----

**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.  20549FORM 10-Q****[X] QUARTERLY REPORT PURSUANT TO SECTION 13OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934****For the quarterly periodended March 31, 2004**

Or**[  ] TRANSITION REPORT PURSUANTTO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934**

Commission filenumber 1-15759

**CLECO CORPORATION**(Exact name of registrantas specified in its charter)

| **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**          |

Commission file number 1-05663

**CLECO POWER LLC**(Exact name of registrantas specified in its charter)

| **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 Cleco Corporation is an  accelerated filer (as defined in Rule 12b-2 of the Exchange Act)                                                                                                                                                                                                                                           |
| Yes  x      No ____

                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                    |
| Indicate by check mark whether Cleco Power LLC is an  accelerated filer (as defined in Rule 12b-2 of the Exchange Act)                                                                                                                                                                                                                                             |
|  Yes               No  x 

                                                                                                                                                                                                                                                             |

| Number of shares outstanding of each of Cleco  Corporation's classes of Common Stock, as of the latest practicable date.

  |
|----------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                  |
| Registrant                                                                                                                       | Description of Class | Shares Outstanding at April 30, 2004 |
| Cleco Corporation                                                                                                                | Common Stock, $1.00 Par Value | 47,552,042 |

**Cleco Power LLC, a wholly owned subsidiaryof Cleco Corporation, meets the conditions set forth in General InstructionsH(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with thereduced disclosure format.**

----

This Combined Form 10-Q is separately filed by Cleco Corporation and ClecoPower LLC.  Information in this filing relating to Cleco Power isfiled by Cleco Corporation and separately by Cleco Power on its ownbehalf.  Cleco Power makes no representation as to informationrelating to Cleco Corporation (except as it may relate to Cleco Power) or anyother affiliate or subsidiary of Cleco Corporation.

**TABLEOF CONTENTS**

| Page

** **

  GLOSSARY OF TERMS

2

** **

** **

** **

  DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

4

**PART I**

**Financial Information**

 

ITEM 1

  Cleco Corporation - Condensed Financial Statements

6

  Cleco Corporation - Management's Discussion and Analysis of Results of  Operations

12

  Cleco Power - Condensed Financial Statements

19

  Cleco Power - Narrative Analysis of Results of Operations

24

  Notes to the Unaudited Condensed Financial Statements

25

 

ITEM 2

  Management's Discussion and Analysis of Financial Condition and Results of  Operations

 

43

ITEM 3

  Quantitative and Qualitative Disclosures about Market Risk of Cleco  Corporation

 

50

ITEM 4

  Controls and Procedures

 

52

**PART II**

**Other Information**

 

ITEM 1

  Legal Proceedings

 

53

ITEM 2

  Changes in Securities, Use of Proceeds and Issuer Purchases of Equity  Securities

 

53

ITEM 3

  Defaults Upon Senior Securities

 

53

ITEM 4

  Submission of Matters to a Vote of Security Holders

 

53

ITEM 5

  Other Information

 

54

ITEM 6

  Exhibits and Reports on Form 8-K

55

** **

  Signatures

56

 
1

**GLOSSARY OF TERMS**

          References in thisfiling to "Cleco" mean Cleco Corporation and its subsidiaries, including ClecoPower LLC, and references to "Cleco Power" mean Cleco Power LLC, unless thecontext clearly indicates otherwise.  Additional abbreviations oracronyms used in this filing are defined below:

**Abbreviation or Acronym**

**Definition**

401(k) Plan

Cleco Power 401(k) Savings and Investment Plan ESOP Trust

Acadia

Acadia Power Partners LLC and its 1,160-MW combined-cycle,  natural gas-fired     power plant near Eunice, Louisiana,  50% owned by Midstream and 50% owned by      Calpine

APB

Accounting Principles Board  

APB Opinion No. 18

The Equity Method of Accounting for Investments in Common Stock

APB Opinion No. 25

Accounting for Stock Issued to Employees

APH

Acadia Power Holdings  LLC, a wholly owned subsidiary of Midstream

Calpine

Calpine Corporation

Cleco Energy

Cleco Energy LLC, a wholly owned subsidiary of Midstream

Compliance Plan

The three-year Compliance Plan included in the Consent Agreement in  FERC Docket     IN03-1-000

Consent Agreement

Stipulation and Consent Agreement, dated as of July 25, 2003, between Cleco  and     the FERC Staff

Dynegy

Dynegy Power Marketing, Inc.

Entergy

Entergy Corporation

Entergy Gulf States

Entergy Gulf States, Inc.

Entergy Louisiana

Entergy Louisiana, Inc.

Entergy Services

Entergy Services, Inc. as agent for Entergy Louisiana and Entergy Gulf  States

ESOP

Employee Stock Ownership Plan

Evangeline

Cleco Evangeline LLC, a wholly owned subsidiary of Midstream, and its  775-MW     combined-cycle, natural gas-fired power plant  located in Evangeline Parish,     Louisiana

Evangeline Tolling Agreement

Capacity Sale and Tolling Agreement between Evangeline and Williams

FASB

Financial Accounting Standards Board

FERC

Federal Energy Regulatory Commission

FIN

FASB Interpretation No.

FIN 45

Guarantor's Accounting and Disclosure Requirements for Guarantees, Including     Indirect Guarantees of Indebtedness to Others

FIN 46

Consolidation of Variable Interest Entities - an Interpretation of Accounting        Research  Bulletin No. 51

FIN 46R

Consolidation of Variable Interest Entities - an Interpretation of  Accounting      Research  Bulletin No. 51 (revised December  2003)

FSP SFAS No. 106-1

FASB Staff Position Accounting and Disclosure Requirements Related to  the      Medicare Prescription Drug, Improvement and  Modernization Act of 2003

IRP

Integrated Resource Planning

kWh

Kilowatt-hour

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

Long-Term Incentive Compensation Plan

MAEM

Mirant Americas Energy Marketing, LP

MAI

Mirant Americas, Inc., a wholly owned subsidiary of Mirant

Marketing & Trading

Cleco Marketing & Trading LLC, a wholly owned subsidiary of  Midstream

Midstream

Cleco Midstream Resources LLC, a wholly owned subsidiary of Cleco  Corporation

Mirant

Mirant Corporation

Mirant Debtors

Mirant, MAEM, MAI, and certain other Mirant subsidiaries

Mirant Debtors Bankruptcy Court

U.S. Bankruptcy Court for the Northern District of Texas, Ft. Worth  Division 

2

MMBtu

Million British thermal units

MW

Megawatt(s) as applicable

MWh

Megawatt-hour(s) as applicable

Not meaningful

A percentage comparison of these items is not statistically meaningful  either    because the percentage difference is greater  than 1,000% or the comparison    involves a  positive and  negative number.

PEH

Perryville Energy Holdings LLC, a wholly owned subsidiary of Midstream

Perryville

Perryville Energy Partners, L.L.C., a wholly owned subsidiary of PEH,  and its 718-    MW, natural  gas-fired power plant near Perryville, Louisiana 

Perryville and PEH Bankruptcy Court

U.S. Bankruptcy Court for the Western District of Louisiana,  Alexandria Division

Perryville Tolling Agreement

Capacity Sale and Tolling Agreement between Perryville and MAEM

Registrant(s)

Cleco Corporation and Cleco Power

PJM

Pennsylvania - New Jersey - Maryland interconnection

Power Purchase Agreement

Power Purchase Agreement, dated as of January 28, 2004, between Perryville  and      Entergy Services

RFP

Request for Proposal

RTO

Regional Transmission Organization

Sale Agreement

Purchase and Sale  Agreement, dated as of January 28, 2004, between Perryville and      Entergy Louisiana

SEC

Securities and Exchange  Commission

Senior Loan Agreement

Construction and Term Loan Agreement, dated as of June 7, 2001,  between     Perryville and KBC Bank N.V., as Agent Bank

SERP

Supplemental Executive Retirement Plan

SFAS

Statement of Financial Accounting Standards

SFAS No. 71

Accounting for the Effects of Certain Types of Regulation

SFAS No. 106

Employers' Accounting for Postretirement Benefits Other Than Pensions

SFAS No. 123

Accounting for Stock-Based Compensation

SFAS No. 131

Disclosures about Segments of an Enterprise and Related Information

SFAS No. 132

Employers' Disclosures about Pensions and Other Postretirement  Benefits (revised     2003)

SFAS No. 133

Accounting for Derivative Instruments and Hedging Activities

SFAS No. 143

Accounting for Asset Retirement Obligations

SFAS No. 149

Amendment of Statement 133 on Accounting for Derivative Instruments  and Hedging       Activities

SOP 90-7

Statement of Position  issued by the American Institute of Certified Public     Accountants  - Financial Reporting by Entities in Reorganization Under the     Bankruptcy  Code

SPP

Southwest Power Pool

Subordinated Loan Agreement

Subordinated Loan  Agreement, dated as of August 23, 2002, between Perryville and     MAI

SWEPCO

Southwestern Electric Power Company

VAR

Value-at-risk

Westar

Westar Energy, Inc., a Kansas Corporation

Williams

Williams Power Company, Inc.

3

**DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS**

          This reportincludes "forward-looking statements" about future events, circumstances, andresults.  All statements other than statements of historical factincluded in this report are forward-looking statements.  Although theRegistrants believe that the expectations reflected in such forward-lookingstatements are reasonable, such forward-looking statements are based onnumerous assumptions (some of which may prove to be incorrect) and are subjectto risks and uncertainties that could cause the actual results to differmaterially from the Registrants' expectations.  In addition to anyassumptions and other factors referred to specifically in connection with theseforward-looking statements, the following list identifies some of the factorsthat could cause the Registrants' actual results to differ materially fromthose contemplated in any of the Registrants' forward-looking statements:
-   
Factors affecting utility operations, such as unusual  weather conditions or other natural phenomena; catastrophic weather-related  damage; unscheduled generation outages; unusual maintenance or repairs;  unanticipated changes to fuel costs, reliance on natural gas as a component  of Cleco's generation fuel mix, fuel supply costs or availability constraints  due to higher demand, shortages, transportation problems or other  developments; environmental incidents; or power transmission system constraints;
-  

Completing the pending sale of the Perryville facility;
-  

Outcome of the bankruptcy process of Perryville and PEH;
-  

Resolution of damage claims asserted against the Mirant  Debtors in their bankruptcy proceedings as a result of the rejection of the  Perryville Tolling Agreement;
-  

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

Increased competition in power markets, including effects  of industry restructuring or deregulation, transmission system operation or  administration, retail wheeling, wholesale competition, retail competition,  or cogeneration;
-  

Regulatory factors such as unanticipated changes in  rate-setting policies, recovery of investments made under traditional  regulation, the frequency and timing of rate increases, the results of  periodic fuel audits, the results of RFPs and the IRP process, the formation  of RTOs and the implementation of Standard Market Design;
-  

Financial or regulatory accounting principles or policies  imposed by the FASB, the SEC, the Public Company Accounting Oversight Board,  the FERC, the LPSC or similar entities with regulatory or accounting  oversight;
-  

Economic conditions, including inflation rates and  monetary fluctuations;
-  

Credit ratings of Cleco  Corporation, Cleco Power, and Evangeline;
-   
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;
-  

Acts of terrorism;
-  

Availability or cost of capital resulting from changes in Cleco, interest rates, and securities ratings or  market perceptions of the electric utility industry and energy-related  industries;
-  

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

Legal and regulatory delays and other obstacles associated  with mergers, acquisitions, capital projects, reorganizations, or investments  in joint ventures;

4
-  

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

Changes in federal, state, or local legislative  requirements, such as changes in tax laws or rates, regulating policies or  environmental laws and regulations.

          All subsequentwritten and oral forward-looking statements attributable to the Registrants or persons acting on their behalfare expressly qualified in their entirety by the factors identified above.

          The Registrants undertake no obligation to updateany forward-looking statements, whether as a result of changes in actualresults, changes in assumptions, or other factors affecting such statements.

5

**CLECOCORPORATIONPART I -  FINANCIAL INFORMATION**

**ITEM1      ****CONDENSED FINANCIALSTATEMENTS**

          The condensedconsolidated financial statements of Cleco Corporation have been preparedpursuant to the rules and regulations of the SEC.  Certaininformation and note disclosures normally included in financial statementsprepared in accordance with generally accepted accounting principles have beencondensed or omitted pursuant to such rules and regulations, although Clecobelieves that the disclosures are adequate to make the information presentednot misleading.  These condensed consolidated financial statementsshould be read in conjunction with Cleco Corporation's Consolidated FinancialStatements and the Notes included in the Registrants' Combined Annual Report onForm 10-K for the fiscal year ended December 31, 2003.

          The year-endcondensed consolidated balance sheet data was derived from audited financialstatements, but does not include all disclosures required by generally acceptedaccounting principles.  The unaudited financial information included in thefollowing condensed financial statements reflects all adjustments of a normalrecurring nature which are, in the opinion of management of Cleco, necessaryfor a fair presentation of the financial position and the results of operationsfor the interim periods.  Information for interim periods is affectedby seasonal variations in sales, rate changes, timing of fuel expense recoveryand other factors, and is not necessarily indicative of the results that may beexpected for the full fiscal year.

6

**CLECO CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

**For the three months ended March 31,**

**(UNAUDITED)**

 

**2004**

** **

2003

(Thousands, except  share and

per share amounts)

**Operating revenue**

** **

** **

Electric operations

**$**

**149,379 **

** **

$

138,866 

Tolling operations

**10,255 **

** **

23,776 

Energy trading, net

**(53)**

** **

(194)

Energy operations

**17,098 **

** **

18,654 

Other operations

**6,910 **

** **

7,258 

Affiliate revenue

**842 **

** **

- 

Gross operating revenue

**184,431 **

** **

188,360 

Electric customer  credits

**(721)**

** **

(911)

Total operating revenue

**183,710 **

** **

187,449 

**Operating expenses**

** **

** **

Fuel used for electric  generation

**30,143 **

** **

32,702 

Power purchased for  utility customers

**55,109 **

** **

42,596 

Purchases for energy  operations

**15,950 **

** **

17,768 

Other operations

**20,219 **

** **

16,257 

Maintenance

**8,613 **

** **

9,342 

Depreciation

**16,363 **

** **

23,851 

Taxes other than income  taxes

**10,104 **

** **

9,783 

Total operating  expenses

**156,501 **

** **

152,299 

**Operating income**

**27,209 **

** **

35,150 

Interest income

**375 **

** **

677 

Allowance for other  funds used during construction

**842 **

** **

910 

Equity income from  investees

**8,638 **

** **

7,796 

Other income

**96 **

** **

434 

Other expense

**(478)**

** **

(1,398)

Income before interest  charges

**36,682 **

43,569 

**Interest charges**

** **

** **

Interest charges,  including amortization of debt expenses,

** **

** **

premium and discount,  net of capitalized interest

**17,933 **

** **

17,723 

Allowance for borrowed  funds used during construction

**(282)**

** **

(206)

Total interest charges

**17,651 **

** **

17,517 

** **

** **

**Net income before  income taxes and preferred dividends**

**19,031 **

** **

26,052 

Federal and state  income taxes

**5,653 **

** **

8,239 

** **

** **

**Net income before  preferred dividends**

**13,378 **

** **

17,813 

Preferred dividends  requirements, net

**499 **

** **

477 

**Net income  applicable to common stock**

**$**

**12,879 **

** **

$

17,336 

** **

** **

** **

*The accompanying notes are an integral  part of the condensed consolidated financial statements.*

7

**CLECO CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OFINCOME (Continued)**

**For the three months ended March 31,**

**(UNAUDITED)**

 

** **

**2004**

** **

2003

** **

(Thousands, except  share and

** **

per share amounts)

**Average shares of  common stock outstanding**

Basic

**46,916,535 **

** **

47,068,584 

Diluted

**49,266,592 **

** **

49,485,666 

**Basic earnings per  share**

** **

** **

Net income applicable  to common stock

**$**

**0.27 **

** **

$

0.37 

**Diluted earnings per  share**

** **

** **

Net income applicable  to common stock

**$**

**0.27 **

** **

$

0.36 

**Cash dividends paid  per share of common stock**

**$**

**0.225 **

** **

$

0.225 

** **

** **

** **

*The accompanying notes are an integral  part of the condensed consolidated financial statements. *

 

 

**CLECO CORPORATION CONDENSED CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME**

**For the three months ended March 31,**

**(UNAUDITED)**

 

**2004**

** **

2003

(Thousands)

Net income applicable  to common stock

**$**

**12,879 **

** **

$

17,336 

Other comprehensive  (loss) income, net of tax:

** **

** **

Net unrealized loss  from limited partnership

**(48)**

** **

(45)

     (net of income tax  benefit of $30 in 2004)

** **

** **

Net unrealized (loss)  gain from available-for-sale securities 

** **

** **

     (net of income tax  benefit of $8 in 2004)

**(13)**

** **

18 

**Comprehensive  income, net of tax**

**$**

**12,818 **

** **

$

17,309 

** **

** **

*The accompanying notes are an integral part of the  condensed consolidated financial statements.*

8

**CLECO CORPORATION**

**CONDENSED  CONSOLIDATED BALANCE SHEETS**

**(UNAUDITED)**

 

**At**

** **

At

**March 31,**

** **

December 31,

**2004**

** **

2003

** **

(Thousands)

**Assets**

Current assets

** **

** **

Cash and cash  equivalents

**$**

**80,108 **

** **

$

95,381 

Restricted cash,  current portion

**- **

** **

6,668 

Customer accounts  receivable (less allowance for doubtful

** **

** **

accounts of $892 in  2004 and $16,502 in 2003)

**24,570 **

** **

28,657 

Accounts receivable -  affiliate

**2,466 **

** **

- 

Other accounts  receivable (less allowance for doubtful

** **

** **

accounts of $652 in  2004 and 2003)

**21,058 **

** **

28,233 

Taxes receivable

**14,095 **

** **

22,127 

Unbilled revenue

**18,946 **

** **

23,658 

Fuel inventory, at  average cost

**15,554 **

** **

15,719 

Material and supplies  inventory, at average cost

**13,863 **

** **

17,348 

Risk management assets

**2,810 **

** **

1,322 

Accumulated deferred  federal and state income taxes, net

**2,557 **

** **

1,544 

Other current assets

**15,345 **

** **

12,742 

Total current assets

**211,372 **

** **

253,399 

Property, plant and  equipment

** **

** **

Property, plant and  equipment

**1,725,526 **

** **

2,119,515 

Accumulated  depreciation

**(754,889)**

** **

(779,154)

  Net property, plant and  equipment

**970,637 **

** **

1,340,361 

Construction  work-in-progress

**82,065 **

** **

76,705 

Total property, plant  and equipment, net

**1,052,702 **

** **

1,417,066 

** **

** **

Equity investment in  investees

**312,777 **

** **

264,073 

Prepayments

**9,145 **

** **

12,732 

Restricted cash, less  current portion

**93 **

** **

34,594 

Regulatory assets and  liabilities - deferred taxes, net  

**92,682 **

** **

93,142 

Long-term receivable

**- **

** **

14,701 

Other deferred charges

**62,510 **

** **

69,719 

**Total assets**

**$**

**1,741,281 **

** **

$

2,159,426 

** **

** **

*The accompanying notes are an integral part of the  condensed consolidated financial statements.*

*** ***

* *

* *

* *

* *

* *

* *

*** ***

*** ***

*(Continued on next page)*

* *

*** ***

*** ***

9

**CLECO CORPORATION**

**CONDENSED  CONSOLIDATED BALANCE SHEETS (Continued)**

**(UNAUDITED)**

 

**At**

** **

At

**March 31,**

** **

December 31,

**2004**

** **

2003

** **

(Thousands)

**Liabilities and  shareholders' equity**

** **

**Liabilities**

** **

** **

Current liabilities

** **

** **

Short-term debt

**$**

**50,000 **

** **

$

200,787 

Short-term debt - affiliate

**6,076 **

** **

- 

Long-term debt due  within one year

**60,000 **

** **

4,918 

Accounts payable

**48,558 **

** **

82,314 

Retainage

**162 **

** **

7,625 

Accrued payroll

**3,500 **

** **

2,141 

Accounts payable -  affiliate

**11,300 **

** **

- 

Customer deposits

**21,679 **

** **

21,382 

Interest accrued

**10,401 **

** **

15,667 

Accumulated deferred  fuel

**8,311 **

** **

6,579 

Risk management  liabilities

**44 **

** **

357 

Other current  liabilities

**5,235 **

** **

3,785 

Total current  liabilities

**225,266 **

** **

345,555 

Deferred credits

** **

** **

Accumulated deferred  federal and state income taxes, net

**335,563 **

** **

324,687 

Accumulated deferred  investment tax credits

**18,587 **

** **

19,015 

Other deferred credits

**109,270 **

** **

61,643 

Total deferred credits

**463,420 **

405,345 

Long-term debt, net  

**550,590 **

** **

907,058 

Total liabilities

**1,239,276 **

** **

1,657,958 

** **

** **

**Shareholders' equity**

** **

** **

Preferred stock

** **

** **

Not subject to  mandatory redemption, $100 par value, authorized

** **

** **

1,352,000 shares, issued  242,300 and 253,240 shares at 

** **

** **

March 31, 2004 and  December 31, 2003, respectively

**24,230 **

** **

25,324 

Deferred compensation  related to preferred stock held by ESOP

**(4,720)**

** **

(6,607)

Total preferred stock  not subject to mandatory redemption

**19,510 **

** **

18,717 

Common shareholders'  equity

** **

** **

Common stock, $1 par  value, authorized 100,000,000 shares,

** **

** **

issued 47,505,879 and  47,299,119 shares at March 31, 2004

** **

** **

and December 31, 2003,  respectively

**47,506 **

** **

47,299 

Premium on common stock

**157,973 **

** **

154,928 

Retained earnings

**288,678 **

** **

286,797 

Unearned compensation

**(7,365)**

** **

- 

Treasury stock, at  cost, 29,281 and 115,484 shares

** **

** **

at March 31, 2004 and  December 31, 2003, respectively

**(578)**

** **

(2,493)

