----

**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 June 30, 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 Outstandingat July 31, 2004 |
| Cleco Corporation                                                                                                                                                                          | Common Stock, $1.00 Par Value | 47,106,456 |

**Cleco Power LLC, a wholly owned subsidiary of Cleco Corporation, meets theconditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q andis therefore filing this Form 10-Q with the reduced disclosure format.**

----

This Combined Form 10-Q isseparately filed by Cleco Corporation and Cleco Power.  Information inthis filing relating to Cleco Power is filed by Cleco Corporation andseparately by Cleco Power on its own behalf.  Cleco Power makes no representationas to information relating to Cleco Corporation (except as it may relate toCleco Power) or any other affiliate or subsidiary of Cleco Corporation.

**TABLE OF CONTENTS**

|             | Page                                                                                   |
|-------------|----------------------------------------------------------------------------------------|
| ** **  | GLOSSARYOF TERMS                                                                       | 2 |
| ** **  | ** **                                                                             |  |
| ** **  | DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS                                        | 4  |
|             |                                                                                        |  |
| **PART I**  | **Financial Information **                                                        |  |
|             |                                                                                        |  |
| ITEM 1      | Cleco Corporation - Condensed Consolidated Financial  Statements                       | 6 |
|             | Cleco Power - Condensed Financial  Statements                                          | 14 |
|             | Notes to the Unaudited Condensed Financial  Statements                                 | 20  |
|             |                                                                                        |  |
| 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       | 64  |
|             |                                                                                        |  |
| ITEM 4      | Controls and  Procedures                                                               | 67  |
|             |                                                                                        |  |
|             |                                                                                        |  |
| **PART II** | **Other Information **                                                            |  |
|             |                                                                                        |  |
| ITEM 1      | Legal  Proceedings                                                                     | 68 |
|             | ** **                                                                             |  |
| ITEM 2      | Changes in Securities, Use of Proceeds and Issuer Purchases of Equity  Securities      | 68 |
|             | ** **                                                                             |  |
| ITEM 3      | Defaults Upon Senior  Securities                                                       | 68 |
|             | ** **                                                                             |  |
| ITEM 4      | Submission of Matters to a Vote of Security  Holders                                   | 68 |
|             | ** **                                                                             |  |
| ITEM 5      | Other  Information                                                                     | 68 |
|             | ** **                                                                             |  |
| ITEM 6      | Exhibits and Reports on Form  8-K                                                      | 69 |
|             |                                                                                        |  |
|             |                                                                                        |  |
| ** **  | Signatures                                                                             | 70 |
|             |                                                                                        |  |
|             |                                                                                        |  |  |

****1

----

**GLOSSARY OF TERMS**

          References in thisfiling to "Cleco" mean Cleco Corporation and its subsidiaries, including ClecoPower, and references to "Cleco Power" mean Cleco Power LLC, unless the contextclearly indicates otherwise.  Additional abbreviations or acronymsused 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                                                                                                                                                      |
| Aquila                       | Aquila Energy Marketing Corporation                                                                                                                                                                                     |
| Calpine                      | Calpine Corporation                                                                                                                                                                                                     |
| Calpine Tolling Agreements   | Capacity Sale and Tolling Agreements between Acadia and CES                                                                                                                                                             |
| CES                          | Calpine Energy Services, L.P.                                                                                                                                                                                           |
| Cleco Energy                 | Cleco Energy LLC, a wholly owned subsidiary of Midstream                                                                                                                                                                |
| Consent Agreement            | Stipulation and Consent Agreement, dated as of July 25, 2003, between  Cleco and       the FERC Staff                                                                                               |
| Dynegy                       | Dynegy Power Marketing, Inc.                                                                                                                                                                                            |
| EITF                         | Emerging Issues Task Force of the FASB                                                                                                                                                                                  |
| EITF No. 03-6                | Participating Securities and the Two-Class Method under FASB Statement  No.       128, Earnings per Share                                                                                           |
| 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                                                                                                                                          |
| EPA                          | Environmental Protection Agency                                                                                                                                                                                         |
| 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                                             |
| FSP SFAS No. 106-2           | 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                                                                                                                                                                                                           |
| LDEQ                         | Louisiana Department of Environmental Quality                                                                                                                                                                           |
| LIBOR                        | London Inter-Bank Offer Rate                                                                                                                                                                                            |
| Lignite Mining Agreement     | Dolet Hills Mine Lignite Mining Agreement, dated as of May 31, 2001                                                                                                                                                     |
| LPSC                         | Louisiana Public Service Commission                                                                                                                                                                                     |
| LTICP                        | Long-Term Incentive Compensation Plan                                                                                                                                                                                   |
| MAEM                         | Mirant Americas Energy Marketing, LP                                                                                                                                                                                    |
| MAI                          | Mirant Americas, Inc., a wholly owned subsidiary of Mirant                                                                                                                                                              |

2

----

 

| 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                                                                                                                                                                         |
| 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. |
| NOx                                 | Nitrogen oxides                                                                                                                                                                                                                                       |
| 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                                                                                                                                                                                       |
| Power Purchase Agreement            | Power Purchase Agreement, dated as of January 28, 2004, between  Perryville and      Entergy Services                                                                                                                             |
| Registrant(s)                       | Cleco Corporation and Cleco Power                                                                                                                                                                                                                     |
| 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. 106                        | Employers' Accounting for Postretirement Benefits Other Than Pensions                                                                                                                                                                                 |
| SFAS No. 123                        | Accounting for Stock-Based Compensation                                                                                                                                                                                                               |
| SFAS No. 128                        | Earnings per Share                                                                                                                                                                                                                                    |
| SFAS No. 131                        | Disclosures about Segments of an Enterprise and Related Information                                                                                                                                                                                   |
| SFAS No. 133                        | Accounting for Derivative Instruments and Hedging Activities                                                                                                                                                                                          |
| SFAS No. 144                        | Accounting for the Impairment or Disposal of Long-Lived Assets                                                                                                                                                                                        |
| SFAS No. 149                        | Amendment of Statement 133 on Accounting for Derivative Instruments  and      Hedging Activities                                                                                                                                  |
| SO2                                 | Sulfur dioxide                                                                                                                                                                                                                                        |
| 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                             |
| Subordinated Loan Agreement         | Subordinated Loan  Agreement, dated as of August 23, 2002, between Perryville       and MAI                                                                                                                                       |
| SWEPCO                              | Southwestern Electric Power Company                                                                                                                                                                                                                   |
| Support Group                       | Cleco Support Group LLC, a wholly owned subsidiary of Cleco  Corporation                                                                                                                                                                              |
| 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, cost of and reliance on natural gas as a component  of Cleco's generation fuel mix and their impact on competition and franchises,  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; 
-   
Reduction of Calpine Tolling Agreement payments by CES to  Acadia resulting from allegations by CES regarding transmission  constraints in the area of the Acadia power plant. 
-   
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 (which is intended  to enhance wholesale energy competition); 
-   
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; 

4
-   
Employee work force factors, including work stoppages and  changes in key executives;
-   
Legal, environmental, and regulatory delays and other  obstacles associated with mergers, acquisitions, capital projects,  reorganizations, or investments in joint ventures; 
-   
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.

          Allsubsequent written 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 CONSOLIDATEDFINANCIAL STATEMENTS**

          Thesecondensed consolidated financial statements should be read in conjunction withCleco Corporation's Consolidated Financial Statements and Notes included in theRegistrants' Combined Annual Report on Form 10-K for the fiscal year endedDecember 31, 2003.  For more information on the basis of presentation, see"Notes to the Unaudited Condensed Financial Statements - Note 1 - Summary ofSignificant Accounting Policies - Basis of Presentation."

6

**CLECO CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**For the three months ended June 30,**

**(UNAUDITED) **

**2004**

** **

2003

(Thousands, except  share and

per share amounts)

**Operating revenue**

** **

** **

Electric operations

**$**

**176,292 **

** **

$

171,267 

Tolling operations

**- **

** **

28,032 

Energy trading, net

**- **

** **

(56)

Other operations

**6,989 **

** **

8,223 

Affiliate revenue

**2,152 **

** **

- 

Gross operating revenue

**185,433 **

** **

** **

207,466 

Electric customer  credits

**(19,111)**

** **

(8,500)

Net operating revenue

**166,322 **

** **

198,966 

**Operating expenses**

** **

** **

Fuel used for electric  generation

**19,707 **

** **

36,793 

Power purchased for  utility customers

**71,795 **

** **

57,831 

Other operations

**21,954 **

** **

27,155 

Maintenance

**10,896 **

** **

10,891 

Depreciation

**14,432 **

** **

18,125 

Impairment of  long-lived assets

**- **

** **

134,773 

Taxes other than income  taxes

**9,767 **

** **

9,829 

Total operating  expenses

**148,551 **

** **

** **

295,397 

**Operating income  (loss)**

**17,771 **

** **

(96,431)

Interest income

**2,031 **

** **

720 

Allowance for other  funds used during construction

**884 **

** **

717 

Equity income from  investees

**9,153 **

** **

7,795 

Other income

**151 **

** **

- 

Other expense

**(293)**

** **

(2,175)

Income (loss) before  interest charges

**29,697 **

(89,374)

**Interest charges**

** **

** **

Interest charges,  including amortization of debt expenses,

** **

** **

** **

premium and discount,  net of capitalized interest

**11,096 **

** **

18,321 

Allowance for borrowed  funds used during construction

**(287)**

** **

(151)

Total interest charges

**10,809 **

** **

18,170 

** **

** **

**Net income (loss)  from continuing operations before      income taxes and preferred dividends**

**18,888 **

** **

(107,544)

Federal and state  income tax expense (benefit)

**7,919 **

** **

(40,794)

**Net income (loss)  from continuing operations**

**10,969 **

** **

(66,750)

**Discontinued  operations**

** **

** **

      (Loss)  income from discontinued operations, net of income taxes

**(288)**

** **

349 

**Net income (loss) before  preferred dividends**

**10,681 **

** **

(66,401)

Preferred dividends  requirements, net

**778 **

** **

457 

**Net income (loss) applicable  to common stock**

**$**

**9,903 **

** **

$

(66,858)

** **

** **

** **

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

*** ***

* *

* *

7

**CLECO CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Continued)**

**For the three months ended June 30,**

**(UNAUDITED) **

** **

**2004**

** **

2003

** **

(Thousands, except  share and

** **

per share amounts)

**Average shares of  common stock outstanding**

Basic

** **

**47,078,622 **

** **

47,225,304 

Diluted

** **

**47,113,599 **

** **

47,225,304 

**Basic earnings per  share**

** **

** **

** **

From continuing  operations

**$**

**0.22 **

** **

$

(1.43)

From discontinued  operations

**$**

**(0.01)**

** **

$

0.01 

Net income (loss)  applicable to common stock

**$**

**0.21 **

** **

$

(1.42)

**Diluted earnings per  share**

** **

** **

** **

From continuing operations

**$**

**0.22 **

** **

$

(1.43)

From discontinued  operations

**$**

**(0.01)**

** **

$

0.01 

Net income (loss)  applicable to common stock

**$**

**0.21 **

** **

$

(1.42)

**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 June 30,**

**(UNAUDITED) **

**2004**

** **

2003

 
(Thousands)

Net income (loss) applicable  to common stock

**$**

**9,903 **

** **

$

(66,858)

Other comprehensive  income (loss), net of tax:

** **

** **

Net unrealized income (loss)  from limited partnership

** **

** **

     (net of income tax  expense of $17 in 2004)

**32 **

** **

(86)

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

** **

** **

     (net of income tax  benefit of $1 in 2004)

**(1)**

** **

39 

**Comprehensive income  (loss), net of tax**

**$**

**9,934 **

** **

$

(66,905)

** **

** **

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

 
8

**CLECO CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSFor the six months ended June 30,(UNAUDITED)**

**2004**

** **

2003

 
(Thousands, except  share and  per share amounts)

 
 
**Operating revenue**

** **

** **

 
Electric operations

**$**

**325,671 **

$

310,134 

 
Tolling operations

** **

**10,255 **

51,809 

 
Energy trading, net

** **

**- **

(425)

 
Other operations

** **

**13,894 **

15,763 

 
Affiliate revenue

** **

**2,984 **

- 

 
Gross operating revenue

** **

**352,804 **

377,281 

 
Electric customer  credits

** **

**(19,833)**

** **

** **

(9,411)

 
Net operating revenue

** **

**332,971 **

367,870 

 
**Operating expenses**

** **

** **

 
Fuel used for electric  generation

** **

**49,850 **

69,496 

 
Power purchased for  utility customers

** **

**126,904 **

100,427 

 
Other operations

** **

**41,659 **

42,483 

 
Maintenance

** **

**19,503 **

20,226 

 
Depreciation

** **

**30,643 **

41,666 

 
Impairment of  long-lived assets

** **

**- **

134,773 

 
Taxes other than income  taxes

** **

**19,749 **

19,676 

 
Total operating  expenses

** **

**288,308 **

428,747 

 
**Operating income  (loss)**

** **

**44,663 **

(60,877)

 
Interest income

** **

**2,405 **

1,393 

 
Allowance for other  funds used during construction

** **

**1,726 **

1,627 

 
Equity income from  investees

** **

**17,811 **

15,601 

 
Other income

** **

**101 **

368 

 
Other expense

** **

**(623)**

(3,519)

 
Income (loss) before  interest charges

** **

**66,083 **

(45,407)

 
**Interest charges**

** **

** **

 
Interest charges,  including amortization of debt expenses,

** **

** **

 
premium and discount,  net of capitalized interest

** **

**29,014 **

35,832 

 
Allowance for borrowed  funds used during construction

** **

**(570)**

(356)

 
Total interest charges

** **

**28,444 **

35,476 

 
** **

** **

 
**Net income (loss) from  continuing operations before      income taxes and preferred dividends**

** **

**37,639 **

(80,883)

 
Federal and state  income tax expense (benefit)

** **

**13,450 **

(32,409)

 
**Net income (loss)  from continuing operations**

** **

**24,189 **

(48,474)

 
**Discontinued operations**

** **

** **

 
      Loss  from discontinued operations, net of income taxes

** **

**(130)**

(114)

 
**Net income (loss)  before preferred dividends**

** **

**24,059 **

(48,588)

 
Preferred dividends  requirements, net

** **

**1,277 **

934 

 
**Net income (loss)  applicable to common stock**

**$**

**22,782 **

$

(49,522)

 
** **

** **

** **

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

* *

* *

 
9

**CLECO CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued) For the six months ended June 30, (UNAUDITED)**

** **

**2004**

** **

** **

2003

 
** **

(Thousands, except  share and

 
** **

per share amounts)

 
**Average shares of  common stock outstanding**

Basic

** **

**46,994,132 **

47,138,454 

Diluted

** **

**47,033,900 **

47,138,454 

**Basic earnings per  share**

** **

** **

From continuing  operations

**$**

**0.48 **

$

(1.05)

From discontinued  operations

**$**

**- **

$

-  

Net income (loss)  applicable to common stock

**$**

**0.48 **

$

(1.05)

**Diluted earnings per  share**

** **

** **

From continuing operations

**$**

**0.48 **

$

(1.05)

From discontinued  operations

**$**

**- **

$

-  

Net income (loss)  applicable to common stock

**$**

**0.48 **

$

(1.05)

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

**$**

**0.450 **

$

0.450 

** **

** **

** **

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

* *

* *

 
**CLECO CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEFor the six months ended June 30,(UNAUDITED)**

**2004**

** **

2003

(Thousands)

Net income (loss)  applicable to common stock

**$**

**22,782 **

** **

$

(49,522)

Other comprehensive  income (loss), net of tax:

** **

** **

Net unrealized income (loss)  from limited partnership

** **

** **

     (net of income tax  expense of $48 in 2004)

**79 **

** **

(67)

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

** **

** **

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

**11 **

** **

(7)

**Comprehensive income  (loss), net of tax**

**$**

**22,872 **

** **

$

(49,596)

** **

** **

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

10

**CLECO CORPORATION**

**CONDENSED  CONSOLIDATED BALANCE SHEETS**

**(UNAUDITED) **

**At**

** **

At

**June 30,**

** **

December 31,

**2004**

** **

2003

** **

(Thousands)

**Assets**

Current assets

** **

** **

Cash and cash  equivalents

**$**

**61,862 **

** **

$

95,381 

Restricted cash,  current portion

**- **

** **

6,668 

Customer accounts  receivable (less allowance for doubtful

** **

** **

accounts of $1,071 in  2004 and $17,154 in 2003)

**37,808 **

** **

28,657 

Accounts receivable -  affiliate

**1,769 **

** **

- 

Other accounts receivable  

**23,465 **

** **

28,233 

Taxes receivable

**- **

** **

22,127 

Unbilled revenue

**23,406 **

** **

23,658 

Fuel inventory, at  average cost

**15,943 **

** **

15,719 

Material and supplies  inventory, at average cost

**14,650 **

** **

17,348 

Risk management assets

**1,478 **

** **

1,322 

Accumulated deferred  federal and state income taxes, net

**3,320 **

** **

1,544 

Accumulated deferred  fuel

**19,940 **

** **

- 

Cash surrender value of  company owned life insurance policies

**8,496 **

** **

5,048 

Other current assets

**7,078 **

** **

7,694 

Total current assets

**219,215 **

** **

253,399 

Property, plant and  equipment

** **

** **

Property, plant and  equipment

**1,730,344 **

** **

2,105,972 

Accumulated  depreciation

**(761,613)**

** **

(773,043)

  Net property, plant and  equipment

**968,731 **

** **

1,332,929 

Construction  work-in-progress

**80,616 **

** **

75,855 

Total property, plant  and equipment, net

**1,049,347 **

** **

1,408,784 

** **

** **

Equity investment in  investees

**312,549 **

** **

264,073 

Prepayments

**9,615 **

** **

12,732 

Restricted cash, less  current portion

**93 **

** **

34,594 

Regulatory assets and  liabilities - deferred taxes, net  

**92,104 **

** **

93,142 

Regulatory assets - other

**25,825 **

** **

26,466 

Assets  held for sale

**7,277 **

** **

8,282 

Long-term receivable

**- **

** **

14,701 

Other deferred charges

**36,440 **

** **

43,253 

**Total assets**

**$**

**1,752,465 **

** **

$

2,159,426 

** **

** **

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

*** ***

* *

* *

* *

* *

* *

* *

*** ***

*** ***

*(Continued on next page)*

* *

*** ***

*** ***

11

**CLECO CORPORATION**

**CONDENSED  CONSOLIDATED BALANCE SHEETS (Continued)**

**(UNAUDITED) **

**At**

** **

At

**June 30,**

** **

December 31,

**2004**

** **

2003

** **

(Thousands)

 
**Liabilities and  shareholders' equity**

 
** **

**Liabilities**

** **

** **

Current liabilities

** **

** **

Short-term debt

**$**

**- **

** **

$

200,787 

Short-term debt -  affiliate

**6,076 **

** **

- 

Long-term debt due  within one year

**160,000 **

** **

4,918 

Accounts payable

**70,324 **

** **

82,314 

Retainage

**162 **

** **

7,625 

Accrued payroll

**2,153 **

** **

2,141 

Accounts payable -  affiliate

**6,454 **

** **

- 

Customer deposits

**22,272 **

** **

21,382 

Taxes accrued

**34,942 **

** **

- 

Interest accrued

**9,555 **

** **

15,667 

Accumulated deferred  fuel

**- **

** **

6,579 

Risk management  liabilities

**12 **

** **

357 

Other current  liabilities

**4,786 **

** **

3,785 

Total current  liabilities

**316,736 **

** **

345,555 

Deferred credits

** **

** **

Accumulated deferred  federal and state income taxes, net

**339,414 **

** **

324,687 

Accumulated deferred  investment tax credits

**18,159 **

** **

19,015 

Other deferred credits

**125,113 **

** **

61,643 

Total deferred credits

**482,686 **

405,345 

Long-term debt, net  

**450,585 **

** **

907,058 

Total liabilities

**1,250,007 **

** **

1,657,958 

** **

** **

**Shareholders' equity**

** **

** **

Preferred stock

** **

** **

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

** **

** **

1,352,000 shares,  issued 235,070 and 253,240 shares at 

** **

** **

June 30, 2004 and  December 31, 2003, respectively

**23,507 **

** **

25,324 

Deferred compensation  related to preferred stock held by ESOP

**(4,526)**

** **

(6,607)

Total preferred stock  not subject to mandatory redemption

**18,981 **

** **

18,717 

Common shareholders'  equity

** **

** **

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

** **

** **

issued 47,585,889 and 47,299,119  shares at June 30, 2004

** **

** **

and December 31, 2003,  respectively

**47,586 **

** **

47,299 

Premium on common stock

**158,518 **

** **

154,928 

Retained earnings

**288,464 **

** **

286,797 

Unearned compensation

**(6,826)**

** **

- 

Treasury stock, at  cost, 29,703 and 115,484 shares

** **

** **

at June 30, 2004 and  December 31, 2003, respectively

**(575)**

** **

(2,493)

Accumulated other  comprehensive loss

**(3,690)**

** **

(3,780)

Total common  shareholders' equity

**483,477 **

** **

482,751 

Total shareholders'  equity

**502,458 **

** **

501,468 

**Total liabilities  and shareholders' equity**

**$**

**1,752,465 **

** **

$

2,159,426 

** **

** **

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

** **

12

**CLECO CORPORATION**

**CONDENSED  CONSOLIDATED STATEMENTS OF CASH FLOWS**

**For the six months ended June 30,**

**(UNAUDITED) **

**2004**
   
2003

(Thousands)

**Operating activities**

** **

** **

Net income (loss) before preferred dividends

**$**

**24,059 **

** **

$

(48,588)

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

** **

** **

** **

** **

Depreciation and amortization

** **

**32,480 **

** **

** **

43,903 

Provision for doubtful accounts

** **

**600 **

** **

** **

6,701 

Return on equity investment in investee

** **

**14,777 **

** **

** **

15,601 

Income from equity investments

** **

**(17,811)**

** **

** **

(15,583)

Amortization of unearned  compensation
** **

**(1,204)**

** **

** **

- 

Allowance for other funds used during construction

** **

**(1,726)**

** **

** **

(1,627)

