), net of tax | (5,171) | (5,171) | (1,986) | (1,986) | ||
Balance, end of period at Dec. 31, 2023 | $ 2,873,173 | $ 2,454,276 | $ (5,112) | $ 2,063,237 | $ 2,073,588 | $ (10,351) |
The Company
The Company | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | Note 1 — The Company Cleco is composed of the following: • Cleco Power, a regulated electric utility subsidiary, which owns nine generating units with a total rated capacity of 3,035 MW and serves approximately 295,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana. Cleco Power also owns a 50% interest in Oxbow. Cleco Power owns all of the outstanding membership interests in Cleco Securitization I, a special purpose limited liability company that is consolidated with Cleco Power in its financial statements. For more information on Oxbow and Cleco Securitization I, see Note 15 — “Variable Interest Entities.” • Cleco Cajun, an unregulated electric utility subsidiary, which owns 14 generating units with a total rated capacity of 3,379 MW and supplies wholesale power and capacity in Louisiana. Cleco Cajun’s Cottonwood Plant is leased to a third-party in which the third party operates the plant and receives all revenues from the operations of the plant. On November 22, 2023, Cleco Cajun entered into the Cleco Cajun Divestiture Purchase and Sale Agreement to sell its unregulated business, the Cleco Cajun Sale Group. The Cleco Cajun Sale Group is presented as discontinued operations, and the financial information for historical periods provided in this Annual Report on Form 10-K has been recast to reflect this presentation. For more information, see Note 3 — “Discontinued Operations.” • Cleco’s other operations consist of the following: ◦ Cleco Holdings, a holding company, ◦ Support Group, a shared services subsidiary, and ◦ Diversified Lands, an investment subsidiary. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Discontinued Operations On November 22, 2023, the Cleco Cajun Divestiture Purchase and Sale Agreement was entered into between the Cleco Cajun Sellers and the Cleco Cajun Purchasers whereby the Cleco Cajun Sellers have agreed to sell the Cleco Cajun Sale Group to the Cleco Cajun Purchasers. Cleco Holdings’ management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met and the sale will represent a strategic shift that will have a major effect on Cleco’s future operations and financial results. Therefore, the results of operations and financial position of the Cleco Cajun Sale Group are presented as discontinued operations, and the financial information for historical periods provided in this Annual Report on Form 10-K has been recast to reflect this presentation. For more information, see Note 3 — “Discontinued Operations.” Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The accompanying consolidated financial statements of Cleco include the accounts of Cleco Holdings and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. Following the formation of Cleco Securitization I and the closing of the storm recovery securitization financing on June 22, 2022, Cleco Power became the primary beneficiary of Cleco Securitization I, and as a result, the financial statements of Cleco Securitization I are consolidated with the financial statements of Cleco Power. For additional information about Cleco Securitization I, see Note 15 — “Variable Interest Entities.” For additional information about the storm recovery securitization financing and its regulatory impacts, see Note 6— “Regulatory Assets and Liabilities — Deferred Storm Restoration Costs.” Goodwill Goodwill is the excess of the purchase price (consideration transferred and liabilities assumed) over the estimated fair value of net assets of the acquired business and is not subject to amortization. Goodwill is assessed as of August 1 of each year or more often if an event occurs or circumstances change that would indicate the carrying amount may be impaired. For more information on goodwill, see Note 18 — “Intangible Assets and Goodwill — Goodwill.” Intangible Assets Intangible assets include Cleco Securitization I’s right to bill and collect storm recovery charges and fair value adjustments for acquired long-term wholesale power supply agreements. These intangible assets are being amortized in a manner that best reflects the economic impact derived from such assets. Impairment is tested if there are events or circumstances that indicate that an impairment analysis should be performed. If such an event or circumstance occurs, intangible impairment testing is performed prior to goodwill impairment testing. Impairment is calculated as the excess of the asset and liabilities’ respective carrying amounts over their respective fair values. For more information on intangible assets, see Note 18 — “Intangible Assets and Goodwill.” Statements of Cash Flows Cleco’s and Cleco Power’s Consolidated Statements of Cash Flows are prepared using the indirect method. This method requires adjusting net income to remove the effects of all deferrals and accruals of operating cash receipts and payments and to remove items whose cash effects are related to investing and financing cash flows. Regulation Cleco Power is subject to regulation by FERC and the LPSC. Cleco Cajun is subject to regulation by FERC. Cleco complies with the accounting policies and practices prescribed by its regulatory commissions. Cleco Power’s retail rates are regulated by the LPSC. Cleco Power’s and Cleco Cajun’s rates for transmission services are regulated by FERC. Rates for wholesale power sales are based on market-based rates. Cleco Power must evaluate its various transactions related to regulatory orders and accounting guidance to ensure the appropriate timing of revenue recognition, the evaluation of cost deferral, and the recoverability of certain assets and refund of certain liabilities. Cleco Power capitalizes or defers certain costs for recovery from its customers and recognizes a liability for amounts expected to be returned to its 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. Regulatory assets and liabilities are amortized consistent with the treatment in the ratemaking process. Pursuant to this regulatory process, Cleco has recorded regulatory assets and liabilities. Any future plan adopted by the LPSC for purposes of transitioning utilities from LPSC regulation to retail competition may affect the regulatory assets and liabilities recorded by Cleco if the criteria for the application of the authoritative guidelines for industry regulated operations cannot continue to be met. At this time, Cleco cannot predict whether any legislation or regulation affecting Cleco will be enacted or adopted and, if enacted, what form such legislation or regulation may take. For more information regarding the regulatory assets and liabilities recorded by Cleco Power, see Note 6 — “Regulatory Assets and Liabilities.” For more information on Cleco Power’s retail rates, see Note 14 — “Regulation and Rates.” AROs Cleco and Cleco Power recognize an ARO when there is a legal obligation under existing or enacted law, statute, written or oral contract, or by legal construction under the doctrine of promissory estoppel to incur costs to remove an asset when the asset is retired. These guidelines also require an ARO, which is conditional on a future event, to be recorded even if the event has not yet occurred. Cleco and Cleco Power recognize AROs at the present value of the projected liability in the period in which it is incurred, if a reasonable estimate of fair value can be made. The liability is accreted to its present value each accounting period. Cleco Power defers this accretion as a regulatory asset based on its determination that these costs can be collected from customers. Concurrent with the recognition of the liability, Cleco and Cleco Power capitalize these costs to the related property, plant, and equipment asset. These capitalized costs are depreciated over the same period as the related property asset. Cleco Power also defers the current depreciation of the asset retirement cost as a regulatory asset. For more information on Cleco’s ARO activity, see Note 16 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Other Commitments.” Property, Plant, and Equipment Property, plant, and equipment consists primarily of electric utility generation and energy transmission and distribution assets. Property, plant, and equipment are stated at the cost to acquire or construct the assets, which includes certain materials, labor, payroll taxes and benefits, administrative and general costs, and the estimated cost of funds used during construction. Jointly owned assets are reflected in property, plant, and equipment at Cleco Power’s share of the cost to construct or purchase the respective assets. For information on jointly owned assets, see Note 7 — “Jointly Owned Generation Units.” At the date of the 2016 Merger, Cleco’s gross balance of fixed depreciable assets was adjusted to be net of accumulated depreciation, as no accumulated depreciation existed on such date. Since pushdown accounting was not elected at the Cleco Power level, Cleco Power retained its accumulated depreciation. Cleco’s cost of improvements to property, plant, and equipment is capitalized. Costs associated with repairs and major maintenance projects are expensed as incurred. Cleco capitalizes the cost to purchase or develop software for internal use. Cleco Power defers project costs to construction work in progress that it believes are prudently incurred and probable of recovery through future rates. These deferred costs are related to the initial stage of a construction project during which time the feasibility of the construction of property, plant, and equipment is being investigated. Upon retirement or disposition, the cost of Cleco Power’s depreciable plant and the cost of removal, net of salvage value, are charged to accumulated depreciation. For Cleco’s other subsidiaries, upon disposition or retirement of depreciable assets, the difference between the net book value of the property and any proceeds received for the property is recorded as a gain or loss on asset disposition on Cleco’s Consolidated Statements of Income. Any cost incurred to remove the asset is charged to expense. The amounts of unamortized computer software costs on Cleco’s Consolidated Balance Sheets at December 31, 2023, and 2022 were $156.7 million and $164.5 million, respectively. The amounts of unamortized computer software costs on Cleco Power’s Consolidated Balance Sheets at December 31, 2023, and 2022 were $154.9 million and $162.3 million, respectively. Amortization of capitalized computer software costs charged to expense in Cleco’s and Cleco Power’s Consolidated Statements of Income for the years ending December 31, 2023, 2022, and 2021 is shown in the following tables: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Amortization $ 11,092 $ 11,881 $ 11,561 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Amortization $ 10,650 $ 11,614 $ 11,268 Depreciation on property, plant, and equipment is calculated primarily on a straight-line basis over the useful lives of the assets. The following table presents the useful lives of depreciable assets for Cleco and Cleco Power: CATEGORY (YEARS) YEARS Utility Plants Generation 10 – 55 Distribution 15 – 50 Transmission 5 – 55 Other utility plant 5 – 45 Other property, plant, and equipment 5 – 45 At December 31, 2023, and 2022, Cleco’s and Cleco Power’s property, plant, and equipment consisted of the following: Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Utility plants Generation $ 1,944,260 $ 1,926,482 Distribution 1,585,742 1,429,374 Transmission 844,897 789,181 Other utility plant 454,329 449,431 Other property, plant, and equipment 9,766 9,571 Total property, plant, and equipment 4,838,994 4,604,039 Accumulated depreciation (924,624) (752,376) Net property, plant, and equipment $ 3,914,370 $ 3,851,663 Cleco Power AT DEC. 31, (THOUSANDS) 2023 2022 Regulated utility plants Generation $ 2,339,410 $ 2,321,640 Distribution 2,022,257 1,866,662 Transmission 1,056,218 1,000,783 Other utility plant 551,470 547,441 Total property, plant, and equipment 5,969,355 5,736,526 Accumulated depreciation (2,244,217) (2,082,153) Net property, plant, and equipment $ 3,725,138 $ 3,654,373 During 2023, Cleco Power’s regulated utility property, plant, and equipment increased primarily due to the distribution system restoration and modernization project and the construction of new substations. Cleco Power’s property, plant, and equipment includes plant acquisition costs related primarily to the acquisition of Acadia Unit 1 in 2010. The plant acquisition adjustment and accumulated amortization are reported in Property, plant, and equipment and Accumulated depreciation, respectively, on Cleco’s and Cleco Power’s Consolidated Balance Sheets at December 31, 2023, and 2022, and are shown in the following tables: Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Acadia Unit 1 Plant acquisition adjustment $ 76,116 $ 76,116 Accumulated amortization (24,566) (21,383) Net plant acquisition adjustment $ 51,550 $ 54,733 Cleco Power AT DEC. 31, (THOUSANDS) 2023 2022 Acadia Unit 1 Plant acquisition adjustment $ 95,578 $ 95,578 Accumulated amortization (44,028) (40,845) Net plant acquisition adjustment $ 51,550 $ 54,733 Fuel Inventory and Materials and Supplies At December 31, 2023, and 2022, fuel inventory consisted primarily of petroleum coke, coal, limestone, and natural gas used to generate electricity. Materials and supplies consists of transmission and distribution line construction and repair materials. It also consists of generating station and transmission and distribution substation repair materials. Reserves for Credit Losses Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivables 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. As a result of the market price volatility of natural gas throughout 2022, Cleco experienced significant increases to the pass-through fuel component of retail customer energy bills. Due to these increased customer fuel costs, along with the impacts of a 40-year high inflation rate, Cleco experienced increases in credit loss reserves. These factors have not been material to Cleco’s results of operations, financial condition, or cash flows. Cleco’s credit losses at December 31, 2023, are within normal levels and historical trends. The table below presents the changes in the allowance for credit losses by receivable for Cleco and Cleco Power: Cleco (THOUSANDS) ACCOUNTS OTHER TOTAL Balances, Dec. 31, 2021 $ 1,302 $ 1,638 $ 2,940 Current period provision 3,362 — 3,362 Charge-offs (4,800) — (4,800) Recovery 1,283 — 1,283 Balances, Dec. 31, 2022 1,147 1,638 2,785 Current period provision 5,506 — 5,506 Charge-offs (4,939) — (4,939) Recovery 1,298 — 1,298 Balances, Dec. 31, 2023 $ 3,012 $ 1,638 $ 4,650 Cleco Power (THOUSANDS) ACCOUNTS Balances, Dec. 31, 2021 $ 1,302 Current period provision 3,362 Charge-offs (4,800) Recovery 1,283 Balances, Dec. 31, 2022 1,147 Current period provision 5,506 Charge-offs (4,939) Recovery 1,298 Balances, Dec. 31, 2023 $ 3,012 Other Reserves Cleco maintains property insurance on generating stations, buildings and contents, and substations. Cleco is self-insured for any damage to its power lines. To mitigate the exposure to potential financial loss for storm-related damage to lines and property, the LPSC approved Cleco Power to establish a funded storm reserve. For more information on the storm reserve, see Note 6 — “Regulatory Assets and Liabilities — Storm Reserves.” Cleco also maintains liability and workers’ compensation insurance to mitigate financial losses due to injuries and damages to the property of others. Cleco’s insurance covers claims that exceed certain self-insured limits. For claims within certain self-insured limits, Cleco maintains reserves. At December 31, 2023, and 2022, the general liability and workers compensation reserves together were $6.7 million and $6.9 million, respectively. Additionally, Cleco maintains directors and officers insurance to protect managers from claims which may arise from their decisions and actions taken within the scope of their regular duties. Cash Equivalents 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 company purposes. Cleco’s and Cleco Power’s restricted cash and cash equivalents consisted of the following: Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Current Cleco Power’s storm restoration costs - Hurricane Ida $ — $ 9,409 Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service 15,818 14,140 Total current 15,818 23,549 Non-current Diversified Lands’ mitigation escrow 24 23 Cleco Power’s future storm restoration costs 113,549 103,306 Cleco Power’s storm restoration costs - Hurricane Ida — 6,086 Total non-current 113,573 109,415 Total restricted cash and cash equivalents $ 129,391 $ 132,964 Cleco Power AT DEC. 31, (THOUSANDS) 2023 2022 Current Storm restoration costs - Hurricane Ida $ — $ 9,409 Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service 15,818 14,140 Total current 15,818 23,549 Non-current Future storm restoration costs 113,549 103,306 Storm restoration costs - Hurricane Ida — 6,086 Total non-current 113,549 109,392 Total restricted cash and cash equivalents $ 129,367 $ 132,941 On September 20, 2023, the LPSC approved a settlement for the prudency review of the remaining unrecovered Hurricane Ida storm restoration costs deferred as a regulatory asset. The settlement allowed Cleco Power to withdraw the remaining unrecovered Hurricane Ida storm restoration costs, plus a carrying charge through September 2023, from the Hurricane Ida storm reserve. The settlement also approved the transfer of the remaining balance of the Hurricane Ida storm reserve to the restricted reserve for future storm restoration costs. As a result of the settlement, the corresponding Hurricane Ida restricted cash and cash equivalents was reduced by $10.3 million and the remaining balance was transferred to the restricted cash and cash equivalents account for future storm restoration costs. For more information about the regulatory asset and storm reserves, see Note 6— “Regulatory Assets and Liabilities — Storm Reserves.” Equity Investments Cleco and Cleco Power account for investments in unconsolidated affiliated companies using the equity method of accounting. The amounts reported on Cleco’s and Cleco Power’s Consolidated Balance Sheets represent assets contributed by Cleco or Cleco Power, plus their share of the net income of the affiliate, less any distributions of earnings (dividends) received from the affiliate. The revenues and expenses (excluding income taxes) of these affiliates are netted and reported on one line item as equity income from investees on Cleco’s and Cleco Power’s Consolidated Statements of Income. Income Taxes Cleco accounts for income taxes under the asset and liability method. Income taxes recorded on the income statement and related balance sheet amounts are comprised of a current portion and a deferred portion. The current portion represents Cleco’s estimate of the income taxes payable or receivable for the current year. The deferred portion represents Cleco’s estimate of the future income tax effects of events that have been recognized in the financial statements or income tax returns in the current or prior years. Cleco makes assumptions and estimates when it records income taxes, such as its ability to deduct items on its tax returns, the timing of the deduction, and the effect of regulation on income taxes. Cleco’s income tax expense and benefit and related assets and liabilities could be affected by changes in its assumptions and estimates and by ultimate resolution of assumptions and estimates with taxing authorities and changes in tax regulations. The actual results may differ from the estimated results based on these assumptions and may have a material effect on Cleco’s results of operations. Cleco Group files a federal income tax return for all wholly owned subsidiaries. Cleco Power computes its federal and state income taxes as if it were a stand-alone taxpayer. The LPSC generally requires Cleco Power to flow the effects of state income taxes to customers. For more information on income taxes, see Note 12 — “Income Taxes.” Investment Tax Credits Investment tax credits, which were deferred for financial statement purposes, are amortized as a reduction to income tax expense over the estimated service lives of the properties that gave rise to the credits. Debt Issuance Costs, Premiums, and Discounts Issuance costs, premiums, and discounts applicable to debt securities are amortized to interest expense ratably over the lives of the related issuances. Expenses and call premiums related to refinanced Cleco Power debt are deferred and amortized over the life of the new issuance. Debt issuance costs, premiums, and discounts are presented as a direct deduction from the carrying value of the related debt liability. Revenue and Fuel Costs Utility Revenue Revenue from retail sales and transmission of electricity is recognized when the service is provided. The costs of fuel and purchased power used for Cleco Power’s retail customers currently are recovered from its customers through Cleco Power’s FAC. These costs are subject to audit and final determination by the LPSC. Sales taxes and pass-through fees collected on the sale of electricity are not recorded in utility revenue. Cleco recognizes wholesale revenue, inclusive of both energy and capacity performance obligations, under the invoice practical expedient for the amount Cleco has the right to invoice. Unbilled Revenue Cleco Power accrues estimated revenue monthly for energy used by customers but not yet billed. The monthly estimated unbilled revenue amounts are recorded as unbilled revenue and a receivable. Cleco Power uses actual customer energy consumption data available from AMI to calculate unbilled revenues. Other Operations Revenue Other operations revenue is recognized at the time products or services are provided to and accepted by customers, and collectability is reasonably assured. Sales and Use Taxes Cleco collects a sales and use tax on the sale of electricity that subsequently is remitted to the state in accordance with state law. These amounts are not recorded as income or expense on Cleco’s or Cleco Power’s Consolidated Statements of Income but are reflected at gross amounts on Cleco’s and Cleco Power’s Consolidated Balance Sheets as a receivable until the tax is collected and as a payable until the liability is paid. Franchise and Consumer Fees Cleco Power operates under nonexclusive franchise rights granted by municipalities through franchise agreements in which franchise fees are collected and paid. A portion of the franchise fees associated with these franchise agreements is collected by Cleco Power from its retail customers and submitted to the municipality. These fees are recorded as a receivable until it is collected and as a payable until the liability is paid. Cleco Power also pays periodic franchise fees to the government units, which may include upfront payments upon the renewal of the franchise agreement. The upfront payments are amortized over the life of the franchise agreement and the periodic fees are expensed in the period in which they are incurred. These amounts are recovered from retail customers through base rates. Cleco Power collects a consumer fee for one of its franchise agreements. This fee is not recorded on Cleco’s and Cleco Power’s Consolidated Statements of Income as revenue and expense, but is reflected at gross amounts on Cleco’s and Cleco Power’s Consolidated Balance Sheets as a receivable until it is collected and as a payable until the liability is paid. AFUDC and Capitalized Interest The capitalization of AFUDC by Cleco Power is a utility accounting practice prescribed by FERC and the LPSC. AFUDC represents the estimated debt and equity costs of capital funds that are necessary to finance construction of new and existing facilities. While cash is not realized currently from such allowance, AFUDC increases the revenue requirement over the same life of the plant through a higher rate base and higher depreciation. Under regulatory practices, a return on and recovery of AFUDC is permitted in setting rates charged for utility services. The following tables show the composite AFUDC rates, including borrowed and other funds for the years ended December 31, 2023, 2022, and 2021: FOR THE YEAR ENDED DEC. 31, 2023 2022 2021 PRETAX BASIS NET OF TAX PRETAX BASIS NET OF TAX PRETAX BASIS NET OF TAX AFUDC composite rate 8.11 % 6.50 % 9.06 % 7.09 % 10.05 % 7.81 % Fair Value Measurements and Disclosures Various accounting pronouncements require certain assets and liabilities to be measured at their fair values. Some assets and liabilities are required to be measured at their fair value each reporting period, while others are required to be measured only one time, generally the date of acquisition or debt issuance. Cleco and Cleco Power disclose the fair value of certain assets and liabilities by one of three levels when required for recognition purposes. For more information about fair value levels, see Note 8 — “Fair Value Accounting Instruments.” Derivatives and Other Risk Management Activity Accounting guidance requires derivative instruments and hedging activities to be recognized at fair value on the balance sheet. Cleco may elect the normal purchase and normal sale scope exception to the application of fair value accounting for these instruments and activities if they meet certain accounting criteria. Cleco’s Energy Market Risk Management Policy authorizes hedging against commodity price risk with physical or financially settled derivative instruments. For Cleco Power, due to regulatory treatment, associated mark-to-market adjustments for changes in fair value of recognized derivatives are generally recognized in Accumulated deferred fuel on the balance sheet. For Cleco Cajun, the changes in the fair value of recognized natural gas derivatives are recorded in continuing operations. Cleco Cajun’s FTR activity is recorded in discontinued operations. For more information on derivative instruments, see Note 9 — “Derivative Instruments.” Accounting for MISO Transactions Cleco Power and Cleco Cajun participates in MISO’s Energy and Operating Reserve market and have the opportunity to participate in the MISO capacity market. For Cleco Power, the hourly power sales and purchases are netted. Net sales and net purchases are reported in Electric operations and Purchased power, respectively, on Cleco’s and Cleco Power’s Consolidated Statements of Income. Power sales and purchases in the MISO market are made at prevailing market prices, also known as LMP, which represents the cost of providing the next MW of electrical energy at a specific location on the grid. LMP includes a component directly related to congestion on the transmission system and, as a result, can be different based on the location and time of the day the energy is dispatched causing energy costs to increase. Power sales and purchases for Cleco Cajun are reported in discontinued operations. For more information, see Note 3 — “Discontinued Operations.” Leases Cleco determines if a contract is a lease at its inception. A lease is deemed to exist when the right to control the use of identified property, plant, or equipment is conveyed through a contract for a certain period of time and consideration is paid. If a contract is determined to be a lease, Cleco recognizes a ROU asset and lease liability at the commencement date based on the present value of lease payments over the lease term. The present value of the lease payments is determined by using the implicit interest rate if readily determinable. Cleco’s incremental borrowing rate for a term similar to the duration of the lease based on information available at the commencement date is used if the implicit interest rate is not readily determinable. Cleco recognizes ROU assets and lease liabilities for leasing arrangements with terms greater than one year. Except for the marine transportation asset class, Cleco accounts for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Cleco’s marine transportation contracts, which include barges and towboats, contain non-lease components, such as maintenance and labor. Cleco allocates the consideration in these contracts between lease and non-lease components based on estimates of fair value from third parties that typically execute leases for this class of assets. Expense for a lessee operating lease is recognized as a single lease cost on a straight-line basis over the lease term and reflected in the appropriate income statement line item based on the leased asset’s function. Income for a lessor operating lease is recognized as a single lease income item on a straight-line basis over the lease term and reflected in the appropriate income statement line item based on the lease asset’s function. For more information on leases, see Note 4 — “Leases.” Recent Authoritative Guidance In November 2021, FASB issued guidance requiring annual disclosures about government assistance with the objective of increasing transparency and reducing existing diversity in practice. This guidance requires disclosure of the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on the entity’s financial statements. This guidance is effective for annual periods beginning after December 15, 2021. Management will continue to monitor this activity to determine what, if any, disclosures are required. Management does not expect this guidance to have a significant impact on the results of operations, financial condition, or cash flows of the Registrants. A congressional appropriation has been secured, subject to the U.S. Department of Energy’s (DOE) grant process, to help offset current and future costs associated with Cleco Power’s Project Diamond Vault through November 2024. As of December 31, 2023, Cleco Power received $2.8 million of the $9.0 million congressional appropriation, and these funds were recorded against the deferred project costs incurred and reflected as construction work in progress. Cleco Power has commitments to complete the FEED study, comply with the DOE approved grant budget, and provide 20% of the funding of the total costs. The Louisiana Department of Economic Development (LED) has commitments to review plans and invoices, be the scientific and technical liaison, and conduct annual project reviews and meetings. The LED also has rights to audit costs submitted for reimbursement. If an audit finds that Cleco Power received funds that were not within the scope of the DOE grant, those amounts could be recaptured. On March 1, 2024, Cleco Power received an additional $1.4 million of the congressional appropriation. For more information related to the accounting for deferred project costs, see “— Property, Plant, and Equipment.” In March 2023, FASB issued guidance that applies to leases between entities under common control. The guidance provides a practical expedient for determining whether an arrangement between entities under common control is a lease as well as the classification of the lease. In addition, the leasehold improvements amortization period is to be determined by the useful life to the common group rather than the term of the lease. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Cleco has arrangements between entities under common control and management is evaluating the impacts of this guidance on the results of operations, financial condition, and cash flows of the Registrants. In November 2023, FASB issued guidance to improve reportable segment disclosure requirements. The guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. Disclosure requirements include disclosing significant segment expenses by reportable segment if they are regularly provided to the chief operating decision maker and included in each reported measure of segment profit or loss. Disclosures are required on both an annual and an interim basis. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Management does not expect this guidance to have a significant impact on the results of operatio |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 3 — Discontinued Operations In 2022, Cleco Holdings began a strategic review process related to its investment in Cleco Cajun. In March 2023, Cleco Holdings’ management, with the support of its Board of Managers, committed to a plan of action for the disposition of the Cleco Cajun Sale Group. On November 22, 2023, the Cleco Cajun Divestiture Purchase and Sale Agreement was entered into between the Cleco Cajun Sellers and the Cleco Cajun Purchasers whereby the Cleco Cajun Sellers have agreed to sell the Cleco Cajun Sale Group to the Cleco Cajun Purchasers for the purchase price of $600.0 million, with $500.0 million due at closing and $100.0 million payable 24 months after closing. The purchase price is subject to the closing purchase price adjustment as set forth in the Cleco Cajun Divestiture Purchase and Sale Agreement, including adjustments based on net working capital. The Cleco Cajun Sellers and the Cleco Cajun Purchasers have each made customary representations, warranties, and covenants in the Cleco Cajun Divestiture Purchase and Sale Agreement. The closing of the transaction is subject to customary closing conditions, including (i) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, (ii) approval of FERC, (iii) approval of the Federal Communication Commission, and (iv) customary conditions regarding the accuracy of the representations and warranties and compliance by the parties with their respective obligations under the Cleco Cajun Divestiture Purchase and Sale Agreement. The Cleco Cajun Divestiture Purchase and Sale Agreement includes customary termination provisions, including if the closing of the transaction does not occur within nine months of November 22, 2023. The parties expect the transaction to close in the second quarter of 2024. Cleco Holdings’ management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met and the sale will represent a strategic shift that will have a major effect on Cleco’s future operations and financial results. Therefore, the results of operations and financial position of the Cleco Cajun Sale Group are presented as discontinued operations, and the financial information for historical periods provided in this Annual Report on Form 10-K has been recast to reflect this presentation. Certain expenses incurred by the Cleco Cajun Sale Group as a result of common services provided by Support Group are reflected in Cleco’s results of continuing operations due to the expected ongoing nature of those expenses. In addition, revenue recognized by Cleco Power from transmission services provided to the Cleco Cajun Sale Group is no longer eliminated upon consolidation of Cleco's financial statements and is reflected in Cleco’s results of continuing operations due to the expected ongoing nature of these services. In February 2019 in connection with the approval of the Cleco Cajun Acquisition, Cleco made commitments to the LPSC that included the repayment of $400.0 million of Cleco Holdings’ debt by December 31, 2024. Proceeds from the divestiture of the Cleco Cajun Sale Group must be used to satisfy the LPSC commitment. At December 31, 2023, $66.7 million of that debt remains outstanding. Interest expense on that debt is included in discontinued operations. Cleco determined that the estimated fair value less the estimated cost to sell the Cleco Cajun Sale Group was less than the carrying value of the Cleco Cajun Sale Group at March 31, 2023, June 30, 2023, September 30, 2023, and December 31, 2023. These determinations resulted in a total impairment charge of $173.0 million for the year ended December 31, 2023, of which $19.0 million was recognized in the three months ended December 31, 2023. The additional impairment charge recognized in the three months ended December 31, 2023, was primarily due to changes in assumptions related to the expected sale proceeds and the expected closing date. The impairment charge recognized for the year ended December 31, 2023, reduced the carrying value of the Cleco Cajun Sale Group to its estimated fair value less estimated cost to sell and is recorded in Loss from discontinued operations, net of income taxes on Cleco's Consolidated Statement of Income. The estimated fair value was determined using the income approach. The fair value estimates involved a number of judgments and assumptions including the future performance of the Cleco Cajun Sale Group through the expected divestiture date, the expected net working capital adjustment to the sale proceeds from the Cleco Cajun Divestiture Purchase and Sale Agreement, and the weighted average cost of capital or discount rate. The fair value measurement of the Cleco Cajun Sale Group is classified as Level 3 in the fair value hierarchy. At December 31, 2023, Cleco also recognized a write-down of $25.0 million related to Cleco Cajun’s coal fuel inventory. This write-down was primarily due to indications that the probable net realizable value of the coal fuel inventory, which was driven by forecasted market prices of power in the MISO South region, was less than its net book value. The write-down reduced the carrying value of the Cleco Cajun Sale Group and is reflected as a reduction to Fuel Inventory, at average cost and an increase to Fuel used for electric generation in the following tables. The following table presents the amounts that have been reclassified from continuing operations and included in discontinued operations within Cleco’s Consolidated Statements of Income for the years ended December 31, 2023, 2022, and 2021: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Operating revenue, net Electric operations $ 543,519 $ 496,042 $ 398,226 Other operations 125,816 148,823 128,750 Gross operating revenue 669,335 644,865 526,976 Electric customer credits — — 244 Operating revenue, net 669,335 644,865 527,220 Operating expenses Fuel used for electric generation 126,130 169,195 87,091 Purchased power 230,284 380,233 257,703 Other operations and maintenance 87,599 70,611 65,786 Depreciation and amortization 15,891 69,999 52,102 Taxes other than income taxes 13,160 12,330 11,666 Total operating expenses 473,064 702,368 474,348 Operating income (loss) 196,271 (57,503) 52,872 Other income (expense), net 47 127 (618) Interest, net (6,919) (6,079) (5,523) Loss on classification as held for sale (173,000) — — Income (loss) from discontinued operations before income taxes 16,399 (63,455) 46,731 Federal and state income tax expense (benefit) 1,757 (19,118) 11,778 Income (loss) from discontinued operations, net of income taxes $ 14,642 $ (44,337) $ 34,953 The following table presents the assets and liabilities of the Cleco Cajun Sale Group that have been reclassified as held for sale within Cleco’s Consolidated Balance Sheets as of December 31, 2023, and 2022: (THOUSANDS) AT DEC. 31, 2023 AT DEC. 31, 2022 Cash, cash equivalents, and restricted cash equivalents $ 4,100 $ 4,067 Accounts receivable 70,001 57,822 Fuel inventory, at average cost 47,243 33,153 Materials and supplies, at average cost 36,283 34,195 Energy risk management assets 1,066 518 Property, plant, and equipment, net 648,676 649,067 Prepayments 18,587 23,601 Intangible assets - other 32,569 36,548 Other assets 20,207 23,619 Loss recognized on classification as held for sale (173,000) — Total assets held for sale - discontinued operations $ 705,732 $ 862,590 Accounts payable $ 30,442 $ 56,609 Deferred lease revenue 19,945 22,246 Intangible liabilities 12,695 13,956 Asset retirement obligations 46,165 63,725 Other liabilities 5,705 6,508 Total liabilities held for sale - discontinued operations $ 114,952 $ 163,044 Cleco has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. The following table presents the cash flows from discontinued operations related to the Cleco Cajun Sale Group for the years ended December 31, 2023, 2022, and 2021: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Net cash provided by operating activities - discontinued operations $ 8,778 $ 6,878 $ 9,082 Net cash used in investing activities - discontinued operations $ (8,745) $ (6,867) $ (9,081) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 4 — Leases Cleco maintains operating and finance leases in its ordinary course of business activities. Operating Leases Cleco Power leases utility systems from two municipalities and one non-municipal public body. One municipal lease has a term of 10 years and expires on August 11, 2031. The second municipal lease has a term of 10 years and expires on May 13, 2028. The non-municipal lease has a term of 27 years and expires on July 31, 2039. Each utility system lease contains fixed and variable components, as well as provisions for extensions. Cleco Power has a lease for 113 railcars to transport its coal. This lease expires on March 31, 2024. Cleco Power reassesses its need for the railcars upon the expiration of each term. Cleco Power pays a monthly rental fee per car. The railcar lease does not contain contingent rent payments. Cleco Power has leases for three towboats in order to transport petroleum coke to Madison Unit 3. Each of the towboat leases has a term of 10 years and expires on March 31, 2028. Under these agreements, the rates are adjusted annually per the Producer Price Index. Each lease contains provisions for a five-year extension. Cleco’s and Cleco Power’s remaining operating leases provide for office and operating facilities, office equipment, and tower rentals. The following is a schedule by year of future minimum lease payments due under Cleco’s and Cleco Power’s long-term operating leases together with the present value of the net minimum lease payments as of December 31, 2023: (THOUSANDS) Years ending Dec. 31, 2024 $ 3,453 2025 3,309 2026 3,275 2027 3,255 2028 2,455 Thereafter 7,575 Total minimum lease payments 23,322 Less: amount representing interest 3,073 Present value of net minimum operating lease payments $ 20,249 Current liabilities $ 2,973 Non-current liabilities $ 17,276 Finance Lease In April 2018, Cleco Power entered into an agreement with Savage Inland Marine for continued use of 42 barges used to transport petroleum coke to Madison Unit 3 through March 2033. The agreement meets the accounting definition of a finance lease. The barge lease rate contains both a fixed and variable component, of which the latter is adjusted every third anniversary of the agreement for estimated executory costs. If the barges are idle, the lessor is required to attempt to sublease the barges to third parties with the revenue reducing Cleco Power’s lease payment. This agreement contains a provision for early termination upon the occurrence of any one of four cancellation events. For each of the years ended December 31, 2023, 2022, and 2021, Cleco Power paid $2.2 million in lease payments. For the years ended December 31, 2023, 2022, and 2021, Cleco Power received $2.6 million, $0.6 million, and $0.2 million, respectively, of revenue from subleases. The following is an analysis of the leased property under the finance lease: (THOUSANDS) AT DEC. 31, 2023 AT DEC. 31, 2022 Barges $ 16,800 $ 16,800 Accumulated amortization (6,440) (5,320) Net finance lease asset $ 10,360 $ 11,480 The following is a schedule by year of future minimum lease payments due under the finance lease together with the present value of the net minimum lease payments as of December 31, 2023: (THOUSANDS) Years ending Dec. 31, 2024 $ 2,203 2025 2,203 2026 2,203 2027 2,203 2028 2,203 Thereafter 8,863 Total minimum lease payments 19,878 Less: amount representing interest 6,907 Present value of net minimum finance lease payments $ 12,971 Current liabilities $ 925 Non-current liabilities $ 12,046 Additional Lessee Disclosures Cleco’s and Cleco Power’s total lease cost includes amounts on the income statement, as well as amounts capitalized as part of property, plant, or equipment or inventory. The following tables reflect total lease costs for Cleco and Cleco Power for the years ended December 31, 2023, and 2022: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Finance lease cost Amortization of ROU assets $ 1,120 $ 1,120 Interest on lease liabilities 1,367 1,448 Operating lease cost 3,589 3,685 Variable lease cost 790 508 Total lease cost $ 6,866 $ 6,761 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Finance lease cost Amortization of ROU assets $ 1,120 $ 1,120 Interest on lease liabilities 1,367 1,448 Operating lease cost 3,581 3,675 Variable lease cost 790 508 Total lease cost $ 6,858 $ 6,751 The following tables present additional information related to Cleco’s and Cleco Power’s operating and finance leases as of and for the years ended December 31, 2023, and 2022: Cleco AT DEC. 31, (THOUSANDS) BALANCE SHEET LINE ITEM 2023 2022 Supplemental balance sheet information ROU assets Operating Operating lease right of use assets $ 20,070 $ 22,636 Finance Property, plant, and equipment 10,360 11,480 Total ROU assets $ 30,430 $ 34,116 Current lease liabilities Operating Other current liabilities $ 2,973 $ 2,912 Finance Long-term debt and finance leases due within one year 925 836 Non-current lease liabilities Operating Operating lease liabilities 17,276 19,790 Finance Long-term debt and finance leases, net 12,046 12,971 Total lease liabilities $ 33,220 $ 36,509 Cleco Power AT DEC. 31, (THOUSANDS) BALANCE SHEET LINE ITEM 2023 2022 Supplemental balance sheet information ROU assets Operating Operating lease right of use assets $ 20,070 $ 22,628 Finance Property, plant, and equipment 10,360 11,480 Total ROU assets $ 30,430 $ 34,108 Current lease liabilities Operating Other current liabilities $ 2,973 $ 2,903 Finance Long-term debt and finance leases due within one year 925 836 Non-current lease liabilities Operating Operating lease liabilities 17,276 19,790 Finance Long-term debt and finance leases, net 12,046 12,971 Total lease liabilities $ 33,220 $ 36,500 Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 3,571 $ 3,696 Operating cash flows from finance leases $ 1,367 $ 1,448 Financing cash flows from finance leases $ 836 $ 755 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 3,562 $ 3,685 Operating cash flows from finance leases $ 1,367 $ 1,448 Financing cash flows from finance leases $ 836 $ 755 Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Other supplemental information Operating leases Weighted-average remaining lease term 12.2 years 12.5 years Weighted-average discount rate 4.30 % 4.36 % Finance leases Weighted-average remaining lease term 9.3 years 10.3 years Weighted-average discount rate 10.18 % 10.18 % Cleco Power AT DEC. 31, 2023 (THOUSANDS) 2023 2022 Other supplemental information Operating leases Weighted-average remaining lease term 12.2 years 11.4 years Weighted-average discount rate 4.30 % 4.35 % Finance leases Weighted-average remaining lease term 9.3 years 10.3 years Weighted-average discount rate 10.18 % 10.18 % |
