<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U-3A-2
Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from
the Provisions of the Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
CLECO CORPORATION
hereby files with the Securities and Exchange Commission, pursuant to Rule 2,
its statement claiming exemption as a holding company from the provisions of the
Public Utility Holding Company Act of 1935, and submits the following
information:
1. NAME, STATE OF ORGANIZATION, LOCATION AND NATURE OF BUSINESS OF
CLAIMANT AND EVERY SUBSIDIARY THEREOF, OTHER THAN ANY EXEMPT WHOLESALE
GENERATOR (EWG) OR FOREIGN UTILITY COMPANY IN WHICH CLAIMANT DIRECTLY
OR INDIRECTLY HOLDS AN INTEREST.
Claimant, Cleco Corporation ("Cleco"), is incorporated under the laws
of the State of Louisiana and is located at 2030 Donahue Ferry Road, Pineville,
Louisiana 71360. Effective July 1, 1999, Cleco became the parent holding company
of Cleco Utility Group Inc. ("Cleco Utility") through a statutory share exchange
of each share of common stock and preferred stock of Cleco Utility for one share
of common stock or preferred stock, as the case may be, of Cleco, all in
accordance with the Plan of Reorganization and Share Exchange Agreement, dated
as of March 29, 1999. Cleco and Cleco Utility, the only subsidiary public
utility company of Cleco, are predominantly intrastate in character and carry on
their business substantially in Louisiana, the state of incorporation for both
entities.
Claimant has the following active subsidiaries, all of which are
located at 2030 Donahue Ferry Road, Pineville, Louisiana 71360 unless otherwise
noted:
A. Cleco Utility, a wholly owned subsidiary of Cleco, is incorporated
under the laws of the State of Louisiana. It is an operating electric public
utility engaged in the generation, purchase, transmission, distribution and sale
of electric energy in portions of north, central, south central and southeast
Louisiana. Cleco Utility supplies retail and sale-for-resale electric service to
approximately 246,000 customers. Cleco Utility also has energy marketing
operations.
B. CLE Resources, Inc. ("CLE Resources"), a wholly owned subsidiary of
Cleco, is incorporated under the laws of the State of Delaware and is located at
1105 Market Street, Suite 1300, Wilmington, Delaware 19890. CLE Resources' sole
function is to provide some of the financing for certain of Cleco's
subsidiaries.
1
<PAGE> 2
C. Cleco Midstream Resources LLC ("Cleco Midstream"), a wholly-owned
subsidiary of Cleco, is organized under the laws of the State of Louisiana and
serves as an intermediary holding company, with its subsidiaries engaged in
energy procurement, wholesale generation project development, prospective exempt
wholesale generation, natural gas pipeline, generation facilities operation and
energy marketing and trading businesses.
i. Cleco Columbian LLC, a wholly owned subsidiary of Cleco
Midstream, is organized under the laws of the State of Louisiana and is a
potential electric co-generation and wholesale electric marketing project that
is in an early developmental stage.
ii. Cleco Energy LLC ("Cleco Energy"), a majority owned
subsidiary of Cleco Midstream (98%), is organized under the laws of the State of
Texas and is located at 1201 Dairy Ashford, Houston, Texas 77079. Cleco Energy
engages primarily in the wholesale marketing of natural gas as well as natural
gas production, gathering and transmission.
Each of Cleco Energy's subsidiaries is located at
1201 Dairy Ashford, Houston, Texas 77079 unless otherwise noted in the
description that follows.
(a) CLE Intrastate Pipeline Company, Inc. ("CLE
Pipeline"), a wholly owned subsidiary of Cleco Energy, is incorporated under the
laws of the State of Louisiana and is located at 2030 Donahue Ferry Road,
Pineville, Louisiana 71360. CLE Pipeline operates a set of intrastate natural
gas transmission pipelines connecting Cleco Utility's and Cleco Evangeline LLC's
("Cleco Evangeline" - see item 4 below) natural gas-fired power plants to the
interstate natural gas transmission grid.
(b) Sabine Texican Pipeline Company ("Sabine
Texican"), a wholly-owned subsidiary of Cleco Energy, is organized under the
laws of the State of Texas and engages in the production, purchasing, gathering,
marketing and transmission of natural gas through its subsidiaries.
(1) Four Square Gas Company, Inc., a wholly
owned subsidiary of Sabine Texican, is incorporated under the laws of the State
of Louisiana and serves as the principal marketing arm of liquid hydrocarbons
and natural gas for Sabine Texican.
(2) DeSoto Pipeline Company, Inc. ("DeSoto
Pipeline"), a wholly-owned subsidiary of Sabine Texican, is incorporated under
the laws of the State of Louisiana and engages in the ownership and operation of
intrastate natural gas transmission pipelines.
(3) Four Square Production, L.L.C., a wholly
owned subsidiary of Sabine Texican, is organized under the laws of the State of
Texas and engages in the ownership and operation of oil and natural gas
producing wells.
(4) Panola Exploration, Inc., a wholly owned
subsidiary of Sabine Texican, is incorporated under the laws of the State of
Texas and was formed to acquire working interests in oil and/or natural gas
properties. It currently has no assets and is not considered an operating entity
of Sabine Texican.
2
<PAGE> 3
(5) STP Marketing, Inc. ("STP"), a wholly
owned subsidiary of Sabine Texican, is incorporated under the laws of Texas and
was formed as an intermediary marketing company. STP is currently an inactive
subsidiary with no assets and is in the process of dissolution.
(6) Hudson SVD, L.L.C. ("Hudson SVD"), a
partially owned subsidiary of Sabine Texican (50%), is organized under the laws
of the State of Texas and owns several natural gas gathering systems. Hudson SVD
and each of its subsidiaries listed below are located at 2810 West Frank,
Lufkin, Texas 75904.
(i) Providence Partners, L.L.C., a
majority owned subsidiary of Hudson SVD (62%), is organized under the laws of
the State of Texas and engages in the development and operation of a natural gas
gathering system and natural gas processing plant.
(ii) Hudson Capital Partners,
L.L.C., a majority owned subsidiary of Hudson SVD (88%), is organized under the
laws of the State of Texas. It has no assets, is inactive and is in the process
of dissolution.
(iii) Rio Bravo Energy LLC, a
partially owned subsidiary of Hudson SVD (50%), is organized under the laws of
the State of Texas and owns and operates a gas processing plant.
(aa) Sonora Pipeline,
L.L.C., a wholly owned subsidiary of Rio Bravo Energy, is organized under the
laws of the State of Texas and owns and operates a pipeline system which
delivers natural gas to the Rio Bravo gas plant for processing.
iii. Cleco Generation Services LLC ("Cleco Generation"), a
wholly owned subsidiary of Cleco Midstream, is organized under the laws of the
State of Louisiana and is a services company that plans to provide electric
power plant operations, maintenance, and engineering expertise as well as labor
support to Cleco Utility's and Cleco Evangeline's (see item 4 below) power
plants and potentially to other generation owners, such as utilities, EWGs,
rural electric cooperatives, municipal electric systems, and manufacturing
industries with plant site generation.
iv. Cleco Marketing & Trading LLC ("Cleco Marketing"), a
wholly owned subsidiary of Cleco Midstream, is organized under the laws of the
State of Louisiana and is a company (owning or operating no facilities for the
generation, transmission or distribution of electric energy for sale) that
engages in the wholesale marketing of electricity and natural gas.