Amortization of investment tax credits

** **

**(856)**

** **

** **

(864)

Net deferred income taxes  

** **

**7,218 **

** **

** **

(42,101)

Deferred fuel costs  

** **

**(24,501)**

** **

** **

(9,222)

Impairment of long-lived assets

** **

**1,100 **

** **

** **

134,773 

Changes in assets and liabilities:

** **

** **

** **

** **

Accounts receivable

** **

**(10,517)**

** **

** **

2,708 

Affiliate accounts receivable  

** **

**(14,445)**

** **

** **

- 

Unbilled revenue

** **

**252 **

** **

** **

(4,837)

Fuel, materials and supplies inventory

** **

**(1,415)**

** **

** **

(4,227)

Prepayments

** **

**2,686 **

** **

** **

713 

Accounts payable

** **

**(9,696)**

** **

** **

(34,410)

Affiliate accounts payable

** **

**9,902 **

** **

** **

- 

Customer deposits

** **

**890 **

** **

** **

115 

Long-term receivable

** **

**(2,206)**

** **

** **

(4,105)

Other deferred accounts

** **

**31,959 **

** **

** **

7,050 

Retainage payable

** **

**(7,463)**

** **

** **

- 

Taxes accrued

** **

**55,318 **

** **

** **

55,165 

Interest accrued

** **

**(4,178)**

** **

** **

524 

Risk management assets and liabilities, net

** **

**(501)**

** **

** **

(3,109)

Other, net

** **

**(1,946)**

** **

** **

(3,530)

Net cash provided by operating activities

** **

**82,776 **

** **

** **

95,050 

**Investing activities**

** **

** **

** **

** **

Additions to property, plant and equipment

** **

**(39,761)**

** **

** **

(38,465)

Allowance for other funds used during construction

** **

**1,726 **

** **

** **

1,627 

Proceeds from sale of property, plant and equipment

** **

**34 **

** **

** **

259 

Return of equity investment in investees

** **

**6,868 **

** **

** **

2,900 

Investment in cost method investments

** **

**(2,715)**

** **

** **

- 

Cash transferred from restricted accounts, net

** **

**10,178 **

** **

** **

10,171 

Net cash used in by investing activities

** **

**(23,670)**

** **

** **

(23,508)

**Financing activities**

 

 

** **

** **

Issuance of common stock

** **

**- **

** **

** **

2,095 

Conversion of options to common stock

** **

**136 **

** **

** **

- 

Repurchase of common stock

** **

**- **

** **

** **

(32)

Change in short-term debt, net

** **

**(67,750)**

** **

** **

(237,550)

Retirement of long-term obligations

** **

**(2,479)**

** **

** **

(38,463)

Issuance of long-term debt

** **

**- **

** **

** **

175,000 

Deferred financing costs

** **

**- **

** **

** **

(2,474)

Dividends paid on preferred stock

** **

**(1,316)**

** **

** **

Dividends paid on common stock  

** **

**(21,216)**

** **

** **

(22,158)

Net cash used in financing activities

** **

**(92,625)**

** **

** **

(123,582)

**Net decrease in cash and cash equivalents**

** **

**(33,519)**

** **

** **

(52,040)

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

** **

**95,381 **

** **

** **

114,331 

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

**$**

**61,862 **

** **

$

62,291 

**Supplementary cash flow information**

** **

** **

** **

Interest paid (net of amount capitalized)

**$**

**32,141 **

** **

$

33,803 

Income taxes received  

**$**

**(44,206)**

** **

$

(36,827)

**Supplementary noncash financing activities**

** **

** **

** **

Issuance of treasury stock

**$**

**- **

** **

$

49 

Issuance of treasury stock - LTICP and ESOP plans

**$**

**1,815**** **

** **

$

- 

Issuance  of common stock - LTICP and ESOP plans

**$**

**3,842 **

** **

$

**- **

** **

** **

** **

** **

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

** **

** **

** **

13

**CLECO POWER PART I - FINANCIAL INFORMATION**

**ITEM 1      CONDENSED FINANCIALSTATEMENTS**

          Thesecondensed financial statements should be read in conjunction with Cleco Power'sFinancial Statements and Notes included in the Registrants' Combined AnnualReport on Form 10-K for the fiscal year ended December 31, 2003.  For moreinformation on the basis of presentation, see "Notes to the Unaudited CondensedFinancial Statements - Note 1 - Summary of Significant Accounting Policies -Basis of Presentation."

14

**CLECO POWER**

**CONDENSED  STATEMENTS OF INCOME**

**For the three months ended June 30,**

**(UNAUDITED) **

**2004**

** **

2003

 
(Thousands)

 
**Operating revenue**

Electric operations

**$**

**176,292 **

** **

$

171,267 

Energy trading, net

**- **

** **

839 

Other operations

**6,931 **

** **

7,984 

Affiliate revenue

**458 **

** **

541 

Gross operating revenue

**183,681 **

** **

** **

180,631 

Electric customer  credits

**(19,111)**

** **

(8,500)

Net operating revenue

**164,570 **

** **

** **

172,131 

** **

** **

**Operating expenses**

** **

** **

Fuel used for electric  generation

**19,707 **

** **

36,855 

Power purchased for  utility customers

**71,795 **

** **

56,746 

Other operations

**19,516 **

** **

15,087 

Maintenance

**10,020 **

** **

8,744 

Depreciation

**14,111 **

** **

13,354 

Taxes other than income  taxes

**9,256 **

** **

9,399 

Total operating  expenses

**144,405 **

** **

** **

140,185 

** **

** **

**Operating income**

**20,165 **

** **

31,946 

** **

** **

Interest income

**1,942 **

** **

283 

Allowance for other  funds used during construction

**884 **

** **

717 

Other income

**78 **

** **

366 

Other expense

**(408)**

** **

(1,178)

** **

** **

**Income before  interest charges**

**22,661 **

32,134 

** **

** **

**Interest charges**

** **

** **

Interest charges,  including amortization of debt expenses,

** **

** **

premium and discount

**6,580 **

** **

** **

7,551 

Allowance for borrowed  funds used during construction

**(287)**

** **

(151)

Total interest charges

**6,293 **

** **

7,400 

** **

** **

**Net income before  income taxes**

**16,368 **

** **

24,734 

** **

** **

Federal and state  income taxes

**6,658 **

** **

9,481 

** **

** **

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

**$**

**9,710 **

** **

$

15,253 

** **

** **

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

* *

* *

* *

* *

* *

15

**CLECO POWER**

**CONDENSED  STATEMENTS OF INCOME**

**For the six months ended June 30,**

**(UNAUDITED) **

**2004**

** **

2003

 
(Thousands)

 
**Operating revenue**

Electric operations

**$**

**325,671 **

** **

$

310,134 

Energy trading, net

**- **

** **

630 

Other operations

**13,793 **

** **

15,179 

Affiliate revenue

**948 **

** **

1,102 

Gross operating revenue

**340,412 **

** **

** **

327,045 

Electric customer  credits

**(19,833)**

** **

** **

(9,411)

Net operating revenue

**320,579 **

** **

** **

317,634 

** **

** **

**Operating expenses**

** **

** **

Fuel used for electric  generation

**49,850 **

** **

69,598 

Power purchased for  utility customers

**126,904 **

** **

99,341 

Other operations

**35,589 **

** **

27,467 

Maintenance

**16,993 **

** **

15,496 

Depreciation

**28,117 **

** **

26,596 

Taxes other than income  taxes

**18,472 **

** **

18,539 

Total operating  expenses

**275,925 **

** **

** **

257,037 

** **

** **

**Operating income**

**44,654 **

** **

60,597 

** **

** **

Interest income

**2,200 **

** **

634 

Allowance for other  funds used during construction

**1,726 **

** **

1,627 

Other income

**143 **

** **

1,281 

Other expense

**(942)**

** **

(2,718)

** **

** **

**Income before  interest charges**

**47,781 **

61,421 

** **

** **

**Interest charges**

** **

** **

Interest charges,  including amortization of debt expenses,

** **

** **

premium and discount

**14,227 **

** **

** **

14,677 

Allowance for borrowed  funds used during construction

**(570)**

** **

(356)

Total interest charges

**13,657 **

** **

14,321 

** **

** **

**Net income before  income taxes**

**34,124 **

** **

47,100 

** **

** **

Federal and state  income taxes

**12,594 **

** **

15,909 

** **

** **

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

**$**

**21,530 **

** **

$

31,191 

** **

** **

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

* *

* *

* *

* *

* *

16
****
**CLECO POWER**

**CONDENSED  BALANCE SHEETS**

**(UNAUDITED) **

**At**

** **

At

**June 30,**

** **

December 31,

**2004**

** **

2003

(Thousands)

**Assets**

** **

** **

** **

Utility plant and  equipment

** **

** **

** **

Property, plant and  equipment

**$**

**1,719,733 **

** **

$

1,692,815 

** **

Accumulated  depreciation

**(757,286)**

** **

(732,334)

** **

Net property, plant and  equipment

**962,447 **

** **

960,481 

** **

Construction  work-in-progress

**78,053 **

** **

68,224 

** **

Total utility plant,  net

**1,040,500 **

** **

1,028,705 

** **

** **

** **

Current assets

** **

** **

Cash and cash  equivalents

**53,599 **

** **

70,990 

Customer accounts  receivable (less allowance for

** **

** **

doubtful accounts of $869  in 2004 and $755 in 2003)

**37,808 **

** **

25,513 

Other accounts  receivable

**19,860 **

** **

18,733 

Accounts receivable -  affiliate

**3,699 **

** **

17,052 

Unbilled revenue

**18,852 **

** **

17,208 

Fuel inventory, at  average cost

**15,943 **

** **

15,719 

Material and supplies  inventory, at average cost

**14,650 **

** **

13,477 

Risk management assets

**1,466 **

** **

966 

Accumulated deferred  fuel

**19,940 **

** **

- 

Accumulated deferred  federal and state income taxes, net

**3,507 **

** **

2,353 

Other current assets

**3,997 **

** **

4,738 

Total current assets

**193,321 **

** **

186,749 

** **

** **

Prepayments

**9,205 **

** **

9,033 

Regulatory assets and  liabilities - deferred taxes, net

**92,104 **

** **

93,142 

Regulatory assets - other

**25,825 **

** **

26,466 

Other deferred charges

**30,700 **

** **

34,821 

** **

** **

**Total assets**

**$**

**1,391,655 **

** **

$

1,378,916 

** **

** **

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

*** ***

* *

* *

** **

** **

*(continued on next page)*

* *

*** ***

*** ***

* *

* *

17

**CLECO POWER**

**CONDENSED  BALANCE SHEETS (Continued)**

**(UNAUDITED) **

**At**

** **

At

**June 30,**

** **

December 31,

**2004**

** **

2003

(Thousands)

**Liabilities and  member's equity**

** **

** **

** **

Member's equity

**$**

**444,495 **

** **

$

445,866 

** **

Long-term debt

**350,585 **

** **

410,576 

** **

** **

** **

** **

**Total capitalization**

**795,080 **

** **

856,442 

** **

** **

** **

Current liabilities

** **

** **

Long-term debt due  within one year

**60,000 **

** **

- 

Accounts payable

**60,523 **

** **

69,456 

Accounts payable -  affiliate

**4,085 **

** **

24,694 

Customer deposits

**22,257 **

** **

21,364 

Taxes accrued

**34,015 **

** **

11,216 

Interest accrued

**7,659 **

** **

7,619 

Accumulated deferred  fuel 

**- **

** **

6,579 

Other current  liabilities

**3,446 **

** **

2,768 

Total current  liabilities

**191,985 **

** **

143,696 

** **

** **

Deferred credits

** **

** **

Accumulated deferred  federal and state income taxes, net

**317,352 **

** **

313,871 

Accumulated deferred  investment tax credits

**18,159 **

** **

19,015 

Other deferred credits

**69,079 **

** **

45,892 

Total deferred credits

**404,590 **

** **

378,778 

** **

** **

**Total liabilities  and member's equity**

**$**

**1,391,655 **

** **

$

1,378,916 

** **

** **

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

*** ***

* *

* *

18
****
**CLECO POWER**

**CONDENSED  STATEMENTS OF CASH FLOWS**

**For the six months ended June 30,**

**(UNAUDITED) **

**2004**
   
2003

(Thousands)

**Operating activities**

Net income applicable to member's equity

**$**

**21,530 **

** **

$

31,191 

Adjustments to reconcile net income to net cash provided

** **

** **

by operating activities:

** **

** **

Depreciation and amortization

**29,142 **

** **

** **

27,350 

Provision for doubtful accounts

**600 **

** **

** **

500 

Allowance for other funds used during construction

**(1,726)**

** **

** **

(1,627)

Amortization of investment tax credits

**(856)**

** **

** **

(864)

Deferred income taxes

**1,321 **

** **

** **

2,313 

Deferred fuel costs  

**(24,501)**

** **

** **

(9,272)

Changes in assets and liabilities:

** **

** **

** **

Accounts receivable

**(14,022)**

** **

** **

(8,910)

Affiliate accounts receivable  

**13,353 **

** **

** **

5,701 

Unbilled revenue

**(1,644)**

** **

(2,952)

Fuel, materials and supplies inventory

**(1,397)**

** **

(4,081)

Prepayments

**(172)**

** **

58 

Accounts payable

**(8,933)**

** **

(10,662)

Affiliate accounts payable

**(20,609)**

** **

(2,620)

Customer deposits

**893 **

** **

113 

Other deferred accounts

**26,199 **

** **

7,848 

Taxes accrued

**22,799 **

** **

54,738 

Interest accrued

**40 **

** **

140 

Risk management assets and liabilities, net

**(500)**

** **

(3,489)

Other, net

**1,399 **

** **

(1,459)

Net cash provided by operating activities

**42,916 **

** **

84,016 

**Investing activities**

** **

** **

Additions to property, plant and equipment

**(39,167)**

** **

(33,392)

Allowance for other funds used during construction

**1,726 **

** **

1,627 

Proceeds from sale of property, plant and equipment

**34 **

** **

259 

Net cash used in investing activities

**(37,407)**

** **

** **

(31,506)

**Financing activities**

** **

** **

Change in short-term debt, net

**- **

** **

(107,000)

Retirement of long-term obligations

**- **

** **

(25,000)

Issuance of long-term debt

**- **

** **

75,000 

Deferred financing costs

**- **

** **

(557)

Distribution to parent

**(22,900)**

** **

(30,500)

Net cash used in financing activities

**(22,900)**

** **

** **

(88,057)

**Net decrease in cash and cash equivalents**

**(17,391)**

** **

(35,547)

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

**70,990 **

** **

69,167 

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

**$**

**53,599 **

** **

$

33,620 

**Supplementary cash flow information**

** **

** **

Interest paid (net of amount capitalized)

**$**

**14,407 **

** **

$

13,540 

Income taxes paid (received)  

**$**

**4,452 **

** **

$

(22,005)

** **

** **

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

** **

** **

19

***INDEX TO APPLICABLE NOTES TO THE UNAUDITEDCONDENSED FINANCIAL STATEMENTS 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  

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

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

Variable Interest Entities

Cleco Corporation

Note 12

Pension Plan and Employee Benefits

Cleco Corporation and Cleco Power

Note 13

Perryville

Cleco Corporation

Note 14

Discontinued Operations

Cleco Corporation
Note 15Income TaxesCleco Corporation and Cleco PowerNote 16Deferred Fuel and Power Purchased CostsCleco Corporation and Cleco Power
***NOTES TO THE UNAUDITEDCONDENSED FINANCIAL STATEMENTS***

**Note 1 - Summary of Significant Accounting Policies**

***Principles of Consolidation***

          Theaccompanying condensed consolidated financial statements of Cleco include theaccounts of Cleco and its majority-owned subsidiaries after elimination of intercompanyaccounts and transactions.

          Cleco hasadopted the provisions of FIN 46R on its scheduled effectivedates.  Through a review of equity interests and other contractualrelationships, Cleco has determined that it is not the primary beneficiary ofEvangeline, which is considered a variable interest entity.  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 no longer reportedon Cleco Corporation's Condensed Consolidated Balance Sheet, but instead arerepresented by one line item corresponding to Cleco's equity investment inEvangeline.  Effective April 1, 2004, Evangeline's results of operations arereported as equity income from investees on Cleco Corporation's Condensed ConsolidatedStatements of Operations.  For additional information on the deconsolidation ofEvangeline, see Note 5 - "Equity Investment in Investees."

          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 June 30, 2004, this investment had a negativecost basis of approximately $39.8 million, which is included in other deferredcredits on Cleco Corporation's Condensed Consolidated Balance Sheet. When Perryville's bankruptcy proceedings are concluded, the subsequentaccounting treatment 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 13 - "Perryville."

20

***Basis of Presentation***

          Thecondensed consolidated financial statements of Cleco Corporation and ClecoPower have been prepared pursuant to the rules and regulations of theSEC.  Certain information and note disclosures normally included infinancial statements prepared in accordance with generally accepted accountingprinciples have been condensed or omitted pursuant to such rules and regulations,although Cleco believes that the disclosures are adequate to make the informationpresented not misleading.

          Theyear-end condensed consolidated balance sheet data was derived from auditedfinancial statements, but does not include all disclosures required bygenerally accepted accounting principles.  The unaudited financial informationincluded in the condensed financial statements of Cleco and Cleco Power reflectall adjustments of a normal recurring nature which are, in the opinion of the managementof Cleco and Cleco Power, as the case may be, necessary for a fair presentationof the financial position 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.

***Stock-Based Compensation***

          At June 30, 2004,Cleco Corporation had two stock-based compensation plans:  the LTICP and theEmployee Stock Purchase Plan (ESPP).  Options or restricted shares of stock maybe granted to certain officers, key employees, or directors of ClecoCorporation and its subsidiaries pursuant to the LTICP.  Substantially allemployees, excluding officers and general managers, of Cleco Corporation andits subsidiaries may choose to participate in the ESPP and purchase a limitedamount of common stock at a discount through a stock option agreement.  APB OpinionNo. 25 and related interpretations are applied in accounting for ClecoCorporation's stock-based compensation plans.

          The fairmarket value of restricted stock as determined on the measurement date isrecorded as compensation expense over the vesting period.  As of June 30, 2004,the number of shares of restricted stock previously granted for whichrestrictions had not lapsed totaled 456,439 shares.  Compensation expense (reversalof expense) has been recognized for restricted stock issued as shown in thefollowing table.

For the three months ended June 30,

For the six months ended June 30,

 
 
**2004**

** **

2003

** **

**2004**

** **

2003

 
(Thousands)

 
Expense recognized/(reversed)

**$**

**855 **

$

718 

**$**

**(1,204)**

$

(871)

 
          ClecoCorporation does not recognize compensation expense for stock options issuedpursuant to the LTICP and the ESPP.  Net income and net income per common sharewould approximate the pro forma amounts in the table below, if the compensationexpense for these plans were recognized in compliance with SFAS No. 123.

For the three months ended June 30,

For six months ended June 30,

**2004**

2003

**2004**

2003

(In thousands, except per share amounts)

Net income (loss) applicable to common stock, as reported

**$**

**9,903 **

$

(66,858)

**$**

**22,782 **

$

(49,522)

Stock-based employee compensation expense recognized      (reversed) included in reported net income applicable     to common stock, net of related income tax effects

**$**

**527 **

$

442 

**$**

**(741)**

$

(536)

Total stock-based employee compensation expense     (reversed) determined under fair value based method     for all awards, net of related tax effects

**$**

**(593)**

$

(529)

**$**

**622 **

$

376 

Pro forma net income (loss) applicable to common stock

**$**

**9,837 **

$

(66,945)

**$**

**22,663 **

$

(49,682)

** **

** **

** **

** **

Earnings (loss) per share:

** **

** **

** **

** **

   Basic - as reported

**$**

**0.21 **

$

(1.42)

**$**

**0.48 **

$

(1.05)

   Basic - pro forma

**$**

**0.21 **

$

(1.42)

**$**

**0.48 **

$

(1.05)

** **

** **

   Diluted - as reported

**$**

**0.21 **

$

(1.42)

**$**

**0.48 **

$

(1.05)

   Diluted - pro forma

**$**

**0.21 **

$

(1.42)

**$**

**0.48 **

$

(1.05)

21

          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 usesderivative financial instruments for purposes of hedging exposures tofluctuations in interest rates and commodity prices and recognizes these derivativeinstruments on the balance sheet at fair value.  Changes in the fair value ofthose instruments are reported in earnings or other comprehensive incomedepending on the use of the derivative and whether it qualifies for hedgeaccounting.

          Clecoentered into floating interest rate swaps on February 20, 2004, and May 3, 2004,in order to hedge changes in the fair value portions of one of its 8.75% SeniorNotes due June 1, 2005.  Interest rate swaps are considered derivatives andmust be evaluated pursuant to SFAS No. 133.  Both interest rate swaps qualifyas a fair value hedge and meet the conditions on determining effectivenessoutlined in SFAS No. 133 that allow Cleco to use the shortcut method ofdetermining and reporting the fair value of the hedge.  Using this method, thechange in fair value of the hedge is recorded as an adjustment to interestexpense by recording the interest calculated using the floating rate ratherthan the amount recorded using the fixed-rate.  For additional information on the interestrate swaps, see Note 10 - "Debt."

**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 (loss) 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 segment subsidiariesoperate within Louisiana and Delaware.

          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 by Cleco'sBoard 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 preferredstock dividends.  Material intercompany transactions occur on aregular basis.

22

          The tables belowpresent information about the reported operating results and net assets of Cleco'sreportable segments.

