----

----

|                                                                                        |                                           |
|---------------------------------------------------------------------------------------------|------------------------------------------------|
| Louisiana(State or other jurisdiction of incorporation or organization)                | 72-1445282(I.R.S. Employer Identification No.) |
|                                                                                        |                                           |
| 2030 Donahue Ferry Road, Pineville, Louisiana(Address of principal executive offices)  | 71360-5226(Zip Code)                           |
|                                                                                        |                                           |
| Registrant’s telephone number, including area code:  (318) 484-7400         |
|                                                                                        |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                           |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------|
| Louisiana(State or other jurisdiction of incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 72-0244480(I.R.S. Employer Identification No.) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                           |
| 2030 Donahue Ferry Road, Pineville, Louisiana(Address of principal executive offices)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 71360-5226(Zip Code)                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                           |
| Registrant’s telephone number, including area code:  (318) 484-7400                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Indicate by check mark whether the Registrants: (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrants were required to file such reports) and (2) have been subject to such filing requirements for the past 90 days.  Yes x    No  ̈                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Indicate by check mark whether the Registrants have submitted electronically and posted on their corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrants were required to submit and post such files).  Yes  ̈    No  ̈                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Indicate by check mark whether Cleco Corporation is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):  Large accelerated filer x           Accelerated filer  ̈                  Non-accelerated filer  ̈  (Do not check if a smaller reporting company)            Smaller reporting company  ̈ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Indicate by check mark whether Cleco Power LLC is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):Large accelerated filer  ̈           Accelerated filer  ̈                  Non-accelerated filer x  (Do not check if a smaller reporting company)            Smaller reporting company  ̈               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Indicate by check mark whether the Registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act)  Yes ̈    No x                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

| Registrant        | Description of Class          | Shares Outstanding at April 29, 2011 |       |
|-------------------|-------------------------------|--------------------------------------|------------|
|              |                          |                                 |       |
| Cleco Corporation | Common Stock, $1.00 Par Value |                                 | 60,979,231 |   |

----

----

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

|                                                 | PAGE                                                                                        |
|------------------------------------------------------|---------------------------------------------------------------------------------------------|
| GLOSSARY OF TERMS                                    | 3                                                                                           |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 5                                                                                           |
|                                                 |                                                                                        |   |
| PART I                                               | Financial Information                                                                       |   |
| ITEM 1.                                              | Cleco Corporation — Condensed Consolidated Financial Statements                       | 7 |
|                                                 | Cleco Power — Condensed Consolidated Financial Statements                             | 13 |
|                                                 | Notes to the Unaudited Condensed Consolidated Financial Statements                          | 18 |
| ITEM 2.                                              | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 36 |
| ITEM 3.                                              | Quantitative and Qualitative Disclosures about Market Risk                                  | 49 |
| ITEM 4.                                              | Controls and Procedures                                                                     | 51 |
|                                                 |                                                                                        |   |
| PART II                                              | Other Information                                                                           |   |
| ITEM 1.                                              | Legal Proceedings                                                                           | 52 |
| ITEM 1A.                                             | Risk Factors                                                                                | 52 |
| ITEM 5.                                              | Other Information                                                                           | 52 |
| ITEM 6.                                              | Exhibits                                                                                    | 53 |
|                                                 | Signatures                                                                                  | 54 |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| ABBREVIATION OR ACRONYM            | DEFINITION                                                                                                                                                                                                                                                                                                                                                                          |
|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 401(k) Plan                        | Cleco Power 401(k) Savings and Investment Plan                                                                                                                                                                                                                                                                                                                                      |
| ABR                                | Alternate Base Rate                                                                                                                                                                                                                                                                                                                                                                 |
| Acadia                             | Acadia Power Partners, LLC, which is 100% owned by Cajun and consisted of Acadia Unit 2 from February 23, 2010 to April 29, 2011.  Prior to February 23, 2010, Acadia was 50% owned by APH and 50% owned by Cajun and consisted of Acadia Unit 1 and Acadia Unit 2.                                                                                             |
| Acadia Unit 1                      | Cleco Power’s 580-MW unit, combined cycle, natural gas-fired power plant located at the Acadia Power Station near Eunice, Louisiana                                                                                                                                                                                                                                           |
| Acadia Unit 2                      | Entergy Louisiana’s 580-MW unit, combined cycle, natural gas-fired power plant located at the Acadia Power Station near Eunice, Louisiana.  Prior to April 29, 2011, Acadia Unit 2 was owned by Acadia.                                                                                                                                                             |
| Acadiana Load Pocket               | An area in south central Louisiana that has experienced transmission constraints caused by local load and lack of generation.  Transmission within the Acadiana Load Pocket is owned by several entities, including Cleco Power.                                                                                                                                          |
| AFUDC                              | Allowance for Funds Used During Construction                                                                                                                                                                                                                                                                                                                                        |
| Amended EPC Contract               | Amended and Restated EPC Contract between Cleco Power and Shaw, executed on May 12, 2006, for engineering, procurement, and construction of Madison Unit 3, as amended by Amendment No. 1 thereto effective March 9, 2007, Amendment No. 2 thereto dated as of July 2, 2008, Amendment No. 3 thereto dated as of July 22, 2009, and Amendment No. 4 thereto dated October 19, 2009. |
| Amended Lignite Mining Agreement   | Amended and restated lignite mining agreement effective December 29, 2009                                                                                                                                                                                                                                                                                                           |
| AMI                                | Advanced Metering Infrastructure                                                                                                                                                                                                                                                                                                                                                    |
| APH                                | Acadia Power Holdings LLC, a wholly owned subsidiary of Midstream                                                                                                                                                                                                                                                                                                                   |
| Attala                             | Attala Transmission LLC, a wholly owned subsidiary of Cleco Corporation                                                                                                                                                                                                                                                                                                             |
| Cajun                              | Cajun Gas Energy L.L.C., 50% owned by APH and 50% owned by third parties.  Prior to February 23, 2010, Cajun was 100% owned by third parties.                                                                                                                                                                                                                             |
| Cleco Innovations LLC              | A wholly owned subsidiary of Cleco Corporation                                                                                                                                                                                                                                                                                                                                      |
| Cleco Katrina/Rita                 | Cleco Katrina/Rita Hurricane Recovery Funding LLC, a wholly owned subsidiary of Cleco Power                                                                                                                                                                                                                                                                                         |
| Coughlin                           | Coughlin Power Station, a combined-cycle, natural gas-fired power plant located in Evangeline Parish, Louisiana.  On June 11, 2010, Evangeline Power Station was renamed Coughlin Power Station.                                                                                                                                                                          |
| DHLC                               | Dolet Hills Lignite Company, LLC, a wholly owned subsidiary of SWEPCO                                                                                                                                                                                                                                                                                                               |
| Diversified Lands                  | Diversified Lands LLC, a wholly owned subsidiary of Cleco Innovations LLC                                                                                                                                                                                                                                                                                                           |
| DOE                                | United States Department of Energy                                                                                                                                                                                                                                                                                                                                                  |
| Entergy Gulf States                | Entergy Gulf States Louisiana, L.L.C., formerly Entergy Gulf States, Inc.                                                                                                                                                                                                                                                                                                           |
| Entergy Louisiana                  | Entergy Louisiana, LLC                                                                                                                                                                                                                                                                                                                                                              |
| Entergy Mississippi                | Entergy Mississippi, Inc.                                                                                                                                                                                                                                                                                                                                                           |
| Entergy Services                   | Entergy Services, Inc., as agent for Entergy Louisiana and Entergy Gulf States                                                                                                                                                                                                                                                                                                      |
| EPA                                | United States Environmental Protection Agency                                                                                                                                                                                                                                                                                                                                       |
| EPC                                | Engineering, Procurement, and Construction                                                                                                                                                                                                                                                                                                                                          |
| ESPP                               | Cleco Corporation Employee Stock Purchase Plan                                                                                                                                                                                                                                                                                                                                      |
| Evangeline                         | Cleco Evangeline LLC, a wholly owned subsidiary of Midstream, and its combined cycle, natural gas-fired power plant located in Evangeline Parish, Louisiana.  On June 11, 2010, the power plant was renamed Coughlin Power Station.                                                                                                                                       |
| Evangeline 2010 Tolling Agreement  | Capacity Sale and Tolling Agreement between Evangeline and JPMVEC, which was executed in February 2010                                                                                                                                                                                                                                                                              |
| Evangeline Restructuring Agreement | Purchase, Sale and Restructuring Agreement entered into on February 22, 2010, by Evangeline and JPMVEC                                                                                                                                                                                                                                                                              |
| Evangeline Tolling Agreement       | Capacity Sale and Tolling Agreement between Evangeline and BE Louisiana LLC (as successor to Williams Power Company, Inc.) which was set to expire in 2020 and was terminated in February 2010.  In September 2008, BE Louisiana LLC was merged into JPMVEC.                                                                                                              |
| FASB                               | Financial Accounting Standards Board                                                                                                                                                                                                                                                                                                                                                |
| FERC                               | Federal Energy Regulatory Commission                                                                                                                                                                                                                                                                                                                                                |
| FRP                                | Formula Rate Plan                                                                                                                                                                                                                                                                                                                                                                   |
| GAAP                               | Generally Accepted Accounting Principles in the United States                                                                                                                                                                                                                                                                                                                       |
| GO Zone                            | Gulf Opportunity Zone Act of 2005 (Public Law 109-135)                                                                                                                                                                                                                                                                                                                              |
| GW                                 | Gigawatt(s) as applicable                                                                                                                                                                                                                                                                                                                                                           |
| ICT                                | Independent Coordinator of Transmission                                                                                                                                                                                                                                                                                                                                             |
| Interconnection Agreement          | One of two Interconnection Agreement and Real Estate Agreements, one between Attala and Entergy Mississippi, and the other between Perryville and Entergy Louisiana                                                                                                                                                                                                                 |
| IRP                                | Integrated Resource Planning                                                                                                                                                                                                                                                                                                                                                        |
| IRS                                | Internal Revenue Service                                                                                                                                                                                                                                                                                                                                                            |
| JPMVEC                             | J.P. Morgan Ventures Energy Corporation.  In September 2008, BE Louisiana LLC was merged into JPMVEC.                                                                                                                                                                                                                                                                     |
| kWh                                | Kilowatt-hour(s) as applicable                                                                                                                                                                                                                                                                                                                                                      |
| LDEQ                               | Louisiana Department of Environmental Quality                                                                                                                                                                                                                                                                                                                                       |
| LIBOR                              | London Inter-Bank Offer Rate                                                                                                                                                                                                                                                                                                                                                        |
| Lignite Mining Agreement           | Dolet Hills Mine Lignite Mining Agreement, dated as of May 31, 2001                                                                                                                                                                                                                                                                                                                 |
| LPSC                               | Louisiana Public Service Commission                                                                                                                                                                                                                                                                                                                                                 |
| LTICP                              | Cleco Corporation Long-Term Incentive Compensation Plan                                                                                                                                                                                                                                                                                                                             |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

| ABBREVIATION OR ACRONYM  | DEFINITION                                                                                                                                                                                                                            |
|--------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Madison Unit 3           | A 600-MW solid-fuel generating unit at Cleco Power’s plant site in Boyce, Louisiana that commenced commercial operation on February 12, 2010.  Prior to June 11, 2010, Madison Unit 3 was known as Rodemacher Unit 3. |
| Midstream                | Cleco Midstream Resources LLC, a wholly owned subsidiary of Cleco Corporation                                                                                                                                                         |
| MMBtu                    | Million British thermal units                                                                                                                                                                                                         |
| Moody’s            | Moody’s Investors Service                                                                                                                                                                                                       |
| MW                       | Megawatt(s) as applicable                                                                                                                                                                                                             |
| NERC                     | North American Electric Reliability Corporation                                                                                                                                                                                       |
| NOx                      | Nitrogen oxides                                                                                                                                                                                                                       |
| OCI                      | Other Comprehensive Income                                                                                                                                                                                                            |
| Oxbow                    | Oxbow Lignite Company, LLC, 50% owned by Cleco Power and 50% owned by SWEPCO                                                                                                                                                          |
| PCAOB                    | Public Company Accounting Oversight Board                                                                                                                                                                                             |
| PCB                      | Polychlorinated biphenyl                                                                                                                                                                                                              |
| Perryville               | Perryville Energy Partners, L.L.C., a wholly owned subsidiary of Cleco Corporation                                                                                                                                                    |
| Power Purchase Agreement | Power Purchase Agreement, dated as of January 28, 2004, between Perryville and Entergy Services                                                                                                                                       |
| PPACA                    | Patient Protection and Affordable Care Act (HR 3590)                                                                                                                                                                                  |
| PRP                      | Potentially responsible party                                                                                                                                                                                                         |
| Registrant(s)            | Cleco Corporation and Cleco Power                                                                                                                                                                                                     |
| RFP                      | Request for Proposal                                                                                                                                                                                                                  |
| Sale Agreement           | Purchase and Sale Agreement, dated as of January 28, 2004, between Perryville and Entergy Louisiana                                                                                                                                   |
| SEC                      | Securities and Exchange Commission                                                                                                                                                                                                    |
| SERP                     | Cleco Corporation Supplemental Executive Retirement Plan                                                                                                                                                                              |
| Shaw                     | Shaw Contractors, Inc., a subsidiary of The Shaw Group Inc.                                                                                                                                                                           |
| SO2                      | Sulfur dioxide                                                                                                                                                                                                                        |
| SPP                      | Southwest Power Pool                                                                                                                                                                                                                  |
| Support Group            | Cleco Support Group LLC, a wholly owned subsidiary of Cleco Corporation                                                                                                                                                               |
| SWEPCO                   | Southwestern Electric Power Company, a wholly owned subsidiary of American Electric Power Company, Inc.                                                                                                                               |
| Teche                    | Teche Electric Cooperative, Inc.                                                                                                                                                                                                      |
| VaR                      | Value-at-risk                                                                                                                                                                                                                         |
| VIE                      | Variable Interest Entity                                                                                                                                                                                                              |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| §   | Factors affecting utility operations, such as unusual weather conditions or other natural phenomena; catastrophic weather-related damage (such as hurricanes and other storms); unscheduled generation outages; unanticipated maintenance or repairs; unanticipated changes to fuel costs; fuel supply costs or availability constraints due to higher demand, shortages, transportation problems or other developments; fuel mix of Cleco’s generation facilities; decreased customer load; environmental incidents; environmental compliance costs; and power transmission system constraints; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Cleco Corporation’s holding company structure and its dependence on the earnings, dividends, or distributions from its subsidiaries to meet its debt obligations and pay dividends on its common stock; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Cleco Power’s ability to operate and maintain, within its projected costs, any self-build projects identified in future IRP and RFP processes and its participation in any government grants; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Dependence of Cleco Power for energy from sources other than its facilities and the uncertainty of future sources of such additional energy; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Nonperformance by and creditworthiness of counterparties under tolling and power purchase agreements, or the restructuring of those agreements, including possible termination; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Regulatory factors such as changes in rate-setting policies, recovery of investments made under traditional regulation, recovery of storm restoration costs, the frequency and timing of rate increases or decreases, the results of periodic NERC audits and fuel audits, the formation of ICTs, and the compliance with the Electric Reliability Organization reliability standards for bulk power systems by Cleco Power and Evangeline; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Financial or regulatory accounting principles or policies imposed by FASB, the SEC, the PCAOB, FERC, the LPSC or similar entities with regulatory or accounting oversight; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Economic conditions, including the ability of customers to continue paying for utility bills, related growth and/or down-sizing of businesses in Cleco’s service area, monetary fluctuations, changes in commodity prices, and inflation rates; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | The current global and U.S. economic environment; |
|--------------------|---------------------------------------------------|

