PSC Approves CLECO Sale After All

Based on the strong talk and rhetoric that was coming out of the mouths of the state's Public Service Commission members over the past few days you'd have thought there was no possible way the sale of CLECO to Maquirie Infrastructures would have ever been approved. But, this is Louisiana and things have a way being worked out.

But when you have strong language from Commissioners Clyde Holloway and Foster Campbell basically saying the deal was dead in the water to hear that the PSC actually approved the sale was quite a surprise.

To be fair, the deal that was approved Tuesday is far from the original deal that was presented before the PSC at the first approval hearing. The new deal does have concessions for CLECO customers and employees.

On average, a $500 rate credit for Cleco’s customers. In addition, we’ve agreed to extend our rate plan for two years and will not ask for a rate increase during those two years.

That's how Robyn Cooper a spokes person for CLECO explained part of the new deal to the Louisiana Radio Network. Cooper says that rate relief for CLECO customers should come at a very good time of the year.

We think that summer is a great time to see that credit on the bill. However, that is something that we will be working with the Louisiana Public Service Commission to determine exactly when and how to distribute the money.

It is estimated that throughout the CLECO footprint customers will enjoy $136 million in rate credits. These credits will be shared across the 287 thousand subscribers to CLECO services.