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Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
Note 16 — Intangible Assets

Securitized Intangible Assets
On June 22, 2022, Cleco Securitization I acquired the Storm Recovery Property from Cleco Power for a purchase price of $415.9 million. On March 12, 2025, Cleco Securitization II acquired the Energy Transition Property from Cleco Power for a purchase price of $301.9 million. The Storm Recovery Property and Energy Transition Property are both classified as securitized intangible assets on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets. These securitized intangible assets are 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 their lives, these securitized intangible assets will have no residual value. Amortization expense is included in Depreciation and amortization on Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income.
The following table presents the amortization expense recognized during the three and six months ended June 30, 2025, and 2024:

 
FOR THE THREE MONTHS ENDED JUNE 30,
FOR THE SIX MONTHS
 ENDED JUNE 30,
(THOUSANDS)2025202420252024
Amortization expense
Storm Recovery Property$3,081 $3,020 $6,420 $6,347 
Energy Transition Property
$3,265 $— $3,265 $— 
The following table summarizes the balance of the securitized intangible assets subject to amortization included on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets:

(THOUSANDS)AT JUNE 30, 2025AT DEC. 31, 2024
Storm Recovery Property intangible asset$415,946 $415,946 
Energy Transition Property intangible asset
$299,338 $— 
Total securitized intangible assets carrying value
$715,284 $415,946 
Accumulated amortization(40,723)(31,038)
Net securitized intangible assets subject to amortization
$674,561 $384,908 

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 June 30, 2025, Cleco had one remaining power supply agreement intangible asset being amortized over the estimated life of its contract of 19 years, and the amortization expense is recorded in Electric operations on Cleco’s Condensed Consolidated Statements of Income.
The following table presents the amortization expense recognized during the three and six months ended June 30, 2025, and 2024:

 
FOR THE THREE MONTHS ENDED JUNE 30,
FOR THE SIX MONTHS
 ENDED JUNE 30,
(THOUSANDS)2025202420252024
Amortization expense
Power supply agreements
$186 $186 $372 $2,509 

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

Cleco
(THOUSANDS)AT JUNE 30, 2025AT DEC. 31, 2024
Power supply agreements$14,238 $14,238 
Accumulated amortization(6,858)(6,487)
Net other intangible assets subject to amortization
$7,380 $7,751