| §   | Credit ratings of Cleco Corporation and Cleco Power; |
|--------------------|------------------------------------------------------|

| §   | Ability to remain in compliance with debt covenants; |
|--------------------|------------------------------------------------------|

| §   | Changing market conditions and a variety of other factors associated with physical energy, financial transactions, and energy service activities, including, but not limited to, price, basis, credit, liquidity, volatility, capacity, transmission, interest rates, and warranty risks; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | The availability and use of alternative sources of energy and technologies; |
|--------------------|-----------------------------------------------------------------------------|

| §   | Impact of the imposition of energy efficiency requirements or of increased conservation efforts of customers; |
|--------------------|---------------------------------------------------------------------------------------------------------------|

| §   | Reliability of all Cleco Power and Midstream generating facilities, particularly Madison Unit 3; |
|--------------------|--------------------------------------------------------------------------------------------------|

| §   | Acts of terrorism or other man-made disasters; |
|--------------------|------------------------------------------------|

| §   | Availability or cost of capital resulting from changes in Cleco’s business or financial condition, interest rates or market perceptions of the electric utility industry and energy-related industries; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Uncertain tax positions; |
|--------------------|--------------------------|

| §   | Employee work force factors, including work stoppages and changes in key executives; |
|--------------------|--------------------------------------------------------------------------------------|

| §   | Legal, environmental, and regulatory delays and other obstacles associated with mergers, acquisitions, reorganizations, investments in joint ventures, or other capital projects, including the joint project to upgrade the Acadiana Load Pocket transmission system, and the AMI project; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Costs and other effects of legal and administrative proceedings, settlements, investigations, claims and other matters; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------|

| §   | Changes in federal, state, or local laws, and changes in tax laws or rates, or regulating policies; |
|--------------------|-----------------------------------------------------------------------------------------------------|

| §   | The impact of current or future environmental laws and regulations, including those related to greenhouse gases and energy efficiency, which could limit, or terminate, the  |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

|   | operation of certain generating units, increase costs, reduce customer demand for electricity or otherwise materially adversely impact the Registrants’ financial condition or results of operations; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Ability of Cleco Power to recover from its customers the costs of compliance with environmental laws and regulations; and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------|

| §   | Ability of the Dolet Hills lignite reserve to provide sufficient fuel to the Dolet Hills Power Station until at least 2026. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------|

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

----

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

|                                                                                                          |   | FOR THE THREE MONTHS ENDED MARCH 31, |       |
|---------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|------------|
| (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)                                                               |   | 2011                                 |       |   | 2010 |   |
| Operating revenue                                                                                             |   |                                 |       |   |   |   |
| Electric operations                                                                                           |   | $                                    | 238,468    |   |   | $ | 252,798 |   |
| Tolling operations                                                                                            |   |                                 | 2,781      |   |   |   | 7,464 |   |
| Other operations                                                                                              |   |                                 | 12,728     |   |   |   | 10,876 |   |
| Affiliate revenue                                                                                             |   |                                 | 147        |   |   |   | 1,149 |   |
| Gross operating revenue                                                                                       |   |                                 | 254,124    |   |   |   | 272,287 |   |
| Electric customer credits                                                                                     |   |                                 | (434       | ) |   |   | - |   |
| Operating revenue, net                                                                                        |   |                                 | 253,690    |   |   |   | 272,287 |   |
| Operating expenses                                                                                            |   |                                 |       |   |   |   |   |   |
| Fuel used for electric generation                                                                             |   |                                 | 96,968     |   |   |   | 94,582 |   |
| Power purchased for utility customers                                                                         |   |                                 | 8,449      |   |   |   | 48,219 |   |
| Other operations                                                                                              |   |                                 | 27,662     |   |   |   | 26,654 |   |
| Maintenance                                                                                                   |   |                                 | 16,809     |   |   |   | 13,837 |   |
| Depreciation                                                                                                  |   |                                 | 29,098     |   |   |   | 24,253 |   |
| Taxes other than income taxes                                                                                 |   |                                 | 9,460      |   |   |   | 8,802 |   |
| Loss on sales of assets                                                                                       |   |                                 | 10         |   |   |   | 39 |   |
| Total operating expenses                                                                                      |   |                                 | 188,456    |   |   |   | 216,386 |   |
| Operating income                                                                                              |   |                                 | 65,234     |   |   |   | 55,901 |   |
| Interest income                                                                                               |   |                                 | 115        |   |   |   | 162 |   |
| Allowance for other funds used during construction                                                            |   |                                 | 1,978      |   |   |   | 9,805 |   |
| Equity income from investees                                                                                  |   |                                 | 611        |   |   |   | 37,847 |   |
| Gain on toll settlement                                                                                       |   |                                 | -          |   |   |   | 148,402 |   |
| Other income                                                                                                  |   |                                 | 1,205      |   |   |   | 1,079 |   |
| Other expense                                                                                                 |   |                                 | (1,318     | ) |   |   | (925 | ) |
| Interest charges                                                                                              |   |                                 |       |   |   |   |   |   |
| Interest charges, including amortization of debt expenses, premium, and discount, net of capitalized interest |   |                                 | 27,328     |   |   |   | 26,007 |   |
| Allowance for borrowed funds used during construction                                                         |   |                                 | (714       | ) |   |   | (3,572 | ) |
| Total interest charges                                                                                        |   |                                 | 26,614     |   |   |   | 22,435 |   |
| Income before income taxes                                                                                    |   |                                 | 41,211     |   |   |   | 229,836 |   |
| Federal and state income tax expense                                                                          |   |                                 | 12,195     |   |   |   | 79,866 |   |
| Net income                                                                                                    |   |                                 | 29,016     |   |   |   | 149,970 |   |
| Preferred dividends requirements, net of tax                                                                  |   |                                 | 12         |   |   |   | 12 |   |
| Net income applicable to common stock                                                                         |   | $                                    | 29,004     |   |   | $ | 149,958 |   |
|                                                                                                          |   |                                 |       |   |   |   |   |   |
| Average number of basic common shares outstanding                                                             |   |                                 | 60,576,004 |   |   |   | 60,326,020 |   |
| Average number of diluted common shares outstanding                                                           |   |                                 | 60,904,867 |   |   |   | 60,581,060 |   |
| Basic earnings per share                                                                                      |   |                                 |       |   |   |   |   |   |
| Net income applicable to common stock                                                                         |   | $                                    | 0.48       |   |   | $ | 2.49 |   |
| Diluted earnings per share                                                                                    |   |                                 |       |   |   |   |   |   |
| Net income applicable to common stock                                                                         |   | $                                    | 0.48       |   |   | $ | 2.48 |   |
| Cash dividends paid per share of common stock                                                                 |   | $                                    | 0.25       |   |   | $ | 0.225 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements.               |   |                                 |       |   |   |   |   |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

|                                                                                                                      |   | FOR THE THREE MONTHS ENDED MARCH 31, |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|--------|
| (THOUSANDS)                                                                                                               |   | 2011                                 |   |   | 2010 |   |
| Net income                                                                                                                |   | $                                    | 29,016 |   |   | $ | 149,970 |   |
| Other comprehensive income (loss), before tax:                                                                            |   |                                 |   |   |   |   |   |   |
| Amortization of post-retirement benefit net income (loss) (net of tax (expense) benefit of $(148) in 2011 and $6 in 2010) |   |                                 | 338    |   |   |   | (10 | ) |
| Cash flow hedges:                                                                                                         |   |                                 |   |   |   |   |   |   |
| Net derivatives loss arising during the period (net of tax benefit of $108 in 2010)                                       |   |                                 | -      |   |   |   | (173 | ) |
| Reclassification of interest expense on interest rate swap (net of tax expense of $78 in 2010)                            |   |                                 | -      |   |   |   | 124 |   |
| Reclassification of interest expense on treasury rate lock (net of tax benefit of $34 in 2011 and $16 in 2010)            |   |                                 | (55    | ) |   |   | (25 | ) |
| Other comprehensive income (loss)                                                                                         |   |                                 | 283    |   |   |   | (84 | ) |
| Comprehensive income, net of tax                                                                                          |   | $                                    | 29,299 |   |   | $ | 149,886 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements.                           |   |                                 |   |   |   |   |   |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| (THOUSANDS)                                                                                              |   | AT MARCH 31, 2011 |       |   | AT DECEMBER 31, 2010 |   |
|----------------------------------------------------------------------------------------------------------|--------|-------------------|------------|--------|----------------------|--------|
| Assets                                                                                                   |   |              |       |   |                 |   |
| Current assets                                                                                           |   |              |       |   |                 |   |
| Cash and cash equivalents                                                                                |   | $                 | 137,191    |   |                 | $      | 191,128 |   |
| Restricted cash                                                                                          |   |              | 5,352      |   |                 |   | 14,959 |   |
| Customer accounts receivable (less allowance for doubtful accounts of $1,002 in 2011 and $1,046 in 2010) |   |              | 36,425     |   |                 |   | 38,820 |   |
| Accounts receivable -  affiliate                                                               |   |              | 1,369      |   |                 |   | 831 |   |
| Other accounts receivable (less allowance for doubtful accounts of $2,781 in 2011 and $2,409 in 2010)    |   |              | 47,944     |   |                 |   | 52,546 |   |
| Taxes receivable                                                                                         |   |              | 47,194     |   |                 |   | 50,104 |   |
| Unbilled revenue                                                                                         |   |              | 32,380     |   |                 |   | 44,649 |   |
| Fuel inventory, at average cost                                                                          |   |              | 57,024     |   |                 |   | 82,737 |   |
| Material and supplies inventory, at average cost                                                         |   |              | 50,058     |   |                 |   | 48,265 |   |
| Accumulated deferred federal and state income taxes, net                                                 |   |              | 3,554      |   |                 |   | 4,106 |   |
| Accumulated deferred fuel                                                                                |   |              | 4,882      |   |                 |   | 10,348 |   |
| Cash surrender value of company-/trust-owned life insurance policies                                     |   |              | 51,109     |   |                 |   | 49,789 |   |
| Prepayments                                                                                              |   |              | 4,114      |   |                 |   | 6,399 |   |
| Regulatory assets - other                                                                                |   |              | 12,997     |   |                 |   | 13,508 |   |
| Other current assets                                                                                     |   |              | 2,842      |   |                 |   | 661 |   |
| Total current assets                                                                                     |   |              | 494,435    |   |                 |   | 608,850 |   |
| Property, plant and equipment                                                                            |   |              |       |   |                 |   |   |   |
| Property, plant and equipment                                                                            |   |              | 3,828,289  |   |                 |   | 3,810,896 |   |
| Accumulated depreciation                                                                                 |   |              | (1,178,593 | )      |                 |   | (1,162,456 | ) |
| Net property, plant and equipment                                                                        |   |              | 2,649,696  |   |                 |   | 2,648,440 |   |
| Construction work in progress                                                                            |   |              | 150,804    |   |                 |   | 135,785 |   |
| Total property, plant and equipment, net                                                                 |   |              | 2,800,500  |   |                 |   | 2,784,225 |   |
| Equity investment in investees                                                                           |   |              | 87,343     |   |                 |   | 86,732 |   |
| Prepayments                                                                                              |   |              | 5,040      |   |                 |   | 5,274 |   |
| Restricted cash, less current portion                                                                    |   |              | 26,304     |   |                 |   | 26,089 |   |
| Regulatory assets and liabilities - deferred taxes, net                                        |   |              | 206,203    |   |                 |   | 203,696 |   |
| Regulatory assets - other                                                                                |   |              | 261,106    |   |                 |   | 266,431 |   |
| Net investment in direct financing lease                                                                 |   |              | 13,768     |   |                 |   | 13,817 |   |
| Intangible asset                                                                                         |   |              | 142,903    |   |                 |   | 145,374 |   |
| Other deferred charges                                                                                   |   |              | 20,309     |   |                 |   | 20,922 |   |
| Total assets                                                                                             |   | $                 | 4,057,911  |   |                 | $      | 4,161,410 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements.          |   |              |       |   |                 |   |   |   |

