2.2.0.25falsefalse006140 - Disclosure - Litigation, Other Commitments and Contingencies, and Disclosures about Guaranteestruefalsefalse1falsefalsefalsefalse1/1/2010 - 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_CommitmentsAndContingenciesDisclosureTextBlockus-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 14 &#8212; Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees </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-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Helvetica LT Std Cond, sans-serif">Litigation</font></div></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-FAMILY: Helvetica LT Std Cond, sans-serif">City of Alexandria</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">On June 22, 2005, the City of Alexandria, Louisiana (the City), a current wholesale municipal customer of Cleco Power, filed a lawsuit in Ninth Judicial District Court against Cleco Corporation, Cleco Power, and certain other subsidiaries.&#160;&#160;The lawsuit alleged unspecified damages as a result of certain sales made to the City, revenue derived by Cleco using the City&#8217;s power generating facilities under contracts with the City, and other alleged improper conduct, including, without limitation, allegations that Cleco fraudulently mishandled the management of the City&#8217;s power requirements under the contracts.&#160;&#160;The lawsuit was removed to the U.S. District Court for the Western District of Louisiana in July 2005.&#160;&#160;On February 23, 2010, the Alexandria City Council approved a settlement of the case, which included a $3.0 million litigation expense reimbursement to the City and a new five-year, energy-only power supply agreement with Cleco Power.&#160;&#160;The supply agreement may be extended, at Cleco Power&#8217;s option, for two additional one-year terms.&#160;&#160;If the City performs its obligations under the new power supply agreement, then Cleco Power will pay a one-time $6.5 million performance bonus at the end of the five-year term to the City.&#160;&#160;At December 31, 2010, Cleco Power had accrued $2.4 million related to the performance bonus.&#160;&#160;The court dismissed the case with prejudice on February 24, 2010.</font></div><div style="DISPLAY: block; 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financial condition, results of operations, or cash flows.</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-FAMILY: Helvetica LT Std Cond, sans-serif">City of Opelousas</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">On March 9, 2010, a complaint was filed in the 27<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> Judicial District Court of St. Landry Parish, State of Louisiana, on behalf of three Cleco Power customers in Opelousas, Louisiana.&#160;&#160;The complaint alleges that Cleco Power overcharged the plaintiffs by applying to customers in Opelousas the same retail rates as Cleco Power applies to all of its retail customers.&#160;&#160;The plaintiffs allege that Cleco Power should have established, solely for customers in Opelousas, retail rates that are separate and distinct from the retail rates that apply to other customers of Cleco Power and that Cleco Power should not collect from customers in Opelousas the storm surcharge approved by the LPSC following Hurricanes Katrina and Rita.&#160;&#160;Cleco Power currently operates in Opelousas pursuant to a franchise granted to Cleco Power by the City of Opelousas in 1986 and an operating and franchise agreement dated May 14, 1991, pursuant to which Cleco Power operates its own electric facilities and leases and operates electric facilities owned by the City of Opelousas.&#160;&#160;In April 2010, Cleco Power filed a petition with the LPSC appealing to its expertise in </font><font style="DISPLAY: inline; 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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">Madison Unit 3 </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 August 2005, Cleco Power entered into an EPC contract with Shaw to construct Madison Unit 3.&#160;&#160;Cleco Power began construction of Madison Unit 3 in May 2006.&#160;&#160;In May 2006, Cleco Power and Shaw entered into an Amended EPC Contract, which contract has subsequently been amended by the parties.&#160;&#160;The project achieved commercial operations on February 12, 2010, whereby Cleco Power accepted care, custody, and control of the unit.&#160;&#160;Shaw has not reached project completion under the contract, as the reliability test and specified boiler performance criteria have not been met.&#160;&#160;Shaw must correct various identified items, complete various performance guarantee tests, meet a 30-day reliability performance test, and correct various warranty issues under a one-year warranty period.&#160;&#160;Cleco Power and Shaw have submitted various claims, relating to the Amended EPC Contract, to arbitration.&#160;&#160;On April 30, 2010, Shaw filed a demand for arbitration asserting claims of $32.0 million including impacts due to the 2008 hurricane force majeure, alleged excess fuel moisture intake, water quality and a river embankment slope failure, and the associated recovery of schedule related liquidated damages withheld by Cleco Power.&#160;&#160;In May 2010, Cleco Power issued to Shaw a notice of default relating to Shaw&#8217;s inability to meet certain material obligations under the Amended EPC Contract.&#160;&#160;Furthermore, as a result of Shaw filing the demand for arbitration, certain claims exceeded a $1.0 million threshold, triggering an unwind of certain fuel related matters included in a prior settlement between the parties, Amendment No. 4, and Cleco demanded an associated payment of $19.0 million.&#160;&#160;In February 2011, Cleco drew on the Shaw letter of credit in an amount of $19.0 million for amounts relating to the unwind.&#160;&#160;Shaw has amended its demand for arbitration to contest the unwind, and is seeking recovery of such amounts in the on-going arbitration proceedings.