Leases | Note 4 — Leases Cleco maintains operating and finance leases in its ordinary course of business activities. Operating Leases Cleco Power leases utility systems from two municipalities and one non-municipal public body. One municipal lease has a term of 10 years and expires on August 11, 2031. The second municipal lease has a term of 10 years and expires on May 13, 2028. The non-municipal lease has a term of 27 years and expires on July 31, 2039. Each utility system lease contains fixed and variable components, as well as provisions for extensions. Cleco Power has a lease for 113 railcars to transport its coal. This lease expires on March 31, 2024. Cleco Power reassesses its need for the railcars upon the expiration of each term. Cleco Power pays a monthly rental fee per car. The railcar lease does not contain contingent rent payments. Cleco Power has leases for three towboats in order to transport petroleum coke to Madison Unit 3. Each of the towboat leases has a term of 10 years and expires on March 31, 2028. Under these agreements, the rates are adjusted annually per the Producer Price Index. Each lease contains provisions for a five-year extension. Cleco’s and Cleco Power’s remaining operating leases provide for office and operating facilities, office equipment, and tower rentals. The following is a schedule by year of future minimum lease payments due under Cleco’s and Cleco Power’s long-term operating leases together with the present value of the net minimum lease payments as of December 31, 2023: (THOUSANDS) Years ending Dec. 31, 2024 $ 3,453 2025 3,309 2026 3,275 2027 3,255 2028 2,455 Thereafter 7,575 Total minimum lease payments 23,322 Less: amount representing interest 3,073 Present value of net minimum operating lease payments $ 20,249 Current liabilities $ 2,973 Non-current liabilities $ 17,276 Finance Lease In April 2018, Cleco Power entered into an agreement with Savage Inland Marine for continued use of 42 barges used to transport petroleum coke to Madison Unit 3 through March 2033. The agreement meets the accounting definition of a finance lease. The barge lease rate contains both a fixed and variable component, of which the latter is adjusted every third anniversary of the agreement for estimated executory costs. If the barges are idle, the lessor is required to attempt to sublease the barges to third parties with the revenue reducing Cleco Power’s lease payment. This agreement contains a provision for early termination upon the occurrence of any one of four cancellation events. For each of the years ended December 31, 2023, 2022, and 2021, Cleco Power paid $2.2 million in lease payments. For the years ended December 31, 2023, 2022, and 2021, Cleco Power received $2.6 million, $0.6 million, and $0.2 million, respectively, of revenue from subleases. The following is an analysis of the leased property under the finance lease: (THOUSANDS) AT DEC. 31, 2023 AT DEC. 31, 2022 Barges $ 16,800 $ 16,800 Accumulated amortization (6,440) (5,320) Net finance lease asset $ 10,360 $ 11,480 The following is a schedule by year of future minimum lease payments due under the finance lease together with the present value of the net minimum lease payments as of December 31, 2023: (THOUSANDS) Years ending Dec. 31, 2024 $ 2,203 2025 2,203 2026 2,203 2027 2,203 2028 2,203 Thereafter 8,863 Total minimum lease payments 19,878 Less: amount representing interest 6,907 Present value of net minimum finance lease payments $ 12,971 Current liabilities $ 925 Non-current liabilities $ 12,046 Additional Lessee Disclosures Cleco’s and Cleco Power’s total lease cost includes amounts on the income statement, as well as amounts capitalized as part of property, plant, or equipment or inventory. The following tables reflect total lease costs for Cleco and Cleco Power for the years ended December 31, 2023, and 2022: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Finance lease cost Amortization of ROU assets $ 1,120 $ 1,120 Interest on lease liabilities 1,367 1,448 Operating lease cost 3,589 3,685 Variable lease cost 790 508 Total lease cost $ 6,866 $ 6,761 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Finance lease cost Amortization of ROU assets $ 1,120 $ 1,120 Interest on lease liabilities 1,367 1,448 Operating lease cost 3,581 3,675 Variable lease cost 790 508 Total lease cost $ 6,858 $ 6,751 The following tables present additional information related to Cleco’s and Cleco Power’s operating and finance leases as of and for the years ended December 31, 2023, and 2022: Cleco AT DEC. 31, (THOUSANDS) BALANCE SHEET LINE ITEM 2023 2022 Supplemental balance sheet information ROU assets Operating Operating lease right of use assets $ 20,070 $ 22,636 Finance Property, plant, and equipment 10,360 11,480 Total ROU assets $ 30,430 $ 34,116 Current lease liabilities Operating Other current liabilities $ 2,973 $ 2,912 Finance Long-term debt and finance leases due within one year 925 836 Non-current lease liabilities Operating Operating lease liabilities 17,276 19,790 Finance Long-term debt and finance leases, net 12,046 12,971 Total lease liabilities $ 33,220 $ 36,509 Cleco Power AT DEC. 31, (THOUSANDS) BALANCE SHEET LINE ITEM 2023 2022 Supplemental balance sheet information ROU assets Operating Operating lease right of use assets $ 20,070 $ 22,628 Finance Property, plant, and equipment 10,360 11,480 Total ROU assets $ 30,430 $ 34,108 Current lease liabilities Operating Other current liabilities $ 2,973 $ 2,903 Finance Long-term debt and finance leases due within one year 925 836 Non-current lease liabilities Operating Operating lease liabilities 17,276 19,790 Finance Long-term debt and finance leases, net 12,046 12,971 Total lease liabilities $ 33,220 $ 36,500 Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 3,571 $ 3,696 Operating cash flows from finance leases $ 1,367 $ 1,448 Financing cash flows from finance leases $ 836 $ 755 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 3,562 $ 3,685 Operating cash flows from finance leases $ 1,367 $ 1,448 Financing cash flows from finance leases $ 836 $ 755 Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Other supplemental information Operating leases Weighted-average remaining lease term 12.2 years 12.5 years Weighted-average discount rate 4.30 % 4.36 % Finance leases Weighted-average remaining lease term 9.3 years 10.3 years Weighted-average discount rate 10.18 % 10.18 % Cleco Power AT DEC. 31, 2023 (THOUSANDS) 2023 2022 Other supplemental information Operating leases Weighted-average remaining lease term 12.2 years 11.4 years Weighted-average discount rate 4.30 % 4.35 % Finance leases Weighted-average remaining lease term 9.3 years 10.3 years Weighted-average discount rate 10.18 % 10.18 % |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 5 — Revenue Recognition Revenue from Contracts with Customers Retail Revenue Retail revenue from contracts with customers is generated primarily from Cleco’s regulated electric sales from residential, commercial, and industrial customers. Cleco Power recognizes retail revenue from these contracts as a series, and progress towards satisfaction of the performance obligation is measured using an output method based on kWh delivered. Accordingly, revenue from electricity sales is recognized as energy is delivered to the customer. Cleco Power bills retail customers, based on rates regulated by the LPSC, on a monthly basis with payments generally due within 20 days of the invoice date. Included in retail revenue is unbilled electric revenue, which represents the amount customers will be billed for services rendered from the meter reading from the most recent bill to the end of the respective accounting period. Actual customer energy consumption data available from AMI is used to calculate unbilled revenue. Also included in retail revenue is electric customer credits, which primarily represents the credits to retail customers for the federal tax-related benefits of the TCJA prior to the settlement of the current retail rate plan. Subsequent to the implementation of the current retail rate plan on July 1, 2021, these credits offset base revenue. Wholesale Revenue Cleco’s wholesale revenue is generated primarily through the sale of energy and capacity to electric cooperatives and municipalities. The electricity revenue performance obligations, representing both energy and capacity, are satisfied as a series of performance obligations, and progress towards satisfaction of the performance obligations are measured using an output method. The energy performance obligation measure of progress is based on kWh delivered. The capacity performance obligation measure of progress is based on time elapsed and is recognized each month as Cleco’s generating units stand ready to deliver electricity to the customer. Cleco recognizes wholesale revenue, inclusive of both performance obligations, under the invoice practical expedient for the amount Cleco has the right to invoice. Wholesale customers are charged market based rates that are subject to FERC’s triennial market power analysis. Cleco also enters into transactions through MISO for spot energy sales which are transacted in the Day-Ahead Energy and Operating Reserves Market and the Real-Time Energy and Operating Reserves Market. Transmission Revenue Cleco Power earns transmission revenues pursuant to MISO’s FERC filed tariff. The performance obligation of transmission service is satisfied as service is provided. Revenue from the transmission of electricity for Cleco Power is recorded based on a separate FERC-approved annual filing rate mechanism effective June 1 of each year. These rates are based on the respective costs to provide transmission services. Other Revenue Other revenue from contracts with customers, which is not a significant source of Cleco’s revenue, consisted of customer-forfeited discounts and reconnect fees, electric property rental, and other miscellaneous fees. The performance obligation under these contracts is satisfied and revenue is recognized as control of the products is delivered or services are rendered. Revenue Unrelated to Contracts with Customers On September 1, 2022, Cleco Power began billing and collecting, on behalf of Cleco Securitization I, a new storm recovery surcharge from all retail customers. This surcharge represents the recovery of costs incurred by Cleco Power as a result of Hurricanes Laura, Delta, Zeta, and Ida and Winter Storms Uri and Viola, as well as interest and associated expenses. Cleco Power remits the collected storm recovery surcharge to Cleco Securitization I to service Cleco Securitization I’s storm recovery bonds. The storm recovery surcharge will continue to be billed and collected from Cleco Power’s retail customers through the life of the Cleco Securitization I storm recovery bonds. Cleco’s energy-related transactions with the following characteristics qualify as derivative contracts and are recorded pursuant to derivatives and hedging accounting guidance: a) their value is based on the notional amount or payment provisions of an underlying asset; b) they require no or a diminutive initial net investment; and c) their terms require or permit net settlement. Disaggregated Revenue Operating revenue, net for the years ended December 31, 2023, 2022, and 2021 was as follows: FOR THE YEAR ENDED DEC. 31, 2023 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 469,099 $ — $ — $ 469,099 Commercial (1) 304,422 — — 304,422 Industrial (1) 179,506 — — 179,506 Other retail (1) 16,543 — — 16,543 Electric customer credits (60,689) — — (60,689) Total retail revenue 908,881 — — 908,881 Wholesale, net 221,547 (1) (9,454) (2) — 212,093 Transmission 56,701 — — 56,701 Other 20,797 — — 20,797 Affiliate (3) 8,904 120,716 (129,620) — Total revenue from contracts with customers 1,216,830 111,262 (129,620) 1,198,472 Revenue unrelated to contracts with customers Securitization 34,063 — — 34,063 Other 6,252 (4) 5 (1) 6,256 Total revenue unrelated to contracts with customers 40,315 5 (1) 40,319 Operating revenue, net $ 1,257,145 $ 111,267 $ (129,621) $ 1,238,791 (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) Represents realized gains associated with FTRs. FOR THE YEAR ENDED DEC. 31, 2022 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 558,247 $ — $ — $ 558,247 Commercial (1) 370,678 — — 370,678 Industrial (1) 229,634 — — 229,634 Other retail (1) 18,727 — — 18,727 Electric customer credits (7,674) — — (7,674) Total retail revenue 1,169,612 — — 1,169,612 Wholesale, net 331,906 (1) (9,680) (2) — 322,226 Transmission, net 63,545 — — 63,545 Other 21,966 — — 21,966 Affiliate (3) 6,377 109,015 (115,392) — Total revenue from contracts with customers 1,593,406 99,335 (115,392) 1,577,349 Revenue unrelated to contracts with customers Securitization 13,247 — — 13,247 Other 13,875 (4) 9 — 13,884 Total revenue unrelated to contracts with customers 27,122 9 — 27,131 Operating revenue, net $ 1,620,528 $ 99,344 $ (115,392) $ 1,604,480 (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) Represents realized gains associated with FTRs. FOR THE YEAR ENDED DEC. 31, 2021 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 453,873 $ — $ — $ 453,873 Commercial (1) 294,553 — — 294,553 Industrial (1) 175,134 — — 175,134 Other retail (1) 16,105 — — 16,105 Electric customer credits (41,007) — — (41,007) Total retail revenue 898,658 — — 898,658 Wholesale, net 250,987 (1) (9,680) (2) — 241,307 Transmission 55,963 (4) — — 55,963 Other 18,791 8 — 18,799 Affiliate (3) 5,641 113,623 (119,264) — Total revenue from contracts with customers 1,230,040 103,951 (119,264) 1,214,727 Revenue unrelated to contracts with customers Other 11,597 (5) — — 11,597 Total revenue unrelated to contracts with customers 11,597 — — 11,597 Operating revenue, net $ 1,241,637 $ 103,951 $ (119,264) $ 1,226,324 (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) Includes $0.1 million of electric customer credits. (5) Realized gains associated with FTRs. Cleco and Cleco Power have unsatisfied performance obligations under contracts with electric cooperatives and municipalities with durations ranging between 1 and 11 years that primarily relate to stand-ready obligations as part of fixed capacity minimums. At December 31, 2023, Cleco and Cleco Power had $300.0 million of unsatisfied fixed performance obligations that will be recognized as revenue over the term of such contracts as the stand-ready obligation to provide energy is provided. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Note 6 — Regulatory Assets and Liabilities Cleco Power recognizes an asset for certain costs capitalized or deferred for recovery from customers and recognizes a liability for amounts expected to be returned to customers or collected for future expected costs. Cleco Power records these assets and liabilities based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable. If in the future, as a result of regulatory changes or competition, 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 of regulated operations. The following table summarizes Cleco Power’s regulatory assets and liabilities: Cleco Power AT DEC. 31, REMAINING RECOVERY PERIOD (YRS.) (THOUSANDS) 2023 2022 Regulatory assets Acadia Unit 1 acquisition costs $ 1,701 $ 1,807 16 Accumulated deferred fuel (1) 11,627 57,881 Various (9) Affordability study 10,337 11,715 7.5 AFUDC equity gross-up 60,381 63,477 Various (2) AMI deferred revenue requirement 954 1,499 2.25 AROs (8) 20,094 17,218 Bayou Vista to Segura transmission project deferred revenue requirement — 2,510 Coughlin transaction costs 784 815 25.5 COVID-19 executive order (8) 3,039 2,953 Deferred lignite and mine closure costs (7) 136,076 133,587 Deferred storm restoration costs - Hurricane Delta (6) 88 109 Deferred storm restoration costs - Hurricane Ida — 9,409 Deferred storm restoration costs - Hurricane Laura (6) 367 457 Deferred storm restoration costs - Hurricane Zeta (6) 7 9 Deferred taxes, net 43,866 8,803 Various (9) Dolet Hills Power Station closure costs (7) 147,323 147,082 Energy efficiency — 235 Financing costs (1) 6,087 6,456 Various (3) Interest costs 2,961 3,210 Various (2) Madison Unit 3 property taxes 13,297 13,038 Various (9) Non-service cost of postretirement benefits 14,526 14,810 Various (2) Other 10,483 14,114 Various (9) Postretirement costs 64,399 47,317 Various (4) Production operations and maintenance expenses 7,002 10,443 Various (5) Rodemacher Unit 2 deferred costs (8) 19,282 12,645 St. Mary Clean Energy Center 3,705 4,350 1.5 Training costs 5,618 5,774 36 Tree trimming costs 3,657 6,377 1.25 Total regulatory assets 587,661 598,100 Regulatory liabilities Deferred taxes, net (21,939) (42,890) Various (9) Storm reserves (111,509) (118,762) Total regulatory liabilities (133,448) (161,652) Total regulatory assets, net $ 454,213 $ 436,448 (1) Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2023, and 2022, respectively. All other assets are earning a return on investment. (2) Amortized over the estimated lives of the respective assets. (3) Amortized over the terms of the related debt issuances. (4) Amortized over the average service life of the remaining plan participants. (5) Deferral is recovered over the following three (6) From June 1, 2021, through August 31, 2022, these were being recovered through the interim storm recovery rate. The storm recovery surcharge became effective on September 1, 2022. (7) Currently not in a recovery period. The balance remaining represents amounts under prudency review by the LPSC. (8) Currently not in a recovery period. (9) For more information on the remaining recovery period, refer to the following disclosures for each specific regulatory asset or liability. The following table summarizes Cleco’s net regulatory assets and liabilities: Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Total Cleco Power regulatory assets, net $ 454,213 $ 436,448 2016 Merger adjustments (1) Fair value of long-term debt 97,345 104,748 Postretirement costs 9,448 11,436 Financing costs 6,560 6,904 Debt issuance costs 4,254 4,587 Total Cleco regulatory assets, net $ 571,820 $ 564,123 (1) Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger. Acadia Unit 1 Acquisition Costs In 2009, the LPSC approved Cleco Power’s request to establish a regulatory asset for costs incurred as a result of the acquisition by Cleco Power of Acadia Unit 1 and half of Acadia Power Station’s related common facilities. In 2010, Cleco Power began recovering the Acadia Unit 1 acquisition costs over a 30-year period. Accumulated Deferred Fuel Cleco Power is allowed to recover the cost of fuel used for electric generation and power purchased for utility customers through the LPSC-established FAC or related wholesale contract provisions, which enable Cleco Power to pass on to its customers substantially all such charges. The difference between fuel and purchased power revenues collected from retail and wholesale customers and the current fuel and purchased power costs is generally recorded as Accumulated deferred fuel on Cleco Power’s Consolidated Balance Sheet. At December 31, 2023, Accumulated deferred fuel decreased $46.3 million as a result of lower fuel costs. For 2023, approximately 77% of Cleco Power’s total fuel cost was regulated by the LPSC. Affordability Study In July 2021, as approved by the LPSC in Cleco Power’s current retail rate plan, Cleco Power was allowed to establish a regulatory asset 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. In 2021, the regulatory asset began being amortized over 10 years. AFUDC Equity Gross-Up Cleco Power capitalizes equity AFUDC as a cost component of construction projects. Cleco Power has recorded a regulatory asset to recover the tax gross-up related to the equity component of AFUDC. These costs are being amortized over the estimated lives of the respective assets constructed. AMI Deferred Revenue Requirement In 2011, the LPSC approved Cleco Power’s stipulated settlement in Docket No. U-31393 allowing Cleco Power to defer the estimated revenue requirements for the AMI project as a regulatory asset. In 2014, the LPSC approved Cleco Power’s recovery of the AMI regulatory asset over the average life of the AMI meters, or 11 years, and Cleco Power began recovering the AMI deferred revenue requirement. AROs Cleco Power recorded an ARO liability for the retirement of certain ash disposal facilities. The ARO regulatory asset represents the accretion of the ARO liability and the depreciation of the related assets. For more information on the net changes of Cleco Power’s AROs, see Note 16 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Other Commitments.” Bayou Vista To Segura Transmission Project Deferred Revenue Requirement In July, 2021, as approved by the LPSC in Cleco Power’s current retail rate plan, 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, starting in the month after completion of each phase of the Bayou Vista to Segura Transmission project. The northern phase of the project was completed in August 2021, and the southern phase was completed in December 2021. At December 31, 2023, the regulatory asset was fully amortized. Coughlin Transaction Costs In January 2014, the LPSC authorized Cleco Power to create a regulatory asset for the transaction costs related to the transfer of Coughlin from Evangeline to Cleco Power. In 2014, Cleco Power began recovering the Coughlin transaction costs over a 35-year period. COVID-19 Executive Order In March 2020, the LPSC issued an executive order prohibiting the disconnection of utilities for nonpayment. This order resulted in an increase of expenses and a loss of revenue for Cleco Power. In April 2020, the LPSC issued an order allowing utilities to establish a regulatory asset for expenses incurred from the suspension of disconnections and collection of late fees imposed by the LPSC executive order. On July 1, 2020, the LPSC issued an order terminating the moratorium on disconnections effective July 16, 2020. Cleco began resuming disconnections and late fees and utilizing collection agencies in October 2020. In December 2020, Cleco Power made a filing with the LPSC requesting the recovery of the regulatory asset as well as the lost revenue associated with the disconnection fees and incremental costs over a four-year period. Cleco Power has a regulatory asset for expenses incurred related to the executive order and anticipates approval by the LPSC for recovery of these expenses in late March 2024. Deferred Lignite and Mine Closure Costs In October 2020, Cleco Power and SWEPCO made a joint filing with the LPSC seeking authorization to close the Oxbow mine and to include and defer certain accelerated mine closing costs in fuel and related ratemaking treatment. In March 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. Cleco Power has a regulatory asset for deferred fuel and mine-related incurred costs, which were included in the application filed with the LPSC on January 31, 2022. Recovery of these costs is subject to a prudency review by the LPSC, which is currently in progress. Management has estimated that a loss resulting from a potential disallowance ranging between $58.7 million and $228.0 million is probable. As a result, Cleco Power accrued an estimated contingent loss of $58.7 million at December 31, 2023. This amount was recorded in Provision for rate refund on Cleco’s and Cleco Power’s Balance Sheets and Electric customer credits on Cleco’s and Cleco Power’s Statements of Income. For more information on the prudency review related to the deferred fuel and other mine-related closure costs, see Note 16 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review.” Deferred Storm Restoration Costs In 2020 and 2021, Cleco Power’s distribution and transmission systems sustained substantial damage from four separate hurricanes, Hurricanes Laura, Delta, Zeta, and Ida, and two severe winter storms, Winter Storms Uri and Viola. Cleco Power established a separate regulatory asset to track and defer non-capital expenses associated with each corresponding storm, as approved by the LPSC. On June 22, 2022, through Cleco Securitization I, Cleco Power completed a securitized financing of Storm Recovery Property, which included the previously mentioned storm restoration costs that were deferred as regulatory assets. In connection with that securitization financing, Cleco Securitization I used the net proceeds from its issuance of storm recovery bonds to purchase the Storm Recovery Property from Cleco Power. Prior to September 1, 2022, certain costs for Hurricanes Laura, Delta, and Zeta were recovered through the interim storm recovery rate. On September 30, 2023, the LPSC approved a settlement allowing Cleco Power to withdraw the remaining unrecovered Hurricane Ida storm restoration costs, plus a carrying charge through September 2023, totaling $10.3 million from the Hurricane Ida storm reserve. The balances remaining at December 31, 2023, for Hurricanes Laura, Delta, and Zeta are for storm preparation costs and are expected to be funded by the storm reserve, pending approval by the LPSC. Dolet Hills Power Station Closure Costs In 2020, Cleco Power revised depreciation rates for the Dolet Hills Power Station to utilize the December 31, 2021, expected end-of-life and early retirement of the Dolet Hills Power Station and defer depreciation expense to a regulatory asset for the amount in excess of the previously LPSC-approved depreciation rates. The Dolet Hills Power Station was retired on December 31, 2021. On January 31, 2022, Cleco Power filed an application with the LPSC requesting approval of the regulatory treatment and recovery of stranded and decommissioning costs associated with the retirement of the Dolet Hills Power Station over 20 years. Cleco Power has a regulatory asset for the stranded costs, and these costs are currently under a prudency review by the LPSC. For more information on the prudency review, see Note 16 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Dolet Hills Prudency Review.” Energy Efficiency In 2018, Cleco Power filed a letter of intent with the LPSC to recover the under recovery of the accumulated decrease in revenues, also known as the LCFC, associated with the energy efficiency program for years 2014 through 2018 to be recovered over a four-year period. Cleco Power began collecting the accumulated LCFC revenues in Cleco Power’s energy efficiency rates effective March 1, 2019. In October 2019, Cleco Power received notice of approval from the LPSC allowing recovery of the accumulated LCFC revenues. At December 31, 2023, the accumulated LCFC revenues were fully recovered. Financing Costs In 2011, Cleco Power entered into and settled two treasury rate locks. Of the $26.8 million in settlements, $7.4 million was deferred as a regulatory asset relating to ineffectiveness of the hedge relationships. Also in 2011, Cleco Power entered into a forward starting swap contract. These derivatives were entered into in order to mitigate the interest rate exposure on coupon payments related to forecasted debt issuances. In 2013, the forward starting interest rate swap was settled at a loss of $3.3 million. Cleco Power deferred $2.9 million of the losses as a regulatory asset, which is being amortized over the terms of the related debt issuances. Interest Costs Cleco Power’s deferred interest costs include additional deferred capital construction financing costs authorized by the LPSC. These costs are being amortized over the estimated lives of the respective assets. Madison Unit 3 Property Taxes Beginning in July 2021, as approved by the LPSC in Cleco Power’s current retail rate plan, Cleco Power is 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. The amount included in the cost recovery mechanism each year will amortize over 12 months. Non-Service Cost of Postretirement Benefits In 2018, FASB’s amended guidance related to defined benefit pension and other postretirement plans became effective. The amendment allows only the service cost component of net benefit cost to be eligible for capitalization within property, plant, and equipment. Beginning in 2018, Cleco Power’s non-service cost previously eligible for capitalization into property, plant, and equipment are being deferred to a regulatory asset and will be amortized over the estimated lives of the respective assets. Other On June 16, 2021, the LPSC approved Cleco Power’s current retail rate plan resulting in Cleco Power establishing several regulatory assets. Annually, Cleco Power is allowed to defer, as a regulatory asset, the undercollection of revenues related to the Northlake Transmission Agreement. The amount recorded in the regulatory asset will be amortized over the following regulatory period, beginning on July 1. At December 31, 2023, Cleco Power had a regulatory asset of $1.0 million relating to the Northlake Transmission Agreement. In addition, the LPSC approved recovery of other previously deferred costs associated with Cleco Power’s current retail rate plan, which began being amortized over four years on July 1, 2021. At December 31, 2023, Cleco Power had a regulatory asset of $2.9 million for these deferred costs. In June 2017, 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 current retail rate plan was approved. As approved by the LPSC in Cleco Power’s current retail rate plan, the regulatory asset began being amortized over four years on July 1, 2021. At December 31, 2023, Cleco Power had a regulatory asset of $2.0 million related to the deferred revenue associated with the Coughlin Pipeline project. Effective for income tax periods beginning on or after January 1, 2022, the Louisiana state corporate income tax rate was decreased from 8% to 7.5% and the state deduction for federal income taxes paid was eliminated. These changes resulted in an increase in income tax expense. Therefore, Cleco Power established a regulatory asset for the increased revenue requirements associated with the income tax expense in excess of the amount previously approved by the LPSC. Cleco Power plans to seek recovery of this regulatory asset in its current rate case, which was filed on June 30, 2023, with anticipated new rates being effective July 1, 2024. At December 31, 2023, Cleco Power had a balance of $4.5 million related to this regulatory asset. Postretirement Costs Cleco Power recognizes the funded status of its postretirement benefit plans as a net liability or asset. The net liability or asset is defined as the difference between the benefit obligation and the fair market value of plan assets. For defined benefit pension plans, the benefit obligation is the projected benefit obligation. Historically, the LPSC has allowed Cleco Power to recover pension plan expense. Cleco Power, therefore, recognizes a regulatory asset based on its determination that these costs can be collected from customers. These costs are amortized to pension expense over the average service life of the remaining plan participants (approximately five years as of December 31, 2023, for Cleco’s plan) when it exceeds certain thresholds. The amount and timing of the recovery will be based on the changing funded status of the pension plan in future periods. For more information on Cleco’s pension plan and adoption of these authoritative guidelines, see Note 11 — “Pension Plan and Employee Benefits.” Production Operations and Maintenance Expenses Annually, Cleco Power is allowed to defer, as a regulatory asset, production operations and maintenance expenses, net of fuel and payroll, above the retail jurisdictional portion of $34.9 million, adjusted annually for a growth factor (deferral threshold). The amount of the regulatory asset is capped at $25.0 million. The LPSC allows Cleco Power to recover the amount deferred in any calendar year over the following three-year regulatory period, beginning on July 1, when the annual rates are set. Cleco Power had no deferral in 2023 and a deferral of $2.4 million in 2022. Rodemacher Unit 2 Deferred Costs As a result of environmental regulations enacted during 2020, Cleco Power revised Rodemacher Unit 2’s expected end-of-life to coincide with its application to the EPA for an alternative closure date of October 17, 2028. Rodemacher Unit 2’s depreciation expense in excess of the previously LPSC-approved depreciation rates are deferred to a regulatory asset. St. Mary Clean Energy Center Cleco Power has a regulatory asset for the revenue requirements related to the planning and construction costs incurred for the St. Mary Clean Energy Center. As approved by the LPSC in Cleco Power’s current retail rate plan, the regulatory asset began being amortized over four years on July 1, 2021. In September 2022, the LPSC approved a settlement refunding $10.4 million to Cleco Power’s retail customers. As a result, a regulatory asset of $3.8 million was recognized for the incurred refund liability for retail revenues that will continue to be collected until Cleco Power’s current base rates are reset, which is expected to be on July 1, 2024, in its next FRP. On October 1, 2022, Cleco Power began amortizing the $3.8 million regulatory asset to Electric customer credits on its Consolidated Statement of Income as amounts are collected from customers. For more information on the settlement and the costs disallowed for recovery, see Note 14 — “Regulation and Rates — Regulatory Disallowance.” Training Costs In 2008, the LPSC approved Cleco Power’s request to establish a regulatory asset for training costs associated with existing processes and technology for new employees at Madison Unit 3. Recovery of these expenditures was approved by the LPSC in 2009. In 2010, Cleco Power began amortizing the regulatory asset over a 50-year period. Tree Trimming Costs In 2016, the LPSC approved Cleco Power to defer and recover through its base rates tree trimming costs. The LPSC authorized a deferral up to $10.9 million, excluding debt carrying costs. Cleco Power is currently collecting deferred tree trimming costs through its base rates and expects them to be fully amortized by 2026. Cleco Holdings’ 2016 Merger Adjustments As a result of the 2016 Merger, Cleco implemented acquisition accounting, which eliminated AOCI at the Cleco consolidated level on the date of the 2016 Merger. Cleco will continue to recover expenses related to certain postretirement costs; therefore, Cleco recognized a regulatory asset based on its determination that these costs that are probable of recovery continue to be collected from customers. These costs will be amortized to Other operations expense over the average remaining service period of participating employees. Cleco will also continue to recover financing costs associated with the settlement of two treasury rate locks and a forward starting swap contract that were previously recognized in AOCI. Additionally, as a result of the 2016 Merger, a regulatory asset was recorded for debt issuance costs that were eliminated at Cleco and a regulatory asset was recorded for the difference between the carrying value and the fair value of long-term debt. These regulatory assets are being amortized over the terms of the related debt issuances, unless the debt is redeemed prior to maturity, at which time any unamortized related regulatory asset will be derecognized. Deferred Taxes, Net The regulatory assets and liabilities recorded for deferred income taxes represent the effect of tax benefits or detriments that must be flowed through to customers as they are received or paid. The amounts deferred are attributable to differences between book and tax recovery periods. In 2017, the TCJA was enacted. Changes in the IRC from the TCJA had a material impact on the Registrants’ financial statements in 2017. Tax effects of changes in tax laws must be recognized in the period in which the law is enacted. Also, deferred tax assets and liabilities must be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. At December 31, 2023, and 2022, Cleco and Cleco Power had $211.5 million and $257.4 million, respectively, accrued for the excess ADIT as a result of the TCJA. For more information on the status of the TCJA regulatory liability, see Note 14 — “Regulation and Rates — TCJA.” Storm Reserves On June 22, 2022, in conjunction with the storm recovery securitization financing and pursuant to the financing order issued by the LPSC on April 1, 2022, funded storm reserves for future storm restoration costs and Hurricane Ida storm restoration costs were established. Upon the closing of the securitization financing, Cleco Power withdrew $79.6 million from the LPSC approved Hurricane Ida storm reserve. At December 31, 2022, Cleco Power had $15.5 million recorded for the Hurricane Ida storm reserve and a regulatory asset of $9.4 million for non-capital expenses associated with Hurricane Ida that were under a prudency review by the LPSC. On September 20, 2023, the LPSC approved a settlement allowing Cleco Power to withdraw the remaining unrecovered Hurricane Ida storm restoration costs, plus a carrying charge through September 2023, totaling $10.3 million from the Hurricane Ida storm reserve. The settlement also approved the transfer of the remaining balance of the Hurricane Ida storm reserve to the restricted reserve for future storm restoration costs. At December 31, 2023, all amounts remaining in the storm reserve are for future storm restoration costs. |
Jointly Owned Generation Units
Jointly Owned Generation Units | 12 Months Ended |
Dec. 31, 2023 | |
Regulated Operations [Abstract] | |
Jointly Owned Generation Units | Note 7 — Jointly Owned Generation Units Cleco Power operates electric generation units that are jointly owned with other utilities. The joint-owners are responsible for their own share of the capital and the operating and maintenance costs of the respective units. Cleco Power is responsible for its own share of the direct expenses of its jointly owned generation units. Cleco Power’s share of expenses is included in the operating expenses on Cleco’s and Cleco Power’s Consolidated Statements of Income. At December 31, 2023, the investment in and accumulated depreciation for each generating facility on Cleco’s and Cleco Power’s Consolidated Balance Sheets were as follows: Cleco AT DEC. 31, 2023 (THOUSANDS, EXCEPT PERCENTAGES AND MW) UTILITY PLANT ACCUMULATED DEPRECIATION CONSTRUCTION WORK IN PROGRESS OWNERSHIP INTEREST PERCENTAGE RATED OWNERSHIP INTEREST (MW) Acadia Power Station common facilities (1) $ 17,384 $ 3,304 $ 977 50 % Brame Energy Center Rodemacher Unit 2 $ 85,827 $ 39,798 $ 257 30 % 523 157 Common facilities - Nesbitt Unit 1 and Rodemacher Unit 2 $ 3,336 $ 678 $ 16 62 % Common facilities - Rodemacher Unit 2 and Madison Unit 3 $ 2,979 $ 330 $ 2 69 % Common facilities - Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3 $ 10,696 $ 2,090 $ 337 77 % (1) Cleco Power has a 100% ownership interest in Acadia Unit 1. The common facilities at the Acadia Power Station are jointly owned. Cleco Power AT DEC. 31, 2023 (THOUSANDS, EXCEPT PERCENTAGES AND MW) UTILITY PLANT ACCUMULATED DEPRECIATION CONSTRUCTION WORK IN PROGRESS OWNERSHIP INTEREST PERCENTAGE RATED OWNERSHIP INTEREST (MW) Acadia Power Station common facilities (1) $ 18,158 $ 4,079 $ 977 50 % Brame Energy Center Rodemacher Unit 2 $ 159,407 $ 113,378 $ 257 30 % 523 157 Common facilities - Nesbitt Unit 1 and Rodemacher Unit 2 $ 4,744 $ 2,085 $ 16 62 % Common facilities - Rodemacher Unit 2 and Madison Unit 3 $ 3,069 $ 420 $ 2 69 % Common facilities - Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3 $ 20,739 $ 12,133 $ 337 77 % (1) Cleco Power has a 100% ownership interest in Acadia Unit 1. The common facilities at the Acadia Power Station are jointly owned. |
Fair Value Accounting Instrumen
Fair Value Accounting Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting Instruments | Note 8 — Fair Value Accounting Instruments Fair value is a market-based measurement based on assumptions market participants would use in pricing an asset or a liability. Cleco’s valuation techniques maximize the use of observable market-based inputs and minimize the use of unobservable inputs. Credit risk of Cleco and its counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves. Cleco utilizes a three-tier fair value hierarchy that prioritizes inputs that may be used to measure fair value. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. Significant increases or decreases in any of those inputs in isolation could result in a significantly different fair value measurement. Cleco classifies fair value balances based on the fair value hierarchy defined as follows: • Level 1 — observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that Cleco can observe as of the measurement date. • Level 2 — observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets, quoted market prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints. Cleco applies the provisions of the fair value measurement standard to its non-recurring, non-financial measurements including business combinations as well as impairment related to goodwill and other long-lived assets. For information on the impairment related to discontinued operations, see Note 3 — “Discontinued Operations.” Fair Value Measurements on a Recurring Basis The amounts reflected in Cleco’s and Cleco Power’s Consolidated Balance Sheets at December 31, 2023, and 2022, for cash equivalents, restricted cash equivalents, accounts receivable, other accounts receivable, short-term debt, and accounts payable approximate fair value because of their short-term nature. The following tables disclose the fair value of financial assets and liabilities measured on a recurring basis on Cleco’s and Cleco Power’s Consolidated Balance Sheets. These amounts are presented on a gross basis. Cleco FAIR VALUE MEASUREMENTS AT REPORTING DATE (THOUSANDS) AT DEC. 31, 2023 QUOTED SIGNIFICANT SIGNIFICANT AT DEC. 31, 2022 QUOTED SIGNIFICANT SIGNIFICANT Asset Description Short-term investments $ 242,596 $ 242,596 $ — $ — $ 179,241 $ 179,241 $ — $ — FTRs 3,087 — — 3,087 2,570 — — 2,570 Natural gas derivatives 5,042 — 5,042 — 105,646 — 105,646 — Total assets $ 250,725 $ 242,596 $ 5,042 $ 3,087 $ 287,457 $ 179,241 $ 105,646 $ 2,570 Liability Description FTRs $ 781 $ — $ — $ 781 $ 294 $ — $ — $ 294 Natural gas derivatives 15,005 — 15,005 — 6,980 — 6,980 — Total liabilities $ 15,786 $ — $ 15,005 $ 781 $ 7,274 $ — $ 6,980 $ 294 Cleco Power FAIR VALUE MEASUREMENTS AT REPORTING DATE (THOUSANDS) AT DEC. 31, 2023 QUOTED SIGNIFICANT SIGNIFICANT AT DEC. 31, 2022 QUOTED SIGNIFICANT SIGNIFICANT Asset Description Short-term investments $ 169,606 $ 169,606 $ — $ — $ 139,752 $ 139,752 $ — $ — FTRs 3,087 — — 3,087 2,570 — — 2,570 Total assets $ 172,693 $ 169,606 $ — $ 3,087 $ 142,322 $ 139,752 $ — $ 2,570 Liability Description FTRs $ 781 $ — $ — $ 781 $ 294 $ — $ — $ 294 Natural gas derivatives 14,331 — 14,331 — 4,570 — 4,570 — Total liabilities $ 15,112 $ — $ 14,331 $ 781 $ 4,864 $ — $ 4,570 $ 294 Cleco has consistently applied the Level 2 and Level 3 fair value techniques between comparative fiscal periods. During the years ended December 31, 2023, and 2022, Cleco did not experience any transfers into or out of Level 3 of the fair value hierarchy. Short-term Investments At December 31, 2023, Cleco and Cleco Power had short-term investments in money market funds and treasury bills that have a maturity of three months or less when purchased. At December 31, 2022, Cleco and Cleco Power had short-term investments in money market funds that had a maturity of three months or less when purchased. The following tables present the short-term investments as recorded on Cleco’s and Cleco Power’s Consolidated Balance Sheets at December 31, 2023, and 2022: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Cash and cash equivalents $ 113,207 $ 46,279 Current restricted cash and cash equivalents $ 15,818 $ 23,548 Non-current restricted cash and cash equivalents $ 113,571 $ 109,414 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Cash and cash equivalents $ 40,240 $ 6,813 Current restricted cash and cash equivalents $ 15,818 $ 23,548 Non-current restricted cash and cash equivalents $ 113,548 $ 109,391 FTRs FTRs are financial instruments used to provide a financial hedge to manage the risk of transmission congestion charges between MISO nodes in MISO’s Day-Ahead Energy Market. Cleco is awarded and/or purchases FTRs in auctions facilitated by MISO. FTRs are derivatives not designated as hedging instruments for accounting purposes. FTRs are valued using MISO’s monthly auction prices as a price index reference (Level 3). Unrealized gains or losses are deferred as a component of Accumulated deferred fuel on the balance sheet in accordance with regulatory policy, and at settlement, realized gains or losses are included in Cleco Power’s FAC and reflected on customers’ bills as a component of the fuel charge. The following table summarizes the net changes in the net fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy for Cleco and Cleco Power: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Beginning balance $ 2,276 $ 4,918 $ 3,216 Unrealized (losses) gains * (425) (495) 2,828 Purchases 8,089 7,270 9,871 Settlements (7,634) (9,417) (10,997) Ending balance $ 2,306 $ 2,276 $ 4,918 * Unrealized (losses) gains are reported through Accumulated deferred fuel on Cleco Power's Consolidated Balance Sheets. The following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of December 31, 2023, and 2022: FAIR VALUE VALUATION TECHNIQUE SIGNIFICANT FORWARD PRICE RANGE (THOUSANDS, EXCEPT DOLLAR PER MWh) Assets Liabilities Low High FTRs at Dec. 31, 2023 $ 3,087 $ 781 RTO auction pricing FTR price - per MWh $ (3.51) $ 7.07 FTRs at Dec. 31, 2022 $ 2,570 $ 294 RTO auction pricing FTR price - per MWh $ (5.11) $ 13.65 Natural Gas Derivatives Cleco may enter into physical and financial fixed price or options contracts that financially settle or are physically delivered at a future date. Management has not elected to apply hedge accounting to these contracts as allowed under applicable accounting standards. Cleco Power’s natural gas derivative contracts are marked-to-market with the resulting unrealized gain or loss recorded as a component of Accumulated deferred fuel on the balance sheet. At settlement, realized gains or losses are included in Cleco Power’s FAC and reflected on customer’s bills as a component of the fuel charge. Cleco Cajun’s unrealized gains or losses as well as realized gains or losses at settlement are recorded on the income statements as a component of fuel expense. Fair Value Measurements on a Nonrecurring Basis The following tables summarize the carrying value and estimated market value of Cleco’s and Cleco Power’s financial instruments not measured at fair value on Cleco’s and Cleco Power’s Consolidated Balance Sheets: Cleco AT DEC. 31, 2023 2022 (THOUSANDS) CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt $ 3,400,293 $ 3,177,654 $ 3,482,556 $ 3,180,208 * The carrying value of long-term debt does not include deferred issuance costs of $14.2 million at December 31, 2023, and $16.2 million at December 31, 2022. Cleco Power AT DEC. 31, 2023 2022 (THOUSANDS) CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt $ 1,886,248 $ 1,867,559 $ 1,895,508 $ 1,825,192 * The carrying value of long-term debt does not include deferred issuance costs of $11.5 million at December 31, 2023, and $12.3 million at December 31, 2022. In order to fund capital requirements, Cleco may issue fixed and variable rate long-term debt with various tenors. The fair value of this class fluctuates as the market interest rates for fixed and variable rate debt with similar tenors and credit ratings change. The fair value of the debt could also change from period to period due to changes in the credit rating of the Cleco entity by which the debt was issued. The fair value of long-term debt is classified as Level 2 in the fair value hierarchy. Concentrations of Credit Risk At December 31, 2023, and 2022, Cleco and Cleco Power were exposed to concentrations of credit risk through their short-term investments classified as cash equivalents and restricted cash equivalents. If the short-term investments failed to perform under the terms of the investments, Cleco and Cleco Power would be exposed to a loss of the invested amounts. Collateral on these types of investments is not required. In order to capture interest income and minimize risk, cash is invested primarily in short-term securities issued by the U.S. government to maintain liquidity and achieve the goal of a net asset value of a dollar. When Cleco enters into commodity derivative or physical commodity transactions directly with market participants, Cleco may be exposed to counterparty credit risk. Cleco is exposed to counterparty credit risk when a counterparty fails to meet their financial obligations causing Cleco to potentially incur replacement cost losses. Cleco enters into long-form contract and master agreements with counterparties that govern the risk of counterparty credit default and allow for collateralization above prenegotiated thresholds to help mitigate potential losses. Alternatively, Cleco may be required to provide credit support with respect to bilateral transactions and contracts that Cleco has entered into or may enter into in the future. The amount of credit support required may change based on margining formulas, changes in credit agency ratings, or liquidity ratios. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 9 — Derivative Instruments In the normal course of business, Cleco utilizes derivative instruments, such as natural gas derivatives and FTRs, to mitigate volatility of overall fuel and purchased power costs. Cleco has not elected to designate any of its current instruments as an accounting hedge. At December 31, 2023, there was no cash collateral posted with or received from counterparties that was netted on Cleco’s and Cleco Power’s Consolidated Balance Sheets. The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco’s and Cleco Power’s Consolidated Balance Sheets at December 31, 2023, and 2022: Cleco DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS AT DEC. 31, 2023 AT DEC. 31, 2022 GROSS AMOUNTS OFFSET ON THE BALANCE SHEET GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET (1) (THOUSANDS) BALANCE SHEET LINE ITEM NET ASSET (LIABILITY) ON THE BALANCE SHEET GROSS ASSET (LIABILITY) CASH COLLATERAL NET ASSET (LIABILITY) ON THE BALANCE SHEET COLLATERAL NET AMOUNT Commodity-related contracts FTRs Current Energy risk management assets $ 3,087 $ 2,570 $ — $ 2,570 $ — $ 2,570 Current Energy risk management liabilities (781) (294) — (294) — (294) Natural gas derivatives Current Energy risk management assets 5,042 53,251 (6,500) 46,751 (32,578) 14,173 Non-current Energy risk management assets — 58,895 — 58,895 (20,422) 38,473 Current Energy risk management liabilities (15,005) (6,980) — (6,980) — (6,980) Commodity-related contracts, net $ (7,657) $ 107,442 $ (6,500) $ 100,942 $ (53,000) $ 47,942 (1) Represents letters of credit by counterparties. Cleco Power DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS AT DEC. 31, (THOUSANDS) BALANCE SHEET LINE ITEM 2023 2022 Commodity-related contracts FTRs Current Energy risk management assets $ 3,087 $ 2,570 Current Energy risk management liabilities (781) (294) Natural gas derivatives Current Energy risk management liabilities (14,331) (4,570) Commodity-related contracts, net $ (12,025) $ (2,294) The following table presents the effect of derivatives not designated as hedging instruments on Cleco’s and Cleco Power’s Consolidated Statements of Income for the years December 31, 2023, 2022, and 2021: Cleco AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES FOR THE YEAR ENDED DEC. 31, (THOUSANDS) DERIVATIVES LINE ITEM 2023 2022 2021 Commodity contracts FTRs (1) Electric operations $ 6,320 $ 14,118 $ 12,797 FTRs (1) Purchased power (4,465) (7,331) (10,360) Natural gas derivatives (2) Fuel used for electric generation (139,315) 180,522 134,144 Total $ (137,460) $ 187,309 $ 136,581 (1) For the years ended December 31, 2023, 2022, and 2021, unrealized (losses) gains associated with FTRs of $(0.4) million, $(0.5) million, and $2.8 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. (2) For the year ended December 31, 2023, unrealized losses and realized losses associated with natural gas derivatives for Cleco Power of $(9.8) million and $(2.0) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the year ended December 31, 2022, unrealized gains associated with natural gas derivatives for Cleco Power of $4.9 million were reported through Accumulated deferred fuel on the balance sheet. For the year ended December 31, 2022, Cleco Power had no realized gains (losses) associated with natural gas derivatives. Cleco Power had no natural gas derivatives during the year ended December 31, 2021. Cleco Power AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES FOR THE YEAR ENDED DEC. 31, (THOUSANDS) DERIVATIVES LINE ITEM 2023 2022 2021 Commodity contracts FTRs (1) Electric operations $ 6,320 $ 14,118 $ 12,797 FTRs (1) Purchased power (4,465) (7,331) (10,360) Natural gas derivatives (2) Fuel used for electric generation (22,734) — — Total $ (20,879) $ 6,787 $ 2,437 (1) For the years ended December 31, 2023, 2022, and 2021, unrealized (losses) gains associated with FTRs of $(0.4) million, $(0.5) million, and $2.8 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. (2) For the year ended December 31, 2023, unrealized losses and realized losses associated with natural gas derivatives of $(9.8) million and $(2.0) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the year ended December 31, 2022, unrealized gains associated with natural gas derivatives of $4.9 million were reported through Accumulated deferred fuel on the balance sheet. For the year ended December 31, 2022, Cleco Power had no realized gains (losses) associated with natural gas derivatives. Cleco Power had no natural gas derivatives during the year ended December 31, 2021. The following tables present the volume of commodity-related derivative contracts outstanding at December 31, 2023, and 2022 for Cleco and Cleco Power: Cleco TOTAL VOLUME OUTSTANDING UNIT OF MEASURE AT DEC. 31, (THOUSAND) 2023 2022 Commodity-related contracts FTRs MWh 9,611 9,085 Natural gas derivatives MMBtus 61,119 85,350 Cleco Power TOTAL VOLUME OUTSTANDING UNIT OF MEASURE AT DEC. 31, (THOUSAND) 2023 2022 Commodity-related contracts FTRs MWh 9,611 9,085 Natural gas derivatives MMBtus 19,915 4,840 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 10 — Debt Cleco Power’s total long-term indebtedness as of December 31, 2023, and 2022 was as follows: Cleco Power AT DEC. 31, (THOUSANDS) 2023 2022 Bonds Senior notes, 3.08%, due 2023 $ — $ 100,000 Senior notes, 3.17%, due 2024 50,000 50,000 Senior notes, 3.68%, due 2025 75,000 75,000 Senior notes, 3.47%, due 2026 130,000 130,000 Senior notes, 5.96%, due 2026 100,000 — Senior notes, 4.33%, due 2027 50,000 50,000 Senior notes, 3.57%, due 2028 200,000 200,000 Senior notes, 6.50%, due 2035 295,000 295,000 Senior notes, 6.00%, due 2040 250,000 250,000 Senior notes, 5.12%, due 2041 100,000 100,000 Series A GO Zone bonds, 2.50%, due 2038, mandatory tender in 2025 50,000 50,000 Series B GO Zone bonds, 4.25%, due 2038 50,000 50,000 Cleco Securitization I’s storm recovery bonds, 4.016%, due 2033 115,426 125,000 Cleco Securitization I’s storm recovery bonds, 4.646%, due 2044 300,000 300,000 Total bonds 1,765,426 1,775,000 Bank term loan, variable rate, due 2024 125,000 125,000 Finance leases Barge lease obligations 12,971 13,807 Gross amount of long-term debt and finance leases 1,903,397 1,913,807 Long-term debt due within one year (189,389) (109,508) Finance leases classified as long-term debt due within one year (925) (836) Unamortized debt discount (4,178) (4,492) Unamortized debt issuance costs (11,753) (12,524) Total long-term debt and finance leases, net $ 1,697,152 $ 1,786,447 Cleco’s total long-term indebtedness as of December 31, 2023, and 2022 was as follows: Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Total Cleco Power long-term debt and finance leases, net $ 1,697,152 $ 1,786,447 Cleco Holdings’ long-term debt, net Senior notes, 3.250%, due 2025 165,000 165,000 Senior notes, 3.743%, due 2026 535,000 535,000 Senior notes, 3.375%, due 2029 300,000 300,000 Senior notes, 4.973%, due 2046 350,000 350,000 Bank term loan, variable rate, due 2024 66,700 132,300 Long-term debt due within one year (66,497) (230,524) Unamortized debt issuance costs (1) (2,776) (3,877) Fair value adjustment 97,345 104,748 Total Cleco long-term debt and finance leases, net $ 3,141,924 $ 3,139,094 (1) For December 31, 2023, and 2022, this amount includes unamortized debt issuance costs for Cleco Holdings of $7.0 million and $8.5 million, respectively, partially offset by deferred debt issuance costs eliminated as a result of the 2016 Merger of $4.3 million and $4.6 million, respectively. For more information, see Note 6 — “Regulatory Assets and Liabilities — Cleco Holdings’ 2016 Merger Adjustments.” The principal amounts payable under long-term debt agreements for each year through 2028 and thereafter are as follows: (THOUSANDS) CLECO POWER CLECO For the year ending Dec. 31, 2024 $ 189,499 $ 256,199 2025 (1) $ 90,087 $ 255,087 2026 $ 245,699 $ 780,699 2027 $ 66,336 $ 66,336 2028 $ 216,999 $ 216,999 Thereafter $ 1,081,806 $ 1,731,806 (1) Does not include Series A GO Zone bonds that have a maturity date of December 2038 but a mandatory tender in May 2025. The principal amounts payable under the finance lease agreement for each year through 2028 and thereafter are as follows: (THOUSANDS) For the year ending Dec. 31, 2024 $ 925 2025 $ 1,023 2026 $ 1,133 2027 $ 1,253 2028 $ 1,388 Thereafter $ 7,249 For more information on the finance agreement, see Note 4 — “Leases — Finance Lease.” Cleco Power At December 31, 2023, and December 31, 2022, Cleco Power’s long-term debt and finance leases due within one year was $190.3 million and $110.3 million, respectively. The increase of $80.0 million is primarily due to the reclassification of a $125.0 million bank term loan due May 2024, $50.0 million of Cleco Power’s senior notes due in December 2024, and $4.9 million of additional Cleco Securitization I storm recovery bond principal payments scheduled to be paid in 2024. These increases are offset by the refinancing of Cleco Power’s $100.0 million senior notes due in December 2023 with $100.0 million of Cleco Power’s senior notes with a maturity date of December 2026. On December 14, 2023, Cleco Power entered into a note purchase agreement for the issuance and sale in a private placement of $100.0 million aggregate principal amount of senior notes at a fixed interest rate of 5.96% and a maturity date of December 14, 2026. The proceeds of the issuance were used to pay Cleco Power’s $100.0 million aggregate principal amount of senior notes due December 2023. Other than Cleco Securitization I’s storm recovery bonds, all of Cleco Power’s debt outstanding at December 31, 2023, and 2022 is unsecured and unsubordinated. Cleco At December 31, 2023, and December 31, 2022, Cleco’s long-term debt and finance leases due within one year was $256.8 million and $340.9 million respectively. The decrease of $84.1 million is primarily due to the reclassification of Cleco Holdings’ $165.0 million senior notes as a result of the extension of the maturity date to May 2025 and the refinancing of Cleco Power’s $100.0 million senior notes due in December 2023 with $100.0 million of Cleco Power’s senior notes with a maturity date of December 2026. These decreases were partially offset by the reclassification of Cleco Power’s $125.0 million bank term loan due in May 2024, Cleco Power’s $50.0 million senior notes due in December 2024, and $4.9 million of additional Cleco Securitization I storm recovery bond principal payments scheduled to be paid in 2024. On May 1, 2023, Cleco Holdings amended certain terms of the supplemental indenture governing its $165.0 million senior notes due in 2023. As a result, the interest rate of the senior notes changed to a floating interest rate equal to SOFR plus 1.725% and the maturity date was extended from May 1, 2023, to May 1, 2025. Other than Cleco Securitization I’s storm recovery bonds, all of Cleco’s debt outstanding at December 31, 2023, and 2022 is unsecured and unsubordinated. Upon approval of the Cleco Cajun Acquisition, commitments were made to the LPSC by Cleco, including repayment of $400.0 million of Cleco Holdings’ debt by December 31, 2024. As of December 31, 2023, Cleco Holdings was in compliance with these commitments. The cumulative minimum principal amounts committed to be repaid for each year through 2024 are as follows: (THOUSANDS) For the year ending Dec. 31, 2019 $ 66,700 2020 $ 133,300 2021 $ 200,000 2022 $ 267,700 2023 $ 333,300 2024 $ 400,000 Credit Facilities At December 31, 2023, Cleco had two separate revolving credit facilities, one for Cleco Holdings in the amount of $175.0 million with $110.0 million of outstanding borrowings and one for Cleco Power in the amount of $300.0 million with no outstanding borrowings. The total of all revolving credit facilities creates a maximum aggregate capacity of $475.0 million. Cleco and Cleco Power had $64.0 million and $45.0 million, respectively, outstanding under their credit facilities at December 31, 2022. Cleco Holdings and Cleco Power had no amounts outstanding under their uncommitted lines of credit at December 31, 2023, and 2022. On February 17, 2023, Cleco Holdings and Cleco Power amended their respective revolving credit facilities and bank term loans to transition the benchmark interest rate from LIBOR to SOFR. Cleco Holdings’ revolving credit facility provides funding for working capital and other financing needs. The revolving credit facility includes restrictive financial covenants and expires in May 2026. Under covenants contained in Cleco Holdings’ revolving credit facility, Cleco is required to maintain total indebtedness less than or equal to 65% of total capitalization. At December 31, 2023, Cleco Holdings was in compliance with the covenants of its revolving credit facility. At December 31, 2023, the borrowing costs for amounts drawn under the facility were equal to SOFR plus 1.725% or ABR plus 0.625%, plus commitment fees of 0.275% paid on the unused portion of the facility. If Cleco Holdings’ credit ratings were to be downgraded one level by the credit rating agencies, Cleco Holdings may be required to pay incremental interest and commitment fees of 0.125% and 0.05%, respectively, under the pricing levels of its revolving credit facility. Cleco Power’s revolving credit facility provides funding for working capital and other financing needs. The revolving credit facility includes restrictive financial covenants and expires in May 2026. Under covenants contained in Cleco Power’s revolving credit facility, Cleco Power is required to maintain total indebtedness less than or equal to 65% of total capitalization. At December 31, 2023, Cleco Power was in compliance with the covenants of its credit facility. At December 31, 2023, the borrowing costs for amounts drawn under the facility were equal to SOFR plus 1.35% or ABR plus 0.25%, plus commitment fees of 0.15% paid on the unused portion of the facility. If Cleco Power’s credit ratings were to be downgraded one level by the credit rating agencies, Cleco Power may be required to pay incremental interest and commitment fees of 0.125% and 0.025%, respectively, under the pricing levels of its revolving credit facility. If Cleco Holdings or Cleco Power were not to comply with certain covenants in their respective revolving credit facilities or other debt agreements, they would be unable to borrow additional funds under the facilities, and the lenders under the respective credit facility or debt agreement could accelerate all principal and interest outstanding. Further, if Cleco Power were to default under its revolving credit facility or other debt agreements, Cleco Holdings would be considered in default under its revolving credit facility. |
