intangible asset is being amortized ratably each period consistent with actual collections of the asset’s portion of the revenue requirement billed to Cleco Power’s customers. At the end of its life, this securitized intangible asset will have no residual value. For both the three months ended March 31, 2025, and 2024, $3.3 million of amortization expense on the storm recovery property intangible asset is recorded in Depreciation and amortization on Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income.

The following table summarizes the balance of the securitized intangible asset subject to amortization included on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets:


(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
Storm Recovery Property intangible asset	$	415,946	$	415,946
Accumulated amortization	(34,377)		(31,038)
Net securitized intangible asset subject to amortization	$	381,569	$	384,908

Energy Transition Property

On March 12, 2025, Cleco Securitization II acquired the Energy Transition Property from Cleco Power for a purchase price of $301.9 million. The Energy Transition Property is classified as a securitized intangible asset on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets. This intangible asset will be amortized ratably each period consistent with actual collections of the asset’s portion of the revenue requirement billed to Cleco Power’s customers. At the end of its life, this securitized intangible asset will have no residual value. At March 31, 2025, $299.7 million, net of $5.3 million for debt issuance costs, was recorded on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets for the Energy Transition Property securitized intangible asset. As of March 31, 2025, there was no amortization because Cleco Power began billing its customers on April 1, 2025, for the required amounts to service Cleco Securitization II’s energy transition bonds.

Other Intangible Assets

As a result of the 2016 Merger, fair value adjustments were recorded on Cleco’s Condensed Consolidated Balance Sheet for the valuation of finite intangible assets relating to long-term wholesale power supply agreements. At the end of their lives, these power supply agreement intangible assets will have no residual value. At March 31, 2025, Cleco had one remaining power supply agreement intangible asset being amortized over the estimated life of its contract of 19 years. For the three months ended March 31, 2025, and 2024, Cleco had $0.2 million and $2.3 million, respectively, of amortization expense related to power supply agreements recorded in Electric operations on its Condensed Consolidated Statements of Income.

The following table summarizes the balance of other intangible assets subject to amortization included in Cleco’s Condensed Consolidated Balance Sheets:


Cleco
(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024

Power supply agreements	$	14,238	$	14,238






Accumulated amortization	(6,672)		(6,487)
Net other intangible assets subject to amortization	$	7,566	$	7,751