CLECO POWER LLC
CIK:0000018672|SEC Filings
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| Operating revenue | ||||
| Electric operations | $ 312,390 | $ 289,652 | $ 615,244 | $ 559,594 |
| Other operations | 29,856 | 32,109 | 60,935 | 57,411 |
| Operating revenue, net | 342,246 | 321,761 | 676,179 | 617,005 |
| Operating expenses | ||||
| Fuel used for electric generation | 83,738 | 51,066 | 175,938 | 106,580 |
| Purchased power | 24,401 | 50,930 | 56,542 | 86,125 |
| Other operations and maintenance | 70,142 | 62,525 | 140,990 | 122,583 |
| Depreciation and amortization | 53,572 | 53,205 | 105,594 | 103,115 |
| Taxes other than income taxes | 17,414 | 14,378 | 33,682 | 29,969 |
| Total operating expenses | 249,267 | 232,104 | 512,746 | 448,372 |
| Operating income | 92,979 | 89,657 | 163,433 | 168,633 |
| Interest income | 4,799 | 4,032 | 10,371 | 11,165 |
| AFUDC - equity funds | 1,144 | 902 | 2,763 | 1,434 |
| Other income, net | 5,663 | 971 | 6,585 | 120 |
| Interest charges | ||||
| Interest charges, net | 41,616 | 38,644 | 82,645 | 75,822 |
| AFUDC - borrowed funds | (372) | (993) | (934) | (1,750) |
| Total interest charges | 41,244 | 37,651 | 81,711 | 74,072 |
| Income before income taxes | 63,341 | 57,911 | 101,441 | 107,280 |
| Federal and state income tax expense | 13,293 | 10,014 | 21,291 | 19,071 |
| Net income | 50,048 | 47,897 | 80,150 | 88,209 |
| Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
| Postretirement benefits loss (net of tax benefit) | (251) | (381) | (502) | (763) |
| Total other comprehensive loss, net of income tax | (251) | (381) | (502) | (763) |
| Comprehensive income, net of tax | $ 49,797 | $ 47,516 | $ 79,648 | $ 87,446 |
Cleco Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | $ 227,461 | $ 171,056 |
| Restricted cash and cash equivalents | 25,314 | 33,865 |
| Other accounts receivable | 50,127 | 67,920 |
| Unbilled revenue | 55,292 | 47,453 |
| Fuel inventory, at average cost | 90,573 | 84,951 |
| Materials and supplies, at average cost | 208,321 | 183,085 |
| Energy risk management assets | 10,888 | 7,965 |
| Accumulated deferred fuel | 30,242 | 22,910 |
| Cash surrender value of company/trust-owned life insurance policies | 69,179 | 65,393 |
| Prepayments | 66,600 | 66,400 |
| Regulatory assets | 33,937 | 45,452 |
| Other current assets | 5,970 | 1,088 |
| Total current assets | 930,907 | 959,804 |
| Property, plant, and equipment | ||
| Property, plant, and equipment | 5,430,708 | 5,269,550 |
| Accumulated depreciation | (1,292,670) | (1,212,093) |
| Net property, plant, and equipment | 4,138,038 | 4,057,457 |
| Construction work in progress | 166,035 | 180,798 |
| Total property, plant, and equipment, net | 4,304,073 | 4,238,255 |
| Goodwill | 1,490,797 | 1,490,797 |
| Prepayments | 30,138 | 18,334 |
| Operating lease right of use assets | 11,584 | 12,858 |
| Restricted cash and cash equivalents | 142,812 | 138,369 |
| Regulatory assets - deferred taxes, net | 37,974 | 35,311 |
| Regulatory assets | 303,356 | 302,713 |
| Intangible assets | 650,876 | 661,230 |
| Intangible asset - other | 6,635 | 7,008 |
| Energy risk management assets | 1,474 | 0 |
| Other deferred charges | 13,453 | 10,485 |
| Total assets | 7,924,079 | 7,875,164 |
| Current liabilities | ||
| Short-term debt | 25,000 | 0 |
| Long-term debt due within one year | 305,628 | 614,826 |
| Customer deposits | 55,364 | 58,787 |
| Provision for customer refund | 20,796 | 20,900 |
| Taxes payable | 66,139 | 19,059 |
| Interest accrued | 29,040 | 22,019 |
| Energy risk management liabilities | 8,544 | 11,835 |
| Regulatory liabilities | 7,681 | 10,199 |
| Deferred compensation | 2,005 | 19,377 |
| Postretirement benefit obligations | 21,487 | 27,506 |
| Energy transition reserve | 4,655 | 10,730 |
| Other current liabilities | 25,503 | 36,953 |
| Total current liabilities | 756,163 | 1,033,996 |
| Long-term liabilities and deferred credits | ||
| Accumulated deferred federal and state income taxes, net | 809,415 | 808,647 |
| Postretirement benefit obligations | 141,155 | 145,215 |
| Regulatory liabilities | 0 | 1,500 |
| Energy transition reserve | 32,173 | 27,630 |
| Storm reserve, net | 59,578 | 69,440 |
| Deferred compensation | 18,247 | 0 |
| AROs | 16,175 | 11,544 |
| Operating lease liabilities | 9,642 | 10,788 |
| Energy risk management liabilities | 2,577 | 0 |
| CIAC | 95,514 | 33,116 |
| Credit deposits | 4,400 | 4,400 |
| Other deferred credits | 18,281 | 32,218 |
| Total long-term liabilities and deferred credits | 1,207,157 | 1,144,498 |
| Long-term debt, net | 2,851,685 | 2,667,244 |
| Total liabilities | 4,815,005 | 4,845,738 |
| Commitments and contingencies (Note 12) | ||
| Member’s equity | 3,109,074 | 3,029,426 |
| Total liabilities and member’s equity | 7,924,079 | 7,875,164 |
| Storm Recovery Property | ||
| Property, plant, and equipment | ||
| Intangible assets | 363,214 | 370,329 |
| Energy Transition Property | ||
| Property, plant, and equipment | ||
| Intangible assets | 287,662 | 290,901 |
| Nonrelated Party | ||
| Current assets | ||
| Accounts receivable | 55,206 | 53,053 |
| Current liabilities | ||
| Accounts payable | 142,064 | 145,639 |
| Affiliate | ||
| Current assets | ||
| Accounts receivable | 1,797 | 768 |
| Current liabilities | ||
| Accounts payable | 42,257 | 36,166 |
| Cleco Cajun | ||
| Current assets | ||
| Accounts receivable | $ 0 | $ 108,445 |