|   | (Continued on next page) |
|--------|--------------------------|

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| (THOUSANDS)                                                                                                                                                                                                                                   |   | AT MARCH 31, 2011 |      |   | AT DECEMBER 31, 2010 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|-----------|--------|----------------------|--------|
| Liabilities and shareholders’ equity                                                                                                                                                                                                    |   |              |      |   |                 |   |
| Liabilities                                                                                                                                                                                                                                   |   |              |      |   |                 |   |
| Current liabilities                                                                                                                                                                                                                           |   |              |      |   |                 |   |
| Short-term debt                                                                                                                                                                                                                               |   | $                 | 150,000   |   |                 | $      | 150,000 |   |
| Long-term debt due within one year                                                                                                                                                                                                            |   |              | 12,683    |   |                 |   | 12,269 |   |
| Accounts payable                                                                                                                                                                                                                              |   |              | 86,140    |   |                 |   | 123,042 |   |
| Retainage                                                                                                                                                                                                                                     |   |              | 4,535     |   |                 |   | 2,726 |   |
| Accounts payable - affiliate                                                                                                                                                                                                                  |   |              | 1         |   |                 |   | 155 |   |
| Customer deposits                                                                                                                                                                                                                             |   |              | 40,256    |   |                 |   | 38,934 |   |
| Provision for rate refund                                                                                                                                                                                                                     |   |              | 10,032    |   |                 |   | 9,598 |   |
| Interest accrued                                                                                                                                                                                                                              |   |              | 57,091    |   |                 |   | 34,462 |   |
| Risk management liability, net                                                                                                                                                                                                                |   |              | 7,574     |   |                 |   | 9,027 |   |
| Regulatory liabilities - other                                                                                                                                                                                                                |   |              | 40,502    |   |                 |   | 43,562 |   |
| Deferred compensation                                                                                                                                                                                                                         |   |              | 8,585     |   |                 |   | 7,751 |   |
| Uncertain tax positions                                                                                                                                                                                                                       |   |              | 63,603    |   |                 |   | 31,853 |   |
| Other current liabilities                                                                                                                                                                                                                     |   |              | 13,059    |   |                 |   | 14,302 |   |
| Total current liabilities                                                                                                                                                                                                                     |   |              | 494,061   |   |                 |   | 477,681 |   |
| Deferred credits                                                                                                                                                                                                                              |   |              |      |   |                 |   |   |   |
| Accumulated deferred federal and state income taxes, net                                                                                                                                                                                      |   |              | 545,333   |   |                 |   | 553,211 |   |
| Accumulated deferred investment tax credits                                                                                                                                                                                                   |   |              | 8,360     |   |                 |   | 8,669 |   |
| Postretirement benefit obligations                                                                                                                                                                                                            |   |              | 108,238   |   |                 |   | 166,387 |   |
| Regulatory liabilities - other                                                                                                                                                                                                                |   |              | 32,455    |   |                 |   | 44,313 |   |
| Restricted storm reserve                                                                                                                                                                                                                      |   |              | 26,208    |   |                 |   | 25,993 |   |
| Uncertain tax positions                                                                                                                                                                                                                       |   |              | 26,087    |   |                 |   | 60,395 |   |
| Other deferred credits                                                                                                                                                                                                                        |   |              | 105,640   |   |                 |   | 106,845 |   |
| Total deferred credits                                                                                                                                                                                                                        |   |              | 852,321   |   |                 |   | 965,813 |   |
| Long-term debt, net                                                                                                                                                                                                                           |   |              | 1,377,684 |   |                 |   | 1,399,709 |   |
| Total liabilities                                                                                                                                                                                                                             |   |              | 2,724,066 |   |                 |   | 2,843,203 |   |
| Commitments and Contingencies (Note 11)                                                                                                                                                                                                       |   |              |      |   |                 |   |   |   |
| Shareholders’ equity                                                                                                                                                                                                                    |   |              |      |   |                 |   |   |   |
| Preferred stock                                                                                                                                                                                                                               |   |              |      |   |                 |   |   |   |
| Not subject to mandatory redemption, $100 par value, authorized 1,491,900 shares, issued 10,288 shares at  March 31, 2011 and December 31, 2010                                                                                          |   |              | 1,029     |   |                 |   | 1,029 |   |
| Common shareholders’ equity                                                                                                                                                                                                             |   |              |      |   |                 |   |   |   |
| Common stock, $1 par value, authorized 100,000,000 shares, issued 60,644,959 and 60,539,624 shares and outstanding 60,632,569  and 60,526,126 shares at March 31, 2011, and     December 31, 2010, respectively |   |              | 60,645    |   |                 |   | 60,540 |   |
| Premium on common stock                                                                                                                                                                                                                       |   |              | 406,819   |   |                 |   | 405,313 |   |
| Retained earnings                                                                                                                                                                                                                             |   |              | 876,959   |   |                 |   | 863,237 |   |
| Treasury stock, at cost, 12,390 and 13,498 shares at March 31, 2011, and December 31, 2010, respectively                                                                                                                                      |   |              | (252      | )      |                 |   | (274 | ) |
| Accumulated other comprehensive loss                                                                                                                                                                                                          |   |              | (11,355   | )      |                 |   | (11,638 | ) |
| Total common shareholders’ equity                                                                                                                                                                                                       |   |              | 1,332,816 |   |                 |   | 1,317,178 |   |
| Total shareholders’ equity                                                                                                                                                                                                              |   |              | 1,333,845 |   |                 |   | 1,318,207 |   |
| Total liabilities and shareholders’ equity                                                                                                                                                                                              |   | $                 | 4,057,911 |   |                 | $      | 4,161,410 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements.                                                                                                                                               |   |              |      |   |                 |   |   |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

|                                                                                            |   | FOR THE THREE MONTHS ENDED MARCH 31, |    |
|-------------------------------------------------------------------------------------------------|--------|--------------------------------------|---------|
| (THOUSANDS)                                                                                     |   | 2011                                 |    |   | 2010 |   |
| Operating activities                                                                            |   |                                 |    |   |   |   |
| Net income                                                                                      |   | $                                    | 29,016  |   |   | $ | 149,970 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:               |   |                                 |    |   |   |   |   |   |
| Depreciation and amortization                                                                   |   |                                 | 48,098  |   |   |   | 37,622 |   |
| Gain on forgiveness of debt                                                                     |   |                                 | -       |   |   |   | (129,870 | ) |
| Gain from equity investments                                                                    |   |                                 | (611    | ) |   |   | (37,847 | ) |
| Unearned compensation expense                                                                   |   |                                 | 2,487   |   |   |   | 930 |   |
| Allowance for other funds used during construction                                              |   |                                 | (1,978  | ) |   |   | (9,805 | ) |
| Net deferred income taxes                                                                       |   |                                 | (13,144 | ) |   |   | 16,361 |   |
| Deferred fuel costs                                                                             |   |                                 | 3,030   |   |   |   | 19,864 |   |
| Cash surrender value of company-/trust-owned life insurance                                     |   |                                 | (1,141  | ) |   |   | (866 | ) |
| Changes in assets and liabilities:                                                              |   |                                 |    |   |   |   |   |   |
| Accounts receivable                                                                             |   |                                 | 5,042   |   |   |   | (17,889 | ) |
| Accounts and notes receivable, affiliate                                                        |   |                                 | (538    | ) |   |   | 9,109 |   |
| Unbilled revenue                                                                                |   |                                 | 12,269  |   |   |   | (10,967 | ) |
| Fuel, materials and supplies inventory                                                          |   |                                 | 23,920  |   |   |   | 6,895 |   |
| Prepayments                                                                                     |   |                                 | 2,520   |   |   |   | 1,552 |   |
| Accounts payable                                                                                |   |                                 | (31,823 | ) |   |   | (50,499 | ) |
| Accounts and notes payable, affiliate                                                           |   |                                 | (154    | ) |   |   | (8,370 | ) |
| Customer deposits                                                                               |   |                                 | 3,205   |   |   |   | 2,888 |   |
| Long-term receivable                                                                            |   |                                 | -       |   |   |   | 27,976 |   |
| Post retirement benefit obligations                                                             |   |                                 | (58,149 | ) |   |   | (2,737 | ) |
| Regulatory assets and liabilities, net                                                          |   |                                 | (12,266 | ) |   |   | (14,374 | ) |
| Other deferred accounts                                                                         |   |                                 | 1,877   |   |   |   | 12,898 |   |
| Retainage payable                                                                               |   |                                 | 1,004   |   |   |   | (862 | ) |
| Taxes accrued                                                                                   |   |                                 | 2,958   |   |   |   | 53,835 |   |
| Interest accrued                                                                                |   |                                 | 12,555  |   |   |   | 9,431 |   |
| Risk management assets and liabilities, net                                                     |   |                                 | 749     |   |   |   | (1,814 | ) |
| Other operating                                                                                 |   |                                 | (2,815  | ) |   |   | (2,639 | ) |
| Net cash provided by operating activities                                                       |   |                                 | 26,111  |   |   |   | 60,792 |   |
| Investing activities                                                                            |   |                                 |    |   |   |   |   |   |
| Additions to property, plant and equipment                                                      |   |                                 | (45,692 | ) |   |   | (183,561 | ) |
| Allowance for other funds used during construction                                              |   |                                 | 1,978   |   |   |   | 9,805 |   |
| Equity investment in investees                                                                  |   |                                 | (9,239  | ) |   |   | (14,775 | ) |
| Transfer of cash from restricted accounts                                                       |   |                                 | 9,391   |   |   |   | 38,401 |   |
| Other investing                                                                                 |   |                                 | 216     |   |   |   | 521 |   |
| Net cash used in investing activities                                                           |   |                                 | (43,346 | ) |   |   | (149,609 | ) |
| Financing activities                                                                            |   |                                 |    |   |   |   |   |   |
| Change in short-term debt, net                                                                  |   | $                                    | -       |   |   | $ | 150,000 |   |
| Retirement of long-term obligations                                                             |   |                                 | (21,283 | ) |   |   | (101,075 | ) |
| Dividends paid on preferred stock                                                               |   |                                 | (12     | ) |   |   | (12 | ) |
| Dividends paid on common stock                                                                  |   |                                 | (15,171 | ) |   |   | (13,595 | ) |
| Other financing                                                                                 |   |                                 | (236    | ) |   |   | 528 |   |
| Net cash (used in) provided by financing activities                                             |   |                                 | (36,702 | ) |   |   | 35,846 |   |
| Net decrease in cash and cash equivalents                                                       |   |                                 | (53,937 | ) |   |   | (52,971 | ) |
| Cash and cash equivalents at beginning of period                                                |   |                                 | 191,128 |   |   |   | 145,193 |   |
| Cash and cash equivalents at end of period                                                      |   | $                                    | 137,191 |   |   | $ | 92,222 |   |
| Supplementary cash flow information                                                             |   |                                 |    |   |   |   |   |   |
| Interest paid (net of amount capitalized)                                                       |   | $                                    | 9,619   |   |   | $ | 12,394 |   |
| Income taxes paid                                                                               |   | $                                    | 11,068  |   |   | $ | 1 |   |
| Supplementary non-cash investing and financing activities                                       |   |                                 |    |   |   |   |   |   |
| Accrued additions to property, plant and equipment                                              |   | $                                    | 17,155  |   |   | $ | 4,039 |   |
| Issuance of treasury stock – LTICP                                                        |   | $                                    | 23      |   |   | $ | 25 |   |
| Issuance of common stock – LTICP/ESPP                                                |   | $                                    | 77      |   |   | $ | 73 |   |
| Non-cash additions to property, plant and equipment                                             |   | $                                    | 343     |   |   | $ | 152,067 |   |
| Non-cash return of investment                                                                   |   | $                                    | -       |   |   | $ | 152,067 |   |
| Non-cash contribution to subsidiary, net of tax                                                 |   | $                                    | -       |   |   | $ | 225,732 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |   |                                 |    |   |   |   |   |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

----

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

|                                                                                                          |   | FOR THE THREE MONTHS ENDED MARCH 31, |    |
|---------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|---------|
| (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)                                                               |   | 2011                                 |    |   | 2010 |   |
| Operating revenue                                                                                             |   |                                 |    |   |   |   |
| Electric operations                                                                                           |   | $                                    | 238,468 |   |   | $ | 252,798 |   |
| Other operations                                                                                              |   |                                 | 12,243  |   |   |   | 10,386 |   |
| Affiliate revenue                                                                                             |   |                                 | 346     |   |   |   | 343 |   |
| Gross operating revenue                                                                                       |   |                                 | 251,057 |   |   |   | 263,527 |   |
| Electric customer credits                                                                                     |   |                                 | (434    | ) |   |   | - |   |
| Operating revenue, net                                                                                        |   |                                 | 250,623 |   |   |   | 263,527 |   |
| Operating expenses                                                                                            |   |                                 |    |   |   |   |   |   |
| Fuel used for electric generation                                                                             |   |                                 | 96,968  |   |   |   | 94,582 |   |
| Power purchased for utility customers                                                                         |   |                                 | 8,449   |   |   |   | 48,219 |   |
| Other operations                                                                                              |   |                                 | 25,986  |   |   |   | 24,408 |   |
| Maintenance                                                                                                   |   |                                 | 15,613  |   |   |   | 11,722 |   |
| Depreciation                                                                                                  |   |                                 | 27,401  |   |   |   | 22,647 |   |
| Taxes other than income taxes                                                                                 |   |                                 | 8,388   |   |   |   | 8,040 |   |
| (Gain) loss on sales of assets                                                                                |   |                                 | (1      | ) |   |   | 40 |   |
| Total operating expenses                                                                                      |   |                                 | 182,804 |   |   |   | 209,658 |   |
| Operating income                                                                                              |   |                                 | 67,819  |   |   |   | 53,869 |   |
| Interest income                                                                                               |   |                                 | 113     |   |   |   | 158 |   |
| Allowance for other funds used during construction                                                            |   |                                 | 1,978   |   |   |   | 9,805 |   |
| Other income                                                                                                  |   |                                 | 211     |   |   |   | 472 |   |
| Other expense                                                                                                 |   |                                 | (1,289  | ) |   |   | (906 | ) |
| Interest charges                                                                                              |   |                                 |    |   |   |   |   |   |
| Interest charges, including amortization of debt expenses, premium, and discount, net of capitalized interest |   |                                 | 25,116  |   |   |   | 22,315 |   |
| Allowance for borrowed funds used during construction                                                         |   |                                 | (714    | ) |   |   | (3,572 | ) |
| Total interest charges                                                                                        |   |                                 | 24,402  |   |   |   | 18,743 |   |
| Income before income taxes                                                                                    |   |                                 | 44,430  |   |   |   | 44,655 |   |
| Federal and state income tax expense                                                                          |   |                                 | 14,400  |   |   |   | 12,495 |   |
| Net income                                                                                                    |   | $                                    | 30,030  |   |   | $ | 32,160 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements.               |   |                                 |    |   |   |   |   |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