Pension Plan and Employee Benef
Pension Plan and Employee Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension Plan and Employee Benefits | Note 11 — 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. Benefits under the plan reflect an employee’s years of service, age at retirement, and highest total average compensation for any consecutive five Certain Cleco Cajun employees are eligible to participate as a cash balance participant and are credited with all service that was credited to them under the NRG Pension Plan as of February 4, 2019. Benefits reflect the employee’s years of service, age at retirement, and accrued benefit at retirement. The interest crediting rate on the cash balance plan was 5.56% and 5.07% at December 31, 2023, and 2022, respectively. 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. Cleco recognizes the expected cost of Other Benefits during the periods in which the benefits are earned. The employee pension plan and Other Benefits plan obligation, plan assets, and funded status at December 31, 2023, and 2022 are presented in the following table: PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2023 2022 Change in benefit obligation Benefit obligation at beginning of period $ 500,869 $ 680,417 $ 43,306 $ 55,257 Service cost 4,977 8,589 1,472 2,204 Interest cost 26,423 19,841 2,285 1,484 Plan participants’ contributions — — — 1,904 Actuarial loss (gain) 26,300 (174,733) (5,110) (10,289) Expenses paid (3,018) (3,744) — — Benefits paid (30,069) (29,501) (5,117) (7,254) Benefit obligation at end of period 525,482 500,869 47,056 43,306 Change in plan assets Fair value of plan assets at beginning of period 402,285 527,427 — — Actual (loss) gain return on plan assets 38,761 (91,897) — — Employer contributions 200 — — — Expenses paid (3,018) (3,744) — — Benefits paid (30,069) (29,501) — — Fair value of plan assets at end of period 408,159 402,285 — — Unfunded status $ (117,323) $ (98,584) $ (47,056) $ (43,306) The current and non-current portions of the Pension Benefits liability for Cleco and Cleco Power at December 31, 2023, and 2022 are as follows: AT DEC. 31, (THOUSANDS) 2023 2022 Current $ 25,685 $ — Non-current $ 91,638 $ 98,584 The employee pension plan accumulated benefit obligation at December 31, 2023, and 2022 is presented in the following table: PENSION BENEFITS AT DEC. 31, (THOUSANDS) 2023 2022 Accumulated benefit obligation $ 505,508 $ 481,398 The following table presents the net actuarial gains/losses included in other comprehensive income for Other Benefits and in regulatory assets for pension related to current year gains and losses as a result of being included in net periodic benefit costs for the employee pension plan and Other Benefits plan for the years ended December 31, 2023, and 2022: PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2023 2022 Net actuarial loss (gain) occurring during period $ 17,082 $ (58,124) $ 5,110 $ (10,289) Net actuarial loss (gain) amortized during period $ — $ 12,332 $ (45) $ 1,207 The pension net actuarial loss was $17.1 million for the year ended December 31, 2023, primarily due to updated demographic assumptions resulting from the completion of an experience study in 2023 and a decrease in the discount rate. This loss was partially offset by higher than expected return on assets. The pension net actuarial gain was $58.1 million for the year ended December 31, 2022, primarily due to an increase in the discount rate, partially offset by lower than expected return on assets. The Other Benefits net actuarial loss was $5.1 million for the year ended December 31, 2023, primarily due to updated demographic assumptions resulting from the completion of an experience study in 2023. The Other Benefits net actuarial gain was $10.3 million for the year ended December 31, 2022, primarily due to an increase in the discount rate. The following table presents net actuarial gains/losses in accumulated other comprehensive income that have not been recognized as components of net periodic benefit costs for the employee pension plan and Other Benefits plans at December 31, 2023, and 2022: PENSION BENEFITS OTHER BENEFITS AT DEC. 31, AT DEC. 31, (THOUSANDS) 2023 2022 2023 2022 Net actuarial loss $ 64,399 $ 47,317 $ 13,103 $ 13,705 The non-service components of net periodic pension and Other Benefits cost are included in Other income (expense), net within Cleco’s and Cleco Power’s Consolidated Statements of Income. The components of net periodic pension and Other Benefits costs for 2023, 2022, and 2021 are as follows: PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 2023 2022 2021 Components of periodic benefit costs Service cost $ 4,977 $ 8,589 $ 10,516 $ 1,472 $ 2,204 $ 2,425 Interest cost 26,423 19,841 18,668 2,285 1,484 1,283 Expected return on plan assets (29,544) (24,706) (22,801) — — — Amortizations Net loss (gain) — 12,332 20,738 (45) 1,210 1,523 Net periodic benefit cost $ 1,856 $ 16,056 $ 27,121 $ 3,712 $ 4,898 $ 5,231 Special/contractual termination benefits — — 3,270 — — — Total benefit cost $ 1,856 $ 16,056 $ 30,391 $ 3,712 $ 4,898 $ 5,231 Effective September 30, 2021, the pension plan was amended to offer an enhanced pension benefit to certain employees participating in the plan that elected to retire during a certain retirement window. Those certain employees who elected by September 30, 2021, to receive the enhanced pension benefits received 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, that was 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 years ended December 31, 2023, 2022, and 2021 was $1.9 million, $3.2 million, and $4.5 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 Consolidated Statements of Income for the years ended December 31, 2023, 2022, and 2021 was $3.5 million, $4.4 million, and $4.7 million, respectively. The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at December 31, 2023, and 2022 are as follows: Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Current $ 5,241 $ 5,017 Non-current $ 41,815 $ 38,366 Cleco Power AT DEC. 31, (THOUSANDS) 2023 2022 Current $ 4,479 $ 4,310 Non-current $ 32,289 $ 30,082 The measurement date used to determine the pension and other postretirement benefits is December 31. The assumptions used to determine the benefit obligation and the periodic costs are as follows: PENSION BENEFITS OTHER BENEFITS AT DEC. 31, AT DEC. 31, 2023 2022 2023 2022 Weighted-average assumptions used to determine the benefit obligation Discount rate 5.13 % 5.44 % 5.25 % 5.61 % Rate of compensation increase 3.50 % 2.76 % N/A N/A PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, 2023 2022 2021 2023 2022 2021 Weighted-average assumptions used to determine the net benefit cost Discount rate 5.44 % 2.98 % 2.74 % 5.61 % 2.82 % 2.39 % Expected return on plan assets 6.60 % 5.25 % 5.00 % N/A N/A N/A Rate of compensation increase 2.76 % 2.73 % 2.71 % N/A N/A N/A The expected return on plan assets was determined by examining the risk profile of each target category as compared to the expected return on that risk, within the parameters determined by Cleco’s Retirement Committee. In assessing the risk as compared to return profile, historical returns as compared to risk were considered. The historical risk compared to returns was adjusted for the expected future long-term relationship between risk and return. For the calculation of the 2024 periodic expense, Cleco decreased the discount rate to 5.13% and increased the expected long-term return on plan assets to 6.68%. Cleco expects pension expense to decrease in 2024 by approximately $1.3 million due to an increase in expected return on plan assets and a decrease in service costs from increased retirements. Employee pension plan assets are invested in accordance with the Pension Plan’s Investment Policy Statement. At December 31, 2023, allowable investments included U.S. Equity Portfolios, International Equity - Developed Markets Portfolios, Emerging Markets Equity Portfolios, Multi-Asset Credits, Treasury Separate Trading of Registered Interest and Principal of Securities (STRIPS), Fixed Income Portfolios - Long Credit and Intermediate Government Credit, and Real Estate Portfolios. Real estate funds and the pooled separate accounts are stated at estimated market value based on appraisal reports prepared annually by independent real estate appraisers (members of the American Institute of Real Estate Appraisers). The estimated market value of recently acquired properties is assumed to approximate cost. Fair Value Disclosures Cleco classifies assets and liabilities measured at their fair value according to three different levels, depending on the inputs used in determining fair value. For more information on the fair value hierarchy, see Note 8 — “Fair Value Accounting Instruments.” There have been no changes in the methodologies for determining fair value at December 31, 2023, and 2022. The following tables disclose the pension plan’s fair value of financial assets measured on a recurring basis: (THOUSANDS) AT DEC. 31, 2023 QUOTED PRICES SIGNIFICANT SIGNIFICANT Asset Description Cash equivalents $ 22,250 $ — $ 22,250 $ — Government securities 14,418 — 14,418 — Mutual funds Domestic 85,821 85,821 — — International 42,083 42,083 — — Real estate funds 35,032 — — 35,032 Corporate debt 94,677 — 94,677 — Total $ 294,281 $ 127,904 $ 131,345 $ 35,032 Investments measured at net asset value* 112,110 Interest accrual 1,768 Total net assets $ 408,159 *Investments measured at net asset value consist of Common/ collective trust. (THOUSANDS) AT DEC. 31, 2022 QUOTED PRICES SIGNIFICANT SIGNIFICANT Asset Description Cash equivalents $ 7,345 $ — $ 7,345 $ — Government securities 33,019 — 33,019 — Mutual funds Domestic 78,349 78,349 — — International 39,722 39,722 — — Real estate funds 39,370 — — 39,370 Corporate debt 103,940 — 103,940 — Total $ 301,745 $ 118,071 $ 144,304 $ 39,370 Investments measured at net asset value* 98,505 Interest accrual 2,035 Total net assets $ 402,285 *Investments measured at net asset value consist of Common/ collective trust. Level 3 valuations are derived from other valuation methodologies including pricing models, discounted cash flow models, and similar techniques. Level 3 valuations incorporate subjective judgments and consider assumptions including capitalization rates, discount rates, cash flows, and other factors that are not observable in the market. Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement. The following is a reconciliation of the beginning and ending balances of the pension plan’s real estate funds measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2023, and 2022: (THOUSANDS) Balance, Dec. 31, 2021 $ 39,091 Realized losses (2,451) Unrealized gains 4,112 Purchases 2,027 Sales (3,409) Balance, Dec. 31, 2022 $ 39,370 Realized losses 66 Unrealized losses (5,786) Purchases 2,021 Sales (639) Balance, Dec. 31, 2023 $ 35,032 The market-related value of plan assets differs from the fair value of plan assets by the amount of deferred asset gains or losses. Actual asset returns that differ from the expected return on plan assets are deferred and recognized in the market-related value of assets on a straight-line basis over a five-year period. For 2023, the return on plan assets was 9.23% compared to an expected long-term return of 6.60%. The 2022 return on pension plan assets was (19.94)% compared to an expected long-term return of 5.25%. As of December 31, 2023, none of the pension plan participants’ future annual benefits are covered by insurance contracts. Pension Plan Strategic Asset Allocation In December 2023, Cleco’s Retirement Committee revised the pension plan’s asset allocation with a focus on increasing the funded status of the plan. As the funded ratio of the plan increases, the portfolio allocation to return-seeking assets (equity and equity-like investments) would be reduced and be offset by an increase in fixed income investments (defined in the policy as liability-hedging assets). The purpose is to reduce the funded ratio volatility and reduce risk in the portfolio as the funded ratio improves. If the funded ratio declines significantly, Cleco’s Retirement Committee will provide instructions about re-allocations to return-seeking assets. The general funded status to target portfolio allocations are as follows: FUNDED STATUS RETURN-SEEKING LIABILITY-HEDGING CREDIT LIABILITY-HEDGING GOVERNMENT ≤ 80% 60% 20% 20% 80% to 100% 60% to 47% 20% to 37% 20% to 16% 100% to 115% 47% to 10% 37% to 83% 16% to 7% ≥ 115% 10% 83% 7% In order to meet these objectives and to control risk, Cleco’s Retirement Committee has established the following guidelines that the investment managers must follow in the management of the pension fund assets: Liability-Hedging Assets The pension plan investments may include the following liability-hedging assets: • High-quality credit-oriented investment grade bonds, • U.S. Treasuries and other U.S. Government-related securities, • Mortgage securities issues, • Real estate debt, • Private placement credit, and • Securitized assets. Cash equivalents are held to meet the benefit obligations of the pension plan and to pay fees. The primary objective of holding liability-hedging assets is to reduce the pension plan’s surplus volatility. Return-Seeking Assets The pension plan investments may include the following return-seeking assets: • Public equity, • Multi-asset credit, and • Open-ended real assets. The use of futures and options positions that leverage portfolio positions through borrowing, short sales, or other encumbrances of the pension plan’s assets is prohibited. Certain liability-hedging managers are exempt from the prohibition on derivatives use due to the nature of long duration fixed income management. The investment manager shall not purchase any securities of its organization or affiliated entities. Other Pension Plan Disclosures The assumed health care cost trend rates used to measure the expected cost of Other Benefits is 5.0% for 2024 and remains at 5.0% thereafter. The rate used for 2023 was also 5.0%. Assumed health care cost trend rates have a limited effect on the amount reported for Cleco’s health care plans. The projected benefit payments for the employee pension plan and Other Benefits plan for each year through 2028 and the next five years thereafter are listed in the following table: (THOUSANDS) PENSION BENEFITS OTHER For the year ending Dec. 31, 2024 $ 31,857 $ 5,241 2025 $ 32,793 $ 5,182 2026 $ 33,268 $ 5,167 2027 $ 33,760 $ 5,130 2028 $ 34,355 $ 5,049 Five years thereafter $ 176,293 $ 23,443 SERP Certain Cleco officers are covered by SERP. In 2014, SERP was closed to new participants; however, with regard to current SERP participants, including former employees or their beneficiaries, all terms of SERP will continue, other than as described below. SERP is a non-qualified, non-contributory, defined benefit pension plan. Generally, benefits under the plan reflect an employee’s years of service, age at retirement, and the sum of (a) the highest base salary paid out over the last five Cleco does not fund the SERP liability, but instead pays for current benefits out of the cash available of the respective company of the employed officer. Because the SERP is a non-qualified plan, Cleco has purchased life insurance policies on certain SERP participants as a mechanism to provide a source of funding. These polices are held in a rabbi trust formed by Cleco Power. The rabbi trust is the named beneficiary of the life insurance policies and, therefore, receives the proceeds upon death of the insured participants. The life insurance policies may be used to reimburse Cleco for benefits paid from general funds, pay the SERP participants’ death benefits, or pay future SERP payments. Market conditions could have a significant impact on the cash surrender value of the life insurance policies. Because SERP is a non-qualified plan, the assets of the trust could be used to satisfy general creditors of Cleco Power in the event of insolvency. Cleco Power is the plan sponsor and Support Group is the plan administrator. SERP’s funded status at December 31, 2023, and 2022 is presented in the following table: SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Change in benefit obligation Benefit obligation at beginning of period $ 68,427 $ 93,179 Service cost 142 227 Interest cost 3,604 2,679 Actuarial gain (345) (22,097) Benefits paid (4,366) (5,561) Benefit obligation at end of period $ 67,462 $ 68,427 SERP’s accumulated benefit obligation at December 31, 2023, and 2022 is presented in the following table: SERP BENEFITS AT DEC. 31, (THOUSANDS) 2023 2022 Accumulated benefit obligation $ 67,462 $ 68,427 The following table presents net actuarial gains/losses and prior service credits included in other comprehensive income or regulatory assets related to current year gains and losses as a result of being amortized as a component of net periodic benefit costs for SERP for December 31, 2023, and 2022: SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Net actuarial gain occurring during year $ (345) $ (22,097) Net actuarial loss amortized during year $ (63) $ 1,049 Prior service credit amortized during year $ (215) $ (215) The SERP net actuarial gain was $0.3 million for the year ended December 31, 2023, primarily due to new census data partially offset by a decrease in the discount rate. The following table presents net actuarial losses and prior service credit in accumulated other comprehensive income and regulatory assets that have not been recognized as components of net periodic benefit costs for SERP at December 31, 2023, and 2022: SERP BENEFITS AT DEC. 31 (THOUSANDS) 2023 2022 Net actuarial loss $ 7,819 $ 8,241 Prior service credit $ (1,085) $ (1,299) The non-service components of net periodic benefit cost related to SERP are included in Other income (expense), net within Cleco’s and Cleco Power’s Consolidated Statements of Income. The components of the net SERP costs for 2023, 2022, and 2021 are as follows: SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Components of periodic benefit costs Service cost $ 142 $ 227 $ 232 Interest cost 3,604 2,679 2,538 Amortizations Prior service credit (215) (215) (215) Net loss (63) 1,049 1,228 Net periodic benefit cost $ 3,468 $ 3,740 $ 3,783 The measurement date used to determine the SERP benefits is December 31. The assumptions used to determine the benefit obligation and the periodic costs are as follows: SERP BENEFITS AT DEC. 31, 2023 2022 Weighted-average assumptions used to determine the benefit obligation Discount rate 5.13 % 5.46 % Rate of compensation increase N/A N/A SERP BENEFITS FOR THE YEAR ENDED DEC. 31, 2023 2022 2021 Weighted-average assumptions used to determine the net benefit cost Discount rate 5.46 % 2.95 % 2.64 % Rate of compensation increase N/A N/A N/A The expense related to SERP reflected on Cleco Power’s Consolidated Statements of Income for the years ended December 31, 2023, 2022, and 2021 was $0.5 million , $0.6 million, and $0.6 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 December 31, 2023, and 2022 are as follows: Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Current $ 4,593 $ 4,713 Non-current $ 62,868 $ 63,714 Cleco Power AT DEC. 31, (THOUSANDS) 2023 2022 Current $ 613 $ 672 Non-current $ 8,394 $ 9,087 The projected benefit payments for SERP for each year through 2028 and the next five years thereafter are shown in the following table: (THOUSANDS) 2024 2025 2026 2027 2028 FIVE SERP $ 4,593 $ 4,748 $ 4,883 $ 4,852 $ 4,847 $ 23,601 401(k) 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 years ended December 31, 2023, 2022, and 2021 was as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 401(k) Plan expense $ 7,770 $ 7,310 $ 7,780 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 years ended December 31, 2023, 2022, and 2021 was as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 401(k) Plan expense $ 2,859 $ 2,685 $ 2,765 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 elected to retire during a certain retirement window. Those certain employees who elected by September 30, 2021, to receive the enhanced 401(k) benefits received 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 that was included as an expense of the 401(k) plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 — Income Taxes Cleco The following table presents a reconciliation of income tax (benefit) expense at the statutory rate and income tax (benefit) expense on (loss) income from continuing operations reported on Cleco’s Consolidated Statement of Income: FOR THE YEAR ENDED DEC. 31, (THOUSANDS, EXCEPT PERCENTAGES) 2023 2022 2021 (Loss) income from continuing operations before income taxes $ (94,942) $ 253,183 $ 161,346 Statutory rate 21.0 % 21.0 % 21.0 % Tax (benefit) expense at federal statutory rate $ (19,938) $ 53,168 $ 33,883 Increase (decrease) Flowthrough of tax benefits (7,847) (12,272) (356) State income taxes, net of federal benefit (2,256) 16,519 9,666 Return to accrual adjustment (30) (378) (3,852) Permanent adjustments (388) (4,621) 436 Amortization of excess ADIT (33,518) (32,639) (37,254) Other, net (1,096) 258 (1,190) Total tax (benefit) expense $ (65,073) $ 20,035 $ 1,333 Effective rate 68.5 % 7.9 % 0.8 % Information about current and deferred income tax expense from continuing operations is as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Current federal income tax (benefit) expense $ (45,429) $ 25,478 $ 26,173 Deferred federal income tax benefit (7,137) (9,835) (44,464) Amortization of accumulated deferred investment tax credits (127) (134) (141) Total federal income tax (benefit) expense $ (52,693) $ 15,509 $ (18,432) Current state income tax (benefit) expense (9,787) 10,326 4,158 Deferred state income tax (benefit) expense (2,593) (5,800) 15,607 Total state income tax (benefit) expense $ (12,380) $ 4,526 $ 19,765 Total federal and state income tax (benefit) expense $ (65,073) $ 20,035 $ 1,333 Items charged or credited directly to member’s equity Federal deferred income tax (1,374) 6,297 514 State deferred income tax (531) 2,431 (120) Total tax (benefit) expense from items charged directly to member’s equity $ (1,905) $ 8,728 $ 394 Total federal and state income tax (benefit) expense $ (66,978) $ 28,763 $ 1,727 The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2023, and 2022 was comprised of the following: AT DEC. 31, (THOUSANDS) 2023 2022 Depreciation and property basis differences $ (764,958) $ (869,796) Net operating loss carryforward 57,464 135,914 NMTC 78,955 88,245 Fuel costs 232 (41,233) Other comprehensive income 5,927 4,022 Regulated operations regulatory liability, net (161,427) (114,711) Postretirement benefits 38,282 38,418 Merger fair value adjustments (46,052) (47,929) Other (9,820) (13,230) Accumulated deferred federal and state income taxes, net $ (801,397) $ (820,300) Cleco Power The following table presents a reconciliation of income tax (benefit) expense at the statutory rate and income tax (benefit) expense on (loss) income reported on Cleco’s Consolidated Statement of Income: FOR THE YEAR ENDED DEC. 31, (THOUSANDS, EXCEPT PERCENTAGES) 2023 2022 2021 Income before tax $ 132,715 $ 172,560 $ 124,735 Statutory rate 21.0 % 21.0 % 21.0 % Tax expense at federal statutory rate $ 27,870 $ 36,238 $ 26,194 Increase (decrease) Flowthrough of tax benefits (7,847) (12,272) (356) State income taxes, net of federal benefit 12,296 12,109 6,343 Return to accrual adjustment (204) 14 (3,831) Amortization of excess ADIT (33,518) (32,639) (37,254) Other, net (3,031) (947) (449) Total tax (benefit) expense $ (4,434) $ 2,503 $ (9,353) Effective rate (3.3) % 1.5 % (7.5) % Information about current and deferred income tax expense is as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Current federal income tax expense $ 11,188 $ 4,921 $ — Deferred federal income tax benefit (20,029) (1,926) (23,071) Amortization of accumulated deferred investment tax credits (127) (134) (142) Total federal income tax expense (benefit) $ (8,968) $ 2,861 $ (23,213) Current state income tax expense 5,617 2,406 — Deferred state income tax (benefit) expense (1,083) (2,764) 13,860 Total state income tax expense (benefit) $ 4,534 $ (358) $ 13,860 Total federal and state income tax expense (benefit) $ (4,434) $ 2,503 $ (9,353) Items charged or credited directly to members’ equity Federal deferred income tax (528) 2,610 1,714 State deferred income tax (208) 1,008 338 Total tax expense from items charged directly to member’s equity $ (736) $ 3,618 $ 2,052 Total federal and state income tax expense (benefit) $ (5,170) $ 6,121 $ (7,301) The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2023, and 2022 was comprised of the following: AT DEC. 31, (THOUSANDS) 2023 2022 Depreciation and property basis differences $ (699,020) $ (754,200) Net operating loss carryforward 35,359 94,555 Fuel costs 1,652 (13,594) Other comprehensive income 3,336 2,604 Regulated operations regulatory liability, net (161,427) (114,711) Postretirement benefits 25,005 24,946 Other (11,465) (9,727) Accumulated deferred federal and state income taxes, net $ (806,560) $ (770,127) Valuation Allowance Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. At December 31, 2023, and 2022, Cleco had a deferred tax asset resulting from a NMTC carryforward of $79.0 million and $88.2 million, respectively. If the NMTC carryforward is not utilized, it will begin to expire in 2030. Management considers it more likely than not that the deferred tax asset related to the NMTC carryforward will be realized; therefore, no valuation allowance has been recorded for Cleco and Cleco Power. Quarterly, management closely monitors and evaluates the realizability of deferred tax assets, and adjustments are recorded as appropriate in future periods. In evaluating the need for a valuation allowance, management considers various factors, including the expected level of future taxable income, available tax planning strategies, and reversals of existing taxable temporary differences. If such estimates and related assumptions change in the future, Cleco and Cleco Power may be required to record a valuation allowance against its deferred tax assets, resulting in additional income tax expense in Cleco’s and Cleco Power’s Consolidated Statements of Income. Net Operating Losses For the 2022 tax year, Cleco created a federal net operating loss of $538.5 million and a state net operating loss of $348.2 million. For the 2023 tax year, Cleco expects to utilize a federal net operating loss of $318.0 million and a state net operating loss of $199.6 million. For the 2022 tax year, Cleco Power created a federal net operating loss of $336.1 million and a state operating loss of $348.2 million. For the 2023 tax year, Cleco Power expects to utilize a federal net operating loss of $220.8 million and state net operating loss of $199.6 million. Both the federal and state net operating losses may be carried forward indefinitely. Cleco and Cleco Power consider it more likely than not that these income tax losses will be utilized to reduce future income tax payments, and the entire net operating loss carryforward will be utilized. Uncertain Tax Positions Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense. At December 31, 2023, and 2022, Cleco and Cleco Power had no interest payable related to uncertain tax positions. For the years ended December 31, 2023, 2022, and 2021, Cleco and Cleco Power had no interest expense related to uncertain tax positions. At December 31, 2023, and 2022, Cleco and Cleco Power had no liability for unrecognized tax positions. 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 2020, 2021, and 2022, the IRS has placed Cleco in the Bridge phase of the Compliance Assurance Process for the 2020 and 2021 tax years. In this phase, the IRS will not accept any disclosures, conduct any reviews, or provide any assurances. These tax returns were filed consistent with the IRS’s review. The IRS has accepted Cleco’s application for the Compliance Assurance Process for the 2022 tax year and the Compliance Assurance Maintenance phase for the 2023 tax year. In this maintenance phase, the IRS typically will, at its discretion, reduce the level of its review of the tax year relative to the regular Compliance Assurance Process phase. The state income tax years 2020, 2021, and 2022 remain subject to examination by the Louisiana Department of Revenue. |
Segment Disclosures
Segment Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Disclosures | Note 13 — Segment Disclosures Cleco Segment disclosures are based on Cleco’s method of internal reporting, which disaggregates business units by first-tier subsidiary. The financial information for historical periods provided in this Annual Report on Form 10-K has been recast to reflect the presentation of the Cleco Cajun Sale Group as discontinued operations within the Other column. Cleco’s segment structure and its allocation of corporate expenses were updated to reflect how management measures performance and allocates resources. Cleco has recast data from prior periods to reflect this change to conform to the current year presentation. For more information, see Note 3 — “Discontinued Operations.” Segment managers report periodically to Cleco’s CEO, who is Cleco’s chief operating decision maker, with discrete financial information and, at least quarterly, present discrete financial information to Cleco Holdings’ and, in the case of Cleco Power, Cleco Power’s Boards of Managers. The reportable segment prepares budgets that are presented to and approved by Cleco Holdings’ and, in the case of Cleco Power, Cleco Power’s Boards of Managers. The column shown as Other in the following tables includes the holding company, a shared services subsidiary, an investment subsidiary, natural gas derivatives at Cleco Cajun, and discontinued operations. The financial results in the following tables are presented on an accrual basis. EBITDA is a key non-GAAP financial measure used by the CEO to assess the operating performance of Cleco’s segment. Management evaluates the performance of Cleco’s segment and allocates resources to it based on segment profit and the requirements to implement strategic initiatives and projects to meet current business objectives. EBITDA is defined as net income adjusted for interest, income taxes, depreciation, and amortization. Depreciation and amortization in the following tables includes amortization of intangible assets recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger. Material intercompany transactions occur on a regular basis. These intercompany transactions relate primarily to joint and common administrative support services. SEGMENT INFORMATION FOR THE YEAR ENDED DEC. 31, 2023 (THOUSANDS) CLECO POWER Revenue Electric operations $ 1,197,369 Other operations 111,561 Affiliate revenue 8,904 Electric customer credits (60,689) Operating revenue, net $ 1,257,145 Net income $ 137,149 Add: Depreciation and amortization 191,745 Less: Interest income 5,011 Add: Interest charges 98,879 Add: Federal and state income tax benefit (4,434) EBITDA $ 418,328 FOR THE YEAR ENDED DEC. 31, 2023 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,197,369 $ (9,454) $ — $ 1,187,915 Other operations 111,561 5 (1) 111,565 Affiliate revenue 8,904 120,716 (129,620) — Electric customer credits (60,689) — — (60,689) Operating revenue, net $ 1,257,145 $ 111,267 $ (129,621) $ 1,238,791 Depreciation and amortization $ 191,745 $ 17,644 (1) $ — $ 209,389 Interest income $ 5,011 $ 571 $ (189) $ 5,393 Interest charges $ 98,879 $ 66,165 $ (188) $ 164,856 Federal and state income tax benefit $ (4,434) $ (60,639) $ — $ (65,073) Income (loss) from continuing operations, net of income taxes $ 137,149 $ (167,018) $ — $ (29,869) Income from discontinued operations, net of income taxes $ — $ 14,642 $ — $ 14,642 Net income (loss) $ 137,149 $ (152,376) $ — $ (15,227) Additions to property, plant, and equipment $ 220,982 $ 9,256 $ — $ 230,238 Equity investment in investee $ 1,992 $ (467,329) $ 467,329 $ 1,992 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 6,920,339 $ 870,743 $ 309,311 $ 8,100,393 (1) Includes $9.5 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger. FOR THE YEAR ENDED DEC. 31, 2022 (THOUSANDS) CLECO POWER Revenue Electric operations $ 1,523,066 Other operations 98,759 Affiliate revenue 6,377 Electric customer credits (7,674) Operating revenue, net $ 1,620,528 Net income $ 170,057 Add: Depreciation and amortization 178,231 Less: Interest income 5,082 Add: Interest charges 88,218 Add: Federal and state income tax expense 2,503 EBITDA $ 433,927 FOR THE YEAR ENDED DEC. 31, 2022 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,523,066 $ (9,680) $ — $ 1,513,386 Other operations 98,759 9 — 98,768 Affiliate revenue 6,377 109,015 (115,392) — Electric customer credits (7,674) — — (7,674) Operating revenue, net $ 1,620,528 $ 99,344 $ (115,392) $ 1,604,480 Depreciation and amortization $ 178,231 $ 17,588 (1) $ — $ 195,819 Interest income $ 5,082 $ 265 $ (97) $ 5,250 Interest charges $ 88,218 $ 55,834 $ (96) $ 143,956 Federal and state income tax expense $ 2,503 $ 17,532 $ — $ 20,035 Income (loss) from continuing operations, net of income taxes $ 170,057 $ 63,093 $ (2) $ 233,148 Loss from discontinued operations, net of income taxes $ — $ (44,337) $ — $ (44,337) Net income (loss) $ 170,057 $ 18,756 $ (2) $ 188,811 Additions to property, plant, and equipment $ 228,940 $ 7,827 $ — $ 236,767 Equity investment in investee $ 2,072 $ (320,348) $ 320,348 $ 2,072 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 6,834,970 $ 1,237,096 $ 181,683 $ 8,253,749 (1) Includes $9.7 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger. FOR THE YEAR ENDED DEC. 31, 2021 (THOUSANDS) CLECO POWER Revenue Electric operations $ 1,202,249 Other operations 74,625 Affiliate revenue 5,641 Electric customer credits (40,878) Operating revenue, net $ 1,241,637 Net income $ 134,088 Add: Depreciation and amortization 173,498 Less: Interest income 3,294 Add: Interest charges 73,090 Add: Federal and state income tax (benefit) (9,353) EBITDA $ 368,029 FOR THE YEAR ENDED DEC. 31, 2021 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,202,249 $ (9,680) $ — $ 1,192,569 Other operations 74,625 8 — 74,633 Affiliate revenue 5,641 113,623 (119,264) — Electric customer credits (40,878) — — (40,878) Operating revenue, net $ 1,241,637 $ 103,951 $ (119,264) $ 1,226,324 Depreciation and amortization $ 173,498 $ 21,495 (1) $ — $ 194,993 Interest income $ 3,294 $ 125 $ (122) $ 3,297 Interest charges $ 73,090 $ 55,830 $ (122) $ 128,798 Federal and state income tax expense (benefit) $ (9,353) $ 10,686 $ — $ 1,333 Income from continuing operations, net of income taxes $ 134,088 $ 25,924 $ 1 $ 160,013 Income from discontinued operations, net of income taxes $ — $ 34,953 $ — $ 34,953 Net income $ 134,088 $ 60,877 $ 1 $ 194,966 Additions to property, plant, and equipment $ 300,957 $ 10,184 $ — $ 311,141 Equity investment in investee $ 2,072 $ (46,901) $ 46,901 $ 2,072 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 6,620,298 $ 1,723,191 $ (218,471) $ 8,125,018 (1) Includes $9.7 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger. FOR THE YEARS ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Net income $ (15,227) $ 188,811 $ 194,966 Less: income (loss) from discontinued operations, net of income taxes 14,642 (44,337) 34,953 Income from continuing operations, net of income taxes (29,869) 233,148 160,013 Add: Depreciation and amortization 209,389 195,819 194,993 Less: Interest income 5,393 5,250 3,297 Add: Interest charges 164,856 143,956 128,798 Add: Federal and state income tax (benefit) expense (65,073) 20,035 1,333 Add (less): Other corporate costs and noncash items (1) (2) 144,418 (153,781) (113,811) Total segment EBITDA $ 418,328 $ 433,927 $ 368,029 (1) Adjustments made for Other and Eliminations totals not allocated to Total segment EBITDA. (2) Includes (loss) gain on Cleco Cajun’s natural gas derivatives of $(116.8) million, $180.5 million, and $134.1 million, respectively, for the years ended December 31, 2023, 2022, and 2021. Cleco Power Cleco Power is a vertically integrated, regulated electric utility operating within Louisiana, and is viewed as one unit by management. Discrete financial reports are prepared only at the company level. |
Regulation and Rates
Regulation and Rates | 12 Months Ended |
Dec. 31, 2023 | |
Regulated Operations [Abstract] | |
Regulation and Rates | Note 14 — Regulation and Rates Deferred Operations and Maintenance Costs Cleco Power defers operations and maintenance costs that it believes are prudently incurred and probable of recovery from its retail customers. These costs are recorded in Other deferred charges on Cleco’s and Cleco Power’s Consolidated Balance Sheets. As part of the filed application for Cleco Power’s current rate case, Cleco Power is seeking approval from the LPSC to recover these costs through its new rates, which are anticipated to be effective on July 1, 2024. At December 31, 2023, and 2022, Cleco Power had $9.9 million and $5.3 million, respectively, recorded for these costs. FRP Effective July 1, 2021, and as approved by the LPSC, under the terms of the current FRP, Cleco Power is allowed to earn a target ROE of 9.5%, while providing the opportunity to earn up to 10.0%. Additionally, 60.0% of retail earnings between 10.0% and 10.5% and all retail earnings over 10.5%, are required to be refunded to customers. The amount of credits due to customers, if any, is determined by Cleco Power and the LPSC annually. On June 30, 2023, Cleco Power filed an application with the LPSC through the rate case process for a new FRP, with anticipated new rates being effective July 1, 2024. Cleco Power has responded to multiple sets of LPSC data requests. On February 5, 2024, and February 9, 2024, the intervenors and LPSC Staff filed direct testimony, respectively. Cleco Power anticipates filing rebuttal testimony on April 3, 2024, in accordance with the revised procedural schedule. In September 2023, the LPSC approved Cleco Power’s monitoring report for the 12 months ending June 30, 2022, indicating no refund was due. In October 2023, Cleco Power filed its monitoring report for the 12 months ending June 30, 2023, with the LPSC, indicating no refund was due. On January 31, 2024, Cleco Power received the LPSC Staff’s draft report indicating no refund and no material findings. Due to the nature of the regulatory process, management is not able to determine the timing of the approval of this report. Regulatory Disallowance St. Mary Clean Energy Center On September 21, 2022, the LPSC approved a settlement disallowing recovery of $15.0 million of the planning and construction costs associated with the St. Mary Clean Energy Center. This disallowance resulted in a $13.8 million impairment charge and a reduction of the associated property, plant, and equipment net book value. The impairment charge was recorded in Regulatory disallowance on Cleco’s and Cleco Power’s Consolidated Statements of Income. The settlement also resulted in a refund to Cleco Power’s retail customers totaling $10.4 million, which was given back to customers as bill credits in October 2022. The $10.4 million refund consisted of $6.6 million for costs recovered in periods prior to September 30, 2022, and $3.8 million for costs recovered from October 1, 2022, until Cleco Power’s base rates reset, which is expected to be on July 1, 2024, in its next FRP. The refund of costs recovered prior to September 30, 2022, was recorded in Electric customer credits, with the remainder recorded as a regulatory asset on Cleco’s and Cleco Power’s Consolidated Balance Sheets. On October 1, 2022, Cleco Power began amortizing the regulatory asset to Electric customer credits on Cleco’s and Cleco Power’s Consolidated Statements of Income. Dolet Hills Prudency Review Cleco Power is seeking recovery for stranded and decommissioning costs associated with the retirement of the Dolet Hills Power Station as well as deferred fuel and other mine-related closure costs. Recovery of these costs is subject to a prudency review by the LPSC, which is currently in progress. On February 2, 2024, the Administrative Law Judge released a final recommendation indicating a partial disallowance of the recovery of fuel costs and a refund of related costs previously recovered from customers. Cleco Power believes and continues to assert that the related costs were prudently incurred and should be recoverable. However, management has estimated that a loss resulting from a potential disallowance is probable. The estimated range of potential loss is between $58.7 million and $228.0 million. As a result, Cleco Power accrued an estimated contingent loss of $58.7 million at December 31, 2023. This amount was recorded in Provision for rate refund on Cleco’s and Cleco Power’s Balance Sheets and Electric customer credits on Cleco’s and Cleco Power’s Statements of Income. Cleco Power is seeking a settlement to resolve this matter and move forward with the securitization process. Due to the nature of the regulatory process, the outcome and timing of the resolution of this matter is uncertain. For more information about the Dolet Hills prudency review, see Note 16 — “ Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Dolet Hills Prudency Review.” TCJA Effective July 1, 2021, and as approved by the LPSC, 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 December 31, 2023, Cleco Power had $211.5 million accrued for the excess ADIT, of which $21.9 million is reflected in current regulatory liabilities. Teche Unit 3 In July 2022, Cleco Power filed an Attachment Y with MISO requesting retirement of Teche Unit 3, barring any violations of |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 15 — Variable Interest Entities Cleco Securitization I Cleco Securitization I is a special-purpose, wholly owned subsidiary of Cleco Power that was formed for the purpose of issuing storm recovery bonds to finance the securitization of Storm Recovery Property at Cleco Power. On June 22, 2022, the securitized financing was complete. Cleco Securitization I’s assets cannot be used to settle Cleco Power’s obligations and the holders of the storm recovery bonds have no recourse against Cleco Power. Because Cleco Securitization I’s equity at risk is less than 1% of its total assets, it is considered to be a variable interest entity. Through its equity ownership interest and role as servicer, Cleco Power has the power to direct the most significant financial and operating activities of Cleco Securitization I, including billing, collections, and remittance of retail customer cash receipts to enable Cleco Securitization I to pay the principal and interest payments on the storm recovery bonds. Cleco Power also has the obligation to absorb losses up to its equity investment and rights to receive returns from Cleco Securitization I. Therefore, management has determined that Cleco Power is the primary beneficiary of Cleco Securitization I, and as a result, Cleco Securitization I is included in the consolidated financial statements of Cleco Power. No gain or loss was recognized upon initial consolidation. The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Consolidated Balance Sheets: AT DEC. 31, (THOUSANDS) 2023 2022 Restricted cash - current $ 15,818 $ 14,139 Accounts receivable - affiliate 3,492 3,348 Intangible asset - securitization 398,658 413,123 Total assets $ 417,968 $ 430,610 Long-term debt due within one year 14,499 9,574 Accounts payable - affiliate 176 165 Interest accrued 6,191 9,953 Long-term debt, net 394,944 408,741 Total liabilities 415,810 428,433 Member’s equity 2,158 2,177 Total liabilities and member’s equity $ 417,968 $ 430,610 The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Consolidated Statements of Income: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Operating revenue $ 33,913 $ 13,181 Operating expenses (14,884) (2,992) Interest income 537 63 Interest charges, net (19,467) (10,200) Income before taxes $ 99 $ 52 Oxbow 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’s and Cleco Power’s 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’s and Cleco Power’s 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 December 31, 2023, consisted of its equity investment of approximately $2.0 million. The following table presents the components of Cleco Power’s equity investment in Oxbow: AT DEC. 31, INCEPTION TO DATE (THOUSANDS) 2023 2022 Purchase price $ 12,873 $ 12,873 Cash contributions 6,399 6,399 Distributions (17,280) (17,200) Total equity investment in investee $ 1,992 $ 2,072 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: AT DEC. 31, (THOUSANDS) 2023 2022 Oxbow’s net assets/liabilities $ 3,985 $ 4,145 Cleco Power’s 50% equity $ 1,992 $ 2,072 Cleco Power’s maximum exposure to loss $ 1,992 $ 2,072 The following tables contain summarized financial information for Oxbow: AT DEC. 31, (THOUSANDS) 2023 2022 Current assets $ 5,385 $ 6,187 Property, plant, and equipment, net 3,638 3,798 Total assets $ 9,023 $ 9,985 Current liabilities $ 336 $ 395 Other liabilities 4,702 5,445 Partners’ capital 3,985 4,145 Total liabilities and partners’ capital $ 9,023 $ 9,985 FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Operating revenue $ 327 $ 332 $ 5,155 Operating expenses (424) (332) (5,155) Interest income 97 — — Income before taxes $ — $ — $ — 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 | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | Note 16 — 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. The two former executives filed motions for summary judgment in June 2023, which the District Court denied in September 2023. In October 2023, the remaining defendants, which were the two former executives, and plaintiffs entered into a memorandum of understanding for a class action settlement under which all disputes and claims asserted against all original defendants, including the two former executives, would be dismissed with prejudice. On February 2, 2024, the District Court granted the plaintiffs’ motion for final approval of the class action settlement and all claims against the two former executives and all original defendants were dismissed with prejudice. 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 (the Bunkie project). According to the petition filed by Gulf Coast in the 12 th Judicial District Court for Avoyelles Parish, Louisiana, 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 12 th Judicial District Court denied Cleco’s exception in December 2015, after considering briefs and arguments. In January 2016, Cleco appealed the 12 th Judicial 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 12 th Judicial 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 12 th Judicial District Court lifted the stay at the request of Gulf Coast. The parties are currently participating in discovery. Diversified Lands loaned $2.0 million to Gulf Coast for the Bunkie project. The loan was secured by a mortgage on the Bunkie project site. Diversified Lands foreclosed on the Bunkie property in February 2020 and has also asserted claims personally against the former owner of Gulf Coast. These claims are based on contracts and credit documents executed by Gulf Coast, the obligations and performance of which were personally guaranteed by the former owner of Gulf Coast. Diversified Lands is seeking recovery of the indebtedness still owed by Gulf Coast to Diversified Lands following the February 2020 foreclosure, which action has been consolidated with the litigation filed by Gulf Coast in the 12 th Judicial District Court for Avoyelles Parish, Louisiana. Discovery is ongoing and the trial date has been set for October 2024. Cleco believes all allegations made by Gulf Coast 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, 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 Corporation 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 Power’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. 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 Power moved to stay the case, arguing that the Rapides Parish suit should proceed. On February 14, 2020, the court granted Cleco Power’s motion. The 16 th Judicial District Court for the St. Mary Parish case held a hearing on October 16, 2020, and the judge granted Cleco Power’s declinatory exceptions of lis pendens. Thus, the St. Mary’s Parish case has been dismissed. Saulsbury appealed this decision. On May 17, 2022, the Court of Appeal, First Circuit, ruled in favor of Cleco Power and affirmed the decision of the 16 th Judicial District Court for St. Mary Parish with respect to Cleco Power. However, the First Circuit Court reversed the 16 th Judicial District Court for St. Mary Parish’s decision dismissing Cabot Corporation from the St. Mary Parish case. All parties filed applications for rehearing, which were denied on June 29, 2022. Cabot Corporation applied for review by the Louisiana Supreme Court of the portion of the First Circuit Court's ruling that denied Cabot Corporation’s exception seeking dismissal from the St. Mary Parish litigation. On November 1, 2022, the Louisiana Supreme Court rendered a decision in favor of Cabot Corporation. The Louisiana Supreme Court’s decision reversed the First Circuit Court’s decision and reinstated the decision of the 16 th Judicial District Court granting Cabot Corporation’s declinatory exceptions of lis pendens. The St. Mary Parish case has been dismissed in full. The stay was lifted in the Rapides Parish case and the Rapides Parish case is proceeding. The parties are currently participating in discovery. LPSC Audits and Reviews 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 expenses. Recovery of FAC costs is subject to periodic fuel audits by the LPSC, which are performed at least every other year. In January 2023, Cleco Power received a notice of audit from the LPSC for the period of January 2020 to December 2022. The total amount of fuel expense included in the audit is $1.10 billion. Cleco Power has responded to multiple sets of LPSC data requests. Cleco Power has FAC filings for January 2023 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. In March 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. In May 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. On November 20, 2023, the LPSC approved the audit report, which indicated no material findings. Environmental Audit In 2009, the LPSC approved Cleco Power to recover certain costs of environmental compliance through an EAC. 