**Segment Information**

**For the quarter ended June 30,**

(Thousands) 

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Unallocated**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Items,**

** **

** **

** **

** **

** **

**Cleco**

** **

** **

** **

** **

** **

** **

** **

**Reclassifications**

** **

** **

** **

**2004**
   
**Power**

** **

**Midstream**

** **

**Other**

** **

**& Eliminations**

** **

**Consolidated**

Revenue

     Electric operations

**$**

**176,292 **

** **

**$**

**- **

** **

**$**

**- **

** **

**$**

**- **

** **

**$**

**176,292 **

     Other operations

**6,931 **

** **

** **

**27 **

** **

** **

**82 **

** **

** **

**(51)**

** **

** **

**6,989 **

     Electric customer credits

**(19,111)**

** **

** **

**- **

** **

** **

**- **

** **

** **

**- **

** **

** **

**(19,111)**

Affiliate revenue

**8 **

** **

** **

**1,321 **

** **

** **

**823 **

** **

** **

**- **

** **

** **

**2,152 **

Intercompany revenue

** **

**450 **

** **

** **

**- **

** **

** **

**10,037 **

** **

** **

**(10,487)**

** **

** **

**- **

Net  operating revenue

**$**

**164,570 **

** **

**$**

**1,348 **

** **

**$**

**10,942 **

** **

**$**

**(10,538)**

** **

**$**

**166,322 **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

Depreciation expense

**$**

**14,111 **

** **

**$**

**81 **

** **

**$**

**240 **

** **

**$**

**- **

** **

**$**

**14,432 **

Interest charges

**$**

**6,293 **

** **

**$**

**2,957 **

** **

**$**

**4,569 **

** **

**$**

**(3,010)**

** **

**$**

**10,809 **

Interest income

**$**

**1,942 **

** **

**$**

**- **

** **

**$**

**3,075 **

** **

**$**

**(2,986)**

** **

**$**

**2,031 **

Equity income from investees

**$**

**- **

** **

**$**

**9,153 **

** **

**$**

**- **

** **

**$**

**- **

** **

**$**

**9,153 **

Federal and state income tax expense (benefit)

**$**

**6,658 **

** **

**$**

**2,049 **

** **

**$**

**(733)**

** **

**$**

**(55)**

** **

**$**

**7,919 **

Segment profit (loss) from continuing     operations, net

**$**

**9,710 **

** **

**$**

**2,819 **

** **

**$**

**(1,560)**

** **

**$**

**- **

** **

**$**

**10,969 **

Loss from discontinued operations, net

**$**

**- **

** **

**$**

**(288)**

** **

**$**

**- **

** **

**$**

**- **

** **

**$**

**(288)**

Segment profit (loss) (1)

**$**

**9,710 **

** **

**$**

**2,531 **

** **

**$**

**(1,560)**

** **

**$**

**- **

** **

**$**

**10,681 **

Additions to long-lived assets  

**$**

**18,641 **

** **

**$**

**(40)**

** **

**$**

**339 **

** **

**$**

**- **

** **

**$**

**18,940 **

Segment assets

**$**

**1,391,655 **

** **

**$**

**347,654 **

** **

**$**

**561,569 **

** **

**$**

**(548,413)**

** **

**$**

**1,752,465 **

(1)  Reconciliation of segment profit to consolidated profit:

Segment profit

** **

** **

**$**

**10,681 **

** **

Unallocated item

** **

** **

** **

** **

** **

     Preferred dividends

** **

** **

**(778)**

** **

Net income applicable

** **

** **

** **

** **

     to common stock

** **

**$**

**9,903 **

** **

** **

** **

** **

** **

** **

** **

** **

 

Unallocated

Items,

Cleco  

Reclassifications

2003
   
Power

Midstream

Other

& Eliminations

Consolidated

Revenue

     Electric operations

$

171,267 

$

- 

$

- 

$

- 

$

171,267 

     Tolling operations

- 

28,032 

- 

- 

28,032 

     Energy trading, net

839 

(2,179)

- 

1,284 

(56)

     Other operations

7,984 

445 

17 

(223)

8,223 

     Electric customer credits

(8,500)

- 

- 

- 

(8,500)

Intercompany revenue

541 

91 

10,482 

(11,114)

- 

Net  operating revenue

$

172,131 

$

26,389 

$

10,499 

$

(10,053)

$

198,966 

Depreciation expense

$

13,354 

$

4,498 

$

273 

$

- 

$

18,125 

Impairment of long-lived assets

$

- 

$

134,773 

$

- 

$

- 

$

134,773 

Interest charges

$

7,400 

$

9,878 

$

4,570 

$

(3,678)

$

18,170 

Interest income

$

283 

$

325 

$

3,702 

$

(3,590)

$

720 

Equity income from investees

$

- 

$

7,795 

$

- 

$

- 

$

7,795 

Federal and state income tax expense (benefit)

$

9,481 

$

(49,145)

$

(1,057)

$

(73)

$

(40,794)

Segment profit (loss) from continuing    operations,  net

$

15,253 

$

(79,377)

$

(2,626)

$

- 

$

(66,750)

Income from discontinued operations, net

$

- 

$

349 

$

- 

$

- 

$

349 

Segment profit (loss)  (1)

$

15,253 

$

(79,028)

$

(2,626)

$

- 

$

(66,401)

Additions to long-lived assets  

$

16,474 

$

2,050 

$

252 

$

- 

$

18,776 

Segment assets

$

1,325,987 

$

828,536 

$

616,718 

$

(614,725)

$

2,156,516 

(1)  Reconciliation of segment profit (loss) to consolidated profit:

Segment profit (loss)

$

(66,401)

Unallocated item

     Preferred dividends

(457)

Net income (loss) applicable

     to common stock

$

(66,858)

23

**Segment Information**

**For the six months ended June 30,**

(Thousands) 

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Unallocated**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Items,**

** **

** **

** **

** **

** **

**Cleco**

** **

** **

** **

** **

** **

** **

** **

**Reclassifications**

** **

** **

** **

**2004**

** **

**Power**

** **

**Midstream**

** **

**Other**

** **

**& Eliminations**

** **

**Consolidated**

Revenue

** **

** **

** **

** **

** **

** **

** **

** **

** **

     Electric operations

** **

**$**

**325,671 **

** **

**$**

**- **

** **

**$**

**- **

** **

**$**

**- **

** **

**$**

**325,671 **

     Tolling operations

** **

** **

**- **

** **

** **

**10,255 **

** **

** **

**- **

** **

** **

**- **

** **

** **

**10,255 **

     Other operations

** **

** **

**13,793 **

** **

** **

**29 **

** **

** **

**157 **

** **

** **

**(85)**

** **

** **

**13,894 **

     Electric customer credits

** **

** **

**(19,833)**

** **

** **

**- **

** **

** **

**- **

** **

** **

**- **

** **

** **

**(19,833)**

Affiliate revenue

** **

** **

**8 **

** **

** **

**1,788 **

** **

** **

**1,188 **

** **

** **

**- **

** **

** **

**2,984 **

Intercompany revenue

** **

** **

**940 **

** **

** **

**12 **

** **

** **

**18,899 **

** **

** **

**(19,851)**

** **

** **

**- **

Net  operating revenue

** **

**$**

**320,579 **

** **

**$**

**12,084 **

** **

**$**

**20,244 **

** **

**$**

**(19,936)**

** **

**$**

**332,971 **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

Depreciation expense

** **

**$**

**28,117 **

** **

**$**

**2,036 **

** **

**$**

**490 **

** **

**$**

**- **

** **

**$**

**30,643 **

Interest charges

** **

**$**

**13,657 **

** **

**$**

**11,190 **

** **

**$**

**9,581 **

** **

**$**

**(5,984)**

** **

**$**

**28,444 **

Interest income

** **

**$**

**2,200 **

** **

**$**

**49 **

** **

**$**

**6,116 **

** **

**$**

**(5,960)**

** **

**$**

**2,405 **

Equity income from investees

** **

**$**

**- **

** **

**$**

**17,811 **

** **

**$**

**- **

** **

**$**

**- **

** **

**$**

**17,811 **

Federal and state income tax expense     (benefit)

** **

**$**

**12,594 **

** **

**$**

**3,454 **

** **

**$**

**(2,502)**

** **

**$**

**(96)**

** **

**$**

**13,450 **

Segment profit (loss) from continuing     operations, net

** **

**$**

**21,530 **

** **

**$**

**5,014 **

** **

**$**

**(2,355)**

** **

**$**

**- **

** **

**$**

**24,189 **

Loss from discontinued operations, net

** **

**$**

**- **

** **

**$**

**(130)**

** **

**$**

**- **

** **

**$**

**- **

** **

**$**

**(130)**

Segment profit (loss) (1)

** **

**$**

**21,530 **

** **

**$**

**4,884 **

** **

**$**

**(2,355) **

** **

**$**

**- **

** **

**$**

**24,059 **

Additions to long-lived assets  

** **

**$**

**39,167 **

** **

**$**

**(40)**

** **

**$**

**634 **

** **

**$**

**- **

** **

**$**

**39,761 **

Segment assets

** **

**$**

**1,391,655 **

** **

**$**

**347,654 **

** **

**$**

**561,569 **

** **

**$**

**(548,413)**

** **

**$**

**1,752,465 **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

(1)  Reconciliation of segment profit to consolidated profit:

Segment profit

** **

**$**

**24,059 **

** **

Unallocated item

** **

** **

** **

** **

     Preferred dividends

** **

** **

**(1,277)**

** **

Net income applicable

** **

** **

** **

** **

     to common stock

** **

**$**

**22,782 **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

 

Unallocated

Items,

Cleco  

Reclassifications

2003
   
Power

Midstream

Other

& Eliminations

Consolidated

Revenue

     Electric operations

$

310,134 

$

- 

$

- 

$

- 

$

310,134 

     Tolling operations

- 

51,809 

- 

- 

51,809 

     Energy trading, net

630 

(2,338)

- 

1,283 

(425)

     Other operations

15,179 

774 

46 

(236)

15,763 

     Electric customer credits

(9,411)

- 

- 

- 

(9,411)

Intercompany revenue

1,102 

167 

20,438 

(21,707)

- 

Net  operating revenue

$

317,634 

$

50,412 

$

20,484 

$

(20,660)

$

367,870 

Depreciation expense

$

26,596 

$

14,541 

$

529 

$

- 

$

41,666 

Impairment of long-lived assets

$

- 

$

134,773 

$

- 

$

- 

$

134,773 

Interest charges

$

14,321 

$

20,383 

$

8,100 

$

(7,328)

$

35,476 

Interest income

$

634 

$

454 

$

7,545 

$

(7,240)

$

1,393 

Equity income from investees

$

- 

$

15,601 

$

- 

$

- 

$

15,601 

Federal and state income tax expense (benefit)

$

15,909 

$

(47,239)

$

(961)

$

(118)

$

(32,409)

Segment profit (loss) from continuing     operations, net

$

31,191 

$

(76,290)

$

(3,375)

$

- 

$

(48,474)

Loss from discontinued operations, net

$

- 

$

(114)

$

- 

$

- 

$

(114)

Segment profit (loss)  (1)

$

31,191 

$

(76,404)

$

(3,375)

$

- 

$

(48,588)

Additions to long-lived assets  

$

33,392 

$

4,526 

$

547 

$

- 

$

38,465 

Segment assets

$

1,325,987 

$

828,536 

$

616,718 

$

(614,725)

$

2,156,516 

(1)  Reconciliation of segment profit (loss) to consolidated profit:

Segment profit (loss)

$

(48,588)

Unallocated item

     Preferred dividends

(934)

Net income (loss) applicable

     to common stock

$

(49,522)

24

**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 June 30, 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, $6.9 million under an agreement withthe lenders for Perryville and $1.8 million of APH's cash under the terms ofthe Midstream line of credit.  The $41.2 million decrease inrestricted cash in 2004 was primarily the result of the deconsolidation ofEvangeline and Perryville.  For information on the change in accounting forEvangeline and Perryville, see Note 1 - "Summary of Significant AccountingPolicies - Principles of Consolidation."

**Note 5 - EquityInvestment in Investees**

          Equity investment in investees represents Midstream's $257.2million investment in Acadia, owned 50% by Midstreamand 50% by Calpine, $55.3 million investment in Evangeline, owned 100% byMidstream and a minimal investment in PowerTree Carbon Company, LLC.  Aminimal investment in Hudson SVD LLC is classified as assets held for sale onCleco Corporation's Condensed Consolidated Balance Sheet.  For information onthe assets held for sale, see Note 14 - "Discontinued Operations."  Midstream'sportion of earnings from Acadia and Evangeline are included in the equityinvestments of each company, respectively.  The earnings from Acadia were $6.1million and $14.7 million for the three months and six months ended June 30,2004, respectively.  Effective April 1, 2004, in accordance with FIN 46R, Clecowas required to deconsolidate Evangeline from its condensed consolidatedfinancial statements.  Earnings from Evangeline were $3.0 million for the threemonths ended June 30, 2004.  For the second quarter of 2004, no materialearnings or losses were recorded for the other equity investments.

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

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

At June 30, 2004

(Thousands)

Contributed assets (cash and land)

$

250,612 

Net income (inception to date)

61,236 

Capitalized interest and other

19,504 

     Less:  Cash distributions

74,183 

          Total  equity investment in investee

$

257,169 

          Midstream'sequity, as reported on the balance sheet of Acadia at June 30, 2004, was $289.2million.  The difference of $32.0 million between the equity investment in investee of $257.2 million as shown in the table above and Midstream's equityincludes $19.5 million of interest capitalized on funds contributed to Acadiaand other miscellaneous charges related to the construction of the Acadiafacility.  This amount is offset by $51.5 million which represents thedifference between the accounting treatments used by the partnership entities torecord the allocation of termination agreement income.  The cashdistributions of $74.2 million were used to pay interest and repay principal ondebt at Cleco Corporation relating to this investment.  APH receivespriority cash distributions and earnings as its consideration for the May 2003restructuring of the tolling agreements.  As of June 30, 2004, APHhas received all of its annual priority distributions of $14.0 million.  In addition, Cleco has more credit support available in the event CES and Calpine fail tofulfill their obligations under either tolling agreement.    Calpine has posted letters ofcredit totaling $40.0 million as of June 30, 2004.  These letters ofcredit have various expiration terms, of which $13.0 million will expire on May9, 2006, $12.0 million will expire on December 31, 2006, and $15.0 million willremain in effect for the duration of the tolling agreements.  Forinformation on  allegations by CES concerning transmissionconstraints, see Note 8 - "Litigation and Other Commitments and Contingencies - Other Contingencies.  "Thetable below contains unaudited summarized financial information for Acadia.

25

 

**At June 30,   2004**

At December 31,  2003

(Thousands)

Current assets

**$**

**14,325 **

$

14,217 

Property, plant and equipment, net

** **

**469,476 **

474,561 

Other assets

** **

**5,600 **

4,167 

     Total assets

**$**

**489,401 **

$

492,945 

** **

** **

Current liabilities

**$**

**6,883 **

$

3,711 

Partners' capital

** **

**482,518 **

489,234 

     Total liabilities and partners' capital

**$**

**489,401 **

$

492,945 
               
 

For the three months ended June 30,

For the six months ended June 30,

 
**2004**

2003

**2004**

2003

 
(Thousands)

 
Total revenue

**$**

**19,562 **

$

21,397

**$**

**38,842  **

$

44,050 

Termination agreement income

** **

**- **

105,500

**- **

105,500 

Total operating expenses

** **

**10,714 **

7,897

**16,267**

14,938 
   
** **
            
     Net income

** $**

**8,848   **

$
119,000 

**$**

**22,575  **
**$**
134,612 

          Incometax expense recorded on APH's financial statements related to Midstream's 50%ownership interest in Acadia was $2.4 million and $5.7 million for the threemonths and six months ended June 30, 2004, respectively.

          Thetable below presents the components of Midstream's equity investment inEvangeline.

At June 30, 2004

(Thousands)

Contributed assets (cash)

$

43,580 

Net income (inception to date)

86,664 

     Less: Cash distributions

74,883 

          Total  equity investment in investee

$

55,361 

          Thetable below contains unaudited condensed financial information for Evangeline.

**At June 30,  2004**

At December 31,  2003

(Thousands)

Current assets

**$**

**13,619 **

$

45,493 

Accounts receivable - affiliate

** **

**4 **

- 

Property, plant and equipment, net

** **

**200,553 **

203,296 

Other assets

** **

**49,341 **

46,272 

     Total assets

**$**

**263,517 **

$

295,061 

** **

** **

Current liabilities

**$**

**12,052 **

$

15,911 

Accounts payable - affiliate

** **

**531 **

- 

Long-term debt

** **

**194,826 **

197,832 

Other liabilities

** **

**47,878 **

45,879 

Member's equity

** **

**8,230 **

35,439 

     Total liabilities and member's equity

**$**

**263,517 **

$

295,061 
               
26

 

**Condensed Statements of Operations**

**For the three months ended**

**For the six months ended**

(Unaudited)

**March 31, 2004**

**June 30, 2004**

June 30, 2003

**June 30, 2004**

June 30, 2003

(Thousands)

Operating revenue

**$**

**10,191 **

**$**

**11,860 **

$

12,808 

**$**

**22,051 **

$

23,554 

Operating expenses 

** **

**3,102 **

** **

**2,935 **

3,433 

** **

**6,037 **

7,562 

Depreciation

** **

**1,407 **

** **

**1,406 **

1,649 

** **

**2,813 **

8,914 

Interest charges 

** **

**4,402 **

** **

**4,513 **

4,358 

** **

**8,915 **

9,009 

Other income

** **

**59 **

** **

**37 **

28 

** **

**96 **

105 

Other expense

** **

**4 **

** **

**9 **

8 

** **

**13 **

32 

Federal and  state income     tax expense (benefit) 

** **

**528 **

** **

**- **

1,310 

** **

**528 **

(707)

Net income (loss)

**$**

**807 **

**$**

**3,034 **

$

2,078 

**$**

**3,841 **

$

(1,151)

** **

** **

** **

** **

** **

** **

          Incometax expense recorded on Midstream's financial statements related to Midstream's100% ownership interest in Evangeline was $1.3 million for the three monthsended June 30, 2004.

**Note 6 - Recent Accounting Standards**

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

          On March 31,2004, the EITF issued EITF No. 03-6 which clarifies the computation of earningsper share in SFAS No. 128, for companies that have issued securities other thancommon stock that entitle the holder to participate in the company's declared dividendsand earnings.  The consensus states that securities should be included in basicearnings per share calculations when the holder is entitled to receivedividends rather than if the holder is entitled to receive earnings or valueupon redemption of the securities or liquidation of assets.  The effective dateof EITF No. 03-6 is the first fiscal period beginning after March 31, 2004, andrequires restatement of prior period information.  Cleco Corporation adoptedthe two-class method for computing basic earnings per share, as outlined in the consensus, forfinancial statements issued for the quarter ended June 30, 2004.  Implementationof the consensus had no effect on the financial results and resulted in nochange in earnings per share for the three-month and six-month periods ending June 30, 2004,and 2003.

          On May 19, 2004, FASBissued FSP SFAS No. 106-2 which superseded FSP SFAS No. 106-1.  FSP SFAS No.106-2 requires companies that provide post-retirement prescription drugbenefits which are "actuarially equivalent" to Medicare Part D to reflect thefederal subsidy in their calculations of the post-retirement liability andcurrent expense.  Since rules have not yet been promulgated on how to determineactuarial equivalency, Cleco Corporation is following the disclosurerequirements of FSP SFAS No. 106-2 and will modify its post-retirementliability and expense calculation when these rules are final.

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

          Cleco'sreported earnings for the six months ended June 30, 2004, reflect a $3.8million accrual within Cleco Power for electric customer credits that areexpected to be required under terms of an earnings review settlement reachedwith the LPSC in 1996.  The financial results of the third quarter of2004 could impact the amount of electric credits to be refunded pursuant to thissettlement.  The 1996 LPSC settlement, subsequent amendments, and a recentlyapproved one-year extension, set Cleco Power's rates until September 30, 2005.  Theterms of the original settlement have not changed.  The agreementallows Cleco Power to retain all regulated earnings up to a 12.25% return onequity and to share equally with customers as credits on their bills allregulated earnings between 12.25% and 13% return on equity.  Allregulated earnings above a 13% return on equity are credited tocustomers.  This effectively allows Cleco Power the opportunity torealize a regulatory rate of return up to 12.625%.  The amount of credits duecustomers, if any, is determined by the LPSC annually based on results for each12-month period ended September 30.  The settlement provides for suchcredits to be made on customers' bills the following summer.  TheLPSC's preliminary report for the cycle ended September 30, 2001, required a$0.6 million refund, which was credited to customers' bills in September2002.  Cleco anticipates receiving the final report for the cycleended September 30, 2001, by September 30, 2004.  The LPSC has notyet issued its preliminary report for the cycles ended September 30, 2002, andSeptember 30, 2003, for which Cleco Power has made the requisite filings. These filings were pending completion in part relative to the completion of thefuel and trading practices audit.  Now that the  

27

settlement has been reached inthat review, Cleco anticipates the completion of these reviews before or by thethird quarter of 2005.

          AtJune 30, 2004 Cleco Power's Condensed Balance Sheets, under the lineitem other deferred credits, reflect an $8.9 million accrual for electriccustomer credits related to the 12-month cycles ended September 30, 2001,through 2004.  These amounts were recorded as a reduction in revenuedue to the nature of the customer credits.  The accrual is based uponthe original 1996 settlement, the resolution of annual issues as agreed betweenCleco and the LPSC, and Cleco's assessment of issues that remain outstanding.

          In additionto the electric customer credit accrual referred to above, Cleco Power'sreported earnings for the six months ended June 30, 2004, and other deferredcredits on Cleco Power's Condensed Balance Sheets at June 30, 2004,reflect a $16.0 million accrual for additional credits to customers as a resultof Cleco Power's pending settlement of an audit of fuel revenue andexpenses by the LPSC.  For information on the LPSC fuel audit, see Note 8 - "Litigationand Other Commitments and Contingencies - Fuel Audit."

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

***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 12, 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 toRemand.  On April 9, 2004, the court denied the plaintiff's Motion toRemand and granted Cleco Corporation's Motion to Dismiss, dismissing thismatter with prejudice.  The plaintiff filed an appeal with the U.S. FifthCircuit Court of Appeals on May 14, 2004.  Cleco is opposing this appeal and itis unknown when a decision will be rendered by the appellate court.