|                                                                                                                      |   | FOR THE THREE MONTHS ENDED MARCH 31, |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|--------|
| (THOUSANDS)                                                                                                               |   | 2011                                 |   |   | 2010 |   |
| Net income                                                                                                                |   | $                                    | 30,030 |   |   | $ | 32,160 |   |
| Other comprehensive income (loss), before tax:                                                                            |   |                                 |   |   |   |   |   |   |
| Amortization of post-retirement benefit net income (loss) (net of tax (expense) benefit of $(63) in 2011 and $57 in 2010) |   |                                 | 186    |   |   |   | (93 | ) |
| Cash flow hedges:                                                                                                         |   |                                 |   |   |   |   |   |   |
| Net derivatives loss arising during the period (net of tax benefit of $108 in 2010)                                       |   |                                 | -      |   |   |   | (173 | ) |
| Reclassification of interest expense on interest rate swap (net of tax expense of $78 in 2010)                            |   |                                 | -      |   |   |   | 124 |   |
| Reclassification of interest expense on treasury rate lock (net of tax benefit of $34 in 2011 and $16 in 2010)            |   |                                 | (55    | ) |   |   | (25 | ) |
| Other comprehensive income (loss)                                                                                         |   |                                 | 131    |   |   |   | (167 | ) |
| Comprehensive income, net of tax                                                                                          |   | $                                    | 30,161 |   |   | $ | 31,993 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements.                           |   |                                 |   |   |   |   |   |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| (THOUSANDS)                                                                                              |   | AT MARCH 31, 2011 |       |   | AT DECEMBER 31, 2010 |   |
|----------------------------------------------------------------------------------------------------------|--------|-------------------|------------|--------|----------------------|--------|
| Assets                                                                                                   |   |              |       |   |                 |   |
| Utility plant and equipment                                                                              |   |              |       |   |                 |   |
| Property, plant and equipment                                                                            |   | $                 | 3,571,656  |   |                 | $      | 3,552,779 |   |
| Accumulated depreciation                                                                                 |   |              | (1,104,300 | )      |                 |   | (1,085,945 | ) |
| Net property, plant and equipment                                                                        |   |              | 2,467,356  |   |                 |   | 2,466,834 |   |
| Construction work in progress                                                                            |   |              | 146,779    |   |                 |   | 130,396 |   |
| Total utility plant, net                                                                                 |   |              | 2,614,135  |   |                 |   | 2,597,230 |   |
| Current assets                                                                                           |   |              |       |   |                 |   |   |   |
| Cash and cash equivalents                                                                                |   |              | 124,440    |   |                 |   | 184,912 |   |
| Restricted cash                                                                                          |   |              | 5,352      |   |                 |   | 14,959 |   |
| Customer accounts receivable (less allowance for doubtful accounts of $1,002 in 2011 and $1,046 in 2010) |   |              | 36,425     |   |                 |   | 38,820 |   |
| Accounts receivable – affiliate                                                                    |   |              | 3,570      |   |                 |   | 2,738 |   |
| Other accounts receivable (less allowance for doubtful accounts of $2,720 in 2011 and $2,349 in 2010)    |   |              | 40,152     |   |                 |   | 47,992 |   |
| Taxes receivable                                                                                         |   |              | 13,203     |   |                 |   | 4,123 |   |
| Unbilled revenue                                                                                         |   |              | 32,380     |   |                 |   | 44,649 |   |
| Fuel inventory, at average cost                                                                          |   |              | 57,024     |   |                 |   | 82,737 |   |
| Material and supplies inventory, at average cost                                                         |   |              | 47,587     |   |                 |   | 45,913 |   |
| Accumulated deferred federal and state income taxes, net                                                 |   |              | 3,329      |   |                 |   | 2,811 |   |
| Accumulated deferred fuel                                                                                |   |              | 4,882      |   |                 |   | 10,348 |   |
| Cash surrender value of company-owned life insurance policies                                            |   |              | 20,040     |   |                 |   | 20,051 |   |
| Prepayments                                                                                              |   |              | 3,253      |   |                 |   | 4,944 |   |
| Regulatory assets – other                                                                          |   |              | 12,997     |   |                 |   | 13,508 |   |
| Other current assets                                                                                     |   |              | 1,483      |   |                 |   | 412 |   |
| Total current assets                                                                                     |   |              | 406,117    |   |                 |   | 518,917 |   |
| Equity investment in investee                                                                            |   |              | 13,073     |   |                 |   | 13,073 |   |
| Prepayments                                                                                              |   |              | 5,040      |   |                 |   | 5,274 |   |
| Restricted cash, less current portion                                                                    |   |              | 26,208     |   |                 |   | 25,992 |   |
| Regulatory assets and liabilities – deferred taxes, net                                            |   |              | 206,203    |   |                 |   | 203,696 |   |
| Regulatory assets – other                                                                          |   |              | 261,106    |   |                 |   | 266,431 |   |
| Intangible asset                                                                                         |   |              | 142,903    |   |                 |   | 145,374 |   |
| Other deferred charges                                                                                   |   |              | 18,778     |   |                 |   | 19,218 |   |
| Total assets                                                                                             |   | $                 | 3,693,563  |   |                 | $      | 3,795,205 |   |
| Liabilities and member’s equity                                                                    |   |              |       |   |                 |   |   |   |
| Member’s equity                                                                                    |   | $                 | 1,214,084  |   |                 | $      | 1,233,923 |   |
| Long-term debt, net                                                                                      |   |              | 1,377,684  |   |                 |   | 1,384,709 |   |
| Total capitalization                                                                                     |   |              | 2,591,768  |   |                 |   | 2,618,632 |   |
| Current liabilities                                                                                      |   |              |       |   |                 |   |   |   |
| Long-term debt due within one year                                                                       |   |              | 12,683     |   |                 |   | 12,269 |   |
| Accounts payable                                                                                         |   |              | 76,409     |   |                 |   | 112,487 |   |
| Retainage                                                                                                |   |              | 4,535      |   |                 |   | 2,726 |   |
| Accounts payable – affiliate                                                                       |   |              | 17,298     |   |                 |   | 7,945 |   |
| Customer deposits                                                                                        |   |              | 40,256     |   |                 |   | 38,934 |   |
| Provision for rate refund                                                                                |   |              | 10,032     |   |                 |   | 9,598 |   |
| Interest accrued                                                                                         |   |              | 35,909     |   |                 |   | 13,450 |   |
| Risk management liability, net                                                                           |   |              | 7,574      |   |                 |   | 9,027 |   |
| Regulatory liabilities - other                                                                           |   |              | 40,502     |   |                 |   | 43,562 |   |
| Uncertain tax positions                                                                                  |   |              | 33,479     |   |                 |   | - |   |
| Other current liabilities                                                                                |   |              | 10,473     |   |                 |   | 9,862 |   |
| Total current liabilities                                                                                |   |              | 289,150    |   |                 |   | 259,860 |   |
| Commitments and Contingencies (Note 11)                                                                  |   |              |       |   |                 |   |   |   |
| Deferred credits                                                                                         |   |              |       |   |                 |   |   |   |
| Accumulated deferred federal and state income taxes, net                                                 |   |              | 610,386    |   |                 |   | 601,574 |   |
| Accumulated deferred investment tax credits                                                              |   |              | 8,360      |   |                 |   | 8,669 |   |
| Postretirement benefit obligations                                                                       |   |              | 71,831     |   |                 |   | 130,757 |   |
| Regulatory liabilities - other                                                                           |   |              | 32,455     |   |                 |   | 44,313 |   |
| Restricted storm reserve                                                                                 |   |              | 26,208     |   |                 |   | 25,993 |   |
| Uncertain tax positions                                                                                  |   |              | 20,562     |   |                 |   | 54,835 |   |
| Other deferred credits                                                                                   |   |              | 42,843     |   |                 |   | 50,572 |   |
| Total deferred credits                                                                                   |   |              | 812,645    |   |                 |   | 916,713 |   |
| Total liabilities and member’s equity                                                              |   | $                 | 3,693,563  |   |                 | $      | 3,795,205 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements.          |   |              |       |   |                 |   |   |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

|                                                                                            |   | FOR THE THREE MONTHS ENDED MARCH 31, |    |
|-------------------------------------------------------------------------------------------------|--------|--------------------------------------|---------|
| (THOUSANDS)                                                                                     |   | 2011                                 |    |   | 2010 |   |
| Operating activities                                                                            |   |                                 |    |   |   |   |
| Net income                                                                                      |   | $                                    | 30,030  |   |   | $ | 32,160 |   |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities:     |   |                                 |    |   |   |   |   |   |
| Depreciation and amortization                                                                   |   |                                 | 31,082  |   |   |   | 25,989 |   |
| Unearned compensation expense                                                                   |   |                                 | 753     |   |   |   | 344 |   |
| Allowance for other funds used during construction                                              |   |                                 | (1,978  | ) |   |   | (9,805 | ) |
| Net deferred income taxes                                                                       |   |                                 | 4,326   |   |   |   | (1,131 | ) |
| Deferred fuel costs                                                                             |   |                                 | 3,030   |   |   |   | 19,864 |   |
| Cash surrender value of company-owned life insurance                                            |   |                                 | 11      |   |   |   | (110 | ) |
| Changes in assets and liabilities:                                                              |   |                                 |    |   |   |   |   |   |
| Accounts receivable                                                                             |   |                                 | 8,280   |   |   |   | (20,597 | ) |
| Accounts and notes receivable, affiliate                                                        |   |                                 | (725    | ) |   |   | (4,270 | ) |
| Unbilled revenue                                                                                |   |                                 | 12,269  |   |   |   | (10,967 | ) |
| Fuel, materials and supplies inventory                                                          |   |                                 | 24,038  |   |   |   | 6,932 |   |
| Prepayments                                                                                     |   |                                 | 1,927   |   |   |   | 1,279 |   |
| Accounts payable                                                                                |   |                                 | (31,202 | ) |   |   | (43,863 | ) |
| Accounts and notes payable, affiliate                                                           |   |                                 | 9,032   |   |   |   | (19,147 | ) |
| Customer deposits                                                                               |   |                                 | 3,205   |   |   |   | 2,888 |   |
| Post retirement benefit obligations                                                             |   |                                 | (58,926 | ) |   |   | (3,403 | ) |
| Regulatory assets and liabilities, net                                                          |   |                                 | (12,266 | ) |   |   | (14,374 | ) |
| Other deferred accounts                                                                         |   |                                 | 1,379   |   |   |   | 5,813 |   |
| Retainage payable                                                                               |   |                                 | 1,004   |   |   |   | (862 | ) |
| Taxes accrued                                                                                   |   |                                 | (9,080  | ) |   |   | 15,758 |   |
| Interest accrued                                                                                |   |                                 | 12,833  |   |   |   | 9,067 |   |
| Risk management assets and liabilities, net                                                     |   |                                 | 749     |   |   |   | (1,814 | ) |
| Other operating                                                                                 |   |                                 | (690    | ) |   |   | (1,881 | ) |
| Net cash provided by (used in) operating activities                                             |   |                                 | 29,081  |   |   |   | (12,130 | ) |
| Investing activities                                                                            |   |                                 |    |   |   |   |   |   |
| Additions to property, plant and equipment                                                      |   |                                 | (44,501 | ) |   |   | (30,257 | ) |
| Allowance for other funds used during construction                                              |   |                                 | 1,978   |   |   |   | 9,805 |   |
| Transfer of cash from restricted accounts                                                       |   |                                 | 9,391   |   |   |   | 8,269 |   |
| Other investing                                                                                 |   |                                 | 395     |   |   |   | 57 |   |
| Net cash used in investing activities                                                           |   |                                 | (32,737 | ) |   |   | (12,126 | ) |
| Financing activities                                                                            |   |                                 |    |   |   |   |   |   |
| Retirement of long-term obligations                                                             |   |                                 | (6,283  | ) |   |   | (5,912 | ) |
| Distribution to parent                                                                          |   |                                 | (50,000 | ) |   |   | (25,000 | ) |
| Other financing                                                                                 |   |                                 | (533    | ) |   |   | (457 | ) |
| Net cash used in financing activities                                                           |   |                                 | (56,816 | ) |   |   | (31,369 | ) |
| Net decrease in cash and cash equivalents                                                       |   |                                 | (60,472 | ) |   |   | (55,625 | ) |
| Cash and cash equivalents at beginning of period                                                |   |                                 | 184,912 |   |   |   | 138,113 |   |
| Cash and cash equivalents at end of period                                                      |   | $                                    | 124,440 |   |   | $ | 82,488 |   |
| Supplementary cash flow information                                                             |   |                                 |    |   |   |   |   |   |
| Interest paid (net of amount capitalized)                                                       |   | $                                    | 8,481   |   |   | $ | 9,792 |   |
| Income tax refunds received                                                                     |   | $                                    | (229    | ) |   | $ | - |   |
| Supplementary non-cash investing and financing activities                                       |   |                                 |    |   |   |   |   |   |
| Accrued additions to property, plant and equipment                                              |   | $                                    | 17,233  |   |   | $ | 4,039 |   |
| Non-cash additions to property, plant and equipment                                             |   | $                                    | 343     |   |   | $ | 304,134 |   |
| Non-cash assumption of deferred tax liability                                                   |   | $                                    | -       |   |   | $ | 78,402 |   |
| The accompanying notes are an integral part of the condensed consolidated financial statements. |   |                                 |    |   |   |   |   |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| Note 1  | Summary of Significant Accounting Policies                                        | Cleco Corporation and Cleco Power |
|---------|-----------------------------------------------------------------------------------|-----------------------------------|
| Note 2  | Recent Authoritative Guidance                                                     | Cleco Corporation and Cleco Power |
| Note 3  | Regulatory Assets and Liabilities                                                 | Cleco Corporation and Cleco Power |
| Note 4  | Fair Value Accounting                                                             | Cleco Corporation and Cleco Power |
| Note 5  | Debt                                                                              | Cleco Corporation and Cleco Power |
| Note 6  | Pension Plan and Employee Benefits                                                | Cleco Corporation and Cleco Power |
| Note 7  | Income Taxes                                                                      | Cleco Corporation and Cleco Power |
| Note 8  | Disclosures about Segments                                                        | Cleco Corporation                 |
| Note 9  | Electric Customer Credits                                                         | Cleco Corporation and Cleco Power |
| Note 10 | Variable Interest Entities                                                        | Cleco Corporation and Cleco Power |
| Note 11 | Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | Cleco Corporation and Cleco Power |
| Note 12 | LPSC Fuel Audit                                                                   | Cleco Corporation and Cleco Power |
| Note 13 | Affiliate Transactions                                                            | Cleco Corporation and Cleco Power |
| Note 14 | Evangeline Transactions                                                           | Cleco Corporation                 |
| Note 15 | Acadia Unit 1 Transaction                                                         | Cleco Corporation and Cleco Power |
| Note 16 | Subsequent Event                                                                  | Cleco Corporation                 |

----

----

| (THOUSANDS)                         |   | AT MARCH 31, 2011 |       |   | AT DECEMBER 31, 2010 |   |
|-------------------------------------|--------|-------------------|------------|--------|----------------------|--------|
| Regulated utility plants            |   | $                 | 3,571,656  |   |                 | $      | 3,552,054 |   |
| Other                               |   |              | 256,633    |   |                 |   | 258,842 |   |
| Total property, plant and equipment |   |              | 3,828,289  |   |                 |   | 3,810,896 |   |
| Accumulated depreciation            |   |              | (1,178,593 | )      |                 |   | (1,162,456 | ) |
| Net property, plant and equipment   |   | $                 | 2,649,696  |   |                 | $      | 2,648,440 |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

| (THOUSANDS)                               |   | AT MARCH 31, 2011 |   |   | AT DECEMBER 31, 2010 |   |
|-------------------------------------------|--------|-------------------|--------|--------|----------------------|--------|
| Acadia                                    |   |              |   |   |                 |   |
| Plant acquisition adjustment              |   | $                 | 95,578 |   |                 | $      | 95,578 |   |
| Less:  accumulated amortization |   |              | 3,449  |   |                 |   | 2,653 |   |
| Net plant acquisition adjustment          |   | $                 | 92,129 |   |                 | $      | 92,925 |   |
| Teche                                     |   |              |   |   |                 |   |   |   |
| Plant acquisition adjustment              |   | $                 | 5,359  |   |                 | $      | 5,359 |   |
| Less:  accumulated amortization |   |              | 3,533  |   |                 |   | 3,470 |   |
| Net plant acquisition adjustment          |   | $                 | 1,826  |   |                 | $      | 1,889 |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

| (THOUSANDS)                                              |   | AS REPORTED |     |   | AS ADJUSTED |   |
|----------------------------------------------------------|--------|-------------|----------|--------|-------------|--------|
| Cleco Corporation                                        |   |        |     |   |        |   |
| Accounts payable                                         |   | $           | (58,264  | )      |        | $      | (50,499 | ) |
| Retainage payable                                        |   | $           | (59      | )      |        | $      | (862 | ) |
| Net cash provided by operating activities                |   | $           | 53,830   |   |        | $      | 60,792 |   |
| Additions to property, plant and equipment               |   | $           | (176,599 | )      |        | $      | (183,561 | ) |
| Net cash used in investing activities                    |   | $           | (142,647 | )      |        | $      | (149,609 | ) |
| Net decrease in cash and cash equivalents                |   | $           | (52,971  | )      |        | $      | (52,971 | ) |
| Cash and cash equivalents at the beginning of the period |   | $           | 145,193  |   |        | $      | 145,193 |   |
| Cash and cash equivalents at the end of the period       |   | $           | 92,222   |   |        | $      | 92,222 |   |
| Accrued additions to property, plant and equipment       |   | $           | 5,194    |   |        | $      | 4,039 |   |