D. Cleco Support Group LLC, a wholly owned subsidiary of Cleco, is
organized under the laws of the State of Louisiana and provides joint and common
administrative support services to Cleco and its affiliates in the areas of
information technology support; financial, cash management, accounting and
auditing services; human resources; corporate communications; project
consulting; and other administrative services.
3
<PAGE> 4
E. Utility Construction & Technology Solutions LLC ("UtiliTech"), a
wholly owned subsidiary of Cleco, is organized under the laws of the State of
Louisiana and provides utility engineering and line construction services to
municipal governments, rural electric cooperatives and investor-owned electric
utility companies. The provision of these services is not a public utility
action subject to the jurisdiction of the Louisiana Public Service Commission.
F. Cleco ConnexUs LLC, a wholly owned subsidiary of Cleco, is organized
under the laws of the State of Louisiana and will provide non-utility retail
functions, including Internet service.
2. A BRIEF DESCRIPTION OF THE PROPERTIES OF CLAIMANT AND EACH OF ITS
SUBSIDIARY PUBLIC UTILITY COMPANIES USED FOR THE GENERATION,
TRANSMISSION, AND DISTRIBUTION OF ELECTRIC ENERGY FOR SALE, OR FOR THE
PRODUCTION, TRANSMISSION, AND DISTRIBUTION OF NATURAL OR MANUFACTURED
GAS, INDICATING THE LOCATION OF PRINCIPAL GENERATING PLANTS,
TRANSMISSION LINES, PRODUCING FIELDS, GAS MANUFACTURING PLANTS, AND
ELECTRIC AND GAS DISTRIBUTION FACILITIES, INCLUDING ALL SUCH PROPERTIES
WHICH ARE OUTSIDE THE STATE IN WHICH CLAIMANT AND ITS SUBSIDIARIES ARE
ORGANIZED AND ALL TRANSMISSION OR PIPELINES WHICH DELIVER OR RECEIVE
ELECTRIC ENERGY OR GAS AT THE BORDERS OF SUCH STATE.
A. Cleco does not own any property used for the generation,
transmission or distribution of electric energy for sale, or for the production,
transmission or distribution of natural gas or manufactured gas.
B. As of December 31, 1999, Cleco Utility owned electric generating
facilities with an aggregate capacity of approximately 1,359 megawatts ("MW").
Cleco Utility's ownership interests in generation facilities, which it uses to
serve its retail customers and to make wholesale sales of electric energy, are
as follows:
<TABLE>
<CAPTION>
Generating Facility Location Percent Ownership MW Owned
------------------- -------- ----------------- --------
<S> <C> <C> <C>
Dolet Hills Mansfield, La. 50 325
Franklin Franklin, La. 100 7
Rodemacher #1 Boyce, La. 100 440
Rodemacher #2 Boyce, La. 30 157
Teche Baldwin, La. 100 430
</TABLE>
As of December 31, 1999, Cleco Utility also owned a transmission system
(69 kV and above) of approximately 1,190 circuit miles, including 21 miles of 69
kV lines; 648 miles of 138 kV lines; 454 miles of 230 kV lines; and 67 miles of
500 kV lines, and a distribution system of 14,409 circuit miles, including 380
circuit miles of underground distribution. Electric substation capacity
associated with the above-described electric system consisted of 283
distribution substations with a total installed transformer capacity of 1,705
MVa and 81 transmission substations with a total installed transformer capacity
of 9,805 MVa. The electric generating stations and substations, general office
building, central warehouse, regional customer service offices/centers, and call
center are located in Louisiana.
4
<PAGE> 5
As of December 31, 1999, Cleco Utility did not own any properties for
the production, transmission or distribution of natural gas or manufactured gas.
3. THE FOLLOWING INFORMATION FOR THE LAST CALENDAR YEAR WITH RESPECT TO
CLAIMANT AND EACH OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES:
(a) NUMBER OF KWH OF ELECTRIC ENERGY SOLD (AT RETAIL OR
WHOLESALE), AND MCF OF NATURAL OR MANUFACTURED GAS DISTRIBUTED
AT RETAIL.
<TABLE>
<CAPTION>
Electricity Gas
<S> <C> <C>
Cleco None None
Cleco Utility 14,413,000,000 None
</TABLE>
(b) NUMBER OF KWH OF ELECTRIC ENERGY AND MCF OF NATURAL OR
MANUFACTURED GAS DISTRIBUTED AT RETAIL OUTSIDE THE STATE IN
WHICH EACH SUCH COMPANY IS ORGANIZED.
<TABLE>
<CAPTION>
Electricity Gas
<S> <C> <C>
Cleco None None
Cleco Utility None None
</TABLE>
(c) NUMBER OF KWH OF ELECTRIC ENERGY AND MCF OF NATURAL OR
MANUFACTURED GAS SOLD AT WHOLESALE OUTSIDE THE STATE IN WHICH
EACH SUCH COMPANY IS ORGANIZED, OR AT THE STATE LINE.
<TABLE>
<CAPTION>
Electricity Gas
<S> <C> <C>
Cleco None None
Cleco Utility None None
</TABLE>
(d) NUMBER OF KWH OF ELECTRIC ENERGY AND MCF OF NATURAL OR
MANUFACTURED GAS PURCHASED OUTSIDE THE STATE IN WHICH EACH
SUCH COMPANY IS ORGANIZED OR AT THE STATE LINE.
<TABLE>
<CAPTION>
Electricity Gas
<S> <C> <C>
Cleco None None
Cleco Utility 7,700,000 None
</TABLE>
4. THE FOLLOWING INFORMATION FOR THE REPORTING PERIOD WITH RESPECT TO
CLAIMANT AND EACH INTEREST IT HOLDS DIRECTLY OR INDIRECTLY IN AN EWG OR
A FOREIGN UTILITY COMPANY, STATING MONETARY AMOUNTS IN UNITED STATES
DOLLARS:
5
<PAGE> 6
Cleco is not an EWG or a foreign utility company but does hold an
indirect interest in a company, Cleco Evangeline LLC ("Cleco Evangeline"), that
has received pre-authorization from the FERC to operate as an EWG if and when it
owns and operates eligible facilities, as defined in PUHCA, and sells electric
energy at wholesale, as defined in PUHCA (and as described in Evangeline's EWG
application to the FERC).
(a) NAME, LOCATION, BUSINESS ADDRESS AND DESCRIPTION OF THE
FACILITIES USED BY THE EWG OR FOREIGN UTILITY COMPANY FOR THE
GENERATION, TRANSMISSION AND DISTRIBUTION OF ELECTRIC ENERGY
FOR SALE OR FOR THE DISTRIBUTION AT RETAIL OF NATURAL OR
MANUFACTURED GAS.