          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 Cleco Corporation.  Thecomplaint alleges violations of Section 14(a) of the Securities Exchange Act of1934 and Rule 14a-9 promulgated thereunder, and, in addition, breaches offiduciary duties owed to Westar, and/or for aiding and abetting suchbreaches.  The complaint asserts that Cleco Corporation aided andabetted the director defendants' breaches of fiduciary duties by engaging inround-trip trades with Westar.  The complaint seeks the award ofunspecified compensatory damages against the defendants and the plaintiff'scosts and disbursements of the lawsuit.  The complaint has beenamended, 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 thissuit on 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.  On July 6, 2004, ClecoCorporation announced that it had reached a preliminary settlement regardingthese issues as well as the issues raised in the pending fuel audit by theLPSC.  On July 14, 2004, Cleco, the LPSC Staff and these plaintiffs enteredinto a settlement in connection with the LPSC settlement of the fuel audit andrelated trading issues.  On July 21, 2004, the LPSC issued an order approvingthe settlement.  To become effective, the settlement and dismissal still needsapproval by the 27th

28

Judicial District Court, Parish of St. Landry,State of Louisiana.  For more information on the pending settlement of the LPSCfuel audit and related issues, see "- Fuel Audit."

          Cleco is involvedin regulatory, environmental, and legal proceedings before various courts,regulatory commissions, and governmental agencies regarding matters arising inthe 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 information and,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.

***Fuel Audit***

          In thesecond half of 2002, the LPSC informed Cleco Power that it was planning toconduct a periodic fuel audit.  The audit commenced in March 2003 andincluded Fuel Adjustment Clause filings for January 2001 through December 2002,although a portion of the data requested for the audit related to periods priorto 2001.  Three parties intervened in the LPSC fuel audit proceeding,one of which withdrew its petition and two of which are Cleco Power customersand remain involved in the proceeding.  The audit, pursuant to theFuel Adjustment 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 is the first LPSC Fuel Adjustment Clause audit of Cleco Power since theissuance of the General Order. On July 6, 2004, Cleco announcedthat it had reached a preliminary settlement of the pending fuel audit andrelated issues with the LPSC Staff and with the intervenors in the fuel auditproceeding.  The settlement also includes settlement of the claims made byseveral Cleco Power customers in a lawsuit filed in the 27thJudicial District Court, Parish of St. Landry, State of Louisiana.  Thesettlement was entered into on July 14, 2004, subject to approval by the LPSCand dismissal with prejudice of the St. Landry Parish lawsuit and the releaseof all claims related to the lawsuit.  On July 21, 2004, the LPSC issued anorder approving the settlement.  For more information on the St. Landry Parishlawsuit, see - "Litigation" above.  The settlement of the LPSC fuel audit andrelated trading issues calls for Cleco Power to refund $16.0 million to itscustomers.  The specific timing of distribution of the refund is contingentupon dismissal of the St. Landry Parish lawsuit; however, the refund isexpected to be completed by the fourth quarter of 2004.  Cleco Power agreed aspart of the settlement to make certain Fuel Adjustment Clause filings andaffiliate reports with the LPSC, to adopt a reasonable compliance monitoringprogram, and to review with the LPSC Staff its interaffiliate code of conductin order to make recommendations to expand the code of conduct.  The settlementalso includes an agreement between Cleco Power and the intervenors wherebyCleco will pay a negotiated amount of the intervenors' attorney fees.  Thesettlement agreement, upon effectiveness, resolves issues related to recoveryof fuel and purchased power expenses for 2001 and 2002 and all trading issuescovered by the audit.  However, if the dismissal of the St. Landry Parishlitigation and related release of claims do not occur as provided in thesettlement agreement, the settlement agreement will not become effective, thecurrent fuel audit proceedings will continue and Cleco Power could be requiredto make a refund of previously recorded revenue different than the amountcontained in the settlement agreement.  Cleco Power'spre-tax earnings in the second quarter of 2004 were reduced by $10.0 milliondue to the settlement, which represents the amount of the customer refund and intervenors'attorney fees associated with the settlement, less amounts previously recordedin conjunction with issues covered by the settlement.  Cleco Power anticipates the next fuel audit tocover 2003 and 2004; however, any future audit could include prior periods withthe exception of January 2001 through December 2002. Management is unable to predict the results of a future LPSC fuel audit, whichcould require Cleco Power to refund previously recovered revenue and couldresult in a significant material adverse impact on the Registrants' results ofoperations and financial condition. 

***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.

29

          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 June 30, 2004.  A discussion of the off-balance sheetcommitments is detailed in the explanations following the table.  Thediscussion should be read in conjunction with the table to understand theimpact of the off-balance sheet commitments on Cleco's financial condition.

At June 30, 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 Acadia's plant      construction contractor

$

167 

$

- 

$

167 

$

167 

Cleco Corporation obligation under  Perryville's debt service reserve

7,352 

2,715 

4,637 

4,637 

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

19,500 

10,000 

9,500 

- 

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

24,683 

- 

24,683 

- 

     Total

$

344,102 

$

12,715 

$

331,387 

$

19,804 

* *          IfAcadia cannot pay the contractor who built its plant, Cleco Corporation will berequired to pay 50% of the current amount outstanding.  At June 30,2004, Cleco Corporation's 50% portion of the contractor's current amountoutstanding was approximately $0.2 million.  The guarantee on theAcadia construction contracts 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 Cleco Corporation'scredit facility, the amount due the Acadia contractor reducesthe 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 $4.6 million onbehalf of Perryville under a cash collateralorder issued by the Perryville and PEH Bankruptcy Court.  As of June30, 2004, Cleco Corporation has paid the quarterly principal payments due byPerryville in the amount of $2.7 million as required by the Perryville and PEHBankruptcy Court.  In addition, if Cleco Corporation's long-termsenior unsecured debt is rated below BBB- by Standard & Poor's or Baa3 byMoody's, Cleco Corporation will be required to post a letter of credit in anamount up to $4.6 million.  For information on the cash collateralorder, bankruptcy filings of the Mirant Debtors, Perryville and PEH and theirrelated impacts on the Senior Loan Agreement, see Note 13 - "Perryville."

          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 creditfacility.  At June 30, 2004, the total guaranteed net open positionsfor Cleco Energy were minimal, so the borrowing restriction in ClecoCorporation's credit facility was not affected.  As counterpartiesand transactional volumes change, corresponding changes will be made in thelevel of guarantees issued by Cleco Corporation.

          ClecoCorporation provided a limited guaranty to Entergy Louisiana and Entergy GulfStates for Perryville's performance obligations under the Sale Agreement, thePower Purchase Agreement, and other ancillary agreements related to the sale. The aggregate guarantee of $277.4 million is limited based on the followingamounts and events:  (a) $42.4 million relating to the Power Purchase Agreement,other ancillary agreements, and certain pre-closing liabilities associated

30

with the Sale Agreement, and(b) $235.0 million with respect to the Sale Agreement arising from Perryville'sfailure to pay, perform, or discharge the Senior Loan Agreement debt,Subordinated Loan Agreement debt and any other liabilities arising from theSenior Loan Agreement.  The limitations under (b) above are reduced to$100.0 million when the Senior Loan Agreement is paid.

          IfEvangeline fails to perform certain obligations under its tolling agreement, Cleco Corporation will be required to make payments to Evangeline's tollingagreement counterparty under the commitments listed in the abovetable.  Cleco Corporation's obligation under the Evangelinecommitment is in the form of a standby letter of credit from investment gradebanks and is limited to $15.0 million.  Ratings triggers do not existin the Evangeline Tolling Agreement.  Cleco expects Evangeline to beable to meet its obligations under the tolling agreement and does not expectCleco Corporation to be required to make payments to thecounterparty.  However, under the covenants associated with ClecoCorporation's credit facility, the entire net amount of the Evangelinecommitment reduces the amount that can be borrowed under the creditfacility.  The letter of credit for Evangeline is expected to berenewed annually until 2020.

          As part of theLignite Mining Agreement entered into in 2001, Cleco Power and SWEPCO, jointowners of Dolet Hills Unit 1, have agreed to pay the lignite miner's loan andlease principal obligations when due, if the lignite miner does not havesufficient funds or credit to pay.  Any amounts paid on behalf of theminer would be credited by the lignite miner against the next invoice forlignite delivered.  At June 30, 2004, Cleco Power's 50% exposure forthis obligation was approximately $24.7 million.  The lignite miningcontract is in place until 2011 and does not affect the amount ClecoCorporation can borrow under its credit facility.

          Thefollowing table summarizes the expected termination date of the guarantees andstandby letter of 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

$

316,387 

$

14,304 

$

277,400 

$

- 

$

24,683 

Standby letter of  credit

15,000 

- 

- 

- 

15,000 

    Total  commercial commitments

$

331,387 

$

14,304 

$

277,400 

$

- 

$

39,683 

* ****Other Contingencies***

          The capacityand energy contracts between Cleco Power and Williams stipulate that ClecoPower must provide additional security in the event of certain Cleco Powerratings triggers.  These Cleco Power triggers include: ratingsdowngrade below investment grade, negative credit watch for possible downgradebelow investment grade, failure to make required payments, and failure tomaintain a certain debt-to-equity ratio.  The amount of theadditional security required to be provided by Cleco Power to Williams in theevent of a Cleco Power ratings trigger is $20.0 million under thesecontracts.  The contract between Cleco Power and Dynegy stipulatesthat Cleco Power may be required to provide additional security in the event ofa ratings downgrade below investment grade.  The amount of theadditional security that Cleco Power could be required to provide to Dynegy isfor the full amount of Cleco Power's obligations with respect to the capacitypayments for the remainder of the contract.  At June 30, 2004, thisamount was $3.1 million.  This obligation, however, may be affectedor revoked because Dynegy currently may be in default of its contractualobligation to provide additional security in the event of certain creditratings downgrades of Dynegy.  At June 30, 2004, no additionalsecurity obligations existed for the Williams and Dynegy contracts referencedabove.

          Ina series of written notices commencing in May 2004, CES has notified Acadia thatCES was invoking certain rights regarding dispute resolution under the CalpineTolling Agreements.  CES has notified Acadia that CES may withhold up toone-half of the monthly payments due Acadia under the Calpine TollingAgreements, and may take other action, including without limitation 1) unwinding Calpine's interest in Acadia; 2) terminating the Calpine TollingAgreements; 3) asserting claims against Cleco Power for allegedly flawedinterconnection studies; and/or 4) seeking reimbursement for the allegedoverpayment of capacity fees from August 2003.  CES has indicated that thedispute is primarily based upon transmission constraints that, according to CES'allegations, limit CES' ability to deliver Acadia's capacity and energy to thewholesale market.  Under the Calpine Tolling Agreements, bindingarbitration is a means of resolving the alleged dispute, although neither partyhas invoked arbitration to date.  Acadia and CES are actively discussingresolution of the transmission constraints with the regional transmissionproviders.  Through July 2004, CES has continued to remit full payment ofthe

31

monthly tolling fees to Acadia.  Cleco believes thatit has validdefenses to CES' claims and intends to defend vigorously against such claims.

         Cleco has accruedfor liabilities 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.

          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 administrativeif the basis of inclusion arises as the result of acts conducted in thedischarge of their official capacity.  Cleco Corporation haspurchased various insurance policies to reduce the risks associated with theindemnification.  In its Operating Agreement (Operating Agreement ofCleco Power LLC, dated December 13, 2000, amended October 24, 2003), ClecoPower provides for the same indemnifications as described above.

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

          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 - "Litigation and OtherCommitments and Contingencies - Off-Balance Sheet Commitments."

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

          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 forthird 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 Power filed a shelfregistration statement (Registration No. 333-109507) providing for the issuanceof up to $150.0 million of debt securities.  These shelf registrationstatements have not yet been declared effective by the SEC.

          At June 30, 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 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-year facility.  This facility will provide for working capitaland other needs.  Cleco Corporation's initial borrowing cost underthis new facility is equal to LIBOR plus 1.50%, including facility fees.  ClecoCorporation's borrowing costs under the prior facility at March 31, 2004, wereequal to LIBOR plus 1.625%, and the weighted average cost of borrowings was2.8125%.  At June 30, 2004, there were no amounts outstanding underthe facility.

32

          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 June 30, 2004, no amounts were outstanding under Cleco Power's credit facility.

          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%.  Net settlementprovisions require the transfer of funds by only one party for each periodicpayment.  The first LIBORcalculation date was May 27, 2004.  The fixed-rate debt matures, and theinterest rate swap terminates on June 1, 2005. 

          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%.  Net settlementprovisions require the transfer of funds by only one party for each periodicpayment.  The first LIBORcalculation date was May 27, 2004.  The fixed-rate debt matures, and theinterest rate swap terminates on June 1, 2005.

          The financialinstitution paid $0.1 million to Cleco on June 1, 2004, as a result of the interestrate swaps referenced above.

**Note 11 - 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 condensedconsolidated financial statements and began reporting its investment inEvangeline on the equity method of accounting.  As a result, effective March31, 2004, the assets and liabilities of Evangeline are no longer reported onCleco Corporation's Condensed Consolidated Balance Sheets, but instead arerepresented by one line item corresponding to Cleco's equity investment inEvangeline.  Effective April 1, 2004, Evangeline's results of operations arereported as equity income from investees on Cleco Corporation's Condensed ConsolidatedStatements of Operations.

          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 naturalgas-fired, combined-cycle, 775-MW power plant.  All of the capacity and outputof the power plant has been tolled to Williams which pays Evangeline certainfixed and variable amounts in consideration of the capacity and output of theplant.  At June 30, 2004, Evangeline had assets with book value ofapproximately $263.5 million and liabilities of $255.3 million.  For the threemonths and six months ended June 30, 2004, Evangeline had operating revenue of$11.9 million and $22.1 million, respectively, and operating expenses(including depreciation) of $4.3million and $8.9 million, respectively.  Cleco's current assessment of itsmaximum exposure to loss at June 30, 2004, consists of its equity investment of$55.3 million.

33

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

          Most employeesare covered by a noncontributory, defined benefit pension plan.  Benefitsunder the plan reflect an employee's years of service, age at retirement, andhighest total average compensation for any consecutive five calendar yearsduring the last 10 years of employment with Cleco Corporation.  ClecoCorporation's policy is to base its contributions to the employee pension planupon actuarial computations utilizing the projected unit credit method, subjectto the Internal Revenue Service's full funding limitation.  Nocontributions to the pension plan were made for the three and six months endedJune 30, 2004, and 2003.  Currently, a contribution required byfunding regulations is not expected during 2004; however, a discretionarycontribution of up to $14.0 million may be made by the end of the year.  ClecoPower is considered the plan sponsor, and Support Group is considered the planadministrator.

          The components ofnet periodic pension and other benefits cost (income) for the three monthsended June 30, 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 

$

348 

 
   Interest cost

** **

**3,218 **

2,900 

659 

413 

 
   Expected return on plan assets

** **

**(4,356)**

(4,429)

- 

- 

 
   Amortization of transition obligation (asset)

** **

**(9)**

(329)

98 

76 

 
   Prior period service cost amortization

** **

**246 **

233 

- 

- 

 
   Net loss  amortization

** **

**68 **

- 

276 

90 

 
   Net periodic  benefit cost (income)

**$**

**765 **

$

(362)

$

1,692 

$

927 

 
** **

** **

          Thecomponents of net periodic pension and other benefits cost (income) for the sixmonths ended June 30, 2004, and 2003 are as follows:

**Pension  Benefits**

**Other  Benefits**

**2004**

2003

**2004**

2003

(Thousands)

Components  of periodic benefit costs

   Service cost

**$**

**3,197 **

$

2,527 

**$**

**1,318 **

$

686 

   Interest cost 

** **

**6,437 **

5,801 

**1,318 **

813 

   Expected return on plan assets

** **

**(8,713)**

(8,857)

**- **

- 

   Amortization of transition obligation (asset)

** **

**(19)**

(659)

**195 **

151 

   Prior period service cost amortization

** **

**493 **

465 

**- **

- 

   Net loss  amortization

** **

**135 **

- 

**553 **

177 

   Net periodic  benefit cost (income)

**$**

**1,530 **

$

(723)

**$**

**3,384 **

$

1,827 

** **

** **

          Duringthe second quarter of 2004, the Cleco Corporation retirement committee added anew investment vehicle to the mix of available investments, approved a changein the allocation of assets, and changed the policy regarding the use ofderivatives.

          The pension plannow invests assets in a hedge fund-of-funds, which is a fund thatinvests in various types of low-volatility hedge funds.  The retirement committee established the followingguidelines the fund manager must follow:
-   
should be invested in a minimum of 20 individual  partnerships,
-   
no individual partnership should exceed 10% of the  fund-of-funds, and
-   
should be diversified across several different "styles" of  partnerships, including event-driven strategies, credit-driven strategies,  fixed income arbitrage and trading, and other arbitrage strategies.  The fund  generally should not be invested in emerging markets, short-term only,  traditional Commodity Trading Advisor's or derivative-only strategies.

34

          Dueto the new investment type, the committee approved a change in the targetallocation of assets as shown in the following chart.

Percent of Total  Plan Assets1

Minimum

Target

Maximum

 
Equity

 
     Domestic

39.0%

47.0%

55.0%

 
     International

13.0%

18.0%

23.0%

 
     Total equity

60.0%

65.0%

70.0%

 
Debt securities

18.0%

23.0%

28.0%

 
Real estate

4.0%

7.0%

10.0%

 
Hedge fund-of-funds

2.0%

5.0%

8.0%

 
Cash equivalents

-   

-

5.0%

 
1 Minimums  and maximums within subcategories not intended to equal total for category.

 
          The Cleco retirement committee approved a change in the policy concerning the useof derivatives.  Fund managers are allowed the limited use of derivatives,subject to policies and guidelines established by the committee and to thefollowing restrictions:
-   
derivatives may be used only if the vehicle is deemed by  the manager to be more attractive than a similar investment in the underlying  cash market; or if the vehicle is being used to manage risk of the portfolio,
-   
the derivatives may not be used in a speculative manner or  to leverage the portfolio,
-   
the derivatives may not be used as short-term trading  vehicles, and
-   
investment managers shall alert the retirement committee,  in writing, before engaging in strategies which use derivatives.  The written  communication shall include the nature and purpose of the strategy, a  quantification of the magnitude of the program in absolute dollar terms, an  outline of the methods to be used to monitor the program, and an outline of  the process to be followed in reporting on commitments relative to  established guidelines and on the success of the proposed strategy.

          Dueto the nature of the hedge fund-of-funds, that manager is exempt from the abovederivative policy.

        In December 2003, the Presidentsigned into law the Medicare Prescription Drug, Improvement and ModernizationAct of 2003 (the Act).  The Act introduces a prescription drug benefit underMedicare (Medicare Part D), as well as a federal subsidy to sponsors of retireehealth care benefit plans that provide a benefit that is at least actuariallyequivalent to Medicare Part D.  Paragraph 40 of SFAS No. 106 requires presentlyenacted changes to relevant laws to be considered in current periodmeasurements of post-retirement benefit costs and benefit obligations.  ClecoCorporation cannot determine whether the benefits provided are actuariallyequivalent to Medicare Part D because the requirements to determine actuarial equivalencehave not been issued.  Accordingly, the periodic costs for otherbenefits disclosed for the three and six months ended June 30, 2004, and 2003,do not reflect the impact of the Act.  Authoritative guidance on theaccounting for the subsidy part of the Act has been issued in FSP SFAS No.106-2.  Management is evaluating the Act, the accounting guidance issued, andthe impact of amending the current benefit plan in light of the Act.

          Certain keyexecutives and key managers are covered by a SERP.  The SERP is anon-qualified, non-contributory, defined benefit pensionplan.  Benefits under the plan reflect an employee's years ofservice, age at retirement, and the sum of the highest base salary paid out ofthe last five calendar years and the average of the three highest bonuses paidduring the last 60 months prior to retirement, reduced by benefits receivedfrom any other defined benefit pension plan.  Cleco Corporation doesnot fund the SERP liability but instead pays for current benefits out ofgeneral funds available.  Cleco Power has formed a Rabbi Trustdesignated as the beneficiary for life insurance policies issued on the SERPparticipants.  Proceeds from the life insurance policies are expectedto be used to pay SERP participants' life insurance benefits, as well as futureSERP payments.  However, since this is a non-qualified plan, theassets of the trust could be used to satisfy general creditors of Cleco Powerin the event of insolvency.  No contributions to the SERP were madefor the three and six months ended June 30, 2004, and 2003.  ClecoPower is considered the plan sponsor, and Support Group is considered the planadministrator.

35

          The components ofthe net SERP cost for the three months ended June 30, 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 

** **

** **

** **
   
          Thecomponents of the net SERP cost for the six months ended June 30, 2004, and2003 are as follows:

**SERP Benefits**

**2004**

2003

(Thousands)

Components of periodic benefit costs

Service cost

** **

**$**

**421 **

$

276 

Interest cost

** **

** **

**651 **

564 

Prior period service cost amortization

** **

** **

**26 **

26 

Net loss amortization

** **

** **

**307 **
      
212 

Net periodic benefit cost

** **

**$**

**1,405 **
   
$

1,078
       
** **

** **

** **
   
          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.  At June 30, 2004, and 2003, the ESOP had allocatedto employees 176,867 and 182,922 shares, respectively.

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

Three months  ended June 30,

 
**2004**

2003

 
(Thousands)

 
 
401(k) Plan expense

**$**

**205 **

$

251 

 
Dividend  requirements to ESOP on convertible preferred stock

**$**

**784 **

$

495 

 
Interest incurred by ESOP on its  indebtedness

**$**

**84 **

$

139 

 
Company contributions to ESOP

**$**

**- **

$

- 

 

Six months ended  June 30,

 
**2004**

2003

 
(Thousands)

 
 
401(k) Plan expense

**$**

**350 **

$

720 

 
Dividend  requirements to ESOP on convertible preferred stock

**$**

**1,308 **

$

1,014 

 
Interest incurred by ESOP on its  indebtedness

**$**

**172 **

$

282 

 
Company contributions to ESOP

**$**

**- **

$

- 

**Note 13 - 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,  

36

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 supported MAEM'sobligations 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 limitedguarantee, 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.  On June 3, 2004, theMirant Debtors filed additional objections to the Mirant and MAI claims undertheir limited guarantees.  In these objections, the Mirant Debtors requestedthat the Mirant Debtors Bankruptcy Court disallow, or in the alternative,reduce the unpaid amounts owed to Perryville.  No hearing date has beenrequested or set by the Mirant Debtors Bankruptcy Court.  Perryville has fileda motion to compel arbitration to preserve its right to arbitrate the MAEMclaim.  This motion was filed on July 14, 2004 in the Mirant Debtors BankruptcyCourt, requesting relief from the automatic stay to initiate arbitration todetermine the financial loss suffered by Perryville due to MAEM's rejection ofthe Perryville Tolling Agreement.  A preliminary hearing on this motion isscheduled for August 11, 2004.  The Mirant Debtors Bankruptcy Court has alsoapproved a Mediation and Abatement Order stipulating the provisions forselection of a mediator, as well as a tentative schedule for mediation to beinitiated on August 12, 2004.  The mediation will incorporate hiring a neutralparty to facilitate negotiations of all of the damage claims.