| (THOUSANDS)                                              |   | AS REPORTED |    |   | AS ADJUSTED |   |
|----------------------------------------------------------|--------|-------------|---------|--------|-------------|--------|
| Cleco Power                                              |   |        |    |   |        |   |
| Accounts payable                                         |   | $           | (51,628 | )      |        | $      | (43,863 | ) |
| Retainage payable                                        |   | $           | (59     | )      |        | $      | (862 | ) |
| Net cash provided by operating activities                |   | $           | (19,092 | )      |        | $      | (12,130 | ) |
| Additions to property, plant and equipment               |   | $           | (23,295 | )      |        | $      | (30,257 | ) |
| Net cash used in investing activities                    |   | $           | (5,164  | )      |        | $      | (12,126 | ) |
| Net decrease in cash and cash equivalents                |   | $           | (55,625 | )      |        | $      | (55,625 | ) |
| Cash and cash equivalents at the beginning of the period |   | $           | 138,113 |   |        | $      | 138,113 |   |
| Cash and cash equivalents at the end of the period       |   | $           | 82,488  |   |        | $      | 82,488 |   |
| Accrued additions to property, plant and equipment       |   | $           | 5,194   |   |        | $      | 4,039 |   |

|                                                                        |   |   |   |   |   |   |       |            |   |   | FOR THE THREE MONTHS ENDED MARCH 31, |   |
|-----------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|------------|-----------------|--------|--------|--------------------------------------|--------|
|                                                                        |   |   |   |   |   |   |       | 2011            |   |   |                                 |   |   |   |   |   | 2010 |   |
| (THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)                            |   | INCOME |   |   | SHARES |   |       | PER SHAREAMOUNT |   |   | INCOME                               |   |   | SHARES |   |   | PER SHAREAMOUNT |   |
| Income from continuing operations                                           |   | $      | 29,016 |   |   |   |       |            |   |   |                                 | $      | 149,970 |   |   |   |   |   |   |   |
| Deduct:  non-participating stock dividends (4.5% preferred stock) |   |   | 12     |   |   |   |       |            |   |   |                                 |   | 12 |   |   |   |   |   |   |   |
| Basic net income applicable to common stock                                 |   | $      | 29,004 |   |   |   | 60,576,004 |            |   | $      | 0.48                                 |   |   | $ | 149,958 |   |   |   | 60,326,020 |   |   | $ | 2.49 |   |
| Effect of dilutive securities                                               |   |   |   |   |   |   |       |            |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Add:  stock option grants                                         |   |   |   |   |   |   | 22,701     |            |   |   |                                 |   |   |   |   |   |   |   | 39,156 |   |   |   |   |   |
| Add:  restricted stock (LTICP)                                    |   |   |   |   |   |   | 306,162    |            |   |   |                                 |   |   |   |   |   |   |   | 215,884 |   |   |   |   |   |
| Diluted net income applicable to common stock                               |   | $      | 29,004 |   |   |   | 60,904,867 |            |   | $      | 0.48                                 |   |   | $ | 149,958 |   |   |   | 60,581,060 |   |   | $ | 2.48 |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

|                                        |   | CLECO CORPORATION                    |   |   | CLECO POWER |   |
|---------------------------------------------|--------|--------------------------------------|--------|--------|-------------|--------|
|                                        |   | FOR THE THREE MONTHS ENDED MARCH 31, |   |
| (THOUSANDS)                                 |   | 2011                                 |   |   | 2010        |   |   | 2011 |   |   | 2010 |   |
| Equity classification                       |   |                                 |   |   |        |   |   |   |   |   |   |   |
| Non-vested stock                            |   | $                                    | 1,151  |   |        | $      | 661 |   |   | $ | 322 |   |   | $ | 170 |   |
| Stock options                               |   |                                 | 13     |   |        |   | 13 |   |   |   | - |   |   |   | - |   |
| Total equity classification                 |   | $                                    | 1,164  |   |        | $      | 674 |   |   | $ | 322 |   |   | $ | 170 |   |
| Liability classification                    |   |                                 |   |   |        |   |   |   |   |   |   |   |   |   |   |   |
| Common stock equivalent units               |   | $                                    | 1,194  |   |        | $      | 149 |   |   | $ | 431 |   |   | $ | 174 |   |
| Total pre-tax compensation expense          |   | $                                    | 2,358  |   |        | $      | 823 |   |   | $ | 753 |   |   | $ | 344 |   |
| Tax benefit (excluding income tax gross-up) |   | $                                    | 907    |   |        | $      | 317 |   |   | $ | 290 |   |   | $ | 132 |   |

----

----

|                                                          |   | AT MARCH 31, |    |   | AT DECEMBER 31, |   |
|---------------------------------------------------------------|--------|--------------|---------|--------|-----------------|--------|
| (THOUSANDS)                                                   |   | 2011         |    |   | 2010            |   |
| Regulatory assets and liabilities – deferred taxes, net |   | $            | 206,203 |   |            | $      | 203,696 |   |
| Deferred mining costs                                         |   | $            | 21,029  |   |            | $      | 21,666 |   |
| Deferred interest costs                                       |   |         | 6,941   |   |            |   | 7,033 |   |
| Deferred asset removal costs                                  |   |         | 783     |   |            |   | 768 |   |
| Deferred postretirement plan costs                            |   |         | 116,267 |   |            |   | 117,651 |   |
| Deferred tree trimming costs                                  |   |         | 10,407  |   |            |   | 11,086 |   |
| Deferred training costs                                       |   |         | 7,603   |   |            |   | 7,642 |   |
| Deferred storm surcredits, net                                |   |         | 10,754  |   |            |   | 10,633 |   |
| Deferred construction carrying costs                          |   |         | 15,840  |   |            |   | 18,830 |   |
| Lignite mining agreement contingency                          |   |         | 3,781   |   |            |   | 3,781 |   |
| AFUDC equity gross-up                                         |   |         | 75,018  |   |            |   | 74,859 |   |
| Deferred rate case costs                                      |   |         | 1,520   |   |            |   | 1,654 |   |
| Deferred Acadia Unit 1 acquisition costs                      |   |         | 3,050   |   |            |   | 3,076 |   |
| Deferred IRP/RFP costs                                        |   |         | 859     |   |            |   | 977 |   |
| Deferred AMI pilot costs                                      |   |         | 251     |   |            |   | 283 |   |
| Total regulatory assets – other                         |   | $            | 274,103 |   |            | $      | 279,939 |   |
| Deferred construction carrying costs                          |   |         | (72,957 | )      |            |   | (87,875 | ) |
| Deferred fuel and purchased power                             |   |         | 4,882   |   |            |   | 10,348 |   |
| Total regulatory assets and liabilities, net                  |   | $            | 412,231 |   |            | $      | 406,108 |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

|                                                |   | AT MARCH 31, 2011 |      |   | AT DECEMBER 31, 2010 |   |
|-----------------------------------------------------|--------|-------------------|-----------|--------|----------------------|--------|
| (THOUSANDS)                                         |   | CARRYINGVALUE     |      |   | ESTIMATEDFAIR VALUE  |   |   | CARRYINGVALUE |   |   | ESTIMATEDFAIR VALUE |   |
| Financial instruments not marked-to-market          |   |              |      |   |                 |   |   |   |   |   |   |   |
| Cash and cash equivalents                           |   | $                 | 137,191   |   |                 | $      | 137,191 |   |   | $ | 191,128 |   |   | $ | 191,128 |   |
| Restricted cash                                     |   | $                 | 31,656    |   |                 | $      | 31,656 |   |   | $ | 41,048 |   |   | $ | 41,048 |   |
| Long-term debt, excluding debt issuance costs       |   | $                 | 1,382,553 |   |                 | $      | 1,442,300 |   |   | $ | 1,403,836 |   |   | $ | 1,462,063 |   |
| Preferred stock not subject to mandatory redemption |   | $                 | 1,029     |   |                 | $      | 833 |   |   | $ | 1,029 |   |   | $ | 844 |   |

|                                          |   | AT MARCH 31, 2011 |      |   | AT DECEMBER 31, 2010 |   |
|-----------------------------------------------|--------|-------------------|-----------|--------|----------------------|--------|
| (THOUSANDS)                                   |   | CARRYINGVALUE     |      |   | ESTIMATEDFAIR VALUE  |   |   | CARRYINGVALUE |   |   | ESTIMATEDFAIR VALUE |   |
| Financial instruments not marked-to-market    |   |              |      |   |                 |   |   |   |   |   |   |   |
| Cash and cash equivalents                     |   | $                 | 124,440   |   |                 | $      | 124,440 |   |   | $ | 184,912 |   |   | $ | 184,912 |   |
| Restricted cash                               |   | $                 | 31,560    |   |                 | $      | 31,560 |   |   | $ | 40,951 |   |   | $ | 40,951 |   |
| Long-term debt, excluding debt issuance costs |   | $                 | 1,382,553 |   |                 | $      | 1,442,300 |   |   | $ | 1,388,836 |   |   | $ | 1,447,063 |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

|                             |   | CLECO CONSOLIDATED FAIR VALUE MEASUREMENTS AT REPORTING DATE USING: |    |
|----------------------------------|--------|---------------------------------------------------------------------|---------|
| (THOUSANDS)                      |   | AT MARCH 31, 2011                                                   |    |   | QUOTED PRICES INACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1) |   |   | SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2) |   |   | SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3) |   |   | AT DECEMBER 31, 2010 |   |   | QUOTED PRICES INACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1) |   |   | SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2) |   |   | SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3) |   |
| Asset Description                |   |                                                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Energy market derivatives        |   | $                                                                   | 7       |   |   | $ | - |   |   | $ | 7 |   |   | $ | - |   |   | $ | 97 |   |   | $ | - |   |   | $ | 97 |   |   | $ | - |   |
| Institutional money market funds |   |                                                                | 160,856 |   |   |   | - |   |   |   | 160,856 |   |   |   | - |   |   |   | 229,748 |   |   |   | - |   |   |   | 229,748 |   |   |   | - |   |
| Total assets                     |   | $                                                                   | 160,863 |   |   | $ | - |   |   | $ | 160,863 |   |   | $ | - |   |   | $ | 229,845 |   |   | $ | - |   |   | $ | 229,845 |   |   | $ | - |   |
| Liability Description            |   |                                                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Energy market derivatives        |   | $                                                                   | 11,856  |   |   | $ | 2,729 |   |   | $ | 9,127 |   |   | $ | - |   |   | $ | 15,245 |   |   | $ | 3,317 |   |   | $ | 11,928 |   |   | $ | - |   |
| Total liabilities                |   | $                                                                   | 11,856  |   |   | $ | 2,729 |   |   | $ | 9,127 |   |   | $ | - |   |   | $ | 15,245 |   |   | $ | 3,317 |   |   | $ | 11,928 |   |   | $ | - |   |

|                             |   | CLECO POWER FAIR VALUE MEASUREMENTS AT REPORTING DATE USING: |    |
|----------------------------------|--------|--------------------------------------------------------------|---------|
| (THOUSANDS)                      |   | AT MARCH 31, 2011                                            |    |   | QUOTED PRICES INACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1) |   |   | SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2) |   |   | SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3) |   |   | AT DECEMBER 31, 2010 |   |   | QUOTED PRICES INACTIVE MARKETSFOR IDENTICALASSETS(LEVEL 1) |   |   | SIGNIFICANTOTHEROBSERVABLEINPUTS(LEVEL 2) |   |   | SIGNIFICANTUNOBSERVABLEINPUTS(LEVEL 3) |   |
| Asset Description                |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Energy market derivatives        |   | $                                                            | 7       |   |   | $ | - |   |   | $ | 7 |   |   | $ | - |   |   | $ | 97 |   |   | $ | - |   |   | $ | 97 |   |   | $ | - |   |
| Institutional money market funds |   |                                                         | 149,560 |   |   |   | - |   |   |   | 149,560 |   |   |   | - |   |   |   | 224,451 |   |   |   | - |   |   |   | 224,451 |   |   |   | - |   |
| Total assets                     |   | $                                                            | 149,567 |   |   | $ | - |   |   | $ | 149,567 |   |   | $ | - |   |   | $ | 224,548 |   |   | $ | - |   |   | $ | 224,548 |   |   | $ | - |   |
| Liability Description            |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Energy market derivatives        |   | $                                                            | 11,856  |   |   | $ | 2,729 |   |   | $ | 9,127 |   |   | $ | - |   |   | $ | 15,245 |   |   | $ | 3,317 |   |   | $ | 11,928 |   |   | $ | - |   |
| Total liabilities                |   | $                                                            | 11,856  |   |   | $ | 2,729 |   |   | $ | 9,127 |   |   | $ | - |   |   | $ | 15,245 |   |   | $ | 3,317 |   |   | $ | 11,928 |   |   | $ | - |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

|                  | DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS |   |
|-----------------------|---------------------------------------------------|--------|
|                  | LIABILITY DERIVATIVES                             |   |
| (THOUSANDS)FAIR VALUE | BALANCE SHEET LINE ITEM                           |   | AT MARCH 31, 2011 |   |   | DECEMBER 31, 2010 |   |
| Commodity contracts   |                                              |   |   |   |   |   |   |
| Fuel cost hedges:     |                                              |   |   |   |   |   |   |
| Current               | Risk management liability, net                    |   | $ | (11,147 | ) |   | $ | (13,497 | ) |
| Long-term             | Other deferred credits                            |   |   | (702 | ) |   |   | (1,651 | ) |
| Total                 |                                              |   | $ | (11,849 | ) |   | $ | (15,148 | ) |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                   |   | FOR THE THREE MONTHS ENDED MARCH 31,            |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|--------|-------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                   |   | 2011                                            |   |   | 2010 |   |
| (THOUSANDS)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | LOSS IN INCOME OFDERIVATIVES LINE ITEM |   | AMOUNT OF LOSSRECOGNIZED ININCOME ONDERIVATIVES |   |   | AMOUNT OF LOSSRECOGNIZED ININCOME ONDERIVATIVES |   |
| Commodity contracts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                   |   |                                            |   |   |   |   |
| Economic hedges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Other operations revenue               |   | $                                               | -      |   |   | $ | 602 | (1) |
| Fuel cost hedges(2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Fuel used for electric generation      |   |                                            | 3,794  |   |   |   | 7,814 |   |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                   |   | $                                               | 3,794  |   |   | $ | 8,416 |   |
| (1)For the three months ended March 31, 2010, Cleco recognized $0.4 million of mark-to-market losses, respectively, related to economic hedges.                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                   |
| (2)In accordance with the authoritative guidance for regulated operations, an additional $11.8 million of unrealized losses and $1.7 million of deferred losses associated with fuel cost hedges are reported in Accumulated Deferred Fuel on the balance sheet as of March 31, 2011, compared to $15.1 million of unrealized losses and $1.6 million of deferred losses associated with fuel cost hedges as of December 31, 2010. As gains and losses are realized in future periods, they will be recorded as Fuel Used for Electric Generation on the Income Statement. |                                   |

|                                                                                                                  |   |                                   |   |   | FOR THE THREE MONTHS ENDED MARCH 31,                                                |   |
|-----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|--------|--------|-------------------------------------------------------------------------------------|--------|
|                                                                                                                  |   | 2011                                   |   |   | 2010                                                                                |   |
| (THOUSANDS)                                                                                                           |   | AMOUNT OF (LOSS) GAINRECOGNIZED IN OCI |   |   | AMOUNT OF (LOSS)GAIN RECLASSIFIEDFROM ACCUMULATEDOCI INTO INCOME(EFFECTIVE PORTION) |   |   | AMOUNT OF (LOSS) GAINRECOGNIZED IN OCI |   |   | AMOUNT OF (LOSS)GAIN RECLASSIFIEDFROM ACCUMULATEDOCI INTO INCOME(EFFECTIVE PORTION) |   |
| Interest rate swap(1)                                                                                                 |   | $                                      | -      |   |                                                                                | $      | - | * |   | $ | (281 | ) |   | $ | (202 | )* |
| Treasury rate locks                                                                                                   |   | $                                      | -      |   |                                                                                | $      | 89 | * |   | $ | - |   |   | $ | 41 |   |
| * The (loss) gain reclassified from accumulated OCI into income (effective portion) is reflected in interest charges. |   |                                   |   |   |                                                                                |   |   |   |   |   |   |   |   |
| (1) In November 2010, the interest rate swap was terminated.                                                          |   |

