Regulatory Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024		2023
Total Cleco Power regulatory assets, net	$	412,878	$	454,213
2016 Merger adjustments (1)
Fair value of long-term debt	89,941		97,345
Postretirement costs	7,461		9,448
Financing costs	6,217		6,560
Debt issuance costs	3,921		4,254
Total Cleco regulatory assets, net	$	520,418	$	571,820

(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)	2024		2023
Total Cleco Power regulatory assets, net	$	412,878	$	454,213
2016 Merger adjustments (1)
Fair value of long-term debt	89,941		97,345
Postretirement costs	7,461		9,448
Financing costs	6,217		6,560
Debt issuance costs	3,921		4,254
Total Cleco regulatory assets, net	$	520,418	$	571,820

(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)	2024		2023
Regulatory assets
Acadia Unit 1 acquisition costs	$	1,596	$	1,701	15
Accumulated deferred fuel (1)	457		11,627		Various	(7)
Affordability study	8,959		10,337		6.5
AFUDC equity gross-up	57,284		60,381		Various	(2)
AMI deferred revenue requirement	409		954		1.25
AROs (6)	11,073		20,094
Coughlin transaction costs	753		784		24.5
COVID-19 executive order	3,372		3,039		2.5
Deferred lignite and mine closure costs (6)	136,778		136,076
Deferred storm restoration costs	—		462
Deferred taxes, net	2,008		43,866		Various	(7)
Dolet Hills carrying charge(6)	4,729		—
Dolet Hills Power Station closure costs (6)	122,173		147,323
Financing costs (1)	5,717		6,087		Various	(3)
Interest costs	2,712		2,961		Various	(2)
Madison Unit 3 property taxes	14,196		13,297		Various	(8)
Non-service cost of postretirement benefits	14,057		14,526		Various	(2)
Postretirement costs	58,089		64,399		Various	(4)
Production operations and maintenance expenses	4,939		7,002		Various	(5)
Rodemacher Unit 2 deferred costs (6)	27,265		19,282
Solar development costs (6)	2,122		—
St. Mary Clean Energy Center	870		3,705		0.5
Training costs	5,462		5,618		35
Tree trimming costs	943		3,657		0.25
Other	12,920		10,483		Various	(7)
Total regulatory assets	498,883		587,661
Regulatory liabilities
Deferred taxes, net	(6,827)		(21,939)		Various	(7)
Residential revenue decoupling (9)	(3,000)		—
Storm reserves	(76,178)		(111,509)
Total regulatory liabilities	(86,005)		(133,448)
Total regulatory assets, net	$	412,878	$	454,213
(1) Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2024, and 2023, 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-year regulatory period. (6) Currently not in a recovery period. (7) For more information on the remaining recovery period, refer to the following disclosures for each specific regulatory asset or liability. (8) Beginning July 1, 2021, property taxes paid for the year ended December 31, are being amortized over the subsequent 12 months beginning July 1. (9) Currently not in a refund period.

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)	2024		2023
Regulatory assets
Acadia Unit 1 acquisition costs	$	1,596	$	1,701	15
Accumulated deferred fuel (1)	457		11,627		Various	(7)
Affordability study	8,959		10,337		6.5
AFUDC equity gross-up	57,284		60,381		Various	(2)
AMI deferred revenue requirement	409		954		1.25
AROs (6)	11,073		20,094
Coughlin transaction costs	753		784		24.5
COVID-19 executive order	3,372		3,039		2.5
Deferred lignite and mine closure costs (6)	136,778		136,076
Deferred storm restoration costs	—		462
Deferred taxes, net	2,008		43,866		Various	(7)
Dolet Hills carrying charge(6)	4,729		—
Dolet Hills Power Station closure costs (6)	122,173		147,323
Financing costs (1)	5,717		6,087		Various	(3)
Interest costs	2,712		2,961		Various	(2)
Madison Unit 3 property taxes	14,196		13,297		Various	(8)
Non-service cost of postretirement benefits	14,057		14,526		Various	(2)
Postretirement costs	58,089		64,399		Various	(4)
Production operations and maintenance expenses	4,939		7,002		Various	(5)
Rodemacher Unit 2 deferred costs (6)	27,265		19,282
Solar development costs (6)	2,122		—
St. Mary Clean Energy Center	870		3,705		0.5
Training costs	5,462		5,618		35
Tree trimming costs	943		3,657		0.25
Other	12,920		10,483		Various	(7)
Total regulatory assets	498,883		587,661
Regulatory liabilities
Deferred taxes, net	(6,827)		(21,939)		Various	(7)
Residential revenue decoupling (9)	(3,000)		—
Storm reserves	(76,178)		(111,509)
Total regulatory liabilities	(86,005)		(133,448)
Total regulatory assets, net	$	412,878	$	454,213
(1) Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2024, and 2023, 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-year regulatory period. (6) Currently not in a recovery period. (7) For more information on the remaining recovery period, refer to the following disclosures for each specific regulatory asset or liability. (8) Beginning July 1, 2021, property taxes paid for the year ended December 31, are being amortized over the subsequent 12 months beginning July 1. (9) Currently not in a refund period.