***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 DebtorsBankruptcy Court.  This claim will also be taken up in any mediation of thedamage claims.

***Perryville Bankruptcy***

          OnJanuary 28, 2004, to facilitate an orderly sales process, Perryville and PEHfiled voluntary petitions in the Perryville and PEH Bankruptcy Court forprotection under Chapter 11 of the U.S. Bankruptcy Code.  Neither ClecoCorporation nor any of its other subsidiaries were included in the filings. Perryville and PEH are debtors and debtors in possession and are continuing tooperate their business under the U.S. Bankruptcy Code.  Based uponthe Perryville and PEH Bankruptcy Court's approval, Perryville and PEH will useexisting cash sourced from restricted cash accounts held in thedebtor-in-possession accounts (DIP Accounts) and operating revenue from thePower Purchase Agreement to maintain operations at the Perryvillefacility.  On February 3, 2004, the Perryville and PEH BankruptcyCourt approved the use by Perryville and PEH, on an interim basis, of approximately$0.6 million of cash collateral in the restricted cash accounts (CashCollateral) to maintain and operate their business, provide the lendersadequate protection, and reimburse the lenders for certain expenses incurredthrough 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,  

37

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 expenses, and certainpre-petition expenses of the lenders for professional services.  Revenue fromthe Power Purchase Agreement also is deposited into the DIP Accounts to provideadditional 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 $4.6 million of these payments inthe future.  As of June 30, 2004, Cleco Corporation has paid $2.7 million ofprincipal payments on behalf of Perryville.  The Cash Collateral Order alsostipulated that the lenders shall 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.  On April 23, 2004, thePerryville and PEH Bankruptcy Court approved the Sale Agreement betweenPerryville and Entergy Louisiana which effectively became non-appealable 10days thereafter.  On May 25, 2004, Perryville also received approval from thePerryville and PEH Bankruptcy Court to extend the exclusivity period to September24, 2004, during which time the debtors may file a plan of reorganization.  Theperiod within which the debtors may solicit acceptances thereof was extended toNovember 23, 2004.

***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 limited significantly 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) aguarantee of the current year's debt service requirement, which at June 30, 2004,was $4.6 million and (ii) a possible conditional guarantee described below in"- Perryville's Subordinated Loan Agreement."  The default on theSenior Loan Agreement resulting from the bankruptcy filings by Perryville andPEH should have no impact on any other credit facility or financing arrangementof Cleco Corporation or its other subsidiaries.  For additionalinformation on the deconsolidation of Perryville, see "- Financial Results"below.

***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 June 30, 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 set off.  Pursuantto the Senior Loan Agreement, in connection with Perryville exercising a rightof set off and receiving cash distributions, Perryville would be obligated toprepay its obligations under the Senior Loan Agreement in an amount equal tothe present value of all recoveries that otherwise would be payable toPerryville by the Mirant Debtors with respect to the amount of set off underany plans of bankruptcy proceedings for the Mirant Debtors or scheduleddistributions to creditors involving the Mirant Debtors were the right of setoff not invoked.  In such event and prior to receiving cashdistributions, Perryville also would be required to cause Cleco Corporation toprovide credit support in the form of a guarantee of Perryville's prepayment obligationin an amount equal to 50% of the amount to be set off, not to exceed $50.0million.  This credit support must be provided in the form of aletter of credit if Cleco Corporation does not have or maintain an investmentgrade credit rating while the obligation is outstanding.  Failure byCleco Corporation to provide the credit support could trigger the lenders'authority to waive Perryville's right of set off.  To the extent thatPerryville waives its right of set off and set off is nevertheless effectuateddespite Perryville's and MAI's waiver of their rights of set off, Perryville isrequired to prepay to its lenders an amount equal to 25% of any amount setoff.  The extent to which Perryville can exercise any set off rightwhich it may have under the relevant documents or otherwise, is subject to theapprovals of the U.S. Bankruptcy Code, Mirant Debtor Bankruptcy Court andPerryville and PEH Bankruptcy Court.

38

***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 to sell the output of the Perryville facilityto Entergy Services until the earlier to occur of (i) the closing date of thesale 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 Sale Agreement.  Ifcertain conditions to closing are not satisfied or waived on or beforeSeptember 30, 2005, the Sale Agreement may be terminated.  

          ClecoCorporation provided a limited guaranty to Entergy Louisiana and Entergy GulfStates for Perryville's performance obligations under the Sale Agreement, thePower Purchase Agreement, and other ancillary agreements related to the sale.  Theaggregate guarantee of $277.4 million is limited based on the following amountsand events:  (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.

          Pursuant to the termsof the Sale Agreement, Perryville has agreed to sell its operating assets andproperty 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 the middle of 2005,is contingent upon obtaining necessary approvals from the FERC, the LPSC andthe SEC; a final inspection by Entergy Louisiana and its ability to recover allof its costs in acquiring the Perryville power plant through base rates, fueladjustment charges or other such rates or regulatory treatment as deemedacceptable to Entergy Louisiana in its sole discretion; and satisfaction ofother customary closing conditions.  If the Perryville and PEH Bankruptcy Courtenters an order terminating the automatic stay, then Entergy Louisiana would havethe right to terminate the sale transaction and would be entitled to liquidateddamages from Perryville ranging between $7.5 million and $10.0 million.  Thesepotential liquidated damage obligations have been guaranteed by ClecoCorporation, in the event they are not paid by Perryville. 

          Also, on January28, 2004, Entergy Services signed the 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.  EntergyServices has the option to extend the Power Purchase Agreement throughSeptember 30, 2005; however, the Power Purchase Agreement automaticallyterminates upon termination of the Sale Agreement.  The PowerPurchase Agreement provides that Entergy Services will supply natural gas tothe Perryville facility and is entitled exclusively to all capacity and energyoutput from the facility.  Under the Power Purchase Agreement, Perryville isobligated to provide energy conversion services, within specified performanceparameters, when requested by Entergy Services.  Existing personnelwill continue to operate the facility through the closing of the sale toEntergy Louisiana.  Entergy Services and Entergy Gulf States received necessaryapprovals of the Power Purchase Agreement from the LPSC.  Perryville receivednecessary approvals of the Power Purchase Agreement from the Perryville and PEHBankruptcy Court and began operating under the agreement on February 17,2004.  Based on the terms of the Power Purchase Agreement and inconjunction with use of the restricted cash, Perryville is anticipated to havesufficient funds to maintain its 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 June 30, 2004, this investment had a negativecost basis of approximately $39.8 million, which is included in other deferredcredits on Cleco Corporation's Condensed Consolidated Balance Sheet.  WhenPerryville's bankruptcy proceedings are 

39

concluded, the subsequent accounting treatment will be determined basedupon the applicable facts and circumstances existing at such time, including theterms of any plan of reorganization or liquidation.

          ThePerryville and PEH condensed consolidated financial statements set forth belowhave been prepared 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 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 Statements of Operations**

**Pre-petition**

**Post-petition**

**January 1, 2004-**

**January 28, 2004-**

**For the three months ended**

**For the six months ended**

(Unaudited)

**January 27, 2004**

**June 30, 2004**

**June 30, 2004**

June 30, 2003

**June 30, 2004**

June 30, 2003

(Thousands)

Operating  revenue

$

**72 **

**$**

**6,682 **

**$**

**4,408 **

$

15,261 

**$**

**6,754 **

$

28,320 

Operating  expenses

**2,373 **

** **

**6,972 **

** **

**4,287 **

10,882 

** **

**9,345 **

15,162 

Impairment of  long-     lived assets

**- **

** **

**- **

** **

**- **

134,773 

** **

**- **

134,773 

Interest  charges

**458 **

** **

**3,405 **

** **

**2,285 **

1,578 

** **

**3,863 **

3,373 

Other income

**10 **

** **

**55 **

** **

**36 **

298 

** **

**65 **

372 

Other expense

**4 **

** **

**12 **

** **

**10 **

6 

** **

**16 **

12 

Federal and  state     income taxes (benefit)

**(1,059)**

** **

**(1,402)**

** **

**(821)**

(50,664)

** **

**(2,461)**

(47,950)

Net loss

$

**(1,694)**

**$**

**(2,250)**

**$**

**(1,317)**

$

(81,016)

**$**

**(3,944)**

$

(76,678)

** **

** **

** **

** **

** **

 

**Condensed Consolidated  Balance Sheets**

(Unaudited)

**At June 30,  2004**

At December 31,  2003

(Thousands)

Current assets

**$**

**13,533 **

$

4,689 

Accounts receivable-affiliate

** **

**6,450 **

11,923 

Notes receivable-affiliate

** **

**6,076 **

2,147 

Property, plant and equipment, net

** **

**164,799 **

167,852 

Other assets

** **

**33,666 **

39,751 

     Total assets

**$**

**224,524 **

$

226,362 

** **

** **

Current liabilities

**$**

**1,173 **

$

134,420 

Pre-petition secured liability

** **

**130,322 **

- 

Accounts payable-affiliate

** **

**278 **

1,394 

Liabilities subject to compromise (1)

** **

**102,082 **

- 

Long-term debt, net

** **

**- **

98,650 

Member's equity

** **

**(9,331)**

(8,102)

     Total liabilities and member's equity

**$**

**224,524 **

$

226,362 

(1)  Liabilities subject to compromise consist of the following:

Unsecured debt

$

98,650 

Accounts payable-affiliate

960 

Accounts payable

1,510 

Current deferred taxes

207 

Long-term deferred taxes

755 

     Total

$

102,082 

          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 andperform under the Power Purchase Agreement.  As a result of the bankruptcyfilings and related events, there are no assurances that the carrying value ofassets will be realized or that liabilities will be liquidated or settled forthe amounts recorded.

40

          Perryville and PEH routinely engage in affiliatetransactions with other entities within Cleco in the ordinary course ofbusiness.  As a result of its bankruptcy filings, Perryville and PEH areprecluded from paying dividends to equity holders and making payments on anypre-bankruptcy filing accounts or notes payable that are due and owing to anyother entity within Cleco (pre-petition accounts payable-affiliate) and othercreditors during the pendency of the bankruptcy case.  As of June 30, 2004,Perryville and PEH had pre-petition accounts payable-affiliate to other entitiesof Cleco in the aggregate amount of approximately $1.0 million.

**Note 14 - Discontinued Operations**

          Management formedtwo disposal groups comprised of the assets of Cleco Energy and attempted tofind buyers for those assets through a solicitation process.  One disposalgroup consists of the natural gas pipeline and marketing operations.  Thesecond disposal group consists of the oil and gas production properties. After reviewing the preliminary bids received in June 2004, management committedto a plan to sell the two disposal groups.  Final bids for the firstdisposal group are due in early September 2004 and, contingent upon anacceptable proposal, Cleco expects a sale to be completed by late October 2004. Final bids for the second disposal group were received in July 2004.  Thebids are currently being evaluated and, contingent upon an acceptable proposal,Cleco expects a sale to be completed by late August 2004.  In accordancewith SFAS No. 144, the assets of both disposal groups are classified as held forsale on Cleco Corporation's Condensed Consolidated Balance Sheet, and therelated operations are classified as discontinued on Cleco Corporation'sCondensed Consolidated Statements of Operations.  Based on the final bidsfor the second disposal group, Cleco recorded a pre-tax impairment loss of $1.1million, which represents the excess of the carrying value over the calculatedfair value of the assets, less costs to sell.  This amount is reported onone line item as discontinued operations on Cleco Corporation's CondensedConsolidated Statements of Operations and is reported in the Midstream segmentin Note 3 - "Disclosures about Segments."

          The following tablesummarizes the operating results that have been classified as discontinuedoperations on Cleco's Condensed Consolidated Statements of Operations. Prior period results have been reclassified from income from continuing operations todiscontinued operations.

  
**For the three months ended June 30,**

 

**For the six months ended June 30,**

**2004**
   
2003

 

**2004**
   
2003

 
  (Thousands)

 
   
  (Thousands)

Net operating revenue

**$**

**14,694 **

$

19,120 

**$**

**32,677 **

$

37,588 

** **

** **

** **

** **

Pre-tax operating (loss) income

**$**

**(427)**

$

418 

**$**

**(146)**

$

(191)

Federal and state income tax    (benefit) expense

** **

**(139)**

69 

** **

**(16)**

(77)
               
 
         
Operating (loss) income, net of tax

**$**

**(288)**
   
$

349  

 

**$**

**(130)**

 

$

(114)
      
 
         
 **Note 15 - Income Taxes**

          Cleco Corporation's effective income tax rate for the second quarter of 2004  was 41.9% compared to 37.9% for the same period in 2003.  The increase in  the effective income tax rate is mainly attributable to the accrual of tax  contingency reserves, as well as pending tax audits, appeals, and litigation.   Also contributing to the increase was an increase in state income taxes  resulting from a loss carryforward that was utilized in 2003.  Cleco  Corporation's effective income tax rate for the first six months of 2004 was  35.7% compared to 40.1% for the same period in 2003.  The effective rate  decreased as a result of a 2003 non-tax deductible civil penalty of $0.8  million paid to FERC in accordance with the Consent Agreement.  The  effective income tax rate also decreased due to a true-up of 2003 estimated  tax expense to actual and the release of contingency reserves related to a  favorable state tax settlement.  Offsetting the decrease was an increase  in state income taxes because of a loss carryforward that was utilized during  2003.  Tax rates for the three and six months ended June 30, 2004, also  were affected by the relative size of pre-tax income to these items.

          Cleco Power's effective income tax  rate for the second quarter of 2004 was 40.7% compared to 38.3% for the same  period of 2003.  The increase is mainly attributable to the accrual of  tax contingency reserves, as well as pending tax audits, appeals, and  litigation.  Tax rates also were affected by the relative size of pre-tax  income to these items.  Cleco Power's effective income tax rate for the  first six months of 2004 was 36.9% compared to 33.8% for the same period in  2003.  The effective income tax rate increased because of an increase in  state income taxes due to a loss carryforward that was utilized 

41

during 2003.  State income taxes also  increased due to disallowed federal income tax deductions for years to which  losses were carried back and federal tax refunds were received.

**Note 16 - Deferred Fuel and Power Purchased Costs**

**   **       The cost of fuel used for  electric generation and the cost of power purchased for utility customers are  recovered through the LPSC-established fuel adjustment clause which enables  Cleco Power to pass on to its customers substantially all such charges.   Approximately 93% of Cleco Power's total fuel cost is regulated by the LPSC,  while the remainder is regulated by the FERC.  Deferred fuel and  purchased power costs recorded at June 30, 2004 and December 31, 2003 were an  under-recovery of $19.9 million and an over-recovery of $6.6 million,  respectively, scheduled to be credited to or collected from customers in  future months.  Changes from over-recovery in the winter months to  under-recovery in the summer months are typical seasonal fluctuations.   Also included in the amount reported at June 30, 2004 are favorable surcharge  adjustments representing under-recovered fuel costs from prior periods and the  reversal of gas transportation charges recorded in 2002 as a result of the  pending settlement of Cleco Power's 2001-2002 fuel audit.

42

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

          Thefollowing discussion and analysis should be read in combination with theRegistrants' Combined Annual Report on Form 10-K for the year ended December31, 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. Below is information concerning the consolidated results of operations of Clecofor the three months and six months ended June 30, 2004, and June 30, 2003.

***RESULTS OFOPERATIONS***

**Overview**

          Cleco Corporationis a 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 subsequent downturn inthe wholesale energy market, Cleco pulled back from its plans to continueexpanding its merchant energy business and began to focus on maximizing thevalue of its merchant energy assets.  Cleco has made substantial progress onthese efforts and on January 28, 2004, signed an agreement to sell thePerryville facility.  To facilitate an orderly sales process, Perryville andPEH filed voluntary petitions for bankruptcy protection on January 28, 2004.  Asa result of these bankruptcy filings, Perryville and PEH were prospectivelydeconsolidated from Cleco.  For additional information on Perryville,see Item 1, "Notes to the Unaudited Condensed Financial Statements - Note 13 -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,
-  

obtaining approval of the pending settlement  of the LPSC fuel audit and related litigation of Cleco Power,
-  

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

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, and
-  

resolving allegations by CES under  the Calpine Tolling Agreements.

          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 an RFP seeking proposals for up to1,000 MW of capacity and energy to replace existing contracts and toaccommodate load growth, as well as up to 800 MW of capacity to replace oldernatural gas-fired units.  Initially, Cleco expected to issue this RFPin late June 2004; however, Cleco made a joint decision with the LPSC and theindependent monitor to delay the release of this RFP until late August 2004 toallow further time to refine the methods used in evaluating proposals.

          In March2003, the LPSC commenced a fuel audit of Cleco Power which included FuelAdjustment Clause filings for January 2001 through December 2002.   On July 6, 2004, Cleco announced that it had reached a preliminary settlement of the pendingfuel audit and related issues with the LPSC Staff and with the intervenors inthe fuel audit proceeding.  The settlement also includes settlement of theclaims made by several Cleco Power customers in a lawsuit filed in the 27thJudicial District Court, Parish of St. Landry, State of Louisiana.  Thesettlement was entered into on July 14, 2004, subject to approval by the LPSCand dismissal with prejudice of the St. Landry Parish lawsuit and the releaseof all claims related to the lawsuit.  On July 21, 2004, the LPSC issued anorder approving the settlement.  The settlement of the LPSC fuel audit and relatedtrading issues calls for Cleco Power to refund $16.0 million to its customers. The specific timing of distribution of the refund is contingent upon dismissalof the St. Landry Parish lawsuit; however, the refund is expected to becompleted  

43

by the fourth quarter of 2004.  The settlement also includes anagreement between Cleco Power and the intervenors whereby Cleco will pay anegotiated amount of the intervenors' attorney fees.  Cleco Power's pre-taxearnings in the second quarter of 2004 were reduced by $10.0 million due to thesettlement, which represents the amount of the customer refund and intervenors'attorney fees associated with the settlement, less amounts previously recordedin conjunction with issues covered by the settlement.  Cleco Poweranticipates the next fuel audit to cover 2003 and 2004; however, any futureaudit could include prior periods with the exception of January 2001 throughDecember 2002.  Management is unable to predict the resultsof a future LPSC fuel audit, which could require Cleco Power to refundpreviously recovered revenue and could result in a significant material adverseimpact on the Registrants' results of operations and financial condition.  Foradditional information on the fuel audit, see Item 1, "Notes to the Unaudited Condensed Financial Statements - Note 8 - Litigation and OtherCommitments and Contingencies - Fuel Audit."

          Cleco'smerchant energy business depends heavily on the performance of the Acadia andEvangeline tolling agreements.  The credit ratings of the parent companies, TheWilliams Companies, Inc. and Calpine, which provide guarantees of their affiliates'performance obligations, have been downgraded below investment grade, and insome cases, placed on negative outlook.  Failure of thecounterparties to perform under their respective tolling agreements likelywould have an adverse impact on Cleco Corporation's results of operations,financial condition and cash flows.

          In a series of written notices commencing in May 2004,CES has notified Acadia that CES was invoking certain rights regarding disputeresolution under the Calpine Tolling Agreements.  CES has indicated thatthe dispute is primarily based upon transmission constraints that, according toCES' allegations, limit CES' ability to deliver Acadia's capacity and energy tothe wholesale market.  Foradditional information on these allegations, see Item 1, "Notes to the Unaudited Condensed Financial Statements - Note 8 - Litigation and OtherCommitments and Contingencies - Other Contingencies."

**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.  As a result,effective March 31, 2004, 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, Evangelinerevenue and expenses are netted and reported on one line item as equity incomefrom investees on Cleco Corporation's Condensed Consolidated Statements ofOperations.  For additional information on FIN 46R and thedeconsolidation of Evangeline, see Item 1, "Notes to the Unaudited CondensedFinancial Statements - Note 5 - Equity Investment in Investees" and Note 11- "Variable Interest Entities." 

**Discontinued Operations**

          In June2004, management agreed to sell substantially all of Cleco Energy's assets anddiscontinue Cleco Energy's natural gas marketing, pipeline, and productionoperations after the sale.  In accordance with SFAS No. 144, the property,plant and equipment of Cleco Energy is classified as held for sale on ClecoCorporation's Condensed Consolidated Balance Sheet and the related operationsare classified as discontinued on Cleco Corporation's Condensed ConsolidatedStatements of Operations.  For additional information on SFAS No. 144 and thediscontinued operations of Cleco Energy, see Item 1, "Notesto the Unaudited Condensed Financial Statements - Note 14 - DiscontinuedOperations."

**Comparison of the Three Months Ended June 30, 2004 and 2003**

**Cleco Consolidated**

For the three  months ended June 30,

**2004**

** **

2003

** **

Variance

** **

Change

(Thousands)

** **

Operating revenue

**$**

**166,322 **

$

198,966 

$

(32,644)

** **

(16.41)%

Operating expenses

** **

**148,551 **

295,397 

** **

** **

(146,846)

** **

(49.71)%

** **

** **

** **

** **

** **

** **

Operating income (loss)

**$**

**17,771 **

$

(96,431)

$

114,202 

** **

* 

** **

** **

** **

** **

** **

** **

Equity income from  investees

**$**

**9,153 **

$

7,795 

$

1,358 

** **

17.42 %

Interest charges

**$**

**10,809 **

$

18,170 

$

(7,361)

** **

(40.51)%

(Loss) income from  discontinued operations

**$**

**(288)**

$

349 

$

(637)

** **

* 

Net income (loss)  applicable to common stock

**$**

**9,903 **

$

(66,858)

$

76,761 

** **

* 

** **

** **

** **

** **

** **

** **

** **

** **

** **

** Not meaningful*

* *

* *

* *

* *

* *

* *

* *

* *

* *

* *

44

** **          Consolidatednet income applicable to common stock for the second quarter of 2004 was $9.9million, significantly above the $66.9 million loss recorded in the same periodof 2003.  The increase of $76.8 million was primarily due to increased earningsat Midstream resulting from the $134.8 million impairment charge recorded atPerryville in 2003, partially offset by the absence of Perryville and PEHearnings due to their bankruptcy filing in January 2004 and reduced earnings atCleco Power as a result of the pending settlement of the 2001-2002 fuel audit.