----

----

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

|                                 |   | PENSION BENEFITS                     |   |   | OTHER BENEFITS |   |
|--------------------------------------|--------|--------------------------------------|--------|--------|----------------|--------|
|                                 |   | FOR THE THREE MONTHS ENDED MARCH 31, |   |
| (THOUSANDS)                          |   | 2011                                 |   |   | 2010           |   |   | 2011 |   |   | 2010 |   |
| Components of periodic benefit costs |   |                                 |   |   |           |   |   |   |   |   |   |   |
| Service cost                         |   | $                                    | 2,052  |   |           | $      | 1,753 |   |   | $ | 379 |   |   | $ | 383 |   |
| Interest cost                        |   |                                 | 4,392  |   |           |   | 4,113 |   |   |   | 460 |   |   |   | 499 |   |
| Expected return on plan assets       |   |                                 | (5,512 | )      |           |   | (4,866 | ) |   |   | - |   |   |   | - |   |
| Transition obligation                |   |                                 | -      |   |           |   | - |   |   |   | 5 |   |   |   | 5 |   |
| Prior period service cost            |   |                                 | (18    | )      |           |   | (18 | ) |   |   | (52 | ) |   |   | (505 | ) |
| Net loss                             |   |                                 | 1,403  |   |           |   | 483 |   |   |   | 257 |   |   |   | 250 |   |
| Net periodic benefit cost            |   | $                                    | 2,317  |   |           | $      | 1,465 |   |   | $ | 1,049 |   |   | $ | 632 |   |

|                                   |   | FOR THE THREE MONTHS ENDED MARCH 31, |   |
|----------------------------------------|--------|--------------------------------------|--------|
| (THOUSANDS)                            |   | 2011                                 |   |   | 2010 |   |
| Components of periodic benefit costs   |   |                                 |   |   |   |   |
| Service cost                           |   | $                                    | 450    |   |   | $ | 348 |   |
| Interest cost                          |   |                                 | 525    |   |   |   | 525 |   |
| Prior period service cost amortization |   |                                 | 14     |   |   |   | 13 |   |
| Net loss amortization                  |   |                                 | 262    |   |   |   | 221 |   |
| Net periodic benefit cost              |   | $                                    | 1,251  |   |   | $ | 1,107 |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

|                |   | FOR THE THREE MONTHS ENDED MARCH 31, |   |
|---------------------|--------|--------------------------------------|--------|
| (THOUSANDS)         |   | 2011                                 |   |   | 2010 |   |
| 401(k) Plan expense |   | $                                    | 1,201  |   |   | $ | 1,030 |   |

----

|              | FOR THE THREE MONTHS ENDED MARCH 31, |
|-------------------|--------------------------------------|
|              | 2011                                 |   | 2010 |
| Cleco Corporation | 29.6%                                |   | 34.7% |
| Cleco Power       | 32.4%                                |   | 28.0% |

| (THOUSANDS)                                    |   | LIABILITY FOR UNRECOGNIZEDTAX BENEFITS |    |
|------------------------------------------------|--------|----------------------------------------|---------|
| Balance at December 31, 2010                   |   | $                                      | 102,785 |   |
| Reduction for tax positions of current period  |   |                                   | (1,982  | ) |
| Additions for tax positions of prior periods   |   |                                   | -       |   |
| Reduction for tax positions of prior periods   |   |                                   | (877    | ) |
| Reduction for settlement with taxing authority |   |                                   | -       |   |
| Reduction for lapse of statute of limitations  |   |                                   | -       |   |
| Balance at March 31, 2011                      |   | $                                      | 99,926  |   |

| (THOUSANDS)                                    |   | LIABILITY FOR UNRECOGNIZEDTAX BENEFITS |   |
|------------------------------------------------|--------|----------------------------------------|--------|
| Balance at December 31, 2010                   |   | $                                      | 60,975 |   |
| Reduction for tax positions of current period  |   |                                   | (887   | ) |
| Additions for tax positions of prior periods   |   |                                   | -      |   |
| Reduction for tax positions of prior periods   |   |                                   | -      |   |
| Reduction for settlement with taxing authority |   |                                   | -      |   |
| Reduction for lapse of statute of limitations  |   |                                   | -      |   |
| Balance at March 31, 2011                      |   | $                                      | 60,088 |   |

----

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

|                                                              |   | CLECO                                       |      |   |      |   |    | RECONCILING |   |   |         |   |   |         |     |
|-------------------------------------------------------------------|--------|---------------------------------------------|-----------|--------|-----------|--------|---------|-------------|--------|--------|--------------|--------|--------|--------------|----------|
| 2011 (THOUSANDS)                                                  |   | POWER                                       |      |   | MIDSTREAM |   |    | ITEMS       |   |   | ELIMINATIONS |   |   | CONSOLIDATED |     |
| Revenue                                                           |   |                                        |      |   |      |   |    |        |   |   |         |   |   |         |     |
| Electric operations                                               |   | $                                           | 238,468   |   |      | $      | -       |        |   | $      | -            |   |   | $            | -        |   |   | $ | 238,468 |   |
| Tolling operations                                                |   |                                        | -         |   |      |   | 2,781   |        |   |   | -            |   |   |         | -        |   |   |   | 2,781 |   |
| Other operations                                                  |   |                                        | 12,243    |   |      |   | 1       |        |   |   | 485          |   |   |         | (1       | ) |   |   | 12,728 |   |
| Electric customer credits                                         |   |                                        | (434      | )      |      |   | -       |        |   |   | -            |   |   |         | -        |   |   |   | (434 | ) |
| Affiliate revenue                                                 |   |                                        | -         |   |      |   | 33      |        |   |   | 114          |   |   |         | -        |   |   |   | 147 |   |
| Intercompany revenue                                              |   |                                        | 346       |   |      |   | -       |        |   |   | 10,907       |   |   |         | (11,253  | ) |   |   | - |   |
| Operating revenue                                                 |   | $                                           | 250,623   |   |      | $      | 2,815   |        |   | $      | 11,506       |   |   | $            | (11,254  | ) |   | $ | 253,690 |   |
| Depreciation expense                                              |   | $                                           | 27,401    |   |      | $      | 1,456   |        |   | $      | 241          |   |   | $            | -        |   |   | $ | 29,098 |   |
| Interest charges                                                  |   | $                                           | 24,402    |   |      | $      | 583     |        |   | $      | 1,567        |   |   | $            | 62       |   |   | $ | 26,614 |   |
| Interest income                                                   |   | $                                           | 113       |   |      | $      | 1       |        |   | $      | (60          | )      |   | $            | 61       |   |   | $ | 115 |   |
| Equity income (loss) from investees                               |   | $                                           | -         |   |      | $      | 612     |        |   | $      | (1           | )      |   | $            | -        |   |   | $ | 611 |   |
| Federal and state income tax expense (benefit)                    |   | $                                           | 14,400    |   |      | $      | (683    | )           |   | $      | (1,522       | )      |   | $            | -        |   |   | $ | 12,195 |   |
| Segment profit (loss) (1)                                         |   | $                                           | 30,030    |   |      | $      | (1,097  | )           |   | $      | 83           |   |   | $            | -        |   |   | $ | 29,016 |   |
| Additions to long-lived assets                                    |   | $                                           | 40,729    |   |      | $      | 1,006   |        |   | $      | 60           |   |   | $            | -        |   |   | $ | 41,795 |   |
| Equity investment in investees                                    |   | $                                           | 13,073    |   |      | $      | 74,261  |        |   | $      | 10           |   |   | $            | (1       | ) |   | $ | 87,343 |   |
| Total segment assets                                              |   | $                                           | 3,693,563 |   |      | $      | 316,637 |        |   | $      | 377,769      |   |   | $            | (330,058 | ) |   | $ | 4,057,911 |   |
| (1) Reconciliation of segment profit to consolidated profit: |   | Segment profit                              |      |   |      |   |    |        |   |   |         |   | $      | 29,016       |     |   |   |   |   |
|                                                              |   | Unallocated items:                          |      |   |      |   |    |        |   |   |         |   |   |         |     |
|                                                              |   | Preferred dividendsrequirements, net of tax |      |   |      |   |    |        | 12     |   |         |   |   |         |
|                                                              |   | Net income applicable to common stock       |      |   | $         | 29,004 |    |        |   |   |         |

|                                                              |   | CLECO                                       |      |   |      |    |    | RECONCILING |   |   |         |   |   |         |     |
|-------------------------------------------------------------------|--------|---------------------------------------------|-----------|--------|-----------|---------|---------|-------------|--------|--------|--------------|--------|--------|--------------|----------|
| 2010 (THOUSANDS)                                                  |   | POWER                                       |      |   | MIDSTREAM |    |    | ITEMS       |   |   | ELIMINATIONS |   |   | CONSOLIDATED |     |
| Revenue                                                           |   |                                        |      |   |      |    |    |        |   |   |         |   |   |         |     |
| Electric operations                                               |   | $                                           | 252,798   |   |      | $       | -       |        |   | $      | -            |   |   | $            | -        |   |   | $ | 252,798 |   |
| Tolling operations                                                |   |                                        | -         |   |      |    | 7,464   |        |   |   | -            |   |   |         | -        |   |   |   | 7,464 |   |
| Other operations                                                  |   |                                        | 10,386    |   |      |    | 1       |        |   |   | 490          |   |   |         | (1       | ) |   |   | 10,876 |   |
| Affiliate revenue                                                 |   |                                        | -         |   |      |    | 905     |        |   |   | 244          |   |   |         | -        |   |   |   | 1,149 |   |
| Intercompany revenue                                              |   |                                        | 343       |   |      |    | -       |        |   |   | 11,239       |   |   |         | (11,582  | ) |   |   | - |   |
| Operating revenue                                                 |   | $                                           | 263,527   |   |      | $       | 8,370   |        |   | $      | 11,973       |   |   | $            | (11,583  | ) |   | $ | 272,287 |   |
| Depreciation expense                                              |   | $                                           | 22,647    |   |      | $       | 1,443   |        |   | $      | 164          |   |   | $            | (1       | ) |   | $ | 24,253 |   |
| Interest charges                                                  |   | $                                           | 18,743    |   |      | $       | 3,432   |        |   | $      | 846          |   |   | $            | (586     | ) |   | $ | 22,435 |   |
| Interest income                                                   |   | $                                           | 158       |   |      | $       | -       |        |   | $      | 590          |   |   | $            | (586     | ) |   | $ | 162 |   |
| Equity income from investees                                      |   | $                                           | -         |   |      | $       | 37,846  |        |   | $      | 1            |   |   | $            | -        |   |   | $ | 37,847 |   |
| Gain on toll settlement                                           |   | $                                           | -         |   |      | $       | 148,402 |        |   | $      | -            |   |   | $            | -        |   |   | $ | 148,402 |   |
| Federal and state income tax expense (benefit)                    |   | $                                           | 12,495    |   |      | $       | 71,388  |        |   | $      | (4,017       | )      |   | $            | -        |   |   | $ | 79,866 |   |
| Segment profit (1)                                                |   | $                                           | 32,160    |   |      | $       | 114,010 |        |   | $      | 3,800        |   |   | $            | -        |   |   | $ | 149,970 |   |
| Additions to long-lived assets                                    |   | $                                           | 329,555   |   |      | $       | 547     |        |   | $      | 691          |   |   | $            | -        |   |   | $ | 330,793 |   |
| Equity investment in investees (2)                                |   | $                                           | 13,073    |   |      | $       | 73,648  |        |   | $      | 11           |   |   | $            | -        |   |   | $ | 86,732 |   |
| Total segment assets (2)                                          |   | $                                           | 3,795,205 |   |      | $       | 316,165 |        |   | $      | 401,663      |   |   | $            | (351,623 | ) |   | $ | 4,161,410 |   |
| (1) Reconciliation of segment profit to consolidated profit: |   | Segment profit                              |      |   |      |    |    |        |   |   |         |   | $      | 149,970      |     |   |   |   |   |
| (2) Balances as of December 31, 2010                         |   | Unallocated items:                          |      |   |      |    |    |        |   |   |         |   |   |         |     |
|                                                              |   | Preferred dividendsrequirements, net of tax |      |   |      |    |    |        |   | 12     |         |   |   |         |     |
|                                                              |   | Net income applicable to common stock       |      |   | $         | 149,958 |    |        |   |   |         |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| (THOUSANDS)              |   | AT MARCH 31, 2011 |   |   | AT DECEMBER 31, 2010 |   |
|--------------------------|--------|-------------------|--------|--------|----------------------|--------|
| Provision of rate refund |   | $                 | 10,032 |   |                 | $      | 9,598 |   |
| Total customer credits   |   | $                 | 10,032 |   |                 | $      | 9,598 |   |