Accumulated other  comprehensive loss

**(3,719)**

** **

(3,780)

Total common  shareholders' equity

**482,495 **

** **

482,751 

Total shareholders'  equity

**502,005 **

** **

501,468 

**Total liabilities  and shareholders' equity**

**$**

**1,741,281 **

** **

$

2,159,426 

** **

** **

*The accompanying notes are an integral part of the  condensed consolidated financial statements.*

** **

10

**CLECO CORPORATION**

**CONDENSED  CONSOLIDATED STATEMENTS OF CASH FLOWS**

**For the three months ended March 31,**

**(UNAUDITED)**

 

**2004**

** **

2003

(Thousands)

**Operating activities**

Net income before preferred dividends

**$**

**13,378 **

** **

$

17,813 

Adjustments to reconcile net income to net cash provided by operating  activities:

** **

** **

Depreciation and amortization

**17,332 **

** **

24,053 

Provision for doubtful accounts

**346 **

** **

250 

Return on equity investment in investee

**8,658 **

** **

- 

Income from equity investments

**(8,638)**

** **

(7,796)

Stock issued under ESOP and Board of Directors' compensation

**1,184 **

** **

1,020 

Allowance for other funds used during construction

**(842)**

** **

(910)

Amortization of investment tax credits

**(428)**

** **

(432)

Net deferred income taxes 

**3,145 **

** **

8,092 

Deferred fuel costs 

**1,732 **

** **

(3,179)

Changes in assets and liabilities:

** **

** **

Accounts receivable

**5,382 **

** **

18,206 

Affiliate accounts receivable 

**(13,970)**

** **

- 

Unbilled revenue

**4,712 **

** **

(925)

Fuel, materials and supplies inventory

**(240)**

** **

(1,858)

Prepayments

**3,156 **

** **

5,032 

Accounts payable

**(31,462)**

** **

(36,494)

Retainage payable

**(7,463)**

** **

- 

Affiliate accounts payable

**13,572 **

** **

- 

Customer deposits

**297 **

** **

10 

Long-term receivable

**(2,206)**

** **

(2,345)

Other deferred accounts

**11,894 **

** **

2,096 

Taxes accrued

**6,671 **

** **

2,687 

Interest accrued

**(3,332)**

** **

(7,950)

Risk management assets and liabilities, net

**(1,801)**

** **

(2,839)

Other, net

**506 **

** **

(1,925)

Net cash provided by operating activities

**21,583 **

** **

12,606 

**Investing activities**

** **

** **

Additions to property, plant and equipment

**(20,821)**

** **

(19,689)

Allowance for other funds used during construction

**842 **

** **

910 

Proceeds from sale of property, plant and equipment

**34 **

** **

- 

Return of equity investment in investees

**3,642 **

** **

9,396 

Cash transferred from restricted accounts, net

**10,178 **

** **

11,045 

Net cash (used in) provided by investing activities

**(6,125)**

** **

1,662 

**Financing activities**

** **

** **

** **

Issuance of common stock under employee stock purchase plan

**- **

** **

44 

Issuance of common stock

**136 **

** **

- 

Change in short-term debt, net

**(17,750)**

** **

(4,001)

Retirement of long-term obligations

**(2,460)**

** **

(21,585)

Dividends paid on common stock 

**(10,657)**

** **

(11,128)

Net cash used in financing activities

**(30,731)**

** **

(36,670)

**Net decrease in cash and cash equivalents**

**(15,273)**

** **

(22,402)

**Cash and cash equivalents at beginning of period**

**95,381 **

** **

114,331 

**Cash and cash equivalents at end of period**

**$**

**80,108 **

** **

$

91,929 

**Supplementary cash flow information**

** **

** **

Interest paid (net of amount capitalized)

**$**

**100,056 **

** **

$

25,261 

Income taxes (received) paid

**$**

**(25,827)**

** **

$

- 

**Supplementary noncash financing activities**

** **

** **

Issuance of treasury stock

$

**- **

** **

$

1,507 

Issuance of treasury stock - LTICP and ESOP plans

$

**1,914 **

** **

$

(25)

Issuance of common stock - LTICP and ESOP plans

$

**1,646 **

** **

$

(3,057)

Issuance of common stock - Board of Directors' compensation

$

**2 **

** **

$

5 

** **

** **

*The accompanying notes are an integral part of the  condensed consolidated financial statements.*

** **

11

***CLECO CORPORATION -******MANAGEMENT'SDISCUSSION AND ANALYSIS OF RESULTS OF                                             OPERATIONS***

**Overview**

          Cleco Corporation isa regional energy services holding company that has two principal operatingbusiness segments:
-  

Cleco Power, an electric utility regulated by  the LPSC and the FERC, among other regulators, and
-  

Midstream, a merchant energy subsidiary that  owns and operates merchant generation stations and     merchant  natural gas pipelines, and engages in energy management activities.

          WhileCleco Power always has been Cleco's foundation, Cleco began to expand itsmerchant energy business in the late 1990s.  With the downturn in the wholesaleenergy market, Cleco pulled back from its plans to continue expanding itsmerchant energy business and began to focus on maximizing the value of itsmerchant energy assets.  Cleco has made substantial progress on these effortsand on January 28, 2004, signed an agreement to sell the Perryville facility. To facilitate an orderly sales process, Perryville and PEH filed voluntarypetitions for bankruptcy protection on January 28, 2004. As a result of thesebankruptcy filings, Perryville and PEH were prospectively deconsolidated fromCleco.  The financial results of Perryville and PEH are included inCleco Corporation's condensed consolidated results through January 27,2004.  However, generally accepted accounting principles specificallyrequire that any entity that files for protection under the U.S. BankruptcyCode, whether solvent or insolvent, whose financial statements were previouslyconsolidated with those of its parent must be prospectively deconsolidated fromthe parent and presented on the cost method.  The cost method requires Cleco topresent the net assets of Perryville and PEH at January 27, 2004, as aninvestment and not recognize any income or loss from Perryville or PEH in Cleco'sresults of operations during the reorganization period.  As of January 27, 2004,this investment has a negative cost basis of approximately $41.2 million, whichis included in other deferred credits on Cleco Corporation's condensedconsolidated balance sheet.  When Perryville and PEH emerge from the bankruptcyproceedings, the subsequent accounting will be determined based upon theapplicable facts and circumstances existing at such time, including the termsof any plan of reorganization or liquidation.  For additional informationon Perryville, see "Notes to the Unaudited Condensed Financial Statements -Note 14 - Perryville."

          While managementbelieves that Cleco remains a fundamentally strong company, Cleco continues toface the following near-term challenges: 
-  

resolving Cleco Power's long-term capacity  needs,
-  

outcome of pending LPSC fuel audit of Cleco  Power,
-  

ongoing credit condition of Acadia and  Evangeline tolling agreement counterparties, and
-  

completing the sale of the Perryville  facility and resolving the damage claims asserted against     the  Mirant Debtors in their bankruptcy proceedings as a result of the rejection  of the Perryville     Tolling Agreement.

          ClecoPower continues to evaluate its long-term capacity needs through its IRPprocess and its solicitation to identify existing or new generation resourcesfor 2006 and beyond.  Cleco made an informational filing on April 15, 2004,requesting approval from the LPSC to issue a RFP seeking proposals for up to1,000 MW of capacity and energy to replace existing contracts and to accommodateload growth, as well as up to 800 MW of capacity to replace older naturalgas-fired units.  Cleco expects to issue this RFP in late June.

          In the second halfof 2002, the LPSC commenced a fuel audit of Cleco Power.  The LPSC Staff hasstated that it expects to issue its preliminary findings and recommendationsrelated to the fuel audit proceeding during the second quarter of 2004. Management is unable to predict the results of the fuel audit, which couldrequire Cleco Power to refund previously recovered revenue and could adverselyimpact the Registrants' results of operations and financial condition.

          Cleco's merchantenergy business is heavily dependent on the performance of the Acadia andEvangeline tolling agreements.  The credit ratings of the parent companies, TheWilliams Companies, Inc. and Calpine, which provide guarantees to its affiliateperformance obligations, have been downgraded below investment grade, and insome cases, placed on negative outlook.  Failure of thecounterparties to perform under their respective tolling agreements likely wouldhave an adverse impact on Cleco Corporation's results of operations, financialcondition and cash flows.

12

**Deconsolidation of Evangeline**

          Inaccordance with FIN 46R, Cleco was required to deconsolidate Evangeline fromits condensed consolidated financial statements and began reporting itsinvestment in Evangeline on the equity method of accounting effective March 31,2004.  As a result, the assets and liabilities of Evangeline are nolonger reported on Cleco Corporation's condensed consolidated balance sheet,but instead are represented by one line item corresponding to Cleco's equityinvestment in Evangeline.  Effective April 1, 2004, Evangeline revenueand expenses will be netted and reported on one line item as equity income frominvestees on Cleco Corporation's condensed consolidated incomestatement.  For additional information on FIN 46R and the deconsolidationof Evangeline, see "Notes to the Unaudited Condensed Financial Statements - Note15 - Variable Interest Entities."

**Comparison of the Three Months Ended March 31, 2004 and 2003**

** **

** **

For the three  months ended March 31,

 
** **

**2004**

** **

2003

** **

Variance

** **

Change

** **

** **

** **

(Thousands)

** **

** **

** **

** **

 
Operating revenue

**$**

**183,710 **

** **

$

187,449 

** **

$

(3,739)

(2.0)%

 
Operating expenses

** **

**156,501 **

** **

** **

152,299 

** **

4,202 

2.8 %

 
** **

** **

** **

** **

** **

** **

 
Operating income

**$**

**27,209 **

** **

$

35,150 

** **

$

(7,941)

(22.6)%

 
** **

** **

** **

** **

** **

** **

 
Equity income from  investees

**$**

**8,638 **

** **

$

7,796 

** **

$

842 

10.8 %

 
Net income applicable  to common stock

**$**

**12,879 **

** **

$

17,336 

** **

$

(4,457)

(25.7)%

 
** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

 
          Consolidatednet income applicable to common stock decreased $4.5 million, or 25.7%, in thefirst quarter of 2004 compared to the first quarter of 2003 primarily due to decreasedearnings from both Cleco Power and Midstream. 

          Operating revenue decreased$3.7 million, or 2.0%, in the first quarter of 2004 compared to the same periodof 2003 largely as a result of the loss of tolling revenue from Perryville, theabsence of transmission revenue from utility customer sales, and lower energyoperations revenue due to decreased prices and volumes of natural gasmarketed.  Partially offsetting these decreases were higher base andfuel cost recovery revenues.

          Operating expensesincreased $4.2 million, or 2.8%, in the first quarter of 2004 compared to thefirst quarter of 2003 primarily due to increased volumes of power purchased forutility customers and increased other operations expense attributable primarilyto higher insurance costs and employee benefit costs.  Theseincreases in operating expenses were partially offset by decreased depreciationexpense at Evangeline and decreased depreciation and other expenses atPerryville resulting from the deconsolidation of Perryville and PEH from Clecofollowing the bankruptcy filings of Perryville and PEH.

          Equity income frominvestees increased $0.8 million, or 10.8%, in the first quarter of 2004 comparedto the same period of 2003 as a result of increased equity earnings at Acadia.

          Results ofoperations for Cleco Power and Midstream are more fully described below.

**Cleco Power**

          Cleco Power's netincome applicable to member's equity in the first quarter of 2004 decreased $4.1million, or 25.8%, compared to the first quarter of 2003.  Contributingfactors include:
-   
higher other operations expense,
-   
higher depreciation expense, 
-   
lower other income,
-   
higher interest charges, and
-   
higher effective income tax rate.

13
These were partially offset by: -  

higher base revenue from retail and wholesale customer  sales and energy management services and 
-  

lower other expense.

 

For the three  months ended March 31,

**2004**

** **

2003

Variance

Change

(Thousands)

Operating revenue

Base

**$**

**68,889 **

** **

$

68,257 

$

632 

0.9 %

Fuel cost recovery

**80,490 **

** **

70,609 

9,881 

14.0 %

Electric customer  credits

**(721)**

** **

(911)

190 

20.9 %

Energy trading, net

**3 **

** **

(209)

212 

*

Other operations

**6,858 **

** **

7,195 

(337)

(4.7)%

Affiliate revenue

**490 **

** **

562 

(72)

(12.8)%

Total operating revenue

**156,009 **

** **

145,503 

10,506 

7.2 %

** **

** **

Operating expenses

** **

** **

Fuel used for electric  generation

**30,143 **

** **

32,743 

(2,600)

(7.9)%

Power purchased for  utility customers

**55,109 **

** **

42,596 

12,513 

29.4 %

Other operations

**16,072 **

** **

12,378 

3,694 

29.8 %

Maintenance

**6,974 **

** **

6,752 

222 

3.3 %

Depreciation

**14,006 **

** **

13,243 

763 

5.8 %

Taxes other than income  taxes

**9,216 **

** **

9,140 

76 

0.8 %

Total operating  expenses

**131,520 **

** **

116,852 

14,668 

12.6 %

** **

** **

Operating income

**$**

**24,489 **

** **

$

28,651 

$

(4,162)

(14.5)%

** **

** **

Other income  

**$**

**65 **

** **

$

915 

$

(850)

(92.9)%

Other expense

**$**

**(535)**

** **

$

(1,540)

$

1,005 

65.3 %

Interest charges

**$**

**7,364 **

** **

$

6,922 

$

442 

6.4 %

Federal and state  income taxes

**$**

**5,936 **

** **

$

6,428 

$

(492)

(7.7)%

Net income applicable  to member's equity

**$**

**11,819 **

** **

$

15,937 

$

(4,118)

(25.8)%

** **

** **

** Not meaningful*

** **

** **

 

For the three  months ended March 31,

**2004**

** **

2003

Change

(Million kWh)

Electric sales

Residential

**822 **

** **

805 

** **

2.1 %

Commercial

**406 **

** **

394 

** **

3.0 %

Industrial

**660 **

** **

658 

** **

0.3 %

Other retail

**134 **

** **

134 

** **

0.0 %

Unbilled

**(82)**

** **

(81)

** **

1.2 %

Total retail

**1,940 **

** **

1,910 

** **

1.6 %

Sales for resale

**187 **

** **

163 

** **

14.7 %

Total retail and  wholesale customer sales

**2,127 **

** **

2,073 

** **

2.6 %

Short-term sales to  other utilities

**30 **

** **

31 

** **

(3.2)%

Sales from trading  activities

**7 **

** **

10 

** **

(30.0)%

Total electric sales

**2,164 **

** **

2,114 

** **

2.4 %

** **

** **

** **

14

          ClecoPower's residential customers' demand for electricityis largely affected by weather.  Weather generally is measured incooling degree-days and heating degree-days.  A cooling degree-day isan indication of the likelihood that a consumer will use air conditioning,while a heating degree-day is an indication of the likelihood that a consumerwill use heating.  An increase in heating degree-days does notproduce the same increase in revenue as an increase in cooling degree-days,because customers can choose an alternative fuel source for heating, such asnatural gas.  Typically, changes in cooling degree-days at ClecoPower have an insignificant impact on revenue during the first quarter of ayear.  Normal heating degree-days and cooling degree-days arecalculated for a month by separately calculating the average actual heating andcooling degree-days for that month over a period of about 30 years.

          Thefollowing chart shows how cooling and heating degree-days varied from normalconditions and from the prior period.  Cleco Power uses temperaturedata collected by the National Oceanic and Atmospheric Administration todetermine cooling and heating degree-days.

For  the three months ended March 31, 

** **

2004  Change

**2004**

2003

Normal

Prior year

Normal

Heating degree-days

**1,019**

1,308

1,109

(22.1)%

(8.1)%

Cooling degree-days

**71**

5

38

*

86.8%

** Not meaningful*

***Base***

          Base revenueduring the first quarter of 2004 increased $0.6 million, or 0.9%, compared tothe same period in 2003.  The increase was primarily due to highervolumes of retail and wholesale customer sales resulting from customer growth,several periods of warmer than normal weather during March 2004, a renegotiatedcontract for additional ancillary services with a municipal customer and energymanagement services contracts that commenced in May 2003.  Partially offsettingthese increases in base revenue were decreased heating degree-days, lower powersales above base contract levels for certain industrial customers and theunfavorable effects of a renegotiated contract entered into with an existingindustrial customer, compared to the first quarter of 2003.

          For information onelectric customer credits and their impact on operating revenue for the firstquarter of 2004, see "Notes to the Unaudited Condensed Financial Statements -Note 7 - Accrual of Electric Customer Credits."

***Fuel Cost Recovery***

          Fuel cost recoveryrevenue billed to customers during the first quarter of 2004 compared to thesame period in 2003 increased $9.9 million, or 14.0%, primarily from increased powerpurchased for utility customers, partially offset by a decrease in fuel usedfor electric generation.  Also contributing to the increase was $4.1million of energy management services contracts that began in May 2003. Changesin fuel costs historically have not significantly affected Cleco Power's netincome.  Generally, fuel and purchased power expenses are recoveredthrough the LPSC-established fuel adjustment clause which enables Cleco Powerto pass on to customers substantially all such charges.  Approximately92% of Cleco Power's total fuel cost is regulated by the LPSC, while theremainder is regulated by the FERC.  All filings are subject torefund until final approval is received from the LPSC upon completion of aperiodic audit, which the LPSC is currently conducting for the years 2001 and2002.  For additional information on this audit, see Item 2, "Management'sDiscussion and Analysis of Financial Condition and Results of Operations -Financial Condition - Regulatory Matters - Fuel Audit."

***Other Operations***

          Other operationsrevenue decreased $0.3 million, or 4.7%, in the first quarter of 2004 comparedto the same period of 2003 primarily due to the absence of transmission servicesprovided to Aquila in 2004.

15
****
***Operating Expenses***

          Operating expensesincreased $14.7 million, or 12.6%, in the first quarter of 2004 compared to thesame period of 2003.  Fuel used for electric generation decreased $2.6million, or 7.9%, primarily due to a scheduled outage at one of Cleco Power'sgenerating facilities during the first quarter of 2004.  Alsocontributing to the decrease in fuel used for electric generation was a decreasein the average per unit equivalent cost of fuel from $30.95 per MWh in thefirst quarter of 2003 to $28.00 per MWh in the same period of 2004.  Powerpurchased for utility customers increased $12.5 million, or 29.4%, primarily dueto increased volumes of power purchased attributable to a scheduled outage atone of Cleco Power's generating units and additional power purchased during thefirst quarter of 2004 to fulfill energy management services contracts thatcommenced in May 2003.  Additional power purchased as a result ofthese energy management services contracts amounted to $4.1million.  Fuel used for electric generation and power purchased forutility customers generally are influenced by natural gas prices.  However,other factors such as unscheduled outages, unusual maintenance or repairs, oravailability constraints due to higher demand, shortages, transportationproblems or other developments may affect fuel used for electric generation andpower purchased for utility customers.  Other operations expense increased $3.7million, or 29.8%, largely as a result of increases in employee benefit costs,professional services and insurance costs. Depreciation expense increased $0.8million, or 5.8%, largely as a result of normal recurring additions to fixedassets.

***Other Income***

          Other incomedecreased $0.9 million, or 92.9%, during the first quarter of 2004 compared tothe same period of 2003 primarily due to less work performed by Cleco Poweremployees at Evangeline and Acadia generating facilities during 2004.

***Other Expense***

          Other expensedecreased $1.0 million, or 65.3%, during the first quarter of 2004 compared tothe same period of 2003 primarily due to the absence of expenses related towork performed by Cleco Power employees at Evangeline and Acadia in 2004.

***Interest Charges***

          Interest chargesincreased $0.4 million, or 6.4%, during the first quarter of 2004 compared tothe same period of 2003 primarily due to Cleco Power's issuance of $75.0million of senior notes in April 2003.  This increase was partiallyoffset by the redemption of $25.0 million of medium-term notes in February 2003and May 2003 and the repayment of $107.0 million of short-term bank loans inApril 2003.

***Income Taxes***

          Income tax expensein the first quarter of 2004 decreased $0.5 million, or 7.7%, compared to thefirst quarter of 2003.  Cleco Power's effective income tax rate forthe first quarter of 2004 increased from 28.7% to 33.4% compared to the firstquarter of 2003, largely due to an increase in 2004 state tax expense as a resultof a net operating loss carryforward that was utilized during 2003.  Theincome tax rate for the first quarter of 2004 is below the combined statutoryfederal and state rates due to an adjustment recorded in 2004 to reflect theactual 2003 federal tax return filed in early 2004.

**Midstream**

          Midstream's netincome for the first quarter of 2004 decreased $0.3 million, or 10.4%, comparedto the first quarter of 2003.  The primary contributing factor waslower tolling revenue.  The decrease was partially offset by:
-  

lower maintenance expense,
-  

lower depreciation expense,
-  

higher equity income from investees, and
-  

lower interest charges.

16

          OnJanuary 28, 2004, Perryville reached an agreement to sell its 718-MW powerplant to Entergy Louisiana and entered into the Power Purchase Agreement tosell the output of the Perryville facility to Entergy Services.  Tofacilitate an orderly sales process, Perryville and PEH filed voluntarypetitions in the Perryville and PEH Bankruptcy Court for protection underChapter 11 of the U.S. Bankruptcy Code.  The sale of the Perryvillefacility is subject to various regulatory approvals and to Entergy Louisiana'sability to recover all of its costs through base rates, fuel adjustment chargesor other such rates or regulatory treatment as deemed solely acceptable toEntergy Louisiana.  The sale is expected to be completed by early2005.  For additional information on the Sale Agreement, Power PurchaseAgreement, and bankruptcy filings, see "Notes to the Unaudited Condensed FinancialStatements - Note 14 - Perryville."