          Operating revenue decreased$32.6 million, or 16.4%, in the second quarter of 2004 compared to the sameperiod of 2003 largely as a result of the accounting treatment of tollingoperations revenue at Perryville and Evangeline.  Also contributing to thedecrease in operating revenue were the effects of the pending settlement ofCleco Power's 2001-2002 fuel audit.

          Operatingexpenses decreased $146.8 million, or 49.7%, in the second quarter of 2004compared to the second quarter of 2003 primarily due to the $134.8 million impairmentcharge recorded at Perryville in 2003 and the effects of the deconsolidation ofPerryville, PEH, and Evangeline from Cleco.

          Equity income frominvestees increased $1.4 million, or 17.4%, in the second quarter of 2004compared to the same period of 2003 primarily due to the change in the methodof accounting for Evangeline effective April 1, 2004, partially offset bydecreased equity earnings at Acadia.  Interest charges decreased $7.4million, or 40.5%, compared to the second quarter of 2003 primarily due to thedeconsolidation of Perryville, PEH, and Evangeline from Cleco.  Discontinuedoperations decreased $0.6 million in the second quarter of 2004 compared to thesame period of 2003 primarily due to an impairment charge at Cleco Energy,partially offset by higher gas margins and lower depreciation expense as aresult of prior impairment charges.

          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 second quarter of 2004 decreased $5.5million, or 36.3%, compared to the second quarter of2003.  Contributing factors include:
-  

higher customer refund credits,
-  

higher other operations and maintenance expenses,
-  

lower transmission revenue, 
-  

absence of gains from energy trading,
-  

higher depreciation expense, and
-  

higher effective income tax rate.

          Thesewere partially offset by:
-  

favorable fuel surcharge adjustments,
-  

higher base revenue from wholesale and retail customer  sales,
-  

higher interest income, and
-  

lower interest charges.

45

For the three months ended June 30,

**2004**

** **

2003

Variance

Change

(Thousands)

Operating revenue

Base

**$**

**84,799 **

** **

$

81,222 

$

3,577 

4.40 %

Fuel cost recovery

**91,493 **

** **

90,045 

** **

1,448 

1.61 %

Electric customer credits

**(19,111)**

** **

(8,500)

** **

(10,611)

(124.84)%

Energy trading, net

**- **

** **

839 

** **

(839)

* 

Other operations

**6,931 **

** **

7,984 

** **

(1,053)

(13.19)%

Affiliate revenue

**458 **

** **

541 

** **

(83)

(15.34)%

Net  operating revenue

**164,570 **

** **

172,131 

(7,561)

(4.39)%

** **

** **

Operating expenses

** **

** **

Fuel used for electric generation

**19,707 **

** **

36,855 

(17,148)

(46.53)%

Power purchased for utility customers

**71,795 **

** **

56,746 

15,049 

26.52 %

Other operations

**19,516 **

** **

15,087 

4,429 

29.36 %

Maintenance

**10,020 **

** **

8,744 

1,276 

14.59 %

Depreciation

**14,111 **

** **

13,354 

757 

5.67 %

Taxes other than income taxes

**9,256 **

** **

9,399 

(143)

(1.52)%

Total operating expenses

**144,405 **

** **

140,185 

4,220 

3.01 %

** **

** **

Operating income

**$**

**20,165 **

** **

$

31,946 

$

(11,781)

(36.88)%

** **

** **

Interest income

**$**

**1,942 **

** **

$

283 

$

1,659 

586.22 %

Interest charges

**$**

**6,293 **

** **

$

7,400 

$

(1,107)

(14.96)%

Federal and state income taxes

**$**

**6,658 **

** **

$

9,481 

$

(2,823)

(29.78)%

Net income applicable to member's equity

**$**

**9,710 **

** **

$

15,253 

$

(5,543)

(36.34)%

** **

** **

** Not meaningful*

** **

** **

 

For the three  months ended June 30,

**2004**

** **

2003

Change

(Million kWh)

Electric sales

Residential

**767 **

** **

789 

(2.79)%

Commercial

**449 **

** **

440 

2.05 %

Industrial

**761 **

** **

661 

15.13 %

Other retail

**143 **

** **

146 

(2.05)%

Unbilled

**131 **

** **

169 

(22.49)%

Total retail

**2,251 **

** **

** **

2,205 

2.09 %

Sales for resale

**176 **

** **

177 

(0.56)%

Total retail and  wholesale customer sales

**2,427 **

** **

2,382 

1.89 %

Short-term sales to  other utilities

**27 **

** **

33 

(18.18)%

Sales from trading  activities

**15 **

** **

4 

275.00 %

Total electric sales

**2,469 **

** **

2,419 

2.07 %

** **

** **

          ClecoPower's residential customers' demand for electricityis affected largely by weather.  Weather is generally 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, becausecustomers can choose an alternative fuel source for heating, such as naturalgas.  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 degree-days varied from normal conditions andfrom the prior period.  Cleco Power uses temperature data collectedby the National Oceanic and Atmospheric Administration to determine coolingdegree-days.

46

For the three  months ended June 30,

** **

**2004**

2003

**Cooling degree-days**

** **

   Increase (decrease) from normal

**       (0.82)%**

         8.28 %

   Decrease from prior year

**       (8.51)%**

        (0.96)%

* *

***Base***

          Base revenue duringthe second quarter of 2004 increased $3.6 million, or 4.4%, compared to thesame period in 2003.  The increase was primarily due to arenegotiated contract for additional ancillary services with a municipalcustomer, favorable fuel surcharge adjustments that were included in the FuelAdjustment Clause Report filed by Cleco Power in June 2004, and higher volumesof industrial electric sales resulting from increased customer demand. Partially offsetting these increases in base revenue were lower volumes ofresidential sales resulting from decreased cooling degree-days as shown in thechart above.

          In June 2004, ClecoPower began serving a new industrial customer and during the first quarter of2005 is expected to begin providing service to an expansion of a currentcustomer's operation.  The new service is projected to increase 2004base revenue by approximately $0.4 million, and the new service and expectedexpansion of current service are projected to increase annual revenue byapproximately $1.5 million beginning in 2005, in each case as compared to 2003.

***Fuel Cost Recovery***

          Fuel cost recoveryrevenue billed to customers during the second quarter of 2004 compared to the sameperiod in 2003 increased $1.4 million, or 1.6%, primarily due to energymanagement contracts that commenced in May 2003.  In addition, the reversal of estimatespreviously recorded in conjunction with issues covered by the pending LPSC fuelaudit settlement also increased fuel cost recovery revenue during the secondquarter of 2004.  Partially offsetting these increases in fuel cost recoveryrevenue was the reclassification of certain revenues from a municipal customer.  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 its customers substantially all suchcharges.  Approximately 93% of Cleco Power's total fuel cost isregulated by the LPSC, while the remainder is regulated by theFERC.  All filings are subject to refund until final approval isreceived from the LPSC upon completion of a periodic audit.  Foradditional information on Cleco Power's 2001-2002 fuel audit and the pending settlementof the fuel audit, see Item 1, "Notes to the Unaudited Condensed FinancialStatements - Note 8 - Litigation and Other Commitments and Contingencies - FuelAudit."

***Electric Customer Credits***

          Electric customercredits during the second quarter of 2004 increased $10.6 million, or 124.8%,compared to the same period in 2003.  This increase in electriccustomer credits is primarily the result of the pending settlement of ClecoPower's 2001-2002 fuel audit, partially offset by lower accruals for the current ratestabilization plan filing period.  The potential refunds associatedwith the rate stabilization plan are based on results for each 12-month periodended September 30.  Therefore, the financial results of the thirdquarter of 2004 could impact the ultimate amounts estimated to be refundedpursuant to this plan.  For additional information on the accrual ofelectric customer credits, see Item 1, "Notes to the Unaudited CondensedFinancial Statements - Note 7 - Accrual of Electric Customer Credits."

***Other Operations***

          Other operationsrevenue decreased $1.1 million, or 13.2%, in the second quarter of 2004compared to the same period of 2003 primarily due to lower transmission servicerevenue resulting from the expiration of a 2003 transmission service contractwith Aquila.

***Operating Expenses***

          Operating expensesincreased $4.2 million, or 3.0%, in the second quarter of 2004 compared to thesame period of 2003.  Fuel used for electric generation decreased $17.1million, or 46.5%, primarily due to under-recovered fuel costs and the reversalof fuel expenses related to gas transportation charges recorded in 2002 as aresult of the pending settlement of Cleco Power's 2001-2002 fuel audit. Additionally, fuel used for electric generation decreased as a result of favorablesurcharge adjustments that were included in the Fuel Adjustment Clause Reportfiled by Cleco Power in June 2004.  Power  

47

purchased for utilitycustomers increased $15.0 million, or 26.5%, due to an increase in the average perunit cost and volumes of power purchased.  The average price per MWh purchasedwas primarily affected by the price of natural gas, outages on regional merchantgenerators and the availability of adequate transmission in the region.  Powerpurchased volumes were driven by several factors including market prices inrelation to Cleco Power's costs of incremental generation, customer load inrelation to Cleco Power's available generating capacity, transmission facilityconstraints or outages, and additional volumes required to fulfill energymanagement services contracts that began in May 2003.  Additional powerpurchased as a result of these energy management services contracts amounted to$3.3 million.  Other operations expense increased $4.4 million, or 29.4%,primarily due to legal fees associated with the pending settlement of ClecoPower's 2001-2002 fuel audit and adjustments related to generating facility joint billingcosts from prior years.  Maintenance expenses during the secondquarter of 2004 increased $1.3 million, or 14.6%, compared to the same periodof 2003.  The primary reason for this increase was additionalgenerating station and transmission substation maintenance work performedduring 2004.  Depreciation expense increased $0.8 million, or 5.7%, as a resultof normal recurring additions to fixed assets.

***Interest Income***

          Interestincome increased $1.7 million, or 586.2%, during the second quarter of 2004compared to the same period of 2003 primarily due to additional interestrecorded on under-recovered fuel costs that was included as favorable surchargeadjustments in Cleco Power's Fuel Adjustment Clause Report filed in June 2004.

***Interest Charges***

          Interestcharges decreased $1.1 million, or 15.0%, during the second quarter of 2004compared to the second quarter of 2003 primarily due to the reversal ofinterest related to gas transportation charges recorded in 2002 as a result ofthe pending settlement of Cleco Power's 2001-2002 fuel audit.  Partiallyoffsetting this decrease was an increase in interest charges as a result of theApril 2003 issuance of senior notes.

***Income Taxes***

          Income tax expensedecreased $2.8 million, or 29.8%, during the second quarter of 2004 compared tothe same period of 2003.  Cleco Power's effective income tax rate increasedfrom 38.3% to 40.7% during the second quarter of 2004 compared to the sameperiod of 2003, largely due to the accrual of tax contingency reserves forpending tax audits, appeals, and litigation.  Tax rates also were affected bythe relative size of pre-tax income to these items.  Pre-tax income during thesecond quarter of 2004 decreased $8.4 million compared to the same period of2003.

**Midstream**

          Midstream's net incomeapplicable to member's equity for the second quarter of 2004 was $2.5 million,significantly above the $79.0 million loss recorded in the same period of2003.  The most significant factors contributing to this increaseinclude the $134.8 million impairment charge recorded at Perryville during 2003and the absence of Perryville and PEH earnings from Midstream due to their filingbankruptcy in January 2004 and their subsequent deconsolidation from Cleco.  Thedeconsolidation of Perryville and PEH and their impact on Midstream's resultsof operations for the second quarter of 2004, along with other factorsaffecting Midstream during the second quarter of 2004, are more fully describedbelow.

***Perryville***

          On January 28,2004, Perryville reached an agreement to sell its 718-MW power plant to EntergyLouisiana and entered into the Power Purchase Agreement to sell the output ofthe Perryville facility to Entergy Services.  To facilitate anorderly sales process, Perryville and PEH filed voluntary petitions in thePerryville and PEH Bankruptcy Court for protection under Chapter 11 of the U.S.Bankruptcy Code.  The sale of the Perryville facility is subject tovarious regulatory approvals and to Entergy Louisiana's ability to recover allof its costs through base rates, fuel adjustment charges or other such rates orregulatory treatment as deemed solely acceptable to EntergyLouisiana.  The sale is expected to be completed by the middle of2005.  For additional information on the Sale Agreement, PowerPurchase Agreement, and bankruptcy filings, see Item 1, "Notes to the UnauditedCondensed Financial Statements - Note 13 - Perryville."

          The deconsolidationof Perryville and PEH from Cleco in connection with their bankruptcy filingssignificantly affected Midstream's earnings for the second quarter of 2004compared to the second 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 does not reflectoperating results for Perryville and PEH for the second quarter of 2004  

48

ascompared to three months of operations for the second quarter of2003.  For additional information on Perryville, see Item 1, "Notesto the Unaudited Condensed Financial Statements - Note 13 - Perryville."

***Evangeline***

          In accordance with FIN 46R, Cleco was required todeconsolidate Evangeline from its condensed consolidated financial statementsand began reporting its investment in Evangeline on the equity method ofaccounting.  As a result, effective March 31, 2004, the assets andliabilities of Evangeline are no longer reported on Cleco Corporation's CondensedConsolidated Balance Sheet, but instead are represented by one line item correspondingto Cleco's equity investment in Evangeline.  Effective April 1, 2004,Evangeline revenue and expenses are netted and reported on one line item asequity income from investees on Cleco Corporation's Condensed ConsolidatedStatements of Operations.  Consequently, the chart below reflects netoperating results for Evangeline for the second quarter of 2004 on the equityincome from investees line as compared to being reported on various line itemsfor the second quarter of 2003.  For additional information on FIN 46R and thedeconsolidation of Evangeline, see Item 1, "Notes to the Unaudited CondensedFinancial Statements - Note 1 - Summary of Significant Accounting Policies -Principles of Consolidation" and Note 11 - "Variable Interest Entities."

***Cleco Energy***

          In June2004, management agreed to sell substantially all of Cleco Energy's assets anddiscontinue Cleco Energy's natural gas marketing, pipeline, and productionoperations after the sale.  In accordance with SFAS No. 144, the property,plant and equipment of Cleco Energy is classified as held for sale on ClecoCorporation's Condensed Consolidated Balance Sheet, and the related operationsare classified as discontinued on Cleco Corporation's Condensed ConsolidatedStatements of Operations.  Consequently, the net operating results for ClecoEnergy for the second quarter of 2004 and the second quarter of 2003 are reportedon one line item as discontinued operations in the chart below.  Foradditional information on SFAS No. 144 and the discontinued operations of ClecoEnergy, see Item 1, "Notes to the Unaudited CondensedFinancial Statements - Note 14 - Discontinued Operations."

For the three  months ended June 30,

**2004**

** **

2003

Variance

Change

(Thousands)

Operating revenue

Tolling operations

**$**

**- **

** **

$

28,032 

$

(28,032)

* 

Energy trading, net

**- **

** **

(2,179)

2,179 

* 

Other operations

**27 **

** **

445 

(418)

(93.93)%

Affiliate revenue

**1,321 **

** **

- 

1,321 

* 

Intercompany revenue

**- **

** **

91 

(91)

* 

Net  operating revenue

**1,348 **

** **

26,389 

(25,041)

(94.89)%

Operating expenses

Other operations

**1,963 **

** **

10,944 

(8,981)

(82.06)%

Maintenance

**558 **

** **

2,107 

(1,549)

(73.52)%

Depreciation

**81 **

** **

4,498 

(4,417)

(98.20)%

Impairment of  long-lived assets

**- **

** **

134,773 

(134,773)

* 

Taxes other than income  taxes

**66 **

** **

41 

25 

60.98 %

Total operating  expenses

**2,668 **

** **

152,363 

(149,695)

(98.25)%

** **

** **

Operating loss

**$**

**(1,320)**

** **

$

(125,974)

$

124,654 

98.95 %

Equity income from  investees

**$**

**9,153 **

** **

$

7,795 

$

1,358 

17.42 %

Other expense

**$**

**(7)**

** **

$

(776)

$

769 

99.10 %

Interest charges

**$**

**2,957 **

** **

$

9,878 

$

(6,921)

(70.06)%

Federal and state  income taxes

**$**

**2,049 **

** **

$

(49,145)

$

51,194 

* 

(Loss)  income from discontinued operations, net

**$**

**(288)**

** **

349 

$

(637)

* 

Net income applicable  to member's equity

**$**

**2,531 **

** **

$

(79,028)

$

81,559 

* 

** Not meaningful*

* *

* *

* *

* *

* *

* *

* *

* *

* *

49

***Operating Revenue***

          Operating revenuedecreased $25.0 million, or 94.9%, in the second quarter of 2004 compared tothe same period of 2003 largely as a result of the accounting treatment oftolling operations revenue at Perryville and Evangeline.  As a result of thebankruptcy filings of Perryville and PEH and their deconsolidation from Cleco,their operating results for the second quarter of 2004 are not reflected intolling operations revenue.  In addition, Cleco's accounting for Evangeline onthe equity method in accordance with FIN 46R, also reduced revenues from tollingoperations.  Energy trading, net increased $2.2 million in the second quarterof 2004 compared to the same period of 2003.  The increase was primarily due tothe discontinuation of Midstream's speculative trading activities in late 2002as well as amounts required to be paid in 2003 to Cleco Power under the ConsentAgreement.  Affiliate revenue increased $1.3 million in the second quarter of2004 compared to the same period of 2003 primarily due to affiliatetransactions with Perryville, PEH, and Evangeline that are no longer eliminatedas a result of those companies' deconsolidation from Cleco.

***Operating Expenses***

          Operating expensesdecreased $149.7 million, or 98.2%, in the second quarter of 2004 compared tothe second quarter of 2003, primarily due to the $134.8 million impairmentcharge recorded at Perryville during 2003.  In addition, operating expensesalso decreased as a result of the deconsolidation of Perryville, PEH, andEvangeline from Cleco. 

***Equity Income from Investees***

          Equity income frominvestees increased $1.4 million, or 17.4%, in the second quarter of 2004compared to the second quarter of 2003.  The $1.4 million increase was due to a$3.0 million increase at Evangeline as a result of the change in the method ofaccounting for Evangeline effective April 1, 2004, partially offset by a $1.6million decrease in equity earnings from Acadia as a result of increasedmaintenance expense at the facility.

***Other Expense***

          Other expensedecreased $0.8 million, or 99.1%, during the second quarter of 2004 comparedto the same period of 2003 primarily due to the 2003 payment of an $0.8 millioncivil penalty agreed to in the Consent Agreement.

***Interest Charges***

*          *Interestcharges decreased $6.9 million, or 70.1%, during the second quarter of 2004compared to the same period of 2003 primarily due to the payment and expirationof Midstream's credit facility during the first quarter of 2004 and thedeconsolidation of Perryville, PEH, and Evangeline from Cleco. 

***Income Taxes***

          Income tax expenseincreased $51.2 million during the second quarter of 2004 compared to the sameperiod of 2003.  Midstream's effective income tax rate increased from38.2% to 42.1% during the second quarter of 2004 compared to the same period of2003 as a result of a 2003 non-tax deductible civil penalty of $0.8 million paidto FERC in accordance with the Consent Agreement.  Tax rates also were affectedby the relative size of pre-tax income to this item.  Pre-tax income during thesecond quarter of 2004 increased $133.4 million compared to the same period of2003.

***Discontinued Operations, Net***

          Discontinuedoperations, net decreased $0.6 million during the second quarter of 2004compared to the same period of 2003 primarily due to a $1.1 million pre-tax impairmentcharge on Cleco Energy's oil and natural gas production assets.  Partiallyoffsetting this decrease were higher gas margins and lower depreciation expenseas a result of prior impairment charges.  For additional information on ClecoEnergy's discontinued operations, see Item 1, "Notes to the Unaudited CondensedFinancial Statements - Note 14 - Discontinued Operations."

50
****
**Comparison of the Six Months Ended June 30, 2004 and 2003**

**Cleco Consolidated**

** **

** **

** **

** **

** **

For the six months  ended June 30,

**2004**

** **

2003

** **

Variance

** **

Change

(Thousands)

** **

** **

Operating revenue

**$**

**332,971 **

** **

$

367,870 

** **

$

(34,899)

** **

(9.49)%

Operating expenses

** **

**288,308 **

** **

428,747 

** **

(140,439)

** **

(32.76)%

** **

** **

** **

** **

** **

** **

Operating income (loss)

**$**

**44,663 **

** **

$

(60,877)

** **

$

105,540 

** **

* 

** **

** **

** **

** **

** **

** **

Equity income from  investees

**$**

**17,811 **

** **

$

15,601 

** **

$

2,210 

** **

14.17 %

Interest charges

**$**

**28,444 **

** **

$

35,476 

** **

$

(7,032)

** **

(19.82)%

Net income (loss)  applicable to common stock

**$**

**22,782 **

** **

$

(49,522)

** **

$

72,304 

** **

* 

** **

** **

** **

** **

** **

** **

** **

** **

** Not meaningful*

* *

* *

* *

* *

* *

* *

* *

* *

* *

* *

** **          Consolidatednet income applicable to common stock in the first six months of 2004 was $22.8million, significantly above the $49.5 million loss recorded in the same periodof 2003.  The increase of $72.3 million was primarily due to increased earningsat Midstream resulting from the $134.8 million impairment charge recorded atPerryville in 2003, partially offset by the absence of Perryville and PEHearnings due to their bankruptcy filing in January 2004 and reduced earnings atCleco Power as a result of the pending settlement of the 2001-2002 fuel audit.