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. In April 2023, Cleco Power received a notice of audit from the LPSC for the period of January 2020 to December 2022. The total amount of environmental fuel expense included in the audit was $38.3 million. On January 24, 2024, the LPSC approved the audit report, which indicated no material findings. Cleco Power has EAC filings for January 2023 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 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, which directs 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 directed the EPA to consider issuing a proposed rule to suspend, revise, or rescind the rule. The EPA determined the most environmentally protective course is to implement the rules in the executive order. On March 6, 2023, the EPA published in the Federal Register a final rule that reinstates the April 25, 2016, finding that it is appropriate and necessary to regulate hazardous air pollutants from coal and oil-fired electric generating units through MATS. On April 24, 2023, the EPA published in the Federal Register proposed amendments to MATS that are the result of the EPA’s review of the May 2020 residual risk and technology review of MATS. 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. Energy Efficiency Audit In 2013, the LPSC issued a General Order adopting rules promoting energy efficiency programs. Cleco Power began participating in energy efficiency programs in November 2014. Through an approved rate tariff, Cleco Power recovered $8.5 million and $6.8 million for the 2022 and 2021 program years, respectively. In September 2023, Cleco Power received a notice of audit from the LPSC for the program years 2021 and 2022. On February 20, 2024, Cleco Power received the draft audit report from the LPSC Staff, which indicated no material findings. Cleco Power anticipates LPSC approval of the report in the second quarter of 2024. On January 24, 2024, the LPSC voted to shift control of energy efficiency programs from utilities to an independent, third-party administrator selected by and accountable to the LPSC. This action will remove the provision whereby utilities were allowed to recover any lost revenues associated with unsold electricity. Cleco Power is subject to audits for program years 2023 and thereafter until the time these programs are shifted to the third-party administrator, which is expected in January 2026. Dolet Hills Prudency Review Cleco Power is seeking recovery for stranded and decommissioning costs associated with the retirement of the Dolet Hills Power Station as well as deferred fuel and other mine-related closure costs. Recovery of these costs is subject to a prudency review by the LPSC, which is currently in progress. Cleco Power believes these costs were prudently incurred and should be recoverable. Initial testimony by the LPSC Staff and intervenors filed in August 2022 indicated disagreement with the recoverability of these incurred costs, quantifying up to $228.0 million of related costs as potentially unrecoverable. Cleco Power filed rebuttal testimony in September 2022 rebutting the LPSC Staff’s testimony, and subsequently, a hearing was held in May 2023. On November 28, 2023, the Administrative Law Judge (ALJ) for the hearing released a proposal recommending a partial disallowance of the recovery of fuel costs. On December 27, 2023, Cleco, the LPSC Staff, and intervenors filed exception testimony to the ALJ’s proposed recommendation. The LPSC Staff’s and intervenors’ exception testimony continued to indicate their initial recommendation should be followed. On February 2, 2024, the ALJ released a final recommendation indicating a partial disallowance of the recovery of fuel costs and a refund of related costs previously recovered from customers. Cleco Power continues to assert that the related costs were prudently incurred. However, management has estimated that a loss resulting from a potential disallowance is probable. The estimated range of potential loss is between $58.7 million and $228.0 million. As a result, Cleco Power accrued an estimated contingent loss of $58.7 million at December 31, 2023. This amount was recorded in Provision for rate refund on Cleco’s and Cleco Power’s Balance Sheets and Electric customer credits on Cleco’s and Cleco Power’s Statements of Income. Cleco Power is seeking a settlement to resolve this matter and move forward with the securitization process. Due to the nature of the regulatory process, the outcome and timing of resolution of this matter is uncertain. South Central Generating Prior to the Cleco Cajun Acquisition, 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. Management is unable to estimate any potential losses regarding matters arising out of the ordinary course of business. Management is unable to estimate any potential losses Cleco may be ultimately responsible for with respect to any of the remaining matters. As part of the Cleco Cajun Acquisition, NRG Energy indemnified Cleco for losses as of the closing date associated with some 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 December 31, 2023, believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters are $6.7 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’s and Cleco Power’s Consolidated Balance Sheets because management has determined that Cleco’s 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 indemnities relate to environmental matters that may have been present prior to closing. These remaining indemnities 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 indemnities 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 indemnities relate to the fundamental organizational structure of Acadia. These remaining indemnities 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 indemnities to Cleco Power as a result of the transfer of Coughlin to Cleco Power in March 2014. Cleco Power also provided indemnities to Cleco Holdings as a result of the transfer of Coughlin to Cleco Power. The maximum amount of the potential payment to Cleco Power and Cleco Holdings for their respective indemnities is $40.0 million, except for indemnities 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 indemnities. 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 projected to be paid would be based on the forecasted loan and lease obligations to be incurred by DHLC, primarily for reclamation obligations. As of December 31, 2023, Cleco Power does not expect any payments to be made under this guarantee. Cleco Power has the right to dispute the incurrence of such loan and lease obligations through the review of the mining reclamation plan before the incurrence of such obligations. The Amended Lignite Mining Agreement does not affect the amount the Registrants can borrow under their credit facilities. In April 2020, Cleco Power and SWEPCO mutually agreed not to 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 June 30, 2020, all lignite reserves intended to be extracted from the mines 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. For more information on the LPSC prudency review associated with the mine closure costs, see “— LPSC Audits and Reviews — Dolet Hills Prudency Review.” 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. 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. Long-Term Purchase Obligations Cleco Holdings had no unconditional long-term purchase obligations at December 31, 2023. Cleco Power has several unconditional long-term purchase obligations primarily related to the purchase of fuel, energy delivery facilities, information technology outsourcing, natural gas storage, network monitoring, and software maintenance. The aggregate amount of payments required under such obligations at December 31, 2023, is as follows: (THOUSANDS) CLECO POWER CLECO For the year ending Dec. 31, 2024 $ 72,382 $ 77,254 2025 17,543 22,192 2026 8,723 9,265 2027 8,658 8,737 2028 8,637 8,637 Thereafter 33,808 33,808 Total long-term purchase obligations $ 149,751 $ 159,893 Cleco’s payments under these agreements for the years ended December 31, 2023, 2022, and 2021 were $79.2 million, $52.9 million, and $52.0 million, respectively. Cleco Power’s payments under these agreements for the years ended December 31, 2023, 2022, and 2021 were $70.5 million, $49.0 million, and $43.3 million, respectively. 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). 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, in August 2020, the EPA published a final rule in the Federal Register that would set deadlines for costly modifications including retrofitting of clay-lined impoundments with compliant liners or closure of the impoundments. In November 2020, demonstrations were submitted to the EPA specifying its intended course of action for the ash disposal facilities at Big Cajun II, Rodemacher Unit 2, and the Dolet Hills Power Station in order to comply with the final CCR Rule. On January 11, 2022, Cleco Power and Cleco Cajun received communication from the EPA that the demonstrations had been deemed complete. Cleco Power withdrew the Dolet Hills demonstration due to the cessation of receiving waste. The two remaining demonstrations are still subject to EPA approval based on pending technical review. In March 2023, Cleco Cajun recorded a decrease of $19.5 million in its ARO balance due to revised cost estimates. Cleco Cajun’s ARO is recorded in Liabilities held for sale on Cleco’s Consolidated Balance Sheet. In December 2023, Cleco Power recorded an increase of $4.7 million in its ARO balance due to revised cost estimates. As part of the Cleco Cajun Acquisition, NRG Energy agreed to indemnify Cleco for certain environmental costs up to $25.0 million associated with the CCR Rule, for both ARO and non-ARO related expenses. At December 31, 2023, Cleco Cajun had an indemnification asset totaling $18.3 million, which was substantially related to AROs associated with ash pond remediation. This asset is recorded in Assets held for sale on Cleco’s Consolidated Balance Sheet. As additional periodic expenses related to covered costs are incurred, the associated indemnification asset will be recognized. The indemnification asset is expected to be collected as indemnified costs, either recognized in the ARO or as periodic expenses, 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 suff |
Affiliate Transactions
Affiliate Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Affiliate Transactions | Note 17 — Affiliate Transactions Cleco Cleco has entered into service agreements with affiliates to receive and to provide goods and professional services. Goods and services received by Cleco primarily involve services provided by Support Group. Support Group provides joint and common administrative support services in the areas of information technology; finance, cash management, accounting, tax, and auditing; human resources; public relations; project consulting; risk management; strategic and corporate development; legal, ethics, and regulatory compliance; facilities management; supply chain and inventory management; and other administrative services. Cleco Power’s affiliates are charged the higher of management’s estimated fair market value or fully loaded costs for goods and services provided by Cleco Power. Cleco, with the exception of Support Group, charges Cleco Power the lower of management’s estimated fair market value or fully loaded costs for goods and services provided in accordance with service agreements. Support Group bills fully loaded costs to affiliates, which includes payroll and non-payroll costs. All charges and revenues from consolidated affiliates were eliminated in Cleco’s Consolidated Statements of Income for the years ending December 31, 2023, 2022, and 2021. At December 31, 2023, and 2022, Cleco Holdings had an affiliate receivable of $24.2 million and $14.6 million, respectively, from Cleco Group primarily for estimated income taxes paid on behalf of Cleco Group. At December 31, 2023, and 2022, Cleco Holdings had an affiliate payable of $10.7 million and $13.1 million, respectively to Cleco Group primarily for settlement of taxes payable. For the years ended December 31, 2023, and 2022, Cleco Holdings made $53.5 million and $219.6 million, respectively, of distribution payments to Cleco Group. During 2021, Cleco Holdings made no distribution payments to Cleco Group. For the years ended December 31, 2023, 2022, and 2021, Cleco Holdings received no equity contributions from Cleco Group. Cleco Power Cleco Power has entered into service agreements with affiliates to receive and to provide goods and professional services. Charges from affiliates included in Cleco Power’s Consolidated Statements of Income primarily involve services provided by Support Group in accordance with service agreements. Support Group provides joint and common administrative support services in the areas of information technology; finance, cash management, accounting, tax, and auditing; human resources; public relations; project consulting; risk management; strategic and corporate development; legal, ethics, and regulatory compliance; facilities management; supply chain and inventory management; and other administrative services. With the exception of Support Group, affiliates charge Cleco Power the lower of management’s estimated fair market value or fully loaded costs for goods and services provided in accordance with service agreements. Support Group charges only fully loaded costs, which are based on management’s estimated fair market value. The following table is a summary of charges from each affiliate included in Cleco Power’s Consolidated Statements of Income: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Support Group Other operations and maintenance $ 96,907 $ 87,830 $ 91,915 Taxes other than income taxes $ 65 $ (41) $ 40 Other expense $ 92 $ 60 $ 35 The majority of the services provided by Cleco Power relates to the lease of office space to Support Group and transmission services to Cleco Cajun. Cleco Power charges affiliates the higher of management’s estimated fair market value or fully loaded costs for goods and services provided in accordance with service agreements. The following table is a summary of revenue received from affiliates included in Cleco Power’s Consolidated Statements of Income: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Other operations revenue Cleco Cajun $ 10,208 $ 10,213 $ 7,616 Affiliate revenue Support Group 5,651 5,475 4,783 Cleco Cajun 3,253 902 858 Total $ 19,112 $ 16,590 $ 13,257 Cleco Power had the following affiliate receivable and payable balances associated with the service agreements: AT DEC. 31, 2023 2022 (THOUSANDS) ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE Cleco Holdings $ 14 $ 367 $ 5 $ 1,138 Support Group 1,104 12,833 2,299 11,305 Cleco Cajun 3,425 — 1,467 5 Total $ 4,543 $ 13,200 $ 3,771 $ 12,448 During 2023 and 2022, Cleco Power made $94.8 million and $105.5 million, respectively, of distribution payments to Cleco Holdings. During 2021, Cleco Power made no distribution payments to Cleco Holdings. Cleco Power received no equity contribution from Cleco Holdings in 2023, 2022 and 2021. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Note 18 — Intangible Assets and Goodwill Securitized Intangible Cleco Securitization On June 22, 2022, Cleco Securitization I acquired the Storm Recovery Property from Cleco Power for a purchase price of $415.9 million. The Storm Recovery Property is classified as a securitized intangible asset on Cleco’s and Cleco Power’s Consolidated Balance Sheets. This securitized intangible asset is being amortized ratably each period consistent with actual collections of the asset's portion of revenue requirement billed to Cleco Power’s customers. Amortization is included in Depreciation and amortization on Cleco’s and Cleco Power’s Consolidated Statements of Income. During the years ended December 31, 2023, and 2022, amortization expense of $14.5 million and $2.8 million, respectively, was recognized. Cleco expects to recognize an estimated $75.4 million of amortization expense over the five years ending December 31, 2028. At the end of its life, this securitized intangible asset will have no residual value. The following table summarizes the balance of the securitized intangible asset subject to amortization included on Cleco’s and Cleco Power’s Consolidated Balance Sheets: AT DEC. 31, (THOUSANDS) 2023 2022 Storm Recovery Property intangible asset $ 415,946 $ 415,946 Accumulated amortization (17,288) (2,823) Net intangible asset subject to amortization $ 398,658 $ 413,123 Other Intangibles As a result of the 2016 Merger, fair value adjustments were recorded on Cleco’s Consolidated Balance Sheet for the valuation of finite intangible assets relating to 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 8 and 19 years, and the amortization is included in Electric operations on Cleco’s Consolidated Statements of Income. As a result of the 2016 Merger, fair value adjustments were recorded on Cleco’s 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 request for proposal 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 The following table presents amortization of other intangible assets in Cleco’s Consolidated Statements of Income: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Intangible assets Trade name $ — $ — $ 3,897 Power supply agreements $ 9,454 $ 9,680 $ 9,680 An impairment on the Trade name intangible asset was recognized in 2021. No other impairments for intangibles listed in the table above were recognized in 2023, 2022, or 2021. The following table summarizes the balance of other intangible assets subject to amortization included in Cleco’s Consolidated Balance Sheets: Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Power supply agreements intangible assets $ 85,104 $ 85,104 Accumulated amortization (74,471) (65,018) Net intangible assets subject to amortization $ 10,633 $ 20,086 The following table summarizes the amortization expense related to other intangible assets expected to be recognized in Cleco’s Consolidated Statements of Income: (THOUSANDS) INTANGIBLE ASSETS For the year ending Dec. 31, 2024 $ 2,881 2025 $ 744 2026 $ 744 2027 $ 744 2028 $ 744 Thereafter $ 4,775 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 or whenever events or circumstances indicate that the value of goodwill may be impaired. In performing the impairment test, Cleco compares the fair value of the reporting unit to its carrying value including goodwill. If the carrying value including goodwill were to exceed the fair value of a reporting unit, an impairment loss would be recognized. A goodwill impairment loss is measured as the amount by which a reporting unit's carrying value exceeds fair value, not to exceed the carrying amount of goodwill. Cleco estimates the reporting unit's fair value using a weighted combination of the income approach, which estimates fair value based on discounted cash flows, and the market approach, which estimates fair value based on market comparables within the utility and energy industries. The income approach cash flow valuations involve a number of estimates that require broad assumptions and significant judgment by management regarding future performance, including estimation of future cash flows related to capital expenditures, the weighted average cost of capital or discount rate and the assumed long-term growth rate approach, which incorporates management's assumptions regarding sustainable long-term growth. The market approach includes significant assumptions around the implied market multiples for certain peer companies. Management selects comparable peers based on each peer’s primary business mix, operations, and market capitalization compared to the applicable reporting unit and calculates implied market multiples based on available projected earnings guidance and peer company market values as of the test date. Cleco performs an annual impairment test each August. In between annual tests, Cleco monitors its estimates and assumptions regarding estimated future cash flows, including the impact of movements in market indicators in future quarters, and will update the impairment analyses if a triggering event occurs. While Cleco believes the assumptions are reasonable, actual results may differ from projections. To the extent cash flows, long-term growth rates, U.S. Treasury rates, or other factors outside of Cleco’s control may impact Cleco’s projected results, Cleco may be required to reduce all or a portion of the carrying value of goodwill. Cleco conducted its 2023 annual impairment test using an August 1, 2023, measurement date and determined that the estimated fair value of the reporting unit exceeded its carrying value, and no impairment existed. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 19 — 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 (THOUSANDS) POSTRETIREMENT BENEFIT NET GAIN (LOSS) Balance, Dec. 31, 2020 $ (25,796) Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year 1,470 Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net loss 697 Balance, Dec. 31, 2021 $ (23,629) Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year 23,647 Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net loss 41 Balance, Dec. 31, 2022 $ 59 Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year (3,482) Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net loss (1,689) Balance, Dec. 31, 2023 $ (5,112) Cleco Power (THOUSANDS) POSTRETIREMENT BENEFIT NET (LOSS) GAIN NET (LOSS) GAIN ON CASH FLOW HEDGES TOTAL AOCI Balances, Dec. 31, 2020 $ (19,139) $ (5,614) $ (24,753) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year 4,606 — 4,606 Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 1,648 — 1,648 Reclassification of net loss to interest charges — 316 316 Balances, Dec. 31, 2021 $ (12,885) $ (5,298) $ (18,183) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year 8,339 — 8,339 Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 1,228 — 1,228 Reclassification of net loss to interest charges — 251 251 Balances, Dec. 31, 2022 $ (3,318) $ (5,047) $ (8,365) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year (2,623) — (2,623) Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 386 — 386 Reclassification of net loss to interest charges — 251 251 Balances, Dec. 31, 2023 $ (5,555) $ (4,796) $ (10,351) |
Schedule I Financial Statements
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) | CLECO HOLDINGS (Parent Company Only) SCHEDULE I Condensed Statements of Income FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Operating expenses Administrative and general $ 1,206 $ 1,088 $ 1,644 Merger transaction costs 665 228 436 Other operating expense 268 246 247 Total operating expenses 2,139 1,562 2,327 Operating loss (2,139) (1,562) (2,327) Equity income from subsidiaries, net of tax 39,874 231,702 234,512 Interest, net (74,578) (62,267) (60,461) Other income (expense), net 2,568 (724) 8,788 (Loss) income before income taxes (34,275) 167,149 180,512 Federal and state income tax benefit (19,048) (21,662) (14,454) Net (loss) income $ (15,227) $ 188,811 $ 194,966 The accompanying notes are an integral part of the condensed financial statements. CLECO HOLDINGS (Parent Company Only) SCHEDULE I Condensed Statements of Comprehensive Income FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Net income $ (15,227) $ 188,811 $ 194,966 Other comprehensive income, net of tax Postretirement benefits gain (loss) (net of tax benefit of $1,905, tax expense of $8,728, and tax expense of $394, respectively) (5,171) 23,688 2,167 Total other comprehensive income (loss), net of tax (5,171) 23,688 2,167 Comprehensive income, net of tax $ (20,398) $ 212,499 $ 197,133 The accompanying notes are an integral part of the financial statements. CLECO HOLDINGS (Parent Company Only) SCHEDULE I Condensed Balance Sheets AT DEC. 31, (THOUSANDS) 2023 2022 Assets Current assets Cash and cash equivalents $ 5,153 $ 2,556 Accounts receivable - affiliate 38,364 31,242 Other accounts receivable 2,441 1,781 Taxes receivable, net 44,025 13,242 Cash surrender value of trust-owned life insurance policies 47,129 43,388 Other current assets 66 65 Total current assets 137,178 92,274 Equity investment in subsidiaries 4,180,082 4,292,018 Accumulated deferred federal and state income taxes, net 123,950 145,513 Other deferred charges 570 788 Total assets $ 4,441,780 $ 4,530,593 Liabilities and member's equity Liabilities Current liabilities Long-term debt due within one year $ 66,497 $ 230,523 Accounts payable 842 1,900 Short-term debt 110,000 64,000 Accounts payable - affiliate 19,935 17,496 Taxes payable, net 6 33 Interest accrued 10,458 10,264 Deferred compensation 14,277 12,162 Other current liabilities 255 749 Total current liabilities 222,270 337,127 Postretirement benefit obligations 2,851 2,774 Other deferred credits 313 313 Long-term debt, net 1,343,173 1,243,312 Total liabilities 1,568,607 1,583,526 Commitments and contingencies (Note 5) Member's equity 2,873,173 2,947,067 Total liabilities and member's equity $ 4,441,780 $ 4,530,593 The accompanying notes are an integral part of the condensed financial statements. CLECO HOLDINGS (Parent Company Only) SCHEDULE I Condensed Statements of Cash Flows FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Operating activities Net cash provided by operating activities $ 75,548 $ 180,270 $ 56,054 Investing activities Return on investment in trust-owned life insurance policies 417 35,175 — Net cash provided by investing activities 417 35,175 — Financing activities Draws on credit facility 100,000 64,000 — Payments on credit facility (54,000) — — Repayment of long-term debt (65,600) (67,700) (66,000) Payment of financing costs (272) (9) (1,268) Distributions to member (53,496) (219,588) — Net cash used in financing activities (73,368) (223,297) (67,268) Net increase (decrease) in cash and cash equivalents 2,597 (7,852) (11,214) Cash and cash equivalents at beginning of period 2,556 10,408 21,622 Cash and cash equivalents at end of period $ 5,153 $ 2,556 $ 10,408 Supplementary cash flow information Interest paid, net of amount capitalized $ 72,537 $ 59,848 $ 57,688 Income taxes paid, net $ 2,162 $ — $ — The accompanying notes are an integral part of the condensed financial statements. Note 1 — Summary of Significant Accounting Policies The condensed financial statements represent the financial information required by SEC Regulation S-X 5-04 for Cleco Holdings, which requires the inclusion of parent company only financial statements if the restricted net assets of consolidated subsidiaries exceed 25% of total consolidated net assets as of the last day of its most recent fiscal year. As of December 31, 2023, Cleco Holdings’ restricted net assets of consolidated subsidiaries were $1.36 billion and exceeded 25% of its total consolidated net assets. Cleco Holdings’ major, first-tier subsidiaries are Cleco Power and Cleco Cajun. Cleco Power contains the LPSC-jurisdictional generation, transmission, and distribution electric utility operations serving its retail and wholesale customers. Cleco Cajun is an unregulated electric utility company that owns generation and transmission assets and supplies wholesale power and capacity to its customers. The accompanying financial statements have been prepared to present the results of operations, financial condition, and cash flows of Cleco Holdings on a stand-alone basis as a holding company. Investments in subsidiaries and other investees are presented using the equity method. These financial statements should be read in conjunction with Cleco’s consolidated financial statements. Note 2 — Debt At December 31, 2023, Cleco Holdings had $110.0 million of outstanding borrowings under its $175.0 million revolving credit facility at a weighted average all-in interest rate of 7.079%. At December 31, 2022, Cleco Holdings had $64.0 million of outstanding borrowings under its credit facility. At December 31, 2023, Cleco Holding’s long-term debt outstanding was $1.41 billion, of which $66.5 million was due within one year. The amount due within one year primarily represents $66.7 million of principal payments on Cleco Holdings’ bank term loan due in May 2024, which also represents the amount required to be paid by the Cleco Cajun Acquisition commitments to the LPSC. On May 1, 2023, Cleco Holdings amended certain terms of the supplemental indenture governing its $165.0 million senior notes due in 2023. As a result, the interest rate of the senior notes changed to a floating interest rate equal to SOFR plus 1.725% and the maturity date was extended from May 1, 2023, to May 1, 2025. On February 17, 2023, Cleco Holdings amended its revolving credit facility and bank term loans to transition the benchmark interest rate from LIBOR to SOFR. Cleco Holdings’ $175.0 million revolving credit agreement matures on May 21, 2026. Under this agreement, Cleco Holdings is required to maintain total indebtedness less than or equal to 65.0% of total capitalization. At December 31, 2023, the borrowing costs for amounts drawn under this agreement were equal to SOFR plus 1.725% or A BR plus 0.625%, plus commitment fees of 0.275% paid on the unused portion of the facility. If Cleco Holdings’ credit ratings were to be downgraded one level by the credit rating agencies, Cleco Holdings may be required to pay incremental interest and commitment fees of 0.125% and 0.05%, respectively. Upon approval of the Cleco Cajun Acquisition, commitments were made to the LPSC by Cleco Holdings, including repayment of $400.0 million of Cleco Holdings’ debt by December 31, 2024. As of December 31, 2023, Cleco Holdings was in compliance with these commitments. The cumulative minimum principal amounts committed to be repaid for each year through 2024 are as follows: (THOUSANDS) For the year ending Dec. 31, 2019 $ 66,700 2020 $ 133,300 2021 $ 200,000 2022 $ 267,700 2023 $ 333,300 2024 $ 400,000 The principal amounts payable under long-term debt agreements for each year through 2028 and thereafter are as follows: AMOUNTS PAYABLE UNDER LONG-TERM DEBT ARRANGEMENTS (THOUSANDS) For the year ending Dec. 31, 2024 $ 66,700 2025 $ 165,000 2026 $ 535,000 2027 $ — 2028 $ — Thereafter $ 650,000 Note 3 — Cash Distributions and Equity Contributions Some provisions in Cleco Power’s debt instruments restrict the amount of equity available for distribution to Cleco Holdings by Cleco Power by requiring Cleco Power’s total indebtedness to be less than or equal to 65.0% of total capitalization. In addition, the 2016 Merger Commitments provide for limitations on the amount of distributions that may be paid from Cleco Power to Cleco Holdings, depending on Cleco Power’s common equity ratio and its corporate credit ratings. The following table summarizes the cash distributions Cleco Holdings received from affiliates during 2023, 2022, and 2021: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Cleco Power $ 94,838 $ 105,500 $ — Cleco Cajun 40,000 137,000 111,000 Total $ 134,838 $ 242,500 $ 111,000 During the years ended December 31, 2023, 2022, and 2021, Cleco Holdings made no contributions to affiliates. During the years ended December 31, 2023, 2022, and 2021, Cleco Holdings received no equity contributions from Cleco Group. During the years ended December 31, 2023 and December 31, 2022, Cleco Holdings made $53.5 million and $219.6 million, respectively, of distribution payments to Cleco Group. During the year ended December 31, 2021, Cleco Holdings made no distribution payments to Cleco Group. Note 4 — Income Taxes Cleco Holdings’ (Parent Company Only) Condensed Statements of Income reflect income tax expense (benefit) for the following line items: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Federal and state income tax benefit $ (19,048) $ (21,662) $ (14,454) Equity income from subsidiaries - federal and state income tax (benefit) expense $ (44,268) $ 22,579 $ 27,565 Note 5 — Commitments and Contingencies For information regarding commitments and contingencies related to Cleco Holdings, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees.” |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | CLECO SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (THOUSANDS) BALANCE AT BEGINNING OF PERIOD ADDITIONS DEDUCTIONS BALANCE AT END OF PERIOD (1) Allowance for Credit Losses Year Ended Dec. 31, 2023 $ 1,147 $ 6,804 $ 4,939 $ 3,012 Year Ended Dec. 31, 2022 $ 1,302 $ 4,645 $ 4,800 $ 1,147 Year Ended Dec. 31, 2021 $ 2,758 $ 5,463 $ 6,919 $ 1,302 (1) Deducted in the consolidated balance sheet CLECO POWER SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (THOUSANDS) BALANCE AT BEGINNING OF PERIOD ADDITIONS DEDUCTIONS BALANCE AT END OF PERIOD (1) Allowance for Credit Losses Year Ended Dec. 31, 2023 $ 1,147 $ 6,804 $ 4,939 $ 3,012 Year Ended Dec. 31, 2022 $ 1,302 $ 4,645 $ 4,800 $ 1,147 Year Ended Dec. 31, 2021 $ 2,758 $ 5,463 $ 6,919 $ 1,302 (1) Deducted in the consolidated balance sheet |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Cleco Power Trading Arrangement [Member] | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Cleco Holdings Trading Arrangement [Member] | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Discontinued Operations | On November 22, 2023, the Cleco Cajun Divestiture Purchase and Sale Agreement was entered into between the Cleco Cajun Sellers and the Cleco Cajun Purchasers whereby the Cleco Cajun Sellers have agreed to sell the Cleco Cajun Sale Group to the Cleco Cajun Purchasers. Cleco Holdings’ management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met and the sale will represent a strategic shift that will have a major effect on Cleco’s future operations and financial results. Therefore, the results of operations and financial position of the Cleco Cajun Sale Group are presented as discontinued operations, and the financial information for historical periods provided in this Annual Report on Form 10-K has been recast to reflect this presentation. |
Use of Estimates | The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Principles of Consolidation | The accompanying consolidated financial statements of Cleco include the accounts of Cleco Holdings and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. Following the formation of Cleco Securitization I and the closing of the storm recovery securitization financing on June 22, 2022, Cleco Power became the primary beneficiary of Cleco Securitization I, and as a result, the financial statements |
Goodwill | Goodwill is the excess of the purchase price (consideration transferred and liabilities assumed) over the estimated fair value of net assets of the acquired business and is not subject to amortization. Goodwill is assessed as of August 1 of each year or more often if an event occurs or circumstances change that would indicate the carrying amount may be impaired. |
Intangible Assets | Intangible assets include Cleco Securitization I’s right to bill and collect storm recovery charges and fair value adjustments for acquired long-term wholesale power supply agreements. These intangible assets are being amortized in a manner that best reflects the economic impact derived from such assets. |
Statements of Cash Flows | Cleco’s and Cleco Power’s Consolidated Statements of Cash Flows are prepared using the indirect method. This method requires adjusting net income to remove the effects of all deferrals and accruals of operating cash receipts and payments and to remove items whose cash effects are related to investing and financing cash flows. |
Regulation | Cleco Power is subject to regulation by FERC and the LPSC. Cleco Cajun is subject to regulation by FERC. Cleco complies with the accounting policies and practices prescribed by its regulatory commissions. Cleco Power’s retail rates are regulated by the LPSC. Cleco Power’s and Cleco Cajun’s rates for transmission services are regulated by FERC. Rates for wholesale power sales are based on market-based rates. Cleco Power must evaluate its various transactions related to regulatory orders and accounting guidance to ensure the appropriate timing of revenue recognition, the evaluation of cost deferral, and the recoverability of certain assets and refund of certain liabilities. Cleco Power capitalizes or defers certain costs for recovery from its customers and recognizes a liability for amounts expected to be returned to its 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. Regulatory assets and liabilities are amortized consistent with the treatment in the ratemaking process. Pursuant to this regulatory process, Cleco has recorded regulatory assets and liabilities. Any future plan adopted by the LPSC for purposes of transitioning utilities from LPSC regulation to retail competition Cleco Power recognizes an asset for certain costs capitalized or deferred for recovery from customers and recognizes a liability for amounts expected to be returned to customers or collected for future expected costs. Cleco Power records these assets and liabilities based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable. If in the future, as a result of regulatory changes or competition, 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 of regulated operations. |
AROs | Cleco and Cleco Power recognize an ARO when there is a legal obligation under existing or enacted law, statute, written or oral contract, or by legal construction under the doctrine of promissory estoppel to incur costs to remove an asset when the asset is retired. These guidelines also require an ARO, which is conditional on a future event, to be recorded even if the event has not yet occurred. Cleco and Cleco Power recognize AROs at the present value of the projected liability in the period in which it is incurred, if a reasonable estimate of fair value can be made. The liability is accreted to its present value each accounting period. Cleco Power defers this accretion as a regulatory asset based on its determination that these costs can be collected from customers. Concurrent with the recognition of the liability, Cleco and Cleco Power capitalize these costs to the related property, plant, and equipment asset. These capitalized costs are depreciated over the same period as the related property asset. Cleco Power also defers the current depreciation of the asset retirement cost as a regulatory asset. |
Property, Plant, and Equipment | Property, plant, and equipment consists primarily of electric utility generation and energy transmission and distribution assets. Property, plant, and equipment are stated at the cost to acquire or construct the assets, which includes certain materials, labor, payroll taxes and benefits, administrative and general costs, and the estimated cost of funds used during construction. Jointly owned assets are reflected in property, plant, and equipment at Cleco Power’s share of the cost to construct or purchase the respective assets. At the date of the 2016 Merger, Cleco’s gross balance of fixed depreciable assets was adjusted to be net of accumulated depreciation, as no accumulated depreciation existed on such date. Since pushdown accounting was not elected at the Cleco Power level, Cleco Power retained its accumulated depreciation. Cleco’s cost of improvements to property, plant, and equipment is capitalized. Costs associated with repairs and major maintenance projects are expensed as incurred. Cleco capitalizes the cost to purchase or develop software for internal use. Cleco Power defers project costs to construction work in progress that it believes are prudently incurred and probable of recovery through future rates. These deferred costs are related to the initial stage of a construction project during which time the feasibility of the construction of property, plant, and equipment is being investigated. |
Fuel Inventory and Materials and Supplies | At December 31, 2023, and 2022, fuel inventory consisted primarily of petroleum coke, coal, limestone, and natural gas used to generate electricity. Materials and supplies consists of transmission and distribution line construction and repair materials. It also consists of generating station and transmission and distribution substation repair materials. |
Reserves for Credit Losses | Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivables 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. As a result of the market price volatility of natural gas throughout 2022, Cleco experienced significant increases to the pass-through fuel component of retail customer energy bills. Due to these increased customer fuel costs, along with the impacts of a 40-year high inflation rate, Cleco experienced increases in credit loss reserves. These factors have not been material to Cleco’s results of operations, financial condition, or cash flows. Cleco’s credit losses at December 31, 2023, are within normal levels and historical trends. |
Other Reserves | Cleco maintains property insurance on generating stations, buildings and contents, and substations. Cleco is self-insured for any damage to its power lines. To mitigate the exposure to potential financial loss for storm-related damage to lines and property, the LPSC approved Cleco Power to establish a funded storm reserve. For more information on the storm reserve, see Note 6 — “Regulatory Assets and Liabilities — Storm Reserves.” Cleco also maintains liability and workers’ compensation insurance to mitigate financial losses due to injuries and damages to the property of others. Cleco’s insurance covers Additionally, Cleco maintains directors and officers insurance to protect managers from claims which may arise from their decisions and actions taken within the scope of their regular duties. |
Cash Equivalents | Cleco considers highly liquid, marketable securities, and other similar instruments with original maturity dates of three months or less to be cash equivalents. |
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 company purposes. |
Equity Investments | Cleco and Cleco Power account for investments in unconsolidated affiliated companies using the equity method of accounting. The amounts reported on Cleco’s and Cleco Power’s Consolidated Balance Sheets represent assets contributed by Cleco or Cleco Power, plus their share of the net income of the affiliate, less any distributions of earnings (dividends) received from the affiliate. The revenues and expenses (excluding income taxes) of these affiliates are netted and reported on one line item as equity income from investees on Cleco’s and Cleco Power’s Consolidated Statements of Income. |
Income Taxes | Cleco accounts for income taxes under the asset and liability method. Income taxes recorded on the income statement and related balance sheet amounts are comprised of a current portion and a deferred portion. The current portion represents Cleco’s estimate of the income taxes payable or receivable for the current year. The deferred portion represents Cleco’s estimate of the future income tax effects of events that have been recognized in the financial statements or income tax returns in the current or prior years. Cleco makes assumptions and estimates when it records income taxes, such as its ability to deduct items on its tax returns, the timing of the deduction, and the effect of regulation on income taxes. Cleco’s income tax expense and benefit and related assets and liabilities could be affected by changes in its assumptions and estimates and by ultimate resolution of assumptions and estimates with taxing authorities and changes in tax regulations. The actual results may differ from the estimated results based on these assumptions and may have a material effect on Cleco’s results of operations. Cleco Group files a federal income tax return for all wholly owned subsidiaries. Cleco Power computes its federal and state income taxes as if it were a stand-alone taxpayer. The LPSC generally requires Cleco Power to flow the effects of state income taxes to customers. |
Investment Tax Credits | Investment tax credits, which were deferred for financial statement purposes, are amortized as a reduction to income tax expense over the estimated service lives of the properties that gave rise to the credits. |
Debt Issuance Costs, Premiums, and Discounts | Issuance costs, premiums, and discounts applicable to debt securities are amortized to interest expense ratably over the lives of the related issuances. Expenses and call premiums related to refinanced Cleco Power debt are deferred and amortized over the life of the new issuance. Debt issuance costs, premiums, and discounts are presented as a direct deduction from the carrying value of the related debt liability. |
Revenue and Fuel Costs | Utility Revenue Revenue from retail sales and transmission of electricity is recognized when the service is provided. The costs of fuel and purchased power used for Cleco Power’s retail customers currently are recovered from its customers through Cleco Power’s FAC. These costs are subject to audit and final determination by the LPSC. Sales taxes and pass-through fees collected on the sale of electricity are not recorded in utility revenue. Cleco recognizes wholesale revenue, inclusive of both energy and capacity performance obligations, under the invoice practical expedient for the amount Cleco has the right to invoice. Unbilled Revenue Cleco Power accrues estimated revenue monthly for energy used by customers but not yet billed. The monthly estimated unbilled revenue amounts are recorded as unbilled revenue and a receivable. Cleco Power uses actual customer energy consumption data available from AMI to calculate unbilled revenues. Other Operations Revenue Other operations revenue is recognized at the time products or services are provided to and accepted by customers, and collectability is reasonably assured. Sales and Use Taxes Cleco collects a sales and use tax on the sale of electricity that subsequently is remitted to the state in accordance with state law. These amounts are not recorded as income or expense on Cleco’s or Cleco Power’s Consolidated Statements of Income but are reflected at gross amounts on Cleco’s and Cleco Power’s Consolidated Balance Sheets as a receivable until the tax is collected and as a payable until the liability is paid. Franchise and Consumer Fees Cleco Power operates under nonexclusive franchise rights granted by municipalities through franchise agreements in which franchise fees are collected and paid. A portion of the franchise fees associated with these franchise agreements is collected by Cleco Power from its retail customers and submitted to the municipality. These fees are recorded as a receivable until it is collected and as a payable until the liability is paid. Cleco Power also pays periodic franchise fees to the government units, which may include upfront payments upon the renewal of the franchise agreement. The upfront payments are amortized over the life of the franchise agreement and the periodic fees are expensed in the period in which they are incurred. These amounts are recovered from retail customers through base rates. Cleco Power collects a consumer fee for one of its franchise agreements. This fee is not recorded on Cleco’s and Cleco Power’s Consolidated Statements of Income as revenue and expense, but is reflected at gross amounts on Cleco’s and Cleco Power’s Consolidated Balance Sheets as a receivable until it is collected and as a payable until the liability is paid. |
AFUDC and Capitalized Interest | The capitalization of AFUDC by Cleco Power is a utility accounting practice prescribed by FERC and the LPSC. |
Fair Value Measurements and Disclosures | Various accounting pronouncements require certain assets and liabilities to be measured at their fair values. Some assets and liabilities are required to be measured at their fair value each reporting period, while others are required to be measured only one time, generally the date of acquisition or debt issuance. Cleco and Cleco Power disclose the fair value of certain assets and liabilities by one of three levels when required for recognition purposes. |
Derivatives and Other Risk Management Activity | Accounting guidance requires derivative instruments and hedging activities to be recognized at fair value on the balance sheet. Cleco may elect the normal purchase and normal sale scope exception to the application of fair value accounting for these instruments and activities if they meet certain accounting criteria. Cleco’s Energy Market Risk Management Policy authorizes hedging against commodity price risk with physical or financially settled derivative instruments. For Cleco Power, due to regulatory treatment, associated mark-to-market adjustments for changes in fair value of recognized derivatives are generally recognized in Accumulated deferred fuel on the balance sheet. For Cleco Cajun, the changes in the fair value of recognized natural gas derivatives are recorded in continuing operations. Cleco Cajun’s FTR activity is recorded in discontinued operations. |
Accounting for MISO Transactions | Cleco Power and Cleco Cajun participates in MISO’s Energy and Operating Reserve market and have the opportunity to participate in the MISO capacity market. For Cleco Power, the hourly power sales and purchases are netted. Net sales and net purchases are reported in Electric operations and Purchased power, respectively, on Cleco’s and Cleco Power’s Consolidated Statements of Income. Power sales and purchases in the MISO market are made at prevailing market prices, also known as LMP, which represents the cost of providing the next MW of electrical energy at a specific location on the grid. LMP includes a component directly related to congestion on the transmission system and, as a result, can be different based on the location and time of the day the energy is dispatched causing energy costs to increase. |
Leases | Cleco determines if a contract is a lease at its inception. A lease is deemed to exist when the right to control the use of identified property, plant, or equipment is conveyed through a contract for a certain period of time and consideration is paid. If a contract is determined to be a lease, Cleco recognizes a ROU asset and lease liability at the commencement date based on the present value of lease payments over the lease term. The present value of the lease payments is determined by using the implicit interest rate if readily determinable. Cleco’s incremental borrowing rate for a term similar to the duration of the lease based on information available at the commencement date is used if the implicit interest rate is not readily determinable. Cleco recognizes ROU assets and lease liabilities for leasing arrangements with terms greater than one year. Except for the marine transportation asset class, Cleco accounts for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Cleco’s marine transportation contracts, which include barges and towboats, contain non-lease components, such as maintenance and labor. Cleco allocates the consideration in these contracts between lease and non-lease components based on estimates of fair value from third parties that typically execute leases for this class of assets. |
Leases | Cleco determines if a contract is a lease at its inception. A lease is deemed to exist when the right to control the use of identified property, plant, or equipment is conveyed through a contract for a certain period of time and consideration is paid. If a contract is determined to be a lease, Cleco recognizes a ROU asset and lease liability at the commencement date based on the present value of lease payments over the lease term. The present value of the lease payments is determined by using the implicit interest rate if readily determinable. Cleco’s incremental borrowing rate for a term similar to the duration of the lease based on information available at the commencement date is used if the implicit interest rate is not readily determinable. Cleco recognizes ROU assets and lease liabilities for leasing arrangements with terms greater than one year. Except for the marine transportation asset class, Cleco accounts for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Cleco’s marine transportation contracts, which include barges and towboats, contain non-lease components, such as maintenance and labor. Cleco allocates the consideration in these contracts between lease and non-lease components based on estimates of fair value from third parties that typically execute leases for this class of assets. |
