CLECO Requests Another Hearing Before PSC On Proposed Buyout
The proposed purchase of the Central Louisiana Electric Co-op based in Pineville by a foreign company has certainly generated a lot of static over the past few months. The state's Public Service Commission took up the proposed sale in a hearing last month and then voted against allowing the deal to go through. Attorneys for CLECO would like to have another hearing before the PSC to amend, clarify, and correct some misstatements they believe were made during the first hearing.
The Chairman of the PSC, Clyde Holloway, told the Louisiana Radio Network that he is not in favor of the proposed sale to a foreign investment company. He is also not in favor of the allowing CLECO to have another hearing on the matter.
I’m going to vote against the buyout. I’m going to vote against the rehearing.
CLECO attorneys are suggesting that commissioners denied the buyout request on the merits of the transaction. They are saying that commissioners need to focus more on their argument that the buy out is in the best interest of the consumer.
Holloway disagrees with the company's assessment of the case.
I worry about what happens five years down the road. They’ve got to recoup their money somewhere, and that worries me very much.
Considering the buyout is a proposal that carries a $5 billion dollars price tag you can bet CLECO and it's possible suitor will continue their push to be heard again before the PSC where they hope to make their case.