Exhibit 99.2
Cleco Corporation
Berenson & Company and The Williams Capital Group Southeast Seminar March 23, 2005
David M. Eppler President & CEO
Forward-Looking Statements
This presentation contains forward-looking statements about future results and circumstances with respect to which there are many risks and uncertainties.
Although the company believes that expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurances that these expectations will prove to be correct or that other benefits anticipated in the forward-looking statements will be achieved. For a discussion of risk factors and other factors that may cause the company’s actual results to differ materially from those contemplated in its forward-looking statements, please refer to the company’s filings with the SEC.
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Agenda
2004 accomplishments Strategic overview Cleco Power Cleco Midstream Cleco’s financials:
Stock performance Earnings Metrics
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Cleco’s Story
Premier regional energy provider Experienced management team Leading Louisiana utility
Stable customer base RFP process under way
Long record of providing solid returns to shareholders
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Cleco: 70 years of service
Profile: Regional energy provider with electric utility and wholesale generation subsidiaries
Foundation: Integrated, regulated utility serves approximately 265,000 customers in Louisiana
Competitive: Wholesale generation portfolio of 2,100 MW (65% under long-term contract, 100% excluding Perryville)*
Regulated
Unregulated
*Portfolio includes 718-megawatt Perryville plant, the sale of which to Entergy Louisiana Inc. is pending. Among other closing conditions, the sale needs approval of state and federal regulators.
Entergy is buying the plant’s output in the interim.
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2004 Top Accomplishments
Strengthened balance sheet Improved liquidity Executed Perryville sale agreement Received third consecutive EEI award Ranked among top investor-owned utilities in customer satisfaction
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Strategic Overview
Grow regulated utility
Secure cost-effective, diversified fuel supply Position utility among leaders in customer service, reliability Grow utility through economic development
Maximize earnings and cash flow from wholesale generation assets Maintain investment grade rating
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Generation Situation
IRP forecasts needs 30 years out
Supply Demand Fuel pricing
Objective:
Lower fuel costs Diversify fuel mix Find reliable, long-term power supply
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Cleco Power RFP Underway
Capacity Needs
1,000 MW to replace expiring contracts and allow for future load growth Up to 800 MW of stable priced capacity to replace older gas-fired plants
Process
Evaluate RFP responses, including self-build options Secure long-term power supply at more stable, competitive prices
August 2004
February 2005
April 2005
Mid-2005
Final RFP Issued
Binding bids submitted
Winners notified
Plan to LPSC
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Strengthening Customer Bonds
Aligning organization to enhance community, customer relations Combining customer care and distribution functions Giving local managers more decision-making authority Empowering employees to address customer service issues Keeping centralized functions in key areas
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Constructive Regulatory Relations
Rate stabilization plan
Extended to September 2005 Evaluating next steps
Resolved past trading transaction issues
Settlement with FERC completed 2003 2001-02 fuel audit and trading issues settled with LPSC in 2004
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Economic Success
Economic growth expected to be slow, steady Ranked by Site Selection magazine among Top 10 utilities in attracting capital investment on a per capita basis in 2003 Experiencing success $125 million Procter & Gamble expansion
3 Procter & Gamble vendors built new plants adjacent to expansion – total $52 million. $100 million Union Tank Car Co. plant
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Midstream Operations
Maximizing cash flow and earnings from remaining assets Restructuring efforts
Sale of Cleco Energy
Monitoring counterparty risk
Williams
Improving credit picture
Calpine
Selling assets, contracts to meet debt obligations
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Perryville Sale Pending
Sale to Entergy Louisiana Inc. pending LPSC and federal approvals
Concurrent Chapter 11 filing of Perryville subs FERC decided restructured deal not jurisdictional Entergy currently purchasing plant’s output
Mirant 2003 bankruptcy filing resulted in default on Perryville’s $133 million project bank loan Recognized $91 million after-tax impairment charge in 2003 Continue to pursue damages resulting from Mirant rejection of tolling agreement
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Total Shareholder Return
4000 3500 3000 2500 2000 1500 1000 500 0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Cleco
S&P 500 Index
Dow Jones Utilities
Philadelphia Utility Avg.
Cleco —$2,908.75
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Earnings & Dividends $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00
‘00 ‘01 ‘02 ‘03* ‘04
Diluted EPS
Dividends $1.36 $0.85 $1.47 $0.87 $1.47 $0.90 $1.15 $0.90 $1.32 $0.90
EPS Guidance for 2005: $1.35 to $1.40
2003 Excludes $1.94 of Perryville asset-impairment charges. If the charges were included in 2003 results, the net loss would have been $0.79 per share.
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Liquidity & Cash Balances Stronger $68M* debt retired in 2004 $98M* debt retired in 2003 $35.7M equity issuance 11/2004 $100M Senior Notes due June
Projections show bonds can be refinanced with cash and portion of $150 credit facility (assuming no cash proceeds from Perryville)
Cash balance and total liquidity 12/31/04
Corporate: Cash balance $69M, total liquidity — $176M Cleco Power: Cash balance $53.1M, total liquidity — $178M
* Recourse debt only
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Increased Liquidity Cushion
At December 31, 2004. Cleco Corp. Cleco Power Total
Credit Facility Capacity $150 $125 $275
Credit Facility Available* 107 125 232
Cash/Cash Equivalents 69 53 122
Total Liquidity $176 $178 $354
200 150 100 50 0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Debt Maturity Schedule
Total Maturities $550 million
Cleco Corp
Cleco Power
*Takes into account approximately $18 million in contingent obligations and $25 million total indebtedness borrowing restriction.
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Est. Annual Avg. Cash Availability
2005 — 2009E *
(in millions)
Cleco Power distributions to parent $56
Cleco Midstream distributions to parent 24
Cleco Midstream interest charges paid to parent 10
$90
Holding company interest charges (5)
Corporate dividends paid to common shareholders (46)
$(51)
*Assumes Acadia and Evangeline tolling agreements continue. Includes assumptions concerning renewal of rate stabilization plan.
Excludes potential proceeds from sale of Perryville plant or settlement of Mirant claim. Does not include any investment in Cleco Power’s integrated resource plan.
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Improving Capital Structure
(Excludes Perryville loans)
As of December 31, 2004
120 100 80 60 40 20 0
Capitalization Without Evg. Debt
Capitalization With Evg. Debt
52
48
26
39
35
Evangeline Nonrecourse Debt
Recourse Debt
Equity
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Preserving Shareholder Value
Strategy focused on utility
Historically stable regulatory environment Solid financial picture Proven leadership team Near-term challenges
Cleco Power RFP outcome/rate plan Completion of Perryville sale
Ongoing credit condition of Acadia and Evangeline counterparties Resolution of dispute between Acadia and Calpine Energy Services
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All Day, EveryDay
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