          The deconsolidationof Perryville and PEH from Cleco in connection with their bankruptcy filingssignificantly affected Midstream's earnings for the first quarter of 2004compared to the first quarter of 2003, since no income or loss was recognizedin Midstream's consolidated financial statements subsequent to the bankruptcyfiling on January 28, 2004.  Consequently, the chart below reflectsonly one month of operation for Perryville and PEH for the first quarter of 2004as compared to three months of operation for the first quarter of 2003.  Foradditional information on Perryville, see "Notes to the Unaudited Condensed FinancialStatements - Note 14 - Perryville."

For the three  months ended March 31,

**2004**

** **

2003

Variance

Change

(Thousands)

Operating revenue

Tolling operations

**$**

**10,255 **

** **

$

23,776 

$

(13,521)

(56.9)%

Energy trading, net

**(56)**

** **

15 

(71)

*

Energy operations

**17,098 **

** **

18,654 

(1,556)

(8.3)%

Other operations

**10 **

** **

47 

(37)

(78.7)%

Affiliate revenue

**11 **

** **

- 

11 

*

Intercompany revenue

**479 **

** **

76 

403 

530.3 %

Total operating revenue

**27,797 **

** **

42,568 

(14,771)

(34.7)%

Operating expenses

Purchases for energy  operations

**15,934 **

** **

17,768 

(1,834)

(10.3)%

Other operations

**4,558 **

** **

4,553 

5 

0.1 %

Maintenance

**1,532 **

** **

2,623 

(1,091)

(41.6)%

Depreciation

**2,108 **

** **

10,354 

(8,246)

(79.6)%

Taxes other than income  taxes

**210 **

** **

81 

129 

159.3 %

Total operating  expenses

**24,342 **

** **

35,379 

(11,037)

(31.2)%

** **

** **

Operating income  

**$**

**3,455 **

** **

$

7,189 

$

(3,734)

(51.9)%

Equity income from  investees

**$**

**8,638 **

** **

$

7,796 

$

842 

10.8 %

Interest charges

**$**

**8,248 **

** **

$

10,718 

$

(2,470)

(23.0)%

Federal and state  income taxes

**$**

**1,528 **

** **

$

1,760 

$

(232)

(13.2)%

Net income applicable  to member's equity

**$**

**2,352 **

** **

$

2,624 

$

(272)

(10.4)%

** Not meaningful*

* *

* *

* *

* *

* *

* *

* *

* *

* *

* *

* *

*** Tolling Operations***

          Tolling operationsrevenue decreased $13.5 million, or 56.9%, in the first quarter of 2004compared to the first quarter of 2003 primarily as a result of the bankruptcyfilings of the Mirant Debtors, MAEM's rejection of the Perryville TollingAgreement, the subsequent bankruptcy filings of Perryville and PEH and theirdeconsolidation from Cleco.  For additional information on thebankruptcy filings of Perryville and PEH, see "Notes to the Unaudited CondensedFinancial Statements - Note 14 - Perryville."

17

***Energy Operations***

          Energy operationsrevenue decreased $1.6 million, or 8.3%, during the first quarter of 2004compared to the same period of 2003.  Energy operations revenueconsists of both wholesale natural gas marketed and energy management services;however, during the first quarter of 2004, it was comprised almost entirely ofrevenue from wholesale marketing of natural gas.  Energy operationsrevenue was lower primarily due to decreases in the average per unit cost ofnatural gas and volumes of natural gas marketed by Cleco Energy to thirdparties.  Cleco Energy's decrease in sales volumes to third partieswas primarily due to a decline in production on its main gathering andtransport facilities.  Energy management services revenue decreased $0.3million, or 92.1%, for the first quarter of 2004 compared to the same period of2003 primarily due to Marketing & Trading's termination of its energymanagement services contracts in May 2003.

          The chart belowpresents a summary of energy management kWh and natural gas marketed during thefirst quarter of 2004 and 2003.

For the three  months ended March 31,

**2004**

2003

Change

Energy management (million kWh)

** **

**- **

96 

* 

Natural gas (MMBtu)                  

** **

**2,977,664 **

3,305,930 

(9.9)%

* *

** **

** **

** Not meaningful*

** **

** **

***Affiliate Revenue***

          Affiliate revenue increased$0.4 million in the first quarter of 2004 compared to the same period of 2003.  Theincrease was primarily due to affiliate transactions with Perryville and PEH thatare no longer eliminated as a result of the bankruptcy filings of Perryvilleand PEH and their subsequent deconsolidation from Cleco.

***Operating Expenses***

          Purchases forenergy operations decreased $1.8 million, or 10.3%, in the first quarter of 2004compared to the same period of 2003 primarily due to the same factors affectingenergy operations revenue.   Maintenance expenses decreased $1.1million, or 41.6%, in the first quarter of 2004 compared to 2003 primarily dueto replacement of combustion turbine parts at the Evangeline facility duringthe first quarter of 2003.  The $8.2 million, or 79.6%, decrease indepreciation expense was largely due to a $5.9 million decrease at Evangelinefollowing design changes of certain combustion turbine parts and a reassessmentof the useful life of combustion turbine parts in 2003.  Theremaining decrease in depreciation expense is attributable to the bankruptcyfilings of Perryville and PEH and their subsequent deconsolidation from Cleco.

***Equity Income from Investees***

          Equity income frominvestees increased $0.8 million, or 10.8%, for the first quarter of 2004compared to the first quarter of 2003 primarily due to increased equityearnings from Acadia as a result of increased generation and lower operatingand maintenance expenses at the facility.  Effective April 1, 2004,individual revenue and expenses at Evangeline will be reported as equity incomefrom investees as a result of the deconsolidation of Evangeline fromCleco.  For additional information on the deconsolidation ofEvangeline, see "Notes to the Unaudited Condensed Financial Statements - Note15 - Variable Interest Entities."

***Interest Charges***

          Interest charges decreased$2.5 million, or 23.0%, during the first quarter of 2004 compared to the firstquarter of 2003 primarily due to the bankruptcy filings of Perryville and PEH andtheir subsequent deconsolidation from Cleco.  In addition, interestcharges at APH decreased as a result of APH's lower debt balance and lowerinterest rates.

***Income Taxes***

          Income tax expensein the first quarter of 2004 decreased $0.2 million, or 13.2%, compared to thefirst quarter of 2003.  The decrease was primarily due to lowertaxable income compared to the same period of 2003.

18

**CLECO POWER  PART I - FINANCIAL INFORMATION**

**ITEM 1      CONDENSED FINANCIALSTATEMENTS**

          The condensedfinancial statements of Cleco Power have been prepared pursuant to the rulesand regulations of the SEC.  Certain information and note disclosuresnormally included in financial statements prepared in accordance with generallyaccepted accounting principles have been condensed or omitted pursuant to suchrules and regulations, although Cleco Power believes that the disclosures areadequate to make the information presented not misleading.  These condensedfinancial statements should be read in conjunction with Cleco Power's FinancialStatements and the Notes included in the Registrants' Combined Annual Report onForm 10-K for the fiscal year ended December 31, 2003.

          The year-endcondensed consolidated balance sheet data was derived from audited financialstatements, but does not include all disclosures required by generally acceptedaccounting principles.  The unaudited financial information includedin the following condensed financial statements reflects all adjustments of anormal recurring nature which are, in the opinion of management of Cleco Power,necessary for a fair presentation of the financialposition and the results of operations for the interimperiods.  Information for interim periods is affected by seasonalvariations in sales, rate changes, timing of fuel expense recovery and otherfactors, and is not necessarily indicative of the results that may be expectedfor the full fiscal year.

19 

**CLECO POWER**

**CONDENSED  STATEMENTS OF INCOME**

**For the three months ended March 31,**

**(UNAUDITED)**

 

**2004**

** **

2003

(Thousands)

**Operating revenue**

Electric operations

**$**

**149,379 **

** **

$

138,866 

Energy trading, net

**3 **

** **

(209)

Other operations

**6,858 **

** **

7,195 

Affiliate revenue

**490 **

** **

562 

Gross operating revenue

**156,730 **

** **

146,414 

Electric customer  credits

**(721)**

** **

(911)

Total operating revenue

**156,009 **

** **

145,503 

** **

** **

**Operating expenses**

** **

** **

Fuel used for electric  generation

**30,143 **

** **

32,743 

Power purchased for  utility customers

**55,109 **

** **

42,596 

Other operations

**16,072 **

** **

12,378 

Maintenance

**6,974 **

** **

6,752 

Depreciation

**14,006 **

** **

13,243 

Taxes other than income  taxes

**9,216 **

** **

9,140 

Total operating  expenses

**131,520 **

** **

116,852 

** **

** **

**Operating income**

**24,489 **

** **

28,651 

** **

** **

Interest income

**258 **

** **

351 

Allowance for other  funds used during construction

**842 **

** **

910 

Other income

**65 **

** **

915 

Other expense

**(535)**

** **

(1,540)

** **

** **

**Income before  interest charges**

**25,119 **

29,287 

** **

** **

**Interest charges**

** **

** **

Interest charges,  including amortization of debt expenses,

** **

** **

premium and discount

**7,646 **

** **

7,127 

Allowance for borrowed  funds used during construction

**(282)**

** **

(205)

Total interest charges

**7,364 **

** **

6,922 

** **

** **

**Net income before  income taxes**

**17,755 **

** **

22,365 

** **

** **

Federal and state  income taxes

**5,936 **

** **

6,428 

** **

** **

**Net income  applicable to member's equity**

**$**

**11,819 **

** **

$

15,937 

** **

** **

*The accompanying notes are an integral part of the  condensed financial statements.*

20
****
**CLECO POWER**

**CONDENSED  BALANCE SHEETS**

**(UNAUDITED)**

 

**At**

** **

At

**March 31,**

** **

December 31,

**2004**

** **

2003

(Thousands)

**Assets**

** **

** **

** **

Utility plant and  equipment

** **

** **

** **

Property, plant and  equipment

**$**

**1,701,661 **

** **

$

1,692,815 

** **

Accumulated  depreciation

**(744,613)**

** **

(732,334)

** **

Net property, plant and  equipment

**957,048 **

** **

960,481 

** **

Construction  work-in-progress

**78,531 **

** **

68,224 

** **

Total utility plant,  net

**1,035,579 **

** **

1,028,705 

** **

** **

** **

Current assets

** **

** **

Cash and cash  equivalents

**53,634 **

** **

70,990 

Customer accounts  receivable (less allowance for

** **

** **

doubtful accounts of  $892 in 2004 and $755 in 2003)

**24,570 **

** **

25,513 

Other accounts  receivable

**17,757 **

** **

18,733 

Accounts receivable -  affiliate

**2,800 **

** **

17,052 

Unbilled revenue

**14,494 **

** **

17,208 

Fuel inventory, at average  cost

**15,555 **

** **

15,719 

Material and supplies  inventory, at average cost

**13,863 **

** **

13,477 

Risk management assets

**2,765 **

** **

966 

Accumulated deferred  federal and state income taxes, net

**3,113 **

** **

2,353 

Other current assets

**4,375 **

** **

4,738 

Total current assets

**152,926 **

** **

186,749 

** **

** **

Prepayments

**8,681 **

** **

9,033 

Regulatory assets and  liabilities - deferred taxes, net

**92,682 **

** **

93,142 

Other deferred charges

**59,241 **

** **

61,287 

** **

** **

**Total assets**

**$**

**1,349,109 **

** **

$

1,378,916 

** **

** **

*The accompanying notes are an integral part of the  condensed financial statements.*

*** ***

* *

* *

** **

** **

*(continued on next page)*

* *

*** ***

*** ***

* *

* *

21
****
**CLECO POWER**

**CONDENSED  BALANCE SHEETS (Continued)**

**(UNAUDITED)**

 

**At**

** **

At

**March 31,**

** **

December 31,

**2004**

** **

2003

(Thousands)

**Liabilities and  member's equity**

** **

** **

** **

Member's equity

**$**

**446,585 **

** **

$

445,866 

** **

Long-term debt

**350,590 **

** **

410,576 

** **

** **

** **

** **

**Total capitalization**

**797,175 **

** **

856,442 

** **

** **

** **

Current liabilities

** **

** **

Long-term debt due  within one year

**60,000 **

** **

- 

Accounts payable

**39,210 **

** **

69,456 

Accounts payable -  affiliate

**4,590 **

** **

24,694 

Customer deposits

**21,662 **

** **

21,364 

Taxes accrued

**21,690 **

** **

11,216 

Interest accrued

**4,378 **

** **

7,619 

Accumulated deferred  fuel 

**8,311 **

** **

6,579 

Other current  liabilities

**4,952 **

** **

2,768 

Total current  liabilities

**164,793 **

** **

143,696 

** **

** **

Deferred credits

** **

** **

Accumulated deferred  federal and state income taxes, net

**316,162 **

** **

313,871 

Accumulated deferred  investment tax credits

**18,587 **

** **

19,015 

Other deferred credits

**52,392 **

** **

45,892 

Total deferred credits

**387,141 **

** **

378,778 

** **

** **

**Total liabilities  and member's equity**

**$**

**1,349,109 **

** **

$

1,378,916 

** **

** **

*The accompanying notes are an integral part of the  condensed financial statements.*

*** ***

* *

* *

22
****
**CLECO POWER**

**CONDENSED  STATEMENTS OF CASH FLOWS**

**For the three months ended March 31,**

**(UNAUDITED)**

** **

**2004**

** **

2003

(Thousands)

**Operating activities**

Net income applicable to member's equity

**$**

**11,819 **

** **

$

15,937 

Adjustments to reconcile net income to net cash provided

** **

** **

by operating activities:

** **

** **

Depreciation and amortization

**14,509 **

** **

13,445 

Provision for doubtful accounts

**300 **

** **

250 

Allowance for other funds used during construction

**(842)**

** **

(910)

Amortization of investment tax credits

**(428)**

** **

(432)

Deferred income taxes

**1,453 **

** **

4,120 

Deferred fuel costs  

**1,731 **

** **

(3,180)

Changes in assets and liabilities:

** **

** **

Accounts receivable

**1,619 **

** **

2,492 

Affiliate accounts receivable  

**14,252 **

** **

(22,628)

Unbilled revenue

**2,714 **

** **

2,684 

Fuel, materials and supplies inventory

**(222)**

** **

(1,743)

Prepayments

**353 **

** **

783 

Accounts payable

**(30,246)**

** **

(17,834)

Affiliate accounts payable

**(20,104)**

** **

(3,946)

Customer deposits

**298 **

** **

7 

Other deferred accounts

**8,206 **

** **

3,062 

Taxes accrued

**10,474 **

** **

36,798 

Interest accrued

**(3,241)**

** **

(5,301)

Risk management assets and liabilities, net

**(1,800)**

** **

(3,279)

Other, net

**2,549 **

** **

(714)

Net cash provided by operating activities

**13,394 **

** **

19,611 

**Investing activities**

** **

** **

Additions to property, plant and equipment

**(20,526)**

** **

(16,918)

Allowance for other funds used during construction

**842 **

** **

910 

Proceeds from sale of property, plant and equipment

**34 **

** **

- 

Net cash used in investing activities

**(19,650)**

** **

(16,008)

**Financing activities**

** **

** **

Retirement of long-term obligations

**- **

** **

(10,000)

Distribution to parent

**(11,100)**

** **

(14,600)

Net cash used in financing activities

**(11,100)**

** **

(24,600)

**Net decrease in cash and cash equivalents**

**(17,356)**

** **

(20,997)

**Cash and cash equivalents at beginning of period**

**70,990 **

** **

69,167 

**Cash and cash equivalents at end of period**

**$**

**53,634 **

** **

$

48,170 

**Supplementary cash flow information**

** **

** **

Interest paid (net of amount capitalized)

**$**

**10,469 **

** **

$

12,376 

Income taxes (received) paid

**$**

**(2,835)**

** **

$

2,906 

** **

** **

*The accompanying notes are an integral part of the  condensed financial statements.*

** **

** **

** **23
****
***CLECO POWER  - NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS***

          Set forth below isinformation concerning the results of operations of Cleco Power for the threemonths ended March 31, 2004, and March 31, 2003.  The followingnarrative analysis should be read in combination with Cleco Power's Unaudited CondensedFinancial Statements and the Notes contained in this Form 10-Q.

          Cleco Power meetsthe conditions specified in General Instructions H(1)(a) and (b) to Form 10-Qand is therefore permitted to use the reduced disclosure format for whollyowned subsidiaries of reporting companies.  Accordingly, Cleco Powerhas omitted from this report the information called for by Item 2 (Management'sDiscussion and Analysis of Financial Condition and Results of Operations) andItem 3 (Quantitative and Qualitative Disclosures About Market Risk) of Part Iof Form 10-Q and the following Part II items of Form 10-Q: Item 2 (Changes inSecurities, Use of Proceeds and Issuer Purchases of Equity Securities), Item 3(Defaults Upon Senior Securities) and Item 4 (Submission of Matters to a Voteof Security Holders).  Pursuant to the General Instructions, ClecoPower has included an explanation of the reasons for material changes in theamount of revenue and expense items of Cleco Power between the first quarter of2004 and the first quarter of 2003.  Reference is made toManagement's Discussion and Analysis of Financial Condition and Results ofOperations in Item 7 of the Registrants' Combined Annual Report on Form 10-Kfor the fiscal year ended December 31, 2003.

          For an explanation of material changes in theamount of revenue and expense items of Cleco Power between the first quarter of2004 and the first quarter of 2003, see "ClecoCorporation - Management's Discussion and Analysis of Results of Operations -Comparison of the Three Months Ended March 31, 2004, and 2003 - Cleco Power" of this Form 10-Q, which discussion is incorporatedherein by reference.

24***INDEX TO APPLICABLE NOTES TO THE UNAUDITED CONDENSED FINANCIALSTATEMENTS OF REGISTRANTS*

Note 1

Summary of Significant Accounting Policies

Cleco Corporation and Cleco Power

Note 2

Reclassifications

Cleco Corporation and Cleco Power

Note 3

Disclosures about Segments

Cleco Corporation and Cleco Power

Note 4

Restricted Cash

Cleco Corporation  

Note 5

Equity Investment in Investees

Cleco Corporation

Note 6

Recent Accounting Standards

Cleco Corporation and Cleco Power

Note 7

Accrual of Electric Customer Credits

Cleco Corporation and Cleco Power

Note 8

Securities Litigation  and Other Commitments and Contingencies

Cleco Corporation and Cleco Power

Note 9

Disclosures about  Guarantees

Cleco Corporation and Cleco Power

Note 10

Debt

Cleco Corporation and Cleco Power

Note 11

Income Taxes

Cleco Corporation and Cleco Power

Note 12

Pension Plan and Employee Benefits

Cleco Corporation and Cleco Power

Note 13

FERC Settlement

Cleco Corporation and Cleco Power

Note 14

Perryville

Cleco Corporation

Note 15

Variable Interest Entities

Cleco Corporation  

Note 16

Subsequent Event

Cleco Corporation

***NOTES TO THE UNAUDITED CONDENSED FINANCIALSTATEMENTS***

**Note 1 - Summary ofSignificant Accounting Policies**

***Principles of Consolidation***

          The accompanying condensedconsolidated financial statements of Cleco include the accounts of Cleco andits majority-owned subsidiaries after elimination of intercompany accounts andtransactions.

          In accordance withFIN 46R, Cleco was required to deconsolidate Evangeline from its condensed consolidatedfinancial statements and began reporting its investment in Evangeline on theequity method of accounting effective March 31, 2004.  As a result, the assetsand liabilities of Evangeline are no longer reported on Cleco Corporation's condensedconsolidated balance sheet, but instead are represented by one line itemcorresponding to Cleco's equity investment in Evangeline.  Effective April 1,2004, Evangeline revenue and expenses will be netted and reported on one lineitem as equity income from investees on Cleco Corporation's condensed consolidatedincome statement.  For additional information on FIN 46R and thedeconsolidation of Evangeline, see Note 15 - "Variable Interest Entities."

          Thefinancial results of Perryville and PEH are included in Cleco Corporation'sconsolidated results through January 27, 2004.  However, generallyaccepted accounting principles specifically require that any entity that filesfor protection under the U.S. Bankruptcy Code, whether solvent or insolvent,whose financial statements were previously consolidated with those of itsparent must be prospectively deconsolidated from the parent and presented onthe cost method.  The cost method requires Cleco to present the net assets ofPerryville and PEH at January 27, 2004, as an investment and not recognize anyincome or loss from Perryville or PEH in Cleco's results of operations duringthe reorganization period.  As of January 27, 2004, this investment has anegative cost basis of approximately $41.2 million, which is included in otherdeferred credits on Cleco Corporation's condensed consolidated balance sheet. When Perryville emerges from its bankruptcy proceedings, the subsequentaccounting will be determined based upon the applicable facts and circumstancesexisting at such time, including the terms of any plan of reorganization orliquidation.  For additional information on the deconsolidation ofPerryville, see Note 14 - "Perryville."

***Stock Options***

          In connection withincentive compensation plans in effect during the three-month period endedMarch 31, 2004, certain officers and key employees of Cleco Corporation wereawarded shares of restricted Cleco Corporation common stock.  Thecost of the restricted stock awards, as measured by the market value of thecommon stock at the time of the grant, is recorded as compensation expenseduring the periods in which the restrictions lapse.  As of March 31,2004, the number of shares of restricted stock previously granted for whichrestrictions had not lapsed totaled 451,168 shares.

