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Regulatory Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Regulatory Assets [Line Items]  
Schedule of Regulatory Assets
The following table summarizes Cleco’s net regulatory assets and liabilities:

Cleco
(THOUSANDS)AT SEPT. 30, 2025AT DEC. 31, 2024
Total Cleco Power regulatory assets, net$164,758 $412,878 
2016 Merger adjustments(1)
Fair value of long-term debt84,390 89,941 
Postretirement costs5,970 7,461 
Financing costs5,959 6,217 
Debt issuance costs3,660 3,921 
Total Cleco regulatory assets, net$264,737 $520,418 
(1) Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger.
CLECO POWER  
Regulatory Assets [Line Items]  
Schedule of Regulatory Assets
The following table summarizes Cleco Power’s regulatory assets and liabilities:
Cleco Power
REMAINING
RECOVERY
PERIOD
(YRS.)
(THOUSANDS)AT SEPT. 30, 2025AT DEC. 31, 2024
Regulatory assets
Acadia Unit 1 acquisition costs$1,516 $1,596 14.25
Accumulated deferred fuel(1)
11,688 457 Various
(2)
Affordability study7,925 8,959 5.75
AFUDC equity gross-up54,962 57,284 Various
(3)
Advanced metering infrastructure deferred revenue requirement
— 409 
AROs
20,861 11,073 
Various
(2)
Coughlin transaction costs730 753 23.75
COVID-19 executive order
2,465 3,372 1.75
Deferred lignite and mine closure costs and Dolet Hills Power Station closure costs
— 258,951 
Deferred taxes, net22,593 2,008 Various
(2)
Dolet Hills carrying charge(4)
4,435 4,729 
Financing costs(1)
5,439 5,717 Various
(5)
Interest costs2,525 2,712 Various
(3)
Madison Unit 3 property taxes
15,023 14,196 Various
(6)
Non-service cost of postretirement benefits13,393 14,057 Various
(3)
Northlake Transmission Agreement(11)
6,881 2,542 Various
(2)
Postretirement costs58,089 58,089 Various
(7)
Production operations and maintenance expenses
2,525 4,939 Various
(8)
Rodemacher Unit 2 deferred costs(4)
33,503 27,265 
Solar development costs(4)
2,122 2,122 
St. Mary Clean Energy Center— 870 
Training costs5,345 5,462 34.25
Tree trimming costs
— 943 
Other12,676 10,378 Various
(2)
Total regulatory assets284,696 498,883 
Regulatory liabilities
Deferred taxes, net(6,361)(6,827)Various
(2)
Energy transition reserve(9)
(39,123)— 
Interest earned on energy transition reserve(9)
(556)— 
Residential revenue decoupling(10)
(5,250)(3,000)
Storm reserve
(68,648)(76,178)
Total regulatory liabilities(119,938)(86,005)
Total regulatory assets, net$164,758 $412,878 
(1) Represents regulatory assets for past expenditures that were not earning a return on investment at September 30, 2025, and December 31, 2024. All other assets are earning a return on investment.
(2) For more information on the remaining recovery period, see Part II, Item 8, “Financial Statements and Supplementary Data — Note 6 — Regulatory Assets and Liabilities” for the disclosures for each specific regulatory asset or liability in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
(3) Amortized over the estimated lives of the respective assets.
(4) Currently not in a recovery period.
(5) Amortized over the terms of the related debt issuances.
(6) Beginning July 1, 2021, property taxes paid for the year ended December 31, are being amortized over the subsequent 12 months beginning July 1.
(7) Amortized over the average service life of the remaining plan participants.
(8) Deferral is recovered over the following three-year regulatory period.
(9) Currently not in a refund period.
(10) On July 1, 2025, Cleco Power began providing a $3.0 million credit to its residential customers through the IICR. At September 30, 2025, Cleco Power accrued an additional $3.0 million reflecting an expected credit to be provided to residential customers for the 12-month rate period ending June 30, 2027.
(11) Previously included in Other but presented as its own line item at September 30, 2025, due to increased materiality of the comparative periods.
Schedule of Regulatory Liabilities
The following table summarizes Cleco Power’s regulatory assets and liabilities:
Cleco Power
REMAINING
RECOVERY
PERIOD
(YRS.)
(THOUSANDS)AT SEPT. 30, 2025AT DEC. 31, 2024
Regulatory assets
Acadia Unit 1 acquisition costs$1,516 $1,596 14.25
Accumulated deferred fuel(1)
11,688 457 Various
(2)
Affordability study7,925 8,959 5.75
AFUDC equity gross-up54,962 57,284 Various
(3)
Advanced metering infrastructure deferred revenue requirement
— 409 
AROs
20,861 11,073 
Various
(2)
Coughlin transaction costs730 753 23.75
COVID-19 executive order
2,465 3,372 1.75
Deferred lignite and mine closure costs and Dolet Hills Power Station closure costs
— 258,951 
Deferred taxes, net22,593 2,008 Various
(2)
Dolet Hills carrying charge(4)
4,435 4,729 
Financing costs(1)
5,439 5,717 Various
(5)
Interest costs2,525 2,712 Various
(3)
Madison Unit 3 property taxes
15,023 14,196 Various
(6)
Non-service cost of postretirement benefits13,393 14,057 Various
(3)
Northlake Transmission Agreement(11)
6,881 2,542 Various
(2)
Postretirement costs58,089 58,089 Various
(7)
Production operations and maintenance expenses
2,525 4,939 Various
(8)
Rodemacher Unit 2 deferred costs(4)
33,503 27,265 
Solar development costs(4)
2,122 2,122 
St. Mary Clean Energy Center— 870 
Training costs5,345 5,462 34.25
Tree trimming costs
— 943 
Other12,676 10,378 Various
(2)
Total regulatory assets284,696 498,883 
Regulatory liabilities
Deferred taxes, net(6,361)(6,827)Various
(2)
Energy transition reserve(9)
(39,123)— 
Interest earned on energy transition reserve(9)
(556)— 
Residential revenue decoupling(10)
(5,250)(3,000)
Storm reserve
(68,648)(76,178)
Total regulatory liabilities(119,938)(86,005)
Total regulatory assets, net$164,758 $412,878 
(1) Represents regulatory assets for past expenditures that were not earning a return on investment at September 30, 2025, and December 31, 2024. All other assets are earning a return on investment.
(2) For more information on the remaining recovery period, see Part II, Item 8, “Financial Statements and Supplementary Data — Note 6 — Regulatory Assets and Liabilities” for the disclosures for each specific regulatory asset or liability in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
(3) Amortized over the estimated lives of the respective assets.
(4) Currently not in a recovery period.
(5) Amortized over the terms of the related debt issuances.
(6) Beginning July 1, 2021, property taxes paid for the year ended December 31, are being amortized over the subsequent 12 months beginning July 1.
(7) Amortized over the average service life of the remaining plan participants.
(8) Deferral is recovered over the following three-year regulatory period.
(9) Currently not in a refund period.
(10) On July 1, 2025, Cleco Power began providing a $3.0 million credit to its residential customers through the IICR. At September 30, 2025, Cleco Power accrued an additional $3.0 million reflecting an expected credit to be provided to residential customers for the 12-month rate period ending June 30, 2027.
(11) Previously included in Other but presented as its own line item at September 30, 2025, due to increased materiality of the comparative periods.