          Operating revenue decreased$34.9 million, or 9.5%, in the first six months of 2004 compared to the sameperiod of 2003 largely as a result of the change in accounting treatment oftolling operations revenue at Perryville and Evangeline during the first and secondquarters of 2004, respectively.  Also contributing to the decrease in operatingrevenue were the effects of the pending settlement of Cleco Power's 2001-2002fuel audit.

          Operating expenses decreased$140.4 million, or 32.8%, in the first six months of 2004 compared to the firstsix months of 2003 primarily due to the $134.8 million impairmentcharge recorded at Perryville in 2003 and the effects of the deconsolidation ofPerryville, PEH, and Evangeline from Cleco.

          Equity income frominvestees increased $2.2 million, or 14.2%, in the first six months of 2004compared to the same period of 2003 primarily due to the change in the methodof accounting for Evangeline effective April 1, 2004, partially offset by decreasedequity earnings at Acadia.  Interest charges decreased $7.0 million,or 19.8%, compared to the first six months of 2003 primarily due to the effectsof the deconsolidation of Perryville, PEH, and Evangeline from Cleco.

          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 six months of 2004 decreased$9.7 million, or 31.0%, compared to the first six months of2003.  Contributing factors include:
-  

higher customer refund credits,
-  

higher operations and maintenance expense,  
-  

higher depreciation expense,
-  

lower transmission revenue,  
-  

lower other income, and
-  

higher effective income tax rate.

51

These were partially offset by:
-  

favorable fuel surcharge adjustments,  
-  

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

lower other expense, 
-  

higher interest income, and
-  

lower interest charges.

 

 
For the six  months ended June 30,

 
**2004**

 

2003

 

Variance

 

Change

 
(Thousands)

 
Operating revenue

 
Base

**$**

**153,688 **

$

149,479 

$

4,209 

2.82 %

Fuel cost recovery

** **

**171,983 **

160,655 

** **

11,328 

7.05 %

Electric customer  credits

** **

**(19,833)**

(9,411)

** **

(10,422)

(110.74)%

Energy trading, net

** **

**- **

630 

** **

(630)

* 

Other operations

** **

**13,793 **

15,179 

** **

(1,386)

(9.13)%

 
Affiliate revenue

** **

**948 **

1,102 

** **

(154)

(13.97)%

 
Net  operating revenue

** **

**320,579 **

317,634 

2,945 

0.93 %

 
** **

** **

 
Operating expenses

** **

** **

 
Fuel used for electric  generation

** **

**49,850 **

69,598 

(19,748)

(28.37)%

 
Power purchased for  utility customers

** **

**126,904 **

99,341 

27,563 

27.75 %

 
Other operations

** **

**35,589 **

27,467 

8,122 

29.57 %

 
Maintenance

** **

**16,993 **

15,496 

1,497 

9.66 %

 
Depreciation

** **

**28,117 **

26,596 

1,521 

5.72 %

 
Taxes other than income taxes

** **

**18,472 **

18,539 

(67)

(0.36)%

 
Total operating expenses

** **

**275,925 **

257,037 

18,888 

7.35%

 
** **

** **

 
Operating income

**$**

**44,654 **

$

60,597 

$

(15,943)

(26.31)%

 
Interest income 

**$**

**2,200 **

$

634 

$

1,566 

247.00 %

 
Other income

**$**

**143 **

$

1,281 

(1,138)

(88.84)%

 
Other expense

**$**

**(942)**

$

(2,718)

1,776 

65.34 %

 
Interest charges

**$**

**13,657 **

$

14,321 

$

(664)

(4.64)%

 
Federal and state income taxes

**$**

**12,594 **

$

15,909 

$

(3,315)

(20.84)%

 
Net income applicable to member's equity

**$**

**21,530 **

$

31,191 

$

(9,661)

(30.97)%

 
** **

** **

 
** Not meaningful*

** **

** **

 
 

For the six  months ended June 30,

**2004**

** **

2003

Change

(Million kWh)

Electric sales

Residential

**1,589 **

** **

1,595 

(0.38)%

Commercial

**855 **

** **

833 

2.64 %

Industrial

**1,421 **

** **

1,319 

7.73 %

Other retail

**276 **

** **

280 

(1.43)%

Unbilled

**50 **

** **

89 

(43.82)%

Total retail

** **

**4,191 **

** **

** **

4,116 

1.82 %

Sales for resale

**363 **

** **

340 

6.76 %

Total retail and  wholesale customer sales

**4,554 **

** **

4,456 

2.20 %

Short-term sales to  other utilities

**56 **

** **

64 

(12.50)%

Sales from trading  activities

**22 **

** **

14 

57.14 %

Total electric sales

** **

**4,632 **

** **

** **

4,534 

2.16 %

** **

** **

52

          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 six  months ended June 30,

** **

**2004**

2003

**Cooling degree-days**

** **

   Increase from normal

**2.91 %**

3.67 %

   Decrease from prior year

**(1.39)%**

(9.06)%

**Heating degree-days**

   Increase (decrease) from normal

**(7.22)%**

9.52 %

   Increase (decrease) from prior year

**(20.16)%**

10.05 %

***Base***

          Base revenue duringthe first six months of 2004 increased $4.2 million, or 2.8%, compared to thesame period in 2003.  The increase was primarily due to arenegotiated contract for additional ancillary services with a municipalcustomer, favorable fuel surcharge adjustments that were included in the FuelAdjustment Clause Report filed by Cleco Power in June 2004, and energymanagement services contracts that commenced in May 2003.  For information onthe anticipated effects of additional revenue from industrial customers, see "-Comparison of the Three Months Ended June 30, 2004 and 2003 - Cleco Power -Base."

***Fuel Cost Recovery***

          Fuel cost recoveryrevenue billed to customers during the first six months of 2004 compared to thesame period of 2003 increased $11.3 million, or 7.1%, primarily due to energymanagement contracts that commenced in May 2003, higher cost and volumes offuel, and the reversal of estimates previously recorded in conjunction withissues covered by the pending LPSC fuel audit settlement. Partially offsettingthese increases in fuel cost recovery revenue was the reclassification of certainrevenues from a municipal customer.  For information on Cleco Power'sability to recover fuel and purchase power costs, see "- Comparison of the ThreeMonths Ended June 30, 2004 and 2003 - Cleco Power - Fuel Cost Recovery."

***Electric Customer Credits***

          Electric customercredits during the first six months of 2004 increased $10.4 million, or 110.7%,compared to the same period in 2003.  This increase in estimatedcustomer credits is a result of the pending settlement of Cleco Power's 2001-2002fuel audit, partially offset by lower accruals for the current ratestabilization plan filing period.  The potential refunds associatedwith the rate stabilization plan are based on results for each 12-month periodended September 30.  Therefore, the financial results of the thirdquarter of 2004 could impact the ultimate amounts estimated to be refundedpursuant to this plan.  For additional information on the accrual of electriccustomer credits, see Item 1, "Notes to the Unaudited Condensed FinancialStatements - Note 7 - Accrual of Electric Customer Credits."

***Other Operations***

          Other operationsrevenue decreased $1.4 million, or 9.1%, in the first six months of 2004compared to the same period of 2003 primarily due to lower transmission servicerevenue resulting from the expiration of a 2003 transmission service contractwith Aquila.

***Operating Expenses***

          Operating expensesincreased $18.9 million, or 7.4%, in the first six months of 2004 compared tothe same period of 2003.  Fuel used for electric generation decreased$19.7 million, or 28.4%, primarily due to under-recovered fuel costs and thereversal of fuel expenses related to gas transportation charges recorded in2002 as a result of the pending settlement of Cleco Power's 2001-2002 fuel audit. Additionally, fuel used for electric generation decreased as a result of favorablesurcharge adjustments that were included in the Fuel Adjustment Clause Reportfiled by Cleco Power in June 2004.  Also contributing to the decrease in fuelused for electric operations were lower average per unit cost and volumes ofnatural gas as compared to the same period of 2003.  Power purchasedfor utility customers increased $27.6 million, or 27.8%, largely due to anincrease in the average per unit cost and volumes of power purchased.  Increasedvolumes of power purchased were attributable to higher customer demand and additionalamounts required to fulfill energy management services contracts  

53

that commencedin May 2003.  Additional power purchased as a result of these energy managementcontracts amounted to $7.4 million.  Other operations expense increased$8.1 million, or 29.6%, primarily due to higher pension and retirement benefitcosts, adjustments related to generating facility joint billing costs, andlegal fees associated with the pending settlement of Cleco Power's 2001-2002 fuel audit. Maintenance expenses during the first six months of 2004 increased $1.5 million,or 9.7%, compared to the same period of 2003.  The primary reason for theincrease was additional generating station and transmission substationmaintenance work performed during 2004.  Depreciation expense increased $1.5million, or 5.7%, as a result of normal recurring additions to fixed assets.

***Interest Income***

          Interest incomeincreased $1.6 million, or 247.0%, during the first six months of 2004 comparedto the same period of 2003 primarily due to additional interest recorded onunder-recovered fuel costs that was included as surcharge adjustments in ClecoPower's Fuel Adjustment Clause Report filed in June 2004.

***Other Income***

          Other incomedecreased $1.1 million, or 88.8%, during the first six months of 2004 comparedto the same period of 2003 primarily due to less work performed by Cleco Poweremployees at Evangeline and Acadia generating facilities during 2004.  Theincome from the work performed at Evangeline and Acadia was offset by an equalamount of expenses as shown in Other Expense below.  

***Other Expense***

          Otherexpense decreased $1.8 million, or 65.3%, during the first six months of 2004compared to the same period of 2003 primarily due to the absence of expensesrelated to work performed by Cleco Power employees at Evangeline and Acadia in2004 and decreased charitable donations.

***Interest Charges***

          Interest charges decreased$0.7 million, or 4.6%, during the first six months of 2004 compared to the sameperiod of 2003 primarily due to the reversal of interest charges related to gastransportation charges recorded in 2002 as a result of the pending settlementof Cleco Power's 2001-2002 fuel audit.  Partially offsetting this decrease was anincrease in interest charges as a result of the April 2003 issuance of seniornotes.

***Income Taxes***

          Income tax expensedecreased $3.3 million, or 20.8%, during the first six months of 2004 comparedto the same period of 2003.  Cleco Power's effective income tax rate increasedfrom 33.8% to 36.9% during the first six months of 2004 compared to the sameperiod of 2003 as a result of an increase in state income taxes due to a losscarryforward that was utilized during 2003.  State income taxes also increaseddue to disallowed federal income tax deductions for years to which losses werecarried back and federal tax refunds were received.

**Midstream**

          Midstream's netincome applicable to member's equity for the first six months of 2004 was $4.9million, significantly above the $76.4 million loss recorded in the same periodof 2003.  Factors contributing to this increase include the samefactors affecting the results of operations for the second quarter of 2004. For additional information on these contributing factors, see "- Comparison ofthe Three Months Ended June 30, 2004 and 2003 - Midstream."  The chart belowreflects only one month of operation for Perryville and PEH for the first sixmonths of 2004 as compared to six months of operations for the first six monthsof 2003.  The chart reflects net operating resultsfor Evangeline for the second quarter of 2004 on the equity income frominvestees line as compared to being reported on various line items for the firstquarter of 2004 and the first six months of 2003.  The net operatingresults for Cleco Energy for the first six months of 2004 and 2003 arereflected on the line item discontinued operations in the chart below.

54

For the six  months ended June 30,

**2004**

** **

2003

Variance

Change

(Thousands)

Operating revenue

Tolling operations

**$**

**10,255 **

** **

$

51,809 

$

(41,554)

(80.21)%

Energy trading, net

**- **

** **

(2,338)

2,338 

* 

Other operations

**29 **

** **

774 

(745)

(96.25)%

Affiliate revenue

**1,788 **

** **

- 

1,788 

* 

Intercompany revenue

**12 **

** **

167 

(155)

(92.81)%

Net  operating revenue

**12,084 **

** **

50,412 

(38,328)

(76.03)%

Operating expenses

Other operations

**5,992 **

** **

** **

14,570 

(8,578)

(58.87)%

Maintenance

**2,086 **

** **

** **

4,723 

(2,637)

(55.83)%

Depreciation

**2,036 **

** **

** **

14,541 

(12,505)

(86.00)%

Impairment of  long-lived assets

**- **

** **

** **

134,773 

(134,773)

* 

Taxes other than income  taxes

**152 **

** **

** **

186 

(34)

(18.28)%

Total operating  expenses

**10,266 **

** **

168,793 

(158,527)

(93.92)%

** **

** **

Operating income (loss)

**$**

**1,818 **

** **

$

(118,381)

$

120,199 

* 

Equity income from  investees

**$**

**17,811 **

** **

$

15,601 

$

2,210 

14.17 %

Other expense

**$**

**(20)**

** **

$

(807)

$

787 

97.52 %

Interest charges

**$**

**11,190 **

** **

$

20,383 

$

(9,193)

(45.10)%

Federal and state  income taxes

**$**

**3,454 **

** **

$

(47,239)

$

50,693 

* 

Loss from discontinued  operations, net

**$**

**(130)**

** **

$

(114)

$

(16)

(14.04)%

Net income (loss)  applicable to member's equity

**$**

**4,884 **

** **

$

(76,404)

$

81,288 

* 

** Not meaningful*

* *

* *

* *

* *

* *

* *

* *

* *

* *

***Tolling Operations***

          Tolling operationsrevenue decreased $41.6 million, or 80.2%, in the first six months of 2004compared to the first six months of 2003 largely 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 theirsubsequent deconsolidation from Cleco.  In addition, Cleco's accounting forEvangeline on the equity method in accordance with FIN 46R also reduced tollingrevenue.  Effective April 1, 2004, Evangeline's tolling revenue is netted andreported with other revenue and expenses on one line item as equity income frominvestees.

***Other Operations***

          The $0.7million, or 96.3%, decrease in other operations revenue during the first sixmonths of 2004 compared to the same period of 2003 was primarily due to Marketing& Trading's termination of its energy management services contracts in May2003.

***Affiliate Revenue***

          Affiliate revenueincreased $1.8 million in the first six months of 2004 compared to the sameperiod of 2003.  The increase was primarily due to affiliatetransactions with Perryville, PEH, and Evangeline that are no longer eliminatedas a result of those companies' deconsolidation from Cleco.

***Operating Expenses***

          Operating expensesdecreased $158.5 million, or 93.9%, in the first six months of 2004 as comparedto the same period of 2003 primarily due to the $134.8 impairment chargerecorded at Perryville during 2003.  In addition, operating expenses alsodecreased as a result of the deconsolidation of Perryville, PEH, and Evangelinefrom Cleco.

55

***Equity Income from Investees***

          Equity income frominvestees increased $2.2 million, or 14.2%, for the first six months of 2004compared to the first six months of 2003.  The $2.2 million increase was due toa $3.0 million increase at Evangeline as a result of the change in the methodof accounting for Evangeline effective April 1, 2004, partially offset by an$0.8 million decrease in equity earnings at Acadia as a result of increasedmaintenance expense at the facility.

***Other Expense***

          Other expense decreased$0.8 million, or 97.5%, during the first six months of 2004 compared to thesame period of 2003 primarily due to the 2003 payment of an $0.8 million civilpenalty agreed to in the Consent Agreement.

***Interest Charges***

          Interest charges decreased$9.2 million, or 45.1%, during the first six months of 2004 compared to thefirst six months of 2003 primarily due to the payment and expiration ofMidstream's credit facility during the first quarter of 2004 and thedeconsolidation of Perryville, PEH, and Evangeline from Cleco.

***Income Taxes***

          Income tax expenseincreased $50.7 million during the first six months of 2004 compared to the sameperiod of 2003.  Midstream's effective income tax rate increased from38.2% to 40.8% during the first six months of 2004 compared to the same period of2003 as a result of a 2003 non-tax deductible civil penalty of $0.8 million paidto FERC in accordance with the Consent Agreement.  Tax rates also were affectedby the relative size of pre-tax income to this item.  Pre-tax income during thefirst six months of 2004 increased $132.0 million compared to the same periodof 2003.

56

***FINANCIAL CONDITION***

**Liquidity and Capital Resources**

**General Considerations and Credit-Related Risks**

***Credit Ratings and Counterparties***

          Fora discussion of certain factors affecting Cleco's financial condition relatingto its credit ratings, the credit ratings of its counterparties and othercredit-related risks, please read "Management's Discussion and Analysis ofFinancial Condition and Results of Operations - Financial Condition - Liquidityand Capital Resources - General Considerations and Credit-Related Risks -Credit Ratings and Counterparties" in the Registrants' Combined Annual Reporton Form 10-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 operating andmarketing agreements entered into by Cleco Energy can request Cleco Corporationto provide credit support if any of such counterparties deem Cleco Energy'screditworthiness to be unsatisfactory.  As of June 30, 2004, theamount Cleco Corporation would have been required to pay if all of ClecoEnergy's counterparties requested credit support was less than $0.1 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 June 30,2004, Cleco had no short-term debt outstanding in the form of bank loans,compared to $200.8 million outstanding at December 31, 2003.  If ClecoCorporation were to default under covenants in its various credit facilities, ClecoCorporation would be unable to borrow additional funds under the creditfacilities.  If Cleco Corporation's credit rating as determined byoutside rating agencies were to be downgraded one level below investment grade,Cleco Corporation would be required to pay additional fees and interest,totaling 0.5% higher than the current level stated below, for its $150.0million credit facility.  The same downgrade at Cleco Power would require ClecoPower to pay additional fees and interest, totaling 1.0% higher, on its $125.0million credit facility.  At June 30, 2004, Cleco Corporation was incompliance with the covenants in its credit facilities.  In addition,there has been no change to the credit ratings determined by outside ratingagencies during the second quarter of 2004 and as a result, there has been no creditrating-driven change in interest rates.

          The following tableshows short-term debt by subsidiary:

  Subsidiary

**At June 30,  2004**
   
At December 31,  2003

 
 
(Thousands)                   

Cleco Corporation (Holding  Company Level)

** **

** **

** **

** **

 
     Bank loans

** **

**$**

**-     **

** **

$

50,000    

 
Midstream

** **

** **

** **

** **

 
     Bank loans

** **

** **

**-     **

** **

150,787    

 
          Total

** **

**$**

**-     **

** **

$

200,787    

 
** **

** **

** **

** **

 
*** Cleco***

          Short-term debt atCleco decreased by $200.8 million at June 30, 2004, compared to December 31,2003, primarily due to the deconsolidation of Perryville and from the repaymentby Cleco Corporation and Midstream of borrowings under current creditfacilities.  Long-term debt at Cleco also decreased by $456.5 millionat June 30, 2004, compared to December 31, 2003, primarily due to thedeconsolidation of Perryville and Evangeline and the reclassification of aportion of Cleco Corporation's and Cleco Power's long-term debt to long-termdebt due within one year.  For additional information, see "- ClecoCorporation (Holding Company Level), - Cleco Power, and - Midstream" below,Item 1, "Notes to the Unaudited Condensed Financial Statements - Note 5 -Equity Investment in Investees," and Note 13 - "Perryville."

57

          The working capitaldeficit of $92.2 million noted at December 31, 2003, resulting from thereclassification of Perryville's $133.0 million Senior Loan Agreement to short-termdebt, was $97.5 million as of June 30, 2004.  The change in deficit wasdue largely to the reclassification of the $100.0 million outstanding balanceof Cleco Corporation's 8.75% Senior Notes, due June 1, 2005, to long-term debtdue within one year, which increased current liabilities; this change was offsetby the deconsolidation of Perryville, which removed the $133.0 million ofshort-term debt, and the repayment by Cleco Corporation and Midstream of $67.8million of borrowings under current credit facilities, both of which decreasedcurrent liabilities.  Cleco expects this working capital deficit to be reducedwhen these borrowings are either paid or refinanced by longer term instruments,which is anticipated during the first half of 2005.

          Cashand cash equivalents available at June 30, 2004, were $61.9 million combinedwith $230.2 million facility capacity ($105.2 million from Cleco Corporationand $125.0 million from Cleco Power) for total liquidity of $292.1 million.  Cashand cash equivalents decreased $33.5 million, when compared to December 31,2003, largely due to the payment of dividends; settlement of outstandingaccounts payable; accrual of customer and other receivables; additions toproperty, plant and equipment; and repayment of short-term debt.

          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 servicerequirements for the foreseeable future.

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

          ClecoCorporation had no remaining short-term debt at June 30, 2004, compared to $50.0million at December 31, 2003.  This decrease is due to the repayment ofoutstanding borrowings under current credit facilities.  Cleco Corporation doeshave $100.0 million of long-term debt due within one year relating to its 8.75%Senior Notes, due June 1, 2005.  Cleco Corporation expects to refinance all ora portion of this debt with cash on hand and new borrowings in 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-year facility.  This facility will provide for working capitaland other needs.  Cleco Corporation's initial borrowing cost underthis new facility is equal to LIBOR plus 1.50%, including facility fees.  ClecoCorporation's borrowing costs under the prior facility at March 31, 2004, wereequal to LIBOR plus 1.625%, and the weighted average cost of borrowings was2.8125%.  There was $50.0 million of outstanding borrowings under theprior credit facility that was rolled into the new credit facility when theprior facility was terminated.  At June 30, 2004, no amounts wereoutstanding on the new credit facility.  Under the terms of this newthree-year facility, $25.0 million of the available capacity is restricted andwill only become available for use upon the repayment of the $100.0 million outstandingbalance of 8.75% Senior Notes maturing in June 2005.  An uncommitted line ofcredit with a bank in an amount up to $5.0 million also remains available tosupport Cleco's working capital needs.  This line of credit is availableto either Cleco Corporation or 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 June 30, 2004, there were nodraws on the facility, leaving $150.0 million available.  The $150.0million at June 30, 2004, was reduced by off-balance sheet commitments of $19.8million and a $25.0 million restriction on borrowing relating to ClecoCorporation's 8.75% Senior Notes, leaving available capacity of $105.2 million.  Formore information about these commitments, see Item 1, "Notes to the UnauditedCondensed Financial Statements - Note 8 - Litigation and Other Commitments andContingencies - Off-Balance Sheet Commitments."