25

          ClecoCorporation records no charge to expense with respect to the granting ofoptions at fair market value or above to employees ordirectors.  Options may be granted to certain officers, keyemployees, or directors of Cleco Corporation or its subsidiaries.  Inaccordance with APB Opinion No. 25, no compensation expense for stock optionsgranted has been recognized.

          At March 31, 2004,Cleco Corporation had two stock-based compensation plans:  the LTICPand the Employee Stock Purchase Plan (ESPP).  APB Opinion No. 25 andrelated interpretations are applied in accounting for Cleco Corporation'splans.  Accordingly, no compensation cost has been recognized forstock options issued pursuant to the LTICP and stock issued under theESPP.  No options were issued pursuant to the LTICP during thethree-month periods ending March 31, 2004, or 2003.  Compensationcost has been recognized for restricted stock issued pursuant to Cleco Corporation'sLTICP.  For the three-months ended March 31, 2004, a $2.1 million netreversal of expense was recognized, while a $1.6 million net reversal ofexpense was recognized during the same period in 2003.  Net incomeand net income per common share would approximate the pro forma amounts in thechart below, if the compensation expense for these plans were recorded usingthe application of SFAS No. 123.

For the three  months ended March 31,

**2004**

2003

**As  Reported**

**Pro forma**

As  Reported

 

Pro forma

** **

** **

(Thousands)
   
SFAS No. 123  expense

**$**

**- **

**$**

**87 **

$

- 
   
$

130 

Estimated reduction in  income tax for     SFAS No. 123 expense

**$**

**- **

**$**

**(34)**

**$**

- 
   
$

(41)

Net income applicable  to common stock 

**$**

**12,879 **

**$**

**12,826 **

$

17,336 
   
$

17,247 

Basic net income per  common share

**$**

**0.27 **

**$**

**0.27 **

$

0.37 
   
$

0.37 

Diluted net income per  common share

**$**

**0.27 **

**$**

**0.27 **

$

0.36 
   
$

0.35 

          Theeffects of applying SFAS No. 123 in this pro forma disclosure are notnecessarily indicative of future amounts.  SFAS No. 123 is notapplicable to awards prior to 1995.  Cleco Corporation anticipatesmaking awards in the future under its stock-based compensation plans.

***Derivatives and Hedging Activities***

          Cleco uses derivativefinancial instruments for purposes of hedging exposures to fluctuations ininterest rates and commodity prices.  Cleco recognizes derivative instrumentson the balance sheet at fair value.  Changes in the fair value of thoseinstruments are reported in earnings or other comprehensive income depending onthe use of the derivative and whether it qualifies for hedge accounting.

          Cleco entered intoa floating interest rate swap on February 20, 2004, in order to hedge a changein the fair value portion of one of its fixed rate debt issuances.  Interestrate swaps are considered derivatives and must be evaluated pursuant to SFASNo. 133.  The interest rate swap qualifies as a fair value hedge and uses theshortcut method of determining the effectiveness of the hedge.  Interestexpense is adjusted from the fixed rate to the floating rate because of itsqualifying use under the shortcut method.

**Note 2 -  Reclassifications**

          Certain financialstatement items from prior periods have been reclassified to conform to thecurrent year's presentation.  These reclassifications had no effecton net income or shareholders' (member's) equity.

**Note 3 -  Disclosures about Segments**

          Cleco hasdetermined that its reportable segments are based on Cleco's method of internalreporting, which disaggregates its business units by first-tiersubsidiary.  Reportable segments were determined by applying SFAS No.131.  Cleco's reportable segments are Cleco Power, Midstream, and Other.  The Other segment consists of the parent company, a shared servicessubsidiary, and an investment subsidiary.  The Other segmentsubsidiaries operate within Louisiana and Delaware.

26

          Each reportable  segment engages in business activities from which itearns revenue and incurs expenses.  Segment managers reportperiodically to Cleco's Chief Executive Officer (the chief operating decision-maker)with discrete financial information and, at least quarterly, present discretefinancial information to Cleco's Board of Directors.  Each reportablesegment prepared budgets for 2004 that were presented to and approved byCleco's Board of Directors.  The reportable segments exceeded the quantitative thresholds as defined in SFAS No. 131.

          The financialresults of Cleco's segments are presented on an accrualbasis.  Management evaluates the performance of its segments andallocates resources to them based on segment profit (loss) before income taxesand preferred stock dividends.  Material intersegment transactionsoccur on a regular basis.

          The tables belowpresent information about the reported operating results and net assets ofCleco's reportable segments.

**Segment Information**

**For the quarter ended March 31,**

(Thousands)

 

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Unallocated**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Items,**

** **

** **

** **

** **

** **

**Cleco**

** **

** **

** **

** **

** **

** **

** **

**Reclassifications**

** **

** **

** **

**2004**

** **

**Power**

** **

**Midstream**

** **

**Other**

** **

**& Eliminations**

** **

**Consolidated**

Revenue

     Electric operations

**$**

**149,379 **

** **

**$**

**- **

** **

**$**

**- **

** **

**$**

**- **

** **

**$**

**149,379 **

     Tolling operations

**- **

** **

** **

**10,255 **

** **

** **

**- **

** **

** **

**- **

** **

** **

**10,255 **

     Energy trading, net

**3 **

** **

** **

**(56)**

** **

** **

**- **

** **

** **

**- **

** **

** **

**(53)**

     Energy operations

**- **

** **

** **

**17,098 **

** **

** **

**- **

** **

** **

**- **

** **

** **

**17,098 **

     Other operations

**6,858 **

** **

** **

**10 **

** **

** **

**74 **

** **

** **

**(32)**

** **

** **

**6,910 **

     Electric customer credits

**(721)**

** **

** **

**- **

** **

** **

**- **

** **

** **

**- **

** **

** **

**(721)**

Affiliate revenue

**- **

** **

** **

**11 **

** **

** **

**831 **

** **

** **

**- **

** **

** **

**842 **

Intersegment revenue

** **

**490 **

** **

** **

**479 **

** **

** **

**8,396 **

** **

** **

**(9,365)**

** **

** **

**- **

Total operating revenue

**$**

**156,009 **

** **

**$**

**27,797 **

** **

**$**

**9,301 **

** **

**$**

**(9,397)**

** **

**$**

**183,710 **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

Depreciation expense

**$**

**14,006 **

** **

**$**

**2,108 **

** **

**$**

**249 **

** **

**$**

**- **

** **

**$**

**16,363 **

Interest charges

**$**

**7,364 **

** **

**$**

**8,248 **

** **

**$**

**5,012 **

** **

**$**

**(2,973)**

** **

**$**

**17,651 **

Interest income

**$**

**258 **

** **

**$**

**50 **

** **

**$**

**3,040 **

** **

**$**

**(2,973)**

** **

**$**

**375 **

Equity income from investees

**$**

**- **

** **

**$**

**8,638 **

** **

**$**

**- **

** **

**$**

**- **

** **

**$**

**8,638 **

Federal and state income taxes

**$**

**5,936 **

** **

**$**

**1,528 **

** **

**$**

**(1,770)**

** **

**$**

**(41)**

** **

**$**

**5,653 **

Segment profit (loss) (1)  

**$**

**11,819 **

** **

**$**

**2,352 **

** **

**$**

**(793)**

** **

**$**

**- **

** **

**$**

**13,378 **

Additions to long-lived assets  

**$**

**20,526 **

** **

**$**

**- **

** **

**$**

**295 **

** **

**$**

**- **

** **

**$**

**20,821 **

Segment assets

**$**

**1,349,109 **

** **

**$**

**354,922 **

** **

**$**

**615,480 **

** **

**$**

**(578,230)**

** **

**$**

**1,741,281 **

(1) Reconciliation of segment profit to consolidated profit:

**Segment profit**

** **

** **

**$**

**13,378 **

** **

**Unallocated item**

** **

** **

** **

** **

** **

**     Preferred dividends**

** **

** **

**(499)**

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Net income applicable**

** **

** **

** **

** **

**     to common stock**

** **

**$**

**12,879 **

** **

** **

** **

** **

** **

** **

** **

** **

** **

 

27

 

** **

** **

** **

Unallocated

** **

** **

** **

Items,

** **

** **

Cleco  

Reclassifications

2003

 

Power

Midstream

Other

& Eliminations

Consolidated

Revenue

     Electric operations

$

138,866 

$

- 

$

- 

$

- 

$138,866 

     Tolling operations

- 

23,776 

- 

- 

23,776 

     Energy trading, net

(209)

15 

- 

- 

(194)

     Energy operations

- 

18,654 

- 

- 

18,654 

     Other operations

7,195 

47 

28 

(12)

7,258 

     Electric customer credits

(911)

- 

- 

- 

(911)

Intersegment revenue

562 

76 

9,956 

(10,594)

- 

Total operating revenue

$

145,503 

$

42,568 

$

9,984 

$

(10,606)

$

187,449 

Depreciation expense

$

13,243 

$

10,354 

$

255 

$

(1)

$

23,851 

Interest charges

$

6,922 

$

10,718 

$

3,528 

$

(3,651)

$

17,517 

Interest income

$

351 

$

134 

$

3,844 

$

(3,652)

$

677 

Equity income from investees

$

- 

$

7,796 

$

- 

$

- 

$

7,796 

Federal and state income taxes

$

6,428 

$

1,760 

$

95 

$

(44)

$

8,239 

Segment profit (loss)  (1)

$

15,937 

$

2,624 

$

(748)

$

- 

$

17,813 

Additions to long-lived assets  

$

16,918 

$

2,476 

$

295 

$

- 

$

19,689 

Segment assets

$

1,319,829 

$

989,740 

$

708,283 

$

(727,121)

$

2,290,731 

(1) Reconciliation of segment profit  to consolidated profit:

Segment profit

$

17,813 

Unallocated item

     Preferred dividends

(477)

Net income applicable

     to common stock

$

17,336 

**Note 4 -  RestrictedCash**

          Variousagreements to which Cleco is subject contain covenants that restrict its use ofcash.  As certain provisions under these agreements are met, cash istransferred out of related escrow accounts and becomes available for generalcorporate purposes.  At March 31, 2004, $0.1million of cash was restricted under the Diversified Lands LLC mitigationescrow agreement.  At December 31, 2003, a total of $41.3 million ofcash was restricted under various agreements, including $32.6 million under theEvangeline senior secured bond indenture and $6.9 million under an agreementwith the lenders for Perryville.  The $41.2 million decrease inrestricted cash in the first quarter of 2004 was primarily the result of thedeconsolidation of Evangeline and Perryville.  For additionalinformation on the deconsolidation of Perryville and Evangeline, see Note 14 -"Perryville" and Note 15 - "Variable Interest Entities."

**Note 5 -  EquityInvestment in Investees**

          Equity investment in investees represents Midstream's $260.4million investment in Acadia, owned 50% by Midstreamand 50% by Calpine, $52.3 million investment in Evangeline, owned 100% byMidstream, and minimal investments in Hudson SVD LLC and PowerTree CarbonCompany, LLC.  Midstream's portion of earnings from Acadia of $8.7 million, andearnings from Evangeline of $0.8 million, for the first quarter of 2004, areincluded in the equity investments of each company, respectively.  Forthe first quarter of 2004, no material earnings or losses were recorded for theother equity investments.

          Cleco reports its investment in Acadia and Evangeline onthe equity method of accounting, as defined in APB Opinion No. 18.

28

          The table belowpresents the components of Midstream's equity investment in Acadia.

At March 31, 2004

(Thousands)

Contributed assets (cash and  land)

$

250,612 

Net income (inception to date)

55,152 

Capitalized interest and other

19,504 

     Less:  Cash distributions

64,837 

          Total  equity investment in investee

$

260,431 

          Midstream'sequity, as reported in the balance sheet of Acadia at March 31, 2004, was $292.7million.  The difference of $32.3 million between the equity ininvestee and Midstream's equity represents $19.5 million of interestcapitalized on funds contributed to Acadia, as well as other miscellaneouscharges related to the construction of the Acadia facility, as indicated in thetable above, offset by $51.8 million as a result of the continuing differentaccounting treatment used by the partnership entities for allocation oftermination agreement income.  The cash distributions of $64.8million were used to pay interest and repay principal on debt at ClecoCorporation relating to this investment.  APH receives priority cashdistributions and earnings as its consideration for the May 2003 restructuringof the tolling agreements.  In addition, Cleco has more creditsupport available in the event Calpine does not fulfill its obligations undereither tolling agreement.  Calpine has posted letters of credittotaling $40.0 million as of March 31, 2004.  These letters of credithave various expiration terms, of which $13.0 million will expire on May 9,2006, $12.0 million will expire on December 31, 2006, and $15.0 million willremain in effect for the duration of the tolling agreement.  Thetable below contains unaudited summarized financial information for Acadia.

**At March 31,  2004**

At December 31,  2003

(Thousands)

Current assets

**$**

**13,373**

$

13,892

Property, plant and equipment, net

** **

**472,758**

474,561

Other assets

** **

**4,872**

4,167

     Total assets

**$**

**491,003**

$

492,620

** **

** **

Current liabilities

**$**

**2,534**

$

3,386

Partners' capital

** **

**488,469**

489,234

     Total liabilities and  partners' capital

**$**

**491,003**

$

492,620
               
 

For the three months ended March 31,

**2004**

2003

(Thousands)

Total revenue

**$**

**19,280**

$

22,653

Total operating expenses

** **

**5,553**

7,041
            
     Net  income

**$**

**13,727**
   
$

15,612
               
          Inaccordance with FIN 46R, Cleco was required to deconsolidate Evangeline from itscondensed consolidated financial statements and began reporting its investmentin Evangeline on the equity method of accounting effective March 31, 2004.  Asa result, the assets and liabilities of Evangeline are no longer reported on ClecoCorporation's condensed consolidated balance sheet, but instead are representedby one line item corresponding to Cleco's equity investment in Evangeline.  EffectiveApril 1, 2004, individual revenue and expenses will be reported on one lineitem as equity income from investees on Cleco Corporation's condensed consolidatedincome statement.  For additional information on FIN 46R and thedeconsolidation of Evangeline, see Note 15 - "Variable Interest Entities."

29

          The table belowpresents the components of Midstream's equity investment in Evangeline.

At March 31, 2004

(Thousands)

Contributed assets (cash)   

$

43,580 

Net income (inception to  date)

83,631 

     Less:  Cash distributions

74,883 

          Total  equity investment in investee

$

52,328 

          Thetable below contains unaudited condensed financial information for Evangeline.

**At March 31,  2004**

At December 31,  2003

(Thousands)

Current  assets

**$**

**10,563**

$

45,493

Property,  plant and equipment, net

** **

**201,789**

203,296

Other  assets

** **

**39,245**

46,272

     Total  assets

**$**

**251,597**

$

295,061

** **

** **

Current  liabilities

**$**

**3,805**

$

15,911

Long-term debt

** **

**194,826**

197,832

Other  liabilities

** **

**46,429**

45,879

Member's  equity

** **

**6,537**

35,439

     Total  liabilities and member's equity

**$**

**251,597**

$

295,061
               
**Note 6 -  Recent Accounting Standards**

          Cleco and ClecoPower adopted the recent accounting standards listed below, if applicable, ontheir respective effective dates.

          In December 2003,FASB released FIN 46R, which expands the requirements of consolidation byincluding "Variable Interest Entities," which depend on the financial supportof a parent in order to maintain viability.  Detailed tests prescribed in FIN46R can be used to determine the dependence of a Variable Interest Entity on aparent company.  The effective date of FIN 46R depends upon certaincharacteristics of the parent company and subsidiaries.  For entities Clecoforms or invests in after December 31, 2003, FIN 46R is required to be appliedat the time of formation or investing.  For transactions prior to December 31,2003, FIN 46R is required to be applied as of March 31, 2004, unless the entityis a special purpose entity.  If the entity is a special purpose entity, thencertain tests must be performed in order to determine consolidation at December31, 2003.  Prior to the adoption of FIN 46R, Evangeline's assets andliabilities were consolidated with Cleco.  However, Evangeline is avariable interest entity under FIN 46R, and pursuant to the requirements of FIN46R, Cleco deconsolidated Evangeline effective March 31, 2004.  The adoption ofthis standard decreased consolidated assets and liabilities by $199.3 millionand had no impact to the condensed consolidated income statement for firstquarter 2004.  The adoption of this standard had no impact on the financialstatements of Cleco Power.  For additional information, see Note 15 - "VariableInterest Entities."

          In December 2003,FASB issued a revision to SFAS No. 132 that requires additional disclosure ofpension assets and assumptions.  In January 2004, FASB also issued FSP SFAS No.106-1, which requires certain disclosures about a new federal law as it relatesto other postretirement benefits.  Both SFAS No. 132 and FSP SFAS No. 106-1disclosure requirements have been adopted and incorporated into Note 12 -"Pension Plan and Employee Benefits."

**Note 7 -  Accrual of Electric Customer Credits**

          Cleco'sreported earnings for the quarter ended March 31, 2004, reflect a $0.7 millionaccrual within Cleco Power for electric customer credits that may be requiredunder terms of an earnings review settlement reached with the LPSC in1996.  The 1996 LPSC settlement, subsequent amendments and a recentlyapproved one-year extension, set Cleco Power's  

30

rates until September 30, 2005.  Theterms of the original settlement have not changed.  The agreement allows ClecoPower to retain all regulated earnings up to a 12.25% return on equity and toshare equally with customers as credits on their bills all regulated earningsbetween 12.25% and 13% return on equity.  All regulated earningsabove a 13% return on equity are credited to customers.  The amountof credits due customers, if any, is determined by the LPSC annually based onresults for each 12-month period ended September 30.  The settlementprovides for such credits to be made on customers' bills the followingsummer.  The LPSC's preliminary report for the cycle ended September30, 2001, required a $0.6 million refund, which was credited to customers'bills in September 2002.  Cleco anticipates receiving the finalreport for the cycle ended September 30, 2001, by June 30, 2004.  TheLPSC has not yet issued its preliminary reports for the cycles ended September30, 2002, and September 30, 2003, for which Cleco Power has made the requisitefilings.  Management is unable to predict what Cleco Power's allowed return onequity will be after September 30, 2005.

          ClecoPower's Unaudited Condensed Balance Sheets, under the line item other deferredcredits, reflect a $5.7 million accrual for electric customer credits relatedto the 12-month cycles ended September 30, 2001, through 2004.  Theseamounts were recorded as a reduction in revenue due to the nature of thecustomer credits.  The accrual is based upon the original 1996settlement, the resolution of annual issues as agreed between Cleco and theLPSC, and Cleco's assessment of issues that remain outstanding.

**Note 8 - Securities Litigation and Other Commitments and Contingencies**

***Securities Litigation***

         On November 22,2002, a lawsuit was filed in the Ninth Judicial District Court, Parish ofRapides, State of Louisiana, on behalf of a class of persons or entities whopurchased Cleco Corporation's common stock during a specified period of time,hereinafter referenced as the Class Period.  Cleco Corporation refersto this lawsuit as the Securities Litigation.  In the SecuritiesLitigation, the plaintiff alleges that Cleco Corporation issued a number ofmaterially false and misleading statements during the Class Period, among otherpurposes, in order to cause the price of Cleco Corporation's stock to riseartificially.  The plaintiff alleges that, during the Class Period,Cleco Corporation failed to disclose the existence of the round-trip tradesthat Cleco Corporation disclosed in its Quarterly Report on Form 10-Q for thequarterly period ended September 30, 2002.  The plaintiff alsoalleges that Cleco Corporation's financial information was not prepared inconformity with generally accepted accounting principles during the ClassPeriod.  The defendants removed the lawsuit to the United StatesDistrict Court for the Western District of Louisiana.  In May 2003,the lawsuit was dismissed without prejudice, allowing the plaintiff to re-filethe lawsuit subject to certain stipulations and restrictions.   OnNovember 13, 2003, the plaintiff again filed suit in the Ninth JudicialDistrict Court, Parish of Rapides, State of Louisiana.  Cleco Corporation againremoved the suit to the United States District Court for the Western Districtof Louisiana and moved that the suit be dismissed pursuant to federal law.  OnMarch 19, 2004, the U.S. District Court heard oral arguments on ClecoCorporation's Motion to Dismiss and the plaintiff's Motion to Remand.  OnApril 9, 2004, the court denied the plaintiff's Motion to Remand and grantedCleco Corporation's Motion to Dismiss, dismissing this matter with prejudice.  Itis unknown whether the plaintiff will file a timely appeal.

          On April 18, 2003,a Shareholder's Derivative Complaint was filed by a shareholder of Westar, inthe United States District Court for the District of Kansas.  Thedefendants named in the complaint are Westar, its Board of Directors, itsformer Chief Executive Officer, President and Chairman, and ClecoCorporation.  The complaint alleges violations of Section 14(a) ofthe Securities Exchange Act of 1934 and Rule 14a-9 promulgated thereunder, and,in addition, breaches of fiduciary duties owed to Westar, and/or for aiding andabetting such breaches.  The complaint asserts that Cleco Corporationaided and abetted the director defendants' breaches of fiduciary duties byengaging in round-trip trades with Westar.  The complaint seeks theaward of unspecified compensatory damages against the defendants and theplaintiff's costs and disbursements of the lawsuit.  The complainthas been amended, but the claims against Cleco Corporation have not changedsubstantively.  The lawsuit has been stayed by agreement of allparties and the court.  Management is unable to estimate the impact of this suiton Cleco's financial condition or results of operations.