Cleco Evangeline, a wholly owned subsidiary of Cleco
Midstream, is organized under the laws of the State of
Louisiana and owns a 750 MW electric generation facility that
is presently under construction. Commercial operation of the
facility is expected to begin in June 2000. Cleco Evangeline
has entered into a Capacity Sale and Tolling Agreement with
Williams Energy Marketing & Trading Company ("Williams"),
whereby for 20 years Williams has the right to own and market
the electricity produced by the facility. Cleco Evangeline
will collect a fee from Williams for operating and maintaining
the facility.
The generation facility is located in central Louisiana at
2180 St. Landry Hwy, St. Landry, Louisiana 71346. The address
of Cleco Evangeline is 2030 Donahue Ferry Road, Pineville,
Louisiana 71360.
(b) NAME OF EACH SYSTEM COMPANY THAT HOLDS AN INTEREST IN SUCH EWG
OR FOREIGN UTILITY COMPANY AND DESCRIPTION OF THE INTEREST
HELD.
Cleco Evangeline is a wholly owned subsidiary of Cleco
Midstream.
(c) TYPE AND AMOUNT OF CAPITAL INVESTED, DIRECTLY OR INDIRECTLY,
BY THE HOLDING COMPANY CLAIMING EXEMPTION; ANY DIRECT OR
INDIRECT GUARANTEE OF THE SECURITY OF THE EWG OR FOREIGN
UTILITY COMPANY BY THE HOLDING COMPANY CLAIMING EXEMPTION; AND
ANY DEBT OR OTHER FINANCIAL OBLIGATION FOR WHICH THERE IS
RECOURSE, DIRECTLY OR INDIRECTLY, TO THE HOLDING COMPANY
CLAIMING EXEMPTION OR ANOTHER SYSTEM COMPANY, OTHER THAN THE
EWG OR FOREIGN UTILITY COMPANY.
Financing for the project at December 31, 1999 is in the form
of $218.6 million of senior secured bonds of Cleco Evangeline
collateralized by Cleco Evangeline's assets. As of December
31, 1999, approximately $160.8 million has been spent on the
project.
Financing documents, providing for debt or equity financing of
Cleco Evangeline, and involving Cleco or its affiliates, are
as follows:
6
<PAGE> 7
(1) Commercial Business Credit Agreement and Related
Promissory Note, between Cleco Utility and Cleco
Evangeline, pursuant to which Cleco Utility provided
Cleco Evangeline a line of credit up to $110 million.
This debt has matured and been paid in full.
(2) Commercial Business Credit Agreement and Related
Promissory Note, between Cleco and Cleco Evangeline,
pursuant to which Cleco provided Cleco Evangeline
with a line of credit up to $150 million. This line
of credit terminated December 15, 1999, upon the
funding for the project by its commercial lenders,
and has been paid in full.
(3) Equity Contribution Agreement, by Cleco in favor of
Cleco Evangeline, and Bank One Trust Company, N.A.,
or other party serving as the collateral agent for
the lenders to Cleco Evangeline (the "Collateral
Agent"), pursuant to which Cleco will contribute up
to $51.5 million to Cleco Evangeline.
(4) Commercial Business Credit Agreement and Related
Promissory Note, between Cleco and Cleco Evangeline,
pursuant to which Cleco is providing Cleco Evangeline
with a line of credit up to $20 million.
(d) CAPITALIZATION AND EARNINGS OF THE EWG OR FOREIGN UTILITY
COMPANY DURING THE REPORTING PERIOD.
<TABLE>
<CAPTION>
In Thousands
------------
<S> <C>
Long-term Debt $ 218.6
Equity (2.4)
Net Income (553.0)
</TABLE>
(e) IDENTIFY ANY SERVICE, SALES OR CONSTRUCTION CONTRACT(S)
BETWEEN THE EWG OR FOREIGN UTILITY COMPANY AND A SYSTEM
COMPANY, AND DESCRIBE THE SERVICES TO BE RENDERED OR GOODS
SOLD AND FEES OR REVENUES UNDER SUCH AGREEMENT(S).
All of the following contracts pertain to the generation
facilities of Cleco Evangeline specified in item 4(a) above.
(1) Agreement for Engineering, Procurement and
Construction Services, between Cleco Evangeline and
Cleco Midstream pursuant to which Cleco Midstream
provides engineering, design, procurement,
construction, start-up and initial testing of Cleco
Evangeline's generation facilities. Cleco Evangeline
is to pay Cleco Midstream $203,552,423 for the
performance of these services.
(2) Guaranty of Agreement for Engineering, Procurement
and Construction Services, between Cleco and Cleco
Evangeline, pursuant to which Cleco
7
<PAGE> 8
guarantees the performance of Cleco Midstream's
performance obligations under the Agreement for
Engineering, Procurement and Construction Services.
(3) Operation and Maintenance Agreement, between Cleco
Evangeline and Cleco Generation, pursuant to which
Cleco Generation will provide operation and
maintenance services on behalf of Cleco Evangeline,
as operator. Cleco Evangeline is to pay Cleco
Generation for all actual costs for (i) labor, (ii)
materials, consumables and repair parts, (iii)
certain taxes paid by Cleco Generation under this
agreement, (iv) payments to subcontractors or other
service providers and (v) engineering services that
Cleco Evangeline requests and that are provided by
Cleco Generation.
(4) Guaranty of Operation and Maintenance Agreement,
between Cleco and Cleco Evangeline, pursuant to which
Cleco guarantees Cleco Generation's performance
obligations under the Operation and Maintenance
Agreement.
(5) Gas Transportation Agreement, between Cleco
Evangeline and CLE Pipeline pursuant to which CLE
Pipeline is to transport Cleco Evangeline's natural
gas fuel requirements via CLE Pipeline's lateral
transmission pipelines from nearby interconnections
with third party mainline transmission pipelines. The
transportation rate consists of a demand charge of
$63,000 per month plus a commodity charge of $0.01
per MMBtu of natural gas delivered.
(6) Guaranty of Gas Transportation Agreement, between
Cleco and Cleco Evangeline, pursuant to which Cleco
guarantees CLE Pipeline's performance obligations
under the Gas Transportation Agreement.
(7) Interconnection Agreement, between Cleco Evangeline
and Cleco Utility, pursuant to which the bus bars at
Cleco Evangeline's generation facilities will be
interconnected to Cleco Utility's adjacent
transmission lines. Cleco Evangeline is obligated to
construct, own, operate and maintain all the
interconnection facilities and equipment on its side
of the point of interconnection and Cleco Utility is
obligated to construct, own, operate and maintain the
interconnection facilities and equipment on its side
of the point of interconnection; Cleco Evangeline is
obligated to reimburse Cleco Utility its construction
costs for these customer specific interconnection
facilities.