          Cash and cashequivalents available at June 30, 2004, were $8.1 million combined with $105.2million facility capacity for total liquidity of $113.3 million.  Cashand cash equivalents decreased $16.1 million, when compared to December 31,2003, largely due to payment of operating costs and repayment of debt.

          Cleco Corporationprovides a limited guarantee to pay principal amounts under the Senior LoanAgreement should Perryville be unable to pay its debt service.  At June30, 2004, the amount guaranteed was $4.6 million.  Cleco Corporationalso provided a limited guarantee of $277.4 million to Entergy Louisiana and Entergy Gulf Statesfor Perryville's performance obligations under the Sale Agreement, the PowerPurchase Agreement, and other ancillary agreements related to the pending sale ofthe Perryville facility.  For information on these agreements and relatedguarantees, see Item 1, "Notes to the Unaudited Condensed Financial Statements- Note 13 - Perryville."  TheSenior Loan Agreement is collateralized  

58

by Cleco Corporation's membershipinterest in Perryville.  At June 30, 2004, Cleco Corporation had no remainingequity 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. At June 30, 2004, Cleco Corporation had $104.0 million remaining on a $150.0million shelf registration statement (Registration No. 333-55656) that allowsfor the issuance of common stock or preferred stock or any combination thereof.

          On February 20,2004, and May 3, 2004, Cleco Corporation entered into two separate interestrate swaps with a third-party financial institution to hedge the exposure tochanges in the fair value of Cleco Corporation's 8.75% Senior Notes.  Forinformation on these interest rate swaps, see Item 1, "Notes to the UnauditedCondensed Financial Statements - Note 10 -Debt."

***Cleco Power***

          There was noshort-term debt outstanding at Cleco Power at June 30, 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 mortgagebonds.  Cleco Power expects to pay this debt with accumulated fundsor to refinance with new borrowings 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 June 30, 2004, no amounts were outstanding underCleco Power's $125.0 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 availableto either Cleco Power or Cleco Corporation.  Cash and cashequivalents available at June 30, 2004, were $53.6 million combined with a $125.0million facility capacity for total liquidity of $178.6million.  Cash and cash equivalents decreased $17.4 million, whencompared to December 31, 2003, due to the settlement of outstanding accountspayable; additions to property, plant and equipment; and distributions to ClecoCorporation.

          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 debt securities.  Thisshelf registration statement has not yet been declared effective by the SEC. At June 30, 2004, 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.

***Midstream***

           Short-termdebt at Midstream decreased by $150.8 million at June 30, 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 repayment of outstanding credit facility borrowings.  As a result ofthe deconsolidation, the assets and liabilities of Perryville and PEH are nolonger reported in Cleco Corporation's consolidated results.  Midstream's$36.8 million credit facility was paid in full and expired on March 31,2004.  The facility was used to support Midstream's generationactivities, and the outstanding balances were guaranteed by Cleco Corporationon a subordinated basis.  Midstream's cost of borrowings under thisfacility was equal to LIBOR plus 3.0%, including commitment fees and was 4.1875%at March 31, 2004.  Midstream's credit facility was not renewed asmanagement determined the facility was not 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 June 30, 2004, and December 31, 2003, $0.1million and $41.3 million, respectively, of cash wererestricted.  For additional information on restricted cash, see Item1, "Notes to the Unaudited Condensed Financial Statements - Note 4 - RestrictedCash."

59

***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 also was deconsolidated fromCleco Corporation's condensed consolidated 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, seeItem 1, "Notes to the Unaudited Condensed Financial Statements - Note 13 -Perryville."  For information on the deconsolidation of Evangeline, see Item 1,"Notes to the Unaudited Condensed Financial Statements - Note 5 - EquityInvestment in Investees" and Note 11 - "Variable Interest 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  equity investees.  For information on Cleco's off-balance sheet commitments, see Item 1, "Notes to the UnauditedCondensed Financial Statements - Note 8 - Litigation and Other Commitments andContingencies - Off-Balance Sheet Commitments."

***RegulatoryMatters***

          For a discussion ofregulatory aspects of retail rates concerning Cleco Power, please read"Management's Discussion and Analysis of Financial Condition and Results of Operations- Financial Condition - Liquidity and Capital Resources - GeneralConsiderations and Credit-Related Risks - Retail Rates of Cleco Power" in theRegistrants' Combined Annual Report on Form 10-K for the fiscal year endedDecember 31, 2003, and "Management's Discussion and Analysis of FinancialCondition and Results of Operations - Financial Condition - Liquidity andCapital Resources - Regulatory Matters - Retail Rates of Cleco Power" in theRegistrants' Combined Quarterly Report on Form 10-Q for the quarterly periodended March 31, 2004.

          For a discussion ofregulatory aspects of wholesale electric markets affecting Cleco, please read"Management's Discussion and Analysis of Financial Condition and Results ofOperations - Financial Condition - Liquidity and Capital Resources - GeneralConsiderations and Credit-Related Risks - Market Restructuring - WholesaleElectric Markets" in the Registrants' Combined Annual Report on Form 10-K forthe fiscal year ended December 31, 2003, and "Management's Discussion and Analysisof Financial Condition and Results of Operations - Financial Condition -Liquidity and Capital Resources - Regulatory Matters - Wholesale ElectricMarkets" in the Registrants' Combined Quarterly Report on Form 10-Q for the quarterlyperiod ended March 31, 2004.

***Generation RFP***

          In2003, Cleco Power issued an RFP for up to 750 MW of generation supply toreplace existing power purchase agreements with Williams and Dynegy that expirein 2004 and 2005.  There were no winning proposals selected from the RFP.  OnMay 13, 2004, Cleco Power and CES executed a power purchase agreement for aone-year, 500 MW capacity and energy purchase scheduled to begin on January 1,2005.  Cleco Power expects the 500 MW from CES to fill the shortfall left bythe Williams and Dynegy contracts expiring at the end of 2004.  The contractwith CES is subject to certification approval by the LPSC, and such approval isexpected to be obtained prior to the January 1, 2005, starting date of the powerpurchase agreement with CES.

          Cleco Powercontinues to evaluate its long-term capacity needs through its IRP process andplans to seek new proposals for up to 1,000 MW of capacity and energy toreplace existing contracts and to accommodate load growth, as well as up to 800MW of capacity to replace older natural gas-fired units.  Cleco Powermade an informational filing with the LPSC on April 15, 2004, and expects toissue this RFP in late August 2004.  Initially, Cleco expected toissue this RFP in late June 2004; however, Cleco made a joint decision with theLPSC and the independent monitor to delay the release of this  

60

RFP to allow further time to refine the methods used in evaluatingproposals.  Based on the proposed RFP process and schedule, binding bid proposalswill be due in late October 2004.  Consistent with the provision ofthe LPSC's General Order of September 1983, Cleco Power is engaged infeasibility, engineering and environmental studies, site acquisition andrelated activities required to fully develop its self-build proposals to meetits obligations to provide low cost, reliable services to its customers. Should market resources solicited through its 2004 RFP prove to be lessattractive, Cleco Power believes it is prepared to meet its near term needs for capacity,reliability, and fuel diversity by implementing its self-build resource plan.  Longer-termcapacity needs are expected to be met with future RFP's.  Cleco Power is obligated toprovide construction cost estimates for its self-build options to the LPSCprior to the RFP bid due date.

***Fuel Audit***

        For information on Cleco's fuelaudit proceedings, see Item 1, "Notes to the Unaudited Condensed FinancialStatements - Note 8 - Litigation and Other Commitments and Contingencies - FuelAudit."

***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 the fiscalyear ended December 31, 2003, Cleco Power defers lignite mining costs above 98%of the previous mining contract's projected costs.  As of June 30,2004, Cleco Power had remaining deferred costs and interest of $10.0 million relatingto its lignite mining contract.  Cleco Power recorded a deferral of $0.3million of these mining costs in the second quarter of 2004, including $0.1million in interest.  Management expects Cleco Power to recover the amountdeferred.

***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 fullydescribed in the Registrants' Combined Annual Report on Form 10-K for thefiscal year ended December 31, 2003, Cleco Power was not successful in renewingits franchise with the town of Franklinton.  Cleco Power will continue to servethese customers until Cleco Power and the new provider can agree on anequitable transfer of assets.  Cleco Power anticipates completion ofthe transition by the end of 2004.

          Competingpower cooperatives are actively attempting to gain dual franchises in severalmunicipalities.  A dual franchise arrangement would limit a new providerfrom providing service to existing customers; however, the existing and newpower provider could compete for new customers.  These cooperative attemptshave been unsuccessful to date.  The granting of a municipal franchise to acompeting electric utility would not reduce current Cleco Power earnings, sinceexisting customers would not have an option to change electric service providersunder existing LPSC regulations, but could reduce future customer and loadgrowth.

***Environmental Matters***

          For a discussion of Cleco's environmental matters, pleaseread "Business - Environmental Matters" in the Registrants' Combined AnnualReport on Form 10-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, the EPA proposed the Interstate AirQuality Rule on December 17, 2003, which imposes obligations on states toaddress the interstate transport of pollutants.  EPA has proposed to requirecertain upwind states, including Louisiana, to revise their StateImplementation Plans to include control measures to reduce SO2 andNOx.  The first phase of emissions reductions would be implemented by 2010,with the second phase by 2015.  According to the EPA, the proposed emissionreduction requirements are based on controls that are known to be highly costeffective for electric generating units.  Under the proposal, states couldadopt a model cap and trade program for SO2 and NOx to meet theproposed emission reduction requirements.  A supplemental proposal renamed thisproposed rule, the Clean Air Interstate Rule (CAIR).  This  

61

supplemental noticeof proposed rule making contained further discussions on establishing statelevel emission budgets, state reporting requirements and State ImplementationPlan approvability, proposed model cap and trade rules and a more thoroughdiscussion of how CAIR interacts with the existing Clean Air Act.  EPA intendsto produce final rules by the end of 2004.

          Cleco will monitorthe development of these new regulatory requirements and their potentialimpacts to Cleco.  While it is unknown at this time what the final outcome ofthese regulations will be, any capital and operating costs of additionalpollution control equipment that may be required could materially adverselyaffect future results of operations, cash flows, and possibly financialcondition, unless such costs could be recovered through regulated rates orfuture market prices for energy.

          On June 17, 2004,Cleco received a Notice of Corrected Violation associated with the initialinspection by the LDEQ of Perryville's Risk Management Plan.  The two issuesnoted by the LDEQ inspector were corrected at the time of the inspection and nofurther action by the LDEQ is anticipated.

***Recent Accounting Standards***

          For a discussionof recent accounting standards, see Item 1, "Notes to the Unaudited CondensedFinancial Statements - Note 6 - Recent Accounting Standards."

***Critical Accounting Policies***

          For a discussion ofcritical accounting policies, see "Management's Discussion and Analysis ofFinancial Condition and Results of Operations - Critical Accounting Policies"in the Registrant's Combined Annual Report on Form 10-K for the fiscal yearended December 31, 2003, and in the Registrant's Combined Quarterly Report onForm 10-Q for the quarterly period ended March 31, 2004.

62

***CLECO POWER - NARRATIVEANALYSIS OF RESULTS OF OPERATIONS***

          Set forth below isinformation concerning the results of operations of Cleco Power for the threemonths and six months ended June 30, 2004, and June 30, 2003.  Thefollowing narrative analysis should be read in combination with Cleco Power'sUnaudited Condensed Financial Statements and the Notes contained in this Form10-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 second quarterof 2004 and the second quarter of 2003 and the first six months of 2004 and2003.  Reference is made to Management's Discussion and Analysis ofFinancial Condition and Results of Operations in Item 7 of the Registrants' CombinedAnnual Report on Form 10-K for 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 second quarterof 2004 and the second quarter of 2003, see "Management'sDiscussion and Analysis of Financial Condition and Result of Operations - Resultsof Operations - Comparison of the Three Months Ended June 30, 2004 and 2003 -Cleco Power" of this Form 10-Q,which discussion is incorporated herein by reference.

          For an explanation of material changes in theamount of revenue and expense items of Cleco Power between the first six monthsof 2004 and the first six months of 2003, see "Management's Discussion andAnalysis of Financial Condition and Results of Operations - Results ofOperations - Comparison of the Six Months Ended June 30, 2004 and 2003 - ClecoPower" of this Form 10-Q, which discussion is incorporated herein by reference.

63

**ITEM3      QUANTITATIVE AND QUALITATIVE DISCLOSURESABOUT 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 determinewhether the 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.  In additionto these positions, Cleco Power could have positions that are required to bemarked-to-market, because they do not meet the exception of SFAS No. 133 and donot qualify for hedge accounting treatment.  The positions for marketingand trading purposes do not meet the exemptions of SFAS No. 133, and the netmark-to-market of those positions is recorded in income.  Cleco Powerhas entered into other positions to mitigate some of the volatility in fuelcosts passed on to customers.  These positions are marked-to-market,with the resulting gain or loss recorded on the balance sheet as a component ofthe accumulated deferred fuel asset or liability.  When thesepositions close, actual gains or losses will be included in the FuelAdjustment Clause and reflectedon customers' bills.  Cleco Energy's financial positions aremarked-to-market, and the net of those positions is recorded in income.

          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 CondensedFinancial Statements - Note 8 - 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 June 30,2004, Cleco had no short-term, variable-rate debt; therefore, each 1.0% changein the average interest rates applicable to such debt would result in no changein Cleco's pre-tax earnings.  At June 30, 2004, Cleco Corporation hadentered into two $50.0 million interest rate swaps involving ClecoCorporation's 8.75% Senior Notes, as discussed below.  Each 1.0% change in the average interestrates applicable to the swaps would result in a change of approximately $1.0million in Cleco's pre-tax earnings.  The fixed-to-floating rate interest rateswaps are discussed below.  At June 30, 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,refinancing balances outstanding under its variable-rate credit facility withfixed-rate debt.

          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 $50.0 millionnotional amount is being hedged by swapping the fixed-rate on the notes forfloating 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%. Net settlement provisions require the transfer of funds by only one party for 

64

each periodic payment. The first LIBOR calculation datewas May 27, 2004.  The fixed-rate debt matures and the interest rate swapterminates on June 1, 2005.

          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%.  Net settlement provisionsrequire the transfer of funds by only one party for each periodic payment.  The first LIBOR calculationdate was May 27, 2004.  The fixed-rate debt matures and the interest rate swapterminates on June 1, 2005.

          The financialinstitution paid $0.1 million to Cleco on June 1, 2004, as a result of the interestrate swaps referenced above.

**Commodity Price Risks**

          Managementbelieves Cleco has controls in place to minimize the remaining risks involvedin trading, energy management and economic load dispatch.  Controlsover these activities consist of a back office (accounting) and middle office(risk management) 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.  It isanticipated that VAR will be minimal in the future due to the anticipated saleof Cleco Energy and the discontinuance of operations following the sale.  Foradditional information on the anticipated sale of Cleco Energy, see Item 1,"Notes to the Unaudited Condensed Financial Statements - Note 14 -DiscontinuedOperations."

          ClecoPower's financial positions that are not used to meet the power demands ofcustomers are marked-to-market as required by SFAS No. 133.  At June30, 2004, Cleco Power did not have any of these financial positionsoutstanding; therefore, no amount was recorded on the balance sheet.

          ClecoPower provides fuel for generation and purchases power to meet the powerdemands of customers.  Cleco Power has entered into positions tomitigate some of the volatility in fuel costs passed on to customers, asencouraged by an LPSC order.  These positions are marked-to-market,with the resulting gain or loss recorded on the balance sheet as a component ofthe accumulated deferred fuel asset or liability and a component of the riskmanagement asset or liability.  Based on market prices at June 30,2004, the net mark-to-market impact was a gain of $1.4 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 are marked-to-marketas required by SFAS No. 133.  Due to market price volatility,mark-to-market reporting may introduce volatility to carrying values and henceto Cleco Energy's financial statements.  At June 30, 2004, the netmark-to-market impact had a minimal effect on the financial statements.

          ClecoPower and Cleco Energy utilize a VAR model to assess the market risk of theirtrading portfolios, 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 for naturalgas and power positions.  Total volatility is based on historicalcash, implied market and current cash volatilities.

65

          Basedon these assumptions, the high, low, and average VAR during the three and six monthsended June 30, 2004, as well as the VAR at June 30, 2004 and December 31, 2003,is summarized below:

**For the three  months ended June 30, 2004**

**High**

**Low**

**Average**

(Thousands)

Cleco Power

**$**

**- **

**$**

**- **

**$**

**- **

Cleco Energy

**$**

**13.8 **

**$**

**- **

**$**

**5.7 **

Consolidated

**$**

**13.8 **

**$**

**- **

**$**

**5.7 **

 

 

**For the six  months ended June 30, 2004**

 
**High**

**Low**

**Average**

 
(Thousands)

 
 
Cleco Power

**$**

**- **

**$**

**- **

**$**

**- **

 
Cleco Energy

**$**

**88.6 **

**$**

**- **

**$**

**21.6 **

 
Consolidated

**$**

**88.6 **

**$**

**- **

**$**

**21.6 **

 

 

**At  June 30,**

At  December 31,

**2004**

2003

(Thousands)

Cleco Power

**$**

**- **

$

- 

Cleco Energy

**$**

**- **

$

97.7 

Consolidated

**$**

**- **

$

97.7 

66

**ITEM4      CONTROLS AND PROCEDURES**

***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' disclosure controlsand procedures as defined by Rules 13a-15(e) and 15d-15(e) under theSecurities 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' second 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.

          Beginningin November 2003 in preparation for the annual audit of internal controls overfinancial reporting, as required by Section 404 of the Sarbanes-Oxley Act of2002, a dedicated team comprised of employees from Cleco and from anindependent consulting firm began to formally identify and document all key internalcontrols over financial reporting.  Cleco's independent registeredpublic accounting firm is currently working with the team to review thecontrols documentation for completeness.  Both the internal team and theindependent accounting firm have begun testing the operating effectiveness ofthe designated key controls.  Cleco is early in this process andthere have been no significant or material changes to Cleco's system of internalcontrols over financial reporting; however, Cleco anticipates changes in futurereporting periods.  As a result of the ongoing Sarbanes-Oxley Section 404compliance effort, any future significant or material changes to Cleco'sinternal control system will be reported to Cleco's investors in compliance with the Sarbanes-OxleyAct.

67

**PART II - OTHER INFORMATION**

**ITEM 1      LEGAL PROCEEDINGS**

***Cleco***

          Forinformation on legal proceedings affecting Cleco, see Part I, Item 1, "Notes to the Unaudited Condensed FinancialStatements - Note 8 - Litigation and Other Commitments and Contingencies" inthis Report, which information is incorporated herein by reference.

***Cleco Power***

          Forinformation on legal proceedings affecting Cleco Power, see Part I, Item 1, "Notes to the Unaudited Condensed FinancialStatements - Note 8 - Litigation and Other Commitments andContingencies" in this Report, which information is incorporated herein byreference.

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

**                    PURCHASESOF EQUITY SECURITIES**

***Cleco Purchases of Equity Securities***

          During thequarter ended June 30, 2004, none of Cleco Corporation's equity securitiesregistered pursuant to Section 12 of the Securities Exchange Act of 1934 werepurchased 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.

**ITEM 3      DEFAULTS UPON SENIORSECURITIES**

***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 June 30, 2004, have not been cured.  Upon thebankruptcy filings by Perryville and PEH on January 28, 2004, the outstandingamounts ($130.3 million at June 30, 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 Part I, Item 1, "Notes to the Unaudited CondensedFinancial Statements - Note 13 - Perryville," which is incorporated herein byreference.

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

***Cleco***

          Forinformation on the results of each proposal presented at the Annual Meeting ofShareholders of Cleco Corporation on April 23, 2004, see Part II, Item 4 ofCleco Corporation's Quarterly Report on Form 10-Q for the quarterly periodended March 31, 2004.

**ITEM 5      OTHERINFORMATION**

***Cleco***

          OnJune 17, 2004, Cleco Corporation filed an applicationwith the SEC, pursuant to Section 12(d) of the Securities Exchange Act of 1934,as amended, and Rule 12d2-2(d) thereunder to withdraw its common stock, parvalue $1.00 per share, and associated rights to purchase preferred stock(together, the Common Stock) from listing on The Pacific Exchange (PCX).  TheCommon Stock currently is listed for trading on the New York Stock Exchange andwill continue to be listed for trading on the New York Stock Exchange after itis withdrawn from listing on the PCX.  The application was effective as of July22, 2004.

68

**ITEM 6      EXHIBITS ANDREPORTS ON FORM 8-K**

**(a)**

**Exhibits **

** **

Cleco Corporation:

  10(c)

Credit Agreement dated as of April 30, 2004 among Cleco  Corporation,  the Bank of New York, as Administrative Agent, and the lenders and other  parties thereto 

  11

Computation of Earnings (Loss) per Common Share for the  three and six months ended June 30, 2004, and 2003 

  12(a)

Computation of Earnings to Fixed Charges and Earnings to  Combined Fixed Charges and Preferred Stock Dividends for the three-, six- and  twelve-month periods ended June 30, 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(b)

401(k) Savings and Investment Plan, Stock Trust Agreement,  Amendment Number 2 Effective January 1, 2004 

  10(d)

364-Day Credit Agreement dated as of April 30, 2004 among  Cleco Power LLC, the  Bank of New York, as Administrative Agent, and the lenders and other parties  thereto 

  12(b)

Computation of Earnings to Fixed Charges for the three-,  six- and twelve-month periods ended June 30, 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  May 5, 2004, Cleco Corporation furnished a Form 8-K dated as of May 5, 2004,  concerning the issuance of a press release regarding earnings for the three  months ended March 31, 2004, and including as an exhibit such press release. 

          On  July 6, 2004, Cleco Corporation filed a Form 8-K dated as of such date  regarding Cleco Power reaching a preliminary settlement of its fuel audit with  the LPSC, and furnishing as an exhibit thereto a related press release. 
   
Cleco Power:

          On  July 6, 2004, Cleco Power filed a Form 8-K dated as of such date regarding  its preliminary settlement of its fuel audit with the LPSC, and furnishing as  an exhibit thereto a related press release. 

69

***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: August 4, 2004

70

***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: August 4, 2004

71

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