The Company

12 Months Ended

Dec. 31, 2024

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 eight generating units with a total rated capacity of 2,676 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 and Cleco Securitization II, special purpose limited liability companies that are consolidated with Cleco Power in its financial statements. For more information on Oxbow and Cleco Securitization I, see Note 15 — “Variable Interest Entities.” Cleco Securitization II was formed in preparation of issuing energy transition bonds to finance the securitization of the stranded costs associated with the retirement of the Dolet Hills Power Station as well as deferred fuel and other mine-related costs. For more information on the securitization, see Note 16 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — LPSC Audits and Reviews — Dolet Hills Prudency Review.”

•Prior to the close of the Cleco Cajun Divestiture, Cleco Cajun, an unregulated electric utility subsidiary, which owned 14 generating units with a total rated capacity of 3,379 MW and supplied wholesale power and capacity in Louisiana. The Cleco Cajun Divestiture closed on June 1, 2024. 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.