&#160;&#160;Under the arbitration proceedings, Cleco has also filed compulsory counterclaims for liquidated damages associated with Shaw&#8217;s inability to meet various guarantees in the amount of $94.0 million, and up to $320.0 million in warranty claims associated with boiler performance burning petroleum coke.&#160;&#160;All of these matters will be resolved by decision of the arbitrator in accordance with the terms of the Amended EPC Contract.&#160;&#160;The arbitration process is expected to be completed during the second half of 2011.&#160;&#160;The Registrants do not believe the resolution of the claims discussed above will have a material adverse effect on the Registrants&#8217; financial condition, results of operations, or cash flows.</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">Acadia Transactions </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 2009, Cleco Power announced that it had chosen the acquisition of Acadia Unit 1 as the lowest bid in its 2007 long-term RFP for capacity beginning in 2010.&#160;&#160;Cleco Power now owns and operates Acadia Unit 1 and operates Acadia Unit 2 on behalf of Acadia or a future owner.&#160;&#160;Beginning in January 2010, Acadia operated the plant and served Cleco Power under a short-term tolling agreement covering Acadia Unit 1.&#160;&#160;In February 2010, the transaction closed and the tolling agreement was terminated.&#160;&#160;For more information </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">regarding the Cleco Power transaction, see Note 19 &#8212; &#8220;Acadia Unit 1 Transaction.&#8221;</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 October 2009, Acadia and Entergy Louisiana announced that definitive agreements had been executed whereby Entergy Louisiana would acquire Acadia Unit 2.&#160;&#160;The transaction is anticipated to be completed in March 2011.&#160;&#160;An interim power purchase agreement between Acadia and Entergy Louisiana associated with this transaction began in June 2010.&#160;&#160;Cleco Power will continue to operate both units at the Acadia Power Station after the Entergy Louisiana transaction is completed.&#160;&#160;In connection with this transaction and in exchange for reasonable consideration, APH has agreed to indemnify, upon the closing of this transaction, the third party owners of Cajun and their affiliates against 100% of Acadia&#8217;s liabilities and other obligations related to the Entergy Louisiana transaction.</font></div><div style="DISPLAY: block; 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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-SIZE: 9pt; FONT-FAMILY: Helvetica LT Std Cond, sans-serif">Evangeline Tolling Agreement</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">JPMorgan Chase &amp; Co. guaranteed JPMVEC&#8217;s obligations under the Evangeline Tolling Agreement and also is guaranteeing JPMVEC&#8217;s obligations under the Evangeline 2010 Tolling Agreement.&#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">On February 22, 2010, Evangeline and JPMVEC terminated the Evangeline Tolling Agreement and executed the Evangeline 2010 Tolling Agreement.&#160;&#160;As a result, Cleco Corporation&#8217;s standby letter of credit issued to JPMVEC was cancelled.&#160;&#160;For additional information regarding the new tolling agreement, see Note 18 &#8212; &#8220;Evangeline Transactions.&#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-SIZE: 9pt; FONT-FAMILY: Helvetica LT Std Cond, sans-serif">Other</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">Access to capital markets is a significant source of funding for both short- and long-term capital requirements not satisfied by operating cash flows.&#160;&#160;Market conditions during the past few years have limited the availability and have increased the costs of capital for many companies.&#160;&#160;The inability to raise capital on favorable terms could negatively affect Cleco Corporation&#8217;s and Cleco Power&#8217;s ability to maintain and expand their businesses.&#160;&#160;After assessing the current operating performance, liquidity, and credit ratings of Cleco, management believes that Cleco will have access to the capital markets at prevailing market rates for companies with comparable credit ratings.&#160;&#160;If Cleco Corporation&#8217;s credit ratings were to be downgraded by Moody&#8217;s and Standard &amp; Poor&#8217;s, Cleco Corporation would be required to pay additional fees and higher interest rates under its bank credit and other debt agreements.</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">Changes in the regulatory environment or market forces could cause Cleco to determine its assets have suffered an other-than-temporary decline in value, whereby an impairment would be required to be taken and Cleco&#8217;s financial condition could be materially adversely affected.</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-FAMILY: Helvetica LT Std Cond, sans-serif">Cleco Power</font></div><div style="DISPLAY: block; 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Poor&#8217;s.&#160;&#160;Cleco Power pays fees and interest under its bank credit agreements based on the highest rating held.&#160;&#160;If Cleco Power&#8217;s credit ratings were to be downgraded by Moody&#8217;s and Standard &amp; Poor&#8217;s, Cleco Power would be required to pay additional fees and higher interest rates under its bank credit agreements.&#160;&#160;Cleco Power&#8217;s collateral for derivatives is based on the lowest rating held.&#160;&#160;If Cleco Power&#8217;s credit ratings were to be downgraded by Moody&#8217;s or Standard &amp; Poor&#8217;s, Cleco Power would be required to pay additional collateral for derivatives.</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 August 2005, Cleco Power entered into an EPC contract with Shaw to construct Madison Unit 3.&#160;&#160;In May 2006, Cleco Power and Shaw entered into an Amended EPC Contract.&#160;&#160;Under the terms of the Amended EPC Contract until final acceptance of Madison Unit 3, in the event Cleco Power does not maintain a senior unsecured credit rating of either: (i) Baa3 or better from Moody&#8217;s or (ii) BBB- or better from Standard &amp; 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