          On July 24, 2003, apetition was filed in the 27th Judicial District Court, Parish ofSt. Landry, State of Louisiana, by several Cleco Powercustomers.  The named defendants are Cleco Corporation, Cleco Power,Midstream, Marketing & Trading, Evangeline, Acadia, andWestar.  The plaintiffs are seeking class action status on behalf ofall Cleco Power's retail customers, and their petition centers around Cleco'strading activities first disclosed by Cleco in November 2002.  Theplaintiffs allege, among other things, that the defendants' conduct was inviolation of Louisiana antitrust law.  They seek treble damages,restitution, injunctive and other relief.  The suit, which is in itsformative stages, has been stayed by agreement of all parties until the timethat any party requests the court to take up and rule upon the motion filed bythe LPSC  

31

Staff to stay the case.  Accordingly, management is unableto estimate the impact of this suit on Cleco's financial condition or resultsof operations or cash flows.

          Clecois involved in regulatory, environmental, and legal proceedings before variouscourts, regulatory commissions, and governmental agencies regarding mattersarising in the ordinary course of business, some of which involve substantialamounts.  In several lawsuits, Cleco has been named as a defendant byindividuals who claim injury due to exposure to asbestos while working at sitesin central Louisiana.  Most of the claimants were workers whoparticipated in the construction of various industrial facilities, includingpower plants, and some of the claimants have worked at locations owned byCleco.  Cleco's management regularly analyzes current informationand, as necessary, provides accruals for probable liabilities on the eventualdisposition of these matters.  Cleco's management believes that thedisposition of these matters will not have a material adverse effect on theRegistrants' financial condition, results of operations, or cash flows.

***Off-Balance Sheet Commitments***

          Cleco Corporationand Cleco Power have entered into various off-balance sheet commitments, in theform of guarantees and a standby letter of credit, in order to facilitate theactivities of its subsidiaries and its equity investees (affiliates).  ClecoCorporation and Cleco Power entered into these off-balance sheet commitments inorder to entice desired counterparties to contract with its affiliates byproviding some measure of compensation to the counterparty if its affiliates donot fulfill certain contractual obligations.  If Cleco Corporation hadnot provided the off-balance sheet commitments, the desired counterparties maynot have contracted with Cleco's affiliates, or may have contracted with themat terms less favorable to its affiliates.

          The off-balancesheet commitments are not recognized on Cleco's condensed consolidated balance sheets,because it has been determined that Cleco's affiliates are able to performthese obligations under their contracts and that it is not probable thatpayments by Cleco will be required.  Some of these commitments reducethe amount of the credit facility available to Cleco Corporation by an amountdefined by the credit facility.  The following table showsoff-balance sheet commitments grouped by the affiliate on whose behalf eachcommitment was made.  The table also shows the face amount of thecommitment, applicable reductions, the resulting net amount of the commitmentand associated reductions in Cleco Corporation's ability to draw on its creditfacility at March 31, 2004.  A discussion of the off-balance sheetcommitments are detailed in the explanations following thetable.  The discussion should be read in conjunction with the tableto understand the impact of the off-balance sheet commitments on Cleco'sfinancial condition.

At March 31, 2004

 
Subsidiaries/Affiliates

Face amount

Reductions

Net amount

Reductions to the   amount available to  be drawn on Cleco   Corporation's credit   facility

(Thousands)

 
Cleco Corporation guarantee  issued to      APH's plant construction contractor

$

167

$

-

$

167

$

167

 
 
Cleco Corporation obligation under      Perryville's debt service  reserve

7,352

1,330

6,022

6,022

 
 
Cleco Corporation guarantee  issued to     various Marketing &  Trading and Cleco     Energy counterparties

21,500

10,000

11,500

-

 
 
Cleco Corporation guarantee  issued to     Entergy companies for  performance      obligations of Perryville

277,400

-

277,400

-

 
 
Cleco Corporation  obligations under     standby letter of credit issued to     Evangeline Tolling Agreement      counterparty

15,000

-

15,000

15,000

 
 
Cleco Power obligations  under Lignite     Mining Agreement

24,813

-

24,813

-

 
 
     Total

$

346,232

$

11,330

$

334,902

$

21,189

 
 
* *32
**
*Guarantees*

          If Acadia cannotpay the contractor who built its plant, Cleco Corporation will be required topay 50% of the current amount outstanding.  At March 31, 2004, ClecoCorporation's 50% portion of the contractor's current amount outstanding wasapproximately $0.2 million.  The guarantee on the Acadia constructioncontracts will cease upon full payment of thosecontracts.  Management expects Acadia to have the ability to pay itscontractor as scheduled and does not expect Cleco Corporation to pay on behalfof Acadia.  However, under the covenants associated with ClecoCorporation's credit facility, the current monthly amount due the Acadia contractorreduces the amount Cleco Corporation can borrow under its credit facility.

          If Perryville is unable to make principal payments toits lenders, Cleco Corporation will be required to pay up to $6.0 million onbehalf of Perryville under a cash collateralorder issued by the Perryville and PEH Bankruptcy Court.  On March31, 2004, Cleco Corporation paid the quarterly principal payment due byPerryville in the amount of $1.3 million as required by the Perryville and PEHBankruptcy Court.  Accordingly, Cleco Corporation's prior $7.3million obligation under Perryville's debt service reserve was reduced by $1.3million.  In addition, if Cleco Corporation's long-term seniorunsecured debt is rated below BBB- by Standard & Poor's or Baa3 by Moody's,Cleco Corporation will be required to post a letter of credit in an amount upto $6.0 million.  For information on the cash collateral order, bankruptcyfilings of the Mirant Debtors, Perryville and PEH and their related impacts onthe Senior Loan Agreement, see Note 14 - "Perryville."

          Cleco Corporationwas previously obligated under a guarantee relating to the Midstream creditfacility to the Midstream lender.  This obligation terminated whenthe $17.8 million outstanding under the facility was paid on March 31, 2004.

          Cleco Corporation has issued guarantees to Cleco Energy'scounterparties in order to facilitate energy operations and previously issuedguarantees to Marketing & Trading's counterparties in order to facilitateenergy management and trading.  The guarantees issued and receivedexpire at various times.  The total amount of guaranteed net openpositions with all of Cleco Energy's counterparties over $20.0 million reducesthe amount Cleco Corporation can borrow under its credit facility.  AtMarch 31, 2004, the total guaranteed net open positions for Cleco Energy were $0.6million, so the borrowing restriction in Cleco Corporation's credit facilitywas not affected.  As counterparties and transactional volumeschange, corresponding changes will be made in the level of guarantees issued byCleco Corporation.

          Cleco Corporationprovided a limited guaranty to Entergy Louisiana and Entergy Gulf States forPerryville's performance obligations under the Sale Agreement, the Power PurchaseAgreement and other ancillary agreements related to the sale.  The aggregateguarantee of $277.4 million is limited based on the following amounts andevents:  (a) $42.4 million relating to the Power Purchase Agreement, otherancillary agreements, and certain pre-closing liabilities associated with theSale Agreement, and (b) $235.0 million with respect to the Sale Agreementarising from Perryville's failure to pay, perform, or discharge the Senior LoanAgreement debt, Subordinated Loan Agreement debt and any other liabilitiesarising from the Senior Loan Agreement.  The limitations under (b) above arereduced to $100.0 million when the Senior Loan Agreement is paid.

*Other*

          If Evangeline failsto perform certain obligations under its tolling agreement, Cleco Corporationwill be required to make payments to Evangeline's tolling agreementcounterparty under the commitments listed in the above table.  ClecoCorporation's obligation under the Evangeline commitment is in the form of a standbyletter of credit from investment grade banks and is limited to $15.0million.  Ratings triggers do not exist in the Evangeline TollingAgreement.  Cleco expects Evangeline to be able to meet itsobligations under the tolling agreement and does not expect Cleco Corporationto be required to make payments to the counterparty.  However, underthe covenants associated with Cleco Corporation's credit facility, the entirenet amount of the Evangeline commitment reduces the amount that can be borrowedunder the credit facility.  The letter of credit for Evangeline isexpected to be renewed annually until 2020.

          As part of the LigniteMining Agreement entered into in 2001, Cleco Power and SWEPCO, joint owners ofDolet Hills Unit 1, have agreed to pay the lignite miner's loan and leaseprincipal obligations when due, if the lignite miner does not have sufficientfunds or credit to pay.  Any amounts paid on behalf of the minerwould be credited by the lignite miner against the next invoice for lignite delivered.  AtMarch 31, 2004, Cleco Power's 50% exposure for this obligation wasapproximately $24.8 million.  The lignite mining contract is in placeuntil 2011 and does not affect the amount Cleco Corporation can borrow underits credit facility.

33

          The following tablesummarizes the expected termination date of the guarantees and standby letterof credit discussed above:

Amount of Commitment Expiration Per Period

Net  amount  committed

Less than  one year

1-3 years

4-5 years

More  than  5 years

(Thousands)

Guarantees

$

319,902

$

17,689

$

277,400

$

-

$

24,813

Standby  letter of credit

15,000

-

-

-

15,000

    Total  commercial commitments

$

334,902

$

17,689

$

277,400

$

-

$

39,813

*Energy Contracts*

          The capacity andenergy contracts between Cleco Power and Williams stipulate that Cleco Powermust provide additional security in the event of certain Cleco Power ratingstriggers.  These Cleco Power triggers include: ratings downgradebelow investment grade, negative credit watch for possible downgrade belowinvestment grade, failure to make required payments, and failure to maintain acertain debt-to-equity ratio.  The amount of the additional securityrequired to be provided by Cleco Power to Williams in the event of a ClecoPower ratings trigger is $20.0 million under these contracts.  Thecontract between Cleco Power and Dynegy stipulates that Cleco Power may berequired to provide additional security in the event of a ratings downgradebelow investment grade.  The amount of the additional security thatCleco Power could be required to provide to Dynegy is for the full amount ofCleco Power's obligations with respect to the capacity payments for theremainder of the contract.  At March 31, 2004, this amount was $4.7million.  This obligation, however, may be affected or revoked byvirtue of the fact that Dynegy currently may be in default of its contractualobligation to provide additional security in the event of certain creditratings downgrades of Dynegy.  At March 31, 2004, no additionalsecurity obligations existed for the Williams and Dynegy contracts referencedabove.

***Fuel Audit***

          Inthe second half of 2002, the LPSC informed Cleco Power that it was planning toconduct a periodic fuel audit.  The audit commenced in March 2003 andincludes Fuel Adjustment Clause filings for January 2001 through December 2002,although a portion of the data requested for the audit relates to periods priorto 2001.  A Cleco Power customer has intervened and is involved inthe LPSC fuel audit proceeding.  The audit, pursuant to the FuelAdjustment Clause General Order issued November 6, 1997, in Docket No. U-21497,is required to be performed not less than every other year; however, this isthe first LPSC Fuel Adjustment Clause audit of ClecoPower.  LPSC-jurisdictional revenue recovered by Cleco Power throughits Fuel Adjustment Clause for the audit period of January 2001 throughDecember 2002 was $567.1 million.  Management is unable to predictthe results of the LPSC fuel audit, which could require Cleco Power to refundpreviously recovered revenue and could adversely impact the Registrants'results of operations and financial condition.  The LPSC Staffexpects to issue its preliminary findings and recommendations related to thefuel audit proceeding during the second quarter of 2004.

***Other***

         Cleco has accrued forliabilities to third parties, employee medical benefits, storm damages, anddeductibles under insurance policies that it maintains on major properties,primarily generation stations and transmissionsubstations.  Consistent with regulatory treatment, annual charges tooperating expenses to provide a reserve for future storm damages are based uponthe average amount of noncapital, uninsured storm damages experienced by ClecoPower during the previous six years.

**Note 9 - Disclosures about Guarantees**

          ClecoCorporation and Cleco Power have agreed to contractual terms that require themto pay third parties if certain triggering events occur.  Thesecontractual terms generally are defined as guarantees in FIN45.  Guarantees issued or modified after December 31, 2002, that fallwithin the initial recognition scope of FIN 45 are required to be recorded as aliability.  Outstanding guarantees that fall within the disclosurescope of FIN 45 are required to be disclosed for all accounting periods endingafter December 15, 2002.  Generally, Cleco's guarantees are notrequired to be recorded on the balance sheet; however, Cleco Power does haveone guarantee recorded on its balance sheet, as described in the followingparagraph.

34

          Cleco Power enteredinto a new pension plan trustee agreement on June 30, 2003, in conjunction witha change of pension plan trustees.  A provision of the new pensionplan trustee agreement requires Cleco Power to indemnify the new trustee forany damages it has to pay due to past actions of prior trustees.  Theindemnification does not contain a specific maximum payment amount; however,management has estimated that the probable future payments under this guaranteeare approximately $53,000.

          In its bylaws,Cleco Corporation has agreed to indemnify directors, officers, and employeeswho are made a party to a pending or completed suit, arbitration, investigation,or other proceeding whether civil, criminal, or administrative if the basis ofinclusion arises as the result of acts conducted in the discharge of theirofficial capacity.  Cleco Corporation has purchased various insurancepolicies to reduce the risks associated with the indemnification.  Inits Operating Agreement (Operating Agreement of Cleco Power LLC, dated December13, 2000, amended October 24, 2003), Cleco Power provides for the sameindemnifications as described above.

          For information ona guarantee Cleco Corporation issued on behalf of Acadia to Acadia'sconstruction contractor, see Note 8 - "Securities Litigation and OtherCommitments and Contingencies - Off-Balance Sheet Commitments - Guarantees."

          Cleco Corporationhas issued guarantees and letters of credit to support the activities of Perryville, Midstream, Evangeline,Cleco Energy, and Marketing & Trading.  These commitmentsare not within the scope of FIN 45, since these are guarantees of performance by wholly owned subsidiaries.  Forinformation regarding these commitments, see Note 8 - "Securities Litigationand Other Commitments and Contingencies - Off-Balance Sheet Commitments."

          For information on theLignite Mining Agreement entered into by Cleco Power and SWEPCO, see Note 8 - "SecuritiesLitigation and Other Commitments and Contingencies - Off-Balance SheetCommitments - Other."

          Generally, neitherCleco Corporation nor Cleco Power has recourse that would enable them torecover amounts paid under the guarantees.  The one exception is theinsurance contracts associated with the indemnifications issued to directors,officers, and employees.  There are no assets held as collateral orthird parties that either Cleco or Cleco Power could obtain and liquidate torecover amounts paid pursuant to the guarantees.

**Note 10 - Debt**

          OnOctober 6, 2003, Cleco Corporation filed a shelf registration statement(Registration No. 333-109506) providing for the issuance of up to $200.0million of debt securities, common stock, preferred stock, or any combinationthereof.    In addition, on October 6, 2003, Cleco Powerfiled a shelf registration statement (Registration No. 333-109507) providingfor the issuance of up to $150.0 million of debt securities.  Theseshelf registration statements have not yet been declared effective by the SEC.

          At March 31, 2004,Cleco Corporation had $104.0 million remaining on a $150.0 million shelfregistration statement (Registration No. 333-55656) that allows for theissuance of common stock or preferred stock or any combinationthereof.  Cleco Power had $50.0 million remaining on a $200.0 millionshelf registration statement (Registration No. 333-52540) that allows for theissuance of its debt securities.

          On February 20,2004, Cleco Corporation entered into an interest rate swap with a third-partyfinancial institution to hedge the exposure to changes in the fair value of $50.0million (50%) of the outstanding amount of Cleco Corporation's 8.75% SeniorNotes due June 1, 2005.  The interest rate risk on this $50.0 million notionalamount is being hedged by swapping the fixed rate on the notes for floatingrate exposure.  Under the terms of the agreement, the financial institutionwill pay Cleco Corporation interest at an annual rate of 8.75% semi-annually onJune 1 and December 1, starting June 1, 2004, and Cleco Corporation will pay tothe financial institution interest at a rate based on the six-month LIBOR onthe last day of each calculation period, plus 6.615%.  The first LIBORcalculation date will be May 27, 2004.  The fixed rate debt matures and theinterest rate swap terminates on June 1, 2005. 

          On April 30,2004, Cleco Corporation replaced its existing $105.0 million, 364-day creditfacility, which was scheduled to terminate in May 2004, with a $150.0 million, three-yearfacility.  This facility will provide for working capital and otherneeds.  Cleco Corporation's initial borrowing cost under this newfacility is equal to LIBOR plus 1.50%, including facility

35

fees.  Cleco Corporation's borrowing costs under the prior facilityat March 31, 2004, were equal to LIBOR plus 1.625%, and the weighted averagecost of borrowings was 2.8125%.  At March 31, 2004, there was $50.0million drawn on the facility.

          On April 30, 2004,Cleco Power replaced its existing $80.0 million, 364-day credit facility, whichwas scheduled to terminate in May 2004, with a $125.0 million, 364-dayfacility.  This facility will provide for working capital and otherneeds and includes a provision for an optional conversion to a one-year termloan.  Cleco Power's initial borrowing cost under this new facilityis equal to LIBOR plus 1.0%, including facility fees.  Cleco Power'sborrowing costs under the prior facility at March 31, 2004, were equal to LIBORplus 1.25%.  At March 31, 2004, no amounts were outstanding underCleco Power's $80.0 million, 364-day credit facility.

**Note 11 - Income Taxes**

          Cleco'seffective income tax rate for the first quarter of 2004 was 29.7% compared to31.6% for the same period in 2003.  The effective rate decreased primarily dueto an increase in net favorable permanent differences between book and taxincome.  The increase in net favorable permanent differences is related to the trueup of estimated taxes based on the 2003 tax return, as well as a release of taxcontingency reserves related to a favorable state settlement.  The rate is alsoaffected by a $7.1 million decrease in 2004 net income before income taxcompared to 2003.  The decrease in the effective tax rate waspartially offset by an increase in state income taxes largely resulting from anet operating loss carryforward that was utilized during 2003.

          Cleco Power'seffective income tax rate for the first quarter of 2004 increased from 28.7% to33.4% compared to the first quarter of 2003, largely due to an increase in 2004state tax expense as a result of a net operating loss carryforward that wasutilized during 2003.  The income tax rate for the first quarter of2004 is below the combined statutory federal and state rates due to anadjustment recorded in 2004 to reflect the actual 2003 federal tax return filedin early 2004.

**Note 12 - Pension Plan and Employee Benefits**

          Most employeesare covered by a noncontributory, defined benefit pensionplan.  Benefits under the plan reflect an employee's years ofservice, age at retirement, and highest total average compensation for anyconsecutive five calendar years during the last 10 years of employment withCleco Corporation.  Cleco Corporation's policy is to base itscontributions to the employee pension plan upon actuarial computationsutilizing the projected unit credit method, subject to the Internal RevenueService's full funding limitation.  No contributions to the pensionplan were made for the three months ended March 31, 2004, and 2003.  Currently,a contribution required by funding regulations is not expected during2004.  Cleco Power is considered the plan sponsor and Support Groupis considered the plan administrator.

          The components ofnet periodic pension and other benefits cost (income) for the three monthsended March 31, 2004, and 2003 are as follows:

**Pension  Benefits**

**Other  Benefits**

**2004**

2003

**2004**

2003

(Thousands)

Components  of periodic benefit costs

   Service  cost

**$**

**1,598 **

$

1,263 

$

659 

$

338 

   Interest  cost 

** **

**3,218 **

2,900 

659 

401 

   Expected  return on plan assets

** **

**(4,356)**

(4,429)

- 

- 

   Amortization  of transition obligation (asset)

** **

**(9)**

(329)

98 

74 

   Prior period service cost amortization

** **

**246 **

233 

- 

- 

   Net loss  amortization

** **

**68 **

- 

276 

87 

   Net periodic  benefit cost (income)

**$**

**765 **

$

(362)

$

1,692 

$

900 

** **

** **

          InDecember 2003, the President signed into law the Medicare Prescription Drug,Improvement and Modernization Act of 2003 (the Act).  The Act introduces aprescription drug benefit under Medicare (Medicare Part D), as well as afederal subsidy to sponsors of retiree health care benefit plans that provide abenefit that is at least actuarially equivalent to Medicare Part D.  Paragraph40 of SFAS No. 106 requires presently enacted changes to relevant laws to beconsidered in current period measurements of post-retirement benefit costs andbenefit obligations.  In accordance with FSP SFAS No. 106-1, Cleco has electedto defer the recognition of the Act.  The benefit obligation and theperiodic costs for other benefits disclosed for the

36

three months ended March31, 2004, and 2003, do not reflect the impact of theAct.  Authoritative guidance on the accounting for the subsidy partof the Act has been proposed but is not final.  Management is evaluating theAct, the proposed accounting guidance and the impact of amending the currentbenefit plan in light of the Act.

          Certain keyexecutives and key managers are covered by a SERP.  The SERP is a non-qualified,non-contributory, defined benefit pension plan.  Benefits under theplan reflect an employee's years of service, age at retirement, and the sum ofthe highest base salary paid out of the last five calendar years and theaverage of the three highest bonuses paid during the last 60 months prior toretirement, reduced by benefits received from any other defined benefit pensionplan.  Cleco Corporation does not fund the SERP liability, butinstead pays for current benefits out of general funds available.  ClecoPower has formed a Rabbi Trust designated as the beneficiary for life insurancepolicies issued on the SERP participants.  Proceeds from the lifeinsurance policies are expected to be used to pay SERP participant's lifeinsurance benefits, as well as future SERP payments.  However, sincethis is a non-qualified plan, the assets of the trust could be used to satisfygeneral creditors of Cleco Power in the event of insolvency.  Nocontributions to the SERP were made for the three months ended March 31, 2004,and 2003.  Cleco Power is considered the plan sponsor and SupportGroup is considered the plan administrator.