(8) Agreement for Electric Service, between Cleco Utility
and Cleco Evangeline, pursuant to which Cleco Utility
will make retail sales of start-up power to Cleco
Evangeline pursuant to Cleco Utility's LPSC Rate
Schedule GS and its Rider Schedule for Long-Term
Economic Development Service, as approved by the LPSC
December 8, 1999.
8
<PAGE> 9
(9) Agreement for Sale and Purchase of Natural Gas,
between CLE Pipeline and Cleco Evangeline, pursuant
to which CLE Pipeline is to sell start-up gas to
Cleco Evangeline during the test period of Cleco
Evangeline's generation facilities. The sales price
is the index price for spot sales of natural gas, as
published in "Gas Daily."
(10) Agency Agreement, between Cleco Marketing and Cleco
Evangeline, pursuant to which Cleco Marketing is to
act as agent, or broker, on behalf of Cleco
Evangeline in marketing Cleco Evangeline's excess
electric power, if any, and in purchasing replacement
power for Cleco Evangeline to deliver to Cleco
Evangeline's customer during certain unscheduled
outages of facilities. The brokerage fee is 50% of
Cleco Marketing's margins on energy brokered.
(11) Assignment of Agreement for Purchase of Turbines,
between Cleco Utility and Cleco Midstream pursuant to
which Cleco Utility assigned all of its rights under,
and Cleco Midstream assumed all of the obligations
and liabilities of Cleco Utility arising out of, the
Agreement between Cleco Utility and CBS Corporation,
acting on behalf of its Westinghouse Power Cleco
Generation Division, dated July 26, 1998, relating to
the design, manufacture, erection and installation of
three combustion turbines.
(12) Assignment of Agreement for Purchase of Heat Recovery
System Generators, between Cleco Utility and Cleco
Evangeline, pursuant to which Cleco Utility assigned
all of its rights under, and Cleco Evangeline assumed
all of the obligations and liabilities of Cleco
Utility arising out of, the Agreement between Cleco
Utility and Braden Construction Services Inc., dated
August 28, 1998, relating to the design, manufacture,
erection and installation of three heat recovery
steam generators (the "HRSG Purchase Agreement").
(13) Assignment of Agreement for Purchase of Heat Recovery
Steam Generators, between Cleco Evangeline and Cleco
Midstream, pursuant to which Cleco Evangeline
assigned all of its rights under, and Cleco Midstream
assumed all of the obligations and liabilities of
Cleco Evangeline arising out of, the HRSG Purchase
Agreement.
(14) Assignment of Agreement for Purchase of Transformers,
between Cleco Evangeline and Cleco Midstream,
pursuant to which Cleco Evangeline assigned to Cleco
Midstream all of its rights under, and Cleco
Midstream assumed all of the obligations and
liabilities of Cleco Evangeline arising out of, the
Agreement between Cleco Evangeline and Pennsylvania
Transformer Technology, Inc., dated October 23, 1998,
relating to the design, manufacture and delivery of
three main power transformers.
9
<PAGE> 10
(15) Master Use Agreements for Transfer of Assets, Goods
and Services, between Cleco Evangeline and each of
the following entities: Cleco, Cleco Utility,
UtiliTech, CLE Pipeline, CLE Resources and Cleco
Energy, pursuant to which Cleco Evangeline and the
counterparty agree that each will provide for the use
by and benefit of the other party any assets, goods
and services that they mutually agree upon. Depending
upon the types of property transferred, the
transferee pays the transferor the fair market value,
fully loaded cost or list price for any assets, goods
or services.
(16) Human Resources Master Services Agreements, between
Cleco Evangeline and each of the following entities:
Cleco, Cleco Utility, UtiliTech, CLE Pipeline, CLE
Resources and Cleco Energy, pursuant to which Cleco
Evangeline may agree to designate certain of its
employees to provide services for the counterparty
and/or the counterparty may agree to designate
certain of its employees to provide services for
Cleco Evangeline. The party borrowing the employees
is required to pay the loaning party the aggregate
labor charges attributable to the loaned employees,
which includes direct payroll costs, employee
salaries and benefits, as well as a share of
departmental expenses.
(17) Consents to Assignment to Lenders, among Cleco
Evangeline, the Collateral Agent, and each of Cleco,
Cleco Utility, CLE Pipeline, Cleco Midstream, Cleco
Generation, Cleco Marketing, UtiliTech, CLE Resources
and Cleco Energy, pursuant to which those parties
consent to the collateral assignment of al the
foregoing agreements by Cleco Evangeline to the
Collateral Agent to secure Cleco Evangeline's
financing.
(18) Agreement for Purchase and Sale of Assets, between
Cleco Utility and Cleco Evangeline, pursuant to which
Cleco Utility sold to Cleco Evangeline generation
facilities, associated land, leaseholds, and
servitudes for their book value, $8,830,000, and the
associated transmission facilities for their book
value, $990,000, for a total of $9,820,000.
(19) Act of Cash Sale and Creation of Servitudes, between
Cleco Utility and Cleco Evangeline, pursuant to which
Cleco Utility conveyed to Cleco Evangeline
approximately 22 acres of land on which generation
facilities are located. The act also provides for
multiple servitudes and rights of way running between
the generation facilities and adjoining properties
owned by Cleco Evangeline's affiliates, for roads,
pipelines, electric lines, drainage and the like.
(20) Bill of Sale, between Cleco Utility and Cleco
Evangeline, pursuant to which Cleco Utility conveyed
to Cleco Evangeline all equipment relating to the
generation facilities that is not as a matter of law
considered part of the real estate site upon which
the generation facilities are located.
10
<PAGE> 11
(21) Act of Assignment and Assumption of Leases and
Servitude and Sale of Movables, between Cleco Utility
and Cleco Evangeline, pursuant to which Cleco Utility
assigned to Cleco Evangeline multiple long-term
leases that provide for the use of the cooling canal
and lakes utilized for water discharged from the
generation facilities.
The above-named claimant has caused this statement to be duly executed
on its behalf by its authorized officer on this 29th day of February, 2000.
Cleco Corporation
By: /s/ THOMAS J. HOWLIN
-------------------------------
Thomas J. Howlin
Senior Vice President &
Chief Financial Officer
CORPORATE SEAL
Attest:
By: /s/ CARLA D. BOOTHE
-------------------------------
Carla D. Boothe
Assistant Corporate Secretary
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Thomas J. Howlin With copy to:
Senior Vice President &
Chief Financial Officer Tim Taylor
Cleco Corporation BakerBotts LLP
2030 Donahue Ferry Road One Shell Plaza
Pineville, Louisiana 71360 910 Louisiana
Phone: (318) 484-7400 Houston, Texas 77002-4995
Fax: (318) 484-7777 Phone: (713) 229-1184
Fax: (713) 229-7784
11
<PAGE> 12
EXHIBIT A
A CONSOLIDATING STATEMENT OF INCOME AND SURPLUS OF THE CLAIMANT AND ITS
SUBSIDIARY COMPANIES FOR THE LAST CALENDAR YEAR, TOGETHER WITH A CONSOLIDATING
BALANCE SHEET OF CLAIMANT AND ITS SUBSIDIARY COMPANIES AS OF THE CLOSE OF SUCH
CALENDAR YEAR.