Recent Authoritative Guidance | In November 2021, FASB issued guidance requiring annual disclosures about government assistance with the objective of increasing transparency and reducing existing diversity in practice. This guidance requires disclosure of the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on the entity’s financial statements. This guidance is effective for annual periods beginning after December 15, 2021. Management will continue to monitor this activity to determine what, if any, disclosures are required. Management does not expect this guidance to have a significant impact on the results of operations, financial condition, or cash flows of the Registrants. A congressional appropriation has been secured, subject to the U.S. Department of Energy’s (DOE) grant process, to help offset current and future costs associated with Cleco Power’s Project Diamond Vault through November 2024. As of December 31, 2023, Cleco Power received $2.8 million of the $9.0 million congressional appropriation, and these funds were recorded against the deferred project costs incurred and reflected as construction work in progress. Cleco Power has commitments to complete the FEED study, comply with the DOE approved grant budget, and provide 20% of the funding of the total costs. The Louisiana Department of Economic Development (LED) has commitments to review plans and invoices, be the scientific and technical liaison, and conduct annual project reviews and meetings. The LED also has rights to audit costs submitted for reimbursement. If an audit finds that Cleco Power received funds that were not within the scope of the DOE grant, those amounts could be recaptured. On March 1, 2024, Cleco Power received an additional $1.4 million of the congressional appropriation. For more information related to the accounting for deferred project costs, see “— Property, Plant, and Equipment.” In March 2023, FASB issued guidance that applies to leases between entities under common control. The guidance provides a practical expedient for determining whether an arrangement between entities under common control is a lease as well as the classification of the lease. In addition, the leasehold improvements amortization period is to be determined by the useful life to the common group rather than the term of the lease. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Cleco has arrangements between entities under common control and management is evaluating the impacts of this guidance on the results of operations, financial condition, and cash flows of the Registrants. In November 2023, FASB issued guidance to improve reportable segment disclosure requirements. The guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. Disclosure requirements include disclosing significant segment expenses by reportable segment if they are regularly provided to the chief operating decision maker and included in each reported measure of segment profit or loss. Disclosures are required on both an annual and an interim basis. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Management does not expect this guidance to have a significant impact on the results of operations, financial condition, or cash flows of the Registrants. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Retail Revenue Retail revenue from contracts with customers is generated primarily from Cleco’s regulated electric sales from residential, commercial, and industrial customers. Cleco Power recognizes retail revenue from these contracts as a series, and progress towards satisfaction of the performance obligation is measured using an output method based on kWh delivered. Accordingly, revenue from electricity sales is recognized as energy is delivered to the customer. Cleco Power bills retail customers, based on rates regulated by the LPSC, on a monthly basis with payments generally due within 20 days of the invoice date. Included in retail revenue is unbilled electric revenue, which represents the amount customers will be billed for services rendered from the meter reading from the most recent bill to the end of the respective accounting period. Actual customer energy consumption data available from AMI is used to calculate unbilled revenue. Also included in retail revenue is electric customer credits, which primarily represents the credits to retail customers for the federal tax-related benefits of the TCJA prior to the settlement of the current retail rate plan. Subsequent to the implementation of the current retail rate plan on July 1, 2021, these credits offset base revenue. Wholesale Revenue Cleco’s wholesale revenue is generated primarily through the sale of energy and capacity to electric cooperatives and municipalities. The electricity revenue performance obligations, representing both energy and capacity, are satisfied as a series of performance obligations, and progress towards satisfaction of the performance obligations are measured using an output method. The energy performance obligation measure of progress is based on kWh delivered. The capacity performance obligation measure of progress is based on time elapsed and is recognized each month as Cleco’s generating units stand ready to deliver electricity to the customer. Cleco recognizes wholesale revenue, inclusive of both performance obligations, under the invoice practical expedient for the amount Cleco has the right to invoice. Wholesale customers are charged market based rates that are subject to FERC’s triennial market power analysis. Cleco also enters into transactions through MISO for spot energy sales which are transacted in the Day-Ahead Energy and Operating Reserves Market and the Real-Time Energy and Operating Reserves Market. Transmission Revenue Cleco Power earns transmission revenues pursuant to MISO’s FERC filed tariff. The performance obligation of transmission service is satisfied as service is provided. Revenue from the transmission of electricity for Cleco Power is recorded based on a separate FERC-approved annual filing rate mechanism effective June 1 of each year. These rates are based on the respective costs to provide transmission services. Other Revenue Other revenue from contracts with customers, which is not a significant source of Cleco’s revenue, consisted of customer-forfeited discounts and reconnect fees, electric property rental, and other miscellaneous fees. The performance obligation under these contracts is satisfied and revenue is recognized as control of the products is delivered or services are rendered. Revenue Unrelated to Contracts with Customers On September 1, 2022, Cleco Power began billing and collecting, on behalf of Cleco Securitization I, a new storm recovery surcharge from all retail customers. This surcharge represents the recovery of costs incurred by Cleco Power as a result of Hurricanes Laura, Delta, Zeta, and Ida and Winter Storms Uri and Viola, as well as interest and associated expenses. Cleco Power remits the collected storm recovery surcharge to Cleco Securitization I to service Cleco Securitization I’s storm recovery bonds. The storm recovery surcharge will continue to be billed and collected from Cleco Power’s retail customers through the life of the Cleco Securitization I storm recovery bonds. Cleco’s energy-related transactions with the following characteristics qualify as derivative contracts and are recorded pursuant to derivatives and hedging accounting guidance: a) their value is based on the notional amount or payment provisions of an underlying asset; b) they require no or a diminutive initial net investment; and c) their terms require or permit net settlement. |
Pension Plan and Other Benefits Plan | Employees hired before August 1, 2007, are covered by a non-contributory, defined benefit pension plan. Benefits under the plan reflect an employee’s years of service, age at retirement, and highest total average compensation for any consecutive five 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. Cleco recognizes the expected cost of Other Benefits during the periods in which the benefits are earned. Certain Cleco officers are covered by SERP. In 2014, SERP was closed to new participants; however, with regard to current SERP participants, including former employees or their beneficiaries, all terms of SERP will continue, other than as described below. SERP is a non-qualified, non-contributory, defined benefit pension plan. Generally, benefits under the plan reflect an employee’s years of service, age at retirement, and the sum of (a) the highest base salary paid out over the last five Cleco does not fund the SERP liability, but instead pays for current benefits out of the cash available of the respective company of the employed officer. Because the SERP is a non-qualified plan, Cleco has purchased life insurance policies on certain SERP participants as a mechanism to provide a source of funding. These polices are held in a rabbi trust formed by Cleco Power. The rabbi trust is the named beneficiary of the life insurance policies and, therefore, receives the proceeds upon death of the insured participants. The life insurance policies may be used to reimburse Cleco for benefits paid from general funds, pay the SERP participants’ death benefits, or pay future SERP payments. Market conditions could have a significant impact on the cash surrender value of the life insurance policies. Because SERP is a non-qualified plan, the assets of the trust could be used to satisfy general creditors of Cleco Power in the event of insolvency. Cleco Power is the plan sponsor and Support Group is the plan administrator. |
Segment Reporting | The financial results in the following tables are presented on an accrual basis. EBITDA is a key non-GAAP financial measure used by the CEO to assess the operating performance of Cleco’s segment. Management evaluates the performance of Cleco’s segment and allocates resources to it based on segment profit and the requirements to implement strategic initiatives and projects to meet current business objectives. EBITDA is defined as net income adjusted for interest, income taxes, depreciation, and amortization. Depreciation and amortization in the following tables includes amortization of intangible assets recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger. Material intercompany transactions occur on a regular basis. These intercompany transactions relate primarily to joint and common administrative support services. |
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’s and Cleco Power’s 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’s and Cleco Power’s Consolidated Statements of Income. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Line Items] | |
Schedule of Amortization of Computer Software | Amortization of capitalized computer software costs charged to expense in Cleco’s and Cleco Power’s Consolidated Statements of Income for the years ending December 31, 2023, 2022, and 2021 is shown in the following tables: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Amortization $ 11,092 $ 11,881 $ 11,561 The following table presents amortization of other intangible assets in Cleco’s Consolidated Statements of Income: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Intangible assets Trade name $ — $ — $ 3,897 Power supply agreements $ 9,454 $ 9,680 $ 9,680 An impairment on the Trade name intangible asset was recognized in 2021. No other impairments for intangibles listed in the table above were recognized in 2023, 2022, or 2021. |
Schedule of Property, Plant, and Equipment | Depreciation on property, plant, and equipment is calculated primarily on a straight-line basis over the useful lives of the assets. The following table presents the useful lives of depreciable assets for Cleco and Cleco Power: CATEGORY (YEARS) YEARS Utility Plants Generation 10 – 55 Distribution 15 – 50 Transmission 5 – 55 Other utility plant 5 – 45 Other property, plant, and equipment 5 – 45 At December 31, 2023, and 2022, Cleco’s and Cleco Power’s property, plant, and equipment consisted of the following: Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Utility plants Generation $ 1,944,260 $ 1,926,482 Distribution 1,585,742 1,429,374 Transmission 844,897 789,181 Other utility plant 454,329 449,431 Other property, plant, and equipment 9,766 9,571 Total property, plant, and equipment 4,838,994 4,604,039 Accumulated depreciation (924,624) (752,376) Net property, plant, and equipment $ 3,914,370 $ 3,851,663 Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Acadia Unit 1 Plant acquisition adjustment $ 76,116 $ 76,116 Accumulated amortization (24,566) (21,383) Net plant acquisition adjustment $ 51,550 $ 54,733 |
Schedule of Changes in Allowance for Credit Losses, Accounts Receivable | The table below presents the changes in the allowance for credit losses by receivable for Cleco and Cleco Power: Cleco (THOUSANDS) ACCOUNTS OTHER TOTAL Balances, Dec. 31, 2021 $ 1,302 $ 1,638 $ 2,940 Current period provision 3,362 — 3,362 Charge-offs (4,800) — (4,800) Recovery 1,283 — 1,283 Balances, Dec. 31, 2022 1,147 1,638 2,785 Current period provision 5,506 — 5,506 Charge-offs (4,939) — (4,939) Recovery 1,298 — 1,298 Balances, Dec. 31, 2023 $ 3,012 $ 1,638 $ 4,650 |
Schedule of Restricted Cash and Cash Equivalents | Cleco’s and Cleco Power’s restricted cash and cash equivalents consisted of the following: Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Current Cleco Power’s storm restoration costs - Hurricane Ida $ — $ 9,409 Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service 15,818 14,140 Total current 15,818 23,549 Non-current Diversified Lands’ mitigation escrow 24 23 Cleco Power’s future storm restoration costs 113,549 103,306 Cleco Power’s storm restoration costs - Hurricane Ida — 6,086 Total non-current 113,573 109,415 Total restricted cash and cash equivalents $ 129,391 $ 132,964 |
Schedule of Composite AFUDC Rates and Capitalized Interest Rates | The following tables show the composite AFUDC rates, including borrowed and other funds for the years ended December 31, 2023, 2022, and 2021: FOR THE YEAR ENDED DEC. 31, 2023 2022 2021 PRETAX BASIS NET OF TAX PRETAX BASIS NET OF TAX PRETAX BASIS NET OF TAX AFUDC composite rate 8.11 % 6.50 % 9.06 % 7.09 % 10.05 % 7.81 % |
CLECO POWER | |
Accounting Policies [Line Items] | |
Schedule of Amortization of Computer Software | Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Amortization $ 10,650 $ 11,614 $ 11,268 |
Schedule of Property, Plant, and Equipment | Depreciation on property, plant, and equipment is calculated primarily on a straight-line basis over the useful lives of the assets. The following table presents the useful lives of depreciable assets for Cleco and Cleco Power: CATEGORY (YEARS) YEARS Utility Plants Generation 10 – 55 Distribution 15 – 50 Transmission 5 – 55 Other utility plant 5 – 45 Other property, plant, and equipment 5 – 45 Cleco Power AT DEC. 31, (THOUSANDS) 2023 2022 Regulated utility plants Generation $ 2,339,410 $ 2,321,640 Distribution 2,022,257 1,866,662 Transmission 1,056,218 1,000,783 Other utility plant 551,470 547,441 Total property, plant, and equipment 5,969,355 5,736,526 Accumulated depreciation (2,244,217) (2,082,153) Net property, plant, and equipment $ 3,725,138 $ 3,654,373 Cleco Power AT DEC. 31, (THOUSANDS) 2023 2022 Acadia Unit 1 Plant acquisition adjustment $ 95,578 $ 95,578 Accumulated amortization (44,028) (40,845) Net plant acquisition adjustment $ 51,550 $ 54,733 |
Schedule of Changes in Allowance for Credit Losses, Accounts Receivable | Cleco Power (THOUSANDS) ACCOUNTS Balances, Dec. 31, 2021 $ 1,302 Current period provision 3,362 Charge-offs (4,800) Recovery 1,283 Balances, Dec. 31, 2022 1,147 Current period provision 5,506 Charge-offs (4,939) Recovery 1,298 Balances, Dec. 31, 2023 $ 3,012 |
Schedule of Restricted Cash and Cash Equivalents | Cleco Power AT DEC. 31, (THOUSANDS) 2023 2022 Current Storm restoration costs - Hurricane Ida $ — $ 9,409 Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service 15,818 14,140 Total current 15,818 23,549 Non-current Future storm restoration costs 113,549 103,306 Storm restoration costs - Hurricane Ida — 6,086 Total non-current 113,549 109,392 Total restricted cash and cash equivalents $ 129,367 $ 132,941 |
Schedule of Composite AFUDC Rates and Capitalized Interest Rates | The following tables show the composite AFUDC rates, including borrowed and other funds for the years ended December 31, 2023, 2022, and 2021: FOR THE YEAR ENDED DEC. 31, 2023 2022 2021 PRETAX BASIS NET OF TAX PRETAX BASIS NET OF TAX PRETAX BASIS NET OF TAX AFUDC composite rate 8.11 % 6.50 % 9.06 % 7.09 % 10.05 % 7.81 % |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The following table presents the amounts that have been reclassified from continuing operations and included in discontinued operations within Cleco’s Consolidated Statements of Income for the years ended December 31, 2023, 2022, and 2021: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Operating revenue, net Electric operations $ 543,519 $ 496,042 $ 398,226 Other operations 125,816 148,823 128,750 Gross operating revenue 669,335 644,865 526,976 Electric customer credits — — 244 Operating revenue, net 669,335 644,865 527,220 Operating expenses Fuel used for electric generation 126,130 169,195 87,091 Purchased power 230,284 380,233 257,703 Other operations and maintenance 87,599 70,611 65,786 Depreciation and amortization 15,891 69,999 52,102 Taxes other than income taxes 13,160 12,330 11,666 Total operating expenses 473,064 702,368 474,348 Operating income (loss) 196,271 (57,503) 52,872 Other income (expense), net 47 127 (618) Interest, net (6,919) (6,079) (5,523) Loss on classification as held for sale (173,000) — — Income (loss) from discontinued operations before income taxes 16,399 (63,455) 46,731 Federal and state income tax expense (benefit) 1,757 (19,118) 11,778 Income (loss) from discontinued operations, net of income taxes $ 14,642 $ (44,337) $ 34,953 The following table presents the assets and liabilities of the Cleco Cajun Sale Group that have been reclassified as held for sale within Cleco’s Consolidated Balance Sheets as of December 31, 2023, and 2022: (THOUSANDS) AT DEC. 31, 2023 AT DEC. 31, 2022 Cash, cash equivalents, and restricted cash equivalents $ 4,100 $ 4,067 Accounts receivable 70,001 57,822 Fuel inventory, at average cost 47,243 33,153 Materials and supplies, at average cost 36,283 34,195 Energy risk management assets 1,066 518 Property, plant, and equipment, net 648,676 649,067 Prepayments 18,587 23,601 Intangible assets - other 32,569 36,548 Other assets 20,207 23,619 Loss recognized on classification as held for sale (173,000) — Total assets held for sale - discontinued operations $ 705,732 $ 862,590 Accounts payable $ 30,442 $ 56,609 Deferred lease revenue 19,945 22,246 Intangible liabilities 12,695 13,956 Asset retirement obligations 46,165 63,725 Other liabilities 5,705 6,508 Total liabilities held for sale - discontinued operations $ 114,952 $ 163,044 FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Net cash provided by operating activities - discontinued operations $ 8,778 $ 6,878 $ 9,082 Net cash used in investing activities - discontinued operations $ (8,745) $ (6,867) $ (9,081) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lessor, Lease, Description [Line Items] | |
Schedule of Future Minimum Lease Payments Due Under Long-Term Operating Leases | The following is a schedule by year of future minimum lease payments due under Cleco’s and Cleco Power’s long-term operating leases together with the present value of the net minimum lease payments as of December 31, 2023: (THOUSANDS) Years ending Dec. 31, 2024 $ 3,453 2025 3,309 2026 3,275 2027 3,255 2028 2,455 Thereafter 7,575 Total minimum lease payments 23,322 Less: amount representing interest 3,073 Present value of net minimum operating lease payments $ 20,249 Current liabilities $ 2,973 Non-current liabilities $ 17,276 |
Schedule of Future Minimum Lease Payments Due Under Finance Lease | The principal amounts payable under the finance lease agreement for each year through 2028 and thereafter are as follows: (THOUSANDS) For the year ending Dec. 31, 2024 $ 925 2025 $ 1,023 2026 $ 1,133 2027 $ 1,253 2028 $ 1,388 Thereafter $ 7,249 |
Schedule of Total Lease Costs, Supplemental Cash Flow Information, and Other Supplemental Information | The following tables reflect total lease costs for Cleco and Cleco Power for the years ended December 31, 2023, and 2022: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Finance lease cost Amortization of ROU assets $ 1,120 $ 1,120 Interest on lease liabilities 1,367 1,448 Operating lease cost 3,589 3,685 Variable lease cost 790 508 Total lease cost $ 6,866 $ 6,761 The following tables present additional information related to Cleco’s and Cleco Power’s operating and finance leases as of and for the years ended December 31, 2023, and 2022: Cleco AT DEC. 31, (THOUSANDS) BALANCE SHEET LINE ITEM 2023 2022 Supplemental balance sheet information ROU assets Operating Operating lease right of use assets $ 20,070 $ 22,636 Finance Property, plant, and equipment 10,360 11,480 Total ROU assets $ 30,430 $ 34,116 Current lease liabilities Operating Other current liabilities $ 2,973 $ 2,912 Finance Long-term debt and finance leases due within one year 925 836 Non-current lease liabilities Operating Operating lease liabilities 17,276 19,790 Finance Long-term debt and finance leases, net 12,046 12,971 Total lease liabilities $ 33,220 $ 36,509 Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 3,571 $ 3,696 Operating cash flows from finance leases $ 1,367 $ 1,448 Financing cash flows from finance leases $ 836 $ 755 Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Other supplemental information Operating leases Weighted-average remaining lease term 12.2 years 12.5 years Weighted-average discount rate 4.30 % 4.36 % Finance leases Weighted-average remaining lease term 9.3 years 10.3 years Weighted-average discount rate 10.18 % 10.18 % |
Cleco Power | |
Lessor, Lease, Description [Line Items] | |
Schedule of Future Minimum Lease Payments Due Under Long-Term Operating Leases | The following is a schedule by year of future minimum lease payments due under Cleco’s and Cleco Power’s long-term operating leases together with the present value of the net minimum lease payments as of December 31, 2023: (THOUSANDS) Years ending Dec. 31, 2024 $ 3,453 2025 3,309 2026 3,275 2027 3,255 2028 2,455 Thereafter 7,575 Total minimum lease payments 23,322 Less: amount representing interest 3,073 Present value of net minimum operating lease payments $ 20,249 Current liabilities $ 2,973 Non-current liabilities $ 17,276 |
Schedule of Leased Property Under Finance Lease | The following is an analysis of the leased property under the finance lease: (THOUSANDS) AT DEC. 31, 2023 AT DEC. 31, 2022 Barges $ 16,800 $ 16,800 Accumulated amortization (6,440) (5,320) Net finance lease asset $ 10,360 $ 11,480 |
Schedule of Future Minimum Lease Payments Due Under Finance Lease | The following is a schedule by year of future minimum lease payments due under the finance lease together with the present value of the net minimum lease payments as of December 31, 2023: (THOUSANDS) Years ending Dec. 31, 2024 $ 2,203 2025 2,203 2026 2,203 2027 2,203 2028 2,203 Thereafter 8,863 Total minimum lease payments 19,878 Less: amount representing interest 6,907 Present value of net minimum finance lease payments $ 12,971 Current liabilities $ 925 Non-current liabilities $ 12,046 The principal amounts payable under the finance lease agreement for each year through 2028 and thereafter are as follows: (THOUSANDS) For the year ending Dec. 31, 2024 $ 925 2025 $ 1,023 2026 $ 1,133 2027 $ 1,253 2028 $ 1,388 Thereafter $ 7,249 |
Schedule of Total Lease Costs, Supplemental Cash Flow Information, and Other Supplemental Information | Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Finance lease cost Amortization of ROU assets $ 1,120 $ 1,120 Interest on lease liabilities 1,367 1,448 Operating lease cost 3,581 3,675 Variable lease cost 790 508 Total lease cost $ 6,858 $ 6,751 Cleco Power AT DEC. 31, (THOUSANDS) BALANCE SHEET LINE ITEM 2023 2022 Supplemental balance sheet information ROU assets Operating Operating lease right of use assets $ 20,070 $ 22,628 Finance Property, plant, and equipment 10,360 11,480 Total ROU assets $ 30,430 $ 34,108 Current lease liabilities Operating Other current liabilities $ 2,973 $ 2,903 Finance Long-term debt and finance leases due within one year 925 836 Non-current lease liabilities Operating Operating lease liabilities 17,276 19,790 Finance Long-term debt and finance leases, net 12,046 12,971 Total lease liabilities $ 33,220 $ 36,500 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 3,562 $ 3,685 Operating cash flows from finance leases $ 1,367 $ 1,448 Financing cash flows from finance leases $ 836 $ 755 Cleco Power AT DEC. 31, 2023 (THOUSANDS) 2023 2022 Other supplemental information Operating leases Weighted-average remaining lease term 12.2 years 11.4 years Weighted-average discount rate 4.30 % 4.35 % Finance leases Weighted-average remaining lease term 9.3 years 10.3 years Weighted-average discount rate 10.18 % 10.18 % |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Operating revenue, net for the years ended December 31, 2023, 2022, and 2021 was as follows: FOR THE YEAR ENDED DEC. 31, 2023 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 469,099 $ — $ — $ 469,099 Commercial (1) 304,422 — — 304,422 Industrial (1) 179,506 — — 179,506 Other retail (1) 16,543 — — 16,543 Electric customer credits (60,689) — — (60,689) Total retail revenue 908,881 — — 908,881 Wholesale, net 221,547 (1) (9,454) (2) — 212,093 Transmission 56,701 — — 56,701 Other 20,797 — — 20,797 Affiliate (3) 8,904 120,716 (129,620) — Total revenue from contracts with customers 1,216,830 111,262 (129,620) 1,198,472 Revenue unrelated to contracts with customers Securitization 34,063 — — 34,063 Other 6,252 (4) 5 (1) 6,256 Total revenue unrelated to contracts with customers 40,315 5 (1) 40,319 Operating revenue, net $ 1,257,145 $ 111,267 $ (129,621) $ 1,238,791 (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) Represents realized gains associated with FTRs. FOR THE YEAR ENDED DEC. 31, 2022 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 558,247 $ — $ — $ 558,247 Commercial (1) 370,678 — — 370,678 Industrial (1) 229,634 — — 229,634 Other retail (1) 18,727 — — 18,727 Electric customer credits (7,674) — — (7,674) Total retail revenue 1,169,612 — — 1,169,612 Wholesale, net 331,906 (1) (9,680) (2) — 322,226 Transmission, net 63,545 — — 63,545 Other 21,966 — — 21,966 Affiliate (3) 6,377 109,015 (115,392) — Total revenue from contracts with customers 1,593,406 99,335 (115,392) 1,577,349 Revenue unrelated to contracts with customers Securitization 13,247 — — 13,247 Other 13,875 (4) 9 — 13,884 Total revenue unrelated to contracts with customers 27,122 9 — 27,131 Operating revenue, net $ 1,620,528 $ 99,344 $ (115,392) $ 1,604,480 (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) Represents realized gains associated with FTRs. FOR THE YEAR ENDED DEC. 31, 2021 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 453,873 $ — $ — $ 453,873 Commercial (1) 294,553 — — 294,553 Industrial (1) 175,134 — — 175,134 Other retail (1) 16,105 — — 16,105 Electric customer credits (41,007) — — (41,007) Total retail revenue 898,658 — — 898,658 Wholesale, net 250,987 (1) (9,680) (2) — 241,307 Transmission 55,963 (4) — — 55,963 Other 18,791 8 — 18,799 Affiliate (3) 5,641 113,623 (119,264) — Total revenue from contracts with customers 1,230,040 103,951 (119,264) 1,214,727 Revenue unrelated to contracts with customers Other 11,597 (5) — — 11,597 Total revenue unrelated to contracts with customers 11,597 — — 11,597 Operating revenue, net $ 1,241,637 $ 103,951 $ (119,264) $ 1,226,324 (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) Includes $0.1 million of electric customer credits. (5) Realized gains associated with FTRs. |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Assets and Liabilities [Line Items] | |
Schedule of Regulatory Assets | The following table summarizes Cleco’s net regulatory assets and liabilities: Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Total Cleco Power regulatory assets, net $ 454,213 $ 436,448 2016 Merger adjustments (1) Fair value of long-term debt 97,345 104,748 Postretirement costs 9,448 11,436 Financing costs 6,560 6,904 Debt issuance costs 4,254 4,587 Total Cleco regulatory assets, net $ 571,820 $ 564,123 (1) Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger. |
Schedule of Regulatory Liabilities | The following table summarizes Cleco’s net regulatory assets and liabilities: Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Total Cleco Power regulatory assets, net $ 454,213 $ 436,448 2016 Merger adjustments (1) Fair value of long-term debt 97,345 104,748 Postretirement costs 9,448 11,436 Financing costs 6,560 6,904 Debt issuance costs 4,254 4,587 Total Cleco regulatory assets, net $ 571,820 $ 564,123 (1) Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger. |
CLECO POWER | |
Regulatory Assets and Liabilities [Line Items] | |
Schedule of Regulatory Assets | The following table summarizes Cleco Power’s regulatory assets and liabilities: Cleco Power AT DEC. 31, REMAINING RECOVERY PERIOD (YRS.) (THOUSANDS) 2023 2022 Regulatory assets Acadia Unit 1 acquisition costs $ 1,701 $ 1,807 16 Accumulated deferred fuel (1) 11,627 57,881 Various (9) Affordability study 10,337 11,715 7.5 AFUDC equity gross-up 60,381 63,477 Various (2) AMI deferred revenue requirement 954 1,499 2.25 AROs (8) 20,094 17,218 Bayou Vista to Segura transmission project deferred revenue requirement — 2,510 Coughlin transaction costs 784 815 25.5 COVID-19 executive order (8) 3,039 2,953 Deferred lignite and mine closure costs (7) 136,076 133,587 Deferred storm restoration costs - Hurricane Delta (6) 88 109 Deferred storm restoration costs - Hurricane Ida — 9,409 Deferred storm restoration costs - Hurricane Laura (6) 367 457 Deferred storm restoration costs - Hurricane Zeta (6) 7 9 Deferred taxes, net 43,866 8,803 Various (9) Dolet Hills Power Station closure costs (7) 147,323 147,082 Energy efficiency — 235 Financing costs (1) 6,087 6,456 Various (3) Interest costs 2,961 3,210 Various (2) Madison Unit 3 property taxes 13,297 13,038 Various (9) Non-service cost of postretirement benefits 14,526 14,810 Various (2) Other 10,483 14,114 Various (9) Postretirement costs 64,399 47,317 Various (4) Production operations and maintenance expenses 7,002 10,443 Various (5) Rodemacher Unit 2 deferred costs (8) 19,282 12,645 St. Mary Clean Energy Center 3,705 4,350 1.5 Training costs 5,618 5,774 36 Tree trimming costs 3,657 6,377 1.25 Total regulatory assets 587,661 598,100 Regulatory liabilities Deferred taxes, net (21,939) (42,890) Various (9) Storm reserves (111,509) (118,762) Total regulatory liabilities (133,448) (161,652) Total regulatory assets, net $ 454,213 $ 436,448 (1) Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2023, and 2022, respectively. All other assets are earning a return on investment. (2) Amortized over the estimated lives of the respective assets. (3) Amortized over the terms of the related debt issuances. (4) Amortized over the average service life of the remaining plan participants. (5) Deferral is recovered over the following three (6) From June 1, 2021, through August 31, 2022, these were being recovered through the interim storm recovery rate. The storm recovery surcharge became effective on September 1, 2022. (7) Currently not in a recovery period. The balance remaining represents amounts under prudency review by the LPSC. (8) Currently not in a recovery period. (9) For more information on the remaining recovery period, refer to the following disclosures for each specific regulatory asset or liability. |
Schedule of Regulatory Liabilities | The following table summarizes Cleco Power’s regulatory assets and liabilities: Cleco Power AT DEC. 31, REMAINING RECOVERY PERIOD (YRS.) (THOUSANDS) 2023 2022 Regulatory assets Acadia Unit 1 acquisition costs $ 1,701 $ 1,807 16 Accumulated deferred fuel (1) 11,627 57,881 Various (9) Affordability study 10,337 11,715 7.5 AFUDC equity gross-up 60,381 63,477 Various (2) AMI deferred revenue requirement 954 1,499 2.25 AROs (8) 20,094 17,218 Bayou Vista to Segura transmission project deferred revenue requirement — 2,510 Coughlin transaction costs 784 815 25.5 COVID-19 executive order (8) 3,039 2,953 Deferred lignite and mine closure costs (7) 136,076 133,587 Deferred storm restoration costs - Hurricane Delta (6) 88 109 Deferred storm restoration costs - Hurricane Ida — 9,409 Deferred storm restoration costs - Hurricane Laura (6) 367 457 Deferred storm restoration costs - Hurricane Zeta (6) 7 9 Deferred taxes, net 43,866 8,803 Various (9) Dolet Hills Power Station closure costs (7) 147,323 147,082 Energy efficiency — 235 Financing costs (1) 6,087 6,456 Various (3) Interest costs 2,961 3,210 Various (2) Madison Unit 3 property taxes 13,297 13,038 Various (9) Non-service cost of postretirement benefits 14,526 14,810 Various (2) Other 10,483 14,114 Various (9) Postretirement costs 64,399 47,317 Various (4) Production operations and maintenance expenses 7,002 10,443 Various (5) Rodemacher Unit 2 deferred costs (8) 19,282 12,645 St. Mary Clean Energy Center 3,705 4,350 1.5 Training costs 5,618 5,774 36 Tree trimming costs 3,657 6,377 1.25 Total regulatory assets 587,661 598,100 Regulatory liabilities Deferred taxes, net (21,939) (42,890) Various (9) Storm reserves (111,509) (118,762) Total regulatory liabilities (133,448) (161,652) Total regulatory assets, net $ 454,213 $ 436,448 (1) Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2023, and 2022, respectively. All other assets are earning a return on investment. (2) Amortized over the estimated lives of the respective assets. (3) Amortized over the terms of the related debt issuances. (4) Amortized over the average service life of the remaining plan participants. (5) Deferral is recovered over the following three (6) From June 1, 2021, through August 31, 2022, these were being recovered through the interim storm recovery rate. The storm recovery surcharge became effective on September 1, 2022. (7) Currently not in a recovery period. The balance remaining represents amounts under prudency review by the LPSC. (8) Currently not in a recovery period. (9) For more information on the remaining recovery period, refer to the following disclosures for each specific regulatory asset or liability. |
Jointly Owned Generation Units
Jointly Owned Generation Units (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Schedule of Jointly Owned Generation Units | At December 31, 2023, the investment in and accumulated depreciation for each generating facility on Cleco’s and Cleco Power’s Consolidated Balance Sheets were as follows: Cleco AT DEC. 31, 2023 (THOUSANDS, EXCEPT PERCENTAGES AND MW) UTILITY PLANT ACCUMULATED DEPRECIATION CONSTRUCTION WORK IN PROGRESS OWNERSHIP INTEREST PERCENTAGE RATED OWNERSHIP INTEREST (MW) Acadia Power Station common facilities (1) $ 17,384 $ 3,304 $ 977 50 % Brame Energy Center Rodemacher Unit 2 $ 85,827 $ 39,798 $ 257 30 % 523 157 Common facilities - Nesbitt Unit 1 and Rodemacher Unit 2 $ 3,336 $ 678 $ 16 62 % Common facilities - Rodemacher Unit 2 and Madison Unit 3 $ 2,979 $ 330 $ 2 69 % Common facilities - Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3 $ 10,696 $ 2,090 $ 337 77 % (1) Cleco Power has a 100% ownership interest in Acadia Unit 1. The common facilities at the Acadia Power Station are jointly owned. |
CLECO POWER | |
Jointly Owned Utility Plant Interests [Line Items] | |
Schedule of Jointly Owned Generation Units | Cleco Power AT DEC. 31, 2023 (THOUSANDS, EXCEPT PERCENTAGES AND MW) UTILITY PLANT ACCUMULATED DEPRECIATION CONSTRUCTION WORK IN PROGRESS OWNERSHIP INTEREST PERCENTAGE RATED OWNERSHIP INTEREST (MW) Acadia Power Station common facilities (1) $ 18,158 $ 4,079 $ 977 50 % Brame Energy Center Rodemacher Unit 2 $ 159,407 $ 113,378 $ 257 30 % 523 157 Common facilities - Nesbitt Unit 1 and Rodemacher Unit 2 $ 4,744 $ 2,085 $ 16 62 % Common facilities - Rodemacher Unit 2 and Madison Unit 3 $ 3,069 $ 420 $ 2 69 % Common facilities - Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3 $ 20,739 $ 12,133 $ 337 77 % (1) Cleco Power has a 100% ownership interest in Acadia Unit 1. The common facilities at the Acadia Power Station are jointly owned. |
Fair Value Accounting Instrum_2
Fair Value Accounting Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value [Line Items] | |
Schedule of Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | The following tables disclose the fair value of financial assets and liabilities measured on a recurring basis on Cleco’s and Cleco Power’s Consolidated Balance Sheets. These amounts are presented on a gross basis. Cleco FAIR VALUE MEASUREMENTS AT REPORTING DATE (THOUSANDS) AT DEC. 31, 2023 QUOTED SIGNIFICANT SIGNIFICANT AT DEC. 31, 2022 QUOTED SIGNIFICANT SIGNIFICANT Asset Description Short-term investments $ 242,596 $ 242,596 $ — $ — $ 179,241 $ 179,241 $ — $ — FTRs 3,087 — — 3,087 2,570 — — 2,570 Natural gas derivatives 5,042 — 5,042 — 105,646 — 105,646 — Total assets $ 250,725 $ 242,596 $ 5,042 $ 3,087 $ 287,457 $ 179,241 $ 105,646 $ 2,570 Liability Description FTRs $ 781 $ — $ — $ 781 $ 294 $ — $ — $ 294 Natural gas derivatives 15,005 — 15,005 — 6,980 — 6,980 — Total liabilities $ 15,786 $ — $ 15,005 $ 781 $ 7,274 $ — $ 6,980 $ 294 |
Schedule of Money Market Funds | The following tables present the short-term investments as recorded on Cleco’s and Cleco Power’s Consolidated Balance Sheets at December 31, 2023, and 2022: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Cash and cash equivalents $ 113,207 $ 46,279 Current restricted cash and cash equivalents $ 15,818 $ 23,548 Non-current restricted cash and cash equivalents $ 113,571 $ 109,414 |
Schedule of Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 | The following table summarizes the net changes in the net fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy for Cleco and Cleco Power: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Beginning balance $ 2,276 $ 4,918 $ 3,216 Unrealized (losses) gains * (425) (495) 2,828 Purchases 8,089 7,270 9,871 Settlements (7,634) (9,417) (10,997) Ending balance $ 2,306 $ 2,276 $ 4,918 * Unrealized (losses) gains are reported through Accumulated deferred fuel on Cleco Power's Consolidated Balance Sheets. |
Schedule of Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions | The following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of December 31, 2023, and 2022: FAIR VALUE VALUATION TECHNIQUE SIGNIFICANT FORWARD PRICE RANGE (THOUSANDS, EXCEPT DOLLAR PER MWh) Assets Liabilities Low High FTRs at Dec. 31, 2023 $ 3,087 $ 781 RTO auction pricing FTR price - per MWh $ (3.51) $ 7.07 FTRs at Dec. 31, 2022 $ 2,570 $ 294 RTO auction pricing FTR price - per MWh $ (5.11) $ 13.65 |
Schedule of Carrying Value and Estimated Fair Value | The following tables summarize the carrying value and estimated market value of Cleco’s and Cleco Power’s financial instruments not measured at fair value on Cleco’s and Cleco Power’s Consolidated Balance Sheets: Cleco AT DEC. 31, 2023 2022 (THOUSANDS) CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt $ 3,400,293 $ 3,177,654 $ 3,482,556 $ 3,180,208 * The carrying value of long-term debt does not include deferred issuance costs of $14.2 million at December 31, 2023, and $16.2 million at December 31, 2022. |
CLECO POWER | |
Fair Value [Line Items] | |
Schedule of Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | Cleco Power FAIR VALUE MEASUREMENTS AT REPORTING DATE (THOUSANDS) AT DEC. 31, 2023 QUOTED SIGNIFICANT SIGNIFICANT AT DEC. 31, 2022 QUOTED SIGNIFICANT SIGNIFICANT Asset Description Short-term investments $ 169,606 $ 169,606 $ — $ — $ 139,752 $ 139,752 $ — $ — FTRs 3,087 — — 3,087 2,570 — — 2,570 Total assets $ 172,693 $ 169,606 $ — $ 3,087 $ 142,322 $ 139,752 $ — $ 2,570 Liability Description FTRs $ 781 $ — $ — $ 781 $ 294 $ — $ — $ 294 Natural gas derivatives 14,331 — 14,331 — 4,570 — 4,570 — Total liabilities $ 15,112 $ — $ 14,331 $ 781 $ 4,864 $ — $ 4,570 $ 294 |
Schedule of Money Market Funds | Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Cash and cash equivalents $ 40,240 $ 6,813 Current restricted cash and cash equivalents $ 15,818 $ 23,548 Non-current restricted cash and cash equivalents $ 113,548 $ 109,391 |
Schedule of Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 | The following table summarizes the net changes in the net fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy for Cleco and Cleco Power: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Beginning balance $ 2,276 $ 4,918 $ 3,216 Unrealized (losses) gains * (425) (495) 2,828 Purchases 8,089 7,270 9,871 Settlements (7,634) (9,417) (10,997) Ending balance $ 2,306 $ 2,276 $ 4,918 * Unrealized (losses) gains are reported through Accumulated deferred fuel on Cleco Power's Consolidated Balance Sheets. |
Schedule of Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions | The following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of December 31, 2023, and 2022: FAIR VALUE VALUATION TECHNIQUE SIGNIFICANT FORWARD PRICE RANGE (THOUSANDS, EXCEPT DOLLAR PER MWh) Assets Liabilities Low High FTRs at Dec. 31, 2023 $ 3,087 $ 781 RTO auction pricing FTR price - per MWh $ (3.51) $ 7.07 FTRs at Dec. 31, 2022 $ 2,570 $ 294 RTO auction pricing FTR price - per MWh $ (5.11) $ 13.65 |
Schedule of Carrying Value and Estimated Fair Value | Cleco Power AT DEC. 31, 2023 2022 (THOUSANDS) CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt $ 1,886,248 $ 1,867,559 $ 1,895,508 $ 1,825,192 * The carrying value of long-term debt does not include deferred issuance costs of $11.5 million at December 31, 2023, and $12.3 million at December 31, 2022. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Offsetting Assets | The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco’s and Cleco Power’s Consolidated Balance Sheets at December 31, 2023, and 2022: Cleco DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS AT DEC. 31, 2023 AT DEC. 31, 2022 GROSS AMOUNTS OFFSET ON THE BALANCE SHEET GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET (1) (THOUSANDS) BALANCE SHEET LINE ITEM NET ASSET (LIABILITY) ON THE BALANCE SHEET GROSS ASSET (LIABILITY) CASH COLLATERAL NET ASSET (LIABILITY) ON THE BALANCE SHEET COLLATERAL NET AMOUNT Commodity-related contracts FTRs Current Energy risk management assets $ 3,087 $ 2,570 $ — $ 2,570 $ — $ 2,570 Current Energy risk management liabilities (781) (294) — (294) — (294) Natural gas derivatives Current Energy risk management assets 5,042 53,251 (6,500) 46,751 (32,578) 14,173 Non-current Energy risk management assets — 58,895 — 58,895 (20,422) 38,473 Current Energy risk management liabilities (15,005) (6,980) — (6,980) — (6,980) Commodity-related contracts, net $ (7,657) $ 107,442 $ (6,500) $ 100,942 $ (53,000) $ 47,942 (1) Represents letters of credit by counterparties. |
Offsetting Liabilities | The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco’s and Cleco Power’s Consolidated Balance Sheets at December 31, 2023, and 2022: Cleco DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS AT DEC. 31, 2023 AT DEC. 31, 2022 GROSS AMOUNTS OFFSET ON THE BALANCE SHEET GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET (1) (THOUSANDS) BALANCE SHEET LINE ITEM NET ASSET (LIABILITY) ON THE BALANCE SHEET GROSS ASSET (LIABILITY) CASH COLLATERAL NET ASSET (LIABILITY) ON THE BALANCE SHEET COLLATERAL NET AMOUNT Commodity-related contracts FTRs Current Energy risk management assets $ 3,087 $ 2,570 $ — $ 2,570 $ — $ 2,570 Current Energy risk management liabilities (781) (294) — (294) — (294) Natural gas derivatives Current Energy risk management assets 5,042 53,251 (6,500) 46,751 (32,578) 14,173 Non-current Energy risk management assets — 58,895 — 58,895 (20,422) 38,473 Current Energy risk management liabilities (15,005) (6,980) — (6,980) — (6,980) Commodity-related contracts, net $ (7,657) $ 107,442 $ (6,500) $ 100,942 $ (53,000) $ 47,942 (1) Represents letters of credit by counterparties. |
Schedule of Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets | The following tables present the volume of commodity-related derivative contracts outstanding at December 31, 2023, and 2022 for Cleco and Cleco Power: Cleco TOTAL VOLUME OUTSTANDING UNIT OF MEASURE AT DEC. 31, (THOUSAND) 2023 2022 Commodity-related contracts FTRs MWh 9,611 9,085 Natural gas derivatives MMBtus 61,119 85,350 |
Schedule of Amount of Gain (Loss) Recognized in Income on Derivatives | The following table presents the effect of derivatives not designated as hedging instruments on Cleco’s and Cleco Power’s Consolidated Statements of Income for the years December 31, 2023, 2022, and 2021: Cleco AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES FOR THE YEAR ENDED DEC. 31, (THOUSANDS) DERIVATIVES LINE ITEM 2023 2022 2021 Commodity contracts FTRs (1) Electric operations $ 6,320 $ 14,118 $ 12,797 FTRs (1) Purchased power (4,465) (7,331) (10,360) Natural gas derivatives (2) Fuel used for electric generation (139,315) 180,522 134,144 Total $ (137,460) $ 187,309 $ 136,581 (1) For the years ended December 31, 2023, 2022, and 2021, unrealized (losses) gains associated with FTRs of $(0.4) million, $(0.5) million, and $2.8 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. (2) For the year ended December 31, 2023, unrealized losses and realized losses associated with natural gas derivatives for Cleco Power of $(9.8) million and $(2.0) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the year ended December 31, 2022, unrealized gains associated with natural gas derivatives for Cleco Power of $4.9 million were reported through Accumulated deferred fuel on the balance sheet. For the year ended December 31, 2022, Cleco Power had no realized gains (losses) associated with natural gas derivatives. Cleco Power had no natural gas derivatives during the year ended December 31, 2021. |
CLECO POWER | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets | Cleco Power DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS AT DEC. 31, (THOUSANDS) BALANCE SHEET LINE ITEM 2023 2022 Commodity-related contracts FTRs Current Energy risk management assets $ 3,087 $ 2,570 Current Energy risk management liabilities (781) (294) Natural gas derivatives Current Energy risk management liabilities (14,331) (4,570) Commodity-related contracts, net $ (12,025) $ (2,294) Cleco Power TOTAL VOLUME OUTSTANDING UNIT OF MEASURE AT DEC. 31, (THOUSAND) 2023 2022 Commodity-related contracts FTRs MWh 9,611 9,085 Natural gas derivatives MMBtus 19,915 4,840 |
Schedule of Amount of Gain (Loss) Recognized in Income on Derivatives | Cleco Power AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES FOR THE YEAR ENDED DEC. 31, (THOUSANDS) DERIVATIVES LINE ITEM 2023 2022 2021 Commodity contracts FTRs (1) Electric operations $ 6,320 $ 14,118 $ 12,797 FTRs (1) Purchased power (4,465) (7,331) (10,360) Natural gas derivatives (2) Fuel used for electric generation (22,734) — — Total $ (20,879) $ 6,787 $ 2,437 (1) For the years ended December 31, 2023, 2022, and 2021, unrealized (losses) gains associated with FTRs of $(0.4) million, $(0.5) million, and $2.8 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. (2) For the year ended December 31, 2023, unrealized losses and realized losses associated with natural gas derivatives of $(9.8) million and $(2.0) million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the year ended December 31, 2022, unrealized gains associated with natural gas derivatives of $4.9 million were reported through Accumulated deferred fuel on the balance sheet. For the year ended December 31, 2022, Cleco Power had no realized gains (losses) associated with natural gas derivatives. Cleco Power had no natural gas derivatives during the year ended December 31, 2021. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instrument [Line Items] | |
Schedule of Total Indebtedness | Cleco’s total long-term indebtedness as of December 31, 2023, and 2022 was as follows: Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Total Cleco Power long-term debt and finance leases, net $ 1,697,152 $ 1,786,447 Cleco Holdings’ long-term debt, net Senior notes, 3.250%, due 2025 165,000 165,000 Senior notes, 3.743%, due 2026 535,000 535,000 Senior notes, 3.375%, due 2029 300,000 300,000 Senior notes, 4.973%, due 2046 350,000 350,000 Bank term loan, variable rate, due 2024 66,700 132,300 Long-term debt due within one year (66,497) (230,524) Unamortized debt issuance costs (1) (2,776) (3,877) Fair value adjustment 97,345 104,748 Total Cleco long-term debt and finance leases, net $ 3,141,924 $ 3,139,094 (1) For December 31, 2023, and 2022, this amount includes unamortized debt issuance costs for Cleco Holdings of $7.0 million and $8.5 million, respectively, partially offset by deferred debt issuance costs eliminated as a result of the 2016 Merger of $4.3 million and $4.6 million, respectively. For more information, see Note 6 — “Regulatory Assets and Liabilities — Cleco Holdings’ 2016 Merger Adjustments.” |
Schedule of Future Amounts Payable Under Long-Term Debt Agreements | The principal amounts payable under long-term debt agreements for each year through 2028 and thereafter are as follows: (THOUSANDS) CLECO POWER CLECO For the year ending Dec. 31, 2024 $ 189,499 $ 256,199 2025 (1) $ 90,087 $ 255,087 2026 $ 245,699 $ 780,699 2027 $ 66,336 $ 66,336 2028 $ 216,999 $ 216,999 Thereafter $ 1,081,806 $ 1,731,806 (1) Does not include Series A GO Zone bonds that have a maturity date of December 2038 but a mandatory tender in May 2025. (THOUSANDS) For the year ending Dec. 31, 2019 $ 66,700 2020 $ 133,300 2021 $ 200,000 2022 $ 267,700 2023 $ 333,300 2024 $ 400,000 |
Schedule of Principal Amounts Payable Under Finance Lease Agreement | The principal amounts payable under the finance lease agreement for each year through 2028 and thereafter are as follows: (THOUSANDS) For the year ending Dec. 31, 2024 $ 925 2025 $ 1,023 2026 $ 1,133 2027 $ 1,253 2028 $ 1,388 Thereafter $ 7,249 |
CLECO POWER | |
Debt Instrument [Line Items] | |
Schedule of Total Indebtedness | Cleco Power’s total long-term indebtedness as of December 31, 2023, and 2022 was as follows: Cleco Power AT DEC. 31, (THOUSANDS) 2023 2022 Bonds Senior notes, 3.08%, due 2023 $ — $ 100,000 Senior notes, 3.17%, due 2024 50,000 50,000 Senior notes, 3.68%, due 2025 75,000 75,000 Senior notes, 3.47%, due 2026 130,000 130,000 Senior notes, 5.96%, due 2026 100,000 — Senior notes, 4.33%, due 2027 50,000 50,000 Senior notes, 3.57%, due 2028 200,000 200,000 Senior notes, 6.50%, due 2035 295,000 295,000 Senior notes, 6.00%, due 2040 250,000 250,000 Senior notes, 5.12%, due 2041 100,000 100,000 Series A GO Zone bonds, 2.50%, due 2038, mandatory tender in 2025 50,000 50,000 Series B GO Zone bonds, 4.25%, due 2038 50,000 50,000 Cleco Securitization I’s storm recovery bonds, 4.016%, due 2033 115,426 125,000 Cleco Securitization I’s storm recovery bonds, 4.646%, due 2044 300,000 300,000 Total bonds 1,765,426 1,775,000 Bank term loan, variable rate, due 2024 125,000 125,000 Finance leases Barge lease obligations 12,971 13,807 Gross amount of long-term debt and finance leases 1,903,397 1,913,807 Long-term debt due within one year (189,389) (109,508) Finance leases classified as long-term debt due within one year (925) (836) Unamortized debt discount (4,178) (4,492) Unamortized debt issuance costs (11,753) (12,524) Total long-term debt and finance leases, net $ 1,697,152 $ 1,786,447 |
Schedule of Principal Amounts Payable Under Finance Lease Agreement | The following is a schedule by year of future minimum lease payments due under the finance lease together with the present value of the net minimum lease payments as of December 31, 2023: (THOUSANDS) Years ending Dec. 31, 2024 $ 2,203 2025 2,203 2026 2,203 2027 2,203 2028 2,203 Thereafter 8,863 Total minimum lease payments 19,878 Less: amount representing interest 6,907 Present value of net minimum finance lease payments $ 12,971 Current liabilities $ 925 Non-current liabilities $ 12,046 The principal amounts payable under the finance lease agreement for each year through 2028 and thereafter are as follows: (THOUSANDS) For the year ending Dec. 31, 2024 $ 925 2025 $ 1,023 2026 $ 1,133 2027 $ 1,253 2028 $ 1,388 Thereafter $ 7,249 |
Pension Plan and Employee Ben_2
Pension Plan and Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Schedule of Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Pension Plans | The employee pension plan and Other Benefits plan obligation, plan assets, and funded status at December 31, 2023, and 2022 are presented in the following table: PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2023 2022 Change in benefit obligation Benefit obligation at beginning of period $ 500,869 $ 680,417 $ 43,306 $ 55,257 Service cost 4,977 8,589 1,472 2,204 Interest cost 26,423 19,841 2,285 1,484 Plan participants’ contributions — — — 1,904 Actuarial loss (gain) 26,300 (174,733) (5,110) (10,289) Expenses paid (3,018) (3,744) — — Benefits paid (30,069) (29,501) (5,117) (7,254) Benefit obligation at end of period 525,482 500,869 47,056 43,306 Change in plan assets Fair value of plan assets at beginning of period 402,285 527,427 — — Actual (loss) gain return on plan assets 38,761 (91,897) — — Employer contributions 200 — — — Expenses paid (3,018) (3,744) — — Benefits paid (30,069) (29,501) — — Fair value of plan assets at end of period 408,159 402,285 — — Unfunded status $ (117,323) $ (98,584) $ (47,056) $ (43,306) SERP’s funded status at December 31, 2023, and 2022 is presented in the following table: SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Change in benefit obligation Benefit obligation at beginning of period $ 68,427 $ 93,179 Service cost 142 227 Interest cost 3,604 2,679 Actuarial gain (345) (22,097) Benefits paid (4,366) (5,561) Benefit obligation at end of period $ 67,462 $ 68,427 |
Schedule of Amounts Recognized in Balance Sheet | The current and non-current portions of the Pension Benefits liability for Cleco and Cleco Power at December 31, 2023, and 2022 are as follows: AT DEC. 31, (THOUSANDS) 2023 2022 Current $ 25,685 $ — Non-current $ 91,638 $ 98,584 Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Current $ 5,241 $ 5,017 Non-current $ 41,815 $ 38,366 Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Current $ 4,593 $ 4,713 Non-current $ 62,868 $ 63,714 |
