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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): July 14,
2008
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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.
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On July 14, 2008, Cleco Power LLC
(the “Company”), a wholly owned subsidiary of Cleco Corporation, filed a
request for a new rate plan with the Louisiana Public Service Commission
(the “LPSC”) to increase the Company’s base rate for
electricity. The LPSC directed the Company to file a full base
rate case at least 12 months prior to the expected in-service date for
Rodemacher Power Station Unit No. 3 (“RPS-3”).
If the new rate plan proposed by
the Company is approved by the LPSC, it is expected to result in a net
decrease in the Company’s billings to its retail customers of
approximately $72 million in the first normal year of commercial operation
of RPS-3. The Company is primarily seeking recovery of revenues sufficient
to cover the addition of RPS-3 to its existing expense and rate base
levels. Although base revenues will increase under the
Company’s proposed rate plan, overall retail billings are expected to
decrease. Factors contributing to this decrease are: (i)
anticipated additional retail revenues of approximately $250 million
recovered through its base rates and proposed riders; (ii) an expected
decrease in projected costs recovered through its retail fuel clause of
approximately $224 million; and (iii) an expected decrease of $98 million
of RPS-3 financing costs which includes a refund of the cash collected
from retail customers and the absence of previously collected RPS-3
financing costs. If the Company’s proposed rate plan is
approved, the Company’s customers would begin realizing benefits of lower
fuel costs immediately upon commercial operation of RPS-3. The
Company expects that a new rate plan will be approved by the LPSC prior to
the third quarter of 2009.
A copy of Keith D. Crump’s, the
Company’s Vice President of Regulatory, Retail Operations and Resources
Planning, direct testimony before the LPSC relating to the proposed new
rate plan is furnished with this report as Exhibit 99.1. A copy
of the Company’s proposed new rate plan can be found on Cleco
Corporation’s website at www.cleco.com/site489.php.
This Current Report contains
forward-looking statements about future results and
circumstances. There are many risks and uncertainties with
respect to such forward-looking statements, including the risks and
uncertainties more fully described in the Company’s latest Annual Report
on Form 10-K and Quarterly Report on Form 10-Q. Actual results
may differ materially from those indicated in such forward-looking
statements.
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Item
9.01 Financial
Statements and Exhibits.
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(c)
Exhibits.
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The following exhibit is furnished herewith:
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99.1Direct testimony of Keith D, Crump, the Company’s Vice President of
Regulatory, Retail Operations and Resources Planning, before the LPSC
relating to the proposed new rate plan.
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CLECO
CORPORATION
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Date: July
14, 2008
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By: /s/ R. Russell
Davis
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R. Russell
Davis
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Vice President, Chief
Accounting
Officer & Interim
CFO
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CLECO
POWER LLC
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Date: July
14, 2008
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By: /s/ R. Russell
Davis
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R. Russell
Davis
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Vice President, Chief
Accounting
Officer & Interim
CFO
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Exhibit
Number
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Exhibit
Description
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99.1
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Direct
testimony of Keith D. Crump, the Company’s Vice President of Regulatory,
Retail Operations and Resources Planning, before the LPSC relating to the
proposed new rate plan.
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