          The components ofthe net SERP cost for the three months ended March 31, 2004, and 2003 are asfollows:

**SERP Benefits**

**2004**

2003

(Thousands)

Components of periodic benefit costs

Service cost

** **

**$**

**210 **

$

138 

Interest cost

** **

** **

**325 **
   
282 

Prior period service cost amortization

** **

** **

**13 **
   
13 

Net loss amortization

** **

** **

**154 **
      
106 

Net periodic benefit cost

** **

**    $**

**702 **
   
$

539 

** **

** **

** **
   
          Mostemployees are eligible to participate in a 401(k) Plan.  ClecoCorporation makes matching contributions to 401(k) Plan participants byallocating shares of convertible preferred stock held by theESOP.  Compensation expense related to the 401(k) Plan is based uponthe value of shares of preferred stock allocated to ESOP participants and theamount of interest incurred by the ESOP, less dividends on unallocated sharesheld by the ESOP.  For the three months ended March 31, 2004, and2003, the ESOP had allocated to employees 184,100 and 170,194 shares,respectively.

         The table below containsinformation about the 401(k) Plan and the ESOP:

Three months ended  March 31,

 
**2004**

2003

 
(Thousands)

 
401(k) Plan expense

**$**

**164 **

$

490 

Dividend requirements to ESOP on convertible     preferred stock

**$**

**525 **

$

519 

Interest incurred by ESOP on its  indebtedness

**$**

**88 **

$

143 

Company contributions to ESOP

**$**

**- **

$

- 

**Note 13 - FERC Settlement**

          OnJuly 25, 2003, the FERC issued an order approving a Consent Agreement betweenthe FERC Staff and Cleco that settled the FERC investigation that commencedafter Cleco's disclosure in November 2002 of certain energy marketing andtrading practices.  By its terms, the Consent Agreement was effectiveon August 24, 2003.  As a part of the settlement, Cleco agreed to certainpenalties and remedies.

          Clecohas substantially completed the items that were stipulated in the FERC ConsentAgreement and required to be complied with to date.  The Compliance Planrequires that Cleco obtain from the FERC Staff their approval of the plan'spolicies and procedures.  On April 7, 2004, the FERC Staff confirmed, inwriting, Cleco's substantial compliance to date with the Consent Agreement and CompliancePlan.

37

**Note 14 - Perryville**

***Background***

          Perryvilleowns and operates a 718-MW natural gas-fired power plant near Perryville,Louisiana.  The Perryville facility consists of approximately 562 MWof combined-cycle capacity and approximately 156 MW of peaking capacity.  InJuly 2001, Perryville entered into the Perryville Tolling Agreement, a 21-yearcapacity and energy sale agreement, for use of Perryville's entire capacitywith MAEM, a subsidiary of Mirant.  Under the terms of the PerryvilleTolling Agreement, MAEM had the rights to supply natural gas to fuel thePerryville facility, and it was exclusively entitled to all of the capacity andenergy output from the facility.  Perryville was obligated to provideenergy conversion services, within specified performance parameters, when requestedby MAEM.  The agreement required MAEM to pay Perryville variouscapacity reservation and fixed operations and maintenance fees, the amounts ofwhich depended upon the type of capacity and ultimate performance achieved bythe facility.  In addition to the capacity reservation and fixedoperating and maintenance payments from MAEM, Perryville was entitled tocollect and MAEM was obligated to pay amounts associated with variableoperating and maintenance expenses based on MAEM's dispatch of the facilityunder the Perryville Tolling Agreement.  Payments received from MAEMunder the Perryville Tolling Agreement were Perryville's only source ofrevenue.  Mirant and MAI provided limited guarantees that supportedMAEM's obligations under the Perryville Tolling Agreement.

***Perryville Tolling Agreement Damage Claims***

          On July 14,2003, the Mirant Debtors filed for protection under Chapter 11 of the U.S.Bankruptcy Code in the Mirant Debtors Bankruptcy Court.  On August 29, 2003, the Mirant Debtors filed a motion withthe Mirant Debtors Bankruptcy Court pursuant to section 365 of the U.S.Bankruptcy Code seeking authority to reject the Perryville Tolling Agreement.  TheMirant Debtors have asserted that the Perryville Tolling Agreement was rejectedas of September 15, 2003.  Upon the rejection of the PerryvilleTolling Agreement, MAEM's rights and obligations under this agreement wereterminated.  On December 15, 2003, Perryville filed damage claimsagainst MAEM due to the rejection of the Perryville Tolling Agreement andagainst Mirant and MAI under their respective limited guarantees.  Therejection damage claims are in excess of $1.0 billion against MAEM, $98.7million against MAI, and $177.2 million against Mirant under its limitedguaranty, although the amounts, if any, that Perryville actually will recoveris uncertain.  On March 26, 2004, the Mirant Debtors filed an objection to theProof of Claim asserted by Perryville against MAEM.  The Mirant Debtorsrequested that the Mirant Debtors Bankruptcy Court disallow, or in thealternative, reduce the unpaid amounts owed to Perryville.  No hearing date hasbeen requested or set by the Mirant Debtors Bankruptcy Court.

***Perryville Allowance and Immediate Payment of Administrative Expenses Claim***

          On December 3,2003, Perryville filed a motion in the Mirant Debtors' bankruptcy cases seekingallowance and immediate payment of an administrative expense claim in theamount of approximately $7.2 million.  This administrative expenseclaim arises out of post-petition services performed by Perryville under thePerryville Tolling Agreement prior to its rejection byMAEM.  Currently, there is no hearing date scheduled with respect tothis claim and Perryville's motion is still pending before the Mirant Debtors BankruptcyCourt.

***Perryville's Senior Loan Agreement***

          Theoutstanding amounts due under the Senior Loan Agreement were deemed acceleratedupon the bankruptcy filings by Perryville and PEH.  As a result of thecommencement of these bankruptcy cases and by virtue of the automatic stayunder the U.S. Bankruptcy Code, the lenders' ability to exercise their remediesunder the Senior Loan Agreement, including, but not limited to, their abilityto foreclose on the mortgage or assume ownership of the Perryville facility,are significantly limited and would require approval of the Perryville and PEHBankruptcy Court.  As a result of these bankruptcy filings, the assets andliabilities of Perryville and PEH were deconsolidated from Cleco with theSenior Loan Agreement classified as a pre-petition secured liability onPerryville's Balance Sheet.  Perryville'sSenior Loan Agreement is nonrecourse to Cleco Corporation other than (i) a guaranteeof the current year's debt service requirement, which at March 31, 2004, was $6.0million and (ii) a possible conditional guarantee described below in "-Perryville's Subordinated Loan Agreement."  The default on the SeniorLoan Agreement resulting from the bankruptcy filings by Perryville and PEH shouldhave no impact on any other credit facility or financing arrangement of ClecoCorporation or its other subsidiaries.  For additional information onthe deconsolidation of Perryville, see "- Financial Results" below.

38

***Perryville's Subordinated Loan Agreement***

          Asa result of the Mirant Debtors' bankruptcy and MAEM's failure to make paymentsunder the Perryville Tolling Agreement, all obligations of Perryville to makeprincipal and interest payments under the Subordinated Loan Agreement, as wellas the accrual of additional interest, have been suspended indefinitely.  Asof March 31, 2004, the amount outstanding under the Subordinated Loan Agreementwas $98.7 million.

          To the extentthere are obligations owed by Perryville to MAI under the Subordinated LoanAgreement, Perryville may (subject to the provisions of the U.S. BankruptcyCode), but is not required to, elect to exercise a right of set off of anyamounts due under the Subordinated Loan Agreement against Perryville's damageclaims against MAI's limited guarantee in support of MAEM'sobligations.  MAI has waived any such right of setoff.  Pursuant to the Senior Loan Agreement, in connection withPerryville exercising a right of set off and receiving cash distributions,Perryville would be obligated to prepay its obligations under the Senior LoanAgreement in an amount equal to the present value of all recoveries thatotherwise would be payable to Perryville by the Mirant Debtors with respect tothe amount of set off under any plans of bankruptcy proceedings for the MirantDebtors or scheduled distributions to creditors involving the Mirant Debtorswere the right of set off not invoked.  In such event and prior to receivingcash distributions, Perryville also would be required to cause ClecoCorporation to provide credit support in the form of a guarantee ofPerryville's prepayment obligation in an amount equal to 50% of the amount tobe set off, not to exceed $50.0 million.  This credit support must beprovided in the form of a letter of credit if Cleco Corporation does not haveor maintain an investment grade credit rating while the obligation isoutstanding.  Failure by Cleco Corporation to provide the creditsupport could trigger the lenders' authority to waive Perryville's right of setoff.  To the extent that Perryville waives its right of set off andset off is nevertheless effectuated, despite Perryville's and MAI's waiver oftheir rights of set off, Perryville is required to prepay to its lenders anamount equal to 25% of any amount set off.  The extent to whichPerryville can exercise any setoff right which it may have under the relevantdocuments or otherwise is subject to the approvals of the U.S. Bankruptcy Code,Mirant Debtor Bankruptcy Court and Perryville and PEH Bankruptcy Court.

***Pending Sale of the Perryville Facility***

          On January 28, 2004, Perryville entered into the SaleAgreement to sell its 718-MW power plant to Entergy Louisiana and also enteredinto the Power Purchase Agreement with Entergy Services to purchase the outputof the Perryville facility until the earlier to occur of (i) the closing dateof the sale to Entergy Louisiana or (ii) December 31, 2004.  The Sale Agreementprovides for conditions customary to closing, including requisite regulatoryapprovals, as well as other covenants, representations, and warranties.  ThePerryville and PEH Bankruptcy Court approved the Sale Agreement on April 23,2004.  The approval authorized the sale of substantially all ofPerryville's operating assets to Entergy Louisiana free and clear of all liens,claims and encumbrances and assumed liabilities under the SaleAgreement.  If certain conditions to closing are not satisfied orwaived on or before September 30, 2005, the Sale Agreement may beterminated.  Cleco Corporation provided a limited guaranty of $277.4million to Entergy Louisiana and Entergy Gulf States for Perryville'sperformance obligations under the Sale Agreement, the Power Purchase Agreementand other ancillary agreements related to the sale.

          On January 28,2004, to facilitate an orderly sales process, Perryville and PEH filedvoluntary petitions in the Perryville and PEH Bankruptcy Court for protectionunder Chapter 11 of the U.S. Bankruptcy Code.  Neither Cleco Corporation norany of its other subsidiaries were included in the filings.  Perryville and PEHare debtors and debtors in possession and are continuing to operate theirbusiness under the U.S. Bankruptcy Code.  Based upon the Perryvilleand PEH Bankruptcy Court's approval, Perryville and PEH will use existing cashsourced from restricted cash accounts held in the debtor-in-possession accounts(DIP Accounts) and operating revenue from the Power Purchase Agreement tomaintain operations at the Perryville facility.  On February 3, 2004,the Perryville and PEH Bankruptcy Court approved the use by Perryville and PEH,on an interim basis, of approximately $0.6 million of cash collateral in therestricted cash accounts (Cash Collateral) to maintain and operate theirbusiness, provide the lenders adequate protection, and reimburse the lendersfor certain expenses incurred through February 12, 2004.

          On February 26,2004, the Perryville and PEH Bankruptcy Court entered a final cash collateralorder (Cash Collateral Order).  The Cash Collateral Order provided for thetransfer of up to $6.1 million (subject to certain adjustments) of additionalrestricted cash to the DIP Accounts for post-petition expenses, includingroutine operations and maintenance, inventory, goods and services, costsreasonably necessary to obtain regulatory approval and other necessaryapprovals in connection with the Power Purchase Agreement and Sale Agreement,adequate protection payments, professional fees and  

39

expenses, and certainpre-petition expenses of the lenders for professional services.  Revenue fromthe Power Purchase Agreement also will be deposited into the DIP Accounts toprovide additional cash for Perryville's use.  The Cash Collateral Order stipulatedpayment of quarterly interest and principal payments under the Senior LoanAgreement, set forth provisions for early termination events, and also granteda replacement lien to the lenders.  In the event Perryville cannot pay itsquarterly principal payments, Cleco Corporation, if demanded by Perryville, isobligated under its guarantee to pay up to $6.0 million of these payments inthe future.  On March 31, 2004, Cleco Corporation paid $1.3 million ofprincipal payments on behalf of Perryville.  The Cash Collateral Order alsostipulated that the lenders should not take any action to delay the closing ofthe Sale Agreement, shall support the Sale Agreement, and shall refrain fromseeking relief of the automatic stay under the U.S. Bankruptcy Code for as longas the order is in effect.  Subject to the occurrence of the earlytermination events set forth therein, the Cash Collateral Order terminates onthe earlier of September 30, 2005, or payment by Perryville of all amounts(other than the amount of default interest waived under the Cash CollateralOrder) due and payable under the Senior Loan Agreement.

          Pursuant to theterms of the Sale Agreement, Perryville has agreed to sell its operating assetsand property to Entergy Louisiana for $170.0 million (subject to certainadjustments).  The assets to be sold to Entergy Louisiana do notinclude Perryville's claims against the Mirant Debtors or any othercash-related assets of Perryville.  It is anticipated that the proceeds fromthe sale to Entergy Louisiana will be sufficient to pay the Senior LoanAgreement and all current obligations of Perryville and PEH.  Thesale to Entergy Louisiana, which is expected to be completed by early 2005, iscontingent upon obtaining necessary approvals from the FERC, the LPSC and theSEC; a final inspection by Entergy Louisiana and its ability to recover all ofits costs in acquiring the Perryville power plant through base rates, fueladjustment charges or other such rates or regulatory treatment as deemed acceptableto Entergy Louisiana in its sole discretion; and satisfaction of othercustomary closing conditions.  If the Perryville and PEH Bankruptcy Courtenters an order terminating the automatic stay, then Entergy Louisiana willhave the right to terminate the sale transaction, and would be entitled toliquidated damages from Perryville ranging between $5.0 million and $10.0million.  These potential liquidated damage obligations have been guaranteed byCleco Corporation, in the event they are not paid by Perryville. 

          Also, on January28, 2004, Entergy Services signed a Power Purchase Agreement to purchase theoutput of the Perryville plant through the earlier of (i) the closing of thesale to Entergy Louisiana or (ii) December 31, 2004.  Entergy Serviceshas the option to extend the Power Purchase Agreement through September 30,2005; however, the Power Purchase Agreement automatically terminates upontermination of the Sale Agreement.  The Power Purchase Agreementprovides that Entergy Services will supply natural gas to the Perryvillefacility and is entitled exclusively to all capacity and energy output from thefacility.  Under the Power Purchase Agreement, Perryville is obligated toprovide energy conversion services, with specified performance parameters, whenrequested by Entergy Services.  Existing personnel will continue tooperate the facility through the closing of the sale to Entergy Louisiana.  EntergyServices and Entergy Gulf States received necessary approvals of the PowerPurchase Agreement from the LPSC.  Perryville received necessary approvals ofthe Power Purchase Agreement from the Perryville and PEH Bankruptcy Court andbegan operating under the agreement on February 17, 2004.  Based onthe terms of the Power Purchase Agreement and in conjunction with use of therestricted cash, Perryville is anticipated to have sufficient funds to maintainits operations through December 31, 2004.

***Financial Results***

          The financialresults of Perryville and PEH are included in Cleco Corporation's consolidatedresults through January 27, 2004.  However, generally acceptedaccounting principles specifically require that any entity that files forprotection under the U.S. Bankruptcy Code, whether solvent or insolvent, whosefinancial statements were previously consolidated with those of its parent mustbe prospectively deconsolidated from the parent and presented on the costmethod.  The cost method requires Cleco to present the net assets of Perryvilleand PEH at January 27, 2004, as an investment and not recognize any income orloss from Perryville or PEH in Cleco Corporation's results of operations duringthe reorganization period.  As of January 27, 2004, this investment has anegative cost basis of approximately $41.2 million, which is included in otherdeferred credits on Cleco Corporation's condensed consolidated balance sheet.  WhenPerryville emerges from its bankruptcy proceedings, the subsequent accountingwill be determined based upon the applicable facts and circumstances existingat such time, including the terms of any plan of reorganization or liquidation.

          The Perryville andPEH condensed consolidated financial statements set forth below have beenprepared in conformity with SOP 90-7, which requires a segregation ofliabilities subject to compromise by the Perryville and PEH Bankruptcy Court asof the bankruptcy filing date and identification of all transactions and eventsthat are directly associated with the  

40

reorganization.  Liabilitiessubject to compromise include pre-petition unsecured claims, which may besettled at amounts which differ from those recorded in the Perryville and PEHcondensed consolidated financial statements.

 
**Condensed  Consolidated Statements of Operations**

 
 
**Pre-petition  January 1, 2004 - January 27, 2004**

** **

**Post-petition  January 28, 2004 -March 31, 2004**

** **

  For the three months ended

 
 
** **

** **

**March 31, 2004**

March 31, 2003

 
 
(Unaudited)

** **

** **

 
 
**(Thousands)**

 
Operating revenue

** **

**$**

**72 **

** **

**$**

**2,274 **

** **

**$**

**2,346 **

$

13,059 

Operating  expenses

** **

** **

**2,373 **

** **

** **

**2,685 **

** **

** **

**5,058 **

4,279 

Interest charges

** **

** **

**458 **

** **

** **

**1,120 **

** **

** **

**1,578 **

1,795 

Other income

** **

** **

**10 **

** **

** **

**20 **

** **

** **

**30 **

74 

Other expense

** **

** **

**4 **

** **

** **

**2 **

** **

** **

**6 **

7 

Federal and  state income taxes (benefit) 

** **

** **

**(1,059)**

** **

** **

**(581)**

** **

** **

**(1,640)**

2,714 

Net (loss)  income

** **

**$**

**(1,694)**

** **

**$**

**(932)**

** **

**$**

**(2,626)**

$

4,338 

 

**Condensed Consolidated  Balance Sheets**

(Unaudited)

**At March 31,  2004**

At December 31,  2003

(Thousands)

Current assets.........................................................................  

**$**

**11,770 **

$

4,689 

Accounts receivable-affiliate................................................  

** **

**6,599 **

11,923 

Notes receivable-affiliate.....................................................  

** **

**6,076 **

2,147 

Property, plant and equipment, net.......................................  

** **

**166,271 **

167,852 

Other assets............................................................................  

** **

**34,116 **

39,751 

     Total assets........................................................................  

**$**

**224,832 **

$

226,362 

** **

** **

Pre-petition secured liability................................................  

**$**

**131,695 **

$

134,420 

Accounts payable-affiliate....................................................  

** **

**397 **

1,394 

Liabilities subject to compromise (1)....................................  

** **

**102,139 **

- 

Long-term debt, net...............................................................  

** **

**- **

98,650 

Member's equity....................................................................  

** **

**(9,399)**

(8,102)

     Total liabilities and  member's equity.............................. 

**$**

**224,832 **

$

226,362 

(1)         Liabilitiessubject to compromise consist of the following:

Unsecured debt

$

98,650

Accounts payable-affiliate

897

Accounts payable

1,629

Current deferred taxes

208

Long-term deferred taxes

755

     Total

$

102,139

41

          Clecohas assessed the liquidity position of Perryville and PEH as a result of thebankruptcy filings and anticipates that Perryville can continue to fund itsoperating activities and capital requirements for the foreseeable future.However, the ability of Perryville to continue as a going concern is dependentupon its ability to complete the sale of its facility to Entergy Louisiana.  Asa result of the bankruptcy filings and related events, there are no assurancesthat the carrying value of assets will be realized or that liabilities will beliquidated or settled for the amounts recorded.

          Perryville and PEHroutinely engage in affiliate transactions with other entities within Cleco inthe ordinary course of business.  As a result of its bankruptcy filings,Perryville and PEH are precluded from paying dividends to equity holders andmaking payments on any pre-bankruptcy filing accounts or notes payable that aredue and owing to any other entity within Cleco (pre-petition accountspayable-affiliate) and other creditors during the pendency of the bankruptcycase.  As of March 31, 2004, Perryville and PEH had pre-petition accountspayable-affiliate to other entities of Cleco in the aggregate amount ofapproximately $0.9 million.

**Note 15 - Variable Interest Entities**

          Cleco hasadopted the provisions of FIN 46R on its scheduled effective dates.  Through areview of contracts, equity interests and other contractual relationships,Cleco has determined that it is not the primary beneficiary of Evangeline,which is considered a variable interest entity.

          In accordance withFIN 46R, Cleco was required to deconsolidate Evangeline from its condensed consolidatedfinancial statements and began reporting its investment in Evangeline on theequity method of accounting effective March 31, 2004.  As a result, the assetsand liabilities of Evangeline are no longer reported on Cleco Corporation's CondensedConsolidated Balance Sheet, but instead are represented by one line itemcorresponding to Cleco's equity investment in Evangeline.  Effective April 1,2004, Evangeline revenue and expenses will be netted and reported on one lineitem as equity income from investees on Cleco Corporation's condensed consolidatedincome statement.

          Evangeline is aLouisiana limited liability company which is wholly owned by Midstream which iswholly owned by Cleco.  Since its inception, Cleco has had 100% ownership andvoting interest of Evangeline.  Evangeline owns and operates a natural gas-fired,combined-cycle, 775-MW power plant.  All of the capacity and output of thepower plant has been tolled to Williams which pays Evangeline certain fixed andvariable amounts in consideration of the capacity and output of the plant.  AtMarch 31, 2004, Evangeline had assets with book value of approximately $251.6million and liabilities of $245.1 million.  For the three months ended March31, 2004, Evangeline had operating revenues of $10.2 million and operatingexpenses of $9.4 million.  Cleco's current assessment of its maximum exposureto loss at March 31, 2004, consists of its equity investment of $52.3 million.

**Note 16 - Subsequent Event**

          On May 3, 2004,Cleco Corporation entered into an interest rate swap with a third-partyfinancial institution to hedge the exposure to changes in the fair value of $50.0million (50%) of the outstanding amount of Cleco Corporation's 8.75% SeniorNotes due June 1, 2005.  The interest rate risk on this $50.0 million notionalamount is being hedged by swapping the fixed rate on the notes for floatingrate exposure.  Under the terms of the agreement, the financial institutionwill pay Cleco Corporation interest at an annual rate of 8.75% semi-annually onJune 1 and December 1, starting June 1, 2004, and Cleco Corporation will paythe financial institution interest at a rate based on the six-month LIBOR onthe last day of each calculation period, plus 6.03%.  The first LIBORcalculation date will be May 27, 2004.  The fixed rate debt matures and theinterest rate swap terminates on June 1, 2005.