Schedule of Accumulated Benefit Obligation | The employee pension plan accumulated benefit obligation at December 31, 2023, and 2022 is presented in the following table: PENSION BENEFITS AT DEC. 31, (THOUSANDS) 2023 2022 Accumulated benefit obligation $ 505,508 $ 481,398 SERP’s accumulated benefit obligation at December 31, 2023, and 2022 is presented in the following table: SERP BENEFITS AT DEC. 31, (THOUSANDS) 2023 2022 Accumulated benefit obligation $ 67,462 $ 68,427 |
Schedule of Amounts Recognized in Other Comprehensive Income | The following table presents the net actuarial gains/losses included in other comprehensive income for Other Benefits and in regulatory assets for pension related to current year gains and losses as a result of being included in net periodic benefit costs for the employee pension plan and Other Benefits plan for the years ended December 31, 2023, and 2022: PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2023 2022 Net actuarial loss (gain) occurring during period $ 17,082 $ (58,124) $ 5,110 $ (10,289) Net actuarial loss (gain) amortized during period $ — $ 12,332 $ (45) $ 1,207 The following table presents net actuarial gains/losses and prior service credits included in other comprehensive income or regulatory assets related to current year gains and losses as a result of being amortized as a component of net periodic benefit costs for SERP for December 31, 2023, and 2022: SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Net actuarial gain occurring during year $ (345) $ (22,097) Net actuarial loss amortized during year $ (63) $ 1,049 Prior service credit amortized during year $ (215) $ (215) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income | The following table presents net actuarial gains/losses in accumulated other comprehensive income that have not been recognized as components of net periodic benefit costs for the employee pension plan and Other Benefits plans at December 31, 2023, and 2022: PENSION BENEFITS OTHER BENEFITS AT DEC. 31, AT DEC. 31, (THOUSANDS) 2023 2022 2023 2022 Net actuarial loss $ 64,399 $ 47,317 $ 13,103 $ 13,705 SERP BENEFITS AT DEC. 31 (THOUSANDS) 2023 2022 Net actuarial loss $ 7,819 $ 8,241 Prior service credit $ (1,085) $ (1,299) |
Schedule of Components of Net Periodic Pension and Other Benefit Costs | The components of net periodic pension and Other Benefits costs for 2023, 2022, and 2021 are as follows: PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 2023 2022 2021 Components of periodic benefit costs Service cost $ 4,977 $ 8,589 $ 10,516 $ 1,472 $ 2,204 $ 2,425 Interest cost 26,423 19,841 18,668 2,285 1,484 1,283 Expected return on plan assets (29,544) (24,706) (22,801) — — — Amortizations Net loss (gain) — 12,332 20,738 (45) 1,210 1,523 Net periodic benefit cost $ 1,856 $ 16,056 $ 27,121 $ 3,712 $ 4,898 $ 5,231 Special/contractual termination benefits — — 3,270 — — — Total benefit cost $ 1,856 $ 16,056 $ 30,391 $ 3,712 $ 4,898 $ 5,231 SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Components of periodic benefit costs Service cost $ 142 $ 227 $ 232 Interest cost 3,604 2,679 2,538 Amortizations Prior service credit (215) (215) (215) Net loss (63) 1,049 1,228 Net periodic benefit cost $ 3,468 $ 3,740 $ 3,783 |
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligation and Net Periodic Costs | The assumptions used to determine the benefit obligation and the periodic costs are as follows: PENSION BENEFITS OTHER BENEFITS AT DEC. 31, AT DEC. 31, 2023 2022 2023 2022 Weighted-average assumptions used to determine the benefit obligation Discount rate 5.13 % 5.44 % 5.25 % 5.61 % Rate of compensation increase 3.50 % 2.76 % N/A N/A PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, 2023 2022 2021 2023 2022 2021 Weighted-average assumptions used to determine the net benefit cost Discount rate 5.44 % 2.98 % 2.74 % 5.61 % 2.82 % 2.39 % Expected return on plan assets 6.60 % 5.25 % 5.00 % N/A N/A N/A Rate of compensation increase 2.76 % 2.73 % 2.71 % N/A N/A N/A SERP BENEFITS AT DEC. 31, 2023 2022 Weighted-average assumptions used to determine the benefit obligation Discount rate 5.13 % 5.46 % Rate of compensation increase N/A N/A SERP BENEFITS FOR THE YEAR ENDED DEC. 31, 2023 2022 2021 Weighted-average assumptions used to determine the net benefit cost Discount rate 5.46 % 2.95 % 2.64 % Rate of compensation increase N/A N/A N/A |
Schedule of Fair Value Allocation of Pension Plan | The following tables disclose the pension plan’s fair value of financial assets measured on a recurring basis: (THOUSANDS) AT DEC. 31, 2023 QUOTED PRICES SIGNIFICANT SIGNIFICANT Asset Description Cash equivalents $ 22,250 $ — $ 22,250 $ — Government securities 14,418 — 14,418 — Mutual funds Domestic 85,821 85,821 — — International 42,083 42,083 — — Real estate funds 35,032 — — 35,032 Corporate debt 94,677 — 94,677 — Total $ 294,281 $ 127,904 $ 131,345 $ 35,032 Investments measured at net asset value* 112,110 Interest accrual 1,768 Total net assets $ 408,159 *Investments measured at net asset value consist of Common/ collective trust. (THOUSANDS) AT DEC. 31, 2022 QUOTED PRICES SIGNIFICANT SIGNIFICANT Asset Description Cash equivalents $ 7,345 $ — $ 7,345 $ — Government securities 33,019 — 33,019 — Mutual funds Domestic 78,349 78,349 — — International 39,722 39,722 — — Real estate funds 39,370 — — 39,370 Corporate debt 103,940 — 103,940 — Total $ 301,745 $ 118,071 $ 144,304 $ 39,370 Investments measured at net asset value* 98,505 Interest accrual 2,035 Total net assets $ 402,285 *Investments measured at net asset value consist of Common/ collective trust. The general funded status to target portfolio allocations are as follows: FUNDED STATUS RETURN-SEEKING LIABILITY-HEDGING CREDIT LIABILITY-HEDGING GOVERNMENT ≤ 80% 60% 20% 20% 80% to 100% 60% to 47% 20% to 37% 20% to 16% 100% to 115% 47% to 10% 37% to 83% 16% to 7% ≥ 115% 10% 83% 7% |
Schedule of Pension Plan Unobservable Input Reconciliation | The following is a reconciliation of the beginning and ending balances of the pension plan’s real estate funds measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2023, and 2022: (THOUSANDS) Balance, Dec. 31, 2021 $ 39,091 Realized losses (2,451) Unrealized gains 4,112 Purchases 2,027 Sales (3,409) Balance, Dec. 31, 2022 $ 39,370 Realized losses 66 Unrealized losses (5,786) Purchases 2,021 Sales (639) Balance, Dec. 31, 2023 $ 35,032 |
Schedule of Projected Benefit Payments and Projected Receipts | The projected benefit payments for the employee pension plan and Other Benefits plan for each year through 2028 and the next five years thereafter are listed in the following table: (THOUSANDS) PENSION BENEFITS OTHER For the year ending Dec. 31, 2024 $ 31,857 $ 5,241 2025 $ 32,793 $ 5,182 2026 $ 33,268 $ 5,167 2027 $ 33,760 $ 5,130 2028 $ 34,355 $ 5,049 Five years thereafter $ 176,293 $ 23,443 The projected benefit payments for SERP for each year through 2028 and the next five years thereafter are shown in the following table: (THOUSANDS) 2024 2025 2026 2027 2028 FIVE SERP $ 4,593 $ 4,748 $ 4,883 $ 4,852 $ 4,847 $ 23,601 |
Schedule of 401(k) Plan Expense | Cleco’s 401(k) Plan expense for the years ended December 31, 2023, 2022, and 2021 was as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 401(k) Plan expense $ 7,770 $ 7,310 $ 7,780 FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 401(k) Plan expense $ 2,859 $ 2,685 $ 2,765 |
CLECO POWER | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Schedule of Amounts Recognized in Balance Sheet | The current and non-current portions of the Pension Benefits liability for Cleco and Cleco Power at December 31, 2023, and 2022 are as follows: AT DEC. 31, (THOUSANDS) 2023 2022 Current $ 25,685 $ — Non-current $ 91,638 $ 98,584 Cleco Power AT DEC. 31, (THOUSANDS) 2023 2022 Current $ 4,479 $ 4,310 Non-current $ 32,289 $ 30,082 Cleco Power AT DEC. 31, (THOUSANDS) 2023 2022 Current $ 613 $ 672 Non-current $ 8,394 $ 9,087 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of income tax (benefit) expense at the statutory rate and income tax (benefit) expense on (loss) income from continuing operations reported on Cleco’s Consolidated Statement of Income: FOR THE YEAR ENDED DEC. 31, (THOUSANDS, EXCEPT PERCENTAGES) 2023 2022 2021 (Loss) income from continuing operations before income taxes $ (94,942) $ 253,183 $ 161,346 Statutory rate 21.0 % 21.0 % 21.0 % Tax (benefit) expense at federal statutory rate $ (19,938) $ 53,168 $ 33,883 Increase (decrease) Flowthrough of tax benefits (7,847) (12,272) (356) State income taxes, net of federal benefit (2,256) 16,519 9,666 Return to accrual adjustment (30) (378) (3,852) Permanent adjustments (388) (4,621) 436 Amortization of excess ADIT (33,518) (32,639) (37,254) Other, net (1,096) 258 (1,190) Total tax (benefit) expense $ (65,073) $ 20,035 $ 1,333 Effective rate 68.5 % 7.9 % 0.8 % |
Schedule of Current and Deferred Income Tax Expense | Information about current and deferred income tax expense from continuing operations is as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Current federal income tax (benefit) expense $ (45,429) $ 25,478 $ 26,173 Deferred federal income tax benefit (7,137) (9,835) (44,464) Amortization of accumulated deferred investment tax credits (127) (134) (141) Total federal income tax (benefit) expense $ (52,693) $ 15,509 $ (18,432) Current state income tax (benefit) expense (9,787) 10,326 4,158 Deferred state income tax (benefit) expense (2,593) (5,800) 15,607 Total state income tax (benefit) expense $ (12,380) $ 4,526 $ 19,765 Total federal and state income tax (benefit) expense $ (65,073) $ 20,035 $ 1,333 Items charged or credited directly to member’s equity Federal deferred income tax (1,374) 6,297 514 State deferred income tax (531) 2,431 (120) Total tax (benefit) expense from items charged directly to member’s equity $ (1,905) $ 8,728 $ 394 Total federal and state income tax (benefit) expense $ (66,978) $ 28,763 $ 1,727 |
Schedule of Deferred Tax Assets and Liabilities | The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2023, and 2022 was comprised of the following: AT DEC. 31, (THOUSANDS) 2023 2022 Depreciation and property basis differences $ (764,958) $ (869,796) Net operating loss carryforward 57,464 135,914 NMTC 78,955 88,245 Fuel costs 232 (41,233) Other comprehensive income 5,927 4,022 Regulated operations regulatory liability, net (161,427) (114,711) Postretirement benefits 38,282 38,418 Merger fair value adjustments (46,052) (47,929) Other (9,820) (13,230) Accumulated deferred federal and state income taxes, net $ (801,397) $ (820,300) |
CLECO POWER | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of income tax (benefit) expense at the statutory rate and income tax (benefit) expense on (loss) income reported on Cleco’s Consolidated Statement of Income: FOR THE YEAR ENDED DEC. 31, (THOUSANDS, EXCEPT PERCENTAGES) 2023 2022 2021 Income before tax $ 132,715 $ 172,560 $ 124,735 Statutory rate 21.0 % 21.0 % 21.0 % Tax expense at federal statutory rate $ 27,870 $ 36,238 $ 26,194 Increase (decrease) Flowthrough of tax benefits (7,847) (12,272) (356) State income taxes, net of federal benefit 12,296 12,109 6,343 Return to accrual adjustment (204) 14 (3,831) Amortization of excess ADIT (33,518) (32,639) (37,254) Other, net (3,031) (947) (449) Total tax (benefit) expense $ (4,434) $ 2,503 $ (9,353) Effective rate (3.3) % 1.5 % (7.5) % |
Schedule of Current and Deferred Income Tax Expense | Information about current and deferred income tax expense is as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Current federal income tax expense $ 11,188 $ 4,921 $ — Deferred federal income tax benefit (20,029) (1,926) (23,071) Amortization of accumulated deferred investment tax credits (127) (134) (142) Total federal income tax expense (benefit) $ (8,968) $ 2,861 $ (23,213) Current state income tax expense 5,617 2,406 — Deferred state income tax (benefit) expense (1,083) (2,764) 13,860 Total state income tax expense (benefit) $ 4,534 $ (358) $ 13,860 Total federal and state income tax expense (benefit) $ (4,434) $ 2,503 $ (9,353) Items charged or credited directly to members’ equity Federal deferred income tax (528) 2,610 1,714 State deferred income tax (208) 1,008 338 Total tax expense from items charged directly to member’s equity $ (736) $ 3,618 $ 2,052 Total federal and state income tax expense (benefit) $ (5,170) $ 6,121 $ (7,301) |
Schedule of Deferred Tax Assets and Liabilities | The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2023, and 2022 was comprised of the following: AT DEC. 31, (THOUSANDS) 2023 2022 Depreciation and property basis differences $ (699,020) $ (754,200) Net operating loss carryforward 35,359 94,555 Fuel costs 1,652 (13,594) Other comprehensive income 3,336 2,604 Regulated operations regulatory liability, net (161,427) (114,711) Postretirement benefits 25,005 24,946 Other (11,465) (9,727) Accumulated deferred federal and state income taxes, net $ (806,560) $ (770,127) |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | SEGMENT INFORMATION FOR THE YEAR ENDED DEC. 31, 2023 (THOUSANDS) CLECO POWER Revenue Electric operations $ 1,197,369 Other operations 111,561 Affiliate revenue 8,904 Electric customer credits (60,689) Operating revenue, net $ 1,257,145 Net income $ 137,149 Add: Depreciation and amortization 191,745 Less: Interest income 5,011 Add: Interest charges 98,879 Add: Federal and state income tax benefit (4,434) EBITDA $ 418,328 FOR THE YEAR ENDED DEC. 31, 2023 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,197,369 $ (9,454) $ — $ 1,187,915 Other operations 111,561 5 (1) 111,565 Affiliate revenue 8,904 120,716 (129,620) — Electric customer credits (60,689) — — (60,689) Operating revenue, net $ 1,257,145 $ 111,267 $ (129,621) $ 1,238,791 Depreciation and amortization $ 191,745 $ 17,644 (1) $ — $ 209,389 Interest income $ 5,011 $ 571 $ (189) $ 5,393 Interest charges $ 98,879 $ 66,165 $ (188) $ 164,856 Federal and state income tax benefit $ (4,434) $ (60,639) $ — $ (65,073) Income (loss) from continuing operations, net of income taxes $ 137,149 $ (167,018) $ — $ (29,869) Income from discontinued operations, net of income taxes $ — $ 14,642 $ — $ 14,642 Net income (loss) $ 137,149 $ (152,376) $ — $ (15,227) Additions to property, plant, and equipment $ 220,982 $ 9,256 $ — $ 230,238 Equity investment in investee $ 1,992 $ (467,329) $ 467,329 $ 1,992 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 6,920,339 $ 870,743 $ 309,311 $ 8,100,393 (1) Includes $9.5 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger. FOR THE YEAR ENDED DEC. 31, 2022 (THOUSANDS) CLECO POWER Revenue Electric operations $ 1,523,066 Other operations 98,759 Affiliate revenue 6,377 Electric customer credits (7,674) Operating revenue, net $ 1,620,528 Net income $ 170,057 Add: Depreciation and amortization 178,231 Less: Interest income 5,082 Add: Interest charges 88,218 Add: Federal and state income tax expense 2,503 EBITDA $ 433,927 FOR THE YEAR ENDED DEC. 31, 2022 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,523,066 $ (9,680) $ — $ 1,513,386 Other operations 98,759 9 — 98,768 Affiliate revenue 6,377 109,015 (115,392) — Electric customer credits (7,674) — — (7,674) Operating revenue, net $ 1,620,528 $ 99,344 $ (115,392) $ 1,604,480 Depreciation and amortization $ 178,231 $ 17,588 (1) $ — $ 195,819 Interest income $ 5,082 $ 265 $ (97) $ 5,250 Interest charges $ 88,218 $ 55,834 $ (96) $ 143,956 Federal and state income tax expense $ 2,503 $ 17,532 $ — $ 20,035 Income (loss) from continuing operations, net of income taxes $ 170,057 $ 63,093 $ (2) $ 233,148 Loss from discontinued operations, net of income taxes $ — $ (44,337) $ — $ (44,337) Net income (loss) $ 170,057 $ 18,756 $ (2) $ 188,811 Additions to property, plant, and equipment $ 228,940 $ 7,827 $ — $ 236,767 Equity investment in investee $ 2,072 $ (320,348) $ 320,348 $ 2,072 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 6,834,970 $ 1,237,096 $ 181,683 $ 8,253,749 (1) Includes $9.7 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger. FOR THE YEAR ENDED DEC. 31, 2021 (THOUSANDS) CLECO POWER Revenue Electric operations $ 1,202,249 Other operations 74,625 Affiliate revenue 5,641 Electric customer credits (40,878) Operating revenue, net $ 1,241,637 Net income $ 134,088 Add: Depreciation and amortization 173,498 Less: Interest income 3,294 Add: Interest charges 73,090 Add: Federal and state income tax (benefit) (9,353) EBITDA $ 368,029 FOR THE YEAR ENDED DEC. 31, 2021 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,202,249 $ (9,680) $ — $ 1,192,569 Other operations 74,625 8 — 74,633 Affiliate revenue 5,641 113,623 (119,264) — Electric customer credits (40,878) — — (40,878) Operating revenue, net $ 1,241,637 $ 103,951 $ (119,264) $ 1,226,324 Depreciation and amortization $ 173,498 $ 21,495 (1) $ — $ 194,993 Interest income $ 3,294 $ 125 $ (122) $ 3,297 Interest charges $ 73,090 $ 55,830 $ (122) $ 128,798 Federal and state income tax expense (benefit) $ (9,353) $ 10,686 $ — $ 1,333 Income from continuing operations, net of income taxes $ 134,088 $ 25,924 $ 1 $ 160,013 Income from discontinued operations, net of income taxes $ — $ 34,953 $ — $ 34,953 Net income $ 134,088 $ 60,877 $ 1 $ 194,966 Additions to property, plant, and equipment $ 300,957 $ 10,184 $ — $ 311,141 Equity investment in investee $ 2,072 $ (46,901) $ 46,901 $ 2,072 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 6,620,298 $ 1,723,191 $ (218,471) $ 8,125,018 (1) Includes $9.7 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger. FOR THE YEARS ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Net income $ (15,227) $ 188,811 $ 194,966 Less: income (loss) from discontinued operations, net of income taxes 14,642 (44,337) 34,953 Income from continuing operations, net of income taxes (29,869) 233,148 160,013 Add: Depreciation and amortization 209,389 195,819 194,993 Less: Interest income 5,393 5,250 3,297 Add: Interest charges 164,856 143,956 128,798 Add: Federal and state income tax (benefit) expense (65,073) 20,035 1,333 Add (less): Other corporate costs and noncash items (1) (2) 144,418 (153,781) (113,811) Total segment EBITDA $ 418,328 $ 433,927 $ 368,029 (1) Adjustments made for Other and Eliminations totals not allocated to Total segment EBITDA. (2) Includes (loss) gain on Cleco Cajun’s natural gas derivatives of $(116.8) million, $180.5 million, and $134.1 million, respectively, for the years ended December 31, 2023, 2022, and 2021. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Consolidated Balance Sheets: AT DEC. 31, (THOUSANDS) 2023 2022 Restricted cash - current $ 15,818 $ 14,139 Accounts receivable - affiliate 3,492 3,348 Intangible asset - securitization 398,658 413,123 Total assets $ 417,968 $ 430,610 Long-term debt due within one year 14,499 9,574 Accounts payable - affiliate 176 165 Interest accrued 6,191 9,953 Long-term debt, net 394,944 408,741 Total liabilities 415,810 428,433 Member’s equity 2,158 2,177 Total liabilities and member’s equity $ 417,968 $ 430,610 The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Consolidated Statements of Income: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Operating revenue $ 33,913 $ 13,181 Operating expenses (14,884) (2,992) Interest income 537 63 Interest charges, net (19,467) (10,200) Income before taxes $ 99 $ 52 |
Schedule of Equity Method Investments | The following tables contain summarized financial information for Oxbow: AT DEC. 31, (THOUSANDS) 2023 2022 Current assets $ 5,385 $ 6,187 Property, plant, and equipment, net 3,638 3,798 Total assets $ 9,023 $ 9,985 Current liabilities $ 336 $ 395 Other liabilities 4,702 5,445 Partners’ capital 3,985 4,145 Total liabilities and partners’ capital $ 9,023 $ 9,985 FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Operating revenue $ 327 $ 332 $ 5,155 Operating expenses (424) (332) (5,155) Interest income 97 — — Income before taxes $ — $ — $ — |
CLECO POWER | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Consolidated Balance Sheets: AT DEC. 31, (THOUSANDS) 2023 2022 Restricted cash - current $ 15,818 $ 14,139 Accounts receivable - affiliate 3,492 3,348 Intangible asset - securitization 398,658 413,123 Total assets $ 417,968 $ 430,610 Long-term debt due within one year 14,499 9,574 Accounts payable - affiliate 176 165 Interest accrued 6,191 9,953 Long-term debt, net 394,944 408,741 Total liabilities 415,810 428,433 Member’s equity 2,158 2,177 Total liabilities and member’s equity $ 417,968 $ 430,610 The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Consolidated Statements of Income: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 Operating revenue $ 33,913 $ 13,181 Operating expenses (14,884) (2,992) Interest income 537 63 Interest charges, net (19,467) (10,200) Income before taxes $ 99 $ 52 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: AT DEC. 31, (THOUSANDS) 2023 2022 Oxbow’s net assets/liabilities $ 3,985 $ 4,145 Cleco Power’s 50% equity $ 1,992 $ 2,072 Cleco Power’s maximum exposure to loss $ 1,992 $ 2,072 |
Schedule of Equity Method Investments | The following table presents the components of Cleco Power’s equity investment in Oxbow: AT DEC. 31, INCEPTION TO DATE (THOUSANDS) 2023 2022 Purchase price $ 12,873 $ 12,873 Cash contributions 6,399 6,399 Distributions (17,280) (17,200) Total equity investment in investee $ 1,992 $ 2,072 |
Litigation, Other Commitments_2
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Payments under Long-Term Purchase Obligations | The aggregate amount of payments required under such obligations at December 31, 2023, is as follows: (THOUSANDS) CLECO POWER CLECO For the year ending Dec. 31, 2024 $ 72,382 $ 77,254 2025 17,543 22,192 2026 8,723 9,265 2027 8,658 8,737 2028 8,637 8,637 Thereafter 33,808 33,808 Total long-term purchase obligations $ 149,751 $ 159,893 |
Affiliate Transactions (Tables)
Affiliate Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CLECO POWER | |
Affiliate Transaction [Line Items] | |
Schedule of Related Party Transactions | The following table is a summary of charges from each affiliate included in Cleco Power’s Consolidated Statements of Income: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Support Group Other operations and maintenance $ 96,907 $ 87,830 $ 91,915 Taxes other than income taxes $ 65 $ (41) $ 40 Other expense $ 92 $ 60 $ 35 The following table is a summary of revenue received from affiliates included in Cleco Power’s Consolidated Statements of Income: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Other operations revenue Cleco Cajun $ 10,208 $ 10,213 $ 7,616 Affiliate revenue Support Group 5,651 5,475 4,783 Cleco Cajun 3,253 902 858 Total $ 19,112 $ 16,590 $ 13,257 Cleco Power had the following affiliate receivable and payable balances associated with the service agreements: AT DEC. 31, 2023 2022 (THOUSANDS) ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE Cleco Holdings $ 14 $ 367 $ 5 $ 1,138 Support Group 1,104 12,833 2,299 11,305 Cleco Cajun 3,425 — 1,467 5 Total $ 4,543 $ 13,200 $ 3,771 $ 12,448 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets and Liabilities | The following table summarizes the balance of the securitized intangible asset subject to amortization included on Cleco’s and Cleco Power’s Consolidated Balance Sheets: AT DEC. 31, (THOUSANDS) 2023 2022 Storm Recovery Property intangible asset $ 415,946 $ 415,946 Accumulated amortization (17,288) (2,823) Net intangible asset subject to amortization $ 398,658 $ 413,123 The following table summarizes the balance of other intangible assets subject to amortization included in Cleco’s Consolidated Balance Sheets: Cleco AT DEC. 31, (THOUSANDS) 2023 2022 Power supply agreements intangible assets $ 85,104 $ 85,104 Accumulated amortization (74,471) (65,018) Net intangible assets subject to amortization $ 10,633 $ 20,086 |
Schedule of Amortization of Other Intangible Assets and Liabilities | Amortization of capitalized computer software costs charged to expense in Cleco’s and Cleco Power’s Consolidated Statements of Income for the years ending December 31, 2023, 2022, and 2021 is shown in the following tables: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Amortization $ 11,092 $ 11,881 $ 11,561 The following table presents amortization of other intangible assets in Cleco’s Consolidated Statements of Income: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Intangible assets Trade name $ — $ — $ 3,897 Power supply agreements $ 9,454 $ 9,680 $ 9,680 An impairment on the Trade name intangible asset was recognized in 2021. No other impairments for intangibles listed in the table above were recognized in 2023, 2022, or 2021. |
Schedule of Amortization Expense Related to Other Assets and Liabilities | The following table summarizes the amortization expense related to other intangible assets expected to be recognized in Cleco’s Consolidated Statements of Income: (THOUSANDS) INTANGIBLE ASSETS For the year ending Dec. 31, 2024 $ 2,881 2025 $ 744 2026 $ 744 2027 $ 744 2028 $ 744 Thereafter $ 4,775 |
Cleco Power | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets and Liabilities | The following table summarizes the balance of the securitized intangible asset subject to amortization included on Cleco’s and Cleco Power’s Consolidated Balance Sheets: AT DEC. 31, (THOUSANDS) 2023 2022 Storm Recovery Property intangible asset $ 415,946 $ 415,946 Accumulated amortization (17,288) (2,823) Net intangible asset subject to amortization $ 398,658 $ 413,123 |
Schedule of Amortization of Other Intangible Assets and Liabilities | Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2023 2022 2021 Amortization $ 10,650 $ 11,614 $ 11,268 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Loss [Line Items] | |
Schedule of Components of 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 (THOUSANDS) POSTRETIREMENT BENEFIT NET GAIN (LOSS) Balance, Dec. 31, 2020 $ (25,796) Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year 1,470 Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net loss 697 Balance, Dec. 31, 2021 $ (23,629) Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year 23,647 Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net loss 41 Balance, Dec. 31, 2022 $ 59 Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year (3,482) Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net loss (1,689) Balance, Dec. 31, 2023 $ (5,112) |
CLECO POWER | |
Accumulated Other Comprehensive Loss [Line Items] | |
Schedule of Components of Accumulated Other Comprehensive Loss | Cleco Power (THOUSANDS) POSTRETIREMENT BENEFIT NET (LOSS) GAIN NET (LOSS) GAIN ON CASH FLOW HEDGES TOTAL AOCI Balances, Dec. 31, 2020 $ (19,139) $ (5,614) $ (24,753) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year 4,606 — 4,606 Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 1,648 — 1,648 Reclassification of net loss to interest charges — 316 316 Balances, Dec. 31, 2021 $ (12,885) $ (5,298) $ (18,183) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year 8,339 — 8,339 Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 1,228 — 1,228 Reclassification of net loss to interest charges — 251 251 Balances, Dec. 31, 2022 $ (3,318) $ (5,047) $ (8,365) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year (2,623) — (2,623) Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 386 — 386 Reclassification of net loss to interest charges — 251 251 Balances, Dec. 31, 2023 $ (5,555) $ (4,796) $ (10,351) |
The Company (Details)
The Company (Details) customer in Thousands | Dec. 31, 2023 generation_unit customer MW |
CLECO POWER | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Number of generating units owned | generation_unit | 9 |
Nameplate capacity of all generating units (MW) | MW | 3,035 |
Approximate number of customers served | customer | 295 |
CLECO POWER | Oxbow | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Ownership interest in lignite entity | 50% |
Cleco Cajun | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Number of generating units owned | generation_unit | 14 |
Nameplate capacity of all generating units (MW) | MW | 3,379 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Capitalized software, net | $ 156,700 | $ 164,500 | |
Capitalized software costs, amortization | 11,092 | 11,881 | $ 11,561 |
Property, Plant and Equipment, Net | |||
Generation | 1,944,260 | 1,926,482 | |
Distribution | 1,585,742 | 1,429,374 | |
Transmission | 844,897 | 789,181 | |
Other utility plant | 454,329 | 449,431 | |
Other property, plant, and equipment | 9,766 | 9,571 | |
Total property, plant, and equipment | 4,838,994 | 4,604,039 | |
Accumulated depreciation | (924,624) | (752,376) | |
Net property, plant, and equipment | 3,914,370 | 3,851,663 | |
Acadia Unit 1 acquisition costs | |||
Public Utilities, Property, Plant and Equipment, Acquisition Adjustments | |||
Plant acquisition adjustment | 76,116 | 76,116 | |
Accumulated amortization | (24,566) | (21,383) | |
Net plant acquisition adjustment | $ 51,550 | 54,733 | |
Minimum | |||
Utility Plants | |||
Generation | 10 years | ||
Distribution | 15 years | ||
Transmission | 5 years | ||
Other utility plant | 5 years | ||
Other property, plant, and equipment | 5 years | ||
Maximum | |||
Utility Plants | |||
Generation | 55 years | ||
Distribution | 50 years | ||
Transmission | 55 years | ||
Other utility plant | 45 years | ||
Other property, plant, and equipment | 45 years | ||
CLECO POWER | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Capitalized software, net | $ 154,900 | 162,300 | |
Capitalized software costs, amortization | 10,650 | 11,614 | $ 11,268 |
Property, Plant and Equipment, Net | |||
Generation | 2,339,410 | 2,321,640 | |
Distribution | 2,022,257 | 1,866,662 | |
Transmission | 1,056,218 | 1,000,783 | |
Other utility plant | 551,470 | 547,441 | |
Total property, plant, and equipment | 5,969,355 | 5,736,526 | |
Accumulated depreciation | (2,244,217) | (2,082,153) | |
Net property, plant, and equipment | 3,725,138 | 3,654,373 | |
CLECO POWER | Acadia Unit 1 acquisition costs | |||
Public Utilities, Property, Plant and Equipment, Acquisition Adjustments | |||
Plant acquisition adjustment | 95,578 | 95,578 | |
Accumulated amortization | (44,028) | (40,845) | |
Net plant acquisition adjustment | $ 51,550 | $ 54,733 | |
CLECO POWER | Minimum | |||
Utility Plants | |||
Generation | 10 years | ||
Distribution | 15 years | ||
Transmission | 5 years | ||
Other utility plant | 5 years | ||
Other property, plant, and equipment | 5 years | ||
CLECO POWER | Maximum | |||
Utility Plants | |||
Generation | 55 years | ||
Distribution | 50 years | ||
Transmission | 55 years | ||
Other utility plant | 45 years | ||
Other property, plant, and equipment | 45 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Line Items] | ||
Receivable, threshold period past due | 20 days | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 1,147 | $ 1,302 |
Current period provision | 5,506 | 3,362 |
Charge-offs | (4,939) | (4,800) |
Recovery | 1,298 | 1,283 |
Ending balance | 3,012 | 1,147 |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1,638 | 1,638 |
Current period provision | 0 | 0 |
Charge-offs | 0 | 0 |
Recovery | 0 | 0 |
Ending balance | 1,638 | 1,638 |
Receivable, Allowance For Credit Loss [Roll Forward] | ||
Beginning balance | 2,785 | 2,940 |
Current period provision | 5,506 | 3,362 |
Charge-offs | (4,939) | (4,800) |
Recovery | 1,298 | 1,283 |
Ending balance | 4,650 | 2,785 |
Cleco Power | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1,147 | 1,302 |
Current period provision | 5,506 | 3,362 |
Charge-offs | (4,939) | (4,800) |
Recovery | 1,298 | 1,283 |
Ending balance | $ 3,012 | $ 1,147 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Other Reserves (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
General liability and workers compensation reserves | $ 6.7 | $ 6.9 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 20, 2023 | Dec. 31, 2023 | Dec. 31, 2022 |
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | $ 15,818 | $ 23,549 | |
Restricted cash - noncurrent | 113,573 | 109,415 | |
Total restricted cash and cash equivalents | 129,391 | 132,964 | |
Cleco Power’s storm restoration costs - Hurricane Ida | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 0 | 9,409 | |
Restricted cash - noncurrent | 0 | 6,086 | |
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 15,818 | 14,140 | |
Diversified Lands’ mitigation escrow | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Restricted cash - noncurrent | 24 | 23 | |
Cleco Power’s future storm restoration costs | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Restricted cash - noncurrent | 113,549 | 103,306 | |
CLECO POWER | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 15,818 | 23,549 | |
Restricted cash - noncurrent | 113,549 | 109,392 | |
Total restricted cash and cash equivalents | 129,367 | 132,941 | |
CLECO POWER | Cleco Power’s storm restoration costs - Hurricane Ida | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 0 | 9,409 | |
Restricted cash - noncurrent | 0 | 6,086 | |
Increase (decrease) in restricted cash and cash equivalents | $ (10,300) | ||
CLECO POWER | Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 15,818 | 14,140 | |
CLECO POWER | Cleco Power’s future storm restoration costs | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Restricted cash - noncurrent | $ 113,549 | $ 103,306 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Equity Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Impairments | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - AFUDC and Capitalized Interest (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Public Utilities, General Disclosures [Line Items] | |||
AFUDC composite rate, pretax basis | 8.11% | 9.06% | 10.05% |
AFUDC composite rate, net of tax | 6.50% | 7.09% | 7.81% |
CLECO POWER | |||
Public Utilities, General Disclosures [Line Items] | |||
AFUDC composite rate, pretax basis | 8.11% | 9.06% | 10.05% |
AFUDC composite rate, net of tax | 6.50% | 7.09% | 7.81% |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Recent Authoritative Guidance (Details) - USD ($) | Mar. 01, 2024 | Dec. 31, 2023 |
Public Utilities, General Disclosures [Line Items] | ||
DOE congressional appropriation | $ 9,000,000 | |
Cleco Power | ||
Public Utilities, General Disclosures [Line Items] | ||
Retained earnings, congressional appropriation | $ 2,800,000 | |
Cleco Power | Subsequent Event | ||
Public Utilities, General Disclosures [Line Items] | ||
Retained earnings, congressional appropriation | $ 1,400,000 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Nov. 22, 2023 | Feb. 28, 2019 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating revenue, net | ||||||
Loss on classification as held for sale | $ 173,000 | $ 0 | $ 0 | |||
Cleco Holding Debt, LPSC Commitment | ||||||
Operating revenue, net | ||||||
Debt repayment commitment | $ 400,000 | |||||
Long-term debt outstanding | $ 66,700 | 66,700 | ||||
Discontinued Operations, Held-for-sale | Cleco Cajun Sale Group | ||||||
Operating revenue, net | ||||||
Sale purchase price | $ 600,000 | |||||
Sale purchase price due at closing | 500,000 | |||||
Sale purchase price payable | $ 100,000 | |||||
Sale purchase price payable period | 24 months | |||||
Loss on classification as held for sale | $ 19,000 | 173,000 | $ 0 | $ 0 | ||
Write-down related to coal fuel inventory | $ 25,000 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Reclassification of Continuing Operations to Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating revenue, net | ||||
Loss on classification as held for sale | $ (173,000) | $ 0 | $ 0 | |
Income (loss) from discontinued operations, net of income taxes | 14,642 | (44,337) | 34,953 | |
Discontinued Operations, Held-for-sale | Cleco Cajun Sale Group | ||||
Operating revenue, net | ||||
Electric operations | 543,519 | 496,042 | 398,226 | |
Other operations | 125,816 | 148,823 | 128,750 | |
Gross operating revenue | 669,335 | 644,865 | 526,976 | |
Electric customer credits | 0 | 0 | 244 | |
Operating revenue, net | 669,335 | 644,865 | 527,220 | |
Fuel used for electric generation | 126,130 | 169,195 | 87,091 | |
Purchased power | 230,284 | 380,233 | 257,703 | |
Other operations and maintenance | 87,599 | 70,611 | 65,786 | |
Depreciation and amortization | 15,891 | 69,999 | 52,102 | |
Taxes other than income taxes | 13,160 | 12,330 | 11,666 | |
Total operating expenses | 473,064 | 702,368 | 474,348 | |
Operating income (loss) | 196,271 | (57,503) | 52,872 | |
Other income, net | 47 | 127 | ||
Other (expense), net | (618) | |||
Interest, net | (6,919) | (6,079) | (5,523) | |
Loss on classification as held for sale | $ (19,000) | (173,000) | 0 | 0 |
Income (loss) from discontinued operations before income taxes | 16,399 | (63,455) | 46,731 | |
Federal and state income tax expense (benefit) | 1,757 | (19,118) | 11,778 | |
Income (loss) from discontinued operations, net of income taxes | $ 14,642 | $ (44,337) | $ 34,953 |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule of Assets and Liabilities (Details) - Discontinued Operations, Held-for-sale - Cleco Cajun Sale Group - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating revenue, net | ||
Cash, cash equivalents, and restricted cash equivalents | $ 4,100 | $ 4,067 |
Accounts receivable | 70,001 | 57,822 |
Fuel inventory, at average cost | 47,243 | 33,153 |
Materials and supplies, at average cost | 36,283 | 34,195 |
Energy risk management assets | 1,066 | 518 |
Property, plant, and equipment, net | 648,676 | 649,067 |
Prepayments | 18,587 | 23,601 |
Other assets | 20,207 | 23,619 |
Loss recognized on classification as held for sale | (173,000) | 0 |
Total assets held for sale - discontinued operations | 705,732 | 862,590 |
Accounts payable | 30,442 | 56,609 |
Deferred lease revenue | 19,945 | 22,246 |
Intangible liabilities | 12,695 | 13,956 |
Asset retirement obligations | 46,165 | 63,725 |
Other liabilities | 5,705 | 6,508 |
Total liabilities held for sale - discontinued operations | 114,952 | 163,044 |
Other | ||
Operating revenue, net | ||
Intangible assets - other | $ 32,569 | $ 36,548 |
Discontinued Operations - Sch_3
Discontinued Operations - Schedule of Cash Flow (Details) - Discontinued Operations, Held-for-sale - Cleco Cajun Sale Group - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating revenue, net | |||
Net cash provided by operating activities - discontinued operations | $ 8,778 | $ 6,878 | $ 9,082 |
Net cash used in investing activities - discontinued operations | $ (8,745) | $ (6,867) | $ (9,081) |
Leases - Operating Lease (Detai
Leases - Operating Lease (Details) - CLECO POWER | Dec. 31, 2023 | Dec. 31, 2023 municipality | Dec. 31, 2023 nonmunicipal_public_body | Dec. 31, 2023 towboat | Dec. 31, 2021 railcar |
Operating Leased Assets [Line Items] | |||||
Operating lease, number of lessors | 2 | 1 | |||
Railroad Transportation Equipment | |||||
Operating Leased Assets [Line Items] | |||||
Lessee, operating lease, number of leased assets | railcar | 113 | ||||
Maritime Equipment | |||||
Operating Leased Assets [Line Items] | |||||
Lessee, operating lease, renewal term | 5 years | ||||
Term of operating lease | 10 years | ||||
Lessee, operating lease, number of leased assets | towboat | 3 | ||||
Municipality One | Utility System | |||||
Operating Leased Assets [Line Items] | |||||
Lessee, operating lease, renewal term | 10 years | ||||
Municipality Two | Utility System | |||||
Operating Leased Assets [Line Items] | |||||
Term of operating lease | 10 years | ||||
Non-Municipal Public Body | Utility System | |||||
Operating Leased Assets [Line Items] | |||||
Term of operating lease | 27 years |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Due Under Long-Term Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Years ending Dec. 31, | ||
2024 | $ 3,453 | |
2025 | 3,309 | |
2026 | 3,275 | |
2027 | 3,255 | |
2028 | 2,455 | |
Thereafter | 7,575 | |
Total minimum lease payments | 23,322 | |
Less: amount representing interest | 3,073 | |
Present value of net minimum operating lease payments | 20,249 | |
Current liabilities | 2,973 | $ 2,912 |
Non-current liabilities | 17,276 | 19,790 |
CLECO POWER | ||
Years ending Dec. 31, | ||
2024 | 3,453 | |
2025 | 3,309 | |
2026 | 3,275 | |
2027 | 3,255 | |
2028 | 2,455 | |
Thereafter | 7,575 | |
Total minimum lease payments | 23,322 | |
Less: amount representing interest | 3,073 | |
Present value of net minimum operating lease payments | 20,249 | |
Current liabilities | 2,973 | 2,903 |
Non-current liabilities | $ 17,276 | $ 19,790 |
Leases - Finance Lease (Details
Leases - Finance Lease (Details) - CLECO POWER $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) event | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Apr. 30, 2018 barge | |
Lessee, Lease, Description [Line Items] | ||||
Finance lease, number of cancellation events triggering early termination | event | 1 | |||
Finance lease, number of cancellation events | event | 4 | |||
Finance lease, principal interest | $ | $ 2.2 | $ 2.2 | $ 2.2 | |
Sublease income | $ | $ 2.6 | $ 0.6 | $ 0.2 | |
Maritime Equipment | ||||
Lessee, Lease, Description [Line Items] | ||||
Finance lease, number of leased assets | barge | 42 |
Leases - Analysis of Leased Pro
Leases - Analysis of Leased Property Under Finance Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lessor, Lease, Description [Line Items] | ||
Net finance lease asset | $ 10,360 | $ 11,480 |
Cleco Power | ||
Lessor, Lease, Description [Line Items] | ||
Barges | 16,800 | 16,800 |
Accumulated amortization | (6,440) | (5,320) |
Net finance lease asset | $ 10,360 | $ 11,480 |
Leases - Future Minimum Lease_2
Leases - Future Minimum Lease Payments Due Under Finance Lease (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Years ending Dec. 31, | ||
Current liabilities | $ 925 | $ 836 |
Non-current liabilities | 12,046 | 12,971 |
Cleco Power | ||
Years ending Dec. 31, | ||
2024 | 2,203 | |
2025 | 2,203 | |
2026 | 2,203 | |
2027 | 2,203 | |
2028 | 2,203 | |
Thereafter | 8,863 | |
Total minimum lease payments | 19,878 | |
Less: amount representing interest | 6,907 | |
Present value of net minimum finance lease payments | 12,971 | 13,807 |
Current liabilities | 925 | 836 |
Non-current liabilities | $ 12,046 | $ 12,971 |
Leases - Total Lease Costs (Det
Leases - Total Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Finance lease cost | ||
Amortization of ROU assets | $ 1,120 | $ 1,120 |
Interest on lease liabilities | 1,367 | 1,448 |
Operating lease cost | 3,589 | 3,685 |
Variable lease cost | 790 | 508 |
Total lease cost | 6,866 | 6,761 |
Cleco Power | ||
Finance lease cost | ||
Amortization of ROU assets | 1,120 | 1,120 |
Interest on lease liabilities | 1,367 | 1,448 |
Operating lease cost | 3,581 | 3,675 |
Variable lease cost | 790 | 508 |
Total lease cost | $ 6,858 | $ 6,751 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet and Cash Flow Information and Other Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
ROU assets | ||
Operating lease right of use assets | $ 20,070 | $ 22,636 |
Finance | $ 10,360 | $ 11,480 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant, and equipment | Property, plant, and equipment |
Total ROU assets | $ 30,430 | $ 34,116 |
Current lease liabilities | ||
Operating | $ 2,973 | $ 2,912 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Finance | $ 925 | $ 836 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-term debt due within one year | Long-term debt due within one year |
Non-current lease liabilities | ||
Operating lease liabilities | $ 17,276 | $ 19,790 |
Finance | $ 12,046 | $ 12,971 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt and finance leases, net | Long-term debt and finance leases, net |
Total lease liabilities | $ 33,220 | $ 36,509 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | 3,571 | 3,696 |
Operating cash flows from finance leases | 1,367 | 1,448 |
Financing cash flows from finance leases | $ 836 | $ 755 |
Operating leases | ||
Weighted-average remaining lease term | 12 years 2 months 12 days | 12 years 6 months |
Weighted-average discount rate | 4.30% | 4.36% |
Finance leases | ||
Weighted-average remaining lease term | 9 years 3 months 18 days | 10 years 3 months 18 days |
Weighted-average discount rate | 10.18% | 10.18% |
CLECO POWER | ||
ROU assets | ||
Operating lease right of use assets | $ 20,070 | $ 22,628 |
Finance | $ 10,360 | $ 11,480 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant, and equipment | Property, plant, and equipment |
Total ROU assets | $ 30,430 | $ 34,108 |
Current lease liabilities | ||
Operating | $ 2,973 | $ 2,903 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Finance | $ 925 | $ 836 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-term debt due within one year | Long-term debt due within one year |
Non-current lease liabilities | ||
Operating lease liabilities | $ 17,276 | $ 19,790 |
Finance | $ 12,046 | $ 12,971 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt and finance leases, net | Long-term debt and finance leases, net |
Total lease liabilities | $ 33,220 | $ 36,500 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | 3,562 | 3,685 |
Operating cash flows from finance leases | 1,367 | 1,448 |
Financing cash flows from finance leases | $ 836 | $ 755 |
Operating leases | ||
Weighted-average remaining lease term | 12 years 2 months 12 days | 11 years 4 months 24 days |
Weighted-average discount rate | 4.30% | 4.35% |
Finance leases | ||
Weighted-average remaining lease term | 9 years 3 months 18 days | 10 years 3 months 18 days |
Weighted-average discount rate | 10.18% | 10.18% |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Payment terms | 20 days |
Unsatisfied performance obligations | $ 300 |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 1 year |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 11 years |
CLECO POWER | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 300 |
CLECO POWER | Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 1 year |
CLECO POWER | Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 11 years |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | $ 1,198,472 | $ 1,577,349 | $ 1,214,727 |
Total revenue unrelated to contracts with customers | 40,319 | 27,131 | 11,597 |
Operating revenue, net | 1,238,791 | 1,604,480 | 1,226,324 |
Electric customer credits | 60,689 | 7,674 | 40,878 |
Affiliate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
Total retail revenue | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 908,881 | 1,169,612 | 898,658 |
Residential | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 469,099 | 558,247 | 453,873 |
Commercial | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 304,422 | 370,678 | 294,553 |
Industrial | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 179,506 | 229,634 | 175,134 |
Other retail | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 16,543 | 18,727 | 16,105 |
Electric customer credits | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | (60,689) | (7,674) | (41,007) |
Wholesale, net | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 212,093 | 322,226 | 241,307 |
Transmission | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 56,701 | 63,545 | 55,963 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue unrelated to contracts with customers | 6,256 | 13,884 | 11,597 |
Other | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 20,797 | 21,966 | 18,799 |
Securitization | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue unrelated to contracts with customers | 34,063 | 13,247 | |
CLECO POWER | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue, net | 1,620,528 | 1,241,637 | |
Electric customer credits | 7,674 | 40,878 | |
CLECO POWER | CLECO POWER | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 1,216,830 | 1,593,406 | 1,230,040 |
Total revenue unrelated to contracts with customers | 40,315 | 27,122 | 11,597 |
Operating revenue, net | 1,257,145 | 1,620,528 | 1,241,637 |
Electric customer credits | 60,689 | 7,674 | 40,878 |
CLECO POWER | CLECO POWER | Affiliate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 8,904 | 6,377 | 5,641 |
CLECO POWER | CLECO POWER | Total retail revenue | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 908,881 | 1,169,612 | 898,658 |
CLECO POWER | CLECO POWER | Residential | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 469,099 | 558,247 | 453,873 |
CLECO POWER | CLECO POWER | Commercial | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 304,422 | 370,678 | 294,553 |
CLECO POWER | CLECO POWER | Industrial | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 179,506 | 229,634 | 175,134 |
CLECO POWER | CLECO POWER | Other retail | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 16,543 | 18,727 | 16,105 |
CLECO POWER | CLECO POWER | Electric customer credits | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | (60,689) | (7,674) | (41,007) |
CLECO POWER | CLECO POWER | Wholesale, net | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 221,547 | 331,906 | 250,987 |
CLECO POWER | CLECO POWER | Transmission | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 56,701 | 63,545 | 55,963 |
Electric customer credits | 100 | ||
CLECO POWER | CLECO POWER | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue unrelated to contracts with customers | 6,252 | 13,875 | 11,597 |
CLECO POWER | CLECO POWER | Other | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 20,797 | 21,966 | 18,791 |
CLECO POWER | CLECO POWER | Securitization | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue unrelated to contracts with customers | 34,063 | 13,247 | |
OTHER | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 111,262 | 99,335 | 103,951 |
Total revenue unrelated to contracts with customers | 5 | 9 | 0 |
Operating revenue, net | 111,267 | 99,344 | 103,951 |
Electric customer credits | 0 | 0 | 0 |
OTHER | Affiliate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 120,716 | 109,015 | 113,623 |
OTHER | Total retail revenue | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
OTHER | Residential | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
OTHER | Commercial | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
OTHER | Industrial | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
OTHER | Other retail | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
OTHER | Electric customer credits | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
OTHER | Wholesale, net | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | (9,454) | (9,680) | (9,680) |
OTHER | Transmission | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
OTHER | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue unrelated to contracts with customers | 5 | 9 | 0 |
OTHER | Other | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 8 |
OTHER | Securitization | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue unrelated to contracts with customers | 0 | 0 | |
ELIMINATIONS | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | (129,620) | (115,392) | (119,264) |
Total revenue unrelated to contracts with customers | (1) | 0 | 0 |
Operating revenue, net | (129,621) | (115,392) | (119,264) |
Electric customer credits | 0 | 0 | 0 |
ELIMINATIONS | Affiliate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | (129,620) | (115,392) | (119,264) |
ELIMINATIONS | Total retail revenue | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
ELIMINATIONS | Residential | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
ELIMINATIONS | Commercial | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
ELIMINATIONS | Industrial | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
ELIMINATIONS | Other retail | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
ELIMINATIONS | Electric customer credits | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
ELIMINATIONS | Wholesale, net | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
ELIMINATIONS | Transmission | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
ELIMINATIONS | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue unrelated to contracts with customers | (1) | 0 | 0 |
ELIMINATIONS | Other | Nonrelated Party | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | $ 0 |
ELIMINATIONS | Securitization | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue unrelated to contracts with customers | $ 0 | $ 0 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities - Summary of Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 571,820 | $ 564,123 |
Financing costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 6,560 | 6,904 |
Postretirement costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 9,448 | 11,436 |
Fair value of long-term debt | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 97,345 | 104,748 |
Debt issuance costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 4,254 | 4,587 |
CLECO POWER | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 587,661 | 598,100 |
Total regulatory liabilities | (133,448) | (161,652) |
Total regulatory assets, net | 454,213 | 436,448 |
CLECO POWER | Deferred taxes, net | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory liabilities | (21,939) | (42,890) |
CLECO POWER | Storm reserves | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory liabilities | (111,509) | (118,762) |
CLECO POWER | Acadia Unit 1 acquisition costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 1,701 | 1,807 |
Regulatory asset, amortization period | 16 years | |
CLECO POWER | Acadia Unit 1 acquisition costs | Coughlin transaction costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 784 | 815 |
Regulatory asset, amortization period | 25 years 6 months | |
CLECO POWER | Accumulated deferred fuel | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 11,627 | 57,881 |
CLECO POWER | Affordability study | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 10,337 | 11,715 |
Regulatory asset, amortization period | 7 years 6 months | |
