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UNITED
STATES
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SECURITIES
AND EXCHANGE COMMISSION
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Washington,
D.C. 20549
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FORM
8-K
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CURRENT
REPORT
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Pursuant
to Section 13 or 15(d) of
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the
Securities Exchange Act of 1934
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Date
of Report (Date of earliest event reported): October 14,
2009
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CLECO
CORPORATION
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(Exact
name of registrant as specified in its
charter)
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Louisiana
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1-15759
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72-1445282
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(State
or other jurisdiction
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(Commission
File Number)
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(IRS
Employer
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of
incorporation)
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Identification
No.)
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2030
Donahue Ferry Road
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Pineville,
Louisiana
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71360-5226
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (318)
484-7400
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CLECO
POWER LLC
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(Exact
name of registrant as specified in its
charter)
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Louisiana
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1-05663
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72-0244480
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(State
or other jurisdiction
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(Commission
File Number)
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(IRS
Employer
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of
incorporation)
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Identification
No.)
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2030
Donahue Ferry Road
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Pineville,
Louisiana
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71360-5226
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (318)
484-7400
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Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
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o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
8.01 Other Events.
On
October 14, 2009, the Louisiana Public Service Commission (the “LPSC), at
its Business and Executive Session, voted unanimously to approve a new
retail rate plan for Cleco Power LLC (“Cleco Power”), a wholly owned
subsidiary of Cleco Corporation (the “Company”).
In
July 2008, Cleco Power filed a request for a new retail rate plan with the
LPSC to increase Cleco Power’s retail base rates for
electricity. On September 21, 2009, Cleco Power and the staff
of the LPSC filed testimony supporting an uncontested stipulated
settlement.
The
uncontested stipulated agreement, as approved by the LPSC, is expected to
increase retail base revenues, in the first twelve months of Rodemacher
Power Station Unit 3 (“RPS-3”) commercial operations, approximately $173
million, with an anticipated net billing decrease for retail customers of
approximately 5%, based on forecasted natural gas prices and including a
reduction of approximately $97 million resulting from the cessation of
collection of and the refund of RPS-3 construction financing based on a
five-year crediting period. The retail rate plan provides for
the placement of RPS-3 in rate base and recovery of the operating costs of
RPS-3 and other costs including costs associated with damage caused by
Hurricanes Gustav and Ike.
The
retail rate plan includes a Formula Rate Plan (the “FRP”) that has a
target 10.7% return on equity including returning, to retail customers,
60% of earnings over 11.3% and all earnings over 12.3%. The
capital structure assumes an equity ratio of 51%. The FRP also
has a mechanism allowing for recovery of future revenue requirements for
the Acadiana Load Pocket transmission project and, if approved in a
separate proceeding, the acquisition of the Acadia Power Plant as a result
of the Cleco Power 2007 long-term request for proposal. The
retail rate plan allows Cleco Power to propose additional projects to the
LPSC during the FRP’s initial four-year term. The retail rate
plan will be effective upon commercial operation of RPS-3, currently
anticipated in the fourth quarter of 2009.
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CLECO
CORPORATION
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Date: October
14, 2009
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By:
/s/ R. Russell
Davis
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R.
Russell Davis
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Vice
President - Investor Relations &
Chief
Accounting Officer
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CLECO
POWER LLC
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Date: October
14, 2009
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By:
/s/ R. Russell
Davis
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R.
Russell Davis
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Vice
President - Investor Relations &
Chief
Accounting Officer
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