42
**
**ITEM 2      MANAGEMENT'SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION                   ANDRESULTS OF OPERATIONS**

          The followingdiscussion and analysis should be read in combination with the Registrants'Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2003,and Cleco Corporation's and Cleco Power's Unaudited Condensed FinancialStatements contained in this Form 10-Q.  The information includedtherein is essential to understanding the following discussion and analysis.

***Results ofOperations***

         Pleaseread Item 1, "Cleco Corporation - Management's Discussion and Analysis ofResults of Operations" and Item 1, "Cleco Power - Narrative Analysis of Resultsof Operations" of this Form 10-Q, which discussions are incorporated herein byreference.

***FINANCIAL CONDITION***

**Liquidity and Capital Resources**

**General Considerations and Credit-Related Risks**

***Credit Ratings and Counterparties***

          For adiscussion of certain factors affecting Cleco's financial condition relating toits credit ratings, the credit ratings of its counterparties and othercredit-related risks, please read "Management's Discussion and Analysis of FinancialCondition and Results of Operations - Financial Condition - Liquidity andCapital Resources - General Considerations and Credit-Related Risks - CreditRatings and Counterparties" in the Registrants' Combined Annual Report on Form10-K for the fiscal year ended December 31, 2003.

          As more fullydescribed in the Registrants' Combined Annual Report on Form 10-K for thefiscal year ended December 31, 2003, counterparties under trading agreementsentered into by Cleco Energy can request Cleco Corporation to provide creditsupport if any of such counterparties deem Cleco Energy's creditworthiness tobe unsatisfactory.  As of March 31, 2004, the amount ClecoCorporation would have been required to pay if all of Cleco Energy'scounterparties requested credit support was approximately $0.6 million,compared to $3.7 million as of December 31, 2003.  This decrease isprimarily attributable to lower volumes of natural gas transactions anddecreased financial fixed-price gas hedge transactions for municipal customers.

***Debt***

          At March 31,2004, and December 31, 2003, Cleco had $50.0 million and $200.8 million,respectively, of short-term debt outstanding in the form of bankloans.  If Cleco Corporation were to default under covenants in itsvarious credit facilities, Cleco Corporation would be unable to borrowadditional funds under the credit facilities.  If Cleco Corporation'scredit rating as determined by outside rating agencies were to be downgraded, ClecoCorporation would be required to pay additional fees and higherinterest.  At March 31, 2004, Cleco Corporation was in compliancewith the covenants in its credit facilities.  In addition, there hasbeen no change to the credit ratings determined by outside rating agenciesduring the first quarter of 2004 and as a result, there has been no change ininterest rates.

43

          The following tableshows short-term debt by subsidiary:

  Subsidiary

**At March 31,  2004**
   
At December 31,  2003

 
 
(Thousands)

Cleco Corporation (Holding  Company Level)

** **

** **

** **

** **

 
     Bank loans

** **

**$**

**50,000    **

** **

$

50,000    

 
Midstream

** **

** **

** **

** **

 
     Bank loans

** **

** **

**-    **

** **

150,787    

 
          Total

** **

**$**

**50,000    **

** **

$

200,787    

 
** **

** **

** **

** **

 
***Cleco***

          Short-term debt atCleco decreased by $150.8 million at March 31, 2004, compared to December 31,2003, primarily due to the deconsolidation of Perryville.  Long-termdebt at Cleco also decreased by $356.5 million at March 31, 2004, compared toDecember 31, 2003, primarily due to the deconsolidation of Perryville andEvangeline.  For additional information, see "- Midstream" below,Item 1, "Notes to the Unaudited Condensed Financial Statements - Note 5 -Equity Investment in Investees," Note 14 - "Perryville" and Note 15 - "VariableInterest Entities."

          The working capitaldeficit of $92.2 million noted at December 31, 2003, resulting from thereclassification of Perryville's $133.0 million Senior Loan Agreement toshort-term debt, was reduced to $13.9 million as of March 31,2004.  The reduction was largely due to the deconsolidation ofPerryville, which removed the $133.0 million of short-term debt, partially offsetby the classification of $60.0 million of Cleco Power's Series X, 9.5% firstmortgage bonds as long-term debt due within one year.  Cleco expectsthis working capital deficit to be covered by cash generated by normaloperations within the next quarter.

          Cashand cash equivalents available at March 31, 2004, were $80.1 million combinedwith $113.8 million facility capacity ($33.8 million from Cleco Corporation and$80.0 million from Cleco Power) for total liquidity of $193.9 million.  Cashand cash equivalents decreased $15.3 million, when compared to December 31, 2003,largely due to the payment of dividends; settlement of outstanding accountspayable; additions to property, plant and equipment; and payoff of short-termdebt.

          Cleco believes thatits cash and cash equivalents on hand, together with cash generated from itsoperations, borrowings from credit facilities, and the net proceeds of anyissuances under Cleco's shelf registration statements, will be adequate to fundnormal ongoing capital expenditures, working capital, and debt service requirementsfor the foreseeable future.

***Cleco Corporation (Holding Company Level)***

          Therewas no change in the short-term debt balance at Cleco Corporation from December31, 2003, to March 31, 2004.

          On April 30, 2004,Cleco Corporation replaced its existing $105.0 million, 364-day creditfacility, which was scheduled to terminate in May 2004, with a $150.0 million, three-yearfacility.  This facility will provide for working capital and otherneeds.  Cleco Corporation's initial borrowing cost under this newfacility is equal to LIBOR plus 1.50%, including facilityfees.  Cleco Corporation's borrowing costs under the prior facilityat March 31, 2004, were equal to LIBOR plus 1.625%, and the weighted averagecost of borrowings was 2.8125%.  At March 31, 2004, there was $50.0million drawn on the credit facility.  This $50.0 million was rolledinto the new credit facility when the prior facility was terminated.  Anuncommitted line of credit with a bank in an amount up to $5.0 million alsoremains available to support Cleco's working capital needs.  Thisline of credit is shared with Cleco Power.

          Off-balance sheetcommitments entered into by Cleco with third parties for certain types oftransactions between those parties and Cleco's subsidiaries,other than Cleco Power, reduce the amount of credit available to ClecoCorporation under the facility by an amount equal to the stated or determinableamount of the primary obligation.  At March 31, 2004, there was $50.0million drawn on the facility, leaving $55.0 million available.  The$55.0 million at March 31, 2004, was further reduced by off-balance sheetcommitments of $21.2 million, leaving available capacity of $33.8 million.  Formore  

44

information about these commitments, see Item 1, "Notes to the Unaudited CondensedFinancial Statements - Note 8 - Securities Litigation and Other Commitments andContingencies - Off-Balance Sheet Commitments."

          Cash and cashequivalents available at March 31, 2004, were $26.3 million combined with $33.8million facility capacity for total liquidity of $60.1 million.  Cashand cash equivalents increased $2.1 million, when compared to December 31, 2003,largely due to receipts of dividends from affiliates.

          Cleco Corporationprovides a limited guarantee to pay principal amounts under the Senior LoanAgreement should Perryville be unable to pay its debt service.  At March31, 2004, the amount guaranteed was $6.0 million.  For information onPerryville's Senior Loan Agreement and the impact on Cleco Corporation'sguarantee due to the bankruptcy filings of Perryville and PEH, see Item 1, "Notesto the Unaudited Condensed Financial Statements - Note 14 - Perryville."  The Senior LoanAgreement is collateralized by Cleco Corporation's membership interest in Perryville.  AtMarch 31, 2004, Cleco Corporation had no remaining equity in Perryville.

          On October6, 2003, Cleco Corporation filed a shelf registration statement (RegistrationNo. 333-109506) providing for the issuance of up to $200.0 million of debtsecurities, common stock, preferred stock, or any combination thereof.  Thisshelf registration statement has not yet been declared effective by the SEC.

          On February 20,2004, Cleco Corporation entered into an interest rate swap with a third-partyfinancial institution to hedge the exposure to changes in the fair value of $50.0million (50%) of the outstanding amount of Cleco Corporation's 8.75% SeniorNotes due June 1, 2005.  The interest rate risk on this $50.0 million notionalamount is being hedged by swapping the fixed rate on the notes for floatingrate exposure.  Under the terms of the agreement, the financial institutionwill pay Cleco Corporation interest at an annual rate of 8.75% semi-annually onJune 1 and December 1, starting June 1, 2004, and Cleco Corporation will pay tothe financial institution interest at a rate based on the six-month LIBOR onthe last day of each calculation period, plus 6.615%.  The first LIBORcalculation date will be May 27, 2004.  The fixed rate debt matures and theinterest rate swap terminates on June 1, 2005. 

***Cleco Power***

          There was noshort-term debt outstanding at Cleco Power at March 31, 2004, or December 31,2003.  However, Cleco Power does have $60.0 million of long-term debtdue within one year relating to its Series X, 9.5% first mortgage bonds.  ClecoPower expects to pay this debt with accumulated funds or to refinance with newborrowings by the first quarter of 2005.

          On April 30, 2004,Cleco Power replaced its existing $80.0 million, 364-day credit facility, whichwas scheduled to terminate in May 2004, with a $125.0 million, 364-dayfacility.  This facility will provide for working capital and otherneeds and includes a provision for an optional conversion to a one-year termloan.  Cleco Power's initial borrowing cost under this new facilityis equal to LIBOR plus 1.0%, including facility fees.  Cleco Power'sborrowing costs under the prior facility at March 31, 2004, were equal to LIBORplus 1.25%.  At March 31, 2004, no amounts were outstanding under ClecoPower's $80.0 million, 364-day credit facility. An uncommitted line of creditwith a bank in an amount up to $5.0 million also remains available to supportCleco Power's working capital needs.  This line of credit is sharedwith Cleco Corporation.  Cash and cash equivalents available at March31, 2004, were $53.6 million combined with an $80.0 million facility capacityfor total liquidity of $133.6 million.  Cash and cash equivalents decreased$17.4 million, when compared to December 31, 2003, due to the settlement of outstandingaccounts payable; additions to property, plant and equipment; and distributionsto Cleco Corporation.

          On October 6, 2003,Cleco Power filed a shelf registration statement (Registration No. 333-109507)that provides for the issuance of up to $150.0 million of debtsecurities.  This shelf registration statement has not yet beendeclared effective by the SEC.

***Midstream***

           Short-termdebt at Midstream decreased by $150.8 million at March 31, 2004, compared toDecember 31, 2003, primarily due to a reduction of $133.0 million, resultingfrom the deconsolidation of Perryville and PEH from Cleco and a scheduled $17.8million paydown of outstanding credit facility borrowings.  As a result of the deconsolidation,the assets and liabilities of Perryville and PEH are no longer reported inCleco Corporation's consolidated results.  Midstream's $36.8 millioncredit facility was paid in full and expired on March 31, 2004.  Thefacility was used to support Midstream's  

45

generation activities, and the outstandingbalances were guaranteed by Cleco Corporation on a subordinatedbasis.  Midstream's cost of borrowings under this facility was equalto LIBOR plus 3.0%, including commitment fees and was 4.1875% at March 31, 2004.  Midstream'scredit facility was not renewed as management determined the facility was notcurrently necessary to support Midstream's activities.

***Restricted Cash***

          Variousagreements to which Cleco is subject contain covenants that restrict its use ofcash.  As certain provisions under these agreements are met, cash istransferred out of related escrow accounts and becomes available for generalcorporate purposes.  At March 31, 2004, and December 31, 2003, $0.1million and $41.3 million, respectively, of cash was restricted.  Foradditional information on restricted cash, see Item 1, "Notes to the Unaudited CondensedFinancial Statements - Note 4 - Restricted Cash."

***Contractual Obligations and Other Commitments***

          For informationregarding Cleco's Contractual Obligations and Other Commitments, please read"Management's Discussion and Analysis of Financial Condition and Results ofOperations - Financial Condition - Liquidity and Capital Resources - CashGeneration and Cash Requirements - Contractual Obligations and OtherCommitments" in the Registrants' Combined Annual Report on Form 10-K for thefiscal year ended December 31, 2003.

          Due to thebankruptcy filings on January 28, 2004, of Perryville and PEH, generallyaccepted accounting principles specifically require that any entity that filesfor protection under the U.S. Bankruptcy Code whose financial statements werepreviously consolidated with those of its parent must be prospectivelydeconsolidated from the parent and presented on the cost method.  Based onaccounting requirements under FIN 46R, Evangeline was also deconsolidated fromCleco Corporation's condensed financial statements.  As a result ofthese deconsolidations, Cleco no longer reports the obligations of Perryvilleand Evangeline in Cleco Corporation's consolidated contractual obligations,which was previously reported at December 31, 2003 of $314.0 million, and$661.4 million, respectively.  For information on Perryville and PEH,see Item 1, "Notes to the Unaudited Condensed Financial Statements - Note 14 -Perryville."  For information on the deconsolidation of Evangeline, see Item 1,"Notes to the Unaudited Condensed Financial Statements - Note 15 - VariableInterest Entities."

***Off-Balance Sheet Commitments***

          Cleco has enteredinto various off-balance sheet commitments, in the form of guarantees and astandby letter of credit, in order to facilitate the activities of itssubsidiaries and an equity investee (affiliate).  For information onCleco's off-balance sheet commitments, see Item 1, "- Off-Balance SheetCommitments - Notes to the Unaudited Condensed Financial Statements - Note 8 -Securities Litigation and Other Commitments and Contingencies."

***RegulatoryMatters***

***Retail Rates of Cleco Power***

          Cleco Power's ratestabilization plan allows Cleco Power to retain all earnings equating to aregulatory return on equity up to and including 12.25% on its regulated utilityoperations.  Any earnings that result in a return on equity over 12.25% and upto and including 13% will be shared equally between Cleco Power and itscustomers.  Any earnings above this level will be fully refunded to customers. This effectively allows Cleco Power the opportunity to realize a regulatoryrate of return up to 12.625%.  As part of the rate stabilization plan, the LPSCannually reviews revenue and return on equity.  If Cleco Power is found to beachieving a regulatory return on equity above the minimum 12.25%, the refundwill be made in the form of billing credits subsequent to an order by the LPSC.

          The ratestabilization plan was due to expire on September 30, 2004.  On February 13,2004, Cleco Power filed to obtain a one-year extension of the ratestabilization plan without modification.  On March 18, 2004, the LPSC approvedthe one-year extension to September 30, 2005.  This extension willallow Cleco Power time to develop long-range IRP, solicit new market proposals,and evaluate the best options to create an efficient generation portfolio.

46

***Wholesale Electric Markets***

          InNovember 2001, Entergy and Southern Company announced a combined effort to forma Southeastern RTO, the SeTrans.  On June 27, 2002, the SeTranssponsors filed a Petition for Declaratory Order, requesting the FERC to approvethe governance structure and business model of the SeTrans RTO as consistentwith Order No. 2000 and FERC precedent.  On October 9, 2002, the FERCresponded that SeTrans complies with Order No. 2000 in such critical areas asits governance structure, transmission pricing policy, business model and theIndependent System Administrator (ISA) selection process.  The FERCalso provided guidance on issues critical to forming the RTO.  OnDecember 2, 2003, Cleco Power and other sponsoring companies of the SeTrans RTOannounced a unanimous decision to suspend RTO formation efforts, citing that it is highly unlikely that consensus supportand acceptance for the SeTrans RTO will be forthcoming from all applicablestate and federal agencies.  On February 13, 2004, a group of independentstakeholders filed a request for relief at FERC in response to theSeTrans Sponsors' notification of suspension of RTO development activities.  Inthat filing, the stakeholders requestedFERC's initiation of a formal Commission investigation into competitiveconditions in the Southeast.  They also requested the issuance of ashow cause order as to additional southeast region market power mitigationsteps or alternatively, the issuance of an order requiring allvertically-integrated public utility transmission owners in the Southeast tocede control of their transmission facilities to an independent operator, amongother requests aimed directly at Entergy and the Southern Companies.  Clecoresponded to the stakeholder request at FERC in a filing made March 15, 2004.

          In October 2003,the SPP filed an application at FERC for approval of its RTO.  On February 10,2004, FERC approved the SPP RTO, with conditions. FERC's approval isconditioned on SPP taking the additional steps required to complete the detailsof its plan.  On March 31, 2004, Entergy filed a plan at FERC to implement an"Independent Entity" that would oversee the operation of Entergy's system andact as a reliability coordinator.  Entergy does not plan to transferoperational control to this independent entity.  Cleco Powercontinues to monitor the ongoing RTO development process in thesoutheast.  Cleco Power cannot anticipate with certainty the finalform and configuration these organizational processes will yield nor whichspecific RTO, if any, it will join.  Additionally, various parties,including several state commissions, utilities, and other industryparticipants, now are contesting FERC's jurisdiction in thismatter.  It is uncertain how or when this debate will be resolved.

          Louisiana is one ofseveral states to enact rules and regulations for jurisdictional utilitiesregarding RTO membership and the transferring of ownership or control oftransmission assets.  On November 25, 2003, FERC issued an order makingpreliminary findings that RTO limiting laws, rules and regulations in thestates of Kentucky and Virginia are neither 1) required by any authority of federallaw, nor 2) designed to protect public health, safety or welfare; or theenvironment or conserve energy; or aredesigned to mitigate the effects of emergencies resulting from fuel shortages.  FERC,in that same order, also made a preliminary finding that the laws, rules, orregulations of Virginia and Kentucky are preventing American Electric Power (AEP)from fulfilling both its voluntary commitment in 1999, as part of mergerproceedings, to join an RTO, and its application to join an RTO pursuant to FERC'sOrder No. 2000.  On March 12, 2004, a FERC administrative law judge issued aninitial decision in the same docket, upholding the earlier findings of FERCwith regard to AEP and the laws of Kentucky and Virginia.  The judge orderedthat AEP should be exempted from the requirements of the Virginia and Kentuckylaws, rules or regulations to the extent required to consummate timelyintegration into the PJM RTO.

          Cleco Power willcontinue to monitor proceedings related to state and federal jurisdictionalrules and regulations regarding RTO membership. The transfer of control ofCleco Power's transmission facilities to an RTO has the potential to materiallyaffect Cleco's financial condition and results of operations.  ClecoPower cannot predict the possible impact to financial earnings that may arisefrom the adoption of new transmission rates resulting from Cleco Power'spossible membership in an RTO. 

          As more fully described in the Registrants' Combined AnnualReport on Form 10-K for the fiscal year ended December 31, 2003, FERC Order2004 was issued to update its governing Standards of Conduct for transmissionproviders.  On February 9, 2004, Cleco Power filed with the FERC its plan toachieve compliance with FERC Order 2004 and the revised Standards of Conduct. Based upon Cleco's Compliance Plan, Cleco Power has already met therequirements of FERC Order 2004.  On April 16, 2004, FERC issued a final rule,Order No. 2004-A which addressed provisions of Order No. 2004, Standards ofConduct for Transmission Providers.  The standards of conduct are designed toprevent transmission providers (interstate natural gas pipeline and publicelectric utilities) from giving undue preferences to any of their energyaffiliates and to ensure that transmission is provided on a non-discriminatorybasis.  Order No. 2004-A (1) clarified the definition of energy affiliate; (2)further codifies the definition of marketing affiliate; (3) clarifies whichfield and maintenance employees a transmission provider may share with itsenergy affiliate; (4) clarifies that a transmission provider may share with itsenergy  

47

affiliates information necessary to maintain the operations of thetransmission system; (5) codifies the exception that permits a transmissionprovider to share senior officers and directors and the risk managementfunction with its marketing and energy affiliates; (6) codifies that atransmission provider may share information with certain employees it shareswith is marketing and energy affiliates; and (7) defers the implementation dateto September 1, 2004.

          For additionalinformation on regulatory aspects of wholesale electric markets affecting Cleco,please read "Management's Discussion and Analysis of Financial Condition andResults of Operations - Financial Condition - Liquidity and Capital Resources -General Considerations and Credit-Related Risks - Market Restructuring -Wholesale Electric Markets" in the Registrants' Combined Annual Report on Form10-K for the fiscal year ended December 31, 2003.

***Generation RFP***

          In2003, Cleco Power issued a RFP for up to 750 MW of generation supply to replaceexisting power purchase agreements with Williams Energy and Dynegy that expirein 2004 and 2005.  There were no winning proposals selected from the RFP.  OnJanuary 30, 2004, Cleco Power executed a term sheet for a one-year contract topurchase 500 MW of capacity and energy from Calpine Energy Services, L.P. (CES)starting in January 2005.  As of May 5, 2004, Cleco Power and CES arenegotiating the final terms of the contract, and if it is executed, Cleco Powerexpects the 500 MW from CES to fill the shortfall left by the Williams Energyand Dynegy contracts expiring at the end of 2004.  The contract with CES issubject to certification approval by the LPSC, and such approval is expected tobe obtained prior to the January 1, 2005 starting date of the Power PurchaseAgreement with CES.

          Cleco Power continuesto evaluate its long-term capacity needs through its IRP process and plans to seeknew proposals for up to 1,000 MW of capacity and energy to replace existingcontracts and to accommodate load growth, as well as up to 800 MW of capacityto replace older natural gas-fired units.  Cleco Power made aninformational filing with the LPSC on April 15, 2004, and expects to issue thisRFP in late June.  Based on the proposed RFP process and schedule,binding bid proposals will be due in late July.