See attached statements labeled EXHIBIT A.
EXHIBIT B
FINANCIAL DATA SCHEDULE
IF, AT THE TIME A REPORT ON THIS FORM IS FILED, THE REGISTRANT IS
REQUIRED TO SUBMIT THIS REPORT AND ANY AMENDMENTS THERETO ELECTRONICALLY VIA
EDGAR, THE REGISTRANT SHALL FURNISH A FINANCIAL DATA SCHEDULE. THE SCHEDULE
SHALL SET FORTH THE FINANCIAL AND OTHER DATA SPECIFIED BELOW THAT ARE APPLICABLE
TO THE REGISTRANT ON A CONSOLIDATED BASIS.
<TABLE>
<CAPTION>
Item No. Caption Heading In Thousands
-------- --------------- ------------
<S> <C> <C>
1 Total Assets $ 1,704,650
2 Total Operating Revenues $ 768,200
3 Net Income $ 56,766
</TABLE>
EXHIBIT C
AN ORGANIZATIONAL CHART SHOWING THE RELATIONSHIP OF EACH EWG OR FOREIGN
UTILITY COMPANY TO ASSOCIATE COMPANIES IN THE HOLDING-COMPANY SYSTEM.
[ORGANIZATIONAL CHART]
<TABLE>
<S> <C>
-----------------
Cleco Corporation
-----------------
|
__________________________________________________________________________________________________________________________________
| | | | | |
| | | | | |
| 100% | 100% | 100% | 100% | 100% | 100%
--------------- --------------- --------------- --------------- --------------- ---------------
Cleco Utility CLE Resources, Cleco Midstream Utility Cleco Support Cleco
Group Inc. Inc. Resources LLC Construction & Group LLC ConnexUs LLC
Technology
Solutions LLC
--------------- --------------- --------------- --------------- --------------- ---------------
|
__________________________________________________________________________________________________________________________________
| | | | | | |
| 100% | 100% | 98% | 100% | 100% | 100% | 70%
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Cleco Evangeline Cleco Columbian Cleco Energy Cleco Business Cleco Generation Cleco Marketing Acadia Power
LLC LLC LLC Development LLC Services LLC & Trading LLC Partners, LLC
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
|
__________________________________
| |
| 100% | 100%
--------------- ---------------
Sabine Texican CLE Intrastate
Pipeline Pipeline
Company* Company, Inc.
--------------- ---------------
</TABLE>
* Sabine Texican Pipeline Company has ownership interests in numerous entities.
12
<PAGE> 13
CLECO MIDSTREAM LLC
Consolidating Balance Sheet
December 31, 1999
(IN THOUSANDS)
<TABLE>
<CAPTION>
CLECO CLECO GENERATION
ENERGY EVANGELINE MARKETING & TRADING CLE PIPELINE CBD SERVICES
------ ----------- ------------------- ------------ --- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
PLANT, PROPERTY AND EQUIPMENT
Utility
Non-Utility 9,832 8,816 7,178
------ ------- ------ ------ ----- ---
Total utility plant, net 9,832 8,816 0 7,178
------ ------- ------ ------ ----- ---
ACCUMULATED DEPRECIATION
Utility
Non-Utility (1,102) (24) (1,844)
------ ------- ------ ------ ----- ---
Total Accumulated Depreciation (1,102) (24) 0 (1,844)
------ ------- ------ ------ ----- ---
CONSTRUCTION WORK-PROGRESS 160,860 0
------ ------- ------ ------ ----- ---
Total Plant, Property
& Equipment 8,730 169,652 0 5,334
------ ------- ------ ------ ----- ---
INVESTMENTS AND OTHER ASSETS 0
------ ------- ------ ------ ----- ---
INVESTMENTS IN SUBSIDIARIES
Evangeline
CLE Intrastate Pipeline
Energy
CBD
------ ------- ------ ------ ----- ---
TOTAL INVESTMENTS IN SUBSIDIARIES 0 0 0 0
------ ------- ------ ------ ----- ---
CURRENT ASSETS
Cash and cash equivalents 1,333 62,252 (378)
Accounts receivable, net* 1,161 632 2,973
146.00 Account Rec associated
companies (26,191) 222 1,900 1
Other Accts receiv from associated
companies (1,953) 9,125 2,143
Accounts receivable/Taxes 112 12
Notes receivable from others
Notes receivable from associated
companies
Unbilled revenues 2,776
Fuel inventory, at average cost
Materials and supplies inventory,
at average cost 38 541
Accumulated deferred fuel
Prepayments and other current assets 2,586 34 459 81
------ ------- ------ ------ ----- ---
TOTAL CURRENT ASSETS 6,053 37,268 12,779 3,758 1
------ ------- ------ ------ ----- ---
PREPAYMENTS, DEFERRED CHARGES AND OTHER 4,602 149
------ ------- ------ ------ ----- ---
TOTAL ASSETS 14,783 211,522 12,928 9,092 1 0
====== ======= ====== ====== ===== ===
CAPITALIZATION AND LIABILITIES
COMMON SHAREHOLDERS' EQUITY
Common stock, 22,479 and 22,463
outstanding 1
Premium on capital stock
Member's Equity 10,011 1 650 1
Retained earnings (2,933) (2,382) 1,956 2,093 (34)
Treasury stock, 300 and 308
outstanding
------ ------- ------ ------ ----- ---
TOTAL COMMON SHAREHOLDERS' EQUITY 7,078 (2,381) 1,956 2,744 1 (34)
------ ------- ------ ------ ----- ---
EQUITY, CLECO
------ ------- ------ ------ ----- ---
Preferred stock, $100 par value
Not subject to mandatory redemption
Deferred comp related to pref stock
held by ESOP
Subject to mandatory redemption
------ ------- ------ ------ ----- ---
Total preferred stock 0 0 0 0
------ ------- ------ ------ ----- ---
Long-term debt, net 656 218,600
------ ------- ------ ------ ----- ---
TOTAL CAPITALIZATION 7,734 216,219 1,956 2,744 1 (34)
------ ------- ------ ------ ----- ---
MINORITY INTEREST, CLECO ENERGY
------ ------- ------ ------ ----- ---
CURRENT LIABILITIES
Short-term debt 2,374
Accounts payable 2,431 10,334 2,902 734 55
146.00 Account Pay associated
companies
Other Accts Pay to associated
companies 624 24 1,550 1,605
Retainage 7,733 4,118
Notes payable to associated
companies 1,300 (23,567) 4,009
Customer deposits
Taxes accrued (87) 1,474
Interest accrued 803
Accumulated deferred fuel
Other current liabilities 320 841 0
------ ------- ------ ------ ----- ---
TOTAL CURRENT LIABILITIES 7,049 (4,760) 10,885 6,348 55
------ ------- ------ ------ ----- ---
DEFERRED CREDITS
Accumulated deferred income taxes 29 (24) 0 (21)
Accumulated deferred investment tax
credits
Other deferred credits 34 111
------ ------- ------ ------ ----- ---
TOTAL DEFERRED CREDITS 0 63 87 0 (21)
------ ------- ------ ------ ----- ---
TOTAL CAPITALIZATION AND LIABILITIES 14,783 211,522 12,928 9,092 1 0
====== ======= ====== ====== ===== ===
0 0 0 0 0 0
<CAPTION>
CLECO
MIDSTREAM L.L.C. ELIMINATIONS CONSOLIDATED
---------------- ------------ ------------
<S> <C> <C> <C>
ASSETS
PLANT, PROPERTY AND EQUIPMENT
Utility 0 0
Non-Utility 1,022 26,848
------ ------- -------
Total utility plant, net 1,022 0 26,848
------ ------- -------
ACCUMULATED DEPRECIATION
Utility 0
Non-Utility (2,970)
------ ------- -------
Total Accumulated Depreciation 0 0 (2,970)
------ ------- -------
CONSTRUCTION WORK-PROGRESS 72 0 160,932
------ ------- -------
TOTAL PLANT, PROPERTY & EQUIPMENT 1,094 0 184,810
------ ------- -------
INVESTMENTS AND OTHER ASSETS 0
------ ------- -------
INVESTMENTS IN SUBSIDIARIES 0
Evangeline (2,068) 2,068 0
CLE Intrastate Pipeline 2,284 (2,284) 0
