2.2.0.25falsefalse006030 - Disclosure - Regulatory Assets and Liabilitiestruefalsefalse1falsefalsefalsefalse1/1/2010 - 12/31/2010 c00052http://www.sec.gov/CIK0001089819duration2010-01-01T00:00:002010-12-31T00:00:002true0cnl_NotesToFinancialStatementsAbstractcnlfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseNotes to the Financial Statements [Abstract]3false0us-gaap_PublicUtilitiesDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1falsefalsefalse00<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Helvetica LT Std Cond, sans-serif">Note 3 &#8212; Regulatory Assets and Liabilities </font> <div><hr style="COLOR: black" align="left" width="100%" noshade="noshade" size="1" /></div></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Helvetica LT Std Light, sans-serif">Cleco Power follows the authoritative guidance on regulated operations, which allows utilities to capitalize or defer certain costs based on regulatory approval and management&#8217;s ongoing assessment that it is probable these items will be recovered through the ratemaking process.</font></div></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Helvetica LT Std Light, sans-serif">Pursuant to the authoritative guidance on regulated industry operations, Cleco Power has recorded regulatory assets and liabilities for the effects of income taxes.&#160;&#160;In addition, Cleco Power has recorded regulatory assets for deferred mining costs, interest costs, estimated future asset removal costs, postretirement plan costs, tree trimming costs, training costs, storm surcredit, construction carrying costs, lignite mining agreement contingency, AFUDC equity gross-up, deferred rate case costs, deferred Acadia Unit 1 acquisition costs, </font></div><div style="DISPLAY: block; 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lives, which are typically 30 years or greater.&#160;&#160;The amounts deferred are attributable to differences between book and tax recovery periods.&#160;&#160;</font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Helvetica LT Std Cond, sans-serif">Deferred Mining Costs</font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Helvetica LT Std Light, sans-serif">Cleco Power operates a generating unit jointly owned with SWEPCO that uses lignite as its fuel source.</font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Helvetica LT Std Light, sans-serif">In May 2001, Cleco Power (along with SWEPCO) entered into the Lignite Mining Agreement with DHLC, the operator of the Dolet Hills mine.&#160;&#160;As ordered then by the LPSC, Cleco Power&#8217;s retail customers began receiving fuel cost savings equal to 2% of the projected costs under the previous mining contract (the benchmark price) through the year 2011.&#160;&#160;Actual mining costs incurred above 98% of the benchmark price were deferred, and could be recovered from retail customers through the fuel adjustment clause only when the actual mining costs are below 98% of the benchmark price.&#160;&#160;The benchmark price used the GDP-IPD index as a proxy for the numerous escalators in the previous mining contract.&#160;&#160;During the course of the contract, Cleco Power and SWEPCO determined that the GDP-IPD index did not appropriately reflect the increase in mining costs caused by sharp increases in diesel fuel and electricity costs associated with the mining operation.&#160;&#160;Because of this disconnect between the GDP-IPD index and actual mining costs, a significant amount of mining costs was being deferred by Cleco Power.&#160;&#160;</font></div><div style="DISPLAY: block; 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MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Helvetica LT Std Light, sans-serif">On September 30, 2009, in connection with its approval of the Oxbow Lignite Mine acquisition, the LPSC agreed to discontinue benchmarking and the corresponding potential to defer future lignite mining costs while preserving the recovery of the legacy deferred fuel balance previously authorized.</font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Helvetica LT Std Cond, sans-serif">Deferred Interest Costs</font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; 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MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Helvetica LT Std Light, sans-serif">At December 31, 2010, and 2009, the liability for solid waste facility closure costs at the generating station using lignite is estimated at $0.5 million and $0.4 million, respectively, and is included in other deferred credits.&#160;&#160;At December 31, 2010, and 2009, Cleco Power&#8217;s liability for removal of asbestos is estimated at $0.3 million and also is included in other deferred credits.&#160;&#160;</font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">&#160;</div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Helvetica LT Std Cond, sans-serif">Deferred Postretirement Costs</font></div><div style="DISPLAY: block; 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&#8220;Pension Plan and Employee Benefits.&#8221; </font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Helvetica LT Std Cond, sans-serif">Deferred Tree Trimming Costs</font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Helvetica LT Std Light, sans-serif">In January 2008, the LPSC approved Cleco Power&#8217;s request to establish a regulatory asset for costs incurred to trim, cut, or remove trees that were damaged by Hurricanes Katrina and Rita, but were not addressed as part of the restoration efforts.&#160;&#160;The regulatory asset is capped at $12.0 million in actual expenditures plus a 12.4% grossed-up rate of return.&#160;&#160;Recovery of these expenditures was requested in Cleco Power&#8217;s base rate application filed in July 2008, and was approved by the LPSC in October 2009.&#160;&#160;On February 12, 2010, Madison Unit 3 commenced commercial operations and Cleco Power began amortizing the regulatory asset over a five-year period.