***Fuel Audit***

          In the second halfof 2002, the LPSC informed Cleco Power that it was planning to conduct aperiodic fuel audit.  The audit, which commenced in March 2003,includes Fuel Adjustment Clause filings for January 2001 through December 2002,although a portion of the data requested for the audit relates to periods priorto 2001.  A Cleco Power customer has intervened and is involved inthe LPSC fuel audit proceeding.  The audit, pursuant to the FuelAdjustment Clause General Order issued November 6, 1997, in Docket No. U-21497,is required to be performed not less than every other year; however, this isthe first LPSC Fuel Adjustment Clause audit of Cleco Power.  LPSC-jurisdictionalrevenue recovered by Cleco Power through its Fuel Adjustment Clause for theaudit period of January 2001 through December 2002 was $567.1million.  Management is unable to predict the results of the LPSCfuel audit, which could require Cleco Power to refund previously recoveredrevenue and could adversely impact the Registrants' results of operations andfinancial condition.  The LPSC Staff expects to issue its preliminaryfindings and recommendations related to the fuel audit proceeding during the secondquarter of 2004.

***Lignite Deferral***

          For adiscussion of Cleco Power's deferred lignite mining expenditures, please read"Management's Discussion and Analysis of Financial Condition and Results ofOperations - Financial Condition - Liquidity and Capital Resources - RegulatoryMatters - Lignite Deferral" in the Registrants' Combined Annual Report on Form10-K for the fiscal year ended December 31, 2003.

          As more fullydescribed in the Registrants' Combined Annual Report on Form 10-K for thefiscal year ended December 31, 2003, Cleco Power defers lignite mining costsabove 98% of the previous mining contract's projected costs.  As of March 31,2004, Cleco Power had remaining deferred costs and interest relating to itslignite mining contract of $9.7 million.  Cleco Power recorded recovery of $0.1million of these deferred costs in the first quarter of 2004.  Managementexpects Cleco Power to recover the remaining amount deferred.

48

***Franchises***

          For adiscussion of Cleco Power's electric service franchises, please read "Business- Regulatory Matters, Industry Developments, and Franchises - Franchises" inthe Registrants' Combined Annual Report on Form 10-K for the fiscal year endedDecember 31, 2003. 

          As more fully describedin the Registrants' Combined Annual Report on Form 10-K for the fiscal yearended December 31, 2003, Cleco Power was not successful in renewing itsfranchise with the town of Franklinton.  Cleco Power served the customers inFranklinton throughout the first quarter of 2004 and expects to continue toserve those customers until the transfer of assets to the new provider is final.  ClecoPower anticipates completion of the transition by the end of the third quarterof 2004.

***Other***

          Cleco Power recently informed the FERC Office of Market Oversight andInvestigations, Enforcement Division of a possible minor violation of the FERCstandards of conduct.  Cleco Power is continuing its investigation.

***Recent Accounting Standards***

          For discussion ofrecent accounting standards, see Item 1, "Notes to the Unaudited Condensed FinancialStatements - Note 6 - Recent Accounting Standards."

***Critical Accounting Policies***

***Consolidation Policy***

          In addition to thecritical accounting policy described below, see "Management's Discussion andAnalysis of Financial Condition and Results of Operations - Critical AccountingPolicies" in the Registrant's Combined Annual Report on Form 10-K for thefiscal year ended December 31, 2003 for a discussion of other criticalaccounting policies.  At March 31, 2004, Cleco adopted the FIN 46Rconsolidation requirement.  FIN 46R requires companies to evaluate otherentities within the scope of FIN 46R and determine whether to consolidate ordeconsolidate.  The determination is based on qualitative and quantitativeanalysis of all material contractual relationships, including equity holders.  Acontractual relationship that absorbs a disproportionate amount of variabilityin relation to its voting interest is considered the primary beneficiary andmust consolidate the entity.  A company that previously consolidated an entitybased on owning a majority of voting interest would be required todeconsolidate the entity if it is not considered the primary beneficiary. Entities not within the scope of FIN 46R would continue to be evaluated forconsolidation based on the ownership of voting interest.  Upon adoption of FIN46R, Cleco determined that Evangeline was within the scope of FIN 46R, and thatCleco was not the primary beneficiary.  Based on that conclusion,Cleco was required to deconsolidate Evangeline effective March 31, 2004, andbegan accounting for Evangeline using the equity method.  The assets andliabilities of Evangeline are no longer reported on Cleco Corporation's condensedconsolidated balance sheet but instead are represented by one line itemrepresenting Cleco's investment in Evangeline.  Beginning in the secondquarter, Evangeline revenue and expenses will not be reported on ClecoCorporation's condensed consolidated income statement but instead will be nettedand reported on one line item as equity income from investees.  The adoption ofthis standard will not affect Cleco's net income or stockholder's equity.

          As discussed inItem 1, "Notes to the Unaudited Condensed Financial Statements - Note 14 -Perryville," on January 28, 2004, Perryville and PEH filed for bankruptcyprotection.  Cleco determined, through an analysis of the entities, thatneither Perryville nor PEH were within the scope of FIN 46R; therefore, theissue of consolidation should be determined through voting control.  WhileCleco retains ownership of all of the equity, control has been effectivelyturned over to the Perryville and PEH Bankruptcy Court during the bankruptcyperiod.  Pursuant to applicable accounting guidance, Cleco deconsolidated Perryvilleand PEH effective January 28, 2004, and accounts for the entities using thecost method.  The assets and liabilities of Perryville and PEH are no longer reportedon Cleco Corporation's condensed consolidated balance sheet but are representedby one line item representing Cleco's investment in the two entities.  Noincome or expense will be recorded on Cleco Corporation's condensed consolidatedincome statement for periods after January 27, 2004, until the bankruptcyprocess is near completion.  Based on the outcome of the bankruptcy, Cleco willevaluate whether to reconsolidate, use the equity method or, if appropriate,use an alternate accounting method to recognize events that occur.

49

** ITEM 3      QUANTITATIVE AND QUALITATIVEDISCLOSURES ABOUT MARKET RISK **

**                     OF CLECO CORPORATION**

          Marketrisk inherent in Cleco's market risk-sensitive instruments and positionsincludes potential changes arising from changes in interest rates and thecommodity price of power and natural gas traded in the industry on differentenergy exchanges.   Cleco Power uses SFAS No. 133 to determine whetherthe market risk-sensitive instruments and positions are required to bemarked-to-market.  Generally, Cleco Power's market risk-sensitiveinstruments and positions qualify for the normal-purchase, normal-saleexception to mark-to-market accounting of SFAS No. 133, as modified by SFAS No.149, since Cleco Power generally takes physical delivery, and the instrumentsand positions are used to satisfy customer requirements.  Cleco Powercould have positions that are required to be marked-to-market, because they donot meet the exception of SFAS No. 133 and do not qualify for hedge accountingtreatment.  The positions for marketing and trading purposes do notmeet the exemptions of SFAS No. 133 and the net mark-to-market of thosepositions is recorded in income.  Cleco Power has entered into otherpositions to mitigate some of the volatility in fuel costs passed on tocustomers.  These positions are marked-to-market, with the resultinggain or loss recorded on the balance sheet as a component of the accumulateddeferred fuel asset or liability.  When these positions close, actualgains or losses will be included in the Fuel Adjustment Clause and reflected on customers'bills.  Cleco Energy's financial positions are marked-to-market.

          Cleco also is subject to market riskassociated with its remaining tolling agreement counterparties.  Foradditional information concerning Cleco's market risk associated with itsremaining counterparties, see Item 1, "Notes to the Unaudited Condensed FinancialStatements - Note 8 - Securities Litigation and Other Commitments andContingencies" and Item 2, "Management's Discussion and Analysis of FinancialCondition and Results of Operations - Financial Condition - Liquidity andCapital Resources."

          Cleco's exposure tomarket risk, as discussed below, represents an estimate of possible changes inthe fair value or future earnings that would occur, assuming possible futuremovements in the interest rates and commodity prices of power and naturalgas.  Management's views on market risk are not necessarilyindicative of actual results, nor do they represent the maximum possible gainsor losses.  The views do represent, within the parameters disclosed,what management estimates may happen.

**Interest Rate Risks**

          Cleco has enteredinto various fixed- and variable-rate debt obligations.  Thecalculations of the changes in fair market value and interest expense of thedebt securities are made over a one-year period.

          Sensitivity tochanges in interest rates for fixed-rate obligations is computed by calculatingthe current fair market value using a net present value model based upon a 1.0%change in the average interest rate applicable to suchdebt.  Sensitivity to changes in interest rates for variable-rateobligations is computed by assuming a 1.0% change in the current interest rateapplicable to such debt.

          As of March 31,2004, the carrying value of Cleco's short-term variable-rate debt was $50.0million, which approximates the fair market value.  Each 1.0% changein the average interest rates applicable to such debt would result in a changeof approximately $0.5 million in Cleco's pretax earnings.  Thefixed-to-floating rate interest rate swap giving rise to this variable ratedebt is discussed below.  At March 31, 2004, Cleco Power had noshort-term, variable-rate debt.

          Cleco monitors itsmix of fixed- and variable-rate debt obligations in light of changing marketconditions and from time to time may alter that mix by, for example, refinancingbalances outstanding under its variable-rate credit facility with fixed-ratedebt.

          OnFebruary 20, 2004, Cleco Corporation entered into an interest rate swap with athird-party financial institution to hedge the exposure to changes in the fairvalue of $50.0 million (50%) of the outstanding amount of Cleco Corporation's8.75% Senior Notes, due June 1, 2005.  The interest rate risk on this $50.0million notional amount is being hedged by swapping the fixed rate on the notesfor floating rate exposure.  Under the terms of the agreement, the financialinstitution will pay Cleco Corporation interest at an annual rate of 8.75%semi-annually on each June 1, and December 1, starting June 1, 2004.  ClecoCorporation will pay to the financial institution interest at a rate based onthe six-month LIBOR on the last day of each calculation period, plus 6.615%. The first LIBOR calculation date will be May 27, 2004.  The fixed rate debtmatures and the interest rate swap terminates on June 1, 2005.

50

**Commodity Price Risks**

          Management believesCleco has controls in place to minimize the remaining risks involved in trading,energy management and economic load dispatch.  Controls over theseactivities consist of a back office (accounting) and middle office (riskmanagement) independent of the trading operations, oversight by a riskmanagement committee comprised of officers, and a daily risk report that showsVAR and current market conditions.  Cleco's Board of Directorsappoints the members of the Risk Management Committee.  VAR limitsare set and monitored by the Risk Management Committee.

          Cleco Power'sfinancial positions that are not used to meet the power demands of customersare marked-to-market as required by SFAS No. 133.  Based on marketprices at March 31, 2004, the net mark-to-market amount for those positions waszero; therefore, no balance remained on the balance sheet.  There wasno change in the mark-to-market amount between December 31, 2003, and March 31,2004.

         Cleco Powerprovides fuel for generation and purchases power to meet the power demands ofcustomers.  Cleco Power has entered into positions to mitigate someof the volatility in fuel costs passed on to customers, as encouraged by anLPSC order.  These positions are marked-to-market, with the resultinggain or loss recorded on the balance sheet as a component of the accumulateddeferred fuel asset or liability and a component of the risk management assetor liability.  Based on market prices at March 31, 2004, the netmark-to-market impact was a gain of $2.8 million.

          Cleco Energy provides natural gas to wholesale customers, such asmunicipalities, and enters into transactions in order to provide fixed gasprices to some of its customers.  All of Cleco Energy's trades aremarked-to-market as required by SFAS No. 133.  Due to market pricevolatility, mark-to-market reporting may introduce volatility to carryingvalues and hence to Cleco Energy's financial statements.  At March31, 2004, the net mark-to-market impact had a minimal effect on the financialstatements.

          Cleco Power andCleco Energy utilize a VAR model to assess the market risk of their tradingportfolios, including derivative financial instruments.  VARrepresents the potential loss in fair values for an instrument from adversechanges in market factors for a specified period of time and confidencelevel.  The VAR is estimated using a historical simulation calculateddaily assuming a holding period of one day, with a 95% confidence level fornatural gas and power positions.  Total volatility is based onhistorical cash, implied market and current cash volatilities.

          Based on theseassumptions, the high, low, and average VAR during the three months ended March31, 2004, as well as the VAR at March 31, 2004 and December 31, 2003, issummarized below:

**For the three  months ended March 31, 2004**

**At  March 31**

AtDecember 31,

**High**

**Low**

**Average**

**2004**

2003

(Thousands)

(Thousands)

Marketing &  Trading

**$**

**-**

**$**

**-**

**$**

**-**

**$**

**-**

$

-  

Cleco Power

**$**

**-**

**$**

**-**

**$**

**-**

**$**

**-**

$

-

Cleco Energy

**$**

**88.6**

**$**

**13.1**

**$**

**37.4**

**$**

**14.5**

$

97.7

Consolidated

**$**

**88.6**

**$**

**13.1**

**$**

**37.4**

**$**

**14.5**

$

97.7
 
51

**ITEM 4      CONTROLS ANDPROCEDURES**

***Quarterly Evaluation of DisclosureControls and Procedures***

          In accordance withRules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, the Registrants' management has evaluated, asof the end of the period covered by thisReport, with the participation of the Registrants' chief executive officer andchief financial officer, the effectiveness of the Registrants' disclosurecontrols and procedures as defined by Rules 13a-15(e) and 15d-15(e)under the Securities Exchange Act of 1934 (DisclosureControls).  Based on that evaluation, such officers concluded thatthe Registrants' Disclosure Controls were effective as of the date of thatevaluation.

          During theRegistrants' first fiscal quarter of 2004, there have been no changes to theRegistrants' internal control over financial reporting that have materiallyaffected or are reasonably likely to materially affect the Registrants'internal control over financial reporting.

          DisclosureControls are controls and procedures that are designed to ensure thatinformation required to be disclosed in reports filed under the SecuritiesExchange Act of 1934, such as this Quarterly Report, is recorded, processed,summarized and reported within the time periods specified in the SEC's rulesand forms.  Disclosure Controls include, without limitation, controlsand procedures designed to ensure that such information is accumulated andcommunicated to the Registrants' management, including the chief executiveofficer and chief financial officer, as appropriate to allow timely decisionsregarding required disclosure.

          In preparation for the annual auditof internal controls over financial reporting, as required by Section 404 of theSarbanes-Oxley Act of 2002, in November 2003, a dedicated team comprised ofemployees from Cleco and from an independent consulting firm began to formallyidentify and document all key operating and accounting controls over financialreporting.  Cleco's independent accounting firm is currently working with theteam to review the controls documentation for completeness, and has begun todevelop substantive audit plans to verify the proper functioning of thesecontrol procedures.

52
**PARTII - OTHER INFORMATION**

**ITEM 1      LEGAL PROCEEDINGS**

***Cleco***

          Forinformation on legal proceedings affecting Cleco, see Item 1, "Notes to the Unaudited Condensed Financial Statements-Note 8 - Securities Litigation and Other Commitments and Contingencies" andsee Item 2, "Management's Discussion andAnalysis of Financial Condition and Results of Operations - Financial Condition- Regulatory Matters - Fuel Audit" in this Report, which areincorporated herein by reference.

***Cleco Power***

          Forinformation on legal proceedings affecting Cleco Power, see Item 1, "Notes to the Unaudited Condensed Financial Statements - Note8 - Securities Litigation and Other Commitments and Contingencies" and see Item2, "Management's Discussion and Analysis ofFinancial Condition and Results of Operations - Financial Condition -Regulatory Matters - Fuel Audit" in this Report, which are incorporatedherein by reference.

**ITEM 2      CHANGESIN SECURITIES, USE OF PROCEEDS AND ISSUER**

**                    PURCHASESOF EQUITY SECURITIES**

***Cleco Purchases of EquitySecurities***

          During thequarter ended March 31, 2004, none of Cleco Corporation's equity securitiesregistered pursuant to Section 12 of the Securities Exchange Act of 1934 waspurchased by or on behalf of Cleco Corporation or any of its "affiliatedpurchasers," as defined in Rule 10b-18(a)(3) under the Securities Exchange Actof 1934.

**ITEM3      DEFAULTS UPON SENIOR SECURITIES**

***Cleco***

          The bankruptcy filings by the Mirant Debtors, MAEM'sfailure to remit amounts due under the Perryville Tolling Agreement, and MAEM'srejection of the Perryville Tolling Agreement were events of default under theSenior Loan Agreement, and as of March 31, 2004, have not been cured.  Upon thebankruptcy filings by Perryville and PEH on January 28, 2004, the outstandingamounts ($131.7 million at March 31, 2004) under the Senior Loan Agreement weredeemed accelerated.  As a result of the commencement of thePerryville and PEH bankruptcy cases and by virtue of the automatic stay underthe U.S. Bankruptcy Code, the lenders' ability to exercise their remedies underthe Senior Loan Agreement are limited significantly and would require approvalof the Perryville and PEH Bankruptcy Court.  For additionalinformation regarding the default, see Item 1, "Notes to the Unaudited CondensedFinancial Statements - Note 14 - Perryville," which is incorporated herein byreference.

**ITEM 4      SUBMISSIONOF MATTERS TO A VOTE OF SECURITY HOLDERS**

** **

(a)

The Annual Meeting of Shareholders of Cleco Corporation  was held on April 23, 2004, in Alexandria, Louisiana.

(b)

Proxies for the election of directors were solicited  pursuant to Regulation 14A under the Securities Exchange Act of 1934, as  amended.  There was no solicitation in opposition to management's  nominees, and all nominees listed in the Proxy Statement were elected.

(c)

The following is a tabulation of the votes cast upon each  proposal presented at the Annual  Meeting of  Shareholders of Cleco Corporation on April 23, 2004.

53

     Election of Directors to  serve until the 2007 Annual Meeting of Shareholders:

 

**Class I Directors**

**For**

**Withheld**

**BrokersNon-Votes**

Sherian G. Cadoria

31,997,384

3,548,841

0

Richard B. Crowell

32,082,735

3,463,490

0

David M. Eppler

32,046,422

3,499,803

0

W. Larry Westbrook

34,678,528

   867,697

0

 

          The  term of office as a director of each of Messrs. J. Patrick Garrett, F. Ben  James, Jr., Elton R. King, William L. Marks, Ray B. Nesbitt, Robert T.  Ratcliff, Sr., and William H. Walker, Jr. continued after the meeting. 

**ITEM 5      OTHERINFORMATION**

          The next annual shareholders' meeting has been set forApril 22, 2005.

54

**ITEM 6      EXHIBITSAND REPORTS ON FORM 8-K**

**(a)**

**Exhibits**

** **

Cleco Corporation:

  11

Computation of Net Income per Common Share for the three  months ended March 31, 2004, and 2003

 

  12(a)

Computation of Earnings to Fixed Charges and Earnings to  Combined Fixed Charges and Preferred Stock Dividends for the three- and  twelve-month periods ended March 31, 2004, for Cleco Corporation

 

   31(a)

CEO Certification in  accordance with section 302 of the Sarbanes-Oxley Act of 2002  CFO Certification in accordance with section 302 of the Sarbanes-Oxley Act of  2002

 

  32(a)

CEO and CFO Certification  pursuant to section 906 of the Sarbanes-Oxley Act of 2002

 

Cleco Power:

  10(a)

401(k) Savings and Investment Plan, As Amended and  Restated Effective January 1,  2004

 

  12(b)

Computation of Earnings to Fixed Charges for the three-  and twelve-month periods ended March 31, 2004, for Cleco Power

 

  31(b)

CEO Certification in  accordance with section 302 of the Sarbanes-Oxley Act of 2002  CFO Certification in accordance with section 302 of the Sarbanes-Oxley Act of  2002

 

  32(b)

CEO and CFO Certification  pursuant to section 906 of the Sarbanes-Oxley Act of 2002

 

**(b)**

**Reports on Form 8-K**

Cleco Corporation:

 

          On  January 28, 2004, Cleco Corporation filed a Form 8-K dated as of January 28,  2004, concerning the issuance of a press release regarding the signing of an  agreement providing for the sale of the Perryville power plant, the interim  sale of the plant's output and the voluntary petitions filed under Chapter 11  by Perryville and PEH, and including as an exhibit such press release.

 

          On  March 9, 2004, Cleco Corporation furnished a Form 8-K dated as of March 9,  2004, concerning the issuance of a press release regarding earnings for the  quarter and year ended December 31, 2003, and including as an exhibit such  press release.

 

          On  March 19, 2004, Cleco Corporation filed a Form 8-K dated as of March 18,  2004, announcing that the LPSC approved a one-year extension of the rate  stabilization plan of Cleco Power LLC, Cleco's regulated utility subsidiary,  and including as an exhibit such press release.

 

 

Cleco Power:

 

 
          On  March 19, 2004, Cleco Power filed a Form 8-K dated as of March 18, 2004,  announcing that the LPSC approved a one-year extension of the rate  stabilization plan of Cleco Power LLC, Cleco's regulated utility subsidiary,  and including as an exhibit such press release.

 55

***SIGNATURE***

          Pursuant to therequirements of the Securities Exchange Act of 1934, the Registrant has dulycaused this report to be signed on its behalf by the undersigned thereunto dulyauthorized.

**    CLECO  CORPORATION**

                 (Registrant)

By:   /s/  R. Russell Davis        

        R.  Russell Davis

        Vice  President and Controller

        (Principal  Accounting Officer)

Date: May 5, 2004

56

***SIGNATURE***

          Pursuant to therequirements of the Securities Exchange Act of 1934, the Registrant has dulycaused this report to be signed on its behalf by the undersigned thereunto dulyauthorized.

**    CLECO POWER LLC**

                 (Registrant)

By:   /s/ R. Russell  Davis        

        R. Russell  Davis

        Vice  President and Controller

        (Principal  Accounting Officer)

Date: May 5, 2004

57

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