Energy 11,055 (11,055) 0
CBD 1 (1) 0
0 0
------ ------- -------
TOTAL INVESTMENTS IN SUBSIDIARIES 11,272 (11,272) 0
------ ------- -------
CURRENT ASSETS
Cash and cash equivalents (39) 63,168
Accounts receivable, net * 67 4,833
146.00 Account Rec associated companies (1,821) (25,889)
Other Accts receiv from associated companies (1,028) 8,287
Accounts receivable/Taxes 124
Notes receivable from others 0
Notes receivable from associated companies 0
Unbilled revenues 2,776
Fuel inventory, at average cost 0
Materials and supplies inventory, at average cost 0 579
Accumulated deferred fuel 0
Prepayments and other current assets 422 3,582
------ ------- -------
TOTAL CURRENT ASSETS (1,371) (1,028) 57,460
------ ------- -------
PREPAYMENTS, DEFERRED CHARGES AND OTHER 4,751
------ ------- -------
TOTAL ASSETS 10,995 (12,300) 247,021
====== ======= =======
CAPITALIZATION AND LIABILITIES
COMMON SHAREHOLDERS'EQUITY
Common stock, 22,479 and 22,463 outstanding (1) 0
Premium on capital stock 0
Member's Equity 8,104 (10,663) 8,104
Retained earnings (17) (608) (1,925)
Treasury stock, 300 and 308 outstanding 0
------ ------- -------
TOTAL COMMON SHAREHOLDERS' EQUITY 8,087 (11,272) 6,179
------ ------- -------
EQUITY, CLECO 0 0
------ ------- -------
Preferred stock, $100 par value
Not subject to mandatory redemption 0
Deferred comp related to pref stock held by ESOP 0
Subject to mandatory redemption 0
Total preferred stock 0 0 0
------ ------- -------
Long-term debt, net 1,036 220,292
------ ------- -------
TOTAL CAPITALIZATION 9,123 (11,272) 226,471
------ ------- -------
MINORITY INTEREST, CLECO ENERGY 0
------ ------- -------
CURRENT LIABILITIES
Short-term debt 2,374
Accounts payable 600 17,056
146.00 Account Pay associated companies 0
Other Accts Pay to associated companies 232 (1,028) 3,007
Retainage 7,733
Notes payable to associated companies 1,727 (12,413)
Customer deposits 0
Taxes accrued (687) 700
Interest accrued 803
Accumulated deferred fuel 0
Other current liabilities 1,161
------ ------- -------
TOTAL CURRENT LIABILITIES 1,872 (1,028) 20,421
------ ------- -------
DEFERRED CREDITS
Accumulated deferred income taxes (16)
Accumulated deferred investment tax credits 0
Other deferred credits 145
------ ------- -------
TOTAL DEFERRED CREDITS 0 0 129
------ ------- -------
TOTAL CAPITALIZATION AND LIABILITIES 10,995 (12,300) 247,021
====== ======= =======
0 0 0
</TABLE>
<PAGE> 14
CLECO CORPORATION
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
(IN THOUSANDS)
<TABLE>
<CAPTION>
UTILITY CLECO CLE MIDSTREAM
GROUP, INC CORPORATION RESOURCES CONSOLIDATED
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
PLANT, PROPERTY AND EQUIPMENT
Utility 1,549,009 0
Non-Utility 2,576 26,848
- -----------------------------------------------------------------------------------------------------------------------------------
Total utility plant, net 1,551,585 0 0 26,848
- -----------------------------------------------------------------------------------------------------------------------------------
ACCUMULATED DEPRECIATION
Utility (552,504)
Non-Utility (53) (2,970)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Accumulated Depreciation (552,557) 0 0 (2,970)
- -----------------------------------------------------------------------------------------------------------------------------------
CONSTRUCTION WORK-PROGRESS 26,919 0 160,932
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL PLANT, PROPERTY & EQUIPMENT 1,025,947 0 0 184,810
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS AND OTHER ASSETS 2,358 0 1,867 0
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS IN SUBSIDIARIES
Utility Group Inc 172,541
Cle Resources 19,783
Midstream 8,104
UTS 3,012
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SUBSIDIARIES 0 203,440 0 0
- -----------------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash and cash equivalents 547 24,314 13,101 63,168
Accounts receivable, net * 40,448 59 4,833
146.00 Account Rec associated companies 19,058 9,186 (25,889)
Other Accts receive from associated companies 0 323 8,287
Accounts receivable/Taxes 124
Notes receivable from others
Notes receivable from associated companies 2 6,070 5,480
Unbilled revenues 17,065 2,776
Fuel inventory, at average cost 10,461
Materials and supplies inventory, at average cost 14,189 579
Accumulated deferred fuel 0
Prepayments and other current assets 3,202 74 3,582
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 104,972 39,644 18,963 57,460
- -----------------------------------------------------------------------------------------------------------------------------------
PREPAYMENTS, DEFERRED CHARGES AND OTHER 281,302 4,751
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 1,414,579 243,084 20,830 247,021
- -----------------------------------------------------------------------------------------------------------------------------------
CAPITALIZATION AND LIABILITIES
COMMON SHAREHOLDERS'EQUITY
Common stock, 22,479 and 22,463 outstanding 45,064 45,064 1
Premium on capital stock 127,477 112,733 16,237
Member's Equity 8,104
Retained earnings 234,287 50,752 4,227 (1,925)
Treasury stock, 300 and 308 outstanding (3,002)
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON SHAREHOLDERS' EQUITY 406,828 205,547 20,465 6,179
- -----------------------------------------------------------------------------------------------------------------------------------
EQUITY, CLECO
- -----------------------------------------------------------------------------------------------------------------------------------
Preferred stock, $100 par value 13,889
Not subject to mandatory redemption
Deferred comp related to pref stock held by ESOP
Subject to mandatory redemption
- -----------------------------------------------------------------------------------------------------------------------------------
Total preferred stock 0 13,889 0 0
- -----------------------------------------------------------------------------------------------------------------------------------
Long-term debt, net 360,339 0 220,292
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL CAPITALIZATION 767,167 219,436 20,465 226,471
- -----------------------------------------------------------------------------------------------------------------------------------
MINORITY INTEREST, CLECO ENERGY
- -----------------------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES
Short-term debt 30,989 20,000 2,374
Accounts payable 56,093 652 17,056
146.00 Account Pay associated companies 0
Other Accts Pay to associated companies 5,678 365 3,007
Retainage 7,733
Notes payable to associated companies 23,567 (12,413)