</font></div><div style="DISPLAY: block; 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MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Helvetica LT Std Cond, sans-serif">Deferred Storm Surcredits, Net</font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Helvetica LT Std Light, sans-serif">Cleco Power has recorded a storm surcredit as the result of a settlement with the LPSC that addressed, among other things, the recovery of the storm damages related to Hurricanes Katrina and Rita.&#160;&#160;In the settlement, Cleco Power was required to implement a surcredit to provide ratepayers with the economic benefit of the carrying charges of all accumulated deferred income tax liabilities due to the storm damage costs at a 12.2% rate of return which was set in LPSC Order No. U-29157A.&#160;&#160;The accumulated deferred income tax liability includes the tax benefit on deductions for operation and maintenance expenses, casualty loss, and depreciation against taxable income in the year incurred and all subsequent periods.&#160;&#160;The settlement, through a true-up mechanism, allows the surcredit to be adjusted to reflect the actual tax deductions allowed by the IRS.&#160;&#160;</font></div><div style="DISPLAY: block; 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The corresponding regulatory asset will be adjusted through the same surcredit true-up mechanism at the time of a final determination of the tax benefit for storm damage costs by the IRS.&#160;&#160;</font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Helvetica LT Std Light, sans-serif">As a result of the settlement with the LPSC, Cleco Power was required to implement a surcredit when funds were withdrawn from the restricted storm reserve.&#160;&#160;In July and September 2009 and in October 2008, Cleco Power withdrew funds from the restricted storm reserve to pay for storm damages resulting in the establishment of a surcredit.&#160;&#160;Cleco Power requested and received approval from the LPSC to replenish the restricted storm reserve with the surcredit associated with the storms.&#160;&#160;</font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Helvetica LT Std Cond, sans-serif">Deferred Construction Carrying Costs</font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Helvetica LT Std Light, sans-serif">In February 2006, the LPSC approved Cleco Power&#8217;s plans to build Madison Unit 3.&#160;&#160;Terms of the approval included authorization for Cleco Power to collect from customers an amount equal to 75% of the LPSC-jurisdictional portion of the carrying costs of capital during the construction phase of the unit.&#160;&#160;In any calendar year during the construction period, the amount collected from customers was not to exceed 6.5% of Cleco Power&#8217;s projected retail revenues.&#160;&#160;Cleco Power began collection of the carrying costs and established a regulatory liability in May 2006.&#160;&#160;In October 2009, the LPSC voted unanimously to approve Cleco Power&#8217;s retail rate plan.&#160;&#160;The retail rate plan established that Cleco Power return $183.2 million to customers over a five-year period and record a regulatory asset for all amounts above the actual amount collected from customers.&#160;&#160;On February 12, 2010, Madison Unit 3 commenced commercial operation and the new rates became effective.&#160;&#160;At that time, Cleco Power began returning the construction carrying costs to customers and amortizing the regulatory asset over a five-year period.&#160;&#160;In March 2010, the LPSC issued an order adjusting the period of return from five years to four years and established that Cleco Power return approximately $167.0 million over the four-year period.&#160;&#160;As of December 31, 2010, Cleco Power had returned $80.0 million to customers.&#160;&#160;At December 31, 2010, $43.6 million was due to be returned to customers within one year.</font></div><div style="DISPLAY: block; 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however, the Amended Lignite Mining Agreement does not contain a cap.&#160;&#160;The projection is based on the forecasted loan and lease obligations to be incurred by DHLC, primarily for purchases of equipment.&#160;&#160;Cleco Power has the right to dispute the incurrence of loan and lease obligations through the review of the mining plan before the incurrence of such loan and lease obligations.</font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Helvetica LT Std Cond, sans-serif">AFUDC Equity Gross-Up</font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Helvetica LT Std Light, sans-serif">Cleco Power capitalizes equity AFUDC as a cost component of construction projects in accordance with the authoritative guidance for regulated operations.&#160;&#160;Cleco Power has recorded a regulatory asset to recover the tax gross-up related to the equity component of AFUDC.&#160;&#160;These costs are being amortized over the estimated lives of the respective assets constructed.&#160;&#160;In the first quarter of 2010, AFUDC equity gross-up was reclassed from &#8220;Regulatory assets and liabilities &#8211; 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&#8220;Acadia Unit 1 Transaction.&#8221;</font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Helvetica LT Std Cond, sans-serif">Deferred IRP/RFP Costs </font></div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Helvetica LT Std Light, sans-serif">In October 2009, the LPSC approved Cleco Power&#8217;s request to establish a regulatory asset for IRP and RFP costs incurred.&#160;&#160;Recovery of these expenditures was requested in Cleco Power&#8217;s base rate application filed in July 2008, and these expenditures were covered by the retail rate plan which was approved by the LPSC in October 2009.&#160;&#160;The new rates became effective upon the commencement of commercial operation of Madison Unit 3 and Cleco Power began amortizing the regulatory asset over a three-year period.&#160;&#160;</font></div><div style="DISPLAY: block; 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