----

|                                                   |   | FOR THE THREE MONTHS ENDED MARCH 31, |   |
|--------------------------------------------------------|--------|--------------------------------------|--------|
| (THOUSANDS)                                            |   | 2011                                 |   |   | 2010 |   |
| Cajun                                                  |   | $                                    | 612    |   |   | $ | 37,846 |   |
| Subsidiaries less than 100% owned by Cleco Innovations |   |                                 | (1     | ) |   |   | 1 |   |
| Total equity income                                    |   | $                                    | 611    |   |   | $ | 37,847 |   |

| INCEPTION TO DATE (THOUSANDS)          |   | AT MARCH 31, 2011 |    |   | AT DECEMBER 31, 2010 |   |
|----------------------------------------|--------|-------------------|---------|--------|----------------------|--------|
| Contributed assets (cash and land)     |   | $                 | 284,456 |   |                 | $      | 284,456 |   |
| Net income                             |   |              | 182,661 |   |                 |   | 182,048 |   |
| Impairment of investment               |   |              | (45,847 | )      |                 |   | (45,847 | ) |
| Capitalized interest and other         |   |              | 19,722  |   |                 |   | 19,722 |   |
| Less:  non-cash distribution |   |              | 230,267 |   |                 |   | 230,267 |   |
| Less:  cash distributions    |   |              | 136,464 |   |                 |   | 136,464 |   |
| Total equity investment in investee    |   | $                 | 74,261  |   |                 | $      | 73,648 |   |

| (THOUSANDS)                            |   | AT MARCH 31, 2011 |    |   | AT DECEMBER 31, 2010 |   |
|----------------------------------------|--------|-------------------|---------|--------|----------------------|--------|
| Cajun’s net assets/liabilities   |   | $                 | 200,772 |   |                 | $      | 199,547 |   |
| Midstream’s 50% equity           |   | $                 | 100,386 |   |                 | $      | 99,773 |   |
| Impairment of investment               |   |              | (45,847 | )      |                 |   | (45,847 | ) |
| Capitalized interest                   |   |              | 19,722  |   |                 |   | 19,722 |   |
| Cleco’s maximum exposure to loss |   | $                 | 74,261  |   |                 | $      | 73,648 |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

| (THOUSANDS)                                   |   | AT MARCH 31, 2011 |    |   | AT DECEMBER 31, 2010 |   |
|-----------------------------------------------|--------|-------------------|---------|--------|----------------------|--------|
| Current assets                                |   | $                 | 8,823   |   |                 | $      | 7,133 |   |
| Property, plant and equipment, net            |   |              | 203,767 |   |                 |   | 203,793 |   |
| Total assets                                  |   | $                 | 212,590 |   |                 | $      | 210,926 |   |
| Current liabilities                           |   | $                 | 3,261   |   |                 | $      | 1,950 |   |
| Other liabilities                             |   |              | 8,557   |   |                 |   | 9,429 |   |
| Partners’ capital                       |   |              | 200,772 |   |                 |   | 199,547 |   |
| Total liabilities and partners’ capital |   | $                 | 212,590 |   |                 | $      | 210,926 |   |

|                    |   | FOR THE THREE MONTHS ENDED MARCH 31, |   |
|-------------------------|--------|--------------------------------------|--------|
| (THOUSANDS)             |   | 2011                                 |   |   | 2010 |   |
| Operating revenue       |   | $                                    | 5,177  |   |   | $ | 3,764 |   |
| Operating expenses      |   |                                 | 4,824  |   |   |   | 10,163 |   |
| Gain on sales of assets |   |                                 | -      |   |   |   | 82,039 |   |
| Other income            |   |                                 | 872    |   |   |   | 52 |   |
| Income before taxes     |   | $                                    | 1,225  |   |   | $ | 75,692 |   |

| INCEPTION TO DATE (THOUSANDS)       |   | AT MARCH 31, 2011 |   |   | AT DECEMBER 31, 2010 |   |
|-------------------------------------|--------|-------------------|--------|--------|----------------------|--------|
| Purchase price                      |   | $                 | 12,873 |   |                 | $      | 12,873 |   |
| Cash contributions                  |   |              | 200    |   |                 |   | 200 |   |
| Total equity investment in investee |   | $                 | 13,073 |   |                 | $      | 13,073 |   |

| (THOUSANDS)                            |   | AT MARCH 31, 2011 |   |   | AT DECEMBER 31, 2010 |   |
|----------------------------------------|--------|-------------------|--------|--------|----------------------|--------|
| Oxbow’s net assets/liabilities   |   | $                 | 26,146 |   |                 | $      | 26,146 |   |
| Cleco Power’s 50% equity         |   | $                 | 13,073 |   |                 | $      | 13,073 |   |
| Cleco’s maximum exposure to loss |   | $                 | 13,073 |   |                 | $      | 13,073 |   |

| (THOUSANDS)                                   |   | AT MARCH 31, 2011 |   |   | AT DECEMBER 31, 2010 |   |
|-----------------------------------------------|--------|-------------------|--------|--------|----------------------|--------|
| Current assets                                |   | $                 | 607    |   |                 | $      | 583 |   |
| Property, plant and equipment, net            |   |              | 23,557 |   |                 |   | 23,597 |   |
| Other assets                                  |   |              | 2,156  |   |                 |   | 2,141 |   |
| Total assets                                  |   | $                 | 26,320 |   |                 | $      | 26,321 |   |
| Current liabilities                           |   | $                 | 174    |   |                 | $      | 175 |   |
| Partners’ capital                       |   |              | 26,146 |   |                 |   | 26,146 |   |
| Total liabilities and partners’ capital |   | $                 | 26,320 |   |                 | $      | 26,321 |   |

|                |   | FOR THE THREE MONTHS ENDED MARCH 31, |   |
|---------------------|--------|--------------------------------------|--------|
| (THOUSANDS)         |   | 2011                                 |   |   | 2010 |   |
| Operating revenue   |   | $                                    | 205    |   |   | $ | 94 |   |
| Operating expenses  |   |                                 | 205    |   |   |   | 94 |   |
| Income before taxes |   | $                                    | -      |   |   | $ | - |   |

----

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

|                                                                                                    |   |   |    |   | AT MARCH 31, 2011 |   |
|---------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|-------------------|--------|
|                                                                                                    |   | FACE   |    |   |              |   |   | NET |   |
| (THOUSANDS)                                                                                             |   | AMOUNT |    |   | REDUCTIONS        |   |   | AMOUNT |   |
| Cleco Corporation                                                                                       |   |   |    |   |              |   |   |   |   |
| Guarantee issued to Entergy Louisiana and Entergy Gulf States for performance obligations of Perryville |   | $      | 177,400 |   |              | $      | 135,000 |   |   | $ | 42,400 |   |
| Guarantee issued to Entergy Mississippi on behalf of Attala                                             |   |   | 500     |   |              |   | - |   |   |   | 500 |   |
| Guarantee issued to Cleco Power on behalf of Acadia*                                                    |   |   | 6,750   |   |              |   | 2,472 |   |   |   | 4,278 |   |
| Guarantee issued to Entergy Louisiana on behalf of Acadia                                               |   |   | 10,000  |   |              |   | - |   |   |   | 10,000 |   |
| Cleco Power                                                                                             |   |   |    |   |              |   |   |   |   |   |   |   |
| Obligations under standby letter of credit issued to the Louisiana Department of Labor                  |   |   | 3,725   |   |              |   | - |   |   |   | 3,725 |   |
| Total                                                                                                   |   | $      | 198,375 |   |              | $      | 137,472 |   |   | $ | 60,903 |   |
| *Represents APH’s 50% share                                                                       |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

| §   | Environmental costs that were caused by events occurring before the closing of the transaction; |
|--------------------|-------------------------------------------------------------------------------------------------|

| §   | Claims against Cleco Power for liabilities retained by Acadia; |
|--------------------|----------------------------------------------------------------|

| §   | Certain conditions of Acadia Unit 1 that were discovered prior to September 30, 2010; and |
|--------------------|-------------------------------------------------------------------------------------------|

| §   | Breach of fundamental representations of Acadia, such as legal existence, ownership of Acadia Unit 1 and valid authorization to dispose of Acadia Unit 1. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|                          |   |      |   |   |                                       |   |   |      |   |   | AT MARCH 31, 2011 |   |
|-------------------------------|--------|-----------|--------|--------|--------------------------------------------|--------|--------|-----------|--------|--------|-------------------|--------|
|                          |   |      |   |   | AMOUNT OF COMMITMENT EXPIRATION PER PERIOD |   |
|                          |   | NET       |   |   |                                       |   |   |      |   |   |              |   |   | MORE |   |
|                          |   | AMOUNT    |   |   | LESS THAN                                  |   |   |      |   |   |              |   |   | THAN |   |
| (THOUSANDS)                   |   | COMMITTED |   |   | ONE YEAR                                   |   |   | 1-3 YEARS |   |   | 3-5 YEARS         |   |   | 5 YEARS |   |
| Off-balance sheet commitments |   | $         | 60,903 |   |                                       | $      | 13,725 |      |   | $      | 4,278             |   |   | $ | - |   |   | $ | 42,900 |   |
| On-balance sheet guarantees   |   |      | 8,060  |   |                                       |   | -      |      |   |   | 4,279             |   |   |   | - |   |   |   | 3,781 |   |
| Total                         |   | $         | 68,963 |   |                                       | $      | 13,725 |      |   | $      | 8,557             |   |   | $ | - |   |   | $ | 46,681 |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

----

----

| §   | The tolling agreement is a market-based tolling agreement, for Coughlin Units 6 and 7, ending December 31, 2011, with an option for JPMVEC to extend the term through December 31, 2012.  The agreement also gives Evangeline the right to terminate its Coughlin Unit 6 obligations prior to the expiration of the term.  JPMVEC did not exercise the option to extend the tolling agreement; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | $126.6 million of Evangeline’s 8.82% Senior Secured bonds due 2019, owned by JPMVEC, were transferred to Evangeline and subsequently retired; and $5.3 million of accrued interest associated with the bonds transferred to Evangeline was eliminated; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | JPMVEC paid Evangeline $56.7 million; |
|--------------------|---------------------------------------|

| §   | JPMVEC returned Cleco Corporation’s $15.0 million letter of credit issued under the Evangeline Tolling Agreement and the letter of credit was cancelled; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Evangeline recorded a gain of $148.4 million. |
|--------------------|-----------------------------------------------|

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| §   | Cleco Power acquired Acadia Unit 1 and half of the common facilities for $304.0 million; |
|--------------------|------------------------------------------------------------------------------------------|

| §   | Cleco Power recognized $78.4 million of deferred taxes on the transaction.  For additional information on the deferred taxes, see Note 7 — “Income Taxes;” |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Acadia recognized a gain of $82.0 million; |
|--------------------|--------------------------------------------|

| §   | APH received $6.8 million from third parties in return for APH’s indemnification against the third parties’ 50% share of Acadia’s liabilities and other obligations related to the Cleco Power transaction; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Cleco Power and the parties executed the definitive agreements in 2009, and received LPSC and FERC approvals for the transaction in January 2010 and February 2010, respectively; and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Cleco Power owns and operates Acadia Unit 1.  Prior to April 29, 2011, Cleco Power operated Acadia Unit 2 on behalf of Acadia.  On April 29, 2011, the sale of Acadia Unit 2 to Entergy Louisiana closed.  Cleco Power now operates Acadia Unit 2 on behalf of Entergy Louisiana.   |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| §   | Entergy Louisiana acquired Acadia Unit 2 for approximately $300.0 million; |
|--------------------|----------------------------------------------------------------------------|

| §   | In exchange for $10.9 million, APH indemnified the third party owners of Cajun and their affiliates against 50% of Acadia’s liabilities and other obligations related to the Acadia Unit 2 transaction; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | APH recognized a gain of approximately $60.0 million; and |
|--------------------|-----------------------------------------------------------|

| §   | Cleco Power operates Acadia Unit 2 on behalf of Entergy Louisiana. |
|--------------------|--------------------------------------------------------------------|

----

----

| §   | Cleco Power, an integrated electric utility services company regulated by the LPSC, FERC, and other regulators, which serves approximately 279,000 customers across Louisiana and also engages in energy management activities; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Midstream, a merchant energy company regulated by FERC, which owns Evangeline (which operates the Coughlin Power Station).  At March 31, 2011, Midstream also owned a 50 percent indirect interest in Acadia.  On April 29, 2011, Acadia completed its disposition of Acadia Unit 2 to Entergy Louisiana.  For additional information, see Item 1, “Notes to the Unaudited Condensed Consolidated Financial Statements — Note 16 — Subsequent Event.” |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

|                                               |   |   |    |   | FOR THE THREE MONTHS ENDED MARCH 31, |   |
|----------------------------------------------------|--------|--------|---------|--------|--------------------------------------|--------|
|                                               |   |   |    |   |                                 |   |   | FAVORABLE/(UNFAVORABLE) |   |
| (THOUSANDS)                                        |   | 2011   |    |   | 2010                                 |   |   | VARIANCE |   |   | CHANGE |   |
| Operating revenue, net                             |   | $      | 253,690 |   |                                 | $      | 272,287 |   |   | $ | (18,597 | ) |   |   | (6.8 | )% |
| Operating expenses                                 |   |   | 188,456 |   |                                 |   | 216,386 |   |   |   | 27,930 |   |   |   | 12.9 |  % |
| Operating income                                   |   | $      | 65,234  |   |                                 | $      | 55,901 |   |   | $ | 9,333 |   |   |   | 16.7 |  % |
| Allowance for other funds used during construction |   | $      | 1,978   |   |                                 | $      | 9,805 |   |   | $ | (7,827 | ) |   |   | (79.8 | )% |
| Equity income from investees                       |   | $      | 611     |   |                                 | $      | 37,847 |   |   | $ | (37,236 | ) |   |   | (98.4 | )% |
| Gain on toll settlement                            |   | $      | -       |   |                                 | $      | 148,402 |   |   | $ | (148,402 | ) |   |   | - |   |
| Interest charges                                   |   | $      | 26,614  |   |                                 | $      | 22,435 |   |   | $ | (4,179 | ) |   |   | (18.6 | )% |
| Federal and state income taxes                     |   | $      | 12,195  |   |                                 | $      | 79,866 |   |   | $ | 67,671 |   |   |   | 84.7 |  % |
| Net income applicable to common stock              |   | $      | 29,004  |   |                                 | $      | 149,958 |   |   | $ | (120,954 | ) |   |   | (80.7 | )% |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