Customer deposits 20,326
Taxes accrued 25,749 (20,861) 700
Interest accrued 8,788 42 803
Accumulated deferred fuel 2,638
Other current liabilities 3,756 91 1,161
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES 154,017 23,491 365 20,421
- -----------------------------------------------------------------------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 320,921 157 (16)
Accumulated deferred investment tax credits 25,994
Other deferred credits 146,480 145
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL DEFERRED CREDITS 493,395 157 0 129
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES 1,414,579 243,084 20,830 247,021
- -----------------------------------------------------------------------------------------------------------------------------------
0 0 0 0
</TABLE>
<TABLE>
<CAPTION>
SUPPORT UTILITECH
CONNEXUS SERVICES SOLUTIONS ELIMINATIONS CONSOLIDATED
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
PLANT, PROPERTY AND EQUIPMENT
Utility 0 1,549,009
Non-Utility 871 30,295
- -----------------------------------------------------------------------------------------------------------------------------------
Total utility plant, net 0 0 871 0 1,579,304
- -----------------------------------------------------------------------------------------------------------------------------------
ACCUMULATED DEPRECIATION
Utility (552,504)
Non-Utility (148) (3,171)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Accumulated Depreciation 0 0 (148) 0 (555,675)
- -----------------------------------------------------------------------------------------------------------------------
CONSTRUCTION WORK-PROGRESS 80 57 0 187,988
- -----------------------------------------------------------------------------------------------------------------------
TOTAL PLANT, PROPERTY & EQUIPMENT 80 0 780 0 1,211,617
INVESTMENTS AND OTHER ASSETS 4,225
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS IN SUBSIDIARIES
Utility Group Inc (172,541) 0
Cle Resources (19,783) 0
Midstream (8,104) 0
UTS (3,012) 0
0 0
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SUBSIDIARIES 0 0 0 (203,440) 0
- -----------------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash and cash equivalents 1,282 102,412
Accounts receivable, net * 1,748 47,088
146.00 Account Rec associated companies (94) (140) (2,121) 0
Other Accts receive from associated companies (8,609) 1
Accounts receivable/Taxes 124
Notes receivable from others 0
Notes receivable from associated companies (11,552) 0
Unbilled revenues 975 20,816
Fuel inventory, at average cost 10,461
Materials and supplies inventory, at average cost 0 14,768
Accumulated deferred fuel 0
Prepayments and other current assets 129 40 (86) 6,941
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS (94) (11) 1,924 (20,247) 202,611
- -----------------------------------------------------------------------------------------------------------------------------------
PREPAYMENTS, DEFERRED CHARGES AND OTHER 144 286,197
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS (14) (11) 2,848 (223,687) 1,704,650
- -----------------------------------------------------------------------------------------------------------------------------------
CAPITALIZATION AND LIABILITIES
COMMON SHAREHOLDERS'EQUITY
Common stock, 22,479 and 22,463 outstanding 0 (45,065) 45,064
Premium on capital stock 3,330 (147,044) 112,733
Member's Equity (8,104) 0
Retained earnings (9) (6) (1,274) (3,227) 282,825
Treasury stock, 300 and 308 outstanding (3,002)
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON SHAREHOLDERS' EQUITY (9) (6) 2,056 (203,440) 437,620
- -----------------------------------------------------------------------------------------------------------------------------------
EQUITY, CLECO 0 0
- -----------------------------------------------------------------------------------------------------------------------------------
Preferred stock, $100 par value 13,889
Not subject to mandatory redemption 0
Deferred comp related to pref stock held by ESOP 0
Subject to mandatory redemption 0
- -----------------------------------------------------------------------------------------------------------------------------------
Total preferred stock 0 0 0 0 13,889
- -----------------------------------------------------------------------------------------------------------------------------------
Long-term debt, net 580,631
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL CAPITALIZATION (9) (6) 2,056 (203,440) 1,032,140
- -----------------------------------------------------------------------------------------------------------------------------------
MINORITY INTEREST, CLECO ENERGY 0
- -----------------------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES
Short-term debt 53,363
Accounts payable 473 426 74,700
146.00 Account Pay associated companies 0
Other Accts Pay to associated companies (9,050) 0
Retainage 7,733
Notes payable to associated companies 469 (11,623) 0
Customer deposits 20,326
Taxes accrued (5) (5) (792) 4,786
Interest accrued 1 9,634
Accumulated deferred fuel 2,638
Other current liabilities 255 5,263
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES (5) (5) 406 (20,247) 178,443
- -----------------------------------------------------------------------------------------------------------------------------------
DEFERRED CREDITS
Accumulated deferred income taxes 103 321,165
Accumulated deferred investment tax credits 25,994
Other deferred credits 283 146,908
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL DEFERRED CREDITS 0 0 386 0 494,067
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL CAPITALIZATION AND LIABILITIES (14) (11) 2,848 (223,687) 1,704,650
- -----------------------------------------------------------------------------------------------------------------------------------
0 0 0 0 0
</TABLE>
<PAGE> 15
CLECO CORPORATION
CONSOLIDATING STATEMENTS OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Midstream Support
Consolidated Cleco Utility Group Utilitech Resources Service ConnexUs
------------ ------- ------------- --------- --------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Operating Revenue
Retail electric operations 0 508,790
Energy marketing operations 18,698 237,731
Other operations 1,640 4,117
Intercompany revenues 6,493 43,308 7,816 792
------- ------- ------- ------- ------- ------- -------
Gross Operating Revenue 26,831 43,308 754,337 4,909 0 0 0
Less:
Retail electric customer credits 0 (2,776)
------- ------- ------- ------- ------- ------- -------
Total Operating Revenues 26,831 43,308 751,561 4,909 0 0 0
Operating Expenses
Fuel used for electric generation 557 146,826