CLECO POWER | AFUDC equity gross-up | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 60,381 | 63,477 |
CLECO POWER | AMI deferred revenue requirement | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 954 | 1,499 |
Regulatory asset, amortization period | 2 years 3 months | |
CLECO POWER | AROs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 20,094 | 17,218 |
CLECO POWER | Bayou Vista to Segura transmission project deferred revenue requirement | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 0 | 2,510 |
CLECO POWER | COVID-19 executive order | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 3,039 | 2,953 |
CLECO POWER | Deferred Lignite and Mine closure costs | Lignite Mine | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 136,076 | 133,587 |
CLECO POWER | Deferred storm restoration costs - Hurricane Delta | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 88 | 109 |
CLECO POWER | Deferred storm restoration costs - Hurricane Ida | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 0 | 9,409 |
CLECO POWER | Deferred storm restoration costs - Hurricane Laura | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 367 | 457 |
CLECO POWER | Deferred storm restoration costs - Hurricane Zeta | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 7 | 9 |
CLECO POWER | Deferred taxes, net | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 43,866 | 8,803 |
CLECO POWER | Dolet Hills Power Station closure costs | Dolet Hills | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 147,323 | 147,082 |
CLECO POWER | Energy efficiency | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 0 | 235 |
CLECO POWER | Financing costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 6,087 | 6,456 |
CLECO POWER | Interest costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 2,961 | 3,210 |
CLECO POWER | Madison Unit 3 property taxes | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 13,297 | 13,038 |
CLECO POWER | Non-service cost of postretirement benefits | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 14,526 | 14,810 |
CLECO POWER | Other | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 10,483 | 14,114 |
CLECO POWER | Postretirement costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 64,399 | 47,317 |
CLECO POWER | Production operations and maintenance expenses | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 7,002 | 10,443 |
Regulatory asset, amortization period | 3 years | |
CLECO POWER | Rodemacher Unit 2 deferred costs | Rodemacher Unit 2 deferred costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 19,282 | 12,645 |
CLECO POWER | St. Mary Clean Energy Center | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 3,705 | 4,350 |
Regulatory asset, amortization period | 1 year 6 months | |
CLECO POWER | Training costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 5,618 | 5,774 |
Regulatory asset, amortization period | 36 years | |
CLECO POWER | Tree trimming costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 3,657 | $ 6,377 |
Regulatory asset, amortization period | 1 year 3 months |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities - Narrative (Details) | 12 Months Ended | 24 Months Ended | |||||||||||||||||
Sep. 30, 2023 USD ($) | Jun. 22, 2022 USD ($) | Apr. 13, 2016 instrument | Dec. 31, 2023 USD ($) | Dec. 31, 2013 USD ($) | Dec. 31, 2011 USD ($) treasury_rate_lock | Dec. 31, 2021 storm hurricane | Dec. 31, 2022 USD ($) | Oct. 01, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 21, 2022 USD ($) | Jan. 31, 2022 USD ($) | Jul. 31, 2021 | Jul. 01, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2016 USD ($) | Dec. 31, 2014 | Dec. 31, 2010 | |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Estimated loss | $ 6,700,000 | ||||||||||||||||||
Regulatory asset | 571,820,000 | $ 564,123,000 | |||||||||||||||||
Provision for rate refund | 60,768,000 | 3,074,000 | |||||||||||||||||
Treasury Lock | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Number of instruments settled | instrument | 2 | ||||||||||||||||||
LPSC | Excess ADIT | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory liability | 211,500,000 | 257,400,000 | |||||||||||||||||
Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory asset | 587,661,000 | 598,100,000 | |||||||||||||||||
Provision for rate refund | 60,768,000 | 3,074,000 | |||||||||||||||||
Regulatory liability | 133,448,000 | 161,652,000 | |||||||||||||||||
Cleco Power | Treasury Lock | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Number of treasury locks | treasury_rate_lock | 2 | ||||||||||||||||||
Gain (loss) on sale of derivatives | $ 26,800,000 | ||||||||||||||||||
Cleco Power | Interest Rate Swap | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Gain (loss) on sale of derivatives | $ 3,300,000 | ||||||||||||||||||
Cleco Power | Storm reserves | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory liability | 111,509,000 | 118,762,000 | |||||||||||||||||
Cleco Power | Hurricanes | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Number of hurricanes | hurricane | 4 | ||||||||||||||||||
Number of severe winter storms | storm | 2 | ||||||||||||||||||
Cleco Power | Deferred storm restoration costs - Hurricane Ida | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Securitized storm restoration costs, amount withdrawn | $ 79,600,000 | ||||||||||||||||||
Cleco Power | Deferred storm restoration costs - Hurricane Ida | Storm reserves | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Decrease in regulatory liabilities | $ 10,300,000 | ||||||||||||||||||
Regulatory liability | 15,500,000 | ||||||||||||||||||
Cleco Power | LPSC | Excess ADIT | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory liability | 211,500,000 | 257,400,000 | |||||||||||||||||
Cleco Power | Dolet Hills | LPSC | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Loss contingency accrual | 58,700,000 | ||||||||||||||||||
Cleco Power | Dolet Hills | Minimum | LPSC | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Estimated loss | $ 58,700,000 | ||||||||||||||||||
Cleco Power | Dolet Hills | Maximum | LPSC | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Estimated loss | $ 228,000,000 | ||||||||||||||||||
Acadia Unit 1 acquisition costs | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory assets amortization period | 30 years | ||||||||||||||||||
Regulatory asset | 1,701,000 | 1,807,000 | |||||||||||||||||
Acadia Unit 1 acquisition costs | Cleco Power | Coughlin transaction costs | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory assets amortization period | 35 years | ||||||||||||||||||
Regulatory asset | 784,000 | 815,000 | |||||||||||||||||
Accumulated deferred fuel | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Decrease in regulatory assets | $ 46,300,000 | ||||||||||||||||||
Regulated total fuel cost, percentage | 77% | ||||||||||||||||||
Regulatory asset | $ 11,627,000 | 57,881,000 | |||||||||||||||||
Affordability study | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory assets amortization period | 10 years | ||||||||||||||||||
Regulatory asset | 10,337,000 | 11,715,000 | |||||||||||||||||
AMI deferred revenue requirement | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory assets amortization period | 11 years | ||||||||||||||||||
Regulatory asset | 954,000 | 1,499,000 | |||||||||||||||||
COVID-19 Executive Order | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory assets amortization period | 4 years | ||||||||||||||||||
Regulatory asset | 3,039,000 | 2,953,000 | |||||||||||||||||
Production operations and maintenance expenses | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory asset | 7,002,000 | 10,443,000 | |||||||||||||||||
Production operations and maintenance expenses | Cleco Power | Dolet Hills | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory assets amortization period | 20 years | ||||||||||||||||||
Energy efficiency | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory assets amortization period | 4 years | ||||||||||||||||||
Regulatory asset | 0 | 235,000 | |||||||||||||||||
Financing costs | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory asset | 6,560,000 | 6,904,000 | |||||||||||||||||
Financing costs | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory asset | 6,087,000 | 6,456,000 | |||||||||||||||||
Financing costs | Cleco Power | Treasury Lock | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory asset | $ 7,400,000 | ||||||||||||||||||
Financing costs | Cleco Power | Interest Rate Swap | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory asset | $ 2,900,000 | ||||||||||||||||||
Madison Unit 3 property taxes | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory assets amortization period | 12 months | ||||||||||||||||||
Regulatory asset | 13,297,000 | 13,038,000 | |||||||||||||||||
Northlake Transmission Agreement | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory asset | 1,000,000 | ||||||||||||||||||
Other Deferred Costs, Primarily Base Rate Case | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory assets amortization period | 4 years | ||||||||||||||||||
Regulatory asset | 2,900,000 | ||||||||||||||||||
Coughlin Pipeline Project, Deferred Revenue | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory assets amortization period | 4 years | ||||||||||||||||||
Regulatory asset | 2,000,000 | ||||||||||||||||||
Louisiana Tax Amendment | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory asset | 4,500,000 | ||||||||||||||||||
Postretirement costs | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory asset | $ 9,448,000 | 11,436,000 | |||||||||||||||||
Postretirement costs | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory assets amortization period | 5 years | ||||||||||||||||||
Regulatory asset | $ 64,399,000 | 47,317,000 | |||||||||||||||||
Production O&M Expenses | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory assets amortization period | 3 years | ||||||||||||||||||
Regulatory asset | $ 0 | 2,400,000 | |||||||||||||||||
Retail jurisdictional portion | 34,900,000 | ||||||||||||||||||
Production O&M Expenses | Cleco Power | Maximum | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory asset | 25,000,000 | ||||||||||||||||||
St. Mary Clean Energy Center | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory assets amortization period | 4 years | ||||||||||||||||||
Regulatory asset | 3,705,000 | 4,350,000 | |||||||||||||||||
St. Mary Clean Energy Center | Cleco Power | LPSC | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory asset | $ 3,800,000 | ||||||||||||||||||
Provision for rate refund | $ 10,400,000 | $ 10,400,000 | |||||||||||||||||
St. Mary Clean Energy Center, Refund Liability | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory asset | $ 3,800,000 | $ 3,800,000 | |||||||||||||||||
Training costs | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory assets amortization period | 50 years | ||||||||||||||||||
Regulatory asset | 5,618,000 | 5,774,000 | |||||||||||||||||
Tree trimming costs | Cleco Power | |||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||||||||||
Regulatory asset | $ 3,657,000 | $ 6,377,000 | |||||||||||||||||
Maximum amount of costs approved to defer | $ 10,900,000 |
Jointly Owned Generation Unit_2
Jointly Owned Generation Units (Details) $ in Thousands | Dec. 31, 2023 USD ($) MW |
Acadia Power Station common facilities | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 17,384 |
ACCUMULATED DEPRECIATION | 3,304 |
CONSTRUCTION WORK IN PROGRESS | $ 977 |
OWNERSHIP INTEREST PERCENTAGE | 50% |
Acadia Unit 1 | |
Jointly Owned Utility Plant Interests [Line Items] | |
OWNERSHIP INTEREST PERCENTAGE | 100% |
Rodemacher Unit 2 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 85,827 |
ACCUMULATED DEPRECIATION | 39,798 |
CONSTRUCTION WORK IN PROGRESS | $ 257 |
OWNERSHIP INTEREST PERCENTAGE | 30% |
RATED CAPACITY (MW) | MW | 523 |
OWNERSHIP INTEREST (MW) | MW | 157 |
Common facilities - Nesbitt Unit 1 and Rodemacher Unit 2 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 3,336 |
ACCUMULATED DEPRECIATION | 678 |
CONSTRUCTION WORK IN PROGRESS | $ 16 |
OWNERSHIP INTEREST PERCENTAGE | 62% |
Common facilities - Rodemacher Unit 2 and Madison Unit 3 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 2,979 |
ACCUMULATED DEPRECIATION | 330 |
CONSTRUCTION WORK IN PROGRESS | $ 2 |
OWNERSHIP INTEREST PERCENTAGE | 69% |
Common facilities - Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 10,696 |
ACCUMULATED DEPRECIATION | 2,090 |
CONSTRUCTION WORK IN PROGRESS | $ 337 |
OWNERSHIP INTEREST PERCENTAGE | 77% |
CLECO POWER | Acadia Power Station common facilities | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 18,158 |
ACCUMULATED DEPRECIATION | 4,079 |
CONSTRUCTION WORK IN PROGRESS | $ 977 |
OWNERSHIP INTEREST PERCENTAGE | 50% |
CLECO POWER | Acadia Unit 1 | |
Jointly Owned Utility Plant Interests [Line Items] | |
OWNERSHIP INTEREST PERCENTAGE | 100% |
CLECO POWER | Rodemacher Unit 2 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 159,407 |
ACCUMULATED DEPRECIATION | 113,378 |
CONSTRUCTION WORK IN PROGRESS | $ 257 |
OWNERSHIP INTEREST PERCENTAGE | 30% |
RATED CAPACITY (MW) | MW | 523 |
OWNERSHIP INTEREST (MW) | MW | 157 |
CLECO POWER | Common facilities - Nesbitt Unit 1 and Rodemacher Unit 2 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 4,744 |
ACCUMULATED DEPRECIATION | 2,085 |
CONSTRUCTION WORK IN PROGRESS | $ 16 |
OWNERSHIP INTEREST PERCENTAGE | 62% |
CLECO POWER | Common facilities - Rodemacher Unit 2 and Madison Unit 3 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 3,069 |
ACCUMULATED DEPRECIATION | 420 |
CONSTRUCTION WORK IN PROGRESS | $ 2 |
OWNERSHIP INTEREST PERCENTAGE | 69% |
CLECO POWER | Common facilities - Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 20,739 |
ACCUMULATED DEPRECIATION | 12,133 |
CONSTRUCTION WORK IN PROGRESS | $ 337 |
OWNERSHIP INTEREST PERCENTAGE | 77% |
Fair Value Accounting Instrum_3
Fair Value Accounting Instruments - Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis (Details) - Measured On A Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Asset Description | ||
Short-term investments | $ 242,596 | $ 179,241 |
Total assets | 250,725 | 287,457 |
Liability Description | ||
Total liabilities | 15,786 | 7,274 |
CLECO POWER | ||
Asset Description | ||
Short-term investments | 169,606 | 139,752 |
Total assets | 172,693 | 142,322 |
Liability Description | ||
Total liabilities | 15,112 | 4,864 |
FTRs | ||
Asset Description | ||
Derivative assets | 3,087 | 2,570 |
Liability Description | ||
Derivative liabilities | 781 | 294 |
FTRs | CLECO POWER | ||
Asset Description | ||
Derivative assets | 3,087 | 2,570 |
Liability Description | ||
Derivative liabilities | 781 | 294 |
Natural Gas Derivatives | ||
Asset Description | ||
Derivative assets | 5,042 | 105,646 |
Liability Description | ||
Derivative liabilities | 15,005 | 6,980 |
Natural Gas Derivatives | CLECO POWER | ||
Liability Description | ||
Derivative liabilities | 14,331 | 4,570 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | ||
Asset Description | ||
Short-term investments | 242,596 | 179,241 |
Total assets | 242,596 | 179,241 |
Liability Description | ||
Total liabilities | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | CLECO POWER | ||
Asset Description | ||
Short-term investments | 169,606 | 139,752 |
Total assets | 169,606 | 139,752 |
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 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Natural Gas Derivatives | CLECO POWER | ||
Liability Description | ||
Derivative liabilities | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | ||
Asset Description | ||
Short-term investments | 0 | 0 |
Total assets | 5,042 | 105,646 |
Liability Description | ||
Total liabilities | 15,005 | 6,980 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | CLECO POWER | ||
Asset Description | ||
Short-term investments | 0 | 0 |
Total assets | 0 | 0 |
Liability Description | ||
Total liabilities | 14,331 | 4,570 |
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 | 5,042 | 105,646 |
Liability Description | ||
Derivative liabilities | 15,005 | 6,980 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Natural Gas Derivatives | CLECO POWER | ||
Liability Description | ||
Derivative liabilities | 14,331 | 4,570 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Asset Description | ||
Short-term investments | 0 | 0 |
Total assets | 3,087 | 2,570 |
Liability Description | ||
Total liabilities | 781 | 294 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | CLECO POWER | ||
Asset Description | ||
Short-term investments | 0 | 0 |
Total assets | 3,087 | 2,570 |
Liability Description | ||
Total liabilities | 781 | 294 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | FTRs | ||
Asset Description | ||
Derivative assets | 3,087 | 2,570 |
Liability Description | ||
Derivative liabilities | 781 | 294 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | FTRs | CLECO POWER | ||
Asset Description | ||
Derivative assets | 3,087 | 2,570 |
Liability Description | ||
Derivative liabilities | 781 | 294 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Natural Gas Derivatives | ||
Asset Description | ||
Derivative assets | 0 | 0 |
Liability Description | ||
Derivative liabilities | 0 | 0 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Natural Gas Derivatives | CLECO POWER | ||
Liability Description | ||
Derivative liabilities | $ 0 | $ 0 |
Fair Value Accounting Instrum_4
Fair Value Accounting Instruments - Money Market Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 113,207 | $ 46,279 |
Cleco Power | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 40,240 | 6,813 |
Current restricted cash and cash equivalents | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 15,818 | 23,548 |
Current restricted cash and cash equivalents | Cleco Power | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 15,818 | 23,548 |
Non-current restricted cash and cash equivalents | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 113,571 | 109,414 |
Non-current restricted cash and cash equivalents | Cleco Power | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | $ 113,548 | $ 109,391 |
Fair Value Accounting Instrum_5
Fair Value Accounting Instruments - Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 (Details) - FTRs - FTRs - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Beginning balance | $ 2,276 | $ 4,918 | $ 3,216 |
Unrealized (losses) gains | (425) | (495) | 2,828 |
Purchases | 8,089 | 7,270 | 9,871 |
Settlements | (7,634) | (9,417) | (10,997) |
Ending balance | 2,306 | 2,276 | 4,918 |
CLECO POWER | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Beginning balance | 2,276 | 4,918 | 3,216 |
Unrealized (losses) gains | (425) | (495) | 2,828 |
Purchases | 8,089 | 7,270 | 9,871 |
Settlements | (7,634) | (9,417) | (10,997) |
Ending balance | $ 2,306 | $ 2,276 | $ 4,918 |
Fair Value Accounting Instrum_6
Fair Value Accounting Instruments - Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions (Details) - Measured On A Recurring Basis - FTRs $ in Thousands | Dec. 31, 2023 USD ($) $ / MW | Dec. 31, 2022 USD ($) $ / MW |
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Assets | $ 3,087 | $ 2,570 |
Liabilities | 781 | 294 |
CLECO POWER | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Assets | 3,087 | 2,570 |
Liabilities | 781 | 294 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Assets | 3,087 | 2,570 |
Liabilities | $ 781 | $ 294 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Minimum | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Forward price range (usd per MWh) | $ / MW | 3.51 | 5.11 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Maximum | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Forward price range (usd per MWh) | $ / MW | 7.07 | 13.65 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | CLECO POWER | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Assets | $ 3,087 | $ 2,570 |
Liabilities | $ 781 | $ 294 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | CLECO POWER | Minimum | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Forward price range (usd per MWh) | $ / MW | 3.51 | 5.11 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | CLECO POWER | Maximum | ||
Price Risk Derivatives, at Fair Value, Net [Abstract] | ||
Forward price range (usd per MWh) | $ / MW | 7.07 | 13.65 |
Fair Value Accounting Instrum_7
Fair Value Accounting Instruments - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | $ 14,200 | $ 16,200 |
CARRYING VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,400,293 | 3,482,556 |
FAIR VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,177,654 | 3,180,208 |
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 | 11,500 | 12,300 |
CLECO POWER | CARRYING VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,886,248 | 1,895,508 |
CLECO POWER | FAIR VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 1,867,559 | $ 1,825,192 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total derivative, collateral, offset | $ 0 | $ 6,500,000 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivative Instruments as Recorded in Consolidated Balance Sheets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
FTRs | ||
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Energy risk management assets | Energy risk management assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Energy risk management liabilities | Energy risk management liabilities |
FTRs | CLECO POWER | ||
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Energy risk management assets | Energy risk management assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Energy risk management liabilities | Energy risk management liabilities |
Natural Gas Derivatives | ||
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Energy risk management liabilities | Energy risk management liabilities |
Natural Gas Derivatives | CLECO POWER | ||
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Energy risk management liabilities | Energy risk management liabilities |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Net asset (liability) on the balance sheet | $ (7,657,000) | $ 100,942,000 |
GROSS ASSET (LIABILITY) | ||
Derivative asset (liability), net | 107,442,000 | |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative, collateral | 0 | (6,500,000) |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET | ||
Collateral, assets | (53,000,000) | |
NET AMOUNT | ||
Net amount | 47,942,000 | |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | CLECO POWER | ||
GROSS ASSET (LIABILITY) | ||
Derivative asset (liability), net | (12,025,000) | (2,294,000) |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | FTRs | ||
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative asset | 3,087,000 | 2,570,000 |
Derivative liability | (781,000) | (294,000) |
GROSS ASSET (LIABILITY) | ||
Derivative asset | 2,570,000 | |
Derivative liability | (294,000) | |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative asset, collateral | 0 | |
Derivative liability, collateral | 0 | |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET | ||
Collateral, assets | 0 | |
Collateral, liability | 0 | |
NET AMOUNT | ||
Derivative asset, net | 2,570,000 | |
Derivative liability, net | (294,000) | |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | FTRs | CLECO POWER | ||
GROSS ASSET (LIABILITY) | ||
Derivative asset | 3,087,000 | 2,570,000 |
Derivative liability | (781,000) | (294,000) |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | Natural Gas Derivatives | ||
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative liability | (15,005,000) | (6,980,000) |
GROSS ASSET (LIABILITY) | ||
Derivative liability | (6,980,000) | |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative liability, collateral | 0 | |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET | ||
Collateral, liability | 0 | |
NET AMOUNT | ||
Derivative liability, net | (6,980,000) | |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | Natural Gas Derivatives | CLECO POWER | ||
GROSS ASSET (LIABILITY) | ||
Derivative liability | (14,331,000) | (4,570,000) |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | Natural Gas Derivatives | Current | ||
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative asset | 5,042,000 | 46,751,000 |
GROSS ASSET (LIABILITY) | ||
Derivative asset | 53,251,000 | |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative asset, collateral | (6,500,000) | |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET | ||
Collateral, assets | (32,578,000) | |
NET AMOUNT | ||
Derivative asset, net | 14,173,000 | |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | Natural Gas Derivatives | Non-current | ||
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative asset | $ 0 | 58,895,000 |
GROSS ASSET (LIABILITY) | ||
Derivative asset | 58,895,000 | |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative asset, collateral | 0 | |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET | ||
Collateral, assets | (20,422,000) | |
NET AMOUNT | ||
Derivative asset, net | $ 38,473,000 |
Derivative Instruments - Amount
Derivative Instruments - Amount of Gain (Loss) Recognized in Income on Derivatives (Details) - DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) recognized in income on derivatives | $ (137,460,000) | $ 187,309,000 | $ 136,581,000 |
CLECO POWER | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) recognized in income on derivatives | (20,879,000) | 6,787,000 | 2,437,000 |
FTRs | Accumulated Deferred Fuel | CLECO POWER | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Unrealized gains (losses) associated with derivatives | (400,000) | (500,000) | 2,800,000 |
FTRs | Electric operations | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) recognized in income on derivatives | 6,320,000 | 14,118,000 | 12,797,000 |
FTRs | Electric operations | CLECO POWER | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) recognized in income on derivatives | 6,320,000 | 14,118,000 | 12,797,000 |
FTRs | Purchased power | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) recognized in income on derivatives | (4,465,000) | (7,331,000) | (10,360,000) |
FTRs | Purchased power | CLECO POWER | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) recognized in income on derivatives | (4,465,000) | (7,331,000) | (10,360,000) |
Natural Gas Derivatives | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) recognized in income on derivatives | (139,315,000) | 180,522,000 | 134,144,000 |
Natural Gas Derivatives | CLECO POWER | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) recognized in income on derivatives | (22,734,000) | 0 | 0 |
Unrealized gains (losses) associated with derivatives | $ 0 | ||
Natural Gas Derivatives | Accumulated Deferred Fuel | CLECO POWER | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Unrealized gains (losses) associated with derivatives | (9,800,000) | 4,900,000 | |
Gain (loss) on sale of derivatives | $ (2,000,000) | $ 0 |
Derivative Instruments - Commod
Derivative Instruments - Commodity Derivative Contracts (Details) MWh in Thousands, MMBTU in Thousands | 12 Months Ended | |||
Dec. 31, 2023 MWh | Dec. 31, 2023 MMBTU | Dec. 31, 2022 MWh | Dec. 31, 2022 MMBTU | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Volume outstanding (MWh / MMBtu) | 9,611 | 61,119 | 9,085 | 85,350 |
Cleco Power | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Volume outstanding (MWh / MMBtu) | 9,611 | 19,915 | 9,085 | 4,840 |
Debt - Total Indebtedness (Deta
Debt - Total Indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 14, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Long-term debt due within one year | $ (66,497) | $ (230,524) | |
Finance leases classified as long-term debt due within one year | (925) | (836) | |
Unamortized debt issuance costs | (2,776) | (3,877) | |
Fair value adjustment | 97,345 | 104,748 | |
Total long-term debt and finance leases, net | 3,141,924 | 3,139,094 | |
Deferred debt issuance costs eliminated as a result of the 2016 Merger | $ 4,300 | 4,600 | |
Senior notes, 3.250%, due 2025 | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.25% | ||
Gross debt | $ 165,000 | 165,000 | |
Senior notes, 3.743%, due 2026 | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.743% | ||
Gross debt | $ 535,000 | 535,000 | |
Senior notes, 3.375%, due 2029 | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.375% | ||
Gross debt | $ 300,000 | 300,000 | |
Senior notes, 4.973%, due 2046 | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.973% | ||
Gross debt | $ 350,000 | 350,000 | |
Bank term loan, variable rate, due 2024 | |||
Debt Instrument [Line Items] | |||
Bank term loan, variable rate, due 2024 | 66,700 | 132,300 | |
Cleco Power | |||
Debt Instrument [Line Items] | |||
Gross debt | 1,765,426 | 1,775,000 | |
Barge lease obligations | 12,971 | 13,807 | |
Gross amount of long-term debt and finance leases | 1,903,397 | 1,913,807 | |
Long-term debt due within one year | (189,389) | (109,508) | |
Finance leases classified as long-term debt due within one year | (925) | (836) | |
Unamortized debt discount | (4,178) | (4,492) | |
Unamortized debt issuance costs | (11,753) | (12,524) | |
Total long-term debt and finance leases, net | $ 1,697,152 | 1,786,447 | |
Cleco Power | Senior notes, 3.08%, due 2023 | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.08% | ||
Gross debt | $ 0 | 100,000 | |
Cleco Power | Senior notes, 3.17%, due 2024 | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.17% | ||
Gross debt | $ 50,000 | 50,000 | |
Cleco Power | Senior notes, 3.68%, due 2025 | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.68% | ||
Gross debt | $ 75,000 | 75,000 | |
Cleco Power | Senior notes, 3.47%, due 2026 | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.47% | ||
Gross debt | $ 130,000 | 130,000 | |
Cleco Power | Senior notes, 5.96%, due 2026 | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.96% | 5.96% | |
Gross debt | $ 100,000 | 0 | |
Cleco Power | Senior notes, 4.33%, due 2027 | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.33% | ||
Gross debt | $ 50,000 | 50,000 | |
Cleco Power | Senior notes, 3.57%, due 2028 | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.57% | ||
Gross debt | $ 200,000 | 200,000 | |
Cleco Power | Senior notes, 6.50%, due 2035 | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.50% | ||
Gross debt | $ 295,000 | 295,000 | |
Cleco Power | Senior notes, 6.00%, due 2040 | |||
Debt Instrument [Line Items] | |||
Interest rate | 6% | ||
Gross debt | $ 250,000 | 250,000 | |
Cleco Power | Senior notes, 5.12%, due 2041 | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.12% | ||
Gross debt | $ 100,000 | 100,000 | |
Cleco Power | Series A GO Zone bonds, 2.50%, due 2038, mandatory tender in 2025 | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.50% | ||
Gross debt | $ 50,000 | 50,000 | |
Cleco Power | Series B GO Zone bonds, 4.25%, due 2038 | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.25% | ||
Gross debt | $ 50,000 | 50,000 | |
Cleco Power | Cleco Securitization I’s storm recovery bonds, 4.016%, due 2033 | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.016% | ||
Gross debt | $ 115,426 | 125,000 | |
Cleco Power | Cleco Securitization I’s storm recovery bonds, 4.646%, due 2044 | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.646% | ||
Gross debt | $ 300,000 | 300,000 | |
Cleco Power | Bank term loan, variable rate, due 2024 | |||
Debt Instrument [Line Items] | |||
Bank term loan, variable rate, due 2024 | 125,000 | 125,000 | |
Cleco Holdings | |||
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | $ (7,000) | $ (8,500) |
Debt - Future Amounts Payable U
Debt - Future Amounts Payable Under Long-Term Debt Agreements (Details) - Long-term Debt Agreements $ in Thousands | Dec. 31, 2023 USD ($) |
For the year ending Dec. 31, | |
2024 | $ 256,199 |
2025 | 255,087 |
2026 | 780,699 |
2027 | 66,336 |
2028 | 216,999 |
Thereafter | 1,731,806 |
CLECO POWER | |
For the year ending Dec. 31, | |
2024 | 189,499 |
2025 | 90,087 |
2026 | 245,699 |
2027 | 66,336 |
2028 | 216,999 |
Thereafter | $ 1,081,806 |
Debt - Principal Amounts Payabl
Debt - Principal Amounts Payable Under Finance Lease Agreement (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Years ending Dec. 31, | |
2024 | $ 925 |
2025 | 1,023 |
2026 | 1,133 |
2027 | 1,253 |
2028 | 1,388 |
Thereafter | 7,249 |
Cleco Power | |
Years ending Dec. 31, | |
2024 | 925 |
2025 | 1,023 |
2026 | 1,133 |
2027 | 1,253 |
2028 | 1,388 |
Thereafter | $ 7,249 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 12 Months Ended | ||||
May 01, 2023 USD ($) | Dec. 31, 2023 USD ($) creditFacility | Dec. 14, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt [Line Items] | |||||
Long-term debt due within one year | $ 256,811,000 | $ 340,867,000 | |||
Long-term debt and lease obligation, increase (decrease) | $ (84,100,000) | ||||
Maximum | |||||
Debt [Line Items] | |||||
Debt to capital ratio | 0.65 | ||||
Line of Credit | |||||
Debt [Line Items] | |||||
Number of revolving credit facilities | creditFacility | 2 | ||||
Maximum borrowing capacity | $ 175,000,000 | ||||
Borrowings outstanding | 110,000,000 | 64,000,000 | |||
Line of credit facility, remaining borrowing capacity | 475,000,000 | ||||
Outstanding borrowings | $ 0 | $ 0 | |||
Line of Credit | Revolving Credit Facility | |||||
Debt [Line Items] | |||||
Commitment fees | 0.275% | ||||
Interest rate, potential additional interest | 0.125% | ||||
Commitment fee, potential additional fee | 0.05% | ||||
NRG South Central | |||||
Debt [Line Items] | |||||
Repayments of long-term debt | $ 400,000,000 | ||||
Secured Overnight Financing Rate (SOFR) | Line of Credit | Revolving Credit Facility | |||||
Debt [Line Items] | |||||
Basis spread on variable rate | 1.725% | ||||
ABR | Line of Credit | Revolving Credit Facility | |||||
Debt [Line Items] | |||||
Basis spread on variable rate | 0.625% | ||||
Bank term loan, variable rate, due 2024 | Reclassification, Debt Instruments | |||||
Debt [Line Items] | |||||
Long-term debt and lease obligation, increase (decrease) | $ 125,000,000 | ||||
Senior notes, 3.17%, due 2024 | Reclassification, Debt Instruments | |||||
Debt [Line Items] | |||||
Long-term debt and lease obligation, increase (decrease) | 50,000,000 | ||||
Cleco Securitization I’s storm recovery bonds, 4.016%, due 2033 | |||||
Debt [Line Items] | |||||
Long-term debt and lease obligation, increase (decrease) | 4,900,000 | ||||
Senior notes, 3.08%, due 2023 | |||||
Debt [Line Items] | |||||
Aggregate principal amount | 100,000,000 | ||||
Senior notes, 3.08%, due 2023 | Secured Overnight Financing Rate (SOFR) | |||||
Debt [Line Items] | |||||
Basis spread on variable rate | 1.725% | ||||
Senior notes, 5.96%, due 2026 | |||||
Debt [Line Items] | |||||
Long-term debt refinancing , increase (decrease) | $ 100,000,000 | ||||
Senior notes, 3.250%, due 2025 | |||||
Debt [Line Items] | |||||
Interest rate | 3.25% | ||||
Senior notes, 3.250%, due 2025 | Reclassification, Debt Instruments | |||||
Debt [Line Items] | |||||
Long-term debt and lease obligation, increase (decrease) | $ 165,000,000 | ||||
Cleco Holdings Senior Notes Due 2023 | |||||
Debt [Line Items] | |||||
Aggregate principal amount | $ 165,000,000 | ||||
Cleco Power | |||||
Debt [Line Items] | |||||
Long-term debt due within one year | 190,314,000 | 110,344,000 | |||
Long-term debt and lease obligation, increase (decrease) | $ 80,000,000 | ||||
Cleco Power | Maximum | |||||
Debt [Line Items] | |||||
Debt to capital ratio | 0.650 | ||||
Cleco Power | Line of Credit | |||||
Debt [Line Items] | |||||
Number of revolving credit facilities | creditFacility | 1 | ||||
Maximum borrowing capacity | $ 300,000,000 | ||||
Borrowings outstanding | 0 | $ 45,000,000 | |||
Outstanding borrowings | $ 0 | $ 0 | |||
Cleco Power | Line of Credit | Revolving Credit Facility | |||||
Debt [Line Items] | |||||
Commitment fees | 0.15% | ||||
Interest rate, potential additional interest | 0.125% | ||||
Commitment fee, potential additional fee | 0.025% | ||||
Cleco Power | Secured Overnight Financing Rate (SOFR) | Line of Credit | Revolving Credit Facility | |||||
Debt [Line Items] | |||||
Basis spread on variable rate | 1.35% | ||||
Cleco Power | ABR | Line of Credit | Revolving Credit Facility | |||||
Debt [Line Items] | |||||
Basis spread on variable rate | 0.25% | ||||
Cleco Power | Bank term loan, variable rate, due 2024 | Reclassification, Debt Instruments | |||||
Debt [Line Items] | |||||
Long-term debt and lease obligation, increase (decrease) | $ 125,000,000 | ||||
Cleco Power | Senior notes, 3.17%, due 2024 | |||||
Debt [Line Items] | |||||
Interest rate | 3.17% | ||||
Cleco Power | Senior notes, 3.17%, due 2024 | Reclassification, Debt Instruments | |||||
Debt [Line Items] | |||||
Long-term debt and lease obligation, increase (decrease) | $ 50,000,000 | ||||
Cleco Power | Cleco Securitization I’s storm recovery bonds, 4.016%, due 2033 | |||||
Debt [Line Items] | |||||
Long-term debt and lease obligation, increase (decrease) | $ 4,900,000 | ||||
Interest rate | 4.016% | ||||
Cleco Power | Senior notes, 3.08%, due 2023 | |||||
Debt [Line Items] | |||||
Long-term debt refinancing , increase (decrease) | $ 100,000,000 | ||||
Aggregate principal amount | $ 165,000,000 | $ 100,000,000 | |||
Interest rate | 3.08% | ||||
Cleco Power | Senior notes, 5.96%, due 2026 | |||||
Debt [Line Items] | |||||
Long-term debt refinancing , increase (decrease) | $ 100,000,000 | ||||
Aggregate principal amount | $ 100,000,000 | ||||
Interest rate | 5.96% | 5.96% | |||
Cleco Holdings | Line of Credit | |||||
Debt [Line Items] | |||||
Number of revolving credit facilities | creditFacility | 1 |
Debt - Cumulative Minimum Princ
Debt - Cumulative Minimum Principal Amounts Committed to be Repaid (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Long-Term Debt, Cumulative Repayment By Origination Year [Abstract] | |
2019 | $ 66,700 |
2020 | 133,300 |
2021 | 200,000 |
2022 | 267,700 |
2023 | 333,300 |
2024 | $ 400,000 |
Pension Plan and Employee Ben_3
Pension Plan and Employee Benefits - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) bonus | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
401(k) one time benefit, percent of employee's gross pay | 30% | 30% | ||||
401(k) Plan expense, additional cost | $ 200,000 | |||||
PENSION BENEFITS | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Consecutive calendar years | 5 years | |||||
Most recent period of employment | 10 years | |||||
Estimated pension contributions required through 2028 | $ 94,200,000 | |||||
Estimated pension contributions required through 2024 | $ 25,700,000 | |||||
Defined benefit plan, interest crediting rate | 5.56% | 5.07% | ||||
Net actuarial loss (gain) occurring during period | $ 17,082,000 | $ (58,124,000) | ||||
Net periodic benefit cost | 1,856,000 | 16,056,000 | $ 30,391,000 | |||
Special/contractual termination benefits, percent increase in benefits | 10% | 10% | ||||
Special/contractual termination benefits | $ 0 | $ 0 | $ 3,270,000 | |||
Discount rate | 5.44% | 2.98% | 2.74% | |||
Expected return on plan assets | 6.60% | 5.25% | 5% | |||
Actual return on plan assets | 9.23% | (19.94%) | ||||
SERP net actuarial gain | $ (26,300,000) | $ 174,733,000 | ||||
PENSION BENEFITS | Forecast | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate | 5.13% | |||||
Expected return on plan assets | 6.68% | |||||
Decrease in expected pension costs | $ 1,300,000 | |||||
PENSION BENEFITS | Support Group | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Special/contractual termination benefits | $ 900,000 | |||||
PENSION BENEFITS | Other Subsidiaries | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic benefit cost | 1,900,000 | 3,200,000 | $ 4,500,000 | |||
PENSION BENEFITS | Cleco Power | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Special/contractual termination benefits | $ 2,400,000 | |||||
Other Postretirement Benefits Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net actuarial loss (gain) occurring during period | 5,110,000 | (10,289,000) | ||||
Net periodic benefit cost | 3,712,000 | 4,898,000 | 5,231,000 | |||
Special/contractual termination benefits | 0 | $ 0 | $ 0 | |||
Assets set aside in a trust | $ 0 | |||||
Discount rate | 5.61% | 2.82% | 2.39% | |||
Assumed health care cost trend rates for next fiscal year | 5% | |||||
Assumed health care cost trend rates thereafter next fiscal year | 5% | |||||
Ultimate health care trend rate | 5% | |||||
SERP net actuarial gain | $ 5,110,000 | $ 10,289,000 | ||||
Other Postretirement Benefits Plan [Member] | Cleco Power | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic benefit cost | $ 3,500,000 | 4,400,000 | $ 4,700,000 | |||
SERP BENEFITS | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Consecutive calendar years | 5 years | |||||
Most recent period of employment | 60 months | |||||
Net actuarial loss (gain) occurring during period | $ (345,000) | (22,097,000) | ||||
Net periodic benefit cost | $ 3,468,000 | $ 3,740,000 | $ 3,783,000 | |||
Discount rate | 5.46% | 2.95% | 2.64% | |||
Number of highest cash bonuses | bonus | 5 | |||||
SERP net actuarial gain | $ 345,000 | $ 22,097,000 | ||||
SERP BENEFITS | Cleco Power | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic benefit cost | $ 500,000 | $ 600,000 | $ 600,000 |
Pension Plan and Employee Ben_4
Pension Plan and Employee Benefits - Benefit Obligation, Plan Assets, and Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
PENSION BENEFITS | |||
Change in benefit obligation | |||
Benefit obligation at beginning of period | $ 500,869 | $ 680,417 | |
Service cost | 4,977 | 8,589 | $ 10,516 |
Interest cost | 26,423 | 19,841 | 18,668 |
Plan participants’ contributions | 0 | 0 | |
Actuarial loss (gain) | 26,300 | (174,733) | |
Expenses paid | (3,018) | (3,744) | |
Benefits paid | (30,069) | (29,501) | |
Benefit obligation at end of period | 525,482 | 500,869 | 680,417 |
Change in plan assets | |||
Fair value of plan assets at beginning of period | 402,285 | 527,427 | |
Actual (loss) gain return on plan assets | 38,761 | (91,897) | |
Employer contributions | 200 | 0 | |
Expenses paid | (3,018) | (3,744) | |
Benefits paid | (30,069) | (29,501) | |
Fair value of plan assets at end of period | 408,159 | 402,285 | 527,427 |
Unfunded status | (117,323) | (98,584) | |
Accumulated benefit obligation | 505,508 | 481,398 | |
OTHER BENEFITS | |||
Change in benefit obligation | |||
Benefit obligation at beginning of period | 43,306 | 55,257 | |
Service cost | 1,472 | 2,204 | 2,425 |
Interest cost | 2,285 | 1,484 | 1,283 |
Plan participants’ contributions | 0 | 1,904 | |
Actuarial loss (gain) | (5,110) | (10,289) | |
Expenses paid | 0 | 0 | |
Benefits paid | (5,117) | (7,254) | |
Benefit obligation at end of period | 47,056 | 43,306 | 55,257 |
Change in plan assets | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Actual (loss) gain return on plan assets | 0 | 0 | |
Employer contributions | 0 | 0 | |
Expenses paid | 0 | 0 | |
Benefits paid | 0 | 0 | |
Fair value of plan assets at end of period | 0 | 0 | 0 |
Unfunded status | (47,056) | (43,306) | |
SERP BENEFITS | |||
Change in benefit obligation | |||
Benefit obligation at beginning of period | 68,427 | 93,179 | |
Service cost | 142 | 227 | 232 |
Interest cost | 3,604 | 2,679 | 2,538 |
Actuarial loss (gain) | (345) | (22,097) | |
Benefits paid | (4,366) | (5,561) | |
Benefit obligation at end of period | 67,462 | 68,427 | $ 93,179 |
Change in plan assets | |||
Accumulated benefit obligation | $ 67,462 | $ 68,427 |
Pension Plan and Employee Ben_5
Pension Plan and Employee Benefits - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Current | $ 25,685 | $ 0 |
Non-current | 91,638 | 98,584 |
Cleco Power | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 25,685 | 0 |
Non-current | $ 91,638 | $ 98,584 |
Pension Plan and Employee Ben_6
Pension Plan and Employee Benefits - Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
PENSION BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) occurring during period | $ 17,082 | $ (58,124) |
Net actuarial loss (gain) amortized during period | 0 | 12,332 |
Net actuarial loss | 64,399 | 47,317 |
OTHER BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) occurring during period | 5,110 | (10,289) |
Net actuarial loss (gain) amortized during period | (45) | 1,207 |
Net actuarial loss | 13,103 | 13,705 |
SERP BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) occurring during period | (345) | (22,097) |
Net actuarial loss (gain) amortized during period | (63) | 1,049 |
Prior service credit amortized during period | (215) | (215) |
Net actuarial loss | 7,819 | 8,241 |
Prior service credit | $ (1,085) | $ (1,299) |
Pension Plan and Employee Ben_7
Pension Plan and Employee Benefits - Components of Periodic Benefit Costs and Weighted-Average Assumptions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
PENSION BENEFITS | |||
Components of periodic benefit costs | |||
Service cost | $ 4,977 | $ 8,589 | $ 10,516 |
Interest cost | 26,423 | 19,841 | 18,668 |
Expected return on plan assets | (29,544) | (24,706) | (22,801) |
Amortizations | |||
Net loss (gain) | 0 | 12,332 | 20,738 |
Net periodic benefit cost | 1,856 | 16,056 | 27,121 |
Special/contractual termination benefits | 0 | 0 | 3,270 |
Total benefit cost | $ 1,856 | $ 16,056 | $ 30,391 |
Weighted-average assumptions used to determine the benefit obligation | |||
Discount rate | 5.13% | 5.44% | |
Rate of compensation increase | 3.50% | 2.76% | |
Weighted-average assumptions used to determine the net benefit cost | |||
Discount rate | 5.44% | 2.98% | 2.74% |
Expected return on plan assets | 6.60% | 5.25% | 5% |
Rate of compensation increase | 2.76% | 2.73% | 2.71% |
OTHER BENEFITS | |||
Components of periodic benefit costs | |||
Service cost | $ 1,472 | $ 2,204 | $ 2,425 |
Interest cost | 2,285 | 1,484 | 1,283 |
Expected return on plan assets | 0 | 0 | 0 |
Amortizations | |||
Net loss (gain) | (45) | 1,210 | 1,523 |
Net periodic benefit cost | 3,712 | 4,898 | 5,231 |
Special/contractual termination benefits | 0 | 0 | 0 |
Total benefit cost | $ 3,712 | $ 4,898 | $ 5,231 |
Weighted-average assumptions used to determine the benefit obligation | |||
Discount rate | 5.25% | 5.61% | |
Weighted-average assumptions used to determine the net benefit cost | |||
Discount rate | 5.61% | 2.82% | 2.39% |
SERP BENEFITS | |||
Components of periodic benefit costs | |||
Service cost | $ 142 | $ 227 | $ 232 |
Interest cost | 3,604 | 2,679 | 2,538 |
Amortizations | |||
Prior service credit | (215) | (215) | (215) |
Net loss (gain) | (63) | 1,049 | 1,228 |
Total benefit cost | $ 3,468 | $ 3,740 | $ 3,783 |
Weighted-average assumptions used to determine the benefit obligation | |||
Discount rate | 5.13% | 5.46% | |
Weighted-average assumptions used to determine the net benefit cost | |||
Discount rate | 5.46% | 2.95% | 2.64% |
Pension Plan and Employee Ben_8
Pension Plan and Employee Benefits - Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Current | $ 35,520 | $ 9,737 |
Non-current | 196,321 | 200,580 |
Current | 25,685 | 0 |
Non-current | 91,638 | 98,584 |
CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 30,777 | 4,981 |
Non-current | 132,321 | 137,754 |
Current | 25,685 | 0 |
Non-current | 91,638 | 98,584 |
OTHER BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 5,241 | 5,017 |
Non-current | 41,815 | 38,366 |
OTHER BENEFITS | CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 4,479 | 4,310 |
Non-current | 32,289 | 30,082 |
SERP BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 4,593 | 4,713 |
Non-current | 62,868 | 63,714 |
SERP BENEFITS | CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 613 | 672 |
Non-current | $ 8,394 | $ 9,087 |
Pension Plan and Employee Ben_9
Pension Plan and Employee Benefits - Fair Value of Pension Plan Assets (Details) - PENSION BENEFITS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | $ 408,159 | $ 402,285 | $ 527,427 |
Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 22,250 | 7,345 | |
Government securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 14,418 | 33,019 | |
Mutual funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 85,821 | 78,349 | |
Mutual funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 42,083 | 39,722 | |
Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 35,032 | 39,370 | |
Corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 94,677 | 103,940 | |
Defined Benefit Plan, Common Collective Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | $ 112,110 | $ 98,505 | |
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible Enumeration] | Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |
Interest accrual | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | $ 1,768 | $ 2,035 | |
Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 294,281 | 301,745 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 127,904 | 118,071 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Government securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Mutual funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 85,821 | 78,349 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Mutual funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 42,083 | 39,722 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 131,345 | 144,304 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 22,250 | 7,345 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Government securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 14,418 | 33,019 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Mutual funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Mutual funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 94,677 | 103,940 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 35,032 | 39,370 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Government securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Mutual funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Mutual funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 35,032 | 39,370 | $ 39,091 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | $ 0 | $ 0 |
Pension Plan and Employee Be_10
Pension Plan and Employee Benefits - Unobservable Input Reconciliation (Details) - PENSION BENEFITS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation[Roll Forward] | ||
Fair value of plan assets at beginning of period | $ 402,285 | $ 527,427 |
Fair value of plan assets at end of period | 408,159 | 402,285 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation[Roll Forward] | ||
Fair value of plan assets at beginning of period | 39,370 | |
Fair value of plan assets at end of period | 35,032 | 39,370 |
Real estate funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation[Roll Forward] | ||
Fair value of plan assets at beginning of period | 39,370 | |
Fair value of plan assets at end of period | 35,032 | 39,370 |
Real estate funds | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation[Roll Forward] | ||
Fair value of plan assets at beginning of period | 39,370 | 39,091 |
Realized gains (losses) | 66 | (2,451) |
Unrealized gains (losses) | (5,786) | 4,112 |
Purchases | 2,021 | 2,027 |
Sales | (639) | (3,409) |
Fair value of plan assets at end of period | $ 35,032 | $ 39,370 |
Pension Plan and Employee Be_11
Pension Plan and Employee Benefits - Target Portfolio Allocations (Details) - PENSION BENEFITS | Dec. 31, 2023 |
≤ 80% | Maximum | |
Defined Contribution Plan Disclosure [Line Items] | |
Thresholds for target portfolio allocations | 80% |
≤ 80% | RETURN-SEEKING | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 60% |
≤ 80% | LIABILITY-HEDGING CREDIT | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 20% |
≤ 80% | LIABILITY-HEDGING GOVERNMENT | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 20% |
80% to 100% | Minimum | |
Defined Contribution Plan Disclosure [Line Items] | |
Thresholds for target portfolio allocations | 80% |
80% to 100% | Maximum | |
Defined Contribution Plan Disclosure [Line Items] | |
Thresholds for target portfolio allocations | 100% |
80% to 100% | RETURN-SEEKING | Minimum | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 47% |
80% to 100% | RETURN-SEEKING | Maximum | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 60% |
80% to 100% | LIABILITY-HEDGING CREDIT | Minimum | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 20% |
80% to 100% | LIABILITY-HEDGING CREDIT | Maximum | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 37% |
80% to 100% | LIABILITY-HEDGING GOVERNMENT | Minimum | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 16% |
80% to 100% | LIABILITY-HEDGING GOVERNMENT | Maximum | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 20% |
100% to 115% | Minimum | |
Defined Contribution Plan Disclosure [Line Items] | |
Thresholds for target portfolio allocations | 100% |
100% to 115% | Maximum | |
Defined Contribution Plan Disclosure [Line Items] | |
Thresholds for target portfolio allocations | 115% |
100% to 115% | RETURN-SEEKING | Minimum | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 10% |
100% to 115% | RETURN-SEEKING | Maximum | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 47% |
100% to 115% | LIABILITY-HEDGING CREDIT | Minimum | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 37% |
100% to 115% | LIABILITY-HEDGING CREDIT | Maximum | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 83% |
100% to 115% | LIABILITY-HEDGING GOVERNMENT | Minimum | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 7% |
100% to 115% | LIABILITY-HEDGING GOVERNMENT | Maximum | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 16% |
≥ 115% | Minimum | |
Defined Contribution Plan Disclosure [Line Items] | |