|                                                      |   |   |    |   | FOR THE THREE MONTHS ENDED MARCH 31, |   |
|-----------------------------------------------------------|--------|--------|---------|--------|--------------------------------------|--------|
|                                                      |   |   |    |   |                                 |   |   | FAVORABLE/(UNFAVORABLE) |   |
| (THOUSANDS)                                               |   | 2011   |    |   | 2010                                 |   |   | VARIANCE |   |   | CHANGE |   |
| Operating revenue                                         |   |   |    |   |                                 |   |   |   |   |   |   |   |
| Base                                                      |   | $      | 134,074 |   |                                 | $      | 114,948 |   |   | $ | 19,126 |   |   |   | 16.6 |  % |
| Fuel cost recovery                                        |   |   | 104,394 |   |                                 |   | 137,850 |   |   |   | (33,456 | ) |   |   | (24.3 | )% |
| Electric customer credits                                 |   |   | (434    | )      |                                 |   | - |   |   |   | (434 | ) |   |   | - |   |
| Other operations                                          |   |   | 12,243  |   |                                 |   | 10,386 |   |   |   | 1,857 |   |   |   | 17.9 |  % |
| Intercompany revenue                                      |   |   | 346     |   |                                 |   | 343 |   |   |   | 3 |   |   |   | 0.9 |  % |
| Operating revenue, net                                    |   |   | 250,623 |   |                                 |   | 263,527 |   |   |   | (12,904 | ) |   |   | (4.9 | )% |
| Operating expenses                                        |   |   |    |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Fuel used for electric generation – recoverable     |   |   | 96,144  |   |                                 |   | 92,619 |   |   |   | (3,525 | ) |   |   | (3.8 | )% |
| Power purchased for utility customers – recoverable |   |   | 8,250   |   |                                 |   | 45,263 |   |   |   | 37,013 |   |   |   | 81.8 |  % |
| Non-recoverable fuel and power purchased                  |   |   | 1,023   |   |                                 |   | 4,919 |   |   |   | 3,896 |   |   |   | 79.2 |  % |
| Other operations                                          |   |   | 25,986  |   |                                 |   | 24,408 |   |   |   | (1,578 | ) |   |   | (6.5 | )% |
| Maintenance                                               |   |   | 15,613  |   |                                 |   | 11,722 |   |   |   | (3,891 | ) |   |   | (33.2 | )% |
| Depreciation                                              |   |   | 27,401  |   |                                 |   | 22,647 |   |   |   | (4,754 | ) |   |   | (21.0 | )% |
| Taxes other than income taxes                             |   |   | 8,388   |   |                                 |   | 8,040 |   |   |   | (348 | ) |   |   | (4.3 | )% |
| (Gain) loss on sales of assets                            |   |   | (1      | )      |                                 |   | 40 |   |   |   | 41 |   |   |   | 102.5 |  % |
| Total operating expenses                                  |   |   | 182,804 |   |                                 |   | 209,658 |   |   |   | 26,854 |   |   |   | 12.8 |  % |
| Operating income                                          |   | $      | 67,819  |   |                                 | $      | 53,869 |   |   | $ | 13,950 |   |   |   | 25.9 |  % |
| Allowance for other funds used during construction        |   | $      | 1,978   |   |                                 | $      | 9,805 |   |   | $ | (7,827 | ) |   |   | (79.8 | )% |
| Interest charges                                          |   | $      | 24,402  |   |                                 | $      | 18,743 |   |   | $ | (5,659 | ) |   |   | (30.2 | )% |
| Federal and state income taxes                            |   | $      | 14,400  |   |                                 | $      | 12,495 |   |   | $ | (1,905 | ) |   |   | (15.2 | )% |
| Net income                                                |   | $      | 30,030  |   |                                 | $      | 32,160 |   |   | $ | (2,130 | ) |   |   | (6.6 | )% |

| §   | lower allowance for other funds used during construction, |
|--------------------|-----------------------------------------------------------|

| §   | higher other operations and maintenance expenses, |
|--------------------|---------------------------------------------------|

| §   | higher interest charges, |
|--------------------|--------------------------|

| §   | higher depreciation expense, and |
|--------------------|----------------------------------|

| §   | higher effective income tax rate. |
|--------------------|-----------------------------------|

| §   | higher base revenue, |
|--------------------|----------------------|

| §   | lower non-recoverable fuel and power purchased, and |
|--------------------|-----------------------------------------------------|

| §   | higher other operations revenue. |
|--------------------|----------------------------------|

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

|                                      |   | FOR THE THREE MONTHS ENDED MARCH 31, |   |
|-------------------------------------------|--------|--------------------------------------|--------|
| (MILLION kWh)                             |   | 2011                                 |   |   | 2010 |   |   | FAVORABLE/(UNFAVORABLE) |   |
| Electric sales                            |   |                                 |   |   |   |   |   |   |   |
| Residential                               |   |                                 | 960    |   |   |   | 1,040 |   |   |   | (7.7 | )% |
| Commercial                                |   |                                 | 594    |   |   |   | 591 |   |   |   | 0.5 |  % |
| Industrial                                |   |                                 | 554    |   |   |   | 544 |   |   |   | 1.8 |  % |
| Other retail                              |   |                                 | 33     |   |   |   | 35 |   |   |   | (5.7 | )% |
| Total retail                              |   |                                 | 2,141  |   |   |   | 2,210 |   |   |   | (3.1 | )% |
| Sales for resale                          |   |                                 | 446    |   |   |   | 476 |   |   |   | (6.3 | )% |
| Unbilled                                  |   |                                 | (165   | ) |   |   | (124 | ) |   |   | (33.1 | )% |
| Total retail and wholesale customer sales |   |                                 | 2,422  |   |   |   | 2,562 |   |   |   | (5.5 | )% |

|                                      |   | FOR THE THREE MONTHS ENDED MARCH 31, |    |
|-------------------------------------------|--------|--------------------------------------|---------|
| (THOUSANDS)                               |   | 2011                                 |    |   | 2010 |   |   | FAVORABLE/(UNFAVORABLE) |   |
| Electric sales                            |   |                                 |    |   |   |   |   |   |   |
| Residential                               |   | $                                    | 67,190  |   |   | $ | 46,498 |   |   |   | 44.5 |  % |
| Commercial                                |   |                                 | 44,092  |   |   |   | 29,563 |   |   |   | 49.1 |  % |
| Industrial                                |   |                                 | 20,650  |   |   |   | 14,160 |   |   |   | 45.8 |  % |
| Other retail                              |   |                                 | 2,466   |   |   |   | 1,757 |   |   |   | 40.4 |  % |
| Surcharge                                 |   |                                 | 1,717   |   |   |   | 4,195 |   |   |   | (59.1 | )% |
| Other                                     |   |                                 | (1,711  | ) |   |   | (975 | ) |   |   | (75.5 | )% |
| Total retail                              |   |                                 | 134,404 |   |   |   | 95,198 |   |   |   | 41.2 |  % |
| Sales for resale                          |   |                                 | 11,939  |   |   |   | 8,783 |   |   |   | 35.9 |  % |
| Unbilled                                  |   |                                 | (12,269 | ) |   |   | 10,967 |   |   |   | (211.9 | )% |
| Total retail and wholesale customer sales |   | $                                    | 134,074 |   |   | $ | 114,948 |   |   |   | 16.6 |  % |

|                |   |   |   |   |   |   |   | FOR THE THREE MONTHS ENDED MARCH 31, |   |
|---------------------|--------|--------|--------|--------|--------|--------|--------|--------------------------------------|--------|
|                |   |   |   |   |   |   |   |                                 |   |   | 2011 CHANGE |   |
|                |   | 2011   |   |   | 2010   |   |   | NORMAL                               |   |   | PRIOR YEAR |   |   | NORMAL |   |
| Heating-degree days |   |   | 911    |   |   |   | 1,307  |                                 |   |   | 948 |   |   |   | (30.3 | )% |   |   | (3.9 | )% |
| Cooling-degree days |   |   | 139    |   |   |   | 12     |                                 |   |   | 65 |   |   |   | * |   |   |   | 113.8 |  % |
| *Not meaningful     |   |   |   |   |   |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

|                                           |   | FOR THE THREE MONTHS ENDED MARCH 31, |   |
|------------------------------------------------|--------|--------------------------------------|--------|
|                                           |   |                                 |   |   |   |   |   | FAVORABLE/(UNFAVORABLE) |   |
| (THOUSANDS)                                    |   | 2011                                 |   |   | 2010 |   |   | VARIANCE |   |   | CHANGE |   |
| Operating revenue                              |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Tolling operations                             |   | $                                    | 2,781  |   |   | $ | 7,464 |   |   | $ | (4,683 | ) |   |   | (62.7 | )% |
| Other operations                               |   |                                 | 1      |   |   |   | 1 |   |   |   | - |   |   |   | - |   |
| Affiliate revenue                              |   |                                 | 33     |   |   |   | 905 |   |   |   | (872 | ) |   |   | (96.4 | )% |
| Operating revenue                              |   |                                 | 2,815  |   |   |   | 8,370 |   |   |   | (5,555 | ) |   |   | (66.4 | )% |
| Operating expenses                             |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other operations                               |   |                                 | 1,817  |   |   |   | 2,196 |   |   |   | 379 |   |   |   | 17.3 |  % |
| Maintenance                                    |   |                                 | 1,133  |   |   |   | 2,064 |   |   |   | 931 |   |   |   | 45.1 |  % |
| Depreciation                                   |   |                                 | 1,456  |   |   |   | 1,443 |   |   |   | (13 | ) |   |   | (0.9 | )% |
| Taxes other than income taxes                  |   |                                 | 634    |   |   |   | 110 |   |   |   | (524 | ) |   |   | (476.4 | )% |
| Loss on sales of assets                        |   |                                 | 12     |   |   |   | - |   |   |   | (12 | ) |   |   | * |   |
| Total operating expenses                       |   |                                 | 5,052  |   |   |   | 5,813 |   |   |   | 761 |   |   |   | 13.1 |  % |
| Operating (loss) income                        |   | $                                    | (2,237 | ) |   | $ | 2,557 |   |   | $ | (4,794 | ) |   |   | (187.5 | )% |
| Equity income from investees                   |   | $                                    | 612    |   |   | $ | 37,846 |   |   | $ | (37,234 | ) |   |   | (98.4 | )% |
| Gain on toll settlement                        |   | $                                    | -      |   |   | $ | 148,402 |   |   | $ | (148,402 | ) |   |   | - |   |
| Interest charges                               |   | $                                    | 583    |   |   | $ | 3,432 |   |   | $ | 2,849 |   |   |   | 83.0 |  % |
| Federal and state income tax (benefit) expense |   | $                                    | (683   | ) |   | $ | 71,388 |   |   | $ | 72,071 |   |   |   | 101.0 |  % |
| Net (loss) income                              |   | $                                    | (1,097 | ) |   | $ | 114,010 |   |   | $ | (115,107 | ) |   |   | (101.0 | )% |
| *Not meaningful                                |   |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

|              | SENIOR UNSECURED DEBT |
|-------------------|-----------------------|
|              | MOODY’S         |   | STANDARD & POOR’S |
| Cleco Corporation | Baa3                  |   | BBB- |
| Cleco Power       | Baa2                  |   | BBB |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

----

----

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

|             |   | FOR THE THREE MONTHS ENDED MARCH 31, 2011 |    |   | AT MARCH 31, |   |   | AT DECEMBER 31, |   |
|------------------|--------|------------------------------------------------|---------|--------|--------------|--------|--------|-----------------|--------|
| (THOUSANDS)      |   | HIGH                                           |    |   | LOW          |   |   | AVERAGE         |   |   | 2011 |   |   | 2010 |   |
| Fuel cost hedges |   | $                                              | 1,458.3 |   |         | $      | 984.0  |            |   | $ | 1,183.8 |   |   | $ | 1,220.8 |   |   | $ | 1,346.0 |   |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

----

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

----

----

----

----

----

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

| CLECO CORPORATION                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1                                                                                                                                                                                                                                                                                                                                                                                                                                     | Bylaws of Cleco Corporation, Revised effective April 29, 2011                                                                                                                                                   |
| 12(a)                                                                                                                                                                                                                                                                                                                                                                                                                                   | Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Stock Dividends for the three- and twelve-month periods ended March 31, 2011, for Cleco Corporation  |
| 31.1                                                                                                                                                                                                                                                                                                                                                                                                                                    | CEO Certification in accordance with section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                              |
| 31.2                                                                                                                                                                                                                                                                                                                                                                                                                                    | CFO Certification in accordance with section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                              |
| 32.1                                                                                                                                                                                                                                                                                                                                                                                                                                    | CEO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                     |
| 32.2                                                                                                                                                                                                                                                                                                                                                                                                                                    | CFO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                     |
| 101.INS*                                                                                                                                                                                                                                                                                                                                                                                                                                | XBRL Instance Document                                                                                                                                                                                          |
| 101.SCH*                                                                                                                                                                                                                                                                                                                                                                                                                                | XBRL Taxonomy Extension Schema                                                                                                                                                                                  |
| 101.CAL*                                                                                                                                                                                                                                                                                                                                                                                                                                | XBRL Taxonomy Extension Calculation Linkbase                                                                                                                                                                    |
| 101.DEF*                                                                                                                                                                                                                                                                                                                                                                                                                                | XBRL Taxonomy Extension Definition Linkbase                                                                                                                                                                     |
| 101.LAB*                                                                                                                                                                                                                                                                                                                                                                                                                                | XBRL Taxonomy Extension Label Linkbase                                                                                                                                                                          |
| 101.PRE*                                                                                                                                                                                                                                                                                                                                                                                                                                | XBRL Taxonomy Extension Presentation Linkbase                                                                                                                                                                   |
| CLECO POWER                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                 |
| 12(b)                                                                                                                                                                                                                                                                                                                                                                                                                                   | Computation of Ratios of Earnings to Fixed Charges for the three- and twelve-month periods ended March 31, 2011, for Cleco Power                                                                                |
| 31.3                                                                                                                                                                                                                                                                                                                                                                                                                                    | CEO Certification in accordance with section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                              |
| 31.4                                                                                                                                                                                                                                                                                                                                                                                                                                    | CFO Certification in accordance with section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                              |
| 32.3                                                                                                                                                                                                                                                                                                                                                                                                                                    | CEO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                     |
| 32.4                                                                                                                                                                                                                                                                                                                                                                                                                                    | CFO Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                     |
| 101.INS*                                                                                                                                                                                                                                                                                                                                                                                                                                | XBRL Instance Document                                                                                                                                                                                          |
| 101.SCH*                                                                                                                                                                                                                                                                                                                                                                                                                                | XBRL Taxonomy Extension Schema                                                                                                                                                                                  |
| 101.CAL*                                                                                                                                                                                                                                                                                                                                                                                                                                | XBRL Taxonomy Extension Calculation Linkbase                                                                                                                                                                    |
| 101.DEF*                                                                                                                                                                                                                                                                                                                                                                                                                                | XBRL Taxonomy Extension Definition Linkbase                                                                                                                                                                     |
| 101.LAB*                                                                                                                                                                                                                                                                                                                                                                                                                                | XBRL Taxonomy Extension Label Linkbase                                                                                                                                                                          |
| 101.PRE*                                                                                                                                                                                                                                                                                                                                                                                                                                | XBRL Taxonomy Extension Presentation Linkbase                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                 |
| *XBRL information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and is not subject to liability under those sections, is not part of any registration statement or prospectus to which it relates and is not incorporated or deemed to be incorporated by reference into any registration statement, prospectus or other document. |

----

| CLECO CORPORATION                                     |                       |
|-------------------------------------------------------|----------------------------|
| CLECO POWER        | 2011 1ST QUARTER FORM 10-Q |

----

|   | CLECO CORPORATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (Registrant)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | By:   /s/ R. Russell Davis                                                                              |
|   | R. Russell Davis                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | Vice President - Investor Relations & Chief Accounting Officer                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

|   | CLECO POWER LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (Registrant)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | By:   /s/ R. Russell Davis                                                                              |
|   | R. Russell Davis                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | Vice President - Investor Relations & Chief Accounting Officer                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

----

----