Power Purchased for utility customers 0 65,303
Purchases for energy marketing operations 14,300 230,084
Other Operations Expense 4,062 274 75,857 5,503 13 10 14
Maintenance 483 29,369 57
Depreciation 668 49,285 66
Inter company COGS 4,336 43,308 6,396 518
Allocations 524 0 182
Taxes other than income taxes 174 35,870 28
------- ------- ------- ------- ------- ------- -------
Total operating expenses 25,104 43,582 638,990 6,354 13 10 14
------- ------- ------- ------- ------- ------- -------
Income from operations 1,727 (274) 112,571 (1,445) (13) (10) (14)
Other income and deductions
Interest income 147 42 1,238 609
AFUDC 0 654
Other income 589 39,940 (2,095) 18 86
------- ------- ------- ------- ------- ------- -------
Income before Interest 2,463 39,708 112,368 (1,427) 682 (10) (14)
Interest expenses
Interest 861 666 27,224 9
AFUDC 0 (91)
Amortization of debt discount, premium 0 1,282
------- ------- ------- ------- ------- ------- -------
Total Interest Charges 861 666 28,415 9 0 0 0
------- ------- ------- ------- ------- ------- -------
Income before taxes 1,602 39,042 83,953 (1,436) 682 (10) (14)
Income Taxes 427 (512) 27,271 (542) 589 (4) (5)
------- ------- ------- ------- ------- ------- -------
Net Income 1,175 39,554 56,682 (894) 93 (6) (9)
Preferred Dividends Paid 0 963 1,047
------- ------- ------- ------- ------- ------- -------
Net Income to Common 1,175 38,591 55,635 (894) 93 (6) (9)
======= ======= ======= ======= ======= ======= =======
<CAPTION>
Cleco
Subtotal Eliminations Consolidated
-------- ---------------- -------------
<S> <C> <C> <C>
Operating Revenue
Retail electric operations 508,790 508,790
Energy marketing operations 256,429 256,429
Other operations 5,757 5,757
Intercompany revenues 58,409 (58,409) 0
------- -------- ------- -------
Gross Operating Revenue 829,385 770,976
Less:
Retail electric customer credits (2,776) (2,776)
------- -------- ------- -------
Total Operating Revenues 826,609 768,200
Operating Expenses
Fuel used for electric generation 147,383 (2,154) 145,229
Power Purchased for utility customers 65,303 65,303
Purchases for energy marketing operations 244,384 244,384
Other Operations Expense 85,733 (990) 84,743
Maintenance 29,909 29,909
Depreciation 50,019 50,019
Inter company COGS 54,558 (54,558) 0
Allocations 706 (706) 0
Taxes other than income taxes 36,072 36,072
------- -------- ------- -------
Total operating expenses 714,067 655,659
------- -------- ------- -------
Income from operations 112,542 112,541
Other income and deductions
Interest income 2,036 (348) 1,688
AFUDC 654 654
Other income 38,538 (39,828) (1,290)
------- -------- ------- -------
Income before Interest 153,770 113,593
Interest expenses
Interest 28,760 (348) 28,412
AFUDC (91) (91)
Amortization of debt discount, premium 1,282 1,282
------- -------- ------- -------
Total Interest Charges 29,951 29,603
------- -------- ------- -------
Income before taxes 123,819 83,990
Income Taxes 27,224 27,224
------- -------- ------- -------
Net Income 96,595 56,766
Preferred Dividends Paid 2,010 2,010
------- -------- ------- -------
Net Income to Common 94,585 (58,757) (98,584) 54,756
======= ======== ======= =======
</TABLE>
<PAGE> 16
CLECO MIDSTREAM RESOURCES LLC
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 1999
<TABLE>
<CAPTION>
Marketing &
Midstream Trading Pipeline Evangeline Gen Svs Energy Subtotal
--------- ----------- -------- ---------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Operating Revenue
Retail electric operations 0
Energy marketing operations 18,698 18,698
Other operations 105 5 1,530 1,640
Intercompany revenues 583 3,938 1,597 674 6,792
------- ------- ------- ------- ------- ------- -------
Gross Operating Revenue 688 22,636 1,597 679 0 1,530 27,130
Less:
Retail electric customer credits 0
------- ------- ------- ------- ------- ------- -------
Total Operating Revenues 688 22,636 1,597 679 0 1,530 27,130
Operating Expenses
Fuel used for electric generation 557
Power Purchased for utility customers 0
Purchases for energy marketing operations 196 14,104 14,300
Other Operations Expense 547 852 55 1,094 1,514 4,062
Maintenance 60 106 31 55 231 483
Depreciation 230 24 414 668
Inter company COGS 583 3,936 116 0 4,635
Allocations 1 383 140 0 524
Taxes other than income taxes 11 7 61 1 94 174
------- ------- ------- ------- ------- ------- -------
Total operating expenses 1,338 19,342 452 1,963 55 2,253 25,403
------- ------- ------- ------- ------- ------- -------
Income from operations (650) 3,294 1,145 (1,284) (55) (723) 1,727
Other income and deductions
Interest income 147 147
AFUDC 0
Other income 6 589
------- ------- ------- ------- ------- ------- -------
Income before Interest (650) 3,294 1,151 (1,137) (55) (140) 2,463
Interest expenses
Interest 53 45 131 197 435 861
AFUDC 0
Amortization of debt discount, premium 0
------- ------- ------- ------- ------- ------- -------
Total Interest Charges 53 45 131 197 0 435 861
------- ------- ------- ------- ------- ------- -------
Income before taxes (703) 3,249 1,020 (1,334) (55) (575) 1,602
Income Taxes (564) 1,294 499 (781) (21) 427
------- ------- ------- ------- ------- ------- -------
Net Income (139) 1,955 521 (553) (34) (575) 1,175
Preferred Dividends Paid 0
------- ------- ------- ------- ------- ------- -------
Net income to Common (139) 1,955 521 (553) (34) (575) 1,175
======= ======= ======= ======= ======= ======= =======
<CAPTION>
Midstream
Eliminations Consolidated
------------ ------------
<S> <C> <C>
Operating Revenue
Retail electric operations 0
Energy marketing operations 18,698
Other operations 1,640
Intercompany revenues (299) 6,493
------- ------ -------
Gross Operating Revenue 26,831
Less:
Retail electric customer credits
------- ------ -------
Total Operating Revenues 26,831
Operating Expenses
Fuel used for electric generation 557
Power Purchased for utility customers 0
Purchases for energy marketing operations 14,300
Other Operations Expense 4,062
Maintenance 483
Depreciation 668
Inter company COGS (299) 4,336
Allocations 524
Taxes other than income taxes 174
------- ------ -------
Total operating expenses 25,104
------- ------ -------
Income from operations 1,727
Other income and deductions
Interest income 147
AFUDC 0
Other income 589
------- ------ -------
Income before Interest 2,463
Interest expenses
Interest 861
AFUDC 0
Amortization of debt discount, premium 0
------- ------ -------
Total Interest Charges 861
------- ------ -------
Income before taxes 1,602
Income Taxes 427
------- ------ -------
Net Income 1,175
Preferred Dividends Paid 0
------- ------ -------
Net income to Common (299) (299) 1,175
======= ====== =======
</TABLE>