Thresholds for target portfolio allocations | 11,500% |
≥ 115% | RETURN-SEEKING | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 1,000% |
≥ 115% | LIABILITY-HEDGING CREDIT | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 8,300% |
≥ 115% | LIABILITY-HEDGING GOVERNMENT | |
Defined Contribution Plan Disclosure [Line Items] | |
Target portfolio allocations | 700% |
Pension Plan and Employee Be_12
Pension Plan and Employee Benefits - Projected Benefit Payments and Projected Receipts (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
PENSION BENEFITS | |
For the year ending Dec. 31, | |
2024 | $ 31,857 |
2025 | 32,793 |
2026 | 33,268 |
2027 | 33,760 |
2028 | 34,355 |
Five years thereafter | 176,293 |
OTHER BENEFITS | |
For the year ending Dec. 31, | |
2024 | 5,241 |
2025 | 5,182 |
2026 | 5,167 |
2027 | 5,130 |
2028 | 5,049 |
Five years thereafter | 23,443 |
SERP BENEFITS | |
For the year ending Dec. 31, | |
2024 | 4,593 |
2025 | 4,748 |
2026 | 4,883 |
2027 | 4,852 |
2028 | 4,847 |
Five years thereafter | $ 23,601 |
Pension Plan and Employee Be_13
Pension Plan and Employee Benefits - 401 (K) Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) Plan expense | $ 7,770 | $ 7,310 | $ 7,780 |
Support Group | |||
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) Plan expense | $ 2,859 | $ 2,685 | $ 2,765 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate [Line Items] | |||
(Loss) income from continuing operations before income taxes | $ (94,942) | $ 253,183 | $ 161,346 |
Statutory rate | 21% | 21% | 21% |
Tax (benefit) expense at federal statutory rate | $ (19,938) | $ 53,168 | $ 33,883 |
Increase (decrease) | |||
Flowthrough of tax benefits | (7,847) | (12,272) | (356) |
State income taxes, net of federal benefit | (2,256) | 16,519 | 9,666 |
Return to accrual adjustment | (30) | (378) | (3,852) |
Permanent adjustments | (388) | (4,621) | 436 |
Amortization of excess ADIT | (33,518) | (32,639) | (37,254) |
Other, net | (1,096) | 258 | (1,190) |
Total tax (benefit) expense | $ (65,073) | $ 20,035 | $ 1,333 |
Effective rate | 68.50% | 7.90% | 0.80% |
CLECO POWER | |||
Effective Income Tax Rate [Line Items] | |||
(Loss) income from continuing operations before income taxes | $ 132,715 | $ 172,560 | $ 124,735 |
Statutory rate | 21% | 21% | 21% |
Tax (benefit) expense at federal statutory rate | $ 27,870 | $ 36,238 | $ 26,194 |
Increase (decrease) | |||
Flowthrough of tax benefits | (7,847) | (12,272) | (356) |
State income taxes, net of federal benefit | 12,296 | 12,109 | 6,343 |
Return to accrual adjustment | (204) | 14 | (3,831) |
Amortization of excess ADIT | (33,518) | (32,639) | (37,254) |
Other, net | (3,031) | (947) | (449) |
Total tax (benefit) expense | $ (4,434) | $ 2,503 | $ (9,353) |
Effective rate | (3.30%) | 1.50% | (7.50%) |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of Income Tax Expense [Line Items] | |||
Current federal income tax (benefit) expense | $ (45,429) | $ 25,478 | $ 26,173 |
Deferred federal income tax benefit | (7,137) | (9,835) | (44,464) |
Amortization of accumulated deferred investment tax credits | (127) | (134) | (141) |
Total federal income tax (benefit) expense | (52,693) | 15,509 | (18,432) |
Current state income tax (benefit) expense | (9,787) | 10,326 | 4,158 |
Deferred state income tax (benefit) expense | (2,593) | (5,800) | 15,607 |
Total state income tax (benefit) expense | (12,380) | 4,526 | 19,765 |
Total tax (benefit) expense | (65,073) | 20,035 | 1,333 |
Items charged or credited directly to member’s equity | |||
Total tax (benefit) expense from items charged directly to member’s equity | (1,905) | 8,728 | 394 |
Total federal and state income tax (benefit) expense | (66,978) | 28,763 | 1,727 |
Federal deferred income tax | |||
Items charged or credited directly to member’s equity | |||
Total tax (benefit) expense from items charged directly to member’s equity | (1,374) | 6,297 | 514 |
State deferred income tax | |||
Items charged or credited directly to member’s equity | |||
Total tax (benefit) expense from items charged directly to member’s equity | (531) | 2,431 | (120) |
CLECO POWER | |||
Components of Income Tax Expense [Line Items] | |||
Current federal income tax (benefit) expense | 11,188 | 4,921 | 0 |
Deferred federal income tax benefit | (20,029) | (1,926) | (23,071) |
Amortization of accumulated deferred investment tax credits | (127) | (134) | (142) |
Total federal income tax (benefit) expense | (8,968) | 2,861 | (23,213) |
Current state income tax (benefit) expense | 5,617 | 2,406 | 0 |
Deferred state income tax (benefit) expense | (1,083) | (2,764) | 13,860 |
Total state income tax (benefit) expense | 4,534 | (358) | 13,860 |
Total tax (benefit) expense | (4,434) | 2,503 | (9,353) |
Items charged or credited directly to member’s equity | |||
Total tax (benefit) expense from items charged directly to member’s equity | (736) | 3,618 | 2,052 |
Total federal and state income tax (benefit) expense | (5,170) | 6,121 | (7,301) |
CLECO POWER | Federal deferred income tax | |||
Items charged or credited directly to member’s equity | |||
Total tax (benefit) expense from items charged directly to member’s equity | (528) | 2,610 | 1,714 |
CLECO POWER | State deferred income tax | |||
Items charged or credited directly to member’s equity | |||
Total tax (benefit) expense from items charged directly to member’s equity | $ (208) | $ 1,008 | $ 338 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accumulated Deferred Federal and State Income Tax Assets and Liabilities [Line Items] | ||
Depreciation and property basis differences | $ (764,958) | $ (869,796) |
Net operating loss carryforward | 57,464 | 135,914 |
NMTC | 78,955 | 88,245 |
Fuel costs | 232 | |
Fuel costs | (41,233) | |
Other comprehensive income | 5,927 | 4,022 |
Regulated operations regulatory liability, net | (161,427) | (114,711) |
Postretirement benefits | 38,282 | 38,418 |
Merger fair value adjustments | (46,052) | (47,929) |
Other | (9,820) | (13,230) |
Accumulated deferred federal and state income taxes, net | (801,397) | (820,300) |
CLECO POWER | ||
Accumulated Deferred Federal and State Income Tax Assets and Liabilities [Line Items] | ||
Depreciation and property basis differences | (699,020) | (754,200) |
Net operating loss carryforward | 35,359 | 94,555 |
Fuel costs | 1,652 | |
Fuel costs | (13,594) | |
Other comprehensive income | 3,336 | 2,604 |
Regulated operations regulatory liability, net | (161,427) | (114,711) |
Postretirement benefits | 25,005 | 24,946 |
Other | (11,465) | (9,727) |
Accumulated deferred federal and state income taxes, net | $ (806,560) | $ (770,127) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation Allowance [Line Items] | |||
Interest payable related to uncertain tax positions | $ 0 | $ 0 | |
Interest expense related to uncertain tax positions | 0 | 0 | $ 0 |
Liability for uncertain tax positions | 0 | 0 | |
Penalties recognized | 0 | 0 | 0 |
Federal | |||
Valuation Allowance [Line Items] | |||
Operating loss carryforwards | 318,000,000 | 538,500,000 | |
State | |||
Valuation Allowance [Line Items] | |||
Operating loss carryforwards | 199,600,000 | 348,200,000 | |
Cleco Power | |||
Valuation Allowance [Line Items] | |||
Interest payable related to uncertain tax positions | 0 | 0 | |
Interest expense related to uncertain tax positions | 0 | 0 | $ 0 |
Liability for uncertain tax positions | 0 | 0 | |
Cleco Power | Federal | |||
Valuation Allowance [Line Items] | |||
Operating loss carryforwards | 220,800,000 | 336,100,000 | |
Cleco Power | State | |||
Valuation Allowance [Line Items] | |||
Operating loss carryforwards | 199,600,000 | 348,200,000 | |
NMTC | |||
Valuation Allowance [Line Items] | |||
NMTC carryforwards | 79,000,000 | $ 88,200,000 | |
Valuation allowance | 0 | ||
NMTC | Cleco Power | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | $ 0 |
Segment Disclosures (Details)
Segment Disclosures (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) reporting_unit | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Apr. 13, 2016 USD ($) | |
Revenue | ||||
Electric operations | $ 1,187,915 | $ 1,513,386 | $ 1,192,569 | |
Other operations | 111,565 | 98,768 | 74,633 | |
Affiliate revenue | 0 | 0 | 0 | |
Electric customer credits | (60,689) | (7,674) | (40,878) | |
Operating revenue, net | 1,238,791 | 1,604,480 | 1,226,324 | |
Net income | (15,227) | 188,811 | 194,966 | |
Add: Depreciation and amortization | 209,389 | 195,819 | 194,993 | |
Less: Interest income | 5,393 | 5,250 | 3,297 | |
Add: Interest charges | 164,856 | 143,956 | 128,798 | |
Add: Federal and state income tax benefit | (65,073) | 20,035 | 1,333 | |
Add (less): Other corporate costs and noncash items | 144,418 | (153,781) | (113,811) | |
Income from continuing operations, net of income taxes | (29,869) | 233,148 | 160,013 | |
Income from discontinued operations, net of income taxes | 14,642 | (44,337) | 34,953 | |
EBITDA | 418,328 | 433,927 | 368,029 | |
Additions to property, plant, and equipment | 230,238 | 236,767 | 311,141 | |
Equity investment in investee | 1,992 | 2,072 | 2,072 | |
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | $ 1,490,000 |
Total segment assets | 8,100,393 | 8,253,749 | 8,125,018 | |
Power supply agreements | ||||
Revenue | ||||
Amortization of intangible assets | 9,454 | 9,680 | 9,680 | |
Cleco Power | ||||
Revenue | ||||
Electric operations | 1,197,369 | 1,523,066 | 1,202,249 | |
Other operations | 111,561 | 98,759 | 74,625 | |
Affiliate revenue | 8,904 | 6,377 | 5,641 | |
Electric customer credits | (60,689) | (7,674) | (40,878) | |
Operating revenue, net | 1,257,145 | 1,620,528 | 1,241,637 | |
Net income | 137,149 | 170,057 | 134,088 | |
Less: Interest income | 5,011 | 5,082 | 3,294 | |
Add: Interest charges | 98,879 | 88,218 | 73,090 | |
Add: Federal and state income tax benefit | (4,434) | 2,503 | (9,353) | |
Equity investment in investee | 1,992 | 2,072 | ||
Total segment assets | 5,429,542 | 5,344,173 | ||
Cleco Cajun | Natural Gas Derivatives | ||||
Revenue | ||||
Net gain (loss) recognized in income on derivatives | $ (116,800) | 180,500 | 134,100 | |
Cleco Power | ||||
Revenue | ||||
Number of reporting units | reporting_unit | 1 | |||
CLECO POWER | ||||
Revenue | ||||
Electric operations | 1,523,066 | 1,202,249 | ||
Other operations | 98,759 | 74,625 | ||
Affiliate revenue | 6,377 | 5,641 | ||
Electric customer credits | (7,674) | (40,878) | ||
Operating revenue, net | 1,620,528 | 1,241,637 | ||
Net income | 170,057 | 134,088 | ||
Add: Depreciation and amortization | 178,231 | 173,498 | ||
Less: Interest income | 5,082 | 3,294 | ||
Add: Interest charges | 88,218 | 73,090 | ||
Add: Federal and state income tax benefit | 2,503 | (9,353) | ||
Income from continuing operations, net of income taxes | 170,057 | 134,088 | ||
Income from discontinued operations, net of income taxes | 0 | 0 | ||
Additions to property, plant, and equipment | 228,940 | 300,957 | ||
Equity investment in investee | 2,072 | 2,072 | ||
Goodwill | 1,490,797 | 1,490,797 | ||
Total segment assets | 6,834,970 | 6,620,298 | ||
CLECO POWER | Cleco Power | ||||
Revenue | ||||
Electric operations | $ 1,197,369 | 1,523,066 | 1,202,249 | |
Other operations | 111,561 | 98,759 | 74,625 | |
Affiliate revenue | 8,904 | 6,377 | 5,641 | |
Electric customer credits | (60,689) | (7,674) | (40,878) | |
Operating revenue, net | 1,257,145 | 1,620,528 | 1,241,637 | |
Net income | 137,149 | 170,057 | 134,088 | |
Add: Depreciation and amortization | 191,745 | 178,231 | 173,498 | |
Less: Interest income | 5,011 | 5,082 | 3,294 | |
Add: Interest charges | 98,879 | 88,218 | 73,090 | |
Add: Federal and state income tax benefit | (4,434) | 2,503 | (9,353) | |
Income from continuing operations, net of income taxes | 137,149 | |||
Income from discontinued operations, net of income taxes | 0 | |||
EBITDA | 418,328 | 433,927 | 368,029 | |
Additions to property, plant, and equipment | 220,982 | |||
Equity investment in investee | 1,992 | |||
Goodwill | 1,490,797 | |||
Total segment assets | 6,920,339 | |||
OTHER | ||||
Revenue | ||||
Electric operations | (9,454) | (9,680) | (9,680) | |
Other operations | 5 | 9 | 8 | |
Affiliate revenue | 120,716 | 109,015 | 113,623 | |
Electric customer credits | 0 | 0 | 0 | |
Operating revenue, net | 111,267 | 99,344 | 103,951 | |
Net income | (152,376) | 18,756 | 60,877 | |
Add: Depreciation and amortization | 17,644 | 17,588 | 21,495 | |
Less: Interest income | 571 | 265 | 125 | |
Add: Interest charges | 66,165 | 55,834 | 55,830 | |
Add: Federal and state income tax benefit | (60,639) | 17,532 | 10,686 | |
Income from continuing operations, net of income taxes | (167,018) | 63,093 | 25,924 | |
Income from discontinued operations, net of income taxes | 14,642 | (44,337) | 34,953 | |
Additions to property, plant, and equipment | 9,256 | 7,827 | 10,184 | |
Equity investment in investee | (467,329) | (320,348) | (46,901) | |
Goodwill | 0 | 0 | 0 | |
Total segment assets | 870,743 | 1,237,096 | 1,723,191 | |
OTHER | Cleco Power | Power supply agreements | ||||
Revenue | ||||
Amortization of intangible assets | 9,500 | 9,700 | 9,700 | |
ELIMINATIONS | ||||
Revenue | ||||
Electric operations | 0 | 0 | 0 | |
Other operations | (1) | 0 | 0 | |
Affiliate revenue | (129,620) | (115,392) | (119,264) | |
Electric customer credits | 0 | 0 | 0 | |
Operating revenue, net | (129,621) | (115,392) | (119,264) | |
Net income | 0 | (2) | 1 | |
Add: Depreciation and amortization | 0 | 0 | 0 | |
Less: Interest income | (189) | (97) | (122) | |
Add: Interest charges | (188) | (96) | (122) | |
Add: Federal and state income tax benefit | 0 | 0 | 0 | |
Income from continuing operations, net of income taxes | 0 | (2) | 1 | |
Income from discontinued operations, net of income taxes | 0 | 0 | 0 | |
Additions to property, plant, and equipment | 0 | 0 | 0 | |
Equity investment in investee | 467,329 | 320,348 | 46,901 | |
Goodwill | 0 | 0 | 0 | |
Total segment assets | $ 309,311 | $ 181,683 | $ (218,471) |
Regulation and Rates - Narrativ
Regulation and Rates - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Sep. 21, 2022 | Jul. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 02, 2024 | Sep. 30, 2022 | Jan. 31, 2022 | Jun. 16, 2021 | |
Public Utilities, General Disclosures [Line Items] | |||||||||
Provision for rate refund | $ 60,768 | $ 3,074 | |||||||
Electric customer credits | 58,700 | 0 | $ 0 | ||||||
Regulatory asset | 571,820 | 564,123 | |||||||
Estimated range of potential loss | 6,700 | ||||||||
Regulatory liabilities - deferred taxes, net | 21,939 | 42,890 | |||||||
Cleco Power | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Regulatory liability | 133,448 | 161,652 | |||||||
Provision for rate refund | 60,768 | 3,074 | |||||||
Electric customer credits | 58,700 | 0 | $ 0 | ||||||
Regulatory asset | 587,661 | 598,100 | |||||||
Regulatory liabilities - deferred taxes, net | 21,939 | 42,890 | |||||||
Cleco Power | St. Mary Clean Energy Center | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Regulatory asset | 3,705 | 4,350 | |||||||
Cleco Power | LPSC | Dolet Hills | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Loss contingency accrual | 58,700 | ||||||||
Cleco Power | LPSC | St. Mary Clean Energy Center | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Disallowed recovery costs | $ 15,000 | ||||||||
Impairment of regulatory asset | 13,800 | ||||||||
Refund to retail customers | 10,400 | ||||||||
Provision for rate refund | 10,400 | $ 10,400 | |||||||
Electric customer credits | 6,600 | ||||||||
Regulatory asset | $ 3,800 | ||||||||
Cleco Power | LPSC | Maximum | Dolet Hills | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Estimated range of potential loss | $ 228,000 | ||||||||
Cleco Power | LPSC | Maximum | Dolet Hills | Subsequent Event | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Estimated range of potential loss | $ 228,000 | ||||||||
Cleco Power | LPSC | Minimum | Dolet Hills | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Estimated range of potential loss | $ 58,700 | ||||||||
Cleco Power | LPSC | Minimum | Dolet Hills | Subsequent Event | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Estimated range of potential loss | $ 58,700 | ||||||||
Cleco Power | FRP | LPSC | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Public utilities, approved return on equity, percentage | 9.50% | ||||||||
Public utilities, return on equity, percentage of retail earnings due to customers, within range | 60% | ||||||||
Public utilities, return on equity for customer refund, low range | 10% | ||||||||
Return on equity for customer refund, high range | 10.50% | ||||||||
Cleco Power | FRP | LPSC | Maximum | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Public utilities, approved return on equity, percentage | 10% | ||||||||
Deferred operations and maintenance costs | Cleco Power | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Regulatory liability | 9,900 | 5,300 | |||||||
Excess ADIT | LPSC | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Regulatory liability | 211,500 | 257,400 | |||||||
Excess ADIT | Cleco Power | LPSC | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Regulatory liability | 211,500 | $ 257,400 | |||||||
Bill credit related to unprotected excess ADIT | $ 2,500 | ||||||||
Regulatory liabilities amortization period | 3 years | ||||||||
Regulatory liabilities - deferred taxes, net | $ 21,900 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Cleco Securitization I Financial Statement Impact (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | ||||
Current restricted cash and cash equivalents | $ 15,818 | $ 23,549 | ||
Total assets | 8,100,393 | 8,253,749 | $ 8,125,018 | |
Long-term debt due within one year | 256,811 | 340,867 | ||
Interest accrued | 22,209 | 25,540 | ||
Long-term debt, net | 3,141,924 | 3,139,094 | ||
Total liabilities | 5,227,220 | 5,306,682 | ||
Member’s equity | 2,873,173 | 2,947,067 | 2,954,156 | $ 2,757,023 |
Total liabilities and member’s equity | 8,100,393 | 8,253,749 | ||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue | 1,238,791 | 1,604,480 | 1,226,324 | |
Operating expenses | (1,179,323) | (1,205,091) | (934,321) | |
Interest income | 5,393 | 5,250 | 3,297 | |
Interest charges, net | (165,529) | (145,773) | (131,512) | |
Income before taxes | (94,942) | 253,183 | 161,346 | |
Securitization | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible asset - securitization | 398,658 | 413,123 | ||
Affiliate | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Accounts receivable - affiliate | 24,216 | 14,613 | ||
Accounts payable - affiliate | 10,683 | 13,092 | ||
Cleco Power | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Current restricted cash and cash equivalents | 15,818 | 23,549 | ||
Total assets | 5,429,542 | 5,344,173 | ||
Long-term debt due within one year | 190,314 | 110,344 | ||
Interest accrued | 11,752 | 15,276 | ||
Long-term debt, net | 1,697,152 | 1,786,447 | ||
Member’s equity | 2,063,237 | 2,022,912 | 1,948,537 | $ 1,807,879 |
Total liabilities and member’s equity | 5,429,542 | 5,344,173 | ||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue | 1,257,145 | 1,620,528 | 1,241,637 | |
Operating expenses | (1,036,281) | (1,361,491) | (1,037,450) | |
Interest income | 5,011 | 5,082 | 3,294 | |
Interest charges, net | (99,552) | (90,035) | (75,804) | |
Income before taxes | 132,715 | 172,560 | $ 124,735 | |
Cleco Power | Securitization | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible asset - securitization | 398,658 | 413,123 | ||
Cleco Power | Affiliate | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Accounts receivable - affiliate | 4,543 | 3,771 | ||
Accounts payable - affiliate | 13,200 | 12,448 | ||
VIE, Primary Beneficiary - Cleco Securitization I | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Current restricted cash and cash equivalents | 15,818 | 14,139 | ||
Total assets | 417,968 | 430,610 | ||
Long-term debt due within one year | 14,499 | 9,574 | ||
Interest accrued | 6,191 | 9,953 | ||
Long-term debt, net | 394,944 | 408,741 | ||
Total liabilities | 415,810 | 428,433 | ||
Member’s equity | 2,158 | 2,177 | ||
Total liabilities and member’s equity | 417,968 | 430,610 | ||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue | 33,913 | 13,181 | ||
Operating expenses | (14,884) | (2,992) | ||
Interest income | 537 | 63 | ||
Interest charges, net | (19,467) | (10,200) | ||
Income before taxes | 99 | 52 | ||
VIE, Primary Beneficiary - Cleco Securitization I | Securitization | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible asset - securitization | 398,658 | 413,123 | ||
VIE, Primary Beneficiary - Cleco Securitization I | Affiliate | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Accounts receivable - affiliate | 3,492 | 3,348 | ||
Accounts payable - affiliate | 176 | 165 | ||
VIE, Primary Beneficiary - Cleco Securitization I | Cleco Power | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Current restricted cash and cash equivalents | 15,818 | 14,139 | ||
Total assets | 417,968 | 430,610 | ||
Long-term debt due within one year | 14,499 | 9,574 | ||
Interest accrued | 6,191 | 9,953 | ||
Long-term debt, net | 394,944 | 408,741 | ||
Total liabilities | 415,810 | 428,433 | ||
Member’s equity | 2,158 | 2,177 | ||
Total liabilities and member’s equity | 417,968 | 430,610 | ||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue | 33,913 | 13,181 | ||
Operating expenses | (14,884) | (2,992) | ||
Interest income | 537 | 63 | ||
Interest charges, net | (19,467) | (10,200) | ||
Income before taxes | 99 | 52 | ||
VIE, Primary Beneficiary - Cleco Securitization I | Cleco Power | Securitization | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible asset - securitization | 398,658 | 413,123 | ||
VIE, Primary Beneficiary - Cleco Securitization I | Cleco Power | Affiliate | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Accounts receivable - affiliate | 3,492 | 3,348 | ||
Accounts payable - affiliate | $ 176 | $ 165 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||
Equity investment in investee | $ 1,992 | $ 2,072 | $ 2,072 |
CLECO POWER | |||
Variable Interest Entity [Line Items] | |||
Equity investment in investee | $ 1,992 | $ 2,072 | |
Variable Interest Entity, Not Primary Beneficiary | CLECO POWER | |||
Variable Interest Entity [Line Items] | |||
Variable interest entity, ownership percentage | 50% | ||
Variable Interest Entity, Not Primary Beneficiary | SWEPCO | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage by other parties | 50% |
Variable Interest Entities - Eq
Variable Interest Entities - Equity Method investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | |||
Total equity investment in investee | $ 1,992 | $ 2,072 | $ 2,072 |
Cleco Power | |||
Variable Interest Entity [Line Items] | |||
Purchase price | 12,873 | 12,873 | |
Cash contributions | 6,399 | 6,399 | |
Distributions | (17,280) | (17,200) | |
Total equity investment in investee | $ 1,992 | $ 2,072 |
Variable Interest Entities - Ca
Variable Interest Entities - Carrying Amount of Assets and Liabilities with Maximum Exposure to Loss (Details) - Cleco Power - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Oxbow’s net assets/liabilities | $ 3,985 | $ 4,145 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Cleco Power’s 50% equity | 1,992 | 2,072 |
Cleco Power’s maximum exposure to loss | $ 1,992 | $ 2,072 |
Variable Interest Entities - _2
Variable Interest Entities - Summarized Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||
Current assets | $ 790,667 | $ 783,867 | |
Total assets | 8,100,393 | 8,253,749 | $ 8,125,018 |
Current liabilities | 808,136 | 872,697 | |
Total liabilities and member’s equity | 8,100,393 | 8,253,749 | |
Operating revenue | 1,238,791 | 1,604,480 | 1,226,324 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Variable Interest Entity [Line Items] | |||
Current assets | 5,385 | 6,187 | |
Property, plant, and equipment, net | 3,638 | 3,798 | |
Total assets | 9,023 | 9,985 | |
Current liabilities | 336 | 395 | |
Other liabilities | 4,702 | 5,445 | |
Partners’ capital | 3,985 | 4,145 | |
Total liabilities and member’s equity | 9,023 | 9,985 | |
Operating revenue | 327 | 332 | 5,155 |
Operating expenses | (424) | (332) | (5,155) |
Interest income | 97 | 0 | 0 |
Income before taxes | $ 0 | $ 0 | $ 0 |
Litigation, Other Commitments_3
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||
Apr. 13, 2016 claim | Dec. 31, 2023 USD ($) | Apr. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Aug. 31, 2022 USD ($) | Sep. 30, 2015 USD ($) | Dec. 31, 2014 claim | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 02, 2024 USD ($) | Jan. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Feb. 29, 2020 USD ($) | |
Litigation [Line Items] | ||||||||||||||
Estimated range of potential loss | $ 6,700,000 | $ 6,700,000 | ||||||||||||
Assets held as collateral for third parties | 0 | |||||||||||||
Unrecorded unconditional purchase obligation | 159,893,000 | 159,893,000 | ||||||||||||
Payments under long-term purchase obligations | 79,200,000 | $ 52,900,000 | $ 52,000,000 | |||||||||||
Performance Guarantee | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Maximum amount of potential payment | 42,400,000 | 42,400,000 | ||||||||||||
Indemnification Agreement | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Maximum amount of potential payment | 40,000,000 | 40,000,000 | ||||||||||||
Indemnification Agreement, Including Fundamental Organizational Structure | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Maximum amount of potential payment | 400,000,000 | 400,000,000 | ||||||||||||
Cleco Power | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Assets held as collateral for third parties | 0 | |||||||||||||
Unrecorded unconditional purchase obligation | 149,751,000 | 149,751,000 | ||||||||||||
Payments under long-term purchase obligations | 70,500,000 | 49,000,000 | 43,300,000 | |||||||||||
Decrease in ARO balance | (4,700,000) | |||||||||||||
Cleco Power | Indemnification Agreement | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Maximum amount of potential payment | 40,000,000 | 40,000,000 | ||||||||||||
Cleco Power | Indemnification Agreement, Including Fundamental Organizational Structure | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Maximum amount of potential payment | 400,000,000 | 400,000,000 | ||||||||||||
Cleco Power | LPSC | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Recovery of from energy efficiency programs | $ 8,500,000 | $ 6,800,000 | ||||||||||||
Cleco Power | LPSC | Dolet Hills | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Maximum estimated costs unrecoverable | $ 228,000,000 | |||||||||||||
Loss contingency accrual | 58,700,000 | 58,700,000 | ||||||||||||
Cleco Power | LPSC | Dolet Hills | Minimum | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Estimated range of potential loss | $ 58,700,000 | |||||||||||||
Cleco Power | LPSC | Dolet Hills | Minimum | Subsequent Event | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Estimated range of potential loss | $ 58,700,000 | |||||||||||||
Cleco Power | LPSC | Dolet Hills | Maximum | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Estimated range of potential loss | $ 228,000,000 | |||||||||||||
Cleco Power | LPSC | Dolet Hills | Maximum | Subsequent Event | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Estimated range of potential loss | $ 228,000,000 | |||||||||||||
Cleco Power | Deferred taxes, net | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Capitalized storm restoration costs | $ 50,000,000 | |||||||||||||
Cleco Power | LPSC 2020-2020 Fuel Audit | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Fuel expenses included in audit | 1,100,000,000 | |||||||||||||
Cleco Power | LPSC 2020-2022 Environmental Audit | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Fuel expenses included in audit | $ 38,300,000 | |||||||||||||
Cleco Holdings | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Unrecorded unconditional purchase obligation | 0 | 0 | ||||||||||||
Cleco Cajun | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Decrease in ARO balance | $ 19,500,000 | |||||||||||||
Indemnification assets, maximum environmental costs | 25,000,000 | 25,000,000 | ||||||||||||
Indemnification assets | $ 18,300,000 | $ 18,300,000 | ||||||||||||
Gulf Coast Spinning Start Up Costs | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Startup costs | $ 6,500,000 | |||||||||||||
Gulf Coast Spinning Construction Of Cotton Spinning Facility | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Startup costs | $ 60,000,000 | |||||||||||||
Gulf Coast Spinning Construction Of Cotton Spinning Facility | Diversified Lands LLC | Gulf Coast Spinning Company, LLC | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Loans payable | $ 2,000,000 | |||||||||||||
Actions Filed In The 9th Judicial District Court | Alleged Breach of Fiduciary Duties | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Number of actions filed | claim | 4 | |||||||||||||
Actions Filed In The Civil District Court | Alleged Breach of Fiduciary Duties | ||||||||||||||
Litigation [Line Items] | ||||||||||||||
Number of actions filed | claim | 3 | 3 |
Litigation, Other Commitments_4
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees -Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
FUTURE PAYMENTS UNDER LONG-TERM PURCHASE OBLIGATIONS | |||
2024 | $ 77,254 | ||
2025 | 22,192 | ||
2026 | 9,265 | ||
2027 | 8,737 | ||
2028 | 8,637 | ||
Thereafter | 33,808 | ||
Total long-term purchase obligations | 159,893 | ||
Payments under long-term purchase obligations | 79,200 | $ 52,900 | $ 52,000 |
CLECO POWER | |||
FUTURE PAYMENTS UNDER LONG-TERM PURCHASE OBLIGATIONS | |||
2024 | 72,382 | ||
2025 | 17,543 | ||
2026 | 8,723 | ||
2027 | 8,658 | ||
2028 | 8,637 | ||
Thereafter | 33,808 | ||
Total long-term purchase obligations | 149,751 | ||
Payments under long-term purchase obligations | $ 70,500 | $ 49,000 | $ 43,300 |
Affiliate Transactions - Narrat
Affiliate Transactions - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Affiliate | |||
Affiliate Transaction [Line Items] | |||
Accounts receivable - affiliate | $ 24,216,000 | $ 14,613,000 | |
Accounts payable | 10,683,000 | 13,092,000 | |
Affiliate | CLECO POWER | |||
Affiliate Transaction [Line Items] | |||
Accounts receivable - affiliate | 4,543,000 | 3,771,000 | |
Accounts payable | 13,200,000 | 12,448,000 | |
Cleco Holdings | |||
Affiliate Transaction [Line Items] | |||
Distributions to member | 53,500,000 | 219,600,000 | $ 0 |
Contributions from member | 0 | 0 | 0 |
Cleco Holdings | CLECO POWER | |||
Affiliate Transaction [Line Items] | |||
Distributions to member | 94,800,000 | 105,500,000 | 0 |
Contributions from member | $ 0 | $ 0 | $ 0 |
Affiliate Transactions - Summar
Affiliate Transactions - Summary of Charges From Affiliates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Affiliate Transaction [Line Items] | |||
Other operations and maintenance | $ 248,085 | $ 230,175 | $ 239,212 |
Other expense | 694 | 11,240 | 15,061 |
Cleco Power | |||
Affiliate Transaction [Line Items] | |||
Other operations and maintenance | 233,863 | 216,851 | 223,257 |
Other expense | 28 | 7,081 | 19,561 |
Cleco Power | Support Group | |||
Affiliate Transaction [Line Items] | |||
Other operations and maintenance | 96,907 | 87,830 | 91,915 |
Taxes other than income taxes | 65 | (41) | 40 |
Other expense | $ 92 | $ 60 | $ 35 |
Affiliate Transactions - Summ_2
Affiliate Transactions - Summary of Revenue Received From Affiliates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Affiliate Transaction [Line Items] | |||
Affiliate revenue | $ 0 | $ 0 | $ 0 |
Cleco Power | |||
Affiliate Transaction [Line Items] | |||
Affiliate revenue | 8,904 | 6,377 | 5,641 |
Total | 19,112 | 16,590 | 13,257 |
Cleco Power | Support Group | |||
Affiliate Transaction [Line Items] | |||
Affiliate revenue | 5,651 | 5,475 | 4,783 |
Cleco Power | Cleco Cajun | |||
Affiliate Transaction [Line Items] | |||
Other operations revenue | 10,208 | 10,213 | 7,616 |
Affiliate revenue | $ 3,253 | $ 902 | $ 858 |
Affiliate Transactions - Summ_3
Affiliate Transactions - Summary of Balances Payable To or Due From Affiliates (Details) - Cleco Power - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Affiliate Transaction [Line Items] | ||
Accounts receivable - affiliate | $ 4,543 | $ 3,771 |
Accounts payable - affiliate | 13,200 | 12,448 |
Cleco Holdings | ||
Affiliate Transaction [Line Items] | ||
Accounts receivable - affiliate | 14 | 5 |
Accounts payable - affiliate | 367 | 1,138 |
Support Group | ||
Affiliate Transaction [Line Items] | ||
Accounts receivable - affiliate | 1,104 | 2,299 |
Accounts payable - affiliate | 12,833 | 11,305 |
Cleco Cajun | ||
Affiliate Transaction [Line Items] | ||
Accounts receivable - affiliate | 3,425 | 1,467 |
Accounts payable - affiliate | $ 0 | $ 5 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Narrative (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Aug. 01, 2023 USD ($) | Jun. 22, 2022 USD ($) | Aug. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Apr. 13, 2016 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Estimated amortization expense expected to be recognized over next five years | $ 744,000 | |||||||
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Depreciation and amortization | |||||||
Impairments for intangibles | 0 | $ 0 | $ 0 | |||||
Goodwill | 1,490,797,000 | 1,490,797,000 | 1,490,797,000 | $ 1,490,000,000 | ||||
Impairment of goodwill | $ 0 | |||||||
Securitization | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-lived intangible assets acquired | $ 415,900,000 | |||||||
Amortization of intangible assets | 14,500,000 | 2,800,000 | ||||||
Estimated amortization expense expected to be recognized over next five years | 75,400,000 | |||||||
Intangible assets | 398,658,000 | 413,123,000 | ||||||
Power supply agreements | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Amortization of intangible assets | 9,454,000 | 9,680,000 | 9,680,000 | |||||
Residual value | $ 0 | |||||||
Power supply agreements | Minimum | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Intangible asset expected useful life | 8 years | |||||||
Power supply agreements | Maximum | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Intangible asset expected useful life | 19 years | |||||||
Trade name | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Amortization of intangible assets | $ 0 | $ 0 | $ 3,897,000 | |||||
Impairments for intangibles | $ 3,800,000 | |||||||
Intangible assets | $ 0 | |||||||
Trade name | Level 3 | Average rate | Discounted Cash Flow | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Measurement input | 0.08 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Schedule of Securitized Intangible Assets Subject to Amortization (Details) - Securitization - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Storm Recovery Property intangible asset | $ 415,946 | $ 415,946 |
Accumulated amortization | (17,288) | (2,823) |
Net intangible asset subject to amortization | 398,658 | 413,123 |
Cleco Power | ||
Finite-Lived Intangible Assets [Line Items] | ||
Storm Recovery Property intangible asset | 415,946 | 415,946 |
Accumulated amortization | (17,288) | (2,823) |
Net intangible asset subject to amortization | $ 398,658 | $ 413,123 |
Intangible Assets and Goodwill-
Intangible Assets and Goodwill- Schedule of Other Amortization of Intangible Assets and Liabilities (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Other impairments for intangibles | $ 0 | $ 0 | $ 0 | |
Trade name | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 0 | 0 | 3,897,000 | |
Other impairments for intangibles | $ 3,800,000 | |||
Power supply agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 9,454,000 | $ 9,680,000 | $ 9,680,000 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (74,471) | $ (65,018) |
Net intangible assets subject to amortization | 10,633 | 20,086 |
Power supply agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Power supply agreements intangible assets | $ 85,104 | $ 85,104 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Expected Amortization Expense (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
INTANGIBLE ASSETS | |
2024 | $ 2,881 |
2025 | 744 |
2026 | 744 |
2027 | 744 |
2028 | 744 |
Thereafter | $ 4,775 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | $ 2,947,067 | $ 2,954,156 | $ 2,757,023 |
Other comprehensive income before reclassifications | |||
Balance, end of period | 2,873,173 | 2,947,067 | 2,954,156 |
Cleco Power | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | 2,022,912 | 1,948,537 | 1,807,879 |
Other comprehensive income before reclassifications | |||
Postretirement benefit adjustments incurred during the year | (2,623) | 8,339 | 4,606 |
Balance, end of period | 2,063,237 | 2,022,912 | 1,948,537 |
TOTAL AOCI | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | 59 | (23,629) | (25,796) |
Other comprehensive income before reclassifications | |||
Balance, end of period | (5,112) | 59 | (23,629) |
TOTAL AOCI | Cleco Power | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (8,365) | (18,183) | (24,753) |
Other comprehensive income before reclassifications | |||
Balance, end of period | (10,351) | (8,365) | (18,183) |
POSTRETIREMENT BENEFIT NET GAIN (LOSS) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | 59 | (23,629) | (25,796) |
Other comprehensive income before reclassifications | |||
Postretirement benefit adjustments incurred during the year | (3,482) | 23,647 | 1,470 |
Amounts reclassified from accumulated other comprehensive loss | (1,689) | 41 | 697 |
Balance, end of period | (5,112) | 59 | (23,629) |
POSTRETIREMENT BENEFIT NET GAIN (LOSS) | Cleco Power | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (3,318) | (12,885) | (19,139) |
Other comprehensive income before reclassifications | |||
Postretirement benefit adjustments incurred during the year | (2,623) | 8,339 | 4,606 |
Amounts reclassified from accumulated other comprehensive loss | 386 | 1,228 | 1,648 |
Balance, end of period | (5,555) | (3,318) | (12,885) |
NET (LOSS) GAIN ON CASH FLOW HEDGES | Cleco Power | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (5,047) | (5,298) | (5,614) |
Other comprehensive income before reclassifications | |||
Amounts reclassified from accumulated other comprehensive loss | (251) | (251) | (316) |
Balance, end of period | $ (4,796) | $ (5,047) | $ (5,298) |
Schedule I Financial Statemen_2
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating expenses | |||
Total operating expenses | $ 1,179,323 | $ 1,205,091 | $ 934,321 |
Operating income | 59,468 | 399,389 | 292,003 |
Other income (expense), net | (694) | (11,240) | (15,061) |
(Loss) income from continuing operations before income taxes | (94,942) | 253,183 | 161,346 |
Federal and state income tax (benefit) expense | (65,073) | 20,035 | 1,333 |
Net (loss) income | (15,227) | 188,811 | 194,966 |
Parent Company | |||
Operating expenses | |||
Administrative and general | 1,206 | 1,088 | 1,644 |
Merger transaction costs | 665 | 228 | 436 |
Other operating expense | 268 | 246 | 247 |
Total operating expenses | 2,139 | 1,562 | 2,327 |
Operating income | (2,139) | (1,562) | (2,327) |
Equity income from subsidiaries, net of tax | 39,874 | 231,702 | 234,512 |
Interest, net | (74,578) | (62,267) | (60,461) |
Other income (expense), net | 2,568 | (724) | 8,788 |
(Loss) income from continuing operations before income taxes | (34,275) | 167,149 | 180,512 |
Federal and state income tax (benefit) expense | (19,048) | (21,662) | (14,454) |
Net (loss) income | $ (15,227) | $ 188,811 | $ 194,966 |
Schedule I Financial Statemen_3
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Statements of Comprehensive Income [Abstract] | |||
Net income | $ (15,227) | $ 188,811 | $ 194,966 |
Other comprehensive income (loss), net of tax | |||
Postretirement benefits (loss) gain , net of tax (benefit) expense | (5,171) | 23,688 | 2,167 |
Total other comprehensive (loss) income, net of tax | (5,171) | 23,688 | 2,167 |
Comprehensive (loss) income, net of tax | (20,398) | 212,499 | 197,133 |
Tax (expense) benefit of postretirement benefits gain (loss) | 1,905 | (8,728) | (394) |
Parent Company | |||
Condensed Statements of Comprehensive Income [Abstract] | |||
Net income | (15,227) | 188,811 | 194,966 |
Other comprehensive income (loss), net of tax | |||
Postretirement benefits (loss) gain , net of tax (benefit) expense | (5,171) | 23,688 | 2,167 |
Total other comprehensive (loss) income, net of tax | (5,171) | 23,688 | 2,167 |
Comprehensive (loss) income, net of tax | (20,398) | 212,499 | 197,133 |
Tax (expense) benefit of postretirement benefits gain (loss) | $ 1,905 | $ (8,728) | $ (394) |
Schedule I Financial Statemen_4
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||||
Cash and cash equivalents | $ 122,576 | $ 54,541 | ||
Other accounts receivable | 30,518 | 38,332 | ||
Cash surrender value of company-owned life insurance policies | 56,922 | 52,859 | ||
Other current assets | 918 | 838 | ||
Total current assets | 790,667 | 783,867 | ||
Equity investment in subsidiaries | 1,992 | 2,072 | $ 2,072 | |
Other deferred charges | 24,484 | 28,169 | ||
Total assets | 8,100,393 | 8,253,749 | 8,125,018 | |
Current liabilities | ||||
Long-term debt due within one year | 66,497 | 230,524 | ||
Short-term debt | 110,000 | 109,000 | ||
Taxes payable | 19,963 | 17,448 | ||
Interest accrued | 22,209 | 25,540 | ||
Deferred compensation | 14,277 | 12,162 | ||
Other current liabilities | 24,378 | 20,248 | ||
Total current liabilities | 808,136 | 872,697 | ||
Postretirement benefit obligations | 196,321 | 200,580 | ||
Other deferred credits | 34,186 | 25,113 | ||
Total liabilities | 5,227,220 | 5,306,682 | ||
Commitments and contingencies (Note 5) | ||||
Member’s equity | ||||
Member’s equity | 2,873,173 | 2,947,067 | $ 2,954,156 | $ 2,757,023 |
Total liabilities and member’s equity | 8,100,393 | 8,253,749 | ||
Affiliate | ||||
Current assets | ||||
Accounts receivable - affiliate | 24,216 | 14,613 | ||
Current liabilities | ||||
Accounts payable | 10,683 | 13,092 | ||
Parent Company | ||||
Current assets | ||||
Cash and cash equivalents | 5,153 | 2,556 | ||
Other accounts receivable | 2,441 | 1,781 | ||
Taxes receivable, net | 44,025 | 13,242 | ||
Cash surrender value of company-owned life insurance policies | 47,129 | 43,388 | ||
Other current assets | 66 | 65 | ||
Total current assets | 137,178 | 92,274 | ||
Equity investment in subsidiaries | 4,180,082 | 4,292,018 | ||
Accumulated deferred federal and state income taxes, net | 123,950 | 145,513 | ||
Other deferred charges | 570 | 788 | ||
Total assets | 4,441,780 | 4,530,593 | ||
Current liabilities | ||||
Long-term debt due within one year | 66,497 | 230,523 | ||
Accounts payable | 842 | 1,900 | ||
Short-term debt | 110,000 | 64,000 | ||
Taxes payable | 6 | 33 | ||
Interest accrued | 10,458 | 10,264 | ||
Deferred compensation | 14,277 | 12,162 | ||
Other current liabilities | 255 | 749 | ||
Total current liabilities | 222,270 | 337,127 | ||
Postretirement benefit obligations | 2,851 | 2,774 | ||
Other deferred credits | 313 | 313 | ||
Long-term debt, net | 1,343,173 | 1,243,312 | ||
Total liabilities | 1,568,607 | 1,583,526 | ||
Commitments and contingencies (Note 5) | ||||
Member’s equity | ||||
Member’s equity | 2,873,173 | 2,947,067 | ||
Total liabilities and member’s equity | 4,441,780 | 4,530,593 | ||
Parent Company | Affiliate | ||||
Current assets | ||||
Accounts receivable - affiliate | 38,364 | 31,242 | ||
Current liabilities | ||||
Accounts payable | $ 19,935 | $ 17,496 |
Schedule I Financial Statemen_5
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Operating activities | |||||
Net cash provided by operating activities | $ 421,192 | $ 344,912 | $ 182,640 | ||
Investing activities | |||||
Return on investment in trust-owned life insurance policies | 417 | 41,671 | 820 | ||
Net cash used in investing activities | (227,816) | (193,257) | (300,833) | ||
Financing activities | |||||
Payment of financing costs | (375) | (6,968) | (4,408) | ||
Distributions to member | (53,496) | (219,588) | 0 | ||
Net cash used in financing activities | (128,881) | (111,065) | 178,910 | ||
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 64,495 | 40,590 | 60,717 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 191,572 | [1] | 150,982 | 90,265 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 256,067 | [1] | 191,572 | [1] | 150,982 |
Supplementary cash flow information | |||||
Interest paid, net of amount capitalized | 170,680 | 131,760 | 126,061 | ||
Income taxes paid, net | 2,162 | 0 | 72 | ||
Parent Company | |||||
Operating activities | |||||
Net cash provided by operating activities | 75,548 | 180,270 | 56,054 | ||
Investing activities | |||||
Return on investment in trust-owned life insurance policies | 417 | 35,175 | 0 | ||
Net cash used in investing activities | 417 | 35,175 | 0 | ||
Financing activities | |||||
Draws on revolving credit facilities | 100,000 | 64,000 | 0 | ||
Payments on revolving credit facilities | (54,000) | 0 | 0 | ||
Repayments of long-term debt | (65,600) | (67,700) | (66,000) | ||
Payment of financing costs | (272) | (9) | (1,268) | ||
Distributions to member | (53,496) | (219,588) | 0 | ||
Net cash used in financing activities | (73,368) | (223,297) | (67,268) | ||
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 2,597 | (7,852) | (11,214) | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 2,556 | 10,408 | 21,622 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 5,153 | 2,556 | 10,408 | ||
Supplementary cash flow information | |||||
Interest paid, net of amount capitalized | 72,537 | 59,848 | 57,688 | ||
Income taxes paid, net | $ 2,162 | $ 0 | $ 0 | ||
[1] (1) Includes cash and cash equivalents of $54,541, current restricted cash and cash equivalents of $23,549, and non-current restricted cash and cash equivalents of $109,415. Also includes cash, cash equivalents, and restricted cash equivalents in assets held for sale of $4,067. (2) Includes cash and cash equivalents of $122,576, current restricted cash and cash equivalents of $15,818, and non-current restricted cash and cash equivalents of $113,573. Also includes cash, cash equivalents, and restricted cash equivalents in assets held for sale of $4,100. |
Schedule I Financial Statemen_6
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Summary of Significant Accounting Policies (Details) - Parent Company $ in Millions | Dec. 31, 2023 USD ($) |
Condensed Financial Statements, Captions [Line Items] | |
Percent of restricted consolidated net assets of consolidated subsidiaries exceeding total consolidated net assets (in hundredths) | 25% |
Restricted net assets of consolidated subsidiaries | $ 1,360 |
Schedule I Financial Statemen_7
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Debt (Details) | 12 Months Ended | |||||
May 01, 2023 USD ($) | May 21, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 14, 2023 USD ($) | |
Condensed Financial Statements, Captions [Line Items] | ||||||
Long-term debt due within one year | $ 66,497,000 | $ 230,524,000 | ||||
For the year ending Dec. 31, | ||||||
2020 | 133,300,000 | |||||
2021 | 200,000,000 | |||||
2022 | 267,700,000 | |||||
2023 | 333,300,000 | |||||
NRG South Central | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Repayments of long-term debt | 400,000,000 | |||||
Cleco Power | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Long-term debt due within one year | 189,389,000 | 109,508,000 | ||||
Senior notes, 3.08%, due 2023 | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Aggregate principal amount | 100,000,000 | |||||
Senior notes, 3.08%, due 2023 | Secured Overnight Financing Rate (SOFR) | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Basis spread on variable rate | 1.725% | |||||
Senior notes, 3.08%, due 2023 | Cleco Power | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Aggregate principal amount | $ 165,000,000 | $ 100,000,000 | ||||
Line of Credit | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Outstanding borrowings | 0 | $ 0 | ||||
Line of Credit | Cleco Power | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Outstanding borrowings | $ 0 | 0 | ||||
Revolving Credit Facility | Line of Credit | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Commitment fees | 0.275% | |||||
Interest rate, potential additional interest | 0.125% | |||||
Commitment fee, potential additional fee | 0.05% | |||||
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Basis spread on variable rate | 1.725% | |||||
Revolving Credit Facility | Line of Credit | ABR | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Basis spread on variable rate | 0.625% | |||||
Revolving Credit Facility | Line of Credit | Cleco Power | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Commitment fees | 0.15% | |||||
Interest rate, potential additional interest | 0.125% | |||||
Commitment fee, potential additional fee | 0.025% | |||||
Revolving Credit Facility | Line of Credit | Cleco Power | Secured Overnight Financing Rate (SOFR) | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Basis spread on variable rate | 1.35% | |||||
Revolving Credit Facility | Line of Credit | Cleco Power | ABR | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Basis spread on variable rate | 0.25% | |||||
Parent Company | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Long-term debt outstanding | $ 1,410,000,000 | |||||
Long-term debt due within one year | 66,497,000 | 230,523,000 | ||||
Debt to capital ratio | 0.650 | |||||
Repayments of long-term debt | 65,600,000 | 67,700,000 | $ 66,000,000 | |||
For the year ending Dec. 31, | ||||||
2019 | 66,700,000 | |||||
2020 | 133,300,000 | |||||
2021 | 200,000,000 | |||||
2022 | 267,700,000 | |||||
2023 | 333,300,000 | |||||
2024 | 400,000,000 | |||||
For the year ending Dec. 31, | ||||||
2024 | 66,700,000 | |||||
2025 | 165,000,000 | |||||
2026 | 535,000,000 | |||||
2027 | 0 | |||||
2028 | 0 | |||||
Thereafter | 650,000,000 | |||||
Parent Company | NRG South Central | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Repayments of long-term debt | 400,000,000 | |||||
Parent Company | Cleco Cajun Transaction Commitments | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Long-term debt due within one year | 66,700,000 | |||||
Parent Company | Line of Credit | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Aggregate principal amount | $ 175,000,000 | |||||
Parent Company | Revolving Credit Facility | Line of Credit | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Outstanding borrowings | 110,000,000 | $ 64,000,000 | ||||
Revolving credit facility | $ 175,000,000 | |||||
Weighted average all-in interest rate | 7.079% | |||||
Commitment fees | 0.275% | |||||
Interest rate, potential additional interest | 0.125% | |||||
Commitment fee, potential additional fee | 0.05% | |||||
Parent Company | Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Basis spread on variable rate | 1.725% | |||||
Parent Company | Revolving Credit Facility | Line of Credit | ABR | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Basis spread on variable rate | 0.625% |
Schedule I Financial Statemen_8
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Cash Distributions and Equity Contributions (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | May 21, 2021 | |
Cleco Holdings | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contribution from member/parent | $ 0 | $ 0 | $ 0 | |
Contributions from member | 53,500,000 | 219,600,000 | 0 | |
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Ratio of total indebtedness to total capitalization | 0.650 | |||
Cash distributions received from affiliates | 134,838,000 | 242,500,000 | 111,000,000 | |
Parent Company | CLECO POWER | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash distributions received from affiliates | 94,838,000 | 105,500,000 | 0 | |
Parent Company | Cleco Cajun | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash distributions received from affiliates | 40,000,000 | 137,000,000 | 111,000,000 | |
Parent Company | Cleco Holdings | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contributions made to affiliates | 0 | 0 | 0 | |
Contribution from member/parent | 0 | 0 | 0 | |
Contributions from member | $ 53,500,000 | 219,600,000 | 0 | |
Maximum | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Ratio of total indebtedness to total capitalization | 0.65 | |||
CLECO POWER | Cleco Holdings | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contribution from member/parent | $ 0 | 0 | 0 | |
Contributions from member | $ 94,800,000 | $ 105,500,000 | $ 0 | |
CLECO POWER | Maximum | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Ratio of total indebtedness to total capitalization | 0.650 |
Schedule I Financial Statemen_9
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | |||
Federal and state income tax (benefit) expense | $ (65,073) | $ 20,035 | $ 1,333 |
Parent Company | |||
Income Tax Contingency [Line Items] | |||
Federal and state income tax (benefit) expense | (19,048) | (21,662) | (14,454) |
Equity income from subsidiaries - federal and state income tax (benefit) expense | $ (44,268) | $ 22,579 | $ 27,565 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Credit Losses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
BALANCE AT BEGINNING OF PERIOD | $ 1,147 | $ 1,302 | $ 2,758 |
ADDITIONS | 6,804 | 4,645 | 5,463 |
DEDUCTIONS | 4,939 | 4,800 | 6,919 |
BALANCE AT END OF PERIOD | 3,012 | 1,147 | 1,302 |
CLECO POWER | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
BALANCE AT BEGINNING OF PERIOD | 1,147 | 1,302 | 2,758 |
ADDITIONS | 6,804 | 4,645 | 5,463 |
DEDUCTIONS | 4,939 | 4,800 | 6,919 |
BALANCE AT END OF PERIOD | $ 3,012 | $ 1,147 | $ 1,302 |